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Financial Statements for Guarantors of Senior Notes | 12 Months Ended
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Mar. 31, 2016
Organization Consolidation And Presentation Of Financial Statements [Abstract] |
Financial Statements for Guarantors of Senior Notes | (M) Financial Statements for Guarantors of Senior Notes The Company anticipates launching a public offering of $300.0 million principal amount of senior unsecured notes due in 2026 (the “New Notes”). The New Notes are expected to be senior unsecured obligations of the Company and will be offered under the Company’s shelf registration statement filed with the Securities and Exchange Commission. We expect the New Notes will be guaranteed by all of the majority-owned subsidiaries (the “Guarantors”) of Eagle Materials Inc. (the “Parent”), and all guarantees will be full and unconditional and all guarantees are joint and several. The following presents the condensed consolidating financial information for: (i) the Parent, as issuer of the guaranteed obligations; (ii) all Guarantors on a combined basis; (iii) consolidating eliminations; and (iv) the Company, including its majority owned subsidiaries, on a consolidated basis. Each entity in the consolidating financial information follows the same accounting policies described in Footnote (A) of the Notes to the Consolidated Financial Statements. Consolidating balance sheets related to the Parent and the Guarantors as of March 31, 2016 and 2015, and the related consolidating statements of earnings, comprehensive earnings and cash flows for the fiscal years ended March 31, 2016, 2015 and 2014 are reflected below in order to comply with the reporting requirements for guarantor subsidiaries. Elimination entries include consolidating and eliminating interests for investments in subsidiaries and intercompany activity and balances. All dollars are in thousands.
Condensed Consolidating Statement of Earnings and Comprehensive Earnings For the Fiscal Year Ended March 31, 2016 |  | Parent |  | Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Revenues |  | $— |  | $1,143,492 |  | $— |  | $1,143,492
Cost of Goods Sold |  | — |  | 911,875 |  | — |  | 911,875
Gross Profit |  | — |  | 231,617 |  | — |  | 231,617
Equity in Earnings of Unconsolidated Joint Venture |  | 39,083 |  | 39,083 |  | (39,083) |  | 39,083
Equity in Earnings of Subsidiaries |  | 160,018 |  | - |  | (160,018) |  | -
Corporate General and Administrative Expenses |  | (32,047) |  | (5,146) |  | — |  | (37,193)
Other Income |  | (398) |  | 2,726 |  | — |  | 2,328
Interest Expense, net |  | (39,038) |  | 22,455 |  | — |  | (16,583)
Earnings before Income Taxes |  | 127,618 |  | 290,735 |  | (199,101) |  | 219,252
Income Taxes |  | 24,974 |  | (91,634) |  | - |  | (66,660)
Net Earnings |  | $152,592 |  | $199,101 |  | $(199,101) |  | $152,592
Net Earnings |  | $152,592 |  | $199,101 |  | $(199,101) |  | $152,592
Net Actuarial Change in Benefit Plans, net of tax |  | 658 |  | 658 |  | (658) |  | 658
Comprehensive Earnings |  | $153,250 |  | $199,579 |  | $(199,579) |  | $153,250
Condensed Consolidating Statement of Earnings and Comprehensive Earnings For the Fiscal Year Ended March 31, 2015 |  | Parent |  | Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Revenues |  | $— |  | $1,066,368 |  | $— |  | $1,066,368
Cost of Goods Sold |  | — |  | 812,235 |  | — |  | 812,235
Gross Profit |  | — |  | 254,133 |  | — |  | 254,133
Equity in Earnings of Unconsolidated Joint Venture |  | 44,967 |  | 44,967 |  | (44,967) |  | 44,967
Equity in Earnings of Subsidiaries |  | 166,640 |  | - |  | (166,640) |  | —
Corporate General and Administrative Expenses |  | (26,391) |  | (4,360) |  | — |  | (30,751)
Other Income |  | 157 |  | 3,044 |  | — |  | 3,201
Acquisition and Litigation Expense |  | (1,661) |  | (5,219) |  | — |  | (6,880)
Interest Expense, net |  | (33,319) |  | 21,576 |  | — |  | (11,743)
Earnings before Income Taxes |  | 150,393 |  | 314,141 |  | (211,607) |  | 252,927
Income Taxes |  | 36,460 |  | (102,534) |  | - |  | (66,074)
Net Earnings |  | $186,853 |  | $211,607 |  | $(211,607) |  | $186,853
Net Earnings |  | $186,853 |  | $211,607 |  | $(211,607) |  | $186,853
Net Actuarial Change in Benefit Plans, net of tax |  | 6,584 |  | 6,584 |  | (6,584) |  | 6,584
Comprehensive Earnings |  | $193,437 |  | $218,191 |  | $(218,191) |  | $193,437
Condensed Consolidating Statement of Earnings and Comprehensive Earnings For the Fiscal Year Ended March 31, 2014 |  | Parent |  | Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Revenues |  | $— |  | $898,396 |  | $— |  | $898,396
Cost of Goods Sold |  | — |  | 712,937 |  | — |  | 712,937
Gross Profit |  | — |  | 185,459 |  | — |  | 185,459
Equity in Earnings of Unconsolidated Joint Venture |  | 37,811 |  | 37,811 |  | (37,811) |  | 37,811
Equity in Earnings of Subsidiaries |  | 126,340 |  | — |  | (126,340) |  | —
Corporate General and Administrative Expenses |  | (22,175) |  | (2,377) |  | — |  | (24,552)
Other Income |  | (474) |  | 1,842 |  | — |  | 1,368
Interest Expense, net |  | (37,294) |  | 19,012 |  | — |  | (18,282)
Earnings before Income Taxes |  | 104,208 |  | 241,747 |  | (164,151) |  | 181,804
Income Taxes |  | 20,035 |  | (77,596) |  | - |  | (57,561)
Net Earnings |  | $124,243 |  | $164,151 |  | $(164,151) |  | $124,243
Net Earnings |  | $124,243 |  | $164,151 |  | $(164,151) |  | $124,243
Net Actuarial Change in Benefit Plans, net of tax |  | (1,559) |  | (1,559) |  | 1,559 |  | (1,559)
Comprehensive Earnings |  | $122,684 |  | $162,592 |  | $(162,592) |  | $122,684
Condensed Consolidating Balance Sheet For the Fiscal Year Ended March 31, 2016 |  | Parent |  | Guarantor Subsidiaries |  | Eliminations |  | Consolidated
ASSETS |  |  |  |  |  |  |  |
Current Assets - |  |  |  |  |  |  |  |
Cash and Cash Equivalents |  | $3,507 |  | $1,884 |  | $— |  | $5,391
Accounts and Notes Receivable |  | 324 |  | 119,897 |  | — |  | 120,221
Inventories |  | — |  | 243,595 |  | — |  | 243,595
Income Tax Receivable |  | — |  | 6,731 |  | (1,108) |  | 5,623
Prepaid and Other Current Assets |  | 1,365 |  | 3,808 |  | — |  | 5,173
Total Current Assets |  | 5,196 |  | 375,915 |  | (1,108) |  | 380,003
Property, Plant and Equipment - |  | 2,612 |  | 2,070,164 |  | — |  | 2,072,776
Less: Accumulated Depreciation |  | (814) |  | (816,651) |  | — |  | (817,465)
Property, Plant and Equipment, net |  | 1,798 |  | 1,253,513 |  | — |  | 1,255,311
Notes Receivable |  | — |  | 2,672 |  | — |  | 2,672
Deferred Income Taxes |  | 3,375 |  | - |  | (3,375) |  | —
Investment in Joint Venture |  | 33 |  | 49,432 |  | - |  | 49,465
Investments in Subsidiaries and Receivables from Affiliates |  | 4,085,806 |  | 2,529,480 |  | (6,615,286) |  | —
Goodwill and Intangible Assets, net |  | — |  | 165,827 |  | — |  | 165,827
Other Assets |  | 5,557 |  | 24,800 |  | — |  | 30,357
|  | $4,101,765 |  | $4,401,639 |  | $(6,619,769) |  | $1,883,635
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |
Current Liabilities- |  |  |  |  |  |  |  |
Accounts Payable |  | $6,968 |  | $59,646 |  | — |  | $66,614
Accrued Liabilities |  | 15,708 |  | 30,267 |  | — |  | 45,975
Income Tax Payable |  | 1,108 |  | — |  | (1,108) |  | —
Current Portion of Long-term Debt |  | 8,000 |  | — |  | — |  | 8,000
Total Current Liabilities |  | 31,784 |  | 89,913 |  | (1,108) |  | 120,589
Long-term Debt |  | 499,714 |  | — |  | — |  | 499,714
Other Long-term Liabilities |  | 256 |  | 60,866 |  | — |  | 61,122
Payables to Affiliates |  | 2,529,480 |  | 2,042,633 |  | (4,572,113) |  | —
Deferred Income Taxes |  | — |  | 165,054 |  | (3,375) |  | 161,679
Total Liabilities |  | 3,061,234 |  | 2,358,466 |  | (4,576,596) |  | 843,104
Total Stockholders’ Equity |  | 1,040,531 |  | 2,043,173 |  | (2,043,173) |  | 1,040,531
|  | $4,101,765 |  | $4,401,639 |  | $(6,619,769) |  | $1,883,635
Condensed Consolidating Balance Sheet For the Fiscal Year Ended March 31, 2015 |  | Parent |  | Guarantor Subsidiaries |  | Eliminations |  | Consolidated
ASSETS |  |  |  |  |  |  |  |
Current Assets - |  |  |  |  |  |  |  |
Cash and Cash Equivalents |  | $3,644 |  | $3,870 |  | $— |  | $7,514
Accounts and Notes Receivable |  | 444 |  | 113,133 |  | — |  | 113,577
Inventories |  | — |  | 235,464 |  | — |  | 235,464
Income Tax Receivable |  | — |  | 720 |  | (720) |  | —
Prepaid and Other Current Assets |  | 4,692 |  | 3,123 |  | — |  | 7,815
Total Current Assets |  | 8,780 |  | 356,310 |  | (720) |  | 364,370
Property, Plant and Equipment - |  | 2,612 |  | 1,959,603 |  | — |  | 1,962,215
Less: Accumulated Depreciation |  | (701) |  | (739,695) |  | — |  | (740,396)
Property, Plant and Equipment, net |  | 1,911 |  | 1,219,908 |  | — |  | 1,221,819
Notes Receivable |  | — |  | 2,847 |  | — |  | 2,847
Investment in Joint Venture |  | 14 |  | 47,600 |  | — |  | 47,614
Investments in Subsidiaries and Receivables from Affiliates |  | 3,376,796 |  | 2,195,480 |  | (5,932,276) |  | —
Goodwill and Intangible Assets, net |  | — |  | 211,167 |  | — |  | 211,167
Other Assets |  | 6,071 |  | 26,438 |  | — |  | 32,509
|  | $3,753,572 |  | $4,059,750 |  | $(5,932,996) |  | $1,880,326
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |
Current Liabilities- |  |  |  |  |  |  |  |
Accounts Payable |  | $10,460 |  | $67,289 |  | $— |  | $77,749
Accrued Liabilities |  | 18,984 |  | 27,846 |  | — |  | 46,830
Income Tax Payable |  | 3,672 |  | — |  | — |  | 2,952
Current Portion of Long-term Debt |  | 57,045 |  | — |  | — |  | 57,045
Total Current Liabilities |  | 90,161 |  | 95,135 |  | — |  | 184,576
Long-term Debt |  | 455,714 |  | — |  | — |  | 455,714
Other Long-term Liabilities |  | 321 |  | 68,734 |  | — |  | 69,055
Payables to Affiliates |  | 2,195,480 |  | 1,893,382 |  | (4,088,862) |  |
Deferred Income Taxes |  | 1,303 |  | 159,085 |  | — |  | 160,388
Total Liabilities |  | 2,742,979 |  | 2,216,336 |  | (4,089,582) |  | 869,733
Total Stockholders’ Equity |  | 1,010,593 |  | 1,843,414 |  | (1,843,414) |  | 1,010,593
|  | $3,753,572 |  | $4,059,750 |  | $(5,932,996) |  | $1,880,326
Condensed Consolidating Statement of Cash Flows For the Fiscal Year Ended March 31, 2016 |  | Parent |  | Guarantor Subsidiaries |  | Eliminations |  | Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES |  |  |  |  |  |  |  |
Net Cash Provided by (Used in) Operating Activities |  | $(37,985) |  | $303,752 |  | $— |  | $265,767
CASH FLOWS FROM INVESTING ACTIVITIES |  |  |  |  |  |  |  |
Additions to Property, Plant and Equipment |  | — |  | (89,563) |  | - |  | (89,563)
Investment in Subsidiaries |  | (32,427) |  | - |  | 32,427 |  | -
Acquisition Spending |  | — |  | (32,427) |  | - |  | (32,427)
Net Cash Used in Investing Activities |  | (32,427) |  | (121,990) |  | 32,427 |  | (121,990)
CASH FLOWS FROM FINANCING ACTIVITIES |  |  |  |  |  |  |  |
Increase in Credit Facility |  | 52,000 |  | — |  | — |  | 52,000
Repayment of Senior Notes |  | (57,045) |  | — |  | — |  | (57,045)
Dividends Paid to Stockholders |  | (20,020) |  | — |  | — |  | (20,020)
Purchase and Retirement of Common Stock |  | (123,530) |  | — |  | — |  | (123,530)
Proceeds from Stock Option Exercises |  | 2,866 |  | — |  | — |  | 2,866
Shares Redeemed to Settle Employee Taxes on Stock Compensation |  | (4,273) |  | — |  | — |  | (4,273)
Payment of Debt Issuance Costs |  | — |  | — |  | — |  | -
Excess Tax Benefits from Share Based Payment Arrangements |  | 4,102 |  | — |  | — |  | 4,102
Intra-entity Activity, net |  | 216,175 |  | (183,748) |  | (32,427) |  | -
