Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Sep. 30, 2013 | Nov. 04, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Trading Symbol | 'EXP | ' |
Entity Registrant Name | 'EAGLE MATERIALS INC | ' |
Entity Central Index Key | '0000918646 | ' |
Current Fiscal Year End Date | '--03-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 49,930,568 |
Consolidated_Statements_of_Ear
Consolidated Statements of Earnings (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Statement [Abstract] | ' | ' | ' | ' |
Revenues | $252,646 | $164,659 | $479,690 | $318,701 |
Cost of Goods Sold | 193,167 | 132,170 | 373,607 | 263,315 |
Gross Profit | 59,479 | 32,489 | 106,083 | 55,386 |
Equity in Earnings of Unconsolidated Joint Venture | 9,747 | 8,750 | 17,625 | 15,218 |
Corporate General and Administrative | -6,060 | -5,919 | -11,654 | -10,674 |
Acquisition and Litigation Expense | ' | -5,713 | ' | -6,374 |
Other Income | 317 | 66 | 900 | -204 |
Interest Expense, Net | -4,795 | -3,548 | -9,750 | -7,313 |
Earnings Before Income Taxes | 58,688 | 26,125 | 103,204 | 46,039 |
Income Tax Expense | -18,785 | -8,172 | -33,200 | -14,108 |
Net Earnings | $39,903 | $17,953 | $70,004 | $31,931 |
EARNINGS PER SHARE: | ' | ' | ' | ' |
Basic | $0.81 | $0.40 | $1.43 | $0.71 |
Diluted | $0.80 | $0.40 | $1.40 | $0.71 |
AVERAGE SHARES OUTSTANDING: | ' | ' | ' | ' |
Basic | 49,012,045 | 44,746,225 | 48,984,038 | 44,708,499 |
Diluted | 49,860,100 | 45,353,778 | 49,835,382 | 45,219,224 |
CASH DIVIDENDS PER SHARE: | $0.10 | $0.10 | $0.20 | $0.20 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Earnings (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net Earnings | $39,903 | $17,953 | $70,004 | $31,931 |
Change in Funded Status of Defined Benefit Plans: | ' | ' | ' | ' |
Amortization of Net Actuarial Loss | 238 | 178 | 476 | 356 |
Tax Expense | -83 | -62 | -166 | -124 |
Comprehensive Earnings | $40,058 | $18,069 | $70,314 | $32,163 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current Assets - | ' | ' |
Cash and Cash Equivalents | $10,628 | $3,897 |
Accounts and Notes Receivable | 119,748 | 87,543 |
Inventories | 162,094 | 156,380 |
Income Tax Receivable | ' | 2,443 |
Prepaid and Other Assets | 8,235 | 11,008 |
Total Current Assets | 300,705 | 261,271 |
Property, Plant and Equipment - | 1,636,244 | 1,599,992 |
Less: Accumulated Depreciation | -646,142 | -614,268 |
Property, Plant and Equipment, net | 990,102 | 985,724 |
Notes Receivable | 3,488 | 3,893 |
Investment in Joint Venture | 40,071 | 42,946 |
Goodwill and Intangible Assets | 161,432 | 162,400 |
Other Assets | 14,377 | 19,999 |
Total Assets | 1,510,175 | 1,476,233 |
Current Liabilities - | ' | ' |
Accounts Payable | 50,878 | 58,880 |
Accrued Liabilities | 40,785 | 41,349 |
Income Taxes Payable | 10,028 | ' |
Total Current Liabilities | 101,691 | 100,229 |
Long-term Debt | 455,259 | 489,259 |
Other Long-term Liabilities | 53,334 | 51,547 |
Deferred Income Taxes | 135,571 | 139,028 |
Total Liabilities | 745,855 | 780,063 |
Stockholders' Equity - | ' | ' |
Preferred Stock, Par Value $0.01; Authorized 5,000,000 Shares; None Issued | ' | ' |
Common Stock, Par Value $0.01; Authorized 100,000,000 Shares; Issued and Outstanding 49,675,688 and 49,503,496 Shares, respectively | 497 | 495 |
Capital in Excess of Par Value | 231,836 | 224,053 |
Accumulated Other Comprehensive Losses | -6,732 | -7,042 |
Retained Earnings | 538,719 | 478,664 |
Total Stockholders' Equity | 764,320 | 696,170 |
Liabilities and Stockholders' Equity, Total | $1,510,175 | $1,476,233 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Mar. 31, 2013 |
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 | ' | ' |
Common Stock, Par Value | $0.01 | $0.01 |
Common Stock, Authorized | 100,000,000 | 100,000,000 |
Common Stock, Issued | 49,675,688 | 49,503,496 |
Common Stock, Outstanding | 49,675,688 | 49,503,496 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' |
Net Earnings | $70,004 | $31,931 |
Adjustments to Reconcile Net Earnings to Net Cash Provided by Operating Activities - | ' | ' |
Depreciation, Depletion and Amortization | 34,624 | 25,444 |
Deferred Income Tax Provision | -3,594 | -6,683 |
Stock Compensation Expense | 4,816 | 4,139 |
Excess Tax Benefits from Share Based Payment Arrangements | -1,053 | -149 |
Equity in Earnings of Unconsolidated Joint Venture | -17,625 | -15,218 |
Distributions from Joint Venture | 20,500 | 14,250 |
Changes in Operating Assets and Liabilities: | ' | ' |
Accounts and Notes Receivable | -30,132 | -17,749 |
Inventories | -7,712 | 14,602 |
Accounts Payable and Accrued Liabilities | -2,894 | 5,766 |
Other Assets | -1,203 | -2,095 |
Income Taxes Payable | 13,524 | 12,522 |
Net Cash Provided by Operating Activities | 79,255 | 66,760 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' |
Property, Plant and Equipment Additions | -31,583 | -8,628 |
Net Cash Used in Investing Activities | -31,583 | -8,628 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' |
Decrease in Credit Facility | -34,000 | -50,000 |
Dividends Paid to Stockholders | -9,910 | -9,057 |
Proceeds from Stock Option Exercises | 2,351 | 3,365 |
Shares Redeemed to Settle Employee Taxes on Stock Compensation | -435 | -921 |
Excess Tax Benefits from Share Based Payment Arrangements | 1,053 | 149 |
Net Cash Used in Financing Activities | -40,941 | -56,464 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 6,731 | 1,668 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 3,897 | 6,481 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $10,628 | $8,149 |
BASIS_OF_PRESENTATION
BASIS OF PRESENTATION | 6 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
BASIS OF PRESENTATION | ' |
(A) BASIS OF PRESENTATION | |
The accompanying unaudited consolidated financial statements as of and for the six month period ended September 30, 2013 include the accounts of Eagle Materials Inc. and its majority-owned subsidiaries (the “Company”, “us” or “we”) and have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on May 24, 2013. | |
Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although we believe that the disclosures are adequate to make the information presented not misleading. In our opinion, all adjustments (consisting solely of normal recurring adjustments) necessary to present fairly the information in the following unaudited consolidated financial statements of the Company have been included. The results of operations for interim periods are not necessarily indicative of the results for the full year. | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
Recent Accounting Pronouncements | |
There are no recent accounting pronouncements that we expect will materially impact our financial statements during the current fiscal year. |
Acquisition
Acquisition | 6 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Business Combinations [Abstract] | ' | ||||||||
Acquisition | ' | ||||||||
(B) Acquisition | |||||||||
On November 30, 2012, the Company completed the acquisition (the “Acquisition”) of certain assets of Lafarge North America Inc. (“Lafarge North America” or “the Sellers”). The Acquisition expanded the scope of our cement business in a geographic area that is complementary to, but does not overlap with, our existing cement business. The Acquisition also further positions the Company near energy growth markets where there is growing demand for our specialty oil well cement and other related products. | |||||||||
The assets acquired by us in the Acquisition were used by the Sellers in connection with the business (the “Acquired Assets”) of producing, marketing and selling portland cement and concrete in Kansas, Missouri and Oklahoma, and include the following: | |||||||||
• | two cement plants located in Sugar Creek, Missouri and Tulsa, Oklahoma; | ||||||||
• | the related cement distribution terminals located in Sugar Creek and Springfield, Missouri; Omaha, Nebraska; Iola and Wichita, Kansas; and Oklahoma City, Oklahoma; | ||||||||
• | two aggregates quarries near Sugar Creek, Missouri; | ||||||||
• | eight ready-mix plants located in or near Kansas City, Missouri; | ||||||||
• | certain fly ash operations conducted in the Kansas City, Missouri area; and | ||||||||
• | certain related assets such as equipment, accounts receivable and inventory. | ||||||||
In most cases, we acquired ownership of these assets from the Sellers. However, the cement plant located in Sugar Creek, Missouri was leased by the Sellers pursuant to a long-term lease containing a purchase option exercisable by payment of a nominal fee. This lease, including the purchase option, was transferred to us at the closing of the Acquisition. In addition, we assumed certain liabilities in the Acquisition, including accounts payable, contractual obligations, reclamation obligations and other liabilities related to the Acquired Assets. | |||||||||
Purchase Price: The final purchase price (the “Purchase Price”) of the Acquisition was $450.7 million, which reflects a $2.7 million reduction from the preliminary purchase price to reflect actual working capital acquired at the closing. The reduction in purchase price was primarily related to adjustments to the final value of inventory and prepaid assets acquired. We funded the payment of the Purchase Price at closing and expenses incurred in connection with the Acquisition through a combination of borrowings under our bank credit facility and the proceeds from our issuance of common stock, which was completed on October 3, 2012. | |||||||||
Recording of assets acquired and liabilities assumed: The transaction has been accounted for using the acquisition method of accounting which requires, among other things, that assets acquired and liabilities assumed be recognized at their fair values as of the acquisition date. We engaged a third-party to perform a valuation to support our estimate of the fair value of certain assets acquired in the Acquisition. The working capital amounts paid at the closing were adjusted by approximately $2.7 million to reflect actual working capital acquired. | |||||||||
The preparation of the valuation of the assets acquired and liabilities assumed in the Acquisition requires the use of significant assumptions and estimates. Critical estimates include, but are not limited to, future expected cash flows, including projected revenues and expenses, and applicable discount rates. These estimates are based on assumptions that we believe to be reasonable. However, actual results may differ from these estimates. | |||||||||
Under the acquisition method of accounting, the total purchase price was allocated to the net tangible and intangible assets and assumed liabilities based on their estimated fair values at the acquisition date. Based on the fair value of tangible and intangible assets acquired and liabilities assumed the purchase price is allocated as follows: | |||||||||
Purchase Price Allocation (in thousands) | |||||||||
Cash and cash equivalents | $ | — | |||||||
Accounts Receivable | 23,432 | ||||||||
Inventories | 20,361 | ||||||||
Prepaid and Other Assets | 3,511 | ||||||||
Property and Equipment | 407,260 | ||||||||
Intangible Assets | 12,500 | ||||||||
Accounts Payable | (9,070 | ) | |||||||
Accrued Liabilities | (3,501 | ) | |||||||
Other Long-term Liabilities | (1,060 | ) | |||||||
Total Net Assets | 453,433 | ||||||||
Goodwill | — | ||||||||
Initial Purchase Price | $ | 453,433 | |||||||
Final Working Capital Adjustment | (2,734 | ) | |||||||
Final Purchase Price | $ | 450,699 | |||||||
Intangible Assets: The following table is a summary of the fair value estimates of the identifiable intangible assets (in thousands) and their weighted-average useful lives: | |||||||||
Weighted | Fair Value | ||||||||
Average Life | |||||||||
Customer Relationships | 15 | $ | 4,760 | ||||||
Sales Contracts | 4 | 2,500 | |||||||
Permits | 40 | 5,240 | |||||||
Total Intangible Assets | $ | 12,500 | |||||||
Actual and pro forma impact of the Acquisition: The following table presents the net sales and operating income of the Acquired Assets that have been included in our consolidated statement of earnings from April 1, 2013 through September 30, 2013: | |||||||||
Three Month Period | Six Month Period | ||||||||
Ended September 30, 2013 | Ended September 30, 2013 | ||||||||
(dollars in thousands) | |||||||||
Net Sales | $ | 52,603 | $ | 93,683 | |||||
Operating Income | $ | 12,288 | $ | 18,713 | |||||
The unaudited pro forma results presented below include the effects of the Acquisition as if it had been consummated as of April 1, 2012. The pro forma results include the amortization associated with an estimate for acquired intangible assets and interest expense associated with debt used to fund the Acquisition, depreciation from the fair value adjustments for property and equipment, and the impact on earnings per share of the issuance of common stock in connection with the Acquisition. To better reflect the combined operating results, material nonrecurring charges directly related to the Acquisition of $6.1 million have been excluded from pro forma net income for the three and six month periods ended September 30, 2012. | |||||||||
Three Month Period | Six Month Period | ||||||||
Ended September 30, 2012 | Ended September 30, 2012 | ||||||||
(dollars in thousands) | |||||||||
Revenues | $ | 222,665 | $ | 431,124 | |||||
Net Income | $ | 22,286 | $ | 37,193 | |||||
Earnings per share - basic | $ | 0.46 | $ | 0.77 | |||||
Earnings per share - diluted | $ | 0.46 | $ | 0.76 | |||||
Weighted Average Shares Outstanding: | |||||||||
Basic | 48,196,225 | 48,158,499 | |||||||
Diluted | 48,803,778 | 48,669,224 | |||||||
The pro forma results do not include any anticipated synergies or other expected benefits of the Acquisition. Accordingly, the unaudited pro forma results are not necessarily indicative of either future results of operations or results that might have been achieved had the Acquisition been consummated as of April 1, 2012. |
ACCOUNTS_AND_NOTES_RECEIVABLE
ACCOUNTS AND NOTES RECEIVABLE | 6 Months Ended |
Sep. 30, 2013 | |
Receivables [Abstract] | ' |
ACCOUNTS AND NOTES RECEIVABLE | ' |
(C) ACCOUNTS AND NOTES RECEIVABLE | |
Accounts and notes receivable have been shown net of the allowance for doubtful accounts of $5.2 million and $5.1 million at September 30, 2013 and March 31, 2013, respectively. We perform ongoing credit evaluations of our customers’ financial condition and generally require no collateral from our customers. The allowance for non-collection of receivables is based upon analysis of economic trends in the construction industry, detailed analysis of the expected collectability of accounts receivable that are past due and the expected collectability of overall receivables. We have no significant credit risk concentration among our diversified customer base. | |
We had notes receivable totaling approximately $9.7 million at September 30, 2013, of which approximately $6.2 million has been classified as current and presented with accounts receivable on the balance sheet. We lend funds to certain companies in the ordinary course of business, and the notes bear interest, on average, at the prime rate plus 1.5%. Remaining unpaid amounts, plus accrued interest, mature on various dates between 2014 and 2017. The notes are collateralized by certain assets of the borrowers, namely property and equipment, and are generally payable monthly. We monitor the credit risk of each borrower by focusing on the timeliness of payments, review of credit history and credit metrics and interaction with the borrowers. |
STOCKHOLDERS_EQUITY
STOCKHOLDERS EQUITY | 6 Months Ended | ||||
Sep. 30, 2013 | |||||
Equity [Abstract] | ' | ||||
STOCKHOLDERS EQUITY | ' | ||||
(D) STOCKHOLDERS’ EQUITY | |||||
A summary of changes in stockholders’ equity follows: | |||||
For the Six Months | |||||
Ended September 30, 2013 | |||||
(dollars in thousands) | |||||
Common Stock – | |||||
Balance at Beginning of Period | $ | 495 | |||
Stock Option Exercises | 2 | ||||
Balance at End of Period | 497 | ||||
Capital in Excess of Par Value – | |||||
Balance at Beginning of Period | 224,053 | ||||
Stock Compensation Expense | 4,814 | ||||
Shares Redeemed to Settle Employee Taxes | (435 | ) | |||
Stock Option Exercises | 3,404 | ||||
Balance at End of Period | 231,836 | ||||
Retained Earnings – | |||||
Balance at Beginning of Period | 478,664 | ||||
Dividends Declared to Stockholders | (9,949 | ) | |||
Net Earnings | 70,004 | ||||
Balance at End of Period | 538,719 | ||||
Accumulated Other Comprehensive Loss - | |||||
Balance at Beginning of Period | (7,042 | ) | |||
Change in Funded Status of Pension Plan, net of tax | 310 | ||||
Balance at End of Period | (6,732 | ) | |||
Total Stockholders’ Equity | $ | 764,320 | |||
There were no open market share repurchases during the three and six month periods ended September 30, 2013. As of September 30, 2013, we have authorization to purchase an additional 717,300 shares. |
CASH_FLOW_INFORMATION_SUPPLEME
CASH FLOW INFORMATION - SUPPLEMENTAL | 6 Months Ended |
Sep. 30, 2013 | |
Supplemental Cash Flow Elements [Abstract] | ' |
CASH FLOW INFORMATION - SUPPLEMENTAL | ' |
(E) CASH FLOW INFORMATION—SUPPLEMENTAL | |
Cash payments made for interest were $9.0 million and $7.0 million for the six months ended September 30, 2013 and 2012, respectively. Net payments made for federal and state income taxes during the six months ended September 30, 2013 and 2012, were $20.8 million and $7.3 million, respectively. |
INVENTORIES
INVENTORIES | 6 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
INVENTORIES | ' | ||||||||
(F) INVENTORIES | |||||||||
Inventories are stated at the lower of average cost (including applicable material, labor, depreciation, and plant overhead) or market, and consist of the following: | |||||||||
As of | |||||||||
September 30, | March 31, | ||||||||
2013 | 2013 | ||||||||
(dollars in thousands) | |||||||||
Raw Materials and Material-in-Progress | $ | 71,298 | $ | 56,019 | |||||
Finished Cement | 12,327 | 18,077 | |||||||
Gypsum Wallboard | 6,112 | 6,855 | |||||||
Aggregates | 12,421 | 16,837 | |||||||
Paperboard | 3,412 | 2,867 | |||||||
Repair Parts and Supplies | 51,011 | 49,361 | |||||||
Fuel and Coal | 5,513 | 6,364 | |||||||
$ | 162,094 | $ | 156,380 | ||||||
ACCRUED_EXPENSES
ACCRUED EXPENSES | 6 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Payables And Accruals [Abstract] | ' | ||||||||
ACCRUED EXPENSES | ' | ||||||||
(G) ACCRUED EXPENSES | |||||||||
Accrued expenses consist of the following: | |||||||||
As of | |||||||||
September 30, | March 31, | ||||||||
2013 | 2013 | ||||||||
(dollars in thousands) | |||||||||
Payroll and Incentive Compensation | $ | 11,145 | $ | 11,827 | |||||
Benefits | 9,662 | 10,349 | |||||||
Interest | 4,813 | 4,813 | |||||||
Property Taxes | 4,967 | 3,235 | |||||||
Power and Fuel | 2,539 | 3,146 | |||||||
Sales and Use Tax | 1,129 | 591 | |||||||
Acquisition Related Expenses | — | 2,023 | |||||||
Other | 6,530 | 5,365 | |||||||
$ | 40,785 | $ | 41,349 | ||||||
SHAREBASED_EMPLOYEE_COMPENSATI
SHARE-BASED EMPLOYEE COMPENSATION | 6 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||||||
SHARE-BASED EMPLOYEE COMPENSATION | ' | ||||||||||||||||||||
(H) SHARE-BASED EMPLOYEE COMPENSATION | |||||||||||||||||||||
On August 7, 2013 our stockholders approved the Eagle Materials Inc. Amended and Restated Incentive Plan (the “Plan”), which increased the shares we are authorized to issue as awards by 3,000,000 (1,500,000 of which may be stock awards). Under the terms of the Plan, we can issue equity awards, including stock options, restricted stock units (“RSUs”), restricted stock and stock appreciation rights to employees of the Company and members of the Board of Directors. Awards that were already outstanding prior to the approval of the Plan on August 7 remain outstanding. The Compensation Committee of our Board of Directors specifies the terms for grants of equity awards under the Plan. | |||||||||||||||||||||
Long-Term Compensation Plans - | |||||||||||||||||||||
Options. In August 2013, the Compensation Committee of the Board of Directors approved an incentive equity award of an aggregate of 206,914 stock options pursuant to the Plan to certain individuals that vest ratably over a three year period (the “Fiscal 2014 Employee Stock Option Grant”). The options have a term of ten years from the date of grant. In August 2013, we granted 30,075 options to members of the Board of Directors (the “Fiscal 2014 Board of Directors Grant”). Options granted under the Fiscal 2014 Board of Directors Grant vest immediately and can be exercised from the date of grant until their expiration on the tenth anniversary of the date of grant. The Fiscal 2014 Employee Stock Option Grant and Fiscal 2014 Board of Directors Grant 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 2014 are as follows: | |||||||||||||||||||||
Fiscal 2014 | |||||||||||||||||||||
Dividend Yield | 2 | % | |||||||||||||||||||
Expected Volatility | 44.6 | % | |||||||||||||||||||
Risk Free Interest Rate | 2 | % | |||||||||||||||||||
Expected Life | 7.0 years | ||||||||||||||||||||
Stock option expense for all outstanding stock option awards totaled approximately $1.9 million and $2.7 million for the three and six month periods ended September 30, 2013, respectively, and $1.3 million and $1.8 million for the three and six month periods ended September 30, 2012, respectively. At September 30, 2013, there was approximately $10.3 million of unrecognized compensation cost related to outstanding stock options, net of estimated forfeitures, which is expected to be recognized over a weighted-average period of 2.4 years. | |||||||||||||||||||||
The following table represents stock option activity for the six month period ended September 30, 2013: | |||||||||||||||||||||
Number | Weighted- | ||||||||||||||||||||
of | Average | ||||||||||||||||||||
Shares | Exercise | ||||||||||||||||||||
Price | |||||||||||||||||||||
Outstanding Options at Beginning of Period | 3,022,592 | $ | 37.83 | ||||||||||||||||||
Granted | 236,989 | $ | 67.21 | ||||||||||||||||||
Exercised | (70,837 | ) | $ | 33.19 | |||||||||||||||||
Cancelled | (5,000 | ) | $ | 53.22 | |||||||||||||||||
Outstanding Options at End of Period | 3,183,744 | $ | 40.1 | ||||||||||||||||||
Options Exercisable at End of Period | 1,230,175 | $ | 30.68 | ||||||||||||||||||
Weighted-Average Fair Value of Options Granted during the Period | $ | 26.04 | |||||||||||||||||||
The following table summarizes information about stock options outstanding at September 30, 2013: | |||||||||||||||||||||
Outstanding Options | Exercisable Options | ||||||||||||||||||||
Range of Exercise Prices | Number of | Weighted - | Weighted - | Number of | Weighted - | ||||||||||||||||
Shares | Average | Average | Shares | Average | |||||||||||||||||
Outstanding | Remaining | Exercise | Outstanding | Exercise | |||||||||||||||||
Contractual | Price | Price | |||||||||||||||||||
Life | |||||||||||||||||||||
$23.17 - $ 30.74 | 1,006,370 | 4.98 | $ | 26.74 | 886,941 | $ | 26.62 | ||||||||||||||
$33.08 - $ 40.78 | 626,719 | 7.45 | $ | 34.57 | 274,993 | $ | 35.34 | ||||||||||||||
$47.53 - $ 70.30 | 1,550,655 | 2.26 | $ | 51.01 | 68,241 | $ | 64.76 | ||||||||||||||
3,183,744 | 4.14 | $ | 40.1 | 1,230,175 | $ | 30.68 | |||||||||||||||
At September 30, 2013, the aggregate intrinsic value for outstanding and exercisable options was approximately $103.3 million and $37.7 million, respectively. The total intrinsic value of options exercised during the six month period ended September 30, 2013 was approximately $2.9 million. | |||||||||||||||||||||
Restricted Stock Units. There was no expense related to RSUs for the three and six month periods ended September 30, 2013, respectively, and $0.4 million and $0.8 million for the three and six month periods ended September 30, 2012, respectively. | |||||||||||||||||||||
Restricted Stock. In August 2013, the Compensation Committee also approved the granting of an aggregate of 93,186 shares of restricted stock to certain key employees at both the corporate and subsidiary level (the “Fiscal 2014 Employee Restricted Stock Award”) that will be earned if our ten year return on equity is at least 15% at March 31, 2014. If this criterion is not met, all of the shares will be forfeited. If the criterion is met, the award may be reduced by the Compensation Committee based on individual performance goals. Following any such reduction, the earned shares will lapse ratably over five years, with the first fifth lapsing promptly following the vesting determination date, and the remaining restrictions lapsing on March 31, 2015 through 2018. The value of the Fiscal 2014 Employee Restricted Stock Award, net of estimated forfeitures, is being expensed over a five year period. In August 2013, we granted 5,761 shares of restricted stock to members of the Board of Directors (the “Board of Directors Fiscal 2014 Restricted Stock Award”). Awards issued under the Board of Directors Fiscal 2014 Restricted Stock Award do not fully vest until the retirement of each director, in accordance with the Company’s director retirement policy. | |||||||||||||||||||||
Expense related to restricted shares was approximately $1.2 million and $2.1 million for the three and six month periods ended September 30, 2013, respectively, and $0.9 million and $1.6 million for the three and six month periods ended September 30, 2012, respectively. At September 30, 2013, there was approximately $17.7 million of unearned compensation from restricted stock, net of estimated forfeitures, which will be recognized over a weighted-average period of 3.7 years. | |||||||||||||||||||||
The number of shares available for future grants of stock options, restricted stock units, stock appreciation rights and restricted stock under the Plan was 3,973,459 at September 30, 2013. |
COMPUTATION_OF_EARNINGS_PER_SH
COMPUTATION OF EARNINGS PER SHARE | 6 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
COMPUTATION OF EARNINGS PER SHARE | ' | ||||||||||||||||
(I) COMPUTATION OF EARNINGS PER SHARE | |||||||||||||||||
The calculation of basic and diluted common shares outstanding is as follows: | |||||||||||||||||
For the Three Months | For the Six Months | ||||||||||||||||
Ended September 30, | Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Weighted-Average Shares of Common Stock Outstanding | 49,012,045 | 44,746,225 | 48,984,038 | 44,708,499 | |||||||||||||
Common Equivalent Shares: | |||||||||||||||||
Assumed Exercise of Outstanding Dilutive Options | 1,682,592 | 1,711,195 | 1,692,782 | 1,428,889 | |||||||||||||
Less: Shares Repurchased from Assumed Proceeds of Assumed Exercised Options | (1,134,329 | ) | (1,371,038 | ) | (1,137,668 | ) | (1,162,751 | ) | |||||||||
Restricted Shares | 299,792 | 267,396 | 296,230 | 244,587 | |||||||||||||
Weighted-Average Common and Common Equivalent Shares Outstanding | 49,860,100 | 45,353,778 | 49,835,382 | 45,219,224 | |||||||||||||
Shares Excluded Due to Anti-dilution Effects | 121,957 | 1,935,783 | 71,479 | 2,126,953 | |||||||||||||
PENSION_AND_EMPLOYEE_BENEFIT_P
PENSION AND EMPLOYEE BENEFIT PLANS | 6 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||||||||||
PENSION AND EMPLOYEE BENEFIT PLANS | ' | ||||||||||||||||
(J) PENSION AND EMPLOYEE BENEFIT PLANS | |||||||||||||||||
We sponsor several defined benefit and defined contribution pension plans which together cover substantially all our employees. Benefits paid under the defined benefit plans covering certain hourly employees are based on years of service and the employee’s qualifying compensation over the last few years of employment. | |||||||||||||||||
The following table shows the components of net periodic cost for our plans: | |||||||||||||||||
For the Three Months | For the Six Months | ||||||||||||||||
Ended September 30, | ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(dollars in | (dollars in | ||||||||||||||||
