Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Mar. 31, 2024 | May 17, 2024 | Sep. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Mar. 31, 2024 | ||
Document Fiscal Year Focus | 2024 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | EXP | ||
Entity Registrant Name | EAGLE MATERIALS INC. | ||
Entity Central Index Key | 0000918646 | ||
Current Fiscal Year End Date | --03-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 33,915,345 | ||
Entity Public Float | $ 5.7 | ||
Title of 12(b) Security | Common Stock (par value $.01 per share) | ||
Security Exchange Name | NYSE | ||
Entity File Number | 1-12984 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 75-2520779 | ||
Entity Address, Address Line One | 5960 Berkshire Lane | ||
Entity Address, Address Line Two | Suite 900 | ||
Entity Address, City or Town | Dallas | ||
Entity Address, State or Province | TX | ||
Entity Address, Postal Zip Code | 75225 | ||
City Area Code | 214 | ||
Local Phone Number | 432-2000 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
Documents Incorporated by Reference | Portions of the Proxy Statement for the Annual Meeting of Stockholders of Eagle Materials Inc. to be held on August 1, 2024 are incorporated by reference in Part III of this Report. | ||
Auditor Firm ID | 42 | ||
Auditor Location | Dallas, Texas | ||
Auditor Name | Ernst & Young LLP |
Consolidated Statements of Earn
Consolidated Statements of Earnings - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Income Statement [Abstract] | |||
Revenue | $ 2,259,297 | $ 2,148,069 | $ 1,861,522 |
Cost of Goods Sold | 1,573,976 | 1,508,803 | 1,341,908 |
Gross Profit | 685,321 | 639,266 | 519,614 |
Equity in Earnings of Unconsolidated Joint Venture | 31,581 | 35,474 | 32,488 |
Corporate General and Administrative Expense | (59,795) | (53,630) | (46,801) |
Loss on Early Retirement of Senior Notes | 0 | 0 | (8,407) |
Other Nonoperating Income | 3,087 | 2,654 | 9,073 |
Interest Expense, net | (42,257) | (35,171) | (30,873) |
Earnings Before Income Taxes | 617,937 | 588,593 | 475,094 |
Income Taxes | (140,298) | (127,053) | (100,847) |
Net Earnings | $ 477,639 | $ 461,540 | $ 374,247 |
EARNINGS PER SHARE | |||
Basic | $ 13.72 | $ 12.54 | $ 9.23 |
Diluted | $ 13.61 | $ 12.46 | $ 9.14 |
AVERAGE SHARES OUTSTANDING | |||
Basic | 34,811,560 | 36,798,354 | 40,547,048 |
Diluted | 35,097,871 | 37,052,942 | 40,929,712 |
CASH DIVIDENDS PER SHARE | $ 1 | $ 1 | $ 0.75 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Earnings - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | |||
Net Income (Loss) | $ 477,639 | $ 461,540 | $ 374,247 |
Net Actuarial Change in Defined Benefit Plans: | |||
Unrealized (Loss) Gain During the Period, net of tax (benefit) expense of $(24), $(147), and $48 | (53) | (465) | 161 |
Amortization of Net Actuarial Gain (Loss), net of tax (expense) benefit of $59, $30, and $39 | 192 | 93 | 104 |
Comprehensive Earnings | $ 477,778 | $ 461,168 | $ 374,512 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Earnings (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | |||
Unrealized Gain During the Period, tax expense | $ (24) | $ (147) | $ 48 |
Amortization of Net Actuarial Loss, tax benefit | $ 59 | $ 30 | $ 39 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Current Assets | ||
Cash and Cash Equivalents | $ 34,925 | $ 15,242 |
Accounts and Notes Receivable, net | 202,985 | 195,052 |
Inventories | 373,923 | 291,882 |
Income Tax Receivable | 9,910 | 16,267 |
Prepaid and Other Assets | 5,950 | 3,060 |
Total Current Assets | 627,693 | 521,503 |
Property, Plant, and Equipment, net | 1,676,217 | 1,662,061 |
Notes Receivable | 0 | 7,382 |
Investment in Joint Venture | 113,478 | 89,111 |
Operating Lease Right-of-Use Assets | 19,373 | 20,759 |
Goodwill and Intangible Assets, net | 486,117 | 466,043 |
Other Assets | 24,141 | 14,143 |
Total Assets | 2,947,019 | 2,781,002 |
Current Liabilities | ||
Accounts Payable | 127,183 | 110,408 |
Accrued Liabilities | 94,327 | 86,472 |
Operating Lease Liabilities | 7,899 | 6,009 |
Current Portion of Long-term Debt | 10,000 | 10,000 |
Total Current Liabilities | 239,409 | 212,889 |
Long-term Debt | 1,083,299 | 1,079,032 |
Noncurrent Operating Lease Liabilities | 19,037 | 24,940 |
Other Long-term Liabilities | 51,942 | 41,603 |
Deferred Income Taxes | 244,797 | 236,844 |
Total Liabilities | 1,638,484 | 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 34,143,945 and 35,768,376 Shares, respectively | 341 | 358 |
Capital in Excess of Par Value | 0 | 0 |
Accumulated Other Comprehensive Losses | (3,373) | (3,547) |
Retained Earnings | 1,311,567 | 1,188,883 |
Total Stockholders’ Equity | 1,308,535 | 1,185,694 |
Total Liabilities and Stockholders' Equity | $ 2,947,019 | $ 2,781,002 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2024 | 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 | 34,143,945 | 35,768,376 |
Common Stock, Outstanding | 34,143,945 | 35,768,376 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net Income (Loss) | $ 477,639 | $ 461,540 | $ 374,247 |
Adjustments to Reconcile Net Earnings to Net Cash Provided by Operating Activities, Net of Effect of Noncash Activity: | |||
Depreciation, Depletion, and Amortization | 149,832 | 138,554 | 128,811 |
Write-off of debt issuance costs | 0 | 0 | 6,101 |
Deferred Income Tax Provision | 7,953 | 4,475 | 6,383 |
Stock Compensation Expense | 19,900 | 17,155 | 14,264 |
Equity in Earnings of Unconsolidated Joint Venture | (31,581) | (35,474) | (32,488) |
Distributions from Joint Venture | 7,000 | 27,000 | 27,250 |
Changes in Operating Assets and Liabilities: | |||
Accounts and Notes Receivable | (551) | (12,035) | (29,209) |
Inventories | (67,232) | (47,946) | (912) |
Accounts Payable and Accrued Liabilities | 13,794 | (7,797) | 27,192 |
Other Assets | (20,468) | 4,955 | (1,331) |
Income Taxes Receivable | 7,652 | (8,701) | (3,137) |
Net Cash Provided by Operating Activities | 563,938 | 541,726 | 517,171 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Additions to Property, Plant, and Equipment | (120,305) | (110,143) | (74,121) |
Acquisition Spending | (55,053) | (158,451) | 0 |
Proceeds from Sale of Businesses | 0 | 0 | 0 |
Net Cash Provided by (Used in) Investing Activities | (175,358) | (268,594) | (74,121) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Borrowings Under Revolving Credit Facility | 13,000 | 200,000 | 200,000 |
Repayment of Borrowings Under Revolving Credit Facility | 0 | (43,000) | 0 |
Proceeds from 2.500% Senior Unsecured Notes | 0 | 0 | 743,692 |
Repayment of 4.500% Senior Unsecured Notes | 0 | 0 | (350,000) |
Repayment of Term Loan | (10,000) | (7,500) | (665,000) |
Dividends Paid to Stockholders | (35,298) | (37,496) | (30,770) |
Purchase and Retirement of Common Stock | (343,274) | (387,717) | (589,742) |
Proceeds from Stock Option Exercises | 17,098 | 5,418 | 21,366 |
Premium Paid on Early Retirement of Senior Notes | 0 | 0 | (8,407) |
Payment of Debt Issuance Costs | 0 | (903) | (7,985) |
Shares Redeemed to Settle Employee Taxes on Stock Compensation | (10,423) | (6,108) | (5,308) |
Net Cash Used in Financing Activities | (368,897) | (277,306) | (692,154) |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 19,683 | (4,174) | (249,104) |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 15,242 | 19,416 | 268,520 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ 34,925 | $ 15,242 | $ 19,416 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] |
Beginning balance at Mar. 31, 2021 | $ 1,358,990 | $ 424 | $ 62,497 | $ 1,299,509 | $ (3,440) |
Net Income (Loss) | 374,247 | 374,247 | |||
Stock Option Exercises and Restricted Share Vesting | 21,366 | 3 | 21,363 | ||
Stock Compensation Expense | 14,264 | 14,264 | |||
Shares Redeemed to Settle Employee Taxes | (5,308) | (5,308) | |||
Purchase and Retirement of Common Stock | (589,742) | (40) | (92,816) | (496,886) | |
Dividends to Stockholders | (40,526) | (40,526) | |||
Unfunded Pension Liability, net of tax | 265 | 265 | |||
Ending Balance at Mar. 31, 2022 | 1,133,556 | 387 | 1,136,344 | (3,175) | |
Net Income (Loss) | 461,540 | 461,540 | |||
Stock Option Exercises and Restricted Share Vesting | 5,418 | 2 | 5,416 | ||
Stock Compensation Expense | 17,155 | 17,155 | |||
Shares Redeemed to Settle Employee Taxes | (6,108) | (6,108) | |||
Purchase and Retirement of Common Stock | (388,455) | (31) | (16,463) | (371,961) | |
Dividends to Stockholders | (37,040) | (37,040) | |||
Unfunded Pension Liability, net of tax | (372) | (372) | |||
Ending Balance at Mar. 31, 2023 | 1,185,694 | 358 | 1,188,883 | (3,547) | |
Net Income (Loss) | 477,639 | 477,639 | |||
Stock Option Exercises and Restricted Share Vesting | 17,098 | 2 | 17,096 | ||
Stock Compensation Expense | 19,900 | 19,900 | |||
Shares Redeemed to Settle Employee Taxes | (10,423) | (1) | (10,422) | ||
Purchase and Retirement of Common Stock | (346,706) | (18) | $ (26,574) | (320,114) | |
Dividends to Stockholders | (34,841) | (34,841) | |||
Unfunded Pension Liability, net of tax | 174 | 174 | |||
Ending Balance at Mar. 31, 2024 | $ 1,308,535 | $ 341 | $ 1,311,567 | $ (3,373) |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Pay vs Performance Disclosure | |||
Net Income (Loss) | $ 477,639 | $ 461,540 | $ 374,247 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
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 |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | (A) Significant Accounting Policies Basis of Presentation The consolidated financial statements include the accounts of Eagle Materials Inc. and its majority-owned subsidiaries (the Company), which may be referred to as we, our, or us. All intercompany balances and transactions have been eliminated. The Company is a holding company whose assets consist of its investments in its subsidiaries, a joint venture, intercompany balances, and holdings of cash and cash equivalents. The businesses of the consolidated group are conducted through the Company’s subsidiaries. The Company conducts one of its cement plant operations through a joint venture, Texas Lehigh Cement Company L.P., which is located in Buda, Texas (the Joint Venture). Our investment in the Joint Venture is accounted for using the equity method of accounting, and those results have been included for the same period as our March 31 fiscal year end. The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents Cash Equivalents include short-term, highly liquid investments with original maturities of three months or less and are recorded at cost, which approximates market value. Accounts and Notes Receivable Accounts and Notes Receivable have been shown net of the allowance for doubtful accounts of $ 6.7 million and $ 6.9 million at March 31, 2024 and 2023, respectively. We perform ongoing credit evaluations of our customers’ financial condition and generally require no collateral from our customers. The allowance for non-collection of receivables is based on our assessment of the collectability of outstanding accounts receivable, and includes a provision for probable losses based on historical write-offs, adjusted for current economic trends in the construction industry, and a specific reserve for accounts deemed at risk. We have no significant credit risk concentration among our diversified customer bases. Bad debt expense was approximately $ 0.3 million, $ 0.3 million, and $ 0.3 million for the fiscal years ended March 31, 2024, 2023, and 2022, respectively. Write-offs of accounts receivable were approximately $ 0.6 million, $ 0.1 million, and $ 1.6 million for the fiscal years ended March 31, 2024, 2023, and 2022, respectively. We had Notes Receivable totaling approximately $ 8.5 million at March 31, 2023, of which $ 1.1 million was classified as current. On April 28, 2023, we collected the entire $ 8.5 million balance owed under the Notes Receivable. From time to time, we lend funds to certain companies in the ordinary course of business. The notes are generally collateralized by certain assets of the borrowers, namely property and equipment. We monitor the credit risk of each borrower by focusing on the timeliness of payments, credit history review, credit metrics, and interaction with the borrowers. Inventories Inventories are stated at the lower of average cost (including applicable material, labor, depreciation, and plant overhead) or net realizable value. Raw Materials and Materials-in-Progress include clinker, which is an intermediary product before it is ground into cement powder. Quantities of Raw Materials and Materials-in-Progress, Aggregates and Coal inventories, are based on measured volumes, subject to estimation based on the size and location of the inventory piles, and then converted to tonnage using standard inventory density factors. Inventories consist of the following: March 31, 2024 2023 (dollars in thousands) Raw Materials and Materials-in-Progress $ 122,772 $ 96,880 Finished Cement 71,396 46,364 Aggregates 12,149 8,309 Gypsum Wallboard 5,242 4,244 Paperboard 14,278 8,651 Repair Parts and Supplies 127,511 112,885 Fuel and Coal 20,575 14,549 $ 373,923 $ 291,882 Property, Plant, and Equipment Property, Plant, and Equipment are stated at cost. Major renewals and improvements are capitalized and depreciated. Annual maintenance is expensed as incurred. Depreciation is provided on a straight-line basis over the estimated useful lives of depreciable assets and totaled $ 139.5 million, $ 129.6 million, and $ 122.4 million, for the fiscal years ended March 31, 2024, 2023, and 2022, respectively. Raw material deposits are depleted as such deposits are extracted for production utilizing the units-of-production method. Costs and accumulated depreciation applicable to assets retired or sold are eliminated from the accounts and any resulting gains or losses are recognized at such time. The estimated useful lives of the related assets are as follows: Plants 20 to 30 years Buildings 20 to 40 years Machinery and Equipment 3 to 25 years Maintenance and repair expenses are included in each segment’s costs and expenses. We incurred $ 220.1 million, $ 173.4 million, and $ 147.8 million of maintenance and repair expenses in the fiscal years ended March 31, 2024, 2023, and 2022, respectively, which is included in Cost of Goods Sold on the Consolidated Statement of Earnings. Goodwill and Intangible Assets Goodwill We annually assess Goodwill in the fourth quarter of our fiscal year, or more frequently when indicators of impairment exist. Impairment testing for Goodwill is done at the reporting unit, which is consistent with the reportable segment. Goodwill is considered impaired if the carrying value of the reporting unit exceeds its fair value. Prior to performing the Step 1 quantitative test, we may, at our discretion, perform an optional qualitative analysis, or we may choose to proceed directly to the Step 1 quantitative test. The qualitative analysis considers the impact of the following events and circumstances on the reporting unit being tested: macroeconomic conditions, industry and market considerations, cost factors, overall financial performance, and other relevant entity-specific events. If, as a result of this qualitative analysis, we conclude that it is more likely than not (a likelihood of greater than 50 %) that the fair value of the reporting unit exceeds its carrying value, then an impairment does not exist and the Step 1 quantitative test is not required. If we are unable to conclude that it is more likely than not that the fair value of the reporting unit exceeds its carrying value, then we proceed to the Step 1 quantitative test. Step 1 of the quantitative test for impairment compares the fair value of the reporting unit to its carrying value. If the carrying value exceeds the fair value, then an impairment is indicated. If facts and circumstances related to our business change in subsequent years, we may choose to perform a quantitative analysis in those future years. If we perform a Step 1 quantitative test and the carrying value of the reporting unit exceeds its fair value, then an impairment charge equal to the difference, not to exceed the total amount of Goodwill, is recorded. The fair values of the reporting units are estimated by using both the market and income approaches. The market approach considers market factors and certain multiples in comparison to similar companies, while the income approach uses discounted cash flows to determine the estimated fair values of the reporting units. We also perform an overall comparison of all reporting units to our market capitalization in order to test the reasonableness of our fair value calculations. We elected to perform a Step 1 quantitative test on all of our reporting units with Goodwill during the fourth quarter of fiscal 2024. We estimated the fair value of the reporting unit using a discounted cash flow model as well as a market analysis. Key assumptions in the model included estimated average net sales prices, sales volumes, and the estimated weighted average cost of capital specific to each industry. Based on the results of the Step 1 quantitative analysis, we concluded that the fair values of the reporting units substantially exceeded their carrying values, and therefore no impairment was recognized. We performed qualitative assessments on all of our reporting units in the fourth quarter of fiscal years 2023 and 2022. As a result of these qualitative assessments, we determined it was not more likely than not that an impairment existed; therefore, we did not perform a Step 1 quantitative test in either fiscal 2023 or fiscal 2022. Goodwill and Intangible Assets Goodwill and Intangible Assets at March 31, 2024 and 2023, consist of the following: March 31, 2024 Amortization Cost Additions Accumulated Net (dollars in thousands) Goodwill and Intangible Assets: Customer Contracts and Relationships 15 years $ 141,194 $ 16,100 $ ( 82,077 ) $ 75,217 Permits 25 - 40 years 30,760 — ( 13,413 ) 17,347 Trade Name 15 years 1,900 — ( 916 ) 984 Goodwill 380,711 11,858 — 392,569 Total Goodwill and Intangible Assets $ 554,565 $ 27,958 $ ( 96,406 ) $ 486,117 March 31, 2023 Amortization Cost Additions Accumulated Net (dollars in thousands) Goodwill and Intangible Assets: Customer Contracts and Relationships 15 years $ 108,610 $ 32,584 $ ( 75,413 ) $ 65,781 Permits 25 - 40 years 30,410 350 ( 12,519 ) 18,241 Trade Name 15 years 1,500 400 ( 590 ) 1,310 Goodwill 329,137 51,574 — 380,711 Total Goodwill and Intangible Assets $ 469,657 $ 84,908 $ ( 88,522 ) $ 466,043 Amortization expense of intangibles was $ 7.9 million, $ 6.8 million, and $ 4.4 million for the fiscal years ended March 31, 2024, 2023, and 2022, respectively. Amortization expense is expected to be approximately $ 7.7 million in fiscal 2025, $ 7.6 million in fiscal 2026, $ 7.5 million in fiscal 2027, $ 7.4 million in fiscal 2028, and $ 7.1 million in fiscal 2029. Impairment or Disposal of Long-Lived and Intangible Assets We assess our long-lived assets, including mining and related assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset, or group of assets, may not be recoverable. Long-lived assets, or group of assets, are evaluated for