INCOME TAXES (Tables)
|
12 Months Ended |
Mar. 31, 2016 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Schedule of pre-tax income (loss) |
Pre-tax income (loss) reflected in the Consolidated Statements of Operations for the years ended March 31, 2016, 2015 and 2014 follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the year ended March 31, |
|
2016 |
|
2015 |
|
2014 |
U.S |
$ |
(77,245 |
) |
|
$ |
13,507 |
|
|
$ |
(22,549 |
) |
Foreign |
3,745 |
|
|
3,971 |
|
|
2,292 |
|
|
$ |
(73,500 |
) |
|
$ |
17,478 |
|
|
$ |
(20,257 |
) |
|
| Schedule of income tax provision |
Income tax provision consists of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the year ended March 31, |
|
2016 |
|
2015 |
|
2014 |
Federal: |
$ |
(401 |
) |
|
$ |
(138 |
) |
|
$ |
— |
|
State: |
|
|
|
|
|
Current |
52 |
|
|
125 |
|
|
76 |
|
Foreign: |
|
|
|
|
|
Current |
1,591 |
|
|
890 |
|
|
1,096 |
|
Deferred |
(59 |
) |
|
(159 |
) |
|
45 |
|
Total foreign |
1,532 |
|
|
731 |
|
|
1,141 |
|
Income tax provision |
$ |
1,183 |
|
|
$ |
718 |
|
|
$ |
1,217 |
|
|
| Schedule of federal income tax rate reconciliation |
The income tax provision differs from the amount computed by applying the federal statutory rate of 35% to income (loss) before income taxes as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the year ended March 31, |
|
2016 |
|
2015 |
|
2014 |
Expense (benefit) at federal statutory rate |
$ |
(25,725 |
) |
|
$ |
6,117 |
|
|
$ |
(7,090 |
) |
State taxes |
53 |
|
|
125 |
|
|
76 |
|
Unbenefited (benefited) losses and credits |
27,035 |
|
|
(4,727 |
) |
|
7,974 |
|
Contingent tax reserves |
108 |
|
|
103 |
|
|
460 |
|
Foreign rate differential |
(347 |
) |
|
(778 |
) |
|
(218 |
) |
Other |
59 |
|
|
(122 |
) |
|
15 |
|
|
$ |
1,183 |
|
|
$ |
718 |
|
|
$ |
1,217 |
|
|
| Schedule of components of deferred tax assets and liabilities |
Significant components of deferred tax assets and liabilities are as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
As of March 31, |
|
2016 |
|
2015 |
Deferred tax assets: |
|
|
|
Inventory valuation method |
$ |
2,025 |
|
|
$ |
1,588 |
|
Accrued warranty expense |
1,320 |
|
|
1,624 |
|
Distribution reserves |
3,898 |
|
|
4,283 |
|
Loss carryforwards |
108,022 |
|
|
75,262 |
|
Tax credits |
132,061 |
|
|
185,578 |
|
Restructuring charge accruals |
1,054 |
|
|
1,866 |
|
Other accruals and reserves not currently deductible for tax purposes |
28,656 |
|
|
34,490 |
|
|
277,036 |
|
|
304,691 |
|
Less valuation allowance |
(224,138 |
) |
|
(252,475 |
) |
Deferred tax asset |
$ |
52,898 |
|
|
$ |
52,216 |
|
Deferred tax liabilities: |
|
|
|
Depreciation |
$ |
(3,962 |
) |
|
$ |
(4,302 |
) |
Acquired intangibles |
(8,244 |
) |
|
(4,920 |
) |
Tax on unremitted foreign earnings |
(16,549 |
) |
|
(15,968 |
) |
Other |
(23,123 |
) |
|
(26,093 |
) |
Deferred tax liability |
$ |
(51,878 |
) |
|
$ |
(51,283 |
) |
Net deferred tax asset |
$ |
1,020 |
|
|
$ |
933 |
|
|
| Reconciliation of gross unrecognized tax benefits |
A reconciliation of the gross unrecognized tax benefits follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the year ended March 31, |
|
2016 |
|
2015 |
|
2014 |
Beginning balance |
$ |
32,449 |
|
|
$ |
32,449 |
|
|
$ |
32,549 |
|
Settlement and effective settlements with tax authorities and related remeasurements |
— |
|
|
— |
|
|
(488 |
) |
Increase in balances related to tax positions taken in prior period |
411 |
|
|
— |
|
|
388 |
|
Ending balance |
$ |
32,860 |
|
|
$ |
32,449 |
|
|
$ |
32,449 |
|
|