Eagle Materials (EXP) 10-Q 28 Jul 21 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Jun. 30, 2021	Jul. 26, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2021
Document Fiscal Year Focus	2022
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		41,882,068
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 (Loss) (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Income Statement [Abstract]
Revenue	$ 475,770	$ 426,989
Cost of Goods Sold	349,259	324,692
Gross Profit	126,511	102,297
Equity in Earnings of Unconsolidated Joint Venture	7,970	7,796
Corporate General and Administrative Expense	(9,468)	(17,789)
Gain on Sale of Businesses		51,973
Other Non-Operating Income (Loss)	3,678	(309)
Interest Expense, net	(6,972)	(14,041)
Earnings from Continuing Operations Before Income Taxes	121,719	129,927
Income Taxes	(26,392)	(32,836)
Earnings from Continuing Operations	95,327	97,091
Loss from Discontinued Operations, net of Income Taxes		(885)
Net Earnings	$ 95,327	$ 96,206
BASIC EARNINGS (LOSS) PER SHARE
Continuing Operations	$ 2.27	$ 2.34
Discontinued Operations		(0.02)
Net Earnings	2.27	2.32
DILUTED EARNINGS PER SHARE
Continuing Operations	2.25	2.33
Discontinued Operations		(0.02)
Net Earnings	$ 2.25	$ 2.31
AVERAGE SHARES OUTSTANDING
Basic	42,028,619	41,410,794
Diluted	42,437,366	41,563,268
CASH DIVIDENDS PER SHARE		$ 0.10

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Earnings (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Statement Of Income And Comprehensive Income [Abstract]
Net Earnings	$ 95,327	$ 96,206
Net Actuarial Change in Defined Benefit Plans
Amortization of Net Actuarial Loss	36	33
Tax Expense	(9)	(8)
Comprehensive Earnings	$ 95,354	$ 96,231

Consolidated Balance Sheets (un

Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands	Jun. 30, 2021	Mar. 31, 2021
Current Assets
Cash and Cash Equivalents	$ 306,542	$ 263,520
Restricted Cash	5,000	5,000
Accounts Receivable, net of allowances of $7.0 at June 30, 2021 and $8.1 at March 31, 2021	187,411	147,133
Inventories	217,052	235,749
Income Tax Receivable		2,838
Prepaid and Other Assets	15,298	7,449
Total Current Assets	731,303	661,689
Property, Plant, and Equipment, net	1,641,063	1,659,100
Notes Receivable	8,485	8,419
Investment in Joint Venture	76,369	75,399
Operating Lease Right-of-Use Assets	24,776	25,811
Goodwill and Intangible Assets, net	391,211	392,315
Other Assets	17,623	15,948
Total Assets	2,890,830	2,838,681
Current Liabilities
Accounts Payable	96,923	84,171
Accrued Liabilities	74,947	78,840
Income Taxes Payable	11,016
Operating Lease Liabilities	6,127	6,343
Total Current Liabilities	189,013	169,354
Long-term Debt	1,009,035	1,008,616
Noncurrent Operating Lease Liabilities	32,763	34,444
Other Long-term Liabilities	40,902	41,291
Deferred Income Taxes	227,785	225,986
Total Liabilities	1,499,498	1,479,691
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 42,101,619 and 42,370,878 Shares, respectively	421	424
Capital in Excess of Par Value	10,035	62,497
Accumulated Other Comprehensive Losses	(3,413)	(3,440)
Retained Earnings	1,384,289	1,299,509
Total Stockholders’ Equity	1,391,332	1,358,990
Liabilities and Stockholders' Equity, Total	$ 2,890,830	$ 2,838,681

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (unaudited) (Parenthetical) - USD ($)	Jun. 30, 2021	Mar. 31, 2021
Statement Of Financial Position [Abstract]
Allowance for Doubtful Accounts	$ 7,000	$ 8,100
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	42,101,619	42,370,878
Common Stock, Outstanding	42,101,619	42,370,878

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net Earnings	$ 95,327	$ 96,206
Adjustments to Reconcile Net Earnings to Net Cash Provided by Operating Activities, Net of Effect of Non-Cash Activity
Depreciation, Depletion and Amortization	31,944	31,937
Deferred Income Tax Provision	1,799	(3,736)
Stock Compensation Expense	2,456	4,760
Gain on Sale of Subsidiaries		(51,973)
Equity in Earnings of Unconsolidated Joint Venture	(7,970)	(7,796)
Distributions from Joint Venture	7,000	9,500
Changes in Operating Assets and Liabilities
Accounts and Notes Receivable	(40,344)	(45,878)
Inventories	18,697	23,091
Accounts Payable and Accrued Liabilities	(2,938)	4,398
Other Assets	(8,704)	(2,030)
Income Taxes Payable (Receivable)	13,854	36,834
Net Cash Provided by Operating Activities	111,121	95,313
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to Property, Plant, and Equipment	(11,935)	(25,991)
Proceeds from Sale of Businesses		93,482
Net Cash Provided by (Used in) Investing Activities	(11,935)	67,491
CASH FLOWS FROM FINANCING ACTIVITIES
Decrease in Credit Facility		(75,000)
Dividends Paid to Stockholders		(4,163)
Purchase and Retirement of Common Stock	(61,929)
Proceeds from Stock Option Exercises	8,222
Payment of Debt Issuance Costs	(1,243)	(1,718)
Shares Redeemed to Settle Employee Taxes on Stock Compensation	(1,214)	(1,130)
Net Cash Used in Financing Activities	(56,164)	(82,011)
NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	43,022	80,793
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD	268,520	118,648
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD	$ 311,542	$ 199,441

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity (unaudited) - USD ($) $ in Thousands	Total	Sale of business [Member]	Common Stock [Member]	Capital in Excess of Par Value [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Losses [Member]	Accumulated Other Comprehensive Losses [Member]Sale of business [Member]
Beginning balance at Mar. 31, 2020	$ 967,843		$ 416	$ 10,943	$ 960,065	$ (3,581)
Net Earnings	96,206				96,206
Stock Compensation Expense	4,760		2	4,758
Shares Redeemed to Settle Employee Taxes	(1,130)			(1,130)
Unfunded Pension Liability, net of tax	25	$ 254				25	$ 254
Ending Balance at Jun. 30, 2020	1,067,958		418	14,571	1,056,271	(3,302)
Beginning balance at Mar. 31, 2021	1,358,990		424	62,497	1,299,509	(3,440)
Net Earnings	95,327				95,327
Stock Compensation Expense	2,456		1	2,455
Stock Option Exercises and Restricted Share Issuance	8,222			8,222
Shares Redeemed to Settle Employee Taxes	(1,214)			(1,214)
Purchase and Retirement of Common Stock	(61,929)		(4)	(61,925)
Dividends to Stockholders	(10,547)				(10,547)
Unfunded Pension Liability, net of tax	27					27
Ending Balance at Jun. 30, 2021	$ 1,391,332		$ 421	$ 10,035	$ 1,384,289	$ (3,413)

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Jun. 30, 2021
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, 2021 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 21, 2021. 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 In December 2019, the FASB issued ASU 2019-12, which simplifies the accounting for income taxes, eliminates certain exceptions within existing income tax guidance, and clarifies certain aspects of the current guidance to promote consistency among reporting entities. We adopted this ASU on April 1, 2021 on a prospective basis. The adoption of this guidance did not have a material effect on our consolidated financial statements.

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	3 Months Ended
	Jun. 30, 2021
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, 2021 2020 (dollars in thousands) Cash Payments Interest $ 2,945 $ 9,562 Income Taxes 10,010 — Operating Cash Flows Used for Operating Leases 2,030 3,195

