TAXES (Tables)
|
12 Months Ended |
Mar. 31, 2020 |
|---|
| TAXES [Abstract] |
|
| Schedule of Deferred Tax Assets and Liabilities |
The components of deferred tax assets and liabilities are as follows (in thousands):
| |
|
Successor |
|
|
Predecessor |
|
| |
|
March 31, 2020 |
|
|
March 31, 2019 |
|
Deferred tax assets: |
|
|
|
|
|
|
Foreign tax credits |
|
$ |
39,554 |
|
|
$ |
39,554 |
|
State net operating losses
|
|
|
9,140 |
|
|
|
12,448 |
|
Net operating losses
|
|
|
68,919 |
|
|
|
102,074 |
|
Accrued pension liability
|
|
|
2,869 |
|
|
|
4,254 |
|
Accrued equity compensation
|
|
|
440 |
|
|
|
9,115 |
|
Interest expense limitation
|
|
|
33,567 |
|
|
|
17,852 |
|
Deferred revenue
|
|
|
375 |
|
|
|
511 |
|
Employee award programs
|
|
|
86 |
|
|
|
387 |
|
Employee payroll accruals |
|
|
1,656 |
|
|
|
3,476 |
|
Inventories
|
|
|
6,853 |
|
|
|
1,263 |
|
Investment in unconsolidated affiliates
|
|
|
— |
|
|
|
30,783 |
|
Convertible note
|
|
|
— |
|
|
|
2,013 |
|
Capital loss carryover
|
|
|
— |
|
|
|
4,200 |
|
Accrued expenses not currently deductible
|
|
|
9,000 |
|
|
|
6,339 |
|
Lease liabilities
|
|
|
22,369 |
|
|
|
— |
|
Other
|
|
|
8,992 |
|
|
|
7,005 |
|
Valuation allowance - foreign tax credits
|
|
|
(39,554 |
) |
|
|
(39,554 |
) |
Valuation allowance - state
|
|
|
(9,140 |
) |
|
|
(12,448 |
) |
Valuation allowance - interest expense limitation
|
|
|
(11,603 |
) |
|
|
— |
|
Valuation allowance
|
|
|
(58,264 |
) |
|
|
(76,212 |
) |
Total deferred tax assets
|
|
$ |
85,259 |
|
|
$ |
113,060 |
|
Deferred tax liabilities: |
|
|
|
|
|
|
|
|
Property and equipment
|
|
$ |
(38,299 |
) |
|
$ |
(136,175 |
) |
Inventories
|
|
|
(987 |
) |
|
|
(1,754 |
) |
Investment in unconsolidated affiliates
|
|
|
(23,112 |
) |
|
|
(27,595 |
) |
ROU asset
|
|
|
(21,552 |
) |
|
|
— |
|
Intangibles
|
|
|
(18,539 |
) |
|
|
— |
|
Deferred gain
|
|
|
— |
|
|
|
(1,872 |
) |
Other
|
|
|
(5,545 |
) |
|
|
(4,872 |
) |
Total deferred tax liabilities |
|
$ |
(108,034 |
) |
|
$ |
(172,268 |
) |
Net deferred tax liabilities
|
|
$ |
(22,775 |
) |
|
$ |
(59,208 |
) |
|
| Schedule of Deferred Tax Valuation Allowance |
The following table is a rollforward of the valuation allowance against the Company’s deferred tax assets (in thousands):
| |
|
Successor |
|
|
Predecessor |
|
|
|
Five Months
Ended
March 31,
2020
|
|
|
Seven Months
Ended
October 31,
2019
|
|
|
Fiscal Year Ended March 31,
|
|
| |
|
| |
2019 |
|
|
2018 |
|
Balance – beginning of fiscal year |
|
$ |
(124,700 |
) |
|
$ |
(128,214 |
) |
|
$ |
(71,987 |
) |
|
$ |
(74,727 |
) |
|
|
|
(19,434 |
) |
|
|
(5,381 |
) |
|
|
(59,493 |
) |
|
|
(20,259 |
) |
Reversals and other changes |
|
|
25,573 |
|
|
|
8,895 |
|
|
|
3,266 |
|
|
|
22,999 |
|
Balance – end of fiscal year
|
|
$ |
(118,561 |
) |
|
$ |
(124,700 |
) |
|
$ |
(128,214 |
) |
|
$ |
(71,987 |
) |
|
| Schedule of Income Before Income Tax, Domestic and Foreign |
The components of loss before benefit (provision) for income taxes are as follows (in thousands):
| |
|
Successor |
|
|
Predecessor |
|
|
|
Five Months
Ended
March 31,
2020
|
|
|
Seven Months
Ended
October 31,
2019
|
|
|
Fiscal Year Ended March 31,
|
|
| 2019 |
|
|
2018 |
Domestic |
|
$ |
163,866 |
|
|
$ |
(568,781 |
) |
|
$ |
(263,377 |
) |
|
$ |
(91,002 |
) |
Foreign |
|
|
(24,308 |
) |
|
|
(318,603 |
) |
|
|
(72,922 |
) |
|
|
(136,998 |
) |
Total |
|
$ |
139,558 |
|
|
$ |
(887,384 |
) |
|
$ |
(336,299 |
)
|
|
$ |
(228,000 |
) |
|
| Schedule of Components of Income Tax Expense (Benefit) |
The provision (benefit) for income taxes consisted of the following (in thousands):
| |
|
Successor |
|
|
|
|
|
Predecessor |
|
| |
|
Five Months
Ended
March 31,
|
|
|
Seven Months
Ended
October 31,
|
|
|
Fiscal Year Ended March 31, |
|
Current: |
|
2020 |
|
|
2019 |
|
|
2019 |
|
|
2018 |
|
Domestic
|
