Annual report pursuant to Section 13 and 15(d)

TAXES (Tables)

v3.21.1
TAXES (Tables)
 12 Months Ended
Mar. 31, 2021
Income Tax Disclosure [Abstract]  
Schedule of Deferred Tax Assets and Liabilities
The components of deferred tax assets and liabilities are as follows (in thousands):
  March 31, 2021 March 31, 2020
Deferred tax assets:
Foreign tax credits $ 33,576  $ 39,554 
State net operating losses 41,929  9,140 
Net operating losses 122,376  68,919 
Accrued pension liability 8,408  2,869 
Accrued equity compensation 2,913  440 
Interest expense limitation 37,546  33,567 
Deferred revenue 375  375 
Employee award programs 586  86 
Employee payroll accruals 2,470  1,656 
Inventories —  6,853 
Capitalized start-up costs 6,025  5,561 
Accrued expenses not currently deductible 10,354  9,000 
Lease liabilities 67,312  22,369 
Other 6,599  3,431 
Valuation allowance - foreign tax credits (33,576) (39,554)
Valuation allowance - state (39,276) (9,140)
Valuation allowance - interest expense limitation (11,288) (11,603)
Valuation allowance (91,764) (58,264)
Total deferred tax assets $ 164,565  $ 85,259 
Deferred tax liabilities:
Property and equipment $ (87,252) $ (38,299)
Inventories (4,160) (987)
Investment in foreign subsidiaries and unconsolidated affiliates (21,071) (23,112)
ROU asset (67,439) (21,552)
Intangibles (20,363) (18,539)
Other (6,710) (5,545)
Total deferred tax liabilities $ (206,995) $ (108,034)
Net deferred tax liabilities $ (42,430) $ (22,775)
Rollforward of Valuation Allowance
The following table is a rollforward of the valuation allowance against the Company’s deferred tax assets (in thousands):
Fiscal Year Ended
March 31, 2021		 Five Months Ended
March 31, 2020		 Seven Months Ended
October 31, 2019		 Fiscal Year Ended
March 31, 2019
  Successor Predecessor
Balance – beginning of fiscal year $ (118,561) $ (124,700) $ (128,214) $ (71,987)
Adjustment due to Merger (52,553) —  —  — 
Additional allowances (14,360) (19,434) (5,381) (59,493)
Reversals and other changes 9,571  25,573  8,895  3,266 
Balance – end of fiscal year $ (175,903) $ (118,561) $ (124,700) $ (128,214)
Schedule of Components of Loss Before Benefit (Provision) for Income Taxes
The components of loss before benefit (provision) for income taxes are as follows (in thousands): 
  Fiscal Year Ended
March 31, 2021		 Five Months Ended
March 31, 2020		 Seven Months Ended
October 31, 2019		 Fiscal Year Ended
March 31, 2019
  Successor Predecessor
Domestic $ (14,314) $ 163,866  $ (568,781) $ (263,377)
Foreign (42,326) (24,308) (318,603) (72,922)
Total $ (56,640) $ 139,558  $ (887,384) $ (336,299)
Schedule of Provision (Benefit) for Income Taxes
The provision (benefit) for income taxes consisted of the following (in thousands):
  Fiscal Year Ended
March 31, 2021		 Five Months Ended
March 31, 2020		 Seven Months Ended
October 31, 2019		 Fiscal Year Ended
March 31, 2019
  Successor Predecessor
Current:
Domestic $ 719  $ (1,542) $ 2,516  $ 1,337 
Foreign 14,387  6,572  9,178  15,313 
$ 15,106  $ 5,030  $ 11,694  $ 16,650 
Deferred:
Domestic $ (11,894) $ (5,072) $ (49,634) $ (16,523)
Foreign (3,567) 524  (13,238) (288)
$ (15,461) $ (4,548) $ (62,872) $ (16,811)
Total $ (355) $ 482  $ (51,178) $ (161)
Reconciliation of Effective Income Tax Rate
The reconciliation of the U.S. Federal statutory tax rate to the effective income tax rate for the (provision) benefit for income taxes is shown below:
  Fiscal Year Ended
March 31, 2021		 Five Months Ended
March 31, 2020		 Seven Months Ended
October 31, 2019		 Fiscal Year Ended
March 31, 2019
  Successor Predecessor
Statutory rate 21.0  % 21.0  % 21.0  % 21.0  %
Effect of U.S. tax reform —  % —  % —  % (3.5) %
Net foreign tax on non-U.S. earnings (25.2) % (4.2) % (0.7) % (0.3) %
Benefit of foreign tax deduction in the U.S. 2.3  % (0.2) % —  % —  %
Foreign earnings indefinitely reinvested abroad 5.8  % 2.2  % (5.9) % (4.4) %
Change in valuation allowance —  % (0.4) % (0.6) % (15.2) %
Foreign earnings that are currently taxed in the U.S. (5.6) % 0.8  % —  % (0.7) %
Bargain purchase gain 30.1  % —  % —  % —  %
Sales of subsidiaries —  % —  % (1.1) % —  %
Effect of change in foreign statutory corporate income tax rates
 1.7  % —  % —  % 0.4  %
Preferred stock embedded derivative 5.7  % (27.7) % —  % —  %
Contingent beneficial conversion feature —  % —  % (1.0) % —  %
Impairment of foreign investments (26.2) % 1.4  % (0.6) % —  %
Fresh start accounting and reorganization —  % 6.7  % (3.6) % —  %
Professional fees to be capitalized for tax (2.9) % 1.3  % (1.3) % —  %
Changes in tax reserves —  % 0.1  % —  % 0.7  %
Impact of U.S. withholding tax (1.3) % (0.3) % (0.1) % (0.4) %
Nondeductible employee separation payments (1.0) % —  % —  % —  %
Other, net (3.8) % (0.4) % (0.3) % 2.4  %
Effective tax rate 0.6  % 0.3  % 5.8  % —  %
Summary of Open Tax Years and Unrecognized Tax Benefits The following table summarizes the years open by jurisdiction as of March 31, 2021 (Successor):
  Years Open
U.S. 2017 to present
U.K. 2020 to present
Guyana 2013 to present
Nigeria 2013 to present
Trinidad 2010 to present
Australia 2017 to present
Norway 2017 to present
Suriname 2015 to present
Brazil 2017 to present
The activity associated with unrecognized tax benefit is as follows (in thousands):
  Fiscal Year Ended
March 31, 2021		 Five Months Ended
March 31, 2020		 Seven Months Ended
October 31, 2019		 Fiscal Year Ended
March 31, 2019
  Successor Predecessor
Unrecognized tax benefits – beginning of period $ 4,252  $ 4,060  $ 4,337  $ 6,682 
Increases for tax positions taken in prior periods 30  213  170  100 
Decreases for tax positions taken in prior periods —  (21) (442) (2,445)
Decrease related to statute of limitation expirations (24) —  (5) — 
Unrecognized tax benefits – end of period $ 4,258  $ 4,252  $ 4,060  $ 4,337