DISCONTINUED OPERATIONS AND OTH

DISCONTINUED OPERATIONS AND OTHER DISPOSITIONS	3 Months Ended
	Jun. 30, 2021
Discontinued Operations And Disposal Groups [Abstract]
Discontinued Operations and Other Dispositions	(C) Discontinued Operations and Other Dispositions Discontinued Operations On September 18, 2020, we sold our Oil and Gas Proppants business (the Proppants Business) to Smart Sand, Inc., a Delaware corporation (the Purchaser), pursuant to an Equity Purchase and Sale Agreement (the Purchase Agreement) between the Company and the Purchaser. The sale of this business excluded certain assets, namely real property and equipment in south Texas, real property in Illinois, and certain other assets. The purchase price (the Purchase Price) paid by the Purchaser for the acquisition of the Proppants Business was $2.0 million paid in shares of common stock of the Purchaser. Shares representing $0.3 million of the Purchase Price are being held in escrow as a source of recovery for any indemnification claims by the Purchaser. The sale resulted in a gain of approximately $9.2 million. In connection with the execution of the Purchase Agreement, we also entered into a Loan and Security Agreement, dated September 18, 2020 (the Loan and Security Agreement), by and among the Company, as lender; the Purchaser, as borrower; and other parties thereto. Pursuant to the Loan and Security Agreement, the Company will loan the Purchaser up to $5.0 million for working capital and operating, maintenance, and administrative expenses of the Proppants Business during the one-year period following the closing. The Company has deposited the $5.0 million into an escrow account. Up to 50% of the amounts outstanding under the Loan and Security Agreement may be repaid by the Purchaser in shares of the Purchaser’s common stock. Borrowings under the Loan and Security Agreement will bear interest at a fixed rate of 6.00% per annum during the one-year period following the closing. Any amounts after the one-year period will bear interest at a fixed rate of 8.00% per annum and will mature on September 18, 2024. There were no outstanding borrowings at June 30, 2021. The $5.0 million in the escrow account at June 30, 2021 is classified as Restricted Cash on the Consolidated Balance Sheet. The sale of the Proppants Business, which was previously disclosed as a reportable segment, was determined to meet the discontinued operations accounting criteria. Certain expenses, which were previously included in the Oil and Gas Proppants operating segment, do not qualify for classification within discontinued operations and have been reclassified from the operating segment to continuing operations. These expenses primarily relate to lease agreements not included in the sale of the Proppants Business. The following is a summary of operating results included in Earnings (Loss) from Discontinued Operations for the three months ended June 30, 2020. For the Three Months Ended June 30, 2020 (dollars in thousands) Revenue $ 1,031 Cost of Goods Sold 2,349 Gross Profit (1,318 ) Other Non-Operating Income 182 Loss from Discontinued Operations (1,136 ) Income Tax Benefit 251 Net Loss from Discontinued Operations $ (885 ) The significant components of our Consolidated Statements of Cash Flows for discontinued operations for the three months ended June 30, 2020 are as follows: For the Three Months Ended June 30, 2020 (dollars in thousands) Depreciation and Amortization $ 121 Net Change in Inventory — Capital Expenditures — Other Dispositions On April 17, 2020, we sold our Western Aggregates LLC (Western) and Mathews Readymix LLC (Mathews) businesses to Teichert, Inc. for an aggregate purchase price of approximately $93.5 million, subject to certain post-closing adjustments. This sale resulted in a gain of approximately $52.0 million. Western and Mathews were part of our Concrete and Aggregates operating segment, and their results of operations were included in our financial statements for the period from April 1, 2020 through April 17, 2020. Revenue and Operating Earnings from Western and Mathews, collectively, were approximately $1.7 million and $0.1 million, respectively, for the three months ended June 30, 2020.

REVENUE

REVENUE	3 Months Ended
	Jun. 30, 2021
Revenue From Contract With Customer [Abstract]
REVENUE	(D) REVENUE We earn Revenue primarily from the sale of products, which include cement, concrete, aggregates, gypsum wallboard and recycled paperboard. The vast majority of Revenue from the sale of 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 segment is generated primarily through long-term supply agreements that mature between 2023 and 2025. We invoice customers upon shipment, and our collection terms range from 30-75 days. Revenue from the sale of cement, concrete, aggregates, and gypsum wallboard that is not related to long-term supply agreements is recognized upon shipment of the related products to customers, which is when title and ownership are transferred, and the customer is obligated to pay. Revenue from sales under our long-term supply agreements is also recognized upon transfer of control to the customer, which generally occurs at the time the product is shipped from the production facility or terminal location. Our long-term supply agreements with customers define, among other commitments, the volume of product that we must provide and the volume that the customer must purchase by the end of the defined periods. Pricing structures under our agreements are generally market-based, but are subject to certain contractual adjustments. Shortfall amounts, if applicable under these arrangements, are constrained and not recognized as Revenue until an agreement is reached with the customer and, therefore, are not subject to the risk of reversal. The Company offers certain of its customers, including those with long-term supply agreements, rebates and incentives, which we treat as variable consideration. We adjust the amount of Revenue recognized for the variable consideration using the most likely amount method based on past history and projected volumes in the rebate and incentive period. Any amounts billed to customers for taxes are excluded from Revenue. The Company has elected to treat freight and delivery charges we pay for the delivery of goods to our customers as a 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, 2021
Receivables [Abstract]
ACCOUNTS AND NOTES RECEIVABLE	(E) ACCOUNTS AND NOTES RECEIVABLE Accounts Receivable have been shown net of the allowance for doubtful accounts of $7.0 million and $8.1 million at June 30, 2021 and March 31, 2021, 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 $8.5 million at June 30, 2021, none of which was classified as current. We lend funds to certain companies in the ordinary course of business, and the notes bear interest, on average, at 3.1%. 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.

INVENTORIES

INVENTORIES	3 Months Ended
	Jun. 30, 2021
Inventory Disclosure [Abstract]
INVENTORIES	(F) INVENTORIES Inventories are stated at the lower of average cost (including applicable material, labor, depreciation, and plant overhead) or net realizable value. Raw Materials and Materials-in-Progress include clinker, which is an intermediary product before it is ground into cement powder. Quantities of Raw Materials and Materials-in-Progress, Aggregates and Coal inventories, are based on measured volumes, subject to estimation based on the size and location of the inventory piles, and converted to tonnage using standard inventory density factors. Inventories consist of the following: June 30, March 31, 2021 2021 (dollars in thousands) Raw Materials and Materials-in-Progress $ 79,200 $ 92,696 Finished Cement 31,815 34,362 Aggregates 3,211 2,933 Gypsum Wallboard 4,354 4,177 Paperboard 4,321 5,031 Repair Parts and Supplies 85,020 86,750 Fuel and Coal 9,131 9,800 $ 217,052 $ 235,749

ACCRUED EXPENSES

ACCRUED EXPENSES	3 Months Ended
	Jun. 30, 2021
Payables And Accruals [Abstract]
ACCRUED EXPENSES	(G) ACCRUED EXPENSES Accrued Expenses consist of the following: June 30, March 31, 2021 2021 (dollars in thousands) Payroll and Incentive Compensation $ 23,023 $ 32,336 Benefits 15,268 14,979 Interest 6,632 3,089 Property Taxes 8,145 6,683 Power and Fuel 2,089 2,350 Freight 2,280 1,575 Legal and Professional 7,274 9,511 Sales and Use Tax 1,816 1,265 Other 8,420 7,052 $ 74,947 $ 78,840

LEASES

LEASES	3 Months Ended
	Jun. 30, 2021
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, 2021 2020 (dollars in thousands) Operating Lease Cost $ 1,514 $ 1,796 Short-Term Lease Cost 502 750 Total Lease Cost $ 2,016 $ 2,546 The Right-of-Use Assets and Lease Liabilities are reflected on our Balance Sheet as follows: June 30, March 31, 2021 2021 (dollars in thousands) Operating Leases Operating Lease Right-of-Use Assets $ 24,776 $ 25,811 Current Operating Lease Liabilities $ 6,127 $ 6,343 Noncurrent Operating Lease Liabilities 32,763 34,444 Total Operating Lease Liabilities $ 38,890 $ 40,787 Future payments for operating leases are as follows (dollars in thousands): Fiscal Year Amount 2022 (remaining nine months) $ 5,539 2023 6,948 2024 5,949 2025 5,589 2026 4,118 Thereafter 20,365 Total Lease Payments $ 48,508 Less: Imputed Interest (9,618 ) Present Value of Lease Liabilities $ 38,890 Weighted-Average Remaining Lease Term (in years) 10.5 Weighted-Average Discount Rate 3.79 %

SHARE-BASED EMPLOYEE COMPENSATI

SHARE-BASED EMPLOYEE COMPENSATION	3 Months Ended
	Jun. 30, 2021
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. 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 2021, the Compensation Committee of the Board of Directors approved the granting to certain officers and key employees an aggregate of 4,293 performance-vesting stock options that will be earned only if certain performance conditions are satisfied (the Fiscal 2022 Employee Performance Stock Option Grant). The performance criteria for the Fiscal 2022 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, 2022. 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 granted stock options will be forfeited. Following any such reduction, restrictions on the earned stock options will lapse and the earned options will vest ratably over four years, with the initial fourth vesting promptly following the determination date, and the remaining options vesting on March 31, 2023 through 2025. The stock options have a term of ten years from the date of grant. The Compensation Committee also approved the granting of 3,578 time-vesting stock options to the same officers and key employees, which vest ratably over four years (the Fiscal 2022 Employee Time-Vesting Stock Option Grant). The weighted-average assumptions used in the Black-Scholes model to value the option awards in fiscal 2022 are as follows: 2022 Dividend Yield 0.8 % Expected Volatility 38.4 % Risk-Free Interest Rate 1.1 % Expected Life 6.0 years Stock option expense for all outstanding stock option awards totaled approximately $0.7 million and $1.7 million for the three months ended June 30, 2021 and 2020, respectively. At June 30, 2021, there was approximately $6.3 million of unrecognized compensation cost related to outstanding stock options, which is expected to be recognized over a weighted-average period of 2.3 years. The following table represents stock option activity for the three months ended June 30, 2021: Number of Shares Weighted- Average Exercise Price Outstanding Options at March 31, 2021 708,501 $ 83.85 Granted 7,871 $ 139.25 Exercised (95,859 ) $ 85.77 Cancelled (15,390 ) $ 76.63 Outstanding Options at June 30, 2021 605,123 Options Exercisable at June 30, 2021 346,580 Weighted-Average Fair Value of Options Granted During the Year $ 48.92 The following table summarizes information about stock options outstanding at June 30, 2021: 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 $33.69 - $37.34 12,373 0.96 $ 34.52 12,373 $ 34.52 $59.32 - $81.56 218,382 7.56 $ 64.92 88,160 $ 70.97 $87.34 - $93.03 200,296 6.63 $ 90.84 116,623 $ 90.31 $99.37 - $139.25 174,072 6.22 $ 105.17 129,424 $ 103.21 605,123 6.73 $ 84.45 346,580 $ 88.22 At June 30, 2021, the aggregate intrinsic value for both of the outstanding and exercisable options was approximately $34.9 million and $18.7 million, respectively. The total intrinsic value of options exercised during the three months ended June 30, 2021 was approximately $5.6 million. RESTRICTED STOCK In May 2021, the Compensation Committee approved the granting to certain officers and key employees an aggregate of 52,577 shares of performance-vesting restricted stock that will be earned if certain performance conditions are satisfied (the Fiscal 2022 Employee Restricted Stock Performance Award). The performance criteria for the Fiscal 2022 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, 2022. 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, 2023 through 2025. The Compensation Committee also approved the granting of 43,816 shares of time-vesting restricted stock to the same officers and key employees, which vest ratably over four years (the Fiscal 2022 Employee Restricted Stock Time-Vesting Award). The Fiscal 2022 Employee Restricted Stock Performance Award and the Fiscal 2022 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 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, 2021: Number of Shares Weighted-Average Grant Date Fair Value Nonvested Restricted Stock at March 31, 2021 267,090 $ 62.56 Granted 96,393 $ 139.25 Vested (20,685 ) $ 60.21 Forfeited (5,218 ) $ 75.10 Nonvested Restricted Stock at June 30, 2021 337,580 Expense related to restricted shares was approximately $1.8 million and $3.0 million for the three months ended June 30, 2021 and 2020 respectively. At June 30, 2021, there was approximately $23.8 million of unearned compensation from restricted stock, which will be recognized over a weighted-average period of 2.9 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 3,396,823 at June 30, 2021.

