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INCOME TAXES (Tables) | 12 Months Ended
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Mar. 31, 2020
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, |
|  | 2020 |  |  | 2019 |  |  | 2018 |
|  | (dollars in thousands) |
Current Provision (Benefit) - |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | (102,080 | ) |  | $ | 32,710 |  |  | $ | 58,695 |
State |  |  | 923 |  |  |  | 6,536 |  |  |  | 5,989 |
|  |  | (101,157 | ) |  |  | 39,246 |  |  |  | 64,684 |
Deferred Provision (Benefit) - |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | 76,255 |  |  |  | (21,039 | ) |  |  | (52,333 | )
State |  |  | (268 | ) |  |  | (7,332 | ) |  |  | 2,979 |
|  |  | 75,987 |  |  |  | (28,371 | ) |  |  | (49,354 | )
Provision (Benefit) for Income Taxes |  | $ | (25,170 | ) |  | $ | 10,875 |  |  | $ | 15,330 |
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, |
|  | 2020 |  |  | 2019 |  |  | 2018 |
|  | (dollars in thousands) |
Earnings Before Income Taxes |  | $ | 45,724 |  |  | $ | 79,735 |  |  | $ | 271,962 |
Income Taxes at Statutory Rate |  | $ | 9,602 |  |  | $ | 16,744 |  |  | $ | 85,804 |
Increases (Decreases) in Tax Resulting from - |  |  |  |  |  |  |  |  |  |  |  |
State Income Taxes, net |  |  | (1,703 | ) |  |  | (629 | ) |  |  | 6,139 |
Statutory Depletion in Excess of Cost |  |  | (3,078 | ) |  |  | (3,834 | ) |  |  | (6,341 | )
Domestic Production Activities Deduction |  |  | — |  |  |  | — |  |  |  | (5,995 | )
Excess Tax Benefit from Stock Compensation |  |  | 307 |  |  |  | (651 | ) |  |  | (4,129 | )
Meals and Entertainment Disallowance |  |  | 537 |  |  |  | 610 |  |  |  | 567 |
Limitation on Officer's Compensation |  |  | 1,018 |  |  |  | 1,434 |  |  |  | 246 |
Impact of Tax Cuts and Jobs Act of 2017 |  |  | — |  |  |  | — |  |  |  | (61,692 | )
Impact of CARES Act of 2020 |  |  | (35,936 | ) |  |  | — |  |  |  | — |
Credits |  |  | (2,150 | ) |  |  | (940 | ) |  |  | — |
Valuation Allowance |  |  | 2,212 |  |  |  | (2,100 | ) |  |  | — |
Unrecognized Tax Benefits |  |  | 4,200 |  |  |  | — |  |  |  | — |
Other |  |  | (179 | ) |  |  | 241 |  |  |  | 731 |
Provision for Income Taxes |  | $ | (25,170 | ) |  | $ | 10,875 |  |  | $ | 15,330 |
Effective Tax Rate |  |  | (55 | )% |  |  | 14 | % |  |  | 6 | %
Schedule of Components of Deferred Income Taxes | Components of deferred income taxes are as follows:
|  | March 31, |
|  | 2020 |  |  | 2019 |
|  | (dollars in thousands) |
Items Giving Rise to Deferred Tax Liabilities - |  |  |  |  |  |  |  |
Excess Tax Depreciation and Amortization |  | $ | (199,096 | ) |  | $ | (108,505 | )
State Income Taxes, net |  |  | (12,225 | ) |  |  | (9,236 | )
Right-of-Use Asset |  |  | (5,441 | ) |  |  | — |
Other |  |  | (5,764 | ) |  |  | (5,628 | )
Total Deferred Tax Liabilities |  | $ | (222,526 | ) |  | $ | (123,369 | )
Items Giving Rise to Deferred Tax Assets - |  |  |  |  |  |  |  |
Change in Accruals |  | $ | 9,373 |  |  | $ | 8,601 |
Depletable Assets |  |  | 12,632 |  |  |  | 8,995 |
Inventory |  |  | 7,217 |  |  |  | 6,046 |
Bad Debts |  |  | 2,642 |  |  |  | 2,169 |
Long-term Incentive Compensation Plan |  |  | 5,590 |  |  |  | 5,154 |
Credits and Other Carryforwards |  |  | 19,861 |  |  |  | 12,289 |
Lease Liability |  |  | 11,384 |  |  |  | — |
Pension |  |  | 937 |  |  |  | 921 |
Subtotal |  |  | 69,636 |  |  |  | 44,175 |
Valuation Allowance |  |  | (13,777 | ) |  |  | (11,565 | )
Total Deferred Tax Assets |  | $ | 55,859 |  |  | $ | 32,610 |
Reconciliation of Consolidated Liability for Gross Unrecognized Tax Benefits | The change in unrecognized tax benefits for the years ended March 31, 2020, 2019, and 2018 was as follows:
|  | For the Years Ended March 31, |
|  | 2020 |  |  | 2019 |  |  | 2018 |
|  | (dollars in thousands) |
Balance at Beginning of Year |  | $ | — |  |  | $ | — |  |  | $ | — |
Increase related to current tax positions |  |  | 4,200 |  |  |  | — |  |  |  | — |
Decrease related to current tax positions |  |  | — |  |  |  | — |  |  |  | — |
Payments |  |  | — |  |  |  | — |  |  |  | — |
|  | $ | 4,200 |  |  | $ | — |  |  | $ | — |

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