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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities:      
Net earnings $ 63,318 $ 9,231 $ 46,200
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Depreciation and amortization 43,478 40,941 36,523
Non-cash lease expense 7,251 11,636 16,680
LIFO charge 22,342 131,611 42,157
Deferred income tax expense (5,533) (3,534) 7,134
Gain on the sale of assets (2,331) (2,872) (1,861)
Provision for restructuring and impairments 567 4,333 284
Gain on debt forgiveness 0 0 (500)
Loss from equity investment 0 0 7,775
Stock-based compensation expense 246 76 120
Pension expense 354 1,481 206
401(k) match stock contribution 2,453 1,515 1,107
Changes in operating assets and liabilities:      
Accounts receivable 17,334 22,098 (26,976)
Inventories (224,136) (398,514) (103,008)
Other assets 91 2,743 (1,109)
Accounts payable (29,213) (18,370) 13,513
Accrued expenses and other 11,192 (13,641) (11,032)
Income taxes 9,624 (1,530) 2,939
Net cash (used in) provided by operating activities (82,963) (212,796) 30,152
Cash flows from investing activities:      
Additions to property, plant, and equipment (36,637) (70,628) (53,367)
Proceeds from the sale of assets 8,089 5,751 8,180
Increase in non-current deposits (18,654) 0 0
Net cash used in investing activities (47,202) (64,877) (45,187)
Cash flows from financing activities:      
Borrowings under revolving credit facility 783,650 777,083 398,550
Repayments under revolving credit facility (727,023) (616,939) (379,011)
Borrowings under term loans and note payable 133,359 174,427 0
Principal payments on term loans (19,215) (5,500) (4,000)
Other assets 0 0 (2,758)
Payments on financing leases (7,956) (8,814) (7,868)
Purchase of treasury stock (33,030) (41,209) (38,788)
Dividends (23) (23) (23)
Net cash provided by (used in) financing activities 129,762 279,025 (33,898)
Net (decrease) increase in cash, cash equivalents and restricted cash (403) 1,352 (48,933)
Cash, cash equivalents and restricted cash, beginning of year 12,256 10,904 59,837
Cash, cash equivalents and restricted cash, end of year 11,853 12,256 10,904
Supplemental disclosures of cash flow information:      
Interest, net of capitalized interest 33,100 11,218 4,481
Income taxes 15,105 9,084 2,971
Right-of-use assets obtained in exchange for lease obligations 5,746 10,187 20,304
Right-of-use assets derecognized upon early lease termination 2,286 3,588 1,570
Assets acquired from exercise of finance lease purchase options, net of accumulated depreciation 6,681 0 0
Property, plant and equipment purchased on account $ 307 $ 1,177 $ 1,267