Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Dec. 31, 2020 | Jan. 25, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2020 | |
Document Fiscal Year Focus | 2021 | |
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 | 42,001,634 | |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | ||||
Revenue | $ 404,667 | $ 342,904 | $ 1,279,340 | $ 1,098,838 |
Cost of Goods Sold | 291,288 | 249,701 | 940,815 | 818,521 |
Gross Profit | 113,379 | 93,203 | 338,525 | 280,317 |
Equity in Earnings of Unconsolidated Joint Venture | 10,083 | 10,700 | 28,456 | 32,489 |
Corporate General and Administrative Expense | (11,327) | (13,794) | (40,225) | (48,506) |
Gain on Sale of Businesses | 51,973 | |||
Impairment Losses | (25,131) | (25,131) | ||
Other Non-Operating Income | 2,297 | 722 | 1,898 | 1,445 |
Interest Expense, Net | (9,360) | (9,543) | (35,957) | (28,526) |
Earnings from Continuing Operations before Income Taxes | 105,072 | 56,157 | 344,670 | 212,088 |
Income Taxes | (23,879) | (12,683) | (76,515) | (50,217) |
Earnings from Continuing Operations | 81,193 | 43,474 | 268,155 | 161,871 |
Earnings (Loss) from Discontinued Operations, net of Income Taxes | (158,106) | 5,278 | (163,406) | |
Net Earnings (Loss) | $ 81,193 | $ (114,632) | $ 273,433 | $ (1,535) |
BASIC EARNINGS PER SHARE | ||||
Continuing Operations | $ 1.96 | $ 1.05 | $ 6.47 | $ 3.83 |
Discontinued Operations | (3.82) | 0.13 | (3.87) | |
Net Earnings | 1.96 | (2.77) | 6.60 | (0.04) |
DILUTED EARNINGS PER SHARE | ||||
Continuing Operations | 1.94 | 1.04 | 6.43 | 3.81 |
Discontinued Operations | (3.80) | 0.13 | (3.85) | |
Net Earnings | $ 1.94 | $ (2.76) | $ 6.56 | $ (0.04) |
AVERAGE SHARES OUTSTANDING | ||||
Basic | 41,494,149 | 41,314,289 | 41,451,801 | 42,246,329 |
Diluted | 41,834,590 | 41,615,495 | 41,682,541 | 42,527,360 |
CASH DIVIDENDS PER SHARE | $ 0.10 | $ 0.10 | $ 0.30 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Earnings (Loss) (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net Earnings (Loss) | $ 81,193 | $ (114,632) | $ 273,433 | $ (1,535) |
Net Actuarial Change in Defined Benefit Plans: | ||||
Amortization of net actuarial loss | 34 | 43 | 101 | 131 |
Tax expense | (9) | (10) | (25) | (30) |
Comprehensive Earnings (Loss) | $ 81,218 | $ (114,599) | $ 273,509 | $ (1,434) |
Consolidated Balance Sheets (un
Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands | Dec. 31, 2020 | Mar. 31, 2020 |
Current Assets - | ||
Cash and Cash Equivalents | $ 142,784 | $ 118,648 |
Restricted Cash | 5,000 | |
Accounts and Notes Receivable, net | 142,467 | 145,808 |
Inventories | 228,667 | 272,121 |
Income Tax Receivable | 1,900 | 128,413 |
Prepaid and Other Assets | 7,740 | 6,135 |
Current Assets of Discontinued Operations | 7,092 | |
Total Current Assets | 528,558 | 678,217 |
Property, Plant, and Equipment, net | 1,680,646 | 1,756,417 |
Notes Receivable | 8,353 | 9,139 |
Investment in Joint Venture | 74,914 | 73,958 |
Operating Lease Right-of-Use Assets | 26,927 | 29,483 |
Goodwill and Intangible Assets, net | 393,454 | 396,463 |
Other Assets | 12,186 | 10,604 |
Assets of Discontinued Operations | 6,739 | |
Total Assets | 2,725,038 | 2,961,020 |
Current Liabilities - | ||
Accounts Payable | 71,596 | 84,183 |
Accrued Liabilities | 84,914 | 70,442 |
Operating Lease Liabilities | 6,551 | 6,585 |
Current Liabilities of Discontinued Operations | 8,487 | |
Total Current Liabilities | 163,061 | 169,697 |
Long-term Debt | 1,008,345 | 1,567,315 |
Noncurrent Operating Lease Liabilities | 35,896 | 40,239 |
Other Long-term Liabilities | 41,495 | 33,832 |
Deferred Income Taxes | 215,059 | 166,667 |
Liabilities of Discontinued Operations | 15,427 | |
Total Liabilities | 1,463,856 | 1,993,177 |
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 41,939,310 and 41,649,041 Shares, respectively | 419 | 416 |
Capital in Excess of Par Value | 30,516 | 10,943 |
Accumulated Other Comprehensive Losses | (3,251) | (3,581) |
Retained Earnings | 1,233,498 | 960,065 |
Total Stockholders’ Equity | 1,261,182 | 967,843 |
Liabilities and Stockholders' Equity, Total | $ 2,725,038 | $ 2,961,020 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (unaudited) (Parenthetical) - $ / shares | Dec. 31, 2020 | Mar. 31, 2020 |
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 | 41,939,310 | 41,649,041 |
Common Stock, Outstanding | 41,939,310 | 41,649,041 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net Earnings (Loss) | $ 273,433 | $ (1,535) |
Adjustments to Reconcile Net Earnings (Loss) to Net Cash Provided by Operating Activities, Net of Effect of Non-Cash Activity - | ||
Depreciation, Depletion and Amortization | 96,279 | 84,944 |
Impairment Losses | 224,267 | |
Deferred Income Tax Provision | 48,392 | (40,396) |
Stock Compensation Expense | 12,057 | 16,407 |
Gain on Sale of Subsidiaries | (61,203) | |
Equity in Earnings of Unconsolidated Joint Venture | (28,456) | (32,489) |
Distributions from Joint Venture | 27,500 | 25,500 |
Changes in Operating Assets and Liabilities: | ||
Accounts and Notes Receivable | 6,859 | (12,171) |
Inventories | 37,084 | 36,595 |
Accounts Payable and Accrued Liabilities | 5,572 | (10,006) |
Other Assets | (2,013) | 4,003 |
Income Taxes Payable (Receivable) | 126,513 | 25,500 |
Net Cash Provided by Operating Activities | 542,017 | 320,619 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Additions to Property, Plant, and Equipment | (45,541) | (84,056) |
Acquisition Spending | (30,424) | |
Proceeds from Sale of Businesses | 91,022 | |
Net Cash Provided by (Used in) Investing Activities | 45,481 | (114,480) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Increase (Decrease) in Credit Facility | (560,000) | 275,000 |
Repayment of Private Placement Unsecured Notes | (36,500) | |
Dividends Paid to Stockholders | (4,163) | (13,131) |
Purchase and Retirement of Common Stock | (313,887) | |
Proceeds from Stock Option Exercises | 8,649 | 2,996 |
Payment of Debt Issuance Costs | (1,718) | |
Shares Redeemed to Settle Employee Taxes on Stock Compensation | (1,130) | (2,963) |
Net Cash Used in Financing Activities | (558,362) | (88,485) |
NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | 29,136 | 117,654 |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD | 118,648 | 8,601 |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD | $ 147,784 | $ 126,255 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (unaudited) - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Sale of business [Member] | Common Stock [Member] | Capital in Excess of Par Value [Member] | Retained Earnings [Member] | Retained Earnings [Member]Cumulative Effect, Period of Adoption, Adjustment | Accumulated Other Comprehensive Losses [Member] | Accumulated Other Comprehensive Losses [Member]Sale of business [Member] |
Beginning balance at Mar. 31, 2019 | $ 1,209,487 | $ (636) | $ 451 | $ 1,212,352 | $ (636) | $ (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) | |||||||
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 | $ (636) | 451 | 1,212,352 | $ (636) | (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) | ||||
Beginning balance at Mar. 31, 2020 | 967,843 | 416 | 10,943 | 960,065 | (3,581) | ||||
Net Earnings (Loss) | 96,206 | 96,206 | |||||||
Stock Compensation Expense | 4,760 | 2 | 4,758 | ||||||
Shares Redeemed to Settle Employee Taxes | (1,130) | (1,130) | |||||||
Unfunded Pension Liability, net of tax | 25 | $ 254 | 25 | $ 254 | |||||
Ending Balance at Jun. 30, 2020 | 1,067,958 | 418 | 14,571 | 1,056,271 | (3,302) | ||||
Beginning balance at Mar. 31, 2020 | 967,843 | 416 | 10,943 | 960,065 | (3,581) | ||||
Net Earnings (Loss) | 273,433 | ||||||||
Ending Balance at Dec. 31, 2020 | 1,261,182 | 419 | 30,516 | 1,233,498 | (3,251) | ||||
Beginning balance at Jun. 30, 2020 | 1,067,958 | 418 | 14,571 | 1,056,271 | (3,302) | ||||
Net Earnings (Loss) | 96,034 | 96,034 | |||||||
Stock Compensation Expense | 3,515 | 3,515 | |||||||
Stock Option Exercises and Restricted Share Vesting | 498 | 498 | |||||||
Unfunded Pension Liability, net of tax | 26 | 26 | |||||||
Ending Balance at Sep. 30, 2020 | 1,168,031 | 418 | 18,584 | 1,152,305 | (3,276) | ||||
Net Earnings (Loss) | 81,193 | 81,193 | |||||||
Stock Compensation Expense | 3,782 | 3,782 | |||||||
Stock Option Exercises and Restricted Share Vesting | 8,151 | 1 | 8,150 | ||||||
Unfunded Pension Liability, net of tax | $ 25 | $ 25 | |||||||
Ending Balance at Dec. 31, 2020 | $ 1,261,182 | $ 419 | $ 30,516 | $ 1,233,498 | $ (3,251) |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 9 Months Ended |
Dec. 31, 2020 | |
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, 2020 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 22, 2020. 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. We have been deemed an essential business with respect to the COVID-19 pandemic. While we have not yet experienced a material impact on our operations or financial position from this pandemic, there may be future effects on our business, both directly and indirectly, including with respect to customers, manufacturing operations, employees, suppliers, and the building materials and construction markets in general. Recent Accounting Pronouncements RECENTLY ADOPTED In June 2016, the FASB issued ASU 2016-13, which is 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 incurred losses model 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 incurred losses model. The adoption of this standard on April 1, 2020 did not have a material effect on our consolidated financial statements and disclosures. PENDING ADOPTION In December 2019, the FASB issued ASU 2019-12, which simplifies the accounting for income taxes, eliminates certain exceptions within existing income tax guidance, and clarifies certain aspects of the current guidance to promote consistency among reporting entities. The updated standard is effective for public companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. We do not expect the adoption of this standard will have a material impact on our consolidated financial statements. |
SUPPLEMENTAL CASH FLOW INFORMAT
SUPPLEMENTAL CASH FLOW INFORMATION | 9 Months Ended |
Dec. 31, 2020 | |
Supplemental Cash Flow Elements [Abstract] | |
SUPPLEMENTAL CASH FLOW INFORMATION | (B) SUPPLEMENTAL CASH FLOW INFORMATION Supplemental cash flow information is as follows: For the Nine Months Ended December 31, 2020 2019 (dollars in thousands) Cash Payments: Interest $ 30,107 $ 25,490 Income Taxes 30,816 20,046 Operating Cash Flows used for Operating Leases 8,691 11,562 Non-Cash Financing Activities: Property and Equipment Purchases Included in Accrued Liabilities $ — $ 2,675 |
DISCONTINUED OPERATIONS AND OTH
DISCONTINUED OPERATIONS AND OTHER DISPOSITIONS | 9 Months Ended |
Dec. 31, 2020 | |
Discontinued Operations And Disposal Groups [Abstract] | |
