Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Mar. 31, 2022 | May 18, 2022 | Sep. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Mar. 31, 2022 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | EXP | ||
Entity Registrant Name | EAGLE MATERIALS INC. | ||
Entity Central Index Key | 0000918646 | ||
Current Fiscal Year End Date | --03-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 38,199,438 | ||
Entity Public Float | $ 5.3 | ||
Title of 12(b) Security | Common Stock (par value $.01 per share) | ||
Security Exchange Name | NYSE | ||
Entity File Number | 1-12984 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 75-2520779 | ||
Entity Address, Address Line One | 5960 Berkshire Lane | ||
Entity Address, Address Line Two | Suite 900 | ||
Entity Address, City or Town | Dallas | ||
Entity Address, State or Province | TX | ||
Entity Address, Postal Zip Code | 75225 | ||
City Area Code | 214 | ||
Local Phone Number | 432-2000 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Documents Incorporated by Reference | Portions of the Proxy Statement for the Annual Meeting of Stockholders of Eagle Materials Inc. to be held on August 5, 2022 are incorporated by reference in Part III of this Report. | ||
Auditor Firm ID | 42 | ||
Auditor Location | Dallas, Texas | ||
Auditor Name | Ernst & Young LLP |
Consolidated Statements of Earn
Consolidated Statements of Earnings - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Income Statement [Abstract] | |||
Revenue | $ 1,861,522 | $ 1,622,642 | $ 1,404,033 |
Cost of good sold | 1,341,908 | 1,214,287 | 1,061,367 |
Gross Profit | 519,614 | 408,355 | 342,666 |
Equity in Earnings of Unconsolidated Joint Venture | 32,488 | 37,441 | 42,585 |
Corporate General and Administrative Expense | (46,801) | (49,511) | (65,410) |
Premium Paid on Early Retirement of Senior Notes | (8,407) | ||
Gain on Sale of Businesses | 51,973 | ||
Impairment Losses | (25,131) | ||
Other Non-Operating Income (Loss) | 9,073 | 20,274 | (594) |
Interest Expense, net | (30,873) | (44,420) | (38,421) |
Earnings from Continuing Operations Before Income Taxes | 475,094 | 424,112 | 255,695 |
Income Taxes | (100,847) | (89,946) | (24,504) |
Earnings from Continuing Operations | 374,247 | 334,166 | 231,191 |
Earnings (Loss) from Discontinued Operations, net of Income Taxes | 5,278 | (160,297) | |
Net Earnings | $ 374,247 | $ 339,444 | $ 70,894 |
BASIC EARNINGS (LOSS) PER SHARE | |||
Continuing Operations | $ 9.23 | $ 8.04 | $ 5.50 |
Discontinued Operations | 0.13 | (3.81) | |
Net Earnings | 9.23 | 8.17 | 1.69 |
DILUTED EARNINGS (LOSS) PER SHARE | |||
Continuing Operations | 9.14 | 7.99 | 5.47 |
Discontinued Operations | 0.13 | (3.79) | |
Net Earnings | $ 9.14 | $ 8.12 | $ 1.68 |
AVERAGE SHARES OUTSTANDING | |||
Basic | 40,547,048 | 41,543,067 | 42,021,892 |
Diluted | 40,929,712 | 41,826,709 | 42,285,343 |
CASH DIVIDENDS PER SHARE | $ 0.75 | $ 0.10 | $ 0.40 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Earnings - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net Earnings | $ 374,247 | $ 339,444 | $ 70,894 |
Net Actuarial Change in Defined Benefit Plans: | |||
Unrealized Gain During the Period, net of tax expense of $48, $33 and $41 | 161 | 101 | 131 |
Amortization of Net Actuarial Gain (Loss), net of tax (expense) benefit of $39, $(49), and $(120) | 104 | (154) | (396) |
Comprehensive Earnings | $ 374,512 | $ 339,391 | $ 70,629 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Earnings (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Unrealized Gain During the Period, tax expense | $ 48 | $ 33 | $ 41 |
Amortization of Net Actuarial Loss, tax benefit | $ 39 | $ (49) | $ (120) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 |
Current Assets - | ||
Cash and Cash Equivalents | $ 19,416 | $ 263,520 |
Restricted Cash | 5,000 | |
Accounts and Notes Receivable, net | 176,276 | 147,133 |
Inventories | 236,661 | 235,749 |
Income Tax Receivable | 7,202 | 2,838 |
Prepaid and Other Assets | 3,172 | 7,449 |
Total Current Assets | 442,727 | 661,689 |
Property, Plant, and Equipment, net | 1,616,539 | 1,659,100 |
Notes Receivable | 8,485 | 8,419 |
Investment in Joint Venture | 80,637 | 75,399 |
Operating Lease Right-of-Use Assets | 23,856 | 25,811 |
Goodwill and Intangible Assets, net | 387,898 | 392,315 |
Other Assets | 19,510 | 15,948 |
Total Assets | 2,579,652 | 2,838,681 |
Current Liabilities - | ||
Accounts Payable | 113,679 | 84,171 |
Accrued Liabilities | 86,754 | 78,840 |
Operating Lease Liabilities | 7,118 | 6,343 |
Total Current Liabilities | 207,551 | 169,354 |
Long-term Debt | 938,265 | 1,008,616 |
Noncurrent Operating Lease Liabilities | 29,212 | 34,444 |
Other Long-term Liabilities | 38,699 | 41,291 |
Deferred Income Taxes | 232,369 | 225,986 |
Total Liabilities | 1,446,096 | 1,479,691 |
Stockholders’ Equity – | ||
Preferred Stock, Par Value $0.01; Authorized 5,000,000 Shares; None Issued | ||
Common Stock, Par Value $0.01; Authorized 100,000,000 Shares Issued and Outstanding 38,710,929 and 42,370,878 Shares, respectively | 387 | 424 |
Capital in Excess of Par Value | 62,497 | |
Accumulated Other Comprehensive Losses | (3,175) | (3,440) |
Retained Earnings | 1,136,344 | 1,299,509 |
Total Stockholders’ Equity | 1,133,556 | 1,358,990 |
Liabilities and Stockholders' Equity, Total | $ 2,579,652 | $ 2,838,681 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2022 | Mar. 31, 2021 |
Statement Of Financial Position [Abstract] | ||
Preferred Stock, Par Value | $ 0.01 | $ 0.01 |
Preferred Stock, Authorized | 5,000,000 | 5,000,000 |
Preferred Stock, Issued | 0 | 0 |
Common Stock, Par Value | $ 0.01 | $ 0.01 |
Common Stock, Authorized | 100,000,000 | 100,000,000 |
Common Stock, Issued | 38,710,929 | 42,370,878 |
Common Stock, Outstanding | 38,710,929 | 42,370,878 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net Earnings | $ 374,247 | $ 339,444 | $ 70,894 |
Adjustments to Reconcile Net Earnings to Net Cash Provided by Operating Activities, Net of Effect of Non-Cash Activity: | |||
Depreciation, Depletion, and Amortization | 128,811 | 129,087 | 113,518 |
Write-off of debt issuance costs | 6,101 | ||
Impairment Losses | 224,267 | ||
Deferred Income Tax Provision | 6,383 | 59,319 | 75,987 |
Stock Compensation Expense | 14,264 | 15,293 | 19,823 |
Gain on Sale of Businesses | (61,203) | ||
Equity in Earnings of Unconsolidated Joint Venture | (32,488) | (37,441) | (42,585) |
Distributions from Joint Venture | 27,250 | 36,000 | 33,500 |
Changes in Operating Assets and Liabilities: | |||
Accounts and Notes Receivable | (29,209) | 2,127 | (25,005) |
Inventories | (912) | 30,002 | 26,729 |
Accounts Payable and Accrued Liabilities | 27,192 | 9,541 | 17,265 |
Other Assets | (1,331) | (6,455) | 7,841 |
Income Taxes Receivable | (3,137) | 127,359 | (122,933) |
Net Cash Provided by Operating Activities | 517,171 | 643,073 | 399,301 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Additions to Property, Plant, and Equipment | (74,121) | (53,933) | (132,119) |
Acquisition Spending | (699,361) | ||
Proceeds from Sale of Businesses | 91,022 | ||
Proceeds from Sales of Property, Plant, and Equipment | 400 | ||
Net Cash Provided by (Used in) Investing Activities | (74,121) | 37,089 | (831,080) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
(Decrease) Increase in Revolving Credit Facility | 200,000 | (560,000) | 250,000 |
Issuance (Repayment) of Term Loan | (665,000) | 665,000 | |
Repayment of Senior Unsecured Notes | (36,500) | ||
Dividends Paid to Stockholders | (30,770) | (4,163) | (17,142) |
Purchase and Retirement of Common Stock | (589,742) | (313,887) | |
Proceeds from Stock Option Exercises | 21,366 | 40,455 | 3,298 |
Premium Paid on Early Retirement of Senior Notes | (8,407) | ||
Payment of Debt Issuance Costs | (7,985) | (2,396) | (4,880) |
Shares Redeemed to Settle Employee Taxes on Stock Compensation | (5,308) | (4,186) | (4,063) |
Net Cash (Used in) Provided by Financing Activities | (692,154) | (530,290) | 541,826 |
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | (249,104) | 149,872 | 110,047 |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD | 268,520 | 118,648 | 8,601 |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD | 19,416 | $ 268,520 | $ 118,648 |
2.500% Senior Unsecured Notes [Member] | |||
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Proceeds from 2.500% Senior Unsecured Notes | 743,692 | ||
4.500% Senior Unsecured Notes [Member] | |||
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Repayment of Senior Unsecured Notes | $ (350,000) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Sale Of Business [Member] | Retained Earnings [Member] | Retained Earnings [Member]Cumulative Effect, Period of Adoption, Adjustment | Common Stock [Member] | AOCI Attributable to Parent [Member] | AOCI Attributable to Parent [Member]Sale Of Business [Member] | Additional Paid-in Capital [Member] |
Beginning balance at Mar. 31, 2019 | $ 1,209,487 | $ 1,212,352 | $ 451 | $ (3,316) | |||||
Net Earnings | 70,894 | 70,894 | |||||||
Stock Option Exercises and Restricted Share Vesting | 3,299 | 1 | $ 3,298 | ||||||
Purchase and Retirement of Common Stock | 313,887 | 305,737 | 36 | 8,114 | |||||
Dividends to Stockholders | (16,808) | 16,808 | |||||||
Stock Compensation Expense | 19,822 | 19,822 | |||||||
Shares Redeemed to Settle Employee Taxes | (4,063) | 4,063 | |||||||
Unfunded Pension Liability, net of tax | (265) | (265) | |||||||
Ending Balance at Mar. 31, 2020 | 967,843 | $ (636) | 960,065 | $ (636) | 416 | (3,581) | 10,943 | ||
Net Earnings | 339,444 | 339,444 | |||||||
Stock Option Exercises and Restricted Share Vesting | 40,457 | 8 | 40,449 | ||||||
Stock Compensation Expense | 15,291 | 15,291 | |||||||
Shares Redeemed to Settle Employee Taxes | (4,186) | 4,186 | |||||||
Unfunded Pension Liability, net of tax | (113) | $ 254 | (113) | $ 254 | |||||
Ending Balance at Mar. 31, 2021 | 1,358,990 | 1,299,509 | 424 | (3,440) | 62,497 | ||||
Net Earnings | 374,247 | 374,247 | |||||||
Stock Option Exercises and Restricted Share Vesting | 21,366 | 3 | 21,363 | ||||||
Purchase and Retirement of Common Stock | 589,742 | 496,886 | 40 | 92,816 | |||||
Dividends to Stockholders | (40,526) | 40,526 | |||||||
Stock Compensation Expense | 14,264 | 14,264 | |||||||
Shares Redeemed to Settle Employee Taxes | (5,308) | $ 5,308 | |||||||
Unfunded Pension Liability, net of tax | 265 | 265 | |||||||
Ending Balance at Mar. 31, 2022 | $ 1,133,556 | $ 1,136,344 | $ 387 | $ (3,175) |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | (A) Significant Accounting Policies Basis of Presentation The consolidated financial statements include the accounts of Eagle Materials Inc. and its majority-owned subsidiaries (the Company), which may be referred to as we, our, or us. All intercompany balances and transactions have been eliminated. The Company is a holding company whose assets consist of its investments in its subsidiaries, joint venture, intercompany balances, and holdings of cash and cash equivalents. The businesses of the consolidated group are conducted through the Company’s subsidiaries. The Company conducts one of its cement plant operations through a joint venture, Texas Lehigh Cement Company L.P., which is located in Buda, Texas (the Joint Venture). Our investment in the Joint Venture is accounted for using the equity method of accounting, and those results have been included for the same period as our March 31 fiscal year end. On September 18, 2020, we sold our Oil and Gas Proppants business, which had been previously reported as a separate operating segment, for a purchase price of $ 2.0 million. The sale resulted in a gain of approximately $ 9.2 million. Because the sale of the Oil and Gas Proppants business was determined to meet the accounting criteria for discontinued operations, this segment is no longer separately reported in our reportable segment footnote for any of the periods presented. See Footnote (C) for more information about the sale of the Oil and Gas Proppants business. The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents Cash Equivalents include short-term, highly liquid investments with original maturities of three months or less and are recorded at cost, which approximates market value. Restricted Cash Restricted Cash is comprised of cash reserved by contractual agreement for a specific use. Restricted Cash is generally held in an escrow account and distributed under the terms of the contract or agreement. Restricted Cash is included with Cash and Cash Equivalents on the Consolidated Statement of Cash Flows. Accounts and Notes Receivable Accounts and Notes Receivable have been shown net of the allowance for doubtful accounts of $ 6.7 million and $ 8.1 million at March 31, 2022 and 2021, respectively. We perform ongoing credit evaluations of our customers’ financial condition and generally require no collateral from our customers. The allowance for non-collection of receivables is based on our assessment of the collectability of outstanding accounts receivable, and includes a provision for probable losses based on historical write-offs, adjusted for current economic trends in the construction industry, and a specific reserve for accounts deemed at risk. We have no significant credit risk concentration among our diversified customer base. Bad debt expense was approximately $ 0.3 million, $ 0.7 million, and $ 3.4 million for the fiscal years ended March 31, 2022, 2021, and 2020, respectively. Write-offs of accounts receivable were approximately $ 1.6 million, $ 1.2 million, and $ 0.3 million for the fiscal years ended March 31, 2022, 2021, and 2020, respectively. We had Notes Receivable totaling approximately $ 8.4 million at March 31, 2022, of which no ne was classified as current. We lend funds to certain companies in the ordinary course of business, and the notes bear interest, on average, at 3.5 %. Remaining unpaid amounts, plus accrued interest, mature in fiscal 2025 . The notes are collateralized by certain assets of the borrowers, namely property and equipment. We monitor the credit risk of each borrower by focusing on the timeliness of payments, review of credit history, credit metrics, and interaction with the borrowers. Inventories Inventories are stated at the lower of average cost (including applicable material, labor, depreciation, and plant overhead) or net realizable value. Raw Materials and Materials-in-Progress include clinker, which is an intermediary product before it is ground into cement powder. Quantities of Raw Materials and Materials-in-Progress, Aggregates and coal inventories, are based on measured volumes, subject to estimation based on the size and location of the inventory piles, and then converted to tonnage using standard inventory density factors. Inventories consist of the following: March 31, 2022 2021 (dollars in thousands) Raw Materials and Materials-in-Progress $ 81,308 $ 92,696 Finished Cement 38,769 34,362 Aggregates 3,558 2,933 Gypsum Wallboard 3,452 4,177 Paperboard 7,462 5,031 Repair Parts and Supplies 91,593 86,750 Fuel and Coal 10,519 9,800 $ 236,661 $ 235,749 Property, Plant, and Equipment Property, Plant, and Equipment are stated at cost. Major renewals and improvements are capitalized and depreciated. Annual maintenance is expensed as incurred. Depreciation is provided on a straight-line basis over the estimated useful lives of depreciable assets and totaled $ 122.4 million, $ 120.7 million, and $ 109.5 million, for the fiscal years ended March 31, 2022, 2021, and 2020, respectively. Raw material deposits are depleted as such deposits are extracted for production utilizing the units-of-production method. Costs and accumulated depreciation applicable to assets retired or sold are eliminated from the accounts and any resulting gains or losses are recognized at such time. The estimated useful lives of the related assets are as follows: Plants 20 to 30 years Buildings 20 to 40 years Machinery and Equipment 3 to 25 years Maintenance and repair expenses are included in each segment’s costs and expenses. We incurred $ 147.8 million, $ 137.2 million, and $ 127.0 million of maintenance and repair expenses in the fiscal years ended March 31, 2022, 2021, and 2020, respectively, which is included in Cost of Goods Sold on the Consolidated Statement of Earnings. We periodically evaluate whether current events or circumstances indicate that the carrying value of our depreciable assets may not be recoverable. See Impairment or Disposal of Long-lived and Intangible Assets below for more information about the impairments. Goodwill and Intangible Assets Goodwill We annually assess Goodwill in the fourth quarter of our fiscal year, or more frequently when indicators of impairment exist. Impairment testing for Goodwill is done at the reporting unit, which is consistent with the reportable segment. Goodwill is considered impaired if the carrying value of the reporting unit exceeds its fair value. Prior to performing the Step 1 quantitative test, we may, at our discretion, perform an optional qualitative analysis, or we may choose to proceed directly to the Step 1 quantitative test. The qualitative analysis considers the impact of the following events and circumstances on the reporting unit being tested: macroeconomic conditions, industry and market considerations, cost factors, overall financial performance, and other relevant entity-specific events. If, as a result of this qualitative analysis, we conclude that it is more likely than not (a likelihood of greater than 50 %) that the fair value of the reporting unit exceeds its carrying value, then an impairment does not exist and the quantitative Step 1 test is not required. If we are unable to conclude that it is more likely than not that the fair value of the reporting unit exceeds its carrying value, then we proceed to the quantitative Step 1 test. Step 1 of the quantitative test for impairment compares the fair value of the reporting unit to its carrying value. If the carrying value exceeds the fair value, then an impairment is indicated. If facts and circumstances related to our business change in subsequent years, we may choose to perform a quantitative analysis in those future years. If we perform a Step 1 test and the carrying value of the reporting unit exceeds its fair value, then an impairment charge equal to the difference, not to exceed the total amount of Goodwill, is recorded. The fair values of the reporting units are estimated by using both the market and income approaches. The market approach considers market factors and certain multiples in comparison to similar companies, while the income approach uses discounted cash flows to determine the estimated fair values of the reporting units. We also perform an overall comparison of all reporting units to our market capitalization in order to test the reasonableness of our fair value calculations. We performed qualitative assessments on all of our reporting units in the fourth quarter of fiscal 2022. As a result of these qualitative assessments, we determined that it was not more likely than not that an impairment existed; therefore, we did not perform a Step 1 quantitative test in fiscal 2022. We performed a quantitative Step 1 impairment test on our all of our reporting units with Goodwill during the fourth quarter of fiscal 2021. We estimated the reporting unit’s fair value using a discounted cash flow model as well as a market analysis. Key assumptions in the model included estimated average net sales prices, sales volumes, and the estimated weighted average cost of capital specific to each industry. Based on the results of the Step 1 impairment analysis, we concluded that the fair values of the reporting units substantially exceeded their carrying values, and therefore no impairment was recognized. Goodwill and Intangible Assets Goodwill and Intangible Assets at March 31, 2022 and 2021, consist of the following: March 31, 2022 Amortization Cost Additions Accumulated Net (dollars in thousands) Goodwill and Intangible Assets: Customer Contracts and Relationships 15 years $ 108,610 $ — $ ( 69,866 ) $ 38,744 Permits 25 - 40 years 30,410 — ( 11,629 ) 18,781 Trade Name 15 years 1,500 — ( 264 ) 1,236 Goodwill 329,137 — — 329,137 Total Goodwill and Intangible Assets $ 469,657 $ — $ ( 81,759 ) $ 387,898 March 31, 2021 Amortization Cost Additions Accumulated Net (dollars in thousands) Goodwill and Intangible Assets: Customer Contracts and Relationships 15 years $ 108,610 $ — $ ( 66,445 ) $ 42,165 Permits 25 - 40 years 30,410 — ( 10,759 ) 19,651 Trade Name 15 years 1,500 — ( 138 ) 1,362 Goodwill 329,137 — — 329,137 Total Goodwill and Intangible Assets $ 469,657 $ — $ ( 77,342 ) $ 392,315 Amortization expense of intangibles was $ 4.4 million, $ 4.5 million, and $ 2.5 million for the fiscal years ended March 31, 2022, 2021, and 2020, respectively. Amortization expense is expected to be approximately $ 4.4 million for each of fiscal years 2023 through 2026, and $ 4.3 million in fiscal 2027. Impairment or Disposal of Long-Lived and Intangible Assets We assess our long-lived assets, including mining and related assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset, or group of assets, may not be recoverable. Long-lived assets, or group of assets, are evaluated for impairment at the lowest level for which cash flows are largely independent of the cash flows of other assts. We assess recoverability of assets, or group of assets, by comparing the carrying amount of an asset, or group of assets, to the future undiscounted net cash flows that we expect the asset, or group of assets, to generate. These impairment evaluations are significantly affected by estimates of future revenue, costs and expenses, and other factors. If the carrying value of the assets, or group of assets, exceeds the undiscounted cash flows, then an impairment is indicated. If such assets, or group of assets, are considered to be impaired, the impairment is recognized as the amount by which the carrying amount of the asset, or group of assets, exceeds the fair value of the asset, or group of assets. Any assets held for sale are reflected at the lower of their carrying amount or fair value less cost to sell. There were no indicators of impairment related to our long-lived assets during fiscal 2022. During fiscal 2020, declining sales prices, sales volumes and operating losses led to the impairment of long-lived assets in our Oil and Gas Proppants business of $ 224.3 million, which primarily related to property, plant, and equipment, but also included impairment of lease right-of-use assets. On September 18, 2020, we sold the Oil and Gas Proppants business, and determined that the sale of this business met the discontinued operations accounting criteria. See Footnote (C) for more information about the sale of the Oil and Gas Proppants business, and the discontinued operations accounting disclosures. As part of the sale of the Oil and Gas Proppants business, there were certain assets that were included in this operating segment and not included in the sale. Because these assets were not included in the sale, any expenses related to these assets were not included in discontinued operations. Impairment charges related to these assets in fiscal 2020 are included in continuing operations on the Consolidated Statement of Earnings and are summarized below: For the Year Ended 2020 (dollars in thousands) Property, Equipment, and Real Estate $ 11,213 Lease Right-of-Use Assets 13,918 $ 25,131 Other Assets Other Assets are primarily composed of financing costs related to our Revolving Credit Facility, deferred expenses, and deposits. Income Taxes We account for Income Taxes using the asset and liability method. The effect on deferred taxes of a change in tax rates is recognized in earnings in the period that includes the enactment date. We recognize deferred taxes for the differences between financial statement carrying amounts and the tax bases of existing assets and liabilities by applying enacted statutory tax rates for future years. In addition, we recognize future tax benefits to the extent that such benefits are more likely than not to be realized. See Footnote (J) for more information. Stock Repurchases Shares repurchased by the Company are considered retired and available for future issuance. When shares are repurchased, the Company first reduces Capital in Excess or Par Value, and if there is no balance in this account, the purchases are recorded as a reduction of Retained Earnings. On May 17, 2022, the Board of Directors authorized the Company to repurchase an additional 7,5 00,000 shares. During fiscal years 2022 and 2020, we repurchased 3,982,657 and 3,574,109 shares, respectively, at average prices of $ 148.08 and $ 87.82 , respectively. We did not repurchase any shares during the fiscal year ended March 31, 2021. After the authorization on May 17, 2022, we have authorization to repurchase an additional 10,822,992 shares. Revenue Recognition We earn Revenue primarily from the sale of products, which include cement, concrete, aggregates, gypsum wallboard, and recycled paperboard. The majority of Revenue from the sale of cement, concrete, aggregates, and gypsum wallboard is originated by purchase orders from our customers, who are mainly third-party contractors and suppliers. Revenue from our Recycled Paperboard segment is generated primarily through long-term supply agreements that mature between calendar years 2023 and 2025 . We invoice customers upon shipment, and our collection terms range from 30 to 75 days. Revenue from the sale of cement, concrete, aggregates, and gypsum wallboard that is not related to long-term supply agreements is recognized upon shipment of the related products to customers, which is when title and ownership are transferred, and the customer is obligated to pay. Revenue from sales under our long-term supply agreements is also recognized upon transfer of control to the customer, which generally occurs at the time the product is shipped from the production facility. Our long-term supply agreements with customers define, among other commitments, the volume of product that we must provide and the volume that the customer must purchase by the end of the defined periods. Pricing structures under our agreements are generally market-based, but are subject to certain contractual adjustments. Shortfall amounts, if applicable under these arrangements, are constrained and not recognized as Revenue until agreement is reached with the customer and there is no risk of reversal. The Company offers certain of its customers, including those with long-term supply agreements, rebates and incentives, which we treat as variable consideration. We adjust the amount of revenue recognized for the variable consideration using the most likely amount method based on past history and projected volumes in the rebate and incentive period. Any amounts billed to customers for taxes are excluded from Revenue. The Company has elected to treat freight and delivery charges we pay for the delivery of goods to our customers as a fulfilment activity rather than a separate performance obligation. When we arrange for a third party to deliver products to customers, fees for shipping and handling billed to the customer are recorded as Revenue, while costs incurred for shipping and handling are recorded as expenses and included in Cost of Goods Sold. Approximately $ 199.1 million, $ 177.5 million, and $ 168.1 million of freight for the fiscal years ended March 31, 2022, 2021, and 2020, respectively, were included in both Revenue and Cost of Goods Sold in our Consolidated Statement of Earnings. Other Non-Operating Income includes lease and rental income, asset sale income, non-inventoried aggregates sales income, and trucking income, as well as other miscellaneous revenue items and costs that have not been allocated to a business segment. See Footnote (I) for disaggregation of Revenue by segment. Comprehensive Income/Losses As of March 31, 2022, we have an Accumulated Other Comprehensive Loss of $ 3.2 million, which is net of income taxes of $ 1.0 million, in connection with recognizing the difference between the fair value of the pension assets and the projected benefit obligation. Consolidated Cash Flows – Supplemental Disclosures Supplemental cash flow information is as follows: For the Years Ended March 31, 2022 2021 2020 (dollars in thousands) Cash Payments: Interest $ 21,298 $ 42,343 $ 37,610 Income Taxes 86,407 32,870 20,046 Operating Cash Flows Used for Operating Leases 8,141 10,741 14,926 Non-Cash Financing Activities: Right-of-use Assets Obtained for Capitalized Operating Lease Liabilities $ 2,598 $ 272 $ 621 Selling, General, and Administrative Expenses Selling, General, and Administrative Expenses of the operating units are included in Cost of Goods Sold on the Consolidated Statements of Earnings. Corporate General and Administrative (Corporate G&A) Expenses include administration, financial, legal, employee benefits, and other corporate activities, and are shown separately in the Consolidated Statements of Earnings. Corporate G&A also includes stock compensation expense. See Footnote (L) for more information. Total Selling, General, and Administrative Expenses for each of the periods are summarized as follows: For the Years Ended March 31, 2022 2021 2020 (dollars in thousands) Operating Units Selling, G&A $ 56,561 $ 56,309 $ 57,077 Corporate G&A 46,801 49,511 65,410 $ 103,362 $ 105,820 $ 122,487 The increase in Corporate General and Administrative Expenses during fiscal 2020, compared with fiscal 2022 and 2021, is primarily due to business development costs related to our portfolio review, acquisitions, and the acceleration of stock compensation costs upon the retirement of our Chief Executive Officer during the year. Earnings Per Share For the Years Ended March 31, 2022 2021 2020 Weighted-Average Shares of Common Stock Outstanding 40,547,048 41,543,067 42,021,892 Effect of Dilutive Shares: Assumed Exercise of Outstanding Dilutive Options 539,309 570,325 623,779 Less Shares Repurchased from Proceeds of Assumed Exercised Options ( 343,917 ) ( 429,815 ) ( 481,853 ) Restricted Stock Units 187,272 143,132 121,525 Weighted-Average Common Stock and Dilutive Securities Outstanding 40,929,712 41,826,709 42,285,343 The line Less Shares Repurchased from Proceeds of Assumed Exercised Options includes unearned compensation related to outstanding stock options. There were 6,053 ; 569,431 ; and 475,082 stock options at an average exercise price of $ 139.80 per share, $ 89.11 per share, and $ 95.46 per share, respectively, that were excluded from the computation of diluted earnings per share for the fiscal years ended March 31, 2022, 2021, and 2020, because such inclusion would have been anti-dilutive. Share-Based Compensation All share-based compensation is valued at the grant date and expensed over the requisite service period, which is generally identical to the vesting period of the award. Forfeitures of share-based awards are recognized in the period in which they occur. Fair Value Measures Certain assets and liabilities are required to be recorded or disclosed at fair value. The estimated fair values of those assets and liabilities have been determined using market information and valuation methodologies. Changes in assumptions or estimation methods could affect the fair value estimates; however, we do not believe any such changes would have a material impact on our financial condition, results of operations, or cash flows. There are three levels of inputs that may be used to measure fair value: Level 1 – Quoted prices for identical assets and liabilities in active markets; Level 2 – Quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data; and Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies, and similar techniques that use significant unobservable inputs. Recent Accounting Pronouncements RECENTLY ADOPTED In December 2019, the FASB issued ASU 2019-12, which simplifies the accounting for income taxes, eliminates certain exceptions within existing income tax guidance, and clarifies certain aspects of the current guidance to promote consistency among reporting entities. We adopted this standard on April 1, 2021. The adoption of this standard did not have a material impact on our consolidated financial statements. PENDING ADOPTION None. |
ACQUISITION
ACQUISITION | 12 Months Ended |
Mar. 31, 2022 | |
Business Combinations [Abstract] | |
ACQUISITION | (B) ACQUISITION SUBSEQUENT TO YEAR END ConAgg Acquisition On April 22, 2022, we acquired the assets of a readymix concrete and aggregates business in northern Colorado (the ConAgg Acquisition). The purchase price of the ConAgg Acquisition was approximately $ 121.2 million. The purchase price and expenses incurred in connection with the ConAgg Acquisition were funded primarily through borrowings under our Revolving Credit Facility. Operations related to the ConAgg Acquisition will be included in our segment reporting for the Concrete and Aggregates business beginning in fiscal 2023. |
DISCONTINUED OPERATIONS AND OTH
DISCONTINUED OPERATIONS AND OTHER DISPOSITIONS | 12 Months Ended |
Mar. 31, 2022 | |
Discontinued Operations And Disposal Groups [Abstract] | |
DISCONTINUED OPERATIONS AND OTHER DISPOSITIONS | (C) discontinued operations and other dispositions Discontinued Operations On September 18, 2020, we sold our Oil and Gas Proppants business (the Proppants Business) to Smart Sand, Inc., a Delaware corporation (the Purchaser), pursuant to an Equity Purchase and Sale Agreement (the Purchase Agreement) between the Company and the Purchaser. The sale of this business excluded certain assets, namely real property and equipment in south Texas, real property in Illinois and certain other assets. The purchase price (the Purchase Price) paid by the Purchaser for the acquisition of the Proppants Business was $ 2.0 million paid in shares of common stock of the Purchaser. The shares were valued at March 31, 2022 and 2021 using Level 1 inputs at the quoted market price of the shares, and the shares are classified as Other Assets in our Consolidated Balance Sheet at March 31, 2022 and 2021. The sale of the Oil and Gas Proppants business, which was previously disclosed as a reportable segment, was determined to meet the discontinued operations accounting criteria. The sale resulted in a gain of approximately $ 9.2 million for the year ended March 31, 2021, which is included in Earnings (Loss) from Discontinued Operations on the Consolidated Statement of Earnings. Certain expenses, which were previously included in the Oil and Gas Proppants operating segment, do not qualify for classification within discontinued operations and have been reclassified from the operating segment to continuing operations. These expenses primarily relate to lease agreements not included in the sale of the Proppants Business. The following is a summary of operating results included in Earnings (Loss) from Discontinued Operations for the fiscal years ended March 31, 2021 and 2020. For the Years Ended March 31, 2021 2020 (dollars in thousands) Revenue $ 1,045 $ 46,781 Cost of Goods Sold 3,415 58,185 Gross Profit ( 2,370 ) ( 11,404 ) Other Non-Operating Income 226 569 Gain on Sale of Discontinued Operations 9,230 — Impairment Losses — ( 199,136 ) Earnings (Loss) from Discontinued Operations 7,086 ( 209,971 ) Income Tax (Expense) Benefit ( 1,808 ) 49,674 Net Earnings (Loss) from Discontinued Operations $ 5,278 $ ( 160,297 ) The significant components of our Consolidated Statements of Cash Flows for discontinued operations for the fiscal years ended March 31, 2021 and 2020 are as follows: For the Years Ended March 31, 2021 2020 (dollars in thousands) Depreciation and Amortization $ 221 $ 11,310 Impairment Losses $ — $ 199,136 Gain on Sale of Business $ ( 9,230 ) $ — Net Change in Inventory $ — $ 3,200 Capital Expenditures $ — $ 146 Other Dispositions On April 17, 2020, we sold our Western Aggregates LLC (Western) and Mathews Readymix LLC (Mathews) operations to Teichert Inc., a California-based construction company for an aggregate purchase price of $ 93.5 million, which resulted in a gain on sale of approximately $52.0 million. Western and Mathews were part of our Concrete and Aggregates operating segment. At the date of sale, assets and liabilities included on our Balance Sheet related to Western and Mathews were approximately $ 43.8 million and $ 2.3 million, respectively. Revenue and Operating Earnings from Western and Mathews, collectively, for fiscal years 2021 and 2020 are as follows: For the Years Ended March 31, 2021 2020 (dollars in thousands) Revenue $ 1,692 $ 32,255 Operating Earnings $ 142 $ 4,837 |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Mar. 31, 2022 | |
Property Plant And Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | (D) Property, Plant, and Equipment Cost by major category and Accumulated Depreciation are summarized as follows: March 31, 2022 2021 (dollars in thousands) Land and Quarries $ 231,499 $ 217,439 Plants 2,380,926 2,363,937 Buildings, Machinery, and Equipment 194,753 180,340 Construction in Progress 50,270 23,097 2,857,448 2,784,813 Accumulated Depreciation ( 1,240,909 ) ( 1,125,713 ) $ 1,616,539 $ 1,659,100 |
ACCRUED EXPENSES
ACCRUED EXPENSES | 12 Months Ended |
Mar. 31, 2022 | |
Payables And Accruals [Abstract] | |
ACCRUED EXPENSES | (E) Accrued Expenses Accrued expenses consist of the following: As of March 31, 2022 2021 (dollars in thousands) Payroll and Incentive Compensation $ 37,262 $ 32,336 Benefits 14,894 14,979 Interest 5,052 3,089 Dividends 9,756 — Property Taxes 6,514 6,683 Power and Fuel 2,877 2,350 Freight 1,172 1,575 Legal and Professional 989 9,511 Sales and Use Tax 1,509 1,265 Other 6,729 7,052 $ 86,754 $ 78,840 |
INDEBTEDNESS
INDEBTEDNESS | 12 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
INDEBTEDNESS | (G) Indebtedness Long-term debt at March 31, 2022 consists of the following: As of March 31, 2022 2021 (dollars in thousands) Revolving Credit Facility $ 200,000 $ — 2.500 % Senior Unsecured Notes Due 2031 750,000 — 4.500 % Senior Unsecured Notes Due 2026 — 350,000 Term Loan — 665,000 Total Debt 950,000 1,015,000 Less: Unamortized Discount and Debt Issuance Costs ( 11,735 ) ( 6,384 ) Long-term Debt $ 938,265 $ 1,008,616 The weighted-average interest rate of borrowings under our Revolving Credit Facility during fiscal years 2022, 2021, and 2020 was 1.5 %, 2.8 %, and 3.6 %, respectively. The interest rate on the Revolving Credit Facility was 1.7 % at March 31, 2022. There was no balance outstanding at March 31, 2021. Revolving Credit Facility On July 1, 2021, we terminated our previous credit facilities and entered into an unsecured $ 750.0 million revolving credit facility (the Revolving Credit Facility). The Revolving Credit Facility also provides the Company the option to increase the borrowing capacity by up to $ 375.0 million (for a total borrowing capacity of $ 1,125 million), provided that the existing lenders, or new lenders, agree to such increase. The Revolving Credit Facility includes a $ 40.0 million letter of credit facility and a swingline loan sub-facility of $ 25.0 million. On May 5, 2022 the Revolving Credit Facility was amended, as discussed below in the Subsequent Debt Amendments and Activity section. The Revolving Credit Facility contains customary covenants for an unsecured investment-grade facility, including covenants that restrict the Company’s and/or its subsidiaries’ ability to incur additional debt; encumber assets; merge with or transfer or sell assets to other persons; and enter into certain affiliate transactions. The Revolving Credit Facility also requires the Company to maintain at the end of each fiscal quarter a Leverage Ratio of 3.50 :1.00 or less (subject to certain exceptions) and an Interest Coverage Ratio (both ratios, as defined in the Revolving Credit Facility) equal to or greater than 2.50 to 1.00 (collectively, the Financial Covenants). We were in compliance with all covenants at March 31, 2022. At the Company’s option, principal amounts outstanding under the Revolving Credit Facility bear interest at a variable rate equal to either (i) the Adjusted LIBO Rate (as defined in the Revolving Credit Facility) plus an agreed spread (ranging from 100 to 162.5 basis points, which is established based on the Company's credit rating); or (ii) an Alternate Base Rate (as defined in the Revolving Credit Facility), which is the highest of (a) the Prime Rate (as defined in the Revolving Credit Facility) in effect on any applicable day, (b) the NYFRB Rate (as defined in the Revolving Credit Facility) in effect on any applicable day, plus ½ of 1% , and (c) the Adjusted LIBO Rate for a one-month interest period on any applicable day, or if such day is not a business day, the immediately preceding business day, plus 1.0%, in each case plus an agreed upon spread (ranging from 0 to 62.5 basis points) which is established quarterly based on the Company's credit rating. The Company is also required to pay a facility fee on unused available borrowings under the Revolving Credit Facility ranging from 9 to 22.5 basis points which is established based on the Company's then credit rating. The Company pays each lender a participation fee with respect to such lender’s participations in letters of credit, which fee accrues at the same Applicable Rate (as defined in the Revolving Credit Facility) used to determine the interest rate applicable to Eurodollar Revolving Loans (as defined in the Revolving Credit Facility) plus a fronting fee for each letter of credit issued by the issuing bank in an amount equal to 12.5 basis points per annum on the daily maximum amount then available to be drawn under such letter of credit. The Company also pays each issuing bank such bank’s standard fees with respect to issuance, amendment or extensions of letters of credit and other processing fees, and other standard costs and charges relating to such issuing bank’s letters of credit from time to time. 2.500% Senior Unsecured Notes Due 2031 On July 1, 2021, we issued $ 750.0 million aggregate principal amount of 2.500% senior notes due July 2031 (the 2.500 % Senior Unsecured Notes). The 2.500% Senior Unsecured Notes are senior unsecured obligations of the Company and are not guaranteed by any of our subsidiaries. The 2.500% Senior Unsecured Notes were issued net of original issue discount of $ 6.3 million and have an effective interest rate of approximately 2.6 %. The original issue discount is being amortized by the effective interest method over the ten-year term of the notes. The 2.500% Senior Unsecured Notes are redeemable prior to April 1, 2031 at a redemption price equal to 100 % of the aggregate principal amount of the 2.500% Senior Unsecured Notes being redeemed, plus the present value of remaining scheduled payments of principal and interest from the applicable redemption date to April 1, 2031, discounted to the redemption date on a semi-annual basis at the Treasury rate plus 20 basis points. The 2.500% Senior Unsecured Notes are redeemable on or after April 1, 2031 at a redemption price equal to 100 % of the aggregate principal amount of the 2.500 % Senior Unsecured Notes being redeemed, plus accrued and unpaid interest to, but excluding, the applicable redemption date. If we experience certain change of control triggering events, we would be required to offer to repurchase the 2.500% Senior Unsecured Notes at a purchase price equal to 101 % of the aggregate principal amount of the 2.500% Senior Unsecured Notes being repurchased, plus accrued and unpaid interest to, but excluding, the applicable redemption date. The indenture governing the 2.500% Senior Unsecured Notes contains certain covenants that limit our ability to create or permit to exist certain liens; enter into sale and leaseback transactions; and consolidate, merge, or transfer all or substantially all of our assets, and provides for certain events of default that, if any occurred, would permit or require the principal of and accrued interest on the 2.500% Senior Unsecured Notes to become or be declared due and payable. Retirement of Debt In connection with the issuance of the 2.500% Senior Unsecured notes, on July 1, 2021 we repaid all outstanding amounts under and terminated our $ 665.0 million term loan credit agreement (the Term Loan Facility). The Term Loan Facility was used to pay a portion of the purchase price for the Kosmos Acquisition and fees and expenses incurred in connection with the Kosmos Acquisition in March 2020. Additionally, on July 19, 2021 , (the first business day following the redemption date), we redeemed and paid in full all outstanding amounts due under the $ 350.0 million aggregate principal amount of 4.500% senior notes (4.500% Senior Unsecured Notes) due August 2026 , using proceeds from the 2.500% Senior Unsecured Notes, the Revolving Credit Facility and cash on hand. The 4.500% Senior Unsecured Notes redemption price included all of the outstanding principal and accrued interest through the redemption date of July 17, 2021 , as well as an early termination premium of approximately $ 8.4 million. In connection with the termination and repayment of the Term Loan Facility and the redemption of the 4.500% Senior Unsecured Notes, we expensed approximately $ 6.1 million of related debt issuance costs in July 2021. Subsequent Debt Amendment and Activity In connection with the ConAgg Acquisition on April 22, 2022, we borrowed an additional $ 120 million from our Revolving Credit Facility. Amended Revolving Credit Facility On May 5, 2022, we amended the Revolving Credit Facility (such facility, as amended, the Amended Credit Facility) to, among other things, include a $ 200.0 million term loan facility (all proceeds borrowed thereunder, the New Term Loan), and establish the maturity date of the Amended Credit Facility (including with respect to the Revolving Credit Facility (which was continued in the Amended Credit Facility with an extended maturity date) and the New Term Loan) as May 5, 2027 . The Amended Credit Facility also replaced the LIBOR-based reference rate for any borrowings thereunder to a SOFR (secured overnight financing rate)-based rate such that outstanding loans under the Amended Credit Facility bear interest, at a variable rate equal to either (i) the adjusted term SOFR rate, plus 10 bps, plus an agreed spread (ranging from 100 to 162.5 basis points, which is established based on the Company's credit rating); (ii) in respect of any Revolving Loans (until such time as the then-existing Benchmark (as defined in the Amended Credit Facility) is replaced in accordance with the Amended Credit Facility), the adjusted daily simple SOFR rate, plus 10 bps, plus an agreed spread (ranging from 100 to 162.5 basis points, which is established based on the Company's credit rating) or (iii) an Alternate Base Rate (as defined in the Amended Credit Facility), which is the highest of (a) the Prime Rate (as defined in the Amended Credit Facility) in effect on any applicable day, (b) the NYFRB Rate (as defined in the Amended Credit Facility) in effect on any applicable day, plus ½ of 1%, and (c) the Adjusted Term SOFR (as defined in the Amended Credit Facility) for a one-month interest period on any applicable day, or if such day is not a business day, the immediately preceding business day, plus 1.0%, in each case plus an agreed upon spread (ranging from 0 to 62.5 basis points) which is established quarterly based on the Company's credit rating. Additionally, the Amended Credit Facility contemplates additional uncommitted incremental capacity (which may take the form of term loans and/or revolving loans) in an amount not to exceed $ 375.0 million. New Term Loan On May 5, 2022, we borrowed the $ 200.0 million New Term Loan under the Amended Credit Facility, and used these proceeds to, among other things, pay down a portion of the Existing Revolving Loans (such paydown, the RCF Paydown). The New Term Loan requires quarterly principle payments of $ 2.5 million, with any unpaid amounts due upon maturity on May 5, 2027 . At the Company’s option, principal amounts outstanding under the New Term Loan bear interest as set forth in the Amended Credit Facility (but not, for the avoidance of doubt, at a daily simple SOFR rate unless and until such time as the then-existing Benchmark (as defined in the Amended Credit Facility) is replaced in accordance with the Amended Credit Facility). Outstanding Amounts Under Amended Credit Facility As of the amendment date, in addition to the $200.0 million New Term Loan, and after giving effect to the RCF Paydown, there was approximately $ 156.0 million of Revolving Loans outstanding under the Amended Credit Facility, plus $ 5.0 million outstanding letters of credit, leaving us with $ 589.0 million of available revolving borrowings under the Amended Credit Facility. We are in compliance with all Financial Covenants at this time, therefore all $ 589.0 million is available for future borrowings. Including the additional borrowings for the ConAgg Acquisition and the New Term Loan, our maturities of long-term debt during the next five fiscal years are as follows: Fiscal Year Amount 2023 $ 7,500 2024 10,000 2025 10,000 2026 10,000 2027 10,000 Thereafter 1,058,500 Total $ 1,106,000 |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 12 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | (H) Fair Value of Financial Instruments The fair value of our senior notes has been estimated based upon our current incremental borrowing rates for similar types of borrowing arrangements. The fair value of our Senior Unsecured Notes at March 31, 2022 is as follows: Fair Value (dollars in thousands) 2.500 % Senior Unsecured Notes Due 2031 $ 664,000 The estimated fair value of our long-term debt was based on publicly quoted prices of these debt instruments (level 1 input). The carrying values of cash and cash equivalents, accounts and notes receivable, accounts payable, and accrued liabilities approximate their fair values at March 31, 2022, due to the short-term maturities of these assets and liabilities. The fair value of our Revolving Credit Facility also approximates its carrying values at March 31, 2022. |
BUSINESS SEGMENTS
BUSINESS SEGMENTS | 12 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
BUSINESS SEGMENTS | (I) Business Segments Operating segments are defined as components of an enterprise that engage in business activities that earn revenue, incur expenses, and prepare separate financial information that is evaluated regularly by our chief operating decision maker in order to allocate resources and assess performance. On September 18, 2020, we sold our Oil and Gas Proppants business, which had been reported as an operating segment. The Oil and Gas Proppants business was determined to meet the discontinued operations accounting criteria; therefore, this segment is no longer separately reported in our reportable segment footnote for any of the periods presented. Certain expenses of the Oil and Gas Proppants business that related to assets not included in the sale, namely real property and equipment in south Texas, real property in Illinois, and certain other assets, are included in Other when reconciling segment operating earnings to consolidated operating earnings. See Footnote (C) for more information about the sale of the Oil and Gas Proppants business. Our business is organized into two sectors within which there are four reportable business segments. The Heavy Materials sector includes the Cement and Concrete and Aggregates segments. The Light Materials sector includes the Gypsum Wallboard and Recycled Paperboard segments. Our primary products are commodities that are essential in commercial and residential construction; public construction projects; and projects to build, expand, and repair roads and highways. Demand for our products is generally cyclical and seasonal, depending on economic and geographic conditions. We distribute our products across many United States markets, which provides us with regional economic diversification. Our operations are conducted in the U.S. and include the mining of limestone for the manufacture, production, distribution, and sale of portland cement (a basic construction material that is the essential binding ingredient in concrete); the grinding and sale of slag; the mining of gypsum for the manufacture and sale of gypsum wallboard; the manufacture and sale of recycled paperboard to the gypsum wallboard industry and other paperboard converters; the sale of readymix concrete; and the mining and sale of aggregates (crushed stone, sand, and gravel). We operate eight modern cement plants (one of which is operated through a joint venture located in Buda, Texas), one slag grinding facility, and 29 cement distribution terminals. Our cement companies focus on the U.S. heartland and operate as an integrated network selling product primarily in California, Colorado, Illinois, Indiana, Iowa, Kentucky, Missouri, Nebraska, Nevada, Ohio, Oklahoma, and Texas. We operate 26 readymix concrete batch plants and three aggregates processing plants in markets that are complementary to our cement network. On April 17, 2020, we sold our Concrete and Aggregates companies in northern California. See Footnote (C) for more information about the sale. We operate five gypsum wallboard plants and a recycled paperboard mill. We distribute gypsum wallboard and recycled paperboard throughout the continental U.S., with the exception of the Northeast. We account for intersegment sales at market prices. For segment reporting purposes only, we proportionately consolidate our 50 % share of the Joint Venture Revenue and Operating Earnings, consistent with the way management reports the segments within the Company for making operating decisions and assessing performance. The following tables below set forth certain financial information relating to our operations by segment. We do not allocate interest or taxes at the segment level, only at the consolidated company level. For the Years Ended March 31, 2022 2021 2020 (dollars in thousands) Revenue Cement $ 1,007,094 $ 944,556 $ 752,002 Concrete and Aggregates 177,122 168,829 182,775 Gypsum Wallboard 692,152 539,009 508,145 Paperboard 194,054 163,507 159,963 2,070,422 1,815,901 1,602,885 Less: Intersegment Revenue ( 105,001 ) ( 88,068 ) ( 85,316 ) Less: Joint Venture Revenue ( 103,899 ) ( 105,191 ) ( 113,536 ) $ 1,861,522 $ 1,622,642 $ 1,404,033 For the Years Ended March 31, 2022 2021 2020 (dollars in thousands) Intersegment Revenue Cement $ 22,915 $ 20,862 $ 21,499 Concrete and Aggregates — 106 1,502 Paperboard 82,086 67,100 62,315 $ 105,001 $ 88,068 $ 85,316 Cement Sales Volume (M tons) Wholly Owned 6,711 6,576 4,975 Joint Venture 823 890 956 7,534 7,466 5,931 For the Years Ended March 31, 2022 2021 2020 (dollars in thousands) Operating Earnings Cement $ 259,556 $ 233,957 $ 181,330 Concrete and Aggregates 18,467 19,054 17,558 Gypsum Wallboard 261,476 167,336 154,614 Paperboard 12,603 25,449 34,979 Other — — ( 3,230 ) Sub-Total 552,102 445,796 385,251 Corporate General and Administrative Expense ( 46,801 ) ( 49,511 ) ( 65,410 ) Loss on Early Retirement of Senior Notes ( 8,407 ) — — Gain on Sale of Businesses — 51,973 — Impairment Losses — — ( 25,131 ) Other Non-Operating Income (Loss) 9,073 20,274 ( 594 ) Earnings Before Interest and Income Taxes 505,967 468,532 294,116 Interest Expense, net ( 30,873 ) ( 44,420 ) ( 38,421 ) Earnings Before Income Taxes $ 475,094 $ 424,112 $ 255,695 Cement Operating Earnings Wholly Owned $ 227,068 $ 196,516 $ 138,745 Joint Venture 32,488 37,441 42,585 $ 259,556 $ 233,957 $ 181,330 Capital Expenditures Cement $ 31,535 $ 26,708 $ 44,776 Concrete and Aggregates 5,239 3,114 11,898 Gypsum Wallboard 32,405 12,889 12,771 Paperboard 2,579 11,222 62,528 Corporate and Other 2,363 — — $ 74,121 $ 53,933 $ 131,973 Depreciation, Depletion, and Amortization Cement $ 79,560 $ 77,524 $ 59,081 Concrete and Aggregates 9,656 10,807 11,142 Gypsum Wallboard 22,024 21,646 20,320 Paperboard 14,721 13,913 8,945 Corporate and Other 2,850 4,976 2,720 $ 128,811 $ 128,866 $ 102,208 Discontinued Operations Capital Expenditures $ — $ — $ 146 Depreciation, Depletion, and Amortization $ — $ 221 $ 11,310 As of March 31, 2022 2021 2020 (dollars in thousands) Identifiable Assets Cement $ 1,860,649 $ 1,898,930 $ 1,980,306 Concrete and Aggregates 89,405 88,410 136,041 Gypsum Wallboard 397,486 366,352 375,946 Paperboard 180,025 186,156 183,288 Assets of Discontinued Operations — — 13,831 Corporate and Other, net 52,087 298,833 271,608 $ 2,579,652 $ 2,838,681 $ 2,961,020 Segment Operating Earnings, including the proportionately consolidated 50% interest in the revenue and expenses of the Joint Venture, represent Revenue less direct operating expenses, segment Depreciation, and segment Selling, General, and Administrative expenses. Segment Operating Earnings don’t include certain nonrecurring losses, such as impairment and legal settlements. We account for intersegment sales at market prices. Corporate assets consist primarily of cash and cash equivalents, general office assets, and miscellaneous other assets. The basis used to disclose Identifiable Assets; Capital Expenditures; and Depreciation, Depletion, and Amortization conforms with the equity method, and is similar to how we disclose these accounts in our Consolidated Balance Sheets and Consolidated Statements of Earnings. The segment breakdown of Goodwill at March 31, 2022 and 2021 is as follows: For the Years Ended March 31, 2022 2021 (dollars in thousands) Cement $ 203,342 $ 203,342 Concrete and Aggregates 1,639 1,639 Gypsum Wallboard 116,618 116,618 Paperboard 7,538 7,538 $ 329,137 $ 329,137 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | (J) Income Taxes The provision for income taxes from continuing operations includes the following components: For the Years Ended March 31, 2022 2021 2020 (dollars in thousands) Current Provision (Benefit) Federal $ 87,626 $ 67,913 $ ( 91,304 ) State 6,924 9,587 3,004 94,550 77,500 ( 88,300 ) Deferred Provision (Benefit) Federal 3,491 7,207 108,467 State 2,806 5,239 4,337 6,297 12,446 112,804 Provision for Income Taxes $ 100,847 $ 89,946 $ 24,504 The effective tax rates vary from the federal statutory rates due to the following items: For the Years Ended March 31, 2022 2021 2020 (dollars in thousands) Earnings Before Income Taxes $ 475,094 $ 424,112 $ 255,695 Income Taxes at Statutory Rate $ 99,770 $ 89,063 $ 53,998 Increases (Decreases) in Tax Resulting from State Income Taxes, net 12,743 11,713 3,579 Statutory Depletion in Excess of Cost ( 7,796 ) ( 5,263 ) ( 3,078 ) Excess Tax Benefit from Stock Compensation ( 3,048 ) ( 3,229 ) 307 Meals and Entertainment Disallowance 279 220 537 Limitation on Officer's Compensation 2,568 1,503 1,018 Impact of CARES Act of 2020 — — ( 35,936 ) Credits — ( 400 ) ( 2,150 ) Valuation Allowance ( 4,556 ) 300 2,212 Change in Reserves — ( 2,916 ) 4,200 Other 887 ( 1,045 ) ( 183 ) Provision for Income Taxes $ 100,847 $ 89,946 $ 24,504 Effective Tax Rate 21 % 21 % 10 % Components of deferred income taxes are as follows: March 31, 2022 2021 (dollars in thousands) Items Giving Rise to Deferred Tax Liabilities Excess Tax Depreciation and Amortization $ ( 242,335 ) $ ( 242,235 ) Investment in Joint Venture Basis Differences ( 7,813 ) ( 3,621 ) Depletable Assets ( 3,769 ) ( 6,740 ) Right-of-Use Assets ( 5,897 ) ( 6,506 ) Inventory ( 548 ) — Other ( 3,506 ) ( 2,913 ) Total Deferred Tax Liabilities $ ( 263,868 ) $ ( 262,015 ) Items Giving Rise to Deferred Tax Assets Change in Accruals $ 13,255 $ 13,859 Inventory — 1,387 Bad Debts 1,600 2,022 Long-term Incentive Compensation Plan 3,252 3,940 Credits and Other Carryforwards 12,747 17,338 Lease Liability 8,849 10,141 Pension 1,001 1,103 Subtotal 40,704 49,790 Valuation Allowance ( 9,205 ) ( 13,761 ) Total Deferred Tax Assets $ 31,499 $ 36,029 Prior year amounts in the above table have been reclassified to conform to the current year presentation. We record Deferred Tax Assets and Liabilities based upon estimates of their realizable value with such estimates based upon likely future tax consequences. In assessing the need for a valuation allowance, we consider both positive and negative evidence related to the likelihood of realization of the Deferred Tax Assets. If, based on the weight of available evidence, it is more likely than not that a Deferred Tax Asset will not be realized, we record a Valuation Allowance. We have state net operating loss carryforwards of $ 0.9 million at March 31, 2022, and approximately $ 3.7 million at March 31, 2021, net of valuation allowance. We have state income tax credit carryforwards of $ 4.3 million at March 31, 2022, and $ 1.1 million at March 31, 2021, net of Valuation Allowances. The state income tax credits may be carried forward indefinitely. We file income tax returns in U.S. federal and various state jurisdictions. The Company is currently subject to U.S. federal income tax examinations for the year ended March 31, 2019 and forward. Uncertain Tax Positions We are subject to audit examinations at federal, state, and local levels by tax authorities in those jurisdictions who may challenge the treatment or reporting of any return item. The tax matters challenged by the tax authorities are typically complex; therefore, the ultimate outcome of these challenges is subject to uncertainty. We review and assess all tax positions subject to uncertainty on a more-likely-than-not standard with respect to ultimate outcome if challenged. We measure and record tax benefit or expense only when the more-likely-than-not threshold is met. The change in unrecognized tax benefits for the years ended March 31, 2022, 2021, and 2020 was as follows: For the Years Ended March 31, 2022 2021 2020 (dollars in thousands) Balance at Beginning of Year $ 1,284 $ 4,200 $ — Increase Related to Current Tax Positions — 1,284 4,200 Decrease Related to Current Tax Positions — ( 4,200 ) — Payments — — — $ 1,284 $ 1,284 $ 4,200 We recorded a $ 4.2 million reserve resulting from of a position we took on our fiscal 2020 federal tax return, which is related to the interest limitation under IRC Section 163(j) and the resulting carryback allowed under the CARES Act. This tax return position reflected an expected update to U.S. Department of the Treasury regulations. During fiscal 2021, the U.S. Department of Treasury issued updated regulations under IRC Section 163(j). As a result, in fiscal 2021 we reversed the reserve recorded in fiscal 2020. We classify interest and penalties related to uncertain tax positions as current income tax expense. We recorded no interest and penalties for each of the fiscal years ended March 31, 2022, 2021, and 2020. Tax Cuts and Jobs Act CARES Act The CARES Act was enacted on March 27, 2020. The CARES Act, among other changes, allows for a five-year carryback of net operating losses (NOL) generated beginning in 2018 and ending before 2021. In March 2020, we recorded a tax benefit of $ 35.9 million related to the carryback and utilization of NOLs in prior-year tax periods at higher rates than the current statutory rate. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Mar. 31, 2022 | |
Commitments And Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | (K) Commitments and Contingencies Our operations and properties are subject to extensive and changing federal, state, and local laws; regulations and ordinances governing the protection of the environment; as well as laws relating to worker health and workplace safety. We carefully consider the requirements mandated by such laws and regulations and have procedures in place at all of our operating units to monitor compliance. Any matters that are identified as potential exposures under these laws and regulations are carefully reviewed by management to determine our potential liability. Although management is not aware of any material exposures that require an accrual under generally accepted accounting principles, there can be no assurance that prior or future operations will not ultimately result in violations, claims, or other liabilities associated with these regulations. We have certain deductible limits under our workers’ compensation and liability insurance policies for which reserves are established based on the undiscounted estimated costs of known and anticipated claims. We have entered into standby letter of credit agreements relating to workers’ compensation, auto, and general liability self-insurance. At March 31, 2022, we had contingent liabilities under these outstanding letters of credit of approximately $ 5.0 million. We are currently contingently liable for performance under $ 25.9 million in performance bonds required by certain states and municipalities, and their related agencies. The bonds are principally for certain reclamation obligations and mining permits. We have indemnified the underwriting insurance company against any exposure under the performance bonds. In our past experience, no material claims have been made against these financial instruments. Other In the ordinary course of business, we execute contracts involving indemnifications that are standard in the industry and indemnifications specific to a transaction such as the sale of a business. These indemnifications might include claims relating to any of the following: environmental and tax matters; intellectual property rights; governmental regulations and employment-related matters; customer, supplier, construction contractor, and other commercial contractual relationships; and financial matters. While the maximum amount to which we may be exposed under such agreements cannot be estimated, it is the opinion of management that these indemnifications are not expected to have a material adverse effect on the Company’s consolidated financial position, results of operations, or cash flows. We currently have no outstanding guarantees of third-party debt. We have certain forward purchase contracts, primarily for natural gas, that expire during calendar years 2022 and 2023. The contracts ar e for approximately 30 % of our antici pated natural gas usage. |
STOCK OPTION PLANS
STOCK OPTION PLANS | 12 Months Ended |
Mar. 31, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
STOCK OPTION PLANS | (L) Stock Option Plans On August 7, 2013, our stockholders approved the Eagle Materials Inc. Amended and Restated Incentive Plan (the Plan), which increased the shares we are authorized to issue as awards by 3,000,000 ( 1,500,000 of which may be stock awards). Under the terms of the Plan, we may issue equity awards, including stock options, restricted stock units (RSUs), restricted stock, and stock appreciation rights to employees of the Company and members of the Board of Directors. Awards that were already outstanding prior to the approval of the Plan remained outstanding. The Compensation Committee of our Board of Directors specifies the terms for grants of equity awards under the Plan. Long-Term Compensation Plans Options In May 2021, the Compensation Committee of the Board of Directors approved the granting to certain officers and key employees an aggregate of 4,293 performance-vesting stock options that would be earned only if certain performance conditions were satisfied (the Fiscal 2022 Employee Performance Stock Option Grant). The performance criterion for the Fiscal 2022 Employee Performance Stock Option Grant was based upon the achievement of certain levels of return on equity (as defined in the option agreements), ranging from 10.0 % to 20.0 %, for the fiscal year ending March 31, 2022. All stock options would be earned if the return on equity was 20.0% or greater, and the percentage of shares earned are reduced proportionately to approximately 66.7 % if the return on equity was 10.0%. If the Company does not achieve a return on equity of at least 10.0%, all stock options granted would be forfeited. During fiscal 2022, our adjusted return on equity exceeded 20.0 %; therefore, all 4,293 options were earned. The earned stock options will vest ratably over four years , with the first fourth vesting promptly following the determination date, and the remaining options vesting on March 31, 2023 through 2025 . The Compensation Committee also approved the granting of 3,578 time-vesting stock options to the same officers and key employees, which vest ratably over a four-year period (the Fiscal 2022 Employee Time-Vesting Stock Option Grant). All of our stock options have a term of 10 years from the date of grant. All stock options issued during fiscal 2022 and 2021 were valued at the grant date using the Black-Scholes option pricing model. The weighted-average assumptions used in the Black-Scholes model to value the option awards in fiscal 2022 and 2021 are as follows: 2022 2021 Dividend Yield 0.8 % 0.0 % Expected Volatility 38.4 % 37.9 % Risk-Free Interest Rate 1.00 % 0.44 % Expected Life 6.0 years 6.0 years Stock option expense for all outstanding stock option awards was approximately $ 3.4 million, $ 4.9 million, and $ 4.5 million for the years ended March 31, 2022, 2021, and 2020, respectively. At March 31, 2022, there was approximately $ 3.7 million of unrecognized compensation cost related to outstanding stock options, which is expected to be recognized over a weighted-average period of 1.8 years. The following table shows stock option activity for the years presented: For the Years Ended March 31, 2022 2021 2020 Number Weighted- Number Weighted- Number Weighted- Outstanding Options at Beginning of Year 708,501 $ 83.85 1,160,091 $ 80.36 1,042,925 $ 76.88 Granted 11,316 $ 140.42 187,121 $ 61.92 187,375 $ 91.58 Exercised ( 247,578 ) $ 86.97 ( 623,617 ) $ 70.57 ( 62,326 ) $ 88.28 Cancelled ( 15,390 ) $ 76.63 ( 15,094 ) $ 92.51 ( 7,883 ) $ 102.69 Outstanding Options at End of Year 456,849 $ 83.81 708,501 $ 83.85 1,160,091 $ 80.36 Options Exercisable at End of Year 314,624 416,817 868,081 Weighted-Average Fair Value of Options Granted $ 49.18 $ 22.68 $ 27.35 The following table summarizes information about stock options outstanding at March 31, 2022: Options Outstanding Options Exercisable Range of Exercise Prices Number of Weighted- Weighted- Number of Weighted- $ 33.69 - $ 37.34 5,800 0.20 $ 35.46 5,800 $ 35.46 $ 59.32 - $ 81.56 179,192 7.15 $ 63.43 92,382 $ 65.88 $ 87.37 - $ 93.03 156,131 6.69 $ 91.44 113,803 $ 91.40 $ 99.37 - $ 143.09 115,726 6.23 $ 107.49 102,639 $ 105.81 456,849 6.67 $ 83.81 314,624 $ 87.57 At March 31, 2022, the aggregate intrinsic value for outstanding and exercisable options was approximately $ 20.4 million and $ 12.8 million, respectively. The total intrinsic value of options exercised during the fiscal years ended March 31, 2022, 2021, and 2020 was approximately $ 15.7 million, $ 26.4 million and $ 2.2 million, respectively. Restricted Stock In May 2021, the Compensation Committee approved the granting to certain officers and key employees an aggregate of 52,577 shares of performance vesting restricted stock that would be earned only if certain performance conditions were satisfied (the Fiscal 2022 Employee Restricted Stock Performance Award). The performance criterion for the Fiscal 2022 Employee Restricted Stock Performance Award is based upon the achievement of certain levels of return on equity (as defined in the agreement), ranging from 10.0 % to 20.0 %, for the fiscal year ended March 31, 2022. All restricted shares would be earned if the return on equity was 20.0% or greater, and the percentage of shares earned would be reduced proportionately to approximately 66.7 % if the return on equity was 10.0%. If the Company did not achieve a return on equity of at least 10.0%, all awards would be forfeited. During fiscal 2022, the return on equity exceeded 20.0 %; therefore all 52,577 shares were earned. Restrictions on the earned shares will lapse ratably over four years , with the first fourth lapsing promptly following the determination date and the remaining restrictions lapsing on March 31, 2023 through 2025 . The Compensation Committee also approved the granting of 43,816 shares of time-vesting restricted stock to the same officers and key employees, which vest ratably over four years (the Fiscal 2022 Employee Restricted Stock Time-Vesting Award). Both of the Fiscal 2022 Employee Restricted Stock Performance Award and the Fiscal 2022 Employee Restricted Stock Time-Vesting Award were valued at the closing price of the stock on the date of grant and are being expensed over a four-year period. In August 2021, we granted to members of the Board of Directors 15,720 shares of restricted stock (the Fiscal 220Board of Directors Restricted Stock Award), which vested six months after the grant date. The Fiscal 2022 Board of Directors Restricted Stock Awards was valued at the closing price of the stock on the date of the grant and was expensed over a six-month period. The fair value of restricted stock is estimated based on the stock price at the date of the grant. The following table summarizes the activity for nonvested restricted shares during the fiscal years ended March 31, 2022, 2021, and 2020: For the Years Ended March 31, 2022 2021 2020 Number Weighted- Number Weighted- Number Weighted- Nonvested Restricted Stock at Beginning of Year 267,090 $ 62.56 233,120 $ 75.35 300,115 $ 78.94 Granted 113,414 $ 139.91 179,377 $ 63.83 118,292 $ 90.08 Vested ( 116,507 ) $ 87.47 ( 136,280 ) $ 78.89 ( 169,347 ) $ 92.98 Cancelled ( 5,218 ) $ 75.10 ( 9,127 ) $ 71.46 ( 15,940 ) $ 58.64 Nonvested Restricted Stock at End of Year 258,779 $ 102.45 267,090 $ 62.56 233,120 $ 75.35 Expense related to restricted shares was $ 10.9 million, $ 10.4 million, and $ 15.3 million in fiscal years ended March 31, 2022, 2021, and 2020, respectively. At March 31, 2022, there were approximately 259,000 shares with remaining restrictions, for which $ 17.2 million of unearned compensation will be recognized over a weighted-average period of 2.4 years. The number of shares available for future grants of stock options, restricted stock units, stock appreciation rights, and restricted stock under the Plan was 3,377,416 at March 31, 2022. Of the available shares, a total of 1,008,690 shares can be used for future restricted stock and restricted stock unit grants. |
NET INTEREST EXPENSE
NET INTEREST EXPENSE | 12 Months Ended |
Mar. 31, 2022 | |
Banking And Thrift Interest [Abstract] | |
NET INTEREST EXPENSE | (M) Net Interest Expense The following components are included within Interest Expense, net: For the Years Ended March 31, 2022 2021 2020 (dollars in thousands) Interest Income $ ( 39 ) $ ( 66 ) $ ( 34 ) Interest Expense 21,637 40,624 36,956 Other Expenses 9,275 3,862 1,499 Interest Expense, net $ 30,873 $ 44,420 $ 38,421 Interest Income includes interest earned on investments of excess Cash and Cash Equivalents and Restricted Cash. Components of Interest Expense include interest associated with the Revolving Credit Facility, Term Loan (retired in July 2021), Senior Unsecured Notes, Private Placement Senior Unsecured Notes (retired in October 2019), and commitment fees based on the unused portion of the Revolving Credit Facility. Other Expenses include amortization of debt issuance costs and Revolving Credit Facility and Term Loan costs. |
PENSION AND PROFIT SHARING PLAN
PENSION AND PROFIT SHARING PLANS | 12 Months Ended |
Mar. 31, 2022 | |
Compensation And Retirement Disclosure [Abstract] | |
PENSION AND PROFIT SHARING PLANS | (N) Pension and Profit Sharing Plans We offer our employees multiple retirement and profit sharing plans. Pension Plans We have several defined benefit and defined contribution retirement plans that together cover substantially all of our employees. Benefits paid under the defined benefit plans covering certain hourly employees are based on years of service and each employee’s qualifying compensation over the last few years of employment. During fiscal 2020, the last of our pension plans that was still accruing benefits was frozen; therefore, none of our pension plans are accruing additional benefits. Our funding policy is to generally contribute amounts to ensure our pension assets are consistent with our pension liabilities. The annual measurement date is March 31 for the benefit obligations, fair value of plan assets, and the funded status of the defined benefit plans. The following table provides a reconciliation of the Benefit Obligations and Fair Values of Plan Assets for all defined benefit plans for the years ended March 31, 2022 and 2021, as well as a statement of the funded status for the same periods: For the Years Ended March 31, 2022 2021 (dollars in thousands) Reconciliation of Benefit Obligations Benefit Obligation at April 1, $ 35,844 $ 36,701 Service Cost - Benefits Earned During the Period — — Interest Cost on Projected Benefit Obligation 1,167 1,216 Actuarial (Gain) Loss ( 1,776 ) 1,714 Benefits Paid ( 1,326 ) ( 1,251 ) Sale of Business — ( 2,536 ) Benefit Obligation at March 31, $ 33,909 $ 35,844 Reconciliation of Fair Value of Plan Assets Fair Value of Plan Assets at April 1, $ 37,907 $ 39,009 Actual Return on Plan Assets ( 268 ) 2,939 Benefits Paid ( 1,326 ) ( 1,251 ) Sale of Business — ( 2,790 ) Fair Value of Plan Assets at March 31, 36,313 37,907 Funded Status - Funded Status at March 31, $ 2,404 $ 2,063 Amounts Recognized in the Balance Sheet Consist of Other Assets $ 2,404 $ 2,063 Accumulated Other Comprehensive Losses: Net Actuarial Loss 4,172 4,524 Prior Service Cost — — Accumulated Other Comprehensive Losses $ 4,172 $ 4,524 Tax impact ( 997 ) ( 1,084 ) Accumulated Other Comprehensive Losses, net of tax $ 3,175 $ 3,440 The table below summarizes the Company’s Projected Benefit Obligation, Accumulated Benefit Obligation, and Fair Value of Plan Assets at March 31, 2022 and 2021: March 31, 2022 2021 (dollars in thousands) Projected Benefit Obligation $ 33,909 $ 35,844 Accumulated Benefit Obligation $ 33,909 $ 35,844 Fair Value of Plan Assets $ 36,313 $ 37,907 Net periodic pension cost for the fiscal years ended March 31, 2022, 2021, and 2020, included the following components: For the Years Ended March 31, 2022 2021 2020 (dollars in thousands) Service Cost - Benefits Earned During the Period $ — $ — $ 339 Interest Cost of Projected Benefit Obligation 1,167 1,216 1,351 Expected Return on Plan Assets ( 1,299 ) ( 1,419 ) ( 1,702 ) Recognized Net Actuarial Loss 143 133 153 Amortization of Prior-Service Cost — — 19 Net Periodic Pension Cost $ 11 $ ( 70 ) $ 160 Expected benefit payments over the next five years, and the following five years under the pension plans are expected to be as follows (dollars in thousands): Fiscal Years Total 2023 $ 1,688 2024 $ 1,702 2025 $ 1,810 2026 $ 1,868 2027 $ 1,941 2028-2032 $ 9,776 The following tables set forth the assumptions used in the actuarial calculations of the present value of Net Periodic Benefit Costs and Benefit Obligations: March 31, 2022 2021 2020 Net Periodic Benefit Costs - Discount Rate 3.33 % 3.64 % 4.09 % Expected Return on Plan Assets 3.50 % 4.00 % 4.75 % Rate of Compensation Increase n/a n/a 3.50 % March 31, 2022 2021 Benefit Obligations - Discount Rate 3.75 % 3.33 % Rate of Compensation Increase n/a n/a The expected long-term rate of return on plan assets is an assumption reflecting the anticipated weighted-average rate of earnings on the portfolio over the long term. To determine this rate, we developed estimates of the key components underlying capital asset returns that include: market-based estimates of inflation, real risk-free rates of return, yield curve structure, credit-risk premiums, and equity risk premiums. Because all of our pension plans were frozen beginning in fiscal 2021, the rate of compensation increase is not applicable. We used these components as appropriate to develop benchmark estimates for the expected long-term management approach that we employ. The pension plans’ approximate weighted-average asset allocation at March 31, 2022 and 2021, and the range of target allocation are as follows: Percentage of Plan Assets at March 31, Range of 2022 2021 Asset Category - Equity Securities 10 – 20 % 9 % 19 % Debt Securities 60 – 90 % 90 % 79 % Other 0 – 20 % 1 % 2 % Total 100 % 100 % Our pension investment strategies have been developed as part of a comprehensive management process that considers the interaction between the assets and liabilities within each plan. These strategies consider not only the expected risks and returns on plan assets, but also the detailed actuarial projections of liabilities as well as plan-level objectives, such as projected contributions, expense, and funded status. The principal pension investment strategies include asset allocation and active asset management. The range of target asset allocations has been determined given the current funded status of the plan. Each asset class is actively managed by one or more external money managers with the objective of generating returns, net of management fees, that exceed market-based benchmarks. None of the plans hold any Company stock. Based on our current actuarial estimates, we do no t anticipate making any contributions to our defined benefit plans for fiscal year 2023. The fair values of our defined benefit plans’ consolidated assets by category as of March 31, 2022 and 2021 were as follows: March 31, 2022 2021 (dollars in thousands) Equity Securities $ 3,433 $ 7,277 Fixed Income Securities 32,583 30,010 Real Estate Funds 115 160 Cash Equivalents 182 460 Total $ 36,313 $ 37,907 The fair values of our defined benefit plans’ consolidated assets were determined using the fair value hierarchy of inputs described in Footnote (A) to the Consolidated Financial Statements. The fair values by category of inputs as of March 31, 2022 were as follows: Quoted Prices in Significant Other Significant Total Asset Categories (dollars in thousands) Equity Securities $ — $ 3,433 $ — $ 3,433 Fixed Income Securities — 32,583 — 32,583 Real Estate Funds — 115 — 115 Cash Equivalents 182 — — 182 $ 182 $ 36,131 $ — $ 36,313 The fair values by category of inputs as of March 31, 2021 were as follows: Quoted Prices in Significant Other Significant Total Asset Categories (dollars in thousands) Equity Securities $ — $ 7,277 $ — $ 7,277 Fixed Income Securities — 30,010 — 30,010 Real Estate Funds — 160 — 160 Cash Equivalents 460 — — 460 $ 460 $ 37,447 $ — $ 37,907 Equity securities consist of funds that are not actively traded. These funds are maintained by an investment manager and are primarily invested in indexes. The remaining funds, excluding cash, primarily consist of investments in institutional funds. Profit Sharing Plans We also provide profit sharing plans, which cover substantially all salaried and certain hourly employees. The profit sharing plans are defined contribution plans funded by employer discretionary contributions; employees may also contribute a certain percentage of their base annual salary. Employees are fully vested in their own contributions and become fully vested in any Company contributions over a four-year period. Costs relating to the employer discretionary contributions for our plan totaled $ 8.5 million, $ 8.3 million, and $ 8.2 million in fiscal years 2022, 2021, and 2020, respectively. We also made matching contributions to the hourly profit sharing plan for certain of our entities totaling $ 1.3 million, $ 1.1 million, and $ 0.7 million for these employees during fiscal years 2022, 2021, and 2020, respectively. Approximately fifty of our employees belong to three different multi-employer plans. The collective bargaining agreements for the employees who participate in the multi-employer plans expire in February 2024 and March 2025 . Our expense related to these plans was approximately $ 1.7 million, $ 1.8 million, and $ 1.7 million during fiscal years 2022, 2021, and 2020, respectively. We anticipate the total expense in fiscal 2023 related to these plans will be approximately $ 2.0 million |
QUARTERLY RESULTS (UNAUDITED)
QUARTERLY RESULTS (UNAUDITED) | 12 Months Ended |
Mar. 31, 2022 | |
Quarterly Financial Information Disclosure [Abstract] | |
QUARTERLY RESULTS (UNAUDITED) | (O) QUARTERLY RESULTS (UNAUDITED) For the Years Ended March 31, 2022 2021 (dollars in thousands, except per share data) First Quarter Revenue $ 475,770 $ 426,989 Gross Profit 126,511 102,297 Earnings from Continuing Operations Before Income Taxes 121,719 129,927 Net Earnings from Continuing Operations 95,327 97,091 Net Earnings 95,327 96,206 Diluted Earnings per Share from Continuing Operations $ 2.25 $ 2.33 Diluted Earnings per Share $ 2.25 $ 2.31 Second Quarter Revenue $ 509,694 $ 447,684 Gross Profit 155,341 122,849 Earnings from Continuing Operations Before Income Taxes 131,315 109,671 Net Earnings from Continuing Operations 102,125 89,871 Net Earnings 102,125 96,034 Diluted Earnings per Share from Continuing Operations $ 2.46 $ 2.16 Diluted Earnings per Share $ 2.46 $ 2.31 Third Quarter Revenue $ 462,941 $ 404,667 Gross Profit 138,586 113,379 Earnings from Continuing Operations Before Income Taxes 131,846 105,072 Net Earnings from Continuing Operations 102,479 81,193 Net Earnings 102,479 81,193 Diluted Earnings per Share from Continuing Operations $ 2.53 $ 1.94 Diluted Earnings per Share $ 2.53 $ 1.94 Fourth Quarter Revenue $ 413,117 $ 343,302 Gross Profit 99,176 69,830 Earnings from Continuing Operations Before Income Taxes 90,214 79,442 Net Earnings from Continuing Operations 74,316 66,011 Net Earnings 74,316 66,011 Diluted Earnings per Share from Continuing Operations $ 1.90 $ 1.56 Diluted Earnings per Share $ 1.90 $ 1.56 Our financial results for the fourth quarter of fiscal 2021 were adversely affected by a severe winter storm in February 2021. This storm had a significant impact on Texas and the broader southern United States. Our cement facilities in Texas, Missouri, and Oklahoma were forced to curtail production and energy prices spiked during this time period. We estimate the storm’s impact was approximately $ 6.0 million in additional cement costs during the fiscal fourth quarter. Our paper mill, which is located in Oklahoma, was forced to curtail production during the week of the storm, and also experienced higher energy costs during the shutdown. Shipments of gypsum wallboard were significantly affected by the extreme winter conditions. We estimate that the storm affected fourth quarter Light Materials sector earnings by approximately $ 6.0 million. Although the operating earnings of our Light Materials sector were adversely affected by the storm, we were able to curtail some of our operations and release a portion of our natural gas commitments to third parties in a timely manner. The release of these commitments contributed to a significant increase in Other Non-Operating Income (Loss) in the fiscal 2021 fourth quarter. |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements include the accounts of Eagle Materials Inc. and its majority-owned subsidiaries (the Company), which may be referred to as we, our, or us. All intercompany balances and transactions have been eliminated. The Company is a holding company whose assets consist of its investments in its subsidiaries, joint venture, intercompany balances, and holdings of cash and cash equivalents. The businesses of the consolidated group are conducted through the Company’s subsidiaries. The Company conducts one of its cement plant operations through a joint venture, Texas Lehigh Cement Company L.P., which is located in Buda, Texas (the Joint Venture). Our investment in the Joint Venture is accounted for using the equity method of accounting, and those results have been included for the same period as our March 31 fiscal year end. On September 18, 2020, we sold our Oil and Gas Proppants business, which had been previously reported as a separate operating segment, for a purchase price of $ 2.0 million. The sale resulted in a gain of approximately $ 9.2 million. Because the sale of the Oil and Gas Proppants business was determined to meet the accounting criteria for discontinued operations, this segment is no longer separately reported in our reportable segment footnote for any of the periods presented. See Footnote (C) for more information about the sale of the Oil and Gas Proppants business. The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash Equivalents include short-term, highly liquid investments with original maturities of three months or less and are recorded at cost, which approximates market value. |
Restricted Cash | Restricted Cash Restricted Cash is comprised of cash reserved by contractual agreement for a specific use. Restricted Cash is generally held in an escrow account and distributed under the terms of the contract or agreement. Restricted Cash is included with Cash and Cash Equivalents on the Consolidated Statement of Cash Flows. |
Accounts and Notes Receivable | Accounts and Notes Receivable Accounts and Notes Receivable have been shown net of the allowance for doubtful accounts of $ 6.7 million and $ 8.1 million at March 31, 2022 and 2021, respectively. We perform ongoing credit evaluations of our customers’ financial condition and generally require no collateral from our customers. The allowance for non-collection of receivables is based on our assessment of the collectability of outstanding accounts receivable, and includes a provision for probable losses based on historical write-offs, adjusted for current economic trends in the construction industry, and a specific reserve for accounts deemed at risk. We have no significant credit risk concentration among our diversified customer base. Bad debt expense was approximately $ 0.3 million, $ 0.7 million, and $ 3.4 million for the fiscal years ended March 31, 2022, 2021, and 2020, respectively. Write-offs of accounts receivable were approximately $ 1.6 million, $ 1.2 million, and $ 0.3 million for the fiscal years ended March 31, 2022, 2021, and 2020, respectively. We had Notes Receivable totaling approximately $ 8.4 million at March 31, 2022, of which no ne was classified as current. We lend funds to certain companies in the ordinary course of business, and the notes bear interest, on average, at 3.5 %. Remaining unpaid amounts, plus accrued interest, mature in fiscal 2025 . The notes are collateralized by certain assets of the borrowers, namely property and equipment. We monitor the credit risk of each borrower by focusing on the timeliness of payments, review of credit history, credit metrics, and interaction with the borrowers. |
Inventories | Inventories Inventories are stated at the lower of average cost (including applicable material, labor, depreciation, and plant overhead) or net realizable value. Raw Materials and Materials-in-Progress include clinker, which is an intermediary product before it is ground into cement powder. Quantities of Raw Materials and Materials-in-Progress, Aggregates and coal inventories, are based on measured volumes, subject to estimation based on the size and location of the inventory piles, and then converted to tonnage using standard inventory density factors. Inventories consist of the following: March 31, 2022 2021 (dollars in thousands) Raw Materials and Materials-in-Progress $ 81,308 $ 92,696 Finished Cement 38,769 34,362 Aggregates 3,558 2,933 Gypsum Wallboard 3,452 4,177 Paperboard 7,462 5,031 Repair Parts and Supplies 91,593 86,750 Fuel and Coal 10,519 9,800 $ 236,661 $ 235,749 |
Property, Plant and Equipment | Property, Plant, and Equipment Property, Plant, and Equipment are stated at cost. Major renewals and improvements are capitalized and depreciated. Annual maintenance is expensed as incurred. Depreciation is provided on a straight-line basis over the estimated useful lives of depreciable assets and totaled $ 122.4 million, $ 120.7 million, and $ 109.5 million, for the fiscal years ended March 31, 2022, 2021, and 2020, respectively. Raw material deposits are depleted as such deposits are extracted for production utilizing the units-of-production method. Costs and accumulated depreciation applicable to assets retired or sold are eliminated from the accounts and any resulting gains or losses are recognized at such time. The estimated useful lives of the related assets are as follows: Plants 20 to 30 years Buildings 20 to 40 years Machinery and Equipment 3 to 25 years Maintenance and repair expenses are included in each segment’s costs and expenses. We incurred $ 147.8 million, $ 137.2 million, and $ 127.0 million of maintenance and repair expenses in the fiscal years ended March 31, 2022, 2021, and 2020, respectively, which is included in Cost of Goods Sold on the Consolidated Statement of Earnings. We periodically evaluate whether current events or circumstances indicate that the carrying value of our depreciable assets may not be recoverable. See Impairment or Disposal of Long-lived and Intangible Assets below for more information about the impairments. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill We annually assess Goodwill in the fourth quarter of our fiscal year, or more frequently when indicators of impairment exist. Impairment testing for Goodwill is done at the reporting unit, which is consistent with the reportable segment. Goodwill is considered impaired if the carrying value of the reporting unit exceeds its fair value. Prior to performing the Step 1 quantitative test, we may, at our discretion, perform an optional qualitative analysis, or we may choose to proceed directly to the Step 1 quantitative test. The qualitative analysis considers the impact of the following events and circumstances on the reporting unit being tested: macroeconomic conditions, industry and market considerations, cost factors, overall financial performance, and other relevant entity-specific events. If, as a result of this qualitative analysis, we conclude that it is more likely than not (a likelihood of greater than 50 %) that the fair value of the reporting unit exceeds its carrying value, then an impairment does not exist and the quantitative Step 1 test is not required. If we are unable to conclude that it is more likely than not that the fair value of the reporting unit exceeds its carrying value, then we proceed to the quantitative Step 1 test. Step 1 of the quantitative test for impairment compares the fair value of the reporting unit to its carrying value. If the carrying value exceeds the fair value, then an impairment is indicated. If facts and circumstances related to our business change in subsequent years, we may choose to perform a quantitative analysis in those future years. If we perform a Step 1 test and the carrying value of the reporting unit exceeds its fair value, then an impairment charge equal to the difference, not to exceed the total amount of Goodwill, is recorded. The fair values of the reporting units are estimated by using both the market and income approaches. The market approach considers market factors and certain multiples in comparison to similar companies, while the income approach uses discounted cash flows to determine the estimated fair values of the reporting units. We also perform an overall comparison of all reporting units to our market capitalization in order to test the reasonableness of our fair value calculations. We performed qualitative assessments on all of our reporting units in the fourth quarter of fiscal 2022. As a result of these qualitative assessments, we determined that it was not more likely than not that an impairment existed; therefore, we did not perform a Step 1 quantitative test in fiscal 2022. We performed a quantitative Step 1 impairment test on our all of our reporting units with Goodwill during the fourth quarter of fiscal 2021. We estimated the reporting unit’s fair value using a discounted cash flow model as well as a market analysis. Key assumptions in the model included estimated average net sales prices, sales volumes, and the estimated weighted average cost of capital specific to each industry. Based on the results of the Step 1 impairment analysis, we concluded that the fair values of the reporting units substantially exceeded their carrying values, and therefore no impairment was recognized. Goodwill and Intangible Assets Goodwill and Intangible Assets at March 31, 2022 and 2021, consist of the following: March 31, 2022 Amortization Cost Additions Accumulated Net (dollars in thousands) Goodwill and Intangible Assets: Customer Contracts and Relationships 15 years $ 108,610 $ — $ ( 69,866 ) $ 38,744 Permits 25 - 40 years 30,410 — ( 11,629 ) 18,781 Trade Name 15 years 1,500 — ( 264 ) 1,236 Goodwill 329,137 — — 329,137 Total Goodwill and Intangible Assets $ 469,657 $ — $ ( 81,759 ) $ 387,898 March 31, 2021 Amortization Cost Additions Accumulated Net (dollars in thousands) Goodwill and Intangible Assets: Customer Contracts and Relationships 15 years $ 108,610 $ — $ ( 66,445 ) $ 42,165 Permits 25 - 40 years 30,410 — ( 10,759 ) 19,651 Trade Name 15 years 1,500 — ( 138 ) 1,362 Goodwill 329,137 — — 329,137 Total Goodwill and Intangible Assets $ 469,657 $ — $ ( 77,342 ) $ 392,315 Amortization expense of intangibles was $ 4.4 million, $ 4.5 million, and $ 2.5 million for the fiscal years ended March 31, 2022, 2021, and 2020, respectively. Amortization expense is expected to be approximately $ 4.4 million for each of fiscal years 2023 through 2026, and $ 4.3 million in fiscal 2027. |
Impairment or Disposal of Long-Lived and Intangible Assets | Impairment or Disposal of Long-Lived and Intangible Assets We assess our long-lived assets, including mining and related assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset, or group of assets, may not be recoverable. Long-lived assets, or group of assets, are evaluated for impairment at the lowest level for which cash flows are largely independent of the cash flows of other assts. We assess recoverability of assets, or group of assets, by comparing the carrying amount of an asset, or group of assets, to the future undiscounted net cash flows that we expect the asset, or group of assets, to generate. These impairment evaluations are significantly affected by estimates of future revenue, costs and expenses, and other factors. If the carrying value of the assets, or group of assets, exceeds the undiscounted cash flows, then an impairment is indicated. If such assets, or group of assets, are considered to be impaired, the impairment is recognized as the amount by which the carrying amount of the asset, or group of assets, exceeds the fair value of the asset, or group of assets. Any assets held for sale are reflected at the lower of their carrying amount or fair value less cost to sell. There were no indicators of impairment related to our long-lived assets during fiscal 2022. During fiscal 2020, declining sales prices, sales volumes and operating losses led to the impairment of long-lived assets in our Oil and Gas Proppants business of $ 224.3 million, which primarily related to property, plant, and equipment, but also included impairment of lease right-of-use assets. On September 18, 2020, we sold the Oil and Gas Proppants business, and determined that the sale of this business met the discontinued operations accounting criteria. See Footnote (C) for more information about the sale of the Oil and Gas Proppants business, and the discontinued operations accounting disclosures. As part of the sale of the Oil and Gas Proppants business, there were certain assets that were included in this operating segment and not included in the sale. Because these assets were not included in the sale, any expenses related to these assets were not included in discontinued operations. Impairment charges related to these assets in fiscal 2020 are included in continuing operations on the Consolidated Statement of Earnings and are summarized below: For the Year Ended 2020 (dollars in thousands) Property, Equipment, and Real Estate $ 11,213 Lease Right-of-Use Assets 13,918 $ 25,131 |
Other Assets | Other Assets Other Assets are primarily composed of financing costs related to our Revolving Credit Facility, deferred expenses, and deposits. |
Income Taxes | Income Taxes We account for Income Taxes using the asset and liability method. The effect on deferred taxes of a change in tax rates is recognized in earnings in the period that includes the enactment date. We recognize deferred taxes for the differences between financial statement carrying amounts and the tax bases of existing assets and liabilities by applying enacted statutory tax rates for future years. In addition, we recognize future tax benefits to the extent that such benefits are more likely than not to be realized. See Footnote (J) for more information. |
Stock Repurchases | Stock Repurchases Shares repurchased by the Company are considered retired and available for future issuance. When shares are repurchased, the Company first reduces Capital in Excess or Par Value, and if there is no balance in this account, the purchases are recorded as a reduction of Retained Earnings. On May 17, 2022, the Board of Directors authorized the Company to repurchase an additional 7,5 00,000 shares. During fiscal years 2022 and 2020, we repurchased 3,982,657 and 3,574,109 shares, respectively, at average prices of $ 148.08 and $ 87.82 , respectively. We did not repurchase any shares during the fiscal year ended March 31, 2021. After the authorization on May 17, 2022, we have authorization to repurchase an additional 10,822,992 shares. |
Revenue Recognition | Revenue Recognition We earn Revenue primarily from the sale of products, which include cement, concrete, aggregates, gypsum wallboard, and recycled paperboard. The majority of Revenue from the sale of cement, concrete, aggregates, and gypsum wallboard is originated by purchase orders from our customers, who are mainly third-party contractors and suppliers. Revenue from our Recycled Paperboard segment is generated primarily through long-term supply agreements that mature between calendar years 2023 and 2025 . We invoice customers upon shipment, and our collection terms range from 30 to 75 days. Revenue from the sale of cement, concrete, aggregates, and gypsum wallboard that is not related to long-term supply agreements is recognized upon shipment of the related products to customers, which is when title and ownership are transferred, and the customer is obligated to pay. Revenue from sales under our long-term supply agreements is also recognized upon transfer of control to the customer, which generally occurs at the time the product is shipped from the production facility. Our long-term supply agreements with customers define, among other commitments, the volume of product that we must provide and the volume that the customer must purchase by the end of the defined periods. Pricing structures under our agreements are generally market-based, but are subject to certain contractual adjustments. Shortfall amounts, if applicable under these arrangements, are constrained and not recognized as Revenue until agreement is reached with the customer and there is no risk of reversal. The Company offers certain of its customers, including those with long-term supply agreements, rebates and incentives, which we treat as variable consideration. We adjust the amount of revenue recognized for the variable consideration using the most likely amount method based on past history and projected volumes in the rebate and incentive period. Any amounts billed to customers for taxes are excluded from Revenue. The Company has elected to treat freight and delivery charges we pay for the delivery of goods to our customers as a fulfilment activity rather than a separate performance obligation. When we arrange for a third party to deliver products to customers, fees for shipping and handling billed to the customer are recorded as Revenue, while costs incurred for shipping and handling are recorded as expenses and included in Cost of Goods Sold. Approximately $ 199.1 million, $ 177.5 million, and $ 168.1 million of freight for the fiscal years ended March 31, 2022, 2021, and 2020, respectively, were included in both Revenue and Cost of Goods Sold in our Consolidated Statement of Earnings. Other Non-Operating Income includes lease and rental income, asset sale income, non-inventoried aggregates sales income, and trucking income, as well as other miscellaneous revenue items and costs that have not been allocated to a business segment. See Footnote (I) for disaggregation of Revenue by segment. |
Comprehensive Income/Losses | Comprehensive Income/Losses As of March 31, 2022, we have an Accumulated Other Comprehensive Loss of $ 3.2 million, which is net of income taxes of $ 1.0 million, in connection with recognizing the difference between the fair value of the pension assets and the projected benefit obligation. |
Consolidated Cash Flows - Supplemental Disclosures | Consolidated Cash Flows – Supplemental Disclosures Supplemental cash flow information is as follows: For the Years Ended March 31, 2022 2021 2020 (dollars in thousands) Cash Payments: Interest $ 21,298 $ 42,343 $ 37,610 Income Taxes 86,407 32,870 20,046 Operating Cash Flows Used for Operating Leases 8,141 10,741 14,926 Non-Cash Financing Activities: Right-of-use Assets Obtained for Capitalized Operating Lease Liabilities $ 2,598 $ 272 $ 621 |
Selling, General and Administrative Expenses | Selling, General, and Administrative Expenses Selling, General, and Administrative Expenses of the operating units are included in Cost of Goods Sold on the Consolidated Statements of Earnings. Corporate General and Administrative (Corporate G&A) Expenses include administration, financial, legal, employee benefits, and other corporate activities, and are shown separately in the Consolidated Statements of Earnings. Corporate G&A also includes stock compensation expense. See Footnote (L) for more information. Total Selling, General, and Administrative Expenses for each of the periods are summarized as follows: For the Years Ended March 31, 2022 2021 2020 (dollars in thousands) Operating Units Selling, G&A $ 56,561 $ 56,309 $ 57,077 Corporate G&A 46,801 49,511 65,410 $ 103,362 $ 105,820 $ 122,487 The increase in Corporate General and Administrative Expenses during fiscal 2020, compared with fiscal 2022 and 2021, is primarily due to business development costs related to our portfolio review, acquisitions, and the acceleration of stock compensation costs upon the retirement of our Chief Executive Officer during the year. |
Earnings Per Share | Earnings Per Share For the Years Ended March 31, 2022 2021 2020 Weighted-Average Shares of Common Stock Outstanding 40,547,048 41,543,067 42,021,892 Effect of Dilutive Shares: Assumed Exercise of Outstanding Dilutive Options 539,309 570,325 623,779 Less Shares Repurchased from Proceeds of Assumed Exercised Options ( 343,917 ) ( 429,815 ) ( 481,853 ) Restricted Stock Units 187,272 143,132 121,525 Weighted-Average Common Stock and Dilutive Securities Outstanding 40,929,712 41,826,709 42,285,343 The line Less Shares Repurchased from Proceeds of Assumed Exercised Options includes unearned compensation related to outstanding stock options. There were 6,053 ; 569,431 ; and 475,082 stock options at an average exercise price of $ 139.80 per share, $ 89.11 per share, and $ 95.46 per share, respectively, that were excluded from the computation of diluted earnings per share for the fiscal years ended March 31, 2022, 2021, and 2020, because such inclusion would have been anti-dilutive. |
Share-Based Compensation | Share-Based Compensation All share-based compensation is valued at the grant date and expensed over the requisite service period, which is generally identical to the vesting period of the award. Forfeitures of share-based awards are recognized in the period in which they occur. |
Fair Value Measures | Fair Value Measures Certain assets and liabilities are required to be recorded or disclosed at fair value. The estimated fair values of those assets and liabilities have been determined using market information and valuation methodologies. Changes in assumptions or estimation methods could affect the fair value estimates; however, we do not believe any such changes would have a material impact on our financial condition, results of operations, or cash flows. There are three levels of inputs that may be used to measure fair value: Level 1 – Quoted prices for identical assets and liabilities in active markets; Level 2 – Quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data; and Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies, and similar techniques that use significant unobservable inputs. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements RECENTLY ADOPTED In December 2019, the FASB issued ASU 2019-12, which simplifies the accounting for income taxes, eliminates certain exceptions within existing income tax guidance, and clarifies certain aspects of the current guidance to promote consistency among reporting entities. We adopted this standard on April 1, 2021. The adoption of this standard did not have a material impact on our consolidated financial statements. |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Schedule of Inventories | Inventories consist of the following: March 31, 2022 2021 (dollars in thousands) Raw Materials and Materials-in-Progress $ 81,308 $ 92,696 Finished Cement 38,769 34,362 Aggregates 3,558 2,933 Gypsum Wallboard 3,452 4,177 Paperboard 7,462 5,031 Repair Parts and Supplies 91,593 86,750 Fuel and Coal 10,519 9,800 $ 236,661 $ 235,749 |
Schedule of Property, Plant and Equipment Estimated Useful Lives | The estimated useful lives of the related assets are as follows: Plants 20 to 30 years Buildings 20 to 40 years Machinery and Equipment 3 to 25 years |
Summary of Impairment Charges Related to Assets | Impairment charges related to these assets in fiscal 2020 are included in continuing operations on the Consolidated Statement of Earnings and are summarized below: For the Year Ended 2020 (dollars in thousands) Property, Equipment, and Real Estate $ 11,213 Lease Right-of-Use Assets 13,918 $ 25,131 |
Schedule of Supplemental Cash Flow Information | Supplemental cash flow information is as follows: For the Years Ended March 31, 2022 2021 2020 (dollars in thousands) Cash Payments: Interest $ 21,298 $ 42,343 $ 37,610 Income Taxes 86,407 32,870 20,046 Operating Cash Flows Used for Operating Leases 8,141 10,741 14,926 Non-Cash Financing Activities: Right-of-use Assets Obtained for Capitalized Operating Lease Liabilities $ 2,598 $ 272 $ 621 |
Schedule of Total Selling, General and Administrative Expenses | Total Selling, General, and Administrative Expenses for each of the periods are summarized as follows: For the Years Ended March 31, 2022 2021 2020 (dollars in thousands) Operating Units Selling, G&A $ 56,561 $ 56,309 $ 57,077 Corporate G&A 46,801 49,511 65,410 $ 103,362 $ 105,820 $ 122,487 |
DISCONTINUED OPERATIONS AND O_2
DISCONTINUED OPERATIONS AND OTHER DISPOSITIONS - (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Summary of Disposal Groups, Including Discontinued Operations | The following is a summary of operating results included in Earnings (Loss) from Discontinued Operations for the fiscal years ended March 31, 2021 and 2020. For the Years Ended March 31, 2021 2020 (dollars in thousands) Revenue $ 1,045 $ 46,781 Cost of Goods Sold 3,415 58,185 Gross Profit ( 2,370 ) ( 11,404 ) Other Non-Operating Income 226 569 Gain on Sale of Discontinued Operations 9,230 — Impairment Losses — ( 199,136 ) Earnings (Loss) from Discontinued Operations 7,086 ( 209,971 ) Income Tax (Expense) Benefit ( 1,808 ) 49,674 Net Earnings (Loss) from Discontinued Operations $ 5,278 $ ( 160,297 ) The significant components of our Consolidated Statements of Cash Flows for discontinued operations for the fiscal years ended March 31, 2021 and 2020 are as follows: For the Years Ended March 31, 2021 2020 (dollars in thousands) Depreciation and Amortization $ 221 $ 11,310 Impairment Losses $ — $ 199,136 Gain on Sale of Business $ ( 9,230 ) $ — Net Change in Inventory $ — $ 3,200 Capital Expenditures $ — $ 146 |
Summary of Revenue and Operating Earnings | Revenue and Operating Earnings from Western and Mathews, collectively, for fiscal years 2021 and 2020 are as follows: For the Years Ended March 31, 2021 2020 (dollars in thousands) Revenue $ 1,692 $ 32,255 Operating Earnings $ 142 $ 4,837 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Property Plant And Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | Cost by major category and Accumulated Depreciation are summarized as follows: March 31, 2022 2021 (dollars in thousands) Land and Quarries $ 231,499 $ 217,439 Plants 2,380,926 2,363,937 Buildings, Machinery, and Equipment 194,753 180,340 Construction in Progress 50,270 23,097 2,857,448 2,784,813 Accumulated Depreciation ( 1,240,909 ) ( 1,125,713 ) $ 1,616,539 $ 1,659,100 |
ACCRUED EXPENSES (Tables)
ACCRUED EXPENSES (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Payables And Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consist of the following: As of March 31, 2022 2021 (dollars in thousands) Payroll and Incentive Compensation $ 37,262 $ 32,336 Benefits 14,894 14,979 Interest 5,052 3,089 Dividends 9,756 — Property Taxes 6,514 6,683 Power and Fuel 2,877 2,350 Freight 1,172 1,575 Legal and Professional 989 9,511 Sales and Use Tax 1,509 1,265 Other 6,729 7,052 $ 86,754 $ 78,840 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Schedule of Lease Expense for Operating and Short-Term Leases | Lease expense for our operating and short-term leases is as follows: For the Years Ended March 31, 2022 2021 2020 (dollars in thousands) Operating Lease Cost $ 6,543 $ 6,757 $ 7,966 Short-term Lease Cost 1,261 2,562 1,279 Total Lease Cost $ 7,804 $ 9,319 $ 9,245 |
Schedule of Balance Sheet Information Related to Leases | The Right-of-Use Assets and Lease Liabilities are reflected on our Balance Sheet as follows: As of March 31, 2022 2021 (dollars in thousands) Operating Leases: Operating Lease Right-of-Use Assets $ 23,856 $ 25,811 Current Operating Lease Liabilities $ 7,118 $ 6,343 Noncurrent Operating Lease Liabilities 29,212 34,444 Total Operating Lease Liabilities $ 36,330 $ 40,787 |
Schedule of Future Payments for Operating Leases | Future payments for operating leases are as follows: Amount Fiscal Year (dollars in thousands) 2023 $ 8,130 2024 6,250 2025 5,803 2026 4,269 2027 3,540 Thereafter 16,934 Total Lease Payments $ 44,926 Less: Imputed Interest ( 8,596 ) Present Value of Lease Liabilities $ 36,330 Weighted-Average Remaining Lease Term (in years) 10.1 Weighted-Average Discount Rate 3.74 % |
INDEBTEDNESS (Tables)
INDEBTEDNESS (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-term debt at March 31, 2022 consists of the following: As of March 31, 2022 2021 (dollars in thousands) Revolving Credit Facility $ 200,000 $ — 2.500 % Senior Unsecured Notes Due 2031 750,000 — 4.500 % Senior Unsecured Notes Due 2026 — 350,000 Term Loan — 665,000 Total Debt 950,000 1,015,000 Less: Unamortized Discount and Debt Issuance Costs ( 11,735 ) ( 6,384 ) Long-term Debt $ 938,265 $ 1,008,616 |
Schedule of Maturities of Long-Term Debt | Including the additional borrowings for the ConAgg Acquisition and the New Term Loan, our maturities of long-term debt during the next five fiscal years are as follows: Fiscal Year Amount 2023 $ 7,500 2024 10,000 2025 10,000 2026 10,000 2027 10,000 Thereafter 1,058,500 Total $ 1,106,000 |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Senior Notes | The fair value of our senior notes has been estimated based upon our current incremental borrowing rates for similar types of borrowing arrangements. The fair value of our Senior Unsecured Notes at March 31, 2022 is as follows: Fair Value (dollars in thousands) 2.500 % Senior Unsecured Notes Due 2031 $ 664,000 |
