XML 36 R20.htm IDEA: XBRL DOCUMENT
v3.25.1

INCOME TAXES | 12 Months Ended
--- | ---
Mar. 31, 2025
Income Tax Disclosure [Abstract] |
INCOME TAXES | (I) Income Taxes The provision for income taxes from continuing operations includes the following components:
|  | For the Years Ended March 31, |  |
|  | 2025 |  |  |  | 2024 |  |  |  | 2023 |  |
|  | (dollars in thousands) |  |
Current Provision |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ |  | 114,606 |  |  |  | $ |  | 111,690 |  |  |  | $ |  | 103,940 |  |
State |  |  |  | 18,411 |  |  |  |  |  | 20,689 |  |  |  |  |  | 18,520 |  |
|  |  |  | 133,017 |  |  |  |  |  | 132,379 |  |  |  |  |  | 122,460 |  |
Deferred Provision (Benefit) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  |  | (5,117 | ) |  |  |  |  | 5,607 |  |  |  |  |  | 11,321 |  |
State |  |  |  | 169 |  |  |  |  |  | 2,312 |  |  |  |  |  | (6,728 | ) |
|  |  |  | (4,948 | ) |  |  |  |  | 7,919 |  |  |  |  |  | 4,593 |  |
Provision for Income Taxes |  | $ |  | 128,069 |  |  |  | $ |  | 140,298 |  |  |  | $ |  | 127,053 |  |
The effective tax rates vary from the federal statutory rates due to the following items:
|  | For the Years Ended March 31, |  |
|  | 2025 |  |  |  | 2024 |  |  |  | 2023 |  |
|  | (dollars in thousands) |  |
Earnings Before Income Taxes |  | $ |  | 591,485 |  |  |  | $ |  | 617,937 |  |  |  | $ |  | 588,593 |  |
Income Taxes at Statutory Rate |  | $ |  | 124,212 |  |  |  | $ |  | 129,766 |  |  |  | $ |  | 123,605 |  |
Increases (Decreases) in Tax Resulting From |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
State Income Taxes, net |  |  |  | 14,680 |  |  |  |  |  | 18,172 |  |  |  |  |  | 16,821 |  |
Statutory Depletion in Excess of Cost |  |  |  | (9,927 | ) |  |  |  |  | (9,883 | ) |  |  |  |  | (8,253 | ) |
Excess Tax Benefit from Stock Compensation |  |  |  | (3,951 | ) |  |  |  |  | (5,417 | ) |  |  |  |  | (1,593 | ) |
Meals and Entertainment Disallowance |  |  |  | 478 |  |  |  |  |  | 524 |  |  |  |  |  | 484 |  |
Limitation on Officers' Compensation |  |  |  | 4,843 |  |  |  |  |  | 6,513 |  |  |  |  |  | 3,009 |  |
Valuation Allowance |  |  |  | 500 |  |  |  |  |  | 500 |  |  |  |  |  | (7,205 | ) |
Other |  |  |  | (2,766 | ) |  |  |  |  | 123 |  |  |  |  |  | 185 |  |
Provision for Income Taxes |  | $ |  | 128,069 |  |  |  | $ |  | 140,298 |  |  |  | $ |  | 127,053 |  |
Effective Tax Rate |  |  |  | 22 | % |  |  |  |  | 23 | % |  |  |  |  | 22 | % |
Components of deferred income taxes are as follows:
|  | For the Years Ended March 31, |  |
|  | 2025 |  |  |  | 2024 |  |
|  | (dollars in thousands) |  |
Items Giving Rise to Deferred Tax Liabilities |  |  |  |  |  |  |  |  |  |
Excess Tax Depreciation and Amortization |  | $ |  | (256,999 | ) |  |  | $ |  | (260,577 | ) |
Depletable Assets |  |  |  | (4,455 | ) |  |  |  |  | (4,294 | ) |
Investment in Joint Venture Basis Differences |  |  |  | (6,436 | ) |  |  |  |  | (7,710 | ) |
Right-of-Use Assets |  |  |  | (7,996 | ) |  |  |  |  | (4,774 | ) |
Inventory |  |  |  | (1,276 | ) |  |  |  |  | — |  |
Other |  |  |  | — |  |  |  |  |  | (2,956 | ) |
Total Deferred Tax Liabilities |  | $ |  | (277,162 | ) |  |  | $ |  | (280,311 | ) |
Items Giving Rise to Deferred Tax Assets |  |  |  |  |  |  |  |  |  |
Change in Accruals |  | $ |  | 12,866 |  |  |  | $ |  | 13,313 |  |
Bad Debts |  |  |  | 1,551 |  |  |  |  |  | 1,621 |  |
Long-term Incentive Compensation Plan |  |  |  | 4,609 |  |  |  |  |  | 3,622 |  |
Credits and Other Carryforwards |  |  |  | 9,905 |  |  |  |  |  | 11,466 |  |