DISCONTINUED OPERATIONS AND OTHER DISPOSITIONS | (C) DISCONTINUED OPERATIONS AND OTHER DISPOSITIONS Discontinued Operations On May 30, 2019, the Company announced it was actively pursuing alternatives for its Oil and Gas Proppants business. On September 18, 2020, we sold our Oil and Gas Proppants business (the “Proppants Business”) to Smart Sand, Inc., a Delaware corporation (the “Purchaser”), pursuant to an Equity Purchase and Sale Agreement (the “Purchase Agreement”) between the Company and the Purchaser. The sale of this business excluded certain assets, namely real property and equipment in south Texas, real property in Illinois and certain other assets. The purchase price (the “Purchase Price”) paid by the Purchaser for the acquisition of the Proppants Business was $2.0 million paid in shares of common stock of the Purchaser. The shares delivered to the Company by the Purchaser are not registered under federal or state securities laws, and must be held at least six months, and possibly longer, before they can be sold. The shares were valued at the date of sale, and at December 31, 2020, using Level 1 inputs at the quoted market price of the shares, less a discount for the required holding period. The shares are classified as Other Assets in our Consolidated Balance Sheet at December 31, 2020. Shares representing $0.3 million of the Purchase Price are being held in escrow as a source of recovery for any indemnification claims by the Purchaser. In connection with the execution of the Purchase Agreement, we also entered into a Loan and Security Agreement, dated September 18, 2020 (the “Loan and Security Agreement”), by and among the Company, as lender; the Purchaser, as borrower; and other parties thereto. Pursuant to the Loan and Security Agreement, the Company will loan the Purchaser up to $5.0 million for working capital and operating, maintenance, and administrative expenses of the Proppants Business during the one-year period following the closing. The Company has deposited the $5.0 million into an escrow account. Up to 50% of the amounts outstanding under the Loan and Security Agreement may be repaid by the Purchaser in shares of the Purchaser’s common stock. Borrowings under the Loan and Security Agreement will bear interest at a fixed rate of 6.00% per annum during the one-year period following the closing. Any amounts outstanding after the one-year period will bear interest at a fixed rate of 8.00% per annum and will mature on September 18, 2024. There were no outstanding borrowings at December 31, 2020. The $5.0 million in the escrow account at December 31, 2020 is classified as Restricted Cash on the Consolidated Balance Sheet. The sale of the Oil and Gas Proppants business, which was previously disclosed as a reportable segment, was determined to meet the discontinued operations accounting criteria. The sale resulted in a gain of approximately $9.2 million, which is included in Earnings (Loss) from Discontinued Operations on the Unaudited Consolidated Statement of Earnings. Certain expenses, which were previously included in the Oil and Gas Proppants operating segment, do not qualify for classification within Discontinued Operations and have been reclassified from the operating segment to continuing operations. These expenses primarily relate to lease agreements not included in the sale of the Proppants Business. The following is a summary of operating results included in Earnings (Loss) from Discontinued Operations for the three and nine months ended December 31, 2020 and 2019. For the Three Months Ended December 31, For the Nine Months Ended December 31, 2020 2019 2020 2019 (dollars in thousands) Revenue $ — $ 7,345 $ 1,045 $ 36,534 Cost of Goods Sold — 13,034 3,415 49,502 Gross Profit — (5,689 ) (2,370 ) (12,968 ) Other Non-Operating Income — 103 226 522 Gain on Sale of Discontinued Operations — — 9,230 — Impairment Losses — (199,136 ) — (199,136 ) Earnings (Loss) from Discontinued Operations — (204,722 ) 7,086 (211,582 ) Income Tax (Expense) Benefit — 46,616 (1,808 ) 48,176 Net Earnings (Loss) from Discontinued Operations $ — $ (158,106 ) $ 5,278 $ (163,406 ) The significant components of our Consolidated Statements of Cash Flows for discontinued operations for the nine months ended December 31, 2020 and 2019 are as follows: For the Nine Months Ended December 31, 2020 2019 (dollars in thousands) Depreciation and Amortization $ 221 $ 11,087 Gain on Sale (9,230 ) — Impairment Losses — 199,136 Net Change in Inventory — 2,028 Capital Expenditures — 151 The following is a summary of assets and liabilities attributable to discontinued operations, which were included in our balance sheet at March 31, 2020: March 31, 2020 (dollars in thousands) ASSETS Accounts and Notes Receivable $ 9,019 Allowance for Doubtful Accounts (3,041 ) Inventories 387 Prepaid and Other Assets 727 Total Current Assets 7,092 Property, Plant, and Equipment, net 5,692 Operating Lease Right-of-Use Assets 1,047 Total Noncurrent Assets 6,739 $ 13,831 LIABILITIES Accounts Payable $ 2,014 Accrued Liabilities 2,851 Operating Lease Liabilities 3,622 Total Current Liabilities 8,487 Noncurrent Operating Lease Liabilities 9,570 Other Long-term Liabilities 5,857 Total Noncurrent Liabilities 15,427 $ 23,914 Other Dispositions On April 17, 2020, we sold our Western Aggregates LLC (Western) and Mathews Readymix LLC (Mathews) businesses to Teichert, Inc. for an aggregate purchase price of approximately $93.5 million, subject to certain post-closing adjustments. This sale resulted in a gain of approximately $52.0 million. Western and Mathews were part of our Concrete and Aggregates operating segment, and their results of operations were included in our financial statements for the period from April 1, 2020 through April 17, 2020. At the date of sale, assets and liabilities included on our balance sheet related to Western and Mathews were approximately $43.8 million and $2.3 million, respectively. Revenue and Operating Earnings from Western and Mathews, collectively, for the three and nine months ended December 31, 2020 and 2019 were as follows: For the Three Months Ended December 31, For the Nine Months Ended December 31, 2020 2019 2020 2019 (dollars in thousands) Revenue $ — $ 7,872 $ 1,692 $ 25,248 Operating Earnings $ — $ 1,167 $ 142 $ 3,680 |
ACQUISITION
ACQUISITION | 9 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
ACQUISITION | (D) ACQUISITION Kosmos Acquisition On March 6, 2020, we acquired the assets of Kosmos Cement Company (Kosmos), a joint venture between CEMEX S.A.B. de C.V. and Buzzi Unicem S.p.A. (the Kosmos Acquisition). The Kosmos Acquisition included (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 assumed certain liabilities and obligations of Kosmos relating to the Kosmos Business, including contractual obligations, reclamation obligations, and various other liabilities arising out of or relating to the Kosmos Business. The Kosmos Business is included in the Cement segment of our Heavy Materials sector. Purchase Price: Recording of Assets Acquired and Liabilities Assumed: The preparation of the valuation of the assets acquired and liabilities assumed in the Kosmos Acquisition requires the use of significant assumptions and estimates. Critical estimates with respect to the valuation of property, plant, and equipment include, but are not limited to, replacement cost, condition, and estimated remaining useful lives of property and equipment. Critical estimates related to intangible and other assets include future expected cash flows, including projected revenues and expenses, customer attrition, and applicable discount rates. These estimates are based on assumptions that we believe to be reasonable. However, actual results may differ from these estimates. The following table summarizes the allocation of the purchase price to assets acquired and liabilities assumed as of December 31, 2020: (dollars in thousands) Inventories $ 28,568 Property, Plant, and Equipment 476,698 Intangible Assets 38,300 Lease Right-of-Use Assets 4,478 Lease Obligations (4,478 ) Long-term Liabilities (3,756 ) Total Net Assets 539,810 Goodwill 129,127 Total Estimated Purchase Price $ 668,937 During the quarter ended June 30, 2020, we completed the valuation of inventories, intangible assets, lease right-of-use assets, and lease obligations, and during the quarter ended December 31, 2020, we finalized the valuation of our asset retirement obligation. These final values, which are disclosed in the above table, resulted in minor changes from the amounts disclosed in our fiscal 2020 Form 10-K. Goodwill represents the excess purchase price over the fair values of assets acquired and liabilities assumed. Goodwill was generated by the availability of co-product sales and the opportunity associated with the expansion of our Cement business to the eastern region of the United States. All of the Goodwill generated by the transaction will be deductible for income tax purposes. The following table is a summary of the fair value estimates of the identifiable intangible assets (dollars in thousands) and their weighted-average useful lives: Weighted-Average Life Estimated Fair Value Permits 20 $ 1,500 Customer Relationships 15 35,300 Trade Name and Technology 10 1,500 Total Intangible Assets $ 38,300 Actual and pro forma impact of Kosmos Acquisition: For the Three Months Ended For the Nine Months Ended December 31, 2020 (dollars in thousands) Revenue $ 45,407 $ 142,980 Operating Earnings $ 13,316 $ 38,286 Operating Earnings shown above for the three and nine months ended December 31, 2020 was affected by approximately $5.4 million and $16.1 million, respectively, related to depreciation and amortization. Additionally, Operating Earnings for the nine months ended December 31, 2020 was affected by approximately $3.7 million, related to the recording of acquired inventory at fair value. There was no effect on the quarter ended December 31, 2020, as all of the acquired inventory was sold in the fiscal first quarter. The unaudited pro forma results presented below include the effects of the Kosmos Acquisition as if it had been consummated as of April 1, 2019. The pro forma results include estimates for depreciation from fair value adjustments to acquired Property and Equipment, amortization for acquired Intangible Assets, the Inventory step-up to fair value, and interest expense associated with debt used to fund the Kosmos Acquisition. To better reflect the combined operating results, approximately $5.6 million of material nonrecurring charges directly related to the Kosmos Acquisition have been excluded from pro forma Net Income. For the Three Months Ended For the Nine Months Ended December 31, 2019 Unaudited (dollars in thousands, except per share data) Revenue $ 393,336 $ 1,225,314 Net Earnings from Continuing Operations $ 49,495 $ 183,498 Earnings Per Share from Continuing Operations – basic $ 1.20 $ 4.34 Earnings Per Share from Continuing Operations – diluted $ 1.20 $ 4.31 The pro forma results do not include any anticipated synergies or other expected benefits from the Kosmos Acquisition. Accordingly, the unaudited pro forma results are not necessarily indicative of either future results of operations or results that might have been achieved had the Kosmos Acquisition been consummated as of April 1, 2019. |
REVENUE
REVENUE | 9 Months Ended |
Dec. 31, 2020 | |
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, and recycled paperboard. 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 segment is generated primarily through long-term supply agreements maturing between 2023 and 2025. We invoice customers upon shipment, and our collection terms range from 30-75 days. Revenue from the sale of cement, concrete, aggregates, and gypsum wallboard that is not related to long-term supply agreements is recognized 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 terminal location. Our long-term supply agreements with customers define, among other commitments, the volume of product we must provide and the volume 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. Shortfall amounts, if applicable under these arrangements, are constrained and not recognized as Revenue until an agreement is reached with the customer and, therefore, are not subject to the risk of reversal. 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 ( O ) to the Unaudited Consolidated Financial Statements for disaggregation of revenue by segment. |
ACCOUNTS AND NOTES RECEIVABLE
ACCOUNTS AND NOTES RECEIVABLE | 9 Months Ended |
Dec. 31, 2020 | |
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 $8.2 million and $9.3 million (net of allowance for doubtful accounts related to discontinued operations) at December 31, 2020 and March 31, 2020, 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 $8.4 million at December 31, 2020, which is classified as long-term on the balance sheet. We lend funds to certain companies in the ordinary course of business, and the notes bear interest, on average, at 3.6%. Remaining unpaid amounts, plus accrued interest, mature in 2026. The notes are collateralized by certain assets of the borrower, 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. |
INVENTORIES
INVENTORIES | 9 Months Ended |
Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | (G) INVENTORIES Inventories are stated at the lower of average cost (including applicable material, labor, depreciation, and plant overhead) or net realizable value. Raw Materials and Materials-in-Progress include clinker, which is an intermediary product before it is ground into cement powder. Quantities of Raw Materials and Materials-in-Progress, Aggregates, and coal inventories, are based on measured volumes, subject to estimation based on the size and location of the inventory piles, and converted to tonnage using standard inventory density factors. Inventories consist of the following: December 31, March 31, 2020 2020 (dollars in thousands) Raw Materials and Materials-in-Progress $ 75,710 $ 110,558 Finished Cement 34,916 43,538 Aggregates 3,072 8,416 Gypsum Wallboard 4,540 4,211 Paperboard 6,986 5,715 Repair Parts and Supplies 92,119 88,094 Fuel and Coal 11,324 11,589 $ 228,667 $ 272,121 |
ACCRUED EXPENSES
ACCRUED EXPENSES | 9 Months Ended |
Dec. 31, 2020 | |
Payables And Accruals [Abstract] | |
ACCRUED EXPENSES | ( H ) ACCRUED EXPENSES Accrued Expenses consist of the following: December 31, March 31, 2020 2020 (dollars in thousands) Payroll and Incentive Compensation $ 33,101 $ 24,904 Benefits 16,151 12,447 Interest 7,841 4,080 Property Taxes 4,675 5,110 Power and Fuel 1,959 1,353 Freight 2,167 529 Legal and Professional 11,828 16,096 Sales and Use Tax 1,067 1,085 Other 6,125 4,838 $ 84,914 $ 70,442 |
LEASES
LEASES | 9 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
LEASES | (I) LEASES We lease certain real estate, buildings, and equipment. 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, which are not recorded on the balance sheet. Lease expense for our operating and short-term leases included in continuing operations is as follows: For the Three Months Ended December 31, For the Nine Months Ended December 31, 2020 2019 2020 2019 (dollars in thousands) Operating Lease Cost $ 1,642 $ 2,410 $ 5,205 $ 6,418 Short-term Lease Cost 418 149 2,025 1,068 Total Lease Cost $ 2,060 $ 2,559 $ 7,230 $ 7,486 The Right-of-Use Assets and Lease Liabilities are reflected on our Balance Sheet as follows: December 31, March 31, 2020 2020 (dollars in thousands) Operating Leases: Operating Lease Right-of-Use Assets $ 26,927 $ 29,483 Current Operating Lease Liabilities $ 6,551 $ 6,585 Noncurrent Operating Lease Liabilities 35,896 40,239 Total Operating Lease Liabilities $ 42,447 $ 46,824 Future payments for operating leases are as follows (dollars in thousands): Fiscal Year Amount 2021 (remaining three months) $ 2,050 2022 7,556 2023 6,969 2024 6,007 2025 5,651 Thereafter 24,585 Total Lease Payments $ 52,818 Less: Imputed Interest (10,371 ) Present Value of Lease Liabilities $ 42,447 Weighted-Average Remaining Lease Term (in years) 10.5 Weighted-Average Discount Rate 3.79 % |
SHARE-BASED EMPLOYEE COMPENSATI
SHARE-BASED EMPLOYEE COMPENSATION | 9 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
SHARE-BASED EMPLOYEE COMPENSATION | (J) 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 remained 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 2020, the Compensation Committee of the Board of Directors approved the granting to certain officers and key employees an aggregate of 96,476 performance vesting stock options that will be earned only if certain performance conditions are satisfied (the Fiscal 2021 Employee Performance Stock Option Grant). The performance criteria for the Fiscal 2021 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, 2021. 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 granted stock options will be forfeited. Following any such reduction, restrictions on the earned stock options will lapse and the earned options will vest ratably over four years, with the initial fourth vesting promptly following the determination date, and the remaining options vesting on March 31, 2022 through 2024. The stock options have a term of ten years from the date of grant. The Compensation Committee also approved the granting of 80,396 time-vesting stock options to the same officers and key employees, which vest ratably over four years (the Fiscal 2021 Employee Time-Vesting Stock Option Grant). The weighted-average assumptions used in the Black-Scholes model to value the option awards in fiscal 2021 are as follows: 2021 Dividend Yield — Expected Volatility 37.9 % Risk Free Interest Rate 0.5 % Expected Life 6.0 years Stock option expense for all outstanding stock option awards totaled approximately $ 1.1 million and $ 3.9 million for the three and nine months ended December 31 , 20 20 , respectively , and $ 1.2 million and $ 3.5 million for the three and nine months ended December 31 , 2019, respectively . At December 31 , 20 20 , there was approximately $ 7.7 million of unrecognized compensation cost related to outstanding stock options, which is expected to be recognized over a weighted - average period of 2. 5 years . The following table represents stock option activity for the nine months ended December 31, 2020: Number of Shares Weighted- Average Exercise Price Outstanding Options at March 31, 2020 1,160,091 $ 80.36 Granted 178,946 $ 60.20 Exercised (166,887 ) $ 55.42 Cancelled (15,094 ) $ 92.51 Options Outstanding at December 31, 2020 1,157,056 $ 80.68 Options Exercisable at December 31, 2020 747,796 Weighted-Average Fair Value of Options Granted During the Year $ 22.04 The following table summarizes information about stock options outstanding at December 31, 2020: 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 18,931 0.59 $ 23.21 18,931 $ 23.21 $33.43 - $37.34 37,456 1.45 $ 34.21 37,456 $ 34.21 $53.22 - $77.67 377,009 6.91 $ 66.82 185,657 $ 72.92 $79.73 - $106.24 723,660 6.03 $ 91.81 505,752 $ 89.71 1,157,056 6.08 $ 80.68 747,796 $ 81.08 At December 31, 2020, the aggregate intrinsic value for both of the outstanding and exercisable options was approximately $24.5 million and $15.4 million, respectively. The total intrinsic value of options exercised during the nine months ended December 31, 2020 was approximately $6.3 million. RESTRICTED STOCK In May 2020, the Compensation Committee approved the granting to certain officers and key employees an aggregate of 82,722 shares of performance vesting restricted stock that will be earned if certain performance conditions are satisfied (the Fiscal 2021 Employee Restricted Stock Performance Award). The performance criteria for the Fiscal 2021 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, 2021. 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, 2022 through 2024. The Compensation Committee also approved the granting of 68,936 shares of time-vesting restricted stock to the same officers and key employees, which vest ratably over four years (the Fiscal 2021 Employee Restricted Stock Time-Vesting Award). The Fiscal 2020 Employee Restricted Stock Performance Award and the Fiscal 2021 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 In August 2020, we granted 26,064 shares of restricted stock to members of the Board of Directors (the Board of Directors Fiscal 2021 Restricted Stock Award). Restrictions on these shares will lapse six months after the date of grant. The Board of Directors Fiscal 2021 Restricted Stock Award was valued at the closing price of the stock at the date of the grant and was 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, 2020: Number of Shares Weighted-Average Grant Date Fair Value Nonvested Restricted Stock March 31, 2020 233,120 $ 75.35 Granted 178,373 $ 63.63 Vested (50,378 ) $ 66.13 Forfeited (9,127 ) $ 71.46 Nonvested Restricted Stock at December 31, 2020 351,988 $ 68.73 Expense related to restricted shares was approximately $2.8 million and $8.2 million for the three and nine months ended December 31, 2020, respectively, and $3.1 million and $12.9 million for the three and nine months ended December 31, 2019, respectively. At December 31, 2020, there was approximately $14.7 million of unearned compensation from restricted stock, which will be recognized over a weighted-average period of 2.2 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 3,458,865 at December 31, 2020. |
COMPUTATION OF EARNINGS PER SHA
COMPUTATION OF EARNINGS PER SHARE | 9 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
COMPUTATION OF EARNINGS PER SHARE | (K) 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, 2020 2019 2020 2019 Weighted-Average Shares of Common Stock Outstanding 41,494,149 41,314,289 41,451,801 42,246,329 Effect of Dilutive Shares: Assumed Exercise of Outstanding Dilutive Options 807,584 717,028 450,870 705,692 Less Shares Repurchased from Proceeds of Assumed Exercised Options (650,819 ) (548,643 ) (344,307 ) (549,954 ) Restricted Stock Units 183,676 132,821 124,177 125,293 Weighted-Average Common Stock and Dilutive Securities Outstanding 41,834,590 41,615,495 41,682,541 42,527,360 Shares Excluded Due to Anti-dilution Effects 413,656 655,889 757,879 657,964 |
PENSION AND EMPLOYEE BENEFIT PL
PENSION AND EMPLOYEE BENEFIT PLANS | 9 Months Ended |
Dec. 31, 2020 | |
Compensation And Retirement Disclosure [Abstract] | |
PENSION AND EMPLOYEE BENEFIT PLANS | ( L ) 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 (benefit) cost for our plans: For the Three Months Ended December 31, For the Nine Months Ended December 31, 2020 2019 2020 2019 (dollars in thousands) Service Cost - Benefits Earned During the Period $ — $ 85 $ — $ 255 Interest Cost of Projected Benefit Obligation 304 338 912 1,013 Expected Return on Plan Assets (355 ) (426 ) (1,065 ) (1,279 ) Recognized Net Actuarial Loss 34 43 101 131 Net Periodic Pension (Benefit) Cost $ (17 ) $ 40 $ (52 ) $ 120 |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | (M) 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, 2020 was approximately 22%, which was lower than the tax rate of 24% for the nine months ended December 31, 2019. The effective tax rate is higher than the U.S. Statutory rate of 21% primarily due to state income taxes, partially offset by a benefit recognized related to the reversal of all of our uncertain tax positions. The reversal of all of our uncertain tax position was the result of new regulations issued by the U.S. Department of Treasury relating to the interest limitation under IRC section 163(j). |
LONG-TERM DEBT
LONG-TERM DEBT | 9 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
LONG-TERM DEBT | (N) LONG-TERM DEBT Long-term Debt consists of the following: December 31, March 31, 2020 2020 (dollars in thousands) Revolving Credit Facility $ — $ 560,000 4.500% Senior Unsecured Notes Due 2026 350,000 350,000 Term Loan 665,000 665,000 Total Debt 1,015,000 1,575,000 Less: Debt Origination Costs (6,655 ) (7,685 ) Long-term Debt $ 1,008,345 $ 1,567,315 Credit Facility On January 13, 2021 we amended our revolving credit facility (the Revolving Credit Facility) to extend the maturity date with respect to certain lender commitments thereunder from August 2, 2021 to August 2, 2022. The borrowing capacity under the Revolving Credit Facility is $750.0 million, and as a result of this amendment, all lender commitments under the Revolving Credit Facility now mature on August 2, 2022. The Revolving Credit Facility also includes a swingline loan sublimit of $25.0 million. Borrowings under the Revolving Credit Facility are guaranteed by all of the Company’s material subsidiaries. The debt under the Revolving Credit Facility is not rated by ratings agencies. At the Company’s option, principal amounts outstanding under the Revolving Credit Facility bear interest at a variable rate equal to either (i) the Adjusted LIBO Rate (as defined in the Revolving Credit Facility) plus an agreed spread ranging from to basis points, which is established quarterly based on the Company's then Leverage Ratio (as defined in the Revolving Credit Facility) ; or (ii) an Alternate Base Rate (as defined in the Revolving Credit Facility), which is the highest of (a) the Prime Rate (as defined in the Revolving Credit Facility), (b) the NYFRB (as defined in the Revolving Credit Facility) plus ½ of 1%, and (c) the Adjusted LIBO Rate for a one-month interest period on such day, plus 1.0%, in each case plus an agreed upon spread ranging from 50 to 150 basis point s, which is established quarterly based on the Company's then Leverage Ratio. 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 the Adjusted LIBO Rate, interest is payable at the end of the relevant Interest Period (as defined in the Revolving Credit Facility) for such borrowing unless such Interest Period is for more than three months duration, in which case such interest is payable at intervals of three months duration after the first day of such Interest Period, 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 Revolving Credit Facility ranging from 20 to 40 basis points , which is established quarterly based on the Company's then Leverage Ratio. The Revolving Credit Facility contains customary covenants that restrict the Company’s and its Restricted Subsidiaries’ ability to incur additional debt; encumber assets; merge with or transfer or sell assets to other persons; make or enter into certain investments, loans, or guaranties; enter into certain swap agreements; enter into affiliate transactions or restrictive transactions; make restricted payments; prepay subordinated indebtedness; and enter into sale and leaseback arrangements. The Revolving Credit Facility also requires the Company to maintain at the end of each fiscal quarter a Leverage Ratio of 4.50 :1.00 or less and an Interest Coverage Ratio (as defined in the Revolving Credit Facility) equal to or greater than 2.50 to 1.00. We were in compliance with all financial ratios and tests at December 31, 2020. We did not have any borrowings outstanding under the Revolving Credit Facility at December 31, 2020. We had $745.0 million of available borrowings under the Revolving Credit Facility, net of the outstanding letters of credit, at December 31, 2020, all of which was available for future borrowings based on our current Leverage Ratio. The Revolving Credit Facility has a $40.0 million letter of credit facility. The Company pays each lender a participation fee with respect to such lender’s participations in letters of credit, which fee accrues at the same Applicable Rate (as defined in the Revolving Credit Facility) used to determine the interest rate applicable to Eurodollar Revolving Loans (as defined in the Revolving Credit Facility) plus a one-time letter of credit fee to the issuing bank of such letters of credit in an amount equal to 0.125% of the initial stated amount. At December 31, 2020, we had $5.0 million of outstanding letters of credit. We previously provided an irrevocable stand-by letter of credit for any borrowings made by our Joint Venture under its credit facility; however, this credit facility was terminated and the letter of credit cancelled in July 2020. Term Loan We have a term loan credit agreement (the Term Loan Agreement) establishing a $665.0 million term loan facility which we used to pay a portion of the purchase price for the Kosmos Acquisition and fees and expenses incurred in connection with the Kosmos Acquisition in March 2020, which matures on August 2, 2022. Borrowings under the Term Loan Agreement bear interest, at our option, at a variable rate equal to either (i) the Alternate Base Rate (as defined in the Term Loan Agreement and consistent with the Revolving Credit Facility), plus an agreed spread (ranging from 50 to 150 basis points), or (ii) the Adjusted LIBO Rate (as defined in the Term Loan Agreement) plus an agreed spread (ranging from 150 to 250 basis points), which is established quarterly based on the Company's then Leverage Ratio (as defined in the Term Loan Agreement and consistent with the Revolving Credit Facility). The Company must also maintain a Leverage Ratio and Interest Coverage Ratio consistent with the Revolving 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 Revolving Credit Facility and the Term Loan. 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 Revolving Credit Facility and Term Loan Agreement. Other Information We previously leased 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, were 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 held all outstanding industrial revenue bonds, no debt was reflected on our financial statements in connection with our lease of the cement plant. Upon expiration of the lease in December 2020, we exercised our option and purchased the cement plant for a nominal amount. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 9 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | (O) 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. On September 18, 2020, we sold our Oil and Gas Proppants business, which had been reported as an operating segment. The Oil and Gas Proppants business was determined to meet the discontinued operations accounting criteria; therefore, this segment is no longer separately reported in our reportable segment footnote for any of the periods presented. Certain expenses of the Oil and Gas Proppants business that related to assets not included in the sale, namely real property and equipment in south Texas, real property in Illinois, and certain other assets, are included in Other when reconciling segment operating earnings to consolidated operating earnings. See Footnote (C) for more information about the sale of the Oil and Gas Proppants business. We are a leading supplier of heavy construction materials and light building materials in the United States. Our primary products are commodities that are essential in commercial and residential construction; public construction projects; and projects to build, expand, and repair roads and highways. Demand for our products is generally cyclical and seasonal, depending on economic and geographic conditions. We distribute our products across many United States markets, which provides us with regional economic diversification. Our remaining businesses are organized into two sectors within which there are four 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. 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). We operate eight modern cement plants (one of which is operated through a joint venture located in Buda, Texas), one slag grinding facility, and 29 cement distribution terminals. Our cement companies focus on the U.S. heartland and operate as an integrated network selling product primarily in Colorado, Illinois, Indiana, Iowa, Kentucky, Missouri, Nebraska, Nevada, Ohio, Oklahoma, and Texas. We operate 20 readymix concrete batch plants and three aggregates processing plants in markets that are complementary to our cement network. On April 17, 2020 we sold our Concrete and Aggregates companies in northern California. See Footnote (C) for more information about the sale. 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. We account for intersegment sales at market prices. For segment reporting purposes only, we proportionately consolidate our 50% share of the Joint Venture 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, 2020 2019 2020 2019 (dollars in thousands) Revenue - Cement $ 234,092 $ 183,031 $ 773,565 $ 605,357 Concrete and Aggregates 43,530 47,147 134,020 142,896 Gypsum Wallboard 135,658 125,070 397,018 380,454 Paperboard 39,602 37,813 122,417 122,360 452,882 393,061 1,427,020 1,251,067 Less: Intersegment Revenue (21,105 ) (21,775 ) (68,077 ) (66,454 ) Less: Joint Venture Revenue (27,110 ) (28,382 ) (79,603 ) (85,775 ) $ 404,667 $ 342,904 $ 1,279,340 $ 1,098,838 For the Three Months Ended December 31, For the Nine Months Ended December 31, 2020 2019 2020 2019 (dollars in thousands) Intersegment Revenue - Cement $ 5,241 $ 6,174 $ 17,539 $ 17,130 Concrete and Aggregates — 350 106 1,134 Paperboard 15,864 15,251 50,432 48,190 $ 21,105 $ 21,775 $ 68,077 $ 66,454 Cement Sales Volume (M tons) - Wholly Owned 1,616 1,199 5,429 4,046 Joint Venture 226 240 678 721 1,842 1,439 6,107 4,767 For the Three Months Ended December 31, For the Nine Months Ended December 31, 2020 2019 2020 2019 (dollars in thousands) (dollars in thousands) Operating Earnings - Cement $ 70,434 $ 54,180 $ 210,802 $ 156,827 Concrete and Aggregates 5,075 3,334 15,748 15,023 Gypsum Wallboard 40,792 38,484 119,723 114,872 Paperboard 7,161 9,021 20,708 29,060 Other — (1,116 ) — (2,976 ) Sub-Total 123,462 103,903 366,981 312,806 Corporate General and Administrative Expense (11,327 ) (13,794 ) (40,225 ) (48,506 ) Gain on Sale of Businesses — — 51,973 — Impairment Losses — (25,131 ) — (25,131 ) Other Non-Operating Income 2,297 722 1,898 1,445 Earnings Before Interest and Income Taxes 114,432 65,700 380,627 240,614 Interest Expense, net (9,360 ) (9,543 ) (35,957 ) (28,526 ) Earnings from Continuing Operations Before Income Taxes $ 105,072 $ 56,157 $ 344,670 $ 212,088 Cement Operating Earnings - Wholly Owned $ 60,351 $ 43,480 $ 182,346 $ 124,338 Joint Venture 10,083 10,700 28,456 32,489 $ 70,434 $ 54,180 $ 210,802 $ 156,827 Capital Expenditures - Cement $ 2,510 $ 7,379 $ 20,767 $ 26,125 Concrete and Aggregates 1,631 3,233 2,933 9,324 Gypsum Wallboard 491 273 11,073 8,647 Paperboard 233 12,885 10,768 42,484 $ 4,865 $ 23,770 $ 45,541 $ 86,580 Depreciation, Depletion, and Amortization - Cement $ 19,337 $ 14,189 $ 57,838 $ 42,275 Concrete and Aggregates 2,691 3,105 8,110 8,050 Gypsum Wallboard 5,340 5,050 16,201 15,149 Paperboard 3,509 2,244 10,205 6,610 Corporate and Other 1,203 578 3,704 1,773 $ 32,080 $ 25,166 $ 96,058 $ 73,857 Discontinued Operations Capital Expenditures $ — $ 86 $ — $ 151 Depreciation, Depletion, and Amortization $ — $ 3,445 $ 221 $ 11,087 December 31, March 31, 2020 2020 (dollars in thousands) Identifiable Assets Cement $ 1,907,191 $ 1,980,306 Concrete and Aggregates 99,495 136,041 Gypsum Wallboard 358,530 375,946 Paperboard 190,024 183,288 Assets of Discontinued Operations — 13,831 Other, net 169,798 271,608 $ 2,725,038 $ 2,961,020 The Capital Expenditures for the nine months ended December 31, 2019 disclosed above differs from the Capital Expenditures on the Unaudited Consolidated Statement of Cash Flows, as it includes $2.7 million of capital expenditures that were accrued at December 31, 2019 and therefore not included in the Statement of Cash Flows. See Footnote (B) for more information. Segment O perating E arnings, including the proportionately consolidated 50% interest in the revenue and expenses of the Joint Venture, represent Revenue, less direct operating expenses, segment Depreciation, and segment Selling, General and Administrative expenses. We account for intersegment sales at market prices. Corporate assets consist 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, 2020 2020 (dollars in thousands) Cement $ 203,342 $ 205,797 Concrete and Aggregates 1,639 1,639 Gypsum Wallboard 116,618 116,618 Paperboard 7,538 7,538 $ 329,137 $ 331,592 Summarized financial information for the Joint Venture that is not consolidated is set out below; this 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, 2020 2019 2020 2019 (dollars in thousands) (dollars in thousands) Revenue $ 54,220 $ 56,767 $ 159,207 $ 172,385 Gross Margin $ 22,045 $ 22,749 $ 61,814 $ 68,806 Earnings Before Income Taxes $ 21,920 $ 21,402 $ 58,665 $ 64,979 December 31, March 31, 2020 2020 (dollars in thousands) Current Assets $ 68,449 $ 77,331 Non-Current Assets $ 107,211 $ 93,093 Current Liabilities $ 16,883 $ 17,197 |
INTEREST EXPENSE
INTEREST EXPENSE | 9 Months Ended |
Dec. 31, 2020 | |
Banking And Thrift Interest [Abstract] | |
INTEREST EXPENSE | (P) 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, 2020 2019 2020 2019 (dollars in thousands) (dollars in thousands) Interest Income $ (13 ) $ (12 ) $ (53 ) $ (23 ) Interest Expense 8,449 9,250 33,141 27,682 Other Expenses 924 305 2,869 867 Interest Expense, net $ 9,360 $ 9,543 $ 35,957 $ 28,526 Interest Income includes interest earned on investments of excess cash. Components of Interest Expense include interest associated with the Revolving Credit Facility, Term Loan, Senior Unsecured Notes, Private Placement Unsecured Notes (which were repaid in October 2019), and commitment fees based on the unused portion of the Revolving Credit Facility. Other Expenses include amortization of debt issuance costs and Revolving Credit Facility costs. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Dec. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | (Q) COMMITMENTS AND CONTINGENCIES We have certain deductible limits under our workers’ compensation and liability insurance policies for which reserves are established based on the undiscounted estimated costs of known and anticipated claims. We have entered into standby letter of credit agreements relating to workers’ compensation, auto, and general liability self-insurance. At December 31, 2020, we had contingent liabilities under these outstanding letters of credit of approximately $5.0 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 $23.6 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, 2020 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | (R) 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, 2020 is as follows: Fair Value (dollars in thousands) 4.500% Senior Unsecured Notes Due 2026 $ 363,564 The estimated fair value of our long-term debt was based on quoted prices of similar debt instruments with similar terms that are publicly traded (level 2 input). The carrying values of cash, restricted cash, cash equivalents, accounts and notes receivable, accounts payable, and accrued liabilities approximate their fair values at December 31, |
BASIS OF PRESENTATION (Policies
BASIS OF PRESENTATION (Policies) | 9 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements RECENTLY ADOPTED In June 2016, the FASB issued ASU 2016-13, which is 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 incurred losses model 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 incurred losses model. The adoption of this standard on April 1, 2020 did not have a material effect on our consolidated financial statements and disclosures. PENDING ADOPTION In December 2019, the FASB issued ASU 2019-12, which simplifies the accounting for income taxes, eliminates certain exceptions within existing income tax guidance, and clarifies certain aspects of the current guidance to promote consistency among reporting entities. The updated standard is effective for public companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. We do not expect the adoption of this standard will have a material impact on our consolidated financial statements. |
SUPPLEMENTAL CASH FLOW INFORM_2
SUPPLEMENTAL CASH FLOW INFORMATION (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | Supplemental cash flow information is as follows: For the Nine Months Ended December 31, 2020 2019 (dollars in thousands) Cash Payments: Interest $ 30,107 $ 25,490 Income Taxes 30,816 20,046 Operating Cash Flows used for Operating Leases 8,691 11,562 Non-Cash Financing Activities: Property and Equipment Purchases Included in Accrued Liabilities $ — $ 2,675 |
DISCONTINUED OPERATIONS AND O_2
DISCONTINUED OPERATIONS AND OTHER DISPOSITIONS - (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Summary of Disposal Groups, Including Discontinued Operations | The following is a summary of operating results included in Earnings (Loss) from Discontinued Operations for the three and nine months ended December 31, 2020 and 2019. For the Three Months Ended December 31, For the Nine Months Ended December 31, 2020 2019 2020 2019 (dollars in thousands) Revenue $ — $ 7,345 $ 1,045 $ 36,534 Cost of Goods Sold — 13,034 3,415 49,502 Gross Profit — (5,689 ) (2,370 ) (12,968 ) Other Non-Operating Income — 103 226 522 Gain on Sale of Discontinued Operations — — 9,230 — Impairment Losses — (199,136 ) — (199,136 ) Earnings (Loss) from Discontinued Operations — (204,722 ) 7,086 (211,582 ) Income Tax (Expense) Benefit — 46,616 (1,808 ) 48,176 Net Earnings (Loss) from Discontinued Operations $ — $ (158,106 ) $ 5,278 $ (163,406 ) The significant components of our Consolidated Statements of Cash Flows for discontinued operations for the nine months ended December 31, 2020 and 2019 are as follows: For the Nine Months Ended December 31, 2020 2019 (dollars in thousands) Depreciation and Amortization $ 221 $ 11,087 Gain on Sale (9,230 ) — Impairment Losses — 199,136 Net Change in Inventory — 2,028 Capital Expenditures — 151 The following is a summary of assets and liabilities attributable to discontinued operations, which were included in our balance sheet at March 31, 2020: March 31, 2020 (dollars in thousands) ASSETS Accounts and Notes Receivable $ 9,019 Allowance for Doubtful Accounts (3,041 ) Inventories 387 Prepaid and Other Assets 727 Total Current Assets 7,092 Property, Plant, and Equipment, net 5,692 Operating Lease Right-of-Use Assets 1,047 Total Noncurrent Assets 6,739 $ 13,831 LIABILITIES Accounts Payable $ 2,014 Accrued Liabilities 2,851 Operating Lease Liabilities 3,622 Total Current Liabilities 8,487 Noncurrent Operating Lease Liabilities 9,570 Other Long-term Liabilities 5,857 Total Noncurrent Liabilities 15,427 $ 23,914 |
Summary of Revenue and Operating Earnings | Revenue and Operating Earnings from Western and Mathews, collectively, for the three and nine months ended December 31, 2020 and 2019 were as follows: For the Three Months Ended December 31, For the Nine Months Ended December 31, 2020 2019 2020 2019 (dollars in thousands) Revenue $ — $ 7,872 $ 1,692 $ 25,248 Operating Earnings $ — $ 1,167 $ 142 $ 3,680 |
ACQUISITION (Tables)
ACQUISITION (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Preliminary Fair Values of the Assets Acquired and Liabilities Assumed | The following table summarizes the allocation of the purchase price to assets acquired and liabilities assumed as of December 31, 2020: (dollars in thousands) Inventories $ 28,568 Property, Plant, and Equipment 476,698 Intangible Assets 38,300 Lease Right-of-Use Assets 4,478 Lease Obligations (4,478 ) Long-term Liabilities (3,756 ) Total Net Assets 539,810 Goodwill 129,127 Total Estimated Purchase Price $ 668,937 |
Summary of the Fair Value Estimates of the Identifiable Intangible Assets | The following table is a summary of the fair value estimates of the identifiable intangible assets (dollars in thousands) and their weighted-average useful lives: Weighted-Average Life Estimated Fair Value Permits 20 $ 1,500 Customer Relationships 15 35,300 Trade Name and Technology 10 1,500 Total Intangible Assets $ 38,300 |
Actual and Pro Forma Impact on Net Sales and Operating Loss | Actual and pro forma impact of Kosmos Acquisition: For the Three Months Ended For the Nine Months Ended December 31, 2020 (dollars in thousands) Revenue $ 45,407 $ 142,980 Operating Earnings $ 13,316 $ 38,286 |
Unaudited Pro Forma Results | The unaudited pro forma results presented below include the effects of the Kosmos Acquisition as if it had been consummated as of April 1, 2019. The pro forma results include estimates for depreciation from fair value adjustments to acquired Property and Equipment, amortization for acquired Intangible Assets, the Inventory step-up to fair value, and interest expense associated with debt used to fund the Kosmos Acquisition. To better reflect the combined operating results, approximately $5.6 million of material nonrecurring charges directly related to the Kosmos Acquisition have been excluded from pro forma Net Income. For the Three Months Ended For the Nine Months Ended December 31, 2019 Unaudited (dollars in thousands, except per share data) Revenue $ 393,336 $ 1,225,314 Net Earnings from Continuing Operations $ 49,495 $ 183,498 Earnings Per Share from Continuing Operations – basic $ 1.20 $ 4.34 Earnings Per Share from Continuing Operations – diluted $ 1.20 $ 4.31 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
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. Raw Materials and Materials-in-Progress include clinker, which is an intermediary product before it is ground into cement powder. Quantities of Raw Materials and Materials-in-Progress, Aggregates, and coal inventories, are based on measured volumes, subject to estimation based on the size and location of the inventory piles, and converted to tonnage using standard inventory density factors. Inventories consist of the following: December 31, March 31, 2020 2020 (dollars in thousands) Raw Materials and Materials-in-Progress $ 75,710 $ 110,558 Finished Cement 34,916 43,538 Aggregates 3,072 8,416 Gypsum Wallboard 4,540 4,211 Paperboard 6,986 5,715 Repair Parts and Supplies 92,119 88,094 Fuel and Coal 11,324 11,589 $ 228,667 $ 272,121 |
ACCRUED EXPENSES (Tables)
ACCRUED EXPENSES (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
Payables And Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued Expenses consist of the following: December 31, March 31, 2020 2020 (dollars in thousands) Payroll and Incentive Compensation $ 33,101 $ 24,904 Benefits 16,151 12,447 Interest 7,841 4,080 Property Taxes 4,675 5,110 Power and Fuel 1,959 1,353 Freight 2,167 529 Legal and Professional 11,828 16,096 Sales and Use Tax 1,067 1,085 Other 6,125 4,838 $ 84,914 $ 70,442 |
LEASES (Tables)
LEASES (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Schedule of Lease Expense for Operating and Short-Term Leases Included In Continuing Operations | Lease expense for our operating and short-term leases included in continuing operations is as follows: For the Three Months Ended December 31, For the Nine Months Ended December 31, 2020 2019 2020 2019 (dollars in thousands) Operating Lease Cost $ 1,642 $ 2,410 $ 5,205 $ 6,418 Short-term Lease Cost 418 149 2,025 1,068 Total Lease Cost $ 2,060 $ 2,559 $ 7,230 $ 7,486 |
Schedule of Balance Sheet Information Related to Leases | The Right-of-Use Assets and Lease Liabilities are reflected on our Balance Sheet as follows: December 31, March 31, 2020 2020 (dollars in thousands) Operating Leases: Operating Lease Right-of-Use Assets $ 26,927 $ 29,483 Current Operating Lease Liabilities $ 6,551 $ 6,585 Noncurrent Operating Lease Liabilities 35,896 40,239 Total Operating Lease Liabilities $ 42,447 $ 46,824 |
Schedule of Future Payments for Operating Leases | Future payments for operating leases are as follows (dollars in thousands): Fiscal Year Amount 2021 (remaining three months) $ 2,050 2022 7,556 2023 6,969 2024 6,007 2025 5,651 Thereafter 24,585 Total Lease Payments $ 52,818 Less: Imputed Interest (10,371 ) Present Value of Lease Liabilities $ 42,447 Weighted-Average Remaining Lease Term (in years) 10.5 Weighted-Average Discount Rate 3.79 % |
SHARE-BASED EMPLOYEE COMPENSA_2
SHARE-BASED EMPLOYEE COMPENSATION (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
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 2021 are as follows: 2021 Dividend Yield — Expected Volatility 37.9 % Risk Free Interest Rate 0.5 % Expected Life 6.0 years |
Stock Option Activity | The following table represents stock option activity for the nine months ended December 31, 2020: Number of Shares Weighted- Average Exercise Price Outstanding Options at March 31, 2020 1,160,091 $ 80.36 Granted 178,946 $ 60.20 Exercised (166,887 ) $ 55.42 Cancelled (15,094 ) $ 92.51 Options Outstanding at December 31, 2020 1,157,056 $ 80.68 Options Exercisable at December 31, 2020 747,796 Weighted-Average Fair Value of Options Granted During the Year $ 22.04 |
Stock Options Outstanding | The following table summarizes information about stock options outstanding at December 31, 2020: 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 18,931 0.59 $ 23.21 18,931 $ 23.21 $33.43 - $37.34 37,456 1.45 $ 34.21 37,456 $ 34.21 $53.22 - $77.67 377,009 6.91 $ 66.82 185,657 $ 72.92 $79.73 - $106.24 723,660 6.03 $ 91.81 505,752 $ 89.71 1,157,056 6.08 $ 80.68 747,796 $ 81.08 |
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, 2020: Number of Shares Weighted-Average Grant Date Fair Value Nonvested Restricted Stock March 31, 2020 233,120 $ 75.35 Granted 178,373 $ 63.63 Vested (50,378 ) $ 66.13 Forfeited (9,127 ) $ 71.46 Nonvested Restricted Stock at December 31, 2020 351,988 $ 68.73 |
COMPUTATION OF EARNINGS PER S_2
COMPUTATION OF EARNINGS PER SHARE (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
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, 2020 2019 2020 2019 Weighted-Average Shares of Common Stock Outstanding 41,494,149 41,314,289 41,451,801 42,246,329 Effect of Dilutive Shares: Assumed Exercise of Outstanding Dilutive Options 807,584 717,028 450,870 705,692 Less Shares Repurchased from Proceeds of Assumed Exercised Options (650,819 ) (548,643 ) (344,307 ) (549,954 ) Restricted Stock Units 183,676 132,821 124,177 125,293 Weighted-Average Common Stock and Dilutive Securities Outstanding 41,834,590 41,615,495 41,682,541 42,527,360 Shares Excluded Due to Anti-dilution Effects 413,656 655,889 757,879 657,964 |
PENSION AND EMPLOYEE BENEFIT _2
PENSION AND EMPLOYEE BENEFIT PLANS (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
Compensation And Retirement Disclosure [Abstract] | |
Components of Net Periodic (Benefit) Cost | The following table shows the components of net periodic (benefit) cost for our plans: For the Three Months Ended December 31, For the Nine Months Ended December 31, 2020 2019 2020 2019 (dollars in thousands) Service Cost - Benefits Earned During the Period $ — $ 85 $ — $ 255 Interest Cost of Projected Benefit Obligation 304 338 912 1,013 Expected Return on Plan Assets (355 ) (426 ) (1,065 ) (1,279 ) Recognized Net Actuarial Loss 34 43 101 131 Net Periodic Pension (Benefit) Cost $ (17 ) $ 40 $ (52 ) $ 120 |
LONG-TERM DEBT (Tables)
LONG-TERM DEBT (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-term Debt consists of the following: December 31, March 31, 2020 2020 (dollars in thousands) Revolving Credit Facility $ — $ 560,000 4.500% Senior Unsecured Notes Due 2026 350,000 350,000 Term Loan 665,000 665,000 Total Debt 1,015,000 1,575,000 Less: Debt Origination Costs (6,655 ) (7,685 ) Long-term Debt $ 1,008,345 $ 1,567,315 |
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, 2020 | |
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, 2020 2019 2020 2019 (dollars in thousands) Revenue - Cement $ 234,092 $ 183,031 $ 773,565 $ 605,357 Concrete and Aggregates 43,530 47,147 134,020 142,896 Gypsum Wallboard 135,658 125,070 397,018 380,454 Paperboard 39,602 37,813 122,417 122,360 452,882 393,061 1,427,020 1,251,067 Less: Intersegment Revenue (21,105 ) (21,775 ) (68,077 ) (66,454 ) Less: Joint Venture Revenue (27,110 ) (28,382 ) (79,603 ) (85,775 ) $ 404,667 $ 342,904 $ 1,279,340 $ 1,098,838 For the Three Months Ended December 31, For the Nine Months Ended December 31, 2020 2019 2020 2019 (dollars in thousands) Intersegment Revenue - Cement $ 5,241 $ 6,174 $ 17,539 $ 17,130 Concrete and Aggregates — 350 106 1,134 Paperboard 15,864 15,251 50,432 48,190 $ 21,105 $ 21,775 $ 68,077 $ 66,454 Cement Sales Volume (M tons) - Wholly Owned 1,616 1,199 5,429 4,046 Joint Venture 226 240 678 721 1,842 1,439 6,107 4,767 For the Three Months Ended December 31, For the Nine Months Ended December 31, 2020 2019 2020 2019 (dollars in thousands) (dollars in thousands) Operating Earnings - Cement $ 70,434 $ 54,180 $ 210,802 $ 156,827 Concrete and Aggregates 5,075 3,334 15,748 15,023 Gypsum Wallboard 40,792 38,484 119,723 114,872 Paperboard 7,161 9,021 20,708 29,060 Other — (1,116 ) — (2,976 ) Sub-Total 123,462 103,903 366,981 312,806 Corporate General and Administrative Expense (11,327 ) (13,794 ) (40,225 ) (48,506 ) Gain on Sale of Businesses — — 51,973 — Impairment Losses — (25,131 ) — (25,131 ) Other Non-Operating Income 2,297 722 1,898 1,445 Earnings Before Interest and Income Taxes 114,432 65,700 380,627 240,614 Interest Expense, net (9,360 ) (9,543 ) (35,957 ) (28,526 ) Earnings from Continuing Operations Before Income Taxes $ 105,072 $ 56,157 $ 344,670 $ 212,088 Cement Operating Earnings - Wholly Owned $ 60,351 $ 43,480 $ 182,346 $ 124,338 Joint Venture 10,083 10,700 28,456 32,489 $ 70,434 $ 54,180 $ 210,802 $ 156,827 Capital Expenditures - Cement $ 2,510 $ 7,379 $ 20,767 $ 26,125 Concrete and Aggregates 1,631 3,233 2,933 9,324 Gypsum Wallboard 491 273 11,073 8,647 Paperboard 233 12,885 10,768 42,484 $ 4,865 $ 23,770 $ 45,541 $ 86,580 Depreciation, Depletion, and Amortization - Cement $ 19,337 $ 14,189 $ 57,838 $ 42,275 Concrete and Aggregates 2,691 3,105 8,110 8,050 Gypsum Wallboard 5,340 5,050 16,201 15,149 Paperboard 3,509 2,244 10,205 6,610 Corporate and Other 1,203 578 3,704 1,773 $ 32,080 $ 25,166 $ 96,058 $ 73,857 Discontinued Operations Capital Expenditures $ — $ 86 $ — $ 151 Depreciation, Depletion, and Amortization $ — $ 3,445 $ 221 $ 11,087 December 31, March 31, 2020 2020 (dollars in thousands) Identifiable Assets Cement $ 1,907,191 $ 1,980,306 Concrete and Aggregates 99,495 136,041 Gypsum Wallboard 358,530 375,946 Paperboard 190,024 183,288 Assets of Discontinued Operations — 13,831 Other, net 169,798 271,608 $ 2,725,038 $ 2,961,020 |
Segment Breakdown of Goodwill | The segment breakdown of Goodwill is as follows: December 31, March 31, 2020 2020 (dollars in thousands) Cement $ 203,342 $ 205,797 Concrete and Aggregates 1,639 1,639 Gypsum Wallboard 116,618 116,618 Paperboard 7,538 7,538 $ 329,137 $ 331,592 |
Summarized Financial Information for Joint Venture Unconsolidated | Summarized financial information for the Joint Venture that is not consolidated is set out below; this 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, 2020 2019 2020 2019 (dollars in thousands) (dollars in thousands) Revenue $ 54,220 $ 56,767 $ 159,207 $ 172,385 Gross Margin $ 22,045 $ 22,749 $ 61,814 $ 68,806 Earnings Before Income Taxes $ 21,920 $ 21,402 $ 58,665 $ 64,979 December 31, March 31, 2020 2020 (dollars in thousands) Current Assets $ 68,449 $ 77,331 Non-Current Assets $ 107,211 $ 93,093 Current Liabilities $ 16,883 $ 17,197 |
INTEREST EXPENSE (Tables)
INTEREST EXPENSE (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
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, 2020 2019 2020 2019 (dollars in thousands) (dollars in thousands) Interest Income $ (13 ) $ (12 ) $ (53 ) $ (23 ) Interest Expense 8,449 9,250 33,141 27,682 Other Expenses 924 305 2,869 867 Interest Expense, net $ 9,360 $ 9,543 $ 35,957 $ 28,526 |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
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, 2020 is as follows: Fair Value (dollars in thousands) 4.500% Senior Unsecured Notes Due 2026 $ 363,564 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash Payments: | ||
Interest | $ 30,107 | $ 25,490 |
Income Taxes | 30,816 | 20,046 |
Operating Cash Flows used for Operating Leases | $ 8,691 | 11,562 |
Non-Cash Financing Activities: | ||
Property and Equipment Purchases Included in Accrued Liabilities | $ 2,675 |
Discontinued Operations and O_3
Discontinued Operations and Other Dispositions - Additional Information (Detail) - USD ($) shares in Millions | Sep. 18, 2020 | Apr. 17, 2020 | Dec. 31, 2020 | Mar. 31, 2020 |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Outstanding borrowings | $ 745,000,000 | |||
Gain on Sale of Businesses | 51,973,000 | |||
Gain (Loss) on sale of Subsidiary | 61,203,000 | |||
Assets | 2,725,038,000 | $ 2,961,020,000 | ||
Liabilities | 1,463,856,000 | 1,993,177,000 | ||
Discontinued Operations, Disposed of by Sale [Member] | Smart Sand, Inc. [Member] | Loan and Security Agreement [Member] | ||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Loan amount provided to the purchaser | $ 5,000,000 | |||
Escrow deposit | $ 5,000,000 | |||
Percentage of loan amount outstanding in shares | 50.00% | |||
Fixed rate of interest on loan | 6.00% | |||
Interest payment period | one-year | |||
Fixed rate of interest on loan, maturity date | Sep. 18, 2024 | |||
Outstanding borrowings | 0 | |||
Discontinued Operations, Disposed of by Sale [Member] | Smart Sand, Inc. [Member] | Loan and Security Agreement [Member] | Modified Interest Rate [Member] | ||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Fixed modified interest rate after a specific time period | 8.00% | |||
Discontinued Operations, Disposed of by Sale [Member] | Smart Sand, Inc. [Member] | Restricted Cash [Member] | Loan and Security Agreement [Member] | ||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Escrow deposit | 5,000,000 | |||
Western Aggregates LLC and Mathews Readymix LLC [Member] | ||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Assets | $ 43,800,000 | |||
Liabilities | 2,300,000 | |||
Western Aggregates LLC and Mathews Readymix LLC [Member] | Teichert Inc | ||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Purcahse price of acquisition | 93,500,000 | |||
Gain (Loss) on sale of Subsidiary | $ 52,000,000 | |||
Oil and Gas Proppants [Member] | Discontinued Operations, Disposed of by Sale [Member] | ||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Gain on Sale of Businesses | $ 9,200,000 | |||
Assets | 13,831,000 | |||
Liabilities | $ 23,914,000 | |||
Oil and Gas Proppants [Member] | Discontinued Operations, Disposed of by Sale [Member] | Smart Sand, Inc. [Member] | ||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Purchase price paid in shares of common stock | 2 | |||
Oil and Gas Proppants [Member] | Discontinued Operations, Disposed of by Sale [Member] | Smart Sand, Inc. [Member] | Prepaid and Other Assets [Member] | Indemnification Claims as Escrow Deposit [Member] | ||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Purchase price paid in shares of common stock | 0.3 |
Discontinued Operations and O_4
Discontinued Operations and Other Dispositions - Summary of Operating Results from Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Net Earnings (Loss) from Discontinued Operations | $ (158,106) | $ 5,278 | $ (163,406) |
Discontinued Operations, Disposed of by Sale [Member] | Oil and Gas Proppants [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Revenue | 7,345 | 1,045 | 36,534 |
Cost of Goods Sold | 13,034 | 3,415 | 49,502 |
Gross Profit | (5,689) | (2,370) | (12,968) |
Other Non-Operating Income | 103 | 226 | 522 |
Gain on Sale of Discontinued Operations | 9,230 | ||
Impairment Losses | (199,136) | (199,136) | |
Earnings (Loss) from Discontinued Operations | (204,722) | 7,086 | (211,582) |
Income Tax (Expense) Benefit | 46,616 | (1,808) | 48,176 |
Net Earnings (Loss) from Discontinued Operations | $ (158,106) | $ 5,278 | $ (163,406) |
Discontinued Operations and O_5
Discontinued Operations and Other Dispositions - Summary of Significant Components of Consolidated Statement of Cash Flows for Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Depreciation and Amortization | $ 3,445 | $ 221 | $ 11,087 |
Capital Expenditures | 86 | 151 | |
Discontinued Operations, Disposed of by Sale [Member] | Oil and Gas Proppants [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Depreciation and Amortization | 221 | 11,087 | |
Gain on Sale | $ (9,230) | ||
Impairment Losses | $ 199,136 | 199,136 | |
Net Change in Inventory | 2,028 | ||
Capital Expenditures | $ 151 |
Discontinued Operations and O_6
Discontinued Operations and Other Dispositions - Summary of Assets and Liabilities Attributable to Discontinued Operations (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Mar. 31, 2020 |
ASSETS | ||
Total Current Assets | $ 7,092 | |
Operating Lease Right-of-Use Assets | $ 26,927 | 29,483 |
Total Noncurrent Assets | 6,739 | |
Total Assets | 2,725,038 | 2,961,020 |
LIABILITIES | ||
Operating Lease Liabilities | 6,551 | 6,585 |
Total Current Liabilities | 8,487 | |
Noncurrent Operating Lease Liabilities | 35,896 | 40,239 |
Total Noncurrent Liabilities | 15,427 | |
Total Liabilities | $ 1,463,856 | 1,993,177 |
Discontinued Operations, Disposed of by Sale [Member] | Oil and Gas Proppants [Member] | ||
ASSETS | ||
Accounts and Notes Receivable | 9,019 | |
Allowance for Doubtful Accounts | (3,041) | |
Inventories | 387 | |
Prepaid and Other Assets | 727 | |
Total Current Assets | 7,092 | |
Property, Plant, and Equipment, net | 5,692 | |
Operating Lease Right-of-Use Assets | 1,047 | |
Total Noncurrent Assets | 6,739 | |
Total Assets | 13,831 | |
LIABILITIES | ||
Accounts Payable | 2,014 | |
Accrued Liabilities | 2,851 | |
Operating Lease Liabilities | 3,622 | |
Total Current Liabilities | 8,487 | |
Noncurrent Operating Lease Liabilities | 9,570 | |
Other Long-term Liabilities | 5,857 | |
Total Noncurrent Liabilities | 15,427 | |
Total Liabilities | $ 23,914 |
Discontinued Operations and O_7
Discontinued Operations and Other Dispositions - Summary of Revenue and Operating Earnings (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Revenue | $ 404,667 | $ 342,904 | $ 1,279,340 | $ 1,098,838 |
Operating Earnings | $ 123,462 | 103,903 | 366,981 | 312,806 |
Mathews Readymix LLC and Western Aggregates LLC [Member] | ||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Revenue | 7,872 | 1,692 | 25,248 | |
Operating Earnings | $ 1,167 | $ 142 | $ 3,680 |
Acquisition - Additional Inform
Acquisition - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 06, 2020 | Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 |
Business Acquisition [Line Items] | ||||
Purchase price of acquisition | $ 30,424 | |||
Depreciation and amortization | $ 5,400 | $ 16,100 | ||
Inventories | 3,700 | 3,700 | ||
Kosmos Acquisition [Member] | ||||
Business Acquisition [Line Items] | ||||
Date of acquisition of business | Mar. 6, 2020 | |||
Purchase price of acquisition | $ 669,000 | |||
Nonrecurring charges | $ 5,600 | $ 5,600 |
Preliminary Fair Values of the
Preliminary Fair Values of the Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Mar. 31, 2020 |
Business Acquisition [Line Items] | ||
Lease Right-of-Use Assets | $ 26,927 | $ 29,483 |
Lease Obligations | (35,896) | (40,239) |
Goodwill | 329,137 | $ 331,592 |
Kosmos Acquisition [Member] | ||
Business Acquisition [Line Items] | ||
Inventories | 28,568 | |
Property, Plant, and Equipment | 476,698 | |
Intangible Assets | 38,300 | |
Lease Right-of-Use Assets | 4,478 | |
Lease Obligations | (4,478) | |
Long-term Liabilities | (3,756) | |
Total Net Assets | 539,810 | |
Goodwill | 129,127 | |
Total Estimated Purchase Price | $ 668,937 |
Summary of the Fair Value Estim
Summary of the Fair Value Estimates of the Identifiable Intangible Assets (Detail) - Kosmos Acquisition [Member] - Estimated Fair Value [Member] $ in Thousands | 9 Months Ended |
Dec. 31, 2020USD ($) | |
Business Acquisition [Line Items] | |
Estimated Fair Value | $ 38,300 |
Permits [Member] | |
Business Acquisition [Line Items] | |
Intangible Assets, Useful Life | 20 years |
Estimated Fair Value | $ 1,500 |
Customer Relationships [Member] | |
Business Acquisition [Line Items] | |
Intangible Assets, Useful Life | 15 years |
Estimated Fair Value | $ 35,300 |
Trade Name and Technology [Member] | |
Business Acquisition [Line Items] | |
Intangible Assets, Useful Life | 10 years |
Estimated Fair Value | $ 1,500 |
Actual and Pro Forma Impact on
Actual and Pro Forma Impact on Net Sales and Operating Loss (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Business Acquisition [Line Items] | ||||
Revenue | $ 404,667 | $ 342,904 | $ 1,279,340 | $ 1,098,838 |
Operating Earnings | 123,462 | $ 103,903 | 366,981 | $ 312,806 |
Kosmos Acquisition [Member] | Pro Forma [Member] | ||||
Business Acquisition [Line Items] | ||||
Revenue | 45,407 | 142,980 | ||
Operating Earnings | $ 13,316 | $ 38,286 |
Unaudited Pro Forma Results (De
Unaudited Pro Forma Results (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended |
Dec. 31, 2019 | Dec. 31, 2019 | |
Business Combinations [Abstract] | ||
Revenue | $ 393,336 | $ 1,225,314 |
Net Earnings from Continuing Operations | $ 49,495 | $ 183,498 |
Earnings Per Share from Continuing Operations – basic | $ 1.20 | $ 4.34 |
Earnings Per Share from Continuing Operations – diluted | $ 1.20 | $ 4.31 |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) | 9 Months Ended |
Dec. 31, 2020 | |
Minimum [Member] | |
Supply Commitment [Line Items] | |
Long-term supply agreements maturity year | 2023 |
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 | 75 days |
Accounts and Notes Receivable -
Accounts and Notes Receivable - Additional Information (Detail) - USD ($) $ in Millions | 9 Months Ended | |
Dec. 31, 2020 | Mar. 31, 2020 | |
Accounts Notes And Loans Receivable [Line Items] | ||
Notes Receivable, total | $ 8.4 | |
Notes Receivable interest rate | 3.60% | |
Notes Receivable, maturity description | Remaining unpaid amounts, plus accrued interest, mature in 2026. | |
Discontinued Operations [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Allowance for doubtful accounts | $ 8.2 | $ 9.3 |
Schedule of Inventories (Detail
Schedule of Inventories (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Mar. 31, 2020 |
Inventory [Line Items] | ||
Inventories | $ 228,667 | $ 272,121 |
Raw Materials and Materials-in-Progress [Member] | ||
Inventory [Line Items] | ||
Inventories | 75,710 | 110,558 |
Finished Cement [Member] | ||
Inventory [Line Items] | ||
Inventories | 34,916 | 43,538 |
Aggregates [Member] | ||
Inventory [Line Items] | ||
Inventories | 3,072 | 8,416 |
Gypsum Wallboard [Member] | ||
Inventory [Line Items] | ||
Inventories | 4,540 | 4,211 |
Paperboard [Member] | ||
Inventory [Line Items] | ||
Inventories | 6,986 | 5,715 |
Repair Parts and Supplies [Member] | ||
Inventory [Line Items] | ||
Inventories | 92,119 | 88,094 |
Fuel and Coal [Member] | ||
Inventory [Line Items] | ||
Inventories | $ 11,324 | $ 11,589 |
Schedule of Accrued Expenses (D
Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Mar. 31, 2020 |
Accounts Payable And Accrued Liabilities Current [Abstract] | ||
Payroll and Incentive Compensation | $ 33,101 | $ 24,904 |
Benefits | 16,151 | 12,447 |
Interest | 7,841 | 4,080 |
Property Taxes | 4,675 | 5,110 |
Power and Fuel | 1,959 | 1,353 |
Freight | 2,167 | 529 |
Legal and Professional | 11,828 | 16,096 |
Sales and Use Tax | 1,067 | 1,085 |
Other | 6,125 | 4,838 |
Accrued Expenses, Total | $ 84,914 | $ 70,442 |
Leases - Additional Information
Leases - Additional Information (Detail) | Dec. 31, 2020 |
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 Included In Continuing Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||||
Operating Lease Cost | $ 1,642 | $ 2,410 | $ 5,205 | $ 6,418 |
Short-term Lease Cost | 418 | 149 | 2,025 | 1,068 |
Total Lease Cost | $ 2,060 | $ 2,559 | $ 7,230 | $ 7,486 |
Schedule of Balance Sheet Infor
Schedule of Balance Sheet Information Related to Leases (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Mar. 31, 2020 |
Operating Leases: | ||
Operating Lease Right-of-Use Assets | $ 26,927 | $ 29,483 |
Current Operating Lease Liabilities | 6,551 | 6,585 |
Noncurrent Operating Lease Liabilities | 35,896 | 40,239 |
Total Operating Lease Liabilities | $ 42,447 | $ 46,824 |
Schedule of Future Payments for
Schedule of Future Payments for Operating Leases (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Mar. 31, 2020 |
Leases [Abstract] | ||
2021 (remaining three months) | $ 2,050 | |
2022 | 7,556 | |
2023 | 6,969 | |
2024 | 6,007 | |
2025 | 5,651 | |
Thereafter | 24,585 | |
Total Lease Payments | 52,818 | |
Less: Imputed Interest | (10,371) | |
Present Value of Lease Liabilities | $ 42,447 | $ 46,824 |
Weighted-Average Remaining Lease Term (in years) | 10 years 6 months | |
Weighted-Average Discount Rate | 3.79% |
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, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Aug. 31, 2020 | Aug. 07, 2013 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Number of shares available for future grant | 3,458,865 | 3,458,865 | 3,000,000 | ||||
Stock option expense | $ 1.1 | $ 1.2 | $ 3.9 | $ 3.5 | |||
Aggregate intrinsic value for outstanding options | 24.5 | 24.5 | |||||
Aggregate intrinsic value for exercisable options | 15.4 | 15.4 | |||||
Total intrinsic value of options exercised | 6.3 | ||||||
Restricted stock or unit expense | 2.8 | $ 3.1 | $ 8.2 | $ 12.9 | |||
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 | 96,476 | ||||||
Reduced percentage of shares earned in stock options plan | 66.70% | ||||||
Stock based compensation plan, description | The performance criteria for the Fiscal 2021 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, 2021. 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 granted stock options 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, 2022 | ||||||
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, 2024 | ||||||
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 | 80,396 | ||||||
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 | 7.7 | $ 7.7 | |||||
Weighted-average period of recognition of unrecognized compensation cost | 2 years 5 months | ||||||
Performance Vesting Restricted Stock [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Number of shares available for future grant | 82,722 | ||||||
Stock based compensation plan, description | The performance criteria for the Fiscal 2021 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, 2021. 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, 2021 | ||||||
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 | 68,936 | ||||||
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 | 26,064 | ||||||
Weighted-average period of recognition of unrecognized compensation cost | 2 years 2 months 12 days | ||||||
Unrecognized compensation cost | $ 14.7 | $ 14.7 |
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, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Expected Volatility | 37.90% |
Risk Free Interest Rate | 0.50% |
Expected Life | 6 years |
Stock Option Activity (Detail)
Stock Option Activity (Detail) - $ / shares | 9 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Number of Shares, Outstanding Options at March 31, 2020 | 1,160,091 | |
Number of Shares, Granted | 178,946 | |
Number of Shares, Exercised | (166,887) | |
Number of Shares, Cancelled | (15,094) | |
Number of Shares, Outstanding Options at December 31, 2020 | 1,160,091 | 1,157,056 |
Number of Shares, Options Exercisable at Decenber 31, 2020 | 747,796 | |
Weighted-Average Exercise Price, Outstanding Options at March 31, 2020 | $ 80.36 | |
Weighted-Average Exercise Price, Granted | 60.20 | |
Weighted-Average Exercise Price, Exercised | 55.42 | |
Weighted-Average Exercise Price, Cancelled | 92.51 | |
Weighted-Average Exercise Price, Outstanding Options at December 31, 2020 | 80.36 | $ 80.68 |
Weighted Average Fair Value of Options Granted During the Year | $ 22.04 |
Stock Options Outstanding (Deta
Stock Options Outstanding (Detail) | 9 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Options Outstanding, Number of Shares Outstanding | shares | 1,157,056 |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | 6 years 29 days |
Options Outstanding, Weighted-Average Exercise Price | $ 80.68 |
Options Exercisable , Number of Shares Outstanding | shares | 747,796 |
Options Exercisable, Weighted-Average Exercise Price | $ 81.08 |
$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 | 18,931 |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | 7 months 2 days |
Options Outstanding, Weighted-Average Exercise Price | $ 23.21 |
Options Exercisable , Number of Shares Outstanding | shares | 18,931 |
Options Exercisable, Weighted-Average Exercise Price | $ 23.21 |
$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 | 37,456 |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | 1 year 5 months 12 days |
Options Outstanding, Weighted-Average Exercise Price | $ 34.21 |
Options Exercisable , Number of Shares Outstanding | shares | 37,456 |
Options Exercisable, Weighted-Average Exercise Price | $ 34.21 |
$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 | 377,009 |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | 6 years 10 months 28 days |
Options Outstanding, Weighted-Average Exercise Price | $ 66.82 |
Options Exercisable , Number of Shares Outstanding | shares | 185,657 |
Options Exercisable, Weighted-Average Exercise Price | $ 72.92 |
$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 | 723,660 |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | 6 years 10 days |
Options Outstanding, Weighted-Average Exercise Price | $ 91.81 |
Options Exercisable , Number of Shares Outstanding | shares | 505,752 |
Options Exercisable, Weighted-Average Exercise Price | $ 89.71 |
Summary of Activity for Nonvest
Summary of Activity for Nonvested Restricted Shares (Detail) - Restricted Stock [Member] | 9 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Shares, Nonvested Restricted Stock March 31, 2020 | shares | 233,120 |
Number of Shares, Granted | shares | 178,373 |
Number of Shares, Vested | shares | (50,378) |
Number of Shares, Forfeited | shares | (9,127) |
Number of Shares, Nonvested Restricted Stock at June 30, 2020 | shares | 351,988 |
Weighted Average Grant Date Fair Value, Nonvested Restricted Stock March 31, 2020 | $ / shares | $ 75.35 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 63.63 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 66.13 |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | 71.46 |
Weighted Average Grant Date Fair Value, Nonvested Restricted Stock at June 30, 2020 | $ / shares | $ 68.73 |
Calculation of Basic and Dilute
Calculation of Basic and Diluted Common Shares Outstanding (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Share [Abstract] | ||||
Weighted-Average Shares of Common Stock Outstanding | 41,494,149 | 41,314,289 | 41,451,801 | 42,246,329 |
Assumed Exercise of Outstanding Dilutive Options | 807,584 | 717,028 | 450,870 | 705,692 |
Less Shares Repurchased from Proceeds of Assumed Exercised Options | (650,819) | (548,643) | (344,307) | (549,954) |
Restricted Stock Units | 183,676 | 132,821 | 124,177 | 125,293 |
