Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Mar. 31, 2015 | 18-May-15 | Sep. 30, 2014 |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Mar-15 | ||
Document Fiscal Year Focus | 2015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | EXP | ||
Entity Registrant Name | EAGLE MATERIALS INC | ||
Entity Central Index Key | 918646 | ||
Current Fiscal Year End Date | -28 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 50,232,767 | ||
Entity Public Float | $5 |
Consolidated_Statements_of_Ear
Consolidated Statements of Earnings (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Income Statement [Abstract] | |||
Revenues | $1,066,368 | $898,396 | $642,562 |
Cost of Goods Sold | 812,235 | 712,937 | 539,317 |
Gross Profit | 254,133 | 185,459 | 103,245 |
Equity in Earnings of Unconsolidated Joint Venture | 44,967 | 37,811 | 32,507 |
Corporate General and Administrative Expense | -30,751 | -24,552 | -23,918 |
Other Operating Income (Loss) | 3,201 | 1,368 | -1,232 |
Acquisition and Litigation Expense | -6,880 | -10,683 | |
Interest Expense, Net | -11,743 | -18,282 | -15,823 |
Earnings before Income Taxes | 252,927 | 181,804 | 84,096 |
Income Taxes | -66,074 | -57,561 | -26,352 |
Net Earnings | $186,853 | $124,243 | $57,744 |
EARNINGS PER SHARE | |||
Basic | $3.77 | $2.53 | $1.24 |
Diluted | $3.71 | $2.49 | $1.22 |
AVERAGE SHARES OUTSTANDING | |||
Basic | 49,604,249 | 49,090,750 | 46,622,646 |
Diluted | 50,372,243 | 49,939,165 | 47,340,450 |
CASH DIVIDENDS PER SHARE | $0.40 | $0.40 | $0.40 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Earnings (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net Earnings | $186,853 | $124,243 | $57,744 |
Net Actuarial (Gains) Losses of Defined Benefit Plans: | |||
Unrealized (gain) loss during the period, net of tax (expense) benefit of ($3,746), $1,173 and $1,071 | 6,173 | -2,399 | -1,988 |
Amortization of Net Actuarial Loss, net of tax benefit of $242, $333 and $249 | 411 | 840 | 462 |
Comprehensive Earnings | $193,437 | $122,684 | $56,218 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Earnings (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Statement Of Income And Comprehensive Income [Abstract] | |||
Unrealized (gain) loss during the period, tax (expense) benefit | ($3,746) | $1,173 | $1,071 |
Amortization of Net Actuarial Loss, tax benefit | $242 | $333 | $249 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current Assets - | ||
Cash and Cash Equivalents | $7,514 | $6,482 |
Accounts and Notes Receivable, net | 113,577 | 102,917 |
Inventories | 235,464 | 187,096 |
Prepaid and Other Assets | 10,080 | 10,465 |
Total Current Assets | 366,635 | 306,960 |
Property, Plant and Equipment - | 1,962,215 | 1,660,975 |
Less: Accumulated Depreciation | -740,396 | -676,924 |
Property, Plant and Equipment, net | 1,221,819 | 984,051 |
Notes Receivable | 2,847 | 3,063 |
Investment in Joint Venture | 47,614 | 43,008 |
Goodwill and Intangible Assets, net | 211,167 | 160,690 |
Other Assets | 32,509 | 13,757 |
Total Assets | 1,882,591 | 1,511,529 |
Current Liabilities - | ||
Accounts Payable | 77,749 | 57,098 |
Accrued Liabilities | 46,830 | 41,520 |
Income Tax Payable | 2,952 | 702 |
Current Portion of Long-term Debt | 57,045 | 9,500 |
Total Current Liabilities | 184,576 | 108,820 |
Long-term Debt | 455,714 | 371,759 |
Other Long-term Liabilities | 69,055 | 53,678 |
Deferred Income Taxes | 162,653 | 145,773 |
Total Liabilities | 871,998 | 680,030 |
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 50,245,364 and 50,053,078 Shares, respectively. | 502 | 501 |
Capital in Excess of Par Value | 272,441 | 253,524 |
Accumulated Other Comprehensive Losses | -12,067 | -5,483 |
Retained Earnings | 749,717 | 582,957 |
Total Stockholders’ Equity | 1,010,593 | 831,499 |
Liabilities and Stockholders' Equity, Total | $1,882,591 | $1,511,529 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
Statement Of Financial Position [Abstract] | ||
Preferred Stock, Par Value | $0.01 | $0.01 |
Preferred Stock, Authorized | 5,000,000 | 5,000,000 |
Preferred Stock, Issued | 0 | 0 |
Common Stock, Par Value | $0.01 | $0.01 |
Common Stock, Authorized | 100,000,000 | 100,000,000 |
Common Stock, Issued | 50,245,364 | 50,053,078 |
Common Stock, Outstanding | 50,245,364 | 50,053,078 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net Earnings | $186,853 | $124,243 | $57,744 |
Adjustments to Reconcile Net Earnings to Net Cash Provided by Operating Activities, Net of Effect of Non-Cash Activity - | |||
Depreciation, Depletion and Amortization | 76,299 | 70,021 | 56,850 |
Deferred Income Tax Provision | 5,805 | 5,746 | 6,155 |
Stock Compensation Expense | 13,030 | 10,136 | 9,002 |
Excess Tax Benefits from Share Based Payment Arrangements | -5,743 | -8,067 | -6,493 |
Equity in Earnings of Unconsolidated Joint Venture | -44,967 | -37,811 | -32,507 |
Distributions from Joint Venture | 40,375 | 37,750 | 28,500 |
Changes in Operating Assets and Liabilities: | |||
Accounts and Notes Receivable | 4,196 | -12,876 | -7,771 |
Inventories | -38,741 | -32,714 | -14,186 |
Accounts Payable and Accrued Liabilities | -11,499 | 6,504 | 24,610 |
Other Assets | 520 | -3,511 | -2,679 |
Income Taxes Payable | 7,993 | 11,212 | 5,182 |
Net Cash Provided by Operating Activities | 234,121 | 170,633 | 124,407 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Additions to Property, Plant and Equipment | -111,573 | -59,490 | -53,011 |
CRS Acquisition | -237,171 | -453,420 | |
Net Cash Used in Investing Activities | -348,744 | -59,490 | -506,431 |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Increase (Decrease) in Credit Facility | 141,000 | -108,000 | 227,000 |
Repayment of Senior Notes | -9,500 | -4,677 | |
Dividends Paid to Stockholders | -20,072 | -19,899 | -18,533 |
Net Proceeds from Offering of Common Stock | 154,832 | ||
Proceeds from Stock Option Exercises | 4,311 | 14,187 | 19,645 |
Shares Redeemed to Settle Employee Taxes on Stock Compensation | -4,166 | -2,913 | -3,569 |
Payment of Debt Issuance Costs | -1,661 | -1,751 | |
Excess Tax Benefits from Share Based Payment Arrangements | 5,743 | 8,067 | 6,493 |
Net Cash Provided by (Used in) Financing Activities | 115,655 | -108,558 | 379,440 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 1,032 | 2,585 | -2,584 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 6,482 | 3,897 | 6,481 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $7,514 | $6,482 | $3,897 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Common Stock [Member] | Capital in Excess of Par Value [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Losses [Member] |
In Thousands | |||||
Beginning balance at Mar. 31, 2012 | $472,511 | $453 | $37,692 | $439,882 | ($5,516) |
Net Earnings | 57,744 | 57,744 | |||
Net proceeds from Equity Offering | 154,832 | 35 | 154,797 | ||
Stock Option Exercises and Restricted Share Vesting | 19,645 | 8 | 19,637 | ||
Tax Benefit-Stock Option Exercise | 6,493 | 6,493 | |||
Dividends to Stockholders | -18,962 | -18,962 | |||
Stock Compensation Expense | 9,002 | 9,002 | |||
Shares Redeemed to Settle Employee Taxes | -3,569 | -1 | -3,568 | ||
Unfunded Pension Liability, net of tax | -1,526 | -1,526 | |||
Ending Balance at Mar. 31, 2013 | 696,170 | 495 | 224,053 | 478,664 | -7,042 |
Net Earnings | 124,243 | 124,243 | |||
Stock Option Exercises and Restricted Share Vesting | 14,187 | 5 | 14,182 | ||
Tax Benefit-Stock Option Exercise | 8,067 | 8,067 | |||
Dividends to Stockholders | -19,950 | -19,950 | |||
Stock Compensation Expense | 10,136 | 1 | 10,135 | ||
Shares Redeemed to Settle Employee Taxes | -2,913 | -2,913 | |||
Unfunded Pension Liability, net of tax | 1,559 | 1,559 | |||
Ending Balance at Mar. 31, 2014 | 831,499 | 501 | 253,524 | 582,957 | -5,483 |
Net Earnings | 186,853 | 186,853 | |||
Stock Option Exercises and Restricted Share Vesting | 4,311 | 1 | 4,310 | ||
Tax Benefit-Stock Option Exercise | 5,743 | 5,743 | |||
Dividends to Stockholders | -20,093 | -20,093 | |||
Stock Compensation Expense | 13,030 | 13,030 | |||
Shares Redeemed to Settle Employee Taxes | -4,166 | -4,166 | |||
Unfunded Pension Liability, net of tax | -6,584 | -6,584 | |||
Ending Balance at Mar. 31, 2015 | $1,010,593 | $502 | $272,441 | $749,717 | ($12,067) |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||
Significant Accounting Policies | (A) Significant Accounting Policies | ||||||||||||||||
Basis of Presentation – | |||||||||||||||||
The consolidated financial statements include the accounts of Eagle Materials Inc. and its majority-owned subsidiaries (“EXP” or the “Company”), which may be referred to as “our”, “we”, or “us”. All intercompany balances and transactions have been eliminated. EXP is a holding company whose assets consist of its investments in its subsidiaries, joint venture, intercompany balances and holdings of cash and cash equivalents. The businesses of the consolidated group are conducted through EXP’s subsidiaries. The Company conducts one of its cement plant operations through a joint venture, Texas Lehigh Cement Company L.P., which is located in Buda, Texas (the “Joint Venture”). Investments in the Joint Venture and affiliated companies owned 50% or less are accounted for using the equity method of accounting. The Equity in Earnings of Unconsolidated Joint Venture has been included for the same period as our March 31 year end. | |||||||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities 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. | |||||||||||||||||
Reclassifications – Certain reclassifications have been made to the prior year to conform to the current year presentation. | |||||||||||||||||
Cash and Cash Equivalents – | |||||||||||||||||
Cash equivalents include short-term, highly liquid investments with original maturities of three months or less and are recorded at cost, which approximates market value. | |||||||||||||||||
Accounts and Notes Receivable – | |||||||||||||||||
Accounts and notes receivable have been shown net of the allowance for doubtful accounts of $7.1 million and $5.8 million at March 31, 2015 and 2014, 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 and oil and gas industries, 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 $3.3 million at March 31, 2015, of which approximately $0.5 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 3.9%, which will vary based on changes to LIBOR. Remaining unpaid amounts, plus accrued interest, mature on various dates between 2015 and 2017. The notes are collateralized by certain assets of the borrowers, namely property and equipment. We monitor the credit risk of each borrower by focusing on the timeliness of payments, review of credit history and credit metrics and interaction with the borrowers. At March 31, 2015 and 2014, approximately $0.3 million of our allowance for doubtful accounts is related to our notes receivable. | |||||||||||||||||
Inventories – | |||||||||||||||||
Inventories are stated at the lower of average cost (including applicable material, labor, depreciation, and plant overhead) or market. Inventories consist of the following: | |||||||||||||||||
March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
(dollars in thousands) | |||||||||||||||||
Raw Materials and Materials-in-Progress | $ | 115,345 | $ | 82,319 | |||||||||||||
Finished Cement | 20,508 | 19,173 | |||||||||||||||
Gypsum Wallboard | 7,741 | 7,144 | |||||||||||||||
Paperboard | 8,493 | 4,102 | |||||||||||||||
Frac Sand | 4,928 | 275 | |||||||||||||||
Aggregates | 11,131 | 11,815 | |||||||||||||||
Repair Parts and Supplies | 62,121 | 56,119 | |||||||||||||||
Fuel and Coal | 5,197 | 6,149 | |||||||||||||||
$ | 235,464 | $ | 187,096 | ||||||||||||||
Property, Plant and Equipment – | |||||||||||||||||
Property, plant and equipment are stated at cost. Major renewals and improvements are capitalized and depreciated. Annual maintenance is expensed as incurred. Depreciation is provided on a straight-line basis over the estimated useful lives of depreciable assets and totaled $69.7 million, $67.3 million and $55.1 million for the years ended March 31, 2015, 2014 and 2013, respectively. Raw material deposits are depleted as such deposits are extracted for production utilizing the units-of-production method. Costs and accumulated depreciation applicable to assets retired or sold are eliminated from the accounts and any resulting gains or losses are recognized at such time. The estimated lives of the related assets are as follows: | |||||||||||||||||
Plants | 20 to 30 years | ||||||||||||||||
Buildings | 20 to 40 years | ||||||||||||||||
Machinery and Equipment | 3 to 25 years | ||||||||||||||||
We periodically evaluate whether current events or circumstances indicate that the carrying value of our depreciable assets may not be recoverable. At March 31, 2015 and 2014, management believes no events or circumstances indicate that the carrying value may not be recoverable. | |||||||||||||||||
We idled our gypsum manufacturing facility in Bernalillo, N.M. in December 2009, due to cyclical low gypsum wallboard demand. The carrying value of the Bernalillo plant and equipment at March 31, 2015 was $2.7 million and $0.4 million, respectively, 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 additional capacity is needed to meet demand for our products. 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. | |||||||||||||||||
Impairment or Disposal of Long-Lived and Intangible Assets – | |||||||||||||||||
We evaluate the recoverability of our long-lived assets and certain identifiable intangibles, such as permits and customer contracts, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets, such as plants, buildings and machinery and equipment, including mining assets, is measured by comparing the carrying amount of an asset to future undiscounted net cash flows expected to be generated by the asset. Such evaluations for impairment are significantly impacted by estimates of future prices for our products, capital needs, economic trends in the construction sector and other factors. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds their fair value. Assets to be disposed of by sale are reflected at the lower of their carrying amount or fair value less cost to sell. | |||||||||||||||||
Goodwill and Intangible Assets – | |||||||||||||||||
Goodwill: Goodwill is subject to at least an annual assessment for impairment by applying a fair-value-based test. We have elected to test for goodwill impairment in the fourth quarter of each fiscal year. The goodwill impairment test is a two-step process, which requires us to make judgments in determining what assumptions to use in the calculation. The first step of the process consists of estimating the fair value of each reporting unit based on a discounted cash flow model using revenues and profit forecasts and comparing those estimated fair values with the carrying value; a second step is performed, if necessary, to compute the amount of the impairment by determining an “implied fair value” of goodwill. Similar to the review for impairment of other long-lived assets, evaluations for impairment are significantly impacted by estimates of future prices for our products, capital needs, economic trends and other factors. | |||||||||||||||||
Intangible Assets: Intangible assets at March 31, 2015 and 2014 consist of the following: | |||||||||||||||||
March 31, 2015 | |||||||||||||||||
Amortization | Cost | Accumulated | Net | ||||||||||||||
Period | Amortization | ||||||||||||||||
(dollars in thousands) | |||||||||||||||||
Intangible Assets and Goodwill: | |||||||||||||||||
Customer contracts and relationships | 5-15 years | $ | 62,060 | $ | (5,994 | ) | $ | 56,066 | |||||||||
Sales contracts | 4 years | 2,500 | (1,458 | ) | 1,042 | ||||||||||||
Permits | 40 years | 27,440 | (5,896 | ) | 21,544 | ||||||||||||
Goodwill | 132,515 | — | 132,515 | ||||||||||||||
Total intangible assets and goodwill | $ | 224,515 | $ | (13,348 | ) | $ | 211,167 | ||||||||||
March 31, 2014 | |||||||||||||||||
Amortization | Cost | Accumulated | Net | ||||||||||||||
Period | Amortization | ||||||||||||||||
(dollars in thousands) | |||||||||||||||||
Intangible Assets and Goodwill: | |||||||||||||||||
Customer contracts and relationships | 15 years | $ | 6,060 | $ | (1,580 | ) | $ | 4,480 | |||||||||
Sales contracts | 4 years | 2,500 | (833 | ) | 1,667 | ||||||||||||
Permits | 40 years | 27,240 | (5,212 | ) | 22,028 | ||||||||||||
Goodwill | 132,515 | — | 132,515 | ||||||||||||||
Total intangible assets and goodwill | $ | 168,315 | $ | (7,625 | ) | $ | 160,690 | ||||||||||
Amortization expense of intangibles was $5.7 million, $1.7 million and $1.0 million for the years ended March 31, 2015, 2014 and 2013, respectively. Amortization expense is expected to be approximately $13.4 million per year for fiscal year 2016, $13.2 million for fiscal year 2017, $12.7 million for fiscal year 2018, $12.6 million for fiscal year 2019 and $6.2 million for fiscal year 2020. | |||||||||||||||||
Other Assets – | |||||||||||||||||
Other assets are primarily composed of loan fees and financing costs, deferred expenses, and deposits. | |||||||||||||||||
Income Taxes – | |||||||||||||||||
Income taxes are accounted for using the asset and liability method. Deferred taxes are recognized for the tax consequences of temporary differences by applying enacted statutory tax rates applicable to future years to differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities. The effect on deferred taxes of a change in tax rates is recognized in earnings in the period that includes the enactment date. In addition, we recognize future tax benefits to the extent that such benefits are more likely than not to be realized. | |||||||||||||||||
Stock Repurchases – | |||||||||||||||||
Our Board of Directors has approved the repurchase of a cumulative total of 31,610,605 shares, of which approximately 717,300 shares remain available for repurchase at March 31, 2015. We did not repurchase any shares in the open market during the years ended March 31, 2015, 2014 and 2013. | |||||||||||||||||
Revenue Recognition – | |||||||||||||||||
Revenue from the sale of cement, gypsum wallboard, paperboard, frac sand, concrete and aggregates is recognized when title and ownership are transferred upon shipment to the customer. Fees for shipping and handling are recorded as revenue, while costs incurred for shipping and handling are recorded as expenses. | |||||||||||||||||
We classify amounts billed to customers for freight as revenues and freight costs as cost of goods sold, respectively, in the Consolidated Statements of Earnings. Approximately $124.0 million, $113.1 million and $83.2 million were classified as cost of goods sold in the years ended March 31, 2015, 2014 and 2013, respectively. | |||||||||||||||||
Other income (loss) includes lease and rental income, asset sale income, non-inventoried aggregates sales income, distribution center income and trucking income as well as other miscellaneous revenue items and costs which have not been allocated to a business segment. | |||||||||||||||||
Comprehensive Income/Losses – | |||||||||||||||||
As of March 31, 2015, we have an accumulated other comprehensive loss of $12.1 million, which is net of income taxes of $7.1 million, in connection with recognizing the difference between the fair value of the pension assets and the projected benefit obligation. | |||||||||||||||||
Consolidated Cash Flows – Supplemental Disclosures – | |||||||||||||||||
Interest payments made during the years ended March 31, 2015, 2014 and 2013 were $15.1 million, $17.0 million and $14.6 million, respectively. | |||||||||||||||||
We made net payments of $78.3 million, $41.7 million and $14.8 million for federal and state income taxes in the years ended March 31, 2015, 2014 and 2013, respectively. | |||||||||||||||||
Statements of Consolidated Earnings – Supplemental Disclosures – | |||||||||||||||||
Maintenance and repair expenses are included in each segment’s costs and expenses. We incurred $86.7 million, $77.4 million and $61.3 million in the years ended March 31, 2015, 2014 and 2013, respectively, which is included in Cost of Goods Sold on the Consolidated Statement of Earnings. | |||||||||||||||||
Selling, general and administrative expenses of the operating units are included in Cost of Goods Sold on the Consolidated Statements of Earnings. Corporate general and administrative (“G&A”) expenses include administration, financial, legal, employee benefits and other corporate activities and are shown separately in the consolidated statements of earnings. Corporate G&A also includes stock compensation expense. See Note (J), Stock Option Plans, for more information. | |||||||||||||||||
Total selling, general and administrative expenses for each of the periods are summarized as follows: | |||||||||||||||||
For the Years Ended March 31, | |||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||
(dollars in thousands) | |||||||||||||||||
Operating Units Selling, G&A | $ | 49,326 | $ | 50,175 | $ | 39,133 | |||||||||||
Corporate G&A | 30,751 | 24,552 | 23,918 | ||||||||||||||
$ | 80,077 | $ | 74,727 | $ | 63,051 | ||||||||||||
Earnings Per Share – | |||||||||||||||||
For the Years Ended March 31, | |||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||
Weighted-Average Shares of Common Stock Outstanding | 49,090,750 | 46,622,646 | |||||||||||||||
49,604,249 | |||||||||||||||||
Effect of Dilutive Shares: | |||||||||||||||||
Assumed Exercise of Outstanding Dilutive Options | 1,350,556 | 1,574,491 | 1,984,563 | ||||||||||||||
Less Shares Repurchased from Proceeds of Assumed Exercised Options | (868,636 | ) | (1,032,359 | ) | (1,568,604 | ) | |||||||||||
Restricted Stock Units | 286,074 | 306,283 | 301,845 | ||||||||||||||
Weighted-Average Common Stock and Dilutive Securities Outstanding | 50,372,243 | 49,939,165 | 47,340,450 | ||||||||||||||
The “Less Shares Repurchased from Proceeds of Assumed Exercised Options” line includes unearned compensation related to outstanding stock options. | |||||||||||||||||
There were 285,267, 146,696 and 1,082,380 stock options at an average exercise price of $82.72 per share, $65.12 per share and $39.65 per share that were excluded from the computation of diluted earnings per share for the years ended March 31, 2015, 2014 and 2013, respectively, because such inclusion would have been anti-dilutive. | |||||||||||||||||
Fair Value Measures – | |||||||||||||||||
Certain assets and liabilities are required to be recorded or disclosed at fair value. The estimated fair values of those assets and liabilities have been determined using market information and valuation methodologies. Changes in assumptions or estimation methods could affect the fair value estimates; however, we do not believe any such changes would have a material impact on our financial condition, results of operations or cash flows. There are three levels of inputs that may be used to measure fair value: | |||||||||||||||||
Level 1 – Quoted prices for identical assets and liabilities in active markets; | |||||||||||||||||
Level 2 – Quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data; and | |||||||||||||||||
Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. | |||||||||||||||||
New Accounting Standards – | |||||||||||||||||
In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers.” ASU 2014-09 supersedes the revenue recognition requirements in “Revenue Recognition (Topic 605),” and requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. The standard will be effective for us in the first quarter of fiscal 2018, with early adoption not permitted. There are two transition methods available under the new standard, either cumulative effect or retrospective. We are currently evaluating the impact of this ASU and have not yet selected a transition method. | |||||||||||||||||
In April 2015, The Financial Accounting Standards Board issued ASU 2015-03, “Interest-Imputation of Interest (Subtopic 830-30). This standard requires that discounts, premiums or debt issue costs related to borrowings be reported in the balance sheet as a direct reduction of the associated borrowing. The standard will be effective for us in the first quarter of fiscal 2017, and earlier application is permitted for financial statements that have not been previously issued. The impact of adopting this ASU is not expected to be material. | |||||||||||||||||
Acquisition and Litigation Expense | |||||||||||||||||
Acquisition and litigation expense consists primarily of expenses incurred during our acquisition, as discussed in Note (B), CRS Acquisition, and significant legal expenses incurred during litigation primarily involving the lawsuit against the Internal Revenue Service (“IRS”). See Note (H), Income Taxes, for more information about the outstanding lawsuit with the IRS. |
CRS_Acquisition
CRS Acquisition | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Business Combinations [Abstract] | |||||||||
CRS ACQUISITION | (B) CRS ACQUISITION | ||||||||
On November 14, 2014, Northern White Sand LLC (“NWS”), a wholly owned subsidiary of the Company, completed the acquisition (the “CRS Acquisition”) of the outstanding equity interest in CRS Holdco LLC, CRS Proppants LLC and Great Northern Sand LLC and related entities (collectively “CRS Proppants”). CRS Proppants is a supplier of frac sand to the energy industry, and its business currently consists of a frac sand mine in New Auburn, Wisconsin, and a transload network into Texas and southwest Oklahoma. | |||||||||
Purchase Price: The purchase price (the “Purchase Price”) of the CRS Acquisition was approximately $237.2 million, including approximately $8.9 million of in-process capital expenditures paid as of the closing date. The purchase price is subject to further adjustment to reflect actual working capital acquired at the closing. We funded the payment of the Purchase Price at closing and expenses incurred in connection with the CRS Acquisition through borrowings under our bank credit facility, which was amended and restated on October 30, 2014. See Footnote (E) of the Notes to Consolidated Financial Statements for more information about the amended bank credit facility. | |||||||||
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. The Company has engaged a third-party to perform appraisal valuation to support the Company’s preliminary estimate of the fair value of certain assets acquired in the CRS Acquisition. The working capital amounts paid at the closing are subject to certain changes to reflect actual working capital. Additionally, the amounts assigned to property, plant and equipment and intangible assets, are preliminary and subject to change, though it is possible other values may change as well. Included in the assets acquired, and liabilities assumed, are two long-term sales agreements that included prepayments for future sales under the agreement, with such prepayments classified as liabilities. Additionally, one of the agreements is with a customer that is currently in bankruptcy, and is not expected to fulfill its obligation under the contract. We have been indemnified by the former owner against any loss related to this contract, and such indemnity has been valued at fair value and recorded as an asset at the date of the acquisition. | |||||||||
The preparation of the valuation of the assets acquired and liabilities assumed in the CRS 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. | |||||||||
The following table summarizes the provisional allocation of the estimated Purchase Price to assets acquired and liabilities assumed as of the acquisition date: | |||||||||
Purchase price allocation at acquisition date (in thousands) | As of | ||||||||
November 14, 2014 | |||||||||
Cash and cash equivalents | $ | 219 | |||||||
Accounts Receivable | 14,640 | ||||||||
Inventories | 9,627 | ||||||||
Prepaid and Other Assets | 753 | ||||||||
Property and Equipment | 192,738 | ||||||||
Intangible Assets | 56,200 | ||||||||
Indemnity under Sales Agreement | 14,810 | ||||||||
Other Assets | 1,120 | ||||||||
Accounts Payable | (4,343 | ) | |||||||
Accrued Liabilities | (2,585 | ) | |||||||
Obligations under Long-term Sales Agreements | (28,131 | ) | |||||||
Asset Retirement Obligation | (4,112 | ) | |||||||
Deferred Taxes | (13,765 | ) | |||||||
Total Net Assets | 237,171 | ||||||||
Goodwill | — | ||||||||
Total Estimated Purchase Price | $ | 237,171 | |||||||
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 | Estimated | ||||||||
Average Life | Fair Value | ||||||||
Customer Relationships | 4 | 56,000 | |||||||
Permits | 40 | 200 | |||||||
Total Intangible Assets | $ | 56,200 | |||||||
Actual and pro forma impact of the CRS Acquisition: The following table presents the net sales and operating loss of CRS Proppants that has been included in our consolidated statement of earnings from November 14, 2014 through the end of the fiscal year: | |||||||||
Fiscal Year Ended | |||||||||
March 31, 2015 | |||||||||
(dollars in thousands) | |||||||||
Revenues | $ | 28,035 | |||||||
Operating Loss | $ | 5,002 | |||||||
Operating loss shown above has been impacted by approximately $6.4 million of depreciation and amortization and approximately $1.5 million related to the impact of recording acquired inventory at fair value. | |||||||||
The Company previously reported the estimated purchase price allocation in its Quarterly Report on Form 10-Q for the period ended December 31, 2014. During the fiscal fourth quarter, we finalized our valuation of the customer relationships, property plant and equipment and both our reclamation liability and reclamation asset. Also, the changes above, as well as the determination of the tax basis in the entities acquired, impacted our deferred tax liability at the acquisition date. The impact of the above changes increased our customer relationship intangible asset by approximately $8.0 million, reduced our deferred tax liability by approximately $6.2 million, increased our asset retirement obligation by approximately $3.6 million and decreased property, plant and equipment by approximately $10.9 million. We made other minor changes to working capital and reclassified certain amounts to reflect post-closing information. The final purchase price allocation is still pending certain working capital and tax basis adjustments. We will finalize the amounts recognized as the information necessary to complete the analyses is obtained. We expect to finalize these amounts during the first half of fiscal 2016. | |||||||||
The unaudited pro forma results presented below include the effects of the CRS Acquisition as if it had been consummated as of April 1, 2013. 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 CRS Acquisition and depreciation from the fair value adjustments for property and equipment. To better reflect the combined operating results, material nonrecurring charges directly related to the CRS Acquisition of $1.1 million have been excluded from pro forma net income for fiscal 2015. | |||||||||
For the Fiscal Year Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
(dollars in thousands) | |||||||||
Revenues | $ | 1,124,755 | $ | 961,006 | |||||
Net Income | $ | 188,715 | $ | 107,764 | |||||
Earnings per share – basis | $ | 3.8 | $ | 2.2 | |||||
Earnings per share - diluted | $ | 3.75 | $ | 2.16 | |||||
The pro forma results do not include any anticipated synergies or other expected benefits of the CRS 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 CRS Acquisition been consummated as of April 1, 2013. | |||||||||
On March 3, 2015, we entered into an asset purchase agreement to acquire a 600,000 ton per year Granulated Ground Blast Furnace Slag (“GGBFS”) plant in South Chicago (the “Skyway Plant”) with Holcim (US) Inc. (“Holcim”) and an affiliate of Holcim (the “Skyway Acquisition”). Among other applications, GGBFS is used in conjunction with Portland cement to make durable concrete structures. The Skyway Plant purchases its primary raw material, slag, pursuant to a long term supply agreement with a third party. | |||||||||
The purchase price (the “Skyway Purchase Price”) to be paid by us in the Skyway Acquisition is approximately $30.0 million in cash, subject to customary post-closing adjustments. We expect to fund the payment of the Skyway Purchase Price and expenses incurred in connection with the Skyway Acquisition through operating cash flow. We will assume certain liabilities, including contractual obligations, related to the Skyway Plant. The Skyway Acquisition is conditioned on the closing of the Lafarge S.A.-Holcim Ltd. merger and is expected to close during our fiscal 2016 second quarter. |
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Property Plant And Equipment [Abstract] | |||||||||
Property, Plant and Equipment | (C) Property, Plant and Equipment | ||||||||
Cost by major category and accumulated depreciation are summarized as follows: | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
(dollars in thousands) | |||||||||
Land and Quarries | $ | 345,991 | $ | 171,987 | |||||
Plants | 1,378,497 | 1,357,594 | |||||||
Buildings, Machinery and Equipment | 151,627 | 111,263 | |||||||
Construction in Progress | 86,100 | 20,131 | |||||||
1,962,215 | 1,660,975 | ||||||||
Accumulated Depreciation | (740,396 | ) | (676,924 | ) | |||||
$ | 1,221,819 | $ | 984,051 | ||||||
Accrued_Expenses
Accrued Expenses | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Payables And Accruals [Abstract] | |||||||||
Accrued Expenses | (D) Accrued Expenses | ||||||||
Accrued expenses at March 31, 2015 and 2014 consist of the following: | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
(dollars in thousands) | |||||||||
Payroll and Incentive Compensation | $ | 19,082 | $ | 12,855 | |||||
Benefits | 9,951 | 10,158 | |||||||
Interest | 4,524 | 4,813 | |||||||
Property Taxes | 3,189 | 2,801 | |||||||
Power and Fuel | 1,619 | 2,132 | |||||||
Legal | 1,673 | 1,831 | |||||||
Sales and Use Tax | 523 | 658 | |||||||
Acquisition Related Expenses | 1,355 | — | |||||||
Other | 4,914 | 6,272 | |||||||
$ | 46,830 | $ | 41,520 | ||||||
Indebtedness
Indebtedness | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Debt Disclosure [Abstract] | |||||||||||||
Indebtedness | (E) Indebtedness | ||||||||||||
Long-term debt consists of the following: | |||||||||||||
As of | |||||||||||||
March 31, | March 31, | ||||||||||||
2015 | 2014 | ||||||||||||
(dollars in thousands) | |||||||||||||
Bank Credit Facility | $ | 330,000 | $ | 189,000 | |||||||||
Senior Notes | 182,759 | 192,259 | |||||||||||
Total Debt | 512,759 | 381,259 | |||||||||||
Less: Current Portion of Long-term Debt | (57,045 | ) | (9,500 | ) | |||||||||
Long-term Debt | $ | 455,714 | $ | 371,759 | |||||||||
The weighted-average interest rate of Senior Notes was 5.81% for each of the fiscal 2015, 2014 and 2013. The average interest rate of the Senior Notes was 5.80% and 5.81% at March 31, 2015 and 2014, respectively. | |||||||||||||
The weighted-average interest rate of bank debt borrowings during fiscal 2015, 2014 and 2013 was 1.5%, 1.9% and 2.0%, respectively. The interest rate on the bank debt was 1.6% and 1.5% at March 31, 2015 and 2014, respectively. | |||||||||||||
Our maturities of long-term debt during the next five fiscal years and thereafter are as follows: | |||||||||||||
Fiscal Year | Amount | ||||||||||||
2016 | $ | 57,045 | |||||||||||
2017 | 8,000 | ||||||||||||
2018 | 81,214 | ||||||||||||
2019 | — | ||||||||||||
2020 | 366,500 | ||||||||||||
Thereafter | — | ||||||||||||
Total | $ | 512,759 | |||||||||||
Senior Notes - | |||||||||||||
We entered into a Note Purchase Agreement on November 15, 2005 (the “2005 Note Purchase Agreement”) related to our sale of $200.0 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). Following these repurchases, the amounts outstanding for each of the remaining tranches are as follows: | |||||||||||||
Principal | Maturity Date | Interest Rate | |||||||||||
Tranche B | $ | 57.0 million | 15-Nov-15 | 5.38 | % | ||||||||
Tranche C | $ | 57.2 million | 15-Nov-17 | 5.48 | % | ||||||||
Interest for each tranche of Notes is payable semi-annually on May 15 and November 15 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 $200.0 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). During October 2014, Tranche A of the Series 2007A Senior Notes matured and we retired the remaining $9.5 million in notes from this Tranche. Following these repurchases and maturation, the amounts outstanding for each of the four tranches are as follows: | |||||||||||||
Principal | Maturity Date | Interest Rate | |||||||||||
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 April 2 and October 2 of each year until all principal is paid for the respective tranche. | |||||||||||||
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 March 31, 2015 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. | |||||||||||||
Bank Debt - | |||||||||||||
Our unsecured Credit Facility was amended and restated on October 30, 2014 (the “Amended Credit Facility”). The Amended Credit Facility increased available borrowings from $400.0 million to $500.0 million and extended the term from December 15, 2015 to October 30, 2019. Borrowings under the Amended Credit Facility are guaranteed by substantially all of the Company’s subsidiaries. At the option of the Company, outstanding principal amounts on the Amended 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 a period of up to nine months at the option of the Company. The Company is also required to pay a commitment fee on unused available borrowings under the Amended Credit Facility ranging from 10 to 35 basis points depending upon the Leverage Ratio. The Amended 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 Amended 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. We had $330.0 million of borrowings outstanding at March 31, 2015. Based on our Leverage Ratio, we had $160.8 million of available borrowings, net of the outstanding letters of credit, at March 31, 2015. | |||||||||||||
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 March 31, 2015, we had $9.2 million of letters of credit outstanding. | |||||||||||||
We are leasing one of our cement plants from the city of Sugar Creek, Missouri. The city of Sugar Creek issued industrial revenue bonds to partly finance improvements to the cement plant. The lease payments due to the city of Sugar Creek under the cement plant lease, which was entered into upon the sale of the industrial revenue bonds, 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. Because we are 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 cement plant. At the conclusion of the lease in fiscal 2021, we have the option to purchase the cement plant for a nominal amount. | |||||||||||||
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 12 Months Ended | ||||
Mar. 31, 2015 | |||||
Fair Value Disclosures [Abstract] | |||||
FAIR VALUE OF FINANCIAL INSTRUMENTS | (F) Fair Value of Financial Instruments | ||||
The fair value of our senior notes has been estimated based upon our current incremental borrowing rates for similar types of borrowing arrangements. The fair value of our Senior Notes at March 31, 2015 is as follows: | |||||
Fair Value | |||||
(dollars in thousands) | |||||
Series 2005A Tranche B | $ | 58,206 | |||
Series 2005A Tranche C | 60,911 | ||||
Series 2007A Tranche B | 8,434 | ||||
Series 2007A Tranche C | 25,952 | ||||
Series 2007A Tranche D | 40,777 | ||||
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 March 31, 2015 due to the short-term maturities of these assets and liabilities. The fair value of our Credit Facility also approximates its carrying value at March 31, 2015. |
Business_Segments
Business Segments | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
Business Segments | (G) Business Segments | ||||||||||||
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. During the quarter ended June 30, 2014, we changed our segment presentation to reflect Oil and Gas Proppants, which had been included in Concrete and Aggregates, as a reportable segment. We have adjusted the prior segment presentation to reflect this change for comparative purposes. | |||||||||||||
We operate in five business segments: Cement, Gypsum Wallboard, Recycled Paperboard, Oil and Gas Proppants and Concrete and Aggregates. 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 and gravel) and sand used in hydraulic fracturing (“frac sand”). The products that we manufacture, distribute and sell are basic materials with broad application as construction products, building materials, and basic materials used for oil and natural gas extraction. Our construction productions are used in residential, industrial, commercial and infrastructure construction and include cement, concrete and aggregates. Our building materials are sold into similar markets and include gypsum wallboard. Our basic materials used for oil and natural gas extraction include frac sand and oil well cement. | |||||||||||||
We operate six cement plants, sixteen cement distribution terminals, five gypsum wallboard plants, including the plant 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, two frac sand processing facilities, three frac sand drying facilities and four frac sand trans-load locations. In addition to the four trans-load locations in operation at March 31, 1015, we opened a trans-load location during the first quarter of fiscal 2016 in Kenedy, Texas, and we expect to open a second trans-load location in Fowlerton, Texas during the second quarter of fiscal 2016. 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 into shale deposits across the United States. | |||||||||||||
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 Years Ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
(dollars in thousands) | |||||||||||||
Revenues - | |||||||||||||
Cement | $ | 488,644 | $ | 438,224 | $ | 304,125 | |||||||
Gypsum Wallboard | 437,514 | 387,016 | 306,529 | ||||||||||
Paperboard | 142,690 | 130,178 | 121,930 | ||||||||||
Oil and Gas Proppants | 81,381 | 19,557 | — | ||||||||||
Concrete and Aggregates | 107,892 | 96,908 | 56,287 | ||||||||||
1,258,121 | 1,071,883 | 788,871 | |||||||||||
Less: Intersegment Revenues | (65,533 | ) | (62,094 | ) | (49,987 | ) | |||||||
Less: Joint Venture Revenues | (126,220 | ) | (111,393 | ) | (96,322 | ) | |||||||
$ | 1,066,368 | $ | 898,396 | $ | 642,562 | ||||||||
For the Years Ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
(dollars in thousands) | |||||||||||||
Intersegment Revenues - | |||||||||||||
Cement | $ | 9,598 | $ | 8,952 | $ | 2,850 | |||||||
Paperboard | 55,060 | 52,119 | 46,393 | ||||||||||
Concrete and Aggregates | 875 | 1,023 | 744 | ||||||||||
$ | 65,533 | $ | 62,094 | $ | 49,987 | ||||||||
Cement Sales Volumes (M tons) - | |||||||||||||
Wholly-Owned | 3,744 | 3,580 | 2,390 | ||||||||||
Joint Venture | 1,055 | 1,013 | 913 | ||||||||||
4,799 | 4,593 | 3,303 | |||||||||||
For the Years Ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
(dollars in thousands) | |||||||||||||
Operating Earnings - | |||||||||||||
Cement | $ | 117,527 | $ | 89,486 | $ | 46,228 | |||||||
Gypsum Wallboard | 145,871 | 114,852 | 69,712 | ||||||||||
Paperboard | 31,512 | 23,610 | 25,200 | ||||||||||
Oil and Gas Proppants | (2,546 | ) | (4,890 | ) | (1,253 | ) | |||||||
Concrete and Aggregates | 6,736 | 212 | (5,388 | ) | |||||||||
Other, net | 3,201 | 1,368 | 21 | ||||||||||
Sub-Total | 302,301 | 224,638 | 134,520 | ||||||||||
Corporate General and Administrative | (30,751 | ) | (24,552 | ) | (23,918 | ) | |||||||
Acquisition, Litigation and Other Expense | (6,880 | ) | — | (10,683 | ) | ||||||||
Earnings Before Interest and Income Taxes | 264,670 | 200,086 | 99,919 | ||||||||||
Interest Expense, net | (11,743 | ) | (18,282 | ) | (15,823 | ) | |||||||
Earnings Before Income Taxes | $ | 252,927 | $ | 181,804 | $ | 84,096 | |||||||
Cement Operating Earnings - | |||||||||||||
Wholly-Owned | $ | 72,560 | $ | 51,675 | $ | 13,721 | |||||||
Joint Ventures | 44,967 | 37,811 | 32,507 | ||||||||||
$ | 117,527 | $ | 89,486 | $ | 46,228 | ||||||||
Capital Expenditures - | |||||||||||||
Cement | $ | 27,086 | $ | 12,226 | $ | 15,583 | |||||||
Gypsum Wallboard | 7,129 | 4,825 | 2,682 | ||||||||||
Paperboard | 1,888 | 3,354 | 804 | ||||||||||
Oil and Gas Proppants | 61,484 | 34,264 | — | ||||||||||
Concrete and Aggregates | 13,851 | 4,572 | 33,932 | ||||||||||
Other, net | 135 | 249 | 10 | ||||||||||
$ | 111,573 | $ | 59,490 | $ | 53,011 | ||||||||
Depreciation , Depletion and Amortization - | |||||||||||||
Cement | $ | 31,839 | $ | 31,829 | $ | 20,658 | |||||||
Gypsum Wallboard | 20,092 | 20,981 | 21,045 | ||||||||||
Paperboard | 8,251 | 8,716 | 8,824 | ||||||||||
Oil and Gas Proppants | 8,839 | 1,707 | — | ||||||||||
Concrete and Aggregates | 5,533 | 5,205 | 5,212 | ||||||||||
Corporate and Other | 1,745 | 1,583 | 1,111 | ||||||||||
$ | 76,299 | $ | 70,021 | $ | 56,850 | ||||||||
As of March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
(dollars in thousands) | |||||||||||||
Identifiable Assets | |||||||||||||
Cement | $ | 777,956 | $ | 762,578 | $ | 756,158 | |||||||
Gypsum Wallboard | 403,279 | 412,566 | 425,866 | ||||||||||
Paperboard | 123,519 | 125,045 | 129,226 | ||||||||||
Oil and Gas Proppants | 455,572 | 92,199 | 48,929 | ||||||||||
Concrete and Aggregates | 96,610 | 87,364 | 87,054 | ||||||||||
Other, net | 25,655 | 31,777 | 29,000 | ||||||||||
$ | 1,882,591 | $ | 1,511,529 | $ | 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. We account for intersegment sales at market prices. Corporate assets consist primarily of cash and cash equivalents, general office assets and miscellaneous other assets. | |||||||||||||
The basis used to disclose Identifiable Assets, Capital Expenditures and Depreciation, Depletion conforms with the equity method, and is similar to how we disclose these accounts in our Consolidated Balance Sheets and Consolidated Statements of Earnings. | |||||||||||||
The segment breakdown of goodwill at March 31, 2015 and 2014 is as follows: | |||||||||||||
For the Years Ended March 31, | |||||||||||||
2015 | 2014 | ||||||||||||
(dollars in thousands) | |||||||||||||
Cement | $ | 8,359 | $ | 8,359 | |||||||||
Gypsum Wallboard | 116,618 | 116,618 | |||||||||||
Paperboard | 7,538 | 7,538 | |||||||||||
$ | 132,515 | $ | 132,515 | ||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Taxes | (H) Income Taxes | ||||||||||||
The provision for income taxes includes the following components: | |||||||||||||
For the Years Ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
(dollars in thousands) | |||||||||||||
Current Provision (Benefit) - | |||||||||||||
Federal | $ | 62,424 | $ | 49,604 | $ | 19,108 | |||||||
State | (2,155 | ) | 2,211 | 1,089 | |||||||||
60,269 | 51,815 | 20,197 | |||||||||||
Deferred Provision (Benefit) - | |||||||||||||
Federal | (962 | ) | 7,691 | 5,173 | |||||||||
State | 6,767 | (1,945 | ) | 982 | |||||||||
5,805 | 5,746 | 6,155 | |||||||||||
Provision for Income Taxes | $ | 66,074 | $ | 57,561 | $ | 26,352 | |||||||
The effective tax rates vary from the federal statutory rates due to the following items: | |||||||||||||
For the Years Ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
(dollars in thousands) | |||||||||||||
Earnings Before Income Taxes | $ | 252,927 | $ | 181,804 | $ | 84,096 | |||||||
Income Taxes at Statutory Rate | $ | 88,524 | $ | 63,631 | $ | 29,434 | |||||||
Increases (Decreases) in Tax Resulting from - | |||||||||||||
State Income Taxes, net | 4,582 | 173 | 1,346 | ||||||||||
Statutory Depletion in Excess of Cost | (4,367 | ) | (3,512 | ) | (3,110 | ) | |||||||
Domestic Production Activities Deduction | (6,853 | ) | (3,453 | ) | (1,895 | ) | |||||||
Meals and Entertainment Disallowance | 647 | 503 | 337 | ||||||||||
Penalties on Uncertain Tax Positions | — | 213 | 215 | ||||||||||
IRS Settlement | (16,559 | ) | — | — | |||||||||
Other | 100 | 6 | 25 | ||||||||||
Provision for Income Taxes | $ | 66,074 | $ | 57,561 | $ | 26,352 | |||||||
Effective Tax Rate | 26% | 32 | % | 31 | % | ||||||||
The deferred income tax provision results from the following temporary differences in the recognition of revenues and expenses for tax and financial reporting purposes: | |||||||||||||
For the Years Ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
(dollars in thousands) | |||||||||||||
Excess Tax Depreciation and Amortization | $ | 2,259 | $ | 6,875 | $ | 7,038 | |||||||
Bad Debts | (142 | ) | (224 | ) | (73 | ) | |||||||
Uniform Capitalization | 1,296 | (1,127 | ) | (14 | ) | ||||||||
Accrual Changes | (611 | ) | (1,075 | ) | (1,169 | ) | |||||||
Uncertain Tax Position Accruals | — | 213 | 173 | ||||||||||
Prepaid Insurance | (331 | ) | 424 | — | |||||||||
State Income Taxes, net | 6,060 | (1,319 | ) | 1,130 | |||||||||
Long-term Incentive Compensation Plans | (1,792 | ) | (373 | ) | 1,293 | ||||||||
Other | (934 | ) | 1,033 | (1,093 | ) | ||||||||
$ | 5,805 | $ | 5,746 | $ | 6,155 | ||||||||
Components of deferred income taxes are as follows: | |||||||||||||
March 31, | |||||||||||||
2015 | 2014 | ||||||||||||
(dollars in thousands) | |||||||||||||
Items Giving Rise to Deferred Tax Liabilities - | |||||||||||||
Excess Tax Depreciation and Amortization | $ | (153,045 | ) | $ | (144,519 | ) | |||||||
Depletion | (18,374 | ) | (100 | ) | |||||||||
Repair Parts | (3,376 | ) | (4,545 | ) | |||||||||
State Income Taxes, net | (13,708 | ) | (7,648 | ) | |||||||||
Other | (5,359 | ) | (9,125 | ) | |||||||||
Total Deferred Tax Liabilities | $ | (193,862 | ) | $ | (165,937 | ) | |||||||
Items Giving Rise to Deferred Tax Assets - | |||||||||||||
Accrual Changes | $ | 10,557 | $ | 9,946 | |||||||||
Bad Debts | 2,264 | 2,122 | |||||||||||
Uniform Capitalization | 835 | 2,131 | |||||||||||
Deferred Revenue | 4,382 | — | |||||||||||
Long-term Incentive Compensation Plan | 8,318 | 6,526 | |||||||||||
Other | 7,118 | — | |||||||||||
Total Deferred Tax Assets | $ | 33,474 | $ | 20,725 | |||||||||
Deferred income taxes are classified in the consolidated balance sheet as follows: | |||||||||||||
March 31, | |||||||||||||
2015 | 2014 | ||||||||||||
(dollars in thousands) | |||||||||||||
Prepaid and Other Assets | $ | 2,265 | $ | 561 | |||||||||
Deferred Income Taxes | $ | (162,653 | ) | $ | (145,773 | ) | |||||||
Uncertain tax position – | |||||||||||||
We are subject to audit examinations at federal, state and local levels by tax authorities in those jurisdictions who may challenge the treatment or reporting of any return item. The tax matters challenged by the tax authorities are typically complex; therefore, the ultimate outcome of these challenges is subject to uncertainty. | |||||||||||||
Reconciliation of the consolidated liability for gross unrecognized tax benefits, excluding interest, from April 1, 2012 to March 31, 2015, is as follows: | |||||||||||||
For the Years Ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
(dollars in thousands) | |||||||||||||
Balance at Beginning of Year | $ | 24,802 | $ | 24,589 | $ | 25,890 | |||||||
Increase related to prior tax positions | — | 213 | 215 | ||||||||||
Decrease related to prior tax positions | (24,802 | ) | — | (1,516 | ) | ||||||||
Payments | — | — | — | ||||||||||
$ | — | $ | 24,802 | $ | 24,589 | ||||||||
We recognize penalties associated with uncertain tax positions as part of the tax provision, while interest associated with uncertain tax positions is included in interest expense. The following is a summary of the amounts of interest and penalties recognized in relation to our uncertain tax position: | |||||||||||||
For the Years Ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
(dollars in thousands) | |||||||||||||
Accrued interest recognized | $ | (3,847 | ) | $ | 641 | $ | 409 | ||||||
Accrued penalties recognized | $ | (6,475 | ) | $ | 213 | $ | 173 | ||||||
There was no accrued interest or penalties related to our uncertain tax position during the fiscal year ended March 31, 2015. Accrued interest and penalties related to our uncertain tax positions totaled $4.4 million and $3.2 million, respectively, at March 31, 2014. | |||||||||||||
In May 2011, we filed a lawsuit against the Internal Revenue Service (“IRS”) in Federal District Court to recover all of the amounts paid to the IRS with respect to our uncertain tax position for 2001 to 2006. In September 2014 we reached a tentative agreement with the IRS to settle this case, and that agreement was approved by the U.S. Department of Justice in January 2015. Under the terms of the settlement agreement, we dismissed our lawsuit seeking to recover taxes, interest and penalties paid, in exchange for the IRS conceding 40% of the penalties, plus related interest, to date. The impact from the settlement agreement was approximately $17 million, including state benefits, which was recorded as a reduction of income tax expense during the fourth quarter of fiscal 2015. The related interest refund of approximately $4.4 million was also recorded during the fourth quarter of fiscal 2015. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Mar. 31, 2015 | |||||
Commitments And Contingencies Disclosure [Abstract] | |||||
Commitments and Contingencies | (I) Commitments and Contingencies | ||||
Our operations and properties are subject to extensive and changing federal, state and local laws, regulations and ordinances governing the protection of the environment, as well as laws relating to worker health and workplace safety. We carefully consider the requirements mandated by such laws and regulations and have procedures in place at all of our operating units to monitor compliance. Any matters which are identified as potential exposures under these laws and regulations are carefully reviewed by management to determine our potential liability. Although management is not aware of any exposures which require an accrual under generally accepted accounting principles, there can be no assurance that prior or future operations will not ultimately result in violations, claims or other liabilities associated with these regulations. | |||||
We have certain deductible limits under our workers’ compensation and liability insurance policies for which reserves are established based on the undiscounted estimated costs of known and anticipated claims. We have entered into standby letter of credit agreements relating to workers’ compensation and auto and general liability self-insurance. At March 31, 2015, we had contingent liabilities under these outstanding letters of credit of approximately $9.2 million. | |||||
We are currently contingently liable for performance under $14.8 million in performance bonds required by certain states and municipalities, and their related agencies. The bonds are principally for certain reclamation obligations and mining permits. We have indemnified the underwriting insurance company against any exposure under the performance bonds. In our past experience, no material claims have been made against these financial instruments. | |||||
EPA Notice of Violation | |||||
On October 5, 2010, Region IX of the EPA issued a Notice of Violation and Finding of Violation (“NOV”) alleging violations by our subsidiary, Nevada Cement Company (“NCC”), of the Clean Air Act (“CAA”). The NOV alleges that NCC made certain physical changes to its facility in the 1990s without first obtaining permits required by the Prevention of Significant Deterioration requirements and Title V permit requirements of the CAA. The EPA also alleges that NCC has failed to submit to the EPA since 2002 certain reports required by the National Emissions Standard for Hazardous Air Pollutants General Provisions and the Portland Cement Manufacturing Industry Standards. On March 12, 2014, the EPA Region IX issued a second NOV to NCC. The second NOV is materially similar to the 2010 NOV except that it alleges violations of the new source performance standards (“NSPS”) for Portland cement plants. The NOVs state that the EPA may seek penalties although it does not propose or assess any specific level of penalties or specify what relief the EPA will seek for the alleged violations. NCC believes it has meritorious defenses to the allegations in the NOVs. NCC met with the EPA in December 2010, September 2012 and May 2014 to present its defenses and to discuss a resolution of the alleged violations. The EPA and NCC remain in discussions regarding the alleged violations. If a negotiated settlement cannot be reached, NCC intends to vigorously defend these matters in any enforcement action that may be pursued by the EPA. As a part of a settlement, or should NCC fail in its defense in any enforcement action, NCC could be required to make substantial capital expenditures to modify its facility and incur increased operating costs. NCC could also be required to pay significant civil penalties. Additionally, an enforcement action could take many years to resolve the underlying issues alleged in the NOV. We are currently unable to determine the final outcome of this matter or the impact of an unfavorable determination upon our financial position or results of operations. | |||||
Domestic Wallboard Antitrust Litigation | |||||
Since late December 2012, several purported class action lawsuits were filed in various United States District Courts, including the Eastern District of Pennsylvania, Western District of North Carolina and the Northern District of Illinois, against the Company’s subsidiary, American Gypsum Company LLC (“American Gypsum”), alleging that American Gypsum conspired with other wallboard manufacturers to fix the price for drywall sold in the United States in violation of federal antitrust laws and, in some cases related provisions of state law. The complaints allege that the defendant wallboard manufacturers conspired to increase prices through the announcement and implementation of coordinated price increases, output restrictions, and other restraints of trade, including the elimination of individual “job quote” pricing. In addition to American Gypsum, the defendants in these lawsuits include CertainTeed Corp., USG Corporation and United States Gypsum (together “USG”), New NGC, Inc., Lafarge North America, Temple Inland Inc. (“TIN”) and PABCO Building Products LLC. On April 8, 2013, the Judicial Panel on Multidistrict Litigation (“JPML”) transferred and consolidated all related cases to the Eastern District of Pennsylvania for coordinated pretrial proceedings. | |||||
On June 24, 2013, the direct and indirect purchaser plaintiffs filed consolidated amended class action complaints. The direct purchasers’ complaint added the Company as a defendant. The plaintiffs in the consolidated class action lawsuits bring claims on behalf of purported classes of direct or indirect purchasers of wallboard from January 1, 2012 to the present for unspecified monetary damages (including treble damages) and in some cases injunctive relief. On July 29, 2013, the Company and American Gypsum answered the complaints, denying all allegations that they conspired to increase the price of drywall and asserting affirmative defenses to the plaintiffs’ claims. | |||||
On March 17, 2015, a group of homebuilders filed a complaint against the defendants, including American Gypsum, based upon the same conduct alleged in the consolidated class action complaints. On March 24, 2015, the JPML transferred this action to the multidistrict litigation already pending in the Eastern District of Pennsylvania. | |||||
In 2014, USG and TIN entered into agreements with counsel representing the direct and indirect purchaser classes pursuant to which they agreed to settle all claims against them. On March 16, 2015, the court entered orders preliminarily approving USG and TIN’s settlements with the direct and indirect purchaser plaintiffs. Initial discovery in this litigation is complete. At this stage we are unable to estimate the amount of any reasonably possible loss or range of reasonably possible losses. American Gypsum denies the allegations in these lawsuits and will vigorously defend itself against these claims. Defendants’ motions for summary judgement were filed in the first quarter of fiscal 2016. | |||||
Other | |||||
In the ordinary course of business, we execute contracts involving indemnifications that are standard in the industry and indemnifications specific to a transaction such as the sale of a business. These indemnifications might include claims relating to any of the following: environmental and tax matters; intellectual property rights; governmental regulations and employment-related matters; customer, supplier, construction contractor and other commercial contractual relationships; and financial matters. While the maximum amount to which we may be exposed under such agreements cannot be estimated, it is the opinion of management that these indemnifications are not expected to have a material adverse effect on the Company’s consolidated financial position, results of operations or cash flows. We currently have no outstanding guarantees of third party debt. | |||||
Our paperboard operation, Republic Paperboard Company LLC (“Republic”), is a party to a long-term variable-priced paper supply agreement with St. Gobain pursuant to which Republic is obligated to sell to St. Gobain at least 90% of the gypsum-grade recycled paperboard requirements for three of St. Gobain’s wallboard plants. This comprises approximately 15% to 20% of Republic’s current annual output of gypsum-grade recycled paperboard. | |||||
We have certain forward purchase contracts, primarily for natural gas, that expire during calendar 2015. The contracts are for approximately 25% of our anticipated natural gas usage. | |||||
We have certain operating leases covering manufacturing, transportation and certain other facilities and equipment. Rental expense for fiscal years 2015, 2014 and 2013 totaled $5.9 million, $3.2 million and $1.6 million, respectively. Minimum annual rental commitments as of March 31, 2015, under noncancellable leases are set forth as follows (dollars in thousands): | |||||
Fiscal Year | Amount | ||||
2016 | $ | 11,043 | |||
2017 | $ | 9,834 | |||
2018 | $ | 7,610 | |||
2019 | $ | 6,544 | |||
2020 | $ | 4,171 | |||
Thereafter | $ | 13,758 | |||
Stock_Option_Plans
Stock Option Plans | 12 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||||||||||||||||||||||||
Stock Option Plans | (J) Stock Option Plans | ||||||||||||||||||||||||
On August 7, 2013 our stockholders approved the Eagle Materials Inc. Amended and Restated Incentive Plan (the “Plan”), which increased the shares we are authorized to issue as awards by 3,000,000 (1,500,000 of which may be stock awards). Under the terms of the Plan, we 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, 2013 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 June 2014, the Compensation Committee of the Board of Directors approved an incentive equity award of an aggregate of 193,636 stock options pursuant to the Plan to certain officers and key employees (the “Fiscal 2015 Employee Stock Option Grant”) that will be earned if our ten year return on equity is at least 15% at March 31, 2015. If this criterion is not met, all of the stock options will be forfeited. If the criterion is met, the award may be reduced by the Compensation Committee based on individual performance goals. The performance criterion was met at March 31, 2015; therefore, all stock options were earned. The stock options will vest ratably over a three year period. The first third of the stock options vested on the determination date, with the remaining stock options vesting on March 31, 2016 and 2017. The stock options have a term of ten years from the date of grant. In August 2014, we granted 18,515 stock options to members of the Board of Directors (the “Fiscal 2015 Board of Directors Grant”). Stock options granted under the Fiscal 2015 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 2015 Employee Stock Option Grant and Fiscal 2015 Board of Directors Grant were valued at the grant date using the Black-Scholes option pricing model. | |||||||||||||||||||||||||
All stock options issued during fiscal 2015 and 2014 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 2015 and 2014 are as follows: | |||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Dividend Yield | 2 | % | 2 | % | |||||||||||||||||||||
Expected Volatility | 44.8 | % | 44.6 | % | |||||||||||||||||||||
Risk Free Interest Rate | 1.86 | % | 2.04 | % | |||||||||||||||||||||
Expected Life | 6.0 years | 7.0 years | |||||||||||||||||||||||
Stock option expense for all outstanding stock option awards was approximately $6.2 million, $5.3 million and $4.0 million, for the years ended March 31, 2015, 2014 and 2013, respectively. At March 31, 2015, there was approximately $11.4 million of unrecognized compensation cost related to outstanding stock options which is expected to be recognized over a weighted-average period of 3.3 years. | |||||||||||||||||||||||||
The following table represents stock option activity for the years presented: | |||||||||||||||||||||||||
For the Years Ended March 31, | |||||||||||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||||||||||
Number | Weighted | Number | Weighted | Number | Weighted | ||||||||||||||||||||
of | Average | of | Average | of | Average | ||||||||||||||||||||
Shares | Exercise | Shares | Exercise | Shares | Exercise | ||||||||||||||||||||
Price | Price | Price | |||||||||||||||||||||||
Outstanding Options at Beginning of Year | 2,788,999 | $ | 41.83 | 3,022,592 | $ | 37.83 | 3,241,322 | $ | 36.11 | ||||||||||||||||
Granted | 297,151 | $ | 86.41 | 256,989 | $ | 68 | 569,679 | $ | 34.64 | ||||||||||||||||
Exercised | (151,085 | ) | $ | 32.38 | (485,582 | ) | $ | 29.72 | (746,131 | ) | $ | 27.64 | |||||||||||||
Cancelled | (1,269,500 | ) | $ | 47.43 | (5,000 | ) | $ | 53.22 | (42,278 | ) | $ | 42.21 | |||||||||||||
Outstanding Options at End of Year | 1,665,565 | $ | 46.37 | 2,788,999 | $ | 41.83 | 3,022,592 | $ | 37.83 | ||||||||||||||||
Options Exercisable at End of Year | 1,035,166 | 818,215 | 986,187 | ||||||||||||||||||||||
Weighted Average Fair Value of Options Granted during the Year | $ | 32.31 | $ | 26.35 | $ | 13.28 | |||||||||||||||||||
The following table summarizes information about stock options outstanding at March 31, 2015: | |||||||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||||||
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 | 592,210 | 4.19 | $ | 26.5 | 589,210 | $ | 26.48 | ||||||||||||||||||
$33.08 - $40.78 | 487,968 | 6.91 | $ | 33.95 | 308,352 | $ | 34 | ||||||||||||||||||
$53.22 - $74.10 | 283,236 | 7.82 | $ | 66.58 | 118,089 | $ | 66.59 | ||||||||||||||||||
$79.90 - $93.56 | 302,151 | 9.31 | $ | 86.42 | 19,515 | $ | 91.71 | ||||||||||||||||||
1,665,565 | 6.54 | $ | 46.37 | 1,035,166 | $ | 34.52 | |||||||||||||||||||
At March 31, 2015, the aggregate intrinsic value for outstanding and exercisable options was approximately $61.9 million and $50.8 million, respectively. The total intrinsic value of options exercised during the fiscal year ended March 31, 2015 was approximately $9.6 million. | |||||||||||||||||||||||||
Restricted Stock Units. Expense related to RSUs was approximately $1.6 million in the fiscal year ended March 31, 2013. There was no expense related to RSUs for the fiscal years ended March 31, 2015 and 2014. At March 31, 2015, there were approximately 20,000 unvested RSUs, with approximately $0.1 million of unearned compensation, net of estimated forfeitures, which will be recognized over a weighted-average period of 1.0 year. | |||||||||||||||||||||||||
