INCOME TAXES (Tables)

12 Months Ended

Mar. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Components of Provision for Income Taxes

The provision for income taxes from continuing operations includes the following components:

	For the Years Ended March 31,
	2022		2021		2020
	(dollars in thousands)
Current Provision (Benefit)
Federal	$	87,626	$	67,913	$	(91,304	)
State		6,924		9,587		3,004
		94,550		77,500		(88,300	)
Deferred Provision (Benefit)
Federal		3,491		7,207		108,467
State		2,806		5,239		4,337
		6,297		12,446		112,804
Provision for Income Taxes	$	100,847	$	89,946	$	24,504

Schedule of Effective Tax Rates Vary from Federal Statutory Rates

The effective tax rates vary from the federal statutory rates due to the following items:

	For the Years Ended March 31,
	2022			2021			2020
	(dollars in thousands)
Earnings Before Income Taxes	$	475,094		$	424,112		$	255,695
Income Taxes at Statutory Rate	$	99,770		$	89,063		$	53,998
Increases (Decreases) in Tax Resulting from
State Income Taxes, net		12,743			11,713			3,579
Statutory Depletion in Excess of Cost		(7,796	)		(5,263	)		(3,078	)
Excess Tax Benefit from Stock Compensation		(3,048	)		(3,229	)		307
Meals and Entertainment Disallowance		279			220			537
Limitation on Officer's Compensation		2,568			1,503			1,018
Impact of CARES Act of 2020		—			—			(35,936	)
Credits		—			(400	)		(2,150	)
Valuation Allowance		(4,556	)		300			2,212
Change in Reserves		—			(2,916	)		4,200
Other		887			(1,045	)		(183	)
Provision for Income Taxes	$	100,847		$	89,946		$	24,504
Effective Tax Rate		21	%		21	%		10	%

Schedule of Components of Deferred Income Taxes

Components of deferred income taxes are as follows:

	March 31,
	2022			2021
	(dollars in thousands)
Items Giving Rise to Deferred Tax Liabilities
Excess Tax Depreciation and Amortization	$	(242,335	)	$	(242,235	)
Investment in Joint Venture Basis Differences		(7,813	)		(3,621	)
Depletable Assets		(3,769	)		(6,740	)
Right-of-Use Assets		(5,897	)		(6,506	)
Inventory		(548	)		—
Other		(3,506	)		(2,913	)
Total Deferred Tax Liabilities	$	(263,868	)	$	(262,015	)
Items Giving Rise to Deferred Tax Assets
Change in Accruals	$	13,255		$	13,859
Inventory		—			1,387
Bad Debts		1,600			2,022
Long-term Incentive Compensation Plan		3,252			3,940
Credits and Other Carryforwards		12,747			17,338
Lease Liability		8,849			10,141
Pension		1,001			1,103
Subtotal		40,704			49,790
Valuation Allowance		(9,205	)		(13,761	)
Total Deferred Tax Assets	$	31,499		$	36,029

Reconciliation of Consolidated Liability for Gross Unrecognized Tax Benefits

The change in unrecognized tax benefits for the years ended March 31, 2022, 2021, and 2020 was as follows:

	For the Years Ended March 31,
	2022		2021			2020
	(dollars in thousands)
Balance at Beginning of Year	$	1,284	$	4,200		$	—
Increase Related to Current Tax Positions		—		1,284			4,200
Decrease Related to Current Tax Positions		—		(4,200	)		—
Payments		—		—			—
	$	1,284	$	1,284		$	4,200