impairment at the lowest level for which cash flows are largely independent of the cash flows of other assets. We assess recoverability of assets, or group of assets, by comparing the carrying amount of an asset, or group of assets, to the future undiscounted net cash flows that we expect the asset, or group of assets, to generate. These impairment evaluations are significantly affected by estimates of future revenue, costs and expenses, and other factors. If the carrying value of the assets, or group of assets, exceeds the undiscounted cash flows, then an impairment is indicated. If such assets, or group of assets, are considered to be impaired, the impairment is recognized as the amount by which the carrying amount of the asset, or group of assets, exceeds the fair value of the asset, or group of assets. Any assets held for sale are reflected at the lower of their carrying amount or fair value less cost to sell. There were no indicators of impairment related to our long-lived assets during fiscal 2024. Other Assets Other Assets are primarily composed of financing costs related to our Revolving Credit Facility, deferred expenses, and deposits. Income Taxes We account for Income Taxes using the asset and liability method. The effect on deferred taxes of a change in tax rates is recognized in earnings in the period that includes the enactment date. We recognize deferred taxes for the differences between financial statement carrying amounts and the tax bases of existing assets and liabilities by applying enacted statutory tax rates for future years. In addition, we recognize future tax benefits to the extent that such benefits are more likely than not to be realized. See Footnote (I) for more information. Stock Repurchases Shares repurchased by the Company are considered retired and available for future issuance. When shares are repurchased, the Company first reduces Capital in Excess of Par Value, and if there is no balance in this account, the purchases are recorded as a reduction of Retained Earnings. On May 17, 2022, the Board authorized the Company to repurchase an additional 7,500,000 shares. During fiscal years 2024, 2023, and 2022, we repurchased 1,863,534 , 3,075,788 , and 3,982,657 shares, respectively, at average prices of $ 243.02 , $ 126.05 , and $ 148.08 , respectively. At March 31, 2024, the remaining authorized shares for repurchase totaled 5,883,670 shares. Revenue Recognition We earn Revenue primarily from the sale of products, which include cement, concrete, aggregates, gypsum wallboard, and recycled paperboard. The majority of Revenue from the sale of concrete, aggregates, and gypsum wallboard is originated by purchase orders from our customers, who are mainly third-party contractors and suppliers. Revenue from the sale of cement is sold point-of-sale to customers under sales orders. Revenue from our Recycled Paperboard segment is generated mostly 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 that is not related to long-term supply agreements is recognized upon shipment of the related products to customers, which is when title and ownership are transferred, and the customer is obligated to pay. Revenue from sales under our long-term supply agreements is also recognized upon transfer of control to the customer, which occurs at the time the product is shipped from the production facility. Our long-term supply agreements with customers define, among other commitments, the volume of product we must provide and the volume the customer must purchase by the end of the defined periods. Pricing structures under our agreements are generally market-based, but are subject to certain contractual adjustments. Shortfall amounts, if applicable under these arrangements, are constrained and not recognized as Revenue until agreement is reached with the customer and there is no risk of reversal. The Company offers certain of its customers, including those with long-term supply agreements, rebates and incentives, which we treat as variable consideration. We adjust the amount of revenue recognized for the variable consideration using the most likely amount method based on past history and projected volumes in the rebate and incentive period. Any amounts billed to customers for taxes are excluded from Revenue. The Company has elected to treat freight and delivery charges we pay for the delivery of goods to our customers as a fulfilment activity rather than a separate performance obligation. When we arrange for a third party to deliver products to customers, fees for shipping and handling billed to the customer are recorded as Revenue, while costs incurred for shipping and handling are recorded as expenses and included in Cost of Goods Sold. Approximately $ 215.3 million, $ 229.6 million, and $ 199.1 million of freight for the fiscal years ended March 31, 2024, 2023, and 2022, respectively, were included in both Revenue and Cost of Goods Sold in our Consolidated Statement of Earnings. Other Nonoperating Income includes lease and rental income, asset sale income, non-inventoried aggregates sales income, and trucking income, as well as other miscellaneous revenue items and costs that have not been allocated to a business segment. See Footnote (H) for disaggregation of Revenue by segment. Comprehensive Income/Losses As of March 31, 2024, we have an Accumulated Other Comprehensive Loss of $ 3.4 million, which is net of income taxes of $ 1.1 million, in connection with recognizing the difference between the fair value of the pension assets and the projected benefit obligation. Consolidated Cash Flows – Supplemental Disclosures Supplemental cash flow information is as follows: For the Years Ended March 31, 2024 2023 2022 (dollars in thousands) Cash Payments: Interest $ 43,663 $ 31,596 $ 21,298 Income Taxes 124,482 131,512 86,407 Operating Cash Flows Used for Operating Leases 9,286 8,314 8,141 Noncash Financing Activities: Right-of-Use Assets Obtained for Capitalized Operating Leases $ 6,465 $ 1,711 $ 2,598 Excise Tax on Share Repurchases 3,432 738 — Selling, General, and Administrative Expenses Selling, General, and Administrative Expenses of the operating units are included in Cost of Goods Sold on the Consolidated Statements of Earnings. Corporate General and Administrative (Corporate G&A) Expenses include administration, financial, legal, employee benefits, and other corporate activities, and are shown separately in the Consolidated Statements of Earnings. Corporate G&A also includes stock compensation expense. See Footnote (K) for more information. Total Selling, General, and Administrative Expenses for each of the periods are summarized as follows: For the Years Ended March 31, 2024 2023 2022 (dollars in thousands) Operating Units Selling, G&A $ 75,001 $ 65,468 $ 56,561 Corporate G&A 59,795 53,630 46,801 $ 134,796 $ 119,098 $ 103,362 Earnings per Share For the Years Ended March 31, 2024 2023 2022 Weighted-Average Shares of Common Stock Outstanding 34,811,560 36,798,354 40,547,048 Effect of Dilutive Shares: Assumed Exercise of Outstanding Dilutive Options 304,889 418,659 539,309 Less Shares Repurchased from Proceeds of Assumed Exercised Options ( 157,457 ) ( 290,590 ) ( 343,917 ) Restricted Stock Units 138,879 126,519 187,272 Weighted-Average Common Stock and Dilutive Securities Outstanding 35,097,871 37,052,942 40,929,712 The line Less Shares Repurchased from Proceeds of Assumed Exercised Options includes unearned compensation related to outstanding stock options. There were 16,609, 52,375, and 6,053 stock options at an average exercise price of $ 133.91 per share, $ 127.06 per share, and $ 139.80 per share, respectively, that were excluded from the computation of diluted earnings per share for the fiscal years ended March 31, 2024, 2023, and 2022, because such inclusion would have been anti-dilutive. Share-Based Compensation All share-based compensation is valued at the grant date and expensed over the requisite service period, which is generally identical to the vesting period of the award. Forfeitures of share-based awards are recognized in the period in which they occur. Fair Value Measures Certain assets and liabilities are required to be recorded or disclosed at fair value. The estimated fair values of those assets and liabilities have been determined using market information and valuation methodologies. Changes in assumptions or estimation methods could affect the fair value estimates; however, we do not believe any such changes would have a material impact on our financial condition, results of operations, or cash flows. There are three levels of inputs that may be used to measure fair value: Level 1 – Quoted prices for identical assets and liabilities in active markets; Level 2 – Quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data; and Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies, and similar techniques that use significant unobservable inputs. Recent Accounting Pronouncements RECENTLY ADOPTED None. PENDING ADOPTION In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07), which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 will become effective for public companies during annual reporting periods beginning after December 15, 2023, and interim reporting periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting this guidance on its Consolidated Financial Statements. In December 2023, the FASB issued Accounting Standards Update No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which focuses on the rate reconciliation and income taxes paid. ASU 2023-09 requires public entities to disclose, on an annual basis, a tabular rate reconciliation using both percentages and currency amounts organized by specified categories with certain reconciling items broken out by nature and jurisdiction to the extent those items exceed a specified threshold. Additionally, all entities are required to disclose income taxes paid, net of refunds received, disaggregated by federal, state, and local, and by individual jurisdiction if the amount is at least 5% of the total income tax payments, net of refunds received. ASU 2023-09 is effective prospectively for annual periods beginning after December 15, 2024. Early adoption and retrospective application are permitted. ASU 2023-09 will not have any impact on the Company's results of operations, cash flows, and financial condition. |
ACQUISITION
ACQUISITION | 12 Months Ended |
Mar. 31, 2024 | |
Business Combinations [Abstract] | |
ACQUISITION | (B) ACQUISITION Stockton Terminal 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 was funded primarily 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 March 31, 2024. The following table summarizes the allocation of the Purchase Price to assets acquired and liabilities assumed: (dollars in thousands) Inventory $ 14,809 Prepaid and Other 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 Purchase Price $ 55,053 The estimated useful lives assigned to Property, Plant, and Equipment range from 5 to 15 years, while the estimated useful lives assigned to Intangible Assets are 15 years. The following table presents the Revenue and Operating Earnings related to the Stockton Terminal Acquisition that have been included in our Consolidated Statement of Earnings from May 3, 2023 through March 31, 2024. For the Year Ended March 31, 2024 (dollars in thousands) Revenue $ 39,345 Operating Earnings $ ( 2,420 ) Included in Operating Earnings shown above is approximately $ 2.6 million and $ 3.9 million related to depreciation and amortization and the recording of inventories at fair value, respectively. |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Mar. 31, 2024 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | (C) Property, Plant, and Equipment Cost by major category and Accumulated Depreciation are summarized as follows: March 31, 2024 2023 (dollars in thousands) Land and Quarries $ 330,874 $ 311,743 Plants 2,501,627 2,423,426 Buildings, Machinery, and Equipment 264,180 226,018 Construction in Progress 68,136 65,455 3,164,817 3,026,642 Accumulated Depreciation ( 1,488,600 ) ( 1,364,581 ) $ 1,676,217 $ 1,662,061 |
ACCRUED EXPENSES
ACCRUED EXPENSES | 12 Months Ended |
Mar. 31, 2024 | |
Payables and Accruals [Abstract] | |
ACCRUED EXPENSES | (D) Accrued Expenses Accrued expenses consist of the following: March 31, 2024 2023 (dollars in thousands) Payroll and Incentive Compensation $ 34,274 $ 32,742 Benefits 17,507 16,130 Interest 6,374 7,163 Dividends 8,729 9,186 Property Taxes 5,921 6,671 Power and Fuel 2,993 3,051 Freight 2,893 1,663 Excise Tax 4,170 732 Legal and Professional 2,602 1,691 Sales and Use Tax 1,372 1,452 Other 7,492 5,991 $ 94,327 $ 86,472 |
LEASES
LEASES | 12 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
LEASES | (E) Leases We lease certain real estate, buildings, and equipment, including rail cars and barges. Certain of these leases contain escalations of rent over the term of the lease, as well as options for us to extend the term of the lease at the end of the original term. These extensions range from periods of one year to twenty 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. These short-term equipment leases are not recorded on the balance sheet. Lease expense for our operating and short-term leases is as follows: For the Years Ended March 31, 2024 2023 2022 (dollars in thousands) Operating Lease Cost $ 8,030 $ 7,339 $ 6,543 Short-term Lease Cost 691 593 1,261 Total Lease Cost $ 8,721 $ 7,932 $ 7,804 The Right-of-Use Assets and Lease Liabilities are reflected on our Balance Sheet as follows: March 31, 2024 2023 (dollars in thousands) Operating Leases: Operating Lease Right-of-Use Assets $ 19,373 $ 20,759 Current Operating Lease Liabilities $ 7,899 $ 6,009 Noncurrent Operating Lease Liabilities 19,037 24,940 Total Operating Lease Liabilities $ 26,936 $ 30,949 Future payments for operating leases are as follows: Amount Fiscal Year (dollars in thousands) 2025 $ 8,650 2026 4,785 2027 3,619 2028 2,752 2029 2,675 Thereafter 11,006 Total Lease Payments $ 33,487 Less: Imputed Interest ( 6,551 ) Present Value of Lease Liabilities $ 26,936 Weighted-Average Remaining Lease Term (in years) 9.6 Weighted-Average Discount Rate 4.16 % |
INDEBTEDNESS
INDEBTEDNESS | 12 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
INDEBTEDNESS | (F) Indebtedness Long-term debt consists of the following: As of March 31, 2024 2023 (dollars in thousands) Revolving Credit Facility $ 170,000 $ 157,000 2.500 % Senior Unsecured Notes Due 2031 750,000 750,000 Term Loan 182,500 192,500 Total Debt 1,102,500 1,099,500 Less: Current Portion of Long-term Debt ( 10,000 ) ( 10,000 ) Less: Unamortized Discount and Debt Issuance Costs ( 9,201 ) ( 10,468 ) Long-term Debt $ 1,083,299 $ 1,079,032 The weighted-average interest rate of borrowings under our Revolving Credit Facility during fiscal years 2024, 2023, and 2022 was approximately 6.6 %, 3.7 %, and 1.5 %, respectively. The weighted-average interest rate on our Term Loan was approximately 6.6 % and 4.4 % during fiscal years 2024 and 2023, respectively. The interest rate on the Revolving Credit Facility and Term Loan was approximately 6.7 % and 6.0 % at March 31, 2024 and 2023, respectively. Revolving Credit Facility We have an unsecured $ 750.0 million revolving credit facility that was amended on May 5, 2022 (such facility, as amended, the Revolving Credit Facility). The Revolving Credit Facility includes a separate $ 200.0 million term loan facility (the Term Loan) and also provides the Company the option to increase the borrowing capacity by up to $ 375.0 million (for a total borrowing capacity of $ 1,125.0 million, excluding the Term Loan), provided that the existing lenders, or new lenders, agree to such increase. The Revolving Credit Facility includes a $ 40.0 million letter of credit facility and a swingline loan sub-facility of $ 25.0 million, and expires on May 5, 2027. The Revolving Credit Facility contains customary covenants for an unsecured investment-grade facility, including covenants that restrict the Company’s and/or its subsidiaries’ ability to incur additional debt; encumber assets; merge with or transfer or sell assets to other persons; and enter into certain affiliate transactions. The Revolving Credit Facility also requires the Company to maintain at the end of each fiscal quarter a Leverage Ratio of 3.50 :1.00 or less and an Interest Coverage Ratio (both ratios, as defined in the Revolving Credit Facility) equal to or greater than 2.50 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 participation in letters of credit, and the fee accrues at the same Applicable Rate (as defined in the Revolving Credit Facility) used to determine the interest rate applicable to Eurodollar Revolving Loans (as defined in the Revolving Credit Facility), plus a fronting fee for each letter of credit issued by the issuing bank in an amount equal to 12.5 basis points per annum on the daily maximum amount then available to be drawn under such letter of credit. The Company also pays each issuing bank such bank’s standard fees with respect to issuance, amendment or extensions of letters of credit and other processing fees, and other standard costs and charges relating to such issuing bank’s letters of credit from time to time. There was $ 170.0 million of outstanding borrowings under the Revolving Credit Facility, plus $ 8.3 million of outstanding letters of credit as of March 31, 2024, leaving us with $ 571.7 million of available borrowings under the Revolving Credit Facility, net of outstanding letters of credit. We were in compliance with all covenants at March 31, 2024; therefore, all $ 571.7 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 the 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. Our maturities of long-term debt during the next five fiscal years are as follows: Fiscal Year Amount 2025 $ 10,000 2026 10,000 2027 10,000 2028 322,500 2029 — Thereafter 750,000 Total $ 1,102,500 Retirement of Debt In connection with the issuance of the 2.500% Senior Unsecured notes, on July 1, 2021 , we repaid all outstanding amounts and terminated our $ 665.0 million term loan credit agreement (the Term Loan Facility). The Term Loan Facility was used to pay a portion of the purchase price for the Kosmos Acquisition, and fees and expenses incurred in connection with the Kosmos Acquisition in March 2020. Additionally, on July 19, 2021 , (the first business day following the redemption date), we redeemed and paid in full all outstanding amounts due under the $ 350.0 million aggregate principal amount of 4.500% senior notes (4.500% Senior Unsecured Notes) due August 2026 , using proceeds from the 2.500% Senior Unsecured Notes, the Revolving Credit Facility and cash on hand. The 4.500% Senior Unsecured Notes redemption price included all of the outstanding principal and accrued interest through the redemption date of July 17, 2021 , as well as an early termination premium of approximately $ 8.4 million. In connection with the termination and repayment of the Term Loan Facility and the redemption of the 4.500% Senior Unsecured Notes, we expensed approximately $ 6.1 million of related debt issuance costs in July 2021. |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 12 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | (G) Fair Value of Financial Instruments The fair value of our senior notes has been estimated based upon our current incremental borrowing rates for similar types of borrowing arrangements. The fair value of our Senior Unsecured Notes at March 31, 2024 is as follows: Fair Value (dollars in thousands) 2.500 % Senior Unsecured Notes Due 2031 $ 628,000 The estimated fair value of our long-term debt was based on publicly quoted prices of these debt instruments (level 1 input). The carrying values of cash and cash equivalents, accounts and notes receivable, accounts payable, and accrued liabilities approximate their fair values at March 31, 2024, due to the short-term maturities of these assets and liabilities. The fair value of our Revolving Credit Facility and Term Loan also approximates its carrying values at March 31, 2024. |