Restricted Stock. In June 2014, the Compensation Committee approved the granting of an aggregate of 80,416 shares of restricted stock to certain officers and key employees (the “Fiscal 2015 Employee Restricted Stock Award”) that will be earned if our ten year return on equity is at least 15% at March 31, 2015. 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. The performance criterion was met at March 31, 2015; therefore, all shares were earned. Restriction on the shares will lapse ratably over five years. The first fifth lapsed on May 8, 2015, and the remaining restrictions lapsing on March 31, 2016 through 2019. The value of the Fiscal 2015 Employee Restricted Stock Award, net of estimated forfeitures, is being expensed over a five year period. In August 2014, we granted 7,457 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 2015 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 $6.7 million, $4.8 million and $3.4 million in fiscal years ended March 31, 2015, 2014 and 2013, respectively. At March 31, 2015, there were approximately 500,000 shares with remaining restrictions for which $17.0 million of unearned compensation, net of estimated forfeitures, will be recognized over a weighted-average period of 2.5 years. | |||||||||||||||||||||||||
The number of shares available for future grants of stock options, restricted stock units, stock appreciation rights and restricted stock under the Plan was 4,907,503 at March 31, 2015. Of the available shares, up to 1,491,297 can be used for future restricted stock and restricted stock unit grants. |
Net_Interest_Expense
Net Interest Expense | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Banking And Thrift Interest [Abstract] | |||||||||||||
Net Interest Expense | (K) Net Interest Expense | ||||||||||||
The following components are included in interest expense, net: | |||||||||||||
For the Years Ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
(dollars in thousands) | |||||||||||||
Interest Income | $ | (6 | ) | $ | (5 | ) | $ | (53 | ) | ||||
Interest Expense | 14,768 | 16,751 | 14,769 | ||||||||||
Interest Expense (Income) – IRS | (3,847 | ) | 641 | 409 | |||||||||
Other Expenses | 828 | 895 | 698 | ||||||||||
Interest Expense, net | $ | 11,743 | $ | 18,282 | $ | 15,823 | |||||||
Interest income includes interest on investments of excess cash. Components of interest expense include interest associated with the Senior Notes, Credit Facility and commitment fees based on the unused portion of the Credit Facility. Other expenses include amortization of debt issuance costs, and bank credit facility costs. | |||||||||||||
Interest expense (income) – IRS relates to interest accrued on our unrecognized tax benefits, primarily related to the Republic Asset Acquisition. As noted in Footnote (H) of the Notes to Consolidated Financial Statements, our settlement with the IRS was finalized. As a result of the settlement, we received approximately $4.4 million of interest related to penalties paid to the IRS related to the Republic Asset Acquisition. |
Pension_and_Profit_Sharing_Pla
Pension and Profit Sharing Plans | 12 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | |||||||||||||||||
Pension and Profit Sharing Plans | (L) Pension and Profit Sharing Plans | ||||||||||||||||
We have several defined benefit and defined contribution retirement plans which together cover substantially all of our employees. Benefits paid under the defined benefit plans covering certain hourly employees are based on years of service and the employee’s qualifying compensation over the last few years of employment. Our funding policy is to generally contribute amounts that are deductible for income tax purposes. The annual measurement date is March 31 for the benefit obligations, fair value of plan assets and the funded status of the defined benefit plans. | |||||||||||||||||
The following table provides a reconciliation of the obligations and fair values of plan assets for all of our defined benefit plans over the two year period ended March 31, 2015 and a statement of the funded status as of March 31, 2015 and 2014: | |||||||||||||||||
For the Years Ended March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
(dollars in thousands) | |||||||||||||||||
Reconciliation of Benefit Obligations - | |||||||||||||||||
Benefit Obligation at April 1, | $ | 29,892 | $ | 29,586 | |||||||||||||
Service Cost - Benefits Earned During the Period | 874 | 1,129 | |||||||||||||||
Interest Cost on Projected Benefit Obligation | 1,278 | 1,222 | |||||||||||||||
Amendments | 805 | - | |||||||||||||||
Actuarial (Gain) Loss | 9,823 | (1,237 | ) | ||||||||||||||
Benefits Paid | (881 | ) | (808 | ) | |||||||||||||
Benefit Obligation at March 31, | $ | 41,791 | $ | 29,892 | |||||||||||||
Reconciliation of Fair Value of Plan Assets - | |||||||||||||||||
Fair Value of Plan Assets at April 1, | $ | 21,189 | $ | 18,693 | |||||||||||||
Actual Return on Plan Assets | 937 | 1,735 | |||||||||||||||
Employer Contributions | 810 | 1,569 | |||||||||||||||
Benefits Paid | (881 | ) | (808 | ) | |||||||||||||
Fair Value of Plans at March 31, | 22,055 | 21,189 | |||||||||||||||
Funded Status - | |||||||||||||||||
Unfunded Status at March 31, | $ | (19,736 | ) | $ | (8,703 | ) | |||||||||||
Amounts Recognized in the Balance Sheet Consist of - | |||||||||||||||||
Accrued Benefit Liability | $ | (19,736 | ) | $ | (8,703 | ) | |||||||||||
Accumulated Other Comprehensive Losses: | |||||||||||||||||
Net Actuarial Loss | 18,376 | 8,419 | |||||||||||||||
Prior Service Cost | 809 | 15 | |||||||||||||||
Accumulated Other Comprehensive Losses | $ | 19,185 | $ | 8,434 | |||||||||||||
Tax impact | (7,118 | ) | (2,952 | ) | |||||||||||||
Accumulated Other Comprehensive Losses, net of tax | $ | 12,067 | $ | 5,482 | |||||||||||||
Information for pension plans with an accumulated benefit obligation in excess of plan assets: | |||||||||||||||||
March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
(dollars in thousands) | |||||||||||||||||
Projected Benefit Obligation | $ | 41,791 | $ | 29,892 | |||||||||||||
Accumulated Benefit Obligation | $ | 41,790 | $ | 29,827 | |||||||||||||
Fair Value of Plan Assets | $ | 22,055 | $ | 21,189 | |||||||||||||
Net periodic pension cost for the fiscal years ended March 31, 2015, 2014 and 2013, included the following components: | |||||||||||||||||
For the Years Ended March 31, | |||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||
(dollars in thousands) | |||||||||||||||||
Service Cost - Benefits Earned During the Period | $ | 874 | $ | 1,129 | $ | 785 | |||||||||||
Interest Cost of Projected Benefit Obligation | 1,278 | 1,222 | 1,222 | ||||||||||||||
Expected Return on Plan Assets | (1,680 | ) | (1,506 | ) | (1,371 | ) | |||||||||||
Recognized Net Actuarial Loss | 609 | 921 | 980 | ||||||||||||||
Amortization of Prior-Service Cost | 11 | 11 | 21 | ||||||||||||||
Net Periodic Pension Cost | $ | 1,092 | $ | 1,777 | $ | 1,637 | |||||||||||
We amended one of our pension plans during March 2015, which increased our prior service cost by approximately $0.8 million. This amount is included in other comprehensive income and will be recognized in our statement of earnings as pension expense over the next three fiscal years. | |||||||||||||||||
Expected benefit payments over the next five years, and the following five years under the pension plans are expected to be as follows (in thousands): | |||||||||||||||||
Fiscal Years | Total | ||||||||||||||||
2016 | $ | 1,115 | |||||||||||||||
2017 | $ | 1,167 | |||||||||||||||
2018 | $ | 1,219 | |||||||||||||||
2019 | $ | 1,302 | |||||||||||||||
2020 | $ | 1,389 | |||||||||||||||
2021-2025 | $ | 8,908 | |||||||||||||||
The following table sets forth the assumptions used in the actuarial calculations of the present value of net periodic benefit cost and benefit obligations: | |||||||||||||||||
March 31, | |||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||
Net Periodic Benefit Costs - | |||||||||||||||||
Discount Rate | 4.41 | % | 4.2 | % | 4.56 | % | |||||||||||
Expected Return on Plan Assets | 8 | % | 8 | % | 8 | % | |||||||||||
Rate of Compensation Increase | 3.5 | % | 3.5 | % | 3.5 | % | |||||||||||
March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Benefit Obligations - | |||||||||||||||||
Discount Rate | 3.70% | 4.41 | % | ||||||||||||||
Rate of Compensation Increase | 3.50% | 3.5 | % | ||||||||||||||
The expected long-term rate of return on plan assets is an assumption reflecting the anticipated weighted-average rate of earnings on the portfolio over the long-term. To arrive at this rate, we developed estimates of the key components underlying capital asset returns including: market-based estimates of inflation, real risk-free rates of return, yield curve structure, credit risk premiums and equity risk premiums. As appropriate, these components were used to develop benchmark estimates of the expected long-term management approach employed by us, and a return premium was added to the weighted-average benchmark portfolio return. | |||||||||||||||||
The pension plans’ approximate weighted-average asset allocation at March 31, 2015 and 2014 and the range of target allocation are as follows: | |||||||||||||||||
Range of | Percentage of Plan | ||||||||||||||||
Target | Assets at March 31, | ||||||||||||||||
Allocation | 2015 | 2014 | |||||||||||||||
Asset Category - | |||||||||||||||||
Equity Securities | 40 – 60 | % | 61% | 65% | |||||||||||||
Debt Securities | 35 – 60 | % | 36% | 30% | |||||||||||||
Other | 0 – 5 | % | 3% | 5% | |||||||||||||
Total | 100% | 100% | |||||||||||||||
Our pension investment strategies have been developed as part of a comprehensive asset/liability management process that considers the interaction between both the assets and liabilities of the plan. These strategies consider not only the expected risk and returns on plan assets, but also the detailed actuarial projections of liabilities as well as plan-level objectives such as projected contributions, expense and funded status. | |||||||||||||||||
The principal pension investment strategies include asset allocation and active asset management. The range of target asset allocations have been determined after giving consideration to the expected returns of each asset class, the expected variability or volatility of the asset class returns over time, and the complementary nature or correlation of the asset classes within the portfolio. We also employ an active management approach for the portfolio. Each asset class is managed by one or more external money managers with the objective of generating returns, net of management fees that exceed market-based benchmarks. None of the plans hold any EXP stock. | |||||||||||||||||
Based on our current actuarial estimates, we anticipate making contributions ranging from approximately $0.5 million to $1.0 million to our defined benefit plans for fiscal year 2015. | |||||||||||||||||
The fair values of our defined benefit plans’ consolidated assets by category as of March 31, 2015 and 2014 were as follows: | |||||||||||||||||
March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
(dollars in thousands) | |||||||||||||||||
Equity Securities | $ | 13,510 | $ | 13,973 | |||||||||||||
Fixed Income Securities | 7,985 | 6,526 | |||||||||||||||
Real Estate Funds | 133 | 130 | |||||||||||||||
Commodity Linked Funds | 124 | 170 | |||||||||||||||
Cash Equivalents | 303 | 390 | |||||||||||||||
Total | $ | 22,055 | $ | 21,189 | |||||||||||||
The fair values of our defined benefit plans’ consolidated assets were determined using the fair value hierarchy of inputs described in Note (A). | |||||||||||||||||
The fair values by category of inputs as of March 31, 2015 were as follows: | |||||||||||||||||
Asset Categories | Quoted Prices in | Significant | Significant | Total | |||||||||||||
Active Markets | Other | Unobservable | |||||||||||||||
for Identical | Observable | Inputs | |||||||||||||||
Assets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
(dollars in thousands) | |||||||||||||||||
Equity Securities | $ | — | $ | 13,510 | $ | — | $ | 13,510 | |||||||||
Fixed Income Securities | — | 7,985 | — | 7,985 | |||||||||||||
Real Estate Funds | — | 133 | — | 133 | |||||||||||||
Commodity Linked Funds | — | 124 | — | 124 | |||||||||||||
Cash Equivalents | 303 | — | — | 303 | |||||||||||||
$ | 303 | $ | 21,752 | $ | — | $ | 22,055 | ||||||||||
The fair values by category of inputs as of March 31, 2014 were as follows: | |||||||||||||||||
Asset Categories | Quoted Prices in | Significant Other | Significant | Total | |||||||||||||
Active Markets | Observable | Unobservable | |||||||||||||||
for Identical | Inputs | Inputs | |||||||||||||||
Assets | (Level 2) | (Level 3) | |||||||||||||||
(Level 1) | |||||||||||||||||
(dollars in thousands) | |||||||||||||||||
Equity Securities | $ | — | $ | 13,973 | $ | — | $ | 13,973 | |||||||||
Fixed Income Securities | — | 6,526 | — | 6,526 | |||||||||||||
Real Estate Funds | — | 130 | — | 130 | |||||||||||||
Commodity Linked Funds | — | 170 | — | 170 | |||||||||||||
Cash Equivalents | 390 | — | — | 390 | |||||||||||||
$ | 390 | $ | 20,799 | $ | — | $ | 21,189 | ||||||||||
Equity securities consist of funds that are not actively traded. These funds are maintained by an investment manager and are primarily invested in indexes. The remaining funds, excluding cash, primarily consist of investments in institutional funds. | |||||||||||||||||
We also provide profit sharing plans, which cover substantially all salaried and certain hourly employees. The profit sharing plan is a defined contribution plan funded by employer discretionary contributions and also allows employees to contribute a certain percentage of their base annual salary. Employees are fully vested to the extent of their contributions and become fully vested in any Company contributions over a six year period for salaried employees and a three year period for hourly employees. Costs relating to the employer discretionary contributions for our contribution plan totaled $5.3 million, $4.5 million and $3.3 million in fiscal years 2015, 2014 and 2013, respectively. | |||||||||||||||||
Employees who became employed by us as a result of a previous transaction are provided benefits substantially comparable to those provided under the seller’s benefit plans. These plans included the seller’s 401(k) plan which included employer matching percentages for hourly employees. As a result, we made matching contributions to the hourly profit sharing plan totaling $0.2 million, $0.2 million and $0.1 million for these employees during fiscal years 2015, 2014 and 2013, respectively. | |||||||||||||||||
Approximately sixty of our employees belong to five different multi-employer plans. The collective bargaining agreements for the employees who participate in the multi-employer plans expire between June 2015 and March 2017. Our expense related to these plans was approximately $1.0 million, $1.0 million and $0.2 million during fiscal years 2015, 2014 and 2013, respectively. We anticipate the total expense in fiscal 2016 related to these plans will be approximately $1.0 million. |
Quarterly_Results_unaudited
Quarterly Results (unaudited) | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||
Quarterly Results (unaudited) | (M) Quarterly Results (unaudited) | ||||||||
For the Years Ended March 31, | |||||||||
2015 | 2014 | ||||||||
(dollars in thousands, except per share data) | |||||||||
First Quarter - | |||||||||
Revenues | $ | 266,251 | $ | 227,044 | |||||
Gross Profit | 56,401 | 46,604 | |||||||
Earnings Before Income Taxes | 55,786 | 44,516 | |||||||
Net Earnings | 37,710 | 30,101 | |||||||
Diluted Earnings Per Share | $ | 0.75 | $ | 0.6 | |||||
Second Quarter - | |||||||||
Revenues | $ | 284,808 | $ | 252,646 | |||||
Gross Profit | 75,061 | 59,479 | |||||||
Earnings Before Income Taxes | 74,577 | 58,688 | |||||||
Net Earnings | 50,319 | 39,903 | |||||||
Diluted Earnings Per Share | $ | 1 | $ | 0.8 | |||||
Third Quarter - | |||||||||
Revenues | $ | 291,529 | $ | 228,812 | |||||
Gross Profit | 79,149 | 49,848 | |||||||
Earnings Before Income Taxes | 77,866 | 48,833 | |||||||
Net Earnings | 52,030 | 31,621 | |||||||
Diluted Earnings Per Share | $ | 1.03 | $ | 0.63 | |||||
Fourth Quarter - | |||||||||
Revenues | $ | 223,780 | $ | 189,894 | |||||
Gross Profit | 43,522 | 29,528 | |||||||
Earnings Before Income Taxes | 44,698 | 29,767 | |||||||
Net Earnings | 46,794 | 22,618 | |||||||
Diluted Earnings Per Share | $ | 0.93 | $ | 0.45 | |||||
The fourth quarter of fiscal 2015 was favorably impacted by the settlement agreement with the IRS. As a result of the settlement agreement, we recorded an income tax benefit of approximately $17 million, including state benefits. The related interest of approximately $4.4 million was also recorded during the fourth quarter of fiscal 2015. The fourth quarter of fiscal 2015 was adversely impacted by certain acquisition related expenses primarily due to diligence efforts at growing our construction products business and litigation costs related to the settlement of our lawsuit with the IRS. The total impact of these expenses was approximately $4.1 million. | |||||||||
The fourth quarter of fiscal 2014 was adversely impacted by the annual maintenance outage of approximately $4.5 million at our Illinois cement plant. This outage has historically occurred in April or May of the fiscal year. The fourth quarter of fiscal 2014 was also adversely impacted by approximately $1.3 million in legal costs, $1.5 million in maintenance, and $0.9 million in increased natural gas costs for our gypsum wallboard business. The increase in maintenance costs was due to the timing of certain major maintenance projects, while the increase in natural gas was due to increased market prices. | |||||||||
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||
Basis of Presentation | Basis of Presentation – | ||||||||||||||||
The consolidated financial statements include the accounts of Eagle Materials Inc. and its majority-owned subsidiaries (“EXP” or the “Company”), which may be referred to as “our”, “we”, or “us”. All intercompany balances and transactions have been eliminated. EXP is a holding company whose assets consist of its investments in its subsidiaries, joint venture, intercompany balances and holdings of cash and cash equivalents. The businesses of the consolidated group are conducted through EXP’s subsidiaries. The Company conducts one of its cement plant operations through a joint venture, Texas Lehigh Cement Company L.P., which is located in Buda, Texas (the “Joint Venture”). Investments in the Joint Venture and affiliated companies owned 50% or less are accounted for using the equity method of accounting. The Equity in Earnings of Unconsolidated Joint Venture has been included for the same period as our March 31 year end. | |||||||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities 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. | |||||||||||||||||
Reclassifications | Reclassifications – Certain reclassifications have been made to the prior year to conform to the current year presentation. | ||||||||||||||||
Cash and Cash Equivalents | Cash and Cash Equivalents – | ||||||||||||||||
Cash equivalents include short-term, highly liquid investments with original maturities of three months or less and are recorded at cost, which approximates market value. | |||||||||||||||||
Accounts and Notes Receivable | Accounts and Notes Receivable – | ||||||||||||||||
Accounts and notes receivable have been shown net of the allowance for doubtful accounts of $7.1 million and $5.8 million at March 31, 2015 and 2014, 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 and oil and gas industries, 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 $3.3 million at March 31, 2015, of which approximately $0.5 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 3.9%, which will vary based on changes to LIBOR. Remaining unpaid amounts, plus accrued interest, mature on various dates between 2015 and 2017. The notes are collateralized by certain assets of the borrowers, namely property and equipment. We monitor the credit risk of each borrower by focusing on the timeliness of payments, review of credit history and credit metrics and interaction with the borrowers. At March 31, 2015 and 2014, approximately $0.3 million of our allowance for doubtful accounts is related to our notes receivable. | |||||||||||||||||
Inventories | Inventories – | ||||||||||||||||
Inventories are stated at the lower of average cost (including applicable material, labor, depreciation, and plant overhead) or market. Inventories consist of the following: | |||||||||||||||||
March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
(dollars in thousands) | |||||||||||||||||
Raw Materials and Materials-in-Progress | $ | 115,345 | $ | 82,319 | |||||||||||||
Finished Cement | 20,508 | 19,173 | |||||||||||||||
Gypsum Wallboard | 7,741 | 7,144 | |||||||||||||||
Paperboard | 8,493 | 4,102 | |||||||||||||||
Frac Sand | 4,928 | 275 | |||||||||||||||
Aggregates | 11,131 | 11,815 | |||||||||||||||
Repair Parts and Supplies | 62,121 | 56,119 | |||||||||||||||
Fuel and Coal | 5,197 | 6,149 | |||||||||||||||
$ | 235,464 | $ | 187,096 | ||||||||||||||
Property, Plant and Equipment | Property, Plant and Equipment – | ||||||||||||||||
Property, plant and equipment are stated at cost. Major renewals and improvements are capitalized and depreciated. Annual maintenance is expensed as incurred. Depreciation is provided on a straight-line basis over the estimated useful lives of depreciable assets and totaled $69.7 million, $67.3 million and $55.1 million for the years ended March 31, 2015, 2014 and 2013, respectively. Raw material deposits are depleted as such deposits are extracted for production utilizing the units-of-production method. Costs and accumulated depreciation applicable to assets retired or sold are eliminated from the accounts and any resulting gains or losses are recognized at such time. The estimated lives of the related assets are as follows: | |||||||||||||||||
Plants | 20 to 30 years | ||||||||||||||||
Buildings | 20 to 40 years | ||||||||||||||||
Machinery and Equipment | 3 to 25 years | ||||||||||||||||
