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INCOME TAXES | 12 Months Ended
--- | ---
Mar. 31, 2018
Income Tax Disclosure [Abstract] |
INCOME TAXES | (H) Income Taxes The provision for income taxes includes the following components:
|  | For the Years Ended March 31, |
|  | 2018 |  |  | 2017 |  |  | 2016 |
|  | (dollars in thousands) |
Current Provision (Benefit) - |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 58,695 |  |  | $ | 86,459 |  |  | $ | 64,256 |
State |  |  | 5,989 |  |  |  | 7,638 |  |  |  | 4,727 |
|  |  | 64,684 |  |  |  | 94,097 |  |  |  | 68,983 |
Deferred Provision (Benefit) - |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | (52,333 | ) |  |  | 7,274 |  |  |  | (546 | )
State |  |  | 2,979 |  |  |  | (5,071 | ) |  |  | (1,777 | )
|  |  | (49,354 | ) |  |  | 2,203 |  |  |  | (2,323 | )
Provision for Income Taxes |  | $ | 15,330 |  |  | $ | 96,300 |  |  | $ | 66,660 |
The effective tax rates vary from the federal statutory rates due to the following items:
|  | For the Years Ended March 31, |
|  | 2018 |  |  | 2017 |  |  | 2016 |
|  | (dollars in thousands) |
Earnings Before Income Taxes |  | $ | 271,962 |  |  | $ | 294,519 |  |  | $ | 219,252 |
Income Taxes at Statutory Rate |  | $ | 85,804 |  |  | $ | 103,082 |  |  | $ | 76,738 |
Increases (Decreases) in Tax Resulting from - |  |  |  |  |  |  |  |  |  |  |  |
State Income Taxes, net |  |  | 6,139 |  |  |  | 1,668 |  |  |  | 1,166 |
Statutory Depletion in Excess of Cost |  |  | (6,341 | ) |  |  | (1,216 | ) |  |  | (5,672 | )
Domestic Production Activities Deduction |  |  | (5,995 | ) |  |  | (7,615 | ) |  |  | (6,302 | )
Excess Tax Benefit from Stock Compensation |  |  | (4,129 | ) |  |  | — |  |  |  | — |
Meals and Entertainment Disallowance |  |  | 567 |  |  |  | 626 |  |  |  | 629 |
Limitation on Officer's Compensation |  |  | 246 |  |  |  | — |  |  |  | — |
Impact of Tax Cuts and Jobs Act of 2017 |  |  | (61,692 | ) |  |  | — |  |  |  | — |
Other |  |  | 731 |  |  |  | (245 | ) |  |  | 101 |
Provision for Income Taxes |  | $ | 15,330 |  |  | $ | 96,300 |  |  | $ | 66,660 |
Effective Tax Rate |  |  | 6 | % |  |  | 33 | % |  |  | 30 | %
Components of deferred income taxes are as follows:
|  | March 31, |
|  | 2018 |  |  | 2017 |
|  | (dollars in thousands) |
Items Giving Rise to Deferred Tax Liabilities - |  |  |  |  |  |  |  |
Excess Tax Depreciation and Amortization |  | $ | (106,367 | ) |  | $ | (161,204 | )
Depletion |  |  | (11,069 | ) |  |  | (18,638 | )
State Income Taxes, net |  |  | (14,265 | ) |  |  | (11,455 | )
Other |  |  | (5,957 | ) |  |  | (8,515 | )
Total Deferred Tax Liabilities |  | $ | (137,658 | ) |  | $ | (199,812 | )
Items Giving Rise to Deferred Tax Assets - |  |  |  |  |  |  |  |
Change in Accruals |  | $ | 8,965 |  |  | $ | 12,992 |
Inventory |  |  | 4,276 |  |  |  | 1,242 |
Bad Debts |  |  | 1,891 |  |  |  | 3,895 |
Long-term Incentive Compensation Plan |  |  | 4,616 |  |  |  | 8,691 |
Credits and Other Carryforwards |  |  | 12,879 |  |  |  | 13,103 |
Pension |  |  | 1,108 |  |  |  | 4,178 |
Other |  |  | — |  |  |  | 218 |
Subtotal |  |  | 33,735 |  |  |  | 44,319 |
Valuation Allowance |  |  | (15,043 | ) |  |  | (10,531 | )
Total Deferred Tax Assets |  | $ | 18,692 |  |  | $ | 33,788 |
We have state income tax net operating loss (NOL) carryforwards of $1.5 million which will expire on various dates beginning in 2027. We have state income tax investment credits of $14.9 million which may be carried forward indefinitely. 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. There were no uncertain tax positions at March 31, 2018, 2017, and 2016. Tax Cuts and Jobs Act The Tax Cuts and Jobs Act (the Tax Act) reduced the federal corporate tax rate to 21.0% effective January 1, 2018. In accordance with Section 15 of the Internal Revenue Code, we utilized a blended rate of 31.55% for our fiscal 2018 tax year, by applying a prorated percentage of the number of days prior to and subsequent to the January 1, 2018 effective date. On December 22, 2017, the SEC issued Staff Accounting Bulletin (SAB 118), which provides guidance on accounting for tax effects of the Tax Act. SAB 118 provides a measurement period that should not extend beyond one year from the Tax Act enactment date for companies to complete the accounting under ASC 740. In accordance with SAB 118, a company must reflect the income tax effects of those aspects of the Act for which the accounting under ASC 740 is complete. We recorded a provisional benefit for the re-measurement of the deferred tax liabilities of $61.0 million to our income tax expense during the quarter ended December 31, 2017. During the quarter ended March 31, 2018, we updated our estimate of the impact of the Tax Act under ASC 740 and recorded an additional benefit of $0.7 million resulting in a total estimated benefit of $61.7 million for the fiscal 2018 tax year.

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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 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
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