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Provision for Taxes (Table Text Block)

12 Months Ended

Mar. 31, 2025

Table Text Block [Abstract]

Provision For Taxes

Earnings before taxes and the provision for taxes consisted of the following:

		Years Ended March 31,
		2025				2024				2023
		(In thousands)
Pretax earnings:
U.S.	$		468,152		$		816,238		$		1,179,738
Non-U.S.			9,360				23,939				39,659
Total pretax earnings	$		477,512		$		840,177		$		1,219,397
Current provision
Federal	$		56,474		$		66,356		$		115,171
State			8,413				44,707				42,121
Non-U.S.			141				254				5,150
			65,028				111,317				162,442
Deferred provision
Federal			36,070				88,549				114,355
State			6,357				6,542				14,077
Non-U.S.			2,967				5,062				4,051
			45,394				100,153				132,483
Provision for income tax expense	$		110,422		$		211,470		$		294,925
Income taxes paid	$		95,391		$		68,623		$		145,680

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,
		2025				2024				2023
		(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			2.47		%		4.78		%		3.56		%
Foreign rate differential			0.24		%		0.03		%		0.08		%
Federal tax credits			(0.80	)	%		(0.58	)	%		(0.48	)	%
Tax-exempt income			(0.06	)	%		(0.04	)	%		(0.08	)	%
Dividend received deduction			(0.01	)	%		(0.01	)	%		(0.01	)	%
Other			0.28		%		(0.01	)	%		0.15		%
Effective income tax rate			23.12		%		25.17		%		24.22		%

Components of Deferred Tax Assets and Liabilities

Significant components of our deferred tax assets and liabilities were as follows:

		March 31,
		2025				2024
Deferred tax assets:		(In thousands)
Benefit of tax net operating loss, interest and credit carryforwards	$		45,140		$		36,978
Accrued expenses			120,725				108,512
Policy benefit and losses, claims and loss expenses payable, net			36,072				33,736
Unrealized losses on investments			35,272				32,856
Capitalized expenditures			12,241				8,969
Operating leases			9,849				11,521
Other			540				—
Total deferred tax assets	$		259,839		$		232,572
Deferred tax liabilities:
Property, plant and equipment	$		1,728,789		$		1,655,074
Operating leases			9,628				11,214
Deferred policy acquisition costs			11,342				10,709
Other			—				2,700
Total deferred tax liabilities			1,749,759				1,679,697
Net deferred tax liability	$		1,489,920		$		1,447,125

Unrecognized tax benefits, beginning and end of period

		Unrecognized Tax Benefits
		March 31,
		2025				2024
		(In thousands)
Unrecognized tax benefits beginning balance	$		81,976		$		58,107
Additions based on tax positions related to the current year			7,215				10,202
Reductions for tax positions of prior years			(5,594	)			(27,536	)
Additions for tax provisions of prior years			—				41,203
Unrecognized tax benefits ending balance	$		83,597		$		81,976

X

- 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.

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-Section 50
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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.

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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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Tabular disclosure of the change in unrecognized tax benefits.

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