We periodically evaluate whether current events or circumstances indicate that the carrying value of our depreciable assets may not be recoverable. At March 31, 2015 and 2014, management believes no events or circumstances indicate that the carrying value may not be recoverable. | |||||||||||||||||
We idled our gypsum manufacturing facility in Bernalillo, N.M. in December 2009, due to cyclical low gypsum wallboard demand. The carrying value of the Bernalillo plant and equipment at March 31, 2015 was $2.7 million and $0.4 million, respectively, 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 additional capacity is needed to meet demand for our products. 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. | |||||||||||||||||
Impairment or Disposal of Long-Lived and Intangible Assets | Impairment or Disposal of Long-Lived and Intangible Assets – | ||||||||||||||||
We evaluate the recoverability of our long-lived assets and certain identifiable intangibles, such as permits and customer contracts, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets, such as plants, buildings and machinery and equipment, including mining assets, is measured by comparing the carrying amount of an asset to future undiscounted net cash flows expected to be generated by the asset. Such evaluations for impairment are significantly impacted by estimates of future prices for our products, capital needs, economic trends in the construction sector and other factors. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds their fair value. Assets to be disposed of by sale are reflected at the lower of their carrying amount or fair value less cost to sell. | |||||||||||||||||
Goodwill and Intangible Assets | Goodwill and Intangible Assets – | ||||||||||||||||
Goodwill: Goodwill is subject to at least an annual assessment for impairment by applying a fair-value-based test. We have elected to test for goodwill impairment in the fourth quarter of each fiscal year. The goodwill impairment test is a two-step process, which requires us to make judgments in determining what assumptions to use in the calculation. The first step of the process consists of estimating the fair value of each reporting unit based on a discounted cash flow model using revenues and profit forecasts and comparing those estimated fair values with the carrying value; a second step is performed, if necessary, to compute the amount of the impairment by determining an “implied fair value” of goodwill. Similar to the review for impairment of other long-lived assets, evaluations for impairment are significantly impacted by estimates of future prices for our products, capital needs, economic trends and other factors. | |||||||||||||||||
Intangible Assets: Intangible assets at March 31, 2015 and 2014 consist of the following: | |||||||||||||||||
March 31, 2015 | |||||||||||||||||
Amortization | Cost | Accumulated | Net | ||||||||||||||
Period | Amortization | ||||||||||||||||
(dollars in thousands) | |||||||||||||||||
Intangible Assets and Goodwill: | |||||||||||||||||
Customer contracts and relationships | 5-15 years | $ | 62,060 | $ | (5,994 | ) | $ | 56,066 | |||||||||
Sales contracts | 4 years | 2,500 | (1,458 | ) | 1,042 | ||||||||||||
Permits | 40 years | 27,440 | (5,896 | ) | 21,544 | ||||||||||||
Goodwill | 132,515 | — | 132,515 | ||||||||||||||
Total intangible assets and goodwill | $ | 224,515 | $ | (13,348 | ) | $ | 211,167 | ||||||||||
March 31, 2014 | |||||||||||||||||
Amortization | Cost | Accumulated | Net | ||||||||||||||
Period | Amortization | ||||||||||||||||
(dollars in thousands) | |||||||||||||||||
Intangible Assets and Goodwill: | |||||||||||||||||
Customer contracts and relationships | 15 years | $ | 6,060 | $ | (1,580 | ) | $ | 4,480 | |||||||||
Sales contracts | 4 years | 2,500 | (833 | ) | 1,667 | ||||||||||||
Permits | 40 years | 27,240 | (5,212 | ) | 22,028 | ||||||||||||
Goodwill | 132,515 | — | 132,515 | ||||||||||||||
Total intangible assets and goodwill | $ | 168,315 | $ | (7,625 | ) | $ | 160,690 | ||||||||||
Amortization expense of intangibles was $5.7 million, $1.7 million and $1.0 million for the years ended March 31, 2015, 2014 and 2013, respectively. Amortization expense is expected to be approximately $13.4 million per year for fiscal year 2016, $13.2 million for fiscal year 2017, $12.7 million for fiscal year 2018, $12.6 million for fiscal year 2019 and $6.2 million for fiscal year 2020. | |||||||||||||||||
Other Assets | Other Assets – | ||||||||||||||||
Other assets are primarily composed of loan fees and financing costs, deferred expenses, and deposits. | |||||||||||||||||
Income Taxes | Income Taxes – | ||||||||||||||||
Income taxes are accounted for using the asset and liability method. Deferred taxes are recognized for the tax consequences of temporary differences by applying enacted statutory tax rates applicable to future years to differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities. The effect on deferred taxes of a change in tax rates is recognized in earnings in the period that includes the enactment date. In addition, we recognize future tax benefits to the extent that such benefits are more likely than not to be realized. | |||||||||||||||||
Stock Repurchases | Stock Repurchases – | ||||||||||||||||
Our Board of Directors has approved the repurchase of a cumulative total of 31,610,605 shares, of which approximately 717,300 shares remain available for repurchase at March 31, 2015. We did not repurchase any shares in the open market during the years ended March 31, 2015, 2014 and 2013. | |||||||||||||||||
Revenue Recognition | Revenue Recognition – | ||||||||||||||||
Revenue from the sale of cement, gypsum wallboard, paperboard, frac sand, concrete and aggregates is recognized when title and ownership are transferred upon shipment to the customer. Fees for shipping and handling are recorded as revenue, while costs incurred for shipping and handling are recorded as expenses. | |||||||||||||||||
We classify amounts billed to customers for freight as revenues and freight costs as cost of goods sold, respectively, in the Consolidated Statements of Earnings. Approximately $124.0 million, $113.1 million and $83.2 million were classified as cost of goods sold in the years ended March 31, 2015, 2014 and 2013, respectively. | |||||||||||||||||
Other income (loss) includes lease and rental income, asset sale income, non-inventoried aggregates sales income, distribution center income and trucking income as well as other miscellaneous revenue items and costs which have not been allocated to a business segment. | |||||||||||||||||
Comprehensive Income/Losses | Comprehensive Income/Losses – | ||||||||||||||||
As of March 31, 2015, we have an accumulated other comprehensive loss of $12.1 million, which is net of income taxes of $7.1 million, in connection with recognizing the difference between the fair value of the pension assets and the projected benefit obligation. | |||||||||||||||||
Consolidated Cash Flows - Supplemental Disclosures | Consolidated Cash Flows – Supplemental Disclosures – | ||||||||||||||||
Interest payments made during the years ended March 31, 2015, 2014 and 2013 were $15.1 million, $17.0 million and $14.6 million, respectively. | |||||||||||||||||
Statements of Consolidated Earnings - Supplemental Disclosures | Statements of Consolidated Earnings – Supplemental Disclosures – | ||||||||||||||||
Maintenance and repair expenses are included in each segment’s costs and expenses. We incurred $86.7 million, $77.4 million and $61.3 million in the years ended March 31, 2015, 2014 and 2013, respectively, which is included in Cost of Goods Sold on the Consolidated Statement of Earnings. | |||||||||||||||||
Selling, general and administrative expenses of the operating units are included in Cost of Goods Sold on the Consolidated Statements of Earnings. Corporate general and administrative (“G&A”) expenses include administration, financial, legal, employee benefits and other corporate activities and are shown separately in the consolidated statements of earnings. Corporate G&A also includes stock compensation expense. See Note (J), Stock Option Plans, for more information. | |||||||||||||||||
Total selling, general and administrative expenses for each of the periods are summarized as follows: | |||||||||||||||||
For the Years Ended March 31, | |||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||
(dollars in thousands) | |||||||||||||||||
Operating Units Selling, G&A | $ | 49,326 | $ | 50,175 | $ | 39,133 | |||||||||||
Corporate G&A | 30,751 | 24,552 | 23,918 | ||||||||||||||
$ | 80,077 | $ | 74,727 | $ | 63,051 | ||||||||||||
Earnings Per Share | Earnings Per Share – | ||||||||||||||||
For the Years Ended March 31, | |||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||
Weighted-Average Shares of Common Stock Outstanding | 49,090,750 | 46,622,646 | |||||||||||||||
49,604,249 | |||||||||||||||||
Effect of Dilutive Shares: | |||||||||||||||||
Assumed Exercise of Outstanding Dilutive Options | 1,350,556 | 1,574,491 | 1,984,563 | ||||||||||||||
Less Shares Repurchased from Proceeds of Assumed Exercised Options | (868,636 | ) | (1,032,359 | ) | (1,568,604 | ) | |||||||||||
Restricted Stock Units | 286,074 | 306,283 | 301,845 | ||||||||||||||
Weighted-Average Common Stock and Dilutive Securities Outstanding | 50,372,243 | 49,939,165 | 47,340,450 | ||||||||||||||
The “Less Shares Repurchased from Proceeds of Assumed Exercised Options” line includes unearned compensation related to outstanding stock options. | |||||||||||||||||
There were 285,267, 146,696 and 1,082,380 stock options at an average exercise price of $82.72 per share, $65.12 per share and $39.65 per share that were excluded from the computation of diluted earnings per share for the years ended March 31, 2015, 2014 and 2013, respectively, because such inclusion would have been anti-dilutive. | |||||||||||||||||
Fair Value Measures | Fair Value Measures – | ||||||||||||||||
Certain assets and liabilities are required to be recorded or disclosed at fair value. The estimated fair values of those assets and liabilities have been determined using market information and valuation methodologies. Changes in assumptions or estimation methods could affect the fair value estimates; however, we do not believe any such changes would have a material impact on our financial condition, results of operations or cash flows. There are three levels of inputs that may be used to measure fair value: | |||||||||||||||||
Level 1 – Quoted prices for identical assets and liabilities in active markets; | |||||||||||||||||
Level 2 – Quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data; and | |||||||||||||||||
Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. | |||||||||||||||||
New Accounting Standards | New Accounting Standards – | ||||||||||||||||
In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers.” ASU 2014-09 supersedes the revenue recognition requirements in “Revenue Recognition (Topic 605),” and requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. The standard will be effective for us in the first quarter of fiscal 2018, with early adoption not permitted. There are two transition methods available under the new standard, either cumulative effect or retrospective. We are currently evaluating the impact of this ASU and have not yet selected a transition method. | |||||||||||||||||
In April 2015, The Financial Accounting Standards Board issued ASU 2015-03, “Interest-Imputation of Interest (Subtopic 830-30). This standard requires that discounts, premiums or debt issue costs related to borrowings be reported in the balance sheet as a direct reduction of the associated borrowing. The standard will be effective for us in the first quarter of fiscal 2017, and earlier application is permitted for financial statements that have not been previously issued. The impact of adopting this ASU is not expected to be material. | |||||||||||||||||
Acquisition and Litigation Expense | Acquisition and Litigation Expense | ||||||||||||||||
Acquisition and litigation expense consists primarily of expenses incurred during our acquisition, as discussed in Note (B), CRS Acquisition, and significant legal expenses incurred during litigation primarily involving the lawsuit against the Internal Revenue Service (“IRS”). See Note (H), Income Taxes, for more information about the outstanding lawsuit with the IRS. |
Significant_Accounting_Policie2
Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||
Schedule Of Inventories | Inventories consist of the following: | ||||||||||||||||
March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
(dollars in thousands) | |||||||||||||||||
Raw Materials and Materials-in-Progress | $ | 115,345 | $ | 82,319 | |||||||||||||
Finished Cement | 20,508 | 19,173 | |||||||||||||||
Gypsum Wallboard | 7,741 | 7,144 | |||||||||||||||
Paperboard | 8,493 | 4,102 | |||||||||||||||
Frac Sand | 4,928 | 275 | |||||||||||||||
Aggregates | 11,131 | 11,815 | |||||||||||||||
Repair Parts and Supplies | 62,121 | 56,119 | |||||||||||||||
Fuel and Coal | 5,197 | 6,149 | |||||||||||||||
$ | 235,464 | $ | 187,096 | ||||||||||||||
Schedule of Property, Plant and Equipment Estimated Lives | The estimated lives of the related assets are as follows: | ||||||||||||||||
Plants | 20 to 30 years | ||||||||||||||||
Buildings | 20 to 40 years | ||||||||||||||||
Machinery and Equipment | 3 to 25 years | ||||||||||||||||
Schedule of Goodwill and Intangible Assets | Intangible assets at March 31, 2015 and 2014 consist of the following: | ||||||||||||||||
March 31, 2015 | |||||||||||||||||
Amortization | Cost | Accumulated | Net | ||||||||||||||
Period | Amortization | ||||||||||||||||
(dollars in thousands) | |||||||||||||||||
Intangible Assets and Goodwill: | |||||||||||||||||
Customer contracts and relationships | 5-15 years | $ | 62,060 | $ | (5,994 | ) | $ | 56,066 | |||||||||
Sales contracts | 4 years | 2,500 | (1,458 | ) | 1,042 | ||||||||||||
Permits | 40 years | 27,440 | (5,896 | ) | 21,544 | ||||||||||||
Goodwill | 132,515 | — | 132,515 | ||||||||||||||
Total intangible assets and goodwill | $ | 224,515 | $ | (13,348 | ) | $ | 211,167 | ||||||||||
March 31, 2014 | |||||||||||||||||
Amortization | Cost | Accumulated | Net | ||||||||||||||
Period | Amortization | ||||||||||||||||
(dollars in thousands) | |||||||||||||||||
Intangible Assets and Goodwill: | |||||||||||||||||
Customer contracts and relationships | 15 years | $ | 6,060 | $ | (1,580 | ) | $ | 4,480 | |||||||||
Sales contracts | 4 years | 2,500 | (833 | ) | 1,667 | ||||||||||||
Permits | 40 years | 27,240 | (5,212 | ) | 22,028 | ||||||||||||
Goodwill | 132,515 | — | 132,515 | ||||||||||||||
Total intangible assets and goodwill | $ | 168,315 | $ | (7,625 | ) | $ | 160,690 | ||||||||||
Schedule of Total Selling, General and Administrative Expenses | Total selling, general and administrative expenses for each of the periods are summarized as follows: | ||||||||||||||||
For the Years Ended March 31, | |||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||
(dollars in thousands) | |||||||||||||||||
Operating Units Selling, G&A | $ | 49,326 | $ | 50,175 | $ | 39,133 | |||||||||||
Corporate G&A | 30,751 | 24,552 | 23,918 | ||||||||||||||
$ | 80,077 | $ | 74,727 | $ | 63,051 | ||||||||||||
Schedule Of Earnings Per Share | |||||||||||||||||
For the Years Ended March 31, | |||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||
Weighted-Average Shares of Common Stock Outstanding | 49,090,750 | 46,622,646 | |||||||||||||||
49,604,249 | |||||||||||||||||
Effect of Dilutive Shares: | |||||||||||||||||
Assumed Exercise of Outstanding Dilutive Options | 1,350,556 | 1,574,491 | 1,984,563 | ||||||||||||||
Less Shares Repurchased from Proceeds of Assumed Exercised Options | (868,636 | ) | (1,032,359 | ) | (1,568,604 | ) | |||||||||||
Restricted Stock Units | 286,074 | 306,283 | 301,845 | ||||||||||||||
Weighted-Average Common Stock and Dilutive Securities Outstanding | 50,372,243 | 49,939,165 | 47,340,450 | ||||||||||||||
CRS_Acquisition_Tables
CRS Acquisition (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Business Combinations [Abstract] | |||||||||
Components of Purchase Price Allocation | The following table summarizes the provisional allocation of the estimated Purchase Price to assets acquired and liabilities assumed as of the acquisition date: | ||||||||
Purchase price allocation at acquisition date (in thousands) | As of | ||||||||
November 14, 2014 | |||||||||
Cash and cash equivalents | $ | 219 | |||||||
Accounts Receivable | 14,640 | ||||||||
Inventories | 9,627 | ||||||||
Prepaid and Other Assets | 753 | ||||||||
Property and Equipment | 192,738 | ||||||||
Intangible Assets | 56,200 | ||||||||
Indemnity under Sales Agreement | 14,810 | ||||||||
Other Assets | 1,120 | ||||||||
Accounts Payable | (4,343 | ) | |||||||
Accrued Liabilities | (2,585 | ) | |||||||
Obligations under Long-term Sales Agreements | (28,131 | ) | |||||||
Asset Retirement Obligation | (4,112 | ) | |||||||
Deferred Taxes | (13,765 | ) | |||||||
Total Net Assets | 237,171 | ||||||||
Goodwill | — | ||||||||
Total Estimated Purchase Price | $ | 237,171 | |||||||
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 | Estimated | ||||||||
Average Life | Fair Value | ||||||||
Customer Relationships | 4 | 56,000 | |||||||
Permits | 40 | 200 | |||||||
Total Intangible Assets | $ | 56,200 | |||||||
Net Sales and Operating Loss of CRS Proppants | The following table presents the net sales and operating loss of CRS Proppants that has been included in our consolidated statement of earnings from November 14, 2014 through the end of the fiscal year: | ||||||||
Fiscal Year Ended | |||||||||
March 31, 2015 | |||||||||
(dollars in thousands) | |||||||||
Revenues | $ | 28,035 | |||||||
Operating Loss | $ | 5,002 | |||||||
Unaudited Pro Forma Results | |||||||||
For the Fiscal Year Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
(dollars in thousands) | |||||||||
Revenues | $ | 1,124,755 | $ | 961,006 | |||||
Net Income | $ | 188,715 | $ | 107,764 | |||||
Earnings per share – basis | $ | 3.8 | $ | 2.2 | |||||
Earnings per share - diluted | $ | 3.75 | $ | 2.16 | |||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Property Plant And Equipment [Abstract] | |||||||||
Schedule of Property, Plant and Equipment | Cost by major category and accumulated depreciation are summarized as follows: | ||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
(dollars in thousands) | |||||||||
Land and Quarries | $ | 345,991 | $ | 171,987 | |||||
Plants | 1,378,497 | 1,357,594 | |||||||
Buildings, Machinery and Equipment | 151,627 | 111,263 | |||||||
Construction in Progress | 86,100 | 20,131 | |||||||
1,962,215 | 1,660,975 | ||||||||
Accumulated Depreciation | (740,396 | ) | (676,924 | ) | |||||
$ | 1,221,819 | $ | 984,051 | ||||||
Accrued_Expenses_Tables
Accrued Expenses (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Payables And Accruals [Abstract] | |||||||||
Schedule of Accrued Expenses | Accrued expenses at March 31, 2015 and 2014 consist of the following: | ||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
(dollars in thousands) | |||||||||
Payroll and Incentive Compensation | $ | 19,082 | $ | 12,855 | |||||
Benefits | 9,951 | 10,158 | |||||||
Interest | 4,524 | 4,813 | |||||||
Property Taxes | 3,189 | 2,801 | |||||||
Power and Fuel | 1,619 | 2,132 | |||||||
Legal | 1,673 | 1,831 | |||||||
Sales and Use Tax | 523 | 658 | |||||||
Acquisition Related Expenses | 1,355 | — | |||||||
Other | 4,914 | 6,272 | |||||||
$ | 46,830 | $ | 41,520 | ||||||
Indebtedness_Tables
Indebtedness (Tables) | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-Term Debt | Long-term debt consists of the following: | ||||||||||||
As of | |||||||||||||
March 31, | March 31, | ||||||||||||
2015 | 2014 | ||||||||||||
(dollars in thousands) | |||||||||||||
Bank Credit Facility | $ | 330,000 | $ | 189,000 | |||||||||
Senior Notes | 182,759 | 192,259 | |||||||||||
Total Debt | 512,759 | 381,259 | |||||||||||
Less: Current Portion of Long-term Debt | (57,045 | ) | (9,500 | ) | |||||||||
Long-term Debt | $ | 455,714 | $ | 371,759 | |||||||||
Schedule of Maturities of Long-Term Debt | Our maturities of long-term debt during the next five fiscal years and thereafter are as follows: | ||||||||||||
Fiscal Year | Amount | ||||||||||||
2016 | $ | 57,045 | |||||||||||
2017 | 8,000 | ||||||||||||
2018 | 81,214 | ||||||||||||
2019 | — | ||||||||||||
2020 | 366,500 | ||||||||||||
Thereafter | — | ||||||||||||
Total | $ | 512,759 | |||||||||||
2005 Note Purchase Agreement [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Amount Outstanding of Tranches | Following these repurchases, the amounts outstanding for each of the remaining tranches are as follows: | ||||||||||||
Principal | Maturity Date | Interest Rate | |||||||||||
Tranche B | $ | 57.0 million | 15-Nov-15 | 5.38 | % | ||||||||
Tranche C | $ | 57.2 million | 15-Nov-17 | 5.48 | % | ||||||||
2007 Note Purchase Agreement [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Amount Outstanding of Tranches | Following these repurchases and maturation, the amounts outstanding for each of the four tranches are as follows: | ||||||||||||
Principal | Maturity Date | Interest Rate | |||||||||||
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 | % | ||||||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 12 Months Ended | ||||
Mar. 31, 2015 | |||||
Fair Value Disclosures [Abstract] | |||||
Fair Value of Senior Notes | The fair value of our senior notes has been estimated based upon our current incremental borrowing rates for similar types of borrowing arrangements. The fair value of our Senior Notes at March 31, 2015 is as follows: | ||||
Fair Value | |||||
(dollars in thousands) | |||||
Series 2005A Tranche B | $ | 58,206 | |||
Series 2005A Tranche C | 60,911 | ||||
Series 2007A Tranche B | 8,434 | ||||
Series 2007A Tranche C | 25,952 | ||||
Series 2007A Tranche D | 40,777 | ||||
Business_Segments_Tables
Business Segments (Tables) | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
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 Years Ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
(dollars in thousands) | |||||||||||||
Revenues - | |||||||||||||
Cement | $ | 488,644 | $ | 438,224 | $ | 304,125 | |||||||
Gypsum Wallboard | 437,514 | 387,016 | 306,529 | ||||||||||
Paperboard | 142,690 | 130,178 | 121,930 | ||||||||||
Oil and Gas Proppants | 81,381 | 19,557 | — | ||||||||||
Concrete and Aggregates | 107,892 | 96,908 | 56,287 | ||||||||||
1,258,121 | 1,071,883 | 788,871 | |||||||||||