thousands) | thousands) | ||||||||||||||||
Service Cost – Benefits Earned During the Period | $ | 197 | $ | 132 | $ | 393 | $ | 264 | |||||||||
Interest Cost of Benefit Obligations | 306 | 268 | 611 | 536 | |||||||||||||
Expected Return on Plan Assets | (343 | ) | (342 | ) | (686 | ) | (684 | ) | |||||||||
Recognized Net Actuarial Loss | 247 | 177 | 492 | 354 | |||||||||||||
Amortization of Prior-Service Cost | 2 | 14 | 8 | 28 | |||||||||||||
Net Periodic Pension Cost | $ | 409 | $ | 249 | $ | 818 | $ | 498 | |||||||||
INCOME_TAXES
INCOME TAXES | 6 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' |
INCOME TAXES | ' |
(K) INCOME TAXES | |
Income taxes for the interim period presented have been included in the accompanying financial statements on the basis of an estimated annual effective tax rate. In addition to the amount of tax resulting from applying the estimated annual effective tax rate to pre-tax income, we will, when appropriate, include certain items treated as discrete events to arrive at an estimated overall tax amount. The effective tax rate for both the three and six months ended September 30, 2013 was approximately 32%, which increased from the prior year due to the reduction in the impact of our depletion deduction as a result of increased earnings in fiscal year 2014. |
LONGTERM_DEBT
LONG-TERM DEBT | 6 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||
LONG-TERM DEBT | ' | ||||||||||||
(L) LONG-TERM DEBT | |||||||||||||
Long-term debt consists of the following: | |||||||||||||
As of | |||||||||||||
September 30, | March 31, | ||||||||||||
2013 | 2013 | ||||||||||||
(dollars in thousands) | |||||||||||||
Amended Credit Facility | $ | 263,000 | $ | 297,000 | |||||||||
Senior Notes | 192,259 | 192,259 | |||||||||||
Total Debt | $ | 455,259 | $ | 489,259 | |||||||||
Credit Facility - | |||||||||||||
On December 16, 2010, we entered into a $300.0 million revolving Credit Facility, which was amended on September 26, 2012 and is scheduled to expire on December 16, 2015. The recent amendment to the Credit Facility increased available revolving borrowings from $300.0 million to $400.0 million (including an increase in the swingline loan sublimit from $15.0 million to $25.0 million) and changed certain provisions in the negative covenants in order to allow for or facilitate the Acquisition, as well as to implement certain related changes to the financial covenants. These financial covenant changes primarily related to amending the definition of Consolidated EBITDA to allow the add-back to consolidated net income of certain transaction and other allocated overhead costs related to the Acquisition that are not expected to be incurred in the future. Borrowings under the Credit Facility are guaranteed by substantially all of the Company’s subsidiaries. At the option of the Company, outstanding principal amounts on the Credit Facility bear interest at a variable rate equal to (i) LIBOR, plus an agreed margin (ranging from 100 to 225 basis points), which is to be established quarterly based upon the Company’s ratio of consolidated EBITDA, defined as earnings before interest, taxes, depreciation and amortization, to the Company’s consolidated indebtedness (the “Leverage Ratio”), or (ii) an alternative base rate which is the higher of (a) the prime rate or (b) the federal funds rate plus 1/2% per annum plus an agreed margin (ranging from 0 to 125 basis points). Interest payments are payable, in the case of loans bearing interest at a rate based on the federal funds rate, quarterly, or in the case of loans bearing interest at a rate based on LIBOR, at the end of the LIBOR advance periods, which can be up to a period of six months at the option of the Company. The Company is also required to pay a commitment fee on unused available borrowings under the Credit Facility ranging from 10 to 35 basis points depending upon the Leverage Ratio. The Credit Facility contains customary covenants that restrict our ability to incur additional debt, encumber our assets, sell assets, make or enter into certain investments, loans or guaranties and enter into sale and leaseback arrangements. The Credit Facility also requires us to maintain a consolidated indebtedness ratio (calculated as consolidated indebtedness to consolidated earnings before interest, taxes, depreciation, amortization, certain transaction-related deductions and other non-cash deductions) of 3.5:1.0 or less and an interest coverage ratio (consolidated earnings before interest, taxes, depreciation, amortization, certain transaction-related deductions and other non-cash deductions to consolidated interest expense) of at least 2.5:1.0. The Credit Facility also limits our ability to make certain restricted payments, such as paying cash dividends; however, there are several exceptions to this restriction, including: (i) the Company may pay cash dividends in an aggregate amount of up to $50.0 million each fiscal year; and (ii) the Company may make restricted payments not otherwise permitted so long as, in each case, no default would result therefrom and our consolidated funded indebtedness ratio does not exceed 3.0:1.0. We had $263.0 million of borrowings outstanding under the Credit Facility at September 30, 2013. Based on our Leverage Ratio, we had $129.6 million of available borrowings, net of the outstanding letters of credit, under the Credit Facility at September 30, 2013. | |||||||||||||
The Credit Facility has a $50.0 million letter of credit facility. Under the letter of credit facility, the Company pays a fee at a per annum rate equal to the applicable margin for Eurodollar loans in effect from time to time plus a one-time letter of credit fee in an amount equal to 0.125% of the initial stated amount. At September 30, 2013, we had $7.4 million of letters of credit outstanding. | |||||||||||||
Senior Notes - | |||||||||||||
We entered into a Note Purchase Agreement on November 15, 2005 (the “2005 Note Purchase Agreement”) related to our sale of $200 million of senior, unsecured notes, designated as Series 2005A Senior Notes (the “Series 2005A Senior Notes”) in a private placement transaction. The Series 2005A Senior Notes, which are guaranteed by substantially all of our subsidiaries, were sold at par and issued in three tranches on November 15, 2005. Since entering into the 2005 Note Purchase Agreement, we have repurchased $81.1 million in principal of the Series 2005A Senior Notes (in periods prior to the fiscal year ended March 31, 2013). During November 2012, Tranche A of the Series 2005A Senior Notes matured and we retired the remaining $4.7 million in notes from this Tranche. Following these repurchases and maturities, the amounts outstanding for each of the remaining tranches are as follows: | |||||||||||||
Principal | Maturity Date | Interest Rate | |||||||||||
Tranche B | $ | 57.0 million | November 15, 2015 | 5.38 | % | ||||||||
Tranche C | $ | 57.2 million | 15-Nov-17 | 5.48 | % | ||||||||
Interest for each tranche of Notes is payable semi-annually on the 15th day of May and the 15th day of November of each year until all principal is paid for the respective tranche. | |||||||||||||
We also entered into an additional Note Purchase Agreement on October 2, 2007 (the “2007 Note Purchase Agreement”) related to our sale of $200 million of senior, unsecured notes, designated as Series 2007A Senior Notes (the “Series 2007A Senior Notes”) in a private placement transaction. The Series 2007A Senior Notes, which are guaranteed by substantially all of our subsidiaries, were sold at par and issued in four tranches on October 2, 2007. Since entering into the 2007 Note Purchase Agreement, we have repurchased $122.0 million in principal of the Series 2007A Senior Notes (in periods prior to the fiscal year ended March 31, 2013). Following the repurchase, the amounts outstanding for each of the four tranches are as follows: | |||||||||||||
Principal | Maturity Date | Interest Rate | |||||||||||
Tranche A | $ | 9.5 million | October 2, 2014 | 6.08 | % | ||||||||
Tranche B | $ | 8.0 million | 2-Oct-16 | 6.27 | % | ||||||||
Tranche C | $ | 24.0 million | 2-Oct-17 | 6.36 | % | ||||||||
Tranche D | $ | 36.5 million | 2-Oct-19 | 6.48 | % | ||||||||
Interest for each tranche of Notes is payable semi-annually on the second day of April and the second day of October of each year until all principal is paid for the respective tranche. | |||||||||||||
We amended both the 2005 Note Purchase Agreement and 2007 Note Purchase Agreement (collectively, the “Note Purchase Agreements”) on September 26, 2012. The amendment to each Note Purchase Agreement, among other things, mirrors the amendments to the Credit Facility, by changing certain provisions in the negative covenants in order to allow for and facilitate the Acquisition, as well as to implement certain related changes to the financial covenants. These financial covenant changes primarily related to amending the definition of Consolidated EBITDA to allow the add-back to consolidated net income of certain transaction and other allocated overhead costs related to the Acquisition that are not expected to be incurred in the future as well as reasonably identifiable cost savings, improvements and synergies related to the purchase of the Acquired Assets. | |||||||||||||
Our obligations under the 2005 Note Purchase Agreement and the 2007 Note Purchase Agreement (collectively referred to as the “Note Purchase Agreements”) and the Series 2005A Senior Notes and the Series 2007A Senior Notes (collectively referred to as “the Senior Notes”) are equal in right of payment with all other senior, unsecured debt of the Company, including our debt under the Credit Facility. The Note Purchase Agreements contain customary restrictive covenants, including covenants that place limits on our ability to encumber our assets, to incur additional debt, to sell assets, or to merge or consolidate with third parties, as well as certain cross covenants with the Credit Facility. We were in compliance with all financial ratios and tests at September 30, 2013 and throughout the fiscal year. | |||||||||||||
Pursuant to a Subsidiary Guaranty Agreement, substantially all of our subsidiaries have guaranteed the punctual payment of all principal, interest, and Make-Whole Amounts (as defined in the Note Purchase Agreements) on the Senior Notes and the other payment and performance obligations of the Company contained in the Senior Notes and in the Note Purchase Agreements. We are permitted, at our option and without penalty, to prepay from time to time at least 10% of the original aggregate principal amount of the Senior Notes at 100% of the principal amount to be prepaid, together with interest accrued on such amount to be prepaid to the date of payment, plus a Make-Whole Amount. The Make-Whole Amount is computed by discounting the remaining scheduled payments of interest and principal of the Senior Notes being prepaid at a discount rate equal to the sum of 50 basis points and the yield to maturity of U.S. treasury securities having a maturity equal to the remaining average life of the Senior Notes being prepaid. | |||||||||||||
As a result of the Acquisition, we succeeded to the leasehold interest held by Lafarge North America with respect to the cement plant located in Sugar Creek, Missouri, as well as its obligations under certain related industrial revenue bonds. In 1998, Lafarge North America had entered into a series of agreements, which were later amended in 2003, with the City of Sugar Creek, Missouri, in connection with the construction of improvements at the Sugar Creek cement plant. Under these agreements, Lafarge North America leased the Sugar Creek cement plant from the City of Sugar Creek, Missouri, which issued $150.0 million of tax-exempt and taxable industrial revenue bonds to partly finance the construction of such improvements. The lease payments due to the City of Sugar Creek under the Sugar Creek cement plant lease are equal in amount to the payments required to be made by the City of Sugar Creek to the holders of the industrial revenue bonds. Upon the closing of the Acquisition, funds for the retirement of $47.0 million of the industrial revenue bonds were placed into escrow by Lafarge North America, resulting in the defeasement of such bonds and leaving $103.0 million of industrial revenue bonds outstanding. The defeased bonds were subsequently paid in full in June 2013. The remaining $103.0 million of industrial revenue bonds held by Lafarge North America were transferred to a wholly owned subsidiary of the Company in connection with the Acquisition. Because we are now the holder of all of the outstanding industrial revenue bonds, no debt is reflected on our financial statements in connection with our lease of the Sugar Creek cement plant. | |||||||||||||
On August 31, 2011, we entered into an Uncommitted Master Shelf Agreement (the “Shelf Agreement”) with John Hancock Life Insurance Company (U.S.A.) (“Hancock”). The Shelf Agreement provided the terms under which the Company could offer up to $75 million of its senior unsecured notes for purchase by Hancock or Hancock’s affiliates that become bound by the Shelf Agreement (collectively, “Purchasers”). The Shelf Agreement did not obligate the Company to sell, or the Purchasers to buy, any such notes, and had a term of two years. We did not sell any notes pursuant to the Shelf Agreement prior to its expiration on August 31, 2013. |
SEGMENT_INFORMATION
SEGMENT INFORMATION | 6 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
SEGMENT INFORMATION | ' | ||||||||||||||||
(M) SEGMENT INFORMATION | |||||||||||||||||
Operating segments are defined as components of an enterprise that engage in business activities that earn revenues, 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. | |||||||||||||||||
We operate in four business segments: Cement, Gypsum Wallboard, Recycled Paperboard, and Concrete and Aggregates, with Cement and Gypsum Wallboard being our principal lines of business. These operations are conducted in the U.S. and include the mining of limestone and the manufacture, production, distribution and sale of Portland cement (a basic construction material which is the essential binding ingredient in concrete), the mining of gypsum and 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, gravel and frac sand). These products are used primarily in commercial and residential construction, public construction projects and projects to build, expand and repair roads and highways and in oil and natural gas extraction. | |||||||||||||||||
We operate six cement plants, sixteen cement distribution terminals, five gypsum wallboard plants, including the plant temporarily idled in Bernalillo, N.M., a gypsum wallboard distribution center, a recycled paperboard mill, seventeen readymix concrete batch plant locations, four aggregates processing plant locations and a frac sand processing plant. The principal markets for our cement products are Texas, northern Illinois (including Chicago), the central plains, the Rocky Mountains, northern Nevada, and northern California. Gypsum wallboard and recycled paperboard are distributed throughout the continental U.S, with the exception of the northeast. Concrete and aggregates are sold to local readymix producers and paving contractors in the Austin, Texas area, north of Sacramento, California and the greater Kansas City, Missouri area, while frac sand is currently sold in Texas. | |||||||||||||||||
We conduct one of our six cement plant operations, Texas Lehigh Cement Company LP in Buda, Texas, through a Joint Venture. For segment reporting purposes only, we proportionately consolidate our 50% share of the Joint Venture’s revenues and operating earnings, which is consistent with the way management reports the segments within the Company for making operating decisions and assessing performance. | |||||||||||||||||
We account for intersegment sales at market prices. The following table sets forth certain financial information relating to our operations by segment: | |||||||||||||||||
For the Three Months | For the Six Months | ||||||||||||||||
Ended September 30, | Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(dollars in thousands) | (dollars in thousands) | ||||||||||||||||
Revenues - | |||||||||||||||||
Cement | $ | 133,204 | $ | 78,533 | $ | 250,904 | $ | 154,557 | |||||||||
Gypsum Wallboard | 98,960 | 77,327 | 194,941 | 147,547 | |||||||||||||
Paperboard | 34,642 | 31,730 | 66,805 | 62,059 | |||||||||||||
Concrete and Aggregates | 30,097 | 14,257 | 55,303 | 27,134 | |||||||||||||
Sub-total | 296,903 | 201,847 | 567,953 | 391,297 | |||||||||||||
Less: Intersegment Revenues | (16,879 | ) | (13,272 | ) | (32,481 | ) | (24,973 | ) | |||||||||
Net Revenues, including Joint Venture | 280,024 | 188,575 | 535,472 | 366,324 | |||||||||||||
Less: Joint Venture | (27,378 | ) | (23,916 | ) | (55,782 | ) | (47,623 | ) | |||||||||
Net Revenues | $ | 252,646 | $ | 164,659 | $ | 479,690 | $ | 318,701 | |||||||||
For the Three Months | For the Six Months | ||||||||||||||||
Ended September 30, | Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(dollars in thousands) | (dollars in thousands) | ||||||||||||||||
Intersegment Revenues - | |||||||||||||||||
Cement | $ | 2,955 | $ | 512 | $ | 4,947 | $ | 1,079 | |||||||||
Paperboard | 13,650 | 12,515 | 26,862 | 23,437 | |||||||||||||
Concrete and Aggregates | 274 | 245 | 672 | 457 | |||||||||||||
$ | 16,879 | $ | 13,272 | $ | 32,481 | $ | 24,973 | ||||||||||
Cement Sales Volume (in thousands of tons) - | |||||||||||||||||
Wholly –owned Operations | 1,182 | 639 | 2,161 | 1,260 | |||||||||||||
Joint Venture | 252 | 225 | 514 | 452 | |||||||||||||
1,434 | 864 | 2,675 | 1,712 | ||||||||||||||
For the Three Months | For the Six Months | ||||||||||||||||
Ended September 30, | Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(dollars in thousands) | (dollars in thousands) | ||||||||||||||||
Operating Earnings - | |||||||||||||||||
Cement | $ | 32,430 | $ | 17,442 | $ | 51,440 | $ | 27,308 | |||||||||
Gypsum Wallboard | 29,868 | 16,464 | 59,504 | 30,486 | |||||||||||||
Paperboard | 6,937 | 7,695 | 12,616 | 12,971 | |||||||||||||
Concrete and Aggregates | (9 | ) | (362 | ) | 148 | (161 | ) | ||||||||||
Other, net | 317 | 66 | 900 | (204 | ) | ||||||||||||
Sub-total | 69,543 | 41,305 | 124,608 | 70,400 | |||||||||||||
Corporate General and Administrative | (6,060 | ) | (5,919 | ) | (11,654 | ) | (10,674 | ) | |||||||||
Acquisition and Litigation Expense | — | (5,713 | ) | — | (6,374 | ) | |||||||||||
Earnings Before Interest and Income Taxes | 63,483 | 29,673 | 112,954 | 53,352 | |||||||||||||
Interest Expense, net | (4,795 | ) | (3,548 | ) | (9,750 | ) | (7,313 | ) | |||||||||
Earnings Before Income Taxes | $ | 58,688 | $ | 26,125 | $ | 103,204 | $ | 46,039 | |||||||||
Cement Operating Earnings - | |||||||||||||||||
Wholly –owned Operations | $ | 22,683 | $ | 8,692 | $ | 33,815 | $ | 12,090 | |||||||||
Joint Venture | 9,747 | 8,750 | 17,625 | 15,218 | |||||||||||||
$ | 32,430 | $ | 17,442 | $ | 51,440 | $ | 27,308 | ||||||||||
Capital Expenditures - | |||||||||||||||||
Cement | $ | 2,069 | $ | 951 | $ | 5,836 | $ | 4,947 | |||||||||
Gypsum Wallboard | 602 | 1,268 | 1,699 | 1,464 | |||||||||||||
Paperboard | 1,364 | 145 | 1,901 | 366 | |||||||||||||
Aggregates | 5,468 | 1,556 | 21,016 | 1,791 | |||||||||||||
Concrete | 843 | 16 | 1,131 | 53 | |||||||||||||
Other | — | 7 | — | 7 | |||||||||||||
$ | 10,346 | $ | 3,943 | $ | 31,583 | $ | 8,628 | ||||||||||
Depreciation, Depletion and Amortization - | |||||||||||||||||
Cement | $ | 7,811 | $ | 3,924 | $ | 15,648 | $ | 7,733 | |||||||||
Gypsum Wallboard | 5,261 | 5,269 | 10,544 | 10,546 | |||||||||||||
Paperboard | 2,171 | 2,209 | 4,353 | 4,419 | |||||||||||||
Aggregates | 1,277 | 896 | 2,556 | 1,783 | |||||||||||||
Concrete | 433 | 268 | 830 | 536 | |||||||||||||
Other, net | 450 | 217 | 693 | 427 | |||||||||||||
$ | 17,403 | $ | 12,783 | $ | 34,624 | $ | 25,444 | ||||||||||
As of | |||||||||||||||||
September 30, | March 31, | ||||||||||||||||
2013 | 2013 | ||||||||||||||||
(dollars in thousands) | |||||||||||||||||
Identifiable Assets - | |||||||||||||||||
Cement | $ | 759,434 | $ | 756,158 | |||||||||||||
Gypsum Wallboard | 415,799 | 425,866 | |||||||||||||||
Paperboard | 127,391 | 129,226 | |||||||||||||||
Aggregates | 146,700 | 108,796 | |||||||||||||||
Concrete | 30,426 | 27,187 | |||||||||||||||
Corporate and Other | 30,425 | 29,000 | |||||||||||||||
$ | 1,510,175 | $ | 1,476,233 | ||||||||||||||
Segment operating earnings, including the proportionately consolidated 50% interest in the revenues and expenses of the Joint Venture, represent revenues, less direct operating expenses, segment depreciation, and segment selling, general and administrative expenses. Corporate assets consist primarily of cash and cash equivalents, general office assets, miscellaneous other assets and unrecognized tax benefits. The segment breakdown of goodwill is as follows: | |||||||||||||||||
As of | |||||||||||||||||
September 30, | March 31, | ||||||||||||||||
2013 | 2013 | ||||||||||||||||
(dollars in thousands) | |||||||||||||||||
Cement | $ | 8,359 | $ | 8,359 | |||||||||||||
Gypsum Wallboard | 116,618 | 116,618 | |||||||||||||||
Paperboard | 7,538 | 7,538 | |||||||||||||||
$ | 132,515 | $ | 132,515 | ||||||||||||||
We perform our annual test of impairment on goodwill during the fourth quarter of our fiscal year. If business conditions in the operating units containing goodwill change substantially during the fiscal year, and we are unable to conclude that an impairment loss is not likely to occur, we will perform impairment tests for those business units during our quarterly periods. At September 30, 2013, we determined that impairment losses are not likely to occur; therefore, no impairment tests were performed during the quarter. | |||||||||||||||||
We temporarily idled our gypsum manufacturing facility in Bernalillo, N.M. beginning in December 2009, due to cyclical low gypsum wallboard demand. The carrying value of the Bernalillo plant was $3.0 million, and the carrying value of the equipment was $2.2 million at September 30, 2013, and we continue to depreciate the assets over their estimated useful life. We currently have a strong market position in New Mexico, and our Albuquerque gypsum wallboard facility is operating at close to capacity. We plan on resuming manufacturing at the Bernalillo facility in the future when demand for our products improves. Costs of maintaining the facility during the idling are not significant, and the facility was generating positive cash flow prior to being idled; therefore, we have determined that the value of the plant and equipment is not impaired. We are not currently considering the permanent closure of the Bernalillo facility. Any decision to permanently close Bernalillo would be the result of future changes in the building materials industry in the southwest United States and Rocky Mountain region, including changes in the production capacity or operations of our competitors, demand for gypsum wallboard or general macro-economic conditions, which we do not foresee at the present time. If we were to permanently close the Bernalillo facility, or if our expectations as to its use changed such that we project the future undiscounted cash flows from its operations would be insufficient to recover its carrying value due to the factors described above, or for any other reason, we would recognize impairment at that time. All of our other wallboard facilities are currently generating positive cash flow from operations. | |||||||||||||||||
Summarized financial information for the Joint Venture that is not consolidated is set out below (this summarized financial information includes the total amount for the Joint Venture and not our 50% interest in those amounts): | |||||||||||||||||
For the Three Months | For the Six Months | ||||||||||||||||
Ended September 30, | Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(dollars in thousands) | (dollars in thousands) | ||||||||||||||||
Revenues | $ | 54,756 | $ | 48,057 | $ | 111,564 | $ | 95,944 | |||||||||
Gross Margin | $ | 20,641 | $ | 18,580 | $ | 37,335 | $ | 32,489 | |||||||||
Earnings Before Income Taxes | $ | 19,649 | $ | 17,501 | $ | 35,568 | $ | 30,437 | |||||||||
As of | |||||||||||||||||
September 30, | March 31, | ||||||||||||||||
2013 | 2013 | ||||||||||||||||
(dollars in thousands) | |||||||||||||||||
Current Assets | $ | 52,548 | $ | 53,059 | |||||||||||||
Non-Current Assets | $ | 42,691 | $ | 44,120 | |||||||||||||
Current Liabilities | $ | 18,631 | $ | 12,913 |
INTEREST_EXPENSE
INTEREST EXPENSE | 6 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Banking And Thrift Interest [Abstract] | ' | ||||||||||||||||
INTEREST EXPENSE | ' | ||||||||||||||||
(N) INTEREST EXPENSE | |||||||||||||||||
The following components are included in interest expense, net: | |||||||||||||||||
For the Three Months | For the Six Months | ||||||||||||||||
Ended September 30, | Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(dollars in thousands) | (dollars in thousands) | ||||||||||||||||
Interest (Income) | $ | (1 | ) | $ | (3 | ) | $ | (2 | ) | $ | (4 | ) | |||||
Interest Expense | 4,410 | 3,342 | 8,969 | 6,893 | |||||||||||||
Interest Expense – Income Taxes | 163 | 91 | 326 | 188 | |||||||||||||
Other Expenses | 223 | 118 | 457 | 236 | |||||||||||||
Interest Expense, net | $ | 4,795 | $ | 3,548 | $ | 9,750 | $ | 7,313 | |||||||||
Interest income includes interest on investments of excess cash. Components of interest expense include interest associated with the Senior Notes, the Amended Credit Facility and commitment fees based on the unused portion of the Amended Credit Facility. Other expenses include amortization of debt issuance costs, and credit facility costs. | |||||||||||||||||
Interest expense – Income Taxes relates to interest accrued on our unrecognized tax benefits, primarily related to the Republic Asset Acquisition. |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Sep. 30, 2013 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
COMMITMENTS AND CONTINGENCIES | ' |
(O) COMMITMENTS AND CONTINGENCIES | |
We have certain deductible limits under our workers’ compensation and liability insurance policies for which reserves are established based on the undiscounted estimated costs of known and anticipated claims. We have entered into standby letter of credit agreements relating to workers’ compensation and auto and general liability self-insurance. At September 30, 2013, we had contingent liabilities under these outstanding letters of credit of approximately $7.4 million. | |
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 sale of a business. These indemnifications may include claims relating to any of the following: environmental and tax matters; intellectual property rights; governmental regulations and employment-related matters; customer, supplier, and other commercial contractual relationships; construction contracts and financial matters. While the maximum amount to which the Company 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 our consolidated financial position, results of operations or cash flows. We currently have no outstanding guarantees. | |
We are currently contingently liable for performance under $16.1 million in performance bonds required by certain states and municipalities, and their related agencies. The bonds are principally for certain reclamation obligations and mining permits. We have indemnified the underwriting insurance company against any exposure under the performance bonds. In our past experience, no material claims have been made against these financial instruments. | |
