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Provision for Taxes (Table Text Block)
12 Months Ended
Mar. 31, 2018
Table Text Block [Abstract]  
Provision For Taxes

 

 

Years Ended March 31,

 

 

2018

 

2017

 

2016

 

 

(In thousands)

Pretax earnings:

 

 

 

 

 

 

U.S.

$

628,901

$

609,589

$

745,194

Non-U.S.

 

8,712

 

18,769

 

23,717

Total pretax earnings

$

637,613

$

628,358

$

768,911

 

 

 

 

 

 

 

Current provision

 

 

 

 

 

 

Federal

$

21,780

$

38,723

$

118,974

State

 

6,471

 

10,818

 

15,988

Non-U.S.

 

1,412

 

3,334

 

3,303

 

 

29,663

 

52,875

 

138,265

Deferred provision (benefit)

 

 

 

 

 

 

Federal

 

(199,415)

 

160,527

 

125,950

State

 

15,479

 

15,210

 

12,561

Non-U.S.

 

1,303

 

1,322

 

3,134

 

 

(182,633)

 

177,059

 

141,645

 

 

 

 

 

 

 

Provision for income tax expense (benefit)

$

(152,970)

$

229,934

$

279,910

 

 

 

 

 

 

 

Income taxes paid (net of income tax refunds received)

$

68,671

$

36,880

$

141,901

 

Schedule of Effective Income Tax Rate Reconciliation

 

 

Years Ended March 31,

 

 

2018

 

2017

 

2016

 

 

 

Statutory federal income tax rate

 

31.55%

 

35.00%

 

35.00%

Increase (reduction) in rate resulting from:

 

 

 

 

 

 

Deferred tax liability revaluation

 

(58.25%)

 

0.00%

 

0.00%

State taxes, net of federal benefit

 

2.33%

 

2.66%

 

2.34%

Foreign rate differential

 

0.00%

 

(0.31%)

 

(0.24%)

Federal tax credits

 

(0.32%)

 

(0.41%)

 

(0.19%)

Transition tax

 

1.83%

 

0.00%

 

0.00%

Dividend received deduction

 

(0.03%)

 

(0.03%)

 

(0.02%)

Phase III tax

 

0.63%

 

0.00%

 

0.00%

Other

 

(1.73%)

 

(0.32%)

 

(0.49%)

Actual tax expense (benefit) of operations

 

(23.99%)

 

36.59%

 

36.40%

 

Components of Deferred Tax Assets and Liabilities

 

 

March 31,

 

 

2018

 

2017

 

 

(In thousands)

Deferred tax assets:

 

 

 

 

Net operating loss and credit carry forwards

$

3,136

$

1,948

Accrued expenses

 

104,309

 

168,331

Policy benefit and losses, claims and loss expenses payable, net

 

11,148

 

21,287

Total deferred tax assets

$

118,593

$

191,566

 

 

 

 

 

Deferred tax liabilities:

 

 

 

 

Property, plant and equipment

$

741,607

$

986,334

Deferred policy acquisition costs

 

12,995

 

20,901

Unrealized gains

 

18,863

 

19,140

Other

 

3,236

 

200

Total deferred tax liabilities

 

776,701

 

1,026,575

Net deferred tax liability

$

658,108

$

835,009

 

Reconciliation of Total Amounts of Unrecognized Tax Benefits

 

 

Unrecognized Tax Benefits

 

 

March 31,

 

 

2018

 

2017

 

 

(In thousands)

 

 

 

 

 

Unrecognized tax benefits beginning balance

$

26,720

$

23,912

Revaluation based on change in after tax benefit

 

5,755

 

–

Additions based on tax positions related to the current year

 

4,139

 

2,964

Reductions for tax positions of prior years

 

(96)

 

(156)

Settlements

 

(779)

 

–

Unrecognized tax benefits ending balance

$

35,739

$

26,720