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INCOME TAXES (Tables) | 12 Months Ended
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Mar. 31, 2023
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, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  | (dollars in thousands) |
Current Provision |  |  |  |  |  |  |  |  |
Federal |  | $ | 103,940 |  |  | $ | 87,626 |  |  | $ | 67,913 |
State |  |  | 18,520 |  |  |  | 6,924 |  |  |  | 9,587 |
|  |  | 122,460 |  |  |  | 94,550 |  |  |  | 77,500 |
Deferred Provision (Benefit) |  |  |  |  |  |  |  |  |
Federal |  |  | 11,321 |  |  |  | 3,491 |  |  |  | 7,207 |
State |  |  | (6,728 | ) |  |  | 2,806 |  |  |  | 5,239 |
|  |  | 4,593 |  |  |  | 6,297 |  |  |  | 12,446 |
Provision for Income Taxes |  | $ | 127,053 |  |  | $ | 100,847 |  |  | $ | 89,946 |
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, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  | (dollars in thousands) |
Earnings Before Income Taxes |  | $ | 588,593 |  |  | $ | 475,094 |  |  | $ | 424,112 |
Income Taxes at Statutory Rate |  | $ | 123,605 |  |  | $ | 99,770 |  |  | $ | 89,063 |
Increases (Decreases) in Tax Resulting from |  |  |  |  |  |  |  |  |
State Income Taxes, net |  |  | 16,821 |  |  |  | 12,743 |  |  |  | 11,713 |
Statutory Depletion in Excess of Cost |  |  | (8,253 | ) |  |  | (7,796 | ) |  |  | (5,263 | )
Excess Tax Benefit from Stock Compensation |  |  | (1,593 | ) |  |  | (3,048 | ) |  |  | (3,229 | )
Meals and Entertainment Disallowance |  |  | 484 |  |  |  | 279 |  |  |  | 220 |
Limitation on Officer's Compensation |  |  | 3,009 |  |  |  | 2,568 |  |  |  | 1,503 |
Valuation Allowance |  |  | (7,205 | ) |  |  | (4,556 | ) |  |  | 300 |
Change in Reserves |  |  | — |  |  |  | — |  |  |  | (2,916 | )
Other |  |  | 185 |  |  |  | 887 |  |  |  | (1,445 | )
Provision for Income Taxes |  | $ | 127,053 |  |  | $ | 100,847 |  |  | $ | 89,946 |
Effective Tax Rate |  |  | 22 | % |  |  | 21 | % |  |  | 21 | %
Schedule of Components of Deferred Income Taxes | Components of deferred income taxes are as follows:
|  | March 31, |
|  | 2023 |  |  | 2022 |
|  | (dollars in thousands) |
Items Giving Rise to Deferred Tax Liabilities |  |  |  |  |  |
Excess Tax Depreciation and Amortization |  | $ | (253,541 | ) |  | $ | (242,335 | )
Investment in Joint Venture Basis Differences |  |  | (8,744 | ) |  |  | (7,813 | )
Depletable Assets |  |  | (3,876 | ) |  |  | (3,769 | )
Right-of-Use Assets |  |  | (5,202 | ) |  |  | (5,897 | )
Inventory |  |  | (406 | ) |  |  | (548 | )
Other |  |  | (2,908 | ) |  |  | (3,506 | )
Total Deferred Tax Liabilities |  | $ | (274,677 | ) |  | $ | (263,868 | )
Items Giving Rise to Deferred Tax Assets |  |  |  |  |  |
Change in Accruals |  | $ | 12,886 |  |  | $ | 13,255 |
Bad Debts |  |  | 1,662 |  |  |  | 1,600 |
Long-term Incentive Compensation Plan |  |  | 3,515 |  |  |  | 3,252 |
Credits and Other Carryforwards |  |  | 12,995 |  |  |  | 12,747 |
Lease Liability |  |  | 7,647 |  |  |  | 8,849 |
Pension |  |  | 1,128 |  |  |  | 1,001 |
Subtotal |  |  | 39,833 |  |  |  | 40,704 |
Valuation Allowance |  |  | (2,000 | ) |  |  | (9,205 | )
Total Deferred Tax Assets |  | $ | 37,833 |  |  | $ | 31,499 |
Reconciliation of Consolidated Liability for Gross Unrecognized Tax Benefits | The change in unrecognized tax benefits for the years ended March 31, 2023, 2022, and 2021 was as follows:
|  | For the Years Ended March 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  | (dollars in thousands) |
Balance at Beginning of Year |  | $ | 1,284 |  |  | $ | 1,284 |  |  | $ | 4,200 |
Increase Related to Current Tax Positions |  |  | — |  |  |  | — |  |  |  | 1,284 |
Decrease Related to Current Tax Positions |  |  | — |  |  |  | — |  |  |  | (4,200 | )
Payments |  |  | — |  |  |  | — |  |  |  | — |
|  | $ | 1,284 |  |  | $ | 1,284 |  |  | $ | 1,284 |

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