Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Dec. 31, 2019 | Jan. 26, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2019 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | EAGLE MATERIALS INC. | |
Entity Central Index Key | 0000918646 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Current Fiscal Year End Date | --03-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 41,643,970 | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Title of 12(b) Security | Common Stock (par value $.01 per share) | |
Trading Symbol | EXP | |
Security Exchange Name | NYSE | |
Entity File Number | 1-12984 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 75-2520779 | |
Entity Address, Address Line One | 5960 Berkshire Lane | |
Entity Address, Address Line Two | Suite 900 | |
Entity Address, City or Town | Dallas | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 75225 | |
City Area Code | 214 | |
Local Phone Number | 432-2000 | |
Document Quarterly Report | true | |
Document Transition Report | false |
Consolidated Statements of Earn
Consolidated Statements of Earnings (Loss) (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement [Abstract] | ||||
Revenue | $ 350,249 | $ 333,285 | $ 1,135,372 | $ 1,108,540 |
Cost of Goods Sold | 262,735 | 252,864 | 868,023 | 838,554 |
Gross Profit | 87,514 | 80,421 | 267,349 | 269,986 |
Equity in Earnings of Unconsolidated Joint Venture | 10,700 | 9,507 | 32,489 | 28,931 |
Corporate General and Administrative Expense | (13,794) | (9,408) | (48,506) | (27,333) |
Impairment Losses | (224,267) | (224,267) | ||
Litigation Settlements and Losses | (1,800) | |||
Other Non-Operating Income | 825 | 1,292 | 1,967 | 2,291 |
Interest Expense, Net | (9,543) | (7,294) | (28,526) | (20,743) |
Earnings (Loss) before Income Taxes | (148,565) | 74,518 | 506 | 251,332 |
Income Tax Benefit (Expense) | 33,933 | (16,803) | (2,041) | (54,675) |
Net Earnings (Loss) | $ (114,632) | $ 57,715 | $ (1,535) | $ 196,657 |
EARNINGS (LOSS) PER SHARE | ||||
Basic | $ (2.77) | $ 1.25 | $ (0.04) | $ 4.18 |
Diluted | $ (2.77) | $ 1.24 | $ (0.04) | $ 4.15 |
AVERAGE SHARES OUTSTANDING | ||||
Basic | 41,314,289 | 46,275,198 | 42,246,329 | 47,059,408 |
Diluted | 41,314,289 | 46,495,994 | 42,246,329 | 47,403,271 |
CASH DIVIDENDS PER SHARE | $ 0.10 | $ 0.10 | $ 0.30 | $ 0.30 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Earnings (Loss) (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net Earnings (Loss) | $ (114,632) | $ 57,715 | $ (1,535) | $ 196,657 |
Net Actuarial Change in Defined Benefit Plans: | ||||
Amortization of net actuarial loss | 43 | 73 | 131 | 219 |
Tax expense | (10) | (17) | (30) | (51) |
Comprehensive Earnings (Loss) | $ (114,599) | $ 57,771 | $ (1,434) | $ 196,825 |
Consolidated Balance Sheets (un
Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands | Dec. 31, 2019 | Mar. 31, 2019 |
Current Assets - | ||
Cash and Cash Equivalents | $ 126,255 | $ 8,601 |
Accounts and Notes Receivable, net | 140,283 | 128,722 |
Inventories | 234,264 | 275,194 |
Income Tax Receivable | 5,480 | |
Prepaid and Other Assets | 6,997 | 9,624 |
Total Current Assets | 507,799 | 427,621 |
Property, Plant, and Equipment, net | 1,269,733 | 1,426,939 |
Notes Receivable | 9,192 | 2,898 |
Investment in Joint Venture | 71,862 | 64,873 |
Operating Lease Right-of-Use Assets | 29,346 | |
Goodwill and Intangible Assets, net | 230,099 | 229,115 |
Other Assets | 12,194 | 17,717 |
Total Assets | 2,130,225 | 2,169,163 |
Current Liabilities - | ||
Accounts Payable | 65,035 | 80,884 |
Accrued Liabilities | 67,670 | 61,949 |
Income Taxes Payable | 20,020 | |
Operating Lease Liabilities | 10,601 | |
Current Portion of Long-term Debt | 36,500 | |
Total Current Liabilities | 163,326 | 179,333 |
Long-term Debt | 930,594 | 655,092 |
Noncurrent Operating Lease Liabilities | 51,939 | |
Other Long-term Liabilities | 36,648 | 34,492 |
Deferred Income Taxes | 50,391 | 90,759 |
Total Liabilities | 1,232,898 | 959,676 |
Stockholders’ Equity – | ||
Preferred Stock, Par Value $0.01; Authorized 5,000,000 Shares; None Issued | ||
Common Stock, Par Value $0.01; Authorized 100,000,000 Shares; Issued and Outstanding 41,643,970 and 45,117,393 Shares, respectively | 416 | 451 |
Capital in Excess of Par Value | 8,325 | |
Accumulated Other Comprehensive Losses | (3,215) | (3,316) |
Retained Earnings | 891,801 | 1,212,352 |
Total Stockholders’ Equity | 897,327 | 1,209,487 |
Liabilities and Stockholders' Equity, Total | $ 2,130,225 | $ 2,169,163 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (unaudited) (Parenthetical) - $ / shares | Dec. 31, 2019 | Mar. 31, 2019 |
Statement Of Financial Position [Abstract] | ||
Preferred Stock, Par Value | $ 0.01 | $ 0.01 |
Preferred Stock, Authorized | 5,000,000 | 5,000,000 |
Preferred Stock, Issued | 0 | 0 |
Common Stock, Par Value | $ 0.01 | $ 0.01 |
Common Stock, Authorized | 100,000,000 | 100,000,000 |
Common Stock, Issued | 41,643,970 | 45,117,393 |
Common Stock, Outstanding | 41,643,970 | 45,117,393 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net Earnings (Loss) | $ (1,535) | $ 196,657 |
Adjustments to Reconcile Net Earnings (Loss) to Net Cash Provided by Operating Activities, Net of Effect of Non-Cash Activity - | ||
Depreciation, Depletion, and Amortization | 84,944 | 91,961 |
Impairment Losses | 224,267 | |
Deferred Income Tax Provision | (40,396) | 14,552 |
Stock Compensation Expense | 16,407 | 11,609 |
Equity in Earnings of Unconsolidated Joint Venture | (32,489) | (28,931) |
Distributions from Joint Venture | 25,500 | 27,500 |
Changes in Operating Assets and Liabilities: | ||
Accounts and Notes Receivable | (12,171) | 4,905 |
Inventories | 36,595 | 6,899 |
Accounts Payable and Accrued Liabilities | (10,006) | (34,964) |
Other Assets | 4,003 | (1,524) |
Income Taxes Payable (Receivable) | 25,500 | 5,436 |
Net Cash Provided by Operating Activities | 320,619 | 294,100 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Additions to Property, Plant, and Equipment | (84,056) | (126,446) |
Acquisition Spending | (30,424) | |
Proceeds from Sale of Property, Plant, and Equipment | 2,281 | |
Net Cash Used in Investing Activities | (114,480) | (124,165) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Increase in Credit Facility | 275,000 | 5,000 |
Repayment of Private Placement Senior Unsecured Notes | (36,500) | |
Dividends Paid to Stockholders | (13,131) | (14,293) |
Purchase and Retirement of Common Stock | (313,887) | (191,800) |
Proceeds from Stock Option Exercises | 2,996 | 1,992 |
Shares Redeemed to Settle Employee Taxes on Stock Compensation | (2,963) | (1,842) |
Net Cash Used in Financing Activities | (88,485) | (200,943) |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 117,654 | (31,008) |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD | 8,601 | 48,068 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ 126,255 | $ 17,060 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (unaudited) - USD ($) $ in Thousands | Total | Common Stock [Member] | Capital in Excess of Par Value [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Losses [Member] |
Beginning balance at Mar. 31, 2018 | $ 1,417,690 | $ 483 | $ 122,379 | $ 1,298,840 | $ (4,012) |
Net Earnings (Loss) | 66,339 | 66,339 | |||
Stock Option Exercises and Restricted Share Vesting | 1,992 | 1,992 | |||
Purchase and Retirement of Common Stock | (52,344) | (5) | (52,339) | ||
Dividends to Stockholders | (4,791) | (4,791) | |||
Stock Compensation Expense | 3,493 | 1 | 3,492 | ||
Shares Redeemed to Settle Employee Taxes | (956) | (956) | |||
Unfunded Pension Liability, net of tax | 56 | 56 | |||
Ending Balance at Jun. 30, 2018 | 1,431,479 | 479 | 74,568 | 1,360,388 | (3,956) |
Beginning balance at Mar. 31, 2018 | 1,417,690 | 483 | 122,379 | 1,298,840 | (4,012) |
Net Earnings (Loss) | 196,657 | ||||
Ending Balance at Dec. 31, 2018 | 1,420,337 | 462 | 1,423,719 | (3,844) | |
Beginning balance at Jun. 30, 2018 | 1,431,479 | 479 | 74,568 | 1,360,388 | (3,956) |
Net Earnings (Loss) | 72,603 | 72,603 | |||
Purchase and Retirement of Common Stock | (70,060) | (7) | (70,053) | ||
Dividends to Stockholders | (4,712) | (4,712) | |||
Stock Compensation Expense | 4,066 | 4,066 | |||
Shares Redeemed to Settle Employee Taxes | (829) | (829) | |||
Unfunded Pension Liability, net of tax | 56 | 56 | |||
Ending Balance at Sep. 30, 2018 | 1,432,603 | 472 | 7,752 | 1,428,279 | (3,900) |
Net Earnings (Loss) | 57,715 | 57,715 | |||
Purchase and Retirement of Common Stock | (69,396) | (10) | (11,745) | (57,641) | |
Dividends to Stockholders | (4,634) | (4,634) | |||
Stock Compensation Expense | 4,050 | 4,050 | |||
Shares Redeemed to Settle Employee Taxes | (57) | (57) | |||
Unfunded Pension Liability, net of tax | 56 | 56 | |||
Ending Balance at Dec. 31, 2018 | 1,420,337 | 462 | 1,423,719 | (3,844) | |
Beginning balance at Mar. 31, 2019 | 1,209,487 | 451 | 1,212,352 | (3,316) | |
Net Earnings (Loss) | 41,304 | 41,304 | |||
Stock Option Exercises and Restricted Share Vesting | 396 | 396 | |||
Purchase and Retirement of Common Stock | (198,355) | (23) | (7,748) | (190,584) | |
Dividends to Stockholders | (4,316) | (4,316) | |||
Stock Compensation Expense | 8,219 | 1 | 8,218 | ||
Shares Redeemed to Settle Employee Taxes | (866) | (866) | |||
Cumulative Effect of Change in Accounting for Leases | (636) | (636) | |||
Unfunded Pension Liability, net of tax | 33 | 33 | |||
Ending Balance at Jun. 30, 2019 | 1,055,266 | 429 | 1,058,120 | (3,283) | |
Beginning balance at Mar. 31, 2019 | 1,209,487 | 451 | 1,212,352 | (3,316) | |
Net Earnings (Loss) | (1,535) | ||||
Ending Balance at Dec. 31, 2019 | 897,327 | 416 | 8,325 | 891,801 | (3,215) |
Beginning balance at Jun. 30, 2019 | 1,055,266 | 429 | 1,058,120 | (3,283) | |
Net Earnings (Loss) | 71,793 | 71,793 | |||
Stock Option Exercises and Restricted Share Vesting | 1,371 | 1,371 | |||
Purchase and Retirement of Common Stock | (115,532) | (13) | (366) | (115,153) | |
Dividends to Stockholders | (4,163) | (4,163) | |||
Stock Compensation Expense | 3,918 | 3,918 | |||
Shares Redeemed to Settle Employee Taxes | (1,933) | (1,933) | |||
Unfunded Pension Liability, net of tax | 35 | 35 | |||
Ending Balance at Sep. 30, 2019 | 1,010,755 | 416 | 2,990 | 1,010,597 | (3,248) |
Net Earnings (Loss) | (114,632) | (114,632) | |||
Stock Option Exercises and Restricted Share Vesting | 1,229 | 1,229 | |||
Dividends to Stockholders | (4,164) | (4,164) | |||
Stock Compensation Expense | 4,270 | 4,270 | |||
Shares Redeemed to Settle Employee Taxes | (164) | (164) | |||
Unfunded Pension Liability, net of tax | 33 | 33 | |||
Ending Balance at Dec. 31, 2019 | $ 897,327 | $ 416 | $ 8,325 | $ 891,801 | $ (3,215) |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 9 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION | (A) BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements as of and for the three- and nine-month periods ended December 31, 2019 include the accounts of Eagle Materials Inc. and its majority-owned subsidiaries (collectively, the Company, us, or we) and have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on May 23, 2019. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although we believe that the disclosures are adequate to make the information presented not misleading. In our opinion, all adjustments (consisting solely of normal recurring adjustments) necessary to present fairly the information in the following unaudited consolidated financial statements of the Company have been included. The results of operations for interim periods are not necessarily indicative of the results for the full year. The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Recent Accounting Pronouncements RECENTLY ADOPTED In February 2016, the Financial Accounting Standards Board (FASB) issued ASU 2016-02, “Leases,” which supersedes existing lease guidance to require lessees to recognize assets and liabilities on the balance sheet for the rights and obligations created by long-term leases and to disclose additional quantitative and qualitative information about leasing arrangements. We adopted the standard on April 1, 2019 using the modified retrospective approach. We also elected the package of practical expedients permitted under the transition guidance which, among other things, allowed us to maintain the historic lease classification for leases in effect at the date of adoption, and to not separate lease components from nonlease components for all leases in effect at the date of adoption. Upon adoption, we recorded a right-of-use asset of approximately $66.7 million, and operating lease liabilities of approximately $71.1 million . See Footnote (J) for more information PENDING ADOPTION In June 2016, the FASB issued an update on the measurement of credit losses on financial instruments, which requires entities to use a forward-looking approach based on expected losses rather than the current model of incurred losses to estimate credit losses on certain types of financial instruments, including Accounts and Notes Receivable. The application of the forward-looking model may result in earlier recognition of allowances for losses than the current method. This guidance becomes effective for us on April 1, 2020, with early adoption permitted. We are currently assessing the impact of the new standard, but we do not expect the adoption will have a material effect on our consolidated financial statements and disclosures. |
ACQUISITION
ACQUISITION | 9 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
ACQUISITION | (B) ACQUISITION S On August 2, 2019, we acquired the assets of a readymix concrete and aggregates business (the ConAgg Acquisition). The purchase price (Purchase Price) of the ConAgg Acquisition was approximately $30.4 million. The purchase price allocation has not yet been finalized. The Purchase Price and expenses incurred in connection with the ConAgg Acquisition were funded through operating cash flows and borrowings under our bank credit facility. Operations related to the ConAgg Acquisition are included in the Concrete and Aggregates business in our segment reporting from August 2, 2019 through December 31, 2019. Pending Acquisition On November 25, 2019, we entered into an agreement (the Kosmos Acquisition) with Kosmos Cement Company (a joint venture between CEMEX S.A.B. de C.V. and Buzzi Unicem S.p.A.) (Kosmos) to purchase (i) a cement plant located in Louisville, Kentucky, (ii) a limestone quarry located in Battletown, Kentucky, (iii) cement distribution terminals located in Indianapolis, Indiana; Cincinnati, Ohio; Pittsburgh, Pennsylvania; Charleston, West Virginia; Ceredo, West Virginia; Mt. Vernon, Indiana; and Lexington, Kentucky, and (iv) certain other properties and assets used by Kosmos in connection with the foregoing (collectively, the Kosmos Business). We will assume certain liabilities and obligations of Kosmos relating to the Kosmos Business, including contractual obligations, reclamation obligations, and various other liabilities and obligations arising out of or relating to the Kosmos Business after the closing of the transaction. The purchase price (Kosmos Purchase Price) to be paid in the transaction is $665 million in cash, subject to a customary post-closing inventory adjustment. We expect to fund the Purchase Price and expenses incurred in connection with the transaction through a combination of cash on hand and a syndicated term loan facility. The transaction is expected to close in the fourth quarter of fiscal 2020 following the satisfaction of customary closing conditions. The Kosmos Business will be included in the Cement business in our segment reporting. |
IMPAIRMENT OF LONG-LIVED ASSETS
IMPAIRMENT OF LONG-LIVED ASSETS | 9 Months Ended |
Dec. 31, 2019 | |
Impairment Of Long Lived Assets Disclosure [Abstract] | |