Less: Intersegment Revenues | (65,533 | ) | (62,094 | ) | (49,987 | ) | |||||||
Less: Joint Venture Revenues | (126,220 | ) | (111,393 | ) | (96,322 | ) | |||||||
$ | 1,066,368 | $ | 898,396 | $ | 642,562 | ||||||||
For the Years Ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
(dollars in thousands) | |||||||||||||
Intersegment Revenues - | |||||||||||||
Cement | $ | 9,598 | $ | 8,952 | $ | 2,850 | |||||||
Paperboard | 55,060 | 52,119 | 46,393 | ||||||||||
Concrete and Aggregates | 875 | 1,023 | 744 | ||||||||||
$ | 65,533 | $ | 62,094 | $ | 49,987 | ||||||||
Cement Sales Volumes (M tons) - | |||||||||||||
Wholly-Owned | 3,744 | 3,580 | 2,390 | ||||||||||
Joint Venture | 1,055 | 1,013 | 913 | ||||||||||
4,799 | 4,593 | 3,303 | |||||||||||
For the Years Ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
(dollars in thousands) | |||||||||||||
Operating Earnings - | |||||||||||||
Cement | $ | 117,527 | $ | 89,486 | $ | 46,228 | |||||||
Gypsum Wallboard | 145,871 | 114,852 | 69,712 | ||||||||||
Paperboard | 31,512 | 23,610 | 25,200 | ||||||||||
Oil and Gas Proppants | (2,546 | ) | (4,890 | ) | (1,253 | ) | |||||||
Concrete and Aggregates | 6,736 | 212 | (5,388 | ) | |||||||||
Other, net | 3,201 | 1,368 | 21 | ||||||||||
Sub-Total | 302,301 | 224,638 | 134,520 | ||||||||||
Corporate General and Administrative | (30,751 | ) | (24,552 | ) | (23,918 | ) | |||||||
Acquisition, Litigation and Other Expense | (6,880 | ) | — | (10,683 | ) | ||||||||
Earnings Before Interest and Income Taxes | 264,670 | 200,086 | 99,919 | ||||||||||
Interest Expense, net | (11,743 | ) | (18,282 | ) | (15,823 | ) | |||||||
Earnings Before Income Taxes | $ | 252,927 | $ | 181,804 | $ | 84,096 | |||||||
Cement Operating Earnings - | |||||||||||||
Wholly-Owned | $ | 72,560 | $ | 51,675 | $ | 13,721 | |||||||
Joint Ventures | 44,967 | 37,811 | 32,507 | ||||||||||
$ | 117,527 | $ | 89,486 | $ | 46,228 | ||||||||
Capital Expenditures - | |||||||||||||
Cement | $ | 27,086 | $ | 12,226 | $ | 15,583 | |||||||
Gypsum Wallboard | 7,129 | 4,825 | 2,682 | ||||||||||
Paperboard | 1,888 | 3,354 | 804 | ||||||||||
Oil and Gas Proppants | 61,484 | 34,264 | — | ||||||||||
Concrete and Aggregates | 13,851 | 4,572 | 33,932 | ||||||||||
Other, net | 135 | 249 | 10 | ||||||||||
$ | 111,573 | $ | 59,490 | $ | 53,011 | ||||||||
Depreciation , Depletion and Amortization - | |||||||||||||
Cement | $ | 31,839 | $ | 31,829 | $ | 20,658 | |||||||
Gypsum Wallboard | 20,092 | 20,981 | 21,045 | ||||||||||
Paperboard | 8,251 | 8,716 | 8,824 | ||||||||||
Oil and Gas Proppants | 8,839 | 1,707 | — | ||||||||||
Concrete and Aggregates | 5,533 | 5,205 | 5,212 | ||||||||||
Corporate and Other | 1,745 | 1,583 | 1,111 | ||||||||||
$ | 76,299 | $ | 70,021 | $ | 56,850 | ||||||||
As of March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
(dollars in thousands) | |||||||||||||
Identifiable Assets | |||||||||||||
Cement | $ | 777,956 | $ | 762,578 | $ | 756,158 | |||||||
Gypsum Wallboard | 403,279 | 412,566 | 425,866 | ||||||||||
Paperboard | 123,519 | 125,045 | 129,226 | ||||||||||
Oil and Gas Proppants | 455,572 | 92,199 | 48,929 | ||||||||||
Concrete and Aggregates | 96,610 | 87,364 | 87,054 | ||||||||||
Other, net | 25,655 | 31,777 | 29,000 | ||||||||||
$ | 1,882,591 | $ | 1,511,529 | $ | 1,476,233 | ||||||||
Segment Breakdown of Goodwill | The segment breakdown of goodwill at March 31, 2015 and 2014 is as follows: | ||||||||||||
For the Years Ended March 31, | |||||||||||||
2015 | 2014 | ||||||||||||
(dollars in thousands) | |||||||||||||
Cement | $ | 8,359 | $ | 8,359 | |||||||||
Gypsum Wallboard | 116,618 | 116,618 | |||||||||||
Paperboard | 7,538 | 7,538 | |||||||||||
$ | 132,515 | $ | 132,515 | ||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Schedule of Components of Provision for Income Taxes | The provision for income taxes includes the following components: | ||||||||||||
For the Years Ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
(dollars in thousands) | |||||||||||||
Current Provision (Benefit) - | |||||||||||||
Federal | $ | 62,424 | $ | 49,604 | $ | 19,108 | |||||||
State | (2,155 | ) | 2,211 | 1,089 | |||||||||
60,269 | 51,815 | 20,197 | |||||||||||
Deferred Provision (Benefit) - | |||||||||||||
Federal | (962 | ) | 7,691 | 5,173 | |||||||||
State | 6,767 | (1,945 | ) | 982 | |||||||||
5,805 | 5,746 | 6,155 | |||||||||||
Provision for Income Taxes | $ | 66,074 | $ | 57,561 | $ | 26,352 | |||||||
Schedule of Effective Tax Rates Vary from Federal Statutory Rates | The effective tax rates vary from the federal statutory rates due to the following items: | ||||||||||||
For the Years Ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
(dollars in thousands) | |||||||||||||
Earnings Before Income Taxes | $ | 252,927 | $ | 181,804 | $ | 84,096 | |||||||
Income Taxes at Statutory Rate | $ | 88,524 | $ | 63,631 | $ | 29,434 | |||||||
Increases (Decreases) in Tax Resulting from - | |||||||||||||
State Income Taxes, net | 4,582 | 173 | 1,346 | ||||||||||
Statutory Depletion in Excess of Cost | (4,367 | ) | (3,512 | ) | (3,110 | ) | |||||||
Domestic Production Activities Deduction | (6,853 | ) | (3,453 | ) | (1,895 | ) | |||||||
Meals and Entertainment Disallowance | 647 | 503 | 337 | ||||||||||
Penalties on Uncertain Tax Positions | — | 213 | 215 | ||||||||||
IRS Settlement | (16,559 | ) | — | — | |||||||||
Other | 100 | 6 | 25 | ||||||||||
Provision for Income Taxes | $ | 66,074 | $ | 57,561 | $ | 26,352 | |||||||
Effective Tax Rate | 26% | 32 | % | 31 | % | ||||||||
Schedule of Deferred Income Tax Provision | The deferred income tax provision results from the following temporary differences in the recognition of revenues and expenses for tax and financial reporting purposes: | ||||||||||||
For the Years Ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
(dollars in thousands) | |||||||||||||
Excess Tax Depreciation and Amortization | $ | 2,259 | $ | 6,875 | $ | 7,038 | |||||||
Bad Debts | (142 | ) | (224 | ) | (73 | ) | |||||||
Uniform Capitalization | 1,296 | (1,127 | ) | (14 | ) | ||||||||
Accrual Changes | (611 | ) | (1,075 | ) | (1,169 | ) | |||||||
Uncertain Tax Position Accruals | — | 213 | 173 | ||||||||||
Prepaid Insurance | (331 | ) | 424 | — | |||||||||
State Income Taxes, net | 6,060 | (1,319 | ) | 1,130 | |||||||||
Long-term Incentive Compensation Plans | (1,792 | ) | (373 | ) | 1,293 | ||||||||
Other | (934 | ) | 1,033 | (1,093 | ) | ||||||||
$ | 5,805 | $ | 5,746 | $ | 6,155 | ||||||||
Schedule of Components of Deferred Income Taxes | Components of deferred income taxes are as follows: | ||||||||||||
March 31, | |||||||||||||
2015 | 2014 | ||||||||||||
(dollars in thousands) | |||||||||||||
Items Giving Rise to Deferred Tax Liabilities - | |||||||||||||
Excess Tax Depreciation and Amortization | $ | (153,045 | ) | $ | (144,519 | ) | |||||||
Depletion | (18,374 | ) | (100 | ) | |||||||||
Repair Parts | (3,376 | ) | (4,545 | ) | |||||||||
State Income Taxes, net | (13,708 | ) | (7,648 | ) | |||||||||
Other | (5,359 | ) | (9,125 | ) | |||||||||
Total Deferred Tax Liabilities | $ | (193,862 | ) | $ | (165,937 | ) | |||||||
Items Giving Rise to Deferred Tax Assets - | |||||||||||||
Accrual Changes | $ | 10,557 | $ | 9,946 | |||||||||
Bad Debts | 2,264 | 2,122 | |||||||||||
Uniform Capitalization | 835 | 2,131 | |||||||||||
Deferred Revenue | 4,382 | — | |||||||||||
Long-term Incentive Compensation Plan | 8,318 | 6,526 | |||||||||||
Other | 7,118 | — | |||||||||||
Total Deferred Tax Assets | $ | 33,474 | $ | 20,725 | |||||||||
Schedule of Income Taxes Classified in Consolidated Balance Sheet | Deferred income taxes are classified in the consolidated balance sheet as follows: | ||||||||||||
March 31, | |||||||||||||
2015 | 2014 | ||||||||||||
(dollars in thousands) | |||||||||||||
Prepaid and Other Assets | $ | 2,265 | $ | 561 | |||||||||
Deferred Income Taxes | $ | (162,653 | ) | $ | (145,773 | ) | |||||||
Reconciliation of Consolidated Liability for Gross Unrecognized Tax Benefits | Reconciliation of the consolidated liability for gross unrecognized tax benefits, excluding interest, from April 1, 2012 to March 31, 2015, is as follows: | ||||||||||||
For the Years Ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
(dollars in thousands) | |||||||||||||
Balance at Beginning of Year | $ | 24,802 | $ | 24,589 | $ | 25,890 | |||||||
Increase related to prior tax positions | — | 213 | 215 | ||||||||||
Decrease related to prior tax positions | (24,802 | ) | — | (1,516 | ) | ||||||||
Payments | — | — | — | ||||||||||
$ | — | $ | 24,802 | $ | 24,589 | ||||||||
Summary of Amounts of Interest and Penalties Recognized in Relation to Uncertain Tax Position | The following is a summary of the amounts of interest and penalties recognized in relation to our uncertain tax position: | ||||||||||||
For the Years Ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
(dollars in thousands) | |||||||||||||
Accrued interest recognized | $ | (3,847 | ) | $ | 641 | $ | 409 | ||||||
Accrued penalties recognized | $ | (6,475 | ) | $ | 213 | $ | 173 | ||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Mar. 31, 2015 | |||||
Commitments And Contingencies Disclosure [Abstract] | |||||
Schedule of Minimum Annual Rental Commitments | Minimum annual rental commitments as of March 31, 2015, under noncancellable leases are set forth as follows (dollars in thousands): | ||||
Fiscal Year | Amount | ||||
2016 | $ | 11,043 | |||
2017 | $ | 9,834 | |||
2018 | $ | 7,610 | |||
2019 | $ | 6,544 | |||
2020 | $ | 4,171 | |||
Thereafter | $ | 13,758 | |||
Stock_Option_Plans_Tables
Stock Option Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
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 2015 and 2014 are as follows: | ||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Dividend Yield | 2 | % | 2 | % | |||||||||||||||||||||
Expected Volatility | 44.8 | % | 44.6 | % | |||||||||||||||||||||
Risk Free Interest Rate | 1.86 | % | 2.04 | % | |||||||||||||||||||||
Expected Life | 6.0 years | 7.0 years | |||||||||||||||||||||||
Stock Option Activity | The following table represents stock option activity for the years presented: | ||||||||||||||||||||||||
For the Years Ended March 31, | |||||||||||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||||||||||
Number | Weighted | Number | Weighted | Number | Weighted | ||||||||||||||||||||
of | Average | of | Average | of | Average | ||||||||||||||||||||
Shares | Exercise | Shares | Exercise | Shares | Exercise | ||||||||||||||||||||
Price | Price | Price | |||||||||||||||||||||||
Outstanding Options at Beginning of Year | 2,788,999 | $ | 41.83 | 3,022,592 | $ | 37.83 | 3,241,322 | $ | 36.11 | ||||||||||||||||
Granted | 297,151 | $ | 86.41 | 256,989 | $ | 68 | 569,679 | $ | 34.64 | ||||||||||||||||
Exercised | (151,085 | ) | $ | 32.38 | (485,582 | ) | $ | 29.72 | (746,131 | ) | $ | 27.64 | |||||||||||||
Cancelled | (1,269,500 | ) | $ | 47.43 | (5,000 | ) | $ | 53.22 | (42,278 | ) | $ | 42.21 | |||||||||||||
Outstanding Options at End of Year | 1,665,565 | $ | 46.37 | 2,788,999 | $ | 41.83 | 3,022,592 | $ | 37.83 | ||||||||||||||||
Options Exercisable at End of Year | 1,035,166 | 818,215 | 986,187 | ||||||||||||||||||||||
Weighted Average Fair Value of Options Granted during the Year | $ | 32.31 | $ | 26.35 | $ | 13.28 | |||||||||||||||||||
Stock Options Outstanding | |||||||||||||||||||||||||
The following table summarizes information about stock options outstanding at March 31, 2015: | |||||||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||||||
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 | 592,210 | 4.19 | $ | 26.5 | 589,210 | $ | 26.48 | ||||||||||||||||||
$33.08 - $40.78 | 487,968 | 6.91 | $ | 33.95 | 308,352 | $ | 34 | ||||||||||||||||||
$53.22 - $74.10 | 283,236 | 7.82 | $ | 66.58 | 118,089 | $ | 66.59 | ||||||||||||||||||
$79.90 - $93.56 | 302,151 | 9.31 | $ | 86.42 | 19,515 | $ | 91.71 | ||||||||||||||||||
1,665,565 | 6.54 | $ | 46.37 | 1,035,166 | $ | 34.52 | |||||||||||||||||||
Net_Interest_Expense_Tables
Net Interest Expense (Tables) | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Banking And Thrift Interest [Abstract] | |||||||||||||
Interest Expense, Net | The following components are included in interest expense, net: | ||||||||||||
For the Years Ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
(dollars in thousands) | |||||||||||||
Interest Income | $ | (6 | ) | $ | (5 | ) | $ | (53 | ) | ||||
Interest Expense | 14,768 | 16,751 | 14,769 | ||||||||||
Interest Expense (Income) – IRS | (3,847 | ) | 641 | 409 | |||||||||
Other Expenses | 828 | 895 | 698 | ||||||||||
Interest Expense, net | $ | 11,743 | $ | 18,282 | $ | 15,823 | |||||||
Pension_and_Profit_Sharing_Pla1
Pension and Profit Sharing Plans (Tables) | 12 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | |||||||||||||||||
Schedule of Reconciliation of Obligations and Fair Values of Plan Assets | The following table provides a reconciliation of the obligations and fair values of plan assets for all of our defined benefit plans over the two year period ended March 31, 2015 and a statement of the funded status as of March 31, 2015 and 2014: | ||||||||||||||||
For the Years Ended March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
(dollars in thousands) | |||||||||||||||||
Reconciliation of Benefit Obligations - | |||||||||||||||||
Benefit Obligation at April 1, | $ | 29,892 | $ | 29,586 | |||||||||||||
Service Cost - Benefits Earned During the Period | 874 | 1,129 | |||||||||||||||
Interest Cost on Projected Benefit Obligation | 1,278 | 1,222 | |||||||||||||||
Amendments | 805 | - | |||||||||||||||
Actuarial (Gain) Loss | 9,823 | (1,237 | ) | ||||||||||||||
Benefits Paid | (881 | ) | (808 | ) | |||||||||||||
Benefit Obligation at March 31, | $ | 41,791 | $ | 29,892 | |||||||||||||
Reconciliation of Fair Value of Plan Assets - | |||||||||||||||||
Fair Value of Plan Assets at April 1, | $ | 21,189 | $ | 18,693 | |||||||||||||
Actual Return on Plan Assets | 937 | 1,735 | |||||||||||||||
Employer Contributions | 810 | 1,569 | |||||||||||||||
Benefits Paid | (881 | ) | (808 | ) | |||||||||||||
Fair Value of Plans at March 31, | 22,055 | 21,189 | |||||||||||||||
Funded Status - | |||||||||||||||||
Unfunded Status at March 31, | $ | (19,736 | ) | $ | (8,703 | ) | |||||||||||
Amounts Recognized in the Balance Sheet Consist of - | |||||||||||||||||
Accrued Benefit Liability | $ | (19,736 | ) | $ | (8,703 | ) | |||||||||||
Accumulated Other Comprehensive Losses: | |||||||||||||||||
Net Actuarial Loss | 18,376 | 8,419 | |||||||||||||||
Prior Service Cost | 809 | 15 | |||||||||||||||
Accumulated Other Comprehensive Losses | $ | 19,185 | $ | 8,434 | |||||||||||||
Tax impact | (7,118 | ) | (2,952 | ) | |||||||||||||
Accumulated Other Comprehensive Losses, net of tax | $ | 12,067 | $ | 5,482 | |||||||||||||
Schedule of Accumulated Benefit Obligation in Excess of Plan Assets | Information for pension plans with an accumulated benefit obligation in excess of plan assets: | ||||||||||||||||
March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
(dollars in thousands) | |||||||||||||||||
Projected Benefit Obligation | $ | 41,791 | $ | 29,892 | |||||||||||||
Accumulated Benefit Obligation | $ | 41,790 | $ | 29,827 | |||||||||||||
Fair Value of Plan Assets | $ | 22,055 | $ | 21,189 | |||||||||||||
Components of Net Periodic Cost | Net periodic pension cost for the fiscal years ended March 31, 2015, 2014 and 2013, included the following components: | ||||||||||||||||
For the Years Ended March 31, | |||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||
(dollars in thousands) | |||||||||||||||||
Service Cost - Benefits Earned During the Period | $ | 874 | $ | 1,129 | $ | 785 | |||||||||||
Interest Cost of Projected Benefit Obligation | 1,278 | 1,222 | 1,222 | ||||||||||||||
Expected Return on Plan Assets | (1,680 | ) | (1,506 | ) | (1,371 | ) | |||||||||||
Recognized Net Actuarial Loss | 609 | 921 | 980 | ||||||||||||||
Amortization of Prior-Service Cost | 11 | 11 | 21 | ||||||||||||||
Net Periodic Pension Cost | $ | 1,092 | $ | 1,777 | $ | 1,637 | |||||||||||
Schedule of Expected Benefit Payments | Expected benefit payments over the next five years, and the following five years under the pension plans are expected to be as follows (in thousands): | ||||||||||||||||
Fiscal Years | Total | ||||||||||||||||
2016 | $ | 1,115 | |||||||||||||||
2017 | $ | 1,167 | |||||||||||||||
2018 | $ | 1,219 | |||||||||||||||
2019 | $ | 1,302 | |||||||||||||||
2020 | $ | 1,389 | |||||||||||||||
2021-2025 | $ | 8,908 | |||||||||||||||
Schedule of Assumptions Used in Net Periodic Benefit Cost and Benefit Obligations | The following table sets forth the assumptions used in the actuarial calculations of the present value of net periodic benefit cost and benefit obligations: | ||||||||||||||||
March 31, | |||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||
Net Periodic Benefit Costs - | |||||||||||||||||
Discount Rate | 4.41 | % | 4.2 | % | 4.56 | % | |||||||||||
Expected Return on Plan Assets | 8 | % | 8 | % | 8 | % | |||||||||||
Rate of Compensation Increase | 3.5 | % | 3.5 | % | 3.5 | % | |||||||||||
March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Benefit Obligations - | |||||||||||||||||
Discount Rate | 3.70% | 4.41 | % | ||||||||||||||
Rate of Compensation Increase | 3.50% | 3.5 | % | ||||||||||||||
Schedule of Pension Plans Weighted-Average Asset Allocation and Range of Target Allocation | The pension plans’ approximate weighted-average asset allocation at March 31, 2015 and 2014 and the range of target allocation are as follows: | ||||||||||||||||
Range of | Percentage of Plan | ||||||||||||||||
Target | Assets at March 31, | ||||||||||||||||
Allocation | 2015 | 2014 | |||||||||||||||
Asset Category - | |||||||||||||||||
Equity Securities | 40 – 60 | % | 61% | 65% | |||||||||||||
Debt Securities | 35 – 60 | % | 36% | 30% | |||||||||||||
Other | 0 – 5 | % | 3% | 5% | |||||||||||||
Total | 100% | 100% | |||||||||||||||
Schedule of Fair Values of Defined Benefit Plans | The fair values of our defined benefit plans’ consolidated assets by category as of March 31, 2015 and 2014 were as follows: | ||||||||||||||||
March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
(dollars in thousands) | |||||||||||||||||
Equity Securities | $ | 13,510 | $ | 13,973 | |||||||||||||
Fixed Income Securities | 7,985 | 6,526 | |||||||||||||||
Real Estate Funds | 133 | 130 | |||||||||||||||
Commodity Linked Funds | 124 | 170 | |||||||||||||||
Cash Equivalents | 303 | 390 | |||||||||||||||
Total | $ | 22,055 | $ | 21,189 | |||||||||||||
Schedule of Fair Values of Defined Benefit Plans Determined Using Fair Value Hierarchy of Inputs | The fair values by category of inputs as of March 31, 2015 were as follows: | ||||||||||||||||
Asset Categories | Quoted Prices in | Significant | Significant | Total | |||||||||||||
Active Markets | Other | Unobservable | |||||||||||||||
for Identical | Observable | Inputs | |||||||||||||||
Assets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
(dollars in thousands) | |||||||||||||||||
Equity Securities | $ | — | $ | 13,510 | $ | — | $ | 13,510 | |||||||||
Fixed Income Securities | — | 7,985 | — | 7,985 | |||||||||||||
Real Estate Funds | — | 133 | — | 133 | |||||||||||||
Commodity Linked Funds | — | 124 | — | 124 | |||||||||||||
Cash Equivalents | 303 | — | — | 303 | |||||||||||||
$ | 303 | $ | 21,752 | $ | — | $ | 22,055 | ||||||||||
The fair values by category of inputs as of March 31, 2014 were as follows: | |||||||||||||||||
Asset Categories | Quoted Prices in | Significant Other | Significant | Total | |||||||||||||
Active Markets | Observable | Unobservable | |||||||||||||||
for Identical | Inputs | Inputs | |||||||||||||||
Assets | (Level 2) | (Level 3) | |||||||||||||||
(Level 1) | |||||||||||||||||
(dollars in thousands) | |||||||||||||||||
Equity Securities | $ | — | $ | 13,973 | $ | — | $ | 13,973 | |||||||||
Fixed Income Securities | — | 6,526 | — | 6,526 | |||||||||||||
Real Estate Funds | — | 130 | — | 130 | |||||||||||||
Commodity Linked Funds | — | 170 | — | 170 | |||||||||||||
Cash Equivalents | 390 | — | — | 390 | |||||||||||||
$ | 390 | $ | 20,799 | $ | — | $ | 21,189 | ||||||||||
Quarterly_Results_unaudited_Ta
Quarterly Results (unaudited) (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||
Schedule of Quarterly Results (unaudited) | |||||||||
For the Years Ended March 31, | |||||||||
2015 | 2014 | ||||||||
(dollars in thousands, except per share data) | |||||||||
First Quarter - | |||||||||
Revenues | $ | 266,251 | $ | 227,044 | |||||
Gross Profit | 56,401 | 46,604 | |||||||
Earnings Before Income Taxes | 55,786 | 44,516 | |||||||
Net Earnings | 37,710 | 30,101 | |||||||
Diluted Earnings Per Share | $ | 0.75 | $ | 0.6 | |||||
Second Quarter - | |||||||||
Revenues | $ | 284,808 | $ | 252,646 | |||||
Gross Profit | 75,061 | 59,479 | |||||||
Earnings Before Income Taxes | 74,577 | 58,688 | |||||||
Net Earnings | 50,319 | 39,903 | |||||||
Diluted Earnings Per Share | $ | 1 | $ | 0.8 | |||||
Third Quarter - | |||||||||
Revenues | $ | 291,529 | $ | 228,812 | |||||
Gross Profit | 79,149 | 49,848 | |||||||
Earnings Before Income Taxes | 77,866 | 48,833 | |||||||
Net Earnings | 52,030 | 31,621 | |||||||
Diluted Earnings Per Share | $ | 1.03 | $ | 0.63 | |||||
Fourth Quarter - | |||||||||
Revenues | $ | 223,780 | $ | 189,894 | |||||
Gross Profit | 43,522 | 29,528 | |||||||
Earnings Before Income Taxes | 44,698 | 29,767 | |||||||
Net Earnings | 46,794 | 22,618 | |||||||
Diluted Earnings Per Share | $ | 0.93 | $ | 0.45 | |||||
Significant_Accounting_Policie3
Significant Accounting Policies - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Significant Accounting Policies [Line Items] | ||||
Ownership percentage | 50.00% | |||
Allowance for doubtful accounts | $5,800,000 | $7,100,000 | $5,800,000 | |
Notes receivable, total | 3,300,000 | |||
Notes receivable, current | 500,000 | |||
Notes Receivable basis spread on Prime rate | 3.90% | |||
Depreciable assets | 69,700,000 | 67,300,000 | 55,100,000 | |
Carrying value of plant | 2,700,000 | |||
Carrying value of equipment | 400,000 | |||
Amortization expense of intangibles | 5,700,000 | 1,700,000 | 1,000,000 | |
Amortization expense, expected, for fiscal years 2016 | 13,400,000 | |||
Amortization expense, expected, for fiscal years 2017 | 13,200,000 | |||
Amortization expense, expected, for fiscal years 2018 | 12,700,000 | |||
Amortization expense, expected, for fiscal years 2019 | 12,600,000 | |||