BUSINESS SEGMENTS
BUSINESS SEGMENTS | 12 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
BUSINESS SEGMENTS | (H) Business Segments Operating segments are defined as components of an enterprise that engage in business activities that earn revenue, incur expenses, and prepare separate financial information that is evaluated regularly by our chief operating decision maker in order to allocate resources and assess performance. 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 to build, expand, and repair roads and highways; and repair and remodel activities. Demand for our products is generally cyclical and seasonal, depending on economic and geographic conditions. We distribute our products across many United States markets, which provides us with regional economic diversification. Our operations are conducted in the U.S. and include the mining of limestone for the manufacture, production, distribution, and sale of portland cement (a basic construction material that is the essential binding ingredient in concrete); the grinding and sale of slag; the mining of gypsum for the manufacture and sale of gypsum wallboard; the manufacture and sale of recycled paperboard to the gypsum wallboard industry and other paperboard converters; the sale of readymix concrete; and the mining and sale of aggregates (crushed stone, sand, and gravel). We operate eight modern cement plants (one of which is operated through a joint venture located in Buda, Texas), one slag grinding facility, and over 30 cement distribution terminals, including terminals acquired in the Stockton Terminal Acquisition. 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 over 25 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 tables set forth certain financial information relating to our operations by segment. We do not allocate interest or taxes at the segment level, only at the consolidated company level. For the Years Ended March 31, 2024 2023 2022 (dollars in thousands) Revenue Cement $ 1,226,017 $ 1,074,070 $ 1,007,094 Concrete and Aggregates 252,952 239,516 177,122 Gypsum Wallboard 839,530 872,471 692,152 Paperboard 184,188 201,280 194,054 2,502,687 2,387,337 2,070,422 Less: Intersegment Revenue ( 130,654 ) ( 125,750 ) ( 105,001 ) Less: Joint Venture Revenue ( 112,736 ) ( 113,518 ) ( 103,899 ) $ 2,259,297 $ 2,148,069 $ 1,861,522 For the Years Ended March 31, 2024 2023 2022 (dollars in thousands) Intersegment Revenue Cement $ 35,363 $ 32,915 $ 22,915 Concrete and Aggregates 12,940 — — Paperboard 82,351 92,835 82,086 $ 130,654 $ 125,750 $ 105,001 Cement Sales Volume (M tons) Wholly Owned 6,610 6,399 6,711 Joint Venture 679 734 823 7,289 7,133 7,534 For the Years Ended March 31, 2024 2023 2022 (dollars in thousands) Operating Earnings Cement $ 338,349 $ 278,762 $ 259,556 Concrete and Aggregates 12,401 18,259 18,467 Gypsum Wallboard 334,536 352,499 261,476 Paperboard 31,616 25,220 12,603 Sub-Total 716,902 674,740 552,102 Corporate General and Administrative Expense ( 59,795 ) ( 53,630 ) ( 46,801 ) Loss on Early Retirement of Senior Notes — — ( 8,407 ) Other Nonoperating Income (Loss) 3,087 2,654 9,073 Earnings Before Interest and Income Taxes 660,194 623,764 505,967 Interest Expense, net ( 42,257 ) ( 35,171 ) ( 30,873 ) Earnings Before Income Taxes $ 617,937 $ 588,593 $ 475,094 Cement Operating Earnings Wholly Owned $ 306,768 $ 243,288 $ 227,068 Joint Venture 31,581 35,474 32,488 $ 338,349 $ 278,762 $ 259,556 Capital Expenditures Cement $ 65,442 $ 39,049 $ 31,535 Concrete and Aggregates 15,103 35,503 5,239 Gypsum Wallboard 29,127 31,063 32,405 Paperboard 10,085 2,898 2,579 Corporate and Other 548 1,630 2,363 $ 120,305 $ 110,143 $ 74,121 Depreciation, Depletion, and Amortization Cement $ 89,138 $ 81,643 $ 79,560 Concrete and Aggregates 19,728 17,413 9,656 Gypsum Wallboard 23,038 21,744 22,024 Paperboard 14,811 14,942 14,721 Corporate and Other 3,117 2,812 2,850 $ 149,832 $ 138,554 $ 128,811 March 31, 2024 2023 2022 (dollars in thousands) Segment Assets Cement $ 2,042,499 $ 1,905,227 $ 1,860,649 Concrete and Aggregates 225,485 234,767 89,405 Gypsum Wallboard 432,122 421,425 397,486 Paperboard 170,832 163,797 180,025 Corporate and Other, net 76,081 55,786 52,087 $ 2,947,019 $ 2,781,002 $ 2,579,652 Segment Operating Earnings, including the proportionately consolidated 50% interest in the revenue and expenses of the Joint Venture, represent Revenue less direct operating expenses, segment Depreciation, and segment Selling, General, and Administrative expenses. Segment Operating Earnings don’t include certain nonrecurring losses, such as impairment and legal settlements. We account for intersegment sales at market prices. Corporate assets consist primarily of cash and cash equivalents, general office assets, and miscellaneous other assets. The basis used to disclose Identifiable Assets; Capital Expenditures; and Depreciation, Depletion, and Amortization conforms with the equity method, and is similar to how we disclose these accounts in our Consolidated Balance Sheets and Consolidated Statements of Earnings. The segment breakdown of Goodwill at March 31, 2024 and 2023 is as follows: For the Years Ended March 31, 2024 2023 (dollars in thousands) Cement $ 227,639 $ 215,781 Concrete and Aggregates 40,774 40,774 Gypsum Wallboard 116,618 116,618 Paperboard 7,538 7,538 $ 392,569 $ 380,711 Summarized financial information for the Joint Venture that is not consolidated is set out below. The summarized financial information includes the total amount of the Joint Venture and not our 50% interest in those amounts: For the Years Ended March 31, 2024 2023 (dollars in thousands) Revenue $ 225,503 $ 227,565 Gross Margin $ 71,077 $ 77,673 Earnings Before Income Taxes $ 63,644 $ 71,491 As of March 31, 2024 2023 (dollars in thousands) Current Assets $ 111,164 $ 88,562 Noncurrent Assets $ 158,618 $ 124,503 Current Liabilities $ 27,994 $ 29,434 On May 1, 2024, the Company and HM Southeast Cement LLC, a subsidiary of Heidelberg Materials, (our Joint Venture Partner) entered into a put option agreement (Put Option Agreement) that provides for the grant of reciprocal put options by the parties with respect to their 50 % partnership interests in the Joint Venture. If the Company or our Joint Venture Partner exercises its put option under the Put Option Agreement, the other party is required to purchase the 50 % partnership interest held by the exercising party for approximately $ 550.0 million, subject to certain customary adjustments. The put option can only be exercised in the event of a triggering event, which is defined as the entry by the exercising party into a binding and effective outside purchase agreement. An outside purchase agreement is a definitive agreement for the purchase of assets or operations to be used in the production or sale of grey cement products or slag in the Joint Venture market area for total consideration equal to or greater than $ 1 billion. The Put Option Agreement is effective for 15 months , and expires on August 1, 2025 . |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | (I) Income Taxes The provision for income taxes from continuing operations includes the following components: For the Years Ended March 31, 2024 2023 2022 (dollars in thousands) Current Provision Federal $ 111,690 $ 103,940 $ 87,626 State 20,689 18,520 6,924 132,379 122,460 94,550 Deferred Provision (Benefit) Federal 5,607 11,321 3,491 State 2,312 ( 6,728 ) 2,806 7,919 4,593 6,297 Provision for Income Taxes $ 140,298 $ 127,053 $ 100,847 The effective tax rates vary from the federal statutory rates due to the following items: For the Years Ended March 31, 2024 2023 2022 (dollars in thousands) Earnings Before Income Taxes $ 617,937 $ 588,593 $ 475,094 Income Taxes at Statutory Rate $ 129,766 $ 123,605 $ 99,770 Increases (Decreases) in Tax Resulting from State Income Taxes, net 18,172 16,821 12,743 Statutory Depletion in Excess of Cost ( 9,883 ) ( 8,253 ) ( 7,796 ) Excess Tax Benefit from Stock Compensation ( 5,417 ) ( 1,593 ) ( 3,048 ) Meals and Entertainment Disallowance 524 484 279 Limitation on Officer's Compensation 6,513 3,009 2,568 Valuation Allowance 500 ( 7,205 ) ( 4,556 ) Other 123 185 887 Provision for Income Taxes $ 140,298 $ 127,053 $ 100,847 Effective Tax Rate 23 % 22 % 21 % Components of deferred income taxes are as follows: March 31, 2024 2023 (dollars in thousands) Items Giving Rise to Deferred Tax Liabilities Excess Tax Depreciation and Amortization $ ( 260,577 ) $ ( 253,541 ) Investment in Joint Venture Basis Differences ( 4,294 ) ( 8,744 ) Depletable Assets ( 7,710 ) ( 3,876 ) Right-of-Use Assets ( 4,774 ) ( 5,202 ) Inventory — ( 406 ) Other ( 2,956 ) ( 2,908 ) Total Deferred Tax Liabilities $ ( 280,311 ) $ ( 274,677 ) Items Giving Rise to Deferred Tax Assets Change in Accruals $ 13,313 $ 12,886 Bad Debts 1,621 1,662 Long-term Incentive Compensation Plan 3,622 3,515 Credits and Other Carryforwards 11,466 12,995 Lease Liability 6,598 7,647 Inventory 307 — Pension 1,087 1,128 Subtotal 38,014 39,833 Valuation Allowance ( 2,500 ) ( 2,000 ) Total Deferred Tax Assets $ 35,514 $ 37,833 We record Deferred Tax Assets and Liabilities based upon estimates of their realizable value with such estimates based upon likely future tax consequences. In assessing the need for a Valuation Allowance, we consider both positive and negative evidence related to the likelihood of realization of the Deferred Tax Assets. If, based on the weight of available evidence, it is more likely than not that a Deferred Tax Asset will not be realized, we record a Valuation Allowance. We had state net operating loss carryforwards of $ 1.6 million at March 31, 2024, compared with $ 2.3 million at March 31, 2023, net of Valuation Allowance. We had state income tax credit carryforwards of $ 9.9 million at March 31, 2024, compared with $ 10.7 million at March 31, 2023, net of Valuation Allowance. The state income tax credits may be carried forward indefinitely. We file income tax returns in U.S. federal and various state jurisdictions. The Company is currently subject to U.S. federal income tax examinations for the year ended March 31, 2019, and forward. Uncertain Tax Positions We are subject to audit examinations at federal, state, and local levels by tax authorities in those jurisdictions who may challenge the treatment or reporting of any return item. The tax matters challenged by the tax authorities are typically complex; therefore, the ultimate outcome of these challenges is subject to uncertainty. We review and assess all tax positions subject to uncertainty on a more-likely-than-not standard with respect to the ultimate outcome if challenged. We measure and record tax benefit or expense only when the more-likely-than-not threshold is met. The change in unrecognized tax benefits for the years ended March 31, 2024, 2023, and 2022 was as follows: For the Years Ended March 31, 2024 2023 2022 (dollars in thousands) Balance at Beginning of Year $ 1,284 $ 1,284 $ 1,284 Increase Related to Current Tax Positions — — — Decrease Related to Current Tax Positions — — — Payments — — — $ 1,284 $ 1,284 $ 1,284 We classify interest and penalties related to uncertain tax positions as current income tax expense. We recorded no interest and penalties for each of the fiscal years ended March 31, 2024, 2023, and 2022. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | (J) Commitments and Contingencies Our operations and properties are subject to extensive and changing federal, state, and local laws; regulations and ordinances governing the protection of the environment; as well as laws relating to worker health and workplace safety. We carefully consider the requirements mandated by such laws and regulations and have procedures in place at all of our operating units to monitor compliance. Any matters that are identified as potential exposures under these laws and regulations are carefully reviewed by management to determine our potential liability. Although management is not aware of any material exposures that require an accrual under generally accepted accounting principles, there can be no assurance that prior or future operations will not ultimately result in violations, claims, or other liabilities associated with these regulations. We have certain deductible limits under our workers’ compensation and liability insurance policies for which reserves are established based on the undiscounted estimated costs of known and anticipated claims. We have entered into standby letter of credit agreements relating to workers’ compensation, auto, and general liability self-insurance. At March 31, 2024, we had contingent liabilities under these outstanding letters of credit of approximately $ 8.3 million. We are currently contingently liable for performance under $ 29.3 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. Other In the ordinary course of business, we execute contracts involving indemnifications that are standard in the industry and indemnifications specific to a transaction, such as the sale of a business. These indemnifications might include claims relating to any of the following: environmental and tax matters; intellectual property rights; governmental regulations and employment-related matters; customer, supplier, construction contractor, and other commercial contractual relationships; and financial matters. While the maximum amount to which we may be exposed under such agreements cannot be estimated, it is the opinion of management that these indemnifications are not expected to have a material adverse effect on the Company’s consolidated financial position, results of operations, or cash flows. We currently have no outstanding guarantees of third-party debt. We have certain forward purchase contracts, primarily for natural gas, that expire during calendar years 2024 and 2025. The contracts comprise approximately 35 % of our anticipated natural gas usage. |
STOCK OPTION PLANS
STOCK OPTION PLANS | 12 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
STOCK OPTION PLANS | (K) Stock Option Plans 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 (the Compensation Committee) 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 approved the granting to certain officers and key employees an aggregate of 2,296 performance-vesting stock options that would be earned only if certain performance conditions were satisfied (the Fiscal 2024 Employee Performance Stock Option Award). The performance criterion for the Fiscal 2024 Employee Performance Stock Option Award was based upon the achievement of certain levels of return on equity (as defined in the option agreements), ranging from 10 % to 20 %, from the performance periods described below. All stock options in each performance period will be earned if the return on equity is 20 % 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%. If the Company does not achieve a return on equity of at least 10 % during any performance period, all stock option awards for the 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. During fiscal 2024, the return on equity exceeded 20 %, therefore all of the One-Year Performance Shares were earned. 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 . In August 2023, under the 2023 Plan, the Compensation Committee granted 1,348 options to members of the Board (the Fiscal 2024 Board Stock Option Award). Options granted under the Fiscal 2024 Board Stock Option Award vest one year after the date of grant, and can be exercised from the vesting date until their expiration on the tenth anniversary of the grant date. All stock options issued during fiscal 2024 and 2023 were valued at the grant date using the Black-Scholes option pricing model. The weighted-average assumptions used in the Black-Scholes model to value the option awards in fiscal 2024 and 2023 are as follows: 2024 2023 Dividend Yield 7.5 % 0.8 % Expected Volatility 38.8 % 38.2 % Risk-Free Interest Rate 3.74 % 2.90 % Expected Life 6.0 years 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 option pricing model on the grant date and expensed over the vesting period. Stock option expense for all outstanding stock option awards was approximately $ 2.0 million, $ 3.4 million, and $ 3.4 million for the years ended March 31, 2024, 2023, and 2022, respectively. At March 31, 2024, there was approximately $ 1.7 million of unrecognized compensation cost related to outstanding stock options, which is expected to be recognized over a weighted-average period of 1.9 years. The following table shows stock option activity for the years presented: For the Years Ended March 31, 2024 2023 2022 Number Weighted- Number Weighted- Number Weighted- Outstanding Options at Beginning of Year 436,949 $ 89.69 456,849 $ 83.81 708,501 $ 83.85 Granted 5,558 $ 172.62 56,621 $ 125.90 11,316 $ 140.42 Exercised ( 189,143 ) $ 90.40 ( 73,343 ) $ 80.19 ( 247,578 ) $ 86.97 Cancelled ( 1,000 ) $ 73.37 ( 3,178 ) $ 109.15 ( 15,390 ) $ 76.63 Outstanding Options at End of Year 252,364 $ 91.28 436,949 $ 89.69 456,849 $ 83.81 Options Exercisable at End of Year 215,913 339,043 314,624 Weighted-Average Fair Value of Options Granted $ 69.84 $ 48.36 $ 49.18 The following table summarizes information about stock options outstanding at March 31, 2024: Options Outstanding Options Exercisable Range of Exercise Prices Number of Weighted- Weighted- Number of Weighted- $ 59.32 - $ 81.28 107,490 5.64 $ 62.50 107,490 $ 62.50 $ 91.21 - $ 106.00 75,608 4.27 $ 94.15 73,750 $ 94.07 $ 118.27 - $ 190.97 69,266 8.08 $ 131.95 34,673 $ 130.74 252,364 5.90 $ 91.04 215,913 $ 84.24 At March 31, 2024, the aggregate intrinsic value for outstanding and exercisable options was approximately $ 45.6 million and $ 40.5 million, respectively. The total intrinsic value of options exercised during the fiscal years ended March 31, 2024, 2023, and 2022 was approximately $ 18.8 million, $ 4.4 million and $ 15.7 million, respectively. 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 would be earned only if certain performance conditions were satisfied (the Fiscal 2024 Employee Restricted Stock Performance Award). The performance criterion for the Fiscal 2024 Employee Restricted Stock Performance Award was based upon the achievement of certain levels of return on equity (as defined in the agreement), ranging from 10 % to 20 %, for the performance periods described below. All stock options in each performance period will be earned if the return on equity is 20 % 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%. If the Company does not achieve a return on equity of at least 10 % during any performance period, all awards for the period will be forfeited. The restricted share performance periods are 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 During fiscal 2024, the return on equity exceeded 20 %, therefore all One -Year Performance Shares were earned. 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 date of grant 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 (the Fiscal 2024 Board Restricted Stock Award). Restrictions on these shares will lapse one year after the grant date. The Fiscal 2024 Board 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 estimated based on the stock price at the date of the grant. The following table summarizes the activity for nonvested restricted shares during the fiscal years ended March 31, 2024, 2023, and 2022: For the Years Ended March 31, 2024 2023 2022 Number Weighted- Number Weighted- Number Weighted- Nonvested Restricted Stock at Beginning of Year 219,084 $ 96.54 258,779 $ 85.34 267,090 $ 62.56 Granted 97,257 $ 169.62 111,230 $ 126.23 113,414 $ 139.91 Vested ( 111,695 ) $ 124.78 ( 147,678 ) $ 104.33 ( 116,507 ) $ 87.47 Cancelled ( 3,000 ) $ 30.38 ( 3,247 ) $ 124.82 ( 5,218 ) $ 75.10 Nonvested Restricted Stock at End of Year 201,646 $ 122.58 219,084 $ 96.54 258,779 $ 85.34 Expense related to restricted shares was $ 17.9 million, $ 13.7 million, and $ 10.9 million in fiscal years ended March 31, 2024, 2023, and 2022, respectively. At March 31, 2024, there were approximately 201,000 shares with remaining restrictions, for which $ 17.4 million of unearned compensation will be recognized over a weighted-average period of 1.4 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 1,411,799 shares at March 31, 2024. |
