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Provision for Taxes (Table Text Block) | 12 Months Ended
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Mar. 31, 2020
Table Text Block [Abstract] |
Provision For Taxes | Years Ended March 31, 2020 2019 2018 (In thousands) Pretax earnings: U.S. $ 372,687 $ 466,175 $ 628,901 Non-U.S. 5,437 11,354 8,712 Total pretax earnings $ 378,124 $ 477,529 $ 637,613 Current provision (benefit) Federal $ (373,817) $ (6,114) $ 21,780 State (9,600) 3,420 6,471 Non-U.S. 949 1,375 1,412 (382,468) (1,319) 29,663 Deferred provision (benefit) Federal 307,846 94,961 (199,415) State 9,728 11,311 15,479 Non-U.S. 970 1,719 1,303 318,544 107,991 (182,633) Provision for income tax expense (benefit) $ (63,924) $ 106,672 $ (152,970) Income taxes paid (net of income tax refunds received) $ 6,859 $ 4,255 $ 68,671
Schedule of Effective Income Tax Rate Reconciliation | Years Ended March 31, 2020 2019 2018 (in percentages) Statutory federal income tax rate 21.00 % 21.00 % 31.55 % Increase (reduction) in rate resulting from: Deferred tax liability revaluation – % – % (58.25) % NOL tax rate benefit (38.62) % – % – % State taxes, net of federal benefit 0.02 % 2.41 % 2.33 % Foreign rate differential 0.21 % 0.15 % – % Federal tax credits (0.53) % (0.15) % (0.32) % Transition tax – % (0.20) % 1.83 % Tax-exempt income (0.17) % – % – % Dividend received deduction (0.01) % (0.01) % (0.03) % Phase III tax – % – % 0.63 % Other 1.19 % (0.86) % (1.73) % Actual tax expense (benefit) of operations (16.91) % 22.34 % (23.99) %
Components of Deferred Tax Assets and Liabilities | March 31, 2020 2019 Deferred tax assets: (In thousands) Net operating loss and credit carry forwards $ 25,973 $ 90,061 Accrued expenses 105,171 105,727 Policy benefit and losses, claims and loss expenses payable, net 20,189 16,515 Operating leases 22,353 – Total deferred tax assets $ 173,686 $ 212,303 Deferred tax liabilities: Property, plant and equipment $ 1,198,198 $ 940,433 Operating leases 22,353 – Deferred policy acquisition costs 12,795 14,191 Unrealized gains 29,873 4,223 Other 4,010 4,426 Total deferred tax liabilities 1,267,229 963,273 Net deferred tax liability $ 1,093,543 $ 750,970
Reconciliation of Total Amounts of Unrecognized Tax Benefits | Unrecognized Tax Benefits March 31, 2020 2019 (In thousands) Unrecognized tax benefits beginning balance $ 37,201 $ 35,739 Revaluation based on change in after tax benefit – – Additions based on tax positions related to the current year 42 1,887 Reductions for tax positions of prior years (7,606) (46) Settlements (5) (379) Unrecognized tax benefits ending balance $ 29,632 $ 37,201

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=84230637&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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=84230637&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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319 + Details
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- Definition Tabular disclosure for 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 and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI http://asc.fasb.org/extlink&oid=84230637&loc=SL6600010-109319 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32718-109319 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32840-109319 + Details
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