The IRS has completed its examinations of our federal income tax returns for fiscal years ended March 31, 2001 through March 31, 2010. The IRS issued Exam Reports and Notices of Proposed Adjustment on November 9, 2007 for the examination of the 2001, 2002 and 2003 tax years, and on February 5, 2010 for the examination of the 2004, 2005 and 2006 tax years, in which it denied certain depreciation deductions claimed by us with respect to assets acquired from Republic Group LLC in November 2000 (the “Republic Assets”). In addition, on October 5, 2012, the IRS issued a 30-day letter related to the examination of the tax returns for fiscal years ended March 31, 2007 through March 31, 2010, denying certain depreciation deductions claimed by us with respect to the Republic Assets, similar to the actions taken by the IRS for our tax years ended March 31, 2001 through March 31, 2006, described above. | |
In June 2010, we received a Notice of Deficiency (“Notice”) of $71.5 million of taxes and penalties for the fiscal years ended March 31, 2001 through 2006, inclusive, related to the IRS audit of the Republic Asset Acquisition. The Notice was in substantial agreement with our financial accruals, including interest. The total amount related to the Notice, including interest, was approximately $98.7 million, of which $75 million had previously been deposited with the IRS. We deposited the remaining $23.7 million with the IRS in July 2010 and asked the IRS to apply all $98.7 million of deposits to the payment of the tax, penalties and interest. Subsequent review of the IRS interest billing produced a refund of $0.8 million reducing the net outlay to $97.9 million. Refund claims were filed with the IRS in October 2010 to recover all $97.9 million, plus interest. The IRS has denied our refund request and we filed a lawsuit in May 2011 in Federal District Court to recover the requested refunds. In September 2013 the judge heard arguments on each party’s motion for summary judgment and took each motion under advisement. Additionally, the judge suspended the December 2013 trial date without setting a new date. | |
With respect to the tax returns for the fiscal years ended March 31, 2007 through March 31, 2010, the IRS has issued an assessment of approximately $8.1 million of income tax and approximately $1.9 million in penalties relating to the acquisition of the Republic Assets. In addition, we estimate that interest of approximately $2.3 million has accrued on these amounts as of September 30, 2013. These amounts have been fully accrued in our financial statements at September 30, 2013. The amounts accrued have been treated as unrecognized tax liabilities and are included in Other Long Term Liabilities on our Consolidated Balance Sheet at September 30, 2013. On October 31, 2012, we appealed the findings of the examiner to the IRS Appeals Office, contesting the assessment of tax, penalties and interest for fiscal years ended March 31, 2007 through March 31, 2010. In March 2013, the IRS agreed to suspend the audit for tax years 2007 through 2011 pending the outcome of our case in Federal District Court. | |
In the event we reach a settlement through negotiation or in the courts, we will reverse any accrued taxes, interest and penalties in excess of the negotiated settlement through the Consolidated Statement of Earnings. At this time, we are unable to predict with certainty the ultimate outcome or how much of the amounts paid for tax, interest, and penalties to the IRS and state taxing authorities will be recovered, if any. |
FAIR_VALUE_OF_FINANCIAL_INSTRU
FAIR VALUE OF FINANCIAL INSTRUMENTS | 6 Months Ended | ||||
Sep. 30, 2013 | |||||
Fair Value Disclosures [Abstract] | ' | ||||
FAIR VALUE OF FINANCIAL INSTRUMENTS | ' | ||||
(P) FAIR VALUE OF FINANCIAL INSTRUMENTS | |||||
The fair value of our long-term debt has been estimated based upon our current incremental borrowing rates for similar types of borrowing arrangements. The fair value of our Senior Notes at September 30, 2013 is as follows: | |||||
Fair Value | |||||
(dollars in thousands) | |||||
Series 2005A Tranche B | $ | 59,897 | |||
Series 2005A Tranche C | 61,047 | ||||
Series 2007A Tranche A | 9,814 | ||||
Series 2007A Tranche B | 8,684 | ||||
Series 2007A Tranche C | 26,340 | ||||
Series 2007A Tranche D | 40,369 | ||||
The estimated fair value of our long-term debt was based on quoted prices of similar debt instruments with similar terms that are publicly traded (level 2 input). The carrying values of cash and cash equivalents, accounts and notes receivable, accounts payable and accrued liabilities approximate their fair values at September 30, 2013 due to the short-term maturities of these assets and liabilities. The fair value of our Amended Credit Facility also approximates its carrying value at September 30, 2013. |
Acquisition_Tables
Acquisition (Tables) | 6 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Business Combinations [Abstract] | ' | ||||||||
Components of Purchase Price Allocation | ' | ||||||||
Based on the fair value of tangible and intangible assets acquired and liabilities assumed the purchase price is allocated as follows: | |||||||||
Purchase Price Allocation (in thousands) | |||||||||
Cash and cash equivalents | $ | — | |||||||
Accounts Receivable | 23,432 | ||||||||
Inventories | 20,361 | ||||||||
Prepaid and Other Assets | 3,511 | ||||||||
Property and Equipment | 407,260 | ||||||||
Intangible Assets | 12,500 | ||||||||
Accounts Payable | (9,070 | ) | |||||||
Accrued Liabilities | (3,501 | ) | |||||||
Other Long-term Liabilities | (1,060 | ) | |||||||
Total Net Assets | 453,433 | ||||||||
Goodwill | — | ||||||||
Initial Purchase Price | $ | 453,433 | |||||||
Final Working Capital Adjustment | (2,734 | ) | |||||||
Final Purchase Price | $ | 450,699 | |||||||
Summary of Fair Value Estimates of Identifiable Intangible Assets and Weighted-Average Useful Lives | ' | ||||||||
The following table is a summary of the fair value estimates of the identifiable intangible assets (in thousands) and their weighted-average useful lives: | |||||||||
Weighted | Fair Value | ||||||||
Average Life | |||||||||
Customer Relationships | 15 | $ | 4,760 | ||||||
Sales Contracts | 4 | 2,500 | |||||||
Permits | 40 | 5,240 | |||||||
Total Intangible Assets | $ | 12,500 | |||||||
Net Sales and Operating Income of Acquired Assets | ' | ||||||||
The following table presents the net sales and operating income of the Acquired Assets that have been included in our consolidated statement of earnings from April 1, 2013 through September 30, 2013: | |||||||||
Three Month Period | Six Month Period | ||||||||
Ended September 30, 2013 | Ended September 30, 2013 | ||||||||
(dollars in thousands) | |||||||||
Net Sales | $ | 52,603 | $ | 93,683 | |||||
Operating Income | $ | 12,288 | $ | 18,713 | |||||
Unaudited Pro Forma Results | ' | ||||||||
Three Month Period | Six Month Period | ||||||||
Ended September 30, 2012 | Ended September 30, 2012 | ||||||||
(dollars in thousands) | |||||||||
Revenues | $ | 222,665 | $ | 431,124 | |||||
Net Income | $ | 22,286 | $ | 37,193 | |||||
Earnings per share - basic | $ | 0.46 | $ | 0.77 | |||||
Earnings per share - diluted | $ | 0.46 | $ | 0.76 | |||||
Weighted Average Shares Outstanding: | |||||||||
Basic | 48,196,225 | 48,158,499 | |||||||
Diluted | 48,803,778 | 48,669,224 |
STOCKHOLDERS_EQUITY_Tables
STOCKHOLDERS EQUITY (Tables) | 6 Months Ended | ||||
Sep. 30, 2013 | |||||
Equity [Abstract] | ' | ||||
Summary of Changes in Stockholders Equity | ' | ||||
A summary of changes in stockholders’ equity follows: | |||||
For the Six Months | |||||
Ended September 30, 2013 | |||||
(dollars in thousands) | |||||
Common Stock – | |||||
Balance at Beginning of Period | $ | 495 | |||
Stock Option Exercises | 2 | ||||
Balance at End of Period | 497 | ||||
Capital in Excess of Par Value – | |||||
Balance at Beginning of Period | 224,053 | ||||
Stock Compensation Expense | 4,814 | ||||
Shares Redeemed to Settle Employee Taxes | (435 | ) | |||
Stock Option Exercises | 3,404 | ||||
Balance at End of Period | 231,836 | ||||
Retained Earnings – | |||||
Balance at Beginning of Period | 478,664 | ||||
Dividends Declared to Stockholders | (9,949 | ) | |||
Net Earnings | 70,004 | ||||
Balance at End of Period | 538,719 | ||||
Accumulated Other Comprehensive Loss - | |||||
Balance at Beginning of Period | (7,042 | ) | |||
Change in Funded Status of Pension Plan, net of tax | 310 | ||||
Balance at End of Period | (6,732 | ) | |||
Total Stockholders’ Equity | $ | 764,320 | |||
INVENTORIES_Tables
INVENTORIES (Tables) | 6 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories Stated at Lower of Average Cost or Market | ' | ||||||||
Inventories are stated at the lower of average cost (including applicable material, labor, depreciation, and plant overhead) or market, and consist of the following: | |||||||||
As of | |||||||||
September 30, | March 31, | ||||||||
2013 | 2013 | ||||||||
(dollars in thousands) | |||||||||
Raw Materials and Material-in-Progress | $ | 71,298 | $ | 56,019 | |||||
Finished Cement | 12,327 | 18,077 | |||||||
Gypsum Wallboard | 6,112 | 6,855 | |||||||
Aggregates | 12,421 | 16,837 | |||||||
Paperboard | 3,412 | 2,867 | |||||||
Repair Parts and Supplies | 51,011 | 49,361 | |||||||
Fuel and Coal | 5,513 | 6,364 | |||||||
$ | 162,094 | $ | 156,380 | ||||||
ACCRUED_EXPENSES_Tables
ACCRUED EXPENSES (Tables) | 6 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Payables And Accruals [Abstract] | ' | ||||||||
Schedule of Accrued Expenses | ' | ||||||||
Accrued expenses consist of the following: | |||||||||
As of | |||||||||
September 30, | March 31, | ||||||||
2013 | 2013 | ||||||||
(dollars in thousands) | |||||||||
Payroll and Incentive Compensation | $ | 11,145 | $ | 11,827 | |||||
Benefits | 9,662 | 10,349 | |||||||
Interest | 4,813 | 4,813 | |||||||
Property Taxes | 4,967 | 3,235 | |||||||
Power and Fuel | 2,539 | 3,146 | |||||||
Sales and Use Tax | 1,129 | 591 | |||||||
Acquisition Related Expenses | — | 2,023 | |||||||
Other | 6,530 | 5,365 | |||||||
$ | 40,785 | $ | 41,349 | ||||||
SHAREBASED_EMPLOYEE_COMPENSATI1
SHARE-BASED EMPLOYEE COMPENSATION (Tables) | 6 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||||||
Weighted-Average Assumptions used to Value Option Awards | ' | ||||||||||||||||||||
The weighted-average assumptions used in the Black-Scholes model to value the option awards in fiscal 2014 are as follows: | |||||||||||||||||||||
Fiscal 2014 | |||||||||||||||||||||
Dividend Yield | 2 | % | |||||||||||||||||||
Expected Volatility | 44.6 | % | |||||||||||||||||||
Risk Free Interest Rate | 2 | % | |||||||||||||||||||
Expected Life | 7.0 years | ||||||||||||||||||||
Stock Option Activity | ' | ||||||||||||||||||||
The following table represents stock option activity for the six month period ended September 30, 2013: | |||||||||||||||||||||
Number | Weighted- | ||||||||||||||||||||
of | Average | ||||||||||||||||||||
Shares | Exercise | ||||||||||||||||||||
Price | |||||||||||||||||||||
Outstanding Options at Beginning of Period | 3,022,592 | $ | 37.83 | ||||||||||||||||||
Granted | 236,989 | $ | 67.21 | ||||||||||||||||||
Exercised | (70,837 | ) | $ | 33.19 | |||||||||||||||||
Cancelled | (5,000 | ) | $ | 53.22 | |||||||||||||||||
Outstanding Options at End of Period | 3,183,744 | $ | 40.1 | ||||||||||||||||||
Options Exercisable at End of Period | 1,230,175 | $ | 30.68 | ||||||||||||||||||
Weighted-Average Fair Value of Options Granted during the Period | $ | 26.04 | |||||||||||||||||||
Stock Options Outstanding | ' | ||||||||||||||||||||
The following table summarizes information about stock options outstanding at September 30, 2013: | |||||||||||||||||||||
Outstanding Options | Exercisable Options | ||||||||||||||||||||
Range of Exercise Prices | Number of | Weighted - | Weighted - | Number of | Weighted - | ||||||||||||||||
Shares | Average | Average | Shares | Average | |||||||||||||||||
Outstanding | Remaining | Exercise | Outstanding | Exercise | |||||||||||||||||
Contractual | Price | Price | |||||||||||||||||||
Life | |||||||||||||||||||||
$23.17 - $ 30.74 | 1,006,370 | 4.98 | $ | 26.74 | 886,941 | $ | 26.62 | ||||||||||||||
$33.08 - $ 40.78 | 626,719 | 7.45 | $ | 34.57 | 274,993 | $ | 35.34 | ||||||||||||||
$47.53 - $ 70.30 | 1,550,655 | 2.26 | $ | 51.01 | 68,241 | $ | 64.76 | ||||||||||||||
3,183,744 | 4.14 | $ | 40.1 | 1,230,175 | $ | 30.68 | |||||||||||||||
COMPUTATION_OF_EARNINGS_PER_SH1
COMPUTATION OF EARNINGS PER SHARE (Tables) | 6 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Calculation of Basic and Diluted Common Shares Outstanding | ' | ||||||||||||||||
The calculation of basic and diluted common shares outstanding is as follows: | |||||||||||||||||
For the Three Months | For the Six Months | ||||||||||||||||
Ended September 30, | Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Weighted-Average Shares of Common Stock Outstanding | 49,012,045 | 44,746,225 | 48,984,038 | 44,708,499 | |||||||||||||
Common Equivalent Shares: | |||||||||||||||||
Assumed Exercise of Outstanding Dilutive Options | 1,682,592 | 1,711,195 | 1,692,782 | 1,428,889 | |||||||||||||
Less: Shares Repurchased from Assumed Proceeds of Assumed Exercised Options | (1,134,329 | ) | (1,371,038 | ) | (1,137,668 | ) | (1,162,751 | ) | |||||||||
Restricted Shares | 299,792 | 267,396 | 296,230 | 244,587 | |||||||||||||
Weighted-Average Common and Common Equivalent Shares Outstanding | 49,860,100 | 45,353,778 | 49,835,382 | 45,219,224 | |||||||||||||
Shares Excluded Due to Anti-dilution Effects | 121,957 | 1,935,783 | 71,479 | 2,126,953 | |||||||||||||
PENSION_AND_EMPLOYEE_BENEFIT_P1
PENSION AND EMPLOYEE BENEFIT PLANS (Tables) | 6 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Components of Net Periodic Cost | ' | ||||||||||||||||
The following table shows the components of net periodic cost for our plans: | |||||||||||||||||
For the Three Months | For the Six Months | ||||||||||||||||
Ended September 30, | ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(dollars in | (dollars in | ||||||||||||||||
thousands) | thousands) | ||||||||||||||||
Service Cost – Benefits Earned During the Period | $ | 197 | $ | 132 | $ | 393 | $ | 264 | |||||||||
Interest Cost of Benefit Obligations | 306 | 268 | 611 | 536 | |||||||||||||
Expected Return on Plan Assets | (343 | ) | (342 | ) | (686 | ) | (684 | ) | |||||||||
Recognized Net Actuarial Loss | 247 | 177 | 492 | 354 | |||||||||||||
Amortization of Prior-Service Cost | 2 | 14 | 8 | 28 | |||||||||||||
Net Periodic Pension Cost | $ | 409 | $ | 249 | $ | 818 | $ | 498 | |||||||||
LONGTERM_DEBT_Tables
LONG-TERM DEBT (Tables) | 6 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Long-Term Debt | ' | ||||||||||||
Long-term debt consists of the following: | |||||||||||||
As of | |||||||||||||
September 30, | March 31, | ||||||||||||
2013 | 2013 | ||||||||||||
(dollars in thousands) | |||||||||||||
Amended Credit Facility | $ | 263,000 | $ | 297,000 | |||||||||
Senior Notes | 192,259 | 192,259 | |||||||||||
Total Debt | $ | 455,259 | $ | 489,259 | |||||||||
2005 Note Purchase Agreement [Member] | ' | ||||||||||||
Amount Outstanding of Tranches | ' | ||||||||||||
Following these repurchases and maturities, the amounts outstanding for each of the remaining tranches are as follows: | |||||||||||||
Principal | Maturity Date | Interest Rate | |||||||||||
Tranche B | $ | 57.0 million | November 15, 2015 | 5.38 | % | ||||||||
Tranche C | $ | 57.2 million | 15-Nov-17 | 5.48 | % | ||||||||
2007 Note Purchase Agreement [Member] | ' | ||||||||||||
Amount Outstanding of Tranches | ' | ||||||||||||
Following the repurchase, the amounts outstanding for each of the four tranches are as follows: | |||||||||||||
Principal | Maturity Date | Interest Rate | |||||||||||
Tranche A | $ | 9.5 million | October 2, 2014 | 6.08 | % | ||||||||
Tranche B | $ | 8.0 million | 2-Oct-16 | 6.27 | % | ||||||||
Tranche C | $ | 24.0 million | 2-Oct-17 | 6.36 | % | ||||||||
Tranche D | $ | 36.5 million | 2-Oct-19 | 6.48 | % |
SEGMENT_INFORMATION_Tables
SEGMENT INFORMATION (Tables) | 6 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Financial Information Related to Operations by Segment | ' | ||||||||||||||||
The following table sets forth certain financial information relating to our operations by segment: | |||||||||||||||||
For the Three Months | For the Six Months | ||||||||||||||||
Ended September 30, | Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(dollars in thousands) | (dollars in thousands) | ||||||||||||||||
Revenues - | |||||||||||||||||
Cement | $ | 133,204 | $ | 78,533 | $ | 250,904 | $ | 154,557 | |||||||||
Gypsum Wallboard | 98,960 | 77,327 | 194,941 | 147,547 | |||||||||||||
Paperboard | 34,642 | 31,730 | 66,805 | 62,059 | |||||||||||||
Concrete and Aggregates | 30,097 | 14,257 | 55,303 | 27,134 | |||||||||||||
Sub-total | 296,903 | 201,847 | 567,953 | 391,297 | |||||||||||||
Less: Intersegment Revenues | (16,879 | ) | (13,272 | ) | (32,481 | ) | (24,973 | ) | |||||||||
Net Revenues, including Joint Venture | 280,024 | 188,575 | 535,472 | 366,324 | |||||||||||||
Less: Joint Venture | (27,378 | ) | (23,916 | ) | (55,782 | ) | (47,623 | ) | |||||||||
Net Revenues | $ | 252,646 | $ | 164,659 | $ | 479,690 | $ | 318,701 | |||||||||
For the Three Months | For the Six Months | ||||||||||||||||
Ended September 30, | Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(dollars in thousands) | (dollars in thousands) | ||||||||||||||||
Intersegment Revenues - | |||||||||||||||||
Cement | $ | 2,955 | $ | 512 | $ | 4,947 | $ | 1,079 | |||||||||
Paperboard | 13,650 | 12,515 | 26,862 | 23,437 | |||||||||||||
Concrete and Aggregates | 274 | 245 | 672 | 457 | |||||||||||||
$ | 16,879 | $ | 13,272 | $ | 32,481 | $ | 24,973 | ||||||||||
Cement Sales Volume (in thousands of tons) - | |||||||||||||||||
Wholly –owned Operations | 1,182 | 639 | 2,161 | 1,260 | |||||||||||||
Joint Venture | 252 | 225 | 514 | 452 | |||||||||||||
1,434 | 864 | 2,675 | 1,712 | ||||||||||||||
For the Three Months | For the Six Months | ||||||||||||||||
Ended September 30, | Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(dollars in thousands) | (dollars in thousands) | ||||||||||||||||
Operating Earnings - | |||||||||||||||||
Cement | $ | 32,430 | $ | 17,442 | $ | 51,440 | $ | 27,308 | |||||||||
Gypsum Wallboard | 29,868 | 16,464 | 59,504 | 30,486 | |||||||||||||
Paperboard | 6,937 | 7,695 | 12,616 | 12,971 | |||||||||||||
Concrete and Aggregates | (9 | ) | (362 | ) | 148 | (161 | ) | ||||||||||
Other, net | 317 | 66 | 900 | (204 | ) | ||||||||||||
Sub-total | 69,543 | 41,305 | 124,608 | 70,400 | |||||||||||||
Corporate General and Administrative | (6,060 | ) | (5,919 | ) | (11,654 | ) | (10,674 | ) | |||||||||
Acquisition and Litigation Expense | — | (5,713 | ) | — | (6,374 | ) | |||||||||||
Earnings Before Interest and Income Taxes | 63,483 | 29,673 | 112,954 | 53,352 | |||||||||||||
Interest Expense, net | (4,795 | ) | (3,548 | ) | (9,750 | ) | (7,313 | ) | |||||||||
Earnings Before Income Taxes | $ | 58,688 | $ | 26,125 | $ | 103,204 | $ | 46,039 | |||||||||
Cement Operating Earnings - | |||||||||||||||||
Wholly –owned Operations | $ | 22,683 | $ | 8,692 | $ | 33,815 | $ | 12,090 | |||||||||
Joint Venture | 9,747 | 8,750 | 17,625 | 15,218 | |||||||||||||
$ | 32,430 | $ | 17,442 | $ | 51,440 | $ | 27,308 | ||||||||||
Capital Expenditures - | |||||||||||||||||
Cement | $ | 2,069 | $ | 951 | $ | 5,836 | $ | 4,947 | |||||||||
Gypsum Wallboard | 602 | 1,268 | 1,699 | 1,464 | |||||||||||||
Paperboard | 1,364 | 145 | 1,901 | 366 | |||||||||||||
Aggregates | 5,468 | 1,556 | 21,016 | 1,791 | |||||||||||||
Concrete | 843 | 16 | 1,131 | 53 | |||||||||||||
Other | — | 7 | — | 7 | |||||||||||||
$ | 10,346 | $ | 3,943 | $ | 31,583 | $ | 8,628 | ||||||||||
Depreciation, Depletion and Amortization - | |||||||||||||||||
Cement | $ | 7,811 | $ | 3,924 | $ | 15,648 | $ | 7,733 | |||||||||
Gypsum Wallboard | 5,261 | 5,269 | 10,544 | 10,546 | |||||||||||||
Paperboard | 2,171 | 2,209 | 4,353 | 4,419 | |||||||||||||
Aggregates | 1,277 | 896 | 2,556 | 1,783 | |||||||||||||
Concrete | 433 | 268 | 830 | 536 | |||||||||||||
Other, net | 450 | 217 | 693 | 427 | |||||||||||||
$ | 17,403 | $ | 12,783 | $ | 34,624 | $ | 25,444 | ||||||||||
As of | |||||||||||||||||
September 30, | March 31, | ||||||||||||||||
2013 | 2013 | ||||||||||||||||
(dollars in thousands) | |||||||||||||||||
Identifiable Assets - | |||||||||||||||||
Cement | $ | 759,434 | $ | 756,158 | |||||||||||||
Gypsum Wallboard | 415,799 | 425,866 | |||||||||||||||
Paperboard | 127,391 | 129,226 | |||||||||||||||
Aggregates | 146,700 | 108,796 | |||||||||||||||
Concrete | 30,426 | 27,187 | |||||||||||||||
Corporate and Other | 30,425 | 29,000 | |||||||||||||||
$ | 1,510,175 | $ | 1,476,233 | ||||||||||||||
Segment Breakdown of Goodwill | ' | ||||||||||||||||
The segment breakdown of goodwill is as follows: | |||||||||||||||||
As of | |||||||||||||||||
September 30, | March 31, | ||||||||||||||||
2013 | 2013 | ||||||||||||||||
(dollars in thousands) | |||||||||||||||||
Cement | $ | 8,359 | $ | 8,359 | |||||||||||||
Gypsum Wallboard | 116,618 | 116,618 | |||||||||||||||
Paperboard | 7,538 | 7,538 | |||||||||||||||
$ | 132,515 | $ | 132,515 | ||||||||||||||
Summarized Financial Information for Joint Venture Unconsolidated | ' | ||||||||||||||||
Summarized financial information for the Joint Venture that is not consolidated is set out below (this summarized financial information includes the total amount for the Joint Venture and not our 50% interest in those amounts): | |||||||||||||||||
For the Three Months | For the Six Months | ||||||||||||||||
Ended September 30, | Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(dollars in thousands) | (dollars in thousands) | ||||||||||||||||
Revenues | $ | 54,756 | $ | 48,057 | $ | 111,564 | $ | 95,944 | |||||||||
Gross Margin | $ | 20,641 | $ | 18,580 | $ | 37,335 | $ | 32,489 | |||||||||
Earnings Before Income Taxes | $ | 19,649 | $ | 17,501 | $ | 35,568 | $ | 30,437 | |||||||||
As of | |||||||||||||||||
September 30, | March 31, | ||||||||||||||||
2013 | 2013 | ||||||||||||||||
(dollars in thousands) | |||||||||||||||||
Current Assets | $ | 52,548 | $ | 53,059 | |||||||||||||
Non-Current Assets | $ | 42,691 | $ | 44,120 | |||||||||||||
Current Liabilities | $ | 18,631 | $ | 12,913 |
INTEREST_EXPENSE_Tables
INTEREST EXPENSE (Tables) | 6 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Banking And Thrift Interest [Abstract] | ' | ||||||||||||||||
Interest Expense, Net | ' | ||||||||||||||||
The following components are included in interest expense, net: | |||||||||||||||||
For the Three Months | For the Six Months | ||||||||||||||||
Ended September 30, | Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(dollars in thousands) | (dollars in thousands) | ||||||||||||||||
Interest (Income) | $ | (1 | ) | $ | (3 | ) | $ | (2 | ) | $ | (4 | ) | |||||
Interest Expense | 4,410 | 3,342 | 8,969 | 6,893 | |||||||||||||
Interest Expense – Income Taxes | 163 | 91 | 326 | 188 | |||||||||||||
Other Expenses | 223 | 118 | 457 | 236 | |||||||||||||
Interest Expense, net | $ | 4,795 | $ | 3,548 | $ | 9,750 | $ | 7,313 | |||||||||
FAIR_VALUE_OF_FINANCIAL_INSTRU1
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended | ||||
Sep. 30, 2013 | |||||
Fair Value Disclosures [Abstract] | ' | ||||
Fair Value of Senior Notes | ' | ||||
The fair value of our long-term debt has been estimated based upon our current incremental borrowing rates for similar types of borrowing arrangements. The fair value of our Senior Notes at September 30, 2013 is as follows: | |||||
Fair Value | |||||
(dollars in thousands) | |||||
Series 2005A Tranche B | $ | 59,897 | |||
Series 2005A Tranche C | 61,047 | ||||
Series 2007A Tranche A | 9,814 | ||||
Series 2007A Tranche B | 8,684 | ||||
Series 2007A Tranche C | 26,340 | ||||
Series 2007A Tranche D | 40,369 |
Acquisition_Additional_Informa
Acquisition - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |
Sep. 30, 2012 | Sep. 30, 2012 | Nov. 30, 2012 | |
Business Acquisition [Line Items] | ' | ' | ' |
Purchase price | ' | ' | $450,699,000 |
Final Working Capital Adjustment | ' | ' | 2,734,000 |
Direct acquisition cost | $6,100,000 | $6,100,000 | ' |
Asset Purchase Agreement [Member] | Cement [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Number of business assets acquired | ' | ' | 2 |
Asset Purchase Agreement [Member] | Aggregates Quarries [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Number of business assets acquired | ' | ' | 2 |
Asset Purchase Agreement [Member] | Ready-mix Plants [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Number of business assets acquired | ' | ' | 8 |
Components_of_Purchase_Price_A
Components of Purchase Price Allocation (Detail) (USD $) | Sep. 30, 2013 | Nov. 30, 2012 |
In Thousands, unless otherwise specified | ||
Business Combinations [Abstract] | ' | ' |
Cash and cash equivalents | ' | ' |
Accounts Receivable | ' | 23,432 |
Inventories | ' | 20,361 |
Prepaid and Other Assets | ' | 3,511 |
Property and Equipment | ' | 407,260 |
Intangible Assets | 12,500 | 12,500 |
Accounts Payable | ' | -9,070 |
Accrued Liabilities | ' | -3,501 |
Other Long-term Liabilities | ' | -1,060 |
Total Net Assets | ' | 453,433 |
Goodwill | ' | ' |
Initial Purchase Price | ' | 453,433 |
Final Working Capital Adjustment | ' | -2,734 |
Final Purchase Price | ' | $450,699 |
Summary_of_Fair_Value_Estimate
Summary of Fair Value Estimates of Identifiable Intangible Assets and Weighted-Average Useful Lives (Detail) (USD $) | Sep. 30, 2013 | Nov. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | Customer Relationships [Member] | Sales contracts [Member] | Permits [Member] | ||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' |
Weighted Average Life | ' | ' | '15 years | '4 years | '40 years |
Fair Value | $12,500 | $12,500 | $4,760 | $2,500 | $5,240 |
Net_Sales_and_Operating_Income
Net Sales and Operating Income of Acquired Assets (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ' | ' | ' | ' |
Operating Income | $69,543 | $41,305 | $124,608 | $70,400 |
Recently Acquired Assets [Member] | ' | ' | ' | ' |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ' | ' | ' | ' |
Net Sales | 52,603 | ' | 93,683 | ' |
Operating Income | $12,288 | ' | $18,713 | ' |
Unaudited_Pro_Forma_Results_De
Unaudited Pro Forma Results (Detail) (USD $) | 3 Months Ended | 6 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2012 | Sep. 30, 2012 |
Business Combinations [Abstract] | ' | ' |
Revenues | $222,665 | $431,124 |
Net Income | $22,286 | $37,193 |
Earnings per share - basic | $0.46 | $0.77 |
Earnings per share - diluted | $0.46 | $0.76 |
Weighted Average Shares Outstanding: | ' | ' |
Basic | 48,196,225 | 48,158,499 |
Diluted | 48,803,778 | 48,669,224 |
Accounts_and_Notes_Receivable_
Accounts and Notes Receivable - Additional Information (Detail) (USD $) | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
In Millions, unless otherwise specified | Minimum [Member] | Maximum [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Allowance for doubtful accounts | $5.20 | $5.10 | ' | ' |
Notes receivable, total | 9.7 | ' | ' | ' |
Note receivable, current | $6.20 | ' | ' | ' |
Notes receivable interest rate over prime rate | 1.50% | ' | ' | ' |
Notes receivable, maturity year | ' | ' | '2014 | '2017 |
Summary_of_Changes_in_Stockhol
Summary of Changes in Stockholders' Equity (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Stockholders Equity Note [Line Items] | ' | ' | ' | ' |
Balance at Beginning of Period | ' | ' | $696,170 | ' |
Net Earnings | 39,903 | 17,953 | 70,004 | 31,931 |
Balance at End of Period | 764,320 | ' | 764,320 | ' |
Common Stock [Member] | ' | ' | ' | ' |
Stockholders Equity Note [Line Items] | ' | ' | ' | ' |
Balance at Beginning of Period | ' | ' | 495 | ' |
Stock Option Exercises | ' | ' | 2 | ' |
Balance at End of Period | 497 | ' | 497 | ' |
Capital in Excess of Par Value [Member] | ' | ' | ' | ' |
Stockholders Equity Note [Line Items] | ' | ' | ' | ' |
Balance at Beginning of Period | ' | ' | 224,053 | ' |
Stock Compensation Expense | ' | ' | 4,814 | ' |
Shares Redeemed to Settle Employee Taxes | ' | ' | -435 | ' |
Stock Option Exercises | ' | ' | 3,404 | ' |
Balance at End of Period | 231,836 | ' | 231,836 | ' |
Retained Earnings [Member] | ' | ' | ' | ' |
Stockholders Equity Note [Line Items] | ' | ' | ' | ' |
Balance at Beginning of Period | ' | ' | 478,664 | ' |
Dividends Declared to Stockholders | ' | ' | -9,949 | ' |
Net Earnings | ' | ' | 70,004 | ' |
Balance at End of Period | 538,719 | ' | 538,719 | ' |
Accumulated Other Comprehensive Loss [Member] | ' | ' | ' | ' |
Stockholders Equity Note [Line Items] | ' | ' | ' | ' |
Balance at Beginning of Period | ' | ' | -7,042 | ' |
Change in Funded Status of Pension Plan, net of tax | ' | ' | 310 | ' |
Balance at End of Period | ($6,732) | ' | ($6,732) | ' |
Stockholders_Equity_Additional
Stockholders Equity - Additional Information (Detail) | Sep. 30, 2013 |
Equity [Abstract] | ' |
Number of additional shares authorized to be purchased | 717,300 |
Recovered_Sheet1
Cash Flow Information - Supplemental - Additional Information (Detail) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Supplemental Cash Flow Elements [Abstract] | ' | ' |
Cash payments made for interest | $9 | $7 |
Net payments made for federal and state income taxes | $20.80 | $7.30 |
Inventories_Stated_at_Lower_of
Inventories Stated at Lower of Average Cost or Market (Detail) (USD $) | Sep. 30, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Line Items] | ' | ' |
Inventories | $162,094 | $156,380 |
Raw Materials and Material-in-Progress [Member] | ' | ' |
Inventory Disclosure [Line Items] | ' | ' |
Inventories | 71,298 | 56,019 |
Finished Cement [Member] | ' | ' |
Inventory Disclosure [Line Items] | ' | ' |
Inventories | 12,327 | 18,077 |
Gypsum Wallboard [Member] | ' | ' |
Inventory Disclosure [Line Items] | ' | ' |
Inventories | 6,112 | 6,855 |
Aggregates [Member] | ' | ' |
Inventory Disclosure [Line Items] | ' | ' |
Inventories | 12,421 | 16,837 |
Paperboard [Member] | ' | ' |
Inventory Disclosure [Line Items] | ' | ' |
Inventories | 3,412 | 2,867 |
Repair Parts and Supplies [Member] | ' | ' |
Inventory Disclosure [Line Items] | ' | ' |
Inventories | 51,011 | 49,361 |
Fuel and Coal [Member] | ' | ' |
Inventory Disclosure [Line Items] | ' | ' |
Inventories | $5,513 | $6,364 |
Schedule_of_Accrued_Expenses_D
Schedule of Accrued Expenses (Detail) (USD $) | Sep. 30, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts Payable and Accrued Liabilities, Current [Abstract] | ' | ' |
Payroll and Incentive Compensation | $11,145 | $11,827 |
Benefits | 9,662 | 10,349 |
Interest | 4,813 | 4,813 |
Property Taxes | 4,967 | 3,235 |
Power and Fuel | 2,539 | 3,146 |
Sales and Use Tax | 1,129 | 591 |
Acquisition Related Expenses | ' | 2,023 |
Other | 6,530 | 5,365 |
Accrued expenses, total | $40,785 | $41,349 |
Recovered_Sheet2
Share-Based Employee Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 1 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 1 Months Ended | |||||||||||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Aug. 07, 2013 | Aug. 07, 2013 | Aug. 31, 2013 | Aug. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Aug. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | Aug. 31, 2013 |
Stock Awards [Member] | Fiscal 2014 Employee Stock Option Grant [Member] | Fiscal 2014 Board of Directors Grant [Member] | Stock Options [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | ||||||
Minimum [Member] | Maximum [Member] | Board of Directors [Member] | ||||||||||||||||||||
Share Based Employee Compensation [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares available for future grant | 3,973,459 | ' | 3,973,459 | ' | 3,000,000 | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares granted | ' | ' | 236,989 | ' | ' | ' | 206,914 | 30,075 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation vesting period | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' |
Share-based compensation award expiration term | ' | ' | ' | ' | ' | ' | '10 years | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock option expense | $1.90 | $1.30 | $2.70 | $1.80 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation cost, stock options | ' | ' | ' | ' | ' | ' | ' | ' | 10.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average period of recognition of unrecognized compensation cost | ' | ' | ' | ' | ' | ' | ' | ' | '2 years 4 months 24 days | ' | ' | ' | ' | ' | ' | ' | '3 years 8 months 12 days | ' | ' | ' | ' | ' |
Aggregate intrinsic value for outstanding options | 103.3 | ' | 103.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate intrinsic value of exercisable options | 37.7 | ' | 37.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total intrinsic value of options exercised | ' | ' | 2.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock or unit expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0.4 | 0 | 0.8 | ' | 1.2 | 0.9 | 2.1 | 1.6 | ' | ' | ' | ' |
Number of shares granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 93,186 | ' | ' | ' | ' | ' | ' | ' | 5,761 |
Percentage of average return on invested capital | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | ' | ' |
Period of average return on invested capital exceeded target | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' |
Share-based compensation vesting date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31-Mar-15 | 31-Mar-17 | ' |
Unrecognized compensation cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $17.70 | ' | $17.70 | ' | ' | ' | ' | ' |
WeightedAverage_Assumptions_Us
Weighted-Average Assumptions Used to Value Option Awards (Detail) (Fiscal 2014 Board of Directors Grant [Member]) | 9 Months Ended |
Sep. 30, 2013 | |
Fiscal 2014 Board of Directors Grant [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Dividend Yield | 2.00% |
Expected Volatility | 44.60% |
Risk Free Interest Rate | 2.00% |
Expected Life | '7 years |
Stock_Option_Activity_Detail
Stock Option Activity (Detail) (USD $) | 6 Months Ended |
Sep. 30, 2013 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' |
Number of Shares, Outstanding Options at Beginning of Period | 3,022,592 |
Number of Shares, Granted | 236,989 |
Number of Shares, Exercised | -70,837 |
Number of Shares, Cancelled | -5,000 |
Number of Shares, Outstanding Options at End of Period | 3,183,744 |
Number of Shares, Options Exercisable at End of Period | 1,230,175 |
Weighted-Average Exercise Price, Outstanding Options at Beginning of Period | $37.83 |
Weighted-Average Exercise Price, Granted | $67.21 |
Weighted-Average Exercise Price, Exercised | $33.19 |
Weighted-Average Exercise Price, Cancelled | $53.22 |
Weighted-Average Exercise Price, Outstanding Options at End of Period | $40.10 |
Weighted-Average Exercise Price, Options Exercisable at End of Period | $30.68 |
Weighted-Average Exercise Price, Weighted-Average Fair Value of Options Granted during the Period | ' |
Stock_Options_Outstanding_Deta
Stock Options Outstanding (Detail) (USD $) | 6 Months Ended |
Sep. 30, 2013 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Options Outstanding, Number of Shares Outstanding | 3,183,744 |
Options Outstanding, Weighted-Average Remaining Contractual Life | '4 years 1 month 21 days |
Options Outstanding, Weighted-Average Exercise Price | $40.10 |
Options Exercisable, Number of Shares Outstanding | 1,230,175 |
Options Exercisable, Weighted-Average Exercise Price | $30.68 |
$23.17 - $ 30.74 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of Exercise Prices, Lower Range | $23.17 |
Range of Exercise Prices, Upper Range | $30.74 |
Options Outstanding, Number of Shares Outstanding | 1,006,370 |
Options Outstanding, Weighted-Average Remaining Contractual Life | '4 years 11 months 23 days |
Options Outstanding, Weighted-Average Exercise Price | $26.74 |
Options Exercisable, Number of Shares Outstanding | 886,941 |
Options Exercisable, Weighted-Average Exercise Price | $26.62 |
$33.08 - $ 40.78 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of Exercise Prices, Lower Range | $33.08 |
Range of Exercise Prices, Upper Range | $40.78 |
Options Outstanding, Number of Shares Outstanding | 626,719 |
Options Outstanding, Weighted-Average Remaining Contractual Life | '7 years 5 months 12 days |
Options Outstanding, Weighted-Average Exercise Price | $34.57 |
Options Exercisable, Number of Shares Outstanding | 274,993 |
Options Exercisable, Weighted-Average Exercise Price | $35.34 |
$47.53 - $ 70.30 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of Exercise Prices, Lower Range | $47.53 |
Range of Exercise Prices, Upper Range | $70.30 |
Options Outstanding, Number of Shares Outstanding | 1,550,655 |
Options Outstanding, Weighted-Average Remaining Contractual Life | '2 years 3 months 4 days |
Options Outstanding, Weighted-Average Exercise Price | $51.01 |
Options Exercisable, Number of Shares Outstanding | 68,241 |
Options Exercisable, Weighted-Average Exercise Price | $64.76 |
Calculation_of_Basic_and_Dilut
Calculation of Basic and Diluted Common Shares Outstanding (Detail) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Weighted-Average Shares of Common Stock Outstanding | 49,012,045 | 44,746,225 | 48,984,038 | 44,708,499 |
Assumed Exercise of Outstanding Dilutive Options | 1,682,592 | 1,711,195 | 1,692,782 | 1,428,889 |
Less: Shares Repurchased from Assumed Proceeds of Assumed Exercised Options | -1,134,329 | -1,371,038 | -1,137,668 | -1,162,751 |
Restricted Shares | 299,792 | 267,396 | 296,230 | 244,587 |
Weighted-Average Common and Common Equivalent Shares Outstanding | 49,860,100 | 45,353,778 | 49,835,382 | 45,219,224 |
Shares Excluded Due to Anti-dilution Effects | 121,957 | 1,935,783 | 71,479 | 2,126,953 |
Components_of_Net_Periodic_Cos
Components of Net Periodic Cost (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Compensation And Retirement Disclosure [Abstract] | ' | ' | ' | ' |
Service Cost - Benefits Earned During the Period | $197 | $132 | $393 | $264 |
Interest Cost of Benefit Obligations | 306 | 268 | 611 | 536 |
Expected Return on Plan Assets | -343 | -342 | -686 | -684 |
Recognized Net Actuarial Loss | 247 | 177 | 492 | 354 |
Amortization of Prior-Service Cost | 2 | 14 | 8 | 28 |
Net Periodic Pension Cost | $409 | $249 | $818 | $498 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) | 3 Months Ended | 6 Months Ended |
Sep. 30, 2013 | Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' |
Effective tax rate | 32.00% | 32.00% |
LongTerm_Debt_Detail
Long-Term Debt (Detail) (USD $) | Sep. 30, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Total | $455,259 | $489,259 |
Credit Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total | 263,000 | 297,000 |
Senior Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total | $192,259 | $192,259 |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information (Detail) (USD $) | 6 Months Ended | 6 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 6 Months Ended | 88 Months Ended | 1 Months Ended | 6 Months Ended | 66 Months Ended | 1 Months Ended | |||||||||||||||
Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Dec. 31, 1998 | Sep. 26, 2012 | Sep. 30, 2013 | Sep. 26, 2012 | Dec. 16, 2010 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 26, 2012 | Dec. 16, 2010 | Sep. 26, 2012 | Dec. 16, 2010 | Sep. 26, 2012 | Sep. 26, 2012 | Sep. 26, 2012 | Sep. 26, 2012 | Sep. 26, 2012 | Sep. 26, 2012 | Sep. 30, 2013 | Mar. 31, 2013 | Nov. 15, 2005 | Nov. 30, 2012 | Sep. 30, 2013 | Mar. 31, 2013 | Oct. 02, 2007 | Aug. 31, 2011 | |
Industrial Revenue Bonds [Member] | Industrial Revenue Bonds [Member] | Letter Of Credit [Member] | Letter Of Credit [Member] | Credit Facility [Member] | Credit Facility [Member] | Credit Facility [Member] | Credit Facility [Member] | Credit Facility [Member] | Credit Facility [Member] | Credit Facility [Member] | Credit Facility [Member] | Credit Facility [Member] | Credit Facility [Member] | Credit Facility [Member] | Credit Facility [Member] | Credit Facility [Member] | Credit Facility [Member] | 2005 Note Purchase Agreement [Member] | 2005 Note Purchase Agreement [Member] | 2005 Note Purchase Agreement [Member] | 2005 Note Purchase Agreement [Member] | 2007 Note Purchase Agreement [Member] | 2007 Note Purchase Agreement [Member] | 2007 Note Purchase Agreement [Member] | Shelf Agreement [Member] | |||
Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Sub Limit Swing Line Loans [Member] | Sub Limit Swing Line Loans [Member] | Minimum [Member] | Maximum [Member] | Federal Funds Rate [Member] | Federal Funds Rate [Member] | LIBOR [Member] | LIBOR [Member] | Loan | Series 2005A Tranche A [Member] | Loan | ||||||||||||||||
Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility, principal balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $400,000,000 | $300,000,000 | $25,000,000 | $15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility, maturity date | ' | ' | ' | ' | ' | ' | ' | 16-Dec-15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility, interest rate description | ' | ' | ' | ' | ' | ' | 'At the option of the Company, outstanding principal amounts on the Credit Facility bear interest at a variable rate equal to (i) LIBOR, plus an agreed margin (ranging from 100 to 225 basis points), which is to be established quarterly based upon the Companybs ratio of consolidated EBITDA, defined as earnings before interest, taxes, depreciation and amortization, to the Companybs consolidated indebtedness (the bLeverage Ratiob), or (ii) an alternative base rate which is the higher of (a) the prime rate or (b) the federal funds rate plus 1/2%, per annum plus an agreed margin (ranging from 0 to 125 basis points) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable margin | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 1.25% | 1.00% | 2.25% | ' | ' | ' | ' | ' | ' | ' | ' |
