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Provision for Taxes (Table Text Block) | 12 Months Ended
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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

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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 + Details
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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319 + Details
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- Definition Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 + Details
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