NET INTEREST EXPENSE
NET INTEREST EXPENSE | 12 Months Ended |
Mar. 31, 2024 | |
Banking and Thrift, Interest [Abstract] | |
NET INTEREST EXPENSE | (L) Net Interest Expense The following components are included within Interest Expense, net: For the Years Ended March 31, 2024 2023 2022 (dollars in thousands) Interest Income $ ( 1,043 ) $ ( 421 ) $ ( 39 ) Interest Expense 41,403 33,706 21,637 Other Expenses 1,897 1,886 9,275 Interest Expense, net $ 42,257 $ 35,171 $ 30,873 Interest Income includes interest earned on investments of excess Cash and Cash Equivalents. 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 and Term Loan costs. |
PENSION AND PROFIT SHARING PLAN
PENSION AND PROFIT SHARING PLANS | 12 Months Ended |
Mar. 31, 2024 | |
Retirement Benefits [Abstract] | |
PENSION AND PROFIT SHARING PLANS | (M) Pension and Profit Sharing Plans We offer our employees multiple retirement and profit sharing plans. Pension Plans We have several defined benefit and defined contribution retirement plans that together cover substantially all of our employees. Benefits paid under the defined benefit plans covering certain hourly employees are based on years of service and each employee’s qualifying compensation over the last few years of employment. During fiscal 2020, the last of our pension plans that was still accruing benefits was frozen; therefore, none of our pension plans are accruing additional benefits. Our funding policy is to generally contribute amounts to ensure our pension assets are consistent with our pension liabilities. The annual measurement date is March 31 for the benefit obligations, fair value of plan assets, and the funded status of the defined benefit plans. The following table provides a reconciliation of the Benefit Obligations and Fair Values of Plan Assets for all defined benefit plans for the years ended March 31, 2024 and 2023, as well as a statement of the funded status for the same periods: For the Years Ended March 31, 2024 2023 (dollars in thousands) Reconciliation of Benefit Obligations Benefit Obligation at April 1, $ 29,189 $ 33,909 Interest Cost on Projected Benefit Obligation 1,413 1,240 Actuarial Gain ( 829 ) ( 4,509 ) Benefits Paid ( 1,643 ) ( 1,451 ) Benefit Obligation at March 31, $ 28,130 $ 29,189 Reconciliation of Fair Value of Plan Assets Fair Value of Plan Assets at April 1, $ 31,106 $ 36,313 Actual Return on Plan Assets 641 ( 3,756 ) Employer Contributions 20 — Benefits Paid ( 1,643 ) ( 1,451 ) Fair Value of Plan Assets at March 31, 30,124 31,106 Funded Status Funded Status at March 31, $ 1,994 $ 1,917 Amounts Recognized in the Balance Sheet Include: Other Assets $ 1,994 $ 1,917 Accumulated Other Comprehensive Losses Net Actuarial Loss 4,454 4,662 Accumulated Other Comprehensive Losses $ 4,454 $ 4,662 Tax Impact ( 1,081 ) ( 1,115 ) Accumulated Other Comprehensive Losses, net of tax $ 3,373 $ 3,547 Net periodic pension cost for the fiscal years ended March 31, 2024, 2023, and 2022, included the following components: For the Years Ended March 31, 2024 2023 2022 (dollars in thousands) Interest Cost of Projected Benefit Obligation 1,413 1,240 1,167 Expected Return on Plan Assets ( 1,512 ) ( 1,366 ) ( 1,299 ) Recognized Net Actuarial Loss 250 123 143 Net Periodic Pension Cost $ 151 $ ( 3 ) $ 11 Expected benefit payments over the next five years, and the following five years under the pension plans are expected to be as follows (dollars in thousands): Fiscal Years Total 2025 $ 1,843 2026 $ 1,874 2027 $ 1,951 2028 $ 1,988 2029 $ 1,962 2030-2034 $ 9,853 The following tables set forth the assumptions used in the actuarial calculations of the present value of Net Periodic Benefit Costs and Benefit Obligations: March 31, 2024 2023 2022 Net Periodic Benefit Costs Discount Rate 4.99 % 3.75 % 3.33 % Expected Return on Plan Assets 5.00 % 3.85 % 3.50 % Rate of Compensation Increase n/a n/a n/a March 31, 2024 2023 Benefit Obligations Discount Rate 5.27 % 4.99 % Rate of Compensation Increase n/a n/a The expected long-term rate of return on plan assets is an assumption reflecting the anticipated weighted-average rate of earnings on the portfolio over the long term. To determine this rate, we developed estimates of the key components underlying capital asset returns that include: market-based estimates of inflation, real risk-free rates of return, yield curve structure, credit-risk premiums, and equity-risk premiums. Because our pension plans were frozen beginning in fiscal 2021, the rate of compensation increase is not applicable. We used these components as appropriate to develop benchmark estimates for the expected long-term management approach that we employ. The pension plans’ approximate weighted-average asset allocation at March 31, 2024 and 2023, and the range of target allocation are as follows: Percentage of Plan Assets at March 31, Range of 2024 2023 Asset Category Equity Securities 10 – 20 % — 9 % Debt Securities 60 – 90 % 98 % 89 % Other 0 – 20 % 2 % 2 % Total 100 % 100 % Our pension investment strategies have been developed as part of a comprehensive management process that considers the interaction between the assets and liabilities within each plan. These strategies consider not only the expected risks and returns on plan assets, but also the detailed actuarial projections of liabilities as well as plan-level objectives, such as projected contributions, expense, and funded status. The principal pension investment strategies include asset allocation and active asset management. The range of target asset allocations has been determined given the current funded status of the plan. Each asset class is actively managed by one or more external money managers with the objective of generating returns, net of management fees, that exceed market-based benchmarks. None of the plans hold any Company stock. Based on our current actuarial estimates, we do no t anticipate making any contributions to our defined benefit plans for fiscal 2025. The fair values of our defined benefit plans’ consolidated assets by category as of March 31, 2024 and 2023 were as follows: March 31, 2024 2023 (dollars in thousands) Equity Securities $ — $ 2,878 Fixed Income Securities 29,541 27,811 Cash Equivalents 583 417 Total $ 30,124 $ 31,106 The fair values of our defined benefit plans’ consolidated assets were determined using the fair value hierarchy of inputs described in Footnote (A) to the Consolidated Financial Statements. The fair values by category of inputs as of March 31, 2024, were as follows: Quoted Prices in Significant Other Significant Total Asset Categories (dollars in thousands) Equity Securities $ — $ — $ — $ — Fixed Income Securities — 29,541 — 29,541 Cash Equivalents 583 — — 583 $ 583 $ 29,541 $ — $ 30,124 The fair values by category of inputs as of March 31, 2023, were as follows: Quoted Prices in Significant Other Significant Total Asset Categories (dollars in thousands) Equity Securities $ — $ 2,878 $ — $ 2,878 Fixed Income Securities — 27,811 — 27,811 Cash Equivalents 417 — — 417 $ 417 $ 30,689 $ — $ 31,106 Equity securities consist of funds that are not actively traded. These funds are maintained by an investment manager and are primarily invested in indexes. The remaining funds, excluding cash, primarily consist of investments in institutional funds. Profit Sharing Plans We also provide profit sharing plans, which cover substantially all salaried and certain hourly employees. The profit sharing plans are defined contribution plans funded by employer discretionary contributions; employees may also contribute a certain percentage of their base annual salary. Employees are fully vested in their own contributions and become fully vested in any Company contributions over a four-year period. Costs relating to the employer discretionary contributions for our plan totaled $ 9.6 million, $ 9.1 million, and $ 8.5 million in fiscal years 2024, 2023, and 2022, respectively. We also made matching contributions to the hourly profit sharing plan for certain of our entities totaling $ 1.8 million , $ 1.4 million, and $ 1.3 million for these employees during fiscal years 2024, 2023, and 2022, respectively. Approximately 50 of our employees belong to two different multi-employer plans. One of the collective bargaining agreements for the employees who participate in the multi-employer plans expired in February 2024 and is currently being renegotiated, and the other expires in March 2025 . Our expense related to these plans was approximately $ 1.7 million , $ 1.8 million, and $ 1.7 million during fiscal years 2024, 2023, and 2022, respectively. We anticipate the total expense in fiscal 2025 related to these plans will be approximately $ 2.0 million. |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements include the accounts of Eagle Materials Inc. and its majority-owned subsidiaries (the Company), which may be referred to as we, our, or us. All intercompany balances and transactions have been eliminated. The Company is a holding company whose assets consist of its investments in its subsidiaries, a joint venture, intercompany balances, and holdings of cash and cash equivalents. The businesses of the consolidated group are conducted through the Company’s subsidiaries. The Company conducts one of its cement plant operations through a joint venture, Texas Lehigh Cement Company L.P., which is located in Buda, Texas (the Joint Venture). Our investment in the Joint Venture is accounted for using the equity method of accounting, and those results have been included for the same period as our March 31 fiscal year end. The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash Equivalents include short-term, highly liquid investments with original maturities of three months or less and are recorded at cost, which approximates market value. |
Accounts and Notes Receivable | Accounts and Notes Receivable Accounts and Notes Receivable have been shown net of the allowance for doubtful accounts of $ 6.7 million and $ 6.9 million at March 31, 2024 and 2023, respectively. We perform ongoing credit evaluations of our customers’ financial condition and generally require no collateral from our customers. The allowance for non-collection of receivables is based on our assessment of the collectability of outstanding accounts receivable, and includes a provision for probable losses based on historical write-offs, adjusted for current economic trends in the construction industry, and a specific reserve for accounts deemed at risk. We have no significant credit risk concentration among our diversified customer bases. Bad debt expense was approximately $ 0.3 million, $ 0.3 million, and $ 0.3 million for the fiscal years ended March 31, 2024, 2023, and 2022, respectively. Write-offs of accounts receivable were approximately $ 0.6 million, $ 0.1 million, and $ 1.6 million for the fiscal years ended March 31, 2024, 2023, and 2022, respectively. We had Notes Receivable totaling approximately $ 8.5 million at March 31, 2023, of which $ 1.1 million was classified as current. On April 28, 2023, we collected the entire $ 8.5 million balance owed under the Notes Receivable. From time to time, we lend funds to certain companies in the ordinary course of business. The notes are generally collateralized by certain assets of the borrowers, namely property and equipment. We monitor the credit risk of each borrower by focusing on the timeliness of payments, credit history review, credit metrics, and interaction with the borrowers. |
Inventories | Inventories Inventories are stated at the lower of average cost (including applicable material, labor, depreciation, and plant overhead) or net realizable value. Raw Materials and Materials-in-Progress include clinker, which is an intermediary product before it is ground into cement powder. Quantities of Raw Materials and Materials-in-Progress, Aggregates and Coal inventories, are based on measured volumes, subject to estimation based on the size and location of the inventory piles, and then converted to tonnage using standard inventory density factors. Inventories consist of the following: March 31, 2024 2023 (dollars in thousands) Raw Materials and Materials-in-Progress $ 122,772 $ 96,880 Finished Cement 71,396 46,364 Aggregates 12,149 8,309 Gypsum Wallboard 5,242 4,244 Paperboard 14,278 8,651 Repair Parts and Supplies 127,511 112,885 Fuel and Coal 20,575 14,549 $ 373,923 $ 291,882 |
Property, Plant and Equipment | Property, Plant, and Equipment Property, Plant, and Equipment are stated at cost. Major renewals and improvements are capitalized and depreciated. Annual maintenance is expensed as incurred. Depreciation is provided on a straight-line basis over the estimated useful lives of depreciable assets and totaled $ 139.5 million, $ 129.6 million, and $ 122.4 million, for the fiscal years ended March 31, 2024, 2023, and 2022, respectively. Raw material deposits are depleted as such deposits are extracted for production utilizing the units-of-production method. Costs and accumulated depreciation applicable to assets retired or sold are eliminated from the accounts and any resulting gains or losses are recognized at such time. The estimated useful lives of the related assets are as follows: Plants 20 to 30 years Buildings 20 to 40 years Machinery and Equipment 3 to 25 years Maintenance and repair expenses are included in each segment’s costs and expenses. We incurred $ 220.1 million, $ 173.4 million, and $ 147.8 million of maintenance and repair expenses in the fiscal years ended March 31, 2024, 2023, and 2022, respectively, which is included in Cost of Goods Sold on the Consolidated Statement of Earnings. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill We annually assess Goodwill in the fourth quarter of our fiscal year, or more frequently when indicators of impairment exist. Impairment testing for Goodwill is done at the reporting unit, which is consistent with the reportable segment. Goodwill is considered impaired if the carrying value of the reporting unit exceeds its fair value. Prior to performing the Step 1 quantitative test, we may, at our discretion, perform an optional qualitative analysis, or we may choose to proceed directly to the Step 1 quantitative test. The qualitative analysis considers the impact of the following events and circumstances on the reporting unit being tested: macroeconomic conditions, industry and market considerations, cost factors, overall financial performance, and other relevant entity-specific events. If, as a result of this qualitative analysis, we conclude that it is more likely than not (a likelihood of greater than 50 %) that the fair value of the reporting unit exceeds its carrying value, then an impairment does not exist and the Step 1 quantitative test is not required. If we are unable to conclude that it is more likely than not that the fair value of the reporting unit exceeds its carrying value, then we proceed to the Step 1 quantitative test. Step 1 of the quantitative test for impairment compares the fair value of the reporting unit to its carrying value. If the carrying value exceeds the fair value, then an impairment is indicated. If facts and circumstances related to our business change in subsequent years, we may choose to perform a quantitative analysis in those future years. If we perform a Step 1 quantitative test and the carrying value of the reporting unit exceeds its fair value, then an impairment charge equal to the difference, not to exceed the total amount of Goodwill, is recorded. The fair values of the reporting units are estimated by using both the market and income approaches. The market approach considers market factors and certain multiples in comparison to similar companies, while the income approach uses discounted cash flows to determine the estimated fair values of the reporting units. We also perform an overall comparison of all reporting units to our market capitalization in order to test the reasonableness of our fair value calculations. We elected to perform a Step 1 quantitative test on all of our reporting units with Goodwill during the fourth quarter of fiscal 2024. We estimated the fair value of the reporting unit using a discounted cash flow model as well as a market analysis. Key assumptions in the model included estimated average net sales prices, sales volumes, and the estimated weighted average cost of capital specific to each industry. Based on the results of the Step 1 quantitative analysis, we concluded that the fair values of the reporting units substantially exceeded their carrying values, and therefore no impairment was recognized. We performed qualitative assessments on all of our reporting units in the fourth quarter of fiscal years 2023 and 2022. As a result of these qualitative assessments, we determined it was not more likely than not that an impairment existed; therefore, we did not perform a Step 1 quantitative test in either fiscal 2023 or fiscal 2022. Goodwill and Intangible Assets Goodwill and Intangible Assets at March 31, 2024 and 2023, consist of the following: March 31, 2024 Amortization Cost Additions Accumulated Net (dollars in thousands) Goodwill and Intangible Assets: Customer Contracts and Relationships 15 years $ 141,194 $ 16,100 $ ( 82,077 ) $ 75,217 Permits 25 - 40 years 30,760 — ( 13,413 ) 17,347 Trade Name 15 years 1,900 — ( 916 ) 984 Goodwill 380,711 11,858 — 392,569 Total Goodwill and Intangible Assets $ 554,565 $ 27,958 $ ( 96,406 ) $ 486,117 March 31, 2023 Amortization Cost Additions Accumulated Net (dollars in thousands) Goodwill and Intangible Assets: Customer Contracts and Relationships 15 years $ 108,610 $ 32,584 $ ( 75,413 ) $ 65,781 Permits 25 - 40 years 30,410 350 ( 12,519 ) 18,241 Trade Name 15 years 1,500 400 ( 590 ) 1,310 Goodwill 329,137 51,574 — 380,711 Total Goodwill and Intangible Assets $ 469,657 $ 84,908 $ ( 88,522 ) $ 466,043 Amortization expense of intangibles was $ 7.9 million, $ 6.8 million, and $ 4.4 million for the fiscal years ended March 31, 2024, 2023, and 2022, respectively. Amortization expense is expected to be approximately $ 7.7 million in fiscal 2025, $ 7.6 million in fiscal 2026, $ 7.5 million in fiscal 2027, $ 7.4 million in fiscal 2028, and $ 7.1 million in fiscal 2029. |
Impairment or Disposal of Long-Lived and Intangible Assets | Impairment or Disposal of Long-Lived and Intangible Assets We assess our long-lived assets, including mining and related assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset, or group of assets, may not be recoverable. Long-lived assets, or group of assets, are evaluated for impairment at the lowest level for which cash flows are largely independent of the cash flows of other assets. We assess recoverability of assets, or group of assets, by comparing the carrying amount of an asset, or group of assets, to the future undiscounted net cash flows that we expect the asset, or group of assets, to generate. These impairment evaluations are significantly affected by estimates of future revenue, costs and expenses, and other factors. If the carrying value of the assets, or group of assets, exceeds the undiscounted cash flows, then an impairment is indicated. If such assets, or group of assets, are considered to be impaired, the impairment is recognized as the amount by which the carrying amount of the asset, or group of assets, exceeds the fair value of the asset, or group of assets. Any assets held for sale are reflected at the lower of their carrying amount or fair value less cost to sell. There were no indicators of impairment related to our long-lived assets during fiscal 2024. |
Other Assets | Other Assets Other Assets are primarily composed of financing costs related to our Revolving Credit Facility, deferred expenses, and deposits. |
Income Taxes | Income Taxes We account for Income Taxes using the asset and liability method. The effect on deferred taxes of a change in tax rates is recognized in earnings in the period that includes the enactment date. We recognize deferred taxes for the differences between financial statement carrying amounts and the tax bases of existing assets and liabilities by applying enacted statutory tax rates for future years. In addition, we recognize future tax benefits to the extent that such benefits are more likely than not to be realized. See Footnote (I) for more information. |
Stock Repurchases | Stock Repurchases Shares repurchased by the Company are considered retired and available for future issuance. When shares are repurchased, the Company first reduces Capital in Excess of Par Value, and if there is no balance in this account, the purchases are recorded as a reduction of Retained Earnings. On May 17, 2022, the Board authorized the Company to repurchase an additional 7,500,000 shares. During fiscal years 2024, 2023, and 2022, we repurchased 1,863,534 , 3,075,788 , and 3,982,657 shares, respectively, at average prices of $ 243.02 , $ 126.05 , and $ 148.08 , respectively. At March 31, 2024, the remaining authorized shares for repurchase totaled 5,883,670 shares. |
Revenue Recognition | Revenue Recognition We earn Revenue primarily from the sale of products, which include cement, concrete, aggregates, gypsum wallboard, and recycled paperboard. The majority of Revenue from the sale of concrete, aggregates, and gypsum wallboard is originated by purchase orders from our customers, who are mainly third-party contractors and suppliers. Revenue from the sale of cement is sold point-of-sale to customers under sales orders. Revenue from our Recycled Paperboard segment is generated mostly 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 that is not related to long-term supply agreements is recognized upon shipment of the related products to customers, which is when title and ownership are transferred, and the customer is obligated to pay. Revenue from sales under our long-term supply agreements is also recognized upon transfer of control to the customer, which occurs at the time the product is shipped from the production facility. Our long-term supply agreements with customers define, among other commitments, the volume of product we must provide and the volume the customer must purchase by the end of the defined periods. Pricing structures under our agreements are generally market-based, but are subject to certain contractual adjustments. Shortfall amounts, if applicable under these arrangements, are constrained and not recognized as Revenue until agreement is reached with the customer and there is no risk of reversal. The Company offers certain of its customers, including those with long-term supply agreements, rebates and incentives, which we treat as variable consideration. We adjust the amount of revenue recognized for the variable consideration using the most likely amount method based on past history and projected volumes in the rebate and incentive period. Any amounts billed to customers for taxes are excluded from Revenue. The Company has elected to treat freight and delivery charges we pay for the delivery of goods to our customers as a fulfilment activity rather than a separate performance obligation. When we arrange for a third party to deliver products to customers, fees for shipping and handling billed to the customer are recorded as Revenue, while costs incurred for shipping and handling are recorded as expenses and included in Cost of Goods Sold. Approximately $ 215.3 million, $ 229.6 million, and $ 199.1 million of freight for the fiscal years ended March 31, 2024, 2023, and 2022, respectively, were included in both Revenue and Cost of Goods Sold in our Consolidated Statement of Earnings. Other Nonoperating Income includes lease and rental income, asset sale income, non-inventoried aggregates sales income, and trucking income, as well as other miscellaneous revenue items and costs that have not been allocated to a business segment. See Footnote (H) for disaggregation of Revenue by segment. |
Comprehensive Income/Losses | Comprehensive Income/Losses As of March 31, 2024, we have an Accumulated Other Comprehensive Loss of $ 3.4 million, which is net of income taxes of $ 1.1 million, in connection with recognizing the difference between the fair value of the pension assets and the projected benefit obligation. |
Consolidated Cash Flows - Supplemental Disclosures | Consolidated Cash Flows – Supplemental Disclosures Supplemental cash flow information is as follows: For the Years Ended March 31, 2024 2023 2022 (dollars in thousands) Cash Payments: Interest $ 43,663 $ 31,596 $ 21,298 Income Taxes 124,482 131,512 86,407 Operating Cash Flows Used for Operating Leases 9,286 8,314 8,141 Noncash Financing Activities: Right-of-Use Assets Obtained for Capitalized Operating Leases $ 6,465 $ 1,711 $ 2,598 Excise Tax on Share Repurchases 3,432 738 — |
Selling, General and Administrative Expenses | Selling, General, and Administrative Expenses Selling, General, and Administrative Expenses of the operating units are included in Cost of Goods Sold on the Consolidated Statements of Earnings. Corporate General and Administrative (Corporate G&A) Expenses include administration, financial, legal, employee benefits, and other corporate activities, and are shown separately in the Consolidated Statements of Earnings. Corporate G&A also includes stock compensation expense. See Footnote (K) for more information. Total Selling, General, and Administrative Expenses for each of the periods are summarized as follows: For the Years Ended March 31, 2024 2023 2022 (dollars in thousands) Operating Units Selling, G&A $ 75,001 $ 65,468 $ 56,561 Corporate G&A 59,795 53,630 46,801 $ 134,796 $ 119,098 $ 103,362 |
Earnings Per Share | Earnings per Share For the Years Ended March 31, 2024 2023 2022 Weighted-Average Shares of Common Stock Outstanding 34,811,560 36,798,354 40,547,048 Effect of Dilutive Shares: Assumed Exercise of Outstanding Dilutive Options 304,889 418,659 539,309 Less Shares Repurchased from Proceeds of Assumed Exercised Options ( 157,457 ) ( 290,590 ) ( 343,917 ) Restricted Stock Units 138,879 126,519 187,272 Weighted-Average Common Stock and Dilutive Securities Outstanding 35,097,871 37,052,942 40,929,712 The line Less Shares Repurchased from Proceeds of Assumed Exercised Options includes unearned compensation related to outstanding stock options. There were 16,609, 52,375, and 6,053 stock options at an average exercise price of $ 133.91 per share, $ 127.06 per share, and $ 139.80 per share, respectively, that were excluded from the computation of diluted earnings per share for the fiscal years ended March 31, 2024, 2023, and 2022, because such inclusion would have been anti-dilutive. |
Share-Based Compensation | Share-Based Compensation All share-based compensation is valued at the grant date and expensed over the requisite service period, which is generally identical to the vesting period of the award. Forfeitures of share-based awards are recognized in the period in which they occur. |
Fair Value Measures | Fair Value Measures Certain assets and liabilities are required to be recorded or disclosed at fair value. The estimated fair values of those assets and liabilities have been determined using market information and valuation methodologies. Changes in assumptions or estimation methods could affect the fair value estimates; however, we do not believe any such changes would have a material impact on our financial condition, results of operations, or cash flows. There are three levels of inputs that may be used to measure fair value: Level 1 – Quoted prices for identical assets and liabilities in active markets; Level 2 – Quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data; and Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies, and similar techniques that use significant unobservable inputs. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements RECENTLY ADOPTED None. PENDING ADOPTION In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07), which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 will become effective for public companies during annual reporting periods beginning after December 15, 2023, and interim reporting periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting this guidance on its Consolidated Financial Statements. In December 2023, the FASB issued Accounting Standards Update No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which focuses on the rate reconciliation and income taxes paid. ASU 2023-09 requires public entities to disclose, on an annual basis, a tabular rate reconciliation using both percentages and currency amounts organized by specified categories with certain reconciling items broken out by nature and jurisdiction to the extent those items exceed a specified threshold. Additionally, all entities are required to disclose income taxes paid, net of refunds received, disaggregated by federal, state, and local, and by individual jurisdiction if the amount is at least 5% of the total income tax payments, net of refunds received. ASU 2023-09 is effective prospectively for annual periods beginning after December 15, 2024. Early adoption and retrospective application are permitted. ASU 2023-09 will not have any impact on the Company's results of operations, cash flows, and financial condition. |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Schedule of Inventories | Inventories consist of the following: March 31, 2024 2023 (dollars in thousands) Raw Materials and Materials-in-Progress $ 122,772 $ 96,880 Finished Cement 71,396 46,364 Aggregates 12,149 8,309 Gypsum Wallboard 5,242 4,244 Paperboard 14,278 8,651 Repair Parts and Supplies 127,511 112,885 Fuel and Coal 20,575 14,549 $ 373,923 $ 291,882 |
Schedule of Property, Plant and Equipment Estimated Useful Lives | The estimated useful lives of the related assets are as follows: Plants 20 to 30 years Buildings 20 to 40 years Machinery and Equipment 3 to 25 years |
Schedule of Intangible Assets, Including Impact of Impairment Charge | Goodwill and Intangible Assets at March 31, 2024 and 2023, consist of the following: March 31, 2024 Amortization Cost Additions Accumulated Net (dollars in thousands) Goodwill and Intangible Assets: Customer Contracts and Relationships 15 years $ 141,194 $ 16,100 $ ( 82,077 ) $ 75,217 Permits 25 - 40 years 30,760 — ( 13,413 ) 17,347 Trade Name 15 years 1,900 — ( 916 ) 984 Goodwill 380,711 11,858 — 392,569 Total Goodwill and Intangible Assets $ 554,565 $ 27,958 $ ( 96,406 ) $ 486,117 March 31, 2023 Amortization Cost Additions Accumulated Net (dollars in thousands) Goodwill and Intangible Assets: Customer Contracts and Relationships 15 years $ 108,610 $ 32,584 $ ( 75,413 ) $ 65,781 Permits 25 - 40 years 30,410 350 ( 12,519 ) 18,241 Trade Name 15 years 1,500 400 ( 590 ) 1,310 Goodwill 329,137 51,574 — 380,711 Total Goodwill and Intangible Assets $ 469,657 $ 84,908 $ ( 88,522 ) $ 466,043 |
Schedule of Supplemental Cash Flow Information | Supplemental cash flow information is as follows: For the Years Ended March 31, 2024 2023 2022 (dollars in thousands) Cash Payments: Interest $ 43,663 $ 31,596 $ 21,298 Income Taxes 124,482 131,512 86,407 Operating Cash Flows Used for Operating Leases 9,286 8,314 8,141 Noncash Financing Activities: Right-of-Use Assets Obtained for Capitalized Operating Leases $ 6,465 $ 1,711 $ 2,598 Excise Tax on Share Repurchases 3,432 738 — |
Schedule of Total Selling, General and Administrative Expenses | Total Selling, General, and Administrative Expenses for each of the periods are summarized as follows: For the Years Ended March 31, 2024 2023 2022 (dollars in thousands) Operating Units Selling, G&A $ 75,001 $ 65,468 $ 56,561 Corporate G&A 59,795 53,630 46,801 $ 134,796 $ 119,098 $ 103,362 |
Schedule of Earnings per Share | For the Years Ended March 31, 2024 2023 2022 Weighted-Average Shares of Common Stock Outstanding 34,811,560 36,798,354 40,547,048 Effect of Dilutive Shares: Assumed Exercise of Outstanding Dilutive Options 304,889 418,659 539,309 Less Shares Repurchased from Proceeds of Assumed Exercised Options ( 157,457 ) ( 290,590 ) ( 343,917 ) Restricted Stock Units 138,879 126,519 187,272 Weighted-Average Common Stock and Dilutive Securities Outstanding 35,097,871 37,052,942 40,929,712 |
ACQUISITION (Tables)
ACQUISITION (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the allocation of the Purchase Price to assets acquired and liabilities assumed: (dollars in thousands) Inventory $ 14,809 Prepaid and Other 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 Purchase Price $ 55,053 |
Schedule of Revenue and Operating Earnings Related to Business Acquisition | The following table presents the Revenue and Operating Earnings related to the Stockton Terminal Acquisition that have been included in our Consolidated Statement of Earnings from May 3, 2023 through March 31, 2024. For the Year Ended March 31, 2024 (dollars in thousands) Revenue $ 39,345 Operating Earnings $ ( 2,420 ) |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | Cost by major category and Accumulated Depreciation are summarized as follows: March 31, 2024 2023 (dollars in thousands) Land and Quarries $ 330,874 $ 311,743 Plants 2,501,627 2,423,426 Buildings, Machinery, and Equipment 264,180 226,018 Construction in Progress 68,136 65,455 3,164,817 3,026,642 Accumulated Depreciation ( 1,488,600 ) ( 1,364,581 ) $ 1,676,217 $ 1,662,061 |
ACCRUED EXPENSES (Tables)
ACCRUED EXPENSES (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consist of the following: March 31, 2024 2023 (dollars in thousands) Payroll and Incentive Compensation $ 34,274 $ 32,742 Benefits 17,507 16,130 Interest 6,374 7,163 Dividends 8,729 9,186 Property Taxes 5,921 6,671 Power and Fuel 2,993 3,051 Freight 2,893 1,663 Excise Tax 4,170 732 Legal and Professional 2,602 1,691 Sales and Use Tax 1,372 1,452 Other 7,492 5,991 $ 94,327 $ 86,472 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Schedule of Lease Expense for Operating and Short-Term Leases | Lease expense for our operating and short-term leases is as follows: For the Years Ended March 31, 2024 2023 2022 (dollars in thousands) Operating Lease Cost $ 8,030 $ 7,339 $ 6,543 Short-term Lease Cost 691 593 1,261 Total Lease Cost $ 8,721 $ 7,932 $ 7,804 |
Schedule of Balance Sheet Information Related to Leases | The Right-of-Use Assets and Lease Liabilities are reflected on our Balance Sheet as follows: March 31, 2024 2023 (dollars in thousands) Operating Leases: Operating Lease Right-of-Use Assets $ 19,373 $ 20,759 Current Operating Lease Liabilities $ 7,899 $ 6,009 Noncurrent Operating Lease Liabilities 19,037 24,940 Total Operating Lease Liabilities $ 26,936 $ 30,949 |
Schedule of Future Payments for Operating Leases | Future payments for operating leases are as follows: Amount Fiscal Year (dollars in thousands) 2025 $ 8,650 2026 4,785 2027 3,619 2028 2,752 2029 2,675 Thereafter 11,006 Total Lease Payments $ 33,487 Less: Imputed Interest ( 6,551 ) Present Value of Lease Liabilities $ 26,936 Weighted-Average Remaining Lease Term (in years) 9.6 Weighted-Average Discount Rate 4.16 % |
INDEBTEDNESS (Tables)
INDEBTEDNESS (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-term debt consists of the following: As of March 31, 2024 2023 (dollars in thousands) Revolving Credit Facility $ 170,000 $ 157,000 2.500 % Senior Unsecured Notes Due 2031 750,000 750,000 Term Loan 182,500 192,500 Total Debt 1,102,500 1,099,500 Less: Current Portion of Long-term Debt ( 10,000 ) ( 10,000 ) Less: Unamortized Discount and Debt Issuance Costs ( 9,201 ) ( 10,468 ) Long-term Debt $ 1,083,299 $ 1,079,032 |
Schedule of Maturities of Long-Term Debt | Our maturities of long-term debt during the next five fiscal years are as follows: Fiscal Year Amount 2025 $ 10,000 2026 10,000 2027 10,000 2028 322,500 2029 — Thereafter 750,000 Total $ 1,102,500 |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Senior Notes | The fair value of our senior notes has been estimated based upon our current incremental borrowing rates for similar types of borrowing arrangements. The fair value of our Senior Unsecured Notes at March 31, 2024 is as follows: Fair Value (dollars in thousands) 2.500 % Senior Unsecured Notes Due 2031 $ 628,000 |
BUSINESS SEGMENTS (Tables)
BUSINESS SEGMENTS (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Financial Information Related to Operations by Segment | The following tables set forth certain financial information relating to our operations by segment. We do not allocate interest or taxes at the segment level, only at the consolidated company level. For the Years Ended March 31, 2024 2023 2022 (dollars in thousands) Revenue Cement $ 1,226,017 $ 1,074,070 $ 1,007,094 Concrete and Aggregates 252,952 239,516 177,122 Gypsum Wallboard 839,530 872,471 692,152 Paperboard 184,188 201,280 194,054 2,502,687 2,387,337 2,070,422 Less: Intersegment Revenue ( 130,654 ) ( 125,750 ) ( 105,001 ) Less: Joint Venture Revenue ( 112,736 ) ( 113,518 ) ( 103,899 ) $ 2,259,297 $ 2,148,069 $ 1,861,522 For the Years Ended March 31, 2024 2023 2022 (dollars in thousands) Intersegment Revenue Cement $ 35,363 $ 32,915 $ 22,915 Concrete and Aggregates 12,940 — — Paperboard 82,351 92,835 82,086 $ 130,654 $ 125,750 $ 105,001 Cement Sales Volume (M tons) Wholly Owned 6,610 6,399 6,711 Joint Venture 679 734 823 7,289 7,133 7,534 For the Years Ended March 31, 2024 2023 2022 (dollars in thousands) Operating Earnings Cement $ 338,349 $ 278,762 $ 259,556 Concrete and Aggregates 12,401 18,259 18,467 Gypsum Wallboard 334,536 352,499 261,476 Paperboard 31,616 25,220 12,603 Sub-Total 716,902 674,740 552,102 Corporate General and Administrative Expense ( 59,795 ) ( 53,630 ) ( 46,801 ) Loss on Early Retirement of Senior Notes — — ( 8,407 ) Other Nonoperating Income (Loss) 3,087 2,654 9,073 Earnings Before Interest and Income Taxes 660,194 623,764 505,967 Interest Expense, net ( 42,257 ) ( 35,171 ) ( 30,873 ) Earnings Before Income Taxes $ 617,937 $ 588,593 $ 475,094 Cement Operating Earnings Wholly Owned $ 306,768 $ 243,288 $ 227,068 Joint Venture 31,581 35,474 32,488 $ 338,349 $ 278,762 $ 259,556 Capital Expenditures Cement $ 65,442 $ 39,049 $ 31,535 Concrete and Aggregates 15,103 35,503 5,239 Gypsum Wallboard 29,127 31,063 32,405 Paperboard 10,085 2,898 2,579 Corporate and Other 548 1,630 2,363 $ 120,305 $ 110,143 $ 74,121 Depreciation, Depletion, and Amortization Cement $ 89,138 $ 81,643 $ 79,560 Concrete and Aggregates 19,728 17,413 9,656 Gypsum Wallboard 23,038 21,744 22,024 Paperboard 14,811 14,942 14,721 Corporate and Other 3,117 2,812 2,850 $ 149,832 $ 138,554 $ 128,811 March 31, 2024 2023 2022 (dollars in thousands) Segment Assets Cement $ 2,042,499 $ 1,905,227 $ 1,860,649 Concrete and Aggregates 225,485 234,767 89,405 Gypsum Wallboard 432,122 421,425 397,486 Paperboard 170,832 163,797 180,025 Corporate and Other, net 76,081 55,786 52,087 $ 2,947,019 $ 2,781,002 $ 2,579,652 |
Segment Breakdown of Goodwill | The segment breakdown of Goodwill at March 31, 2024 and 2023 is as follows: For the Years Ended March 31, 2024 2023 (dollars in thousands) Cement $ 227,639 $ 215,781 Concrete and Aggregates 40,774 40,774 Gypsum Wallboard 116,618 116,618 Paperboard 7,538 7,538 $ 392,569 $ 380,711 |
Summarized Financial Information for Joint Venture Unconsolidated | Summarized financial information for the Joint Venture that is not consolidated is set out below. The summarized financial information includes the total amount of the Joint Venture and not our 50% interest in those amounts: For the Years Ended March 31, 2024 2023 (dollars in thousands) Revenue $ 225,503 $ 227,565 Gross Margin $ 71,077 $ 77,673 Earnings Before Income Taxes $ 63,644 $ 71,491 As of March 31, 2024 2023 (dollars in thousands) Current Assets $ 111,164 $ 88,562 Noncurrent Assets $ 158,618 $ 124,503 Current Liabilities $ 27,994 $ 29,434 On May 1, 2024, the Company and HM Southeast Cement LLC, a subsidiary of Heidelberg Materials, (our Joint Venture Partner) entered into a put option agreement (Put Option Agreement) that provides for the grant of reciprocal put options by the parties with respect to their 50 % partnership interests in the Joint Venture. If the Company or our Joint Venture Partner exercises its put option under the Put Option Agreement, the other party is required to purchase the 50 % partnership interest held by the exercising party for approximately $ 550.0 million, subject to certain customary adjustments. The put option can only be exercised in the event of a triggering event, which is defined as the entry by the exercising party into a binding and effective outside purchase agreement. An outside purchase agreement is a definitive agreement for the purchase of assets or operations to be used in the production or sale of grey cement products or slag in the Joint Venture market area for total consideration equal to or greater than $ 1 billion. The Put Option Agreement is effective for 15 months , and expires on August 1, 2025 . |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Provision for Income Taxes | The provision for income taxes from continuing operations includes the following components: For the Years Ended March 31, 2024 2023 2022 (dollars in thousands) Current Provision Federal $ 111,690 $ 103,940 $ 87,626 State 20,689 18,520 6,924 132,379 122,460 94,550 Deferred Provision (Benefit) Federal 5,607 11,321 3,491 State 2,312 ( 6,728 ) 2,806 7,919 4,593 6,297 Provision for Income Taxes $ 140,298 $ 127,053 $ 100,847 |
Schedule of Effective Tax Rates Vary from Federal Statutory Rates | The effective tax rates vary from the federal statutory rates due to the following items: For the Years Ended March 31, 2024 2023 2022 (dollars in thousands) Earnings Before Income Taxes $ 617,937 $ 588,593 $ 475,094 Income Taxes at Statutory Rate $ 129,766 $ 123,605 $ 99,770 Increases (Decreases) in Tax Resulting from State Income Taxes, net 18,172 16,821 12,743 Statutory Depletion in Excess of Cost ( 9,883 ) ( 8,253 ) ( 7,796 ) Excess Tax Benefit from Stock Compensation ( 5,417 ) ( 1,593 ) ( 3,048 ) Meals and Entertainment Disallowance 524 484 279 Limitation on Officer's Compensation 6,513 3,009 2,568 Valuation Allowance 500 ( 7,205 ) ( 4,556 ) Other 123 185 887 Provision for Income Taxes $ 140,298 $ 127,053 $ 100,847 Effective Tax Rate 23 % 22 % 21 % |
Schedule of Components of Deferred Income Taxes | Components of deferred income taxes are as follows: March 31, 2024 2023 (dollars in thousands) Items Giving Rise to Deferred Tax Liabilities Excess Tax Depreciation and Amortization $ ( 260,577 ) $ ( 253,541 ) Investment in Joint Venture Basis Differences ( 4,294 ) ( 8,744 ) Depletable Assets ( 7,710 ) ( 3,876 ) Right-of-Use Assets ( 4,774 ) ( 5,202 ) Inventory — ( 406 ) Other ( 2,956 ) ( 2,908 ) Total Deferred Tax Liabilities $ ( 280,311 ) $ ( 274,677 ) Items Giving Rise to Deferred Tax Assets Change in Accruals $ 13,313 $ 12,886 Bad Debts 1,621 1,662 Long-term Incentive Compensation Plan 3,622 3,515 Credits and Other Carryforwards 11,466 12,995 Lease Liability 6,598 7,647 Inventory 307 — Pension 1,087 1,128 Subtotal 38,014 39,833 Valuation Allowance ( 2,500 ) ( 2,000 ) Total Deferred Tax Assets $ 35,514 $ 37,833 |
Reconciliation of Consolidated Liability for Gross Unrecognized Tax Benefits | The change in unrecognized tax benefits for the years ended March 31, 2024, 2023, and 2022 was as follows: For the Years Ended March 31, 2024 2023 2022 (dollars in thousands) Balance at Beginning of Year $ 1,284 $ 1,284 $ 1,284 Increase Related to Current Tax Positions — — — Decrease Related to Current Tax Positions — — — Payments — — — $ 1,284 $ 1,284 $ 1,284 |
STOCK OPTION PLANS (Tables)
STOCK OPTION PLANS (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
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 in fiscal 2024 and 2023 are as follows: 2024 2023 Dividend Yield 7.5 % 0.8 % Expected Volatility 38.8 % 38.2 % Risk-Free Interest Rate 3.74 % 2.90 % Expected Life 6.0 years 6.0 years |
Stock Option Activity | The following table shows stock option activity for the years presented: For the Years Ended March 31, 2024 2023 2022 Number Weighted- Number Weighted- Number Weighted- Outstanding Options at Beginning of Year 436,949 $ 89.69 456,849 $ 83.81 708,501 $ 83.85 Granted 5,558 $ 172.62 56,621 $ 125.90 11,316 $ 140.42 Exercised ( 189,143 ) $ 90.40 ( 73,343 ) $ 80.19 ( 247,578 ) $ 86.97 Cancelled ( 1,000 ) $ 73.37 ( 3,178 ) $ 109.15 ( 15,390 ) $ 76.63 Outstanding Options at End of Year 252,364 $ 91.28 436,949 $ 89.69 456,849 $ 83.81 Options Exercisable at End of Year 215,913 339,043 314,624 Weighted-Average Fair Value of Options Granted $ 69.84 $ 48.36 $ 49.18 |
Stock Options Outstanding | The following table summarizes information about stock options outstanding at March 31, 2024: Options Outstanding Options Exercisable Range of Exercise Prices Number of Weighted- Weighted- Number of Weighted- $ 59.32 - $ 81.28 107,490 5.64 $ 62.50 107,490 $ 62.50 $ 91.21 - $ 106.00 75,608 4.27 $ 94.15 73,750 $ 94.07 $ 118.27 - $ 190.97 69,266 8.08 $ 131.95 34,673 $ 130.74 252,364 5.90 $ 91.04 215,913 $ 84.24 |
Summary of Activity for Nonvested Restricted Shares | The following table summarizes the activity for nonvested restricted shares during the fiscal years ended March 31, 2024, 2023, and 2022: For the Years Ended March 31, 2024 2023 2022 Number Weighted- Number Weighted- Number Weighted- Nonvested Restricted Stock at Beginning of Year 219,084 $ 96.54 258,779 $ 85.34 267,090 $ 62.56 Granted 97,257 $ 169.62 111,230 $ 126.23 113,414 $ 139.91 Vested ( 111,695 ) $ 124.78 ( 147,678 ) $ 104.33 ( 116,507 ) $ 87.47 Cancelled ( 3,000 ) $ 30.38 ( 3,247 ) $ 124.82 ( 5,218 ) $ 75.10 Nonvested Restricted Stock at End of Year 201,646 $ 122.58 219,084 $ 96.54 258,779 $ 85.34 |
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 are 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 During fiscal 2024, the return on equity exceeded 20 %, therefore all One -Year Performance Shares were earned. |
NET INTEREST EXPENSE (Tables)
NET INTEREST EXPENSE (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Banking and Thrift, Interest [Abstract] | |
Net Interest Expense, Net | The following components are included within Interest Expense, net: For the Years Ended March 31, 2024 2023 2022 (dollars in thousands) Interest Income $ ( 1,043 ) $ ( 421 ) $ ( 39 ) Interest Expense 41,403 33,706 21,637 Other Expenses 1,897 1,886 9,275 Interest Expense, net $ 42,257 $ 35,171 $ 30,873 |
PENSION AND PROFIT SHARING PL_2
PENSION AND PROFIT SHARING PLANS (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Retirement Benefits [Abstract] | |
Schedule of Reconciliation of Benefit Obligations and Fair Values of Plan Assets | The following table provides a reconciliation of the Benefit Obligations and Fair Values of Plan Assets for all defined benefit plans for the years ended March 31, 2024 and 2023, as well as a statement of the funded status for the same periods: For the Years Ended March 31, 2024 2023 (dollars in thousands) Reconciliation of Benefit Obligations Benefit Obligation at April 1, $ 29,189 $ 33,909 Interest Cost on Projected Benefit Obligation 1,413 1,240 Actuarial Gain ( 829 ) ( 4,509 ) Benefits Paid ( 1,643 ) ( 1,451 ) Benefit Obligation at March 31, $ 28,130 $ 29,189 Reconciliation of Fair Value of Plan Assets Fair Value of Plan Assets at April 1, $ 31,106 $ 36,313 Actual Return on Plan Assets 641 ( 3,756 ) Employer Contributions 20 — Benefits Paid ( 1,643 ) ( 1,451 ) Fair Value of Plan Assets at March 31, 30,124 31,106 Funded Status Funded Status at March 31, $ 1,994 $ 1,917 Amounts Recognized in the Balance Sheet Include: Other Assets $ 1,994 $ 1,917 Accumulated Other Comprehensive Losses Net Actuarial Loss 4,454 4,662 Accumulated Other Comprehensive Losses $ 4,454 $ 4,662 Tax Impact ( 1,081 ) ( 1,115 ) Accumulated Other Comprehensive Losses, net of tax $ 3,373 $ 3,547 |
Components of Net Periodic Cost | Net periodic pension cost for the fiscal years ended March 31, 2024, 2023, and 2022, included the following components: For the Years Ended March 31, 2024 2023 2022 (dollars in thousands) Interest Cost of Projected Benefit Obligation 1,413 1,240 1,167 Expected Return on Plan Assets ( 1,512 ) ( 1,366 ) ( 1,299 ) Recognized Net Actuarial Loss 250 123 143 Net Periodic Pension Cost $ 151 $ ( 3 ) $ 11 |
Schedule of Expected Benefit Payments | Expected benefit payments over the next five years, and the following five years under the pension plans are expected to be as follows (dollars in thousands): Fiscal Years Total 2025 $ 1,843 2026 $ 1,874 2027 $ 1,951 2028 $ 1,988 2029 $ 1,962 2030-2034 $ 9,853 |
Schedule of Assumptions Used in Net Periodic Benefit Cost and Benefit Obligations | The following tables set forth the assumptions used in the actuarial calculations of the present value of Net Periodic Benefit Costs and Benefit Obligations: March 31, 2024 2023 2022 Net Periodic Benefit Costs Discount Rate 4.99 % 3.75 % 3.33 % Expected Return on Plan Assets 5.00 % 3.85 % 3.50 % Rate of Compensation Increase n/a n/a n/a March 31, 2024 2023 Benefit Obligations Discount Rate 5.27 % 4.99 % Rate of Compensation Increase n/a n/a |
Schedule of Pension Plans Weighted-Average Asset Allocation and Range of Target Allocation | The pension plans’ approximate weighted-average asset allocation at March 31, 2024 and 2023, and the range of target allocation are as follows: Percentage of Plan Assets at March 31, Range of 2024 2023 Asset Category Equity Securities 10 – 20 % — 9 % Debt Securities 60 – 90 % 98 % 89 % Other 0 – 20 % 2 % 2 % Total 100 % 100 % |
Schedule of Fair Values of Defined Benefit Plans | The fair values of our defined benefit plans’ consolidated assets by category as of March 31, 2024 and 2023 were as follows: March 31, 2024 2023 (dollars in thousands) Equity Securities $ — $ 2,878 Fixed Income Securities 29,541 27,811 Cash Equivalents 583 417 Total $ 30,124 $ 31,106 |
Schedule of Fair Values of Defined Benefit Plans Determined Using Fair Value Hierarchy of Inputs | The fair values by category of inputs as of March 31, 2024, were as follows: Quoted Prices in Significant Other Significant Total Asset Categories (dollars in thousands) Equity Securities $ — $ — $ — $ — Fixed Income Securities — 29,541 — 29,541 Cash Equivalents 583 — — 583 $ 583 $ 29,541 $ — $ 30,124 The fair values by category of inputs as of March 31, 2023, were as follows: Quoted Prices in Significant Other Significant Total Asset Categories (dollars in thousands) Equity Securities $ — $ 2,878 $ — $ 2,878 Fixed Income Securities — 27,811 — 27,811 Cash Equivalents 417 — — 417 $ 417 $ 30,689 $ — $ 31,106 |
Significant Accounting Polici_4
Significant Accounting Policies - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||
Apr. 28, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | May 17, 2022 | |
Significant Accounting Policies [Line Items] | |||||
Allowance for doubtful accounts | $ 6,700 | $ 6,900 | |||
Bad debt expense | 300 | 300 | $ 300 | ||
Write-offs of accounts receivable | 600 | 100 | 1,600 | ||
Notes receivable, total | 8,500 | ||||
Notes receivable, current | 1,100 | ||||
Proceeds from collection of notes receivable | $ 8,500 | ||||
Depreciable assets | $ 139,500 | 129,600 | 122,400 | ||
Basis of valuation | Property, Plant, and Equipment are stated at cost. | ||||
Depreciation Method | straight-line basis over the estimated useful lives | ||||
Goodwill impairment more likely than not a likelihood as greater percentage of fair value of reportable unit exceeds its carrying value | 50% | ||||
Intangible Assets, Amortization Expense | $ 7,900 | $ 6,800 | $ 4,400 | ||
Amortization expense, expected, for fiscal year 2025 | 7,700 | ||||
Amortization expense, expected, for fiscal year 2026 | 7,600 | ||||
Amortization expense, expected, for fiscal year 2027 | 7,500 | ||||
Amortization expense, expected, for fiscal year 2028 | 7,400 | ||||
Amortization expense, expected, for fiscal year 2029 | $ 7,100 | ||||
Number of additional shares authorized to be repurchased | 7,500,000 | ||||
Repurchase of shares | 1,863,534 | 3,075,788 | 3,982,657 | ||
Shares repurchased average price | $ 243.02 | $ 126.05 | $ 148.08 | ||
Stock repurchase remaining number of shares authorized to be repurchased | 5,883,670 | ||||
Freight expense | $ 1,573,976 | $ 1,508,803 | $ 1,341,908 | ||
Accumulated other comprehensive loss | 3,373 | 3,547 | |||
Net of income taxes for accumulated other comprehensive loss | 1,100 | ||||
Maintenance and repair expenses | $ 220,100 | $ 173,400 | $ 147,800 | ||
Stock options excluded from computation of diluted earnings per share | 16,609 | 52,375 | 6,053 | ||
Stock options, average exercise price per share | $ 133.91 | $ 127.06 | $ 139.8 | ||
Freight [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Freight expense | $ 215,300 | $ 229,600 | $ 199,100 | ||
Minimum [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Long term supply agreements term of termination notice period | 2 years | ||||
Revenue from contract with customer collection terms | 30 days | ||||
Maximum [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Long term supply agreements term of termination notice period | 3 years | ||||
Revenue from contract with customer collection terms | 75 days |
Schedule of Inventories (Detail
Schedule of Inventories (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Inventory [Line Items] | ||
Inventories | $ 373,923 | $ 291,882 |
Raw Materials and Material-in-Progress [Member] | ||
Inventory [Line Items] | ||
Inventories | 122,772 | 96,880 |
Finished Cement [Member] | ||
Inventory [Line Items] | ||
Inventories | 71,396 | 46,364 |
Aggregates [Member] | ||
Inventory [Line Items] | ||
Inventories | 12,149 | 8,309 |
Gypsum Wallboard [Member] | ||
Inventory [Line Items] | ||
Inventories | 5,242 | 4,244 |
Paperboard [Member] | ||
Inventory [Line Items] | ||
Inventories | 14,278 | 8,651 |
Repair Parts and Supplies [Member] | ||
Inventory [Line Items] | ||
Inventories | 127,511 | 112,885 |
Fuel and Coal [Member] | ||
Inventory [Line Items] | ||
Inventories | $ 20,575 | $ 14,549 |
Schedule of Property, Plant and
Schedule of Property, Plant and Equipment Estimated Useful Lives (Detail) | Mar. 31, 2024 |
Minimum [Member] | Plants [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated lives of assets - (years) | 20 years |
Minimum [Member] | Buildings [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated lives of assets - (years) | 20 years |
Minimum [Member] | Machinery and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated lives of assets - (years) | 3 years |
Maximum [Member] | Plants [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated lives of assets - (years) | 30 years |
Maximum [Member] | Buildings [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated lives of assets - (years) | 40 years |
Maximum [Member] | Machinery and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated lives of assets - (years) | 25 years |
Schedule of Intangible Assets,
Schedule of Intangible Assets, Including Impact of Impairment Charges (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Finite Lived Intangible Assets [Line Items] | ||
Intangible Assets, Cost | $ 554,565 | $ 469,657 |
Intangible Assets, Accumulated Amortization | (96,406) | (88,522) |
Goodwill, Cost | 380,711 | 329,137 |
Goodwill, Additions | 11,858 | 51,574 |
Goodwill, Net | 392,569 | 380,711 |
Goodwill and Intangible Assets, Additions | 27,958 | 84,908 |
Goodwill and Intangible Assets, net | 486,117 | 466,043 |
Goodwill, Net | $ 392,569 | $ 380,711 |
Minimum [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Intangible Assets, Useful Life | 25 years | |
Maximum [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Intangible Assets, Useful Life | 40 years | |
Customer Contracts And Relationships [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Intangible Assets, Useful Life | 15 years | 15 years |
Intangible Assets, Cost | $ 141,194 | $ 108,610 |
Intangible Assets, Additions | 16,100 | 32,584 |
Intangible Assets, Accumulated Amortization | (82,077) | (75,413) |
Intangible Assets, Net | 75,217 | 65,781 |
Permits [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Intangible Assets, Cost | 30,760 | 30,410 |
Intangible Assets, Additions | 350 | |
Intangible Assets, Accumulated Amortization | (13,413) | (12,519) |
Intangible Assets, Net | $ 17,347 | $ 18,241 |
Permits [Member] | Minimum [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Intangible Assets, Useful Life | 25 years | |
Permits [Member] | Maximum [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Intangible Assets, Useful Life | 40 years | |
Trade Name [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Intangible Assets, Useful Life | 15 years | 15 years |
Intangible Assets, Cost | $ 1,900 | $ 1,500 |
Intangible Assets, Additions | 400 | |
Intangible Assets, Accumulated Amortization | (916) | (590) |
Intangible Assets, Net | $ 984 | $ 1,310 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Cash Payments: | |||
Interest | $ 43,663 | $ 31,596 | $ 21,298 |
Income Taxes | 124,482 | 131,512 | 86,407 |
Operating Cash Flows Used for Operating Leases | 9,286 | 8,314 | 8,141 |
Noncash Financing Activities: | |||
Right-of-use Assets Obtained for Capitalized Operating Lease | 6,465 | 1,711 | 2,598 |
Excise Tax on Share Repurchases | $ 3,432 | $ 738 | $ 0 |
Schedule of Total Selling, Gene
Schedule of Total Selling, General and Administrative Expenses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Accounting Policies [Abstract] | |||
Operating Units Selling, G&A | $ 75,001 | $ 65,468 | $ 56,561 |
Corporate G&A | 59,795 | 53,630 | 46,801 |
Total selling, general and administrative expenses | $ 134,796 | $ 119,098 | $ 103,362 |
Schedule of Earnings Per Share
Schedule of Earnings Per Share (Detail) - shares | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |||
Weighted-Average Shares of Common Stock Outstanding | 34,811,560 | 36,798,354 | 40,547,048 |
Assumed Exercise of Outstanding Dilutive Options | 304,889 | 418,659 | 539,309 |
Less Shares Repurchased from Proceeds of Assumed Exercised Options | (157,457) | (290,590) | (343,917) |
Restricted Stock Units | 138,879 | 126,519 | 187,272 |
Weighted-Average Common Stock and Dilutive Securities Outstanding | 35,097,871 | 37,052,942 | 40,929,712 |
Acquisition - Additional Inform
Acquisition - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
May 03, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Business Acquisition [Line Items] | ||||
Purchase price of separate operating segment | $ 55,053 | $ 158,451 | $ 0 | |
Depreciation | $ 139,500 | $ 129,600 | $ 122,400 | |
Stockton Terminal Acquisition [Member] | ||||
Business Acquisition [Line Items] | ||||
Purchase price of separate operating segment | $ 55,100 | |||
Acquired intangible assets estimated useful life | 15 years | |||
Depreciation | $ 2,600 | |||
Amortization | $ 3,900 | |||
Stockton Terminal Acquisition [Member] | Minimum [Member] | ||||
Business Acquisition [Line Items] | ||||
Property, plant and equipment, estimated useful life | 5 years | |||
Stockton Terminal Acquisition [Member] | Maximum [Member] | ||||
Business Acquisition [Line Items] | ||||
Property, plant and equipment, estimated useful life | 15 years |
Acquisition - Schedule of Recog
Acquisition - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Business Acquisition [Line Items] | ||
Goodwill | $ 392,569 | $ 380,711 |
Stockton Terminal Acquisition [Member] | ||
Business Acquisition [Line Items] | ||
Inventory | 14,809 | |
Prepaid and Other 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 Purchase Price | $ 55,053 |
Acquisition - Schedule of Reven
Acquisition - Schedule of Revenue and Operating Earnings Related to Business Acquisition (Detail) - Stockton Terminal Acquisition [Member] $ in Thousands | 12 Months Ended |
Mar. 31, 2024 USD ($) | |
Business Acquisition [Line Items] | |
Revenue | $ 39,345 |
Operating Earnings | $ (2,420) |
Property Plant and Equipment -
Property Plant and Equipment - Schedule of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 3,164,817 | $ 3,026,642 |
Accumulated Depreciation | (1,488,600) | (1,364,581) |
Property, Plant and Equipment, Net | 1,676,217 | 1,662,061 |
Land And Quarries [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 330,874 | 311,743 |
Plants [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 2,501,627 | 2,423,426 |
Buildings Machinery And Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 264,180 | 226,018 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 68,136 | $ 65,455 |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Accounts Payable and Accrued Liabilities, Current [Abstract] | ||
Payroll and Incentive Compensation | $ 34,274 | $ 32,742 |
Benefits | 17,507 | 16,130 |
Interest | 6,374 | 7,163 |
Dividends | 8,729 | 9,186 |
Property Taxes | 5,921 | 6,671 |
Power and Fuel | 2,993 | 3,051 |
Freight | 2,893 | 1,663 |
Excise Tax | 4,170 | 732 |
Legal and Professional | 2,602 | 1,691 |
Sales and Use Tax | 1,372 | 1,452 |
Other | 7,492 | 5,991 |
Accrued Expenses, Total | $ 94,327 | $ 86,472 |
Leases - Additional Information
Leases - Additional Information (Detail) | Mar. 31, 2024 |
Minimum [Member] | |
Lessee Lease Description [Line Items] | |
Operating lease term | 1 year |
Maximum [Member] | |
Lessee Lease Description [Line Items] | |
Operating lease term | 20 years |
Schedule of Lease Expense for O
Schedule of Lease Expense for Operating and Short-Term Leases (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Leases [Abstract] | |||
Operating Lease Cost | $ 8,030 | $ 7,339 | $ 6,543 |
Short-term Lease Cost | 691 | 593 | 1,261 |
Total Lease Cost | $ 8,721 | $ 7,932 | $ 7,804 |
Schedule of Balance Sheet Infor
Schedule of Balance Sheet Information Related to Leases (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Operating Leases: | ||
Operating Lease Right-of-Use Assets | $ 19,373 | $ 20,759 |
Current Operating Lease Liabilities | 7,899 | 6,009 |
Noncurrent Operating Lease Liabilities | 19,037 | 24,940 |
Total Operating Lease Liabilities | $ 26,936 | $ 30,949 |
Schedule of Future Payments for
Schedule of Future Payments for Operating Leases (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Leases [Abstract] | ||
2025 | $ 8,650 | |
2026 | 4,785 | |
2027 | 3,619 | |
2028 | 2,752 | |
2029 | 2,675 | |
Thereafter | 11,006 | |
Total Lease Payments | 33,487 | |
Less: Imputed Interest | (6,551) | |
Present Value of Lease Liabilities | $ 26,936 | $ 30,949 |
Weighted-Average Remaining Lease Term (in years) | 9 years 7 months 6 days | |
Weighted-Average Discount Rate | 4.16% |
Indebtedness - Long-Term Debt (
Indebtedness - Long-Term Debt (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 | Jul. 01, 2021 |
Debt Instrument [Line Items] | |||
Revolving Credit Facility | $ 170,000 | $ 157,000 | |
Long-Term Debt, Gross, Total | 1,102,500 | 1,099,500 | |
Less: Current Portion of Long-term Debt | (10,000) | (10,000) | |
Less: Unamortized Discounts and Debt Issuance Costs | (9,201) | (10,468) | |
Long-term Debt | 1,083,299 | 1,079,032 | |
2.500% Senior Unsecured Notes Due 2031 [Member] | |||
Debt Instrument [Line Items] | |||
Long-Term Debt, Gross, Total | 750,000 | 750,000 | $ 750,000 |
Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Long-Term Debt, Gross, Total | $ 182,500 | $ 192,500 |
Indebtedness - Long-Term Debt_2
Indebtedness - Long-Term Debt (Parenthetical) (Detail) - 2.500% Senior Unsecured Notes Due 2031 [Member] | 12 Months Ended | |
Mar. 31, 2024 | Jul. 01, 2021 | |
Debt Instrument [Line Items] | ||
Debt instrument, interest rate | 2.50% | 2.50% |
Debt instrument, maturity year | 2031 |
Indebtedness - Additional Infor
Indebtedness - Additional Information (Detail) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||
May 05, 2022 USD ($) | Jul. 19, 2021 USD ($) | Jul. 02, 2021 USD ($) | Jul. 01, 2021 USD ($) | May 31, 2022 USD ($) | Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | |
Debt Instrument [Line Items] | ||||||||
Weighted-average interest rate | 6.60% | 3.70% | 1.50% | |||||
Interest rate of debt instrument | 6.70% | 6% | ||||||
Repayment of Term Loan | $ (10,000) | $ (7,500) | $ (665,000) | |||||
Interest coverage ratio | 250% | |||||||
Borrowings outstanding under Credit Facility | 170,000 | 157,000 | ||||||
Outstanding borrowings | 571,700 | |||||||
Outstanding letters of credit , amount | 8,300 | |||||||
Debt instrument, principal amount | $ 1,102,500 | $ 1,099,500 | ||||||
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] | ||||||||
Weighted-average interest rate | 6.60% | 4.40% | ||||||
Term loan facility, unused borrowing capacity, Amount | $ 200,000 | |||||||
Term loan Maturity Date | May 05, 2027 | |||||||
Debt instrument, principal amount | $ 182,500 | $ 192,500 | ||||||
Quarterly principle payments | 2,500 | |||||||
Term Loan Agreement [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayment of Term Loan | $ 665,000 | |||||||
2.500% Senior Unsecured Notes Due 2026 | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt issuance costs | $ 6,100 | |||||||
4.500% Senior Unsecured Notes Due 2026 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayments of Other Long-term Debt | $ 350,000 | |||||||
Redemption date | Jul. 17, 2021 | |||||||
Termination premium | $ 8,400 | |||||||
Term loan Maturity Date | Jul. 19, 2021 | |||||||
Debt instrument, maturity period | 2026-08 | |||||||
2.500% Senior Unsecured Notes Due 2031 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate of debt instrument | 2.60% | |||||||
Debt instrument, original issue discount | $ 6,300 | |||||||
Interest payment period | 10-year | |||||||
Semi annual basis, treasury rate | 20% | |||||||
Percentage of aggregate amount repurchased | 101% | |||||||
Credit Facility, termination date | Jul. 01, 2021 | |||||||
Debt instrument, principal amount | $ 750,000 | $ 750,000 | $ 750,000 | |||||
Debt instrument, interest rate | 2.50% | 2.50% | ||||||
Debt instrument, maturity period | 2031-07 | |||||||
2.500% Senior Unsecured Notes Due 2031 [Member] | Redeemable On or After April 1, 2031 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Percentage of principal amount redeemable | 100% | |||||||
Debt instrument, interest rate | 2.50% | |||||||
Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Borrowings outstanding under Credit Facility | $ 170,000 | |||||||
Outstanding borrowings | $ 571,700 | |||||||
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 | |||||||
Revolving Credit Facility [Member] | Unsecured Debt | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 750,000 | |||||||
Revolving Credit Facility [Member] | Term Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 200,000 | |||||||
Line of Credit | Maximum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Amount of increase in borrowing capacity | $ 375,000 | |||||||
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 | |||||||
Letter of Credit Facility | $ 40,000 | |||||||
Unused line of credit commitment fee based on leverage ratio | 12.50% | |||||||
Outstanding letters of credit , amount | $ 8,300 |
Indebtedness - Schedule of Matu
Indebtedness - Schedule of Maturities of Long-Term Debt (Detail) $ in Thousands | Mar. 31, 2024 USD ($) |
Debt Disclosure [Abstract] | |
2025 | $ 10,000 |
2026 | 10,000 |
2027 | 10,000 |
2028 | 322,500 |
2029 | 0 |
Thereafter | 750,000 |
Total | $ 1,102,500 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Detail) $ in Thousands | Mar. 31, 2024 USD ($) |
2.500% Senior Unsecured Notes Due 2031 [Member] | |
Fair Value Of Financial Instruments [Line Items] | |
Fair Value of long term debt | $ 628,000 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments (Parenthetical) (Detail) - 2.500% Senior Unsecured Notes Due 2031 [Member] | 12 Months Ended | |
Mar. 31, 2024 | Jul. 01, 2021 | |
Fair Value Of Financial Instruments [Line Items] | ||
Debt instrument, interest rate | 2.50% | 2.50% |
Debt instrument, maturity year | 2031 |
Business Segments - Additional
Business Segments - Additional Information (Detail) $ in Millions | 12 Months Ended | |
May 01, 2024 USD ($) | Mar. 31, 2024 Plant Terminal Location Facility Segment Sector | |
Segment Reporting Information [Line Items] | ||
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 | 25 | |
Aggregates processing plants | 5 | |
Gypsum wallboard plants | 5 | |
Proportionate consolidation of share of joint venture revenues and operating earnings | 50% | |
Subsequent Event [Member] | ||
Segment Reporting Information [Line Items] | ||
Required percentage of purchase partnership interest | 50% | |
Cost incurred in connection with purchase of partnership interest | $ | $ 550 | |
Put option effective period | 15 months | |
Put option expiration date | Aug. 01, 2025 | |
HM Southeast Cement LLC [Member] | Subsequent Event [Member] | ||
Segment Reporting Information [Line Items] | ||
Partnership interests | 50% | |
Minimum [Member] | Subsequent Event [Member] | ||
Segment Reporting Information [Line Items] | ||
Consideration for the purchase of assets or operations | $ | $ 1,000 |
Business Segments - Financial I
Business Segments - Financial Information Related to Operations by Segment (Detail) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 USD ($) kt | Mar. 31, 2023 USD ($) kt | Mar. 31, 2022 USD ($) kt | |
Segment Reporting Information [Line Items] | |||
Revenue | $ 2,259,297 | $ 2,148,069 | $ 1,861,522 |
Operating Earnings | 716,902 | 674,740 | 552,102 |
Corporate General and Administrative Expense | (59,795) | (53,630) | (46,801) |
Loss on Early Retirement of Senior Notes | 0 | 0 | (8,407) |
Other Nonoperating Income (Loss) | 3,087 | 2,654 | 9,073 |
Earnings Before Interest and Income Taxes | 660,194 | 623,764 | 505,967 |
Interest Expense, net | (42,257) | (35,171) | (30,873) |
Earnings Before Income Taxes | 617,937 | 588,593 | 475,094 |
Capital Expenditures | 120,305 | 110,143 | 74,121 |
Depreciation, Depletion, and Amortization | 149,832 | 138,554 | 128,811 |
Segment Assets | 2,947,019 | 2,781,002 | 2,579,652 |
Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 2,502,687 | 2,387,337 | 2,070,422 |
Depreciation, Depletion, and Amortization | 149,832 | 138,554 | 128,811 |
Intersegment Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | (130,654) | (125,750) | (105,001) |
Revenue | 130,654 | 125,750 | 105,001 |
Consolidation, Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | (112,736) | (113,518) | (103,899) |
Cement [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | $ 1,226,017 | $ 1,074,070 | $ 1,007,094 |
Cement Sales Volume | kt | 7,289 | 7,133 | 7,534 |
Operating Earnings | $ 338,349 | $ 278,762 | $ 259,556 |
Capital Expenditures | 65,442 | 39,049 | 31,535 |
Depreciation, Depletion, and Amortization | 89,138 | 81,643 | 79,560 |
Segment Assets | $ 2,042,499 | $ 1,905,227 | $ 1,860,649 |
Cement [Member] | Operating Segments [Member] | Wholly-Owned [Member] | |||
Segment Reporting Information [Line Items] | |||
Cement Sales Volume | kt | 6,610 | 6,399 | 6,711 |
Operating Earnings | $ 306,768 | $ 243,288 | $ 227,068 |
Cement [Member] | Operating Segments [Member] | Joint Venture [Member] | |||
Segment Reporting Information [Line Items] | |||
Cement Sales Volume | kt | 679 | 734 | 823 |
Operating Earnings | $ 31,581 | $ 35,474 | $ 32,488 |
Cement [Member] | Intersegment Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 35,363 | 32,915 | 22,915 |
Concrete and Aggregates [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 252,952 | 239,516 | 177,122 |
Operating Earnings | 12,401 | 18,259 | 18,467 |
Capital Expenditures | 15,103 | 35,503 | 5,239 |
Depreciation, Depletion, and Amortization | 19,728 | 17,413 | 9,656 |
Segment Assets | 225,485 | 234,767 | 89,405 |
Concrete and Aggregates [Member] | Intersegment Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 12,940 | 0 | 0 |
Gypsum Wallboard [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 839,530 | 872,471 | 692,152 |
Operating Earnings | 334,536 | 352,499 | 261,476 |
Capital Expenditures | 29,127 | 31,063 | 32,405 |
Depreciation, Depletion, and Amortization | 23,038 | 21,744 | 22,024 |
Segment Assets | 432,122 | 421,425 | 397,486 |
Paperboard [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 184,188 | 201,280 | 194,054 |
Operating Earnings | 31,616 | 25,220 | 12,603 |
Capital Expenditures | 10,085 | 2,898 | 2,579 |
Depreciation, Depletion, and Amortization | 14,811 | 14,942 | 14,721 |
Segment Assets | 170,832 | 163,797 | 180,025 |
Paperboard [Member] | Intersegment Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 82,351 | 92,835 | 82,086 |
Corporate and Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital Expenditures | 548 | 1,630 | 2,363 |
Depreciation, Depletion, and Amortization | 3,117 | 2,812 | 2,850 |
Segment Assets | $ 76,081 | $ 55,786 | $ 52,087 |
Business Segments - Segment Bre
Business Segments - Segment Breakdown of Goodwill (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Segment Reporting Information [Line Items] | ||
Goodwill | $ 392,569 | $ 380,711 |
Cement [Member] | ||
Segment Reporting Information [Line Items] | ||
Goodwill | 227,639 | 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 |
Paperboard [Member] | ||
Segment Reporting Information [Line Items] | ||
Goodwill | $ 7,538 | $ 7,538 |
Business Segments - Summarized
Business Segments - Summarized Financial Information for Joint Venture Unconsolidated (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Related Party Transaction [Line Items] | |||
Revenue | $ 2,259,297 | $ 2,148,069 | $ 1,861,522 |
Gross Margin | 685,321 | 639,266 | 519,614 |
Earnings Before Income Taxes | 617,937 | 588,593 | $ 475,094 |
Current Assets | 627,693 | 521,503 | |
Current Liabilities | 239,409 | 212,889 | |
Joint Venture [Member] | Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | |||
Related Party Transaction [Line Items] | |||
Revenue | 225,503 | 227,565 | |
Gross Margin | 71,077 | 77,673 | |
Earnings Before Income Taxes | 63,644 | 71,491 | |
Current Assets | 111,164 | 88,562 | |
Noncurrent Assets | 158,618 | 124,503 | |
Current Liabilities | $ 27,994 | $ 29,434 |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |||
Current Provision - Federal | $ 111,690 | $ 103,940 | $ 87,626 |
Current Provision - State | 20,689 | 18,520 | 6,924 |
Current Provision - Total | 132,379 | 122,460 | 94,550 |
Deferred Provision (Benefit) - Federal | 5,607 | 11,321 | 3,491 |
Deferred Provision (Benefit) - State | 2,312 | (6,728) | 2,806 |
Deferred Provision (Benefit) - Total | 7,919 | 4,593 | 6,297 |
Provision for Income Taxes | $ 140,298 | $ 127,053 | $ 100,847 |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Tax Rates Vary from Federal Statutory Rates (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |||
Earnings Before Income Taxes | $ 617,937 | $ 588,593 | $ 475,094 |