Weighted-Average Common Stock and Dilutive Securities Outstanding | 41,834,590 | 41,615,495 | 41,682,541 | 42,527,360 |
Shares Excluded Due to Anti-dilution Effects | 413,656 | 655,889 | 757,879 | 657,964 |
Components of Net Periodic (Ben
Components of Net Periodic (Benefit) Cost (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Compensation And Retirement Disclosure [Abstract] | ||||
Service Cost - Benefits Earned During the Period | $ 85 | $ 255 | ||
Interest Cost of Projected Benefit Obligation | $ 304 | 338 | $ 912 | 1,013 |
Expected Return on Plan Assets | (355) | (426) | (1,065) | (1,279) |
Recognized Net Actuarial Loss | 34 | 43 | 101 | 131 |
Net Periodic Pension (Benefit) Cost | $ (17) | $ 40 | $ (52) | $ 120 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 9 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||
Effective tax rate | 22.00% | 24.00% |
Statutory tax rate | 21.00% |
Long-Term Debt (Detail)
Long-Term Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Mar. 31, 2020 | Aug. 02, 2016 |
Debt Instrument [Line Items] | |||
Revolving Credit Facility | $ 0 | $ 560,000 | |
Total Debt | 1,015,000 | 1,575,000 | |
Less: Debt Origination Costs | (6,655) | (7,685) | |
Long-term Debt | 1,008,345 | 1,567,315 | |
4.500% Senior Unsecured Notes Due 2026 [Member] | |||
Debt Instrument [Line Items] | |||
Total Debt | 350,000 | 350,000 | $ 350,000 |
Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Total Debt | $ 665,000 | $ 665,000 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) | Jan. 13, 2021USD ($) | Dec. 20, 2019 | Aug. 02, 2016USD ($) | Oct. 31, 2014 | Dec. 31, 2020USD ($) | Mar. 31, 2020USD ($) |
Debt Instrument [Line Items] | ||||||
Supplementary leverage ratio | 4.50 | |||||
Interest coverage ratio | 250.00% | |||||
Unused line of credit commitment fee based on leverage ratio | 0.20% | |||||
Borrowings outstanding under Credit Facility | $ 0 | $ 560,000,000 | ||||
Credit Facility, borrowings available | 745,000,000 | |||||
Letter of Credit Facility | 40,000,000 | |||||
Outstanding letters of credit , amount | 5,000,000 | |||||
Debt instrument, principal amount | $ 1,015,000,000 | 1,575,000,000 | ||||
Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Unused line of credit commitment fee based on leverage ratio | 0.40% | |||||
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Variable margin | 1.50% | |||||
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Variable margin | 2.50% | |||||
NYFRB [Member] | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Consolidated Funded Indebtedness Ratio | 1.50% | |||||
NYFRB [Member] | Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Consolidated Funded Indebtedness Ratio | 2.50% | |||||
Term Loan Agreement [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility, interest rate description | Borrowings under the Term Loan Agreement bear interest, at our option, at a variable rate equal to either (i) the Alternate Base Rate (as defined in the Term Loan Agreement and consistent with the Revolving Credit Facility), plus an agreed spread (ranging from 50 to 150 basis points), or (ii) the Adjusted LIBO Rate (as defined in the Term Loan Agreement) plus an agreed spread (ranging from 150 to 250 basis points), which is established quarterly based on the Company's then Leverage Ratio (as defined in the Term Loan Agreement and consistent with the Revolving Credit Facility). The Company must also maintain a Leverage Ratio and Interest Coverage Ratio consistent with the Revolving Credit Facility. | |||||
Term loan facility, unused borrowing capacity, Amount | $ 665,000 | |||||
Term loan Maturity Date | Aug. 2, 2022 | |||||
Term Loan Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Variable margin | 0.50% | |||||
Term Loan Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Variable margin | 1.50% | |||||
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% | ||||
Interest payment period | August 2026 | |||||
4.500% Senior Unsecured Notes Due 2026 [Member] | On or After August 1, 2019 and Prior to August 1, 2021 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Redemption price, percentage | 100.00% | |||||
Revolving Credit Facility [Member] | Subsequent Event | ||||||
Debt Instrument [Line Items] | ||||||
Credit Facility, principal balance | $ 750,000,000 | |||||
Credit Facility, termination date | Aug. 2, 2022 | |||||
Revolving Credit Facility [Member] | Swingline Loan [Member] | Subsequent Event | ||||||
Debt Instrument [Line Items] | ||||||
Credit Facility, principal balance | $ 25,000,000 | |||||
Line of Credit | Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Variable margin | 0.50% | |||||
Letter of Credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Unused line of credit commitment fee based on leverage ratio | 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, 2020 | |
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, 2020USD ($)LocationFacilityTerminalPlantSectorSegment | |
Segment Reporting [Abstract] | |
Number of sectors | Sector | 2 |
Number of reportable business segments | Segment | 4 |
Cement plant locations | Location | 8 |
Slag grinding facility | Facility | 1 |
Cement distribution terminals | Terminal | 29 |
Readymix concrete batch plants | 20 |
Aggregates processing plants | 3 |
Gypsum wallboard plants | 5 |
Proportionate consolidation of share of joint venture 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, 2020USD ($)kT | Dec. 31, 2019USD ($)kT | Dec. 31, 2020USD ($)kT | Dec. 31, 2019USD ($)kT | Mar. 31, 2020USD ($) | |
Segment Reporting Information [Line Items] | |||||
Revenue | $ 404,667 | $ 342,904 | $ 1,279,340 | $ 1,098,838 | |
Less: Joint Venture Revenue | (27,110) | (28,382) | (79,603) | (85,775) | |
Operating Earnings | 123,462 | 103,903 | 366,981 | 312,806 | |
Other | (1,116) | (2,976) | |||
Corporate General and Administrative Expense | (11,327) | (13,794) | (40,225) | (48,506) | |
Gain on Sale of Businesses | 51,973 | ||||
Impairment Losses | (25,131) | (25,131) | |||
Other Non-Operating Income | 2,297 | 722 | 1,898 | 1,445 | |
Earnings Before Interest and Income Taxes | 114,432 | 65,700 | 380,627 | 240,614 | |
Interest Expense, Net | (9,360) | (9,543) | (35,957) | (28,526) | |
Earnings from Continuing Operations Before Income Taxes | 105,072 | 56,157 | 344,670 | 212,088 | |
Capital Expenditures | 4,865 | 23,770 | 45,541 | 86,580 | |
Depreciation, Depletion and Amortization | 96,279 | 84,944 | |||
Capital Expenditures | 86 | 151 | |||
Depreciation and Amortization | 3,445 | 221 | 11,087 | ||
Identifiable Assets | 2,725,038 | 2,725,038 | $ 2,961,020 | ||
Assets of Discontinued Operations | 13,831 | ||||
Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 452,882 | 393,061 | 1,427,020 | 1,251,067 | |
Depreciation, Depletion and Amortization | 32,080 | 25,166 | 96,058 | 73,857 | |
Intersegment Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | (21,105) | (21,775) | (68,077) | (66,454) | |
Revenue | (21,105) | (21,775) | (68,077) | (66,454) | |
Other, net [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Identifiable Assets | 169,798 | 169,798 | 271,608 | ||
Cement [Member] | Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | $ 234,092 | $ 183,031 | $ 773,565 | $ 605,357 | |
Cement Sales Volume | kT | 1,842 | 1,439 | 6,107 | 4,767 | |
Operating Earnings | $ 70,434 | $ 54,180 | $ 210,802 | $ 156,827 | |
Capital Expenditures | 2,510 | 7,379 | 20,767 | 26,125 | |
Depreciation, Depletion and Amortization | 19,337 | $ 14,189 | 57,838 | $ 42,275 | |
Identifiable Assets | $ 1,907,191 | $ 1,907,191 | 1,980,306 | ||
Cement [Member] | Operating Segments [Member] | Wholly-Owned [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Cement Sales Volume | kT | 1,616 | 1,199 | 5,429 | 4,046 | |
Operating Earnings | $ 60,351 | $ 43,480 | $ 182,346 | $ 124,338 | |
Cement [Member] | Operating Segments [Member] | Joint Venture [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Cement Sales Volume | kT | 226 | 240 | 678 | 721 | |
Operating Earnings | $ 10,083 | $ 10,700 | $ 28,456 | $ 32,489 | |
Cement [Member] | Intersegment Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | (5,241) | (6,174) | (17,539) | (17,130) | |
Concrete and Aggregates [Member] | Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 43,530 | 47,147 | 134,020 | 142,896 | |
Operating Earnings | 5,075 | 3,334 | 15,748 | 15,023 | |
Capital Expenditures | 1,631 | 3,233 | 2,933 | 9,324 | |
Depreciation, Depletion and Amortization | 2,691 | 3,105 | 8,110 | 8,050 | |
Identifiable Assets | 99,495 | 99,495 | 136,041 | ||
Concrete and Aggregates [Member] | Intersegment Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | (350) | (106) | (1,134) | ||
Gypsum Wallboard [Member] | Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 135,658 | 125,070 | 397,018 | 380,454 | |
Operating Earnings | 40,792 | 38,484 | 119,723 | 114,872 | |
Capital Expenditures | 491 | 273 | 11,073 | 8,647 | |
Depreciation, Depletion and Amortization | 5,340 | 5,050 | 16,201 | 15,149 | |
Identifiable Assets | 358,530 | 358,530 | 375,946 | ||
Paperboard [Member] | Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 39,602 | 37,813 | 122,417 | 122,360 | |
Operating Earnings | 7,161 | 9,021 | 20,708 | 29,060 | |
Capital Expenditures | 233 | 12,885 | 10,768 | 42,484 | |
Depreciation, Depletion and Amortization | 3,509 | 2,244 | 10,205 | 6,610 | |
Identifiable Assets | 190,024 | 190,024 | $ 183,288 | ||
Paperboard [Member] | Intersegment Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | (15,864) | (15,251) | (50,432) | (48,190) | |
Corporate and Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Depreciation, Depletion and Amortization | $ 1,203 | $ 578 | $ 3,704 | $ 1,773 |
Segment Breakdown of Goodwill (
Segment Breakdown of Goodwill (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Mar. 31, 2020 |
Segment Reporting Information [Line Items] | ||
Goodwill | $ 329,137 | $ 331,592 |
Cement [Member] | ||
Segment Reporting Information [Line Items] | ||
Goodwill | 203,342 | 205,797 |
Concrete and Aggregates [Member] | ||
Segment Reporting Information [Line Items] | ||
Goodwill | 1,639 | 1,639 |
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 |
Summarized Financial Informatio
Summarized Financial Information for Joint Venture Unconsolidated (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2020 | |
Related Party Transaction [Line Items] | |||||
Revenue | $ 404,667 | $ 342,904 | $ 1,279,340 | $ 1,098,838 | |
Gross Margin | 113,379 | 93,203 | 338,525 | 280,317 | |
Earnings from Continuing Operations Before Income Taxes | 105,072 | 56,157 | 344,670 | 212,088 | |
Current Assets | 528,558 | 528,558 | $ 678,217 | ||
Current Liabilities | 163,061 | 163,061 | 169,697 | ||
Joint Venture [Member] | Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | |||||
Related Party Transaction [Line Items] | |||||
Revenue | 54,220 | 56,767 | 159,207 | 172,385 | |
Gross Margin | 22,045 | 22,749 | 61,814 | 68,806 | |
Earnings from Continuing Operations Before Income Taxes | $ 21,920 | 21,402 | $ 58,665 | 64,979 | |
Current Assets | 68,449 | 68,449 | 77,331 | ||
Non-Current Assets | 107,211 | 107,211 | 93,093 | ||
Current Liabilities | $ 16,883 | $ 16,883 | $ 17,197 |
Interest Expense, Net (Detail)
Interest Expense, Net (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Interest Income (Expense), Net [Abstract] | ||||
Interest Income | $ (13) | $ (12) | $ (53) | $ (23) |
Interest Expense | 8,449 | 9,250 | 33,141 | 27,682 |
Other Expenses | 924 | 305 | 2,869 | 867 |
Interest Expense, net | $ 9,360 | $ 9,543 | $ 35,957 | $ 28,526 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | Dec. 31, 2020USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
Letters of credit outstanding, amount | $ 5,000,000 |
Outstanding guarantees | 0 |
Contingently liable for performance, current | $ 23,600,000 |
Fair Value of Senior Notes (Det
Fair Value of Senior Notes (Detail) $ in Thousands | Dec. 31, 2020USD ($) |
4.500% Senior Unsecured Notes Due 2026 [Member] | |
Fair Value Of Financial Instruments [Line Items] | |
Fair Value of long term debt | $ 363,564 |
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, 2020 | Aug. 02, 2016 | |
Fair Value Of Financial Instruments [Line Items] | ||
Debt instrument, interest rate | 4.50% | 4.50% |
Debt instrument, maturity year | 2026 |