IMPAIRMENT OF LONG-LIVED ASSETS | (C) IMPAIRMENT OF LONG-LIVED ASSETS We assess our long-lived assets, including mining and related assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset, or group of assets, may not be recoverable. We evaluate long-lived assets or groups of assets, for impairment at the lowest level for which cash flows are largely independent of the cash flows of other assets. When impairment indicators are identified, we first assess recoverability of assets, or group of assets, by comparing the carrying amount of an asset, or group of assets, to the future undiscounted net cash flows that we expect the asset, or group of assets, to generate. These impairment evaluations are significantly affected by estimates of future revenue, costs and expenses and other factors. If the carrying value of the assets or group of assets exceeds the undiscounted cash flows, then an impairment is indicated. If such assets or group of assets are considered to be impaired, the impairment is recognized as the amount by which the carrying amount of the asset, or group of assets, exceeds the fair value of the asset, or group of assets. During the second half of calendar year 2019, our Oil and Gas Proppants financial results have been negatively affected by a combination of low demand for our products and the increased use of in-basin sand instead of northern white frac sand. Faced with these dynamics, in connection with the preparation of our financial statements for the three and nine months ended December 31, 2019, we concluded that the reduction in sales volumes and operating losses were other than temporary and that long-lived asset impairment indicators were present in our Oil and Gas Proppants segment. Prior to performing recoverability tests to determine whether an impairment was present, we grouped the long-lived assets of the segment into the lowest level at which cash flows are generated, which is considered the operating facility or distribution level. We included the value of our lease right-of-use assets that support the operating facilities within the value of the operating facility prior to performing our recoverability tests. We then performed recoverability tests on each group of assets using probability-weighted estimates of forecasted undiscounted cash flows over the remaining estimated life of each asset group based on a variety of scenarios. Based on these forecasts, we concluded that the carrying values exceeded the undiscounted cash flows for our New Auburn, Wisconsin and Utica, Illinois operating facilities and several distribution facilities related to these operating facilities, indicating impairment. For those impaired asset groups, we calculated the estimated fair value of the operating facilities in New Auburn, Wisconsin, Utica, Illinois and related distribution terminals, using a discounted cash flow model (Level 3), which utilized a weighted-average cost of capital determined from relevant market comparisons and adjusted for specific risks. We compared the results of the discounted cash flow model to other recent market information about the value of similar assets, noting the amounts to be consistent. The analysis resulted in an impairment loss of approximately $216.8 million. The following is a summary of impact of the impairment on the net book value of the long-lived assets: Net Book Value Before Impairment Impairment Net Book Value After Impairment (dollars in thousands) Operating Facilities $ 170,324 $ (164,449 ) $ 5,875 Transload Locations 23,254 (21,805 ) 1,449 Real Estate 1,427 (1,377 ) 50 Lease Right-of-Use Assets 32,834 (29,146 ) 3,688 $ 227,839 $ (216,777 ) $ 11,062 We continue to be subject to volatility in the energy markets. We will continue to assess the remaining long-lived assets for impairment, as necessary, when facts and circumstance indicate an impairment might be present. Additionally, we are actively pursuing alternatives for this business. If this results in an alternative use or disposal of the business, additional losses may be incurred. In addition to the impairment of the operating facilities and transload facilities, we also assessed other current and long-term assets for impairment. As part of this analysis, we wrote down certain Inventories, Prepaid and Other Current Assets, Accounts and Note Receivable and Other Assets. The following is a summary of Impairment Losses recognized during the three months ended December 31, 2019, by line item: (dollars in thousands) Property, Equipment, and Real Estate $ 187,631 Lease Right-of-Use Assets 29,146 Inventories 6,256 Accounts and Notes Receivable 617 Prepaid and Other Assets 617 $ 224,267 The above Impairment Loss has been presented as a single line item on our Unaudited Consolidated Statement of Earnings (Loss) for the three and nine months ended December 31, 2019. Additionally, this loss has not been included in the segment disclosure of Operating Earnings (Loss) for the Oil and Gas Proppants business, as disclosed in Footnote (P). |
SUPPLEMENTAL CASH FLOW INFORMAT
SUPPLEMENTAL CASH FLOW INFORMATION | 9 Months Ended |
Dec. 31, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |
SUPPLEMENTAL CASH FLOW INFORMATION | ( D ) SUPPLEMENTAL CASH FLOW INFORMATION Supplemental cash flow information is as follows: For the Nine Months Ended December 31, 2019 2018 (dollars in thousands) Cash Payments: Interest $ 25,490 $ 17,826 Income Taxes 20,046 35,222 Operating Cash Flows used for Operating Leases 11,562 — Non Cash Financing Activities: Property and Equipment Purchases Included in Accrued Liabilities $ 2,675 $ — |
REVENUE
REVENUE | 9 Months Ended |
Dec. 31, 2019 | |
Revenue From Contract With Customer [Abstract] | |
REVENUE | (E) REVENUE We earn Revenue primarily from the sale of products, which include cement, concrete, aggregates, gypsum wallboard, recycled paperboard, and frac sand. The vast majority of Revenue from the sale of cement, concrete, aggregates, and gypsum wallboard is originated by purchase orders from our customers, who are primarily third-party contractors and suppliers. Revenue from our Recycled Paperboard and Oil and Gas Proppants segments is generated primarily through long-term supply agreements that mature between 2019 and 2025. We also earn Revenue from transload services and storage; we recognize Revenue from these services when the product is transferred from the rail car to the truck or silo, or from the silo to the railcar or truck. We invoice customers upon shipment, and our collection terms range from 30-65 days. We recognize Revenue from the sale of cement, concrete, aggregates, and gypsum wallboard that is not related to long-term supply agreements upon shipment of the related products to customers, which is when title and ownership are transferred and the customer is obligated to pay. Revenue from sales under our long-term supply agreements is also recognized upon transfer of control to the customer, which generally occurs at the time the product is shipped from the production facility or transload location. Our long-term supply agreements with customers define, among other commitments, the volume of product that we must provide and the volume that the customer must purchase by the end of the defined periods. Pricing structures under our agreements are generally market-based but are subject to certain contractual adjustments. Historically, the pricing and volume requirements under certain of these contracts have been renegotiated during volatile market conditions. Shortfall amounts, if applicable under these arrangements, are constrained and not recognized as Revenue until an agreement is reached with the customer and not subject to the risk of reversal. During the nine months ended December 31, 2019, we recognized $1.6 million of Revenue related to shortfall provisions in our contracts. The Company offers certain of its customers, including those with long-term supply agreements, rebates and incentives, which we treat as variable consideration. We adjust the amount of Revenue recognized for the variable consideration using the most likely amount method based on past history and projected volumes in the rebate and incentive period. Any amounts billed to customers for taxes are excluded from Revenue. The Company has elected to treat freight and delivery charges we pay for the delivery of goods to our customers as a fulfilment activity rather than a separate performance obligation. When we arrange for a third party to deliver products to customers, fees for shipping and handling that are billed to the customer are recorded as Revenue, while costs we incur for shipping and handling are recorded as expenses and included in Cost of Goods Sold. Other Non-Operating Income includes lease and rental income, asset-sale income, non-inventoried aggregates sales income, distribution-center income, and trucking income, as well as other miscellaneous revenue items and costs that have not been allocated to a business segment. See Footnote ( P ) to the Unaudited Consolidated Financial Statements for disaggregation of R evenue by segment. |
ACCOUNTS AND NOTES RECEIVABLE
ACCOUNTS AND NOTES RECEIVABLE | 9 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
ACCOUNTS AND NOTES RECEIVABLE | (F) ACCOUNTS AND NOTES RECEIVABLE Accounts and Notes Receivable have been shown net of the allowance for doubtful accounts of $12.3 million and $9.9 million at December 31, 2019 and March 31, 2019, respectively. We perform ongoing credit evaluations of our customers’ financial condition and generally require no collateral from our customers. The allowance for non-collection of receivables is based upon analysis of economic trends in the construction industry, detailed analysis of the expected collectability of accounts receivable that are past due, and the expected collectability of overall receivables. We have no significant credit-risk concentration among our diversified customer base. We had Notes Receivable totaling approximately $9.9 million at December 31, 2019, of which approximately $0.8 million has been classified as current and presented with Accounts Receivable on the balance sheet. We lend funds to certain companies in the ordinary course of business, and the notes currently bear interest, on average, at 4.75%. Remaining unpaid amounts, plus accrued interest, mature in fiscal 2025. The notes are collateralized by certain assets of the borrowers, namely property and equipment, and are generally payable monthly. We monitor the credit risk of each borrower by assessing the timeliness of payments, credit history, credit metrics, and our ongoing interactions with each borrower. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 9 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
STOCKHOLDERS' EQUITY | (G) STOCKHOLDERS’ EQUITY During the nine months ended December 31, 2019, we repurchased 3,574,109 shares at an average price of $87.82. At December 31, 2019, we have authorization to purchase an additional 7,305,649 shares. |
INVENTORIES
INVENTORIES | 9 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | (H) INVENTORIES Inventories are stated at the lower of average cost (including applicable material, labor, depreciation, and plant overhead) or net realizable value, and consist of the following: December 31, March 31, 2019 2019 (dollars in thousands) Raw Materials and Materials-in-Progress $ 93,865 $ 125,828 Finished Cement 24,673 27,826 Aggregates 7,588 7,351 Gypsum Wallboard 4,881 7,124 Paperboard 11,638 15,660 Frac Sand 529 2,557 Repair Parts and Supplies 81,445 80,676 Fuel and Coal 9,645 8,172 $ 234,264 $ 275,194 During the nine months ended December 31, 2019, we wrote down approximately $3.3 million, $1.7 million, and $1.3 million of Raw Materials and Materials-in-Progress, Frac Sand, and Repair Parts and Supplies. These inventories related to the impairment of our Oil and Gas Proppants segment described in Footnote (C). |
ACCRUED EXPENSES
ACCRUED EXPENSES | 9 Months Ended |
Dec. 31, 2019 | |
Payables And Accruals [Abstract] | |
ACCRUED EXPENSES | (I) ACCRUED EXPENSES Accrued Expenses consist of the following: December 31, March 31, 2019 2019 (dollars in thousands) Payroll and Incentive Compensation $ 27,548 $ 26,225 Benefits 13,272 12,673 Interest 6,606 3,852 Property Taxes 4,745 5,058 Power and Fuel 1,635 1,644 Litigation Settlements — 1,900 Sales and Use Tax 1,130 2,167 Legal and Professional 5,870 — Other 6,864 8,430 $ 67,670 $ 61,949 |
LEASES
LEASES | 9 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
LEASES | (J) LEASES We lease certain real estate, buildings, and equipment, including rail cars. Certain of these leases contain escalations of rent over the term of the lease, as well as options for us to extend the term of the lease at the end of the original term. These extensions range from periods of one year to twenty years. Our lease agreements do not contain material residual value guarantees or material restrictive covenants. In calculating the present value of future minimum lease payments, we use the rate implicit in the lease if it can be determined. Otherwise, we use our incremental borrowing rate in effect at the commencement of the lease to determine the present value of the future minimum lease payments. Additionally, we lease certain equipment under short-term leases with initial terms of less than twelve months. These short-term equipment leases are not recorded on the balance sheet. Lease expense for our operating and short-term leases is as follows: For the Three Months Ended December 31, 2019 For the Nine Months Ended December 31, 2019 (dollars in thousands) Operating Lease Cost $ 3,730 $ 11,639 Short-term Lease Cost 228 1,310 Total Lease Cost $ 3,958 $ 12,949 The Right-of-Use Assets and Lease Liabilities are reflected on our Balance Sheet as follows: For the Nine Months Ended December 31, 2019 (dollars in thousands) Operating Leases: Operating Lease Right-of-Use Assets $ 29,346 Current Operating Lease Liabilities $ 10,601 Noncurrent Operating Lease Liabilities 51,939 Total Operating Lease Liabilities $ 62,540 During the quarter ended December 31, 2019, we recognized a $29.1 million impairment related to Right-of-Use assets used by our Oil and Gas Proppants business. See Footnote (C) for additional information about the impairment loss. Future payments for operating leases are as follows: Amount Fiscal Year (dollars in thousands) 2020 (remaining three months) $ 3,318 2021 11,931 2022 10,618 2023 10,131 2024 8,585 Thereafter 30,945 Total Lease Payments $ 75,528 Less: Imputed Interest (12,988 ) Present Value of Lease Liabilities $ 62,540 Weighted Average Remaining Lease Term (in years) 9.2 Weighted Average Discount Rate 3.75 % As disclosed in our March 31, 2019 Form 10-K, future minimum lease payments were as follows: Amount Fiscal Year (dollars in thousands) 2020 $ 14,613 2021 11,487 2022 9,979 2023 9,784 2024 8,347 Thereafter 24,793 Total Lease Payments $ 79,003 |
SHARE-BASED EMPLOYEE COMPENSATI
SHARE-BASED EMPLOYEE COMPENSATION | 9 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
SHARE-BASED EMPLOYEE COMPENSATION | (K) S hare On August 7, 2013, our stockholders approved the Eagle Materials Inc. Amended and Restated Incentive Plan (the Plan), which increased the shares we are authorized to issue as awards by 3,000,000 (1,500,000 of which may be stock awards). Under the terms of the Plan, we can issue equity awards, including stock options, restricted stock units (RSUs), restricted stock, and stock appreciation rights to employees of the Company and members of the Board of Directors. Awards that were already outstanding prior to the approval of the Plan on August 7, 2013 remain outstanding. The Compensation Committee of our Board of Directors specifies the terms for grants of equity awards under the Plan. Long-Term Compensation Plans OPTIONS In May 2019, the Compensation Committee of the Board of Directors approved the granting of an aggregate of 100,849 performance-vesting stock options (the Fiscal 2020 Employee Performance Stock Option Grant) to certain officers and key employees that will be earned only if certain performance conditions are satisfied. The performance criteria for the Fiscal 2020 Employee Performance Stock Option Grant is based upon the achievement of certain levels of return on equity (as defined in the option agreements), ranging from 10.0% to 20.0%, for the fiscal year ending March 31, 2020. All stock options will be earned if the return on equity is 20.0% or greater, and the percentage of shares earned will be reduced proportionately to approximately 66.7% if the return on equity is 10.0%. If the Company does not achieve a return on equity of at least 10.0%, all stock options granted will be forfeited. Following any such reduction, restrictions on the earned stock options will lapse ratably over four years, with the initial fourth lapsing promptly following the determination date, and the remaining restrictions lapsing on March 31, 2021 through 2023. The stock options have a term of ten years from the date of grant. The Compensation Committee also approved a grant to the same officers and key employees of 84,043 time - vesting stock options, which vest ratably over four years (the Fiscal 20 20 Employee Time - Vesting Stock Option Grant). The weighted average assumptions used in the Black-Scholes model to value the option awards in fiscal 2020 are as follows: Dividend Yield 1.3 % Expected Volatility 31.4 % Risk Free Interest Rate 2.32 % Expected Life 6.0 years Stock option expense for all outstanding stock option awards totaled approximately $1.2 million and $3.5 million for the three and nine months ended December 31, 2019, respectively, and $0.9 million and $3.0 million for the three and nine months ended December 31, 2018, respectively. At December 31, 2019, there was approximately $8.4 million of unrecognized compensation cost related to outstanding stock options, which is expected to be recognized over a weighted average period of 2.6 years. The following table represents stock option activity for the nine months ended December 31, 2019: Number of Shares Weighted Average Exercise Price Outstanding Options at Beginning of Year 1,042,925 $ 76.88 Granted 184,892 $ 91.58 Exercised (57,255 ) $ 87.99 Cancelled (7,883 ) $ 102.69 Outstanding Options at December 31, 2019 1,162,679 $ 80.25 Options Exercisable at December 31, 2019 732,860 $ 73.27 Weighted Average Fair Value of Options Granted During the Year $ 27.37 The following table summarizes information about stock options outstanding at December 31, 2019: Options Outstanding Options Exercisable Range of Exercise Prices Number of Shares Outstanding Weighted Average Remaining Contractual Life (in years) Weighted Average Exercise Price Number of Shares Outstanding Weighted Average Exercise Price $23.17 - $29.84 65,912 1.60 $ 23.27 65,912 $ 23.27 $33.43 - $37.34 57,728 2.46 $ 34.03 57,728 $ 34.03 $53.22 - $77.67 272,834 5.53 $ 72.22 201,712 $ 71.84 $79.73 - $106.24 766,205 6.99 $ 91.49 407,508 $ 87.63 1,162,679 6.12 $ 80.25 732,860 $ 73.27 At December 31, 2019, the aggregate intrinsic values for the outstanding and exercisable options were approximately $15.3 million and $13.8 million, respectively. The total intrinsic value of options exercised during the nine months ended December 31, 2019 was approximately $2.0 million. RESTRICTED STOCK In May 2019, the Compensation Committee approved the granting of an aggregate of 51,112 shares of performance vesting restricted stock to certain officers and key employees (the Fiscal 2020 Employee Restricted Stock Performance Award) that will be earned only if certain performance conditions are satisfied. The performance criteria for the Fiscal 2020 Employee Restricted Stock Performance Award is based upon the achievement of certain levels of return on equity (as defined in the award agreement), ranging from 10.0% to 20.0%, for the fiscal year ending March 31, 2020. All restricted shares will be earned if the return on equity is 20.0% or greater, and the percentage of shares earned will be reduced proportionately to approximately 66.7% if the return on equity is 10.0%. If the Company does not achieve a return on equity of at least 10.0%, all awards will be forfeited. Following any such reduction, restrictions on the earned shares will lapse ratably over four years, with the initial fourth lapsing promptly following the determination date, and the remaining restrictions lapsing on March 31, 202 1 through 202 3 . The Compensation Committee also approved a grant to the same officers and key employees of 42,591 shares of time - vesting restricted stock (the Fiscal 2020 Employee Restricted Stock Time-Vesting Award) , which vest ratably over four years. The Fiscal 20 20 Employee Restricted Stock Performance Award and the Fiscal 20 20 Employee Restricted Stock Time - Vesting Award were valued at the closing price of the stock on the date of grant and are being expensed over a four - year period. In August 2019, we granted to members of the Board of Directors 24,589 shares of restricted stock which vest six months after the grant date (the Board of Directors Fiscal 2020 Restricted Stock Award). The Board of Directors Fiscal 2020 Restricted Stock Award was valued at the closing price of the stock at the date of the grant and is being expensed over a six-month period. The fair value of restricted stock is based on the stock price at the date of grant. The following table summarizes the activity for nonvested restricted shares during the nine months ended December 31, 2019: Number of Shares Weighted Average Grant Date Fair Value Restricted Stock Beginning of Year 300,115 $ 78.94 Granted 118,292 $ 90.08 Vested (83,307 ) $ 95.01 Forfeited (15,940 ) $ 58.64 Nonvested Restricted Stock at December 31, 2019 319,160 Expense related to restricted shares was approximately $3.1 million and $12.9 million for the three and nine months ended December 31, 2019, respectively, and $3.1 million and $8.6 million for the three and nine months ended December 31, 2018, respectively. At December 31, 2019, there was approximately $15.4 million of unearned compensation from restricted stock, which will be recognized over a weighted average period of 2.1 years. The number of shares available for future grants of stock options, restricted stock units, stock appreciation rights, and restricted stock under the Plan was 3,758,359 at December 31, 2019. |
COMPUTATION OF EARNINGS PER SHA
COMPUTATION OF EARNINGS PER SHARE | 9 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
COMPUTATION OF EARNINGS PER SHARE | (L) COMPUTATION OF EARNINGS PER SHARE The calculation of basic and diluted common shares outstanding is as follows: For the Three Months Ended December 31, For the Nine Months Ended December 31, 2019 2018 2019 2018 Weighted Average Shares of Common Stock Outstanding 41,314,289 46,275,198 42,246,329 47,059,408 Effect of Dilutive Shares: Assumed Exercise of Outstanding Dilutive Options — 268,283 — 629,968 Less Shares Repurchased from Proceeds of Assumed Exercised Options — (171,402 ) — (442,898 ) Restricted Stock Units — 123,915 — 156,793 Weighted Average Common Stock and Dilutive Securities Outstanding 41,314,289 46,495,994 42,246,329 47,403,271 Shares Excluded Due to Anti-dilution Effects 655,889 756,035 657,964 360,976 There are no dilutive instruments for the three and nine month periods ended December 31, 2019, as the inclusion of these instruments would be anti-dilutive. Of the shares excluded due to anti-dilution effects, 301,206 shares and 281,031 shares would have been considered dilutive if not for the net loss position for the three and nine months ended December 31, 2019, respectively. |
PENSION AND EMPLOYEE BENEFIT PL
PENSION AND EMPLOYEE BENEFIT PLANS | 9 Months Ended |
Dec. 31, 2019 | |
Compensation And Retirement Disclosure [Abstract] | |
PENSION AND EMPLOYEE BENEFIT PLANS | (M) PENSION AND EMPLOYEE BENEFIT PLANS We sponsor several defined benefit pension plans and defined contribution plans, which together cover substantially all our employees. Benefits paid under the defined benefit plans covering certain hourly employees are based on years of service and the employee’s qualifying compensation over the last few years of employment. The following table shows the components of net periodic cost for our plans: For the Three Months Ended December 31, For the Nine Months Ended December 31, 2019 2018 2019 2018 (dollars in thousands) Service Cost - Benefits Earned During the Period $ 85 $ 100 $ 255 $ 300 Interest Cost of Projected Benefit Obligation 338 337 1,013 1,011 Expected Return on Plan Assets (426 ) (463 ) (1,279 ) (1,389 ) Recognized Net Actuarial Loss 43 58 131 174 Amortization of Prior-Service Cost — 15 — 45 Net Periodic Pension Cost $ 40 $ 47 $ 120 $ 141 |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | (N) INCOME TAXES Income Taxes for the interim periods presented have been included in the accompanying financial statements on the basis of an estimated annual effective tax rate. In addition to the amount of tax resulting from applying the estimated annual effective tax rate to pre-tax income, we will include, when appropriate, certain items treated as discrete events to arrive at an estimated overall tax amount. The effective tax rate for the nine months ended December 31, 2019 was approximately 403%, which was higher than the tax rate of 22% for the nine months ended December 31, 2018. The increase in the effective tax rate was primarily due to the impairment, discrete expense related to the limitation on the deduction for certain officer compensation, and State income taxes. |
LONG-TERM DEBT
LONG-TERM DEBT | 9 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
LONG-TERM DEBT | (O) LONG-TERM DEBT Long-term Debt consists of the following: December 31, March 31, 2019 2019 (dollars in thousands) Bank Credit Facility $ 585,000 $ 310,000 4.500% Senior Unsecured Notes Due 2026 350,000 350,000 Private Placement Senior Unsecured Notes — 36,500 Total Debt 935,000 696,500 Less: Current Portion of Long-term Debt — (36,500 ) Less: Debt Origination Costs (4,406 ) (4,908 ) Long-term Debt $ 930,594 $ 655,092 Credit Facility We have a revolving credit facility (as amended as described below, the Amended Credit Facility) that terminates on August 2, 2021. During May 2019, we exercised our option to expand the revolving credit facility and increased the borrowing capacity from $500.0 million to $750.0 million. The Amended Credit Facility also includes a swingline loan sublimit of $25.0 million, which terminates on August 2, 2021. On December 20, 2019, we amended the revolving credit facility, which, among other things, primarily (i) modified the interest rates with respect to outstanding borrowings; (ii) allowed for the consummation of the Kosmos Acquisition; (iii) permitted the incurrence of additional indebtedness necessary to consummate the Kosmos Acquisition; (iv) modified the financial covenants to increase maximum leverage permitted under the Amended Credit Facility; and (v) made other changes, namely the selection of an alternate benchmark rate to replace the London Interbank Offered Rate (LIBOR). Borrowings under the Amended Credit Facility are guaranteed by substantially all of the Company's subsidiaries. The debt under the Amended Credit Facility is not rated by ratings agencies. At our option, outstanding principal amounts on the Amended Credit Facility bear interest at a variable rate equal to either (i) the LIBOR plus an agreed margin (ranging from 125 to 200 basis points), which is to be established quarterly based on the Company's ratio of consolidated EBITDA, defined as earnings before interest, taxes, depreciation, and amortization, to the Company's consolidated indebtedness (the Leverage Ratio); or (ii) an alternate base rate, which is the highest of (a) the prime rate, (b) the federal funds rate plus ½% per annum, or (c) one month LIBOR plus 1.0%, in each case plus an agreed margin (ranging from 25 to 100 basis points). In the case of loans bearing interest at a rate based on the alternate base rate, interest payments are payable quarterly. In the case of loans bearing interest at a rate based on LIBOR, interest is payable at the end of the LIBOR advance periods, which can be up to six months at the option of the Company. The Company is also required to pay a commitment fee on unused available borrowings under the Amended Credit Facility ranging from 15 to 30 basis points depending upon the Leverage Ratio. The Amended Credit Facility contains customary covenants that restrict our ability to incur additional debt; encumber our assets; sell assets; make or enter into certain investments, loans, or guaranties; and enter into sale and leaseback arrangements. The Amended Credit Facility also requires us to maintain a consolidated indebtedness ratio (calculated as consolidated indebtedness to consolidated earnings before interest, taxes, depreciation, amortization, certain transaction-related deductions, and other non-cash deductions) of 4.0 :1.0 or less for fiscal quarters ended between December 31, 2019 and June 30, 2020 ; 3.75 :1.0 for fiscal quarters ended between September 30, 2020 through December 31, 2020 ; and 3.5 :1.0 for fiscal quarters after December 31, 2020 . The Amended Credit Facility also requires us to maintain an interest coverage ratio (consolidated earnings before interest, taxes, depreciation, amortization, certain transaction-related deductions, and other non-cash deductions to consolidated interest expense) of at least 2.5 :1.0. We were in compliance with all financial ratios and tests at December 31, 2019. We had $ 585.0 million of borrowings outstanding under the Amended Credit Facility at December 31, 2019. W e had $ 158.1 million of available borrowings under the Amended Credit Facility, net of the outstanding letters of credit, at December 31, 2019 , all of which is available for future borrowings based on our current leverage ratio . The Amended Credit Facility has a $40.0 million letter of credit facility. Under the letter of credit facility, the Company pays a fee at a per annum rate equal to the applicable margin for Eurodollar loans in effect from time to time plus a one-time letter of credit fee in an amount equal to 0.125% of the initial stated amount. At December 31, 2019, we had $6.9 million of outstanding letters of credit . Term Loan Agreement On December 20, 2019, we entered into a Credit Agreement (the Term Loan Agreement) establishing a $665.0 million term loan facility which, subject to the satisfaction of certain customary conditions, may be used to pay the Kosmos Purchase Price and fees and expenses incurred in connection with the Kosmos Acquisition. As of December 31, 2019, there has been no borrowing under the Term Loan Agreement. The commitments for the Term Loan Agreement terminate on the earlier of (a) the fifth business day following March 31, 2020, in the event that the term loans under the Term Loan Agreement have not been funded on or prior to such date and (b) the valid termination of the asset purchase agreement without the occurrence of the consummation of the Kosmos Acquisition. The term loan would mature on August 2, 2021. Borrowings under the Term Loan Agreement will bear interest, at our option, at a floating rate per annum equal to either the alternate base rate (consistent with the Amended Credit Facility), plus a margin between 25 and 100 basis points, or based on the adjusted LIBOR plus a margin between 125 and 200 basis points, depending on the ratio of our consolidated indebtedness to consolidated EBITDA (consistent with the Amended Credit Facility). We must also maintain a ratio of consolidated indebtedness to consolidated EBITDA consistent with the Amended Credit Facility. 4.500% Senior Unsecured Notes Due 2026 On August 2, 2016, the Company issued $350.0 million aggregate principal amount of 4.500% senior notes (Senior Unsecured Notes) due August 2026. Interest on the Senior Unsecured Notes is payable semiannually on February 1 and August 1 of each year until all of the outstanding notes are paid. The Senior Unsecured Notes rank equal to existing and future senior indebtedness, including the Amended Credit Facility and the Term Loan Agreement . Prior to August 1, 2021, we may redeem some or all of the Senior Unsecured Notes at a price equal to 100 % of the principal amount, plus a “make-whole” premium. Beginning August 1, 2021, we may redeem some or all of the Senior Unsecured Notes at the redemption prices set forth below (expressed as a percentage of the principal amount being redeemed): Percentage 2021 102.25 % 2022 101.50 % 2023 100.75 % 2024 and thereafter 100.00 % The Senior Unsecured Notes contain covenants that limit our ability and/or our guarantor subsidiaries' ability to create or permit to exist certain liens; enter into sale and leaseback transactions; and consolidate, merge, or transfer all or substantially all of our assets. The Company’s Senior Unsecured Notes are fully, unconditionally, jointly, and severally guaranteed by each of our subsidiaries that are guarantors under the Amended Credit Facility. See Footnote (T) for more information on the guarantors of the Senior Public Notes. Private Placement Senior Unsecured Notes On October 2, 2019, we paid $36.5 million to retire the remaining notes due under the Private Placement Senior Unsecured Notes. Other Information We lease one of our cement plants from the city of Sugar Creek, Missouri. The city of Sugar Creek issued industrial revenue bonds to partly finance improvements to the cement plant. The lease payments due to the city of Sugar Creek under the cement plant lease, which was entered into upon the sale of the industrial revenue bonds, are equal in amount to the payments required to be made by the city of Sugar Creek to the holders of the industrial revenue bonds. Because we hold all outstanding industrial revenue bonds, no debt is reflected on our financial statements in connection with our lease of the cement plant. Upon expiration of the lease in fiscal 2021, we have the option to purchase the cement plant for a nominal amount. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 9 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | (P) SEGMENT INFORMATION Operating segments are defined as components of an enterprise that engage in business activities that earn revenue, incur expenses, and prepare separate financial information that is evaluated regularly by our chief operating decision maker in order to allocate resources and assess performance. We are a leading supplier of heavy construction materials, light building materials, and materials used for oil and natural gas extraction in the United States. Our products are commodities that are essential in commercial and residential construction; public construction projects; projects to build, expand, and repair roads and highways; and in oil and natural gas extraction. Our business is organized into three sectors, within which there are five reportable business segments. The Heavy Materials sector includes the Cement and Concrete and Aggregates segments. The Light Materials sector includes the Gypsum Wallboard and Recycled Paperboard segments. The Oil and Gas Proppants segment produces frac sand used in oil and gas extraction. Our operations are conducted in the U.S. and include the mining of limestone for the manufacture, production, distribution, and sale of portland cement (a basic construction material that is the essential binding ingredient in concrete); the grinding and sale of slag; the mining of gypsum for the manufacture and sale of gypsum wallboard; the manufacture and sale of recycled paperboard to the gypsum wallboard industry and other paperboard converters; the sale of readymix concrete; and the mining and sale of aggregates (crushed stone, sand, and gravel) and sand used in hydraulic fracturing (frac sand). We operate seven modern cement plants (one of which is operated through a joint venture located in Buda, Texas), one slag grinding facility, and 19 cement distribution terminals. Our cement companies focus on the U.S. heartland and operate as an integrated network selling product primarily in California, Colorado, Illinois, Iowa, Missouri, Nebraska, Nevada, Ohio, Oklahoma, and Texas. We operate 25 readymix concrete batch plants and five aggregates processing plants in markets that are complementary to our cement network. We operate five gypsum wallboard plants and a recycled paperboard mill. We distribute gypsum wallboard and recycled paperboard throughout the continental U.S., with the exception of the Northeast. Our Oil and Gas Proppants business owns two frac sand processing facilities, four frac sand drying facilities, and five frac sand trans-load locations. Frac sand is currently sold into shale deposits across the United States. We account for intersegment sales at market prices. For segment reporting purposes only, we proportionately consolidate our 50% share of the Joint Venture’s Revenue and Operating Earnings, consistent with the way management reports the segments within the Company for making operating decisions and assessing performance. The following table sets forth certain financial information relating to our operations by segment. We do not allocate interest or taxes at the segment level; these costs are disclosed at the consolidated company level. For the Three Months Ended December 31, For the Nine Months Ended December 31, 2019 2018 2019 2018 (dollars in thousands) Revenue - Cement $ 183,031 $ 163,732 $ 605,357 $ 543,681 Concrete and Aggregates 47,147 30,841 142,895 111,425 Gypsum Wallboard 125,070 130,954 380,454 402,978 Paperboard 37,813 39,638 122,360 126,048 Oil and Gas Proppants 7,345 14,100 36,535 65,266 400,406 379,265 1,287,601 1,249,398 Less: Intersegment Revenue (21,775 ) (20,611 ) (66,454 ) (62,746 ) Less: Joint Venture Revenue (28,382 ) (25,369 ) (85,775 ) (78,112 ) $ 350,249 $ 333,285 $ 1,135,372 $ 1,108,540 For the Three Months Ended December 31, For the Nine Months Ended December 31, 2019 2018 2019 2018 (dollars in thousands) Intersegment Revenue - Cement $ 6,174 $ 3,518 $ 17,130 $ 11,769 Concrete and Aggregates 350 346 1,134 1,178 Paperboard 15,251 16,747 48,190 49,799 $ 21,775 $ 20,611 $ 66,454 $ 62,746 Cement Sales Volume (M tons) - Wholly Owned 1,199 1,126 4,046 3,740 Joint Venture 240 218 721 672 1,439 1,344 4,767 4,412 For the