Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Jun. 30, 2019 | Jul. 26, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | EAGLE MATERIALS INC | |
Entity Central Index Key | 0000918646 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Current Fiscal Year End Date | --03-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 42,022,827 | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Title of 12(b) Security | Common Stock (par value $.01 per share) | |
Trading Symbol | EXP | |
Security Exchange Name | NYSE | |
Entity File Number | 1-12984 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 75-2520779 | |
Entity Address, Address Line One | 5960 Berkshire Lane | |
Entity Address, Address Line Two | Suite 900 | |
Entity Address, City or Town | Dallas | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 75225 | |
City Area Code | 214 | |
Local Phone Number | 432-2000 | |
Document Quarterly Report | true | |
Document Transition Report | false |
Consolidated Statements of Earn
Consolidated Statements of Earnings (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Income Statement [Abstract] | ||
Revenue | $ 370,597 | $ 393,756 |
Cost of Goods Sold | 295,268 | 302,122 |
Gross Profit | 75,329 | 91,634 |
Equity in Earnings of Unconsolidated Joint Venture | 9,432 | 9,251 |
Corporate General and Administrative Expense | (21,254) | (8,003) |
Litigation Settlements and Losses | (1,800) | |
Other Non-Operating Income | 200 | 571 |
Interest Expense, Net | (8,846) | (6,632) |
Earnings before Income Taxes | 54,861 | 85,021 |
Income Taxes | (13,557) | (18,682) |
Net Earnings | $ 41,304 | $ 66,339 |
EARNINGS PER SHARE | ||
Basic | $ 0.94 | $ 1.39 |
Diluted | $ 0.94 | $ 1.38 |
AVERAGE SHARES OUTSTANDING | ||
Basic | 43,870,222 | 47,690,351 |
Diluted | 44,150,211 | 48,144,325 |
CASH DIVIDENDS PER SHARE | $ 0.10 | $ 0.10 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Earnings (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net Earnings | $ 41,304 | $ 66,339 |
Net Actuarial Change in Defined Benefit Plans: | ||
Amortization of net actuarial loss | 43 | 73 |
Tax expense | (10) | (17) |
Comprehensive Earnings | $ 41,337 | $ 66,395 |
Consolidated Balance Sheets (un
Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands | Jun. 30, 2019 | Mar. 31, 2019 |
Current Assets - | ||
Cash and Cash Equivalents | $ 19,162 | $ 8,601 |
Accounts and Notes Receivable, net | 174,279 | 128,722 |
Inventories | 263,612 | 275,194 |
Income Tax Receivable | 5,480 | |
Prepaid and Other Assets | 9,464 | 9,624 |
Total Current Assets | 466,517 | 427,621 |
Property, Plant, and Equipment, net | 1,424,703 | 1,426,939 |
Notes Receivable | 2,772 | 2,898 |
Investment in Joint Venture | 71,305 | 64,873 |
Operating Lease Right of Use Assets | 63,344 | |
Goodwill and Intangible Assets, net | 228,316 | 229,115 |
Other Assets | 12,121 | 17,717 |
Total Assets | 2,269,078 | 2,169,163 |
Current Liabilities - | ||
Accounts Payable | 83,916 | 80,884 |
Accrued Liabilities | 56,636 | 61,949 |
Income Taxes Payable | 3,914 | |
Operating Lease Liabilities | 11,990 | |
Current Portion of Long-term Debt | 36,500 | 36,500 |
Total Current Liabilities | 192,956 | 179,333 |
Long-term Debt | 840,259 | 655,092 |
Noncurrent Operating Lease Liabilities | 55,884 | |
Other Long-term Liabilities | 30,257 | 34,492 |
Deferred Income Taxes | 94,456 | 90,759 |
Total Liabilities | 1,213,812 | 959,676 |
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 42,924,186 and 45,117,393 Shares, respectively | 429 | 451 |
Accumulated Other Comprehensive Losses | (3,283) | (3,316) |
Retained Earnings | 1,058,120 | 1,212,352 |
Total Stockholders’ Equity | 1,055,266 | 1,209,487 |
Liabilities and Stockholders' Equity, Total | $ 2,269,078 | $ 2,169,163 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (unaudited) (Parenthetical) - $ / shares | Jun. 30, 2019 | Mar. 31, 2019 |
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 | 42,924,186 | 45,117,393 |
Common Stock, Outstanding | 42,924,186 | 45,117,393 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net Earnings | $ 41,304 | $ 66,339 |
Adjustments to Reconcile Net Earnings to Net Cash Provided by Operating Activities, Net of Effect of Non-Cash Activity - | ||
Depreciation, Depletion and Amortization | 27,960 | 29,850 |
Deferred Income Tax Provision | 3,687 | 6,173 |
Stock Compensation Expense | 8,219 | 3,493 |
Equity in Earnings of Unconsolidated Joint Venture | (9,432) | (9,251) |
Distributions from Joint Venture | 3,000 | 9,500 |
Changes in Operating Assets and Liabilities: | ||
Accounts and Notes Receivable | (45,431) | (45,549) |
Inventories | 11,582 | 17,159 |
Accounts Payable and Accrued Liabilities | (6,071) | 8,897 |
Other Assets | 6,486 | (3,137) |
Income Taxes Payable (Receivable) | 9,394 | (1,565) |
Net Cash Provided by Operating Activities | 50,698 | 81,909 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Additions to Property, Plant, and Equipment | (21,813) | (53,073) |
Proceeds from Sale of Property, Plant, and Equipment | 2,281 | |
Net Cash Used in Investing Activities | (21,813) | (50,792) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Increase in Credit Facility | 185,000 | 30,000 |
Dividends Paid to Stockholders | (4,499) | (4,790) |
Purchase and Retirement of Common Stock | (198,355) | (52,344) |
Proceeds from Stock Option Exercises | 396 | 1,992 |
Shares Redeemed to Settle Employee Taxes on Stock Compensation | (866) | (956) |
Net Cash Used in Financing Activities | (18,324) | (26,098) |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 10,561 | 5,019 |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD | 8,601 | 48,068 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ 19,162 | $ 53,087 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (unaudited) - USD ($) $ in Thousands | Total | Common Stock [Member] | Capital in Excess of Par Value [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Losses [Member] |
Beginning balance at Mar. 31, 2018 | $ 1,417,690 | $ 483 | $ 122,379 | $ 1,298,840 | $ (4,012) |
Net Earnings | 66,339 | 66,339 | |||
Stock Option Exercises and Restricted Share Vesting | 1,992 | 1,992 | |||
Purchase and Retirement of Common Stock | (52,344) | (5) | (52,339) | ||
Dividends to Stockholders | (4,791) | (4,791) | |||
Stock Compensation Expense | 3,493 | 1 | 3,492 | ||
Shares Redeemed to Settle Employee Taxes | (956) | (956) | |||
Unfunded Pension Liability, net of tax | 56 | 56 | |||
Ending Balance at Jun. 30, 2018 | 1,431,479 | 479 | 74,568 | 1,360,388 | (3,956) |
Beginning balance at Mar. 31, 2019 | 1,209,487 | 451 | 1,212,352 | (3,316) | |
Net Earnings | 41,304 | 41,304 | |||
Stock Option Exercises and Restricted Share Vesting | 396 | 396 | |||
Purchase and Retirement of Common Stock | (198,355) | (23) | (7,748) | (190,584) | |
Dividends to Stockholders | (4,316) | (4,316) | |||
Stock Compensation Expense | 8,219 | 1 | 8,218 | ||
Shares Redeemed to Settle Employee Taxes | (866) | $ (866) | |||
Cumulative Effect of Change in Accounting for Leases | (636) | (636) | |||
Unfunded Pension Liability, net of tax | 33 | 33 | |||
Ending Balance at Jun. 30, 2019 | $ 1,055,266 | $ 429 | $ 1,058,120 | $ (3,283) |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION | (A) BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements as of and for the three-month period ended June 30, 2019 include the accounts of Eagle Materials Inc. and its majority-owned subsidiaries (collectively, the Company, us, or we) and have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on May 23, 2018. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although we believe that the disclosures are adequate to make the information presented not misleading. In our opinion, all adjustments (consisting solely of normal recurring adjustments) necessary to present fairly the information in the following unaudited consolidated financial statements of the Company have been included. The results of operations for interim periods are not necessarily indicative of the results for the full year. The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Recent Accounting Pronouncements RECENTLY ADOPTED In February 2016, the FASB issued ASU 2016-02, “Leases,” which supersedes existing lease guidance to require lessees to recognize assets and liabilities on the balance sheet for the rights and obligations created by long-term leases and to disclose additional quantitative and qualitative information about leasing arrangements. We adopted the standard on April 1, 2019 using the modified retrospective approach. We also elected the package of practical expedients permitted under the transition guidance which, among other things, allowed us to maintain the historic lease classification for leases in effect at the date of adoption, and to not separate lease components from nonlease components for all leases in effect at the date of adoption. Upon adoption, we recorded a right of use asset of approximately $66.7 million, and operating lease liabilities of approximately $71.1 million . We do not expect the adoption of this standard to materially affect our consolidated statement of earnings or consolidated statement of cash flows. See Footnote (H) for more information |
SUPPLEMENTAL CASH FLOW INFORMAT
SUPPLEMENTAL CASH FLOW INFORMATION | 3 Months Ended |
Jun. 30, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |
SUPPLEMENTAL CASH FLOW INFORMATION | (B) SUPPLEMENTAL CASH FLOW INFORMATION Supplemental cash flow information is as follows: For the Three Months Ended June 30, 2019 2018 (dollars in thousands) Cash Payments: Interest $ 5,241 $ 3,765 Income Taxes 90 14,722 Operating Cash Flows used for Operating Leases 3,961 — Non Cash Financing Activities: Property and Equipment Purchases Included in Accrued Liabilities $ 3,675 $ — |
REVENUE
REVENUE | 3 Months Ended |
Jun. 30, 2019 | |
Revenue From Contract With Customer [Abstract] | |
REVENUE | (C) REVENUE We earn Revenue primarily from the sale of products, which include cement, concrete, aggregates, gypsum wallboard, recycled paperboard, and frac sand. The vast majority of Revenue from the sale of cement, concrete, aggregates, and gypsum wallboard are originated by purchase orders from our customers, who are primarily third-party contractors and suppliers. Revenue from our Recycled Paperboard and Oil and Gas Proppants segments is generated primarily through long-term supply agreements that mature between 2019 and 2025. We also earn Revenue from transload services and storage; we recognize Revenue from these services when the product is transferred from the rail car to the truck or silo, or from the silo to the railcar or truck. We invoice customers upon shipment, and our collection terms range from 30-65 days. Revenue from the sale of cement, concrete, aggregates, and gypsum wallboard that is not related to long-term supply agreements is recognized upon shipment of the related products to customers, which is when title and ownership are transferred and the customer is obligated to pay. Revenue from sales under our long-term supply agreements is also recognized upon transfer of control to the customer, which generally occurs at the time the product is shipped from the production facility or transload location. Our long-term supply agreements with customers define, among other commitments, the volume of product that we must provide and the volume that the customer must purchase by the end of the defined periods. Pricing structures under our agreements are generally market-based but are subject to certain contractual adjustments. Historically the pricing and volume requirements under certain of these contracts have been renegotiated during volatile market conditions. Shortfall amounts, if applicable under these arrangements, are constrained and not recognized as Revenue until an agreement is reached with the customer and not subject to the risk of reversal. The Company offers certain of its customers, including those with long-term supply agreements, rebates and incentives, which we treat as variable consideration. We adjust the amount of Revenue recognized for the variable consideration using the most likely amount method based on past history and projected volumes in the rebate and incentive period. Any amounts billed to customers for taxes are excluded from Revenue. The Company has elected to treat freight and delivery charges we pay for the delivery of goods to our customers as a fulfilment activity rather than a separate performance obligation. When we arrange for a third party to deliver products to customers, fees for shipping and handling that are billed to the customer are recorded as Revenue, while costs we incur for shipping and handling are recorded as expenses and included in Cost of Goods Sold. Other Non-Operating Income includes lease and rental income, asset sale income, non-inventoried aggregates sales income, distribution center income, and trucking income, as well as other miscellaneous revenue items and costs that have not been allocated to a business segment. See Footnote (N) to the Unaudited Consolidated Financial Statements for disaggregation of revenue by segment. |
ACCOUNTS AND NOTES RECEIVABLE
ACCOUNTS AND NOTES RECEIVABLE | 3 Months Ended |
Jun. 30, 2019 | |
Receivables [Abstract] | |
ACCOUNTS AND NOTES RECEIVABLE | (D) ACCOUNTS AND NOTES RECEIVABLE Accounts and Notes Receivable have been shown net of the allowance for doubtful accounts of $11.6 million and $9.9 million at June 30, 2019 and March 31, 2019, respectively. We perform ongoing credit evaluations of our customers’ financial condition and generally require no collateral from our customers. The allowance for non-collection of receivables is based upon analysis of economic trends in the construction industry, detailed analysis of the expected collectability of accounts receivable that are past due, and the expected collectability of overall receivables. We have no significant credit risk concentration among our diversified customer base. We had Notes Receivable totaling approximately $3.4 million at June 30, 2019, of which approximately $0.7 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 4.5%. Remaining unpaid amounts, plus accrued interest, mature in fiscal 2025. The notes are collateralized by certain assets of the borrowers, namely property and equipment, and are generally payable monthly. We monitor the credit risk of each borrower by assessing the timeliness of payments, credit history, credit metrics, and our ongoing interactions with each borrower. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 3 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
STOCKHOLDERS' EQUITY | (E) STOCKHOLDERS’ EQUITY During the three months ended June 30, 2019, we repurchased 2,239,873 shares at an average price of $88.56. Subsequent to June 30, 2019, we repurchased an additional 881,000 shares at an average price of $87.26. Including the repurchases subsequent to June 30, 2019, we have authorization to purchase an additional 7,758,885 shares. |
INVENTORIES
INVENTORIES | 3 Months Ended |
Jun. 30, 2019 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | (F) INVENTORIES Inventories are stated at the lower of average cost (including applicable material, labor, depreciation, and plant overhead) or net realizable value, and consist of the following: June 30, March 31, 2019 2019 (dollars in thousands) Raw Materials and Materials-in-Progress $ 119,212 $ 125,828 Finished Cement 27,000 27,826 Aggregates 7,758 7,351 Gypsum Wallboard 6,124 7,124 Paperboard 13,281 15,660 Frac Sand 3,666 2,557 Repair Parts and Supplies 77,735 80,676 Fuel and Coal 8,836 8,172 $ 263,612 $ 275,194 |
ACCRUED EXPENSES
ACCRUED EXPENSES | 3 Months Ended |
Jun. 30, 2019 | |
Payables And Accruals [Abstract] | |
ACCRUED EXPENSES | (G) ACCRUED EXPENSES Accrued Expenses consist of the following: June 30, March 31, 2019 2019 (dollars in thousands) Payroll and Incentive Compensation $ 14,131 $ 26,225 Benefits 13,082 12,673 Interest 7,197 3,852 Property Taxes 6,711 5,058 Power and Fuel 1,502 1,644 Litigation Settlements — 1,900 Sales and Use Tax 2,391 2,167 Legal and Professional 5,061 — Other 6,561 8,430 $ 56,636 $ 61,949 |
LEASES
LEASES | 3 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
LEASES | (H) LEASES We lease certain real estate, buildings and equipment. Certain of these leases contain escalations of rent over the term of the lease, as well as options for us to extend the term of the lease at the end of the original term. These extensions range from periods of one year to twenty years. Our lease agreements do not contain material residual value guarantees or material restrictive covenants. In calculating the present value of future minimum lease payments, we use the rate implicit in the lease if it can be determined. Otherwise we use our incremental borrowing rate in effect at the commencement of the lease to determine the present value of the future minimum lease payments. Additionally, we lease certain equipment under short-term leases with initial terms of less than twelve months, which are not recorded on the balance sheet. Lease expense for our operating and short-term leases is as follows: For the Three Months Ended June 30, 2019 (dollars in thousands) Operating Lease Cost $ 3,947 Short-term Lease Cost 584 Total Lease Cost $ 4,531 The Right of Use Assets and Lease Liabilities are reflected on our Balance Sheet as follows: For the Three Months Ended June 30, 2019 (dollars in thousands) Operating Leases: Operating Lease Right of Use Assets $ 63,344 Current Operating Lease Liabilities $ 11,990 Noncurrent Operating Lease Liabilities 55,884 Total Operating Lease Liabilities $ 67,874 Future payments for operating leases are as follows (dollars in thousands): Fiscal Year Amount 2020 (remaining nine months) $ 10,912 2021 11,876 2022 10,398 2023 9,947 2024 8,396 Thereafter 29,497 Total Lease Payments $ 81,026 Less: Imputed Interest (13,152 ) Present Value of Lease Liabilities $ 67,874 Weighted Average Remaining Lease Term (in years) 8.8 Weighted Average Discount Rate 3.75 % As disclosed in our March 31, 2019 Form 10-K, future minimum lease payments were as follows (dollars in thousands): Fiscal Year Amount 2020 $ 14,613 2021 11,487 2022 9,979 2023 9,784 2024 8,347 Thereafter 24,793 Total Lease Payments $ 79,003 |
SHARE-BASED EMPLOYEE COMPENSATI
SHARE-BASED EMPLOYEE COMPENSATION | 3 Months Ended |
Jun. 30, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
SHARE-BASED EMPLOYEE COMPENSATION | (I) S hare 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 May 2019, the Compensation Committee of the Board of Directors approved the granting to certain officers and key employees an aggregate of 100,849 performance vesting stock options that will be earned only if certain performance conditions are satisfied (the Fiscal 2020 Employee Performance Stock Option Grant). The performance criteria for the Fiscal 2020 Employee Performance Stock Option Grant is based upon the achievement of certain levels of return on equity (as defined in the option agreements), ranging from 10.0% to 20.0%, for the fiscal year ending March 31, 2020. All stock options will be earned if the return on equity is 20.0% or greater, and the percentage of shares earned will be reduced proportionately to approximately 66.7% if the return on equity is 10.0%. If the Company does not achieve a return on equity of at least 10.0%, all stock options granted will be forfeited. Following any such reduction, restrictions on the earned stock options will lapse ratably over four years, with the initial fourth lapsing promptly following the determination date, and the remaining restrictions lapsing on March 31, 2021 through 2023. The stock options have a term of ten years from the date of grant. The Compensation Committee also approved the granting of 84,043 time-vesting stock options to the same officers and key employees, which vest ratably over four years (the Fiscal 2020 Employee Time-Vesting Stock Option Grant). The weighted average assumptions used in the Black-Scholes model to value the option awards in fiscal 2020 are as follows: 2019 Dividend Yield 1.3 % Expected Volatility 31.4 % Risk Free Interest Rate 2.32 % Expected Life 6.0 years Stock option expense for all outstanding stock option awards totaled approximately $1.1 million for both of the three months ended June 30, 2019 and 2018. At June 30, 2019, there was approximately $10.8 million of unrecognized compensation cost related to outstanding stock options, which is expected to be recognized over a weighted average period of 2.9 years. The following table represents stock option activity for the three months ended June 30, 2019: Number of Shares Weighted Average Exercise Price Outstanding Options at Beginning of Year 1,042,925 $ 76.88 Granted 184,892 $ 91.58 Exercised (5,181 ) $ 76.53 Cancelled (7,883 ) $ 106.24 Outstanding Options at End of Year 1,214,753 $ 78.95 Options Exercisable at End of Year 808,899 $ 72.08 Weighted Average Fair Value of Options Granted During the Year $ 27.37 The following table summarizes information about stock options outstanding at June 30, 2019: Options Outstanding Options Exercisable Range of Exercise Prices Number of Shares Outstanding Weighted Average Remaining Contractual Life (in years) Weighted Average Exercise Price Number of Shares Outstanding Weighted Average Exercise Price $23.17 - $29.84 65,912 2.10 $ 23.27 65,912 $ 23.27 $33.43 - $37.34 81,288 2.96 $ 33.99 81,288 $ 33.99 $53.22 - $77.67 301,348 5.96 $ 71.37 237,176 $ 71.13 $79.73 - $106.24 766,205 7.50 $ 91.49 424,523 $ 87.47 1,214,753 6.52 $ 78.95 808,899 $ 72.08 At June 30, 2019, the aggregate intrinsic value for both of the outstanding and exercisable options was approximately $16.7 million. The total intrinsic value of options exercised during the three months ended June 30, 2019 was approximately $0.1 million. RESTRICTED STOCK In May 2019, the Compensation Committee approved the granting to certain officers and key employees an aggregate of 51,112 shares of performance vesting restricted stock that will be earned if certain performance conditions are satisfied (the Fiscal 2020 Employee Restricted Stock Performance Award). The performance criteria for the Fiscal 2020 Employee Restricted Stock Performance Award is based upon the achievement of certain levels of return on equity (as defined in the award agreement), ranging from 10.0% to 20.0%, for the fiscal year ending March 31, 2020. All restricted shares will be earned if the return on equity is 20.0% or greater, and the percentage of shares earned will be reduced proportionately to approximately 66.7% if the return on equity is 10.0%. If the Company does not achieve a return on equity of at least 10.0%, all awards will be forfeited. Following any such reduction, restrictions on the earned shares will lapse ratably over four years, with the initial fourth lapsing promptly following the determination date, and the remaining restrictions lapsing on March 31, 2021 through 2023. The Compensation Committee also approved the granting of 42,591 shares of time-vesting restricted stock to the same officers and key employees, which vest ratably over four years (the Fiscal 2020 Employee Restricted Stock Time-Vesting Award). The Fiscal 2020 Employee Restricted Stock Performance Award and the Fiscal 2020 Employee Restricted Stock Time-Vesting Award were valued at the closing price of the stock on the date of grant and are being expensed over a four-year period. The fair value of restricted stock is based on the stock price at the date of grant. The following table summarizes the activity for nonvested restricted shares during the three months ended June 30, 201 9 : Number of Shares Weighted Average Grant Date Fair Value Restricted Stock Beginning of Year 300,115 $ 78.94 Granted 93,703 $ 91.58 Vested (25,306 ) $ 91.34 Forfeited (15,940 ) $ 106.24 Nonvested Restricted Stock at End of Year 352,572 During the three months ended June 30, 2019, the weighted average grant date fair value of restricted shares awarded was $91.58. Expense related to restricted shares was approximately $7.1 million and $2.4 million for the three months ended June 30, 2019 and 2018, respectively. At June 30, 2019, there was approximately $19.1 million of unearned compensation from restricted stock, which will be recognized over a weighted average period of 2.5 years. The number of shares available for future grants of stock options, restricted stock units, stock appreciation rights, and restricted stock under the Plan was 3,760,315 at June 30, 2019. |
COMPUTATION OF EARNINGS PER SHA
COMPUTATION OF EARNINGS PER SHARE | 3 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
COMPUTATION OF EARNINGS PER SHARE | (J) COMPUTATION OF EARNINGS PER SHARE The calculation of basic and diluted common shares outstanding is as follows: For the Three Months Ended June 30, 2019 2018 Weighted Average Shares of Common Stock Outstanding 43,870,222 47,690,351 Effect of Dilutive Shares: Assumed Exercise of Outstanding Dilutive Options 750,654 829,873 Less Shares Repurchased from Proceeds of Assumed Exercised Options (591,647 ) (571,799 ) Restricted Stock Units 120,982 195,900 Weighted Average Common Stock and Dilutive Securities Outstanding 44,150,211 48,144,325 Shares Excluded Due to Anti-dilution Effects 327,761 145,488 |
PENSION AND EMPLOYEE BENEFIT PL
PENSION AND EMPLOYEE BENEFIT PLANS | 3 Months Ended |
Jun. 30, 2019 | |
Compensation And Retirement Disclosure [Abstract] | |
PENSION AND EMPLOYEE BENEFIT PLANS | (K) PENSION AND EMPLOYEE BENEFIT PLANS We sponsor several defined benefit pension plans and defined contribution plans, which together cover substantially all our employees. Benefits paid under the defined benefit plans covering certain hourly employees are based on years of service and the employee’s qualifying compensation over the last few years of employment. The following table shows the components of net periodic cost for our plans: For the Three Months Ended June 30, 2019 2018 (dollars in thousands) Service Cost - Benefits Earned During the Period $ 85 $ 100 Interest Cost of Projected Benefit Obligation 338 337 Expected Return on Plan Assets (426 ) (463 ) Recognized Net Actuarial Loss 43 58 Amortization of Prior-Service Cost — 15 Net Periodic Pension Cost $ 40 $ 47 |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | ( L ) INCOME TAXES Income Taxes for the interim period presented have been included in the accompanying financial statements on the basis of an estimated annual effective tax rate. In addition to the amount of tax resulting from applying the estimated annual effective tax rate to pre-tax income, we will include, when appropriate, certain items treated as discrete events to arrive at an estimated overall tax amount. The effective tax rate for the three months ended June 30, 2019 was approximately 25%, which was higher than the tax rate of 22% for the three months ended June 30, 2018. The increase in the effective tax rate was primarily due to discrete expense related to the change in valuation allowances and the limitation on the deduction for certain officer compensation. |
LONG-TERM DEBT
LONG-TERM DEBT | 3 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
LONG-TERM DEBT | (M) LONG-TERM DEBT Long-term Debt consists of the following: June 30, March 31, 2019 2019 (dollars in thousands) Bank Credit Facility $ 495,000 $ 310,000 4.500% Senior Unsecured Notes Due 2026 350,000 350,000 Private Placement Senior Unsecured Notes 36,500 36,500 Total Debt 881,500 696,500 Less: Current Portion of Long-term Debt (36,500 ) (36,500 ) Less: Debt Origination Costs (4,741 ) (4,908 ) Long-term Debt $ 840,259 $ 655,092 Credit Facility We have a revolving credit facility (the Credit Facility) that terminates on August 2, 2021. During May 2019, we exercised our option to expand the Credit Facility and increased the borrowing capacity from $500.0 million to $750.0 million. The Credit Facility also includes a swingline loan sublimit of $25.0 million, which terminates on August 2, 2021. Borrowings under the Credit Facility are guaranteed by substantially all of the Company’s subsidiaries. The debt under the Credit Facility is not rated by ratings agencies. At our option, outstanding principal amounts on the Credit Facility bear interest at a variable rate equal to (i) the London Interbank Offered Rate (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 The Credit Facility has a $40.0 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 June 30, 2019, we had $6.9 million of outstanding letters of credit. 4.500% Senior Unsecured Notes Due 2026 On August 2, 2016, the Company issued $350.0 million aggregate principal amount of 4.500% senior notes (Senior Unsecured Notes) due August 2026. Interest on the Senior Unsecured Notes is payable semiannually on February 1 and August 1 of each year until all of the outstanding notes are paid. The Senior Unsecured Notes rank equal to existing and future senior indebtedness, including the Credit Facility and the Private Placement Senior Unsecured Notes. Prior to August 1, 2019, we may redeem with the proceeds of certain equity offerings up to 40% of the original aggregate principal amount of the Senior Unsecured Notes at a redemption price of 104.5% of the principal amount of the notes. On or after August 1, 2019 and prior to August 1, 2021, we may redeem some or all of the Senior Unsecured Notes at a price equal to 100% of the principal amount, plus a “make-whole” premium. Beginning August 1, 2021, we may redeem some or all of the Senior Unsecured Notes at the redemption prices set forth below (expressed as a percentage of the principal amount being redeemed): Percentage 2021 102.25 % 2022 101.50 % 2023 100.75 % 2024 and thereafter 100.00 % The Senior Unsecured Notes contain covenants that limit our ability and/or our guarantor subsidiaries' ability to create or permit to exist certain liens; enter into sale and leaseback transactions; and consolidate, merge, or transfer all or substantially all of our assets. The Company’s Senior Unsecured Notes are fully, unconditionally, jointly, and severally guaranteed by each of our subsidiaries that are guarantors under the Credit Facility and Private Placement Senior Unsecured Notes. See Footnote (R) for more information on the guarantors of the Senior Public Notes. Private Placement Senior Unsecured Notes On October 2, 2007, in a private placement transaction, we entered into a Note Purchase Agreement (the 2007 Note Purchase Agreement) in connection with our sale of $200.0 million of senior unsecured notes, designated as Series 2007A Senior Notes (the Series 2007A Senior Unsecured Notes). The Series 2007A Senior Unsecured Notes, which are guaranteed by substantially all of our subsidiaries, were sold at par and issued in four tranches. At June 30, 2019, the amount outstanding for the remaining tranche is as follows: Principal Maturity Date Interest Rate Tranche D $36.5 million October 2, 2019 6.48 % Interest for the Series 2007A Senior Unsecured Notes is payable semi-annually April 2 and October 2 of each year until all principal is paid for the respective tranche. Our obligations under the 2007 Note Purchase Agreement are equal in right of payment with all other senior, unsecured indebtedness of the Company, including our indebtedness under the Credit Facility and Senior Unsecured Notes. The 2007 Note Purchase Agreement contains customary restrictive covenants, including, but not limited to, 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. The 2007 Note Purchase Agreement requires us to maintain a Consolidated Debt to Consolidated EBITDA (calculated as consolidated indebtedness to consolidated earnings before interest, taxes, depreciation, depletion, amortization, certain transaction-related deductions and other non-cash charges) ratio of 3.50:1.00 or less, and to maintain an interest coverage ratio (Consolidated EBITDA to Consolidated Interest Expense [calculated as consolidated EBITDA, as defined above, to consolidated interest expense]) of at least 2.50 :1.00. In addition, the 2007 Note Purchase Agreement requires the Company to ensure that at all times either (i) Consolidated Total Assets equal at least 80 % of the consolidated total assets of the Company and its subsidiaries, determined in accordance with GAAP, or (ii) C onsolidated Total Revenue of the Company and its restricted subsidiaries for the period of four consecutive fiscal quarters most recently ended equals at least 80 % of the consolidated total revenue of the Company and its Subsidiaries during such period. We were in compliance with all financial ratios and tests at June 30, 201 9 . 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 2007 Note Purchase Agreement) on the Series 2007A Senior Unsecured Notes and the other payment and performance obligations of the Company contained in the 2007 Note Purchase Agreement. 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 Series 2007A Senior Unsecured 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 principal and interest payments at a discount rate of 50 basis points above the yield to maturity of U.S. Treasury securities having a maturity equal to the remaining average life of the Series 2007A Senior Unsecured Notes being prepaid. Other Information We lease 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 hold all outstanding industrial revenue bonds, no debt is reflected on our financial statements in connection with our lease of the cement plant. Upon expiration of the lease in fiscal 2021, we have the option to purchase the cement plant for a nominal amount. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 3 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | (N) SEGMENT INFORMATION Operating segments are defined as components of an enterprise that engage in business activities that earn revenue, incur expenses, and prepare separate financial information that is evaluated regularly by our chief operating decision maker in order to allocate resources and assess performance. We are a leading supplier of heavy construction materials, light building materials, and materials used for oil and natural gas extraction in the United States. Our products are commodities that are essential in commercial and residential construction; public construction projects; projects to build, expand, and repair roads and highways; and in oil and natural gas extraction. Our business is organized into three sectors within which there are five reportable business segments. The Heavy Materials sector includes the Cement and Concrete and Aggregates segments. The Light Materials sector includes the Gypsum Wallboard and Recycled Paperboard segments. The Oil and Gas Proppants segment produces frac sand used in oil and gas exploration and extraction. Our operations are conducted in the U.S. and include the mining of limestone for the manufacture, production, distribution, and sale of portland cement (a basic construction material, which is the essential binding ingredient in concrete); the grinding and sale of slag; the mining of gypsum for the manufacture and sale of gypsum wallboard; the manufacture and sale of recycled paperboard to the gypsum wallboard industry and other paperboard converters; the sale of readymix concrete; and the mining and sale of aggregates (crushed stone, sand, and gravel) and sand used in hydraulic fracturing (frac sand). We operate seven cement plants, one slag grinding facility, 19 cement distribution terminals, five gypsum wallboard plants, a recycled paperboard mill, 17 readymix concrete batch plants, four aggregates processing plants, two frac sand processing facilities, four frac sand drying facilities, and five frac sand trans-load locations. The principal markets for our cement products are Texas, Illinois, the central plains, Michigan, Iowa, the Rocky Mountains, northern Nevada, southern Ohio, 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 seven 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 Revenue and Operating Earnings, 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. We do not allocate interest or taxes at the segment level; these costs are disclosed at the consolidated company level. For the Three Months Ended June 30, 2019 2018 (dollars in thousands) Revenue - Cement $ 195,313 $ 186,788 Concrete and Aggregates 39,778 40,840 Gypsum Wallboard 126,724 142,415 Paperboard 42,700 45,133 Oil and Gas Proppants 15,232 27,700 419,747 442,876 Less: Intersegment Revenue (21,645 ) (21,856 ) Less: Joint Venture Revenue (27,505 ) (27,264 ) $ 370,597 $ 393,756 For the Three Months Ended June 30, 2019 2018 (dollars in thousands) Intersegment Revenue - Cement $ 4,253 $ 4,178 Concrete and Aggregates 377 331 Paperboard 17,015 17,347 $ 21,645 $ 21,856 Cement Sales Volume (M tons) - Wholly Owned 1,318 1,275 Joint Venture 232 236 1,550 1,511 For the Three Months Ended June 30, 2019 2018 (dollars in thousands) Operating Earnings - Cement $ 36,121 $ 37,334 Concrete and Aggregates 4,434 5,484 Gypsum Wallboard 37,932 50,480 Paperboard 9,944 9,994 Oil and Gas Proppants (3,670 ) (2,407 ) Sub-Total 84,761 100,885 Corporate General and Administrative Expense (21,254 ) (8,003 ) Litigation Settlements and Losses — (1,800 ) Other Non-Operating Income 200 571 Earnings Before Interest and Income Taxes 63,707 91,653 Interest Expense, net (8,846 ) (6,632 ) Earnings Before Income Taxes $ 54,861 $ 85,021 Cement Operating Earnings - Wholly Owned $ 26,689 $ 28,083 Joint Ventures 9,432 9,251 $ 36,121 $ 37,334 Capital Expenditures - Cement $ 10,537 $ 19,613 Concrete and Aggregates 595 2,064 Gypsum Wallboard 1,931 2,355 Paperboard 12,360 1,065 Oil and Gas Proppants 65 27,636 Other, net — 340 $ 25,488 $ 53,073 Depreciation, Depletion, and Amortization - Cement $ 14,218 $ 12,921 Concrete and Aggregates 2,191 2,053 Gypsum Wallboard 4,952 4,830 Paperboard 2,163 2,109 Oil and Gas Proppants 3,839 7,595 Corporate and Other 597 342 $ 27,960 $ 29,850 June 30, March 31, 2019 2019 (dollars in thousands) Identifiable Assets Cement $ 1,331,042 $ 1,289,468 Concrete and Aggregates 107,127 95,084 Gypsum Wallboard 372,961 372,206 Paperboard 148,148 138,614 Oil and Gas Proppants 265,318 236,357 Other, net 44,482 37,434 $ 2,269,078 $ 2,169,163 The capital expenditures for the three months ended June 30, 2019 disclosed above differs from the capital expenditures on the Unaudited Consolidated Statement of Cash Flows as it includes $3.7 million of capital expenditures that were accrued at June 30, 2019 and therefore not included in the Statement of Cash Flows. See Footnote (B) for more information. Segment operating earnings, including the proportionately consolidated 50% interest in the revenue and expenses of the Joint Venture, represent Revenue, less direct operating expenses, segment Depreciation, and segment Selling, General and Administrative expenses. We account for intersegment sales at market prices. Corporate assets consist primarily of cash and cash equivalents, general office assets, and miscellaneous other assets. The basis used to disclose Identifiable Assets; Capital Expenditures; and Depreciation, Depletion, and Amortization conforms with the equity method, and is similar to how we disclose these accounts in our Unaudited Consolidated Balance Sheets and Unaudited Consolidated Statements of Earnings The segment breakdown of Goodwill is as follows: June 30, March 31, 2019 2019 (dollars in thousands) Cement $ 74,214 $ 74,214 Gypsum Wallboard 116,618 116,618 Paperboard 7,538 7,538 $ 198,370 $ 198,370 Summarized financial information for the Joint Venture that is not consolidated is set out below (this summarized financial information includes the total amount for the Joint Venture and not our 50% interest in those amounts): For the Three Months Ended June 30, 2019 2018 (dollars in thousands) Revenue $ 55,010 $ 54,528 Gross Margin $ 19,866 $ 20,141 Earnings Before Income Taxes $ 19,017 $ 18,658 June 30, March 31, 2019 2019 (dollars in thousands) Current Assets $ 80,834 $ 71,688 Non-Current Assets $ 84,859 $ 81,007 Current Liabilities $ 16,569 $ 19,309 |
INTEREST EXPENSE
INTEREST EXPENSE | 3 Months Ended |
Jun. 30, 2019 | |
Banking And Thrift Interest [Abstract] | |
