Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Sep. 30, 2022 | Oct. 24, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | EAGLE MATERIALS INC. | |
Entity Central Index Key | 0000918646 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Current Fiscal Year End Date | --03-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 36,844,662 | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Title of 12(b) Security | Common Stock (par value $.01 per share) | |
Trading Symbol | EXP | |
Security Exchange Name | NYSE | |
Entity File Number | 1-12984 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 75-2520779 | |
Entity Address, Address Line One | 5960 Berkshire Lane | |
Entity Address, Address Line Two | Suite 900 | |
Entity Address, City or Town | Dallas | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 75225 | |
City Area Code | 214 | |
Local Phone Number | 432-2000 | |
Document Quarterly Report | true | |
Document Transition Report | false |
Consolidated Statements of Earn
Consolidated Statements of Earnings (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Statement [Abstract] | ||||
Revenue | $ 605,068 | $ 509,694 | $ 1,166,455 | $ 985,464 |
Cost of Goods Sold | 410,829 | 354,353 | 821,350 | 703,612 |
Gross Profit | 194,239 | 155,341 | 345,105 | 281,852 |
Equity in Earnings of Unconsolidated Joint Venture | 7,156 | 8,260 | 12,254 | 16,230 |
Corporate General and Administrative Expense | (13,627) | (10,667) | (25,447) | (20,135) |
Loss on Early Retirement of Senior Notes | 0 | (8,407) | 0 | (8,407) |
Other Non-Operating Income (Loss) | (664) | (944) | (1,299) | 2,734 |
Interest Expense, net | (8,580) | (12,268) | (15,910) | (19,240) |
Earnings before Income Taxes | 178,524 | 131,315 | 314,703 | 253,034 |
Income Taxes | (39,529) | (29,190) | (70,703) | (55,582) |
Net Earnings | $ 138,995 | $ 102,125 | $ 244,000 | $ 197,452 |
EARNINGS PER SHARE | ||||
Basic | $ 3.74 | $ 2.48 | $ 6.50 | $ 4.74 |
Diluted | $ 3.72 | $ 2.46 | $ 6.46 | $ 4.70 |
AVERAGE SHARES OUTSTANDING | ||||
Basic | 37,140,197 | 41,222,161 | 37,559,087 | 41,623,187 |
Diluted | 37,366,879 | 41,594,733 | 37,792,613 | 42,013,847 |
CASH DIVIDENDS PER SHARE | $ 0.25 | $ 0.25 | $ 0.50 | $ 0.25 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Earnings (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Earnings | $ 138,995 | $ 102,125 | $ 244,000 | $ 197,452 |
Net Actuarial Change in Defined Benefit Plans | ||||
Amortization of Net Actuarial Loss | 30 | 36 | 60 | 72 |
Tax Expense | (6) | (9) | (13) | (18) |
Comprehensive Earnings | $ 139,019 | $ 102,152 | $ 244,047 | $ 197,506 |
Consolidated Balance Sheets (un
Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands | Sep. 30, 2022 | Mar. 31, 2022 |
Current Assets | ||
Cash and Cash Equivalents | $ 84,140 | $ 19,416 |
Accounts and Notes Receivable, net | 232,595 | 176,276 |
Inventories | 225,835 | 236,661 |
Income Tax Receivable | 4,371 | 7,202 |
Prepaid and Other Assets | 5,933 | 3,172 |
Total Current Assets | 552,874 | 442,727 |
Property, Plant, and Equipment, net | 1,655,616 | 1,616,539 |
Notes Receivable | 8,501 | 8,485 |
Investment in Joint Venture | 85,391 | 80,637 |
Operating Lease Right-of-Use Assets | 22,126 | 23,856 |
Goodwill and Intangible Assets, net | 469,491 | 387,898 |
Other Assets | 15,150 | 19,510 |
Total Assets | 2,809,149 | 2,579,652 |
Current Liabilities | ||
Accounts Payable | 113,722 | 113,679 |
Accrued Liabilities | 91,515 | 86,754 |
Operating Lease Liabilities | 6,736 | 7,118 |
Income Tax Payable | 1,348 | 0 |
Current Portion of Long-term Debt | 10,000 | 0 |
Total Current Liabilities | 223,321 | 207,551 |
Long-term Debt | 1,126,398 | 938,265 |
Noncurrent Operating Lease Liabilities | 26,736 | 29,212 |
Other Long-term Liabilities | 37,423 | 38,699 |
Deferred Income Taxes | 238,567 | 232,369 |
Total Liabilities | 1,652,445 | 1,446,096 |
Stockholders’ Equity | ||
Preferred Stock, Par Value $0.01; Authorized 5,000,000 Shares; None Issued | 0 | 0 |
Common Stock, Par Value $0.01; Authorized 100,000,000 Shares; Issued and Outstanding 37,064,662 and 38,710,929 Shares, respectively | 371 | 387 |
Capital in Excess of Par Value | 0 | 0 |
Accumulated Other Comprehensive Losses | (3,128) | (3,175) |
Retained Earnings | 1,159,461 | 1,136,344 |
Total Stockholders’ Equity | 1,156,704 | 1,133,556 |
Total Liabilities and Stockholders' Equity | $ 2,809,149 | $ 2,579,652 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (unaudited) (Parenthetical) - $ / shares | Sep. 30, 2022 | Mar. 31, 2022 |
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 | 37,064,662 | 38,710,929 |
Common Stock, Outstanding | 37,064,662 | 38,710,929 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net Earnings | $ 244,000 | $ 197,452 |
Adjustments to Reconcile Net Earnings to Net Cash Provided by Operating Activities, Net of Effect of Non-Cash Activity | ||
Depreciation, Depletion and Amortization | 68,874 | 64,284 |
Write-off of debt issuance costs | 0 | 6,101 |
Deferred Income Tax Provision | 6,198 | 8,295 |
Stock Compensation Expense | 9,548 | 6,376 |
Equity in Earnings of Unconsolidated Joint Venture | (12,254) | (16,230) |
Distributions from Joint Venture | 7,500 | 14,000 |
Changes in Operating Assets and Liabilities | ||
Accounts and Notes Receivable | (50,697) | (49,597) |
Inventories | 18,101 | 32,004 |
Accounts Payable and Accrued Liabilities | 1,634 | 16,776 |
Other Assets | 4,589 | (2,883) |
Income Taxes Payable (Receivable) | 2,952 | (15,116) |
Net Cash Provided by Operating Activities | 300,445 | 261,462 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Additions to Property, Plant, and Equipment | (43,249) | (26,777) |
Acquisition Spending | (158,451) | 0 |
Net Cash Used in Investing Activities | (201,700) | (26,777) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Increase in Credit Facility | 200,000 | 75,000 |
Repayment of Term Loan and Term Loan Credit Agreement | (2,500) | (665,000) |
Dividends Paid to Stockholders | (19,149) | (10,547) |
Purchase and Retirement of Common Stock | (210,398) | (247,845) |
Proceeds from Stock Option Exercises | 735 | 14,460 |
Loss on Early Retirement of Senior Notes | 0 | (8,407) |
Payment of Debt Issuance Costs | (903) | (7,985) |
Shares Redeemed to Settle Employee Taxes on Stock Compensation | (1,806) | (1,359) |
Net Cash Used in Financing Activities | (34,021) | (457,991) |
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | 64,724 | (223,306) |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 19,416 | 268,520 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 84,140 | 45,214 |
2.500% Senior Unsecured Notes [Member] | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from 2.500% Senior Unsecured Notes | 0 | 743,692 |
4.500% Senior Unsecured Notes [Member] | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Repayment of 4.500% Senior Unsecured Notes | $ 0 | $ (350,000) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (unaudited) - USD ($) $ in Thousands | Total | Common Stock [Member] | Capital in Excess of Par Value [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Losses [Member] |
Beginning balance at Mar. 31, 2021 | $ 1,358,990 | $ 424 | $ 62,497 | $ 1,299,509 | $ (3,440) |
Net Earnings | 95,327 | 95,327 | |||
Stock Compensation Expense | 2,456 | 1 | 2,455 | ||
Stock Option Exercises and Restricted Share Issuances | 8,222 | 8,222 | |||
Shares Redeemed to Settle Employee Taxes | (1,214) | (1,214) | |||
Purchase and Retirement of Common Stock | (61,929) | (4) | (61,925) | ||
Dividends to Shareholders | (10,547) | (10,547) | |||
Unfunded Pension Liability, net of tax | 27 | 27 | |||
Ending Balance at Jun. 30, 2021 | 1,391,332 | 421 | 10,035 | 1,384,289 | (3,413) |
Beginning balance at Mar. 31, 2021 | 1,358,990 | 424 | 62,497 | 1,299,509 | (3,440) |
Net Earnings | 197,452 | ||||
Ending Balance at Sep. 30, 2021 | 1,307,309 | 409 | 0 | 1,310,286 | (3,386) |
Beginning balance at Jun. 30, 2021 | 1,391,332 | 421 | 10,035 | 1,384,289 | (3,413) |
Net Earnings | 102,125 | 102,125 | |||
Stock Compensation Expense | 3,920 | 3,920 | |||
Stock Option Exercises and Restricted Share Issuances | 6,238 | 6,238 | |||
Shares Redeemed to Settle Employee Taxes | (145) | (145) | |||
Purchase and Retirement of Common Stock | (185,916) | (12) | (20,048) | (165,856) | |
Dividends to Shareholders | (10,272) | (10,272) | |||
Unfunded Pension Liability, net of tax | 27 | 27 | |||
Ending Balance at Sep. 30, 2021 | 1,307,309 | 409 | 0 | 1,310,286 | (3,386) |
Beginning balance at Mar. 31, 2022 | 1,133,556 | 387 | 0 | 1,136,344 | (3,175) |
Net Earnings | 105,005 | 105,005 | |||
Stock Compensation Expense | 5,146 | 5,146 | |||
Stock Option Exercises and Restricted Share Issuances | 667 | 1 | 666 | ||
Shares Redeemed to Settle Employee Taxes | (1,497) | (1,497) | |||
Purchase and Retirement of Common Stock | (109,612) | (8) | (4,315) | (105,289) | |
Dividends to Shareholders | (9,507) | (9,507) | |||
Unfunded Pension Liability, net of tax | 23 | 23 | |||
Ending Balance at Jun. 30, 2022 | 1,123,781 | 380 | 0 | 1,126,553 | (3,152) |
Beginning balance at Mar. 31, 2022 | 1,133,556 | 387 | 0 | 1,136,344 | (3,175) |
Net Earnings | 244,000 | ||||
Ending Balance at Sep. 30, 2022 | 1,156,704 | 371 | 0 | 1,159,461 | (3,128) |
Beginning balance at Jun. 30, 2022 | 1,123,781 | 380 | 0 | 1,126,553 | (3,152) |
Net Earnings | 138,995 | 138,995 | |||
Stock Compensation Expense | 4,402 | 4,402 | |||
Stock Option Exercises and Restricted Share Issuances | 68 | 68 | |||
Shares Redeemed to Settle Employee Taxes | (309) | (309) | |||
Purchase and Retirement of Common Stock | (100,786) | (9) | (4,161) | (96,616) | |
Dividends to Shareholders | (9,471) | (9,471) | |||
Unfunded Pension Liability, net of tax | 24 | 24 | |||
Ending Balance at Sep. 30, 2022 | $ 1,156,704 | $ 371 | $ 0 | $ 1,159,461 | $ (3,128) |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 6 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION | (A) BASIS OF PRESENTATION The accompanying Unaudited Consolidated Financial Statements as of and for the three and six months ended September 30, 2022, include the accounts of Eagle Materials Inc. and its majority-owned subsidiaries (collectively, the Company, us, or we) and have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. These Unaudited Consolidated Financial Statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on May 20, 2022. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although we believe that the disclosures are adequate to make the information presented not misleading. In our opinion, all adjustments (consisting solely of normal recurring adjustments) necessary to present fairly the information in the following Unaudited Consolidated Financial Statements of the Company have been included. The results of operations for interim periods are not necessarily indicative of the results for the full year. The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and 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. Recent Accounting Pronouncements There have been no recent accounting pronouncements that are expected to materially affect the Company. |
