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INCOME TAXES (Tables)

12 Months Ended

Mar. 31, 2022

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, 2022, 2021, and 2020 is comprised of the following approximate values:

			Year Ended March 31,
			2022						2021						2020
Current:
Federal			$	134,054					$	71,832					$	39,796
State and local			58,568						27,230						10,217
Foreign			44,060						18,632						11,495
Subtotal			236,682						117,694						61,508
Deferred:
Federal			(52,088)						(16,244)						(6,317)
State and local			(18,348)						(4,543)						(2,104)
Foreign			(632)						(450)						(1,233)
Subtotal			(71,068)						(21,237)						(9,654)
Total			$	165,614					$	96,457					$	51,854

Effective Income Tax Rate Reconciliation

The provision for income taxes on operations for the years ended March 31, 2022, 2021, and 2020 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,
			2022												2021												2020
Federal income tax provision computed at statutory rate			$	126,826					21.0		%				$	85,937					21.0		%				$	49,486					21.0		%
State and local taxes, net of federal tax effect			31,559						5.2		%				18,877						4.6		%				10,819						4.6		%
Tax impact from foreign operations			3,990						0.7		%				(1,036)						(0.2)		%				(1,083)						(0.5)		%
Nondeductible expenses			10,654						1.8		%				6,004						1.5		%				4,721						2.0		%
Stock compensation			(7,421)						(1.2)		%				(13,349)						(3.3)		%				(7,269)						(3.1)		%
Uncertain tax positions, true-up items, and other			6						—		%				24						—		%				(4,820)						(2.0)		%
Total			$	165,614					27.4		%				$	96,457					23.6		%				$	51,854					22.0		%

Schedule of Deferred Tax Assets and Liabilities

The deferred income taxes on the accompanying consolidated balance sheets as of March 31, 2022 and March 31, 2021, comprise the following:

			March 31, 2022						March 31, 2021
Deferred tax assets:
Deferred compensation expense/accrued bonus			$	126,249					$	75,140
Allowance for credit losses			1,612						1,305
Accounts receivable and work in progress			6,814						2,084
US foreign tax credits			2,400						2,475
Operating lease liabilities			25,947						31,499
Non US			32,374						14,234
Other, net			10,925						1,452
Total deferred tax assets			206,321						128,189
Deferred tax asset valuation allowance			(9,234)						(9,783)
Total deferred tax assets			197,087						118,406
Deferred tax liabilities:
Intangibles			(72,983)						(49,913)
Operating lease right-of-use assets			(21,907)						(27,856)
Other, net			(7,707)						(12,358)
Total deferred tax liabilities			(102,597)						(90,127)
Net deferred tax assets			$	94,490					$	28,279

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the unrecognized tax position as of March 31, 2022 and March 31, 2021 is as follows:

			March 31, 2022						March 31, 2021
Unrecognized tax position at the beginning of the year			$	14,666					$	9,947
Increase related to prior year tax positions			10,054						2,979
Decrease related to prior year tax positions			(6,395)						—
Increase related to tax positions taken in the current year			329						1,740
Unrecognized tax position at the end of the year			$	18,654					$	14,666

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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