Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Sep. 30, 2023 | Oct. 24, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2023 | |
Document Fiscal Year Focus | 2023 | |
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 | 34,886,889 | |
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, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Statement [Abstract] | ||||
Revenue | $ 622,236 | $ 605,068 | $ 1,223,757 | $ 1,166,455 |
Cost of Goods Sold | 413,218 | 410,829 | 838,744 | 821,350 |
Gross Profit | 209,018 | 194,239 | 385,013 | 345,105 |
Equity in Earnings of Unconsolidated Joint Venture | 10,346 | 7,156 | 13,505 | 12,254 |
Corporate General and Administrative Expense | (16,576) | (13,627) | (28,255) | (25,447) |
Other Non-Operating Income (Loss) | 1,605 | (664) | 1,818 | (1,299) |
Interest Expense, net | (10,204) | (8,580) | (22,443) | (15,910) |
Earnings before Income Taxes | 194,189 | 178,524 | 349,638 | 314,703 |
Income Taxes | (43,636) | (39,529) | (78,236) | (70,703) |
Net Earnings | $ 150,553 | $ 138,995 | $ 271,402 | $ 244,000 |
EARNINGS PER SHARE | ||||
Basic | $ 4.29 | $ 3.74 | $ 7.72 | $ 6.5 |
Diluted | $ 4.26 | $ 3.72 | $ 7.66 | $ 6.46 |
AVERAGE SHARES OUTSTANDING | ||||
Basic | 35,056,973 | 37,140,197 | 35,165,268 | 37,559,087 |
Diluted | 35,336,966 | 37,366,879 | 35,433,837 | 37,792,613 |
CASH DIVIDENDS PER SHARE | $ 0.25 | $ 0.25 | $ 0.5 | $ 0.5 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Earnings (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income (Loss) | $ 150,553 | $ 138,995 | $ 271,402 | $ 244,000 |
Net Actuarial Change in Defined Benefit Plans | ||||
Amortization of Net Actuarial Loss | 63 | 30 | 126 | 60 |
Tax Expense | (15) | (6) | (30) | (13) |
Comprehensive Earnings | $ 150,601 | $ 139,019 | $ 271,498 | $ 244,047 |
Consolidated Balance Sheets (un
Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands | Sep. 30, 2023 | Mar. 31, 2023 |
Current Assets | ||
Cash and Cash Equivalents | $ 47,321 | $ 15,242 |
Accounts and Notes Receivable, net | 244,832 | 195,052 |
Inventories | 301,374 | 291,882 |
Income Tax Receivable | 8,144 | 16,267 |
Prepaid and Other Assets | 10,135 | 3,060 |
Total Current Assets | 611,806 | 521,503 |
Property, Plant, and Equipment, net | 1,676,738 | 1,662,061 |
Notes Receivable | 0 | 7,382 |
Investment in Joint Venture | 100,115 | 89,111 |
Operating Lease Right-of-Use Assets | 22,068 | 20,759 |
Goodwill and Intangible Assets, net | 490,180 | 466,043 |
Other Assets | 16,187 | 14,143 |
Total Assets | 2,917,094 | 2,781,002 |
Current Liabilities | ||
Accounts Payable | 113,737 | 110,408 |
Accrued Liabilities | 90,815 | 86,472 |
Operating Lease Liabilities | 8,205 | 6,009 |
Income Taxes Payable | 1,778 | 0 |
Current Portion of Long-term Debt | 10,000 | 10,000 |
Total Current Liabilities | 224,535 | 212,889 |
Long-term Debt | 1,079,665 | 1,079,032 |
Noncurrent Operating Lease Liabilities | 22,699 | 24,940 |
Other Long-term Liabilities | 39,891 | 41,603 |
Deferred Income Taxes | 243,670 | 236,844 |
Total Liabilities | 1,610,460 | 1,595,308 |
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 35,031,889 and 35,768,376 Shares, respectively | 350 | 358 |
Capital in Excess of Par Value | 0 | 0 |
Accumulated Other Comprehensive Losses | (3,451) | (3,547) |
Retained Earnings | 1,309,735 | 1,188,883 |
Total Stockholders’ Equity | 1,306,634 | 1,185,694 |
Total Liabilities and Stockholders' Equity | $ 2,917,094 | $ 2,781,002 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (unaudited) (Parenthetical) - $ / shares | Sep. 30, 2023 | Mar. 31, 2023 |
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 | 35,031,889 | 35,768,376 |
Common Stock, Outstanding | 35,031,889 | 35,768,376 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net Earnings | $ 271,402 | $ 244,000 |
Adjustments to Reconcile Net Earnings to Net Cash Provided by Operating Activities, Net of Effect of Non-Cash Activity | ||
Depreciation, Depletion and Amortization | 73,879 | 68,874 |
Deferred Income Tax Provision | 6,826 | 6,198 |
Stock Compensation Expense | 10,999 | 9,548 |
Equity in Earnings of Unconsolidated Joint Venture | (13,505) | (12,254) |
Distributions from Joint Venture | 2,500 | 7,500 |
Changes in Operating Assets and Liabilities | ||
Accounts and Notes Receivable | (42,398) | (50,697) |
Inventories | 5,317 | 18,101 |
Accounts Payable and Accrued Liabilities | 3,996 | 1,634 |
Other Assets | (14,487) | 4,589 |
Income Taxes Payable (Receivable) | 8,310 | 2,952 |
Net Cash Provided by Operating Activities | 312,839 | 300,445 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Additions to Property, Plant, and Equipment | (65,453) | (43,249) |
Acquisition Spending | (55,053) | (158,451) |
Net Cash Used in Investing Activities | (120,506) | (201,700) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Increase in Credit Facility | 5,000 | 200,000 |
Repayment of Term Loan | (5,000) | (2,500) |
Dividends Paid to Stockholders | (17,908) | (19,149) |
Purchase and Retirement of Common Stock | (151,321) | (210,398) |
Proceeds from Stock Option Exercises | 11,469 | 735 |
Payment of Debt Issuance Costs | 0 | (903) |
Shares Redeemed to Settle Employee Taxes on Stock Compensation | (2,494) | (1,806) |
Net Cash Used in Financing Activities | (160,254) | (34,021) |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 32,079 | 64,724 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 15,242 | 19,416 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ 47,321 | $ 84,140 |
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, 2022 | $ 1,133,556 | $ 387 | $ 1,136,344 | $ (3,175) | |
Net Income (Loss) | 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 | 1,126,553 | (3,152) | |
Beginning balance at Mar. 31, 2022 | 1,133,556 | 387 | 1,136,344 | (3,175) | |
Net Income (Loss) | 244,000 | ||||
Ending Balance at Sep. 30, 2022 | 1,156,704 | 371 | 1,159,461 | (3,128) | |
Beginning balance at Jun. 30, 2022 | 1,123,781 | 380 | 1,126,553 | (3,152) | |
Net Income (Loss) | 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 | 1,159,461 | (3,128) | |
Beginning balance at Mar. 31, 2023 | 1,185,694 | 358 | 1,188,883 | (3,547) | |
Net Income (Loss) | 120,849 | 120,849 | |||
Stock Compensation Expense | 6,457 | 6,457 | |||
Stock Option Exercises and Restricted Share Issuances | 10,385 | 2 | 10,383 | ||
Shares Redeemed to Settle Employee Taxes | (1,360) | (1) | (1,359) | ||
Purchase and Retirement of Common Stock | (74,799) | (5) | (15,481) | (59,313) | |
Dividends to Shareholders | (8,863) | (8,863) | |||
Unfunded Pension Liability, net of tax | 48 | 48 | |||
Ending Balance at Jun. 30, 2023 | 1,238,411 | 354 | 1,241,556 | (3,499) | |
Beginning balance at Mar. 31, 2023 | 1,185,694 | 358 | 1,188,883 | (3,547) | |
Net Income (Loss) | 271,402 | ||||
Ending Balance at Sep. 30, 2023 | 1,306,634 | 350 | 1,309,735 | (3,451) | |
Beginning balance at Jun. 30, 2023 | 1,238,411 | 354 | 1,241,556 | (3,499) | |
Net Income (Loss) | 150,553 | 150,553 | |||
Stock Compensation Expense | 4,542 | 4,542 | |||
Stock Option Exercises and Restricted Share Issuances | 1,084 | 1,084 | |||
Shares Redeemed to Settle Employee Taxes | (1,134) | (1,134) | |||
Purchase and Retirement of Common Stock | (78,037) | (4) | $ (4,492) | (73,541) | |
Dividends to Shareholders | (8,833) | (8,833) | |||
Unfunded Pension Liability, net of tax | 48 | 48 | |||
Ending Balance at Sep. 30, 2023 | $ 1,306,634 | $ 350 | $ 1,309,735 | $ (3,451) |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Sep. 30, 2023 | Jun. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Pay vs Performance Disclosure | ||||||
Net Income (Loss) | $ 150,553 | $ 120,849 | $ 138,995 | $ 105,005 | $ 271,402 | $ 244,000 |
Insider Trading Arrangements
Insider Trading Arrangements | 6 Months Ended |
Sep. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 6 Months Ended |
Sep. 30, 2023 | |
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, 2023, 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 19, 2023. 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, 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, 2023 | |
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, 2023 2022 (dollars in thousands) Cash Payments Interest $ 22,298 $ 12,940 Income Taxes 63,033 61,592 Operating Cash Flows Used for Operating Leases 4,706 4,248 Non-Cash Financing Activities Excise Tax on Share Repurchases $ 2,252 $ — Right-of-Use Assets Acquired for Capitalized Operating Leases 6,018 — |
ACQUISITION
ACQUISITION | 6 Months Ended |
Sep. 30, 2023 | |
Business Combinations [Abstract] | |
ACQUISITION | (C) ACQUISITION On May 3, 2023, we purchased the assets of a cement import terminal in Stockton, California (the Stockton Terminal Acquisition), which was accounted for under the acquisition method. The purchase price of the Stockton Terminal Acquisition was approximately $ 55.1 million. The purchase price allocation has not yet been finalized. The purchase price was funded through borrowings under our revolving credit facility. Operations related to the Stockton Terminal Acquisition are included in the Cement business in our segment reporting from May 3, 2023, through September 30, 2023. The following table summarizes the preliminary allocation of the purchase price to the fair value of assets acquired and liabilities assumed (based on Level 3 inputs) as of September 30, 2023: Fair Value Inventory $ 14,809 Prepaid and Other Current Assets 179 Property, Plant, and Equipment 12,737 Lease Right-of-Use Assets 1,646 Intangible Assets 16,100 Lease Obligations ( 1,646 ) Other Long-term Liabilities ( 630 ) Goodwill 11,858 Total Estimated Purchase Price $ 55,053 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 . All goodwill generated from the Stockton Terminal Acquisition is deductible for income tax purposes. The following table presents the Revenue and Operating Loss related to the Stockton Terminal Acquisition that has been included in our Consolidated Statement of Earnings from May 3, 2023, through September 30, 2023. For the Three Months Ended For the Six Months Ended September 30, 2023 (dollars in thousands) Revenue $ 13,029 $ 19,497 Operating Loss $ ( 130 ) $ ( 2,050 ) Operating Loss shown above for the three months ended September 30, 2023 was affected by approximately $ 0.7 million and $ 1.1 million related to depreciation and amortization and the recording of acquired inventories at fair value, respectively. Operating Loss for the six months ended September 30, 2023, was affected by approximately $ 1.2 million and $ 3.9 million related to depreciation and amortization and the recording of acquired inventories at fair value, respectively. |
REVENUE
REVENUE | 6 Months Ended |
Sep. 30, 2023 | |
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 concrete, aggregates, and gypsum wallboard is originated by purchase orders from our customers, who are mostly third-party contractors and suppliers. Revenue from the sale of cement is recognized at the point-of-sale to customers under sales orders. Revenue from our Recycled Paperboard segment is generated mainly through long-term supply agreements. These agreements do not have a stated maturity date, but may be terminated by either party with a two to three-year notice period. We invoice customers upon shipment, and our collection terms range from 30 to 75 days. Revenue from the sale of cement, concrete, aggregates, and gypsum wallboard 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 fulfillment activity rather than a separate performance obligation. When we arrange for a third party to deliver products to customers, fees for shipping and handling billed to the customer are recorded as Revenue, while costs 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, 2023 | |
Receivables [Abstract] | |
ACCOUNTS AND NOTES RECEIVABLE | (E) ACCOUNTS AND NOTES RECEIVABLE Accounts Receivable are shown net of the allowance for credit losses totaling $ 6.9 million at both September 30, 2023, and March 31, 2023, respectively. We perform ongoing credit evaluations of our customers’ financial condition and generally require no collateral from our customers. The allowance for credit losses 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 expected collectability of overall receivables. We have no significant credit risk concentration among our diversified customer base. |
INVENTORIES
INVENTORIES | 6 Months Ended |
Sep. 30, 2023 | |
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, 2023 2023 (dollars in thousands) Raw Materials and Materials-in-Progress $ 96,674 $ 96,880 Finished Cement 42,031 46,364 Aggregates 10,384 8,309 Gypsum Wallboard 5,684 4,244 Recycled Paperboard 12,021 8,651 Repair Parts and Supplies 115,962 112,885 Fuel and Coal 18,618 14,549 $ 301,374 $ 291,882 |
ACCRUED EXPENSES
ACCRUED EXPENSES | 6 Months Ended |
Sep. 30, 2023 | |
Payables and Accruals [Abstract] | |
ACCRUED EXPENSES | (G) ACCRUED EXPENSES Accrued Expenses consist of the following: September 30, March 31, 2023 2023 (dollars in thousands) Payroll and Incentive Compensation $ 31,676 $ 32,742 Benefits 16,870 16,130 Dividends 8,974 9,186 Interest 7,478 7,163 Property Taxes 10,318 6,671 Power and Fuel 3,444 3,051 Freight 4,161 1,663 Legal and Professional 2,067 1,691 Sales and Use Tax 1,490 1,452 Other 4,337 6,723 $ 90,815 $ 86,472 |
LEASES
LEASES | 6 Months Ended |
Sep. 30, 2023 | |
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 1 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, 2023 2022 2023 2022 (dollars in thousands) Operating Lease Cost $ 1,953 $ 1,671 $ 4,227 $ 3,398 Short-term Lease Cost 191 126 414 275 Total Lease Cost $ 2,144 $ 1,797 $ 4,641 $ 3,673 The Right-of-Use Assets and Lease Liabilities are reflected on our Balance Sheet as follows: September 30, March 31, 2023 2023 (dollars in thousands) Operating Leases Operating Lease Right-of-Use Assets $ 22,068 $ 20,759 Current Operating Lease Liabilities $ 8,205 $ 6,009 Noncurrent Operating Lease Liabilities 22,699 24,940 Total Operating Lease Liabilities $ 30,904 $ 30,949 Future payments for operating leases are as follows (dollars in thousands): Fiscal Year Amount 2024 (remaining six months) $ 4,580 2025 8,653 2026 4,776 2027 3,606 2028 2,735 Thereafter 13,665 Total Lease Payments $ 38,015 Less: Imputed Interest ( 7,111 ) Present Value of Lease Liabilities $ 30,904 Weighted-Average Remaining Lease Term (in years) 9.2 Weighted-Average Discount Rate 4.19 % |
SHARE-BASED EMPLOYEE COMPENSATI
SHARE-BASED EMPLOYEE COMPENSATION | 6 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
SHARE-BASED EMPLOYEE COMPENSATION | (I) S hare -BASED EMPLOYEE COMPENSATION On August 3, 2023, our stockholders approved the Eagle Materials Inc. 2023 Equity Incentive Plan (the 2023 Plan), which reserves 1,425,000 shares for future grants of stock awards. Under the terms of the 2023 Plan, we can issue equity awards, including stock options, restricted stock units, restricted stock, and stock appreciation rights, to employees of the Company, members of the Board of Directors, consultants, independent contractors, and agents of the Company. The Compensation Committee of our Board of Directors specifies grant terms for awards under the Plan. Long-Term Compensation Plans OPTIONS In May 2023, under the 2013 amended and restated incentive plan (the Prior Plan), the Compensation Committee of the Board of Directors approved the granting to certain officers and key employees an aggregate of 2,296 performance-vesting stock options that will be earned only if certain performance conditions are satisfied (the Fiscal 2024 Employee Performance Stock Option Award). The performance criteria for the Fiscal 2024 Employee Performance Stock Option Award are based upon the achievement of certain levels of return on equity (as defined in the option agreements), ranging from 10.0 % to 20.0 %, for the performance periods described in the table below. All stock options in each performance period will be earned if the return on equity is 20.0 % or greater. If the return on equity is less than 20 % but at least 10 % in any performance period, the amount of stock options earned in such period will be reduced proportionately using straight-line interpolation, such that approximately 66.7 % of the amount of stock options granted will be earned if the return on equity is 10.0% . If the Company does not achieve a return on equity of at least 10.0 % during any performance period, all stock option awards for that performance period will be forfeited. The stock option performance periods are as follows: Options Performance Period Vesting Date One-Year Performance Shares 574 April 1, 2023 to March 31, 2024 May 2024 Two-Year Performance Shares 574 April 1, 2023 to March 31, 2025 May 2025 Three-Year Performance Shares 1,148 April 1, 2023 to March 31, 2026 May 2026 The stock options have a term of 10 years from the grant date. The Compensation Committee also approved the granting of 1,914 time-vesting stock options to the same officers and key employees, which vest ratably over three years (the Fiscal 2024 Employee Time-Vesting Stock Option Award). In August 2023, under the 2023 Plan, the Compensation Committee granted 1,348 options to members of the Board of Directors (the Fiscal 2024 Board of Directors Stock Option Award). Options granted under the Fiscal 2024 Board of Directors Stock Option Award vest one year after the grant date, and can be exercised from the date of vesting until their expiration on the tenth anniversary of the grant date. The Fiscal 2024 Employee Performance Stock Option Award, the Fiscal 2024 Employee Time-Vesting Stock Option Award, and the Fiscal 2024 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 for fiscal 2024 are as follows: Dividend Yield 0.8 % Expected Volatility 38.8 % Risk-Free Interest Rate 3.7 % Expected Life 6.0 years In addition to the stock options described above, we issue stock options to certain employees from time to time. Any options issued are valued using the Black-Scholes options pricing model on the grant date, and expensed over the vesting period. Stock option expense for all outstanding stock option awards totaled approximately $ 0.5 million and $ 1.0 million for the three and six months ended September 30, 2023, respectively, and $ 1.1 million and $ 1.9 million for the three and six months ended September 30, 2022, respectively. At September 30, 2023, there was approximately $ 2.7 million of unrecognized compensation cost related to outstanding stock options, which is expected to be recognized over a weighted-average period of 2.0 years. The following table represents stock option activity for the six months ended September 30, 2023: Number Weighted- Outstanding Options at March 31, 2023 436,949 $ 89.69 Granted 5,558 $ 172.62 Exercised ( 130,053 ) $ 88.18 Cancelled ( 1,000 ) $ 73.37 Outstanding Options at September 30, 2023 311,454 $ 91.85 Options Exercisable at September 30, 2023 216,868 Weighted-Average Fair Value of Options Granted $ 69.84 The following table summarizes information about stock options outstanding at September 30, 2023: Options Outstanding Options Exercisable Range of Exercise Prices Number of Weighted- Weighted- Number of Weighted- $ 59.32 - $ 81.28 113,790 6.15 $ 62.53 71,386 $ 63.73 $ 87.37 - $ 106.24 126,467 4.86 $ 95.75 122,751 $ 95.70 $ 118.27 - $ 166.75 71,197 8.59 $ 131.77 22,731 $ 130.79 311,454 6.19 $ 91.85 216,868 $ 88.85 At September 30, 2023, the aggregate intrinsic value of the outstanding and exercisable options was approximately $ 23.3 million and $ 16.8 million, respectively. The total intrinsic value of options exercised during the six months ended September 30, 2023, was approximately $ 10.5 million. RESTRICTED STOCK In May 2023, under the Prior Plan, the Compensation Committee approved the granting to certain officers and key employees an aggregate of 45,693 shares of performance-vesting restricted stock that will be earned if certain performance conditions are satisfied (the Fiscal 2024 Employee Restricted Stock Performance Award). The performance criteria for the Fiscal 2024 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 performance periods described in the table below. All restricted shares in each performance period will be earned if the return on equity is 20.0 % or greater. If the return on equity is less than 20 % but at least 10 % in any performance period, the amount of shares earned in such period will be reduced proportionately using straight-line interpolation, such that approximately 66.7 % of the amount of shares issued will be earned if the return on equity is 10.0%. If the Company does not achieve a return on equity of at least 10.0 % during any performance period, all awards for that performance period will be forfeited. The restricted share performance periods as follows: Shares Performance Period Vesting Date One-Year Performance Shares 11,424 April 1, 2023 to March 31, 2024 May 2024 Two-Year Performance Shares 11,424 April 1, 2023 to March 31, 2025 May 2025 Three-Year Performance Shares 22,845 April 1, 2023 to March 31, 2026 May 2026 The Compensation Committee also approved the granting of 38,072 shares of time-vesting restricted stock to the same officers and key employees, which vest ratably over three years (the Fiscal 2024 Employee Restricted Stock Time-Vesting Award). The Fiscal 2024 Employee Restricted Stock Performance Award and the Fiscal 2024 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 three-year period. In August 2023, under the 2023 Plan, we granted 10,755 shares of restricted stock to members of the Board of Directors (the Fiscal 2024 Board of Directors Restricted Stock Award). Restrictions on these shares will lapse one year after the grant date. The Fiscal 2024 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 one-year 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 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 six months ended September 30, 2023: Number of Shares Weighted-Average Grant Date Fair Value Nonvested Restricted Stock at March 31, 2023 219,084 $ 96.54 Granted 97,257 $ 169.62 Vested ( 35,958 ) $ 146.24 Forfeited ( 3,000 ) $ 139.03 Nonvested Restricted Stock at September 30, 2023 277,383 $ 125.10 Expense related to restricted shares was approximately $ 3.8 million and $ 9.8 million for the three and six months ended September 30, 2023, respectively, and $ 3.3 million and $ 7.6 million for the three and six months ended September 30, 2022, respectively. At September 30, 2023, there was approximately $ 25.5 million of unearned compensation from restricted stock, which will be recognized over a weighted-average period of 1.9 years. The number of shares available for future grants of stock options, restricted stock units, stock appreciation rights, and restricted stock under the 2023 Plan was 1,411,810 at September 30, 2023. |
COMPUTATION OF EARNINGS PER SHA
COMPUTATION OF EARNINGS PER SHARE | 6 Months Ended |
Sep. 30, 2023 | |
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, 2023 2022 2023 2022 Weighted-Average Shares of Common Stock Outstanding 35,056,973 37,140,197 35,165,268 37,559,087 Effect of Dilutive Shares Assumed Exercise of Outstanding Dilutive Options 312,065 420,199 316,163 424,489 Less Shares Repurchased from Proceeds of Assumed Exercised Options ( 169,038 ) ( 310,956 ) ( 171,659 ) ( 311,373 ) Restricted Stock Units 136,966 117,439 124,065 120,410 Weighted-Average Common Stock and Dilutive Securities Outstanding 35,336,966 37,366,879 35,433,837 37,792,613 Shares Excluded Due to Anti-Dilution Effects 4,884 46,750 31,586 39,703 |
PENSION AND EMPLOYEE BENEFIT PL
PENSION AND EMPLOYEE BENEFIT PLANS | 6 Months Ended |
Sep. 30, 2023 | |
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, 2023. Due to the frozen status and current funding of the single-employer pension plans, our expected pension expense for fiscal 2024 is less than $ 0.2 million. |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Sep. 30, 2023 | |
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 three months ended September 30, 2023, was approximately 23 %, which was higher than the effective tax rate of 22 % for the three months ended September 30, 2022. 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, 2023 | |
Debt Disclosure [Abstract] | |
LONG-TERM DEBT | (M) LONG-TERM DEBT Long-term Debt at September 30, 2023 is as follows: September 30, March 31, 2023 2023 (dollars in thousands) Revolving Credit Facility $ 162,000 $ 157,000 2.500 % Senior Unsecured Notes Due 2031 750,000 750,000 Term Loan 187,500 192,500 Total Debt 1,099,500 1,099,500 Less: Current Portion of Long-term Debt ( 10,000 ) ( 10,000 ) Less: Unamortized Discounts and Debt Issuance Costs ( 9,835 ) ( 10,468 ) Long-term Debt $ 1,079,665 $ 1,079,032 Revolving Credit Facility We have an unsecured $ 750.0 million revolving credit facility (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 borrowing capacity by up to $ 375.0 million (for a total borrowing capacity of $ 1,125.0 million), provided 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 to 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 basis points, 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 basis points, 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 were $ 162.0 million of outstanding borrowings under the Revolving Credit Facility, plus $ 8.3 million outstanding letters of credit as of September 30, 2023, resulting in $ 579.7 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, 2023; therefore, the entire $ 579.7 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 10-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. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 6 Months Ended |
Sep. 30, 2023 | |
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, including portland limestone 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 over 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, Tennessee, 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, 2023 2022 2023 2022 (dollars in thousands) Revenue Cement $ 360,751 $ 319,460 $ 689,783 $ 603,976 Concrete and Aggregates 69,887 69,613 140,340 131,231 Gypsum Wallboard 209,233 224,638 428,330 440,965 Recycled Paperboard 43,016 53,673 88,344 107,746 682,887 667,384 1,346,797 1,283,918 Less: Intersegment Revenue ( 31,744 ) ( 37,186 ) ( 67,010 ) ( 66,018 ) Less: Joint Venture Revenue ( 28,907 ) ( 25,130 ) ( 56,030 ) ( 51,445 ) $ 622,236 $ 605,068 $ 1,223,757 $ 1,166,455 For the Three Months Ended September 30, For the Six Months Ended September 30, 2023 2022 2023 2022 (dollars in thousands) Intersegment Revenue Cement $ 9,251 $ 12,361 $ 19,388 $ 18,652 Concrete and Aggregates 3,783 — 6,821 — Recycled Paperboard 18,710 24,825 40,801 47,366 $ 31,744 $ 37,186 $ 67,010 $ 66,018 Cement Sales Volume (M tons) Wholly Owned 1,959 1,981 3,807 3,786 Joint Venture 170 164 335 352 2,129 2,145 4,142 4,138 For the Three Months Ended September 30, For the Six Months Ended September 30, 2023 2022 2023 2022 (dollars in thousands) (dollars in thousands) Operating Earnings Cement $ 121,429 $ 98,779 $ 195,490 $ 161,127 Concrete and Aggregates 4,640 7,276 11,674 13,008 Gypsum Wallboard 85,705 89,761 176,562 173,829 Recycled Paperboard 7,590 5,579 14,792 9,395 Sub-Total 219,364 201,395 398,518 357,359 Corporate General and Administrative Expense ( 16,576 ) ( 13,627 ) ( 28,255 ) ( 25,447 ) Other Non-Operating Income (Loss) 1,605 ( 664 ) 1,818 ( 1,299 ) Earnings Before Interest and Income Taxes 204,393 187,104 372,081 330,613 Interest Expense, net ( 10,204 ) ( 8,580 ) ( 22,443 ) ( 15,910 ) Earnings Before Income Taxes $ 194,189 $ 178,524 $ 349,638 $ 314,703 Cement Operating Earnings Wholly Owned $ 111,083 $ 91,623 $ 181,985 $ 148,873 Joint Venture 10,346 7,156 13,505 12,254 $ 121,429 $ 98,779 $ 195,490 $ 161,127 Capital Expenditures Cement $ 14,487 $ 4,893 $ 26,757 $ 13,879 Concrete and Aggregates 5,854 13,688 9,074 14,340 Gypsum Wallboard 5,452 8,391 16,480 12,470 Recycled Paperboard 2,597 1,018 5,865 1,855 Corporate and Other 1,064 345 7,277 705 $ 29,454 $ 28,335 $ 65,453 $ 43,249 Depreciation, Depletion, and Amortization Cement $ 22,187 $ 20,258 $ 43,866 $ 40,311 Concrete and Aggregates 4,962 4,351 9,993 8,552 Gypsum Wallboard 5,548 5,589 11,009 11,152 Recycled Paperboard 3,708 3,742 7,427 7,459 Corporate and Other 792 705 1,584 1,400 $ 37,197 $ 34,645 $ 73,879 $ 68,874 September 30, March 31, 2023 2023 (dollars in thousands) Identifiable Assets Cement $ 2,014,557 $ 1,905,227 Concrete and Aggregates 238,440 234,767 Gypsum Wallboard 414,747 421,425 Recycled Paperboard 168,659 163,797 Other, net 80,691 55,786 $ 2,917,094 $ 2,781,002 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, 2023 2023 (dollars in thousands) Cement $ 227,669 $ 215,781 Concrete and Aggregates 40,774 40,774 Gypsum Wallboard 116,618 116,618 Recycled Paperboard 7,538 7,538 $ 392,599 $ 380,711 The increase in Goodwill in the Cement segment is related to the Stockton Terminal Acquisition. The purchase price allocation is 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, 2023 2022 2023 2022 (dollars in thousands) (dollars in thousands) Revenue $ 57,813 $ 50,259 $ 112,060 $ 102,889 Gross Margin $ 23,509 $ 15,977 $ 32,047 $ 28,003 Earnings Before Income Taxes $ 20,690 $ 14,312 $ 27,009 $ 24,508 September 30, March 31, 2023 2023 (dollars in thousands) Current Assets $ 102,831 $ 88,562 Noncurrent Assets $ 134,254 $ 124,503 Current Liabilities $ 31,791 $ 29,434 |
INTEREST EXPENSE
INTEREST EXPENSE | 6 Months Ended |
Sep. 30, 2023 | |
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, 2023 2022 2023 2022 (dollars in thousands) (dollars in thousands) Interest Income $ ( 215 ) $ ( 70 ) $ ( 373 ) $ ( 82 ) Interest Expense 9,944 8,176 21,867 15,055 Other Expenses 475 474 949 937 Interest Expense, net $ 10,204 $ 8,580 $ 22,443 $ 15,910 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, 2023 | |
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, 2023, we had contingent liabilities under these outstanding letters of credit of approximately $ 8.3 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 $ 29.0 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 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, 2023 | |
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 determined using market transactions (level 1 inputs). The fair value of our 2.500% Senior Unsecured Notes at September 30, 2023, is as follows: Fair Value (dollars in thousands) 2.500 % Senior Unsecured Notes Due 2031 $ 582,000 The carrying values of Cash and Cash Equivalents, Accounts Receivable, Accounts Payable, and Accrued Liabilities approximate their fair values at September 30, 2023, 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, 2023. |
BASIS OF PRESENTATION (Policies
BASIS OF PRESENTATION (Policies) | 6 Months Ended |
Sep. 30, 2023 | |
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, 2023 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | Supplemental cash flow information is as follows: For the Six Months Ended September 30, 2023 2022 (dollars in thousands) Cash Payments Interest $ 22,298 $ 12,940 Income Taxes 63,033 61,592 Operating Cash Flows Used for Operating Leases 4,706 4,248 Non-Cash Financing Activities Excise Tax on Share Repurchases $ 2,252 $ — Right-of-Use Assets Acquired for Capitalized Operating Leases 6,018 — |
ACQUISITION (Tables)
ACQUISITION (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Business Combinations [Abstract] | |
Schedule of Recognized Fair Value of Identified Assets Acquired and Liabilities Assumed | The following table summarizes the preliminary allocation of the purchase price to the fair value of assets acquired and liabilities assumed (based on Level 3 inputs) as of September 30, 2023: Fair Value Inventory $ 14,809 Prepaid and Other Current Assets 179 Property, Plant, and Equipment 12,737 Lease Right-of-Use Assets 1,646 Intangible Assets 16,100 Lease Obligations ( 1,646 ) Other Long-term Liabilities ( 630 ) Goodwill 11,858 Total Estimated Purchase Price $ 55,053 |
Schedule of Revenue and Operating Earnings Related to Business Acquisition | The following table presents the Revenue and Operating Loss related to the Stockton Terminal Acquisition that has been included in our Consolidated Statement of Earnings from May 3, 2023, through September 30, 2023. For the Three Months Ended For the Six Months Ended September 30, 2023 (dollars in thousands) Revenue $ 13,029 $ 19,497 Operating Loss $ ( 130 ) $ ( 2,050 ) |
INVENTORIES (Tables)
INVENTORIES (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories consist of the following: September 30, March 31, 2023 2023 (dollars in thousands) Raw Materials and Materials-in-Progress $ 96,674 $ 96,880 Finished Cement 42,031 46,364 Aggregates 10,384 8,309 Gypsum Wallboard 5,684 4,244 Recycled Paperboard 12,021 8,651 Repair Parts and Supplies 115,962 112,885 Fuel and Coal 18,618 14,549 $ 301,374 $ 291,882 |
ACCRUED EXPENSES (Tables)
ACCRUED EXPENSES (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued Expenses consist of the following: September 30, March 31, 2023 2023 (dollars in thousands) Payroll and Incentive Compensation $ 31,676 $ 32,742 Benefits 16,870 16,130 Dividends 8,974 9,186 Interest 7,478 7,163 Property Taxes 10,318 6,671 Power and Fuel 3,444 3,051 Freight 4,161 1,663 Legal and Professional 2,067 1,691 Sales and Use Tax 1,490 1,452 Other 4,337 6,723 $ 90,815 $ 86,472 |
LEASES (Tables)
LEASES (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
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, 2023 2022 2023 2022 (dollars in thousands) Operating Lease Cost $ 1,953 $ 1,671 $ 4,227 $ 3,398 Short-term Lease Cost 191 126 414 275 Total Lease Cost $ 2,144 $ 1,797 $ 4,641 $ 3,673 |
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, 2023 2023 (dollars in thousands) Operating Leases Operating Lease Right-of-Use Assets $ 22,068 $ 20,759 Current Operating Lease Liabilities $ 8,205 $ 6,009 Noncurrent Operating Lease Liabilities 22,699 24,940 Total Operating Lease Liabilities $ 30,904 $ 30,949 |
Schedule of Future Payments for Operating Leases | Future payments for operating leases are as follows (dollars in thousands): Fiscal Year Amount 2024 (remaining six months) $ 4,580 2025 8,653 2026 4,776 2027 3,606 2028 2,735 Thereafter 13,665 Total Lease Payments $ 38,015 Less: Imputed Interest ( 7,111 ) Present Value of Lease Liabilities $ 30,904 Weighted-Average Remaining Lease Term (in years) 9.2 Weighted-Average Discount Rate 4.19 % |
SHARE-BASED EMPLOYEE COMPENSA_2
SHARE-BASED EMPLOYEE COMPENSATION (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Period and vesting of performance shares | The stock option performance periods are as follows: Options Performance Period Vesting Date One-Year Performance Shares 574 April 1, 2023 to March 31, 2024 May 2024 Two-Year Performance Shares 574 April 1, 2023 to March 31, 2025 May 2025 Three-Year Performance Shares 1,148 April 1, 2023 to March 31, 2026 May 2026 |
Weighted-Average Assumptions Used to Value Option Awards | The weighted-average assumptions used in the Black-Scholes model to value the option awards for fiscal 2024 are as follows: Dividend Yield 0.8 % Expected Volatility 38.8 % Risk-Free Interest Rate 3.7 % Expected Life 6.0 years |
Stock Option Activity | The following table represents stock option activity for the six months ended September 30, 2023: Number Weighted- Outstanding Options at March 31, 2023 436,949 $ 89.69 Granted 5,558 $ 172.62 Exercised ( 130,053 ) $ 88.18 Cancelled ( 1,000 ) $ 73.37 Outstanding Options at September 30, 2023 311,454 $ 91.85 Options Exercisable at September 30, 2023 216,868 Weighted-Average Fair Value of Options Granted $ 69.84 |
Stock Options Outstanding | The following table summarizes information about stock options outstanding at September 30, 2023: Options Outstanding Options Exercisable Range of Exercise Prices Number of Weighted- Weighted- Number of Weighted- $ 59.32 - $ 81.28 113,790 6.15 $ 62.53 71,386 $ 63.73 $ 87.37 - $ 106.24 126,467 4.86 $ 95.75 122,751 $ 95.70 $ 118.27 - $ 166.75 71,197 8.59 $ 131.77 22,731 $ 130.79 311,454 6.19 $ 91.85 216,868 $ 88.85 |
Summary of Activity for Nonvested Restricted Shares | The following table summarizes the activity for nonvested restricted shares during the six months ended September 30, 2023: Number of Shares Weighted-Average Grant Date Fair Value Nonvested Restricted Stock at March 31, 2023 219,084 $ 96.54 Granted 97,257 $ 169.62 Vested ( 35,958 ) $ 146.24 Forfeited ( 3,000 ) $ 139.03 Nonvested Restricted Stock at September 30, 2023 277,383 $ 125.10 |
Performance Vesting Restricted Stock [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Period and vesting of performance shares | The restricted share performance periods as follows: Shares Performance Period Vesting Date One-Year Performance Shares 11,424 April 1, 2023 to March 31, 2024 May 2024 Two-Year Performance Shares 11,424 April 1, 2023 to March 31, 2025 May 2025 Three-Year Performance Shares 22,845 April 1, 2023 to March 31, 2026 May 2026 |
COMPUTATION OF EARNINGS PER S_2
COMPUTATION OF EARNINGS PER SHARE (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
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, 2023 2022 2023 2022 Weighted-Average Shares of Common Stock Outstanding 35,056,973 37,140,197 35,165,268 37,559,087 Effect of Dilutive Shares Assumed Exercise of Outstanding Dilutive Options 312,065 420,199 316,163 424,489 Less Shares Repurchased from Proceeds of Assumed Exercised Options ( 169,038 ) ( 310,956 ) ( 171,659 ) ( 311,373 ) Restricted Stock Units 136,966 117,439 124,065 120,410 Weighted-Average Common Stock and Dilutive Securities Outstanding 35,336,966 37,366,879 35,433,837 37,792,613 Shares Excluded Due to Anti-Dilution Effects 4,884 46,750 31,586 39,703 |
LONG-TERM DEBT (Tables)
LONG-TERM DEBT (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Debt Instrument [Line Items] | |
Long-Term Debt | Long-term Debt at September 30, 2023 is as follows: September 30, March 31, 2023 2023 (dollars in thousands) Revolving Credit Facility $ 162,000 $ 157,000 2.500 % Senior Unsecured Notes Due 2031 750,000 750,000 Term Loan 187,500 192,500 Total Debt 1,099,500 1,099,500 Less: Current Portion of Long-term Debt ( 10,000 ) ( 10,000 ) Less: Unamortized Discounts and Debt Issuance Costs ( 9,835 ) ( 10,468 ) Long-term Debt $ 1,079,665 $ 1,079,032 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
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, 2023 2022 2023 2022 (dollars in thousands) Revenue Cement $ 360,751 $ 319,460 $ 689,783 $ 603,976 Concrete and Aggregates 69,887 69,613 140,340 131,231 Gypsum Wallboard 209,233 224,638 428,330 440,965 Recycled Paperboard 43,016 53,673 88,344 107,746 682,887 667,384 1,346,797 1,283,918 Less: Intersegment Revenue ( 31,744 ) ( 37,186 ) ( 67,010 ) ( 66,018 ) Less: Joint Venture Revenue ( 28,907 ) ( 25,130 ) ( 56,030 ) ( 51,445 ) $ 622,236 $ 605,068 $ 1,223,757 $ 1,166,455 For the Three Months Ended September 30, For the Six Months Ended September 30, 2023 2022 2023 2022 (dollars in thousands) Intersegment Revenue Cement $ 9,251 $ 12,361 $ 19,388 $ 18,652 Concrete and Aggregates 3,783 — 6,821 — Recycled Paperboard 18,710 24,825 40,801 47,366 $ 31,744 $ 37,186 $ 67,010 $ 66,018 Cement Sales Volume (M tons) Wholly Owned 1,959 1,981 3,807 3,786 Joint Venture 170 164 335 352 2,129 2,145 4,142 4,138 For the Three Months Ended September 30, For the Six Months Ended September 30, 2023 2022 2023 2022 (dollars in thousands) (dollars in thousands) Operating Earnings Cement $ 121,429 $ 98,779 $ 195,490 $ 161,127 Concrete and Aggregates 4,640 7,276 11,674 13,008 Gypsum Wallboard 85,705 89,761 176,562 173,829 Recycled Paperboard 7,590 5,579 14,792 9,395 Sub-Total 219,364 201,395 398,518 357,359 Corporate General and Administrative Expense ( 16,576 ) ( 13,627 ) ( 28,255 ) ( 25,447 ) Other Non-Operating Income (Loss) 1,605 ( 664 ) 1,818 ( 1,299 ) Earnings Before Interest and Income Taxes 204,393 187,104 372,081 330,613 Interest Expense, net ( 10,204 ) ( 8,580 ) ( 22,443 ) ( 15,910 ) Earnings Before Income Taxes $ 194,189 $ 178,524 $ 349,638 $ 314,703 Cement Operating Earnings Wholly Owned $ 111,083 $ 91,623 $ 181,985 $ 148,873 Joint Venture 10,346 7,156 13,505 12,254 $ 121,429 $ 98,779 $ 195,490 $ 161,127 Capital Expenditures Cement $ 14,487 $ 4,893 $ 26,757 $ 13,879 Concrete and Aggregates 5,854 13,688 9,074 14,340 Gypsum Wallboard 5,452 8,391 16,480 12,470 Recycled Paperboard 2,597 1,018 5,865 1,855 Corporate and Other 1,064 345 7,277 705 $ 29,454 $ 28,335 $ 65,453 $ 43,249 Depreciation, Depletion, and Amortization Cement $ 22,187 $ 20,258 $ 43,866 $ 40,311 Concrete and Aggregates 4,962 4,351 9,993 8,552 Gypsum Wallboard 5,548 5,589 11,009 11,152 Recycled Paperboard 3,708 3,742 7,427 7,459 Corporate and Other 792 705 1,584 1,400 $ 37,197 $ 34,645 $ 73,879 $ 68,874 September 30, March 31, 2023 2023 (dollars in thousands) Identifiable Assets Cement $ 2,014,557 $ 1,905,227 Concrete and Aggregates 238,440 234,767 Gypsum Wallboard 414,747 421,425 Recycled Paperboard 168,659 163,797 Other, net 80,691 55,786 $ 2,917,094 $ 2,781,002 |
Segment Breakdown of Goodwill | The segment breakdown of Goodwill is as follows: September 30, March 31, 2023 2023 (dollars in thousands) Cement $ 227,669 $ 215,781 Concrete and Aggregates 40,774 40,774 Gypsum Wallboard 116,618 116,618 Recycled Paperboard 7,538 7,538 $ 392,599 $ 380,711 |
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, 2023 2022 2023 2022 (dollars in thousands) (dollars in thousands) Revenue $ 57,813 $ 50,259 $ 112,060 $ 102,889 Gross Margin $ 23,509 $ 15,977 $ 32,047 $ 28,003 Earnings Before Income Taxes $ 20,690 $ 14,312 $ 27,009 $ 24,508 September 30, March 31, 2023 2023 (dollars in thousands) Current Assets $ 102,831 $ 88,562 Noncurrent Assets $ 134,254 $ 124,503 Current Liabilities $ 31,791 $ 29,434 |
INTEREST EXPENSE (Tables)
INTEREST EXPENSE (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
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, 2023 2022 2023 2022 (dollars in thousands) (dollars in thousands) Interest Income $ ( 215 ) $ ( 70 ) $ ( 373 ) $ ( 82 ) Interest Expense 9,944 8,176 21,867 15,055 Other Expenses 475 474 949 937 Interest Expense, net $ 10,204 $ 8,580 $ 22,443 $ 15,910 |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Senior Notes | The fair value of our long-term debt has been determined using market transactions (level 1 inputs). The fair value of our 2.500% Senior Unsecured Notes at September 30, 2023, is as follows: Fair Value (dollars in thousands) 2.500 % Senior Unsecured Notes Due 2031 $ 582,000 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash Payments | ||
Interest | $ 22,298 | $ 12,940 |
Income Taxes | 63,033 | 61,592 |
Operating Cash Flows Used for Operating Leases | 4,706 | 4,248 |
Noncash Financing Activities | ||
Excise Tax on Share Repurchases | 2,252 | 0 |
Right-of-Use Assets Acquired for Capitalized Operating Leases | $ 6,018 | $ 0 |
Acquisition - Additional Inform
Acquisition - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
May 03, 2023 | Sep. 30, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | |
Business Acquisition [Line Items] | ||||
Purchase price of separate operating segment | $ 55,053 | $ 158,451 | ||
Stockton Terminal Acquisition [Member] | ||||
Business Acquisition [Line Items] | ||||
Purchase price of separate operating segment | $ 55,100 | |||
Depreciation | $ 700 | 1,200 | ||
Amortization | $ 1,100 | $ 3,900 | ||
Stockton Terminal Acquisition [Member] | Minimum [Member] | ||||
Business Acquisition [Line Items] | ||||
Property, plant and equipment, estimated useful life | 5 years | 5 years | ||
Acquired intangible assets estimated useful life | 2 years | |||
Stockton Terminal Acquisition [Member] | Maximum [Member] | ||||
Business Acquisition [Line Items] | ||||
Property, plant and equipment, estimated useful life | 30 years | 30 years | ||
Acquired intangible assets estimated useful life | 15 years |
Acquisition - Schedule of Recog
Acquisition - Schedule of Recognized Fair Value of Identified Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Mar. 31, 2023 |
Business Acquisition [Line Items] | ||
Goodwill | $ 392,599 | $ 380,711 |
Stockton Terminal Acquisition [Member] | Level 3 Inputs [Member] | ||
Business Acquisition [Line Items] | ||
Inventory | 14,809 | |
Prepaid and Other Current Assets | 179 | |
Property, Plant, and Equipment | 12,737 | |
Lease Right-of-Use Assets | 1,646 | |
Intangible Assets | 16,100 | |
Lease Obligations | (1,646) | |
Other Long-term Liabilities | (630) | |
Goodwill | 11,858 | |
Total Estimated Purchase Price | $ 55,053 |
Acquisition - Schedule of Reven
Acquisition - Schedule of Revenue and Operating Earnings Related to Business Acquisition (Detail) - Stockton Terminal Acquisition [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Sep. 30, 2023 | Sep. 30, 2023 | |
Business Acquisition [Line Items] | ||
Revenue | $ 13,029 | $ 19,497 |
Operating Loss | $ (130) | $ (2,050) |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) | 6 Months Ended |
Sep. 30, 2023 | |
Minimum [Member] | |
Supply Commitment [Line Items] | |
Revenue from contract with customer collection terms | 30 days |
Long term supply agreements term of termination notice period | 2 years |
Maximum [Member] | |
Supply Commitment [Line Items] | |
Revenue from contract with customer collection terms | 75 days |
Long term supply agreements term of termination notice period | 3 years |
Accounts and Notes Receivable -
Accounts and Notes Receivable - Additional Information (Detail) - USD ($) $ in Millions | Sep. 30, 2023 | Mar. 31, 2023 |
Receivables [Abstract] | ||
Allowance for credit losses | $ 6.9 | $ 6.9 |
Schedule of Inventories (Detail
Schedule of Inventories (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Mar. 31, 2023 |
Inventory [Line Items] | ||
Inventories | $ 301,374 | $ 291,882 |
Raw Materials and Material-in-Progress [Member] | ||
Inventory [Line Items] | ||
Inventories | 96,674 | 96,880 |
Finished Cement [Member] | ||
Inventory [Line Items] | ||
Inventories | 42,031 | 46,364 |
Aggregates [Member] | ||
Inventory [Line Items] | ||
Inventories | 10,384 | 8,309 |
Gypsum Wallboard [Member] | ||
Inventory [Line Items] | ||
Inventories | 5,684 | 4,244 |
Recycled Paperboard [Member] | ||
Inventory [Line Items] | ||
Inventories | 12,021 | 8,651 |
Repair Parts and Supplies [Member] | ||
Inventory [Line Items] | ||
Inventories | 115,962 | 112,885 |
Fuel and Coal [Member] | ||
Inventory [Line Items] | ||
Inventories | $ 18,618 | $ 14,549 |
Schedule of Accrued Expenses (D
Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Mar. 31, 2023 |
Accounts Payable and Accrued Liabilities, Current [Abstract] | ||
Payroll and Incentive Compensation | $ 31,676 | $ 32,742 |
Benefits | 16,870 | 16,130 |
Dividends | 8,974 | 9,186 |
Interest | 7,478 | 7,163 |
Property Taxes | 10,318 | 6,671 |
Power and Fuel | 3,444 | 3,051 |
Freight | 4,161 | 1,663 |
Legal and Professional | 2,067 | 1,691 |
Sales and Use Tax | 1,490 | 1,452 |
Other | 4,337 | 6,723 |
Accrued Expenses, Total | $ 90,815 | $ 86,472 |
Leases - Additional Information
Leases - Additional Information (Detail) | Sep. 30, 2023 |
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, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Leases [Abstract] | ||||
Operating Lease Cost | $ 1,953 | $ 1,671 | $ 4,227 | $ 3,398 |
Short-Term Lease Cost | 191 | 126 | 414 | 275 |
Total Lease Cost | $ 2,144 | $ 1,797 | $ 4,641 | $ 3,673 |
Schedule of Balance Sheet Infor
Schedule of Balance Sheet Information Related to Leases (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Mar. 31, 2023 |
Operating Leases | ||
Operating Lease Right-of-Use Assets | $ 22,068 | $ 20,759 |
Current Operating Lease Liabilities | 8,205 | 6,009 |
Noncurrent Operating Lease Liabilities | 22,699 | 24,940 |
Total Operating Lease Liabilities | $ 30,904 | $ 30,949 |
Schedule of Future Payments for
Schedule of Future Payments for Operating Leases (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Mar. 31, 2023 |
Leases [Abstract] | ||
2024 (remaining six months) | $ 4,580 | |
2025 | 8,653 | |
2026 | 4,776 | |
2027 | 3,606 | |
2028 | 2,735 | |
Thereafter | 13,665 | |
Total Lease Payments | 38,015 | |
Less: Imputed Interest | (7,111) | |
Present Value of Lease Liabilities | $ 30,904 | $ 30,949 |
Weighted-Average Remaining Lease Term (in years) | 9 years 2 months 12 days | |
Weighted-Average Discount Rate | 4.19% |
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, 2023 | May 31, 2023 | May 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Aug. 03, 2023 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Number of shares available for future grant | 1,411,810 | 1,411,810 | |||||||
Reserved future issuance | 1,425,000 | ||||||||
Stock option expense | $ 0.5 | $ 1.1 | $ 1 | $ 1.9 | |||||
Aggregate intrinsic value for outstanding options | 23.3 | 23.3 | |||||||
Aggregate intrinsic value for exercisable options | 16.8 | 16.8 | |||||||
Total intrinsic value of options exercised | 10.5 | ||||||||
Restricted stock or unit expense | 3.8 | $ 3.3 | $ 9.8 | $ 7.6 | |||||
Options granted | 5,558 | ||||||||
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% | ||||||||
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% | ||||||||
Performance Vesting Stock Options [Member] | Minimum [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Percentage of average return on invested capital | 10% | ||||||||
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 | 2,296 | ||||||||
Percentage of average return on invested capital | 20% | ||||||||
Reduced percentage of shares earned in stock options plan | 66.70% | ||||||||
Stock based compensation plan, description | The performance criteria for the Fiscal 2024 Employee Performance Stock Option Award are based upon the achievement of certain levels of return on equity (as defined in the option agreements), ranging from 10.0% to 20.0%, for the performance periods described in the table below. All stock options in each performance period will be earned if the return on equity is 20.0% or greater. If the return on equity is less than 20% but at least 10% in any performance period, the amount of stock options earned in such period will be reduced proportionately using straight-line interpolation, such that approximately 66.7% of the amount of stock options granted will be earned if the return on equity is 10.0% . If the Company does not achieve a return on equity of at least 10.0% during any performance period, all stock option awards for that performance period will be forfeited. | ||||||||
Share-based compensation award expiration term | 10 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% | ||||||||
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% | ||||||||
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 | 1,914 | ||||||||
Share-based compensation vesting period | 3 years | ||||||||
Employee Stock Option | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Weighted-average period of recognition of unrecognized compensation cost | 2 years | ||||||||
Unrecognized compensation cost | 2.7 | $ 2.7 | |||||||
Employee Stock Option | 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 | ||||||||
Share-based compensation award expiration term | 10 years | ||||||||
Options granted | 1,348 | ||||||||
Performance Vesting Restricted Stock [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Number of shares available for future grant | 45,693 | ||||||||
Percentage of average return on invested capital | 20% | ||||||||
Stock based compensation plan, description | The performance criteria for the Fiscal 2024 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 performance periods described in the table below. All restricted shares in each performance period will be earned if the return on equity is 20.0% or greater. If the return on equity is less than 20% but at least 10% in any performance period, the amount of shares earned in such period will be reduced proportionately using straight-line interpolation, such that approximately 66.7% of the amount of shares issued will be earned if the return on equity is 10.0%. If the Company does not achieve a return on equity of at least 10.0% during any performance period, all awards for that performance period will be forfeited. | ||||||||
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% | 10% | 10% | ||||||
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% | 20% | |||||||
Time Vesting Restricted Stock [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Number of shares available for future grant | 38,072 | ||||||||
Share-based compensation vesting period | 3 years | 3 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 | 1 year | ||||||||
Share-based compensation award expiration term | 1 year | ||||||||
Share-based compensation award expiration term | 1 year | ||||||||
