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Income Taxes (Tables)

12 Months Ended

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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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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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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-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
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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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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
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