COMPUTATION OF EARNINGS PER SHA

COMPUTATION OF EARNINGS PER SHARE	3 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
COMPUTATION OF EARNINGS PER SHARE	(J) The calculation of basic and diluted common shares outstanding is as follows: For the Three Months Ended June 30, 2021 2020 Weighted-Average Shares of Common Stock Outstanding 42,028,619 41,410,794 Effect of Dilutive Shares Assumed Exercise of Outstanding Dilutive Options 652,877 130,687 Less Shares Repurchased from Proceeds of Assumed Exercised Options (425,147 ) (61,690 ) Restricted Stock Units 181,017 83,477 Weighted-Average Common Stock and Dilutive Securities Outstanding 42,437,366 41,563,268 Shares Excluded Due to Anti-Dilution Effects 3,578 1,065,648

PENSION AND EMPLOYEE BENEFIT PL

PENSION AND EMPLOYEE BENEFIT PLANS	3 Months Ended
	Jun. 30, 2021
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 were historically based on years of service and the employee’s qualifying compensation over the last few years of employment. Over the last several years, these plans have been frozen to new participants and new benefits, with the last plan becoming frozen during fiscal 2020. Our pension plans are all fully funded, with plan assets exceeding the benefit obligation at March 31, 2021. Due to the frozen status, and the current funding, of the plans, our expected pension expense for fiscal 2022 is less than $0.1 million for the fiscal year.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
INCOME TAXES	(L) INCOME TAXES Income Taxes for the interim periods presented have been included in the accompanying financial statements on the basis of an estimated annual effective tax rate. In addition to the amount of tax resulting from applying the estimated annual effective tax rate to pre-tax income, we will include, when appropriate, certain items treated as discrete events to arrive at an estimated overall tax amount. The effective tax rate for the three months ended June 30, 2021 was approximately 22%, which was lower than the tax rate of 25% for the three months ended June 30, 2020. The effective tax rate was higher than the US Statutory rate of 21% mainly due to state income taxes, partially offset by a benefit recognized related to percentage depletion.

LONG-TERM DEBT

LONG-TERM DEBT	3 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
LONG-TERM DEBT	(M) LONG-TERM DEBT Long-term Debt at June 30, 2021 was as follows: June 30, March 31, 2021 2021 (dollars in thousands) Revolving Credit Facility $ — $ — 4.500% Senior Unsecured Notes Due 2026 350,000 350,000 Term Loan 665,000 665,000 Total Debt 1,015,000 1,015,000 Less: Debt Origination Costs (5,965 ) (6,384 ) Long-term Debt $ 1,009,035 $ 1,008,616 SUMMARY OF LONG-TERM DEBT AT JUNE 30, 2021 Credit Facility At June 30, 2021, we had a $750.0 million revolving credit facility (the Revolving Credit Facility), that included a $40.0 million letter of credit facility. There were no borrowings outstanding under the Revolving Credit Facility at June 30, 2021, although there were $4.3 million of outstanding letters of credit. All fees and expenses owed under the Revolving Credit Facility were paid on July 1, 2021 and the facility was terminated (as more fully summarized below). Term Loan We had a term loan credit agreement (the Term Loan Facility) establishing a $665.0 million term loan facility which we used to pay a portion of the purchase price for the Kosmos Acquisition and fees and expenses incurred in connection with the Kosmos Acquisition in March 2020. The Term Loan Facility was repaid on July 1, 2021 and terminated. 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 (4.500% Senior Unsecured Notes) due August 2026. These notes were redeemed in full on July 19, 2021 (the next succeeding business day following the redemption date). The redemption price included all of the outstanding principal and accrued interest through the redemption date of July 17, 2021, as well as an early termination premium of approximately $8.4 million. SUMMARY OF LONG-TERM DEBT SUBSEQUENT TO JUNE 30, 2021 New Revolving Credit Facility On July 1, 2021, we terminated the Revolving Credit Facility and entered into an unsecured $750.0 million revolving credit facility (the New Revolving Credit Facility), which terminates on July 1, 2026. The New Revolving Credit Facility also provides the Company the option to increase the borrowing capacity by up to $375.0 million (for a total of $1,125 million in available borrowings), provided that the existing lenders, or new lenders, agree to such increase. The New Revolving Credit Facility includes a $40.0 million letter of credit facility and a swingline loan sub-facility of $25.0 million. The New Revolving Credit Facility contains customary covenants for an unsecured investment-grade facility, including covenants that restrict the Company’s and/or its subsidiaries’ (as applicable) ability to incur additional debt; encumber assets; merge with or transfer or sell assets to other persons; and enter into certain affiliate transactions. The New Revolving Credit Facility also requires the Company to maintain at the end of each fiscal quarter a Leverage Ratio of 3.50:1.00 or less and an Interest Coverage Ratio (both ratios, as defined in the New Revolving Credit Facility) equal to or greater than 2.50 to 1.00 (collectively, the Financial Covenants). At the Company’s option, principal amounts outstanding under the New Revolving Credit Facility bear interest at a variable rate equal to either (i) the Adjusted LIBO Rate (as defined in the New Revolving Credit Facility) plus an agreed spread (ranging from 100 to 162.5 basis points, which is established based on the Company's credit rating; or (ii) an Alternate Base Rate (as defined in the New Revolving Credit Facility), which is the highest of (a) the Prime Rate (as defined in the New Revolving Credit Facility) in effect on any applicable day , (b) the NYFRB Rate (as defined in the New Revolving Credit Facility) in effect on any applicable day, plus ½ of 1%, and (c) the Adjusted LIBO Rate for a one-month interest period on any applicable day (or if such day is not a Business Day (as defined in the New Revolving Credit Facility), the immediately preceding Business Day) , plus 1.0%, in each case plus an agreed upon spread (ranging from 0 to 62.5 basis points ) which is established quarterly based on the Company's credit rating. The Company is also required to pay a facility fee on unused available borrowings under the New Revolving Credit Facility ranging from 9 to 22.5 basis points which is established based on the Company's then credit rating . The Company pays each lender a participation fee with respect to such lender’s participations in letters of credit, which fee accrues at the same Applicable Rate (as defined in the New Revolving Credit Facility) used to determine the interest rate applicable to Eurodollar Revolving Loans (as defined in the New Revolving Credit Facility) plus a fronting fee for each letter of credit issued by the issuing bank in an amount equal to 12.5 basis points per annum on the daily maximum amount then available to be drawn under such letter of credit. The Company also pays each issuing bank such bank’s standard fees with respect to issuance, amendment or extensions of letters of credit and other processing fees, and other standard costs and charges relating to such issuing bank’s letters of credit from time to time. Assuming the Financial Covenants had been in effect on June 30, 2021, we would have been in compliance on such date, and, to the extent the Financial Covenants were tested on July 1, 2021, we would have also been in compliance on such date when we entered into the New Revolving Credit Facility. There were no borrowings outstanding under the New Revolving Credit Facility as of July 1, 2021, although we borrowed approximately $100.0 million under the New Revolving Credit Facility on July 19, 2021 to redeem a portion of the 4.500% Senior Unsecured Notes (See discussion of 4.500% Senior Unsecured Notes 2026 above, and 2.500% Senior Unsecured Notes 2031 below for further discussion). In addition to the borrowings, the $4.3 million outstanding letters of credit under the Revolving Credit Facility were transferred to the New Revolving Credit Facility on July 1, 2021. After the repayment of the 4.500% Senior Unsecured Notes, we had $645.7 million of available borrowings under the New Revolving Credit Facility, net of the outstanding letters of credit, all of which is available for future borrowings. 2.500% Senior Unsecured Notes Due 2031 On July 1, 2021, we issued $750.0 million aggregate principal amount of 2.500% senior notes due July 2031 (the 2.500% Senior Unsecured Notes). The 2.500% Senior Unsecured Notes are senior unsecured obligations of the Company and are not guaranteed by any of our subsidiaries. The 2.500% Senior Unsecured Notes were issued net of original issue discount of $6.3 million and have an effective interest rate of approximately 2.6%. The original issue discount is being amortized by the effective interest method over the ten-year term of the notes. The 2.500% Senior Unsecured Notes are redeemable prior to April 1, 2031 at a redemption price equal to 100% of the aggregate principal amount of the 2.500% Senior Unsecured Notes being redeemed, plus the present value of remaining scheduled payments of principal and interest from the applicable redemption date to April 1, 2031, discounted to the redemption date on a semi-annual basis at the Treasury rate plus 20 basis points. The 2.500% Senior Unsecured Notes are redeemable on or after April 1, 2031 at a redemption price equal to 100% of the aggregate principal amount of the 2.500% Senior Unsecured Notes being redeemed, plus accrued and unpaid interest to, but excluding, the applicable redemption date. If we experience certain change of control triggering events, we would be required to offer to repurchase the 2.500% Senior Unsecured Notes at a purchase price equal to 101% of the aggregate principal amount of the 2.500% Senior Unsecured Notes being repurchased, plus accrued and unpaid interest to, but excluding, the applicable redemption date. The indenture governing the 2.500% Senior Unsecured Notes contains certain covenants that limit our ability to create or permit to exist certain liens; enter into sale and leaseback transactions; and consolidate, merge, or transfer all or substantially all of our assets, and provides for certain events of default that, if any occurred, would permit or require the principal of and accrued interest on the 2.500% Senior Unsecured Notes to become or be declared due and payable. In connection with the issuance of the 2.500% Senior Unsecured notes, on July 1, 2021 we repaid all outstanding amounts under and terminated the Term Loan Facility. Additionally, on July 19, 2021, we redeemed and paid in full all outstanding amounts due under the 4.500% Senior Unsecured Notes, using proceeds from the 2.500% Senior Unsecured Notes, the New Revolving Credit Facility and cash on hand. In connection with the termination and repayment of the Term Loan Facility and the redemption of the 4.500% Senior Unsecured Notes, we will expense approximately $6.0 million of related debt issuance costs in July 2021. Summary of Long-Term Debt at July 19, 2021 Subsequent to the issuance of the 2.500% Senior Unsecured Notes, the repayment of the Term Loan, and the redemption of the 4.500% Senior Unsecured Notes, our Long-term Debt consists of the following: As of July 19, 2021 (dollars in thousands) Revolving Credit Facility $ 100,000 2.500% Senior Unsecured Notes Due 2031 750,000 Total Debt 850,000 Less: Unamortized Discounts and Debt Issuance Costs (11,904 ) Long-term Debt $ 838,096

SEGMENT INFORMATION

SEGMENT INFORMATION	3 Months Ended
	Jun. 30, 2021
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. On September 18, 2020, we sold our Oil and Gas Proppants business, which had been reported as an operating segment. The Oil and Gas Proppants business was determined to meet the discontinued operations accounting criteria; therefore, this segment is no longer separately reported in our reportable segment footnote for any of the periods presented. Certain expenses of the Oil and Gas Proppants business that related to assets not included in the sale, namely real property and equipment in south Texas, real property in Illinois, and certain other assets, are included in Other when reconciling segment operating earnings to consolidated operating earnings. See Footnote (C) for more information about the sale of the Oil and Gas Proppants business. Our business is organized into two sectors within which there are four reportable business segments. The Heavy Materials sector includes the Cement and Concrete and Aggregates segments. The Light Materials sector includes the Gypsum Wallboard and Recycled Paperboard segments. Our primary products are commodities that are essential in commercial and residential construction; public construction projects; and projects to build, expand, and repair roads and highways. Demand for our products is generally cyclical and seasonal, depending on economic and geographic conditions. We distribute our products across many United States markets, which provides us with regional economic diversification. Our operations are conducted in the U.S. and include the mining of limestone for the manufacture, production, distribution, and sale of portland cement (a basic construction material that is the essential binding ingredient in concrete); the grinding and sale of slag; the mining of gypsum for the manufacture and sale of gypsum wallboard; the manufacture and sale of recycled paperboard to the gypsum wallboard industry and other paperboard converters; the sale of readymix concrete; and the mining and sale of aggregates (crushed stone, sand, and gravel). We operate eight modern cement plants (one of which is operated through a joint venture located in Buda, Texas), one slag grinding facility, and 29 cement distribution terminals. Our cement companies focus on the U.S. heartland and operate as an integrated network selling product primarily in California, Colorado, Illinois, Indiana, Iowa, Kentucky, Missouri, Nebraska, Nevada, Ohio, Oklahoma, and Texas. We operate readymix concrete batch plants and three aggregates processing plants in markets that are complementary to our cement network. On April 17, 20 20 , we sold our Concrete and Aggregates companies in northern California. See Footnote ( C ) for more information about the sale . We operate five gypsum wallboard plants and a recycled paperboard mill. We distribute gypsum wallboard and recycled paperboard throughout the continental U.S., with the exception of the Northeast. We account for intersegment sales at market prices. For segment reporting purposes only, we proportionately consolidate our 50% share of the Joint Venture Revenue and Operating Earnings, consistent with the way management reports the segments within the Company for making operating decisions and assessing performance. The following table sets forth certain financial information relating to our operations by segment. We do not allocate interest or taxes at the segment level; these costs are disclosed at the consolidated company level. For the Three Months Ended June 30, 2021 2020 (dollars in thousands) Revenue Cement $ 270,255 $ 261,411 Concrete and Aggregates 44,754 44,190 Gypsum Wallboard 166,267 130,150 Paperboard 43,267 36,744 524,543 472,495 Less: Intersegment Revenue (26,082 ) (20,206 ) Less: Joint Venture Revenue (22,691 ) (25,300 ) $ 475,770 $ 426,989 For the Three Months Ended June 30, 2021 2020 (dollars in thousands) Intersegment Revenue Cement $ 7,833 $ 6,031 Concrete and Aggregates — 106 Paperboard 18,249 14,069 $ 26,082 $ 20,206 Cement Sales Volume (M tons) Wholly Owned 1,852 1,866 Joint Venture 184 219 2,036 2,085 For the Three Months Ended June 30, 2021 2020 (dollars in thousands) Operating Earnings Cement $ 62,547 $ 60,455 Concrete and Aggregates 5,344 5,418 Gypsum Wallboard 63,253 41,325 Paperboard 3,337 2,895 Sub-Total 134,481 110,093 Corporate General and Administrative Expense (9,468 ) (17,789 ) Gain on Sale of Businesses — 51,973 Other Non-Operating Income (Loss) 3,678 (309 ) Earnings Before Interest and Income Taxes 128,691 143,968 Interest Expense, net (6,972 ) (14,041 ) Earnings Before Income Taxes $ 121,719 $ 129,927 Cement Operating Earnings Wholly Owned $ 54,577 $ 52,659 Joint Ventures 7,970 7,796 $ 62,547 $ 60,455 Capital Expenditures Cement $ 7,967 $ 10,348 Concrete and Aggregates 546 1,261 Gypsum Wallboard 1,694 6,512 Paperboard 1,117 7,870 Corporate and Other 611 — $ 11,935 $ 25,991 Depreciation, Depletion, and Amortization Cement $ 19,531 $ 19,243 Concrete and Aggregates 2,578 2,721 Gypsum Wallboard 5,396 5,200 Paperboard 3,668 3,352 Corporate and Other 771 1,300 $ 31,944 $ 31,816 Discontinued Operations Depreciation, Depletion, and Amortization $ — $ 121 June 30, March 31, 2021 2021 (dollars in thousands) Identifiable Assets Cement $ 1,902,811 $ 1,898,930 Concrete and Aggregates 91,306 88,410 Gypsum Wallboard 365,084 366,352 Paperboard 185,287 186,156 Corporate and Other 346,342 298,833 $ 2,890,830 $ 2,838,681 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, 2021 2021 (dollars in thousands) Cement $ 203,342 $ 203,342 Concrete and Aggregates 1,639 1,639 Gypsum Wallboard 116,618 116,618 Paperboard 7,538 7,538 $ 329,137 $ 329,137 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, 2021 2020 (dollars in thousands) Revenue $ 45,382 $ 50,600 Gross Margin $ 16,833 $ 16,765 Earnings Before Income Taxes $ 16,189 $ 15,727 June 30, March 31, 2021 2021 (dollars in thousands) Current Assets $ 67,254 $ 66,871 Non-Current Assets $ 107,390 $ 107,617 Current Liabilities $ 15,043 $ 16,390

INTEREST EXPENSE

INTEREST EXPENSE	3 Months Ended
	Jun. 30, 2021
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, 2021 2020 (dollars in thousands) Interest Income $ (25 ) $ — Interest Expense 6,126 13,019 Other Expenses 871 1,022 Interest Expense, net $ 6,972 $ 14,041 Interest Income includes interest earned on investments of excess cash. Components of Interest Expense include interest associated with the Revolving Credit Facility, Term Loan, Senior Unsecured Notes, and commitment fees based on the unused portion of the Revolving Credit Facility. Other Expenses include amortization of debt issuance costs and Revolving Credit Facility costs.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Jun. 30, 2021
Commitments And Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	(P) COMMITMENTS AND CONTINGENCIES We have certain deductible limits under our workers’ compensation and liability insurance policies for which reserves are established based on the undiscounted estimated costs of known and anticipated claims. We have entered into standby letter of credit agreements relating to workers’ compensation, auto, and general liability self-insurance. At June 30, 2021, we had contingent liabilities under these outstanding letters of credit of approximately $4.3 million. In the ordinary course of business, we execute contracts involving indemnifications that are both standard in the industry and specific to a transaction such as the sale of a business. These indemnifications may include claims relating to any of the following: environmental and tax matters; intellectual property rights; governmental regulations and employment-related matters; customer, supplier, and other commercial contractual relationships; 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 $25.6 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, 2021
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 at June 30, 2021 is as follows: Fair Value (dollars in thousands) 4.500% Senior Unsecured Notes Due 2026 $ 358,866 The estimated fair value of our long-term debt was based on quoted prices of similar debt instruments with similar terms that are publicly traded (level 2 input). The carrying values of Cash and Cash Equivalents, Accounts Receivable, Notes Receivable, Accounts Payable, and Accrued Liabilities approximate their fair values at June 30,

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	3 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12, which simplifies the accounting for income taxes, eliminates certain exceptions within existing income tax guidance, and clarifies certain aspects of the current guidance to promote consistency among reporting entities. We adopted this ASU on April 1, 2021 on a prospective basis. The adoption of this guidance did not have a material effect on our consolidated financial statements.