|
$ |
(1,542 |
) |
|
$ |
2,516 |
|
|
$ |
1,337 |
|
|
$ |
1,247 |
|
Foreign
|
|
|
6,572 |
|
|
|
9,178 |
|
|
|
15,313 |
|
|
|
13,607 |
|
|
|
$ |
5,030 |
|
|
$ |
11,694 |
|
|
$ |
16,650 |
|
|
$ |
14,854 |
|
Deferred: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic |
|
$ |
(5,072 |
) |
|
$ |
(49,634 |
) |
|
$ |
(16,523 |
) |
|
$ |
(39,079 |
) |
Foreign
|
|
|
524 |
|
|
|
(13,238 |
) |
|
|
(288 |
) |
|
|
(6,666 |
) |
| |
|
$ |
(4,548 |
) |
|
$ |
(62,872 |
) |
|
$ |
(16,811 |
) |
|
$ |
(45,745 |
) |
Total |
|
$ |
482 |
|
|
$ |
(51,178 |
) |
|
$ |
(161 |
) |
|
$ |
(30,891 |
) |
|
| Schedule of Effective Income Tax Rate Reconciliation |
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:
| |
|
|
Successor |
|
|
|
|
|
|
|
Predecessor |
|
| |
|
|
Five Months
Ended
March 31,
|
|
|
|
Seven Months
Ended
October 31,
|
|
|
|
Fiscal Year Ended March 31,
|
|
| |
|
|
2020 |
|
|
|
2019 |
|
|
|
2019 |
|
|
|
2018 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Statutory rate
|
|
|
21.0 |
% |
|
|
21.0 |
% |
|
|
21.0 |
% |
|
|
31.6 |
% |
Effect of U.S. tax reform
|
|
|
— |
% |
|
|
— |
% |
|
|
(3.5 |
)% |
|
|
9.9 |
% |
Net foreign tax on non-U.S. earnings |
|
|
(4.2 |
)% |
|
|
(0.7 |
)% |
|
|
(0.3 |
)% |
|
|
0.8 |
% |
Benefit of foreign tax deduction in the U.S.
|
|
|
(0.2 |
)% |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
Foreign earnings indefinitely reinvested abroad |
|
|
2.2 |
% |
|
|
(5.9 |
)% |
|
|
(4.4 |
)% |
|
|
(8.1 |
)% |
Change in valuation allowance
|
|
|
(0.4 |
)% |
|
|
(0.6 |
)% |
|
|
(15.2 |
)% |
|
|
1.1 |
% |
Foreign earnings that are currently taxed in the U.S. |
|
|
0.8 |
% |
|
|
— |
% |
|
|
(0.7 |
)% |
|
|
(33.0 |
)% |
Sales of subsidiaries |
|
|
— |
% |
|
|
(1.1 |
)% |
|
|
— |
% |
|
|
— |
% |
Effect of change in foreign statutory corporate income tax rates
|
|
|
— |
%
|
|
|
— |
%
|
|
|
0.4 |
%
|
|
|
— |
%
|
Preferred stock embedded derivative |
|
|
(27.7 |
)% |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
Contingent beneficial conversion feature
|
|
|
— |
% |
|
|
(1.0 |
)% |
|
|
— |
% |
|
|
— |
% |
Impairment of foreign investments |
|
|
1.4 |
% |
|
|
(0.6 |
)% |
|
|
— |
% |
|
|
11.9 |
% |
Fresh start accounting and reorganization
|
|
|
6.7 |
% |
|
|
(3.6 |
)% |
|
|
— |
% |
|
|
— |
% |
Professional fees to be capitalized for tax
|
|
|
1.3 |
% |
|
|
(1.3 |
)% |
|
|
— |
% |
|
|
— |
% |
Changes in tax reserves
|
|
|
0.1 |
% |
|
|
— |
% |
|
|
0.7 |
% |
|
|
(2.3 |
)% |
Other, net
|
|
|
(0.7 |
)% |
|
|
(0.4 |
)% |
|
|
2.0 |
% |
|
|
1.6 |
% |
Effective tax rate |
|
|
0.3 |
% |
|
|
5.8 |
% |
|
|
— |
% |
|
|
13.5 |
% |
|
| Schedule of Years Open by Jurisdiction |
The following table summarizes the years open by jurisdiction as of March 31, 2020 (Successor):
Jurisdiction |
Years Open |
U.S.
|
Fiscal year 2018 to present |
U.K.
|
Fiscal year 2017 to present |
Guyana
|
Fiscal year 2013 to present |
Nigeria
|
Fiscal year 2012 to present |
Trinidad
|
Fiscal year 2010 to present |
Australia
|
Fiscal year 2016 to present |
Norway
|
Fiscal year 2016 to present |
|
| Rollforward of Unrecognized Tax Benefits |
The activity associated with unrecognized tax benefit is as follows (in thousands):
| |
|
Successor |
|
|
Predecessor |
|
| |
|
Five Months
Ended
March 31, 2020
|
|
|
Seven Months
Ended
October 31, 2019
|
|
|
Fiscal year ended
March 31, 2019
|
|
Unrecognized tax benefits – beginning of period |
|
$ |
4,060 |
|
|
$ |
4,337 |
|
|
$ |
6,682 |
|
Increases for tax positions taken in prior periods |
|
|
213 |
|
|
|
170 |
|
|
|
100 |
|
Decreases for tax positions taken in prior periods
|
|
|
— |
|
|
|
(442 |
) |
|
|
(2,445 |
) |
Decrease related to statute of limitation expirations
|
|
|
(21 |
) |
|
|
(5 |
) |
|
|
— |
|
Unrecognized tax benefits – end of period |
|
$ |
4,252 |
|
|
$ |
4,060 |
|
|
$ |
4,337 |
|
|