XML 50 R32.htm IDEA: XBRL DOCUMENT
v3.22.1

INCOME TAXES (Tables) | 12 Months Ended
--- | ---
Mar. 31, 2022
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, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
|  | (dollars in thousands) |
Current Provision (Benefit) |  |  |  |  |  |  |  |  |
Federal |  | $ | 87,626 |  |  | $ | 67,913 |  |  | $ | (91,304 | )
State |  |  | 6,924 |  |  |  | 9,587 |  |  |  | 3,004 |
|  |  | 94,550 |  |  |  | 77,500 |  |  |  | (88,300 | )
Deferred Provision (Benefit) |  |  |  |  |  |  |  |  |
Federal |  |  | 3,491 |  |  |  | 7,207 |  |  |  | 108,467 |
State |  |  | 2,806 |  |  |  | 5,239 |  |  |  | 4,337 |
|  |  | 6,297 |  |  |  | 12,446 |  |  |  | 112,804 |
Provision for Income Taxes |  | $ | 100,847 |  |  | $ | 89,946 |  |  | $ | 24,504 |
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, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
|  | (dollars in thousands) |
Earnings Before Income Taxes |  | $ | 475,094 |  |  | $ | 424,112 |  |  | $ | 255,695 |
Income Taxes at Statutory Rate |  | $ | 99,770 |  |  | $ | 89,063 |  |  | $ | 53,998 |
Increases (Decreases) in Tax Resulting from |  |  |  |  |  |  |  |  |
State Income Taxes, net |  |  | 12,743 |  |  |  | 11,713 |  |  |  | 3,579 |
Statutory Depletion in Excess of Cost |  |  | (7,796 | ) |  |  | (5,263 | ) |  |  | (3,078 | )
Excess Tax Benefit from Stock Compensation |  |  | (3,048 | ) |  |  | (3,229 | ) |  |  | 307 |
Meals and Entertainment Disallowance |  |  | 279 |  |  |  | 220 |  |  |  | 537 |
Limitation on Officer's Compensation |  |  | 2,568 |  |  |  | 1,503 |  |  |  | 1,018 |
Impact of CARES Act of 2020 |  |  | — |  |  |  | — |  |  |  | (35,936 | )
Credits |  |  | — |  |  |  | (400 | ) |  |  | (2,150 | )
Valuation Allowance |  |  | (4,556 | ) |  |  | 300 |  |  |  | 2,212 |
Change in Reserves |  |  | — |  |  |  | (2,916 | ) |  |  | 4,200 |
Other |  |  | 887 |  |  |  | (1,045 | ) |  |  | (183 | )
Provision for Income Taxes |  | $ | 100,847 |  |  | $ | 89,946 |  |  | $ | 24,504 |
Effective Tax Rate |  |  | 21 | % |  |  | 21 | % |  |  | 10 | %
Schedule of Components of Deferred Income Taxes | Components of deferred income taxes are as follows:
|  | March 31, |
|  | 2022 |  |  | 2021 |
|  | (dollars in thousands) |
Items Giving Rise to Deferred Tax Liabilities |  |  |  |  |  |
Excess Tax Depreciation and Amortization |  | $ | (242,335 | ) |  | $ | (242,235 | )
Investment in Joint Venture Basis Differences |  |  | (7,813 | ) |  |  | (3,621 | )
Depletable Assets |  |  | (3,769 | ) |  |  | (6,740 | )
Right-of-Use Assets |  |  | (5,897 | ) |  |  | (6,506 | )
Inventory |  |  | (548 | ) |  |  | — |
Other |  |  | (3,506 | ) |  |  | (2,913 | )
Total Deferred Tax Liabilities |  | $ | (263,868 | ) |  | $ | (262,015 | )
Items Giving Rise to Deferred Tax Assets |  |  |  |  |  |
Change in Accruals |  | $ | 13,255 |  |  | $ | 13,859 |
Inventory |  |  | — |  |  |  | 1,387 |
Bad Debts |  |  | 1,600 |  |  |  | 2,022 |
Long-term Incentive Compensation Plan |  |  | 3,252 |  |  |  | 3,940 |
Credits and Other Carryforwards |  |  | 12,747 |  |  |  | 17,338 |
Lease Liability |  |  | 8,849 |  |  |  | 10,141 |
Pension |  |  | 1,001 |  |  |  | 1,103 |
Subtotal |  |  | 40,704 |  |  |  | 49,790 |
Valuation Allowance |  |  | (9,205 | ) |  |  | (13,761 | )
Total Deferred Tax Assets |  | $ | 31,499 |  |  | $ | 36,029 |
Reconciliation of Consolidated Liability for Gross Unrecognized Tax Benefits | The change in unrecognized tax benefits for the years ended March 31, 2022, 2021, and 2020 was as follows:
|  | For the Years Ended March 31, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
|  | (dollars in thousands) |
Balance at Beginning of Year |  | $ | 1,284 |  |  | $ | 4,200 |  |  | $ | — |
Increase Related to Current Tax Positions |  |  | — |  |  |  | 1,284 |  |  |  | 4,200 |
Decrease Related to Current Tax Positions |  |  | — |  |  |  | (4,200 | ) |  |  | — |
Payments |  |  | — |  |  |  | — |  |  |  | — |
|  | $ | 1,284 |  |  | $ | 1,284 |  |  | $ | 4,200 |

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the change in unrecognized tax benefits. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 55 -Paragraph 217 -URI http://asc.fasb.org/extlink&oid=124434304&loc=d3e36027-109320 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI http://asc.fasb.org/extlink&oid=121826272&loc=SL6600010-109319 + Details
Name: | us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration