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INCOME TAXES (Tables)

12 Months Ended

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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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.

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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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Tabular disclosure of the change in unrecognized tax benefits.

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