Three Months Ended December 31, For the Nine Months Ended December 31, 2019 2018 2019 2018 (dollars in thousands) Operating Earnings (Loss) - Cement $ 54,180 $ 47,197 $ 156,827 $ 142,078 Concrete and Aggregates 3,334 1,037 15,023 10,621 Gypsum Wallboard 38,484 43,543 114,872 139,694 Paperboard 9,021 7,475 29,060 26,078 Oil and Gas Proppants (6,805 ) (9,324 ) (15,944 ) (19,554 ) Sub-Total 98,214 89,928 299,838 298,917 Corporate General and Administrative Expense (13,794 ) (9,408 ) (48,506 ) (27,333 ) Impairment Losses (224,267 ) — (224,267 ) — Litigation Settlements and Losses — — — (1,800 ) Other Non-Operating Income 825 1,292 1,967 2,291 Earnings (Loss) Before Interest and Income Taxes (139,022 ) 81,812 29,032 272,075 Interest Expense, net (9,543 ) (7,294 ) (28,526 ) (20,743 ) Earnings (Loss) Before Income Taxes $ (148,565 ) $ 74,518 $ 506 $ 251,332 Cement Operating Earnings - Wholly Owned $ 43,480 $ 37,690 $ 124,338 $ 113,147 Joint Ventures 10,700 9,507 32,489 28,931 $ 54,180 $ 47,197 $ 156,827 $ 142,078 Capital Expenditures - Cement $ 7,379 $ 17,691 $ 26,125 $ 51,524 Concrete and Aggregates 3,233 2,263 9,324 4,786 Gypsum Wallboard 273 2,054 8,647 8,533 Paperboard 12,885 1,486 42,484 7,896 Oil and Gas Proppants 86 5,818 151 48,684 Corporate and Other — 3,690 — 5,023 $ 23,856 $ 33,002 $ 86,731 $ 126,446 Depreciation, Depletion, and Amortization - Cement $ 14,189 $ 13,242 $ 42,275 $ 38,909 Concrete and Aggregates 3,105 2,049 8,050 6,154 Gypsum Wallboard 5,050 4,978 15,149 15,009 Paperboard 2,244 2,150 6,610 6,387 Oil and Gas Proppants 3,445 6,964 11,087 24,403 Corporate and Other 578 402 1,773 1,099 $ 28,611 $ 29,785 $ 84,944 $ 91,961 December 31, March 31, 2019 2019 (dollars in thousands) Identifiable Assets Cement $ 1,282,081 $ 1,289,468 Concrete and Aggregates 139,769 95,084 Gypsum Wallboard 367,833 372,206 Paperboard 169,508 138,614 Oil and Gas Proppants 18,029 236,357 Corporate and Other, net 153,005 37,434 $ 2,130,225 $ 2,169,163 The Capital Expenditures for the nine months ended December 31, 2019 disclosed above differ from the Capital Expenditures on the Unaudited Consolidated Statement of Cash Flows. The Capital Expenditures disclosed above includes $2.7 million of capital expenditures that were accrued at December 31, 2019 and therefore is not included in the Statement of Cash Flows. See Footnote (D) for more information. Segment Operating Earnings, including the proportionately consolidated 50% interest in the revenue and expenses of the Joint Venture, represent Revenue, less direct operating expenses, segment Depreciation, Depletion and Amortization, and segment Selling, General and Administrative expenses. We account for intersegment sales at market prices. Corporate and Other, net consists primarily of cash and cash equivalents, general office assets, and miscellaneous other assets. The basis used to disclose Identifiable Assets; Capital Expenditures; and Depreciation, Depletion, and Amortization conforms with the equity method, and is similar to how we disclose these accounts in our Unaudited Consolidated Balance Sheets and Unaudited Consolidated Statements of Earnings The segment breakdown of Goodwill is as follows: December 31, March 31, 2019 2019 (dollars in thousands) Cement $ 74,214 $ 74,214 Gypsum Wallboard 116,618 116,618 Paperboard 7,538 7,538 Concrete and Aggregates 1,639 — $ 200,009 $ 198,370 Summarized financial information for the Joint Venture that is not consolidated is set out below (this summarized financial information includes the total amount for the Joint Venture and not our 50% interest in those amounts): For the Three Months Ended December 31, For the Nine Months Ended December 31, 2019 2018 2019 2018 (dollars in thousands) Revenue $ 56,767 $ 51,411 $ 172,385 $ 158,922 Gross Margin $ 22,749 $ 20,178 $ 68,806 $ 62,196 Earnings Before Income Taxes $ 21,402 $ 19,013 $ 64,979 $ 57,862 December 31, March 31, 2019 2019 (dollars in thousands) Current Assets $ 80,108 $ 71,688 Non-Current Assets $ 88,242 $ 81,007 Current Liabilities $ 19,190 $ 19,309 |
INTEREST EXPENSE
INTEREST EXPENSE | 9 Months Ended |
Dec. 31, 2019 | |
Banking And Thrift Interest [Abstract] | |
INTEREST EXPENSE | (Q) INTEREST EXPENSE The following components are included in Interest Expense, net: For the Three Months Ended December 31, For the Nine Months Ended December 31, 2019 2018 2019 2018 (dollars in thousands) Interest Income (12 ) $ (7 ) (23 ) $ (119 ) Interest Expense 9,250 7,022 27,682 20,024 Other Expenses 305 279 867 838 Interest Expense, net $ 9,543 $ 7,294 $ 28,526 $ 20,743 Interest Income includes interest on investments of excess cash. Components of Interest Expense include interest associated with the Amended Credit Facility, Senior Unsecured Notes, Private Placement Senior Unsecured Notes, and commitment fees based on the unused portion of the Amended Credit Facility. Other Expenses include amortization of debt issuance costs and credit facility costs. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Dec. 31, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | (R) COMMITMENTS AND CONTINGENCIES We have certain deductible limits under our workers’ compensation and liability insurance policies for which we establish reserves based on the undiscounted estimated costs of known and anticipated claims. We have entered into standby letter of credit agreements relating to workers’ compensation and auto and general liability self-insurance. At December 31, 2019, we had contingent liabilities under these outstanding letters of credit of approximately $6.9 million. In the ordinary course of business, we execute contracts involving indemnifications that are standard in the industry and indemnifications specific to a transaction such as the sale of a business. These indemnifications may include claims relating to any of the following: environmental and tax matters; intellectual property rights; governmental regulations and employment-related matters; customer, supplier, and other commercial contractual relationships; construction contracts and financial matters. While the maximum amount to which the Company may be exposed under such agreements cannot be estimated, management believes these indemnifications will not have a material adverse effect on our consolidated financial position, results of operations, or cash flows. We currently have no outstanding guarantees. We are currently contingently liable for performance under $28.7 million in performance bonds required by certain states and municipalities and their related agencies. The bonds are principally for certain reclamation obligations and mining permits. We have indemnified the underwriting insurance company against any exposure under the performance bonds. In our past experience, no material claims have been made against these financial instruments. |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 9 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | (S) FAIR VALUE OF FINANCIAL INSTRUMENTS The fair value of our long-term debt has been estimated based upon our current incremental borrowing rates for similar types of borrowing arrangements. The fair value of our Senior Unsecured Notes at December 31, 2019 is as follows: Fair Value (dollars in thousands) 4.500% Senior Unsecured Notes Due 2026 $ 366,909 The estimated fair values were based on quoted prices of similar debt instruments with similar terms that are publicly traded (level 2 input). The carrying values of Cash and Cash Equivalents, Restricted Cash, Accounts and Notes Receivable, Accounts Payable, and Accrued Liabilities approximate their fair values at December 31, 2019 due to the short-term maturities of these assets and liabilities. The fair value of our Amended Credit Facility also approximates its carrying value at December 31, 2019. |
FINANCIAL STATEMENTS FOR GUARAN
FINANCIAL STATEMENTS FOR GUARANTORS OF THE 4.500% SENIOR UNSECURED NOTES | 9 Months Ended |
Dec. 31, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
FINANCIAL STATEMENTS FOR GUARANTORS OF THE 4.500% SENIOR UNSECURED NOTES | (T) FINANCIAL STATEMENTS FOR GUARANTORS OF THE 4.500% SENIOR UNSECURED NOTES On August 2, 2016, the Company completed a public offering of its Senior Unsecured Notes. The Senior Unsecured Notes are senior unsecured obligations of the Company and were offered under the Company’s existing shelf registration statement filed with the Securities and Exchange Commission. The Senior Unsecured Notes are guaranteed by all of the Company’s wholly owned subsidiaries, and all guarantees are full and unconditional, and joint and several. The following unaudited condensed consolidating financial statements present separately the Earnings and Comprehensive Earnings, financial position and Cash Flows of the parent issuer (Eagle Materials Inc.) and the guarantors (all wholly owned subsidiaries of Eagle Materials Inc.) on a combined basis with eliminating entries (dollars in thousands) . Condensed Consolidating Statement of Earnings and Comprehensive Earnings For the Three Months Ended December 31, 2019 Parent Guarantor Subsidiaries Eliminations Consolidated Revenue $ — $ 350,249 $ — $ 350,249 Cost of Goods Sold — 262,735 — 262,735 Gross Profit — 87,514 — 87,514 Equity in Earnings of Unconsolidated Joint Venture 10,700 10,700 (10,700 ) 10,700 Equity in Earnings of Subsidiaries (88,687 ) — 88,687 — Corporate General and Administrative Expenses (13,359 ) (435 ) — (13,794 ) Impairment Losses — (224,267 ) — (224,267 ) Other Non-Operating Income 118 707 — 825 Interest Expense, net (9,532 ) (11 ) — (9,543 ) Earnings before Income Taxes (100,760 ) (125,792 ) 77,987 (148,565 ) Income Taxes (13,872 ) 47,805 — 33,933 Net Earnings $ (114,632 ) $ (77,987 ) $ 77,987 $ (114,632 ) Net Earnings $ (114,632 ) $ (77,987 ) $ 77,987 $ (114,632 ) Net Actuarial Change in Benefit Plans, net of tax 33 33 (33 ) 33 Comprehensive Earnings $ (114,599 ) $ (77,954 ) $ 77,954 $ (114,599 ) Condensed Consolidating Statement of Earnings and Comprehensive Earnings For the Three Months Ended December 31, 2018 Parent Guarantor Subsidiaries Eliminations Consolidated Revenue $ — $ 333,285 $ — $ 333,285 Cost of Goods Sold — 252,864 — 252,864 Gross Profit — 80,421 — 80,421 Equity in Earnings of Unconsolidated Joint Venture 9,507 9,507 (9,507 ) 9,507 Equity in Earnings of Subsidiaries 61,946 — (61,946 ) — Corporate General and Administrative Expenses (8,863 ) (545 ) — (9,408 ) Other Non-Operating Income (43 ) 1,335 — 1,292 Interest Expense, net (7,282 ) (12 ) — (7,294 ) Earnings before Income Taxes 55,265 90,706 (71,453 ) 74,518 Income Taxes 2,450 (19,253 ) — (16,803 ) Net Earnings $ 57,715 $ 71,453 $ (71,453 ) $ 57,715 Net Earnings $ 57,715 $ 71,453 $ (71,453 ) 57,715 Net Actuarial Change in Benefit Plans, net of tax 56 56 (56 ) 56 Comprehensive Earnings $ 57,771 $ 71,509 $ (71,509 ) $ 57,771 Condensed Consolidating Statement of Earnings and Comprehensive Earnings For the Nine Months Ended December 31, 2019 Parent Guarantor Subsidiaries Eliminations Consolidated Revenue $ — $ 1,135,372 $ — $ 1,135,372 Cost of Goods Sold — 868,023 — 868,023 Gross Profit — 267,349 — 267,349 Equity in Earnings of Unconsolidated Joint Venture 32,489 32,489 (32,489 ) 32,489 Equity in Earnings of Subsidiaries 47,036 — (47,036 ) — Corporate General and Administrative Expenses (47,285 ) (1,221 ) — (48,506 ) Impairment Losses — (224,267 ) — (224,267 ) Other Non-Operating Income 525 1,442 — 1,967 Interest Expense, net (28,490 ) (36 ) — (28,526 ) Earnings before Income Taxes 4,275 75,756 (79,525 ) 506 Income Taxes (5,810 ) 3,769 — (2,041 ) Net Earnings $ (1,535 ) $ 79,525 $ (79,525 ) $ (1,535 ) Net Earnings $ (1,535 ) $ 79,525 $ (79,525 ) $ (1,535 ) Net Actuarial Change in Benefit Plans, net of tax 101 101 (101 ) 101 Comprehensive Earnings $ (1,434 ) $ 79,626 $ (79,626 ) $ (1,434 ) Condensed Consolidating Statement of Earnings and Comprehensive Earnings For the Nine Months Ended December 31, 2018 Parent Guarantor Subsidiaries Eliminations Consolidated Revenue $ — $ 1,108,540 $ — $ 1,108,540 Cost of Goods Sold — 838,554 — 838,554 Gross Profit — 269,986 — 269,986 Equity in Earnings of Unconsolidated Joint Venture 28,931 28,931 (28,931 ) 28,931 Equity in Earnings of Subsidiaries 204,234 — (204,234 ) — Corporate General and Administrative Expenses (24,682 ) (2,651 ) — (27,333 ) Legal Settlements — (1,800 ) — (1,800 ) Other Non-Operating Income (262 ) 2,553 — 2,291 Interest Expense, net (20,706 ) (37 ) — (20,743 ) Earnings before Income Taxes 187,515 296,982 (233,165 ) 251,332 Income Taxes 9,142 (63,817 ) — (54,675 ) Net Earnings $ 196,657 $ 233,165 $ (233,165 ) $ 196,657 Net Earnings $ 196,657 $ 233,165 $ (233,165 ) 196,657 Net Actuarial Change in Benefit Plans, net of tax 168 168 (168 ) 168 Comprehensive Earnings $ 196,825 $ 233,333 $ (233,333 ) $ 196,825 Condensed Consolidating Balance Sheet At December 31, 2019 Parent Guarantor Subsidiaries Eliminations Consolidated ASSETS Current Assets - Cash and Cash Equivalents $ 124,084 $ 2,171 $ — $ 126,255 Accounts and Notes Receivable 439 139,844 — 140,283 Inventories — 234,264 — 234,264 Prepaid and Other Current Assets 1,371 5,626 — 6,997 Total Current Assets 125,894 381,905 — 507,799 Property, Plant, and Equipment, net 6,884 1,262,849 — 1,269,733 Notes Receivable — 9,192 — 9,192 Investment in Joint Venture 70 71,792 — 71,862 Investments in Subsidiaries and Receivables from Affiliates 2,074,575 322,106 (2,396,681 ) — Operating Lease Right-of-Use Assets 9,975 19,371 — 29,346 Goodwill and Intangible Assets, net — 230,099 — 230,099 Other Assets 5,844 6,350 — 12,194 $ 2,223,242 $ 2,303,664 $ (2,396,681 ) $ 2,130,225 LIABILITIES AND STOCKHOLDERS’ EQUITY Current Liabilities- Accounts Payable $ 6,572 $ 58,463 $ — $ 65,035 Accrued Liabilities 27,114 40,556 — 67,670 Income Taxes Payable 20,020 — — 20,020 Operating Lease Liabilities 1,162 9,439 — 10,601 Total Current Liabilities 54,868 108,458 — 163,326 Long-term Debt 930,594 — — 930,594 Noncurrent Lease Liabilities 12,538 39,401 — 51,939 Other Long-term Liabilities — 36,648 — 36,648 Payables to Affiliates 322,106 6,010,080 (6,332,186 ) — Deferred Income Taxes 5,809 44,582 — 50,391 Total Liabilities 1,325,915 6,239,169 (6,332,186 ) 1,232,898 Total Stockholders’ Equity 897,327 (3,935,505 ) 3,935,505 897,327 $ 2,223,242 $ 2,303,664 $ (2,396,681 ) $ 2,130,225 Condensed Consolidating Balance Sheet At March 31, 2019 Parent Guarantor Subsidiaries Eliminations Consolidated ASSETS Current Assets - Cash and Cash Equivalents $ 5,779 $ 2,822 $ — $ 8,601 Accounts and Notes Receivable 437 128,285 — 128,722 Inventories — 275,194 — 275,194 Income Tax Receivables 5,480 — — 5,480 Prepaid and Other Current Assets 1,472 8,152 — 9,624 Total Current Assets 13,168 414,453 — 427,621 Property, Plant, and Equipment, net 7,756 1,419,183 — 1,426,939 Notes Receivable — 2,898 — 2,898 Investment in Joint Venture 70 64,803 — 64,873 Investments in Subsidiaries and Receivables from Affiliates 2,322,334 406,726 (2,729,060 ) — Goodwill and Intangible Assets, net — 229,115 — 229,115 Other Assets 4,571 13,146 — 17,717 $ 2,347,899 $ 2,550,324 $ (2,729,060 ) $ 2,169,163 LIABILITIES AND STOCKHOLDERS’ EQUITY Current Liabilities- Accounts Payable $ 5,520 $ 75,364 $ — $ 80,884 Accrued Liabilities 22,470 39,479 — 61,949 Current Portion of Long-term Debt 36,500 — — 36,500 Total Current Liabilities 64,490 114,843 — 179,333 Long-term Debt 655,092 — — 655,092 Other Long-term Liabilities 3,303 31,189 — 34,492 Payables to Affiliates 406,726 5,730,093 (6,136,819 ) — Deferred Income Taxes 8,801 81,958 — 90,759 Total Liabilities 1,138,412 5,958,083 (6,136,819 ) 959,676 Total Stockholders’ Equity 1,209,487 (3,407,759 ) 3,407,759 1,209,487 $ 2,347,899 $ 2,550,324 $ (2,729,060 ) $ 2,169,163 Condensed Consolidating Statement of Cash Flows For the Nine Months Ended December 31, 2019 Parent Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES Net Cash Provided by (Used in) Operating Activities $ (32,804 ) $ 353,423 $ — $ 320,619 CASH FLOWS FROM INVESTING ACTIVITIES Additions to Property, Plant, and Equipment — (84,056 ) — (84,056 ) Acquisition Spending — (30,424 ) — (30,424 ) Net Cash Used in Investing Activities — (114,480 ) — (114,480 ) CASH FLOWS FROM FINANCING ACTIVITIES Increase in Credit Facility 275,000 — — 275,000 Repayment of Private Placement Senior Unsecured Notes (36,500 ) (36,500 ) Dividends Paid to Stockholders (13,131 ) — — (13,131 ) Purchase and Retirement of Common Stock (313,887 ) — — (313,887 ) Proceeds from Stock Option Exercises 2,996 — — 2,996 Shares Redeemed to Settle Employee Taxes on Stock Compensation (2,963 ) — — (2,963 ) Intra-entity Activity, net 239,594 (239,594 ) — — Net Cash Provided by (Used in) Financing Activities 151,109 (239,594 ) — (88,485 ) NET INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH 118,305 (651 ) — 117,654 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD 5,779 2,822 — 8,601 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD $ 124,084 $ 2,171 $ — $ 126,255 Condensed Consolidating Statement of Cash Flows For the Nine Months Ended December 31, 2018 Parent Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES Net Cash Provided by (Used in) Operating Activities $ (68,752 ) $ 362,852 $ — $ 294,100 CASH FLOWS FROM INVESTING ACTIVITIES Property, Plant, and Equipment Additions (5,023 ) (121,423 ) — (126,446 ) Proceeds from Sale of Property, Plant, and Equipment — 2,281 2,281 Net Cash Used in Investing Activities (5,023 ) (119,142 ) — (124,165 ) CASH FLOWS FROM FINANCING ACTIVITIES Repayment of Credit Facility 5,000 — — 5,000 Dividends Paid to Stockholders (14,293 ) — — (14,293 ) Purchase and Retirement of Common Stock (191,800 ) — — (191,800 ) Proceeds from Stock Option Exercises 1,992 — — 1,992 Shares Redeemed to Settle Employee Taxes on Stock Compensation (1,842 ) — — (1,842 ) Intra-entity Activity, net 245,683 (245,683 ) — — Net Cash Provided by (Used in) Financing Activities 44,740 (245,683 ) — (200,943 ) NET INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH (29,035 ) (1,973 ) — (31,008 ) CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD 44,537 3,531 — 48,068 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD $ 15,502 $ 1,558 $ — $ 17,060 |
BASIS OF PRESENTATION (Policies
BASIS OF PRESENTATION (Policies) | 9 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements RECENTLY ADOPTED In February 2016, the Financial Accounting Standards Board (FASB) issued ASU 2016-02, “Leases,” which supersedes existing lease guidance to require lessees to recognize assets and liabilities on the balance sheet for the rights and obligations created by long-term leases and to disclose additional quantitative and qualitative information about leasing arrangements. We adopted the standard on April 1, 2019 using the modified retrospective approach. We also elected the package of practical expedients permitted under the transition guidance which, among other things, allowed us to maintain the historic lease classification for leases in effect at the date of adoption, and to not separate lease components from nonlease components for all leases in effect at the date of adoption. Upon adoption, we recorded a right-of-use asset of approximately $66.7 million, and operating lease liabilities of approximately $71.1 million . See Footnote (J) for more information PENDING ADOPTION In June 2016, the FASB issued an update on the measurement of credit losses on financial instruments, which requires entities to use a forward-looking approach based on expected losses rather than the current model of incurred losses to estimate credit losses on certain types of financial instruments, including Accounts and Notes Receivable. The application of the forward-looking model may result in earlier recognition of allowances for losses than the current method. This guidance becomes effective for us on April 1, 2020, with early adoption permitted. We are currently assessing the impact of the new standard, but we do not expect the adoption will have a material effect on our consolidated financial statements and disclosures. |
IMPAIRMENT OF LONG-LIVED ASSE_2
IMPAIRMENT OF LONG-LIVED ASSETS (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Impairment Of Long Lived Assets Disclosure [Abstract] | |
Summary of Impact of Impairment on Net Book Value of Assets | The following is a summary of impact of the impairment on the net book value of the long-lived assets: Net Book Value Before Impairment Impairment Net Book Value After Impairment (dollars in thousands) Operating Facilities $ 170,324 $ (164,449 ) $ 5,875 Transload Locations 23,254 (21,805 ) 1,449 Real Estate 1,427 (1,377 ) 50 Lease Right-of-Use Assets 32,834 (29,146 ) 3,688 $ 227,839 $ (216,777 ) $ 11,062 |
Summary of Impairment Losses Recognized | The following is a summary of Impairment Losses recognized during the three months ended December 31, 2019, by line item: (dollars in thousands) Property, Equipment, and Real Estate $ 187,631 Lease Right-of-Use Assets 29,146 Inventories 6,256 Accounts and Notes Receivable 617 Prepaid and Other Assets 617 $ 224,267 |
SUPPLEMENTAL CASH FLOW INFORM_2
SUPPLEMENTAL CASH FLOW INFORMATION (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | Supplemental cash flow information is as follows: For the Nine Months Ended December 31, 2019 2018 (dollars in thousands) Cash Payments: Interest $ 25,490 $ 17,826 Income Taxes 20,046 35,222 Operating Cash Flows used for Operating Leases 11,562 — Non Cash Financing Activities: Property and Equipment Purchases Included in Accrued Liabilities $ 2,675 $ — |
INVENTORIES (Tables)
INVENTORIES (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories are stated at the lower of average cost (including applicable material, labor, depreciation, and plant overhead) or net realizable value, and consist of the following: December 31, March 31, 2019 2019 (dollars in thousands) Raw Materials and Materials-in-Progress $ 93,865 $ 125,828 Finished Cement 24,673 27,826 Aggregates 7,588 7,351 Gypsum Wallboard 4,881 7,124 Paperboard 11,638 15,660 Frac Sand 529 2,557 Repair Parts and Supplies 81,445 80,676 Fuel and Coal 9,645 8,172 $ 234,264 $ 275,194 During the nine months ended December 31, 2019, we wrote down approximately $3.3 million, $1.7 million, and $1.3 million of Raw Materials and Materials-in-Progress, Frac Sand, and Repair Parts and Supplies. These inventories related to the impairment of our Oil and Gas Proppants segment described in Footnote (C). |
ACCRUED EXPENSES (Tables)
ACCRUED EXPENSES (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Payables And Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued Expenses consist of the following: December 31, March 31, 2019 2019 (dollars in thousands) Payroll and Incentive Compensation $ 27,548 $ 26,225 Benefits 13,272 12,673 Interest 6,606 3,852 Property Taxes 4,745 5,058 Power and Fuel 1,635 1,644 Litigation Settlements — 1,900 Sales and Use Tax 1,130 2,167 Legal and Professional 5,870 — Other 6,864 8,430 $ 67,670 $ 61,949 |
LEASES (Tables)
LEASES (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Schedule of Lease Expense for Operating and Short-Term Leases | Lease expense for our operating and short-term leases is as follows: For the Three Months Ended December 31, 2019 For the Nine Months Ended December 31, 2019 (dollars in thousands) Operating Lease Cost $ 3,730 $ 11,639 Short-term Lease Cost 228 1,310 Total Lease Cost $ 3,958 $ 12,949 |
Schedule of Balance Sheet Information Related to Leases | The Right-of-Use Assets and Lease Liabilities are reflected on our Balance Sheet as follows: For the Nine Months Ended December 31, 2019 (dollars in thousands) Operating Leases: Operating Lease Right-of-Use Assets $ 29,346 Current Operating Lease Liabilities $ 10,601 Noncurrent Operating Lease Liabilities 51,939 Total Operating Lease Liabilities $ 62,540 |
Schedule of Future Payments for Operating Leases | Future payments for operating leases are as follows: Amount Fiscal Year (dollars in thousands) 2020 (remaining three months) $ 3,318 2021 11,931 2022 10,618 2023 10,131 2024 8,585 Thereafter 30,945 Total Lease Payments $ 75,528 Less: Imputed Interest (12,988 ) Present Value of Lease Liabilities $ 62,540 Weighted Average Remaining Lease Term (in years) 9.2 Weighted Average Discount Rate 3.75 % |
Schedule of Future Minimum Lease Payments | As disclosed in our March 31, 2019 Form 10-K, future minimum lease payments were as follows: Amount Fiscal Year (dollars in thousands) 2020 $ 14,613 2021 11,487 2022 9,979 2023 9,784 2024 8,347 Thereafter 24,793 Total Lease Payments $ 79,003 |
SHARE-BASED EMPLOYEE COMPENSA_2
SHARE-BASED EMPLOYEE COMPENSATION (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Weighted-Average Assumptions Used to Value Option Awards | The weighted average assumptions used in the Black-Scholes model to value the option awards in fiscal 2020 are as follows: Dividend Yield 1.3 % Expected Volatility 31.4 % Risk Free Interest Rate 2.32 % Expected Life 6.0 years |
Stock Option Activity | The following table represents stock option activity for the nine months ended December 31, 2019: Number of Shares Weighted Average Exercise Price Outstanding Options at Beginning of Year 1,042,925 $ 76.88 Granted 184,892 $ 91.58 Exercised (57,255 ) $ 87.99 Cancelled (7,883 ) $ 102.69 Outstanding Options at December 31, 2019 1,162,679 $ 80.25 Options Exercisable at December 31, 2019 732,860 $ 73.27 Weighted Average Fair Value of Options Granted During the Year $ 27.37 |
Stock Options Outstanding | The following table summarizes information about stock options outstanding at December 31, 2019: Options Outstanding Options Exercisable Range of Exercise Prices Number of Shares Outstanding Weighted Average Remaining Contractual Life (in years) Weighted Average Exercise Price Number of Shares Outstanding Weighted Average Exercise Price $23.17 - $29.84 65,912 1.60 $ 23.27 65,912 $ 23.27 $33.43 - $37.34 57,728 2.46 $ 34.03 57,728 $ 34.03 $53.22 - $77.67 272,834 5.53 $ 72.22 201,712 $ 71.84 $79.73 - $106.24 766,205 6.99 $ 91.49 407,508 $ 87.63 1,162,679 6.12 $ 80.25 732,860 $ 73.27 |
Summary of Activity for Nonvested Restricted Shares | The fair value of restricted stock is based on the stock price at the date of grant. The following table summarizes the activity for nonvested restricted shares during the nine months ended December 31, 2019: Number of Shares Weighted Average Grant Date Fair Value Restricted Stock Beginning of Year 300,115 $ 78.94 Granted 118,292 $ 90.08 Vested (83,307 ) $ 95.01 Forfeited (15,940 ) $ 58.64 Nonvested Restricted Stock at December 31, 2019 319,160 |
COMPUTATION OF EARNINGS PER S_2
COMPUTATION OF EARNINGS PER SHARE (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Calculation of Basic and Diluted Common Shares Outstanding | The calculation of basic and diluted common shares outstanding is as follows: For the Three Months Ended December 31, For the Nine Months Ended December 31, 2019 2018 2019 2018 Weighted Average Shares of Common Stock Outstanding 41,314,289 46,275,198 42,246,329 47,059,408 Effect of Dilutive Shares: Assumed Exercise of Outstanding Dilutive Options — 268,283 — 629,968 Less Shares Repurchased from Proceeds of Assumed Exercised Options — (171,402 ) — (442,898 ) Restricted Stock Units — 123,915 — 156,793 Weighted Average Common Stock and Dilutive Securities Outstanding 41,314,289 46,495,994 42,246,329 47,403,271 Shares Excluded Due to Anti-dilution Effects 655,889 756,035 657,964 360,976 |
PENSION AND EMPLOYEE BENEFIT _2
PENSION AND EMPLOYEE BENEFIT PLANS (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Compensation And Retirement Disclosure [Abstract] | |
Components of Net Periodic Cost | The following table shows the components of net periodic cost for our plans: For the Three Months Ended December 31, For the Nine Months Ended December 31, 2019 2018 2019 2018 (dollars in thousands) Service Cost - Benefits Earned During the Period $ 85 $ 100 $ 255 $ 300 Interest Cost of Projected Benefit Obligation 338 337 1,013 1,011 Expected Return on Plan Assets (426 ) (463 ) (1,279 ) (1,389 ) Recognized Net Actuarial Loss 43 58 131 174 Amortization of Prior-Service Cost — 15 — 45 Net Periodic Pension Cost $ 40 $ 47 $ 120 $ 141 |
LONG-TERM DEBT (Tables)
LONG-TERM DEBT (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-term Debt consists of the following: December 31, March 31, 2019 2019 (dollars in thousands) Bank Credit Facility $ 585,000 $ 310,000 4.500% Senior Unsecured Notes Due 2026 350,000 350,000 Private Placement Senior Unsecured Notes — 36,500 Total Debt 935,000 696,500 Less: Current Portion of Long-term Debt — (36,500 ) Less: Debt Origination Costs (4,406 ) (4,908 ) Long-term Debt $ 930,594 $ 655,092 |
Schedule of Senior Unsecured Notes Redemption Prices | Beginning August 1, 2021, we may redeem some or all of the Senior Unsecured Notes at the redemption prices set forth below (expressed as a percentage of the principal amount being redeemed): Percentage 2021 102.25 % 2022 101.50 % 2023 100.75 % 2024 and thereafter 100.00 % |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Financial Information Related to Operations by Segment | The following table sets forth certain financial information relating to our operations by segment. We do not allocate interest or taxes at the segment level; these costs are disclosed at the consolidated company level. For the Three Months Ended December 31, For the Nine Months Ended December 31, 2019 2018 2019 2018 (dollars in thousands) Revenue - Cement $ 183,031 $ 163,732 $ 605,357 $ 543,681 Concrete and Aggregates 47,147 30,841 142,895 111,425 Gypsum Wallboard 125,070 130,954 380,454 402,978 Paperboard 37,813 39,638 122,360 126,048 Oil and Gas Proppants 7,345 14,100 36,535 65,266 400,406 379,265 1,287,601 1,249,398 Less: Intersegment Revenue (21,775 ) (20,611 ) (66,454 ) (62,746 ) Less: Joint Venture Revenue (28,382 ) (25,369 ) (85,775 ) (78,112 ) $ 350,249 $ 333,285 $ 1,135,372 $ 1,108,540 For the Three Months Ended December 31, For the Nine Months Ended December 31, 2019 2018 2019 2018 (dollars in thousands) Intersegment Revenue - Cement $ 6,174 $ 3,518 $ 17,130 $ 11,769 Concrete and Aggregates 350 346 1,134 1,178 Paperboard 15,251 16,747 48,190 49,799 $ 21,775 $ 20,611 $ 66,454 $ 62,746 Cement Sales Volume (M tons) - Wholly Owned 1,199 1,126 4,046 3,740 Joint Venture 240 218 721 672 1,439 1,344 4,767 4,412 For the Three Months Ended December 31, For the Nine Months Ended December 31, 2019 2018 2019 2018 (dollars in thousands) Operating Earnings (Loss) - Cement $ 54,180 $ 47,197 $ 156,827 $ 142,078 Concrete and Aggregates 3,334 1,037 15,023 10,621 Gypsum Wallboard 38,484 43,543 114,872 139,694 Paperboard 9,021 7,475 29,060 26,078 Oil and Gas Proppants (6,805 ) (9,324 ) (15,944 ) (19,554 ) Sub-Total 98,214 89,928 299,838 298,917 Corporate General and Administrative Expense (13,794 ) (9,408 ) (48,506 ) (27,333 ) Impairment Losses (224,267 ) — (224,267 ) — Litigation Settlements and Losses — — — (1,800 ) Other Non-Operating Income 825 1,292 1,967 2,291 Earnings (Loss) Before Interest and Income Taxes (139,022 ) 81,812 29,032 272,075 Interest Expense, net (9,543 ) (7,294 ) (28,526 ) (20,743 ) Earnings (Loss) Before Income Taxes $ (148,565 ) $ 74,518 $ 506 $ 251,332 Cement Operating Earnings - Wholly Owned $ 43,480 $ 37,690 $ 124,338 $ 113,147 Joint Ventures 10,700 9,507 32,489 28,931 $ 54,180 $ 47,197 $ 156,827 $ 142,078 Capital Expenditures - Cement $ 7,379 $ 17,691 $ 26,125 $ 51,524 Concrete and Aggregates 3,233 2,263 9,324 4,786 Gypsum Wallboard 273 2,054 8,647 8,533 Paperboard 12,885 1,486 42,484 7,896 Oil and Gas Proppants 86 5,818 151 48,684 Corporate and Other — 3,690 — 5,023 $ 23,856 $ 33,002 $ 86,731 $ 126,446 Depreciation, Depletion, and Amortization - Cement $ 14,189 $ 13,242 $ 42,275 $ 38,909 Concrete and Aggregates 3,105 2,049 8,050 6,154 Gypsum Wallboard 5,050 4,978 15,149 15,009 Paperboard 2,244 2,150 6,610 6,387 Oil and Gas Proppants 3,445 6,964 11,087 24,403 Corporate and Other 578 402 1,773 1,099 $ 28,611 $ 29,785 $ 84,944 $ 91,961 December 31, March 31, 2019 2019 (dollars in thousands) Identifiable Assets Cement $ 1,282,081 $ 1,289,468 Concrete and Aggregates 139,769 95,084 Gypsum Wallboard 367,833 372,206 Paperboard 169,508 138,614 Oil and Gas Proppants 18,029 236,357 Corporate and Other, net 153,005 37,434 $ 2,130,225 $ 2,169,163 |
Segment Breakdown of Goodwill | The segment breakdown of Goodwill is as follows: December 31, March 31, 2019 2019 (dollars in thousands) Cement $ 74,214 $ 74,214 Gypsum Wallboard 116,618 116,618 Paperboard 7,538 7,538 Concrete and Aggregates 1,639 — $ 200,009 $ 198,370 |
Summarized Financial Information for Joint Venture Unconsolidated | Summarized financial information for the Joint Venture that is not consolidated is set out below (this summarized financial information includes the total amount for the Joint Venture and not our 50% interest in those amounts): For the Three Months Ended December 31, For the Nine Months Ended December 31, 2019 2018 2019 2018 (dollars in thousands) Revenue $ 56,767 $ 51,411 $ 172,385 $ 158,922 Gross Margin $ 22,749 $ 20,178 $ 68,806 $ 62,196 Earnings Before Income Taxes $ 21,402 $ 19,013 $ 64,979 $ 57,862 December 31, March 31, 2019 2019 (dollars in thousands) Current Assets $ 80,108 $ 71,688 Non-Current Assets $ 88,242 $ 81,007 Current Liabilities $ 19,190 $ 19,309 |
INTEREST EXPENSE (Tables)
INTEREST EXPENSE (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Banking And Thrift Interest [Abstract] | |
Interest Expense, Net | The following components are included in Interest Expense, net: For the Three Months Ended December 31, For the Nine Months Ended December 31, 2019 2018 2019 2018 (dollars in thousands) Interest Income (12 ) $ (7 ) (23 ) $ (119 ) Interest Expense 9,250 7,022 27,682 20,024 Other Expenses 305 279 867 838 Interest Expense, net $ 9,543 $ 7,294 $ 28,526 $ 20,743 |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Senior Notes | The fair value of our long-term debt has been estimated based upon our current incremental borrowing rates for similar types of borrowing arrangements. The fair value of our Senior Unsecured Notes at December 31, 2019 is as follows: Fair Value (dollars in thousands) 4.500% Senior Unsecured Notes Due 2026 $ 366,909 |
FINANCIAL STATEMENTS FOR GUAR_2
