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Income Taxes (Tables) | 12 Months Ended
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Mar. 31, 2024
Income Tax Disclosure [Abstract] |
Income before income tax | The Company’s income (loss) before income tax consisted of the following:
| Year Ended March 31,
| 2024 |  | 2023 |  | 2022
Domestic income (loss) before income tax | $ | 127,311 |  |  | $ | (102,560) |  |  | $ | 471,247 |
Foreign income before income tax | 68,085 |  |  | 61,106 |  |  | 41,334 |
Total income (loss) before income tax | $ | 195,396 |  |  | $ | (41,454) |  |  | $ | 512,581 |
Components of provision for income taxes | The following table presents the components of the Company’s provision for income taxes:
| Year Ended March 31,
| 2024 |  | 2023 |  | 2022
Current: |  |  |  |  |
Federal | $ | 7,395 |  |  | $ | 6,933 |  |  | $ | 13,340 |
State and local | 1,650 |  |  | 1,726 |  |  | 2,714 |
Foreign | 9,349 |  |  | 7,653 |  |  | 6,383 |
Total current income tax expense | 18,394 |  |  | 16,312 |  |  | 22,437 |
Deferred: |  |  |  |  |
Federal | 8,815 |  |  | (10,570) |  |  | 4,897 |
State and local | 295 |  |  | (1,921) |  |  | 966 |
Foreign | 72 |  |  | — |  |  | — |
Total deferred income tax expense (benefit) | 9,182 |  |  | (12,491) |  |  | 5,863 |
Total income tax expense | $ | 27,576 |  |  | $ | 3,821 |  |  | $ | 28,300 |
Reconciliation of the U.S. federal statutory income tax rate to the effective tax rate | A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective tax rate is as follows:
| Year Ended March 31,
| 2024 |  | 2023 |  | 2022
Federal tax at statutory rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State and local income tax | 1.1 |  |  | 0.8 |  |  | 0.8 |
Income passed through to limited partners | (11.8) |  |  | (13.6) |  |  | (11.9) |
Foreign income tax | 4.8 |  |  | (18.5) |  |  | 1.2 |
Valuation allowance | (0.3) |  |  | 4.7 |  |  | (5.3) |
Return to provision | (0.3) |  |  | (3.7) |  |  | (0.1) |
Other | (0.4) |  |  | 0.1 |  |  | (0.2) |
Effective tax rate | 14.1 | % |  | (9.2) | % |  | 5.5 | %
Components of deferred tax assets and liabilities | The following table presents the components of the Company’s deferred income tax assets and liabilities:
| As of March 31,
| 2024 |  | 2023
Deferred tax assets: |  |  |
Investment in the Partnership | $ | 195,426 |  |  | $ | 54,941 |
Other | 2,682 |  |  | 1,769 |
Total deferred tax assets before valuation allowance | 198,108 |  |  | 56,710 |
Valuation allowance | (13,596) |  |  | (12,352) |
Total net deferred tax assets | 184,512 |  |  | 44,358 |
Deferred tax liabilities: |  |  |
Total deferred tax liabilities | 158 |  |  | 353 |
Net deferred tax assets | $ | 184,354 |  |  | $ | 44,005 |
Change in valuation allowance | A summary of the change in valuation allowance by year is as follows:
| Valuation Allowance
Balance at March 31, 2022 | $ | 13,422 |
Income tax decrease | (1,975) |
Equity increase | 905 |
Balance at March 31, 2023 | 12,352 |
Income tax decrease | (1,210) |
Equity decrease | — |
Equity increase | 2,454 |
Balance at March 31, 2024 | $ | 13,596 |

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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 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 -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 12 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-12 + Details
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