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INCOME TAXES | 12 Months Ended
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Mar. 31, 2019
Income Tax Disclosure [Abstract] |
INCOME TAXES | (G) Income Taxes The provision for income taxes includes the following components:
|  | For the Years Ended March 31, |
|  | 2019 |  |  | 2018 |  |  | 2017 |
|  | (dollars in thousands) |
Current Provision (Benefit) - |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 32,710 |  |  | $ | 58,695 |  |  | $ | 86,459 |
State |  |  | 6,536 |  |  |  | 5,989 |  |  |  | 7,638 |
|  |  | 39,246 |  |  |  | 64,684 |  |  |  | 94,097 |
Deferred Provision (Benefit) - |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | (21,039 | ) |  |  | (52,333 | ) |  |  | 7,274 |
State |  |  | (7,332 | ) |  |  | 2,979 |  |  |  | (5,071 | )
|  |  | (28,371 | ) |  |  | (49,354 | ) |  |  | 2,203 |
Provision for Income Taxes |  | $ | 10,875 |  |  | $ | 15,330 |  |  | $ | 96,300 |
The effective tax rates vary from the federal statutory rates due to the following items:
|  | For the Years Ended March 31, |
|  | 2019 |  |  | 2018 |  |  | 2017 |
|  | (dollars in thousands) |
Earnings Before Income Taxes |  | $ | 79,735 |  |  | $ | 271,962 |  |  | $ | 294,519 |
Income Taxes at Statutory Rate |  | $ | 16,744 |  |  | $ | 85,804 |  |  | $ | 103,082 |
Increases (Decreases) in Tax Resulting from - |  |  |  |  |  |  |  |  |  |  |  |
State Income Taxes, net |  |  | (629 | ) |  |  | 6,139 |  |  |  | 1,668 |
Statutory Depletion in Excess of Cost |  |  | (3,834 | ) |  |  | (6,341 | ) |  |  | (1,216 | )
Domestic Production Activities Deduction |  |  | — |  |  |  | (5,995 | ) |  |  | (7,615 | )
Excess Tax Benefit from Stock Compensation |  |  | (651 | ) |  |  | (4,129 | ) |  |  | — |
Meals and Entertainment Disallowance |  |  | 610 |  |  |  | 567 |  |  |  | 626 |
Limitation on Officer's Compensation |  |  | 1,434 |  |  |  | 246 |  |  |  | — |
Impact of Tax Cuts and Jobs Act of 2017 |  |  | — |  |  |  | (61,692 | ) |  |  | — |
Credits |  |  | (940 | ) |  |  | — |  |  |  | — |
Valuation Allowance |  |  | (2,100 | ) |  |  | — |  |  |  | — |
Other |  |  | 241 |  |  |  | 731 |  |  |  | (245 | )
Provision for Income Taxes |  | $ | 10,875 |  |  | $ | 15,330 |  |  | $ | 96,300 |
Effective Tax Rate |  |  | 14 | % |  |  | 6 | % |  |  | 33 | %
Components of deferred income taxes are as follows:
|  | March 31, |
|  | 2019 |  |  | 2018 |
|  | (dollars in thousands) |
Items Giving Rise to Deferred Tax Liabilities - |  |  |  |  |  |  |  |
Excess Tax Depreciation and Amortization |  | $ | (108,505 | ) |  | $ | (106,367 | )
Depletion |  |  | — |  |  |  | (11,069 | )
State Income Taxes, net |  |  | (9,236 | ) |  |  | (14,265 | )
Other |  |  | (5,628 | ) |  |  | (5,957 | )
Total Deferred Tax Liabilities |  | $ | (123,369 | ) |  | $ | (137,658 | )
Items Giving Rise to Deferred Tax Assets - |  |  |  |  |  |  |  |
Change in Accruals |  | $ | 8,601 |  |  | $ | 8,965 |
Depletable Assets |  |  | 8,995 |  |  |  | — |
Inventory |  |  | 6,046 |  |  |  | 4,276 |
Bad Debts |  |  | 2,169 |  |  |  | 1,891 |
Long-term Incentive Compensation Plan |  |  | 5,154 |  |  |  | 4,616 |
Credits and Other Carryforwards |  |  | 12,289 |  |  |  | 12,879 |
Pension |  |  | 921 |  |  |  | 1,108 |
Subtotal |  |  | 44,175 |  |  |  | 33,735 |
Valuation Allowance |  |  | (11,565 | ) |  |  | (15,043 | )
Total Deferred Tax Assets |  | $ | 32,610 |  |  | $ | 18,692 |
We record Deferred Tax assets and Liabilities based upon estimates of their realizable value with such estimates based upon likely future tax consequences. In assessing the need for a valuation allowance, we consider both positive and negative evidence related to the likelihood of realization of the Deferred Tax Assets. If, based on the weight of available evidence, it is more likely than not that a Deferred Tax Asset will not be realized, we record a valuation allowance. We have state income tax investment credits of $2.0 million, net of Valuation Allowances. The state investment credits may be carried forward indefinitely. During fiscal 2019, we recorded a decrease in the valuation allowance against our Deferred Tax Assets of $2.1 million. This decrease relates to changes in estimates of the realizability of certain deferred tax assets related to the long-term incentive compensation plan. Uncertain tax positions 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, 2019, 2018, and 2017. Tax Cuts and Jobs Act The Tax Cuts and Jobs Act (the Act) was enacted on December 22, 2017. The Act, among other changes, reduces the U.S. federal corporate tax rate from 35% to 21%, allows for the immediate 100% deductibility of certain capital expenditures, repeals the domestic production deduction, and further limits the deductibility of certain executive compensation. In December 2017, we recorded a tax benefit of $61.0 million related to the change in corporate tax rates that reduced our deferred tax liabilities after the initial assessment of the tax effects of the Act. In the quarter ended December 31, 2018, we finalized our accounting for the Act with no material changes from our provisional calculations.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
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