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Income Taxes | 12 Months Ended
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Mar. 31, 2016
Income Tax Disclosure [Abstract] |
Income Taxes | (H) Income Taxes The provision for income taxes includes the following components:
|  | For the Years Ended March 31, |
|  | 2016 |  |  | 2015 |  |  | 2014 |
|  | (dollars in thousands) |
Current Provision (Benefit) - |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 64,256 |  |  | $ | 62,424 |  |  | $ | 49,604 |
State |  |  | 4,727 |  |  |  | (2,155 | ) |  |  | 2,211 |
|  |  | 68,983 |  |  |  | 60,269 |  |  |  | 51,815 |
Deferred Provision (Benefit) - |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | (546 | ) |  |  | (962 | ) |  |  | 7,691 |
State |  |  | (1,777 | ) |  |  | 6,767 |  |  |  | (1,945 | )
|  |  | (2,323 | ) |  |  | 5,805 |  |  |  | 5,746 |
Provision for Income Taxes |  | $ | 66,660 |  |  | $ | 66,074 |  |  | $ | 57,561 |
The effective tax rates vary from the federal statutory rates due to the following items:
|  | For the Years Ended March 31, |
|  | 2016 |  |  | 2015 |  |  | 2014 |
|  | (dollars in thousands) |
Earnings Before Income Taxes |  | $ | 219,252 |  |  | $ | 252,927 |  |  | $ | 181,804 |
Income Taxes at Statutory Rate |  | $ | 76,738 |  |  | $ | 88,524 |  |  | $ | 63,631 |
Increases (Decreases) in Tax Resulting from - |  |  |  |  |  |  |  |  |  |  |  |
State Income Taxes, net |  |  | 1,166 |  |  |  | 4,582 |  |  |  | 173 |
Statutory Depletion in Excess of Cost |  |  | (5,672 | ) |  |  | (4,367 | ) |  |  | (3,512 | )
Domestic Production Activities Deduction |  |  | (6,302 | ) |  |  | (6,853 | ) |  |  | (3,453 | )
Meals and Entertainment Disallowance |  |  | 629 |  |  |  | 647 |  |  |  | 503 |
Penalties on Uncertain Tax Positions |  |  | — |  |  |  | — |  |  |  | 213 |
IRS Settlement |  |  | — |  |  |  | (16,559 | ) |  |  | — |
Other |  |  | 101 |  |  |  | 100 |  |  |  | 6 |
Provision for Income Taxes |  | $ | 66,660 |  |  | $ | 66,074 |  |  | $ | 57,561 |
Effective Tax Rate |  |  | 30% |  |  |  | 26% |  |  |  | 32 | %
The deferred income tax provision results from the following temporary differences in the recognition of revenues and expenses for tax and financial reporting purposes:
|  | For the Years Ended March 31, |
|  | 2016 |  |  | 2015 |  |  | 2014 |
|  | (dollars in thousands) |
Excess Tax Depreciation and Amortization |  | $ | 3,284 |  |  | $ | 2,259 |  |  | $ | 6,875 |
Bad Debts |  |  | (1,340 | ) |  |  | (142 | ) |  |  | (224 | )
Uniform Capitalization |  |  | (1,339 | ) |  |  | 1,296 |  |  |  | (1,127 | )
Accrual Changes |  |  | (1,298 | ) |  |  | (611 | ) |  |  | (1,075 | )
Uncertain Tax Position Accruals |  |  | — |  |  |  | — |  |  |  | 213 |
Prepaid Insurance |  |  | (1,149 | ) |  |  | (331 | ) |  |  | 424 |
State Income Taxes, net |  |  | (1,155 | ) |  |  | 6,060 |  |  |  | (1,319 | )
Reversal of Prepaid Sand Liability |  |  | 3,682 |  |  |  | — |  |  |  | — |
Long-term Incentive Compensation Plans |  |  | (3,140 | ) |  |  | (1,792 | ) |  |  | (373 | )
Other |  |  | 132 |  |  |  | (934 | ) |  |  | 1,033 |
|  | $ | (2,323 | ) |  | $ | 5,805 |  |  | $ | 5,746 |
Components of deferred income taxes are as follows:
|  | March 31, |
|  | 2016 |  |  | 2015 |
|  | (dollars in thousands) |
Items Giving Rise to Deferred Tax Liabilities - |  |  |  |  |  |  |  |
Excess Tax Depreciation and Amortization |  | $ | (157,260 | ) |  | $ | (153,045 | )
Depletion |  |  | (21,911 | ) |  |  | (18,374 | )
Repair Parts |  |  | (2,446 | ) |  |  | (3,376 | )
State Income Taxes, net |  |  | (12,552 | ) |  |  | (13,708 | )
