exp-10q_20191231.htm
false 2020 Q3 0000918646 Yes Yes --03-31 Large Accelerated Filer true false 2023-03-31 2022-03-31 0.0050 P4Y P9Y2M12D P1Y7M6D P2Y5M16D P5Y6M11D P6Y11M27D P6Y1M13D 23.17 33.43 53.22 79.73 29.84 37.34 77.67 106.24 0000918646 2019-04-01 2019-12-31 xbrli:shares 0000918646 2020-01-26 iso4217:USD 0000918646 2019-10-01 2019-12-31 0000918646 2018-10-01 2018-12-31 0000918646 2018-04-01 2018-12-31 iso4217:USD xbrli:shares 0000918646 2019-12-31 0000918646 2019-03-31 0000918646 2018-03-31 0000918646 2018-12-31 0000918646 us-gaap:CommonStockMember 2018-03-31 0000918646 us-gaap:AdditionalPaidInCapitalMember 2018-03-31 0000918646 us-gaap:RetainedEarningsMember 2018-03-31 0000918646 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-03-31 0000918646 us-gaap:RetainedEarningsMember 2018-04-01 2018-06-30 0000918646 2018-04-01 2018-06-30 0000918646 us-gaap:AdditionalPaidInCapitalMember 2018-04-01 2018-06-30 0000918646 us-gaap:CommonStockMember 2018-04-01 2018-06-30 0000918646 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-04-01 2018-06-30 0000918646 us-gaap:CommonStockMember 2018-06-30 0000918646 us-gaap:AdditionalPaidInCapitalMember 2018-06-30 0000918646 us-gaap:RetainedEarningsMember 2018-06-30 0000918646 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-06-30 0000918646 2018-06-30 0000918646 us-gaap:RetainedEarningsMember 2018-07-01 2018-09-30 0000918646 2018-07-01 2018-09-30 0000918646 us-gaap:CommonStockMember 2018-07-01 2018-09-30 0000918646 us-gaap:AdditionalPaidInCapitalMember 2018-07-01 2018-09-30 0000918646 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-07-01 2018-09-30 0000918646 us-gaap:CommonStockMember 2018-09-30 0000918646 us-gaap:AdditionalPaidInCapitalMember 2018-09-30 0000918646 us-gaap:RetainedEarningsMember 2018-09-30 0000918646 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-09-30 0000918646 2018-09-30 0000918646 us-gaap:RetainedEarningsMember 2018-10-01 2018-12-31 0000918646 us-gaap:CommonStockMember 2018-10-01 2018-12-31 0000918646 us-gaap:AdditionalPaidInCapitalMember 2018-10-01 2018-12-31 0000918646 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-10-01 2018-12-31 0000918646 us-gaap:CommonStockMember 2018-12-31 0000918646 us-gaap:RetainedEarningsMember 2018-12-31 0000918646 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-12-31 0000918646 us-gaap:CommonStockMember 2019-03-31 0000918646 us-gaap:RetainedEarningsMember 2019-03-31 0000918646 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-03-31 0000918646 us-gaap:RetainedEarningsMember 2019-04-01 2019-06-30 0000918646 2019-04-01 2019-06-30 0000918646 us-gaap:AdditionalPaidInCapitalMember 2019-04-01 2019-06-30 0000918646 us-gaap:CommonStockMember 2019-04-01 2019-06-30 0000918646 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-04-01 2019-06-30 0000918646 us-gaap:CommonStockMember 2019-06-30 0000918646 us-gaap:RetainedEarningsMember 2019-06-30 0000918646 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-06-30 0000918646 2019-06-30 0000918646 us-gaap:RetainedEarningsMember 2019-07-01 2019-09-30 0000918646 2019-07-01 2019-09-30 0000918646 us-gaap:AdditionalPaidInCapitalMember 2019-07-01 2019-09-30 0000918646 us-gaap:CommonStockMember 2019-07-01 2019-09-30 0000918646 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-07-01 2019-09-30 0000918646 us-gaap:CommonStockMember 2019-09-30 0000918646 us-gaap:AdditionalPaidInCapitalMember 2019-09-30 0000918646 us-gaap:RetainedEarningsMember 2019-09-30 0000918646 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-09-30 0000918646 2019-09-30 0000918646 us-gaap:RetainedEarningsMember 2019-10-01 2019-12-31 0000918646 us-gaap:AdditionalPaidInCapitalMember 2019-10-01 2019-12-31 0000918646 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-10-01 2019-12-31 0000918646 us-gaap:CommonStockMember 2019-12-31 0000918646 us-gaap:AdditionalPaidInCapitalMember 2019-12-31 0000918646 us-gaap:RetainedEarningsMember 