Lease Liability |  |  |  | 9,303 |  |  |  |  |  | 6,598 |  |
Inventory |  |  |  | — |  |  |  |  |  | 307 |  |
Pension |  |  |  | 984 |  |  |  |  |  | 1,087 |  |
Other |  |  |  | 1,002 |  |  |  |  |  | — |  |
Subtotal |  |  |  | 40,220 |  |  |  |  |  | 38,014 |  |
Valuation Allowance |  |  |  | (3,000 | ) |  |  |  |  | (2,500 | ) |
Total Deferred Tax Assets |  | $ |  | 37,220 |  |  |  | $ |  | 35,514 |  |
We record Deferred Tax Assets and Liabilities based upon estimates of their realizable value with such estimates based upon likely future tax consequences. In assessing the need for a Valuation Allowance, we consider both positive and negative evidence related to the likelihood of realization of the Deferred Tax Assets. If, based on the weight of available evidence, it is more likely than not that a Deferred Tax Asset will not be realized, we record a Valuation Allowance. We had state net operating loss carryforwards of $1.6 million at both March 31, 2025 and 2024, net of Valuation Allowances. We had state income tax credit carryforward deferred tax assets of $8.3 million at March 31, 2025, and $9.9 million at March 31, 2023, net of Valuation Allowances. The state income tax credits may be carried forward indefinitely. We file income tax returns in U.S. federal and various state jurisdictions. The Company is currently subject to U.S. federal income tax examinations for the year ended March 31, 2022, and forward. Uncertain Tax Positions We are subject to audit examinations at federal, state, and local levels by tax authorities in those jurisdictions who may challenge the treatment or reporting of any return item. The tax matters challenged by the tax authorities are typically complex; therefore, the ultimate outcome of these challenges is subject to uncertainty. We review and assess all tax positions subject to uncertainty on a more-likely-than-not standard with respect to the ultimate outcome if challenged. We measure and record tax benefit or expense only when the more-likely-than-not threshold is met. The changes in unrecognized tax benefits for the years ended March 31, 2025, 2024, and 2023 were as follows:
|  | For the Years Ended March 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
|  | (dollars in thousands) |
Balance at Beginning of Year |  | $ | 1,284 |  |  | $ | 1,284 |  |  | $ | 1,284 |
Increase Related to Current Tax Positions |  |  | — |  |  |  | — |  |  |  | — |
Decrease Related to Prior Year Tax Positions |  |  | (1,284 | ) |  |  | — |  |  |  | — |
Payments |  |  | — |  |  |  | — |  |  |  | — |
|  | $ | — |  |  | $ | 1,284 |  |  | $ | 1,284 |
We classify interest and penalties related to uncertain tax positions as current income tax expense. We recorded no interest and penalties for each of the fiscal years ended March 31, 2025, 2024, and 2023.

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 The entire disclosure for income tax. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 270 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477891/740-270-50-1 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 6.I.5.Q1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480990/946-20-50-13 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/740/tableOfContent Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-14 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-21 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 17 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-17 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482603/740-30-50-2 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration