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INCOME TAXES (Tables)
 12 Months Ended
Mar. 31, 2020
Income Tax Disclosure [Abstract]  
Provision (Benefit) for Income Taxes on Operations
The provision (benefit) for income taxes on operations for the years ended March 31, 2020, 2019, and 2018 is comprised of the following approximate values:
 
Year Ended March 31,
(In thousands)
2020
 
2019
 
2018
Current:
 
 
 
 
 
Federal
$
39,796

 
$
47,101

 
$
34,638

State and local
10,217

 
22,094

 
9,768

Foreign
11,495

 
6,706

 
7,716

     Subtotal
61,508

 
75,901

 
52,122

Deferred:
 
 
 
 
 
Federal
(6,317
)
 
(10,665
)
 
(2,398
)
State and local
(2,104
)
 
(1,997
)
 
(646
)
Foreign
(1,233
)
 
1,975

 
(3,525
)
Subtotal
(9,654
)
 
(10,687
)
 
(6,569
)
Total
$
51,854

 
$
65,214

 
$
45,553
Effective Income Tax Rate Reconciliation
The provision for income taxes on operations for the years ended March 31, 2020, 2019, and 2018 is reconciled to the income taxes computed at the statutory federal income tax rate (computed by applying the federal corporate rate of 21% for 2020 and 2019, and 31.5% for 2018 to consolidated operating income before provision for income taxes) as follows:
 
Year Ended March 31,
(In thousands)
2020
 
2019
 
2018
Federal income tax provision computed at statutory rate
$
49,486

 
21.0
 %
 
$
47,107

 
21.0
 %
 
$
68,618

 
31.5
 %
State and local taxes, net of federal tax effect
10,819

 
4.6
 %
 
12,944

 
5.8
 %
 
7,600

 
3.5
 %
Tax impact from foreign operations
(1,083
)
 
(0.5
)%
 
(2,098
)
 
(0.9
)%
 
(3,972
)
 
(1.8
)%
Nondeductible expenses
4,721

 
2.0
 %
 
3,797

 
1.7
 %
 
1,414

 
0.6
 %
Stock compensation
(7,269
)
 
(3.1
)%
 
(8
)
 
—
 %
 
(16,173
)
 
(7.4
)%
Uncertain tax positions, true-up items, and other
(4,820
)
 
(2.0
)%
 
2,159

 
0.9
 %
 
(1,203
)
 
(0.6
)%
Enactment of the Tax Act
—

 
—
 %
 
1,313

 
0.6
 %
 
(10,731
)
 
(4.9
)%
Total
$
51,854

 
22.0
 %
 
$
65,214

 
29.1
 %
 
$
45,553

 
20.9
 %
Schedule of Deferred Tax Assets and Liabilities The deferred income taxes on the accompanying consolidated balance sheets at March 31, 2020 and 2019, comprise the following:
 
As of March 31,
(In thousands)
2020
 
2019
Deferred tax assets:
 
 
 
Deferred compensation expense/accrued bonus
$
53,397

 
$
48,501

Allowance for doubtful accounts
1,078

 
675

US foreign tax credits
2,478

 
2,523

Operating lease liabilities
27,977

 
—

Other, net
15,497

 
16,396

Total deferred tax assets
100,427

 
68,095

Deferred tax asset valuation allowance
(11,097
)
 
(11,369
)
Total deferred tax assets
89,330

 
56,726

Deferred tax liabilities:
 
 

Intangibles
(49,166
)
 
(51,676
)
Accounts receivable and work in process
(561
)
 
(1,647
)
Operating lease right-of-use assets
(25,131
)
 
—

Other, net
(8,629
)
 
(8,607
)
Total deferred tax liabilities
(83,487
)
 
(61,930
)
Net deferred tax assets/(liabilities)
$
5,843


$
(5,204
)
Schedule of Unrecognized Tax Benefits Roll Forward
A reconciliation of the unrecognized tax position as of March 31, 2020 and 2019 is as follows:
 
As of March 31,
(In thousands)
2020
 
2019
Unrecognized tax position at the beginning of the year
$
4,960

 
$
4,563

(Decrease)/increase related to prior year tax positions
(230
)
 
397

Increases related to tax positions taken in the current year
5,217

 
—

Unrecognized tax position at the end of the year
$
9,947

 
$
4,960