FINANCIAL STATEMENTS FOR GUARANTORS OF THE 4.500% SENIOR UNSECURED NOTES (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Condensed Consolidating Statement of Earnings and Comprehensive Earnings | Condensed Consolidating Statement of Earnings and Comprehensive Earnings For the Three Months Ended December 31, 2019 Parent Guarantor Subsidiaries Eliminations Consolidated Revenue $ — $ 350,249 $ — $ 350,249 Cost of Goods Sold — 262,735 — 262,735 Gross Profit — 87,514 — 87,514 Equity in Earnings of Unconsolidated Joint Venture 10,700 10,700 (10,700 ) 10,700 Equity in Earnings of Subsidiaries (88,687 ) — 88,687 — Corporate General and Administrative Expenses (13,359 ) (435 ) — (13,794 ) Impairment Losses — (224,267 ) — (224,267 ) Other Non-Operating Income 118 707 — 825 Interest Expense, net (9,532 ) (11 ) — (9,543 ) Earnings before Income Taxes (100,760 ) (125,792 ) 77,987 (148,565 ) Income Taxes (13,872 ) 47,805 — 33,933 Net Earnings $ (114,632 ) $ (77,987 ) $ 77,987 $ (114,632 ) Net Earnings $ (114,632 ) $ (77,987 ) $ 77,987 $ (114,632 ) Net Actuarial Change in Benefit Plans, net of tax 33 33 (33 ) 33 Comprehensive Earnings $ (114,599 ) $ (77,954 ) $ 77,954 $ (114,599 ) Condensed Consolidating Statement of Earnings and Comprehensive Earnings For the Three Months Ended December 31, 2018 Parent Guarantor Subsidiaries Eliminations Consolidated Revenue $ — $ 333,285 $ — $ 333,285 Cost of Goods Sold — 252,864 — 252,864 Gross Profit — 80,421 — 80,421 Equity in Earnings of Unconsolidated Joint Venture 9,507 9,507 (9,507 ) 9,507 Equity in Earnings of Subsidiaries 61,946 — (61,946 ) — Corporate General and Administrative Expenses (8,863 ) (545 ) — (9,408 ) Other Non-Operating Income (43 ) 1,335 — 1,292 Interest Expense, net (7,282 ) (12 ) — (7,294 ) Earnings before Income Taxes 55,265 90,706 (71,453 ) 74,518 Income Taxes 2,450 (19,253 ) — (16,803 ) Net Earnings $ 57,715 $ 71,453 $ (71,453 ) $ 57,715 Net Earnings $ 57,715 $ 71,453 $ (71,453 ) 57,715 Net Actuarial Change in Benefit Plans, net of tax 56 56 (56 ) 56 Comprehensive Earnings $ 57,771 $ 71,509 $ (71,509 ) $ 57,771 Condensed Consolidating Statement of Earnings and Comprehensive Earnings For the Nine Months Ended December 31, 2019 Parent Guarantor Subsidiaries Eliminations Consolidated Revenue $ — $ 1,135,372 $ — $ 1,135,372 Cost of Goods Sold — 868,023 — 868,023 Gross Profit — 267,349 — 267,349 Equity in Earnings of Unconsolidated Joint Venture 32,489 32,489 (32,489 ) 32,489 Equity in Earnings of Subsidiaries 47,036 — (47,036 ) — Corporate General and Administrative Expenses (47,285 ) (1,221 ) — (48,506 ) Impairment Losses — (224,267 ) — (224,267 ) Other Non-Operating Income 525 1,442 — 1,967 Interest Expense, net (28,490 ) (36 ) — (28,526 ) Earnings before Income Taxes 4,275 75,756 (79,525 ) 506 Income Taxes (5,810 ) 3,769 — (2,041 ) Net Earnings $ (1,535 ) $ 79,525 $ (79,525 ) $ (1,535 ) Net Earnings $ (1,535 ) $ 79,525 $ (79,525 ) $ (1,535 ) Net Actuarial Change in Benefit Plans, net of tax 101 101 (101 ) 101 Comprehensive Earnings $ (1,434 ) $ 79,626 $ (79,626 ) $ (1,434 ) Condensed Consolidating Statement of Earnings and Comprehensive Earnings For the Nine Months Ended December 31, 2018 Parent Guarantor Subsidiaries Eliminations Consolidated Revenue $ — $ 1,108,540 $ — $ 1,108,540 Cost of Goods Sold — 838,554 — 838,554 Gross Profit — 269,986 — 269,986 Equity in Earnings of Unconsolidated Joint Venture 28,931 28,931 (28,931 ) 28,931 Equity in Earnings of Subsidiaries 204,234 — (204,234 ) — Corporate General and Administrative Expenses (24,682 ) (2,651 ) — (27,333 ) Legal Settlements — (1,800 ) — (1,800 ) Other Non-Operating Income (262 ) 2,553 — 2,291 Interest Expense, net (20,706 ) (37 ) — (20,743 ) Earnings before Income Taxes 187,515 296,982 (233,165 ) 251,332 Income Taxes 9,142 (63,817 ) — (54,675 ) Net Earnings $ 196,657 $ 233,165 $ (233,165 ) $ 196,657 Net Earnings $ 196,657 $ 233,165 $ (233,165 ) 196,657 Net Actuarial Change in Benefit Plans, net of tax 168 168 (168 ) 168 Comprehensive Earnings $ 196,825 $ 233,333 $ (233,333 ) $ 196,825 |
Condensed Consolidating Balance Sheet | Condensed Consolidating Balance Sheet At December 31, 2019 Parent Guarantor Subsidiaries Eliminations Consolidated ASSETS Current Assets - Cash and Cash Equivalents $ 124,084 $ 2,171 $ — $ 126,255 Accounts and Notes Receivable 439 139,844 — 140,283 Inventories — 234,264 — 234,264 Prepaid and Other Current Assets 1,371 5,626 — 6,997 Total Current Assets 125,894 381,905 — 507,799 Property, Plant, and Equipment, net 6,884 1,262,849 — 1,269,733 Notes Receivable — 9,192 — 9,192 Investment in Joint Venture 70 71,792 — 71,862 Investments in Subsidiaries and Receivables from Affiliates 2,074,575 322,106 (2,396,681 ) — Operating Lease Right-of-Use Assets 9,975 19,371 — 29,346 Goodwill and Intangible Assets, net — 230,099 — 230,099 Other Assets 5,844 6,350 — 12,194 $ 2,223,242 $ 2,303,664 $ (2,396,681 ) $ 2,130,225 LIABILITIES AND STOCKHOLDERS’ EQUITY Current Liabilities- Accounts Payable $ 6,572 $ 58,463 $ — $ 65,035 Accrued Liabilities 27,114 40,556 — 67,670 Income Taxes Payable 20,020 — — 20,020 Operating Lease Liabilities 1,162 9,439 — 10,601 Total Current Liabilities 54,868 108,458 — 163,326 Long-term Debt 930,594 — — 930,594 Noncurrent Lease Liabilities 12,538 39,401 — 51,939 Other Long-term Liabilities — 36,648 — 36,648 Payables to Affiliates 322,106 6,010,080 (6,332,186 ) — Deferred Income Taxes 5,809 44,582 — 50,391 Total Liabilities 1,325,915 6,239,169 (6,332,186 ) 1,232,898 Total Stockholders’ Equity 897,327 (3,935,505 ) 3,935,505 897,327 $ 2,223,242 $ 2,303,664 $ (2,396,681 ) $ 2,130,225 Condensed Consolidating Balance Sheet At March 31, 2019 Parent Guarantor Subsidiaries Eliminations Consolidated ASSETS Current Assets - Cash and Cash Equivalents $ 5,779 $ 2,822 $ — $ 8,601 Accounts and Notes Receivable 437 128,285 — 128,722 Inventories — 275,194 — 275,194 Income Tax Receivables 5,480 — — 5,480 Prepaid and Other Current Assets 1,472 8,152 — 9,624 Total Current Assets 13,168 414,453 — 427,621 Property, Plant, and Equipment, net 7,756 1,419,183 — 1,426,939 Notes Receivable — 2,898 — 2,898 Investment in Joint Venture 70 64,803 — 64,873 Investments in Subsidiaries and Receivables from Affiliates 2,322,334 406,726 (2,729,060 ) — Goodwill and Intangible Assets, net — 229,115 — 229,115 Other Assets 4,571 13,146 — 17,717 $ 2,347,899 $ 2,550,324 $ (2,729,060 ) $ 2,169,163 LIABILITIES AND STOCKHOLDERS’ EQUITY Current Liabilities- Accounts Payable $ 5,520 $ 75,364 $ — $ 80,884 Accrued Liabilities 22,470 39,479 — 61,949 Current Portion of Long-term Debt 36,500 — — 36,500 Total Current Liabilities 64,490 114,843 — 179,333 Long-term Debt 655,092 — — 655,092 Other Long-term Liabilities 3,303 31,189 — 34,492 Payables to Affiliates 406,726 5,730,093 (6,136,819 ) — Deferred Income Taxes 8,801 81,958 — 90,759 Total Liabilities 1,138,412 5,958,083 (6,136,819 ) 959,676 Total Stockholders’ Equity 1,209,487 (3,407,759 ) 3,407,759 1,209,487 $ 2,347,899 $ 2,550,324 $ (2,729,060 ) $ 2,169,163 |
Condensed Consolidating Statement of Cash Flows | Condensed Consolidating Statement of Cash Flows For the Nine Months Ended December 31, 2019 Parent Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES Net Cash Provided by (Used in) Operating Activities $ (32,804 ) $ 353,423 $ — $ 320,619 CASH FLOWS FROM INVESTING ACTIVITIES Additions to Property, Plant, and Equipment — (84,056 ) — (84,056 ) Acquisition Spending — (30,424 ) — (30,424 ) Net Cash Used in Investing Activities — (114,480 ) — (114,480 ) CASH FLOWS FROM FINANCING ACTIVITIES Increase in Credit Facility 275,000 — — 275,000 Repayment of Private Placement Senior Unsecured Notes (36,500 ) (36,500 ) Dividends Paid to Stockholders (13,131 ) — — (13,131 ) Purchase and Retirement of Common Stock (313,887 ) — — (313,887 ) Proceeds from Stock Option Exercises 2,996 — — 2,996 Shares Redeemed to Settle Employee Taxes on Stock Compensation (2,963 ) — — (2,963 ) Intra-entity Activity, net 239,594 (239,594 ) — — Net Cash Provided by (Used in) Financing Activities 151,109 (239,594 ) — (88,485 ) NET INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH 118,305 (651 ) — 117,654 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD 5,779 2,822 — 8,601 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD $ 124,084 $ 2,171 $ — $ 126,255 Condensed Consolidating Statement of Cash Flows For the Nine Months Ended December 31, 2018 Parent Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES Net Cash Provided by (Used in) Operating Activities $ (68,752 ) $ 362,852 $ — $ 294,100 CASH FLOWS FROM INVESTING ACTIVITIES Property, Plant, and Equipment Additions (5,023 ) (121,423 ) — (126,446 ) Proceeds from Sale of Property, Plant, and Equipment — 2,281 2,281 Net Cash Used in Investing Activities (5,023 ) (119,142 ) — (124,165 ) CASH FLOWS FROM FINANCING ACTIVITIES Repayment of Credit Facility 5,000 — — 5,000 Dividends Paid to Stockholders (14,293 ) — — (14,293 ) Purchase and Retirement of Common Stock (191,800 ) — — (191,800 ) Proceeds from Stock Option Exercises 1,992 — — 1,992 Shares Redeemed to Settle Employee Taxes on Stock Compensation (1,842 ) — — (1,842 ) Intra-entity Activity, net 245,683 (245,683 ) — — Net Cash Provided by (Used in) Financing Activities 44,740 (245,683 ) — (200,943 ) NET INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH (29,035 ) (1,973 ) — (31,008 ) CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD 44,537 3,531 — 48,068 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD $ 15,502 $ 1,558 $ — $ 17,060 |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |
Operating lease right-of-use asset | $ 29,346 |
Operating lease liabilities | 62,540 |
Accounting Standards Update 2016-02 [Member] | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |
Operating lease right-of-use asset | 66,700 |
Operating lease liabilities | $ 71,100 |
Acquisition - Additional Inform
Acquisition - Additional Information (Detail) - USD ($) $ in Thousands | Nov. 25, 2019 | Aug. 02, 2019 | Dec. 31, 2019 |
Business Acquisition [Line Items] | |||
Purchase price of the acquisition | $ 30,400 | $ 30,424 | |
Date of acquisition of business | Aug. 2, 2019 | ||
Kosmos Acquisition [Member] | |||
Business Acquisition [Line Items] | |||
Purchase price of the acquisition | $ 665,000 | ||
Date of acquisition of business | Nov. 25, 2019 |
Impairment of Long lived Assets
Impairment of Long lived Assets - Additional Information (Detail) $ in Thousands | 9 Months Ended |
Dec. 31, 2019USD ($) | |
Impairment Of Long Lived Assets Disclosure [Abstract] | |
Impairment loss of long-lived assets | $ 216,777 |
Summary of Impact of Impairment
Summary of Impact of Impairment on Net Book Value of Assets (Detail) $ in Thousands | 9 Months Ended |
Dec. 31, 2019USD ($) | |
Net Book Value Before Impairment | $ 227,839 |
Impairment | (216,777) |
Net Book Value After Impairment | 11,062 |
Operating Facilities [Member] | |
Net Book Value Before Impairment | 170,324 |
Impairment | (164,449) |
Net Book Value After Impairment | 5,875 |
Transload Locations [Member] | |
Net Book Value Before Impairment | 23,254 |
Impairment | (21,805) |
Net Book Value After Impairment | 1,449 |
Real Estate [Member] | |
Net Book Value Before Impairment | 1,427 |
Impairment | (1,377) |
Net Book Value After Impairment | 50 |
Lease Right-of-Use Assets [Member] | |
Net Book Value Before Impairment | 32,834 |
Impairment | (29,146) |
Net Book Value After Impairment | $ 3,688 |
Summary of Impairment Losses Re
Summary of Impairment Losses Recognized (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Dec. 31, 2019 | Dec. 31, 2019 | |
Impairment Losses | $ 224,267 | $ 224,267 |
Property, Equipment, and Real Estate [Member] | ||
Impairment Losses | 187,631 | |
Lease Right-of-Use Assets [Member] | ||
Impairment Losses | 29,146 | |
Inventories [Member] | ||
Impairment Losses | 6,256 | |
Accounts and Notes Receivable [Member] | ||
Impairment Losses | 617 | |
Prepaid and Other Assets [Member] | ||
Impairment Losses | $ 617 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Cash Payments: | ||
Interest | $ 25,490 | $ 17,826 |
Income Taxes | 20,046 | $ 35,222 |
Operating Cash Flows used for Operating Leases | 11,562 | |
Non Cash Financing Activities: | ||
Property and Equipment Purchases Included in Accrued Liabilities | $ 2,675 |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) $ in Millions | 9 Months Ended |
Dec. 31, 2019USD ($) | |
Supply Commitment [Line Items] | |
Revenue recognized related to shortfall provisions | $ 1.6 |
Minimum [Member] | |
Supply Commitment [Line Items] | |
Long-term supply agreements maturity year | 2019 |
Revenue from contract with customer collection terms | 30 days |
Maximum [Member] | |
Supply Commitment [Line Items] | |
Long-term supply agreements maturity year | 2025 |
Revenue from contract with customer collection terms | 65 days |
Accounts and Notes Receivable -
Accounts and Notes Receivable - Additional Information (Detail) - USD ($) $ in Millions | 9 Months Ended | |
Dec. 31, 2019 | Mar. 31, 2019 | |
Receivables [Abstract] | ||
Allowance for doubtful accounts | $ 12.3 | $ 9.9 |
Notes Receivable, total | 9.9 | |
Notes Receivable, current | $ 0.8 | |
Notes Receivable interest rate | 4.75% | |
Notes Receivable, maturity description | Remaining unpaid amounts, plus accrued interest, mature in fiscal 2025. |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) | 9 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Equity [Abstract] | |
Repurchase of shares | 3,574,109 |
Shares repurchased average price | $ / shares | $ 87.82 |
Stock repurchase remaining number of shares authorized to be repurchased | 7,305,649 |
Schedule of Inventories (Detail
Schedule of Inventories (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Mar. 31, 2019 |
Inventory [Line Items] | ||
Inventories | $ 234,264 | $ 275,194 |
Raw Materials and Material-in-Progress [Member] | ||
Inventory [Line Items] | ||
Inventories | 93,865 | 125,828 |
Finished Cement [Member] | ||
Inventory [Line Items] | ||
Inventories | 24,673 | 27,826 |
Aggregates [Member] | ||
Inventory [Line Items] | ||
Inventories | 7,588 | 7,351 |
Gypsum Wallboard [Member] | ||
Inventory [Line Items] | ||
Inventories | 4,881 | 7,124 |
Paperboard [Member] | ||
Inventory [Line Items] | ||
Inventories | 11,638 | 15,660 |
Frac Sand [Member] | ||
Inventory [Line Items] | ||
Inventories | 529 | 2,557 |
Repair Parts and Supplies [Member] | ||
Inventory [Line Items] | ||
Inventories | 81,445 | 80,676 |
Fuel and Coal [Member] | ||
Inventory [Line Items] | ||
Inventories | $ 9,645 | $ 8,172 |
Inventories - Additional Inform
Inventories - Additional Information (Details) $ in Millions | 9 Months Ended |
Dec. 31, 2019USD ($) | |
Raw Materials and Materials-in-Process [Member] | |
Inventory [Line Items] | |
Inventory write-downs | $ 3.3 |
Frac Sand [Member] | |
Inventory [Line Items] | |
Inventory write-downs | 1.7 |
Repair Parts and Supplies [Member] | |
Inventory [Line Items] | |
Inventory write-downs | $ 1.3 |
Schedule of Accrued Expenses (D
Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Mar. 31, 2019 |
Accounts Payable And Accrued Liabilities Current [Abstract] | ||
Payroll and Incentive Compensation | $ 27,548 | $ 26,225 |
Benefits | 13,272 | 12,673 |
Interest | 6,606 | 3,852 |
Property Taxes | 4,745 | 5,058 |
Power and Fuel | 1,635 | 1,644 |
Litigation Settlements | 1,900 | |
Sales and Use Tax | 1,130 | 2,167 |
Legal and Professional | 5,870 | |
Other | 6,864 | 8,430 |
Accrued Expenses, Total | $ 67,670 | $ 61,949 |
Leases - Additional Information
Leases - Additional Information (Detail) $ in Millions | 3 Months Ended |
Dec. 31, 2019USD ($) | |
Oil and Gas Proppants [Member] | |
Lessee Lease Description [Line Items] | |
Impairment related to right of use assets | $ 29.1 |
Minimum [Member] | |
Lessee Lease Description [Line Items] | |
Operating lease term | 1 year |
Maximum [Member] | |
Lessee Lease Description [Line Items] | |
Operating lease term | 20 years |
Schedule of Lease Expense for O
Schedule of Lease Expense for Operating and Short-Term Leases (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Dec. 31, 2019 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Operating Lease Cost | $ 3,730 | $ 11,639 |
Short-term Lease Cost | 228 | 1,310 |
Total Lease Cost | $ 3,958 | $ 12,949 |
Schedule of Balance Sheet Infor
Schedule of Balance Sheet Information Related to Leases (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
Operating Leases: | |
Operating Lease Right-of-Use Assets | $ 29,346 |
Current Operating Lease Liabilities | 10,601 |
Noncurrent Operating Lease Liabilities | 51,939 |
Total Operating Lease Liabilities | $ 62,540 |
Schedule of Future Payments for
Schedule of Future Payments for Operating Leases (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
Leases [Abstract] | |
2020 (remaining three months) | $ 3,318 |
2021 | 11,931 |
2022 | 10,618 |
2023 | 10,131 |
2024 | 8,585 |
Thereafter | 30,945 |
Total Lease Payments | 75,528 |
Less: Imputed Interest | (12,988) |
Present Value of Lease Liabilities | $ 62,540 |
Weighted Average Remaining Lease Term (in years) | 9 years 2 months 12 days |
Weighted Average Discount Rate | 3.75% |
Schedule of Future Minimum Leas
Schedule of Future Minimum Lease Payments (Detail) $ in Thousands | Mar. 31, 2019USD ($) |
Leases [Abstract] | |
2020 | $ 14,613 |
2021 | 11,487 |
2022 | 9,979 |
2023 | 9,784 |
2024 | 8,347 |
Thereafter | 24,793 |
Total Lease Payments | $ 79,003 |
Share-Based Employee Compensa_3
Share-Based Employee Compensation - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
May 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Aug. 31, 2019 | Aug. 07, 2013 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Number of shares available for future grant | 3,758,359 | 3,758,359 | 3,000,000 | ||||
Stock option expense | $ 1.2 | $ 0.9 | $ 3.5 | $ 3 | |||
Aggregate intrinsic value for outstanding options | 15.3 | 15.3 | |||||
Aggregate intrinsic value for exercisable options | 13.8 | 13.8 | |||||
Total intrinsic value of options exercised | 2 | ||||||
Restricted stock or unit expense | 3.1 | $ 3.1 | $ 12.9 | $ 8.6 | |||
Stock Awards [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Number of shares available for future grant | 1,500,000 | ||||||
Performance Vesting Stock Options [Member] | Long Term Compensation Plan [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Number of shares available for future grant | 100,849 | ||||||
Reduced percentage of shares earned in stock options plan | 66.70% | ||||||
Stock based compensation plan, description | The performance criteria for the Fiscal 2020 Employee Performance Stock Option Grant is based upon the achievement of certain levels of return on equity (as defined in the option agreements), ranging from 10.0% to 20.0%, for the fiscal year ending March 31, 2020. All stock options will be earned if the return on equity is 20.0% or greater, and the percentage of shares earned will be reduced proportionately to approximately 66.7% if the return on equity is 10.0%. If the Company does not achieve a return on equity of at least 10.0%, all stock options granted will be forfeited. | ||||||
Share-based compensation vesting period | 4 years | ||||||
Share-based compensation award expiration term | 10 years | ||||||
Performance Vesting Stock Options [Member] | Long Term Compensation Plan [Member] | Minimum [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Percentage of average return on invested capital | 10.00% | ||||||
Share-based compensation expiration date | Mar. 31, 2020 | ||||||
Performance Vesting Stock Options [Member] | Long Term Compensation Plan [Member] | Maximum [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Percentage of average return on invested capital | 20.00% | ||||||
Share-based compensation expiration date | Mar. 31, 2023 | ||||||
Time Vesting Stock Options [Member] | Long Term Compensation Plan [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Number of shares available for future grant | 84,043 | ||||||
