XML 200 R37.htm IDEA: XBRL DOCUMENT

Income Taxes (Tables)

12 Months Ended

Mar. 31, 2023

The Company’s income (loss) before income tax consisted of the following:


	Year Ended March 31,
	2023		2022		2021
Domestic income (loss) before income tax	$	(102,560)	$	471,247	$	307,396
Foreign income before income tax	61,106		41,334		30,453
Total income (loss) before income tax	$	(41,454)	$	512,581	$	337,849

The following table presents the components of the Company’s provision for income taxes:


	Year Ended March 31,
	2023		2022		2021
Current:
Federal	$	6,933	$	13,340	$	2,929
State and local	1,726		2,714		1,141
Foreign	7,653		6,383		3,381
Total current income tax expense	16,312		22,437		7,451

Deferred:
Federal	(10,570)		4,897		14,752
State and local	(1,921)		966		1,074
Foreign	—		—		(21)
Total deferred income tax expense (benefit)	(12,491)		5,863		15,805
Total income tax expense	$	3,821	$	28,300	$	23,256

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,
	2023		2022		2021
Federal tax at statutory rate	21.0	%	21.0	%	21.0	%
State and local income tax	0.8		0.8		0.6
Income passed through to limited partners	(13.6)		(11.9)		(15.7)
Foreign income tax	(18.5)		1.2		1.0
Valuation allowance	4.7		(5.3)		0.0
Return to provision	(3.7)		(0.1)		0.0
Other	0.1		(0.2)		0.0
Effective tax rate	(9.2)	%	5.5	%	6.9	%

The following table presents the components of the Company’s deferred income tax assets and liabilities:


	As of March 31,
	2023		2022
Deferred tax assets:
Investment in the Partnership	$	54,941	$	39,720
Other	1,769		1,568
Total deferred tax assets before valuation allowance	56,710		41,288
Valuation allowance	(12,352)		(13,422)
Total net deferred tax assets	44,358		27,866
Deferred tax liabilities:
Total deferred tax liabilities	353		1,529
Net deferred tax assets	$	44,005	$	26,337

A summary of the change in valuation allowance by year is as follows: