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INCOME TAXES (Tables) | 12 Months Ended
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Mar. 31, 2021
Income Tax Disclosure [Abstract] |
Schedule of Components of Provision for Income Taxes | The provision for income taxes from continuing operations includes the following components:
|  | For the Years Ended March 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
|  | (dollars in thousands) |
Current Provision (Benefit) - |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 67,913 |  |  | $ | (91,304 | ) |  | $ | 53,570 |
State |  |  | 9,587 |  |  |  | 3,004 |  |  |  | 9,414 |
|  |  | 77,500 |  |  |  | (88,300 | ) |  |  | 62,984 |
Deferred Provision (Benefit) - |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | 7,207 |  |  |  | 108,467 |  |  |  | (726 | )
State |  |  | 5,239 |  |  |  | 4,337 |  |  |  | (1,986 | )
|  |  | 12,446 |  |  |  | 112,804 |  |  |  | (2,712 | )
Provision for Income Taxes |  | $ | 89,946 |  |  | $ | 24,504 |  |  | $ | 60,272 |
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, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
|  | (dollars in thousands) |
Earnings Before Income Taxes |  | $ | 424,112 |  |  | $ | 255,695 |  |  | $ | 283,778 |
Income Taxes at Statutory Rate |  | $ | 89,063 |  |  | $ | 53,998 |  |  | $ | 59,690 |
Increases (Decreases) in Tax Resulting from - |  |  |  |  |  |  |  |  |  |  |  |
State Income Taxes, net |  |  | 11,713 |  |  |  | 3,579 |  |  |  | 5,868 |
Statutory Depletion in Excess of Cost |  |  | (5,263 | ) |  |  | (3,078 | ) |  |  | (3,834 | )
Excess Tax Benefit from Stock Compensation |  |  | (3,229 | ) |  |  | 307 |  |  |  | (651 | )
Meals and Entertainment Disallowance |  |  | 220 |  |  |  | 537 |  |  |  | 610 |
Limitation on Officers’ Compensation |  |  | 1,503 |  |  |  | 1,018 |  |  |  | 1,434 |
Impact of CARES Act of 2020 |  |  | — |  |  |  | (35,936 | ) |  |  | — |
Credits |  |  | (400 | ) |  |  | (2,150 | ) |  |  | (940 | )
Valuation Allowance |  |  | 300 |  |  |  | 2,212 |  |  |  | (2,100 | )
Change in Reserves |  |  | (2,916 | ) |  |  | 4,200 |  |  |  | — |
Other |  |  | (1,045 | ) |  |  | (183 | ) |  |  | 195 |
Provision for Income Taxes |  | $ | 89,946 |  |  | $ | 24,504 |  |  | $ | 60,272 |
Effective Tax Rate |  |  | 21 | % |  |  | 10 | % |  |  | 21 | %
Schedule of Components of Deferred Income Taxes | Components of deferred income taxes are as follows:
|  | March 31, |
|  | 2021 |  |  | 2020 |
|  | (dollars in thousands) |
Items Giving Rise to Deferred Tax Liabilities - |  |  |  |  |  |  |  |
Excess Tax Depreciation and Amortization |  | $ | (220,269 | ) |  | $ | (199,096 | )
State Income Taxes, net |  |  | (21,923 | ) |  |  | (12,225 | )
Depletable Assets |  |  | (3,540 | ) |  |  | — |
Right-of-Use Assets |  |  | (6,271 | ) |  |  | (5,441 | )
Other |  |  | (6,332 | ) |  |  | (5,764 | )
Total Deferred Tax Liabilities |  | $ | (258,335 | ) |  | $ | (222,526 | )
Items Giving Rise to Deferred Tax Assets - |  |  |  |  |  |  |  |
Change in Accruals |  | $ | 12,046 |  |  | $ | 9,373 |
Depletable Assets |  |  | — |  |  |  | 12,632 |
Inventory |  |  | 1,243 |  |  |  | 7,217 |
Bad Debts |  |  | 1,812 |  |  |  | 2,642 |
Long-term Incentive Compensation Plan |  |  | 3,396 |  |  |  | 5,590 |
Credits and Other Carryforwards |  |  | 17,338 |  |  |  | 19,861 |
Lease Liability |  |  | 9,369 |  |  |  | 11,384 |
Pension |  |  | 906 |  |  |  | 937 |
Subtotal |  |  | 46,110 |  |  |  | 69,636 |
Valuation Allowance |  |  | (13,761 | ) |  |  | (13,777 | )
Total Deferred Tax Assets |  | $ | 32,349 |  |  | $ | 55,859 |
Reconciliation of Consolidated Liability for Gross Unrecognized Tax Benefits | The change in unrecognized tax benefits for the years ended March 31, 2021, 2020, and 2019 was as follows:
|  | For the Years Ended March 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
|  | (dollars in thousands) |
Balance at Beginning of Year |  | $ | 4,200 |  |  | $ | — |  |  | $ | — |
Increase Related to Current Tax Positions |  |  | 1,284 |  |  |  | 4,200 |  |  |  | — |
Decrease Related to Current Tax Positions |  |  | (4,200 | ) |  |  | — |  |  |  | — |
Payments |  |  | — |  |  |  | — |  |  |  | — |
|  | $ | 1,284 |  |  | $ | 4,200 |  |  | $ | — |

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