INTEREST EXPENSE | (O) INTEREST EXPENSE The following components are included in Interest Expense, net: For the Three Months Ended June 30, 2019 2018 (dollars in thousands) Interest Income (4 ) $ (2 ) Interest Expense 8,559 6,342 Other Expenses 291 292 Interest Expense, net $ 8,846 $ 6,632 Interest Income includes interest on investments of excess cash. Components of Interest Expense include interest associated with the Credit Facility, Senior Unsecured Notes, Private Placement Senior Unsecured Notes, and commitment fees based on the unused portion of the Credit Facility. Other Expenses include amortization of debt issuance costs and credit facility costs. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Jun. 30, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | (P) COMMITMENTS AND CONTINGENCIES We have certain deductible limits under our workers’ compensation and liability insurance policies for which reserves are established based on the undiscounted estimated costs of known and anticipated claims. We have entered into standby letter of credit agreements relating to workers’ compensation and auto and general liability self-insurance. At June 30, 2019, we had contingent liabilities under these outstanding letters of credit of approximately $6.9 million. In the ordinary course of business, we execute contracts involving indemnifications that are standard in the industry and indemnifications specific to a transaction such as the sale of a business. These indemnifications may include claims relating to any of the following: environmental and tax matters; intellectual property rights; governmental regulations and employment-related matters; customer, supplier, and other commercial contractual relationships; construction contracts and financial matters. While the maximum amount to which the Company may be exposed under such agreements cannot be estimated, management believes these indemnifications will not have a material adverse effect on our consolidated financial position, results of operations, or cash flows. We currently have no outstanding guarantees. We are currently contingently liable for performance under $26.2 million in performance bonds required by certain states and municipalities and their related agencies. The bonds are principally for certain reclamation obligations and mining permits. We have indemnified the underwriting insurance company against any exposure under the performance bonds. In our past experience, no material claims have been made against these financial instruments. |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 3 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | (Q) FAIR VALUE OF FINANCIAL INSTRUMENTS The fair value of our long-term debt has been estimated based upon our current incremental borrowing rates for similar types of borrowing arrangements. The fair value of our Senior Unsecured Notes and Private Placement Senior Unsecured Notes at June 30, 2019 is as follows: Fair Value (dollars in thousands) Series 2007A Tranche D $ 36,760 4.500% Senior Unsecured Notes Due 2026 $ 361,806 The estimated fair values were 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, Restricted Cash, Accounts and Notes Receivable, Accounts Payable, and Accrued Liabilities approximate their fair values at June 30, 2019 due to the short-term maturities of these assets and liabilities. The fair value of our Credit Facility also approximates its carrying value at June 30, 2019. |
FINANCIAL STATEMENTS FOR GUARAN
FINANCIAL STATEMENTS FOR GUARANTORS OF THE 4.500% SENIOR UNSECURED NOTES | 3 Months Ended |
Jun. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
FINANCIAL STATEMENTS FOR GUARANTORS OF THE 4.500% SENIOR UNSECURED NOTES | (R) FINANCIAL STATEMENTS FOR GUARANTORS OF THE 4.500% SENIOR UNSECURED NOTES On August 2, 2016, the Company completed a public offering of its Senior Unsecured Notes. The Senior Unsecured Notes are senior unsecured obligations of the Company and were offered under the Company’s existing shelf registration statement filed with the Securities and Exchange Commission. The Senior Unsecured Notes are guaranteed by all of the Company’s wholly owned subsidiaries, and all guarantees are full and unconditional, and joint and several. The following unaudited condensed consolidating financial statements present separately the Earnings and Comprehensive Earnings, financial position and Cash Flows of the parent issuer (Eagle Materials Inc.) and the guarantors (all wholly owned subsidiaries of Eagle Materials Inc.) on a combined basis with eliminating entries (dollars in thousands) . Condensed Consolidating Statement of Earnings and Comprehensive Earnings For the Three Months Ended June 30, 2019 Parent Guarantor Subsidiaries Eliminations Consolidated Revenue $ — $ 370,597 $ — $ 370,597 Cost of Goods Sold — 295,268 — 295,268 Gross Profit — 75,329 — 75,329 Equity in Earnings of Unconsolidated Joint Venture 9,432 9,432 (9,432 ) 9,432 Equity in Earnings of Subsidiaries 55,742 — (55,742 ) — Corporate General and Administrative Expenses (20,968 ) (286 ) — (21,254 ) Other Non-Operating Income 426 (226 ) — 200 Interest Expense, net (8,834 ) (12 ) — (8,846 ) Earnings before Income Taxes 35,798 84,237 (65,174 ) 54,861 Income Taxes 5,506 (19,063 ) — (13,557 ) Net Earnings $ 41,304 $ 65,174 $ (65,174 ) $ 41,304 Net Earnings $ 41,304 $ 65,174 $ (65,174 ) $ 41,304 Net Actuarial Change in Benefit Plans, net of tax 33 33 (33 ) 33 Comprehensive Earnings $ 41,337 $ 65,207 $ (65,207 ) $ 41,337 Condensed Consolidating Statement of Earnings and Comprehensive Earnings For the Three Months Ended June 30, 2018 Parent Guarantor Subsidiaries Eliminations Consolidated Revenue $ — $ 393,756 $ — $ 393,756 Cost of Goods Sold — 302,122 — 302,122 Gross Profit — 91,634 — 91,634 Equity in Earnings of Unconsolidated Joint Venture 9,251 9,251 (9,251 ) 9,251 Equity in Earnings of Subsidiaries 67,258 — (67,258 ) — Corporate General and Administrative Expenses (6,729 ) (1,274 ) — (8,003 ) Legal Settlements — (1,800 ) — (1,800 ) Other Non-Operating Income (93 ) 664 — 571 Interest Expense, net (6,619 ) (13 ) — (6,632 ) Earnings before Income Taxes 63,068 98,462 (76,509 ) 85,021 Income Taxes 3,271 (21,953 ) — (18,682 ) Net Earnings $ 66,339 $ 76,509 $ (76,509 ) $ 66,339 Net Earnings $ 66,339 $ 76,509 $ (76,509 ) 66,339 Net Actuarial Change in Benefit Plans, net of tax 56 56 (56 ) 56 Comprehensive Earnings $ 66,395 $ 76,565 $ (76,565 ) $ 66,395 Condensed Consolidating Balance Sheet At June 30, 2019 Parent Guarantor Subsidiaries Eliminations Consolidated ASSETS Current Assets - Cash and Cash Equivalents $ 16,881 $ 2,281 $ — $ 19,162 Accounts and Notes Receivable 1,165 173,114 — 174,279 Inventories — 263,612 — 263,612 Prepaid and Other Current Assets 890 8,574 — 9,464 Total Current Assets 18,936 447,581 — 466,517 Property, Plant, and Equipment, net 7,465 1,417,238 — 1,424,703 Notes Receivable — 2,772 — 2,772 Investment in Joint Venture 70 71,235 — 71,305 Investments in Subsidiaries and Receivables from Affiliates 2,077,332 130,914 (2,208,246 ) — Operating Lease Right of Use Assets 10,415 52,929 — 63,344 Goodwill and Intangible Assets, net — 228,316 — 228,316 Other Assets 4,525 7,596 — 12,121 $ 2,118,743 $ 2,358,581 $ (2,208,246 ) $ 2,269,078 LIABILITIES AND STOCKHOLDERS’ EQUITY Current Liabilities- Accounts Payable $ 6,314 $ 77,602 $ — $ 83,916 Accrued Liabilities 23,046 33,590 — 56,636 Income Taxes Payable 3,914 — — 3,914 Operating Lease Liabilities 1,129 10,861 — 11,990 Current Portion of Long-term Debt 36,500 — — 36,500 Total Current Liabilities 70,903 122,053 — 192,956 Long-term Debt 840,259 — — 840,259 Noncurrent Lease Liabilities 13,109 42,775 — 55,884 Other Long-term Liabilities — 30,257 — 30,257 Payables to Affiliates 130,914 6,027,256 (6,158,170 ) — Deferred Income Taxes 8,292 86,164 — 94,456 Total Liabilities 1,063,477 6,308,505 (6,158,170 ) 1,213,812 Total Stockholders’ Equity 1,055,266 (3,949,924 ) 3,949,924 1,055,266 $ 2,118,743 $ 2,358,581 $ (2,208,246 ) $ 2,269,078 Condensed Consolidating Balance Sheet At March 31, 2019 Parent Guarantor Subsidiaries Eliminations Consolidated ASSETS Current Assets - Cash and Cash Equivalents $ 5,779 $ 2,822 $ — $ 8,601 Accounts and Notes Receivable 437 128,285 — 128,722 Inventories — 275,194 — 275,194 Income Tax Receivables 5,480 — — 5,480 Prepaid and Other Current Assets 1,472 8,152 — 9,624 Total Current Assets 13,168 414,453 — 427,621 Property, Plant, and Equipment, net 7,756 1,419,183 — 1,426,939 Notes Receivable — 2,898 — 2,898 Investment in Joint Venture 70 64,803 — 64,873 Investments in Subsidiaries and Receivables from Affiliates 2,322,334 406,726 (2,729,060 ) — Goodwill and Intangible Assets, net — 229,115 — 229,115 Other Assets 4,571 13,146 — 17,717 $ 2,347,899 $ 2,550,324 $ (2,729,060 ) $ 2,169,163 LIABILITIES AND STOCKHOLDERS’ EQUITY Current Liabilities- Accounts Payable $ 5,520 $ 75,364 $ — $ 80,884 Accrued Liabilities 22,470 39,479 — 61,949 Current Portion of Long-term Debt 36,500 — — 36,500 Total Current Liabilities 64,490 114,843 — 179,333 Long-term Debt 655,092 — — 655,092 Other Long-term Liabilities 3,303 31,189 — 34,492 Payables to Affiliates 406,726 5,730,093 (6,136,819 ) — Deferred Income Taxes 8,801 81,958 — 90,759 Total Liabilities 1,138,412 5,958,083 (6,136,819 ) 959,676 Total Stockholders’ Equity 1,209,487 (3,407,759 ) 3,407,759 1,209,487 $ 2,347,899 $ 2,550,324 $ (2,729,060 ) $ 2,169,163 Condensed Consolidating Statement of Cash Flows For the Three Months Ended June 30, 2019 Parent Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES Net Cash Provided by (Used in) Operating Activities $ (6,412 ) $ 57,110 $ — $ 50,698 CASH FLOWS FROM INVESTING ACTIVITIES Additions to Property, Plant, and Equipment — (21,813 ) — (21,813 ) Net Cash Used in Investing Activities — (21,813 ) — (21,813 ) CASH FLOWS FROM FINANCING ACTIVITIES Increase in Credit Facility 185,000 — — 185,000 Dividends Paid to Stockholders (4,499 ) — — (4,499 ) Purchase and Retirement of Common Stock (198,355 ) — — (198,355 ) Proceeds from Stock Option Exercises 396 — — 396 Shares Redeemed to Settle Employee Taxes on Stock Compensation (866 ) — — (866 ) Intra-entity Activity, net 35,838 (35,838 ) — — Net Cash Provided by (Used in) Financing Activities 17,514 (35,838 ) — (18,324 ) NET INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH 11,102 (541 ) — 10,561 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD 5,779 2,822 — 8,601 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD $ 16,881 $ 2,281 $ — $ 19,162 Condensed Consolidating Statement of Cash Flows For the Three Months Ended June 30, 2018 Parent Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES Net Cash Provided by (Used in) Operating Activities $ (21,444 ) $ 103,353 $ — $ 81,909 CASH FLOWS FROM INVESTING ACTIVITIES Property, Plant, and Equipment Additions (27 ) (53,046 ) — (53,073 ) Proceeds from Sale of Property, Plant, and Equipment — 2,281 2,281 Net Cash Used in Investing Activities (27 ) (50,765 ) — (50,792 ) CASH FLOWS FROM FINANCING ACTIVITIES Repayment of Credit Facility 30,000 — — 30,000 Dividends Paid to Stockholders (4,790 ) — — (4,790 ) Purchase and Retirement of Common Stock (52,344 ) — — (52,344 ) Proceeds from Stock Option Exercises 1,992 — — 1,992 Shares Redeemed to Settle Employee Taxes on Stock Compensation (956 ) — — (956 ) Intra-entity Activity, net 52,110 (52,110 ) — — Net Cash Provided by (Used in) Financing Activities 26,012 (52,110 ) — (26,098 ) NET INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH 4,541 478 — 5,019 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD 44,537 3,531 — 48,068 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD $ 49,078 $ 4,009 $ — $ 53,087 |
BASIS OF PRESENTATION (Policies
BASIS OF PRESENTATION (Policies) | 3 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements RECENTLY ADOPTED In February 2016, the FASB issued ASU 2016-02, “Leases,” which supersedes existing lease guidance to require lessees to recognize assets and liabilities on the balance sheet for the rights and obligations created by long-term leases and to disclose additional quantitative and qualitative information about leasing arrangements. We adopted the standard on April 1, 2019 using the modified retrospective approach. We also elected the package of practical expedients permitted under the transition guidance which, among other things, allowed us to maintain the historic lease classification for leases in effect at the date of adoption, and to not separate lease components from nonlease components for all leases in effect at the date of adoption. Upon adoption, we recorded a right of use asset of approximately $66.7 million, and operating lease liabilities of approximately $71.1 million . We do not expect the adoption of this standard to materially affect our consolidated statement of earnings or consolidated statement of cash flows. See Footnote (H) for more information |
SUPPLEMENTAL CASH FLOW INFORM_2
SUPPLEMENTAL CASH FLOW INFORMATION (Tables) | 3 Months Ended |
Jun. 30, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | Supplemental cash flow information is as follows: For the Three Months Ended June 30, 2019 2018 (dollars in thousands) Cash Payments: Interest $ 5,241 $ 3,765 Income Taxes 90 14,722 Operating Cash Flows used for Operating Leases 3,961 — Non Cash Financing Activities: Property and Equipment Purchases Included in Accrued Liabilities $ 3,675 $ — |
INVENTORIES (Tables)
INVENTORIES (Tables) | 3 Months Ended |
Jun. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories are stated at the lower of average cost (including applicable material, labor, depreciation, and plant overhead) or net realizable value, and consist of the following: June 30, March 31, 2019 2019 (dollars in thousands) Raw Materials and Materials-in-Progress $ 119,212 $ 125,828 Finished Cement 27,000 27,826 Aggregates 7,758 7,351 Gypsum Wallboard 6,124 7,124 Paperboard 13,281 15,660 Frac Sand 3,666 2,557 Repair Parts and Supplies 77,735 80,676 Fuel and Coal 8,836 8,172 $ 263,612 $ 275,194 |
ACCRUED EXPENSES (Tables)
ACCRUED EXPENSES (Tables) | 3 Months Ended |
Jun. 30, 2019 | |
Payables And Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued Expenses consist of the following: June 30, March 31, 2019 2019 (dollars in thousands) Payroll and Incentive Compensation $ 14,131 $ 26,225 Benefits 13,082 12,673 Interest 7,197 3,852 Property Taxes 6,711 5,058 Power and Fuel 1,502 1,644 Litigation Settlements — 1,900 Sales and Use Tax 2,391 2,167 Legal and Professional 5,061 — Other 6,561 8,430 $ 56,636 $ 61,949 |
LEASES (Tables)
LEASES (Tables) | 3 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Schedule of Lease Expense for Operating and Short-Term Leases | Lease expense for our operating and short-term leases is as follows: For the Three Months Ended June 30, 2019 (dollars in thousands) Operating Lease Cost $ 3,947 Short-term Lease Cost 584 Total Lease Cost $ 4,531 |
Schedule of Balance Sheet Information Related to Leases | The Right of Use Assets and Lease Liabilities are reflected on our Balance Sheet as follows: For the Three Months Ended June 30, 2019 (dollars in thousands) Operating Leases: Operating Lease Right of Use Assets $ 63,344 Current Operating Lease Liabilities $ 11,990 Noncurrent Operating Lease Liabilities 55,884 Total Operating Lease Liabilities $ 67,874 |