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	3 Months Ended
	Jun. 30, 2021
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	Supplemental cash flow information is as follows: For the Three Months Ended June 30, 2021 2020 (dollars in thousands) Cash Payments Interest $ 2,945 $ 9,562 Income Taxes 10,010 — Operating Cash Flows Used for Operating Leases 2,030 3,195

DISCONTINUED OPERATIONS AND O_2

DISCONTINUED OPERATIONS AND OTHER DISPOSITIONS - (Tables)	3 Months Ended
	Jun. 30, 2021
Discontinued Operations And Disposal Groups [Abstract]
Summary of Disposal Groups, Including Discontinued Operations	The following is a summary of operating results included in Earnings (Loss) from Discontinued Operations for the three months ended June 30, 2020. For the Three Months Ended June 30, 2020 (dollars in thousands) Revenue $ 1,031 Cost of Goods Sold 2,349 Gross Profit (1,318 ) Other Non-Operating Income 182 Loss from Discontinued Operations (1,136 ) Income Tax Benefit 251 Net Loss from Discontinued Operations $ (885 ) The significant components of our Consolidated Statements of Cash Flows for discontinued operations for the three months ended June 30, 2020 are as follows: For the Three Months Ended June 30, 2020 (dollars in thousands) Depreciation and Amortization $ 121 Net Change in Inventory — Capital Expenditures —

INVENTORIES (Tables)

INVENTORIES (Tables)	3 Months Ended
	Jun. 30, 2021
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. Raw Materials and Materials-in-Progress include clinker, which is an intermediary product before it is ground into cement powder. Quantities of Raw Materials and Materials-in-Progress, Aggregates and Coal inventories, are based on measured volumes, subject to estimation based on the size and location of the inventory piles, and converted to tonnage using standard inventory density factors. Inventories consist of the following: June 30, March 31, 2021 2021 (dollars in thousands) Raw Materials and Materials-in-Progress $ 79,200 $ 92,696 Finished Cement 31,815 34,362 Aggregates 3,211 2,933 Gypsum Wallboard 4,354 4,177 Paperboard 4,321 5,031 Repair Parts and Supplies 85,020 86,750 Fuel and Coal 9,131 9,800 $ 217,052 $ 235,749

ACCRUED EXPENSES (Tables)

ACCRUED EXPENSES (Tables)	3 Months Ended
	Jun. 30, 2021
Payables And Accruals [Abstract]
Schedule of Accrued Expenses	Accrued Expenses consist of the following: June 30, March 31, 2021 2021 (dollars in thousands) Payroll and Incentive Compensation $ 23,023 $ 32,336 Benefits 15,268 14,979 Interest 6,632 3,089 Property Taxes 8,145 6,683 Power and Fuel 2,089 2,350 Freight 2,280 1,575 Legal and Professional 7,274 9,511 Sales and Use Tax 1,816 1,265 Other 8,420 7,052 $ 74,947 $ 78,840

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	Jun. 30, 2021
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, 2021 2020 (dollars in thousands) Operating Lease Cost $ 1,514 $ 1,796 Short-Term Lease Cost 502 750 Total Lease Cost $ 2,016 $ 2,546
Schedule of Balance Sheet Information Related to Leases	The Right-of-Use Assets and Lease Liabilities are reflected on our Balance Sheet as follows: June 30, March 31, 2021 2021 (dollars in thousands) Operating Leases Operating Lease Right-of-Use Assets $ 24,776 $ 25,811 Current Operating Lease Liabilities $ 6,127 $ 6,343 Noncurrent Operating Lease Liabilities 32,763 34,444 Total Operating Lease Liabilities $ 38,890 $ 40,787
Schedule of Future Payments for Operating Leases	Future payments for operating leases are as follows (dollars in thousands): Fiscal Year Amount 2022 (remaining nine months) $ 5,539 2023 6,948 2024 5,949 2025 5,589 2026 4,118 Thereafter 20,365 Total Lease Payments $ 48,508 Less: Imputed Interest (9,618 ) Present Value of Lease Liabilities $ 38,890 Weighted-Average Remaining Lease Term (in years) 10.5 Weighted-Average Discount Rate 3.79 %

SHARE-BASED EMPLOYEE COMPENSA_2

SHARE-BASED EMPLOYEE COMPENSATION (Tables)	3 Months Ended
	Jun. 30, 2021
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 2022 are as follows: 2022 Dividend Yield 0.8 % Expected Volatility 38.4 % Risk-Free Interest Rate 1.1 % Expected Life 6.0 years
Stock Option Activity	The following table represents stock option activity for the three months ended June 30, 2021: Number of Shares Weighted- Average Exercise Price Outstanding Options at March 31, 2021 708,501 $ 83.85 Granted 7,871 $ 139.25 Exercised (95,859 ) $ 85.77 Cancelled (15,390 ) $ 76.63 Outstanding Options at June 30, 2021 605,123 Options Exercisable at June 30, 2021 346,580 Weighted-Average Fair Value of Options Granted During the Year $ 48.92
Stock Options Outstanding	The following table summarizes information about stock options outstanding at June 30, 2021: 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 $33.69 - $37.34 12,373 0.96 $ 34.52 12,373 $ 34.52 $59.32 - $81.56 218,382 7.56 $ 64.92 88,160 $ 70.97 $87.34 - $93.03 200,296 6.63 $ 90.84 116,623 $ 90.31 $99.37 - $139.25 174,072 6.22 $ 105.17 129,424 $ 103.21 605,123 6.73 $ 84.45 346,580 $ 88.22
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, 2021: Number of Shares Weighted-Average Grant Date Fair Value Nonvested Restricted Stock at March 31, 2021 267,090 $ 62.56 Granted 96,393 $ 139.25 Vested (20,685 ) $ 60.21 Forfeited (5,218 ) $ 75.10 Nonvested Restricted Stock at June 30, 2021 337,580

COMPUTATION OF EARNINGS PER S_2

COMPUTATION OF EARNINGS PER SHARE (Tables)	3 Months Ended
	Jun. 30, 2021
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, 2021 2020 Weighted-Average Shares of Common Stock Outstanding 42,028,619 41,410,794 Effect of Dilutive Shares Assumed Exercise of Outstanding Dilutive Options 652,877 130,687 Less Shares Repurchased from Proceeds of Assumed Exercised Options (425,147 ) (61,690 ) Restricted Stock Units 181,017 83,477 Weighted-Average Common Stock and Dilutive Securities Outstanding 42,437,366 41,563,268 Shares Excluded Due to Anti-Dilution Effects 3,578 1,065,648

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	3 Months Ended
	Jun. 30, 2021
Debt Instrument [Line Items]
Long-Term Debt	Long-term Debt at June 30, 2021 was as follows: June 30, March 31, 2021 2021 (dollars in thousands) Revolving Credit Facility $ — $ — 4.500% Senior Unsecured Notes Due 2026 350,000 350,000 Term Loan 665,000 665,000 Total Debt 1,015,000 1,015,000 Less: Debt Origination Costs (5,965 ) (6,384 ) Long-term Debt $ 1,009,035 $ 1,008,616
2.500% Senior Unsecured Notes Due 2031 [Member]
Debt Instrument [Line Items]
Long-Term Debt	Subsequent to the issuance of the 2.500% Senior Unsecured Notes, the repayment of the Term Loan, and the redemption of the 4.500% Senior Unsecured Notes, our Long-term Debt consists of the following: As of July 19, 2021 (dollars in thousands) Revolving Credit Facility $ 100,000 2.500% Senior Unsecured Notes Due 2031 750,000 Total Debt 850,000 Less: Unamortized Discounts and Debt Issuance Costs (11,904 ) Long-term Debt $ 838,096

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	3 Months Ended
	Jun. 30, 2021
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, 2021 2020 (dollars in thousands) Revenue Cement $ 270,255 $ 261,411 Concrete and Aggregates 44,754 44,190 Gypsum Wallboard 166,267 130,150 Paperboard 43,267 36,744 524,543 472,495 Less: Intersegment Revenue (26,082 ) (20,206 ) Less: Joint Venture Revenue (22,691 ) (25,300 ) $ 475,770 $ 426,989 For the Three Months Ended June 30, 2021 2020 (dollars in thousands) Intersegment Revenue Cement $ 7,833 $ 6,031 Concrete and Aggregates — 106 Paperboard 18,249 14,069 $ 26,082 $ 20,206 Cement Sales Volume (M tons) Wholly Owned 1,852 1,866 Joint Venture 184 219 2,036 2,085 For the Three Months Ended June 30, 2021 2020 (dollars in thousands) Operating Earnings Cement $ 62,547 $ 60,455 Concrete and Aggregates 5,344 5,418 Gypsum Wallboard 63,253 41,325 Paperboard 3,337 2,895 Sub-Total 134,481 110,093 Corporate General and Administrative Expense (9,468 ) (17,789 ) Gain on Sale of Businesses — 51,973 Other Non-Operating Income (Loss) 3,678 (309 ) Earnings Before Interest and Income Taxes 128,691 143,968 Interest Expense, net (6,972 ) (14,041 ) Earnings Before Income Taxes $ 121,719 $ 129,927 Cement Operating Earnings Wholly Owned $ 54,577 $ 52,659 Joint Ventures 7,970 7,796 $ 62,547 $ 60,455 Capital Expenditures Cement $ 7,967 $ 10,348 Concrete and Aggregates 546 1,261 Gypsum Wallboard 1,694 6,512 Paperboard 1,117 7,870 Corporate and Other 611 — $ 11,935 $ 25,991 Depreciation, Depletion, and Amortization Cement $ 19,531 $ 19,243 Concrete and Aggregates 2,578 2,721 Gypsum Wallboard 5,396 5,200 Paperboard 3,668 3,352 Corporate and Other 771 1,300 $ 31,944 $ 31,816 Discontinued Operations Depreciation, Depletion, and Amortization $ — $ 121 June 30, March 31, 2021 2021 (dollars in thousands) Identifiable Assets Cement $ 1,902,811 $ 1,898,930 Concrete and Aggregates 91,306 88,410 Gypsum Wallboard 365,084 366,352 Paperboard 185,287 186,156 Corporate and Other 346,342 298,833 $ 2,890,830 $ 2,838,681
Segment Breakdown of Goodwill	The segment breakdown of Goodwill is as follows: June 30, March 31, 2021 2021 (dollars in thousands) Cement $ 203,342 $ 203,342 Concrete and Aggregates 1,639 1,639 Gypsum Wallboard 116,618 116,618 Paperboard 7,538 7,538 $ 329,137 $ 329,137
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, 2021 2020 (dollars in thousands) Revenue $ 45,382 $ 50,600 Gross Margin $ 16,833 $ 16,765 Earnings Before Income Taxes $ 16,189 $ 15,727 June 30, March 31, 2021 2021 (dollars in thousands) Current Assets $ 67,254 $ 66,871 Non-Current Assets $ 107,390 $ 107,617 Current Liabilities $ 15,043 $ 16,390

INTEREST EXPENSE (Tables)

INTEREST EXPENSE (Tables)	3 Months Ended
	Jun. 30, 2021
Banking And Thrift Interest [Abstract]
Interest Expense, Net	The following components are included in Interest Expense, net: For the Three Months Ended June 30, 2021 2020 (dollars in thousands) Interest Income $ (25 ) $ — Interest Expense 6,126 13,019 Other Expenses 871 1,022 Interest Expense, net $ 6,972 $ 14,041

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Jun. 30, 2021
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 at June 30, 2021 is as follows: Fair Value (dollars in thousands) 4.500% Senior Unsecured Notes Due 2026 $ 358,866

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash Payments
Interest	$ 2,945	$ 9,562
Income Taxes	10,010
Operating Cash Flows Used for Operating Leases	$ 2,030	$ 3,195

Discontinued Operations and O_3

Discontinued Operations and Other Dispositions - Additional Information (Detail) - USD ($) shares in Millions	Sep. 18, 2020	Apr. 17, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Gain on Sale of Businesses				$ 51,973,000
Outstanding borrowings			$ 645,700,000
Gain (loss) on sale of subsidiary				51,973,000
Revenue			475,770,000	426,989,000
Operating earnings			$ 134,481,000	110,093,000
Mathews Readymix LLC and Western Aggregates LLC [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Revenue				1,700,000
Operating earnings				$ 100,000
Oil And Gas Proppants | Discontinued Operations, Disposed of by Sale
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Gain on Sale of Businesses	$ 9,200,000
Smart Sand Member | Oil And Gas Proppants | Discontinued Operations, Disposed of by Sale
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Purchase price paid in shares of common stock	2
Smart Sand Member | Oil And Gas Proppants | Discontinued Operations, Disposed of by Sale | Other Noncurrent Assets | Indemnification Agreement
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Purchase price paid in shares of common stock			0.3
Smart Sand Inc | Discontinued Operations, Disposed of by Sale | Loan And Security Agreement
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Loan amount provided to the purchaser	$ 5,000,000
Escrow deposit	$ 5,000,000
Percentage of loan amount outstanding in shares	50.00%
Fixed rate of interest on loan during the one-year period following the closing	6.00%
Interest payment period	one-year
Fixed rate of interest on loan, maturity date	Sep. 18, 2024
Outstanding borrowings			$ 0
Smart Sand Inc | Discontinued Operations, Disposed of by Sale | Loan And Security Agreement | Modified Interest Rate
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Fixed rate of interest on loan after one year	8.00%
Smart Sand Inc | Discontinued Operations, Disposed of by Sale | Restricted Cash | Loan And Security Agreement
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Escrow deposit			$ 5,000,000
Teichert Inc | Western And Mathews
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Purchase price of acquisition		$ 93,500,000
Gain (loss) on sale of subsidiary		$ 52,000,000

Discontinued Operations and O_4

Discontinued Operations and Other Dispositions - Summary of Operating Results from Discontinued Operations (Details) $ in Thousands	3 Months Ended
	Jun. 30, 2020USD ($)
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Net Loss from Discontinued Operations	$ (885)
Discontinued Operations, Disposed of by Sale | Oil And Gas Proppants
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Revenue	1,031
Cost of Goods Sold	2,349
Gross Profit	(1,318)
Other Non-Operating Income	182
Loss from Discontinued Operations	(1,136)
Income Tax Benefit	251
Net Loss from Discontinued Operations	$ (885)

Discontinued Operations and O_5

Discontinued Operations and Other Dispositions - Summary of Significant Components of Consolidated Statement of Cash Flows for Discontinued Operations (Details) $ in Thousands	3 Months Ended
	Jun. 30, 2020USD ($)
Discontinued Operations And Disposal Groups [Abstract]
Depreciation and Amortization	$ 121

Revenue - Additional Informatio

Revenue - Additional Information (Detail)	3 Months Ended
	Jun. 30, 2021
Minimum [Member]
Supply Commitment [Line Items]
Long-term supply agreements maturity year	2023
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	75 days

Accounts and Notes Receivable -

Accounts and Notes Receivable - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2021	Mar. 31, 2021
Receivables [Abstract]
Allowance for doubtful accounts	$ 7	$ 8.1
Notes receivable, total	8.5
Notes receivable, current	$ 0
Notes receivable interest rate	3.10%
Notes receivable, maturity description	Remaining unpaid amounts, plus accrued interest, mature in fiscal 2025.

Schedule of Inventories (Detail

Schedule of Inventories (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Mar. 31, 2021
Inventory [Line Items]
Inventories	$ 217,052	$ 235,749
Raw Materials and Material-in-Progress [Member]
Inventory [Line Items]
Inventories	79,200	92,696
Finished Cement [Member]
Inventory [Line Items]
Inventories	31,815	34,362
Aggregates [Member]
Inventory [Line Items]
Inventories	3,211	2,933
Gypsum Wallboard [Member]
Inventory [Line Items]
Inventories	4,354	4,177
Paperboard [Member]
Inventory [Line Items]
Inventories	4,321	5,031
Repair Parts and Supplies [Member]
Inventory [Line Items]
Inventories	85,020	86,750
Fuel and Coal [Member]
Inventory [Line Items]
Inventories	$ 9,131	$ 9,800

Schedule of Accrued Expenses (D

Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Mar. 31, 2021
Accounts Payable And Accrued Liabilities Current [Abstract]
Payroll and Incentive Compensation	$ 23,023	$ 32,336
Benefits	15,268	14,979
Interest	6,632	3,089
Property Taxes	8,145	6,683
Power and Fuel	2,089	2,350
Freight	2,280	1,575
Legal and Professional	7,274	9,511
Sales and Use Tax	1,816	1,265
Other	8,420	7,052
Accrued Expenses, Total	$ 74,947	$ 78,840

Leases - Additional Information

Leases - Additional Information (Detail)	Jun. 30, 2021
Minimum [Member]
Lessee Lease Description [Line Items]
Operating lease term	1 year
Maximum [Member]
Lessee Lease Description [Line Items]
Operating lease term	20 years

Schedule of Lease Expense for O

Schedule of Lease Expense for Operating and Short-Term Leases (Detail) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Leases [Abstract]
Operating Lease Cost	$ 1,514	$ 1,796
Short-Term Lease Cost	502	750
Total Lease Cost	$ 2,016	$ 2,546

