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Provision for Taxes (Table Text Block) | 12 Months Ended
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Mar. 31, 2024
Table Text Block [Abstract] |
Provision For Taxes | Earnings before taxes and the provision for taxes consisted of the following:
|  | Years Ended March 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | (In thousands) |
Pretax earnings: |  |  |  |  |  |  |  |  |
U.S. | $ |  | 816,238 |  | $ |  | 1,179,738 |  | $ |  | 1,432,231 |
Non-U.S. |  |  | 23,939 |  |  |  | 39,659 |  |  |  | 44,342 |
Total pretax earnings | $ |  | 840,177 |  | $ |  | 1,219,397 |  | $ |  | 1,476,573 |
Current provision |  |  |  |  |  |  |  |  |
Federal | $ |  | 66,356 |  | $ |  | 115,171 |  | $ |  | 189,488 |
State |  |  | 44,707 |  |  |  | 42,121 |  |  |  | 55,518 |
Non-U.S. |  |  | 254 |  |  |  | 5,150 |  |  |  | 6,893 |
|  |  | 111,317 |  |  |  | 162,442 |  |  |  | 251,899 |
Deferred provision |  |  |  |  |  |  |  |  |
Federal |  |  | 88,549 |  |  |  | 114,355 |  |  |  | 90,852 |
State |  |  | 6,542 |  |  |  | 14,077 |  |  |  | 6,355 |
Non-U.S. |  |  | 5,062 |  |  |  | 4,051 |  |  |  | 3,105 |
|  |  | 100,153 |  |  |  | 132,483 |  |  |  | 100,312 |
Provision for income tax expense | $ |  | 211,470 |  | $ |  | 294,925 |  | $ |  | 352,211 |
Income taxes paid (received) | $ |  | 68,623 |  | $ |  | 145,680 |  | $ |  | (4,548 | )
Schedule of Effective Income Tax Rate Reconciliation | The difference between the tax provision at the statutory federal income tax rate and the tax provision attributable to income before taxes was as follows:
|  | Years Ended March 31, |  |
|  | 2024 |  |  | 2023 |  |  | 2022 |  |
|  | (In percentages) |  |
Statutory federal income tax rate |  |  | 21.00 |  | % |  | 21.00 |  | % |  | 21.00 |  | %
Increase (reduction) in rate resulting from: |  |  |  |  |  |  |  |  |  |
State taxes, net of federal benefit |  |  | 4.78 |  | % |  | 3.56 |  | % |  | 3.24 |  | %
Foreign rate differential |  |  | 0.03 |  | % |  | 0.08 |  | % |  | 0.05 |  | %
Federal tax credits |  |  | (0.58 | ) | % |  | (0.48 | ) | % |  | (0.19 | ) | %
Tax-exempt income |  |  | (0.04 | ) | % |  | (0.08 | ) | % |  | (0.03 | ) | %
Dividend received deduction |  |  | (0.01 | ) | % |  | (0.01 | ) | % |  | — |  | %
Other |  |  | (0.01 | ) | % |  | 0.15 |  | % |  | (0.22 | ) | %
Effective income tax rate |  |  | 25.17 |  | % |  | 24.22 |  | % |  | 23.85 |  | %
Components of Deferred Tax Assets and Liabilities | Significant components of our deferred tax assets and liabilities were as follows:
|  | March 31, |
|  | 2024 |  |  | 2023 |
Deferred tax assets: |  | (In thousands) |
Benefit of tax net operating loss, interest and credit carryforwards | $ |  | 36,978 |  | $ |  | 33,778 |
Accrued expenses |  |  | 117,481 |  |  |  | 112,971 |
Policy benefit and losses, claims and loss expenses payable, net |  |  | 33,736 |  |  |  | 36,374 |
Unrealized losses on investments |  |  | 32,856 |  |  |  | 48,179 |
Operating leases |  |  | 11,521 |  |  |  | 12,058 |
Total deferred tax assets | $ |  | 232,572 |  | $ |  | 243,360 |
Deferred tax liabilities: |  |  |  |  |  |
Property, plant and equipment | $ |  | 1,655,074 |  | $ |  | 1,545,628 |
Operating leases |  |  | 11,214 |  |  |  | 12,175 |
Deferred policy acquisition costs |  |  | 10,709 |  |  |  | 12,038 |
Other |  |  | 2,700 |  |  |  | 3,008 |
Total deferred tax liabilities |  |  | 1,679,697 |  |  |  | 1,572,849 |
Net deferred tax liability | $ |  | 1,447,125 |  | $ |  | 1,329,489 |
Reconciliation of Total Amounts of Unrecognized Tax Benefits | A reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period are as follows:
|  | Unrecognized Tax Benefits |
|  | March 31, |
|  | 2024 |  |  | 2023 |
|  | (In thousands) |
Unrecognized tax benefits beginning balance | $ |  | 58,107 |  | $ |  | 48,851 |
Additions based on tax positions related to the current year |  |  | 10,202 |  |  |  | 7,226 |
Reductions for tax positions of prior years |  |  | (27,536 | ) |  |  | (443 | )
Additions for tax provisions of prior years |  |  | 41,203 |  |  |  | 2,473 |
Unrecognized tax benefits ending balance | $ |  | 81,976 |  | $ |  | 58,107 |

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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 -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + 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 -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + 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 -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 19 -SubTopic 10 -Topic 740 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-19 + Details
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