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Income Taxes (Tables) | 12 Months Ended
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Mar. 31, 2020
Income Tax Disclosure [Abstract] |
Schedule of Income (Loss) before Income Taxes | The Company’s income before income taxes consisted of the following:
| Year Ended March 31, |  |  |  |
| 2020 |  | 2019 |  | 2018
Domestic income before income taxes | $ | 138,537 |  |  | $ | 128,035 |  |  | $ | 138,290 |
Foreign income before income taxes | 2,207 |  |  | 1,522 |  |  | 1,340 |
Total income before income taxes | $ | 140,744 |  |  | $ | 129,557 |  |  | $ | 139,630 |
Schedule of Components of Income Tax Expense | Components of income tax expense consist of the following:
| Year Ended March 31, |  |  |  |
| 2020 |  | 2019 |  | 2018
Current: |  |  |  |  |
Federal | $ | 4,885 |  |  | $ | 7,163 |  |  | $ | 8,001 |
State and local | 754 |  |  | 1,269 |  |  | 1,769 |
Foreign | 400 |  |  | 463 |  |  | 580 |
Total current income tax expense | $ | 6,039 |  |  | $ | 8,895 |  |  | $ | 10,350 |
Deferred: |  |  |  |  |
Federal | $ | 6,589 |  |  | $ | 3,654 |  |  | $ | 24,180 |
State and local | 1,315 |  |  | 17,917 |  |  | (496) |
Foreign | 25 |  |  | 94 |  |  | (701) |
Total deferred income tax expense | 7,929 |  |  | 21,665 |  |  | 22,983 |
Total income tax expense | $ | 13,968 |  |  | $ | 30,560 |  |  | $ | 33,333 |
Reconciliation of U.S. Statutory Income Tax Rate to the Company's Effective Tax Rate | A reconciliation of the U.S. statutory income tax rate to the Company’s effective tax rate is as follows:
| Year Ended March 31, |  |  |  |
| 2020 |  | 2019 |  | 2018
Federal tax at statutory rate |  | 21.0 | % |  | 21.0 | % |  | 31.6 | %
State income taxes, net of federal benefit | 1.7 | % |  | 1.4 | % |  | 1.5 | %
Non-controlling interest |  | (9.8) | % |  | (10.8) | % |  | (19.8) | %
Foreign income taxes |  | — | % |  | — | % |  | (0.4) | %
Valuation allowance | (0.9) | % |  | 1.9 | % |  | (1.6) | %
Tax reform impact | — | % |  | — | % |  | 13.7 | %
Deferred tax asset state apportionment changes | — | % |  | 10.3 | % |  | — | %
Other | (2.1) | % |  | (0.2) | % |  | (1.1) | %
Effective tax rate |  | 9.9 | % |  | 23.6 | % |  | 23.9 | %
Significant Components of Deferred Tax Assets and Liabilities | The significant components of deferred tax assets and liabilities are as follows:
| Year Ended March 31, |  |
| 2020 |  | 2019
Deferred tax assets: |  |  |
Basis difference in HLA |  | $ | 150,309 |  |  | $ | 126,219 |
Tax Receivable Agreement |  | 24,020 |  |  | 16,652 |
Fixed assets |  | 42 |  |  | 26 |
Net operating loss carryforwards |  | 1,569 |  |  | 1,843 |
Valuation allowance |  | (37,969) |  |  | (37,164) |
State taxes |  | (30) |  |  | 150 |
Total deferred tax assets | $ | 137,941 |  |  | $ | 107,726 |

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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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