Share-based compensation vesting period | 4 years | ||||||
Stock Options [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Unrecognized compensation cost, stock options | 8.4 | $ 8.4 | |||||
Weighted-average period of recognition of unrecognized compensation cost | 2 years 7 months 6 days | ||||||
Performance Vesting Restricted Stock [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Number of shares available for future grant | 51,112 | ||||||
Stock based compensation plan, description | The performance criteria for the Fiscal 2020 Employee Restricted Stock Performance Award is based upon the achievement of certain levels of return on equity (as defined in the award agreement), ranging from 10.0% to 20.0%, for the fiscal year ending March 31, 2020. All restricted shares will be earned if the return on equity is 20.0% or greater, and the percentage of shares earned will be reduced proportionately to approximately 66.7% if the return on equity is 10.0%. If the Company does not achieve a return on equity of at least 10.0%, all awards will be forfeited. | ||||||
Share-based compensation vesting period | 4 years | ||||||
Reduced percentage of restricted shares | 66.70% | ||||||
Performance Vesting Restricted Stock [Member] | Minimum [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Percentage of average return on invested capital | 10.00% | ||||||
Share-based compensation vesting date | Mar. 31, 2020 | ||||||
Performance Vesting Restricted Stock [Member] | Maximum [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Percentage of average return on invested capital | 20.00% | ||||||
Share-based compensation vesting date | Mar. 31, 2022 | ||||||
Time Vesting Restricted Stock [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Number of shares available for future grant | 42,591 | ||||||
Share-based compensation vesting period | 4 years | ||||||
Restricted Stock [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Number of shares available for future grant | 24,589 | ||||||
Weighted-average period of recognition of unrecognized compensation cost | 2 years 1 month 6 days | ||||||
Unrecognized compensation cost | $ 15.4 | $ 15.4 |
Weighted-Average Assumptions Us
Weighted-Average Assumptions Used to Value Option Awards (Detail) - Long Term Compensation Plan [Member] - Stock Options [Member] | 9 Months Ended |
Dec. 31, 2019 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Dividend Yield | 1.30% |
Expected Volatility | 31.40% |
Risk Free Interest Rate | 2.32% |
Expected Life | 6 years |
Stock Option Activity (Detail)
Stock Option Activity (Detail) | 9 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Number of Shares, Outstanding Options at Beginning of Year | shares | 1,042,925 |
Number of Shares, Granted | shares | 184,892 |
Number of Shares, Exercised | shares | (57,255) |
Number of Shares, Cancelled | shares | (7,883) |
Number of Shares, Outstanding Options at December 31, 2019 | shares | 1,162,679 |
Number of Shares, Options Exercisable at December 31, 2019 | shares | 732,860 |
Weighted-Average Exercise Price, Outstanding Options at Beginning of Year | $ 76.88 |
Weighted-Average Exercise Price, Granted | 91.58 |
Weighted-Average Exercise Price, Exercised | 87.99 |
Weighted-Average Exercise Price, Cancelled | 102.69 |
Weighted-Average Exercise Price, Outstanding Options at December 31, 2019 | 80.25 |
Weighted-Average Exercise Price, Options Exercisable at December 31, 2019 | 73.27 |
Weighted Average Fair Value of Options Granted During the Year | $ 27.37 |
Stock Options Outstanding (Deta
Stock Options Outstanding (Detail) | 9 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Options Outstanding, Number of Shares Outstanding | shares | 1,162,679 |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | 6 years 1 month 13 days |
Options Outstanding, Weighted-Average Exercise Price | $ 80.25 |
Options Exercisable , Number of Shares Outstanding | shares | 732,860 |
Options Exercisable, Weighted-Average Exercise Price | $ 73.27 |
$23.17 - $29.84 [Member] | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Range of Exercise Prices, Lower Range | 23.17 |
Range of Exercise Prices, Upper Range | $ 29.84 |
Options Outstanding, Number of Shares Outstanding | shares | 65,912 |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | 1 year 7 months 6 days |
Options Outstanding, Weighted-Average Exercise Price | $ 23.27 |
Options Exercisable , Number of Shares Outstanding | shares | 65,912 |
Options Exercisable, Weighted-Average Exercise Price | $ 23.27 |
$33.43 - $ 37.34 [Member] | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Range of Exercise Prices, Lower Range | 33.43 |
Range of Exercise Prices, Upper Range | $ 37.34 |
Options Outstanding, Number of Shares Outstanding | shares | 57,728 |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | 2 years 5 months 16 days |
Options Outstanding, Weighted-Average Exercise Price | $ 34.03 |
Options Exercisable , Number of Shares Outstanding | shares | 57,728 |
Options Exercisable, Weighted-Average Exercise Price | $ 34.03 |
$53.22 - $ 77.67 [Member] | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Range of Exercise Prices, Lower Range | 53.22 |
Range of Exercise Prices, Upper Range | $ 77.67 |
Options Outstanding, Number of Shares Outstanding | shares | 272,834 |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | 5 years 6 months 11 days |
Options Outstanding, Weighted-Average Exercise Price | $ 72.22 |
Options Exercisable , Number of Shares Outstanding | shares | 201,712 |
Options Exercisable, Weighted-Average Exercise Price | $ 71.84 |
$79.73 - $ 106.24 [Member] | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Range of Exercise Prices, Lower Range | 79.73 |
Range of Exercise Prices, Upper Range | $ 106.24 |
Options Outstanding, Number of Shares Outstanding | shares | 766,205 |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | 6 years 11 months 27 days |
Options Outstanding, Weighted-Average Exercise Price | $ 91.49 |
Options Exercisable , Number of Shares Outstanding | shares | 407,508 |
Options Exercisable, Weighted-Average Exercise Price | $ 87.63 |
Summary of Activity for Nonvest
Summary of Activity for Nonvested Restricted Shares (Detail) - Restricted Stock [Member] | 9 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Shares, Nonvested at Beginning of Year | 300,115 |
Number of Shares, Granted | 118,292 |
Number of Shares, Vested | (83,307) |
Number of Shares, Forfeited | (15,940) |
Number of Shares, Nonvested Restricted Stock at December 31, 2019 | 319,160 |
Weighted Average Grant Date Fair Value, Beginning of Year | $ / shares | $ 78.94 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 90.08 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 95.01 |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | $ 58.64 |
Calculation of Basic and Dilute
Calculation of Basic and Diluted Common Shares Outstanding (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings Per Share [Abstract] | ||||
Weighted Average Shares of Common Stock Outstanding | 41,314,289 | 46,275,198 | 42,246,329 | 47,059,408 |
Assumed Exercise of Outstanding Dilutive Options | 268,283 | 629,968 | ||
Less Shares Repurchased from Proceeds of Assumed Exercised Options | (171,402) | (442,898) | ||
Restricted Stock Units | 123,915 | 156,793 | ||
Weighted Average Common Stock and Dilutive Securities Outstanding | 41,314,289 | 46,495,994 | 42,246,329 | 47,403,271 |
Shares Excluded Due to Anti-dilution Effects | 655,889 | 756,035 | 657,964 | 360,976 |
Computation of Earnings Per S_3
Computation of Earnings Per Share - Additional Information (Detail) - shares | 3 Months Ended | 9 Months Ended |
Dec. 31, 2019 | Dec. 31, 2019 | |
Earnings Per Share [Abstract] | ||
Shares excluded due to anti-dilution effects | 0 | 0 |
Anti dilutive securities to be considered dilutive securities | 301,206 | 281,031 |
Components of Net Periodic Cost
Components of Net Periodic Cost (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Compensation And Retirement Disclosure [Abstract] | ||||
Service Cost - Benefits Earned During the Period | $ 85 | $ 100 | $ 255 | $ 300 |
Interest Cost of Projected Benefit Obligation | 338 | 337 | 1,013 | 1,011 |
Expected Return on Plan Assets | (426) | (463) | (1,279) | (1,389) |
Recognized Net Actuarial Loss | 43 | 58 | 131 | 174 |
Amortization of Prior-Service Cost | 15 | 45 | ||
Net Periodic Pension Cost | $ 40 | $ 47 | $ 120 | $ 141 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 9 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||
Effective tax rate | 403.00% | 22.00% |
Long-Term Debt (Detail)
Long-Term Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Mar. 31, 2019 | Aug. 02, 2016 |
Debt Instrument [Line Items] | |||
Bank Credit Facility | $ 585,000 | $ 310,000 | |
Total Debt | 935,000 | 696,500 | |
Less: Current Portion of Long-term Debt | (36,500) | ||
Less: Debt Origination Costs | (4,406) | (4,908) | |
Long-term Debt | 930,594 | 655,092 | |
4.500% Senior Unsecured Notes Due 2026 [Member] | |||
Debt Instrument [Line Items] | |||
Total Debt | $ 350,000 | 350,000 | $ 350,000 |
Private Placement Senior Unsecured Notes [Member] | |||
Debt Instrument [Line Items] | |||
Total Debt | $ 36,500 |
Long-Term Debt (Parenthetical)
Long-Term Debt (Parenthetical) (Detail) - 4.500% Senior Unsecured Notes Due 2026 [Member] | 9 Months Ended | |
Dec. 31, 2019 | Aug. 02, 2016 | |
Debt Instrument [Line Items] | ||
Debt instrument, interest rate | 4.50% | 4.50% |
Debt instrument, maturity year | 2026 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) - USD ($) | Dec. 20, 2019 | Oct. 02, 2019 | Aug. 02, 2016 | Oct. 31, 2014 | Dec. 31, 2019 | Mar. 31, 2019 |
Debt Instrument [Line Items] | ||||||
Bank Credit Facility, borrowings available | $ 158,100,000 | |||||
Interest coverage ratio | 250.00% | |||||
Borrowings outstanding under Credit Facility | 585,000,000 | $ 310,000,000 | ||||
Letter of Credit Facility | 40,000,000 | |||||
Outstanding letters of credit , amount | 6,900,000 | |||||
Debt instrument, principal amount | 935,000,000 | 696,500,000 | ||||
Repayments of Debt | $ 36,500,000 | |||||
Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Unused line of credit commitment fee based on leverage ratio | 0.15% | |||||
Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Unused line of credit commitment fee based on leverage ratio | 0.30% | |||||
December 31,2019 and June 30,2020 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Convertible, Earliest Date | Dec. 31, 2019 | |||||
Debt Instrument, Convertible, Latest Date | Jun. 30, 2020 | |||||
December 31,2019 and June 30,2020 [Member] | Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Consolidated funded indebtedness ratio | 400.00% | |||||
September 30,2020 and December 31,2020 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Convertible, Earliest Date | Sep. 30, 2020 | |||||
Debt Instrument, Convertible, Latest Date | Dec. 31, 2020 | |||||
September 30,2020 and December 31,2020 [Member] | Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Consolidated funded indebtedness ratio | 375.00% | |||||
After december 31,2020 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Convertible, Earliest Date | Dec. 31, 2020 | |||||
After december 31,2020 [Member] | Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Consolidated funded indebtedness ratio | 350.00% | |||||
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Variable margin | 1.25% | |||||
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Variable margin | 2.00% | |||||
Federal Funds Effective Swap Rate [Member] | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Variable margin | 0.25% | |||||
Federal Funds Effective Swap Rate [Member] | Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Variable margin | 1.00% | |||||
Term Loan Agreement [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Credit Facility, interest rate description | Borrowings under the Term Loan Agreement will bear interest, at our option, at a floating rate per annum equal to either the alternate base rate (consistent with the Amended Credit Facility), plus a margin between 25 and 100 basis points, or based on the adjusted LIBOR plus a margin between 125 and 200 basis points, depending on the ratio of our consolidated indebtedness to consolidated EBITDA (consistent with the Amended Credit Facility). We must also maintain a ratio of consolidated indebtedness to consolidated EBITDA consistent with the Amended Credit Facility. | |||||
Term loan facility, unused borrowing capacity, Amount | $ 665,000,000 | |||||
Term loan borrowing, Amount | $ 0 | |||||
Term loan Maturity Date | Aug. 2, 2021 | |||||
Term Loan Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Variable margin | 0.25% | |||||
Term Loan Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Variable margin | 1.00% | |||||
Term Loan Agreement [Member] | Federal Funds Effective Swap Rate [Member] | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Consolidated funded indebtedness ratio | 1.25% | |||||
Term Loan Agreement [Member] | Federal Funds Effective Swap Rate [Member] | Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Consolidated funded indebtedness ratio | 2.00% | |||||
4.500% Senior Unsecured Notes Due 2026 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, principal amount | $ 350,000,000 | $ 350,000,000 | 350,000,000 | |||
Debt instrument, interest rate | 4.50% | 4.50% | ||||
Debt instrument, maturity period | 2026-08 | |||||
4.500% Senior Unsecured Notes Due 2026 [Member] | Prior to August 1, 2021 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Redemption price, percentage | 100.00% | |||||
Private Placement Senior Unsecured Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, principal amount | $ 36,500,000 | |||||
Repayments of Debt | $ 36,500,000 | |||||
Revolving Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Credit Facility, principal balance | $ 500,000,000 | |||||
Bank Credit Facility, borrowings available | $ 750,000,000 | |||||
Credit Facility, termination date | Aug. 2, 2021 | |||||
Credit Facility, interest rate description | At our option, outstanding principal amounts on the Amended Credit Facility bear interest at a variable rate equal to either (i) the LIBOR plus an agreed margin (ranging from 125 to 200 basis points), which is to be established quarterly based on the Company's ratio of consolidated EBITDA, defined as earnings before interest, taxes, depreciation, and amortization, to the Company's consolidated indebtedness (the Leverage Ratio); or (ii) an alternate base rate, which is the highest of (a) the prime rate, (b) the federal funds rate plus ½% per annum, or (c) one month LIBOR plus 1.0%, in each case plus an agreed margin (ranging from 25 to 100 basis points). In the case of loans bearing interest at a rate based on the alternate base rate, interest payments are payable quarterly. In the case of loans bearing interest at a rate based on LIBOR, interest is payable at the end of the LIBOR advance periods, which can be up to six months at the option of the Company. The Company is also required to pay a commitment fee on unused available borrowings under the Amended Credit Facility ranging from 15 to 30 basis points depending upon the Leverage Ratio. | |||||
Revolving Credit Facility [Member] | Swingline Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Credit Facility, principal balance | $ 25,000,000 | |||||
Line of Credit | Federal Funds Effective Swap Rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Variable margin | 0.50% | |||||
Letter of Credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Bank Credit Facility, one-time fee | 0.125% |
Schedule of Senior Unsecured No
Schedule of Senior Unsecured Notes Redemption Prices (Detail) - 4.500% Senior Unsecured Notes Due 2026 [Member] | 9 Months Ended |
Dec. 31, 2019 | |
2021 [Member] | |
Debt Instrument Redemption [Line Items] | |
Redemption price, percentage | 102.25% |
2022 [Member] | |
Debt Instrument Redemption [Line Items] | |
Redemption price, percentage | 101.50% |
2023 [Member] | |
Debt Instrument Redemption [Line Items] | |
Redemption price, percentage | 100.75% |
2024 and Thereafter [Member] | |
Debt Instrument Redemption [Line Items] | |
Redemption price, percentage | 100.00% |
Segment Information - Additiona
Segment Information - Additional Information (Detail) $ in Millions | 9 Months Ended |
Dec. 31, 2019USD ($)LocationFacilityTerminalPlantSectorSegment | |
Segment Reporting [Abstract] | |
Number of sectors | Sector | 3 |
Number of reportable business segments | Segment | 5 |
Cement plant locations | Location | 7 |
Slag grinding facility | Facility | 1 |
Cement distribution terminals | Terminal | 19 |
Gypsum wallboard plants | Plant | 5 |
Readymix concrete batch plants | Plant | 25 |
Aggregates processing plants | Plant | 5 |
Number of frac sand processing facilities | Facility | 2 |
Number of frac sand drying facilities | Facility | 4 |
Number of frac sand trans-load locations | Location | 5 |
Proportionate consolidation of share of Joint Venture's revenues and operating earnings | 50.00% |
Accrued capital expenditures | $ | $ 2.7 |
Financial Information Related t
Financial Information Related to Operations by Segment (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2019USD ($)kT | Dec. 31, 2018USD ($)kT | Dec. 31, 2019USD ($)kT | Dec. 31, 2018USD ($)kT | Mar. 31, 2019USD ($) | |
Segment Reporting Information [Line Items] | |||||
Revenue | $ 350,249 | $ 333,285 | $ 1,135,372 | $ 1,108,540 | |
Less: Joint Venture Revenue | (28,382) | (25,369) | (85,775) | (78,112) | |
Operating Earnings | 98,214 | 89,928 | 299,838 | 298,917 | |
Corporate General and Administrative Expense | (13,794) | (9,408) | (48,506) | (27,333) | |
Impairment Losses | (224,267) | (224,267) | |||
Litigation Settlements and Losses | (1,800) | ||||
Other Non-Operating Income | 825 | 1,292 | 1,967 | 2,291 | |
Earnings (Loss) Before Interest and Income Taxes | (139,022) | 81,812 | 29,032 | 272,075 | |
Interest Expense, Net | (9,543) | (7,294) | (28,526) | (20,743) | |
