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INCOME TAXES (Tables)

12 Months Ended

Mar. 31, 2019

Income Tax Disclosure [Abstract]

Schedule of Components of Provision for 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

Schedule of Effective Tax Rates Vary from Federal Statutory Rates

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	%

Schedule of Components of Deferred Income Taxes

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

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

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-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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