INCOME TAXES (Tables)

12 Months Ended

Mar. 31, 2021

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,
	2021		2020			2019
	(dollars in thousands)
Current Provision (Benefit) -
Federal	$	67,913	$	(91,304	)	$	53,570
State		9,587		3,004			9,414
		77,500		(88,300	)		62,984
Deferred Provision (Benefit) -
Federal		7,207		108,467			(726	)
State		5,239		4,337			(1,986	)
		12,446		112,804			(2,712	)
Provision for Income Taxes	$	89,946	$	24,504		$	60,272

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,
	2021			2020			2019
	(dollars in thousands)
Earnings Before Income Taxes	$	424,112		$	255,695		$	283,778
Income Taxes at Statutory Rate	$	89,063		$	53,998		$	59,690
Increases (Decreases) in Tax Resulting from -
State Income Taxes, net		11,713			3,579			5,868
Statutory Depletion in Excess of Cost		(5,263	)		(3,078	)		(3,834	)
Excess Tax Benefit from Stock Compensation		(3,229	)		307			(651	)
Meals and Entertainment Disallowance		220			537			610
Limitation on Officers’ Compensation		1,503			1,018			1,434
Impact of CARES Act of 2020		—			(35,936	)		—
Credits		(400	)		(2,150	)		(940	)
Valuation Allowance		300			2,212			(2,100	)
Change in Reserves		(2,916	)		4,200			—
Other		(1,045	)		(183	)		195
Provision for Income Taxes	$	89,946		$	24,504		$	60,272
Effective Tax Rate		21	%		10	%		21	%

Schedule of Components of Deferred Income Taxes

Components of deferred income taxes are as follows:

	March 31,
	2021			2020
	(dollars in thousands)
Items Giving Rise to Deferred Tax Liabilities -
Excess Tax Depreciation and Amortization	$	(220,269	)	$	(199,096	)
State Income Taxes, net		(21,923	)		(12,225	)
Depletable Assets		(3,540	)		—
Right-of-Use Assets		(6,271	)		(5,441	)
Other		(6,332	)		(5,764	)
Total Deferred Tax Liabilities	$	(258,335	)	$	(222,526	)
Items Giving Rise to Deferred Tax Assets -
Change in Accruals	$	12,046		$	9,373
Depletable Assets		—			12,632
Inventory		1,243			7,217
Bad Debts		1,812			2,642
Long-term Incentive Compensation Plan		3,396			5,590
Credits and Other Carryforwards		17,338			19,861
Lease Liability		9,369			11,384
Pension		906			937
Subtotal		46,110			69,636
Valuation Allowance		(13,761	)		(13,777	)
Total Deferred Tax Assets	$	32,349		$	55,859

Reconciliation of Consolidated Liability for Gross Unrecognized Tax Benefits

The change in unrecognized tax benefits for the years ended March 31, 2021, 2020, and 2019 was as follows:

	For the Years Ended March 31,
	2021			2020		2019
	(dollars in thousands)
Balance at Beginning of Year	$	4,200		$	—	$	—
Increase Related to Current Tax Positions		1,284			4,200		—
Decrease Related to Current Tax Positions		(4,200	)		—		—
Payments		—			—		—
	$	1,284		$	4,200	$	—