SUPPLEMENTAL CASH FLOW INFORMAT
SUPPLEMENTAL CASH FLOW INFORMATION | 6 Months Ended |
Sep. 30, 2022 | |
Supplemental Cash Flow Elements [Abstract] | |
SUPPLEMENTAL CASH FLOW INFORMATION | (B) SUPPLEMENTAL CASH FLOW INFORMATION Supplemental cash flow information is as follows: For the Six Months Ended September 30, 2022 2021 (dollars in thousands) Cash Payments Interest $ 12,940 $ 10,634 Income Taxes 61,592 54,581 Operating Cash Flows Used for Operating Leases 4,248 3,987 |
ACQUISITIONS
ACQUISITIONS | 6 Months Ended |
Sep. 30, 2022 | |
Business Combinations [Abstract] | |
ACQUISITIONS | (C) ACQUISITIONS ConAgg Acquisition On April 22, 2022, we purchased the assets of a readymix concrete and aggregates business (the ConAgg Acquisition). The purchase price of the ConAgg Acquisition was approximately $ 121.2 million, which was paid in April 2022. During August 2022, we finalized the working capital adjustment, which resulted in a reduction in the purchase price of approximately $ 1.0 million. After this reduction, the purchase price for the ConAgg Acquisition was approximately $ 120.2 million. The purchase price and expenses incurred in connection with the ConAgg Acquisition were funded through borrowings under our revolving credit facility. Operations related to the ConAgg Acquisition are included in the Concrete and Aggregates business in our segment reporting from April 22, 2022, through September 30, 2022. The following table summarizes the allocation of the Purchase Price to assets acquired and liabilities assumed: Fair Value Working Capital $ 10,780 Property, Plant, and Equipment 39,489 Intangible Assets 30,750 Goodwill 39,135 Total Estimated Purchase Price $ 120,154 The estimated useful lives assigned to Property, Plant, and Equipment range from 5 to 30 years , while the estimated useful lives assigned to Intangible Assets range from 2 to 15 years . The following table presents the Revenue and Operating Earnings related to the ConAgg Acquisition that has been included in our Consolidated Statement of Earnings from April 22, 2022, through September 30, 2022. For the Three Months Ended For the Six Months Ended September 30, 2022 (dollars in thousands) Revenue $ 13,885 $ 24,915 Operating Earnings $ 1,750 $ 1,643 Operating Earnings shown above for the three and six months ended September 30, 2022 were reduced by approximately $ 2.1 million and $ 4.1 million related to depreciation and amortization, respectively. Additionally, Operating Earnings for the three and six months ended September 30, 2022, were reduced by approximately $ 0.9 million and $ 2.1 million related to the recording of acquired inventories at fair value, respectively. Terminal Acquisition On September 16, 2022, we acquired a cement distribution terminal located in Nashville, Tennessee (the Terminal Acquisition). The purchase price of the Terminal Acquisition was approximately $ 39.5 million. The purchase price allocation has not been finalized. The Terminal Acquisition was funded through borrowings under our revolving credit facility. Operations related to the Terminal Acquisition are included in the Cement business in our segment reporting from September 16, 2022, through September 30, 2022. The following table summarizes the preliminary allocation of the purchase price of the Terminal Acquisition to the assets acquired and liabilities assumed as of September 30, 2022: Estimated Fair Value Working Capital $ 1,116 Property, Plant, and Equipment 23,301 Intangible Assets 5,050 Goodwill 9,978 Total Estimated Purchase Price $ 39,445 The estimated useful lives assigned to Property, Plant, and Equipment range from 5 to 25 years , while the estimated useful lives assigned to Intangible Assets range from 2 to 15 years . |
REVENUE
REVENUE | 6 Months Ended |
Sep. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE | (D) REVENUE We earn Revenue primarily from the sale of products, which include cement, concrete, aggregates, gypsum wallboard, and recycled paperboard. The vast majority of Revenue from the sale of cement, concrete, aggregates, and gypsum wallboard is originated by purchase orders from our customers, who are mostly third-party contractors and suppliers. Revenue from our Recycled Paperboard segment is generated mainly through long-term supply agreements that mature in 2025 . We invoice customers upon shipment, and our collection terms range from 30 - 75 days. Revenue from the sale of cement, concrete, aggregates, and gypsum wallboard 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 or terminal location. 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 an agreement is reached with the customer and, therefore, are not subject to the 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 that are billed to the customer are recorded as Revenue, while costs we incur for shipping and handling are recorded as expenses and included in Cost of Goods Sold. Other Non-Operating Income includes lease and rental income, asset sale income, non-inventoried aggregates sales income, distribution center income, and trucking income, as well as other miscellaneous revenue items and costs that have not been allocated to a business segment. See Footnote (N) to the Unaudited Consolidated Financial Statements for disaggregation of revenue by segment. |
ACCOUNTS AND NOTES RECEIVABLE
ACCOUNTS AND NOTES RECEIVABLE | 6 Months Ended |
Sep. 30, 2022 | |
Receivables [Abstract] | |
ACCOUNTS AND NOTES RECEIVABLE | (E) ACCOUNTS AND NOTES RECEIVABLE Accounts Receivable are shown net of the allowance for doubtful accounts totaling $ 6.8 million and $ 6.7 million at September 30, 2022, and March 31, 2022, 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 upon analysis of economic trends in the construction industry, detailed analysis of the expected collectability of accounts receivable that are past due, and the expected collectability of overall receivables. We have no significant credit risk concentration among our diversified customer base. We had Notes Receivable totaling approximately $ 8.5 million at September 30, 2022, no ne of which was classified as current. We lend funds to certain companies in the ordinary course of business, and the notes bear interest at LIBOR plus 3 %, which was approximately 5.2 % at September 30, 2022. Remaining unpaid amounts, plus accrued interest, mature in fiscal 2025 . The notes are collateralized by certain assets of the borrowers, namely property and equipment, and are generally payable monthly. We monitor the credit risk of each borrower by assessing the timeliness of payments, credit history, credit metrics, and our ongoing interactions with each borrower. |
INVENTORIES
INVENTORIES | 6 Months Ended |
Sep. 30, 2022 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | (F) 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 are converted to tonnage using standard inventory density factors. Inventories consist of the following: September 30, March 31, 2022 2022 (dollars in thousands) Raw Materials and Materials-in-Progress $ 72,610 $ 81,308 Finished Cement 26,671 38,769 Aggregates 6,753 3,558 Gypsum Wallboard 3,357 3,452 Paperboard 5,371 7,462 Repair Parts and Supplies 98,547 91,593 Fuel and Coal 12,526 10,519 $ 225,835 $ 236,661 |
ACCRUED EXPENSES
ACCRUED EXPENSES | 6 Months Ended |
Sep. 30, 2022 | |
Payables and Accruals [Abstract] | |
ACCRUED EXPENSES | (G) ACCRUED EXPENSES Accrued Expenses consist of the following: September 30, March 31, 2022 2022 (dollars in thousands) Payroll and Incentive Compensation $ 32,289 $ 37,262 Benefits 15,832 14,894 Dividends 9,482 9,756 Interest 7,167 5,052 Property Taxes 10,399 6,514 Power and Fuel 4,633 2,877 Freight 2,485 1,172 Legal and Professional 1,608 989 Sales and Use Tax 2,291 1,509 Other 5,329 6,729 $ 91,515 $ 86,754 |
LEASES
LEASES | 6 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
LEASES | (H) LEASES We lease certain real estate, buildings, and equipment. Certain of these leases contain escalations of rent over the term of the lease, as well as options for us to extend the term of the lease at the end of the original term. These extensions range from periods of one to 20 years . Our lease agreements do not contain material residual value guarantees or material restrictive covenants. In calculating the present value of future minimum lease payments, we use the rate implicit in the lease if it can be determined. Otherwise, we use our incremental borrowing rate in effect at the commencement of the lease to determine the present value of the future minimum lease payments. Additionally, we lease certain equipment under short-term leases with initial terms of less than 12 months, which are not recorded on the balance sheet. Lease expense for our operating and short-term leases is as follows: For the Three Months Ended September 30, For the Six Months Ended September 30, 2022 2021 2022 2021 (dollars in thousands) Operating Lease Cost $ 1,671 $ 1,566 $ 3,398 $ 3,080 Short-term Lease Cost 126 309 275 811 Total Lease Cost $ 1,797 $ 1,875 $ 3,673 $ 3,891 The Right-of-Use Assets and Lease Liabilities are reflected on our Balance Sheet as follows: September 30, March 31, 2022 2022 (dollars in thousands) Operating Leases Operating Lease Right-of-Use Assets $ 22,126 $ 23,856 Current Operating Lease Liabilities $ 6,736 $ 7,118 Noncurrent Operating Lease Liabilities 26,736 29,212 Total Operating Lease Liabilities $ 33,472 $ 36,330 Future payments for operating leases are as follows (dollars in thousands): Fiscal Year Amount 2023 (remaining six months) $ 4,408 2024 6,363 2025 5,916 2026 4,279 2027 3,540 Thereafter 16,934 Total Lease Payments $ 41,440 Less: Imputed Interest ( 7,968 ) Present Value of Lease Liabilities $ 33,472 Weighted-Average Remaining Lease Term (in years) 10.2 Weighted-Average Discount Rate 3.73 % |
SHARE-BASED EMPLOYEE COMPENSATI
SHARE-BASED EMPLOYEE COMPENSATION | 6 Months Ended |
Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
SHARE-BASED EMPLOYEE COMPENSATION | (I) S hare -BASED EMPLOYEE COMPENSATION 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 can issue equity awards, including stock options, restricted stock units, restricted stock, and stock appreciation rights, to employees of the Company and members of the Board of Directors. The Compensation Committee of our Board of Directors specifies grant terms for awards under the Plan. Long-Term Compensation Plans OPTIONS In May 2022, the Compensation Committee of the Board of Directors approved the granting to certain officers and key employees an aggregate of 25,192 performance-vesting stock options that will be earned only if certain performance conditions are satisfied (the Fiscal 2023 Employee Performance Stock Option Award). The performance criteria for the Fiscal 2023 Employee Performance Stock Option Award are based upon the achievement of certain levels of return on equity (as defined in the option agreement), ranging from 10.0 % to 20.0 %, for the fiscal year ending March 31, 2023. All stock options will be earned if the return on equity is 20.0% or greater, and the percentage of shares earned will be reduced proportionately to approximately 66.7 % if the return on equity is 10.0%. If the Company does not achieve a return on equity of at least 10.0%, all granted stock options will be forfeited. Following any such reduction, restrictions on the earned stock options will lapse and the earned options will vest ratably over four years , with the initial fourth vesting promptly following the date on which the return on equity is determined, and the remaining options vesting on March 31, 2024 through 2026 . The stock options have a term of 10 years from the grant date. The Compensation Committee also approved the granting of 20,994 time-vesting stock options to the same officers and key employees, which vest ratably over four years (the Fiscal 2023 Employee Time-Vesting Stock Option Award). In August 2022, we granted 3,510 options to members of the Board of Directors (the Fiscal 2023 Board of Directors Stock Option Award). Options granted under the Fiscal 2023 Board of Directors Stock Option Award vest immediately and can be exercised from the grant date until their expiration on the tenth anniversary of the grant date. The Fiscal 2023 Employee Performance Stock Option Award, the Fiscal 2023 Employee Time-Vesting Stock Option Award, and the Fiscal 2023 Board of Directors Stock Option Award were valued at their 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 2023 are as follows: Dividend Yield 0.8 % Expected Volatility 38.2 % Risk-Free Interest Rate 2.9 % Expected Life 6.0 years In addition to the stock options described above, from time to time we issue stock options to certain employees. Any options issued are valued using the Black-Scholes options pricing model on the grant date and are expensed over the vesting period. Stock option expense for all outstanding stock option awards totaled approximately $ 1.1 million and $ 1.9 million for the three and six months ended September 30, 2022, respectively, and $ 1.0 million and $ 1.7 million for the three and six months ended September 30, 2021, respectively. At September 30, 2022, there was approximately $ 4.8 million of unrecognized compensation cost related to outstanding stock options, which is expected to be recognized over a weighted-average period of 2.4 years. The following table represents stock option activity for the six months ended September 30, 2022: Number Weighted- Outstanding Options at March 31, 2022 456,849 $ 83.81 Granted 56,621 $ 125.90 Exercised ( 17,841 ) $ 125.36 Cancelled ( 3,178 ) $ 109.15 Outstanding Options at September 30, 2022 492,451 $ 89.09 Options Exercisable at September 30, 2022 301,348 Weighted-Average Fair Value of Options Granted $ 48.36 The following table summarizes information about stock options outstanding at September 30, 2022: Options Outstanding Options Exercisable Range of Exercise Prices Number of Weighted- Weighted- Number of Weighted- $ 59.32 - $ 81.56 172,395 6.82 $ 62.87 85,585 $ 64.96 $ 87.37 - $ 93.03 151,569 6.33 $ 91.57 109,241 $ 91.57 $ 99.37 - $ 143.09 168,487 6.98 $ 113.68 106,522 $ 106.90 492,451 6.72 $ 89.09 301,348 $ 89.43 At September 30, 2022, the aggregate intrinsic value for both the outstanding and exercisable options was approximately $ 10.3 million and $ 5.6 million, respectively. The total intrinsic value of options exercised during the six months ended September 30, 2022 was approximately $ 1.0 million. RESTRICTED STOCK In May 2022, the Compensation Committee approved the granting to certain officers and key employees an aggregate of 50,783 shares of performance-vesting restricted stock that will be earned only if certain performance conditions are satisfied (the Fiscal 2023 Employee Restricted Stock Performance Award). The performance criteria for the Fiscal 2023 Employee Restricted Stock Performance Award are based upon the achievement of certain levels of return on equity (as defined in the award agreement), ranging from 10.0 % to 20.0 %, for the fiscal year ending March 31, 2023. All restricted shares will be earned if the return on equity is 20.0% or greater, and the percentage of shares earned will be reduced proportionately to approximately 66.7 % if the return on equity is 10.0%. If the Company does not achieve a return on equity of at least 10.0%, all awards will be forfeited. Following any such reduction, restrictions on the earned shares will lapse ratably over four years , with the initial fourth lapsing promptly following the date on which the return on equity is determined, and the remaining restrictions lapsing on March 31, 2024 through 2026 . The Compensation Committee also approved the granting of 42,545 shares of time-vesting restricted stock to the same officers and key employees, which vest ratably over four years (the Fiscal 2023 Employee Restricted Stock Time-Vesting Award). The Fiscal 2023 Employee Restricted Stock Performance Award and the Fiscal 2023 Employee Restricted Stock Time-Vesting Award were valued at the closing price of the stock on the grant date and are being expensed over a four-year period. In August 2022, we granted 14,482 shares of restricted stock to members of the Board of Directors (the Fiscal 2023 Board of Directors Restricted Stock Award). Restrictions on these shares will lapse six months after the grant date. The Fiscal 2023 Board of Directors Restricted Stock Award was valued at the closing price of the stock on the grant date and is being expensed over a six-month period. In addition to the restricted stock described above, from time to time we issue restricted stock to certain employees. These awards are valued at the closing price of the stock on the grant date and are expensed over the vesting period. The fair value of restricted stock is based on the stock price on the grant date. The following table summarizes the activity for nonvested restricted shares during the three months ended September 30, 2022: Number of Shares Weighted-Average Grant Date Fair Value Nonvested Restricted Stock at March 31, 2022 258,779 $ 85.34 Granted 111,230 $ 126.23 Vested ( 55,467 ) $ 127.05 Forfeited ( 3,247 ) $ 124.82 Nonvested Restricted Stock at September 30, 2022 311,295 $ 98.31 Expense related to restricted shares was approximately $ 3.3 million and $ 7.6 million for the three and six months ended September 30, 2022, respectively, and $ 2.9 million and $ 4.7 million for the three and six months ended September 30, 2021, respectively. At September 30, 2022, there was approximately $ 23.7 million of unearned compensation from restricted stock, which will be recognized over a weighted-average period of 2.5 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 3,260,318 at September 30, 2022. |
COMPUTATION OF EARNINGS PER SHA
COMPUTATION OF EARNINGS PER SHARE | 6 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
COMPUTATION OF EARNINGS PER SHARE | (J) COMPUTATION OF EARNINGS PER SHARE The calculation of basic and diluted common shares outstanding is as follows: For the Three Months Ended September 30, For the Six Months Ended September 30, 2022 2021 2022 2021 Weighted-Average Shares of Common Stock Outstanding 37,140,197 41,222,161 37,559,087 41,623,187 Effect of Dilutive Shares Assumed Exercise of Outstanding Dilutive Options 420,199 560,876 424,489 606,876 Less Shares Repurchased from Proceeds of Assumed Exercised Options ( 310,956 ) ( 365,887 ) ( 311,373 ) ( 395,516 ) Restricted Stock Units 117,439 177,583 120,410 179,300 Weighted-Average Common Stock and Dilutive Securities Outstanding 37,366,879 41,594,733 37,792,613 42,013,847 Shares Excluded Due to Anti-dilution Effects 46,750 3,578 39,703 2,684 |
PENSION AND EMPLOYEE BENEFIT PL
PENSION AND EMPLOYEE BENEFIT PLANS | 6 Months Ended |
Sep. 30, 2022 | |
Retirement Benefits [Abstract] | |
PENSION AND EMPLOYEE BENEFIT PLANS | (K) PENSION AND EMPLOYEE BENEFIT PLANS We sponsor several single-employer defined benefit plans and defined contribution plans, which together cover substantially all our employees. Benefits paid under the single-employer defined benefit plans covering certain hourly employees were historically based on years of service and the employee’s qualifying compensation over the last few years of employment. Over the last several years, these plans have been frozen to new participants and new benefits, with the last plan becoming frozen during fiscal 2020. Our defined benefit plans are all fully funded, with plan assets exceeding the benefit obligation at March 31, 2022. Due to the frozen status and current funding of the single-employer pension plans, our expected pension expense for fiscal 2023 is less than $ 0.1 million. |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | (L) INCOME TAXES Income Taxes for the interim periods presented have been included in the accompanying financial statements on the basis of an estimated annual effective tax rate. In addition to the amount of tax resulting from applying the estimated annual effective tax rate to pre-tax income, we will include, when appropriate, certain items treated as discrete events to arrive at an estimated overall tax amount. The effective tax rate for the six months ended September 30, 2022, was approximately 22 %, which was consistent with the effective tax rate of 22 % for the six months ended September 30, 2021. The effective tax rate was higher than the U.S. Statutory rate of 21 % mainly due to state income taxes, partially offset by a benefit recognized related to percentage depletion. |
LONG-TERM DEBT
LONG-TERM DEBT | 6 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
LONG-TERM DEBT | (M) LONG-TERM DEBT Long-term Debt at September 30, 2022 was as follows: September 30, March 31, 2022 2022 (dollars in thousands) Revolving Credit Facility $ 200,000 $ 200,000 2.500 % Senior Unsecured Notes Due 2031 750,000 750,000 Term Loan 197,500 — Total Debt 1,147,500 950,000 Less: Current Portion of Long-term Debt ( 10,000 ) — Less: Unamortized Discounts and Debt Issuance Costs ( 11,102 ) ( 11,735 ) Long-term Debt $ 1,126,398 $ 938,265 Revolving Credit Facility We have an unsecured $ 750.0 million revolving credit facility that was amended on May 5, 2022 (such facility, as amended, the Revolving Credit Facility). The Revolving Credit Facility includes a separate $ 200.0 million term loan facility (the Term Loan) and also provides the Company the option to increase the revolving borrowing capacity by up to $ 375.0 million (for a total revolving borrowing capacity of $ 1,125.0 million, excluding the Term Loan), 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, and expires on May 5, 2027. 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 and an Interest Coverage Ratio (both ratios, as defined in the Revolving Credit Facility) equal to or greater than 2.50 :1.00 (collectively, the Financial Covenants). At the Company’s option, outstanding loans under the Revolving Credit Facility bear interest, at a variable rate equal to either (i) the adjusted term SOFR rate (secured overnight financing 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 Revolving Credit Facility) is replaced in accordance with the Revolving 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 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 Term SOFR (as defined in the Revolving 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. 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. There was $ 200.0 million of outstanding borrowings under the Revolving Credit Facility, plus $ 6.4 million outstanding letters of credit as of September 30, 2022, leaving us with $ 543.6 million of available borrowings under the Revolving Credit Facility, net of the outstanding letters of credit. We were in compliance with all Financial Covenants on September 30, 2022; therefore, all $ 543.6 million is available for future borrowings. Term Loan On May 5, 2022, we borrowed the $ 200.0 million Term Loan under the Revolving Credit Facility, and used these proceeds to, among other things, pay down a portion of the Revolving Credit Facility. The Term Loan requires quarterly principal 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 Term Loan bear interest as set forth in the Revolving 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 Revolving Credit Facility) is replaced in accordance with the Revolving Credit Facility). 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 Credit Agreement). The Term Loan Credit Agreement 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. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 6 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | (N) SEGMENT INFORMATION 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. 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 throughout most of the United States, except the Northeast, 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 30 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, Kansas, Kentucky, Missouri, Nebraska, Nevada, Ohio, Oklahoma, and Texas. We operate 30 readymix concrete batch plants and five aggregates processing plants in markets that are complementary to our cement network. 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 table sets forth certain financial information relating to our operations by segment. We do not allocate interest or taxes at the segment level; these costs are disclosed at the consolidated company level. For the Three Months Ended September 30, For the Six Months Ended September 30, 2022 2021 2022 2021 (dollars in thousands) Revenue Cement $ 319,460 $ 288,324 $ 603,976 $ 558,579 Concrete and Aggregates 69,613 52,750 131,231 97,504 Gypsum Wallboard 224,638 172,985 440,965 339,252 Paperboard 53,673 47,798 107,746 91,065 667,384 561,857 1,283,918 1,086,400 Less: Intersegment Revenue ( 37,186 ) ( 25,237 ) ( 66,018 ) ( 51,319 ) Less: Joint Venture Revenue ( 25,130 ) ( 26,926 ) ( 51,445 ) ( 49,617 ) $ 605,068 $ 509,694 $ 1,166,455 $ 985,464 For the Three Months Ended September 30, For the Six Months Ended September 30, 2022 2021 2022 2021 (dollars in thousands) Intersegment Revenue Cement $ 12,361 $ 5,223 $ 18,652 $ 13,056 Paperboard 24,825 20,014 47,366 38,263 $ 37,186 $ 25,237 $ 66,018 $ 51,319 Cement Sales Volume (M tons) Wholly Owned 1,981 1,983 3,786 3,835 Joint Venture 164 215 352 399 2,145 2,198 4,138 4,234 For the Three Months Ended September 30, For the Six Months Ended September 30, 2022 2021 2022 2021 (dollars in thousands) (dollars in thousands) Operating Earnings Cement $ 98,779 $ 88,750 $ 161,127 $ 151,297 Concrete and Aggregates 7,276 7,539 13,008 12,883 Gypsum Wallboard 89,761 66,331 173,829 129,584 Paperboard 5,579 981 9,395 4,318 Sub-Total 201,395 163,601 357,359 298,082 Corporate General and Administrative Expense ( 13,627 ) ( 10,667 ) ( 25,447 ) ( 20,135 ) Loss on Early Retirement of Senior Notes — ( 8,407 ) — ( 8,407 ) Other Non-Operating Income (Loss) ( 664 ) ( 944 ) ( 1,299 ) 2,734 Earnings Before Interest and Income Taxes 187,104 143,583 330,613 272,274 Interest Expense, net ( 8,580 ) ( 12,268 ) ( 15,910 ) ( 19,240 ) Earnings Before Income Taxes $ 178,524 $ 131,315 $ 314,703 $ 253,034 Cement Operating Earnings Wholly Owned $ 91,623 $ 80,490 $ 148,873 $ 135,067 Joint Venture 7,156 8,260 12,254 16,230 $ 98,779 $ 88,750 $ 161,127 $ 151,297 Capital Expenditures Cement $ 4,893 $ 6,976 $ 13,879 $ 14,943 Concrete and Aggregates 13,688 527 14,340 1,073 Gypsum Wallboard 8,391 6,345 12,470 8,039 Paperboard 1,018 375 1,855 1,492 Corporate and Other 345 619 705 1,230 $ 28,335 $ 14,842 $ 43,249 $ 26,777 Depreciation, Depletion, and Amortization Cement $ 20,258 $ 20,019 $ 40,311 $ 39,550 Concrete and Aggregates 4,351 2,470 8,552 5,048 Gypsum Wallboard 5,589 5,484 11,152 10,880 Paperboard 3,742 3,663 7,459 7,331 Corporate and Other 705 704 1,400 1,475 $ 34,645 $ 32,340 $ 68,874 $ 64,284 September 30, March 31, 2022 2022 (dollars in thousands) Identifiable Assets Cement $ 1,903,575 $ 1,860,649 Concrete and Aggregates 224,578 89,405 Gypsum Wallboard 396,655 397,486 Paperboard 174,261 180,025 Other, net 110,080 52,087 $ 2,809,149 $ 2,579,652 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. We account for intersegment sales at market prices. Corporate assets consist mainly 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 Unaudited Consolidated Balance Sheets and Unaudited Consolidated Statements of Earnings. The segment breakdown of Goodwill is as follows: September 30, March 31, 2022 2022 (dollars in thousands) Cement $ 213,320 $ 203,342 Concrete and Aggregates 40,774 1,639 Gypsum Wallboard 116,618 116,618 Paperboard 7,538 7,538 $ 378,250 $ 329,137 The increase in Goodwill in the Cement and Concrete and Aggregates segments is related to the Terminal Acquisition and ConAgg Acquisition, respectively. The purchase price allocation for the Terminal Acquisition still in progress, and may affect the recorded balance of Goodwill when completed. Summarized financial information for the Joint Venture that is not consolidated is set out below. This summarized financial information includes the total amount for the Joint Venture and not our 50% interest in those amounts: For the Three Months Ended September 30, For the Six Months Ended September 30, 2022 2021 2022 2021 (dollars in thousands) (dollars in thousands) Revenue $ 50,259 $ 53,852 $ 102,889 $ 99,234 Gross Margin $ 15,977 $ 17,776 $ 28,003 $ 34,609 Earnings Before Income Taxes $ 14,312 $ 16,519 $ 24,508 $ 32,459 September 30, March 31, 2022 2022 (dollars in thousands) Current Assets $ 84,701 $ 69,492 Noncurrent Assets $ 114,764 $ 112,926 Current Liabilities $ 23,152 $ 18,276 |
INTEREST EXPENSE
INTEREST EXPENSE | 6 Months Ended |
Sep. 30, 2022 | |
Banking and Thrift, Interest [Abstract] | |
INTEREST EXPENSE | (O) INTEREST EXPENSE The following components are included in Interest Expense, net: For the Three Months Ended September 30, For the Six Months Ended September 30, 2022 2021 2022 2021 (dollars in thousands) (dollars in thousands) Interest Income $ ( 70 ) $ ( 13 ) $ ( 82 ) $ ( 38 ) Interest Expense 8,176 5,425 15,055 11,551 Other Expenses 474 6,856 937 7,727 Interest Expense, net $ 8,580 $ 12,268 $ 15,910 $ 19,240 Interest Income includes interest earned on investments of excess cash. Components of Interest Expense include interest associated with the Revolving Credit Facility, Term Loan, Senior Unsecured Notes, 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 costs. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | (P) COMMITMENTS AND CONTINGENCIES 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 September 30, 2022, we had contingent liabilities under these outstanding letters of credit of approximately $ 6.4 million. In the ordinary course of business, we execute contracts involving indemnifications that are both standard in the industry and specific to a transaction, such as the sale of a business. These indemnifications may include claims relating to any of the following: environmental and tax matters; intellectual property rights; governmental regulations and employment-related matters; customer, supplier, and other commercial contractual relationships; and construction contracts and financial matters. While the maximum amount to which the Company may be exposed under such agreements cannot be estimated, management believes these indemnifications will not have a material adverse effect on our consolidated financial position, results of operations, or cash flows. We currently have no outstanding guarantees. We are currently contingently liable for performance under $ 26.8 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. |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 6 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | (Q) FAIR VALUE OF FINANCIAL INSTRUMENTS The fair value of our long-term debt has been estimated based upon our current incremental borrowing rates for similar types of borrowing arrangements. The fair value of our 2.500% Senior Unsecured Notes at September 30, 2022, is as follows: Fair Value (dollars in thousands) 2.500 % Senior Unsecured Notes Due 2031 $ 550,193 The estimated fair value of our long-term debt was based on quoted prices of similar debt instruments with similar terms that are publicly traded (level 1 input). The carrying values of Cash and Cash Equivalents, Accounts Receivable, Notes Receivable, Accounts Payable, and Accrued Liabilities approximate their fair values at September 30, 2022, due to the short-term maturities of these assets and liabilities. The fair value of our Revolving Credit Facility and Term Loan also approximates the carrying value at September 30, 2022. |
BASIS OF PRESENTATION (Policies
BASIS OF PRESENTATION (Policies) | 6 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements There have been no recent accounting pronouncements that are expected to materially affect the Company. |
SUPPLEMENTAL CASH FLOW INFORM_2
SUPPLEMENTAL CASH FLOW INFORMATION (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | Supplemental cash flow information is as follows: For the Six Months Ended September 30, 2022 2021 (dollars in thousands) Cash Payments Interest $ 12,940 $ 10,634 Income Taxes 61,592 54,581 Operating Cash Flows Used for Operating Leases 4,248 3,987 |
ACQUISITIONS (Tables)
ACQUISITIONS (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the allocation of the Purchase Price to assets acquired and liabilities assumed: Fair Value Working Capital $ 10,780 Property, Plant, and Equipment 39,489 Intangible Assets 30,750 Goodwill 39,135 Total Estimated Purchase Price $ 120,154 |
Schedule of Pro Forma Information | The following table presents the Revenue and Operating Earnings related to the ConAgg Acquisition that has been included in our Consolidated Statement of Earnings from April 22, 2022, through September 30, 2022. For the Three Months Ended For the Six Months Ended September 30, 2022 (dollars in thousands) Revenue $ 13,885 $ 24,915 Operating Earnings $ 1,750 $ 1,643 |
Terminal Acquisition [Member] | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the preliminary allocation of the purchase price of the Terminal Acquisition to the assets acquired and liabilities assumed as of September 30, 2022: Estimated Fair Value Working Capital $ 1,116 Property, Plant, and Equipment 23,301 Intangible Assets 5,050 Goodwill 9,978 Total Estimated Purchase Price $ 39,445 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories consist of the following: September 30, March 31, 2022 2022 (dollars in thousands) Raw Materials and Materials-in-Progress $ 72,610 $ 81,308 Finished Cement 26,671 38,769 Aggregates 6,753 3,558 Gypsum Wallboard 3,357 3,452 Paperboard 5,371 7,462 Repair Parts and Supplies 98,547 91,593 Fuel and Coal 12,526 10,519 $ 225,835 $ 236,661 |
ACCRUED EXPENSES (Tables)
ACCRUED EXPENSES (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued Expenses consist of the following: September 30, March 31, 2022 2022 (dollars in thousands) Payroll and Incentive Compensation $ 32,289 $ 37,262 Benefits 15,832 14,894 Dividends 9,482 9,756 Interest 7,167 5,052 Property Taxes 10,399 6,514 Power and Fuel 4,633 2,877 Freight 2,485 1,172 Legal and Professional 1,608 989 Sales and Use Tax 2,291 1,509 Other 5,329 6,729 $ 91,515 $ 86,754 |
LEASES (Tables)
LEASES (Tables) | 6 Months Ended |
Sep. 30, 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 Three Months Ended September 30, For the Six Months Ended September 30, 2022 2021 2022 2021 (dollars in thousands) Operating Lease Cost $ 1,671 $ 1,566 $ 3,398 $ 3,080 Short-term Lease Cost 126 309 275 811 Total Lease Cost $ 1,797 $ 1,875 $ 3,673 $ 3,891 |
Schedule of Balance Sheet Information Related to Leases | The Right-of-Use Assets and Lease Liabilities are reflected on our Balance Sheet as follows: September 30, March 31, 2022 2022 (dollars in thousands) Operating Leases Operating Lease Right-of-Use Assets $ 22,126 $ 23,856 Current Operating Lease Liabilities $ 6,736 $ 7,118 Noncurrent Operating Lease Liabilities 26,736 29,212 Total Operating Lease Liabilities $ 33,472 $ 36,330 |
Schedule of Future Payments for Operating Leases | Future payments for operating leases are as follows (dollars in thousands): Fiscal Year Amount 2023 (remaining six months) $ 4,408 2024 6,363 2025 5,916 2026 4,279 2027 3,540 Thereafter 16,934 Total Lease Payments $ 41,440 Less: Imputed Interest ( 7,968 ) Present Value of Lease Liabilities $ 33,472 Weighted-Average Remaining Lease Term (in years) 10.2 Weighted-Average Discount Rate 3.73 % |
SHARE-BASED EMPLOYEE COMPENSA_2
SHARE-BASED EMPLOYEE COMPENSATION (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
Share-Based Payment Arrangement [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 2023 are as follows: Dividend Yield 0.8 % Expected Volatility 38.2 % Risk-Free Interest Rate 2.9 % Expected Life 6.0 years |
Stock Option Activity | The following table represents stock option activity for the six months ended September 30, 2022: Number Weighted- Outstanding Options at March 31, 2022 456,849 $ 83.81 Granted 56,621 $ 125.90 Exercised ( 17,841 ) $ 125.36 Cancelled ( 3,178 ) $ 109.15 Outstanding Options at September 30, 2022 492,451 $ 89.09 Options Exercisable at September 30, 2022 301,348 Weighted-Average Fair Value of Options Granted $ 48.36 |
Stock Options Outstanding | The following table summarizes information about stock options outstanding at September 30, 2022: Options Outstanding Options Exercisable Range of Exercise Prices Number of Weighted- Weighted- Number of Weighted- $ 59.32 - $ 81.56 172,395 6.82 $ 62.87 85,585 $ 64.96 $ 87.37 - $ 93.03 151,569 6.33 $ 91.57 109,241 $ 91.57 $ 99.37 - $ 143.09 168,487 6.98 $ 113.68 106,522 $ 106.90 492,451 6.72 $ 89.09 301,348 $ 89.43 |
Summary of Activity for Nonvested Restricted Shares | The following table summarizes the activity for nonvested restricted shares during the three months ended September 30, 2022: Number of Shares Weighted-Average Grant Date Fair Value Nonvested Restricted Stock at March 31, 2022 258,779 $ 85.34 Granted 111,230 $ 126.23 Vested ( 55,467 ) $ 127.05 Forfeited ( 3,247 ) $ 124.82 Nonvested Restricted Stock at September 30, 2022 311,295 $ 98.31 |
COMPUTATION OF EARNINGS PER S_2
COMPUTATION OF EARNINGS PER SHARE (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Calculation of Basic and Diluted Common Shares Outstanding | The calculation of basic and diluted common shares outstanding is as follows: For the Three Months Ended September 30, For the Six Months Ended September 30, 2022 2021 2022 2021 Weighted-Average Shares of Common Stock Outstanding 37,140,197 41,222,161 37,559,087 41,623,187 Effect of Dilutive Shares Assumed Exercise of Outstanding Dilutive Options 420,199 560,876 424,489 606,876 Less Shares Repurchased from Proceeds of Assumed Exercised Options ( 310,956 ) ( 365,887 ) ( 311,373 ) ( 395,516 ) Restricted Stock Units 117,439 177,583 120,410 179,300 Weighted-Average Common Stock and Dilutive Securities Outstanding 37,366,879 41,594,733 37,792,613 42,013,847 Shares Excluded Due to Anti-dilution Effects 46,750 3,578 39,703 2,684 |
LONG-TERM DEBT (Tables)
LONG-TERM DEBT (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
Debt Instrument [Line Items] | |
Long-Term Debt | Long-term Debt at September 30, 2022 was as follows: September 30, March 31, 2022 2022 (dollars in thousands) Revolving Credit Facility $ 200,000 $ 200,000 2.500 % Senior Unsecured Notes Due 2031 750,000 750,000 Term Loan 197,500 — Total Debt 1,147,500 950,000 Less: Current Portion of Long-term Debt ( 10,000 ) — Less: Unamortized Discounts and Debt Issuance Costs ( 11,102 ) ( 11,735 ) Long-term Debt $ 1,126,398 $ 938,265 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Financial Information Related to Operations by Segment | The following table sets forth certain financial information relating to our operations by segment. We do not allocate interest or taxes at the segment level; these costs are disclosed at the consolidated company level. For the Three Months Ended September 30, For the Six Months Ended September 30, 2022 2021 2022 2021 (dollars in thousands) Revenue Cement $ 319,460 $ 288,324 $ 603,976 $ 558,579 Concrete and Aggregates 69,613 52,750 131,231 97,504 Gypsum Wallboard 224,638 172,985 440,965 339,252 Paperboard 53,673 47,798 107,746 91,065 667,384 561,857 1,283,918 1,086,400 Less: Intersegment Revenue ( 37,186 ) ( 25,237 ) ( 66,018 ) ( 51,319 ) Less: Joint Venture Revenue ( 25,130 ) ( 26,926 ) ( 51,445 ) ( 49,617 ) $ 605,068 $ 509,694 $ 1,166,455 $ 985,464 For the Three Months Ended September 30, For the Six Months Ended September 30, 2022 2021 2022 2021 (dollars in thousands) Intersegment Revenue Cement $ 12,361 $ 5,223 $ 18,652 $ 13,056 Paperboard 24,825 20,014 47,366 38,263 $ 37,186 $ 25,237 $ 66,018 $ 51,319 Cement Sales Volume (M tons) Wholly Owned 1,981 1,983 3,786 3,835 Joint Venture 164 215 352 399 2,145 2,198 4,138 4,234 For the Three Months Ended September 30, For the Six Months Ended September 30, 2022 2021 2022 2021 (dollars in thousands) (dollars in thousands) Operating Earnings Cement $ 98,779 $ 88,750 $ 161,127 $ 151,297 Concrete and Aggregates 7,276 7,539 13,008 12,883 Gypsum Wallboard 89,761 66,331 173,829 129,584 Paperboard 5,579 981 9,395 4,318 Sub-Total 201,395 163,601 357,359 298,082 Corporate General and Administrative Expense ( 13,627 ) ( 10,667 ) ( 25,447 ) ( 20,135 ) Loss on Early Retirement of Senior Notes — ( 8,407 ) — ( 8,407 ) Other Non-Operating Income (Loss) ( 664 ) ( 944 ) ( 1,299 ) 2,734 Earnings Before Interest and Income Taxes 187,104 143,583 330,613 272,274 Interest Expense, net ( 8,580 ) ( 12,268 ) ( 15,910 ) ( 19,240 ) Earnings Before Income Taxes $ 178,524 $ 131,315 $ 314,703 $ 253,034 Cement Operating Earnings Wholly Owned $ 91,623 $ 80,490 $ 148,873 $ 135,067 Joint Venture 7,156 8,260 12,254 16,230 $ 98,779 $ 88,750 $ 161,127 $ 151,297 Capital Expenditures Cement $ 4,893 $ 6,976 $ 13,879 $ 14,943 Concrete and Aggregates 13,688 527 14,340 1,073 Gypsum Wallboard 8,391 6,345 12,470 8,039 Paperboard 1,018 375 1,855 1,492 Corporate and Other 345 619 705 1,230 $ 28,335 $ 14,842 $ 43,249 $ 26,777 Depreciation, Depletion, and Amortization Cement $ 20,258 $ 20,019 $ 40,311 $ 39,550 Concrete and Aggregates 4,351 2,470 8,552 5,048 Gypsum Wallboard 5,589 5,484 11,152 10,880 Paperboard 3,742 3,663 7,459 7,331 Corporate and Other 705 704 1,400 1,475 $ 34,645 $ 32,340 $ 68,874 $ 64,284 September 30, March 31, 2022 2022 (dollars in thousands) Identifiable Assets Cement $ 1,903,575 $ 1,860,649 Concrete and Aggregates 224,578 89,405 Gypsum Wallboard 396,655 397,486 Paperboard 174,261 180,025 Other, net 110,080 52,087 $ 2,809,149 $ 2,579,652 |
Segment Breakdown of Goodwill | The segment breakdown of Goodwill is as follows: September 30, March 31, 2022 2022 (dollars in thousands) Cement $ 213,320 $ 203,342 Concrete and Aggregates 40,774 1,639 Gypsum Wallboard 116,618 116,618 Paperboard 7,538 7,538 $ 378,250 $ 329,137 |
Summarized Financial Information for Joint Venture Unconsolidated | Summarized financial information for the Joint Venture that is not consolidated is set out below. This summarized financial information includes the total amount for the Joint Venture and not our 50% interest in those amounts: For the Three Months Ended September 30, For the Six Months Ended September 30, 2022 2021 2022 2021 (dollars in thousands) (dollars in thousands) Revenue $ 50,259 $ 53,852 $ 102,889 $ 99,234 Gross Margin $ 15,977 $ 17,776 $ 28,003 $ 34,609 Earnings Before Income Taxes $ 14,312 $ 16,519 $ 24,508 $ 32,459 September 30, March 31, 2022 2022 (dollars in thousands) Current Assets $ 84,701 $ 69,492 Noncurrent Assets $ 114,764 $ 112,926 Current Liabilities $ 23,152 $ 18,276 |
INTEREST EXPENSE (Tables)
INTEREST EXPENSE (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
Banking and Thrift, Interest [Abstract] | |
Interest Expense, Net | The following components are included in Interest Expense, net: For the Three Months Ended September 30, For the Six Months Ended September 30, 2022 2021 2022 2021 (dollars in thousands) (dollars in thousands) Interest Income $ ( 70 ) $ ( 13 ) $ ( 82 ) $ ( 38 ) Interest Expense 8,176 5,425 15,055 11,551 Other Expenses 474 6,856 937 7,727 Interest Expense, net $ 8,580 $ 12,268 $ 15,910 $ 19,240 |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Senior Notes | The fair value of our long-term debt has been estimated based upon our current incremental borrowing rates for similar types of borrowing arrangements. The fair value of our 2.500% Senior Unsecured Notes at September 30, 2022, is as follows: Fair Value (dollars in thousands) 2.500 % Senior Unsecured Notes Due 2031 $ 550,193 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash Payments | ||
Interest | $ 12,940 | $ 10,634 |
Income Taxes | 61,592 | 54,581 |
Operating Cash Flows Used for Operating Leases | $ 4,248 | $ 3,987 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Sep. 16, 2022 | Aug. 31, 2022 | Apr. 22, 2022 | Sep. 30, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | |
Business Acquisition [Line Items] | ||||||
Purchase price of separate operating segment | $ 158,451 | $ 0 | ||||
ConAgg Acquisition [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Purchase price of separate operating segment | $ 120,200 | $ 121,200 | ||||
Reduction in purchase price | $ 1,000 | |||||
Depreciation | $ 2,100 | |||||
Amortization | 4,100 | |||||
Acquired inventories at fair value | $ 900 | $ 2,100 | ||||
ConAgg Acquisition [Member] | Minimum [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Property, plant and equipment, estimated useful life | 5 years | |||||
Acquired intangible assets estimated useful life | 2 years | |||||
ConAgg Acquisition [Member] | Maximum [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Property, plant and equipment, estimated useful life | 30 years | |||||
Acquired intangible assets estimated useful life | 15 years | |||||
Terminal Acquisition [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Purchase price of separate operating segment | $ 39,500 | |||||
Terminal Acquisition [Member] | Minimum [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Property, plant and equipment, estimated useful life | 5 years | |||||
Acquired intangible assets estimated useful life | 2 years | |||||
Terminal Acquisition [Member] | Maximum [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Property, plant and equipment, estimated useful life | 25 years | |||||
Acquired intangible assets estimated useful life | 15 years |
Acquisitions - Schedule of Reco
Acquisitions - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Mar. 31, 2022 |
Business Acquisition [Line Items] | ||
Goodwill | $ 378,250 | $ 329,137 |
ConAgg Acquisition [Member] | ||
Business Acquisition [Line Items] | ||
Working Capital | 10,780 | |
Property, Plant, and Equipment | 39,489 | |
Intangible Assets | 30,750 | |
Goodwill | 39,135 | |
Total Estimated Purchase Price | 120,154 | |
Terminal Acquisition [Member] | ||
Business Acquisition [Line Items] | ||
Working Capital | 1,116 | |
Property, Plant, and Equipment | 23,301 | |
Intangible Assets | 5,050 | |
Goodwill | 9,978 | |
Total Estimated Purchase Price | $ 39,445 |
Acquisitions - Schedule of Pro
Acquisitions - Schedule of Pro Forma Information (Details) - Con Agg Acquisition [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Sep. 30, 2022 | Sep. 30, 2022 | |
Business Acquisition [Line Items] | ||
Revenue | $ 13,885 | $ 24,915 |
Operating Loss | $ 1,750 | $ 1,643 |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) | 6 Months Ended |
Sep. 30, 2022 | |
Supply Commitment [Line Items] | |
Long-term supply agreements maturity year | 2025 |
Minimum [Member] | |
Supply Commitment [Line Items] | |
Revenue from contract with customer collection terms | 30 days |
Maximum [Member] | |
Supply Commitment [Line Items] | |
Revenue from contract with customer collection terms | 75 days |
Accounts and Notes Receivable -
Accounts and Notes Receivable - Additional Information (Detail) - USD ($) $ in Millions | 6 Months Ended | ||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance for doubtful accounts | $ 6.8 | $ 6.7 | |
Notes receivable, total | $ 8.5 | ||
Notes receivable, current | $ 0 | ||
Notes receivable interest rate | 5.20% | ||
Notes receivable, maturity description | Remaining unpaid amounts, plus accrued interest, mature in fiscal 2025 | ||
London Interbank Offered Rate (LIBOR) [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 3% |
Schedule of Inventories (Detail
Schedule of Inventories (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Mar. 31, 2022 |
Inventory [Line Items] | ||
Inventories | $ 225,835 | $ 236,661 |
Raw Materials and Material-in-Progress [Member] | ||
Inventory [Line Items] | ||
Inventories | 72,610 | 81,308 |
Finished Cement [Member] | ||
Inventory [Line Items] | ||
Inventories | 26,671 | 38,769 |
Aggregates [Member] | ||
Inventory [Line Items] | ||
Inventories | 6,753 | 3,558 |
Gypsum Wallboard [Member] | ||
Inventory [Line Items] | ||
Inventories | 3,357 | 3,452 |
Paperboard [Member] | ||
Inventory [Line Items] | ||
Inventories | 5,371 | 7,462 |
Repair Parts and Supplies [Member] | ||
Inventory [Line Items] | ||
Inventories | 98,547 | 91,593 |
Fuel and Coal [Member] | ||
Inventory [Line Items] | ||
Inventories | $ 12,526 | $ 10,519 |
Schedule of Accrued Expenses (D
Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Mar. 31, 2022 |
Accounts Payable and Accrued Liabilities, Current [Abstract] | ||
Payroll and Incentive Compensation | $ 32,289 | $ 37,262 |
Benefits | 15,832 | 14,894 |
Dividends | 9,482 | 9,756 |
Interest | 7,167 | 5,052 |
Property Taxes | 10,399 | 6,514 |
Power and Fuel | 4,633 | 2,877 |
Freight | 2,485 | 1,172 |
Legal and Professional | 1,608 | 989 |
Sales and Use Tax | 2,291 | 1,509 |
Other | 5,329 | 6,729 |
Accrued Expenses, Total | $ 91,515 | $ 86,754 |
Leases - Additional Information
Leases - Additional Information (Detail) | Sep. 30, 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 | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Leases [Abstract] | ||||
Operating Lease Cost | $ 1,671 | $ 1,566 | $ 3,398 | $ 3,080 |
Short-Term Lease Cost | 126 | 309 | 275 | 811 |
Total Lease Cost | $ 1,797 | $ 1,875 | $ 3,673 | $ 3,891 |
Schedule of Balance Sheet Infor
Schedule of Balance Sheet Information Related to Leases (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Mar. 31, 2022 | Mar. 31, 2021 |
Operating Leases | |||
Operating Lease Right-of-Use Assets | $ 22,126 | $ 23,856 | $ 23,856 |
Current Operating Lease Liabilities | 6,736 | 7,118 | 7,118 |
Noncurrent Operating Lease Liabilities | 26,736 | $ 29,212 | 29,212 |
Total Operating Lease Liabilities | $ 33,472 | $ 36,330 |
Schedule of Future Payments for
Schedule of Future Payments for Operating Leases (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Mar. 31, 2021 |
Leases [Abstract] | ||
2023 (remaining six months) | $ 4,408 | |
2024 | 6,363 | |
2025 | 5,916 | |
2026 | 4,279 | |
2027 | 3,540 | |
Thereafter | 16,934 | |
Total Lease Payments | 41,440 | |
Less: Imputed Interest | (7,968) | |
Present Value of Lease Liabilities | $ 33,472 | $ 36,330 |
Weighted-Average Remaining Lease Term (in years) | 10 years 2 months 12 days | |
Weighted-Average Discount Rate | 3.73% |
Share-Based Employee Compensa_3
Share-Based Employee Compensation - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||||
Jul. 19, 2021 | Aug. 31, 2022 | May 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Aug. 07, 2013 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Number of shares available for future grant | 3,260,318 | 3,260,318 | 3,000,000 | ||||||
Stock option expense | $ 1.1 | $ 1 | $ 1.9 | $ 1.7 | |||||
Aggregate intrinsic value for outstanding options | $ 10.3 | 10.3 | |||||||
Aggregate intrinsic value for exercisable options | 5.6 | 5.6 | |||||||
Total intrinsic value of options exercised | 1 | ||||||||
Restricted stock or unit expense | 3.3 | $ 2.9 | 7.6 | $ 4.7 | |||||
Unrecognized compensation cost | $ 4.8 | $ 4.8 | |||||||
Options granted | 56,621 | ||||||||
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 | 25,192 | 25,192 | |||||||
Reduced percentage of shares earned in stock options plan | 66.70% | ||||||||
Stock based compensation plan, description | The performance criteria for the Fiscal 2023 Employee Performance Stock Option Award are based upon the achievement of certain levels of return on equity (as defined in the option agreement), ranging from 10.0% to 20.0%, for the fiscal year ending March 31, 2023. All stock options will be earned if the return on equity is 20.0% or greater, and the percentage of shares earned will be reduced proportionately to approximately 66.7% if the return on equity is 10.0%. If the Company does not achieve a return on equity of at least 10.0%, all granted stock options will 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% | ||||||||
Share-based compensation expiration date | Mar. 31, 2024 | ||||||||
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% | ||||||||
Share-based compensation expiration date | Mar. 31, 2026 | ||||||||
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 | 20,994 | ||||||||
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 | 2 years 4 months 24 days | ||||||||
Stock Options [Member] | Long Term Compensation Plan [Member] | Board of Directors [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Share-based compensation award expiration term | 10 years | ||||||||
Options granted | 3,510 | ||||||||
Performance Vesting Restricted Stock [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Number of shares available for future grant | 50,783 | ||||||||
Stock based compensation plan, description | The performance criteria for the Fiscal 2023 Employee Restricted Stock Performance Award are based upon the achievement of certain levels of return on equity (as defined in the award agreement), ranging from 10.0% to 20.0%, for the fiscal year ending March 31, 2023. All restricted shares will be earned if the return on equity is 20.0% or greater, and the percentage of shares earned will be reduced proportionately to approximately 66.7% if the return on equity is 10.0%. If the Company does not achieve a return on equity of at least 10.0%, all awards will be forfeited. | ||||||||
Share-based compensation vesting period | 4 years | ||||||||
Share-based compensation vesting date | Mar. 31, 2026 | ||||||||
Reduced percentage of restricted shares | 66.70% | ||||||||
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% | ||||||||
Share-based compensation vesting date | Mar. 31, 2024 | ||||||||
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% | ||||||||
Time Vesting Restricted Stock [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Number of shares available for future grant | 42,545 | ||||||||
Share-based compensation vesting period | 4 years | 4 years | |||||||
Time Vesting Restricted Stock [Member] | Board of Directors [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] | |||||||||
Share-based compensation vesting period | 6 months | ||||||||
Weighted-average period of recognition of unrecognized compensation cost | 2 years 6 months | ||||||||
Unrecognized compensation cost | $ 23.7 | $ 23.7 | |||||||
Restricted Stock [Member] | Board of Directors [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Number of shares available for future grant | 14,482 |
Weighted-Average Assumptions Us
Weighted-Average Assumptions Used to Value Option Awards (Detail) - Long Term Compensation Plan [Member] - Stock Options [Member] | 6 Months Ended |
Sep. 30, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Dividend Yield | 0.80% |
Expected Volatility | 38.20% |
Risk-Free Interest Rate | 2.90% |
Expected Life | 6 years |
Stock Option Activity (Detail)
Stock Option Activity (Detail) | 6 Months Ended |
Sep. 30, 2022 $ / shares shares | |
Share-Based Payment Arrangement [Abstract] | |
Number of Shares, Outstanding Options at March 31, 2022 | shares | 456,849 |
Number of Shares, Granted | shares | 56,621 |
Number of Shares, Exercised | shares | (17,841) |
Number of Shares, Cancelled | shares | (3,178) |
Number of Shares, Outstanding Options at September 30, 2022 | shares | 492,451 |
Number of Shares, Options Exercisable at September 30, 2022 | shares | 301,348 |
Weighted-Average Exercise Price, Outstanding Options at March 31, 2022 | $ / shares | $ 83.81 |
Weighted-Average Exercise Price, Granted | $ / shares | 125.90 |
Weighted-Average Exercise Price, Exercised | $ / shares | 125.36 |
Weighted-Average Exercise Price, Cancelled | $ / shares | 109.15 |
Weighted-Average Exercise Price, Outstanding Options at September 30, 2022 | $ / shares | 89.09 |
Weighted Average Fair Value of Options Granted During the Year | $ / shares | $ 48.36 |
Stock Options Outstanding (Deta
Stock Options Outstanding (Detail) | 6 Months Ended |
Sep. 30, 2022 $ / shares shares | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Options Outstanding, Number of Shares Outstanding | shares | 492,451 |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | 6 years 8 months 19 days |
Options Outstanding, Weighted-Average Exercise Price | $ 89.09 |
Options Exercisable , Number of Shares Outstanding | shares | 301,348 |
Options Exercisable, Weighted-Average Exercise Price | $ 89.43 |
$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 | 172,395 |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | 6 years 9 months 25 days |
Options Outstanding, Weighted-Average Exercise Price | $ 62.87 |
Options Exercisable , Number of Shares Outstanding | shares | 85,585 |
Options Exercisable, Weighted-Average Exercise Price | $ 64.96 |
$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 | 151,569 |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | 6 years 3 months 29 days |
Options Outstanding, Weighted-Average Exercise Price | $ 91.57 |
Options Exercisable , Number of Shares Outstanding | shares | 109,241 |
Options Exercisable, Weighted-Average Exercise Price | $ 91.57 |
$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 | 168,487 |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | 6 years 11 months 23 days |
Options Outstanding, Weighted-Average Exercise Price | $ 113.68 |
Options Exercisable , Number of Shares Outstanding | shares | 106,522 |
Options Exercisable, Weighted-Average Exercise Price | $ 106.90 |
Summary of Activity for Nonvest
Summary of Activity for Nonvested Restricted Shares (Detail) - Restricted Stock [Member] | 6 Months Ended |
Sep. 30, 2022 $ / shares shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Shares, Nonvested Restricted Stock March 31, 2022 | shares | 258,779 |
Number of Shares, Granted | shares | 111,230 |
Number of Shares, Vested | shares | (55,467) |
Number of Shares, Forfeited | shares | (3,247) |
Number of Shares, Nonvested Restricted Stock at September 30, 2022 | shares | 311,295 |
Weighted Average Grant Date Fair Value, Nonvested Restricted Stock March 31, 2022 | $ / shares | $ 85.34 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 126.23 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 127.05 |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | 124.82 |
Weighted Average Grant Date Fair Value, Nonvested Restricted Stock at September 30, 2022 | $ / shares | $ 98.31 |
Calculation of Basic and Dilute
Calculation of Basic and Diluted Common Shares Outstanding (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Earnings Per Share [Abstract] | ||||
Weighted-Average Shares of Common Stock Outstanding | 37,140,197 | 41,222,161 | 37,559,087 | 41,623,187 |
Assumed Exercise of Outstanding Dilutive Options | 420,199 | 560,876 | 424,489 | 606,876 |
Less Shares Repurchased from Proceeds of Assumed Exercised Options | (310,956) | (365,887) | (311,373) | (395,516) |
Restricted Stock | 117,439 | 177,583 | 120,410 | 179,300 |
Weighted-Average Common Stock and Dilutive Securities Outstanding | 37,366,879 | 41,594,733 | 37,792,613 | 42,013,847 |
Shares Excluded Due to Anti-Dilution Effects | 46,750 | 3,578 | 39,703 | 2,684 |
Pension and Employee Benefit _2
Pension and Employee Benefit Plans - Additional information (Detail) $ in Millions | 6 Months Ended |
Sep. 30, 2022 USD ($) | |
Maximum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected pension expense for fiscal 2023 | $ 0.1 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 6 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||
Effective tax rate | 22% | 22% |
Statutory tax rate | 21% |
Long-Term Debt (Detail)
Long-Term Debt (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Mar. 31, 2022 | Jul. 01, 2021 |
Debt Instrument [Line Items] | |||
Revolving Credit Facility | $ 200,000 | $ 200,000 | |
Total Debt | 1,147,500 | 950,000 | |
Less: Unamortized Discounts and Debt Issuance Costs | 11,102 | 11,735 | |
Less: Current Portion of Long-term Debt | (10,000) | 0 | |
Long-term Debt | 1,126,398 | 938,265 | |
Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Total Debt | 197,500 | 0 | |
2.500% Senior Unsecured Notes Due 2031 [Member] | |||
Debt Instrument [Line Items] | |||
Total Debt | $ 750,000 | $ 750,000 | $ 750,000 |
Long-Term Debt (Parenthetical)
Long-Term Debt (Parenthetical) (Detail) - 2.500% Senior Unsecured Notes Due 2031 [Member] | 6 Months Ended | |
Sep. 30, 2022 | Jul. 01, 2021 | |
Debt Instrument [Line Items] | ||
Debt instrument, interest rate | 2.50% | 2.50% |
Debt instrument, maturity year | 2031 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) | 1 Months Ended | 6 Months Ended | 9 Months Ended | ||||||
May 05, 2022 USD ($) | Jul. 19, 2021 USD ($) | Jul. 02, 2021 USD ($) | Jul. 01, 2021 USD ($) | May 31, 2022 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Dec. 31, 2021 | Mar. 31, 2022 USD ($) | |
Debt Instrument [Line Items] | |||||||||
Revolving Credit Facility | $ 200,000,000 | $ 200,000,000 | |||||||
Interest coverage ratio | 2.50% | ||||||||
Borrowings outstanding under Credit Facility | 200,000,000 | 200,000,000 | |||||||
Outstanding letters of credit, amount | 6,400,000 | ||||||||
Debt instrument, principal amount | 1,147,500,000 | 950,000,000 | |||||||
Outstanding borrowings | 543,600,000 | ||||||||
Proceeds from (Repayments of) Other Long-Term Debt | $ (2,500,000) | $ (665,000,000) | |||||||
Maturity Period 2021 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Unused line of credit commitment fee based on leverage ratio | 9% | ||||||||
Maximum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Unused line of credit commitment fee based on leverage ratio | 22.50% | ||||||||
London Interbank Offered Rate (LIBOR) [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Variable margin | 3% | ||||||||
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Minimum [Member] | Maturity Period 2021 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Variable margin | 100% | ||||||||
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [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% | ||||||||
NYFRB [Member] | Maximum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Variable margin | 62.50% | ||||||||
Term Loan [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Term loan facility, unused borrowing capacity, Amount | $ 200,000,000 | ||||||||
Quarterly principal payments | 2,500,000 | ||||||||
Debt instrument, principal amount | $ 197,500,000 | 0 | |||||||
Debt instrument, maturity date | May 05, 2027 | ||||||||
Term Loan Agreement [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Proceeds from (Repayments of) Other Long-Term Debt | $ 665,000,000 | ||||||||
2.500% Senior Unsecured Notes Due 2026 | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt issuance costs | $ 6,100,000 | ||||||||
4.500% Senior Unsecured Notes Due 2026 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, maturity date | Jul. 19, 2021 | ||||||||
Debt instrument, maturity period | 2026-08 | ||||||||
Redemption date | Jul. 17, 2021 | ||||||||
Termination premium | $ 8,400,000 | ||||||||
Repayments of Other Long-Term Debt | $ 350,000,000 | ||||||||
2.500% Senior Unsecured Notes Due 2031 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, principal amount | $ 750,000,000 | $ 750,000,000 | $ 750,000,000 | ||||||
Debt instrument, interest rate | 2.50% | 2.50% | |||||||
Debt instrument, maturity period | 2031-07 | ||||||||
Debt instrument, original issue discount | $ 6,300,000 | ||||||||
Effective interest rate | 2.60% | ||||||||
Interest payment period | ten-year | ||||||||
Semi annual basis, treasury rate | 20% | ||||||||
Percentage of aggregate amount repurchased | 101% | ||||||||
Credit Facility, termination date | Jul. 01, 2021 | ||||||||
2.500% Senior Unsecured Notes Due 2031 [Member] | Redeemable On or After April 1, 2031 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, interest rate | 2.50% | ||||||||
Percentage of principal amount redeemable | 100% | ||||||||
Revolving Credit Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Revolving Credit Facility | $ 200,000,000 | ||||||||
Credit facility, interest rate description | At the Company’s option, outstanding loans under the Revolving Credit Facility bear interest, at a variable rate equal to either (i) the adjusted term SOFR rate (secured overnight financing 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 Revolving Credit Facility) is replaced in accordance with the Revolving 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 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 Term SOFR (as defined in the Revolving 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. 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. | ||||||||
Borrowings outstanding under Credit Facility | $ 200,000,000 | ||||||||
Outstanding borrowings | 543,600,000 | ||||||||
Revolving Credit Facility [Member] | Minimum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Supplementary leverage ratio | 3.50 | ||||||||
Revolving Credit Facility [Member] | Swingline Loan [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 25,000,000 | ||||||||
Revolving Credit Facility [Member] | Unsecured Debt | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 750,000,000 | ||||||||
Revolving Credit Facility [Member] | Term Loan [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 200,000,000 | ||||||||
Line of Credit | Maximum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Amount of increase in borrowing capacity | $ 375,000,000 | ||||||||
Line of Credit | NYFRB [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Variable margin | 0.005% | ||||||||
Letter of Credit [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,125,000,000 | ||||||||
Letter of Credit Facility | $ 40,000,000 | ||||||||
Unused line of credit commitment fee based on leverage ratio | 12.50% | ||||||||
Outstanding letters of credit, amount | $ 6,400,000 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 6 Months Ended |
Sep. 30, 2022 Plant Location Terminal Facility Segment Sector | |
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 | 30 |
Readymix concrete batch plants | 30 |
Aggregates processing plants | 5 |
Gypsum wallboard plants | 5 |
Proportionate consolidation of share of joint venture revenues and operating earnings | 50% |
Financial Information Related t
Financial Information Related to Operations by Segment (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2022 USD ($) kt | Sep. 30, 2021 USD ($) kt | Sep. 30, 2022 USD ($) kt | Sep. 30, 2021 USD ($) kt | Mar. 31, 2022 USD ($) | |
Segment Reporting Information [Line Items] | |||||
Revenue | $ 605,068 | $ 509,694 | $ 1,166,455 | $ 985,464 | |
Less: Joint Venture Revenue | (25,130) | (26,926) | (51,445) | (49,617) | |
Operating Earnings | 201,395 | 163,601 | 357,359 | 298,082 | |
Corporate General and Administrative Expense | (13,627) | (10,667) | (25,447) | (20,135) | |
Loss on Early Retirement of Senior Notes | 0 | (8,407) | 0 | (8,407) | |
Other Non-Operating Income | (664) | (944) | (1,299) | 2,734 | |
Earnings Before Interest and Income Taxes | 187,104 | 143,583 | 330,613 | 272,274 | |
Interest Expense, net | (8,580) | (12,268) | (15,910) | (19,240) | |
Earnings from Continuing Operations Before Income Taxes | 178,524 | 131,315 | 314,703 | 253,034 | |
Capital Expenditures | 28,335 | 14,842 | 43,249 | 26,777 | |
Depreciation, Depletion and Amortization | 68,874 | 64,284 | |||
Identifiable Assets | 2,809,149 | 2,809,149 | $ 2,579,652 | ||
Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 667,384 | 561,857 | 1,283,918 | 1,086,400 | |
Depreciation, Depletion and Amortization | 34,645 | 32,340 | 68,874 | 64,284 | |
Intersegment Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | (37,186) | (25,237) | (66,018) | (51,319) | |
Revenue | 37,186 | 25,237 | 66,018 | 51,319 | |
Cement [Member] | Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | $ 319,460 | $ 288,324 | $ 603,976 | $ 558,579 | |
Cement Sales Volume | kt | 2,145 | 2,198 | 4,138 | 4,234 | |
Operating Earnings | $ 98,779 | $ 88,750 | $ 161,127 | $ 151,297 | |
Capital Expenditures | 4,893 | 6,976 | 13,879 | 14,943 | |
Depreciation, Depletion and Amortization | 20,258 | $ 20,019 | 40,311 | $ 39,550 | |
Identifiable Assets | $ 1,903,575 | $ 1,903,575 | 1,860,649 | ||
Cement [Member] | Operating Segments [Member] | Wholly-Owned [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Cement Sales Volume | kt | 1,981 | 1,983 | 3,786 | 3,835 | |
Operating Earnings | $ 91,623 | $ 80,490 | $ 148,873 | $ 135,067 | |
Cement [Member] | Operating Segments [Member] | Joint Venture [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Cement Sales Volume | kt | 164 | 215 | 352 | 399 | |
Operating Earnings | $ 7,156 | $ 8,260 | $ 12,254 | $ 16,230 | |
Cement [Member] | Intersegment Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 12,361 | 5,223 | 18,652 | 13,056 | |
Concrete and Aggregates [Member] | Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 69,613 | 52,750 | 131,231 | 97,504 | |
Operating Earnings | 7,276 | 7,539 | 13,008 | 12,883 | |
Capital Expenditures | 13,688 | 527 | 14,340 | 1,073 | |
Depreciation, Depletion and Amortization | 4,351 | 2,470 | 8,552 | 5,048 | |
Identifiable Assets | 224,578 | 224,578 | 89,405 | ||
Gypsum Wallboard [Member] | Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 224,638 | 172,985 | 440,965 | 339,252 | |
Operating Earnings | 89,761 | 66,331 | 173,829 | 129,584 | |
Capital Expenditures | 8,391 | 6,345 | 12,470 | 8,039 | |
Depreciation, Depletion and Amortization | 5,589 | 5,484 | 11,152 | 10,880 | |
Identifiable Assets | 396,655 | 396,655 | 397,486 | ||
Paperboard [Member] | Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 53,673 | 47,798 | 107,746 | 91,065 | |
Operating Earnings | 5,579 | 981 | 9,395 | 4,318 | |
Capital Expenditures | 1,018 | 375 | 1,855 | 1,492 | |
Depreciation, Depletion and Amortization | 3,742 | 3,663 | 7,459 | 7,331 | |
Identifiable Assets | 174,261 | 174,261 | 180,025 | ||
Paperboard [Member] | Intersegment Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 24,825 | 20,014 | 47,366 | 38,263 | |
Corporate and Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Capital Expenditures | 345 | 619 | 705 | 1,230 | |
Depreciation, Depletion and Amortization | 705 | $ 704 | 1,400 | $ 1,475 | |
Other, net [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Identifiable Assets | $ 110,080 | $ 110,080 | $ 52,087 |
Segment Breakdown of Goodwill (
Segment Breakdown of Goodwill (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Mar. 31, 2022 |
Segment Reporting Information [Line Items] | ||
Goodwill | $ 378,250 | $ 329,137 |
Cement [Member] | ||
Segment Reporting Information [Line Items] | ||
Goodwill | 213,320 | 203,342 |
Concrete and Aggregates [Member] | ||
Segment Reporting Information [Line Items] | ||
Goodwill | 40,774 | 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 |
Summarized Financial Informatio
Summarized Financial Information for Joint Venture Unconsolidated (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Mar. 31, 2022 | |
Related Party Transaction [Line Items] | |||||
Revenue | $ 605,068 | $ 509,694 | $ 1,166,455 | $ 985,464 | |
Gross Margin | 194,239 | 155,341 | 345,105 | 281,852 | |
Earnings Before Income Taxes | 178,524 | 131,315 | 314,703 | 253,034 | |
Current Assets | 552,874 | 552,874 | $ 442,727 | ||
Current Liabilities | 223,321 | 223,321 | 207,551 | ||
Joint Venture [Member] | Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | |||||
Related Party Transaction [Line Items] | |||||
Revenue | 50,259 | 53,852 | 102,889 | 99,234 | |
Gross Margin | 15,977 | 17,776 | 28,003 | 34,609 | |
Earnings Before Income Taxes | 14,312 | $ 16,519 | 24,508 | $ 32,459 | |
Current Assets | 84,701 | 84,701 | 69,492 | ||
Noncurrent Assets | 114,764 | 114,764 | 112,926 | ||
Current Liabilities | $ 23,152 | $ 23,152 | $ 18,276 |
Interest Expense, Net (Detail)
Interest Expense, Net (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Interest Income (Expense), Net [Abstract] | ||||
Interest Income | $ (70) | $ (13) | $ (82) | $ (38) |
Interest Expense | 8,176 | 5,425 | 15,055 | 11,551 |
Other Expenses | 474 | 6,856 | 937 | 7,727 |
Interest Expense, net | $ 8,580 | $ 12,268 | $ 15,910 | $ 19,240 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | Sep. 30, 2022 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Letters of credit outstanding, amount | $ 6,400,000 |
Outstanding guarantees | 0 |
Contingently liable for performance, current | $ 26,800,000 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Detail) $ in Thousands | Sep. 30, 2022 USD ($) |
2.500% Senior Unsecured Notes Due 2031 [Member] | |
Fair Value Of Financial Instruments [Line Items] | |
Fair Value of long term debt | $ 550,193 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments (Parenthetical) (Detail) - 2.500% Senior Unsecured Notes Due 2031 [Member] | 6 Months Ended | |
Sep. 30, 2022 | Jul. 01, 2021 | |
Fair Value Of Financial Instruments [Line Items] | ||
Debt instrument, interest rate | 2.50% | 2.50% |
Debt instrument, maturity year | 2031 |