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INCOME TAXES (Tables) | 12 Months Ended
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Mar. 31, 2021
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, 2021, 2020, and 2019 is comprised of the following approximate values:
| Year Ended March 31,
| 2021 |  | 2020 |  | 2019
Current: |  |  |  |  |
Federal | $ | 71,832 |  |  | $ | 39,796 |  |  | $ | 47,101 |
State and local | 27,230 |  |  | 10,217 |  |  | 22,094 |
Foreign | 18,632 |  |  | 11,495 |  |  | 6,706 |
Subtotal | 117,694 |  |  | 61,508 |  |  | 75,901 |
Deferred: |  |  |  |  |
Federal | (16,244) |  |  | (6,317) |  |  | (10,665) |
State and local | (4,543) |  |  | (2,104) |  |  | (1,997) |
Foreign | (450) |  |  | (1,233) |  |  | 1,975 |
Subtotal | (21,237) |  |  | (9,654) |  |  | (10,687) |
Total | $ | 96,457 |  |  | $ | 51,854 |  |  | $ | 65,214 |
Effective Income Tax Rate Reconciliation | The provision for income taxes on operations for the years ended March 31, 2021, 2020, and 2019 is reconciled to the income taxes computed at the statutory federal income tax rate (computed by applying the federal corporate rate of 21% to consolidated operating income before provision for income taxes) as follows:
| Year Ended March 31,
| 2021 |  | 2020 |  | 2019
Federal income tax provision computed at statutory rate | $ | 85,937 |  |  | 21.0 | % |  | $ | 49,486 |  |  | 21.0 | % |  | $ | 47,107 |  |  | 21.0 | %
State and local taxes, net of federal tax effect | 18,877 |  |  | 4.6 | % |  | 10,819 |  |  | 4.6 | % |  | 12,944 |  |  | 5.8 | %
Tax impact from foreign operations | (1,036) |  |  | (0.2) | % |  | (1,083) |  |  | (0.5) | % |  | (2,098) |  |  | (0.9) | %
Nondeductible expenses | 6,004 |  |  | 1.5 | % |  | 4,721 |  |  | 2.0 | % |  | 3,797 |  |  | 1.7 | %
Stock compensation | (13,349) |  |  | (3.3) | % |  | (7,269) |  |  | (3.1) | % |  | (8) |  |  | — | %
Uncertain tax positions, true-up items, and other | 24 |  |  | — | % |  | (4,820) |  |  | (2.0) | % |  | 2,159 |  |  | 0.9 | %
Enactment of the Tax Act | — |  |  | — | % |  | — |  |  | — | % |  | 1,313 |  |  | 0.6 | %
Total | $ | 96,457 |  |  | 23.6 | % |  | $ | 51,854 |  |  | 22.0 | % |  | $ | 65,214 |  |  | 29.1 | %
Schedule of Deferred Tax Assets and Liabilities | The deferred income taxes on the accompanying consolidated balance sheets as of March 31, 2021 and March 31, 2020, comprise the following:
| March 31, 2021 |  | March 31, 2020
Deferred tax assets: |  |  |
Deferred compensation expense/accrued bonus | $ | 75,140 |  |  | $ | 53,397 |
Allowance for credit losses | 1,305 |  |  | 1,078 |
Accounts receivable and work in progress | 2,084 |  |  | — |
US foreign tax credits | 2,475 |  |  | 2,478 |
Operating lease liabilities | 31,499 |  |  | 27,977 |
Other, net | 15,686 |  |  | 15,497 |
Total deferred tax assets | 128,189 |  |  | 100,427 |
Deferred tax asset valuation allowance | (9,783) |  |  | (11,097) |
Total deferred tax assets | 118,406 |  |  | 89,330 |
Deferred tax liabilities: |  |  |
Intangibles | (49,913) |  |  | (49,166) |
Accounts receivable and work in progress | — |  |  | (561) |
Operating lease right-of-use assets | (27,856) |  |  | (25,131) |
Other, net | (12,358) |  |  | (8,629) |
Total deferred tax liabilities | (90,127) |  |  | (83,487) |
Net deferred tax assets/(liabilities) | $ | 28,279 |  |  | $ | 5,843 |
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the unrecognized tax position as of March 31, 2021 and March 31, 2020 is as follows:
| March 31, 2021 |  | March 31, 2020
Unrecognized tax position at the beginning of the year | $ | 9,947 |  |  | $ | 4,960 |
Increase/(decrease) related to prior year tax positions | 2,979 |  |  | (230) |
Increases related to tax positions taken in the current year | 1,740 |  |  | 5,217 |
Unrecognized tax position at the end of the year | $ | 14,666 |  |  | $ | 9,947 |

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