Schedule of Future Payments for Operating Leases | Future payments for operating leases are as follows (dollars in thousands): Fiscal Year Amount 2020 (remaining nine months) $ 10,912 2021 11,876 2022 10,398 2023 9,947 2024 8,396 Thereafter 29,497 Total Lease Payments $ 81,026 Less: Imputed Interest (13,152 ) Present Value of Lease Liabilities $ 67,874 Weighted Average Remaining Lease Term (in years) 8.8 Weighted Average Discount Rate 3.75 % |
Schedule of Future Minimum Lease Payments | As disclosed in our March 31, 2019 Form 10-K, future minimum lease payments were as follows (dollars in thousands): Fiscal Year Amount 2020 $ 14,613 2021 11,487 2022 9,979 2023 9,784 2024 8,347 Thereafter 24,793 Total Lease Payments $ 79,003 |
SHARE-BASED EMPLOYEE COMPENSA_2
SHARE-BASED EMPLOYEE COMPENSATION (Tables) | 3 Months Ended |
Jun. 30, 2019 | |
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 2020 are as follows: 2019 Dividend Yield 1.3 % Expected Volatility 31.4 % Risk Free Interest Rate 2.32 % Expected Life 6.0 years |
Stock Option Activity | The following table represents stock option activity for the three months ended June 30, 2019: Number of Shares Weighted Average Exercise Price Outstanding Options at Beginning of Year 1,042,925 $ 76.88 Granted 184,892 $ 91.58 Exercised (5,181 ) $ 76.53 Cancelled (7,883 ) $ 106.24 Outstanding Options at End of Year 1,214,753 $ 78.95 Options Exercisable at End of Year 808,899 $ 72.08 Weighted Average Fair Value of Options Granted During the Year $ 27.37 |
Stock Options Outstanding | The following table summarizes information about stock options outstanding at June 30, 2019: Options Outstanding Options Exercisable Range of Exercise Prices Number of Shares Outstanding Weighted Average Remaining Contractual Life (in years) Weighted Average Exercise Price Number of Shares Outstanding Weighted Average Exercise Price $23.17 - $29.84 65,912 2.10 $ 23.27 65,912 $ 23.27 $33.43 - $37.34 81,288 2.96 $ 33.99 81,288 $ 33.99 $53.22 - $77.67 301,348 5.96 $ 71.37 237,176 $ 71.13 $79.73 - $106.24 766,205 7.50 $ 91.49 424,523 $ 87.47 1,214,753 6.52 $ 78.95 808,899 $ 72.08 |
Summary of Activity for Nonvested Restricted Shares | The fair value of restricted stock is based on the stock price at the date of grant. The following table summarizes the activity for nonvested restricted shares during the three months ended June 30, 201 9 : Number of Shares Weighted Average Grant Date Fair Value Restricted Stock Beginning of Year 300,115 $ 78.94 Granted 93,703 $ 91.58 Vested (25,306 ) $ 91.34 Forfeited (15,940 ) $ 106.24 Nonvested Restricted Stock at End of Year 352,572 |
COMPUTATION OF EARNINGS PER S_2
COMPUTATION OF EARNINGS PER SHARE (Tables) | 3 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Calculation of Basic and Diluted Common Shares Outstanding | The calculation of basic and diluted common shares outstanding is as follows: For the Three Months Ended June 30, 2019 2018 Weighted Average Shares of Common Stock Outstanding 43,870,222 47,690,351 Effect of Dilutive Shares: Assumed Exercise of Outstanding Dilutive Options 750,654 829,873 Less Shares Repurchased from Proceeds of Assumed Exercised Options (591,647 ) (571,799 ) Restricted Stock Units 120,982 195,900 Weighted Average Common Stock and Dilutive Securities Outstanding 44,150,211 48,144,325 Shares Excluded Due to Anti-dilution Effects 327,761 145,488 |
PENSION AND EMPLOYEE BENEFIT _2
PENSION AND EMPLOYEE BENEFIT PLANS (Tables) | 3 Months Ended |
Jun. 30, 2019 | |
Compensation And Retirement Disclosure [Abstract] | |
Components of Net Periodic Cost | The following table shows the components of net periodic cost for our plans: For the Three Months Ended June 30, 2019 2018 (dollars in thousands) Service Cost - Benefits Earned During the Period $ 85 $ 100 Interest Cost of Projected Benefit Obligation 338 337 Expected Return on Plan Assets (426 ) (463 ) Recognized Net Actuarial Loss 43 58 Amortization of Prior-Service Cost — 15 Net Periodic Pension Cost $ 40 $ 47 |
LONG-TERM DEBT (Tables)
LONG-TERM DEBT (Tables) | 3 Months Ended |
Jun. 30, 2019 | |
Debt Instrument [Line Items] | |
Long-Term Debt | Long-term Debt consists of the following: June 30, March 31, 2019 2019 (dollars in thousands) Bank Credit Facility $ 495,000 $ 310,000 4.500% Senior Unsecured Notes Due 2026 350,000 350,000 Private Placement Senior Unsecured Notes 36,500 36,500 Total Debt 881,500 696,500 Less: Current Portion of Long-term Debt (36,500 ) (36,500 ) Less: Debt Origination Costs (4,741 ) (4,908 ) Long-term Debt $ 840,259 $ 655,092 |
Schedule of Senior Unsecured Notes Redemption Prices | Beginning August 1, 2021, we may redeem some or all of the Senior Unsecured Notes at the redemption prices set forth below (expressed as a percentage of the principal amount being redeemed): Percentage 2021 102.25 % 2022 101.50 % 2023 100.75 % 2024 and thereafter 100.00 % |
2007 Note Purchase Agreement [Member] | |
Debt Instrument [Line Items] | |
Amount Outstanding of Tranches | At June 30, 2019, the amount outstanding for the remaining tranche is as follows: Principal Maturity Date Interest Rate Tranche D $36.5 million October 2, 2019 6.48 % |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 3 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Financial Information Related to Operations by Segment | The following table sets forth certain financial information relating to our operations by segment. We do not allocate interest or taxes at the segment level; these costs are disclosed at the consolidated company level. For the Three Months Ended June 30, 2019 2018 (dollars in thousands) Revenue - Cement $ 195,313 $ 186,788 Concrete and Aggregates 39,778 40,840 Gypsum Wallboard 126,724 142,415 Paperboard 42,700 45,133 Oil and Gas Proppants 15,232 27,700 419,747 442,876 Less: Intersegment Revenue (21,645 ) (21,856 ) Less: Joint Venture Revenue (27,505 ) (27,264 ) $ 370,597 $ 393,756 For the Three Months Ended June 30, 2019 2018 (dollars in thousands) Intersegment Revenue - Cement $ 4,253 $ 4,178 Concrete and Aggregates 377 331 Paperboard 17,015 17,347 $ 21,645 $ 21,856 Cement Sales Volume (M tons) - Wholly Owned 1,318 1,275 Joint Venture 232 236 1,550 1,511 For the Three Months Ended June 30, 2019 2018 (dollars in thousands) Operating Earnings - Cement $ 36,121 $ 37,334 Concrete and Aggregates 4,434 5,484 Gypsum Wallboard 37,932 50,480 Paperboard 9,944 9,994 Oil and Gas Proppants (3,670 ) (2,407 ) Sub-Total 84,761 100,885 Corporate General and Administrative Expense (21,254 ) (8,003 ) Litigation Settlements and Losses — (1,800 ) Other Non-Operating Income 200 571 Earnings Before Interest and Income Taxes 63,707 91,653 Interest Expense, net (8,846 ) (6,632 ) Earnings Before Income Taxes $ 54,861 $ 85,021 Cement Operating Earnings - Wholly Owned $ 26,689 $ 28,083 Joint Ventures 9,432 9,251 $ 36,121 $ 37,334 Capital Expenditures - Cement $ 10,537 $ 19,613 Concrete and Aggregates 595 2,064 Gypsum Wallboard 1,931 2,355 Paperboard 12,360 1,065 Oil and Gas Proppants 65 27,636 Other, net — 340 $ 25,488 $ 53,073 Depreciation, Depletion, and Amortization - Cement $ 14,218 $ 12,921 Concrete and Aggregates 2,191 2,053 Gypsum Wallboard 4,952 4,830 Paperboard 2,163 2,109 Oil and Gas Proppants 3,839 7,595 Corporate and Other 597 342 $ 27,960 $ 29,850 June 30, March 31, 2019 2019 (dollars in thousands) Identifiable Assets Cement $ 1,331,042 $ 1,289,468 Concrete and Aggregates 107,127 95,084 Gypsum Wallboard 372,961 372,206 Paperboard 148,148 138,614 Oil and Gas Proppants 265,318 236,357 Other, net 44,482 37,434 $ 2,269,078 $ 2,169,163 |
Segment Breakdown of Goodwill | The segment breakdown of Goodwill is as follows: June 30, March 31, 2019 2019 (dollars in thousands) Cement $ 74,214 $ 74,214 Gypsum Wallboard 116,618 116,618 Paperboard 7,538 7,538 $ 198,370 $ 198,370 |
Summarized Financial Information for Joint Venture Unconsolidated | Summarized financial information for the Joint Venture that is not consolidated is set out below (this summarized financial information includes the total amount for the Joint Venture and not our 50% interest in those amounts): For the Three Months Ended June 30, 2019 2018 (dollars in thousands) Revenue $ 55,010 $ 54,528 Gross Margin $ 19,866 $ 20,141 Earnings Before Income Taxes $ 19,017 $ 18,658 June 30, March 31, 2019 2019 (dollars in thousands) Current Assets $ 80,834 $ 71,688 Non-Current Assets $ 84,859 $ 81,007 Current Liabilities $ 16,569 $ 19,309 |
INTEREST EXPENSE (Tables)
INTEREST EXPENSE (Tables) | 3 Months Ended |
Jun. 30, 2019 | |
Banking And Thrift Interest [Abstract] | |
Interest Expense, Net | The following components are included in Interest Expense, net: For the Three Months Ended June 30, 2019 2018 (dollars in thousands) Interest Income (4 ) $ (2 ) Interest Expense 8,559 6,342 Other Expenses 291 292 Interest Expense, net $ 8,846 $ 6,632 |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Senior Notes | The fair value of our long-term debt has been estimated based upon our current incremental borrowing rates for similar types of borrowing arrangements. The fair value of our Senior Unsecured Notes and Private Placement Senior Unsecured Notes at June 30, 2019 is as follows: Fair Value (dollars in thousands) Series 2007A Tranche D $ 36,760 4.500% Senior Unsecured Notes Due 2026 $ 361,806 |
FINANCIAL STATEMENTS FOR GUAR_2
FINANCIAL STATEMENTS FOR GUARANTORS OF THE 4.500% SENIOR UNSECURED NOTES (Tables) | 3 Months Ended |
Jun. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Condensed Consolidating Statement of Earnings and Comprehensive Earnings | Condensed Consolidating Statement of Earnings and Comprehensive Earnings For the Three Months Ended June 30, 2019 Parent Guarantor Subsidiaries Eliminations Consolidated Revenue $ — $ 370,597 $ — $ 370,597 Cost of Goods Sold — 295,268 — 295,268 Gross Profit — 75,329 — 75,329 Equity in Earnings of Unconsolidated Joint Venture 9,432 9,432 (9,432 ) 9,432 Equity in Earnings of Subsidiaries 55,742 — (55,742 ) — Corporate General and Administrative Expenses (20,968 ) (286 ) — (21,254 ) Other Non-Operating Income 426 (226 ) — 200 Interest Expense, net (8,834 ) (12 ) — (8,846 ) Earnings before Income Taxes 35,798 84,237 (65,174 ) 54,861 Income Taxes 5,506 (19,063 ) — (13,557 ) Net Earnings $ 41,304 $ 65,174 $ (65,174 ) $ 41,304 Net Earnings $ 41,304 $ 65,174 $ (65,174 ) $ 41,304 Net Actuarial Change in Benefit Plans, net of tax 33 33 (33 ) 33 Comprehensive Earnings $ 41,337 $ 65,207 $ (65,207 ) $ 41,337 Condensed Consolidating Statement of Earnings and Comprehensive Earnings For the Three Months Ended June 30, 2018 Parent Guarantor Subsidiaries Eliminations Consolidated Revenue $ — $ 393,756 $ — $ 393,756 Cost of Goods Sold — 302,122 — 302,122 Gross Profit — 91,634 — 91,634 Equity in Earnings of Unconsolidated Joint Venture 9,251 9,251 (9,251 ) 9,251 Equity in Earnings of Subsidiaries 67,258 — (67,258 ) — Corporate General and Administrative Expenses (6,729 ) (1,274 ) — (8,003 ) Legal Settlements — (1,800 ) — (1,800 ) Other Non-Operating Income (93 ) 664 — 571 Interest Expense, net (6,619 ) (13 ) — (6,632 ) Earnings before Income Taxes 63,068 98,462 (76,509 ) 85,021 Income Taxes 3,271 (21,953 ) — (18,682 ) Net Earnings $ 66,339 $ 76,509 $ (76,509 ) $ 66,339 Net Earnings $ 66,339 $ 76,509 $ (76,509 ) 66,339 Net Actuarial Change in Benefit Plans, net of tax 56 56 (56 ) 56 Comprehensive Earnings $ 66,395 $ 76,565 $ (76,565 ) $ 66,395 |
Condensed Consolidating Balance Sheet | Condensed Consolidating Balance Sheet At June 30, 2019 Parent Guarantor Subsidiaries Eliminations Consolidated ASSETS Current Assets - Cash and Cash Equivalents $ 16,881 $ 2,281 $ — $ 19,162 Accounts and Notes Receivable 1,165 173,114 — 174,279 Inventories — 263,612 — 263,612 Prepaid and Other Current Assets 890 8,574 — 9,464 Total Current Assets 18,936 447,581 — 466,517 Property, Plant, and Equipment, net 7,465 1,417,238 — 1,424,703 Notes Receivable — 2,772 — 2,772 Investment in Joint Venture 70 71,235 — 71,305 Investments in Subsidiaries and Receivables from Affiliates 2,077,332 130,914 (2,208,246 ) — Operating Lease Right of Use Assets 10,415 52,929 — 63,344 Goodwill and Intangible Assets, net — 228,316 — 228,316 Other Assets 4,525 7,596 — 12,121 $ 2,118,743 $ 2,358,581 $ (2,208,246 ) $ 2,269,078 LIABILITIES AND STOCKHOLDERS’ EQUITY Current Liabilities- Accounts Payable $ 6,314 $ 77,602 $ — $ 83,916 Accrued Liabilities 23,046 33,590 — 56,636 Income Taxes Payable 3,914 — — 3,914 Operating Lease Liabilities 1,129 10,861 — 11,990 Current Portion of Long-term Debt 36,500 — — 36,500 Total Current Liabilities 70,903 122,053 — 192,956 Long-term Debt 840,259 — — 840,259 Noncurrent Lease Liabilities 13,109 42,775 — 55,884 Other Long-term Liabilities — 30,257 — 30,257 Payables to Affiliates 130,914 6,027,256 (6,158,170 ) — Deferred Income Taxes 8,292 86,164 — 94,456 Total Liabilities 1,063,477 6,308,505 (6,158,170 ) 1,213,812 Total Stockholders’ Equity 1,055,266 (3,949,924 ) 3,949,924 1,055,266 $ 2,118,743 $ 2,358,581 $ (2,208,246 ) $ 2,269,078 Condensed Consolidating Balance Sheet At March 31, 2019 Parent Guarantor Subsidiaries Eliminations Consolidated ASSETS Current Assets - Cash and Cash Equivalents $ 5,779 $ 2,822 $ — $ 8,601 Accounts and Notes Receivable 437 128,285 — 128,722 Inventories — 275,194 — 275,194 Income Tax Receivables 5,480 — — 5,480 Prepaid and Other Current Assets 1,472 8,152 — 9,624 Total Current Assets 13,168 414,453 — 427,621 Property, Plant, and Equipment, net 7,756 1,419,183 — 1,426,939 Notes Receivable — 2,898 — 2,898 Investment in Joint Venture 70 64,803 — 64,873 Investments in Subsidiaries and Receivables from Affiliates 2,322,334 406,726 (2,729,060 ) — Goodwill and Intangible Assets, net — 229,115 — 229,115 Other Assets 4,571 13,146 — 17,717 $ 2,347,899 $ 2,550,324 $ (2,729,060 ) $ 2,169,163 LIABILITIES AND STOCKHOLDERS’ EQUITY Current Liabilities- Accounts Payable $ 5,520 $ 75,364 $ — $ 80,884 Accrued Liabilities 22,470 39,479 — 61,949 Current Portion of Long-term Debt 36,500 — — 36,500 Total Current Liabilities 64,490 114,843 — 179,333 Long-term Debt 655,092 — — 655,092 Other Long-term Liabilities 3,303 31,189 — 34,492 Payables to Affiliates 406,726 5,730,093 (6,136,819 ) — Deferred Income Taxes 8,801 81,958 — 90,759 Total Liabilities 1,138,412 5,958,083 (6,136,819 ) 959,676 Total Stockholders’ Equity 1,209,487 (3,407,759 ) 3,407,759 1,209,487 $ 2,347,899 $ 2,550,324 $ (2,729,060 ) $ 2,169,163 |
Condensed Consolidating Statement of Cash Flows | Condensed Consolidating Statement of Cash Flows For the Three Months Ended June 30, 2019 Parent Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES Net Cash Provided by (Used in) Operating Activities $ (6,412 ) $ 57,110 $ — $ 50,698 CASH FLOWS FROM INVESTING ACTIVITIES Additions to Property, Plant, and Equipment — (21,813 ) — (21,813 ) Net Cash Used in Investing Activities — (21,813 ) — (21,813 ) CASH FLOWS FROM FINANCING ACTIVITIES Increase in Credit Facility 185,000 — — 185,000 Dividends Paid to Stockholders (4,499 ) — — (4,499 ) Purchase and Retirement of Common Stock (198,355 ) — — (198,355 ) Proceeds from Stock Option Exercises 396 — — 396 Shares Redeemed to Settle Employee Taxes on Stock Compensation (866 ) — — (866 ) Intra-entity Activity, net 35,838 (35,838 ) — — Net Cash Provided by (Used in) Financing Activities 17,514 (35,838 ) — (18,324 ) NET INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH 11,102 (541 ) — 10,561 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD 5,779 2,822 — 8,601 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD $ 16,881 $ 2,281 $ — $ 19,162 Condensed Consolidating Statement of Cash Flows For the Three Months Ended June 30, 2018 Parent Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES Net Cash Provided by (Used in) Operating Activities $ (21,444 ) $ 103,353 $ — $ 81,909 CASH FLOWS FROM INVESTING ACTIVITIES Property, Plant, and Equipment Additions (27 ) (53,046 ) — (53,073 ) Proceeds from Sale of Property, Plant, and Equipment — 2,281 2,281 Net Cash Used in Investing Activities (27 ) (50,765 ) — (50,792 ) CASH FLOWS FROM FINANCING ACTIVITIES Repayment of Credit Facility 30,000 — — 30,000 Dividends Paid to Stockholders (4,790 ) — — (4,790 ) Purchase and Retirement of Common Stock (52,344 ) — — (52,344 ) Proceeds from Stock Option Exercises 1,992 — — 1,992 Shares Redeemed to Settle Employee Taxes on Stock Compensation (956 ) — — (956 ) Intra-entity Activity, net 52,110 (52,110 ) — — Net Cash Provided by (Used in) Financing Activities 26,012 (52,110 ) — (26,098 ) NET INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH 4,541 478 — 5,019 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD 44,537 3,531 — 48,068 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD $ 49,078 $ 4,009 $ — $ 53,087 |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) $ in Thousands | Jun. 30, 2019USD ($) |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |
Operating lease right-of-use asset | $ 63,344 |
Operating lease liabilities | 67,874 |
Accounting Standards Update 2016-02 [Member] | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |
Operating lease right-of-use asset | 66,700 |
Operating lease liabilities | $ 71,100 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash Payments: | ||
Interest | $ 5,241 | $ 3,765 |
Income Taxes | 90 | $ 14,722 |
Operating Cash Flows used for Operating Leases | 3,961 | |
Non Cash Financing Activities: | ||
Property and Equipment Purchases Included in Accrued Liabilities | $ 3,675 |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) | 3 Months Ended |
Jun. 30, 2019 | |
Minimum [Member] | |
Supply Commitment [Line Items] | |
Long-term supply agreements maturity year | 2019 |
Revenue from contract with customer collection terms | 30 days |
Maximum [Member] | |
Supply Commitment [Line Items] | |
Long-term supply agreements maturity year | 2025 |
Revenue from contract with customer collection terms | 65 days |
Accounts and Notes Receivable -
Accounts and Notes Receivable - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Jun. 30, 2019 | Mar. 31, 2019 | |
Receivables [Abstract] | ||
Allowance for doubtful accounts | $ 11.6 | $ 9.9 |
Notes Receivable, total | 3.4 | |
Notes Receivable, current | $ 0.7 | |
Notes Receivable interest rate | 4.50% | |
Notes Receivable, maturity description | Remaining unpaid amounts, plus accrued interest, mature in fiscal 2025. |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - $ / shares | 1 Months Ended | 3 Months Ended |
Jul. 31, 2019 | Jun. 30, 2019 | |
Equity Class Of Treasury Stock [Line Items] | ||
Repurchase of shares | 2,239,873 | |
Shares repurchased average price | $ 88.56 | |
Subsequent Event [Member] | ||
Equity Class Of Treasury Stock [Line Items] | ||
Repurchase of shares | 881,000 | |
Shares repurchased average price | $ 87.26 | |
Stock repurchase remaining number of shares authorized to be repurchased | 7,758,885 |
Schedule of Inventories (Detail
Schedule of Inventories (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Mar. 31, 2019 |
Inventory [Line Items] | ||
Inventories | $ 263,612 | $ 275,194 |
Raw Materials and Material-in-Progress [Member] | ||
Inventory [Line Items] | ||
Inventories | 119,212 | 125,828 |
Finished Cement [Member] | ||
Inventory [Line Items] | ||
Inventories | 27,000 | 27,826 |
Aggregates [Member] | ||
Inventory [Line Items] | ||
Inventories | 7,758 | 7,351 |
Gypsum Wallboard [Member] | ||
Inventory [Line Items] | ||
Inventories | 6,124 | 7,124 |
Paperboard [Member] | ||
Inventory [Line Items] | ||
Inventories | 13,281 | 15,660 |
Frac Sand [Member] | ||
Inventory [Line Items] | ||
Inventories | 3,666 | 2,557 |
Repair Parts and Supplies [Member] | ||
Inventory [Line Items] | ||
Inventories | 77,735 | 80,676 |
Fuel and Coal [Member] | ||
Inventory [Line Items] | ||
Inventories | $ 8,836 | $ 8,172 |
Schedule of Accrued Expenses (D
Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Mar. 31, 2019 |
Accounts Payable And Accrued Liabilities Current [Abstract] | ||
Payroll and Incentive Compensation | $ 14,131 | $ 26,225 |
Benefits | 13,082 | 12,673 |
Interest | 7,197 | 3,852 |
Property Taxes | 6,711 | 5,058 |
Power and Fuel | 1,502 | 1,644 |
Litigation Settlements | 1,900 | |
Sales and Use Tax | 2,391 | 2,167 |
Legal and Professional | 5,061 | |
Other | 6,561 | 8,430 |
Accrued Expenses, Total | $ 56,636 | $ 61,949 |
Leases - Additional Information
Leases - Additional Information (Detail) | Jun. 30, 2019 |
Minimum [Member] | |
Lessee Lease Description [Line Items] | |
Operating lease term | 1 year |
Maximum [Member] | |
Lessee Lease Description [Line Items] | |
Operating lease term | 20 years |
Schedule of Lease Expense for O
Schedule of Lease Expense for Operating and Short-Term Leases (Detail) $ in Thousands | 3 Months Ended |
Jun. 30, 2019USD ($) | |
Leases [Abstract] | |
Operating Lease Cost | $ 3,947 |
Short-term Lease Cost | 584 |
Total Lease Cost | $ 4,531 |
Schedule of Balance Sheet Infor
Schedule of Balance Sheet Information Related to Leases (Detail) $ in Thousands | Jun. 30, 2019USD ($) |
Operating Leases: | |
Operating Lease Right of Use Assets | $ 63,344 |
Current Operating Lease Liabilities | 11,990 |
Noncurrent Operating Lease Liabilities | 55,884 |
Total Operating Lease Liabilities | $ 67,874 |
Schedule of Future Payments for
Schedule of Future Payments for Operating Leases (Detail) $ in Thousands | Jun. 30, 2019USD ($) |
Leases [Abstract] | |
2020 (remaining nine months) | $ 10,912 |
2021 | 11,876 |
2022 | 10,398 |
2023 | 9,947 |
2024 | 8,396 |
Thereafter | 29,497 |
Total Lease Payments | 81,026 |
Less: Imputed Interest | (13,152) |
Present Value of Lease Liabilities | $ 67,874 |
Weighted Average Remaining Lease Term (in years) | 8 years 9 months 18 days |
Weighted Average Discount Rate | 3.75% |
Schedule of Future Minimum Leas
Schedule of Future Minimum Lease Payments (Detail) $ in Thousands | Mar. 31, 2019USD ($) |
Leases [Abstract] | |
2020 | $ 14,613 |
2021 | 11,487 |
2022 | 9,979 |
2023 | 9,784 |
2024 | 8,347 |
Thereafter | 24,793 |
Total Lease Payments | $ 79,003 |
Share-Based Employee Compensa_3
Share-Based Employee Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
May 31, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Aug. 07, 2013 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Number of shares available for future grant | 3,760,315 | 3,760,315 | 3,000,000 | ||
Stock option expense | $ 1.1 | $ 1.1 | |||
Aggregate intrinsic value for outstanding options | 16.7 | $ 16.7 | |||
Total intrinsic value of options exercised | 0.1 | ||||
Restricted stock or unit expense | $ 7.1 | $ 2.4 | |||
Stock Awards [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Number of shares available for future grant | 1,500,000 | ||||
Performance Vesting Stock Options [Member] | Long Term Compensation Plan [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Number of shares available for future grant | 100,849 | ||||
Reduced percentage of shares earned in stock options plan | 66.70% | ||||
Stock based compensation plan, description | The performance criteria for the Fiscal 2020 Employee Performance Stock Option Grant is based upon the achievement of certain levels of return on equity (as defined in the option agreements), ranging from 10.0% to 20.0%, for the fiscal year ending March 31, 2020. All stock options will be earned if the return on equity is 20.0% or greater, and the percentage of shares earned will be reduced proportionately to approximately 66.7% if the return on equity is 10.0%. If the Company does not achieve a return on equity of at least 10.0%, all stock options granted will be forfeited. | ||||
Share-based compensation vesting period | 4 years | ||||
Share-based compensation award expiration term | 10 years | ||||
Performance Vesting Stock Options [Member] | Long Term Compensation Plan [Member] | Minimum [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Percentage of average return on invested capital | 10.00% | ||||
Share-based compensation expiration date | Mar. 31, 2020 | ||||
Performance Vesting Stock Options [Member] | Long Term Compensation Plan [Member] | Maximum [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Percentage of average return on invested capital | 20.00% | ||||
Share-based compensation expiration date | Mar. 31, 2023 | ||||
Time Vesting Stock Options [Member] | Long Term Compensation Plan [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Number of shares available for future grant | 84,043 | ||||
Share-based compensation vesting period | 4 years | ||||
Stock Options [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Unrecognized compensation cost, stock options | $ 10.8 | $ 10.8 | |||
Weighted-average period of recognition of unrecognized compensation cost | 2 years 10 months 24 days | ||||
Performance Vesting Restricted Stock [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Number of shares available for future grant | 51,112 | ||||
Stock based compensation plan, description | The performance criteria for the Fiscal 2020 Employee Restricted Stock Performance Award is based upon the achievement of certain levels of return on equity (as defined in the award agreement), ranging from 10.0% to 20.0%, for the fiscal year ending March 31, 2020. All restricted shares will be earned if the return on equity is 20.0% or greater, and the percentage of shares earned will be reduced proportionately to approximately 66.7% if the return on equity is 10.0%. If the Company does not achieve a return on equity of at least 10.0%, all awards will be forfeited. | ||||
Share-based compensation vesting period | 4 years | ||||
Reduced percentage of restricted shares | 66.70% | ||||
Performance Vesting Restricted Stock [Member] | Minimum [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Percentage of average return on invested capital | 10.00% | ||||
Share-based compensation vesting date | Mar. 31, 2020 | ||||
Performance Vesting Restricted Stock [Member] | Maximum [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Percentage of average return on invested capital | 20.00% | ||||
Share-based compensation vesting date | Mar. 31, 2022 | ||||
Time Vesting Restricted Stock [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Number of shares available for future grant | 42,591 | ||||
Share-based compensation vesting period | 4 years | ||||
Restricted Stock [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Weighted-average period of recognition of unrecognized compensation cost | 2 years 6 months | ||||
Weighted average grant date fair value, shares awarded | $ 91.58 | ||||
Unrecognized compensation cost | $ 19.1 | $ 19.1 |
Weighted-Average Assumptions Us
Weighted-Average Assumptions Used to Value Option Awards (Detail) - Long Term Compensation Plan [Member] - Stock Options [Member] | 3 Months Ended |
Jun. 30, 2019 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Dividend Yield | 1.30% |
Expected Volatility | 31.40% |
Risk Free Interest Rate | 2.32% |
Expected Life | 6 years |
Stock Option Activity (Detail)
Stock Option Activity (Detail) | 3 Months Ended |
Jun. 30, 2019$ / sharesshares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Number of Shares, Outstanding Options at Beginning of Year | shares | 1,042,925 |
Number of Shares, Granted | shares | 184,892 |
Number of Shares, Exercised | shares | (5,181) |
Number of Shares, Cancelled | shares | (7,883) |
Number of Shares, Outstanding Options at End of Year | shares | 1,214,753 |
Number of Shares, Options Exercisable at End of Year | shares | 808,899 |
Weighted-Average Exercise Price, Outstanding Options at Beginning of Year | $ 76.88 |
Weighted-Average Exercise Price, Granted | 91.58 |
Weighted-Average Exercise Price, Exercised | 76.53 |
Weighted-Average Exercise Price, Cancelled | 106.24 |
Weighted-Average Exercise Price, Outstanding Options at End of Year | 78.95 |
Weighted-Average Exercise Price, Options Exercisable at End of Period | 72.08 |
Weighted Average Fair Value of Options Granted During the Year | $ 27.37 |
Stock Options Outstanding (Deta
Stock Options Outstanding (Detail) | 3 Months Ended |
Jun. 30, 2019$ / sharesshares | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Options Outstanding, Number of Shares Outstanding | shares | 1,214,753 |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | 6 years 6 months 7 days |
Options Outstanding, Weighted-Average Exercise Price | $ 78.95 |
Options Exercisable , Number of Shares Outstanding | shares | 808,899 |
Options Exercisable, Weighted-Average Exercise Price | $ 72.08 |
$23.17 - $29.84 [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 | $ 29.84 |
Options Outstanding, Number of Shares Outstanding | shares | 65,912 |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | 2 years 1 month 6 days |
Options Outstanding, Weighted-Average Exercise Price | $ 23.27 |
Options Exercisable , Number of Shares Outstanding | shares | 65,912 |
Options Exercisable, Weighted-Average Exercise Price | $ 23.27 |
$33.43 - $ 37.34 [Member] | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Range of Exercise Prices, Lower Range | 33.43 |
Range of Exercise Prices, Upper Range | $ 37.34 |
Options Outstanding, Number of Shares Outstanding | shares | 81,288 |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | 2 years 11 months 15 days |
Options Outstanding, Weighted-Average Exercise Price | $ 33.99 |
Options Exercisable , Number of Shares Outstanding | shares | 81,288 |
Options Exercisable, Weighted-Average Exercise Price | $ 33.99 |
$53.22 - $ 77.67 [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 | $ 77.67 |
Options Outstanding, Number of Shares Outstanding | shares | 301,348 |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | 5 years 11 months 15 days |
Options Outstanding, Weighted-Average Exercise Price | $ 71.37 |
Options Exercisable , Number of Shares Outstanding | shares | 237,176 |
Options Exercisable, Weighted-Average Exercise Price | $ 71.13 |
$79.73 - $ 106.24 [Member] | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Range of Exercise Prices, Lower Range | 79.73 |
Range of Exercise Prices, Upper Range | $ 106.24 |
Options Outstanding, Number of Shares Outstanding | shares | 766,205 |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | 7 years 6 months |
Options Outstanding, Weighted-Average Exercise Price | $ 91.49 |
Options Exercisable , Number of Shares Outstanding | shares | 424,523 |
Options Exercisable, Weighted-Average Exercise Price | $ 87.47 |
Summary of Activity for Nonvest
Summary of Activity for Nonvested Restricted Shares (Detail) - Restricted Stock [Member] | 3 Months Ended |
Jun. 30, 2019$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Shares, Nonvested at Beginning of Year | 300,115 |
Number of Shares, Granted | 93,703 |
Number of Shares, Vested | (25,306) |
Number of Shares, Forfeited | (15,940) |
Number of Shares, Nonvested at End of Year | 352,572 |
Weighted Average Grant Date Fair Value, Beginning of Year | $ / shares | $ 78.94 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 91.58 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 91.34 |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | $ 106.24 |
Calculation of Basic and Dilute
Calculation of Basic and Diluted Common Shares Outstanding (Detail) - shares | 3 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Earnings Per Share [Abstract] | ||
Weighted Average Shares of Common Stock Outstanding | 43,870,222 | 47,690,351 |
Assumed Exercise of Outstanding Dilutive Options | 750,654 | 829,873 |
Less Shares Repurchased from Proceeds of Assumed Exercised Options | (591,647) | (571,799) |
Restricted Stock Units | 120,982 | 195,900 |
Weighted Average Common Stock and Dilutive Securities Outstanding | 44,150,211 | 48,144,325 |
Shares Excluded Due to Anti-dilution Effects | 327,761 | 145,488 |
Components of Net Periodic Cost
Components of Net Periodic Cost (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Compensation And Retirement Disclosure [Abstract] | ||
Service Cost - Benefits Earned During the Period | $ 85 | $ 100 |
Interest Cost of Projected Benefit Obligation | 338 | 337 |
Expected Return on Plan Assets | (426) | (463) |
Recognized Net Actuarial Loss | 43 | 58 |
Amortization of Prior-Service Cost | 15 | |
Net Periodic Pension Cost | $ 40 | $ 47 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 3 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | ||
Effective tax rate | 25.00% | 22.00% |
Long-Term Debt (Detail)
Long-Term Debt (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Mar. 31, 2019 | Aug. 02, 2016 |
Debt Instrument [Line Items] | |||
Bank Credit Facility | $ 495,000 | $ 310,000 | |
Total Debt | 881,500 | 696,500 | |
Less: Current Portion of Long-term Debt | (36,500) | (36,500) | |
Less: Debt Origination Costs | (4,741) | (4,908) | |
Long-term Debt | 840,259 | 655,092 | |
4.500% Senior Unsecured Notes Due 2026 [Member] | |||
Debt Instrument [Line Items] | |||
Total Debt | 350,000 | 350,000 | $ 350,000 |
Private Placement Senior Unsecured Notes [Member] | |||
Debt Instrument [Line Items] | |||
Total Debt | $ 36,500 | $ 36,500 |
Long-Term Debt (Parenthetical)
Long-Term Debt (Parenthetical) (Detail) - 4.500% Senior Unsecured Notes Due 2026 [Member] | 3 Months Ended | |
Jun. 30, 2019 | Aug. 02, 2016 | |
Debt Instrument [Line Items] | ||
Debt instrument, interest rate | 4.50% | 4.50% |
Debt instrument, maturity year | 2026 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) | Aug. 02, 2016USD ($) | Oct. 31, 2014 | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Oct. 02, 2007USD ($)Loan |
Debt Instrument [Line Items] | |||||
Bank Credit Facility, borrowings available | $ 248,100,000 | ||||
Interest coverage ratio | 250.00% | ||||
Unused line of credit commitment fee based on leverage ratio | 0.10% | ||||
Borrowings outstanding under Credit Facility | 495,000,000 | $ 310,000,000 | |||
Letter of Credit Facility | 40,000,000 | ||||
Outstanding letters of credit , amount | 6,900,000 | ||||
Debt instrument, principal amount | 881,500,000 | 696,500,000 | |||
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 [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Variable margin | 0.00% | ||||
Federal Funds Effective Swap Rate [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Variable margin | 1.25% | ||||
4.500% Senior Unsecured Notes Due 2026 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, principal amount | $ 350,000,000 | $ 350,000,000 | $ 350,000,000 | ||
Debt instrument, interest rate | 4.50% | 4.50% | |||
Debt instrument, maturity period | 2026-08 | ||||
4.500% Senior Unsecured Notes Due 2026 [Member] | Prior to August 1, 2019 [Member] | |||||
Debt Instrument [Line Items] | |||||
Redemption price, percentage | 104.50% | ||||
4.500% Senior Unsecured Notes Due 2026 [Member] | On or After August 1, 2019 and Prior to August 1, 2021 [Member] | |||||
Debt Instrument [Line Items] | |||||
Redemption price, percentage | 100.00% | ||||
4.500% Senior Unsecured Notes Due 2026 [Member] | Maximum [Member] | Prior to August 1, 2019 [Member] | |||||
Debt Instrument [Line Items] | |||||
Percentage of principal amount redeemable | 40.00% | ||||
2007 Note Purchase Agreement [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest coverage ratio | 250.00% | ||||
Number of tranches | Loan | 4 | ||||
Senior Notes, sale | $ 200,000,000 | ||||
Senior Notes, payment terms | Interest for the Series 2007A Senior Unsecured Notes is payable semi-annually April 2 and October 2 of each year until all principal is paid for the respective tranche. | ||||
Purchase agreement additional requirements | and to maintain an interest coverage ratio (Consolidated EBITDA to Consolidated Interest Expense [calculated as consolidated EBITDA, as defined above, to consolidated interest expense]) of at least 2.50:1.00. In addition, the 2007 Note Purchase Agreement requires the Company to ensure that at all times either (i) Consolidated Total Assets equal at least 80% of the consolidated total assets of the Company and its subsidiaries, determined in accordance with GAAP, or (ii) Consolidated Total Revenue of the Company and its restricted subsidiaries for the period of four consecutive fiscal quarters most recently ended equals at least 80% of the consolidated total revenue of the Company and its Subsidiaries during such period. | ||||
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 principal and interest payments at a discount rate of 50 basis | ||||
Discount on Senior Notes principal and interest | 0.50% | ||||
2007 Note Purchase Agreement [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Percentage of consolidated assets require to maintain | 80.00% | ||||
Percentage of consolidated revenues require to maintain | 80.00% | ||||
2007 Note Purchase Agreement [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Consolidated funded indebtedness ratio | 350.00% | ||||
Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Credit Facility, principal balance | $ 500,000,000 | ||||
Bank Credit Facility, borrowings available | $ 750,000,000 | ||||
Credit Facility, termination date | Aug. 2, 2021 | ||||
Credit Facility, interest rate description | At our option, outstanding principal amounts on the Credit Facility bear interest at a variable rate equal to (i) the London Interbank Offered Rate (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 applicable rate (ranging from 0 to 125 basis points). In the case of loans bearing interest at a rate based on the federal funds rate, interest payments are payable quarterly. In the case of loans bearing interest at a rate based on LIBOR, interest is payable at the end of the LIBOR advance periods, which can be 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 Credit Facility ranging from 10 to 35 basis points depending upon the Leverage Ratio. | ||||
Revolving Credit Facility [Member] | Swingline Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Credit Facility, principal balance | $ 25,000,000 | ||||
Line of Credit | Federal Funds Effective Swap Rate [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Variable margin | 0.50% | ||||
Letter of Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Bank Credit Facility, one-time fee | 0.125% |
Schedule of Senior Unsecured No
Schedule of Senior Unsecured Notes Redemption Prices (Detail) - 4.500% Senior Unsecured Notes Due 2026 [Member] | 3 Months Ended |
Jun. 30, 2019 | |
2021 [Member] | |
Debt Instrument Redemption [Line Items] | |
Redemption price, percentage | 102.25% |
2022 [Member] | |
Debt Instrument Redemption [Line Items] | |
Redemption price, percentage | 101.50% |
2023 [Member] | |
Debt Instrument Redemption [Line Items] | |
Redemption price, percentage | 100.75% |
2024 and Thereafter [Member] | |
Debt Instrument Redemption [Line Items] | |
Redemption price, percentage | 100.00% |
Amount Outstanding of Tranches
Amount Outstanding of Tranches - Two Thousand Seven Note Purchase Agreement (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2019 | Mar. 31, 2019 | |
Debt Instrument [Line Items] | ||
Principal | $ 881,500 | $ 696,500 |
2007 Note Purchase Agreement [Member] | Series 2007A Tranche D [Member] | ||
Debt Instrument [Line Items] | ||
Principal | $ 36,500 | |
Maturity Date | Oct. 2, 2019 | |
Interest Rate | 6.48% |
Segment Information - Additiona
Segment Information - Additional Information (Detail) $ in Millions | 3 Months Ended |
Jun. 30, 2019USD ($)LocationFacilityTerminalPlantSectorSegmentJointVentures | |
Segment Reporting Information [Line Items] | |
Number of sectors | Sector | 3 |
Number of reportable business segments | Segment | 5 |
Cement plant locations | Location | 7 |
Slag grinding facility | Facility | 1 |
Cement distribution terminals | Terminal | 19 |
Gypsum wallboard plants | Plant | 5 |
Readymix concrete batch plants | Plant | 17 |
Aggregates processing plants | Plant | 4 |
Number of frac sand processing facilities | Facility | 2 |
Number of frac sand drying facilities | Facility | 4 |
Number of frac sand trans-load locations | Location | 5 |
Proportionate consolidation of share of Joint Venture's revenues and operating earnings | 50.00% |
Accrued capital expenditures | $ | $ 3.7 |
Cement [Member] | |
Segment Reporting Information [Line Items] | |
Number of Joint Venture | JointVentures | 1 |
Financial Information Related t
Financial Information Related to Operations by Segment (Detail) $ in Thousands | 3 Months Ended | ||
Jun. 30, 2019USD ($)kT | Jun. 30, 2018USD ($)kT | Mar. 31, 2019USD ($) | |
Segment Reporting Information [Line Items] | |||
Revenue | $ 370,597 | $ 393,756 | |
Less: Joint Venture Revenue | (27,505) | (27,264) | |
Operating Earnings | 84,761 | 100,885 | |
Corporate General and Administrative Expense | (21,254) | (8,003) | |
Litigation Settlements and Losses | (1,800) | ||
Other Non-Operating Income | 200 | 571 | |
Earnings Before Interest and Income Taxes | 63,707 | 91,653 | |
Interest Expense, Net | (8,846) | (6,632) | |
Earnings before Income Taxes | 54,861 | 85,021 | |
Capital Expenditures | 25,488 | 53,073 | |
Depreciation, Depletion and Amortization | 27,960 | 29,850 | |
Identifiable Assets | 2,269,078 | $ 2,169,163 | |
Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 419,747 | 442,876 | |
Operating Earnings | 36,121 | 37,334 | |
Operating Segments [Member] | Wholly-Owned [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating Earnings | 26,689 | 28,083 | |
Operating Segments [Member] | Joint Venture [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating Earnings | 9,432 | 9,251 | |
Intersegment Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | (21,645) | (21,856) | |
Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital Expenditures | 340 | ||
Identifiable Assets | 44,482 | 37,434 | |
Cement [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | $ 195,313 | $ 186,788 | |
Cement Sales Volume | kT | 1,550 | 1,511 | |
Operating Earnings | $ 36,121 | $ 37,334 | |
Capital Expenditures | 10,537 | 19,613 | |
Depreciation, Depletion and Amortization | 14,218 | $ 12,921 | |
Identifiable Assets | $ 1,331,042 | 1,289,468 | |
