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Provision for Taxes (Table Text Block)
12 Months Ended
Mar. 31, 2022
Table Text Block [Abstract]  
Provision For Taxes     Years Ended March 31,     2022   2021   2020     (In thousands) Pretax earnings:             U.S. $ 1,431,155 $ 773,030 $ 372,687 Non-U.S.   44,342   23,628   5,437 Total pretax earnings $ 1,475,497 $ 796,658 $ 378,124               Current provision (benefit)             Federal $ 189,488 $ 100,521 $ (373,817) State   55,518   16,572   (9,600) Non-U.S.   6,893   3,404   949     251,899   120,497   (382,468) Deferred provision (benefit)             Federal   90,852   53,957   307,846 State   6,355   9,795   9,728 Non-U.S.   3,105   1,553   970     100,312   65,305   318,544               Provision for income tax expense (benefit) $ 352,211 $ 185,802 $ (63,924)               Income taxes paid (net of income tax refunds received)$( 4,548 )$ 29,044 $ 6,859
Schedule of Effective Income Tax Rate Reconciliation     Years Ended March 31,       2022   2021   2020       (In percentages)   Statutory federal income tax rate   21.00 % 21.00 % 21.00 % Increase (reduction) in rate resulting from:               NOL tax rate benefit   – % – % (38.62) % State taxes, net of federal benefit   3.24 % 2.53 % 0.02 % Foreign rate differential   0.05 % – % 0.21 % Federal tax credits   (0.19) % (0.99) % (0.53) % Transition tax   – % – % – % Tax-exempt income   (0.03) % (0.08) % (0.17) % Dividend received deduction   – % (0.01) % (0.01) % Other   (0.20) % 0.87 % 1.19 % Actual tax expense (benefit) of operations  23.87 % 23.32 %( 16.91 )%
Components of Deferred Tax Assets and Liabilities     March 31,     2022   2021 Deferred tax assets:   (In thousands) Net operating loss and credit carry forwards $ 36,367 $ 30,432 Accrued expenses   114,152   109,740 Policy benefit and losses, claims and loss expenses payable, net   30,572   26,799 Operating leases   15,540   19,370 Total deferred tax assets $ 196,631 $ 186,341           Deferred tax liabilities:         Property, plant and equipment $ 1,395,216 $ 1,280,703 Operating leases   15,540   19,370 Deferred policy acquisition costs   12,962   13,696 Unrealized gains   36,299   48,667 Other   1,972   2,394 Total deferred tax liabilities   1,461,989   1,364,830 Net deferred tax liability$ 1,265,358 $ 1,178,489
Reconciliation of Total Amounts of Unrecognized Tax Benefits     Unrecognized Tax Benefits     March 31,     2022   2021     (In thousands)           Unrecognized tax benefits beginning balance $ 31,069 $ 29,632 Revaluation based on change in after tax benefit   –   – Additions based on tax positions related to the current year   8,257   1,479 Reductions for tax positions of prior years   –   (42) Additions for tax provisions of prior years   9,525   – Unrecognized tax benefits ending balance$ 48,851 $ 31,069