BUSINESS SEGMENTS (Tables)
BUSINESS SEGMENTS (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Financial Information Related to Operations by Segment | The following tables below set forth certain financial information relating to our operations by segment. We do not allocate interest or taxes at the segment level, only at the consolidated company level. For the Years Ended March 31, 2022 2021 2020 (dollars in thousands) Revenue Cement $ 1,007,094 $ 944,556 $ 752,002 Concrete and Aggregates 177,122 168,829 182,775 Gypsum Wallboard 692,152 539,009 508,145 Paperboard 194,054 163,507 159,963 2,070,422 1,815,901 1,602,885 Less: Intersegment Revenue ( 105,001 ) ( 88,068 ) ( 85,316 ) Less: Joint Venture Revenue ( 103,899 ) ( 105,191 ) ( 113,536 ) $ 1,861,522 $ 1,622,642 $ 1,404,033 For the Years Ended March 31, 2022 2021 2020 (dollars in thousands) Intersegment Revenue Cement $ 22,915 $ 20,862 $ 21,499 Concrete and Aggregates — 106 1,502 Paperboard 82,086 67,100 62,315 $ 105,001 $ 88,068 $ 85,316 Cement Sales Volume (M tons) Wholly Owned 6,711 6,576 4,975 Joint Venture 823 890 956 7,534 7,466 5,931 For the Years Ended March 31, 2022 2021 2020 (dollars in thousands) Operating Earnings Cement $ 259,556 $ 233,957 $ 181,330 Concrete and Aggregates 18,467 19,054 17,558 Gypsum Wallboard 261,476 167,336 154,614 Paperboard 12,603 25,449 34,979 Other — — ( 3,230 ) Sub-Total 552,102 445,796 385,251 Corporate General and Administrative Expense ( 46,801 ) ( 49,511 ) ( 65,410 ) Loss on Early Retirement of Senior Notes ( 8,407 ) — — Gain on Sale of Businesses — 51,973 — Impairment Losses — — ( 25,131 ) Other Non-Operating Income (Loss) 9,073 20,274 ( 594 ) Earnings Before Interest and Income Taxes 505,967 468,532 294,116 Interest Expense, net ( 30,873 ) ( 44,420 ) ( 38,421 ) Earnings Before Income Taxes $ 475,094 $ 424,112 $ 255,695 Cement Operating Earnings Wholly Owned $ 227,068 $ 196,516 $ 138,745 Joint Venture 32,488 37,441 42,585 $ 259,556 $ 233,957 $ 181,330 Capital Expenditures Cement $ 31,535 $ 26,708 $ 44,776 Concrete and Aggregates 5,239 3,114 11,898 Gypsum Wallboard 32,405 12,889 12,771 Paperboard 2,579 11,222 62,528 Corporate and Other 2,363 — — $ 74,121 $ 53,933 $ 131,973 Depreciation, Depletion, and Amortization Cement $ 79,560 $ 77,524 $ 59,081 Concrete and Aggregates 9,656 10,807 11,142 Gypsum Wallboard 22,024 21,646 20,320 Paperboard 14,721 13,913 8,945 Corporate and Other 2,850 4,976 2,720 $ 128,811 $ 128,866 $ 102,208 Discontinued Operations Capital Expenditures $ — $ — $ 146 Depreciation, Depletion, and Amortization $ — $ 221 $ 11,310 As of March 31, 2022 2021 2020 (dollars in thousands) Identifiable Assets Cement $ 1,860,649 $ 1,898,930 $ 1,980,306 Concrete and Aggregates 89,405 88,410 136,041 Gypsum Wallboard 397,486 366,352 375,946 Paperboard 180,025 186,156 183,288 Assets of Discontinued Operations — — 13,831 Corporate and Other, net 52,087 298,833 271,608 $ 2,579,652 $ 2,838,681 $ 2,961,020 |
Segment Breakdown of Goodwill | The segment breakdown of Goodwill at March 31, 2022 and 2021 is as follows: For the Years Ended March 31, 2022 2021 (dollars in thousands) Cement $ 203,342 $ 203,342 Concrete and Aggregates 1,639 1,639 Gypsum Wallboard 116,618 116,618 Paperboard 7,538 7,538 $ 329,137 $ 329,137 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Provision for Income Taxes | The provision for income taxes from continuing operations includes the following components: For the Years Ended March 31, 2022 2021 2020 (dollars in thousands) Current Provision (Benefit) Federal $ 87,626 $ 67,913 $ ( 91,304 ) State 6,924 9,587 3,004 94,550 77,500 ( 88,300 ) Deferred Provision (Benefit) Federal 3,491 7,207 108,467 State 2,806 5,239 4,337 6,297 12,446 112,804 Provision for Income Taxes $ 100,847 $ 89,946 $ 24,504 |
Schedule of Effective Tax Rates Vary from Federal Statutory Rates | The effective tax rates vary from the federal statutory rates due to the following items: For the Years Ended March 31, 2022 2021 2020 (dollars in thousands) Earnings Before Income Taxes $ 475,094 $ 424,112 $ 255,695 Income Taxes at Statutory Rate $ 99,770 $ 89,063 $ 53,998 Increases (Decreases) in Tax Resulting from State Income Taxes, net 12,743 11,713 3,579 Statutory Depletion in Excess of Cost ( 7,796 ) ( 5,263 ) ( 3,078 ) Excess Tax Benefit from Stock Compensation ( 3,048 ) ( 3,229 ) 307 Meals and Entertainment Disallowance 279 220 537 Limitation on Officer's Compensation 2,568 1,503 1,018 Impact of CARES Act of 2020 — — ( 35,936 ) Credits — ( 400 ) ( 2,150 ) Valuation Allowance ( 4,556 ) 300 2,212 Change in Reserves — ( 2,916 ) 4,200 Other 887 ( 1,045 ) ( 183 ) Provision for Income Taxes $ 100,847 $ 89,946 $ 24,504 Effective Tax Rate 21 % 21 % 10 % |
Schedule of Components of Deferred Income Taxes | Components of deferred income taxes are as follows: March 31, 2022 2021 (dollars in thousands) Items Giving Rise to Deferred Tax Liabilities Excess Tax Depreciation and Amortization $ ( 242,335 ) $ ( 242,235 ) Investment in Joint Venture Basis Differences ( 7,813 ) ( 3,621 ) Depletable Assets ( 3,769 ) ( 6,740 ) Right-of-Use Assets ( 5,897 ) ( 6,506 ) Inventory ( 548 ) — Other ( 3,506 ) ( 2,913 ) Total Deferred Tax Liabilities $ ( 263,868 ) $ ( 262,015 ) Items Giving Rise to Deferred Tax Assets Change in Accruals $ 13,255 $ 13,859 Inventory — 1,387 Bad Debts 1,600 2,022 Long-term Incentive Compensation Plan 3,252 3,940 Credits and Other Carryforwards 12,747 17,338 Lease Liability 8,849 10,141 Pension 1,001 1,103 Subtotal 40,704 49,790 Valuation Allowance ( 9,205 ) ( 13,761 ) Total Deferred Tax Assets $ 31,499 $ 36,029 |
Reconciliation of Consolidated Liability for Gross Unrecognized Tax Benefits | The change in unrecognized tax benefits for the years ended March 31, 2022, 2021, and 2020 was as follows: For the Years Ended March 31, 2022 2021 2020 (dollars in thousands) Balance at Beginning of Year $ 1,284 $ 4,200 $ — Increase Related to Current Tax Positions — 1,284 4,200 Decrease Related to Current Tax Positions — ( 4,200 ) — Payments — — — $ 1,284 $ 1,284 $ 4,200 |
STOCK OPTION PLANS (Tables)
STOCK OPTION PLANS (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Weighted-Average Assumptions Used to Value Option Awards | The weighted-average assumptions used in the Black-Scholes model to value the option awards in fiscal 2022 and 2021 are as follows: 2022 2021 Dividend Yield 0.8 % 0.0 % Expected Volatility 38.4 % 37.9 % Risk-Free Interest Rate 1.00 % 0.44 % Expected Life 6.0 years 6.0 years |
Stock Option Activity | The following table shows stock option activity for the years presented: For the Years Ended March 31, 2022 2021 2020 Number Weighted- Number Weighted- Number Weighted- Outstanding Options at Beginning of Year 708,501 $ 83.85 1,160,091 $ 80.36 1,042,925 $ 76.88 Granted 11,316 $ 140.42 187,121 $ 61.92 187,375 $ 91.58 Exercised ( 247,578 ) $ 86.97 ( 623,617 ) $ 70.57 ( 62,326 ) $ 88.28 Cancelled ( 15,390 ) $ 76.63 ( 15,094 ) $ 92.51 ( 7,883 ) $ 102.69 Outstanding Options at End of Year 456,849 $ 83.81 708,501 $ 83.85 1,160,091 $ 80.36 Options Exercisable at End of Year 314,624 416,817 868,081 Weighted-Average Fair Value of Options Granted $ 49.18 $ 22.68 $ 27.35 |
Stock Options Outstanding | The following table summarizes information about stock options outstanding at March 31, 2022: Options Outstanding Options Exercisable Range of Exercise Prices Number of Weighted- Weighted- Number of Weighted- $ 33.69 - $ 37.34 5,800 0.20 $ 35.46 5,800 $ 35.46 $ 59.32 - $ 81.56 179,192 7.15 $ 63.43 92,382 $ 65.88 $ 87.37 - $ 93.03 156,131 6.69 $ 91.44 113,803 $ 91.40 $ 99.37 - $ 143.09 115,726 6.23 $ 107.49 102,639 $ 105.81 456,849 6.67 $ 83.81 314,624 $ 87.57 |
Summary of Activity for Nonvested Restricted Shares | The following table summarizes the activity for nonvested restricted shares during the fiscal years ended March 31, 2022, 2021, and 2020: For the Years Ended March 31, 2022 2021 2020 Number Weighted- Number Weighted- Number Weighted- Nonvested Restricted Stock at Beginning of Year 267,090 $ 62.56 233,120 $ 75.35 300,115 $ 78.94 Granted 113,414 $ 139.91 179,377 $ 63.83 118,292 $ 90.08 Vested ( 116,507 ) $ 87.47 ( 136,280 ) $ 78.89 ( 169,347 ) $ 92.98 Cancelled ( 5,218 ) $ 75.10 ( 9,127 ) $ 71.46 ( 15,940 ) $ 58.64 Nonvested Restricted Stock at End of Year 258,779 $ 102.45 267,090 $ 62.56 233,120 $ 75.35 |
NET INTEREST EXPENSE (Tables)
NET INTEREST EXPENSE (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Banking And Thrift Interest [Abstract] | |
Net Interest Expense, Net | The following components are included within Interest Expense, net: For the Years Ended March 31, 2022 2021 2020 (dollars in thousands) Interest Income $ ( 39 ) $ ( 66 ) $ ( 34 ) Interest Expense 21,637 40,624 36,956 Other Expenses 9,275 3,862 1,499 Interest Expense, net $ 30,873 $ 44,420 $ 38,421 |
PENSION AND PROFIT SHARING PL_2
PENSION AND PROFIT SHARING PLANS (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Compensation And Retirement Disclosure [Abstract] | |
Schedule of Reconciliation of Benefit Obligations and Fair Values of Plan Assets | The following table provides a reconciliation of the Benefit Obligations and Fair Values of Plan Assets for all defined benefit plans for the years ended March 31, 2022 and 2021, as well as a statement of the funded status for the same periods: For the Years Ended March 31, 2022 2021 (dollars in thousands) Reconciliation of Benefit Obligations Benefit Obligation at April 1, $ 35,844 $ 36,701 Service Cost - Benefits Earned During the Period — — Interest Cost on Projected Benefit Obligation 1,167 1,216 Actuarial (Gain) Loss ( 1,776 ) 1,714 Benefits Paid ( 1,326 ) ( 1,251 ) Sale of Business — ( 2,536 ) Benefit Obligation at March 31, $ 33,909 $ 35,844 Reconciliation of Fair Value of Plan Assets Fair Value of Plan Assets at April 1, $ 37,907 $ 39,009 Actual Return on Plan Assets ( 268 ) 2,939 Benefits Paid ( 1,326 ) ( 1,251 ) Sale of Business — ( 2,790 ) Fair Value of Plan Assets at March 31, 36,313 37,907 Funded Status - Funded Status at March 31, $ 2,404 $ 2,063 Amounts Recognized in the Balance Sheet Consist of Other Assets $ 2,404 $ 2,063 Accumulated Other Comprehensive Losses: Net Actuarial Loss 4,172 4,524 Prior Service Cost — — Accumulated Other Comprehensive Losses $ 4,172 $ 4,524 Tax impact ( 997 ) ( 1,084 ) Accumulated Other Comprehensive Losses, net of tax $ 3,175 $ 3,440 |
Summary of Projected Benefit Obligation, Accumulated Benefit Obligation and Fair Value of Plan Assets | The table below summarizes the Company’s Projected Benefit Obligation, Accumulated Benefit Obligation, and Fair Value of Plan Assets at March 31, 2022 and 2021: March 31, 2022 2021 (dollars in thousands) Projected Benefit Obligation $ 33,909 $ 35,844 Accumulated Benefit Obligation $ 33,909 $ 35,844 Fair Value of Plan Assets $ 36,313 $ 37,907 |
Components of Net Periodic Cost | Net periodic pension cost for the fiscal years ended March 31, 2022, 2021, and 2020, included the following components: For the Years Ended March 31, 2022 2021 2020 (dollars in thousands) Service Cost - Benefits Earned During the Period $ — $ — $ 339 Interest Cost of Projected Benefit Obligation 1,167 1,216 1,351 Expected Return on Plan Assets ( 1,299 ) ( 1,419 ) ( 1,702 ) Recognized Net Actuarial Loss 143 133 153 Amortization of Prior-Service Cost — — 19 Net Periodic Pension Cost $ 11 $ ( 70 ) $ 160 |
Schedule of Expected Benefit Payments | Expected benefit payments over the next five years, and the following five years under the pension plans are expected to be as follows (dollars in thousands): Fiscal Years Total 2023 $ 1,688 2024 $ 1,702 2025 $ 1,810 2026 $ 1,868 2027 $ 1,941 2028-2032 $ 9,776 |
Schedule of Assumptions Used in Net Periodic Benefit Cost and Benefit Obligations | The following tables set forth the assumptions used in the actuarial calculations of the present value of Net Periodic Benefit Costs and Benefit Obligations: March 31, 2022 2021 2020 Net Periodic Benefit Costs - Discount Rate 3.33 % 3.64 % 4.09 % Expected Return on Plan Assets 3.50 % 4.00 % 4.75 % Rate of Compensation Increase n/a n/a 3.50 % March 31, 2022 2021 Benefit Obligations - Discount Rate 3.75 % 3.33 % Rate of Compensation Increase n/a n/a |
Schedule of Pension Plans Weighted-Average Asset Allocation and Range of Target Allocation | The pension plans’ approximate weighted-average asset allocation at March 31, 2022 and 2021, and the range of target allocation are as follows: Percentage of Plan Assets at March 31, Range of 2022 2021 Asset Category - Equity Securities 10 – 20 % 9 % 19 % Debt Securities 60 – 90 % 90 % 79 % Other 0 – 20 % 1 % 2 % Total 100 % 100 % |
Schedule of Fair Values of Defined Benefit Plans | The fair values of our defined benefit plans’ consolidated assets by category as of March 31, 2022 and 2021 were as follows: March 31, 2022 2021 (dollars in thousands) Equity Securities $ 3,433 $ 7,277 Fixed Income Securities 32,583 30,010 Real Estate Funds 115 160 Cash Equivalents 182 460 Total $ 36,313 $ 37,907 |
Schedule of Fair Values of Defined Benefit Plans Determined Using Fair Value Hierarchy of Inputs | The fair values by category of inputs as of March 31, 2022 were as follows: Quoted Prices in Significant Other Significant Total Asset Categories (dollars in thousands) Equity Securities $ — $ 3,433 $ — $ 3,433 Fixed Income Securities — 32,583 — 32,583 Real Estate Funds — 115 — 115 Cash Equivalents 182 — — 182 $ 182 $ 36,131 $ — $ 36,313 The fair values by category of inputs as of March 31, 2021 were as follows: Quoted Prices in Significant Other Significant Total Asset Categories (dollars in thousands) Equity Securities $ — $ 7,277 $ — $ 7,277 Fixed Income Securities — 30,010 — 30,010 Real Estate Funds — 160 — 160 Cash Equivalents 460 — — 460 $ 460 $ 37,447 $ — $ 37,907 |
QUARTERLY RESULTS (UNAUDITED) (
QUARTERLY RESULTS (UNAUDITED) (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Results (unaudited) | (O) QUARTERLY RESULTS (UNAUDITED) For the Years Ended March 31, 2022 2021 (dollars in thousands, except per share data) First Quarter Revenue $ 475,770 $ 426,989 Gross Profit 126,511 102,297 Earnings from Continuing Operations Before Income Taxes 121,719 129,927 Net Earnings from Continuing Operations 95,327 97,091 Net Earnings 95,327 96,206 Diluted Earnings per Share from Continuing Operations $ 2.25 $ 2.33 Diluted Earnings per Share $ 2.25 $ 2.31 Second Quarter Revenue $ 509,694 $ 447,684 Gross Profit 155,341 122,849 Earnings from Continuing Operations Before Income Taxes 131,315 109,671 Net Earnings from Continuing Operations 102,125 89,871 Net Earnings 102,125 96,034 Diluted Earnings per Share from Continuing Operations $ 2.46 $ 2.16 Diluted Earnings per Share $ 2.46 $ 2.31 Third Quarter Revenue $ 462,941 $ 404,667 Gross Profit 138,586 113,379 Earnings from Continuing Operations Before Income Taxes 131,846 105,072 Net Earnings from Continuing Operations 102,479 81,193 Net Earnings 102,479 81,193 Diluted Earnings per Share from Continuing Operations $ 2.53 $ 1.94 Diluted Earnings per Share $ 2.53 $ 1.94 Fourth Quarter Revenue $ 413,117 $ 343,302 Gross Profit 99,176 69,830 Earnings from Continuing Operations Before Income Taxes 90,214 79,442 Net Earnings from Continuing Operations 74,316 66,011 Net Earnings 74,316 66,011 Diluted Earnings per Share from Continuing Operations $ 1.90 $ 1.56 Diluted Earnings per Share $ 1.90 $ 1.56 |
Significant Accounting Polici_4
Significant Accounting Policies - Additional Information (Detail) - USD ($) | Sep. 18, 2020 | Sep. 18, 2020 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | May 17, 2022 |
Significant Accounting Policies [Line Items] | ||||||
Purchase price of separate operating segment | $ 699,361,000 | |||||
Gain on Sale of Businesses | 51,973,000 | |||||
Allowance for doubtful accounts | 6,700,000 | 8,100,000 | ||||
Bad debt expense | 300,000 | 700,000 | 3,400 | |||
Write off account receivable | 1,600,000 | 1,200,000 | 300,000 | |||
Notes receivable, total | 8,400,000 | |||||
Notes receivable, current | $ 0 | |||||
Notes receivable interest rate | 3.50% | |||||
Notes receivable, maturity description | Remaining unpaid amounts, plus accrued interest, mature in fiscal 2025 | |||||
Depreciable assets | $ 122,400,000 | 120,700,000 | 109,500,000 | |||
Basis of valuation | Property, Plant, and Equipment are stated at cost. | |||||
Depreciation method | straight-line basis over the estimated useful lives | |||||
Goodwill impairment more likely than not a likelihood as greater percentage of fair value of reportable unit exceeds its carrying value | 50.00% | |||||
Intangible Assets, Amortization Expense | $ 4,400,000 | 4,500,000 | 2,500,000 | |||
Impairment Losses | $ 224,267,000 | |||||
Amortization expense, expected, for fiscal year 2026 | 4,400,000 | |||||
Amortization expense, expected, for fiscal year 2027 | $ 4,300,000 | |||||
Number of additional shares authorized to be repurchased | 7,500,000 | |||||
Repurchase of shares | 3,982,657 | 3,574,109 | ||||
Shares repurchased average price | $ 148.08 | $ 87.82 | ||||
Stock repurchase remaining number of shares authorized to be repurchased | 10,822,992 | |||||
Freight expense | $ 1,341,908,000 | 1,214,287,000 | $ 1,061,367,000 | |||
Accumulated other comprehensive loss | 3,175,000 | 3,440,000 | ||||
Net of income taxes for accumulated other comprehensive loss | 1,000,000 | |||||
Maintenance and repair expenses | $ 147,800,000 | $ 137,200,000 | $ 127,000,000 | |||
Stock options excluded from computation of diluted earnings per share | 6,053 | 569,431 | 475,082 | |||
Stock options, average exercise price per share | $ 139.80 | $ 89.11 | $ 95.46 | |||
Freight [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Freight expense | $ 199,100,000 | $ 177,500,000 | $ 168,100,000 | |||
Minimum [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Long-term supply agreements maturity year | 2023 | |||||
Revenue from contract with customer collection terms | 30 days | |||||
Maximum [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Long-term supply agreements maturity year | 2025 | |||||
Revenue from contract with customer collection terms | 75 days | |||||
Oil and Gas Proppants [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Purchase price of separate operating segment | $ 2,000,000 | |||||
Impairment Losses | $ 224,300,000 | |||||
Discontinued Operations, Disposed of by Sale | Oil and Gas Proppants [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Gain on Sale of Businesses | $ 9,200,000 |
Schedule of Inventories (Detail
Schedule of Inventories (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 |
Inventory [Line Items] | ||
Inventories | $ 236,661 | $ 235,749 |
Raw Materials and Material-in-Progress [Member] | ||
Inventory [Line Items] | ||
Inventories | 81,308 | 92,696 |
Finished Cement [Member] | ||
Inventory [Line Items] | ||
Inventories | 38,769 | 34,362 |
Aggregates [Member] | ||
Inventory [Line Items] | ||
Inventories | 3,558 | 2,933 |
Gypsum Wallboard [Member] | ||
Inventory [Line Items] | ||
Inventories | 3,452 | 4,177 |
Paperboard [Member] | ||
Inventory [Line Items] | ||
Inventories | 7,462 | 5,031 |
Repair Parts and Supplies [Member] | ||
Inventory [Line Items] | ||
Inventories | 91,593 | 86,750 |
Fuel and Coal [Member] | ||
Inventory [Line Items] | ||
Inventories | $ 10,519 | $ 9,800 |
Schedule of Property, Plant and
Schedule of Property, Plant and Equipment Estimated Useful Lives (Detail) | 12 Months Ended |
Mar. 31, 2022 | |
Minimum [Member] | Plants [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated lives of assets - (years) | 20 years |
Minimum [Member] | Buildings [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated lives of assets - (years) | 20 years |
Minimum [Member] | Machinery and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated lives of assets - (years) | 3 years |
Maximum [Member] | Plants [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated lives of assets - (years) | 30 years |
Maximum [Member] | Buildings [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated lives of assets - (years) | 40 years |
Maximum [Member] | Machinery and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated lives of assets - (years) | 25 years |
Schedule of Intangible Assets,
Schedule of Intangible Assets, Including Impact of Impairment Charges (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Finite Lived Intangible Assets [Line Items] | ||
Intangible Assets, Cost | $ 469,657 | $ 469,657 |
Intangible Assets, Accumulated Amortization | (81,759) | (77,342) |
Goodwill, Cost | 329,137 | 329,137 |
Goodwill, Additions | 0 | |
Goodwill, Net | 329,137 | 329,137 |
Goodwill and Intangible Assets, Additions | 0 | |
Goodwill and Intangible Assets, net | 387,898 | 392,315 |
Goodwill, Net | $ 329,137 | $ 329,137 |
Minimum [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Intangible Assets, Useful Life | 25 years | |
Maximum [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Intangible Assets, Useful Life | 40 years | |
Customer Contracts And Relationships [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Intangible Assets, Useful Life | 15 years | 15 years |
Intangible Assets, Cost | $ 108,610 | $ 108,610 |
Intangible Assets, Additions | 0 | |
Intangible Assets, Accumulated Amortization | (69,866) | (66,445) |
Intangible Assets, Net | 38,744 | 42,165 |
Permits [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Intangible Assets, Cost | 30,410 | 30,410 |
Intangible Assets, Additions | 0 | |
Intangible Assets, Accumulated Amortization | (11,629) | (10,759) |
Intangible Assets, Net | $ 18,781 | $ 19,651 |
Permits [Member] | Minimum [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Intangible Assets, Useful Life | 25 years | |
Permits [Member] | Maximum [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Intangible Assets, Useful Life | 40 years | |
Trade Name [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Intangible Assets, Useful Life | 15 years | 15 years |
Intangible Assets, Cost | $ 1,500 | $ 1,500 |
Intangible Assets, Additions | 0 | |
Intangible Assets, Accumulated Amortization | (264) | (138) |
Intangible Assets, Net | $ 1,236 | $ 1,362 |
Summary of Impairment Losses Re
Summary of Impairment Losses Recognized (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Impairment Losses | $ 224,267 | ||
Impairment Losses recognized | 25,131 | ||
Property, Equipment, and Real Estate [Member] | |||
Impairment Losses | 11,213 | ||
Lease Right-of-Use Assets [Member] | |||
Impairment Losses recognized | 13,918 | ||
Oil and Gas Proppants [Member] | |||
Impairment Losses | $ 224,300 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Cash Payments: | |||
Interest | $ 21,298 | $ 42,343 | $ 37,610 |
Income Taxes | 86,407 | 32,870 | 20,046 |
Operating Cash Flows Used for Operating Leases | 8,141 | 10,741 | 14,926 |
Non-Cash Financing Activities: | |||
Right-of-use Assets Obtained for Capitalized Operating Lease Liabilities | $ 2,598 | $ 272 | $ 621 |
Schedule of Total Selling, Gene
Schedule of Total Selling, General and Administrative Expenses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Accounting Policies [Abstract] | |||
Operating Units Selling, G&A | $ 56,561 | $ 56,309 | $ 57,077 |
Corporate G&A | 46,801 | 49,511 | 65,410 |