Other |  |  | (4,147 | ) |  |  | (5,359 | )
Total Deferred Tax Liabilities |  | $ | (198,316 | ) |  | $ | (193,862 | )
Items Giving Rise to Deferred Tax Assets - |  |  |  |  |  |  |  |
Accrual Changes |  | $ | 11,855 |  |  | $ | 10,557 |
Bad Debts |  |  | 3,604 |  |  |  | 2,264 |
Uniform Capitalization |  |  | 2,174 |  |  |  | 835 |
Deferred Revenue |  |  | 700 |  |  |  | 4,382 |
Long-term Incentive Compensation Plan |  |  | 11,458 |  |  |  | 8,318 |
Other |  |  | 6,846 |  |  |  | 7,118 |
Total Deferred Tax Assets |  | $ | 36,637 |  |  | $ | 33,474 |
Deferred income taxes are classified in the consolidated balance sheet as follows:
|  | March 31, |
|  | 2016 |  |  | 2015 |
|  | (dollars in thousands) |
Deferred Income Taxes |  | $ | (161,679 | ) |  | $ | (160,388 | )
Uncertain tax position – We are subject to audit examinations at federal, state and local levels by tax authorities in those jurisdictions who may challenge the treatment or reporting of any return item. The tax matters challenged by the tax authorities are typically complex; therefore, the ultimate outcome of these challenges is subject to uncertainty. Reconciliation of the consolidated liability for gross unrecognized tax benefits, excluding interest, from April 1, 2013 to March 31, 2016, is as follows:
|  | For the Years Ended March 31, |
|  | 2016 |  |  | 2015 |  |  | 2014 |
|  | (dollars in thousands) |
Balance at Beginning of Year |  | $ | — |  |  | $ | 24,802 |  |  | $ | 24,589 |
Increase related to prior tax positions |  |  | — |  |  |  | — |  |  |  | 213 |
Decrease related to prior tax positions |  |  | — |  |  |  | (24,802 | ) |  |  | — |
Payments |  |  | — |  |  |  | — |  |  |  | — |
|  | $ | — |  |  | $ | — |  |  | $ | 24,802 |
We recognize penalties associated with uncertain tax positions as part of the tax provision, while interest associated with uncertain tax positions is included in interest expense. The following is a summary of the amounts of interest and penalties recognized in relation to our uncertain tax position:
|  | For the Years Ended March 31, |
|  | 2016 |  |  | 2015 |  |  | 2014 |
|  | (dollars in thousands) |
Accrued interest recognized |  | $ | — |  |  | $ | (3,847 | ) |  | $ | 641 |
Accrued penalties recognized |  | $ | — |  |  | $ | (6,475 | ) |  | $ | 213 |
There was no accrued interest or penalties related to our uncertain tax position during the fiscal years ended March 31, 2016 and 2015. Accrued interest and penalties related to our uncertain tax positions totaled $4.4 million and $3.2 million, respectively, at March 31, 2014. In May 2011, we filed a lawsuit against the Internal Revenue Service (“IRS”) in Federal District Court to recover all of the amounts paid to the IRS with respect to our uncertain tax position for 2001 to 2006. We reached an agreement with the IRS to settle this case, which was approved by the U.S. Department of Justice in January 2015. Under the terms of the settlement agreement, we dismissed our lawsuit seeking to recover taxes, interest and penalties paid, in exchange for the IRS conceding 40% of the penalties, plus related interest, to date. The impact from the settlement agreement was approximately $17 million, including state benefits, which was recorded as a reduction of income tax expense during the fourth quarter of fiscal 2015. The related interest refund of approximately $4.4 million was also recorded during the fourth quarter of fiscal 2015.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 + Details
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