INCOME TAXES (Tables)
|
12 Months Ended |
Mar. 31, 2017 |
|---|
| 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, 2017, 2016 and 2015 is as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the year ended March 31, |
|
2017 |
|
2016 |
|
2015 |
U.S. |
$ |
1,268 |
|
|
$ |
(78,956 |
) |
|
$ |
13,830 |
|
Foreign |
3,489 |
|
|
3,745 |
|
|
3,971 |
|
|
$ |
4,757 |
|
|
$ |
(75,211 |
) |
|
$ |
17,801 |
|
|
| Schedule of income tax provision |
Income tax provision consists of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the year ended March 31, |
|
2017 |
|
2016 |
|
2015 |
Federal: |
$ |
(421 |
) |
|
$ |
(401 |
) |
|
$ |
(138 |
) |
State: |
|
|
|
|
|
Current |
75 |
|
|
52 |
|
|
125 |
|
Foreign: |
|
|
|
|
|
Current |
1,555 |
|
|
1,591 |
|
|
890 |
|
Deferred |
(97 |
) |
|
(59 |
) |
|
(159 |
) |
Total foreign |
1,458 |
|
|
1,532 |
|
|
731 |
|
Income tax provision |
$ |
1,112 |
|
|
$ |
1,183 |
|
|
$ |
718 |
|
|
| 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, |
|
2017 |
|
2016 |
|
2015 |
Expense (benefit) at federal statutory rate |
$ |
1,665 |
|
|
$ |
(26,324 |
) |
|
$ |
6,230 |
|
Permanent items |
714 |
|
|
20,597 |
|
|
622 |
|
Foreign taxes |
1,353 |
|
|
974 |
|
|
628 |
|
State income taxes |
75 |
|
|
53 |
|
|
125 |
|
Unbenefited (Benefited) losses and credits |
(2,379 |
) |
|
5,726 |
|
|
(6,852 |
) |
Credit monetization |
(421 |
) |
|
(401 |
) |
|
(138 |
) |
Other |
105 |
|
|
558 |
|
|
103 |
|
Income tax provision |
$ |
1,112 |
|
|
$ |
1,183 |
|
|
$ |
718 |
|
|
| 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, |
|
2017 |
|
2016 |
Deferred tax assets: |
|
|
|
Inventory valuation method |
$ |
1,964 |
|
|
$ |
2,025 |
|
Accrued warranty expense |
1,256 |
|
|
1,320 |
|
Distribution reserves |
5,364 |
|
|
3,898 |
|
Loss carryforwards |
87,579 |
|
|
108,576 |
|
Tax credits |
131,939 |
|
|
132,054 |
|
Restructuring charge accruals |
520 |
|
|
1,054 |
|
Deferred revenue |
17,592 |
|
|
16,739 |
|
Other accruals and reserves not currently deductible for tax purposes |
11,414 |
|
|
11,917 |
|
|
257,628 |
|
|
277,583 |
|
Less valuation allowance |
(202,991 |
) |
|
(224,661 |
) |
Deferred tax asset |
$ |
54,637 |
|
|
$ |
52,922 |
|
Deferred tax liabilities: |
|
|
|
Depreciation |
$ |
(3,906 |
) |
|
$ |
(3,962 |
) |
Acquired intangibles |
(11,485 |
) |
|
(8,244 |
) |
Tax on unremitted foreign earnings |
(16,571 |
) |
|
(16,549 |
) |
Other |
(21,558 |
) |
|
(23,147 |
) |
Deferred tax liability |
$ |
(53,520 |
) |
|
$ |
(51,902 |
) |
Net deferred tax asset |
$ |
1,117 |
|
|
$ |
1,020 |
|
|
| Reconciliation of gross unrecognized tax benefits |
A reconciliation of the gross unrecognized tax benefits follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the year ended March 31, |
|
2017 |
|
2016 |
|
2015 |
Beginning balance |
$ |
32,860 |
|
|
$ |
32,449 |
|
|
$ |
32,449 |
|
Settlement and effective settlements with tax authorities and related remeasurements |
(411 |
) |
|
— |
|
|
— |
|
Increase in balances related to tax positions taken in prior period |
243 |
|
|
411 |
|
|
— |
|
Ending balance |
$ |
32,692 |
|
|
$ |
32,860 |
|
|
$ |
32,449 |
|
|