Net Cash Provided by (Used in) Financing Activities |  | 70,275 |  | (183,748) |  | (32,427) |  | (145,900)
NET DECREASE IN CASH AND CASH EQUIVALENTS |  | (137) |  | (1,986) |  | — |  | (2,123)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD |  | 3,644 |  | 3,870 |  | — |  | 7,514
CASH AND CASH EQUIVALENTS AT END OF PERIOD |  | $3,507 |  | $1,884 |  | $— |  | $5,391
Condensed Consolidating Statement of Cash Flows For the Fiscal Year Ended March 31, 2015 |  | Parent |  | Guarantor Subsidiaries |  | Eliminations |  | Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES |  |  |  |  |  |  |  |
Net Cash Provided by (Used in) Operating Activities |  | $(35,490) |  | $269,611 |  | $— |  | $234,121
CASH FLOWS FROM INVESTING ACTIVITIES |  |  |  |  |  |  |  |
Additions to Property, Plant and Equipment |  | (134) |  | (111,439) |  | - |  | (111,573)
Investment in Subsidiaries |  | (237,171) |  | - |  | 237,171 |  |
Acquisition Spending |  | - |  | (237,171) |  | - |  | (237,171)
Net Cash Used in Investing Activities |  | (237,305) |  | (348,610) |  | 237,171 |  | (348,744)
CASH FLOWS FROM FINANCING ACTIVITIES |  |  |  |  |  |  |  |
Increase in Credit Facility |  | 141,000 |  | — |  | — |  | 141,000
Repayment of Senior Notes |  | (9,500) |  | — |  | — |  | (9,500)
Dividends Paid to Stockholders |  | (20,072) |  | — |  | — |  | (20,072)
Proceeds from Stock Option Exercises |  | 4,311 |  | — |  | — |  | 4,311
Shares Redeemed to Settle Employee Taxes on Stock Compensation |  | (4,166) |  | — |  | — |  | (4,166)
Payment of Debt Issuance Costs |  | (1,661) |  | — |  | — |  | (1,661)
Excess Tax Benefits from Share Based Payment Arrangements |  | 5,743 |  | — |  | — |  | 5,743
Intra-entity Activity, net |  | 154,302 |  | 82,869 |  | (237,171) |  | -
Net Provided by Financing Activities |  | 269,957 |  | 82,869 |  | (237,171) |  | 115,655
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |  | (2,838) |  | 3,870 |  | — |  | 1,032
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD |  | 6,482 |  | — |  | — |  | 6,482
CASH AND CASH EQUIVALENTS AT END OF PERIOD |  | $3,644 |  | $3,870 |  | $— |  | $7,514
Condensed Consolidating Statement of Cash Flows For the Fiscal Year Ended March 31, 2014 |  | Parent |  | Guarantor Subsidiaries |  | Eliminations |  | Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES |  |  |  |  |  |  |  |
Net Cash Provided by Operating Activities |  | $(23,874) |  | $194,507 |  | $— |  | 170,633
CASH FLOWS FROM INVESTING ACTIVITIES |  |  |  |  |  |  |  |
Additions to Property, Plant and Equipment |  | (90) |  | (59,400) |  | — |  | (59,490)
Net Cash Used in Investing Activities |  | (90) |  | (59,400) |  | — |  | (59,490)
CASH FLOWS FROM FINANCING ACTIVITIES |  |  |  |  |  |  |  |
Increase in Credit Facility |  | (108,000) |  | — |  | — |  | (108,000)
Dividends Paid to Stockholders |  | (19,899) |  | — |  | — |  | (19,899)
Proceeds from Stock Option Exercises |  | 14,187 |  | — |  | — |  | 14,187
Shares Redeemed to Settle Employee Taxes on Stock Compensation |  | (2,913) |  | — |  | — |  | (2,913)
Excess Tax Benefits from Share Based Payment Arrangements |  | 8,067 |  | — |  | — |  | 8,067
Intra-entity Activity, net |  | 136,054 |  | (136,054) |  | — |  |
Net Cash Used in Financing Activities |  | 27,496 |  | (136,054) |  | — |  | (108,558)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |  | 3,532 |  | (947) |  | — |  | 2,585
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD |  | 2,950 |  | 947 |  | — |  | 3,897
CASH AND CASH EQUIVALENTS AT END OF PERIOD |  | $6,482 |  | $— |  | $— |  | $6,482

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- Definition The entire disclosure for condensed financial statements. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=18733093&loc=d3e5614-111684 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 10 -Paragraph f -Article 3 + Details
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