SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
12 Months Ended |
Mar. 31, 2021 |
Accounting Policies [Abstract] |
|
Schedule of Inventories |
Inventories consist of the following:
|
|
March 31, |
|
|
|
2021 |
|
|
2020 |
|
|
|
(dollars in thousands) |
|
Raw Materials and Materials-in-Progress |
|
$ |
92,696 |
|
|
$ |
110,558 |
|
Finished Cement |
|
|
34,362 |
|
|
|
43,538 |
|
Aggregates |
|
|
2,933 |
|
|
|
8,416 |
|
Gypsum Wallboard |
|
|
4,177 |
|
|
|
4,211 |
|
Paperboard |
|
|
5,031 |
|
|
|
5,715 |
|
Repair Parts and Supplies |
|
|
86,750 |
|
|
|
88,094 |
|
Fuel and Coal |
|
|
9,800 |
|
|
|
11,589 |
|
|
|
$ |
235,749 |
|
|
$ |
272,121 |
|
|
Schedule of Property, Plant and Equipment Estimated Useful Lives |
The estimated useful lives of the related assets are as follows:
|
|
|
Plants |
|
20 to 30 years |
Buildings |
|
20 to 40 years |
Machinery and Equipment |
|
3 to 25 years |
|
Schedule of Intangible Assets, Including Impact of Impairment Charge |
Intangible Assets at March 31, 2021 and 2020, consist of the following:
|
|
March 31, 2021 |
|
|
|
Amortization
Period |
|
Cost |
|
|
Purchase Price Adjustments |
|
|
Accumulated
Amortization |
|
|
Net |
|
|
|
(dollars in thousands) |
|
Goodwill and Intangible Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer Contracts and Relationships |
|
15 years |
|
$ |
105,810 |
|
|
$ |
2,800 |
|
|
$ |
(66,445 |
) |
|
$ |
42,165 |
|
Permits |
|
25-40 years |
|
|
30,410 |
|
|
|
— |
|
|
|
(10,759 |
) |
|
|
19,651 |
|
Trade Name |
|
15 years |
|
|
1,500 |
|
|
|
— |
|
|
|
(138 |
) |
|
|
1,362 |
|
Goodwill |
|
|
|
|
331,592 |
|
|
|
(2,455 |
) |
|
|
— |
|
|
|
329,137 |
|
Total Goodwill and Intangible Assets |
|
|
|
$ |
469,312 |
|
|
$ |
345 |
|
|
$ |
(77,342 |
) |
|
$ |
392,315 |
|
|
|
March 31, 2020 |
|
|
|
Amortization
Period |
|
Cost |
|
|
Additions |
|
|
Accumulated
Amortization |
|
|
Net |
|
|
|
(dollars in thousands) |
|
Goodwill and Intangible Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer Contracts and Relationships |
|
15 years |
|
$ |
72,260 |
|
|
$ |
33,550 |
|
|
$ |
(62,950 |
) |
|
$ |
42,860 |
|
Permits |
|
25-40 years |
|
|
28,640 |
|
|
|
1,770 |
|
|
|
(9,889 |
) |
|
|
20,521 |
|
Trade Name |
|
15 years |
|
|
— |
|
|
|
1,500 |
|
|
|
(10 |
) |
|
|
1,490 |
|
Goodwill |
|
|
|
|
198,371 |
|
|
|
133,221 |
|
|
|
— |
|
|
|
331,592 |
|
Total Goodwill and Intangible Assets |
|
|
|
$ |
299,271 |
|
|
$ |
170,041 |
|
|
$ |
(72,849 |
) |
|
$ |
396,463 |
|
|
Summary of Impairment Charges Related to Assets |
Impairment charges related to these assets in fiscal 2020 and 2019 are included in continuing operations on the Consolidated Statement of Earnings and are summarized below:
|
|
For the Years Ended March 31, |
|
|
|
2020 |
|
|
2019 |
|
|
|
(dollars in thousands) |
|
Property, Equipment, and Real Estate |
|
$ |
11,213 |
|
|
$ |
37,179 |
|
Lease Right-of-Use Assets |
|
|
13,918 |
|
|
|
— |
|
|
|
$ |
25,131 |
|
|
$ |
37,179 |
|
|
Schedule of Supplemental Cash Flow Information |
Supplemental cash flow information is as follows:
|
|
For the Years Ended March 31, |
|
|
|
2021 |
|
|
2020 |
|
|
2019 |
|
|
|
(dollars in thousands) |
|
|
|
|
|
Cash Payments: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
$ |
42,343 |
|
|
$ |
37,610 |
|
|
$ |
28,191 |
|
Income Taxes |
|
|
32,870 |
|
|
|
20,046 |
|
|
|
39,974 |
|
Operating Cash Flows Used for Operating Leases |
|
|
10,741 |
|
|
|
14,926 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Cash Financing Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Right-of-use Assets Obtained for Capitalized Operating Lease Liabilities |
|
$ |
272 |
|
|
$ |
621 |
|
|
$ |
— |
|
|
Schedule of Total Selling, General and Administrative Expenses |
Total Selling, General, and Administrative Expenses for each of the periods are summarized as follows:
|
|
For the Years Ended March 31, |
|
|
|
2021 |
|
|
2020 |
|
|
2019 |
|
|
|
(dollars in thousands) |
|
Operating Units Selling, G&A |
|
$ |
56,309 |
|
|
$ |
57,077 |
|
|
$ |
53,787 |
|
Corporate G&A |
|
|
49,511 |
|
|
|
65,410 |
|
|
|
37,371 |
|
|
|
$ |
105,820 |
|
|
$ |
122,487 |
|
|
$ |
91,158 |
|
|
Schedule of Earnings Per Share |
|
|
For the Years Ended March 31, |
|
|
|
2021 |
|
|
2020 |
|
|
2019 |
|
Weighted-Average Shares of Common Stock Outstanding |
|
|
41,543,067 |
|
|
|
42,021,892 |
|
|
|
46,620,894 |
|
Effect of Dilutive Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
Assumed Exercise of Outstanding Dilutive Options |
|
|
570,325 |
|
|
|
623,779 |
|
|
|
539,135 |
|
Less Shares Repurchased from Proceeds of Assumed Exercised Options |
|
|
(429,815 |
) |
|
|
(481,853 |
) |
|
|
(374,380 |
) |
Restricted Stock Units |
|
|
143,132 |
|
|
|
121,525 |
|
|
|
146,731 |
|
Weighted-Average Common Stock and Dilutive Securities Outstanding |
|
|
41,826,709 |
|
|
|
42,285,343 |
|
|
|
46,932,380 |
|
|