Schedule of Balance Sheet Infor

Schedule of Balance Sheet Information Related to Leases (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Mar. 31, 2021
Operating Leases
Operating Lease Right-of-Use Assets	$ 24,776	$ 25,811
Current Operating Lease Liabilities	6,127	6,343
Noncurrent Operating Lease Liabilities	32,763	34,444
Total Operating Lease Liabilities	$ 38,890	$ 40,787

Schedule of Future Payments for

Schedule of Future Payments for Operating Leases (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Mar. 31, 2021
Leases [Abstract]
2022 (remaining nine months)	$ 5,539
2023	6,948
2024	5,949
2025	5,589
2026	4,118
Thereafter	20,365
Total Lease Payments	48,508
Less: Imputed Interest	(9,618)
Present Value of Lease Liabilities	$ 38,890	$ 40,787
Weighted-Average Remaining Lease Term (in years)	10 years 6 months
Weighted-Average Discount Rate	3.79%

Share-Based Employee Compensa_3

Share-Based Employee Compensation - Additional Information (Detail) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	May 31, 2021	Jun. 30, 2021	Jun. 30, 2020	Aug. 07, 2013
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for future grant		3,396,823		3,000,000
Stock option expense		$ 0.7	$ 1.7
Aggregate intrinsic value for outstanding options		34.9
Aggregate intrinsic value for exercisable options		18.7
Total intrinsic value of options exercised		5.6
Restricted stock or unit expense		$ 1.8	$ 3
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	4,293
Reduced percentage of shares earned in stock options plan		66.70%
Stock based compensation plan, description		The performance criteria for the Fiscal 2022 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, 2022. 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 granted stock options 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, 2023
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, 2025
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	3,578
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		$ 6.3
Weighted-average period of recognition of unrecognized compensation cost		2 years 3 months 18 days
Performance Vesting Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for future grant	52,577
Stock based compensation plan, description		The performance criteria for the Fiscal 2022 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, 2022. 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, 2022
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, 2025
Time Vesting Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for future grant	43,816
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 10 months 24 days
Unrecognized compensation cost		$ 23.8

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, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Dividend Yield	0.80%
Expected Volatility	38.40%
Risk-Free Interest Rate	1.10%
Expected Life	6 years

Stock Option Activity (Detail)

Stock Option Activity (Detail)	3 Months Ended
	Jun. 30, 2021$ / sharesshares
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Number of Shares, Outstanding Options at March 31, 2021	708,501
Number of Shares, Granted	7,871
Number of Shares, Exercised	(95,859)
Number of Shares, Cancelled	(15,390)
Number of Shares, Outstanding Options at June 30, 2021	605,123
Number of Shares, Options Exercisable at June 30, 2021	346,580
Weighted-Average Exercise Price, Outstanding Options at March 31, 2021 | $ / shares	$ 83.85
Weighted-Average Exercise Price, Granted | $ / shares	139.25
Weighted-Average Exercise Price, Exercised | $ / shares	85.77
Weighted-Average Exercise Price, Cancelled | $ / shares	76.63
Weighted Average Fair Value of Options Granted During the Year | $ / shares	$ 48.92

Stock Options Outstanding (Deta

Stock Options Outstanding (Detail)	3 Months Ended
	Jun. 30, 2021$ / sharesshares
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Options Outstanding, Number of Shares Outstanding | shares	605,123
Options Outstanding, Weighted-Average Remaining Contractual Life (in years)	6 years 8 months 23 days
Options Outstanding, Weighted-Average Exercise Price	$ 84.45
Options Exercisable , Number of Shares Outstanding | shares	346,580
Options Exercisable, Weighted-Average Exercise Price	$ 88.22
$33.69 - $37.34 [Member]
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Range of Exercise Prices, Lower Range	33.69
Range of Exercise Prices, Upper Range	$ 37.34
Options Outstanding, Number of Shares Outstanding | shares	12,373
Options Outstanding, Weighted-Average Remaining Contractual Life (in years)	11 months 15 days
Options Outstanding, Weighted-Average Exercise Price	$ 34.52
Options Exercisable , Number of Shares Outstanding | shares	12,373
Options Exercisable, Weighted-Average Exercise Price	$ 34.52
$59.32 - $81.56 [Member]
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Range of Exercise Prices, Lower Range	59.32
Range of Exercise Prices, Upper Range	$ 81.56
Options Outstanding, Number of Shares Outstanding | shares	218,382
Options Outstanding, Weighted-Average Remaining Contractual Life (in years)	7 years 6 months 21 days
Options Outstanding, Weighted-Average Exercise Price	$ 64.92
Options Exercisable , Number of Shares Outstanding | shares	88,160
Options Exercisable, Weighted-Average Exercise Price	$ 70.97
$87.34 - $93.03 [Member]
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Range of Exercise Prices, Lower Range	87.34
Range of Exercise Prices, Upper Range	$ 93.03
Options Outstanding, Number of Shares Outstanding | shares	200,296
Options Outstanding, Weighted-Average Remaining Contractual Life (in years)	6 years 7 months 17 days
Options Outstanding, Weighted-Average Exercise Price	$ 90.84
Options Exercisable , Number of Shares Outstanding | shares	116,623
Options Exercisable, Weighted-Average Exercise Price	$ 90.31
$99.37 - $139.25 [Member]
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Range of Exercise Prices, Lower Range	99.37
Range of Exercise Prices, Upper Range	$ 139.25
Options Outstanding, Number of Shares Outstanding | shares	174,072
Options Outstanding, Weighted-Average Remaining Contractual Life (in years)	6 years 2 months 19 days
Options Outstanding, Weighted-Average Exercise Price	$ 105.17
Options Exercisable , Number of Shares Outstanding | shares	129,424
Options Exercisable, Weighted-Average Exercise Price	$ 103.21

Summary of Activity for Nonvest

Summary of Activity for Nonvested Restricted Shares (Detail) - Restricted Stock [Member]	3 Months Ended
	Jun. 30, 2021$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Nonvested Restricted Stock March 31, 2021	267,090
Number of Shares, Granted	96,393
Number of Shares, Vested	(20,685)
Number of Shares, Forfeited	(5,218)
Number of Shares, Nonvested Restricted Stock at June 30, 2021	337,580
Weighted Average Grant Date Fair Value, Nonvested Restricted Stock March 31, 2021 | $ / shares	$ 62.56
Weighted Average Grant Date Fair Value, Granted | $ / shares	139.25
Weighted Average Grant Date Fair Value, Vested | $ / shares	60.21
Weighted Average Grant Date Fair Value, Forfeited | $ / shares	$ 75.10

Calculation of Basic and Dilute

Calculation of Basic and Diluted Common Shares Outstanding (Detail) - shares	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share [Abstract]
Weighted-Average Shares of Common Stock Outstanding	42,028,619	41,410,794
Assumed Exercise of Outstanding Dilutive Options	652,877	130,687
Less Shares Repurchased from Proceeds of Assumed Exercised Options	(425,147)	(61,690)
Restricted Stock Units	181,017	83,477
Weighted-Average Common Stock and Dilutive Securities Outstanding	42,437,366	41,563,268
Shares Excluded Due to Anti-Dilution Effects	3,578	1,065,648

Pension and Employee Benefit _2

Pension and Employee Benefit Plans - Additional information (Detail) $ in Millions	12 Months Ended
	Mar. 31, 2022USD ($)
Maximum [Member] | Scenario Forecast [Member]
Defined Benefit Plan Disclosure [Line Items]
Expected pension expense for fiscal 2022	$ 0.1

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail)	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Effective tax rate	22.00%	25.00%
Statutory tax rate	21.00%

Long-Term Debt (Detail)

Long-Term Debt (Detail) - USD ($) $ in Thousands	Jul. 19, 2021	Jun. 30, 2021	Mar. 31, 2021	Aug. 02, 2016
Debt Instrument [Line Items]
Revolving Credit Facility	$ 100,000
Total Debt	850,000	$ 1,015,000	$ 1,015,000
Less: Unamortized Discounts and Debt Issuance Costs	(11,904)
Less: Debt Origination Costs		(5,965)	(6,384)
Long-term Debt	838,096	1,009,035	1,008,616
4.500% Senior Unsecured Notes Due 2026 [Member]
Debt Instrument [Line Items]
Total Debt		350,000	350,000	$ 350,000
Term Loan [Member]
Debt Instrument [Line Items]
Total Debt		$ 665,000	$ 665,000
2.500% Senior Unsecured Notes Due 2031 [Member]
Debt Instrument [Line Items]
Total Debt	$ 750,000

Long-Term Debt (Parenthetical)

Long-Term Debt (Parenthetical) (Detail)	Jul. 19, 2021	Jun. 30, 2021	Aug. 02, 2016
4.500% Senior Unsecured Notes Due 2026 [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate		4.50%	4.50%
Debt instrument, maturity year		2026
2.500% Senior Unsecured Notes Due 2031 [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate	2.50%
Debt instrument, maturity year	2031

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Detail)	Jul. 19, 2021USD ($)	Jul. 01, 2021USD ($)	Aug. 02, 2016USD ($)	Jun. 30, 2021USD ($)	Mar. 31, 2021USD ($)
Debt Instrument [Line Items]
Revolving Credit Facility	$ 100,000,000
Variable margin		0.00%
Supplementary leverage ratio		3.50
Interest coverage ratio		250.00%
Borrowings outstanding under Credit Facility	100,000,000
Outstanding letters of credit, amount				$ 4,300,000
Debt instrument, principal amount	850,000,000			1,015,000,000	$ 1,015,000,000
Outstanding borrowings				645,700,000
Total Debt	850,000,000			1,015,000,000	1,015,000,000
Maturity Period 2021 [Member]
Debt Instrument [Line Items]
Unused line of credit commitment fee based on leverage ratio		0.09%
Maximum [Member] | Maturity Period 2021 [Member]
Debt Instrument [Line Items]
Variable margin		62.50%
Unused line of credit commitment fee based on leverage ratio		0.225%
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Maturity Period 2021 [Member]
Debt Instrument [Line Items]
Letter of Credit Facility		$ 40,000,000
Variable margin		1.00%
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | Maturity Period 2021 [Member]
Debt Instrument [Line Items]
Variable margin		1.625%
Term Loan Agreement [Member]
Debt Instrument [Line Items]
Term loan facility, unused borrowing capacity, Amount				$ 665,000,000
Line of Credit Facility, Description				The Term Loan Facility was repaid on July 1, 2021 and terminated.
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			2021-07
Total Debt			$ 350,000,000	$ 350,000,000	$ 350,000,000
4.500% Senior Unsecured Notes Due 2026 [Member] | 4.500% Senior Unsecured Notes Due 2026 [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate			4.50%
Redemption date			Jul. 17, 2021
Termination premium			$ 8,400,000
2.500% Senior Unsecured Notes Due 2031 [Member]
Debt Instrument [Line Items]
Debt instrument, principal amount	750,000,000
Total Debt	$ 750,000,000
2.500% Senior Unsecured Notes Due 2031 [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate	2.50%
2.500% Senior Unsecured Notes Due 2031 [Member] | 4.500% Senior Unsecured Notes Due 2026 [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Debt issuance costs	$ 6,000,000
2.500% Senior Unsecured Notes Due 2031 [Member] | 2.500% Senior Unsecured Notes Due 2031 [Member]
Debt Instrument [Line Items]
Debt instrument, principal amount		$ 750,000,000
Debt instrument, interest rate		2.50%
Debt instrument, maturity period		2031-07
Percentage of principal amount redeemable		100.00%
Total Debt		$ 750,000,000
Debt instrument, original issue discount		$ 6,300,000
Effective interest rate		2.60%
Interest payment period		ten-year
Semi annual basis, treasury rate		20.00%
Percentage of aggregate amount repurchased		101.00%
Credit Facility, termination date		Jul. 1, 2021
2.500% Senior Unsecured Notes Due 2031 [Member] | Redeemable On or After April 1, 2031 [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate		2.50%
Percentage of principal amount redeemable		100.00%
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Credit Facility, principal balance				750,000,000
Revolving Credit Facility				0
Letter of Credit Facility				40,000,000
Borrowings outstanding under Credit Facility				0
Outstanding letters of credit, amount				4,300,000
Revolving Credit Facility [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Revolving Credit Facility	100,000,000
Borrowings outstanding under Credit Facility	$ 100,000,000
Revolving Credit Facility [Member] | Swingline Loan [Member]
Debt Instrument [Line Items]
Credit Facility, principal balance				25,000,000
Revolving Credit Facility [Member] | Unsecured Debt
Debt Instrument [Line Items]
Credit Facility, principal balance				$ 750,000,000
Line of Credit | Maximum [Member]
Debt Instrument [Line Items]
Variable margin		0.50%
Amount of increase in borrowing capacity		$ 375,000,000
Letter of Credit [Member]
Debt Instrument [Line Items]
Unused line of credit commitment fee based on leverage ratio				0.125%

Segment Information - Additiona

Segment Information - Additional Information (Detail)	3 Months Ended
	Jun. 30, 2021LocationFacilityTerminalPlantSectorSegment
Segment Reporting [Abstract]
Number of sectors | Sector	2
Number of reportable business segments | Segment	4
Cement plant locations | Location	8
Slag grinding facility | Facility	1
Cement distribution terminals | Terminal	29
Readymix concrete batch plants	26
Aggregates processing plants	3
Gypsum wallboard plants	5
Proportionate consolidation of share of joint venture revenues and operating earnings	50.00%

Financial Information Related t

Financial Information Related to Operations by Segment (Detail) $ in Thousands	3 Months Ended
	Jun. 30, 2021USD ($)kT	Jun. 30, 2020USD ($)kT	Mar. 31, 2021USD ($)
Segment Reporting Information [Line Items]
Revenue	$ 475,770	$ 426,989
Less: Joint Venture Revenue	(22,691)	(25,300)
Operating Earnings	134,481	110,093
Corporate General and Administrative Expense	(9,468)	(17,789)
Gain on Sale of Businesses		51,973
Other Non-Operating Income (Loss)	3,678	(309)
Earnings Before Interest and Income Taxes	128,691	143,968
Interest Expense, net	(6,972)	(14,041)
Earnings Before Income Taxes	121,719	129,927
Capital Expenditures	11,935	25,991
Depreciation, Depletion and Amortization	31,944	31,937
Depreciation and Amortization		121
Identifiable Assets	2,890,830		$ 2,838,681
Operating Segments [Member]
Segment Reporting Information [Line Items]
Revenue	524,543	472,495
Depreciation, Depletion and Amortization	31,944	31,816
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Revenue	(26,082)	(20,206)
Revenue	(26,082)	(20,206)
Cement [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Revenue	$ 270,255	$ 261,411
Cement Sales Volume | kT	2,036	2,085
Operating Earnings	$ 62,547	$ 60,455
Capital Expenditures	7,967	10,348
Depreciation, Depletion and Amortization	19,531	$ 19,243
Identifiable Assets	$ 1,902,811		1,898,930
Cement [Member] | Operating Segments [Member] | Wholly-Owned [Member]
Segment Reporting Information [Line Items]
Cement Sales Volume | kT	1,852	1,866
Operating Earnings	$ 54,577	$ 52,659
Cement [Member] | Operating Segments [Member] | Joint Venture [Member]
Segment Reporting Information [Line Items]
Cement Sales Volume | kT	184	219
Operating Earnings	$ 7,970	$ 7,796
Cement [Member] | Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Revenue	(7,833)	(6,031)
Concrete and Aggregates [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Revenue	44,754	44,190
Operating Earnings	5,344	5,418
Capital Expenditures	546	1,261
Depreciation, Depletion and Amortization	2,578	2,721
Identifiable Assets	91,306		88,410
Concrete and Aggregates [Member] | Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Revenue		(106)
Gypsum Wallboard [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Revenue	166,267	130,150
Operating Earnings	63,253	41,325
Capital Expenditures	1,694	6,512
Depreciation, Depletion and Amortization	5,396	5,200
Identifiable Assets	365,084		366,352
Paperboard [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Revenue	43,267	36,744
Operating Earnings	3,337	2,895
Capital Expenditures	1,117	7,870
Depreciation, Depletion and Amortization	3,668	3,352
Identifiable Assets	185,287		186,156
Paperboard [Member] | Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Revenue	(18,249)	(14,069)
Corporate and Other [Member]
Segment Reporting Information [Line Items]
Capital Expenditures	611
Depreciation, Depletion and Amortization	771	$ 1,300
Identifiable Assets	$ 346,342		$ 298,833

Segment Breakdown of Goodwill (

Segment Breakdown of Goodwill (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Mar. 31, 2021
Segment Reporting Information [Line Items]
Goodwill	$ 329,137	$ 329,137
Cement [Member]
Segment Reporting Information [Line Items]
Goodwill	203,342	203,342
Concrete and Aggregates [Member]
Segment Reporting Information [Line Items]
Goodwill	1,639	1,639
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) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2021
Related Party Transaction [Line Items]
Revenue	$ 475,770	$ 426,989
Gross Margin	126,511	102,297
Earnings Before Income Taxes	121,719	129,927
Current Assets	731,303		$ 661,689
Current Liabilities	189,013		169,354
Joint Venture [Member] | Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member]
Related Party Transaction [Line Items]
Revenue	45,382	50,600
Gross Margin	16,833	16,765
Earnings Before Income Taxes	16,189	$ 15,727
Current Assets	67,254		66,871
Non-Current Assets	107,390		107,617
Current Liabilities	$ 15,043		$ 16,390

Interest Expense, Net (Detail)

Interest Expense, Net (Detail) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Interest Income (Expense), Net [Abstract]
Interest Income	$ (25)
Interest Expense	6,126	$ 13,019
Other Expenses	871	1,022
Interest Expense, net	$ 6,972	$ 14,041

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)	Jun. 30, 2021USD ($)
Commitments And Contingencies Disclosure [Abstract]
Letters of credit outstanding, amount	$ 4,300,000
Outstanding guarantees	0
Contingently liable for performance, current	$ 25,600,000

Fair Value of Senior Notes (Det

Fair Value of Senior Notes (Detail) $ in Thousands	Jun. 30, 2021USD ($)
4.500% Senior Unsecured Notes Due 2026 [Member]
Fair Value Of Financial Instruments [Line Items]
Fair Value of long term debt	$ 358,866

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, 2021	Aug. 02, 2016
Fair Value Of Financial Instruments [Line Items]
Debt instrument, interest rate	4.50%	4.50%
Debt instrument, maturity year	2026