Amortization expense, expected, for fiscal years 2020 | 6,200,000 | |||
Stock repurchases approved by Board of Directors | 31,610,605 | |||
Shares remain available for repurchase | 717,300 | |||
Freight costs as cost of goods sold | 124,000,000 | 113,100,000 | 83,200,000 | |
Accumulated other comprehensive loss | 5,482,000 | 12,067,000 | 5,482,000 | |
Net of income taxes for accumulated other comprehensive loss | 7,100,000 | |||
Interest payments | 15,100,000 | 17,000,000 | 14,600,000 | |
Income taxes paid | 78,300,000 | 41,700,000 | 14,800,000 | |
Maintenance and repair expenses | 4,500,000 | 86,700,000 | 77,400,000 | 61,300,000 |
Stock options outstanding (in shares) | 285,267 | 146,696 | 1,082,380 | |
Stock options, average exercise price per share | $82.72 | $65.12 | $39.65 | |
Notes Receivable [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Allowance for doubtful accounts | $300,000 | $300,000 | $300,000 |
Schedule_of_Inventories_Detail
Schedule of Inventories (Detail) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Inventory [Line Items] | ||
Inventories | $235,464 | $187,096 |
Raw Materials and Material-in-Progress [Member] | ||
Inventory [Line Items] | ||
Inventories | 115,345 | 82,319 |
Finished Cement [Member] | ||
Inventory [Line Items] | ||
Inventories | 20,508 | 19,173 |
Gypsum Wallboard [Member] | ||
Inventory [Line Items] | ||
Inventories | 7,741 | 7,144 |
Paperboard [Member] | ||
Inventory [Line Items] | ||
Inventories | 8,493 | 4,102 |
Frac Sand [Member] | ||
Inventory [Line Items] | ||
Inventories | 4,928 | 275 |
Aggregates [Member] | ||
Inventory [Line Items] | ||
Inventories | 11,131 | 11,815 |
Repair Parts and Supplies [Member] | ||
Inventory [Line Items] | ||
Inventories | 62,121 | 56,119 |
Fuel and Coal [Member] | ||
Inventory [Line Items] | ||
Inventories | $5,197 | $6,149 |
Schedule_of_Property_Plant_And
Schedule of Property, Plant And Equipment Estimated Lives (Detail) | 12 Months Ended |
Mar. 31, 2015 | |
Plants [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated lives of assets - (years) | 20 years |
Plants [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated lives of assets - (years) | 30 years |
Buildings [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated lives of assets - (years) | 20 years |
Buildings [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated lives of assets - (years) | 40 years |
Machinery and Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated lives of assets - (years) | 3 years |
Machinery and Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated lives of assets - (years) | 25 years |
Schedule_of_Goodwill_and_Intan
Schedule of Goodwill and Intangible Assets (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Accumulated Amortization | ($13,348) | ($7,625) |
Good will, Cost | 132,515 | 132,515 |
Goodwill, Net | 132,515 | 132,515 |
Total intangible assets and goodwill, Cost | 224,515 | 168,315 |
Total intangible assets and goodwill, Net | 211,167 | 160,690 |
Customer contracts and relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Cost | 62,060 | 6,060 |
Accumulated Amortization | -5,994 | -1,580 |
Finite-Lived Intangible Assets, Net | 56,066 | 4,480 |
Amortization Period (years) | 15 years | |
Customer contracts and relationships [Member] | Minimum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization Period (years) | 5 years | |
Customer contracts and relationships [Member] | Maximum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization Period (years) | 15 years | |
Sales contracts [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Cost | 2,500 | 2,500 |
Accumulated Amortization | -1,458 | -833 |
Finite-Lived Intangible Assets, Net | 1,042 | 1,667 |
Amortization Period (years) | 4 years | 4 years |
Permits [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Cost | 27,440 | 27,240 |
Accumulated Amortization | -5,896 | -5,212 |
Finite-Lived Intangible Assets, Net | $21,544 | $22,028 |
Amortization Period (years) | 40 years | 40 years |
Schedule_of_Total_Selling_Gene
Schedule of Total Selling, General and Administrative Expenses (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Accounting Policies [Abstract] | |||
Operating Units Selling, G&A | $49,326 | $50,175 | $39,133 |
Corporate G&A | 30,751 | 24,552 | 23,918 |
Total selling, general and administrative expenses | $80,077 | $74,727 | $63,051 |
Schedule_of_Earnings_Per_Share
Schedule of Earnings Per Share (Detail) | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Weighted Average Number Of Shares Outstanding Diluted Disclosure Items [Abstract] | |||
Weighted-Average Shares of Common Stock Outstanding | 49,604,249 | 49,090,750 | 46,622,646 |
Assumed Exercise of Outstanding Dilutive Options | 1,350,556 | 1,574,491 | 1,984,563 |
Less Shares Repurchased from Proceeds of Assumed Exercised Options | -868,636 | -1,032,359 | -1,568,604 |
Restricted Stock Units | 286,074 | 306,283 | 301,845 |
Weighted-Average Common Stock and Dilutive Securities Outstanding | 50,372,243 | 49,939,165 | 47,340,450 |
CRS_Acquisition_Additional_Inf
CRS Acquisition - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended |
Nov. 14, 2014 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 03, 2015 | |
T | ||||
Business Acquisition [Line Items] | ||||
Business acquisition purchase price | $237,200,000 | |||
In-process capital expenditures | 8,900,000 | |||
Inventory acquired at fair value | 9,627,000 | |||
Decrease in deferred tax liability | 6,200,000 | |||
Increase in asset retirement obligation | 3,600,000 | |||
Decrease in property, plant and equipment | 10,900,000 | |||
Direct acquisition cost | 1,100,000 | |||
Customer Relationships [Member] | ||||
Business Acquisition [Line Items] | ||||
Increase in customer relationship intangible asset | 8,000,000 | |||
CRS Proppants [Member] | Operating Loss [Member] | ||||
Business Acquisition [Line Items] | ||||
Depreciation and amortization | 6,400,000 | |||
Inventory acquired at fair value | 1,500,000 | 1,500,000 | ||
Skyway Plant [Member] | ||||
Business Acquisition [Line Items] | ||||
Business acquisition purchase price | $30,000,000 | |||
Ground granulated blast furnace slag purchased | 600,000 |
Components_of_Purchase_Price_A
Components of Purchase Price Allocation (Detail) (USD $) | Mar. 31, 2015 | Nov. 14, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |||
Business Combinations [Abstract] | |||
Cash and cash equivalents | $219 | ||
Accounts Receivable | 14,640 | ||
Inventories | 9,627 | ||
Prepaid and Other Assets | 753 | ||
Property and Equipment | 192,738 | ||
Intangible Assets | 56,200 | 56,200 | |
Indemnity under Sales Agreement | 14,810 | ||
Other Assets | 1,120 | ||
Accounts Payable | -4,343 | ||
Accrued Liabilities | -2,585 | ||
Obligations under Long-term Sales Agreements | -28,131 | ||
Asset Retirement Obligation | -4,112 | ||
Deferred Taxes | -13,765 | ||
Total Net Assets | 237,171 | ||
Goodwill | 132,515 | 132,515 | |
Total Estimated Purchase Price | $237,171 |
Summary_of_Fair_Value_Estimate
Summary of Fair Value Estimates of Identifiable Intangible Assets and Weighted-Average Useful Lives (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Nov. 14, 2014 |
Acquired Finite Lived Intangible Assets [Line Items] | ||
Estimated Fair Value | $56,200 | $56,200 |
Customer Relationships [Member] | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Weighted Average Life | 4 years | |
Estimated Fair Value | 56,000 | |
Permits [Member] | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Weighted Average Life | 40 years | |
Estimated Fair Value | $200 |
Net_Sales_and_Operating_Loss_o
Net Sales and Operating Loss of CRS Proppants (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Business Acquisition Pro Forma Information Nonrecurring Adjustment [Line Items] | |||
Revenues | $1,124,755 | $961,006 | |
Operating Loss | 302,301 | 224,638 | 134,520 |
CRS Proppants [Member] | |||
Business Acquisition Pro Forma Information Nonrecurring Adjustment [Line Items] | |||
Revenues | 28,035 | ||
Operating Loss | $5,002 |
Unaudited_Pro_Forma_Results_De
Unaudited Pro Forma Results (Detail) (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Business Combinations [Abstract] | ||
Revenues | $1,124,755 | $961,006 |
Net Income | $188,715 | $107,764 |
Earnings per share – basis | $3.80 | $2.20 |
Earnings per share - diluted | $3.75 | $2.16 |
Recovered_Sheet1
Schedule of Property, Plant and Equipment (Detail) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $1,962,215 | $1,660,975 |
Accumulated Depreciation | -740,396 | -676,924 |
Property, Plant and Equipment, net | 1,221,819 | 984,051 |
Land And Quarries [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 345,991 | 171,987 |
Plants [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 1,378,497 | 1,357,594 |
Buildings Machinery And Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 151,627 | 111,263 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $86,100 | $20,131 |
Schedule_of_Accrued_Expenses_D
Schedule of Accrued Expenses (Detail) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Accounts Payable And Accrued Liabilities Current [Abstract] | ||
Payroll and Incentive Compensation | $19,082 | $12,855 |
Benefits | 9,951 | 10,158 |
Interest | 4,524 | 4,813 |
Property Taxes | 3,189 | 2,801 |
Power and Fuel | 1,619 | 2,132 |
Legal | 1,673 | 1,831 |
Sales and Use Tax | 523 | 658 |
Acquisition Related Expenses | 1,355 | |
Other | 4,914 | 6,272 |
Accrued expenses, total | $46,830 | $41,520 |
LongTerm_Debt_Detail
Long-Term Debt (Detail) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Total Debt | $512,759 | $381,259 |
Less: Current Portion of Long-term Debt | -57,045 | -9,500 |
Long-term Debt | 455,714 | 371,759 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | 330,000 | 189,000 |
Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | $182,759 | $192,259 |
Indebtedness_Additional_Inform
Indebtedness - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 97 Months Ended | 78 Months Ended | 1 Months Ended | |||
In Millions, unless otherwise specified | Oct. 30, 2014 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2013 | Oct. 31, 2014 | Mar. 31, 2014 | Nov. 15, 2005 | Oct. 02, 2007 |
Loan | Loan | |||||||
Debt Instrument [Line Items] | ||||||||
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% | |||||||
Interest coverage ratio | 250.00% | |||||||
Unused line of credit commitment fee based on leverage ratio | 0.10% | |||||||
Borrowings outstanding under Credit Facility | $330 | $330 | ||||||
Bank credit facility, borrowings available | 160.8 | 160.8 | ||||||
Letter of credit facility | 50 | 50 | ||||||
Letters of credit outstanding, amount | 9.2 | 9.2 | ||||||
Maximum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Consolidated funded indebtedness ratio | 350.00% | |||||||
Unused line of credit commitment fee based on leverage ratio | 0.35% | |||||||
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Variable margin | 1.00% | |||||||
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Variable margin | 2.25% | |||||||
Federal Funds Effective Swap Rate | Minimum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Variable margin | 0.00% | |||||||
Federal Funds Effective Swap Rate | Maximum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Variable margin | 1.25% | |||||||
Bank Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Weighted-average interest rate | 1.50% | 1.50% | 2.00% | 1.90% | ||||
Interest rate of debt instrument | 1.60% | 1.60% | 1.50% | |||||
Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Credit facility, principal balance | 500 | |||||||
Credit facility, maturity date | 31-Oct-19 | |||||||
Credit facility, interest rate description | At the option of the Company, outstanding principal amounts on the Amended 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 Ratioâ€), 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 a period of up to nine months at the option of the Company. The Company is also required to pay a commitment fee on unused available borrowings under the Amended Credit Facility ranging from 10 to 35 basis points depending upon the Leverage Ratio. | |||||||
Revolving Credit Facility [Member] | Scenario, Previously Reported | ||||||||
Debt Instrument [Line Items] | ||||||||
Credit facility, principal balance | 400 | |||||||
Credit facility, maturity date | 15-Dec-15 | |||||||
Line of Credit | Federal Funds Effective Swap Rate | Maximum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Variable margin | 0.50% | |||||||
Letter of Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Bank credit facility, one-time fee | 0.13% | |||||||
Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Weighted-average interest rate | 5.81% | 5.81% | 5.81% | 5.81% | ||||
Interest rate of debt instrument | 5.80% | 5.80% | 5.81% | |||||
2005 Note Purchase Agreement [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Senior notes, sale | 200 | |||||||
Number of tranches | 3 | |||||||
Senior notes, repurchased amount | 81.1 | |||||||
Senior notes, payment terms | Interest for each tranche of Notes is payable semi-annually on May 15 and November 15 of each year until all principal is paid for the respective tranche. | |||||||
2007 Note Purchase Agreement [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Senior notes, sale | 200 | |||||||
Number of tranches | 4 | |||||||
Senior notes, repurchased amount | 122 | |||||||
Senior notes, payment terms | Interest for each tranche of Notes is payable semi-annually on April 2 and October 2 of each year until all principal is paid for the respective tranche. | |||||||
2007 Note Purchase Agreement [Member] | Series 2007A Tranche A [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayment of senior note | $9.50 |
Schedule_of_Maturities_of_Long
Schedule of Maturities of Long-Term Debt (Detail) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ||
2016 | $57,045 | |
2017 | 8,000 | |
2018 | 81,214 | |
2020 | 366,500 | |
Total | $512,759 | $381,259 |
Amount_Outstanding_of_Tranches
Amount Outstanding of Tranches - Two Thousand Five Note Purchase Agreement (Detail) (2005 Note Purchase Agreement [Member], USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
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 $) | 12 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
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% |
Fair_Value_of_Senior_Notes_Det
Fair Value of Senior Notes (Detail) (USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Series 2005A Tranche B [Member] | |
Fair Value Of Financial Instruments [Line Items] | |
Fair Value of Senior Notes | $58,206 |
Series 2005A Tranche C [Member] | |
Fair Value Of Financial Instruments [Line Items] | |
Fair Value of Senior Notes | 60,911 |
Series 2007A Tranche B [Member] | |
Fair Value Of Financial Instruments [Line Items] | |
Fair Value of Senior Notes | 8,434 |
Series 2007A Tranche C [Member] | |
Fair Value Of Financial Instruments [Line Items] | |
Fair Value of Senior Notes | 25,952 |
Series 2007A Tranche D [Member] | |
Fair Value Of Financial Instruments [Line Items] | |
Fair Value of Senior Notes | $40,777 |
Business_Segments_Additional_I
Business Segments - Additional Information (Detail) | 12 Months Ended |
Mar. 31, 2015 | |
Plant | |
Facility | |
Segment | |
Location | |
Terminal | |
Segment Reporting Information [Line Items] | |
Number of operating business segments | 5 |
Cement plant locations | 6 |
Cement distribution terminals | 16 |
Gypsum wallboard plants | 5 |
Readymix concrete batch plant | 17 |
Aggregates processing plant | 4 |
Number of frac sand processing facilities | 2 |
Number of frac sand drying facilities | 3 |
Number of frac sand trans-load locations | 4 |
Proportionate consolidation of share of Joint Venture's revenues and operating earnings | 50.00% |
Cement [Member] | |
Segment Reporting Information [Line Items] | |
Number of Joint Venture | 1 |
Financial_Information_Related_
Financial Information Related to Operations by Segment (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Segment Reporting Information [Line Items] | |||||||||||
Net Revenues | $223,780 | $291,529 | $284,808 | $266,251 | $189,894 | $228,812 | $252,646 | $227,044 | $1,066,368 | $898,396 | $642,562 |
Operating Earnings | 302,301 | 224,638 | 134,520 | ||||||||
Corporate General and Administrative Expense | -30,751 | -24,552 | -23,918 | ||||||||
Acquisition, Litigation and Other Expense | -6,880 | -10,683 | |||||||||
Earnings Before Interest and Income Taxes | 264,670 | 200,086 | 99,919 | ||||||||
Interest Expense, Net | -11,743 | -18,282 | -15,823 | ||||||||
Earnings before Income Taxes | 44,698 | 77,866 | 74,577 | 55,786 | 29,767 | 48,833 | 58,688 | 44,516 | 252,927 | 181,804 | 84,096 |
Capital Expenditures | 111,573 | 59,490 | 53,011 | ||||||||
Depreciation, Depletion and Amortization | 76,299 | 70,021 | 56,850 | ||||||||
Identifiable Assets | 1,882,591 | 1,511,529 | 1,882,591 | 1,511,529 | 1,476,233 | ||||||
Joint Venture [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Revenues | -126,220 | -111,393 | -96,322 | ||||||||
Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Revenues | 1,258,121 | 1,071,883 | 788,871 | ||||||||
Intersegment Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Revenues | 65,533 | 62,094 | 49,987 | ||||||||
Segment Reconciling Items [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Earnings | 3,201 | 1,368 | 21 | ||||||||
Capital Expenditures | 135 | 249 | 10 | ||||||||
Identifiable Assets | 25,655 | 31,777 | 25,655 | 31,777 | 29,000 | ||||||
Cement [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Revenues | 488,644 | 438,224 | 304,125 | ||||||||
Cement Sales Volume | 4,799 | 4,593 | 3,303 | ||||||||
Operating Earnings | 117,527 | 89,486 | 46,228 | ||||||||
Capital Expenditures | 27,086 | 12,226 | 15,583 | ||||||||
Depreciation, Depletion and Amortization | 31,839 | 31,829 | 20,658 | ||||||||
Identifiable Assets | 777,956 | 762,578 | 777,956 | 762,578 | 756,158 | ||||||
Cement [Member] | Operating Segments [Member] | Joint Venture [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Cement Sales Volume | 1,055 | 1,013 | 913 | ||||||||
Operating Earnings | 44,967 | 37,811 | 32,507 | ||||||||
Cement [Member] | Operating Segments [Member] | Wholly-Owned [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Cement Sales Volume | 3,744 | 3,580 | 2,390 | ||||||||
Operating Earnings | 72,560 | 51,675 | 13,721 | ||||||||
Cement [Member] | Intersegment Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Revenues | 9,598 | 8,952 | 2,850 | ||||||||
Gypsum Wallboard [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Revenues | 437,514 | 387,016 | 306,529 | ||||||||
Operating Earnings | 145,871 | 114,852 | 69,712 | ||||||||
Capital Expenditures | 7,129 | 4,825 | 2,682 | ||||||||
Depreciation, Depletion and Amortization | 20,092 | 20,981 | 21,045 | ||||||||
Identifiable Assets | 403,279 | 412,566 | 403,279 | 412,566 | 425,866 | ||||||
Paperboard [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Revenues | 142,690 | 130,178 | 121,930 | ||||||||
Operating Earnings | 31,512 | 23,610 | 25,200 | ||||||||
Capital Expenditures | 1,888 | 3,354 | 804 | ||||||||
Depreciation, Depletion and Amortization | 8,251 | 8,716 | 8,824 | ||||||||
Identifiable Assets | 123,519 | 125,045 | 123,519 | 125,045 | 129,226 | ||||||
Paperboard [Member] | Intersegment Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Revenues | 55,060 | 52,119 | 46,393 | ||||||||
Oil and Gas Proppants [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Revenues | 81,381 | 19,557 | |||||||||
Operating Earnings | -2,546 | -4,890 | -1,253 | ||||||||
Capital Expenditures | 61,484 | 34,264 | |||||||||
Depreciation, Depletion and Amortization | 8,839 | 1,707 | |||||||||
Identifiable Assets | 455,572 | 92,199 | 455,572 | 92,199 | 48,929 | ||||||
Concrete and Aggregates [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Revenues | 107,892 | 96,908 | 56,287 | ||||||||
Operating Earnings | 6,736 | 212 | -5,388 | ||||||||
Capital Expenditures | 13,851 | 4,572 | 33,932 | ||||||||
Depreciation, Depletion and Amortization | 5,533 | 5,205 | 5,212 | ||||||||
Identifiable Assets | 96,610 | 87,364 | 96,610 | 87,364 | 87,054 | ||||||
Concrete and Aggregates [Member] | Intersegment Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Revenues | 875 | 1,023 | 744 | ||||||||
Corporate and Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Depreciation, Depletion and Amortization | $1,745 | $1,583 | $1,111 |
Segment_Breakdown_of_Goodwill_
Segment Breakdown of Goodwill (Detail) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ||
Goodwill | $132,515 | $132,515 |
Cement [Member] | ||
Segment Reporting Information [Line Items] | ||
Goodwill | 8,359 | 8,359 |
Gypsum Wallboard [Member] | ||
Segment Reporting Information [Line Items] | ||
Goodwill | 116,618 | 116,618 |
Paperboard [Member] | ||
Segment Reporting Information [Line Items] | ||
Goodwill | $7,538 | $7,538 |
Schedule_of_Components_of_Prov
Schedule of Components of Provision for Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Income Tax Disclosure [Abstract] | |||
Current Provision (Benefit) - Federal | $62,424 | $49,604 | $19,108 |
Current Provision (Benefit) - State | -2,155 | 2,211 | 1,089 |
Current Provision (Benefit) - Total | 60,269 | 51,815 | 20,197 |
Deferred Provision (Benefit) - Federal | -962 | 7,691 | 5,173 |
Deferred Provision (Benefit) - State | 6,767 | -1,945 | 982 |
Deferred Provision (Benefit) - Total | 5,805 | 5,746 | 6,155 |
Provision for Income Taxes | $66,074 | $57,561 | $26,352 |
Schedule_of_Effective_Tax_Rate
Schedule of Effective Tax Rates Vary from Federal Statutory Rates (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Income Tax Disclosure [Abstract] | |||||||||||
Earnings Before Income Taxes | $44,698 | $77,866 | $74,577 | $55,786 | $29,767 | $48,833 | $58,688 | $44,516 | $252,927 | $181,804 | $84,096 |
Income Taxes at Statutory Rate | 88,524 | 63,631 | 29,434 | ||||||||
Increases (Decreases) in Tax Resulting from - State Income Taxes, net | 4,582 | 173 | 1,346 | ||||||||
Increases (Decreases) in Tax Resulting from - Statutory Depletion in Excess of Cost | -4,367 | -3,512 | -3,110 | ||||||||
Increases (Decreases) in Tax Resulting from - Domestic Production Activities Deduction | -6,853 | -3,453 | -1,895 | ||||||||
Increases (Decreases) in Tax Resulting from - Meals and Entertainment Disallowance | 647 | 503 | 337 | ||||||||
Increases (Decreases) in Tax Resulting from - Penalties on Uncertain Tax Positions | 213 | 215 | |||||||||
Increases (Decreases) in Tax Resulting from - IRS Settlement | -16,559 | ||||||||||
Increases (Decreases) in Tax Resulting from - Other | 100 | 6 | 25 | ||||||||
Provision for Income Taxes | $66,074 | $57,561 | $26,352 | ||||||||
Effective Tax Rate | 26.00% | 32.00% | 31.00% |
Schedule_of_Deferred_Income_Ta
Schedule of Deferred Income Tax Provision (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Deferred Income Benefit Taxes [Line Items] | |||
Deferred Income Tax Provision | $5,805 | $5,746 | $6,155 |
Excess Tax Depreciation and Amortization [Member] | |||
Deferred Income Benefit Taxes [Line Items] | |||
Deferred Income Tax Provision | 2,259 | 6,875 | 7,038 |
Bad Debts [Member] | |||
Deferred Income Benefit Taxes [Line Items] | |||
Deferred Income Tax Provision | -142 | -224 | -73 |
Uniform Capitalization [Member] | |||
Deferred Income Benefit Taxes [Line Items] | |||
Deferred Income Tax Provision | 1,296 | -1,127 | -14 |
Accrual Changes [Member] | |||
Deferred Income Benefit Taxes [Line Items] | |||
Deferred Income Tax Provision | -611 | -1,075 | -1,169 |
Uncertain Tax Position Accruals [Member] | |||
Deferred Income Benefit Taxes [Line Items] | |||
Deferred Income Tax Provision | 213 | 173 | |
Prepaid Insurance [Member] | |||
Deferred Income Benefit Taxes [Line Items] | |||
Deferred Income Tax Provision | -331 | 424 | |
State Income Taxes, net [Member] | |||
Deferred Income Benefit Taxes [Line Items] | |||
Deferred Income Tax Provision | 6,060 | -1,319 | 1,130 |
Long-Term Incentive Compensation Plans [Member] | |||
Deferred Income Benefit Taxes [Line Items] | |||
Deferred Income Tax Provision | -1,792 | -373 | 1,293 |
Other [Member] | |||
Deferred Income Benefit Taxes [Line Items] | |||
Deferred Income Tax Provision | ($934) | $1,033 | ($1,093) |
Schedule_of_Components_of_Defe
Schedule of Components of Deferred Income Taxes (Detail) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ||
Items Giving Rise to Deferred Tax Liabilities - Excess Tax Depreciation and Amortization | ($153,045) | ($144,519) |
Items Giving Rise to Deferred Tax Liabilities - Depletion | -18,374 | -100 |
Items Giving Rise to Deferred Tax Liabilities - Repair Parts | -3,376 | -4,545 |
Items Giving Rise to Deferred Tax Liabilities - State Income Taxes, net | -13,708 | -7,648 |
Items Giving Rise to Deferred Tax Liabilities - Other | -5,359 | -9,125 |
Items Giving Rise to Deferred Tax Liabilities - Total Deferred Tax Liabilities | -193,862 | -165,937 |
Items Giving Rise to Deferred Tax Assets - Accrual Changes | 10,557 | 9,946 |
Items Giving Rise to Deferred Tax Assets - Bad Debts | 2,264 | 2,122 |
Items Giving Rise to Deferred Tax Assets - Uniform Capitalization | 835 | 2,131 |
Items Giving Rise to Deferred Tax Assets - Deferred Revenue | 4,382 | |
Items Giving Rise to Deferred Tax Assets - Long-term Incentive Compensation Plan | 8,318 | 6,526 |
Items Giving Rise to Deferred Tax Assets - Other | 7,118 | |
Items Giving Rise to Deferred Tax Assets - Total Deferred Tax Assets | $33,474 | $20,725 |
Schedule_of_Income_Taxes_Class
Schedule of Income Taxes Classified in Consolidated Balance Sheet (Detail) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ||
Prepaid and Other Assets | $2,265 | $561 |
Deferred Income Taxes | ($162,653) | ($145,773) |
Reconciliation_of_Consolidated
Reconciliation of Consolidated Liability for Gross Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Income Tax Disclosure [Abstract] | |||
Balance at Beginning of Year | $24,802 | $24,589 | $25,890 |
Increase related to prior tax positions | 213 | 215 | |
Decrease related to prior tax positions | -24,802 | -1,516 | |
Balance at End of Year | $24,802 | $24,589 |
Summary_of_Amounts_of_Interest
Summary of Amounts of Interest and Penalties Recognized in Relation to Uncertain Tax Position (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Income Tax Disclosure [Abstract] | |||
Accrued interest recognized | ($3,847) | $641 | $409 |
Accrued penalties recognized | ($6,475) | $213 | $173 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2014 |
Income Tax Disclosure [Abstract] | |||
Accrued interest on uncertain tax position | $0 | $0 | $4.40 |
Accrued penalities on uncertain tax position | 0 | 0 | 3.2 |
Percentage of penalties and related interest assessed to date | 40.00% | ||
Impact from settlement agreement | 17 | 17 | |
Interest related to tax penalties | $4.40 | $4.40 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
GeneratingPlant | |||
Product Liability Contingency [Line Items] | |||
Letters of credit outstanding, amount | $9,200,000 | ||
Contingently liable for performance, current | 14,800,000 | ||
Outstanding guarantees | 0 | ||
Sale percentage of gypsum-grade recycled paperboard | 90.00% | ||
Number of plants | 3 | ||
Percentage of expected natural gas usage | 25.00% | ||
Operating leases Rental expense | $5,900,000 | $3,200,000 | $1,600,000 |
Minimum [Member] | |||
Product Liability Contingency [Line Items] | |||
Sale percentage of gypsum-grade recycled paperboard | 15.00% | ||
Maximum [Member] | |||
Product Liability Contingency [Line Items] | |||
Sale percentage of gypsum-grade recycled paperboard | 20.00% |
Schedule_of_Minimum_Annual_Ren
Schedule of Minimum Annual Rental Commitments (Detail) (USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Commitments And Contingencies Disclosure [Abstract] | |
2016 | $11,043 |
2017 | 9,834 |
2018 | 7,610 |
2019 | 6,544 |
2020 | 4,171 |
Thereafter | $13,758 |
Stock_Option_Plans_Additional_
Stock Option Plans - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | |||
Jun. 30, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Aug. 31, 2014 | Aug. 07, 2013 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Number of shares available for future grant | 4,907,503 | 3,000,000 | ||||
Period of average return on invested capital exceeded target | 10 years | |||||
Stock option expense | $6,200,000 | $5,300,000 | $4,000,000 | |||
Aggregate intrinsic value for outstanding options | 61,900,000 | |||||
Aggregate intrinsic value of exercisable options | 50,800,000 | |||||
Total intrinsic value of options exercised | 9,600,000 | |||||
Restricted stock or unit expense | 6,700,000 | 4,800,000 | 3,400,000 | |||
Maximum number of shares available for grant | 1,491,297 | |||||
Stock Awards [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Number of shares available for future grant | 1,500,000 | |||||
Unrecognized compensation cost, stock options | 11,400,000 | |||||
Weighted-average period of recognition of unrecognized compensation cost | 3 years 3 months 18 days | |||||
Fiscal 2015 Employee Stock Option Grant [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Number of Shares, Granted | 193,636 | |||||
Period of average return on invested capital exceeded target | 10 years | |||||
Share-based compensation vesting period | 3 years | |||||
Share-based compensation award expiration term | 10 years | |||||
Fiscal 2015 Employee Stock Option Grant [Member] | Minimum [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Percentage of average return on invested capital | 15.00% | |||||
Share-based compensation vesting date | 31-Mar-16 | |||||
Fiscal 2015 Employee Stock Option Grant [Member] | Maximum [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Share-based compensation vesting date | 31-Mar-17 | |||||
Fiscal 2015 Board of Directors Grant [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Number of Shares, Granted | 18,515 | |||||
Share-based compensation award expiration term | 10 years | |||||
Restricted Stock Units (RSUs) [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Unrecognized compensation cost, stock options | 100,000 | |||||
Weighted-average period of recognition of unrecognized compensation cost | 1 year | |||||
Restricted stock or unit expense | 0 | 0 | 1,600,000 | |||
Unvested RSUs (in shares) | 20,000 | |||||
Restricted Stock [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Number of shares available for future grant | 80,416 | 7,457 | ||||
Weighted-average period of recognition of unrecognized compensation cost | 2 years 6 months | |||||
Remaining restrictions of unearned compensation cost | 500,000 | |||||
Unrecognized compensation cost | $17,000,000 | |||||
Restricted Stock [Member] | Board of Directors [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Share-based compensation vesting period | 5 years | |||||
Restricted Stock [Member] | Minimum [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Percentage of average return on invested capital | 15.00% | |||||
Share-based compensation vesting date | 31-Mar-16 | |||||
Restricted Stock [Member] | Maximum [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Share-based compensation vesting date | 31-Mar-19 |
WeightedAverage_Assumptions_Us
Weighted-Average Assumptions Used to Value Option Awards (Detail) (Fiscal 2015 Employee Stock Option and Board of Directors Grant [Member]) | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Fiscal 2015 Employee Stock Option and Board of Directors Grant [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Dividend Yield | 2.00% | 2.00% |
Expected Volatility | 44.80% | 44.60% |
Risk Free Interest Rate | 1.86% | 2.04% |
Expected Life | 6 years | 7 years |
Stock_Option_Activity_Detail
Stock Option Activity (Detail) (USD $) | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Number of Shares, Outstanding Options at Beginning of Year | 2,788,999 | 3,022,592 | 3,241,322 |
Number of Shares, Granted | 297,151 | 256,989 | 569,679 |
Number of Shares, Exercised | -151,085 | -485,582 | -746,131 |
Number of Shares, Cancelled | -1,269,500 | -5,000 | -42,278 |
Number of Shares, Outstanding Options at End of Year | 1,665,565 | 2,788,999 | 3,022,592 |
Number of Shares, Options Exercisable at End of Year | 1,035,166 | 818,215 | 986,187 |
Weighted-Average Exercise Price, Outstanding Options at Beginning of year | $41.83 | $37.83 | $36.11 |
Weighted-Average Exercise Price, Granted | $86.41 | $68 | $34.64 |
Weighted-Average Exercise Price, Exercised | $32.38 | $29.72 | $27.64 |
Weighted-Average Exercise Price, Cancelled | $47.43 | $53.22 | $42.21 |
Weighted-Average Exercise Price, Outstanding Options at End of Year | $46.37 | $41.83 | $37.83 |
Weighted-Average Exercise Price, Weighted-Average Fair Value of Options Granted during the Year | $32.31 | $26.35 | $13.28 |
Stock_Options_Outstanding_Deta
Stock Options Outstanding (Detail) (USD $) | 12 Months Ended |
Mar. 31, 2015 | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Options Outstanding, Number of Shares Outstanding | 1,665,565 |
Options Outstanding, Weighted-Average Remaining Contractual Life | 6 years 6 months 15 days |
Options Outstanding, Weighted-Average Exercise Price | $46.37 |
Options Exercisable, Number of Shares Outstanding | 1,035,166 |
Options Exercisable, Weighted-Average Exercise Price | $34.52 |
$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 | 592,210 |
Options Outstanding, Weighted-Average Remaining Contractual Life | 4 years 2 months 9 days |
Options Outstanding, Weighted-Average Exercise Price | $26.50 |
Options Exercisable, Number of Shares Outstanding | 589,210 |
Options Exercisable, Weighted-Average Exercise Price | $26.48 |
$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 | 487,968 |
Options Outstanding, Weighted-Average Remaining Contractual Life | 6 years 10 months 28 days |
Options Outstanding, Weighted-Average Exercise Price | $33.95 |
Options Exercisable, Number of Shares Outstanding | 308,352 |
Options Exercisable, Weighted-Average Exercise Price | $34 |
$53.22 – $ 74.10 [Member] | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Range of Exercise Prices, Lower Range | $53.22 |
Range of Exercise Prices, Upper Range | $74.10 |
Options Outstanding, Number of Shares Outstanding | 283,236 |
Options Outstanding, Weighted-Average Remaining Contractual Life | 7 years 9 months 26 days |
Options Outstanding, Weighted-Average Exercise Price | $66.58 |
Options Exercisable, Number of Shares Outstanding | 118,089 |
Options Exercisable, Weighted-Average Exercise Price | $66.59 |
$79.90 - $ 93.56 [Member] | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Range of Exercise Prices, Lower Range | $79.90 |
Range of Exercise Prices, Upper Range | $93.56 |
Options Outstanding, Number of Shares Outstanding | 302,151 |
Options Outstanding, Weighted-Average Remaining Contractual Life | 9 years 3 months 22 days |
Options Outstanding, Weighted-Average Exercise Price | $86.42 |
Options Exercisable, Number of Shares Outstanding | 19,515 |
Options Exercisable, Weighted-Average Exercise Price | $91.71 |
Interest_Expense_Net_Detail
Interest Expense, Net (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Interest Income (Expense), Net [Abstract] | |||
Interest Income | ($6) | ($5) | ($53) |
Interest Expense | 14,768 | 16,751 | 14,769 |
Interest Expense (Income) – IRS | -3,847 | 641 | 409 |
Other Expenses | 828 | 895 | 698 |
Interest Expense, net | $11,743 | $18,282 | $15,823 |
Net_Interest_Expense_Additiona
Net Interest Expense - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2015 |
Interest Expense [Abstract] | ||
Interest related to tax penalties | $4.40 | $4.40 |
Schedule_of_Reconciliation_of_
Schedule of Reconciliation of Obligations and Fair Values of Plan Assets (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Compensation And Retirement Disclosure [Abstract] | |||
Benefit Obligation at April 1, | $29,892 | $29,586 | |
Service Cost - Benefits Earned During the Period | 874 | 1,129 | 785 |
Interest Cost on Projected Benefit Obligation | 1,278 | 1,222 | 1,222 |
Amendments | 805 | ||
Actuarial (Gain) Loss | 9,823 | -1,237 | |
Benefits Paid | -881 | -808 | |
Benefit Obligation at March 31, | 41,791 | 29,892 | 29,586 |
Fair Value of Plan Assets at April 1, | 21,189 | 18,693 | |
Actual Return on Plan Assets | 937 | 1,735 | |
Employer Contributions | 810 | 1,569 | |
Fair Value of Plans at March 31, | 22,055 | 21,189 | 18,693 |
Unfunded Status at March 31, | -19,736 | -8,703 | |
Accrued Benefit Liability | -19,736 | -8,703 | |
Accumulated Other Comprehensive Losses - Net Actuarial Loss | 18,376 | 8,419 | |
Accumulated Other Comprehensive Losses - Prior Service Cost | 809 | 15 | |
Accumulated Other Comprehensive Losses | 19,185 | 8,434 | |
Tax impact | -7,118 | -2,952 | |
Accumulated Other Comprehensive Losses, net of tax | $12,067 | $5,482 |
Schedule_of_Accumulated_Benefi
Schedule of Accumulated Benefit Obligation in Excess of Plan Assets (Detail) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | |||
Compensation And Retirement Disclosure [Abstract] | |||
Projected Benefit Obligation | $41,791 | $29,892 | $29,586 |
Accumulated Benefit Obligation | 41,790 | 29,827 | |
Fair Value of Plan Assets | $22,055 | $21,189 | $18,693 |
Components_of_Net_Periodic_Cos
Components of Net Periodic Cost (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Compensation And Retirement Disclosure [Abstract] | |||
Service Cost - Benefits Earned During the Period | $874 | $1,129 | $785 |
Interest Cost of Projected Benefit Obligation | 1,278 | 1,222 | 1,222 |
Expected Return on Plan Assets | -1,680 | -1,506 | -1,371 |
Recognized Net Actuarial Loss | 609 | 921 | 980 |
Amortization of Prior-Service Cost | 11 | 11 | 21 |
Net Periodic Pension Cost | $1,092 | $1,777 | $1,637 |
Pension_and_Profit_Sharing_Pla2
Pension and Profit Sharing Plans - Additional information (Detail) (USD $) | 12 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2016 | |
CompensationPlan | ||||
Employee | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Amendment of pension plan service cost | $805,000 | |||
Amendment in pension plan | We amended one of our pension plans during March 2015, which increased our prior service cost by approximately $0.8 million. This amount is included in other comprehensive income and will be recognized in our statement of earnings as pension expense over the next three fiscal years. | |||
Current actuarial estimates contributions | 200,000 | 200,000 | 100,000 | |
Costs relating to employer discretionary contributions | 5,300,000 | 4,500,000 | 3,300,000 | |
Number of employees covered under multi-employer pension plans | 60 | |||
Number of multi-employer plans | 5 | |||
Collective bargaining agreement for employer covered under multi-employer plans, Expiration beginning date | 30-Jun-15 | |||
Collective bargaining agreement for employer covered under multi-employer plans, Expiration ending date | 31-Mar-17 | |||
Expenses related to Multi employer plans | 1,000,000 | 1,000,000 | 200,000 | |
Scenario, Forecast [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Expenses related to Multi employer plans | 1,000,000 | |||
Salaried Employees [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Employees fully vesting in employer's contributions made beginning in 2007, requirement years | 6 years | |||
Hourly Employees [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Employees fully vesting in employer's contributions made beginning in 2007, requirement years | 3 years | |||
Minimum [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Current actuarial estimates contributions | 500,000 | |||
Maximum [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Current actuarial estimates contributions | $1,000,000 |
Schedule_of_Expected_Benefit_P
Schedule of Expected Benefit Payments (Detail) (USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Compensation And Retirement Disclosure [Abstract] | |
2016 | $1,115 |
2017 | 1,167 |
2018 | 1,219 |
2019 | 1,302 |
2020 | 1,389 |
2021-2025 | $8,908 |
Schedule_of_Assumptions_Used_i
Schedule of Assumptions Used in Net Periodic Benefit Cost and Benefit Obligations (Detail) | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Compensation And Retirement Disclosure [Abstract] | |||
Net Periodic Benefit Costs - Discount Rate | 4.41% | 4.20% | 4.56% |
Net Periodic Benefit Costs - Expected Return on Plan Assets | 8.00% | 8.00% | 8.00% |
Net Periodic Benefit Costs - Rate of Compensation Increase | 3.50% | 3.50% | 3.50% |
Benefit Obligations - Discount Rate | 3.70% | 4.41% | |
Benefit Obligations - Rate of Compensation Increase | 3.50% | 3.50% |
Schedule_of_Pension_Plans_Weig
Schedule of Pension Plans Weighted-Average Asset Allocation and Range of Target Allocation (Detail) | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of Plan Assets at March 31 | 100.00% | 100.00% |
Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Range of Target Allocation - Minimum | 40.00% | |
Range of Target Allocation - Maximum | 60.00% | |
Percentage of Plan Assets at March 31 | 61.00% | 65.00% |
Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Range of Target Allocation - Minimum | 35.00% | |
Range of Target Allocation - Maximum | 60.00% | |
Percentage of Plan Assets at March 31 | 36.00% | 30.00% |
Other [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Range of Target Allocation - Minimum | 0.00% | |
Range of Target Allocation - Maximum | 5.00% | |
Percentage of Plan Assets at March 31 | 3.00% | 5.00% |
Schedule_of_Fair_Values_of_Def
Schedule of Fair Values of Defined Benefit Plans (Detail) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of defined benefit plans | $22,055 | $21,189 | $18,693 |
Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of defined benefit plans | 13,510 | 13,973 | |
Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of defined benefit plans | 7,985 | 6,526 | |
Real Estate Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of defined benefit plans | 133 | 130 | |
Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of defined benefit plans | 303 | 390 | |
Commodity Linked Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of defined benefit plans | $124 | $170 |
Schedule_of_Fair_Values_of_Def1
Schedule of Fair Values of Defined Benefit Plans Determined Using Fair Value Hierarchy of Inputs (Detail) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of defined benefit plans | $22,055 | $21,189 | $18,693 |
Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of defined benefit plans | 13,510 | 13,973 | |
Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of defined benefit plans | 7,985 | 6,526 | |
Real Estate Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of defined benefit plans | 133 | 130 | |
Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of defined benefit plans | 303 | 390 | |
Commodity Linked Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of defined benefit plans | 124 | 170 | |
Fair Value, Inputs, Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of defined benefit plans | 303 | 390 | |
Fair Value, Inputs, Level 1 | Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of defined benefit plans | 303 | 390 | |
Fair Value, Inputs, Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of defined benefit plans | 21,752 | 20,799 | |
Fair Value, Inputs, Level 2 | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of defined benefit plans | 13,510 | 13,973 | |
Fair Value, Inputs, Level 2 | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of defined benefit plans | 7,985 | 6,526 | |
Fair Value, Inputs, Level 2 | Real Estate Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of defined benefit plans | 133 | 130 | |
Fair Value, Inputs, Level 2 | Commodity Linked Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of defined benefit plans | $124 | $170 |
Quarterly_Results_unaudited_De
Quarterly Results (unaudited) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues | $223,780 | $291,529 | $284,808 | $266,251 | $189,894 | $228,812 | $252,646 | $227,044 | $1,066,368 | $898,396 | $642,562 |
Gross Profit | 43,522 | 79,149 | 75,061 | 56,401 | 29,528 | 49,848 | 59,479 | 46,604 | 254,133 | 185,459 | 103,245 |
Earnings Before Income Taxes | 44,698 | 77,866 | 74,577 | 55,786 | 29,767 | 48,833 | 58,688 | 44,516 | 252,927 | 181,804 | 84,096 |
Net Earnings | $46,794 | $52,030 | $50,319 | $37,710 | $22,618 | $31,621 | $39,903 | $30,101 | $186,853 | $124,243 | $57,744 |
Diluted Earnings Per Share | $0.93 | $1.03 | $1 | $0.75 | $0.45 | $0.63 | $0.80 | $0.60 | $3.71 | $2.49 | $1.22 |
Quarterly_Results_unaudited_Ad
Quarterly Results (unaudited) - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Quarterly Financial Information Disclosure [Abstract] | |||||
Impact from settlement agreement | $17 | $17 | |||
Interest related to tax penalties | 4.4 | 4.4 | |||
Business acquisition and litigation expenses | 4.1 | ||||
Maintenance and repair expenses | 4.5 | 86.7 | 77.4 | 61.3 | |
Legal costs | 1.3 | ||||
Maintenance costs | 1.5 | ||||
Cost of natural gas | $0.90 |