Restricted Stock [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Weighted-average period of recognition of unrecognized compensation cost | 1 year 10 months 24 days | ||||||||
Unrecognized compensation cost | $ 25.5 | $ 25.5 | |||||||
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 | 10,755 |
Schedule Of Period And Vesting
Schedule Of Period And Vesting Of Performance Share (Detail) - shares | 1 Months Ended | 6 Months Ended |
May 31, 2023 | Sep. 30, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Number of shares | 1,411,810 | |
Options granted | 5,558 | |
One-Year Performance Shares | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Number of shares | 11,424 | |
Vesting Date | 2024-05 | |
One-Year Performance Shares | Minimum [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Performance Period | Apr. 01, 2023 | |
One-Year Performance Shares | Maximum [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Performance Period | Mar. 31, 2024 | |
Two-Year Performance Shares | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Number of shares | 11,424 | |
Vesting Date | 2025-05 | |
Two-Year Performance Shares | Minimum [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Performance Period | Apr. 01, 2023 | |
Two-Year Performance Shares | Maximum [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Performance Period | Mar. 31, 2025 | |
Three-Year Performance Shares | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Number of shares | 22,845 | |
Vesting Date | 2026-05 | |
Three-Year Performance Shares | Minimum [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Performance Period | Apr. 01, 2023 | |
Three-Year Performance Shares | Maximum [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Performance Period | Mar. 31, 2026 | |
Long Term Compensation Plan [Member] | One-Year Performance Shares | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Options granted | 574 | |
Vesting Date | 2024-05 | |
Long Term Compensation Plan [Member] | One-Year Performance Shares | Minimum [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Performance Period | Apr. 01, 2023 | |
Long Term Compensation Plan [Member] | One-Year Performance Shares | Maximum [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Performance Period | Mar. 31, 2024 | |
Long Term Compensation Plan [Member] | Two-Year Performance Shares | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Options granted | 574 | |
Vesting Date | 2025-05 | |
Long Term Compensation Plan [Member] | Two-Year Performance Shares | Minimum [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Performance Period | Apr. 01, 2023 | |
Long Term Compensation Plan [Member] | Two-Year Performance Shares | Maximum [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Performance Period | Mar. 31, 2025 | |
Long Term Compensation Plan [Member] | Three-Year Performance Shares | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Options granted | 1,148 | |
Vesting Date | 2026-05 | |
Long Term Compensation Plan [Member] | Three-Year Performance Shares | Minimum [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Performance Period | Apr. 01, 2023 | |
Long Term Compensation Plan [Member] | Three-Year Performance Shares | Maximum [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Performance Period | Mar. 31, 2026 |
Weighted-Average Assumptions Us
Weighted-Average Assumptions Used to Value Option Awards (Detail) - Long Term Compensation Plan [Member] - Employee Stock Option | 6 Months Ended |
Sep. 30, 2023 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Dividend Yield | 0.80% |
Expected Volatility | 38.80% |
Risk-Free Interest Rate | 3.70% |
Expected Life | 6 years |
Stock Option Activity (Detail)
Stock Option Activity (Detail) | 6 Months Ended |
Sep. 30, 2023 $ / shares shares | |
Share-Based Payment Arrangement [Abstract] | |
Number of Shares, Outstanding Options at March 31, 2023 | shares | 436,949 |
Number of Shares, Granted | shares | 5,558 |
Number of Shares, Exercised | shares | (130,053) |
Number of Shares, Cancelled | shares | (1,000) |
Number of Shares, Outstanding Options at September 30, 2023 | shares | 311,454 |
Number of Shares, Options Exercisable at September 30, 2023 | shares | 216,868 |
Weighted-Average Exercise Price, Outstanding Options at March 31, 2023 | $ / shares | $ 89.69 |
Weighted-Average Exercise Price, Granted | $ / shares | 172.62 |
Weighted-Average Exercise Price, Exercised | $ / shares | 88.18 |
Weighted-Average Exercise Price, Cancelled | $ / shares | 73.37 |
Weighted-Average Exercise Price, Outstanding Options at September 30, 2023 | $ / shares | 91.85 |
Weighted Average Fair Value of Options Granted During the Year | $ / shares | $ 69.84 |
Stock Options Outstanding (Deta
Stock Options Outstanding (Detail) | 6 Months Ended |
Sep. 30, 2023 $ / shares shares | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Options Outstanding, Number of Shares Outstanding | shares | 311,454 |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | 6 years 2 months 8 days |
Options Outstanding, Weighted-Average Exercise Price | $ 91.85 |
Options Exercisable , Number of Shares Outstanding | shares | 216,868 |
Options Exercisable, Weighted-Average Exercise Price | $ 88.85 |
$59.32 - $81.28 [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 | $ 81.28 |
Options Outstanding, Number of Shares Outstanding | shares | 113,790 |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | 6 years 1 month 24 days |
Options Outstanding, Weighted-Average Exercise Price | $ 62.53 |
Options Exercisable , Number of Shares Outstanding | shares | 71,386 |
Options Exercisable, Weighted-Average Exercise Price | $ 63.73 |
$87.37 - $106.24 [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 | $ 106.24 |
Options Outstanding, Number of Shares Outstanding | shares | 126,467 |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | 4 years 10 months 9 days |
Options Outstanding, Weighted-Average Exercise Price | $ 95.75 |
Options Exercisable , Number of Shares Outstanding | shares | 122,751 |
Options Exercisable, Weighted-Average Exercise Price | $ 95.7 |
$118.27 - $166.75 [Member] | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Range of Exercise Prices, Lower Range | 118.27 |
Range of Exercise Prices, Upper Range | $ 166.75 |
Options Outstanding, Number of Shares Outstanding | shares | 71,197 |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | 8 years 7 months 2 days |
Options Outstanding, Weighted-Average Exercise Price | $ 131.77 |
Options Exercisable , Number of Shares Outstanding | shares | 22,731 |
Options Exercisable, Weighted-Average Exercise Price | $ 130.79 |
Summary of Activity for Nonvest
Summary of Activity for Nonvested Restricted Shares (Detail) - Restricted Stock [Member] | 6 Months Ended |
Sep. 30, 2023 $ / shares shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Shares, Nonvested Restricted Stock March 31, 2023 | shares | 219,084 |
Number of Shares, Granted | shares | 97,257 |
Number of Shares, Vested | shares | (35,958) |
Number of Shares, Forfeited | shares | (3,000) |
Number of Shares, Nonvested Restricted Stock at September 30, 2023 | shares | 277,383 |
Weighted Average Grant Date Fair Value, Nonvested Restricted Stock March 31, 2023 | $ / shares | $ 96.54 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 169.62 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 146.24 |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | 139.03 |
Weighted Average Grant Date Fair Value, Nonvested Restricted Stock at September 30, 2023 | $ / shares | $ 125.1 |
Calculation of Basic and Dilute
Calculation of Basic and Diluted Common Shares Outstanding (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Earnings Per Share [Abstract] | ||||
Weighted-Average Shares of Common Stock Outstanding | 35,056,973 | 37,140,197 | 35,165,268 | 37,559,087 |
Assumed Exercise of Outstanding Dilutive Options | 312,065 | 420,199 | 316,163 | 424,489 |
Less Shares Repurchased from Proceeds of Assumed Exercised Options | (169,038) | (310,956) | (171,659) | (311,373) |
Restricted Stock Units | 136,966 | 117,439 | 124,065 | 120,410 |
Weighted-Average Common Stock and Dilutive Securities Outstanding | 35,336,966 | 37,366,879 | 35,433,837 | 37,792,613 |
Shares Excluded Due to Anti-Dilution Effects | 4,884 | 46,750 | 31,586 | 39,703 |
Pension and Employee Benefit _2
Pension and Employee Benefit Plans - Additional information (Detail) $ in Millions | 6 Months Ended |
Sep. 30, 2023 USD ($) | |
Maximum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected pension expense for fiscal 2024 | $ 0.2 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |||
Effective tax rate | 23% | 22% | |
Statutory tax rate | 21% |
Long-Term Debt (Detail)
Long-Term Debt (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Mar. 31, 2023 | Jul. 01, 2021 |