Total selling, general and administrative expenses | $ 103,362 | $ 105,820 | $ 122,487 |
Schedule of Earnings Per Share
Schedule of Earnings Per Share (Detail) - shares | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |||
Weighted-Average Shares of Common Stock Outstanding | 40,547,048 | 41,543,067 | 42,021,892 |
Assumed Exercise of Outstanding Dilutive Options | 539,309 | 570,325 | 623,779 |
Less Shares Repurchased from Proceeds of Assumed Exercised Options | (343,917) | (429,815) | (481,853) |
Restricted Stock Units | 187,272 | 143,132 | 121,525 |
Weighted-Average Common Stock and Dilutive Securities Outstanding | 40,929,712 | 41,826,709 | 42,285,343 |
Acquisition - Additional Inform
Acquisition - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Apr. 22, 2022 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Business Acquisition [Line Items] | ||||
Purcahse price of acquisition | $ 699,361 | |||
ConAgg Acquisition [Member] | Subsequent Event [Member] | ||||
Business Acquisition [Line Items] | ||||
Purcahse price of acquisition | $ 121,200 |
Discontinued Operations and O_3
Discontinued Operations and Other Dispositions - Additional Information (Detail) - USD ($) $ in Thousands, shares in Millions | Sep. 18, 2020 | Apr. 17, 2020 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2020 |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||
Gain on Sale of Businesses | $ 51,973 | ||||
Assets | 2,838,681 | $ 2,579,652 | $ 2,961,020 | ||
Liabilities | 1,479,691 | $ 1,446,096 | |||
Western Aggregates LLC and Mathews Readymix LLC [Member] | |||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||
Assets | $ 43,800 | ||||
Liabilities | 2,300 | ||||
Western Aggregates LLC and Mathews Readymix LLC [Member] | Teichert Inc | |||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||
Gross proceeds received | $ 93,500 | ||||
Oil and Gas Proppants [Member] | Discontinued Operations, Disposed of by Sale | |||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||
Gain on Sale of Businesses | $ 9,230 | ||||
Oil and Gas Proppants [Member] | Discontinued Operations, Disposed of by Sale | Smart Sand [Member] | |||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||
Purchase price paid in shares of common stock | 2 |
Discontinued Operations and O_4
Discontinued Operations and Other Dispositions - Summary of Operating Results from Discontinued Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||
Net Earnings (Loss) from Discontinued Operations | $ 5,278 | $ (160,297) |
Discontinued Operations, Disposed of by Sale | Oil and Gas Proppants [Member] | ||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||
Revenue | 1,045 | 46,781 |
Cost of Goods Sold | 3,415 | 58,185 |
Gross Profit | (2,370) | (11,404) |
Other Non-Operating Income | 226 | 569 |
Gain on Sale of Discontinued Operations | 9,230 | |
Impairment Losses | (199,136) | |
Earnings (Loss) from Discontinued Operations | 7,086 | (209,971) |
Income Tax (Expense) Benefit | (1,808) | 49,674 |
Net Earnings (Loss) from Discontinued Operations | $ 5,278 | $ (160,297) |
Discontinued Operations and O_5
Discontinued Operations and Other Dispositions - Summary of Significant Components of Consolidated Statement of Cash Flows for Discontinued Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Depreciation and Amortization | $ 0 | $ 221 | $ 11,310 |
Gain on Sale of Business | (51,973) | ||
Capital Expenditures | 146 | ||
Discontinued Operations, Disposed of by Sale | Oil and Gas Proppants [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Depreciation and Amortization | 221 | 11,310 | |
Impairment Losses | 199,136 | ||
Gain on Sale of Business | $ (9,230) | ||
Net Change in Inventory | 3,200 | ||
Capital Expenditures | $ 146 |
Discontinued Operations and O_6
Discontinued Operations and Other Dispositions - Summary of Revenue and Operating Earnings (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||||
Revenue | $ 413,117 | $ 462,941 | $ 509,694 | $ 475,770 | $ 343,302 | $ 404,667 | $ 447,684 | $ 426,989 | $ 1,861,522 | $ 1,622,642 | $ 1,404,033 |
Operating Earnings (Loss) | $ 552,102 | 445,796 | 385,251 | ||||||||
Mathews Readymix LLC and Western Aggregates LLC [Member] | |||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||||
Revenue | 1,692 | 32,255 | |||||||||
Operating Earnings (Loss) | $ 142 | $ 4,837 |
Schedule of Property, Plant a_2
Schedule of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 2,857,448 | $ 2,784,813 |
Accumulated Depreciation | (1,240,909) | (1,125,713) |
Property, Plant and Equipment, Net | 1,616,539 | 1,659,100 |
Land And Quarries [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 231,499 | 217,439 |
Plants [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 2,380,926 | 2,363,937 |
Buildings Machinery And Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 194,753 | 180,340 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 50,270 | $ 23,097 |
Schedule of Accrued Expenses (D
Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 |
Accounts Payable And Accrued Liabilities Current [Abstract] | ||
Payroll and Incentive Compensation | $ 37,262 | $ 32,336 |
Benefits | 14,894 | 14,979 |
Interest | 5,052 | 3,089 |
Dividends | 9,756 | |
Property Taxes | 6,514 | 6,683 |
Power and Fuel | 2,877 | 2,350 |
Freight | 1,172 | 1,575 |
Legal and Professional | 989 | 9,511 |
Sales and Use Tax | 1,509 | 1,265 |
Other | 6,729 | 7,052 |
Accrued Expenses, Total | $ 86,754 | $ 78,840 |
Leases - Additional Information
Leases - Additional Information (Detail) | Mar. 31, 2022 |
Minimum [Member] | |
Lessee Lease Description [Line Items] | |
Operating lease term | 1 year |
Maximum [Member] | |
Lessee Lease Description [Line Items] | |
Operating lease term | 20 years |
Schedule of Lease Expense for O
Schedule of Lease Expense for Operating and Short-Term Leases (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Leases [Abstract] | |||
Operating Lease Cost | $ 6,543 | $ 6,757 | $ 7,966 |
Short-term Lease Cost | 1,261 | 2,562 | 1,279 |
Total Lease Cost | $ 7,804 | $ 9,319 | $ 9,245 |
Schedule of Balance Sheet Infor
Schedule of Balance Sheet Information Related to Leases (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 |
Operating Leases: | ||
Operating Lease Right-of-Use Assets | $ 23,856 | $ 25,811 |
Current Operating Lease Liabilities | 7,118 | 6,343 |
Noncurrent Operating Lease Liabilities | 29,212 | 34,444 |
Total Operating Lease Liabilities | $ 36,330 | $ 40,787 |
Schedule of Future Payments for
Schedule of Future Payments for Operating Leases (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 |
Leases [Abstract] | ||
2023 | $ 8,130 | |
2024 | 6,250 | |
2025 | 5,803 | |
2026 | 4,269 | |
2027 | 3,540 | |
Thereafter | 16,934 | |
Total Lease Payments | 44,926 | |
Less: Imputed Interest | (8,596) | |
Present Value of Lease Liabilities | $ 36,330 | $ 40,787 |
Weighted Average Remaining Lease Term (in years) | 10 years 1 month 6 days | |
Weighted Average Discount Rate | 3.74% |
Long-Term Debt (Detail)
Long-Term Debt (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Jul. 01, 2021 | Mar. 31, 2021 |
Debt Instrument [Line Items] | |||
Revolving Credit Facility | $ 200,000 | ||
Total Debt | 950,000 | $ 1,015,000 | |
Less: Unamortized Discounts and Debt Issuance Costs | 11,735 | 6,384 | |
Long-term Debt | 938,265 | 1,008,616 | |
2.500% Senior Unsecured Notes [Member] | |||
Debt Instrument [Line Items] | |||
Total Debt | $ 750,000 | $ 750,000 | |
4.500% Senior Unsecured Notes [Member] | |||
Debt Instrument [Line Items] | |||
Total Debt | 350,000 | ||
New Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Total Debt | $ 665,000 |
Long-Term Debt (Parenthetical)
Long-Term Debt (Parenthetical) (Detail) | 12 Months Ended | |
Mar. 31, 2022 | Jul. 01, 2021 | |
2.500% Senior Unsecured Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate | 2.50% | 2.50% |
Debt instrument, maturity year | 2031 | |
4.500% Senior Unsecured Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate | 4.50% | |
Debt instrument, maturity year | 2026 |
Indebtedness - Additional Infor
Indebtedness - Additional Information (Detail) $ in Thousands | May 05, 2022USD ($) | Jul. 19, 2021USD ($) | Jul. 02, 2021USD ($) | Jul. 01, 2021USD ($) | Mar. 31, 2022USD ($) | Mar. 31, 2020USD ($) | Apr. 22, 2022USD ($) | Mar. 31, 2021USD ($) |
Debt Instrument [Line Items] | ||||||||
Weighted-average interest rate | 1.50% | 3.60% | 2.80% | |||||
Interest rate of debt instrument | 1.70% | |||||||
Repayment of Term Loan | $ (665,000) | $ 665,000 | ||||||
Interest coverage ratio | 250.00% | |||||||
Borrowings outstanding under Credit Facility | 200,000 | |||||||
Outstanding letters of credit , amount | 5,000 | |||||||
Debt instrument, principal amount | 950,000 | $ 1,015,000 | ||||||
Maturity Period 2021 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Unused line of credit commitment fee based on leverage ratio | 9.00% | |||||||
Maximum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Unused line of credit commitment fee based on leverage ratio | 22.50% | |||||||
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Maturity Period 2021 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Variable margin | 100.00% | |||||||
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | Maturity Period 2021 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Variable margin | 162.50% | |||||||
NYFRB [Member] | Minimum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Variable margin | 0.00% | |||||||
NYFRB [Member] | Maximum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Variable margin | 62.50% | |||||||
2.500% Senior Unsecured Notes Due 2026 | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt issuance costs | $ 6,100 | |||||||
2.500% Senior Unsecured Notes Due 2031 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate of debt instrument | 2.60% | |||||||
Debt instrument, original issue discount | $ 6,300 | |||||||
Interest payment period | ten-year | |||||||
Percentage of principal amount redeemable | 100.00% | |||||||
Semi annual basis, treasury rate | 20.00% | |||||||
Percentage of aggregate amount repurchased | 101.00% | |||||||
Credit Facility, termination date | Jul. 1, 2021 | |||||||
Debt instrument, principal amount | $ 750,000 | $ 750,000 | ||||||
Debt instrument, interest rate | 2.50% | 2.50% | ||||||
Debt instrument, maturity period | 2031-07 | |||||||
2.500% Senior Unsecured Notes Due 2031 | Redeemable On or After April 1, 2031 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Percentage of principal amount redeemable | 100.00% | |||||||
Debt instrument, interest rate | 2.50% | |||||||
New Term Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Term loan facility, unused borrowing capacity, Amount | $ 200,000 | |||||||
Term loan Maturity Date | May 5, 2027 | |||||||
Debt instrument, principal amount | 665,000 | |||||||
Quarterly principle payments | 2,500 | |||||||
Term Loan Agreement [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayment of Term Loan | $ 665,000 | |||||||
4.500% Senior Unsecured Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayments of Other Long-term Debt | $ 350,000 | |||||||
Redemption date | Jul. 17, 2021 | |||||||
Termination premium | $ 8,400 | |||||||
Term loan Maturity Date | Jul. 19, 2021 | |||||||
Debt instrument, principal amount | 350,000 | |||||||
Debt instrument, interest rate | 4.50% | |||||||
Debt instrument, maturity period | 2026-08 | |||||||
Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of Credit Facility, Fair Value of Amount Outstanding | $ 0 | |||||||
Revolving Credit Facility | Minimum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Supplementary leverage ratio | 3.50 | |||||||
Revolving Credit Facility | Unsecured Debt Member | ||||||||
Debt Instrument [Line Items] | ||||||||
Credit Facility, principal balance | $ 750,000 | |||||||
Revolving Credit Facility | Swingline Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Credit Facility, principal balance | $ 25,000 | |||||||
Revolving Credit Facility | Subsequent Debt Amendment and Activity [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Borrowings outstanding under Credit Facility | $ 120,000 | |||||||
Line of Credit [Member] | Maximum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Amount of increase in borrowing capacity | $ 375,000 | |||||||
Line of Credit [Member] | NYFRB [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Variable margin | 0.50% | |||||||
Letter of Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Credit Facility, principal balance | 1,125,000 | |||||||
Unused line of credit commitment fee based on leverage ratio | 12.50% | |||||||
Letter of Credit Facility | $ 40,000 | |||||||
Amended Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Credit facility, interest rate description | The Amended Credit Facility also replaced the LIBOR-based reference rate for any borrowings thereunder to a SOFR (secured overnight financing rate)-based rate such that outstanding loans under the Amended Credit Facility bear interest, at a variable rate equal to either (i) the adjusted term SOFR rate, plus 10 bps, plus an agreed spread (ranging from 100 to 162.5 basis points, which is established based on the Company's credit rating); (ii) in respect of any Revolving Loans (until such time as the then-existing Benchmark (as defined in the Amended Credit Facility) is replaced in accordance with the Amended Credit Facility), the adjusted daily simple SOFR rate, plus 10 bps, plus an agreed spread (ranging from 100 to 162.5 basis points, which is established based on the Company's credit rating) or (iii) an Alternate Base Rate (as defined in the Amended Credit Facility), which is the highest of (a) the Prime Rate (as defined in the Amended Credit Facility) in effect on any applicable day, (b) the NYFRB Rate (as defined in the Amended Credit Facility) in effect on any applicable day, plus ½ of 1%, and (c) the Adjusted Term SOFR (as defined in the Amended Credit Facility) for a one-month interest period on any applicable day, or if such day is not a business day, the immediately preceding business day, plus 1.0%, in each case plus an agreed upon spread (ranging from 0 to 62.5 basis points) which is established quarterly based on the Company's credit rating. | |||||||
Amended Revolving Credit Facility [Member] | Maximum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Uncommitted Incremental Capacity | $ 375,000 | |||||||
Amended Revolving Credit Facility [Member] | New Term Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Term loan Maturity Date | May 5, 2027 | |||||||
Amended Revolving Credit Facility [Member] | New Term Loan [Member] | Subsequent Event [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Term loan facility, unused borrowing capacity, Amount | 200,000 | |||||||
Amended Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Outstanding letters of credit , amount | 5,000 | |||||||
Term loan facility, unused borrowing capacity, Amount | $ 589,000 | |||||||
Amended Credit Facility [Member] | New Term Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of Credit Facility, Fair Value of Amount Outstanding | 156,000 | |||||||
Outstanding borrowings | $ 589,000 |
Schedule of Maturities of Long-
Schedule of Maturities of Long-Term Debt (Detail) $ in Thousands | Mar. 31, 2022USD ($) |
Debt Disclosure [Abstract] | |
2023 | $ 7,500 |
2024 | 10,000 |
2025 | 10,000 |
2026 | 10,000 |
2027 | 10,000 |
Thereafter | 1,058,500 |
Total | $ 1,106,000 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Detail) $ in Thousands | Mar. 31, 2022USD ($) |
2.500% Senior Unsecured Notes [Member] | |
Fair Value Of Financial Instruments [Line Items] | |
Fair Value of long term debt | $ 664,000 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments (Parenthetical) (Detail) | 12 Months Ended | |
Mar. 31, 2022 | Jul. 01, 2021 | |
2.500% Senior Unsecured Notes [Member] | ||
Fair Value Of Financial Instruments [Line Items] | ||
Debt instrument, interest rate | 2.50% | 2.50% |
Debt instrument, maturity year | 2031 | |
4.500% Senior Unsecured Notes [Member] | ||
Fair Value Of Financial Instruments [Line Items] | ||
Debt instrument, interest rate | 4.50% | |
Debt instrument, maturity year | 2026 |
Business Segments - Additional
Business Segments - Additional Information (Detail) | 12 Months Ended |
Mar. 31, 2022LocationFacilityTerminalPlantSectorSegment | |
Segment Reporting [Abstract] | |
Number of sectors | Sector | 2 |
Number of reportable business segments | Segment | 4 |
Cement plant locations | Location | 8 |
Slag grinding facility | Facility | 1 |
Cement distribution terminals | Terminal | 29 |
Gypsum wallboard plants | 5 |
Readymix concrete batch plants | 26 |
Aggregates processing plants | 3 |
Proportionate consolidation of share of joint venture revenues and operating earnings | 50.00% |
Financial Information Related t
Financial Information Related to Operations by Segment (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2022USD ($) | Dec. 31, 2021USD ($) | Sep. 30, 2021USD ($) | Jun. 30, 2021USD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2022USD ($)kt | Mar. 31, 2021USD ($)kt | Mar. 31, 2020USD ($)kt | |
Segment Reporting Information [Line Items] | |||||||||||
Revenue | $ 413,117 | $ 462,941 | $ 509,694 | $ 475,770 | $ 343,302 | $ 404,667 | $ 447,684 | $ 426,989 | $ 1,861,522 | $ 1,622,642 | $ 1,404,033 |
Less: Joint Venture Revenue | (103,899) | (105,191) | (113,536) | ||||||||
Operating Earnings | 552,102 | 445,796 | 385,251 | ||||||||
Corporate General and Administrative Expense | (46,801) | (49,511) | (65,410) | ||||||||
Loss on Early Retirement of Senior Notes | (8,407) | ||||||||||
Gain on Sale of Businesses | 51,973 | ||||||||||
Impairment Losses | (25,131) | ||||||||||
Other Non-Operating Income (Loss) | 9,073 | 20,274 | (594) | ||||||||
Earnings Before Interest and Income Taxes | 505,967 | 468,532 | 294,116 | ||||||||
Interest Expense, net | (30,873) | (44,420) | (38,421) | ||||||||
Earnings from Continuing Operations Before Income Taxes | 90,214 | $ 131,846 | $ 131,315 | $ 121,719 | 79,442 | $ 105,072 | $ 109,671 | $ 129,927 | 475,094 | 424,112 | 255,695 |
Capital Expenditures | 74,121 | 53,933 | 131,973 | ||||||||
Depreciation, Depletion, and Amortization | 128,811 | 129,087 | 113,518 | ||||||||
Capital Expenditures | 146 | ||||||||||
Depreciation and Amortization | 0 | 221 | 11,310 | ||||||||
Assets | 2,579,652 | 2,838,681 | 2,579,652 | 2,838,681 | 2,961,020 | ||||||
Assets of Discontinued Operations | 13,831 | ||||||||||
Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 2,070,422 | 1,815,901 | 1,602,885 | ||||||||
Operating Earnings | 259,556 | 233,957 | 181,330 | ||||||||
Depreciation, Depletion, and Amortization | 128,811 | 128,866 | 102,208 | ||||||||
Operating Segments [Member] | Wholly-Owned [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Earnings | 227,068 | 196,516 | 138,745 | ||||||||
Operating Segments [Member] | Joint Venture [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Earnings | 32,488 | 37,441 | 42,585 | ||||||||
Intersegment Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 105,001 | 88,068 | 85,316 | ||||||||
Revenue | 105,001 | 88,068 | 85,316 | ||||||||
Cement [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | $ 1,007,094 | $ 944,556 | $ 752,002 | ||||||||
Cement Sales Volume | kt | 7,534 | 7,466 | 5,931 | ||||||||
Operating Earnings | $ 259,556 | $ 233,957 | $ 181,330 | ||||||||
Capital Expenditures | 31,535 | 26,708 | 44,776 | ||||||||
Depreciation, Depletion, and Amortization | 79,560 | 77,524 | 59,081 | ||||||||
Assets | 1,860,649 | 1,898,930 | $ 1,860,649 | $ 1,898,930 | $ 1,980,306 | ||||||
Cement [Member] | Operating Segments [Member] | Wholly-Owned [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Cement Sales Volume | kt | 6,711 | 6,576 | 4,975 | ||||||||
Cement [Member] | Operating Segments [Member] | Joint Venture [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Cement Sales Volume | kt | 823 | 890 | 956 | ||||||||
Cement [Member] | Intersegment Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | $ 22,915 | $ 20,862 | $ 21,499 | ||||||||
Concrete and Aggregates [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 177,122 | 168,829 | 182,775 | ||||||||
Operating Earnings | 18,467 | 19,054 | 17,558 | ||||||||
Capital Expenditures | 5,239 | 3,114 | 11,898 | ||||||||
Depreciation, Depletion, and Amortization | 9,656 | 10,807 | 11,142 | ||||||||
Assets | 89,405 | 88,410 | 89,405 | 88,410 | 136,041 | ||||||
Concrete and Aggregates [Member] | Intersegment Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 106 | 1,502 | |||||||||
Gypsum Wallboard [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 692,152 | 539,009 | 508,145 | ||||||||
Operating Earnings | 261,476 | 167,336 | 154,614 | ||||||||
Capital Expenditures | 32,405 | 12,889 | 12,771 | ||||||||
Depreciation, Depletion, and Amortization | 22,024 | 21,646 | 20,320 | ||||||||
Assets | 397,486 | 366,352 | 397,486 | 366,352 | 375,946 | ||||||
Paperboard [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 194,054 | 163,507 | 159,963 | ||||||||
Operating Earnings | 12,603 | 25,449 | 34,979 | ||||||||
Other | (3,230) | ||||||||||
Capital Expenditures | 2,579 | 11,222 | 62,528 | ||||||||
Depreciation, Depletion, and Amortization | 14,721 | 13,913 | 8,945 | ||||||||
Assets | 180,025 | 186,156 | 180,025 | 186,156 | 183,288 | ||||||
Paperboard [Member] | Intersegment Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 82,086 | 67,100 | 62,315 | ||||||||
Corporate and Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Capital Expenditures | 2,363 | ||||||||||
Depreciation, Depletion, and Amortization | 2,850 | 4,976 | 2,720 | ||||||||
Assets | $ 52,087 | $ 298,833 | $ 52,087 | $ 298,833 | $ 271,608 |
Segment Breakdown of Goodwill (
Segment Breakdown of Goodwill (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 |
Segment Reporting Information [Line Items] | ||
Goodwill | $ 329,137 | $ 329,137 |
Cement [Member] | ||
Segment Reporting Information [Line Items] | ||
Goodwill | 203,342 | 203,342 |
Concrete and Aggregates [Member] | ||
Segment Reporting Information [Line Items] | ||
Goodwill | 1,639 | 1,639 |
Gypsum Wallboard [Member] | ||
Segment Reporting Information [Line Items] | ||
Goodwill | 116,618 | 116,618 |
Paperboard [Member] | ||
Segment Reporting Information [Line Items] | ||
Goodwill | $ 7,538 | $ 7,538 |
Schedule of Components of Provi
Schedule of Components of Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Current Provision (Benefit) - Federal | $ 87,626 | $ 67,913 | $ (91,304) |
Current Provision (Benefit) - State | 6,924 | 9,587 | 3,004 |
Current Provision (Benefit) - Total | 94,550 | 77,500 | (88,300) |
Deferred Provision (Benefit) - Federal | 3,491 | 7,207 | 108,467 |
Deferred Provision (Benefit) - State | 2,806 | 5,239 | 4,337 |
Deferred Provision (Benefit) - Total | 6,297 | 12,446 | 112,804 |
Provision for Income Taxes | $ 100,847 | $ 89,946 | $ 24,504 |
Schedule of Effective Tax Rates
Schedule of Effective Tax Rates Vary from Federal Statutory Rates (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||||||||||