Earnings (Loss) before Income Taxes | (148,565) | 74,518 | 506 | 251,332 | |
Capital Expenditures | 23,856 | 33,002 | 86,731 | 126,446 | |
Depreciation, Depletion, and Amortization | 28,611 | 29,785 | 84,944 | 91,961 | |
Identifiable Assets | 2,130,225 | 2,130,225 | $ 2,169,163 | ||
Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 400,406 | 379,265 | 1,287,601 | 1,249,398 | |
Operating Earnings | 54,180 | 47,197 | 156,827 | 142,078 | |
Operating Segments [Member] | Wholly-Owned [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating Earnings | 43,480 | 37,690 | 124,338 | 113,147 | |
Operating Segments [Member] | Joint Venture [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating Earnings | 10,700 | 9,507 | 32,489 | 28,931 | |
Intersegment Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | (21,775) | (20,611) | (66,454) | (62,746) | |
Cement [Member] | Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | $ 183,031 | $ 163,732 | $ 605,357 | $ 543,681 | |
Cement Sales Volume | kT | 1,439 | 1,344 | 4,767 | 4,412 | |
Operating Earnings | $ 54,180 | $ 47,197 | $ 156,827 | $ 142,078 | |
Capital Expenditures | 7,379 | 17,691 | 26,125 | 51,524 | |
Depreciation, Depletion, and Amortization | 14,189 | $ 13,242 | 42,275 | $ 38,909 | |
Identifiable Assets | $ 1,282,081 | $ 1,282,081 | 1,289,468 | ||
Cement [Member] | Operating Segments [Member] | Wholly-Owned [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Cement Sales Volume | kT | 1,199 | 1,126 | 4,046 | 3,740 | |
Cement [Member] | Operating Segments [Member] | Joint Venture [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Cement Sales Volume | kT | 240 | 218 | 721 | 672 | |
Cement [Member] | Intersegment Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | $ (6,174) | $ (3,518) | $ (17,130) | $ (11,769) | |
Concrete and Aggregates [Member] | Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 47,147 | 30,841 | 142,895 | 111,425 | |
Operating Earnings | 3,334 | 1,037 | 15,023 | 10,621 | |
Capital Expenditures | 3,233 | 2,263 | 9,324 | 4,786 | |
Depreciation, Depletion, and Amortization | 3,105 | 2,049 | 8,050 | 6,154 | |
Identifiable Assets | 139,769 | 139,769 | 95,084 | ||
Concrete and Aggregates [Member] | Intersegment Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | (350) | (346) | (1,134) | (1,178) | |
Gypsum Wallboard [Member] | Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 125,070 | 130,954 | 380,454 | 402,978 | |
Operating Earnings | 38,484 | 43,543 | 114,872 | 139,694 | |
Capital Expenditures | 273 | 2,054 | 8,647 | 8,533 | |
Depreciation, Depletion, and Amortization | 5,050 | 4,978 | 15,149 | 15,009 | |
Identifiable Assets | 367,833 | 367,833 | 372,206 | ||
Paperboard [Member] | Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 37,813 | 39,638 | 122,360 | 126,048 | |
Operating Earnings | 9,021 | 7,475 | 29,060 | 26,078 | |
Capital Expenditures | 12,885 | 1,486 | 42,484 | 7,896 | |
Depreciation, Depletion, and Amortization | 2,244 | 2,150 | 6,610 | 6,387 | |
Identifiable Assets | 169,508 | 169,508 | 138,614 | ||
Paperboard [Member] | Intersegment Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | (15,251) | (16,747) | (48,190) | (49,799) | |
Oil and Gas Proppants [Member] | Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 7,345 | 14,100 | 36,535 | 65,266 | |
Operating Earnings | (6,805) | (9,324) | (15,944) | (19,554) | |
Capital Expenditures | 86 | 5,818 | 151 | 48,684 | |
Depreciation, Depletion, and Amortization | 3,445 | 6,964 | 11,087 | 24,403 | |
Identifiable Assets | 18,029 | 18,029 | 236,357 | ||
Corporate and Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Capital Expenditures | 3,690 | 5,023 | |||
Depreciation, Depletion, and Amortization | 578 | $ 402 | 1,773 | $ 1,099 | |
Identifiable Assets | $ 153,005 | $ 153,005 | $ 37,434 |
Segment Breakdown of Goodwill (
Segment Breakdown of Goodwill (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Mar. 31, 2019 |
Segment Reporting Information [Line Items] | ||
Goodwill | $ 200,009 | $ 198,370 |
Cement [Member] | ||
Segment Reporting Information [Line Items] | ||
Goodwill | 74,214 | 74,214 |
Gypsum Wallboard [Member] | ||
Segment Reporting Information [Line Items] | ||
Goodwill | 116,618 | 116,618 |
Paperboard [Member] | ||
Segment Reporting Information [Line Items] | ||
Goodwill | 7,538 | $ 7,538 |
Concrete and Aggregates [Member] | ||
Segment Reporting Information [Line Items] | ||
Goodwill | $ 1,639 |
Summarized Financial Informatio
Summarized Financial Information for Joint Venture Unconsolidated (Detail) - Joint Venture [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2019 | |
Related Party Transaction [Line Items] | |||||
Revenue | $ 56,767 | $ 51,411 | $ 172,385 | $ 158,922 | |
Gross Margin | 22,749 | 20,178 | 68,806 | 62,196 | |
Earnings Before Income Taxes | 21,402 | $ 19,013 | 64,979 | $ 57,862 | |
Current Assets | 80,108 | 80,108 | $ 71,688 | ||
Non-Current Assets | 88,242 | 88,242 | 81,007 | ||
Current Liabilities | $ 19,190 | $ 19,190 | $ 19,309 |
Interest Expense, Net (Detail)
Interest Expense, Net (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Interest Income (Expense), Net [Abstract] | ||||
Interest Income | $ (12) | $ (7) | $ (23) | $ (119) |
Interest Expense | 9,250 | 7,022 | 27,682 | 20,024 |
Other Expenses | 305 | 279 | 867 | 838 |
Interest Expense, net | $ 9,543 | $ 7,294 | $ 28,526 | $ 20,743 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | Dec. 31, 2019USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
Letters of credit outstanding, amount | $ 6,900,000 |
Outstanding guarantees | 0 |
Contingently liable for performance, current | $ 28,700,000 |
Fair Value of Senior Notes (Det
Fair Value of Senior Notes (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
4.500% Senior Unsecured Notes Due 2026 [Member] | |
Fair Value Of Financial Instruments [Line Items] | |
Fair Value of Senior Notes | $ 366,909 |
Fair Value of Senior Notes (Par
Fair Value of Senior Notes (Parenthetical) (Detail) - 4.500% Senior Unsecured Notes Due 2026 [Member] | 9 Months Ended | |
Dec. 31, 2019 | Aug. 02, 2016 | |
Fair Value Of Financial Instruments [Line Items] | ||
Debt instrument, interest rate | 4.50% | 4.50% |
Debt instrument, maturity year | 2026 |
Condensed Consolidating Stateme
Condensed Consolidating Statement of Earnings and Comprehensive Earnings (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue | $ 350,249 | $ 333,285 | $ 1,135,372 | $ 1,108,540 | ||||
Cost of Goods Sold | 262,735 | 252,864 | 868,023 | 838,554 | ||||
Gross Profit | 87,514 | 80,421 | 267,349 | 269,986 | ||||
Equity in Earnings of Unconsolidated Joint Venture | 10,700 | 9,507 | 32,489 | 28,931 | ||||
Corporate General and Administrative Expense | (13,794) | (9,408) | (48,506) | (27,333) | ||||
Legal Settlements | (1,800) | |||||||
Impairment Losses | (224,267) | (224,267) | ||||||
Other Non-Operating Income | 825 | 1,292 | 1,967 | 2,291 | ||||
Interest Expense, net | (9,543) | (7,294) | (28,526) | (20,743) | ||||
Earnings (Loss) before Income Taxes | (148,565) | 74,518 | 506 | 251,332 | ||||
Income Tax Benefit (Expense) | 33,933 | (16,803) | (2,041) | (54,675) | ||||
Net Earnings (Loss) | (114,632) | $ 71,793 | $ 41,304 | 57,715 | $ 72,603 | $ 66,339 | (1,535) | 196,657 |
Net Actuarial Change in Benefit Plans, net of tax | 33 | 56 | 101 | 168 | ||||
Comprehensive Earnings (Loss) | (114,599) | 57,771 | (1,434) | 196,825 | ||||
Eliminations [Member] | ||||||||
Equity in Earnings of Unconsolidated Joint Venture | (10,700) | (9,507) | (32,489) | (28,931) | ||||
Equity in Earnings of Subsidiaries | 88,687 | (61,946) | (47,036) | (204,234) | ||||
Earnings (Loss) before Income Taxes | 77,987 | (71,453) | (79,525) | (233,165) | ||||
Net Earnings (Loss) | 77,987 | (71,453) | (79,525) | (233,165) | ||||
Net Actuarial Change in Benefit Plans, net of tax | (33) | (56) | (101) | (168) | ||||
Comprehensive Earnings (Loss) | 77,954 | (71,509) | (79,626) | (233,333) | ||||
Parent [Member] | Reportable Legal Entities [Member] | ||||||||
Equity in Earnings of Unconsolidated Joint Venture | 10,700 | 9,507 | 32,489 | 28,931 | ||||
Equity in Earnings of Subsidiaries | (88,687) | 61,946 | 47,036 | 204,234 | ||||
Corporate General and Administrative Expense | (13,359) | (8,863) | (47,285) | (24,682) | ||||
Other Non-Operating Income | 118 | (43) | 525 | (262) | ||||
Interest Expense, net | (9,532) | (7,282) | (28,490) | (20,706) | ||||
Earnings (Loss) before Income Taxes | (100,760) | 55,265 | 4,275 | 187,515 | ||||
Income Tax Benefit (Expense) | (13,872) | 2,450 | (5,810) | 9,142 | ||||
Net Earnings (Loss) | (114,632) | 57,715 | (1,535) | 196,657 | ||||
Net Actuarial Change in Benefit Plans, net of tax | 33 | 56 | 101 | 168 | ||||
Comprehensive Earnings (Loss) | (114,599) | 57,771 | (1,434) | 196,825 | ||||
Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | ||||||||
Revenue | 350,249 | 333,285 | 1,135,372 | 1,108,540 | ||||
Cost of Goods Sold | 262,735 | 252,864 | 868,023 | 838,554 | ||||
Gross Profit | 87,514 | 80,421 | 267,349 | 269,986 | ||||
Equity in Earnings of Unconsolidated Joint Venture | 10,700 | 9,507 | 32,489 | 28,931 | ||||
Corporate General and Administrative Expense | (435) | (545) | (1,221) | (2,651) | ||||
Legal Settlements | (1,800) | |||||||
Impairment Losses | (224,267) | (224,267) | ||||||
Other Non-Operating Income | 707 | 1,335 | 1,442 | 2,553 | ||||
Interest Expense, net | (11) | (12) | (36) | (37) | ||||
Earnings (Loss) before Income Taxes | (125,792) | 90,706 | 75,756 | 296,982 | ||||
Income Tax Benefit (Expense) | 47,805 | (19,253) | 3,769 | (63,817) | ||||
Net Earnings (Loss) | (77,987) | 71,453 | 79,525 | 233,165 | ||||
Net Actuarial Change in Benefit Plans, net of tax | 33 | 56 | 101 | 168 | ||||
Comprehensive Earnings (Loss) | $ (77,954) | $ 71,509 | $ 79,626 | $ 233,333 |
Condensed Consolidating Balance
Condensed Consolidating Balance Sheet (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 |
Current Assets - | ||||||||
Cash and Cash Equivalents | $ 126,255 | $ 8,601 | ||||||
Accounts and Notes Receivable | 140,283 | 128,722 | ||||||
Inventories | 234,264 | 275,194 | ||||||
Prepaid and Other Current Assets | 6,997 | 9,624 | ||||||
Income Tax Receivable | 5,480 | |||||||
Total Current Assets | 507,799 | 427,621 | ||||||
Property, Plant, and Equipment, net | 1,269,733 | 1,426,939 | ||||||
Notes Receivable | 9,192 | 2,898 | ||||||
Investment in Joint Venture | 71,862 | 64,873 | ||||||
Operating Lease Right-of-Use Assets | 29,346 | |||||||
Goodwill and Intangible Assets, net | 230,099 | 229,115 | ||||||
Other Assets | 12,194 | 17,717 | ||||||
Total Assets | 2,130,225 | 2,169,163 | ||||||
Current Liabilities - | ||||||||
Accounts Payable | 65,035 | 80,884 | ||||||
Accrued Liabilities | 67,670 | 61,949 | ||||||
Income Taxes Payable | 20,020 | |||||||
Operating Lease Liabilities | 10,601 | |||||||
Current Portion of Long-term Debt | 36,500 | |||||||
Total Current Liabilities | 163,326 | 179,333 | ||||||
Long-term Debt | 930,594 | 655,092 | ||||||
Noncurrent Lease Liabilities | 51,939 | |||||||
Other Long-term Liabilities | 36,648 | 34,492 | ||||||
Deferred Income Taxes | 50,391 | 90,759 | ||||||
Total Liabilities | 1,232,898 | 959,676 | ||||||
Total Stockholders’ Equity | 897,327 | $ 1,010,755 | $ 1,055,266 | 1,209,487 | $ 1,420,337 | $ 1,432,603 | $ 1,431,479 | $ 1,417,690 |
Liabilities and Stockholders' Equity, Total | 2,130,225 | 2,169,163 | ||||||
Eliminations [Member] | ||||||||
Current Assets - | ||||||||
Investments in Subsidiaries and Receivables from Affiliates | (2,396,681) | (2,729,060) | ||||||
Total Assets | (2,396,681) | (2,729,060) | ||||||
Current Liabilities - | ||||||||
Payables to Affiliates | (6,332,186) | (6,136,819) | ||||||
Total Liabilities | (6,332,186) | (6,136,819) | ||||||
Total Stockholders’ Equity | 3,935,505 | 3,407,759 | ||||||
Liabilities and Stockholders' Equity, Total | (2,396,681) | (2,729,060) | ||||||
Parent [Member] | Reportable Legal Entities [Member] | ||||||||
Current Assets - | ||||||||
Cash and Cash Equivalents | 124,084 | 5,779 | ||||||
Accounts and Notes Receivable | 439 | 437 | ||||||
Prepaid and Other Current Assets | 1,371 | 1,472 | ||||||
Income Tax Receivable | 5,480 | |||||||
Total Current Assets | 125,894 | 13,168 | ||||||
Property, Plant, and Equipment, net | 6,884 | 7,756 | ||||||
Investment in Joint Venture | 70 | 70 | ||||||
Investments in Subsidiaries and Receivables from Affiliates | 2,074,575 | 2,322,334 | ||||||
Operating Lease Right-of-Use Assets | 9,975 | |||||||
Other Assets | 5,844 | 4,571 | ||||||
Total Assets | 2,223,242 | 2,347,899 | ||||||
Current Liabilities - | ||||||||
Accounts Payable | 6,572 | 5,520 | ||||||
Accrued Liabilities | 27,114 | 22,470 | ||||||
Income Taxes Payable | 20,020 | |||||||
Operating Lease Liabilities | 1,162 | |||||||
Current Portion of Long-term Debt | 36,500 | |||||||
Total Current Liabilities | 54,868 | 64,490 | ||||||
Long-term Debt | 930,594 | 655,092 | ||||||
Noncurrent Lease Liabilities | 12,538 | |||||||
Other Long-term Liabilities | 3,303 | |||||||
Payables to Affiliates | 322,106 | 406,726 | ||||||
Deferred Income Taxes | 5,809 | 8,801 | ||||||
Total Liabilities | 1,325,915 | 1,138,412 | ||||||
Total Stockholders’ Equity | 897,327 | 1,209,487 | ||||||
Liabilities and Stockholders' Equity, Total | 2,223,242 | 2,347,899 | ||||||
Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | ||||||||
Current Assets - | ||||||||
Cash and Cash Equivalents | 2,171 | 2,822 | ||||||
Accounts and Notes Receivable | 139,844 | 128,285 | ||||||
Inventories | 234,264 | 275,194 | ||||||
Prepaid and Other Current Assets | 5,626 | 8,152 | ||||||
Total Current Assets | 381,905 | 414,453 | ||||||
Property, Plant, and Equipment, net | 1,262,849 | 1,419,183 | ||||||
Notes Receivable | 9,192 | 2,898 | ||||||
Investment in Joint Venture | 71,792 | 64,803 | ||||||
Investments in Subsidiaries and Receivables from Affiliates | 322,106 | 406,726 | ||||||
Operating Lease Right-of-Use Assets | 19,371 | |||||||
Goodwill and Intangible Assets, net | 230,099 | 229,115 | ||||||
Other Assets | 6,350 | 13,146 | ||||||
Total Assets | 2,303,664 | 2,550,324 | ||||||
Current Liabilities - | ||||||||
Accounts Payable | 58,463 | 75,364 | ||||||
Accrued Liabilities | 40,556 | 39,479 | ||||||
Operating Lease Liabilities | 9,439 | |||||||
Total Current Liabilities | 108,458 | 114,843 | ||||||
Noncurrent Lease Liabilities | 39,401 | |||||||
Other Long-term Liabilities | 36,648 | 31,189 | ||||||
Payables to Affiliates | 6,010,080 | 5,730,093 | ||||||
Deferred Income Taxes | 44,582 | 81,958 | ||||||
Total Liabilities | 6,239,169 | 5,958,083 | ||||||
Total Stockholders’ Equity | (3,935,505) | (3,407,759) | ||||||
Liabilities and Stockholders' Equity, Total | $ 2,303,664 | $ 2,550,324 |
Condensed Consolidating State_2
Condensed Consolidating Statement of Cash Flows (Detail) - USD ($) $ in Thousands | Aug. 02, 2019 | Dec. 31, 2019 | Dec. 31, 2018 |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net Cash Provided by (Used in) Operating Activities | $ 320,619 | $ 294,100 | |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Additions to Property, Plant, and Equipment | (84,056) | (126,446) | |
Proceeds from Sale of Property, Plant, and Equipment | 2,281 | ||
Acquisition Spending | $ (30,400) | (30,424) | |
Net Cash Used in Investing Activities | (114,480) | (124,165) | |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Increase (Repayment) of Credit Facility | 275,000 | 5,000 | |
Repayment of Private Placement Senior Unsecured Notes | (36,500) | ||
Dividends Paid to Stockholders | (13,131) | (14,293) | |
Purchase and Retirement of Common Stock | (313,887) | (191,800) | |
Proceeds from Stock Option Exercises | 2,996 | 1,992 | |
Shares Redeemed to Settle Employee Taxes on Stock Compensation | (2,963) | (1,842) | |
Net Cash Used in Financing Activities | (88,485) | (200,943) | |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 117,654 | (31,008) | |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD | 8,601 | 48,068 | |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 126,255 | 17,060 | |
Parent [Member] | Reportable Legal Entities [Member] | |||
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net Cash Provided by (Used in) Operating Activities | (32,804) | (68,752) | |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Additions to Property, Plant, and Equipment | (5,023) | ||
Net Cash Used in Investing Activities | (5,023) | ||
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Increase (Repayment) of Credit Facility | 275,000 | 5,000 | |
Repayment of Private Placement Senior Unsecured Notes | (36,500) | ||
Dividends Paid to Stockholders | (13,131) | (14,293) | |
Purchase and Retirement of Common Stock | (313,887) | (191,800) | |
Proceeds from Stock Option Exercises | 2,996 | 1,992 | |
Shares Redeemed to Settle Employee Taxes on Stock Compensation | (2,963) | (1,842) | |
Intra-entity Activity, net | 239,594 | 245,683 | |
Net Cash Used in Financing Activities | 151,109 | 44,740 | |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 118,305 | (29,035) | |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD | 5,779 | 44,537 | |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 124,084 | 15,502 | |
Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | |||
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net Cash Provided by (Used in) Operating Activities | 353,423 | 362,852 | |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Additions to Property, Plant, and Equipment | (84,056) | (121,423) | |
Proceeds from Sale of Property, Plant, and Equipment | 2,281 | ||
Acquisition Spending | (30,424) | ||
Net Cash Used in Investing Activities | (114,480) | (119,142) | |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Intra-entity Activity, net | (239,594) | (245,683) | |
Net Cash Used in Financing Activities | (239,594) | (245,683) | |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (651) | (1,973) | |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD | 2,822 | 3,531 | |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ 2,171 | $ 1,558 |