Debt Instrument [Line Items] | |||
Revolving Credit Facility | $ 162,000 | $ 157,000 | |
Total Debt | 1,099,500 | 1,099,500 | |
Less: Current Portion of Long-term Debt | (10,000) | (10,000) | |
Less: Unamortized Discounts and Debt Issuance Costs | (9,835) | (10,468) | |
Long-term Debt | 1,079,665 | 1,079,032 | |
Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Total Debt | 187,500 | 192,500 | |
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, 2023 | 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 | ||||
May 05, 2022 USD ($) | Jul. 02, 2021 USD ($) | May 31, 2022 | Sep. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) | Jul. 01, 2021 USD ($) | |
Debt Instrument [Line Items] | ||||||
Interest coverage ratio | 250% | |||||
Borrowings outstanding under Credit Facility | $ 162,000,000 | $ 157,000,000 | ||||
Outstanding letters of credit, amount | 8,300,000 | |||||
Debt instrument, principal amount | 1,099,500,000 | 1,099,500,000 | ||||
Outstanding borrowings | 579,700,000 | |||||
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% | |||||
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 principle payments | $ 2,500,000 | |||||
Debt instrument, principal amount | 187,500,000 | 192,500,000 | ||||
Debt instrument, maturity date | May 05, 2027 | |||||
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 | 10-year | |||||
Semi annual basis, treasury rate | 20% | |||||
Percentage of aggregate amount repurchased | 101% | |||||
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] | ||||||
Borrowings outstanding under Credit Facility | $ 162,000 | |||||
Outstanding borrowings | 579,700,000 | |||||
Revolving Credit Facility [Member] | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Supplementary leverage ratio | 0.035 | |||||
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 | 0.50% | |||||
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 | $ 8,300,000 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 6 Months Ended |
Sep. 30, 2023 Terminal Plant Facility Location Sector Segment | |
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, 2023 USD ($) kt | Sep. 30, 2022 USD ($) kt | Sep. 30, 2023 USD ($) kt | Sep. 30, 2022 USD ($) kt | Mar. 31, 2023 USD ($) | |
Segment Reporting Information [Line Items] | |||||
Revenue | $ 622,236 | $ 605,068 | $ 1,223,757 | $ 1,166,455 | |
Operating Earnings | 219,364 | 201,395 | 398,518 | 357,359 | |
Corporate General and Administrative Expense | (16,576) | (13,627) | (28,255) | (25,447) | |
Other Non-Operating Income | 1,605 | (664) | 1,818 | (1,299) | |
Earnings Before Interest and Income Taxes | 204,393 | 187,104 | 372,081 | 330,613 | |
Interest Expense, net | (10,204) | (8,580) | (22,443) | (15,910) | |
Earnings before Income Taxes | 194,189 | 178,524 | 349,638 | 314,703 | |
Capital Expenditures | 29,454 | 28,335 | 65,453 | 43,249 | |
Depreciation, Depletion and Amortization | 73,879 | 68,874 | |||
Identifiable Assets | 2,917,094 | 2,917,094 | $ 2,781,002 | ||
Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 682,887 | 667,384 | 1,346,797 | 1,283,918 | |
Depreciation, Depletion and Amortization | 37,197 | 34,645 | 73,879 | 68,874 | |
Intersegment Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | (31,744) | (37,186) | (67,010) | (66,018) | |
Revenue | 31,744 | 37,186 | 67,010 | 66,018 | |
Consolidation, Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | (28,907) | (25,130) | (56,030) | (51,445) | |
Cement [Member] | Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | $ 360,751 | $ 319,460 | $ 689,783 | $ 603,976 | |
Cement Sales Volume | kt | 2,129 | 2,145 | 4,142 | 4,138 | |
Operating Earnings | $ 121,429 | $ 98,779 | $ 195,490 | $ 161,127 | |
Capital Expenditures | 14,487 | 4,893 | 26,757 | 13,879 | |
Depreciation, Depletion and Amortization | 22,187 | $ 20,258 | 43,866 | $ 40,311 | |
Identifiable Assets | $ 2,014,557 | $ 2,014,557 | 1,905,227 | ||
Cement [Member] | Operating Segments [Member] | Wholly-Owned [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Cement Sales Volume | kt | 1,959 | 1,981 | 3,807 | 3,786 | |
Operating Earnings | $ 111,083 | $ 91,623 | $ 181,985 | $ 148,873 | |
Cement [Member] | Operating Segments [Member] | Joint Venture [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Cement Sales Volume | kt | 170 | 164 | 335 | 352 | |
Operating Earnings | $ 10,346 | $ 7,156 | $ 13,505 | $ 12,254 | |
Cement [Member] | Intersegment Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 9,251 | 12,361 | 19,388 | 18,652 | |
Concrete and Aggregates [Member] | Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 69,887 | 69,613 | 140,340 | 131,231 | |
Operating Earnings | 4,640 | 7,276 | 11,674 | 13,008 | |
Capital Expenditures | 5,854 | 13,688 | 9,074 | 14,340 | |
Depreciation, Depletion and Amortization | 4,962 | 4,351 | 9,993 | 8,552 | |
Identifiable Assets | 238,440 | 238,440 | 234,767 | ||
Concrete and Aggregates [Member] | Intersegment Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 3,783 | 0 | 6,821 | 0 | |
Gypsum Wallboard [Member] | Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 209,233 | 224,638 | 428,330 | 440,965 | |
Operating Earnings | 85,705 | 89,761 | 176,562 | 173,829 | |
Capital Expenditures | 5,452 | 8,391 | 16,480 | 12,470 | |
Depreciation, Depletion and Amortization | 5,548 | 5,589 | 11,009 | 11,152 | |
Identifiable Assets | 414,747 | 414,747 | 421,425 | ||
Recycled Paperboard [Member] | Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 43,016 | 53,673 | 88,344 | 107,746 | |
Operating Earnings | 7,590 | 5,579 | 14,792 | 9,395 | |
Capital Expenditures | 2,597 | 1,018 | 5,865 | 1,855 | |
Depreciation, Depletion and Amortization | 3,708 | 3,742 | 7,427 | 7,459 | |
Identifiable Assets | 168,659 | 168,659 | 163,797 | ||
Recycled Paperboard [Member] | Intersegment Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 18,710 | 24,825 | 40,801 | 47,366 | |
Corporate and Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Capital Expenditures | 1,064 | 345 | 7,277 | 705 | |
Depreciation, Depletion and Amortization | 792 | $ 705 | 1,584 | $ 1,400 | |
Other, net [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Identifiable Assets | $ 80,691 | $ 80,691 | $ 55,786 |
Segment Breakdown of Goodwill (
Segment Breakdown of Goodwill (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Mar. 31, 2023 |
Segment Reporting Information [Line Items] | ||
Goodwill | $ 392,599 | $ 380,711 |
Cement [Member] | ||
Segment Reporting Information [Line Items] | ||
Goodwill | 227,669 | 215,781 |
Concrete and Aggregates [Member] | ||
Segment Reporting Information [Line Items] | ||
Goodwill | 40,774 | 40,774 |
Gypsum Wallboard [Member] | ||
Segment Reporting Information [Line Items] | ||
Goodwill | 116,618 | 116,618 |
Recycled 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, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Mar. 31, 2023 | |
Related Party Transaction [Line Items] | |||||
Revenue | $ 622,236 | $ 605,068 | $ 1,223,757 | $ 1,166,455 | |
Gross Margin | 209,018 | 194,239 | 385,013 | 345,105 | |
Earnings Before Income Taxes | 194,189 | 178,524 | 349,638 | 314,703 | |
Current Assets | 611,806 | 611,806 | $ 521,503 | ||
Current Liabilities | 224,535 | 224,535 | 212,889 | ||
Joint Venture [Member] | Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | |||||
Related Party Transaction [Line Items] | |||||
Revenue | 57,813 | 50,259 | 112,060 | 102,889 | |
Gross Margin | 23,509 | 15,977 | 32,047 | 28,003 | |
Earnings Before Income Taxes | 20,690 | $ 14,312 | 27,009 | $ 24,508 | |
Current Assets | 102,831 | 102,831 | 88,562 | ||
Noncurrent Assets | 134,254 | 134,254 | 124,503 | ||
Current Liabilities | $ 31,791 | $ 31,791 | $ 29,434 |
Interest Expense, Net (Detail)
Interest Expense, Net (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Interest Income (Expense), Net [Abstract] | ||||
Interest Income | $ (215) | $ (70) | $ (373) | $ (82) |
Interest Expense | 9,944 | 8,176 | 21,867 | 15,055 |
Other Expenses | 475 | 474 | 949 | 937 |
Interest Expense, net | $ 10,204 | $ 8,580 | $ 22,443 | $ 15,910 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | Sep. 30, 2023 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Letters of credit outstanding, amount | $ 8,300,000 |
Outstanding guarantees | 0 |
Contingently liable for performance, current | $ 29,000,000 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Detail) $ in Thousands | Sep. 30, 2023 USD ($) |
2.500% Senior Unsecured Notes Due 2031 [Member] | |
Fair Value Of Financial Instruments [Line Items] | |
Fair Value of long term debt | $ 582,000 |
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, 2023 | Jul. 01, 2021 | |
Fair Value Of Financial Instruments [Line Items] | ||
Debt instrument, interest rate | 2.50% | 2.50% |
Debt instrument, maturity year | 2031 |