Cement [Member] | Operating Segments [Member] | Wholly-Owned [Member] | |||
Segment Reporting Information [Line Items] | |||
Cement Sales Volume | kT | 1,318 | 1,275 | |
Cement [Member] | Operating Segments [Member] | Joint Venture [Member] | |||
Segment Reporting Information [Line Items] | |||
Cement Sales Volume | kT | 232 | 236 | |
Cement [Member] | Intersegment Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | $ (4,253) | $ (4,178) | |
Concrete and Aggregates [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 39,778 | 40,840 | |
Operating Earnings | 4,434 | 5,484 | |
Capital Expenditures | 595 | 2,064 | |
Depreciation, Depletion and Amortization | 2,191 | 2,053 | |
Identifiable Assets | 107,127 | 95,084 | |
Concrete and Aggregates [Member] | Intersegment Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | (377) | (331) | |
Gypsum Wallboard [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 126,724 | 142,415 | |
Operating Earnings | 37,932 | 50,480 | |
Capital Expenditures | 1,931 | 2,355 | |
Depreciation, Depletion and Amortization | 4,952 | 4,830 | |
Identifiable Assets | 372,961 | 372,206 | |
Paperboard [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 42,700 | 45,133 | |
Operating Earnings | 9,944 | 9,994 | |
Capital Expenditures | 12,360 | 1,065 | |
Depreciation, Depletion and Amortization | 2,163 | 2,109 | |
Identifiable Assets | 148,148 | 138,614 | |
Paperboard [Member] | Intersegment Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | (17,015) | (17,347) | |
Oil and Gas Proppants [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 15,232 | 27,700 | |
Operating Earnings | (3,670) | (2,407) | |
Capital Expenditures | 65 | 27,636 | |
Depreciation, Depletion and Amortization | 3,839 | 7,595 | |
Identifiable Assets | 265,318 | $ 236,357 | |
Corporate and Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation, Depletion and Amortization | $ 597 | $ 342 |
Segment Breakdown of Goodwill (
Segment Breakdown of Goodwill (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Mar. 31, 2019 |
Segment Reporting Information [Line Items] | ||
Goodwill | $ 198,370 | $ 198,370 |
Cement [Member] | ||
Segment Reporting Information [Line Items] | ||
Goodwill | 74,214 | 74,214 |
Gypsum Wallboard [Member] | ||
Segment Reporting Information [Line Items] | ||
Goodwill | 116,618 | 116,618 |
Paperboard [Member] | ||
Segment Reporting Information [Line Items] | ||
Goodwill | $ 7,538 | $ 7,538 |
Summarized Financial Informatio
Summarized Financial Information for Joint Venture Unconsolidated (Detail) - Joint Venture [Member] - USD ($) $ in Thousands | 3 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Mar. 31, 2019 | |
Related Party Transaction [Line Items] | |||
Revenue | $ 55,010 | $ 54,528 | |
Gross Margin | 19,866 | 20,141 | |
Earnings Before Income Taxes | 19,017 | $ 18,658 | |
Current Assets | 80,834 | $ 71,688 | |
Non-Current Assets | 84,859 | 81,007 | |
Current Liabilities | $ 16,569 | $ 19,309 |
Interest Expense, Net (Detail)
Interest Expense, Net (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Interest Income (Expense), Net [Abstract] | ||
Interest Income | $ (4) | $ (2) |
Interest Expense | 8,559 | 6,342 |
Other Expenses | 291 | 292 |
Interest Expense, net | $ 8,846 | $ 6,632 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | Jun. 30, 2019USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
Letters of credit outstanding, amount | $ 6,900,000 |
Outstanding guarantees | 0 |
Contingently liable for performance, current | $ 26,200,000 |
Fair Value of Senior Notes (Det
Fair Value of Senior Notes (Detail) $ in Thousands | Jun. 30, 2019USD ($) |
Series 2007A Tranche D [Member] | |
Fair Value Of Financial Instruments [Line Items] | |
Fair Value of Senior Notes | $ 36,760 |
4.500% Senior Unsecured Notes Due 2026 [Member] | |
Fair Value Of Financial Instruments [Line Items] | |
Fair Value of Senior Notes | $ 361,806 |
Fair Value of Senior Notes (Par
Fair Value of Senior Notes (Parenthetical) (Detail) - 4.500% Senior Unsecured Notes Due 2026 [Member] | 3 Months Ended | |
Jun. 30, 2019 | Aug. 02, 2016 | |
Fair Value Of Financial Instruments [Line Items] | ||
Debt instrument, interest rate | 4.50% | 4.50% |
Debt instrument, maturity year | 2026 |
Condensed Consolidating Stateme
Condensed Consolidating Statement of Earnings and Comprehensive Earnings (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Revenue | $ 370,597 | $ 393,756 |
Cost of Goods Sold | 295,268 | 302,122 |
Gross Profit | 75,329 | 91,634 |
Equity in Earnings of Unconsolidated Joint Venture | 9,432 | 9,251 |
Corporate General and Administrative Expense | (21,254) | (8,003) |
Legal Settlements | (1,800) | |
Other Non-Operating Income | 200 | 571 |
Interest Expense, net | (8,846) | (6,632) |
Earnings before Income Taxes | 54,861 | 85,021 |
Income Taxes | (13,557) | (18,682) |
Net Earnings | 41,304 | 66,339 |
Net Actuarial Change in Benefit Plans, net of tax | 33 | 56 |
Comprehensive Earnings | 41,337 | 66,395 |
Eliminations [Member] | ||
Equity in Earnings of Unconsolidated Joint Venture | (9,432) | (9,251) |
Equity in Earnings of Subsidiaries | (55,742) | (67,258) |
Earnings before Income Taxes | (65,174) | (76,509) |
Net Earnings | (65,174) | (76,509) |
Net Actuarial Change in Benefit Plans, net of tax | (33) | (56) |
Comprehensive Earnings | (65,207) | (76,565) |
Parent [Member] | Reportable Legal Entities [Member] | ||
Equity in Earnings of Unconsolidated Joint Venture | 9,432 | 9,251 |
Equity in Earnings of Subsidiaries | 55,742 | 67,258 |
Corporate General and Administrative Expense | (20,968) | (6,729) |
Other Non-Operating Income | 426 | (93) |
Interest Expense, net | (8,834) | (6,619) |
Earnings before Income Taxes | 35,798 | 63,068 |
Income Taxes | 5,506 | 3,271 |
Net Earnings | 41,304 | 66,339 |
Net Actuarial Change in Benefit Plans, net of tax | 33 | 56 |
Comprehensive Earnings | 41,337 | 66,395 |
Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | ||
Revenue | 370,597 | 393,756 |
Cost of Goods Sold | 295,268 | 302,122 |
Gross Profit | 75,329 | 91,634 |
Equity in Earnings of Unconsolidated Joint Venture | 9,432 | 9,251 |
Corporate General and Administrative Expense | (286) | (1,274) |
Legal Settlements | (1,800) | |
Other Non-Operating Income | (226) | 664 |
Interest Expense, net | (12) | (13) |
Earnings before Income Taxes | 84,237 | 98,462 |
Income Taxes | (19,063) | (21,953) |
Net Earnings | 65,174 | 76,509 |
Net Actuarial Change in Benefit Plans, net of tax | 33 | 56 |
Comprehensive Earnings | $ 65,207 | $ 76,565 |
Condensed Consolidating Balance
Condensed Consolidating Balance Sheet (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 |
Current Assets - | ||||
Cash and Cash Equivalents | $ 19,162 | $ 8,601 | ||
Accounts and Notes Receivable | 174,279 | 128,722 | ||
Inventories | 263,612 | 275,194 | ||
Prepaid and Other Current Assets | 9,464 | 9,624 | ||
Income Tax Receivable | 5,480 | |||
Total Current Assets | 466,517 | 427,621 | ||
Property, Plant, and Equipment, net | 1,424,703 | 1,426,939 | ||
Notes Receivable | 2,772 | 2,898 | ||
Investment in Joint Venture | 71,305 | 64,873 | ||
Operating Lease Right of Use Assets | 63,344 | |||
Goodwill and Intangible Assets, net | 228,316 | 229,115 | ||
Other Assets | 12,121 | 17,717 | ||
Total Assets | 2,269,078 | 2,169,163 | ||
Current Liabilities - | ||||
Accounts Payable | 83,916 | 80,884 | ||
Accrued Liabilities | 56,636 | 61,949 | ||
Income Taxes Payable | 3,914 | |||
Operating Lease Liabilities | 11,990 | |||
Current Portion of Long-term Debt | 36,500 | 36,500 | ||
Total Current Liabilities | 192,956 | 179,333 | ||
Long-term Debt | 840,259 | 655,092 | ||
Noncurrent Lease Liabilities | 55,884 | |||
Other Long-term Liabilities | 30,257 | 34,492 | ||
Deferred Income Taxes | 94,456 | 90,759 | ||
Total Liabilities | 1,213,812 | 959,676 | ||
Total Stockholders’ Equity | 1,055,266 | 1,209,487 | $ 1,431,479 | $ 1,417,690 |
Liabilities and Stockholders' Equity, Total | 2,269,078 | 2,169,163 | ||
Eliminations [Member] | ||||
Current Assets - | ||||
Investments in Subsidiaries and Receivables from Affiliates | (2,208,246) | (2,729,060) | ||
Total Assets | (2,208,246) | (2,729,060) | ||
Current Liabilities - | ||||
Payables to Affiliates | (6,158,170) | (6,136,819) | ||
Total Liabilities | (6,158,170) | (6,136,819) | ||
Total Stockholders’ Equity | 3,949,924 | 3,407,759 | ||
Liabilities and Stockholders' Equity, Total | (2,208,246) | (2,729,060) | ||
Parent [Member] | Reportable Legal Entities [Member] | ||||
Current Assets - | ||||
Cash and Cash Equivalents | 16,881 | 5,779 | ||
Accounts and Notes Receivable | 1,165 | 437 | ||
Prepaid and Other Current Assets | 890 | 1,472 | ||
Income Tax Receivable | 5,480 | |||
Total Current Assets | 18,936 | 13,168 | ||
Property, Plant, and Equipment, net | 7,465 | 7,756 | ||
Investment in Joint Venture | 70 | 70 | ||
Investments in Subsidiaries and Receivables from Affiliates | 2,077,332 | 2,322,334 | ||
Operating Lease Right of Use Assets | 10,415 | |||
Other Assets | 4,525 | 4,571 | ||
Total Assets | 2,118,743 | 2,347,899 | ||
Current Liabilities - | ||||
Accounts Payable | 6,314 | 5,520 | ||
Accrued Liabilities | 23,046 | 22,470 | ||
Income Taxes Payable | 3,914 | |||
Operating Lease Liabilities | 1,129 | |||
Current Portion of Long-term Debt | 36,500 | 36,500 | ||
Total Current Liabilities | 70,903 | 64,490 | ||
Long-term Debt | 840,259 | 655,092 | ||
Noncurrent Lease Liabilities | 13,109 | |||
Other Long-term Liabilities | 3,303 | |||
Payables to Affiliates | 130,914 | 406,726 | ||
Deferred Income Taxes | 8,292 | 8,801 | ||
Total Liabilities | 1,063,477 | 1,138,412 | ||
Total Stockholders’ Equity | 1,055,266 | 1,209,487 | ||
Liabilities and Stockholders' Equity, Total | 2,118,743 | 2,347,899 | ||
Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | ||||
Current Assets - | ||||
Cash and Cash Equivalents | 2,281 | 2,822 | ||
Accounts and Notes Receivable | 173,114 | 128,285 | ||
Inventories | 263,612 | 275,194 | ||
Prepaid and Other Current Assets | 8,574 | 8,152 | ||
Total Current Assets | 447,581 | 414,453 | ||
Property, Plant, and Equipment, net | 1,417,238 | 1,419,183 | ||
Notes Receivable | 2,772 | 2,898 | ||
Investment in Joint Venture | 71,235 | 64,803 | ||
Investments in Subsidiaries and Receivables from Affiliates | 130,914 | 406,726 | ||
Operating Lease Right of Use Assets | 52,929 | |||
Goodwill and Intangible Assets, net | 228,316 | 229,115 | ||
Other Assets | 7,596 | 13,146 | ||
Total Assets | 2,358,581 | 2,550,324 | ||
Current Liabilities - | ||||
Accounts Payable | 77,602 | 75,364 | ||
Accrued Liabilities | 33,590 | 39,479 | ||
Operating Lease Liabilities | 10,861 | |||
Total Current Liabilities | 122,053 | 114,843 | ||
Noncurrent Lease Liabilities | 42,775 | |||
Other Long-term Liabilities | 30,257 | 31,189 | ||
Payables to Affiliates | 6,027,256 | 5,730,093 | ||
Deferred Income Taxes | 86,164 | 81,958 | ||
Total Liabilities | 6,308,505 | 5,958,083 | ||
Total Stockholders’ Equity | (3,949,924) | (3,407,759) | ||
Liabilities and Stockholders' Equity, Total | $ 2,358,581 | $ 2,550,324 |
Condensed Consolidating State_2
Condensed Consolidating Statement of Cash Flows (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net Cash Provided by (Used in) Operating Activities | $ 50,698 | $ 81,909 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Additions to Property, Plant, and Equipment | (21,813) | (53,073) |
Proceeds from Sale of Property, Plant, and Equipment | 2,281 | |
Net Cash Used in Investing Activities | (21,813) | (50,792) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Increase (Repayment) of Credit Facility | 185,000 | 30,000 |
Dividends Paid to Stockholders | (4,499) | (4,790) |
Purchase and Retirement of Common Stock | (198,355) | (52,344) |
Proceeds from Stock Option Exercises | 396 | 1,992 |
Shares Redeemed to Settle Employee Taxes on Stock Compensation | (866) | (956) |
Net Cash Used in Financing Activities | (18,324) | (26,098) |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 10,561 | 5,019 |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD | 8,601 | 48,068 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 19,162 | 53,087 |
Parent [Member] | Reportable Legal Entities [Member] | ||
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net Cash Provided by (Used in) Operating Activities | (6,412) | (21,444) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Additions to Property, Plant, and Equipment | (27) | |
Net Cash Used in Investing Activities | (27) | |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Increase (Repayment) of Credit Facility | 185,000 | 30,000 |
Dividends Paid to Stockholders | (4,499) | (4,790) |
Purchase and Retirement of Common Stock | (198,355) | (52,344) |
Proceeds from Stock Option Exercises | 396 | 1,992 |
Shares Redeemed to Settle Employee Taxes on Stock Compensation | (866) | (956) |
Intra-entity Activity, net | 35,838 | 52,110 |
Net Cash Used in Financing Activities | 17,514 | 26,012 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 11,102 | 4,541 |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD | 5,779 | 44,537 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 16,881 | 49,078 |
Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | ||
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net Cash Provided by (Used in) Operating Activities | 57,110 | 103,353 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Additions to Property, Plant, and Equipment | (21,813) | (53,046) |
Proceeds from Sale of Property, Plant, and Equipment | 2,281 | |
Net Cash Used in Investing Activities | (21,813) | (50,765) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Intra-entity Activity, net | (35,838) | (52,110) |
Net Cash Used in Financing Activities | (35,838) | (52,110) |
NET INCREASE IN CASH AND CASH EQUIVALENTS | (541) | 478 |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD | 2,822 | 3,531 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ 2,281 | $ 4,009 |