Income Taxes at Statutory Rate | 129,766 | 123,605 | 99,770 |
State Income Taxes, net | 18,172 | 16,821 | 12,743 |
Statutory Depletion in Excess of Cost | (9,883) | (8,253) | (7,796) |
Excess Tax Benefit from Stock Compensation | (5,417) | (1,593) | (3,048) |
Meals and Entertainment Disallowance | 524 | 484 | 279 |
Limitation on Officers' Compensation | 6,513 | 3,009 | 2,568 |
Valuation Allowance | 500 | (7,205) | (4,556) |
Other | 123 | 185 | 887 |
Provision for Income Taxes | $ 140,298 | $ 127,053 | $ 100,847 |
Effective Tax Rate | 23% | 22% | 21% |
Income Taxes - Schedule of Co_2
Income Taxes - Schedule of Components of Deferred Income Taxes (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Income Tax Disclosure [Abstract] | ||
Excess Tax Depreciation and Amortization | $ (260,577) | $ (253,541) |
Investment in Joint Venture Basis Differences | (4,294) | (8,744) |
Depletable Assets | (7,710) | (3,876) |
Right-of-Use Assets | (4,774) | (5,202) |
Inventory | 0 | (406) |
Other | (2,956) | (2,908) |
Total Deferred Tax Liabilities | (280,311) | (274,677) |
Change in Accruals | 13,313 | 12,886 |
Bad Debts | 1,621 | 1,662 |
Long-term Incentive Compensation Plan | 3,622 | 3,515 |
Credits and Other Carryforwards | 11,466 | 12,995 |
Lease Liability | 6,598 | 7,647 |
Inventory | 307 | 0 |
Pension | 1,087 | 1,128 |
Subtotal | 38,014 | 39,833 |
Valuation Allowance | (2,500) | (2,000) |
Total Deferred Tax Assets | $ 35,514 | $ 37,833 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 |
Income Tax [Line Items] | |||
Accrued penalties on uncertain tax position | $ 0 | $ 0 | $ 0 |
State Income Tax [Member] | |||
Income Tax [Line Items] | |||
Net operating loss carryforwards | 1,600,000 | 2,300,000 | |
Income tax credit | $ 9,900,000 | $ 10,700,000 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Consolidated Liability for Gross Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |||
Balance at Beginning of Year | $ 1,284 | $ 1,284 | $ 1,284 |
Increase Related to Current Tax Positions | 0 | 0 | 0 |
Decrease Related to Current Tax Positions | 0 | 0 | 0 |
Payments | 0 | 0 | 0 |
Balance at End of Year | $ 1,284 | $ 1,284 | $ 1,284 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | 12 Months Ended |
Mar. 31, 2024 USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Letters of credit outstanding, amount | $ 8,300,000 |
Contingently liable for performance, current | 29,300,000 |
Outstanding guarantees | $ 0 |
Percentage of expected natural gas usage | 35% |
Stock Option Plans - Additional
Stock Option Plans - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||||
Aug. 31, 2023 | May 31, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | Aug. 03, 2023 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Reserved future issuance | 1,425,000 | |||||
Number of shares available for future grant | 1,411,799 | |||||
Stock option expense | $ 2 | $ 3.4 | $ 3.4 | |||
Aggregate intrinsic value for outstanding options | 45.6 | |||||
Aggregate intrinsic value for exercisable options | 40.5 | |||||
Total intrinsic value of options exercised | 18.8 | 4.4 | 15.7 | |||
Restricted stock or unit expense | $ 17.9 | $ 13.7 | $ 10.9 | |||
Options granted | 5,558 | 56,621 | 11,316 | |||
Long Term Compensation Plan [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Percentage of average return on invested capital | 20% | |||||
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 criterion for the Fiscal 2024 Employee Performance Stock Option Award was based upon the achievement of certain levels of return on equity (as defined in the option agreements), ranging from 10% to 20%, from the performance periods described below. All stock options in each performance period will be earned if the return on equity is 20% 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%. If the Company does not achieve a return on equity of at least 10% during any performance period, all stock option awards for the performance period will be forfeited. | |||||
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 | 1 year 10 months 24 days | |||||
Unrecognized compensation cost | $ 1.7 | |||||
Employee Stock Option | Long Term Compensation Plan [Member] | Members of the Board [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
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 criterion for the Fiscal 2024 Employee Restricted Stock Performance Award was based upon the achievement of certain levels of return on equity (as defined in the agreement), ranging from 10% to 20%, for the performance periods described below. All stock options in each performance period will be earned if the return on equity is 20% 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%. If the Company does not achieve a return on equity of at least 10% during any performance period, all awards for the 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% | ||||
Performance Vesting Restricted Stock [Member] | Maximum [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Percentage of average return on invested capital | 20% | |||||
Time Vesting Restricted Stock [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Number of shares available for future grant | 38,072 | |||||
Share-based compensation vesting period | 3 years | 3 years | ||||
Time Vesting Restricted Stock [Member] | Members of the Board [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 | |||||
Restricted Stock [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Number of shares available for future grant | 201,000 | |||||
Weighted-average period of recognition of unrecognized compensation cost | 1 year 4 months 24 days | |||||
Unrecognized compensation cost | $ 17.4 | |||||
Restricted Stock [Member] | Members of the Board [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 | 12 Months Ended | ||
May 31, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Number of shares available for future grant | 1,411,799 | |||
Options granted | 5,558 | 56,621 | 11,316 | |
One-Year Performance Shares [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Number of shares available for future grant | 11,424 | |||
Vesting Date | 2024-05 | |||
One-Year Performance Shares [Member] | Minimum [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Performance Period | Apr. 01, 2023 | |||
One-Year Performance Shares [Member] | Maximum [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Performance Period | Mar. 31, 2024 | |||
Two-Year Performance Shares [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Number of shares available for future grant | 11,424 | |||
Vesting Date | 2025-05 | |||
Two-Year Performance Shares [Member] | Minimum [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Performance Period | Apr. 01, 2023 | |||
Two-Year Performance Shares [Member] | Maximum [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Performance Period | Mar. 31, 2025 | |||
Three-Year Performance Shares [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Number of shares available for future grant | 22,845 | |||
Vesting Date | 2026-05 | |||
Three-Year Performance Shares [Member] | Minimum [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Performance Period | Apr. 01, 2023 | |||
Three-Year Performance Shares [Member] | 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 [Member] | ||||
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 [Member] | 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 [Member] | 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 [Member] | ||||
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 [Member] | 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 [Member] | 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 [Member] | ||||
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 [Member] | 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 [Member] | 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 | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Dividend Yield | 7.50% | 0.80% |
Expected Volatility | 38.80% | 38.20% |
Risk-Free Interest Rate | 3.74% | 2.90% |
Expected Life | 6 years | 6 years |
Stock Option Activity (Detail)
Stock Option Activity (Detail) - $ / shares | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |||
Number of Shares, Outstanding Options at Beginning of Year | 436,949 | 456,849 | 708,501 |
Number of Shares, Granted | 5,558 | 56,621 | 11,316 |
Number of Shares, Exercised | (189,143) | (73,343) | (247,578) |
Number of Shares, Cancelled | (1,000) | (3,178) | (15,390) |
Number of Shares, Outstanding Options at End of Year | 252,364 | 436,949 | 456,849 |
Number of Shares, Options Exercisable at End of Year | 215,913 | 339,043 | 314,624 |
Weighted-Average Exercise Price, Outstanding Options at Beginning of Year | $ 89.69 | $ 83.81 | $ 83.85 |
Weighted-Average Exercise Price, Granted | 172.62 | 125.9 | 140.42 |
Weighted-Average Exercise Price, Exercised | 90.4 | 80.19 | 86.97 |
Weighted-Average Exercise Price, Cancelled | 73.37 | 109.15 | 76.63 |
Weighted-Average Exercise Price, Outstanding Options at End of Year | 91.28 | 89.69 | 83.81 |
Weighted-Average Fair Value of Options Granted During the Year | $ 69.84 | $ 48.36 | $ 49.18 |
Stock Options Outstanding (Deta
Stock Options Outstanding (Detail) | 12 Months Ended |
Mar. 31, 2024 $ / shares shares | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Options Outstanding, Number of Shares Outstanding | shares | 252,364 |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | 5 years 10 months 24 days |
Options Outstanding, Weighted-Average Exercise Price | $ 91.04 |
Options Exercisable , Number of Shares Outstanding | shares | 215,913 |
Options Exercisable, Weighted-Average Exercise Price | $ 84.24 |
$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 | 107,490 |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | 5 years 7 months 20 days |
Options Outstanding, Weighted-Average Exercise Price | $ 62.5 |
Options Exercisable , Number of Shares Outstanding | shares | 107,490 |
Options Exercisable, Weighted-Average Exercise Price | $ 62.5 |
$87.37 - $93.03 [Member] | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Range of Exercise Prices, Lower Range | 91.21 |
Range of Exercise Prices, Upper Range | $ 106 |
Options Outstanding, Number of Shares Outstanding | shares | 75,608 |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | 4 years 3 months 7 days |
Options Outstanding, Weighted-Average Exercise Price | $ 94.15 |
Options Exercisable , Number of Shares Outstanding | shares | 73,750 |
Options Exercisable, Weighted-Average Exercise Price | $ 94.07 |
$99.37 - $143.09 [Member] | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Range of Exercise Prices, Lower Range | 118.27 |
Range of Exercise Prices, Upper Range | $ 190.97 |
Options Outstanding, Number of Shares Outstanding | shares | 69,266 |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | 8 years 29 days |
Options Outstanding, Weighted-Average Exercise Price | $ 131.95 |
Options Exercisable , Number of Shares Outstanding | shares | 34,673 |
Options Exercisable, Weighted-Average Exercise Price | $ 130.74 |
Summary of Activity for Nonvest
Summary of Activity for Nonvested Restricted Shares (Detail) - Restricted Stock [Member] - $ / shares | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of Shares, Nonvested Restricted Stock at Beginning of Year | 219,084 | 258,779 | 267,090 |
Number of Shares, Granted | 97,257 | 111,230 | 113,414 |
Number of Shares, Vested | (111,695) | (147,678) | (116,507) |
Number of Shares, Cancelled | (3,000) | (3,247) | (5,218) |
Number of Shares, Nonvested Restricted Stock at End of Year | 201,646 | 219,084 | 258,779 |
Weighted Average Grant Date Fair Value, Nonvested Restricted Stock at Beginning of Year | $ 96.54 | $ 85.34 | $ 62.56 |
Weighted Average Grant Date Fair Value, Granted | 169.62 | 126.23 | 139.91 |
Weighted Average Grant Date Fair Value, Vested | 124.78 | 104.33 | 87.47 |
Weighted Average Grant Date Fair Value, Cancelled | 30.38 | 124.82 | 75.1 |
Weighted Average Grant Date Fair Value, Nonvested Restricted Stock at End of Year | $ 122.58 | $ 96.54 | $ 85.34 |
Net Interest Expense, Net (Deta
Net Interest Expense, Net (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Interest Income (Expense), Net [Abstract] | |||
Interest Income | $ (1,043) | $ (421) | $ (39) |
Interest Expense | 41,403 | 33,706 | 21,637 |
Other Expenses | 1,897 | 1,886 | 9,275 |
Interest Expense, net | $ 42,257 | $ 35,171 | $ 30,873 |
Pension and Profit Sharing Pl_3
Pension and Profit Sharing Plans - Schedule of Reconciliation of Obligations and Fair Values of Plan Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Retirement Benefits [Abstract] | |||
Benefit Obligation at April 1, | $ 29,189 | $ 33,909 | |
Interest Cost on Projected Benefit Obligation | 1,413 | 1,240 | $ 1,167 |
Actuarial Gain | (829) | (4,509) | |
Benefits Paid | (1,643) | (1,451) | |
Benefit Obligation at March 31, | 28,130 | 29,189 | 33,909 |
Fair Value of Plan Assets at April 1, | 31,106 | 36,313 | |
Actual Return on Plan Assets | 641 | (3,756) | |
Employer Contributions | 20 | 0 | |
Benefits Paid | (1,643) | (1,451) | |
Fair Value of Plan Assets at March 31, | 30,124 | 31,106 | $ 36,313 |
Funded Status at March 31, | 1,994 | 1,917 | |
Other Assets | 1,994 | 1,917 | |
Accumulated Other Comprehensive Losses - Net Actuarial Loss | 4,454 | 4,662 | |
Accumulated Other Comprehensive Losses | 4,454 | 4,662 | |
Tax Impact | (1,081) | (1,115) | |
Accumulated Other Comprehensive Losses, net of tax | $ 3,373 | $ 3,547 |
Pension and Profit Sharing Pl_4
Pension and Profit Sharing Plans - Components of Net Periodic Cost (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Retirement Benefits [Abstract] | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest Expense | Interest Expense | Interest Expense |
Interest Cost of Projected Benefit Obligation | $ 1,413 | $ 1,240 | $ 1,167 |
Expected Return on Plan Assets | (1,512) | (1,366) | (1,299) |
Recognized Net Actuarial Loss | 250 | 123 | 143 |
Net Periodic Pension Cost | $ 151 | $ (3) | $ 11 |
Pension and Profit Sharing Pl_5
Pension and Profit Sharing Plans - Schedule of Expected Benefit Payments (Detail) $ in Thousands | Mar. 31, 2024 USD ($) |
Retirement Benefits [Abstract] | |
2025 | $ 1,843 |
2026 | 1,874 |
2027 | 1,951 |
2028 | 1,988 |
2029 | 1,962 |
2030-2034 | $ 9,853 |
Pension and Profit Sharing Pl_6
Pension and Profit Sharing Plans - Schedule of Assumptions Used in Net Periodic Benefit Cost and Benefit Obligations (Detail) | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Retirement Benefits [Abstract] | |||
Net Periodic Benefit Costs - Discount Rate | 4.99% | 3.75% | 3.33% |
Net Periodic Benefit Costs - Expected Return on Plan Assets | 5% | 3.85% | 3.50% |
Benefit Obligations - Discount Rate | 5.27% | 4.99% |
Pension and Profit Sharing Pl_7
Pension and Profit Sharing Plans - Schedule of Pension Plans Weighted-Average Asset Allocation and Range of Target Allocation (Detail) | Mar. 31, 2024 | Mar. 31, 2023 |
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of Plan Assets at March 31 | 100% | 100% |
Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of Plan Assets at March 31 | 0% | 9% |
Equity Securities [Member] | Minimum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Range of Target Allocation | 10% | |
Equity Securities [Member] | Maximum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Range of Target Allocation | 20% | |
Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of Plan Assets at March 31 | 98% | 89% |
Debt Securities [Member] | Minimum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Range of Target Allocation | 60% | |
Debt Securities [Member] | Maximum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Range of Target Allocation | 90% | |
Other [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of Plan Assets at March 31 | 2% | 2% |
Other [Member] | Minimum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Range of Target Allocation | 0% | |
Other [Member] | Maximum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Range of Target Allocation | 20% |
Pension and Profit Sharing Pl_8
Pension and Profit Sharing Plans - Additional information (Detail) | 12 Months Ended | |||
Mar. 31, 2025 USD ($) | Mar. 31, 2024 USD ($) Employee Compensationplan | Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Current actuarial estimates contributions for fiscal year 2023 | $ 0 | |||
Employees fully vesting in employer's own contributions made beginning in 2007, requirement years | 4 years | |||
Costs relating to employer discretionary contributions | $ 9,600,000 | $ 9,100,000 | $ 8,500,000 | |
Current actuarial estimates contributions | $ 1,800,000 | 1,400,000 | 1,300,000 | |
Number of employees covered under multi-employer pension plans | Employee | 50 | |||
Number of multi-employer plans | Compensationplan | 2 | |||
Expenses related to multi employer plans | $ 1,700,000 | $ 1,800,000 | $ 1,700,000 | |
Minimum [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Collective bargaining agreement for employer covered under multi-employer plans, Expiration date, First | Feb. 29, 2024 | |||
Maximum [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Collective bargaining agreement for employer covered under multi-employer plans, Expiration date, First | Mar. 31, 2025 | |||
Scenario Forecast [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Expenses related to multi employer plans | $ 2,000,000 |
Pension and Profit Sharing Pl_9
Pension and Profit Sharing Plans - Schedule of Fair Values of Defined Benefit Plans (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of defined benefit plans | $ 30,124 | $ 31,106 | $ 36,313 |
Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of defined benefit plans | 0 | 2,878 | |
Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of defined benefit plans | 29,541 | 27,811 | |
Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of defined benefit plans | $ 583 | $ 417 |
Pension and Profit Sharing P_10
Pension and Profit Sharing Plans - Schedule of Fair Values of Defined Benefit Plans Determined Using Fair Value Hierarchy of Inputs (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of defined benefit plans | $ 30,124 | $ 31,106 | $ 36,313 |
Fair Value, Inputs, Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of defined benefit plans | 583 | 417 | |
Fair Value, Inputs, Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of defined benefit plans | 29,541 | 30,689 | |
Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of defined benefit plans | 0 | 2,878 | |
Equity Securities [Member] | Fair Value, Inputs, Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of defined benefit plans | 0 | 2,878 | |
Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of defined benefit plans | 29,541 | 27,811 | |
Fixed Income Securities [Member] | Fair Value, Inputs, Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of defined benefit plans | 29,541 | 27,811 | |
Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of defined benefit plans | 583 | 417 | |
Cash Equivalents [Member] | Fair Value, Inputs, Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of defined benefit plans | $ 583 | $ 417 |