Earnings from Continuing Operations Before Income Taxes | $ 90,214 | $ 131,846 | $ 131,315 | $ 121,719 | $ 79,442 | $ 105,072 | $ 109,671 | $ 129,927 | $ 475,094 | $ 424,112 | $ 255,695 |
Income Taxes at Statutory Rate | 99,770 | 89,063 | 53,998 | ||||||||
State Income Taxes, net | 12,743 | 11,713 | 3,579 | ||||||||
Statutory Depletion in Excess of Cost | (7,796) | (5,263) | (3,078) | ||||||||
Excess Tax Benefit from Stock Compensation | (3,048) | (3,229) | 307 | ||||||||
Meals and Entertainment Disallowance | 279 | 220 | 537 | ||||||||
Limitation on Officers' Compensation | 2,568 | 1,503 | 1,018 | ||||||||
Impact of CARES Act of 2020 | (35,936) | ||||||||||
Credits | (400) | (2,150) | |||||||||
Valuation Allowance | (4,556) | 300 | 2,212 | ||||||||
Change in Reserves | (2,916) | 4,200 | |||||||||
Other | 887 | (1,045) | (183) | ||||||||
Provision for Income Taxes | $ 100,847 | $ 89,946 | $ 24,504 | ||||||||
Effective Tax Rate | 21.00% | 21.00% | 10.00% |
Schedule of Components of Defer
Schedule of Components of Deferred Income Taxes (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 |
Income Tax Disclosure [Abstract] | ||
Excess Tax Depreciation and Amortization | $ (242,335) | $ (242,235) |
Investment in Joint Venture Basis Differences | (7,813) | (3,621) |
Depletable Assets | (3,769) | (6,740) |
Right of Use Assets | (5,897) | (6,506) |
Inventory | 548 | |
Other | (3,506) | (2,913) |
Total Deferred Tax Liabilities | (263,868) | (262,015) |
Change in Accruals | 13,255 | 13,859 |
Inventory | 1,387 | |
Bad Debts | 1,600 | 2,022 |
Long-term Incentive Compensation Plan | 3,252 | 3,940 |
Credits and Other Carryforwards | 12,747 | 17,338 |
Lease Liability | 8,849 | 10,141 |
Pension | 1,001 | 1,103 |
Subtotal | 40,704 | 49,790 |
Valuation Allowance | (9,205) | (13,761) |
Total Deferred Tax Assets | $ 31,499 | $ 36,029 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2022 | Mar. 31, 2021 | |
Income Tax [Line Items] | |||
Increase related to prior tax positions | $ 4.2 | ||
Accrued penalties on uncertain tax position | 0 | $ 0 | $ 0 |
Income tax benefit carryback under CARES Act | $ 35.9 | ||
Net operating losses carryback term due to CARES Act | 5 years | ||
State Income Tax [Member] | |||
Income Tax [Line Items] | |||
Net operating loss carryforwards | 0.9 | 3.7 | |
Income tax credit | $ 4.3 | $ 1.1 |
Reconciliation of Consolidated
Reconciliation of Consolidated Liability for Gross Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Balance at Beginning of Year | $ 1,284 | $ 4,200 | |
Increase Related to Current Tax Positions | 0 | 1,284 | $ 4,200 |
Decrease Related to Current Tax Positions | 0 | (4,200) | |
Balance at End of Year | $ 1,284 | $ 1,284 | $ 4,200 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Thousands | 12 Months Ended |
Mar. 31, 2022USD ($) | |
Commitments And Contingencies Disclosure [Abstract] | |
Letters of credit outstanding, amount | $ 5,000 |
Contingently liable for performance, current | 25,900 |
Outstanding guarantees | $ 0 |
Percentage of expected natural gas usage | 30.00% |
Stock Option Plans - Additional
Stock Option Plans - Additional Information (Detail) - USD ($) $ in Millions | Jul. 19, 2021 | Aug. 31, 2021 | May 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | Aug. 07, 2013 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Number of shares available for future grant | 3,377,416 | 3,000,000 | |||||
Stock option expense | $ 3.4 | $ 4.9 | $ 4.5 | ||||
Aggregate intrinsic value for outstanding options | 20.4 | ||||||
Aggregate intrinsic value for exercisable options | 12.8 | ||||||
Total intrinsic value of options exercised | 15.7 | 26.4 | 2.2 | ||||
Restricted stock or unit expense | $ 10.9 | $ 10.4 | $ 15.3 | ||||
Stock Awards [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Number of shares available for future grant | 1,500,000 | ||||||
Performance Vesting Stock Options [Member] | Long Term Compensation Plan [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Number of shares available for future grant | 4,293 | ||||||
Percentage of average return on invested capital | 20.00% | ||||||
Reduced percentage of shares earned in stock options plan | 66.70% | ||||||
Shares earned | 4,293 | ||||||
Stock based compensation plan, description | The performance criterion for the Fiscal 2022 Employee Performance Stock Option Grant was based upon the achievement of certain levels of return on equity (as defined in the option agreements), ranging from 10.0% to 20.0%, for the fiscal year ending March 31, 2022. All stock options would be earned if the return on equity was 20.0% or greater, and the percentage of shares earned are reduced proportionately to approximately 66.7% if the return on equity was 10.0%. If the Company does not achieve a return on equity of at least 10.0%, all stock options granted would be forfeited. | ||||||
Share-based compensation vesting period | 4 years | ||||||
Share-based compensation award expiration term | 10 years | ||||||
Performance Vesting Stock Options [Member] | Long Term Compensation Plan [Member] | Minimum [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Percentage of average return on invested capital | 10.00% | ||||||
Share-based compensation expiration date | Mar. 31, 2023 | ||||||
Performance Vesting Stock Options [Member] | Long Term Compensation Plan [Member] | Maximum [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Percentage of average return on invested capital | 20.00% | ||||||
Share-based compensation expiration date | Mar. 31, 2025 | ||||||
Time Vesting Stock Options [Member] | Long Term Compensation Plan [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Number of shares available for future grant | 3,578 | ||||||
Share-based compensation vesting period | 4 years | ||||||
Stock Options [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Weighted-average period of recognition of unrecognized compensation cost | 1 year 9 months 18 days | ||||||
Unrecognized compensation cost | $ 3.7 | ||||||
Performance Vesting Restricted Stock [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Number of shares available for future grant | 52,577 | ||||||
Percentage of average return on invested capital | 20.00% | ||||||
Shares earned | 52,577 | ||||||
Stock based compensation plan, description | The performance criterion for the Fiscal 2022 Employee Restricted Stock Performance Award is based upon the achievement of certain levels of return on equity (as defined in the agreement), ranging from 10.0% to 20.0%, for the fiscal year ended March 31, 2022. All restricted shares would be earned if the return on equity was 20.0% or greater, and the percentage of shares earned would be reduced proportionately to approximately 66.7% if the return on equity was 10.0%. If the Company did not achieve a return on equity of at least 10.0%, all awards would be forfeited. | ||||||
Share-based compensation vesting period | 4 years | ||||||
Reduced percentage of restricted shares | 66.70% | ||||||
Share-based compensation vesting date | Mar. 31, 2025 | ||||||
Performance Vesting Restricted Stock [Member] | Minimum [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Percentage of average return on invested capital | 10.00% | ||||||
Share-based compensation vesting date | Mar. 31, 2023 | ||||||
Performance Vesting Restricted Stock [Member] | Maximum [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Percentage of average return on invested capital | 20.00% | ||||||
Time Vesting Restricted Stock [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Number of shares available for future grant | 43,816 | ||||||
Share-based compensation vesting period | 4 years | 4 years | |||||
Time Vesting Restricted Stock [Member] | Board of Director [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Share-based compensation vesting period | 6 months | ||||||
Restricted Stock [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Number of shares available for future grant | 259,000 | ||||||
Share-based compensation vesting period | 6 months | ||||||
Weighted-average period of recognition of unrecognized compensation cost | 2 years 4 months 24 days | ||||||
Unrecognized compensation cost | $ 17.2 | ||||||
Restricted Stock [Member] | Board of Director [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Number of shares available for future grant | 15,720 | ||||||
Restricted Stock And Restricted Stock Unit [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Number of shares available for future grant | 1,008,690 |
Weighted-Average Assumptions Us
Weighted-Average Assumptions Used to Value Option Awards (Detail) - Long Term Compensation Plan [Member] - Stock Options [Member] | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Dividend Yield | 0.80% | 0.00% |
Expected Volatility | 38.40% | 37.90% |
Risk-Free Interest Rate | 1.00% | 0.44% |
Expected Life | 6 years | 6 years |
Stock Option Activity (Detail)
Stock Option Activity (Detail) - $ / shares | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Number of Shares, Outstanding Options at Beginning of Year | 708,501 | 1,160,091 | 1,042,925 |
Number of Shares, Granted | 11,316 | 187,121 | 187,375 |
Number of Shares, Exercised | (247,578) | (623,617) | (62,326) |
Number of Shares, Cancelled | (15,390) | (15,094) | (7,883) |
Number of Shares, Outstanding Options at End of Year | 456,849 | 708,501 | 1,160,091 |
Number of Shares, Options Exercisable at End of Year | 314,624 | 416,817 | 868,081 |
Weighted-Average Exercise Price, Outstanding Options at Beginning of Year | $ 83.85 | $ 80.36 | $ 76.88 |
Weighted-Average Exercise Price, Granted | 140.42 | 61.92 | 91.58 |
Weighted-Average Exercise Price, Exercised | 86.97 | 70.57 | 88.28 |
Weighted-Average Exercise Price, Cancelled | 76.63 | 92.51 | 102.69 |
Weighted-Average Exercise Price, Outstanding Options at End of Year | 83.81 | 83.85 | 80.36 |
Weighted-Average Fair Value of Options Granted During the Year | $ 49.18 | $ 22.68 | $ 27.35 |
Stock Options Outstanding (Deta
Stock Options Outstanding (Detail) | 12 Months Ended |
Mar. 31, 2022$ / sharesshares | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Options Outstanding, Number of Shares Outstanding | shares | 456,849 |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | 6 years 8 months 1 day |
Options Outstanding, Weighted-Average Exercise Price | $ 83.81 |
Options Exercisable , Number of Shares Outstanding | shares | 314,624 |
Options Exercisable, Weighted-Average Exercise Price | $ 87.57 |
$33.69 - $37.34 [Member] | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Range of Exercise Prices, Lower Range | 33.69 |
Range of Exercise Prices, Upper Range | $ 37.34 |
Options Outstanding, Number of Shares Outstanding | shares | 5,800 |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | 2 months 12 days |
Options Outstanding, Weighted-Average Exercise Price | $ 35.46 |
Options Exercisable , Number of Shares Outstanding | shares | 5,800 |
Options Exercisable, Weighted-Average Exercise Price | $ 35.46 |
$59.32 - $81.56 [Member] | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Range of Exercise Prices, Lower Range | 59.32 |
Range of Exercise Prices, Upper Range | $ 81.56 |
Options Outstanding, Number of Shares Outstanding | shares | 179,192 |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | 7 years 1 month 24 days |
Options Outstanding, Weighted-Average Exercise Price | $ 63.43 |
Options Exercisable , Number of Shares Outstanding | shares | 92,382 |
Options Exercisable, Weighted-Average Exercise Price | $ 65.88 |
$87.37 - $93.03 [Member] | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Range of Exercise Prices, Lower Range | 87.37 |
Range of Exercise Prices, Upper Range | $ 93.03 |
Options Outstanding, Number of Shares Outstanding | shares | 156,131 |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | 6 years 8 months 8 days |
Options Outstanding, Weighted-Average Exercise Price | $ 91.44 |
Options Exercisable , Number of Shares Outstanding | shares | 113,803 |
Options Exercisable, Weighted-Average Exercise Price | $ 91.40 |
$99.37 - $143.09 [Member] | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Range of Exercise Prices, Lower Range | 99.37 |
Range of Exercise Prices, Upper Range | $ 143.09 |
Options Outstanding, Number of Shares Outstanding | shares | 115,726 |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | 6 years 2 months 23 days |
Options Outstanding, Weighted-Average Exercise Price | $ 107.49 |
Options Exercisable , Number of Shares Outstanding | shares | 102,639 |
Options Exercisable, Weighted-Average Exercise Price | $ 105.81 |
Summary of Activity for Nonvest
Summary of Activity for Nonvested Restricted Shares (Detail) - Restricted Stock [Member] - $ / shares | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of Shares, Nonvested at Beginning of Year | 267,090 | 233,120 | 300,115 |
Number of Shares, Granted | 113,414 | 179,377 | 118,292 |
Number of Shares, Vested | (116,507) | (136,280) | (169,347) |
Number of Shares, Cancelled | (5,218) | (9,127) | (15,940) |
Number of Shares, Nonvested at End of Year | 258,779 | 267,090 | 233,120 |
Weighted Average Grant Date Fair Value, Nonvested at Beginning of Year | $ 62.56 | $ 75.35 | $ 78.94 |
Weighted Average Grant Date Fair Value, Granted | 139.91 | 63.83 | 90.08 |
Weighted Average Grant Date Fair Value, Vested | 87.47 | 78.89 | 92.98 |
Weighted Average Grant Date Fair Value, Cancelled | 75.10 | 71.46 | 58.64 |
Weighted Average Grant Date Fair Value, Nonvested at End of Year | $ 102.45 | $ 62.56 | $ 75.35 |
Net Interest Expense, Net (Deta
Net Interest Expense, Net (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Interest Income (Expense), Net [Abstract] | |||
Interest Income | $ (39) | $ (66) | $ (34) |
Interest Expense | 21,637 | 40,624 | 36,956 |
Other Expenses | 9,275 | 3,862 | 1,499 |
Interest Expense, net | $ 30,873 | $ 44,420 | $ 38,421 |
Schedule of Reconciliation of O
Schedule of Reconciliation of Obligations and Fair Values of Plan Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Compensation And Retirement Disclosure [Abstract] | |||
Benefit Obligation at April 1, | $ 35,844 | $ 36,701 | |
Service Cost - Benefits Earned During the Period | 0 | 0 | $ 339 |
Interest Cost on Projected Benefit Obligation | 1,167 | 1,216 | 1,351 |
Actuarial (Gain) Loss | (1,776) | 1,714 | |
Benefits Paid | (1,326) | (1,251) | |
Sale of Business | 0 | 2,536 | |
Benefit Obligation at March 31, | 33,909 | 35,844 | 36,701 |
Fair Value of Plan Assets at April 1, | 37,907 | 39,009 | |
Actual Return on Plan Assets | (268) | 2,939 | |
Benefits Paid | (1,326) | (1,251) | |
Sale of Business | (2,790) | ||
Fair Value of Plan Assets at March 31, | 36,313 | 37,907 | $ 39,009 |
Funded Status at March 31, | 2,404 | 2,063 | |
Other Assets | 2,404 | 2,063 | |
Accumulated Other Comprehensive Losses - Net Actuarial Loss | 4,172 | 4,524 | |
Accumulated Other Comprehensive Losses - Prior Service Cost | 0 | 0 | |
Accumulated Other Comprehensive Losses | 4,172 | 4,524 | |
Tax impact | (997) | (1,084) | |
Accumulated Other Comprehensive Losses, net of tax | $ 3,175 | $ 3,440 |
Summary of Projected Benefit Ob
Summary of Projected Benefit Obligation, Accumulated Benefit Obligation and Fair Value of Plan Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 |
Compensation And Retirement Disclosure [Abstract] | |||
Projected Benefit Obligation | $ 33,909 | $ 35,844 | $ 36,701 |
Accumulated Benefit Obligation | 33,909 | 35,844 | |
Fair Value of Plan Assets | $ 36,313 | $ 37,907 | $ 39,009 |
Components of Net Periodic Cost
Components of Net Periodic Cost (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Compensation And Retirement Disclosure [Abstract] | |||
Service Cost - Benefits Earned During the Period | $ 0 | $ 0 | $ 339 |
Interest Cost of Projected Benefit Obligation | 1,167 | 1,216 | 1,351 |
Expected Return on Plan Assets | (1,299) | (1,419) | (1,702) |
Recognized Net Actuarial Loss | 143 | 133 | 153 |
Amortization of Prior-Service Cost | 0 | 0 | 19 |
Net Periodic Pension Cost | $ 11 | $ (70) | $ 160 |
Schedule of Expected Benefit Pa
Schedule of Expected Benefit Payments (Detail) $ in Thousands | Mar. 31, 2022USD ($) |
Compensation And Retirement Disclosure [Abstract] | |
2023 | $ 1,688 |
2024 | 1,702 |
2025 | 1,810 |
2026 | 1,868 |
2027 | 1,941 |
2028-2032 | $ 9,776 |
Schedule of Assumptions Used in
Schedule of Assumptions Used in Net Periodic Benefit Cost and Benefit Obligations (Detail) | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Compensation And Retirement Disclosure [Abstract] | |||
Net Periodic Benefit Costs - Discount Rate | 3.33% | 3.64% | 4.09% |
Net Periodic Benefit Costs - Expected Return on Plan Assets | 3.50% | 4.00% | 4.75% |
Net Periodic Benefit Costs - Rate of Compensation Increase | 3.50% | ||
Benefit Obligations - Discount Rate | 3.75% | 3.33% |
Schedule of Pension Plans Weigh
Schedule of Pension Plans Weighted-Average Asset Allocation and Range of Target Allocation (Detail) | Mar. 31, 2022 | Mar. 31, 2021 |
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of Plan Assets at March 31 | 100.00% | 100.00% |
Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of Plan Assets at March 31 | 9.00% | 19.00% |
Equity Securities [Member] | Minimum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Range of Target Allocation | 10.00% | |
Equity Securities [Member] | Maximum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Range of Target Allocation | 20.00% | |
Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of Plan Assets at March 31 | 90.00% | 79.00% |
Debt Securities [Member] | Minimum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Range of Target Allocation | 60.00% | |
Debt Securities [Member] | Maximum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Range of Target Allocation | 90.00% | |
Other [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of Plan Assets at March 31 | 1.00% | 2.00% |
Other [Member] | Minimum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Range of Target Allocation | 0.00% | |
Other [Member] | Maximum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Range of Target Allocation | 20.00% |
Pension and Profit Sharing Pl_3
Pension and Profit Sharing Plans - Additional information (Detail) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2023USD ($) | Mar. 31, 2022USD ($)CompensationplanEmployee | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Employees fully vesting in employer's own contributions made beginning in 2007, requirement years | 4 years | |||
Costs relating to employer discretionary contributions | $ 8,500 | $ 8,300 | $ 8,200 | |
Current actuarial estimates contributions | $ 1,300 | 1,100 | 700 | |
Number of employees covered under multi-employer pension plans | Employee | 50 | |||
Number of multi-employer plans | Compensationplan | 3 | |||
Expenses related to multi employer plans | $ 1,700 | $ 1,800 | $ 1,700 | |
Minimum [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Collective bargaining agreement for employer covered under multi-employer plans, Expiration date, First | Feb. 29, 2024 | |||
Maximum [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Collective bargaining agreement for employer covered under multi-employer plans, Expiration date, First | Mar. 31, 2025 | |||
Scenario Forecast [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Current actuarial estimates contributions for fiscal year 2023 | $ 0 | |||
Expenses related to multi employer plans | $ 2,000 |
Schedule of Fair Values of Defi
Schedule of Fair Values of Defined Benefit Plans (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of defined benefit plans | $ 36,313 | $ 37,907 | $ 39,009 |
Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of defined benefit plans | 3,433 | 7,277 | |
Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of defined benefit plans | 32,583 | 30,010 | |
Real Estate Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of defined benefit plans | 115 | 160 | |
Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of defined benefit plans | $ 182 | $ 460 |
Schedule of Fair Values of De_2
Schedule of Fair Values of Defined Benefit Plans Determined Using Fair Value Hierarchy of Inputs (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of defined benefit plans | $ 36,313 | $ 37,907 | $ 39,009 |
Fair Value, Inputs, Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of defined benefit plans | 182 | 460 | |
Fair Value, Inputs, Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of defined benefit plans | 36,131 | 37,447 | |
Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of defined benefit plans | 3,433 | 7,277 | |
Equity Securities [Member] | Fair Value, Inputs, Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of defined benefit plans | 3,433 | 7,277 | |
Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of defined benefit plans | 32,583 | 30,010 | |
Fixed Income Securities [Member] | Fair Value, Inputs, Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of defined benefit plans | 32,583 | 30,010 | |
Real Estate Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of defined benefit plans | 115 | 160 | |
Real Estate Funds [Member] | Fair Value, Inputs, Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of defined benefit plans | 115 | 160 | |
Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of defined benefit plans | 182 | 460 | |
Cash Equivalents [Member] | Fair Value, Inputs, Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of defined benefit plans | $ 182 | $ 460 |
Quarterly Results (unaudited)_2
Quarterly Results (unaudited) (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenue | $ 413,117 | $ 462,941 | $ 509,694 | $ 475,770 | $ 343,302 | $ 404,667 | $ 447,684 | $ 426,989 | $ 1,861,522 | $ 1,622,642 | $ 1,404,033 |
Gross Profit | 99,176 | 138,586 | 155,341 | 126,511 | 69,830 | 113,379 | 122,849 | 102,297 | 519,614 | 408,355 | 342,666 |
Earnings from Continuing Operations Before Income Taxes | 90,214 | 131,846 | 131,315 | 121,719 | 79,442 | 105,072 | 109,671 | 129,927 | 475,094 | 424,112 | 255,695 |
Net Earnings from Continuing Operations | 74,316 | 102,479 | 102,125 | 95,327 | 66,011 | 81,193 | 89,871 | 97,091 | |||
Net Earnings | $ 74,316 | $ 102,479 | $ 102,125 | $ 95,327 | $ 66,011 | $ 81,193 | $ 96,034 | $ 96,206 | $ 374,247 | $ 339,444 | $ 70,894 |
Continuing Operations | $ 1.90 | $ 2.53 | $ 2.46 | $ 2.25 | $ 1.56 | $ 1.94 | $ 2.16 | $ 2.33 | $ 9.14 | $ 7.99 | $ 5.47 |
Diluted Earnings per Share | $ 1.90 | $ 2.53 | $ 2.46 | $ 2.25 | $ 1.56 | $ 1.94 | $ 2.31 | $ 2.31 | $ 9.14 | $ 8.12 | $ 1.68 |
Quarterly Results (unaudited) -
Quarterly Results (unaudited) - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Effect Of Fourth Quarter Events [Line Items] | |||
Pre-tax impairment loss | $ 224,267 | ||
Corporate, general and administrative expense | 46,801 | 49,511 | 65,410 |
Cost of good sold | 1,341,908 | 1,214,287 | 1,061,367 |
Income tax expense (benefit) | 100,847 | $ 89,946 | 24,504 |
Cement [Member] | |||
Effect Of Fourth Quarter Events [Line Items] | |||
Cost of good sold | 6,000 | ||
Light Materials [Member] | |||
Effect Of Fourth Quarter Events [Line Items] | |||
Cost of good sold | $ 6,000 | ||
Oil and Gas Proppants [Member] | |||
Effect Of Fourth Quarter Events [Line Items] | |||
Pre-tax impairment loss | $ 224,300 |