Federal funds rate plus | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated funded indebtedness ratio | ' | ' | ' | ' | ' | ' | '3.5:1.0 or less and an interest coverage ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest coverage ratio | ' | ' | ' | ' | ' | ' | 2.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted payments maximum amount allowed for cash dividend | ' | ' | ' | ' | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unused line of credit commitment fee based on leverage ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.10% | 0.35% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowings outstanding under Credit Facility | 263,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Bank credit facility, borrowings available | 129,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted payments maximum consolidated funded indebtedness ratio | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letter of credit facility | ' | ' | ' | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Bank credit facility, one-time fee | ' | ' | ' | ' | 0.13% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of credit outstanding, amount | 7,400,000 | ' | ' | ' | ' | 7,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior notes, sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000,000 | ' | ' | ' | 200,000,000 | ' |
Number of tranches | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | 4 | ' |
Senior notes, repurchased amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 81,100,000 | ' | ' | ' | 122,000,000 | ' | ' |
Retirement of senior note | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,700,000 | ' | ' | ' | ' |
Senior notes, payment terms | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Interest for each tranche of Notes is payable semi-annually on the 15thday of May and the 15thday of November of each year until all principal is paid for the respective tranche | ' | ' | ' | 'Interest for each tranche of Notes is payable semi-annually on the second day of April and the second day of October of each year until all principal is paid for the respective tranche | ' | ' | ' |
Senior notes, permitted minimum aggregate principal amount prepayment without penalty | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of face value to be paid if notes are prepaid | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior notes, calculation of make-whole amount, description | 'Discounting the remaining scheduled payments of interest and principal of the Senior Notes being prepaid at a discount rate equal to the sum of 50 basis points | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discount on senior notes principal and interest | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of tax-exempt and taxable industrial revenue bonds | ' | ' | ' | 150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Industrial revenue bonds amount placed in escrow account | ' | ' | 47,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Industrial revenue bonds outstanding | 455,259,000 | 489,259,000 | 103,000,000 | ' | ' | ' | ' | ' | 263,000,000 | 297,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining amount of industrial revenue bonds transferred in acquisition | ' | ' | 103,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior unsecured notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $75,000,000 |
Repayment term, years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Two |
Amount_Outstanding_of_Tranches
Amount Outstanding of Tranches - Two Thousand Five Note Purchase Agreement (Detail) (2005 Note Purchase Agreement [Member], USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Series 2005A Tranche B [Member] | ' |
Debt Instrument [Line Items] | ' |
Principal | $57 |
Maturity Date | 15-Nov-15 |
Interest Rate | 5.38% |
Series 2005A Tranche C [Member] | ' |
Debt Instrument [Line Items] | ' |
Principal | $57.20 |
Maturity Date | 15-Nov-17 |
Interest Rate | 5.48% |
Amount_Outstanding_of_Tranches1
Amount Outstanding of Tranches - Two Thousand Seven Note Purchase Agreement (Detail) (2007 Note Purchase Agreement [Member], USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Series 2007A Tranche A [Member] | ' |
Debt Instrument [Line Items] | ' |
Principal | $9.50 |
Maturity Date | 2-Oct-14 |
Interest Rate | 6.08% |
Series 2007A Tranche B [Member] | ' |
Debt Instrument [Line Items] | ' |
Principal | 8 |
Maturity Date | 2-Oct-16 |
Interest Rate | 6.27% |
Series 2007A Tranche C [[Member] | ' |
Debt Instrument [Line Items] | ' |
Principal | 24 |
Maturity Date | 2-Oct-17 |
Interest Rate | 6.36% |
Series 2007A Tranche D [Member] | ' |
Debt Instrument [Line Items] | ' |
Principal | $36.50 |
Maturity Date | 2-Oct-19 |
Interest Rate | 6.48% |
Segment_Information_Additional
Segment Information - Additional Information (Detail) (USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Segment | |
Segment Reporting Information [Line Items] | ' |
Business segments | 4 |
Cement plant locations | 6 |
Cement distribution terminals | 16 |
Gypsum wallboard plants | 5 |
Aggregates processing plant | 4 |
Readymix concrete batch plant | 17 |
Proportionate consolidation of share of Joint Venture's revenues and operating earnings | 50.00% |
Operating Segments [Member] | Gypsum Wallboard [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Carrying value of plant | 3 |
Carrying value of equipment | 2.2 |
Financial_Information_Related_
Financial Information Related to Operations by Segment (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net Revenues | $252,646 | $164,659 | $479,690 | $318,701 | ' |
Operating Earnings | 69,543 | 41,305 | 124,608 | 70,400 | ' |
Corporate General and Administrative | -6,060 | -5,919 | -11,654 | -10,674 | ' |
Capital Expenditures | 10,346 | 3,943 | 31,583 | 8,628 | ' |
Acquisition and Litigation Expense | ' | -5,713 | ' | -6,374 | ' |
Depreciation, Depletion and Amortization | 17,403 | 12,783 | 34,624 | 25,444 | ' |
Earnings Before Interest and Income Taxes | 63,483 | 29,673 | 112,954 | 53,352 | ' |
Identifiable Assets | 1,510,175 | ' | 1,510,175 | ' | 1,476,233 |
Interest Expense, Net | -4,795 | -3,548 | -9,750 | -7,313 | ' |
Earnings Before Income Taxes | 58,688 | 26,125 | 103,204 | 46,039 | ' |
Joint Venture [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net Revenues | 27,378 | 23,916 | 55,782 | 47,623 | ' |
Cement [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Cement Sales Volume | 1,434,000 | 864,000 | 2,675,000 | 1,712,000 | ' |
Cement [Member] | Joint Venture [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Operating Earnings | 9,747 | 8,750 | 17,625 | 15,218 | ' |
Cement [Member] | Wholly-Owned Operations [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Operating Earnings | 22,683 | 8,692 | 33,815 | 12,090 | ' |
Operating Segments [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net Revenues | 296,903 | 201,847 | 567,953 | 391,297 | ' |
Operating Segments [Member] | Cement [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net Revenues | 133,204 | 78,533 | 250,904 | 154,557 | ' |
Operating Earnings | 32,430 | 17,442 | 51,440 | 27,308 | ' |
Capital Expenditures | 2,069 | 951 | 5,836 | 4,947 | ' |
Depreciation, Depletion and Amortization | 7,811 | 3,924 | 15,648 | 7,733 | ' |
Identifiable Assets | 759,434 | ' | 759,434 | ' | 756,158 |
Operating Segments [Member] | Gypsum Wallboard [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net Revenues | 98,960 | 77,327 | 194,941 | 147,547 | ' |
Operating Earnings | 29,868 | 16,464 | 59,504 | 30,486 | ' |
Capital Expenditures | 602 | 1,268 | 1,699 | 1,464 | ' |
Depreciation, Depletion and Amortization | 5,261 | 5,269 | 10,544 | 10,546 | ' |
Identifiable Assets | 415,799 | ' | 415,799 | ' | 425,866 |
Operating Segments [Member] | Paperboard [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net Revenues | 34,642 | 31,730 | 66,805 | 62,059 | ' |
Operating Earnings | 6,937 | 7,695 | 12,616 | 12,971 | ' |
Capital Expenditures | 1,364 | 145 | 1,901 | 366 | ' |
Depreciation, Depletion and Amortization | 2,171 | 2,209 | 4,353 | 4,419 | ' |
Identifiable Assets | 127,391 | ' | 127,391 | ' | 129,226 |
Operating Segments [Member] | Concrete and Aggregates [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net Revenues | 30,097 | 14,257 | 55,303 | 27,134 | ' |
Operating Earnings | -9 | -362 | 148 | -161 | ' |
Operating Segments [Member] | Aggregates [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Capital Expenditures | 5,468 | 1,556 | 21,016 | 1,791 | ' |
Depreciation, Depletion and Amortization | 1,277 | 896 | 2,556 | 1,783 | ' |
Identifiable Assets | 146,700 | ' | 146,700 | ' | 108,796 |
Operating Segments [Member] | Concrete [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Capital Expenditures | 843 | 16 | 1,131 | 53 | ' |
Depreciation, Depletion and Amortization | 433 | 268 | 830 | 536 | ' |
Identifiable Assets | 30,426 | ' | 30,426 | ' | 27,187 |
Operating Segments [Member] | Corporate and Other [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Depreciation, Depletion and Amortization | 450 | 217 | 693 | 427 | ' |
Intersegment Elimination [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net Revenues | 16,879 | 13,272 | 32,481 | 24,973 | ' |
Intersegment Elimination [Member] | Cement [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net Revenues | 2,955 | 512 | 4,947 | 1,079 | ' |
Intersegment Elimination [Member] | Paperboard [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net Revenues | 13,650 | 12,515 | 26,862 | 23,437 | ' |
Intersegment Elimination [Member] | Concrete and Aggregates [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net Revenues | 274 | 245 | 672 | 457 | ' |
Net Revenue [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net Revenues | 280,024 | 188,575 | 535,472 | 366,324 | ' |
Reportable Legal Entities [Member] | Cement [Member] | Joint Venture [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Cement Sales Volume | 252,000 | 225,000 | 514,000 | 452,000 | ' |
Reportable Legal Entities [Member] | Cement [Member] | Wholly-Owned Operations [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Cement Sales Volume | 1,182,000 | 639,000 | 2,161,000 | 1,260,000 | ' |
Significant Reconciling Items [Member] | Other Net [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Operating Earnings | 317 | 66 | 900 | -204 | ' |
Corporate Non Segment [Member] | Corporate and Other [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Capital Expenditures | ' | 7 | ' | 7 | ' |
Identifiable Assets | $30,425 | ' | $30,425 | ' | $29,000 |
Segment_Breakdown_of_Goodwill_
Segment Breakdown of Goodwill (Detail) (USD $) | Sep. 30, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ' | ' |
Goodwill | $132,515 | $132,515 |
Operating Segments [Member] | Cement [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Goodwill | 8,359 | 8,359 |
Operating Segments [Member] | Gypsum Wallboard [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Goodwill | 116,618 | 116,618 |
Operating Segments [Member] | Paperboard [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Goodwill | $7,538 | $7,538 |
Summarized_Financial_Informati
Summarized Financial Information for Joint Venture Unconsolidated (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Current Assets | $300,705 | ' | $300,705 | ' | $261,271 |
Current Liabilities | 101,691 | ' | 101,691 | ' | 100,229 |
Joint Venture [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | 54,756 | 48,057 | 111,564 | 95,944 | ' |
Gross Margin | 20,641 | 18,580 | 37,335 | 32,489 | ' |
Earnings Before Income Taxes | 19,649 | 17,501 | 35,568 | 30,437 | ' |
Current Assets | 52,548 | ' | 52,548 | ' | 53,059 |
Non-Current Assets | 42,691 | ' | 42,691 | ' | 44,120 |
Current Liabilities | $18,631 | ' | $18,631 | ' | $12,913 |
Interest_Expense_Net_Detail
Interest Expense, Net (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Interest Income (Expense), Net [Abstract] | ' | ' | ' | ' |
Interest (Income) | ($1) | ($3) | ($2) | ($4) |
Interest Expense | 4,410 | 3,342 | 8,969 | 6,893 |
Interest Expense - Income Taxes | 163 | 91 | 326 | 188 |
Other Expenses | 223 | 118 | 457 | 236 |
Interest Expense, net | $4,795 | $3,548 | $9,750 | $7,313 |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | 1 Months Ended | |||
In Millions, unless otherwise specified | Jul. 31, 2010 | Jun. 30, 2010 | Sep. 30, 2013 | Mar. 31, 2010 |
Commitments And Contingencies Disclosure [Abstract] | ' | ' | ' | ' |
Contingent liabilities under outstanding letters of credit | ' | ' | $7.40 | ' |
Contingently liable for performance, current | ' | ' | 16.1 | ' |
Notice of deficiency received for taxes and penalties related to IRS audit | ' | 71.5 | ' | ' |
Notice of deficiency received for taxes and penalties including interest | ' | 98.7 | ' | ' |
Taxes and penalties including interest deposited with IRS | 23.7 | 75 | ' | ' |
Notice of deficiency received for taxes and penalties including interest, net outlay | 97.9 | ' | ' | ' |
Taxes and penalties amount refunded from IRS | 0.8 | ' | ' | ' |
Total taxes and penalties including interest deposited with IRS | 98.7 | ' | ' | ' |
Assessment of income tax | ' | ' | ' | 8.1 |
Assessment of penalties | ' | ' | ' | 1.9 |
Income tax interest accrued | ' | ' | $2.30 | ' |
Fair_Value_of_Senior_Notes_Det
Fair Value of Senior Notes (Detail) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Series 2005A Tranche B [Member] | ' |
Fair Value of Financial Instruments [Line Items] | ' |
Fair Value of Senior Notes | $59,897 |
Series 2005A Tranche C [Member] | ' |
Fair Value of Financial Instruments [Line Items] | ' |
Fair Value of Senior Notes | 61,047 |
Series 2007A Tranche A [Member] | ' |
Fair Value of Financial Instruments [Line Items] | ' |
Fair Value of Senior Notes | 9,814 |
Series 2007A Tranche B [Member] | ' |
Fair Value of Financial Instruments [Line Items] | ' |
Fair Value of Senior Notes | 8,684 |
Series 2007A Tranche C [[Member] | ' |
Fair Value of Financial Instruments [Line Items] | ' |
Fair Value of Senior Notes | 26,340 |
Series 2007A Tranche D [Member] | ' |
Fair Value of Financial Instruments [Line Items] | ' |
Fair Value of Senior Notes | $40,369 |