Provision for Taxes (Table Text Block)

12 Months Ended

Mar. 31, 2016

Table Text Block [Abstract]

Provision For Taxes

Earnings before taxes and the provision for taxes consisted of the following:

		Years Ended March 31,
		2016		2015		2014
		(In thousands)
Pretax earnings:
U.S.	$	745,194	$	541,371	$	516,207
Non-U.S.		23,717		20,047		21,315
Total pretax earnings	$	768,911	$	561,418	$	537,522
Current provision (benefit)
Federal	$	118,974	$	112,634	$	131,246
State		15,988		14,248		12,641
Non-U.S.		3,303		2,599		3,787
		138,265		129,481		147,674
Deferred provision (benefit)
Federal		125,950		67,306		37,979
State		12,561		5,256		7,553
Non-U.S.		3,134		2,634		1,925
		141,645		75,196		47,457
Provision for income tax expense	$	279,910	$	204,677	$	195,131
Income taxes paid (net of income tax refunds received)	$	141,901	$	195,072	$	138,384

Schedule of Effective Income Tax Rate Reconciliation

	Years Ended March 31,
	2016	2015	2014
Statutory federal income tax rate	35.00%	35.00%	35.00%
Increase (reduction) in rate resulting from:
State taxes, net of federal benefit	2.34%	2.21%	2.38%
Foreign rate differential	(0.24)%	(0.32)%	(0.33)%
Federal tax credits	(0.19)%	(0.29)%	(0.32)%
Dividend received deduction	(0.02)%	(0.03)%	(0.03)%
Other	(0.49)%	(0.11)%	(0.40)%
Actual tax expense of operations	36.40%	36.46%	36.30%

Components of Deferred Tax Assets and Liabilities

		March 31,
		2016		2015
		(In thousands)
Deferred tax assets:
Net operating loss and credit carry forwards	$	1,462	$	1,228
Accrued expenses		185,088		171,761
Policy benefit and losses, claims and loss expenses payable, net		21,911		19,560
Unrealized losses		–		–
Total deferred tax assets	$	208,461	$	192,549
Deferred tax liabilities:
Property, plant and equipment	$	831,914	$	680,501
Deferred policy acquisition costs		20,557		18,369
Unrealized gains		9,593		20,216
Other		9		262
Total deferred tax liabilities		862,073		719,348
Net deferred tax liability	$	653,612	$	526,799

Reconciliation of Total Amounts of Unrecognized Tax Benefits

		Unrecognized Tax Benefits
		March 31,
		2016		2015
		(In thousands)
Unrecognized tax benefits beginning balance	$	19,929	$	16,850
Additions based on tax positions related to the current year		4,313		3,695
Reductions for tax positions of prior years		(327)		(616)
Settlements		(3)		–
Unrecognized tax benefits ending balance	$	23,912	$	19,929