2019-12-31 0000918646 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-12-31 0000918646 us-gaap:AccountingStandardsUpdate201602Member 2019-12-31 0000918646 2019-08-02 2019-08-02 0000918646 exp:KosmosAcquisitionMember 2019-11-25 2019-11-25 0000918646 exp:OperatingFacilitiesMember 2019-12-31 0000918646 exp:TransloadLocationsMember 2019-12-31 0000918646 us-gaap:RealEstateMember 2019-12-31 0000918646 exp:LeaseRightOfUseAssetsMember 2019-12-31 0000918646 exp:OperatingFacilitiesMember 2019-04-01 2019-12-31 0000918646 exp:TransloadLocationsMember 2019-04-01 2019-12-31 0000918646 us-gaap:RealEstateMember 2019-04-01 2019-12-31 0000918646 exp:LeaseRightOfUseAssetsMember 2019-04-01 2019-12-31 0000918646 us-gaap:PropertyPlantAndEquipmentMember 2019-10-01 2019-12-31 0000918646 exp:LeaseRightOfUseAssetsMember 2019-10-01 2019-12-31 0000918646 us-gaap:InventoriesMember 2019-10-01 2019-12-31 0000918646 exp:AccountsAndNotesReceivableMember 2019-10-01 2019-12-31 0000918646 us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember 2019-10-01 2019-12-31 0000918646 srt:MinimumMember 2019-04-01 2019-12-31 0000918646 srt:MaximumMember 2019-04-01 2019-12-31 xbrli:pure 0000918646 exp:RawMaterialsAndMaterialInProgressMember 2019-12-31 0000918646 exp:RawMaterialsAndMaterialInProgressMember 2019-03-31 0000918646 exp:FinishedCementMember 2019-12-31 0000918646 exp:FinishedCementMember 2019-03-31 0000918646 exp:AggregatesMember 2019-12-31 0000918646 exp:AggregatesMember 2019-03-31 0000918646 exp:GypsumWallboardMember 2019-12-31 0000918646 exp:GypsumWallboardMember 2019-03-31 0000918646 exp:PaperboardMember 2019-12-31 0000918646 exp:PaperboardMember 2019-03-31 0000918646 exp:FracSandMember 2019-12-31 0000918646 exp:FracSandMember 2019-03-31 0000918646 exp:RepairPartsAndSuppliesMember 2019-12-31 0000918646 exp:RepairPartsAndSuppliesMember 2019-03-31 0000918646 exp:FuelAndCoalMember 2019-12-31 0000918646 exp:FuelAndCoalMember 2019-03-31 0000918646 exp:RawMaterialsAndMaterialsInProcessMember 2019-04-01 2019-12-31 0000918646 exp:FracSandMember 2019-04-01 2019-12-31 0000918646 exp:RepairPartsAndSuppliesMember 2019-04-01 2019-12-31 0000918646 srt:MinimumMember 2019-12-31 0000918646 srt:MaximumMember 2019-12-31 0000918646 exp:OilAndGasProppantsMember 2019-10-01 2019-12-31 0000918646 2013-08-07 0000918646 exp:EmployeeStockAwardsMember 2013-08-07 0000918646 exp:PerformanceVestingStockOptionsMember exp:LongTermCompensationPlanMember 2019-05-31 0000918646 exp:PerformanceVestingStockOptionsMember srt:MinimumMember exp:LongTermCompensationPlanMember 2019-05-01 2019-05-31 0000918646 exp:PerformanceVestingStockOptionsMember srt:MaximumMember exp:LongTermCompensationPlanMember 2019-05-01 2019-05-31 0000918646 exp:PerformanceVestingStockOptionsMember exp:LongTermCompensationPlanMember 2019-04-01 2019-12-31 0000918646 exp:PerformanceVestingStockOptionsMember exp:LongTermCompensationPlanMember 2019-05-01 2019-05-31 0000918646 exp:PerformanceVestingStockOptionsMember srt:MinimumMember exp:LongTermCompensationPlanMember 2019-04-01 2019-12-31 0000918646 exp:PerformanceVestingStockOptionsMember srt:MaximumMember exp:LongTermCompensationPlanMember 2019-04-01 2019-12-31 0000918646 exp:TimeVestingStockOptionsMember exp:LongTermCompensationPlanMember 2019-05-31 0000918646 exp:TimeVestingStockOptionsMember exp:LongTermCompensationPlanMember 2019-05-01 2019-05-31 0000918646 exp:LongTermCompensationPlanMember us-gaap:EmployeeStockOptionMember 2019-04-01 2019-12-31 0000918646 us-gaap:EmployeeStockOptionMember 2019-12-31 0000918646 us-gaap:EmployeeStockOptionMember 2019-04-01 2019-12-31 0000918646 exp:RangeOneMember 2019-04-01 2019-12-31 0000918646 exp:RangeTwoMember 2019-04-01 2019-12-31 0000918646 exp:RangeThreeMember 2019-04-01 2019-12-31 0000918646 exp:RangeFourMember 2019-04-01 2019-12-31 0000918646 exp:RangeOneMember 2019-12-31 0000918646 exp:RangeTwoMember 2019-12-31 0000918646 exp:RangeThreeMember 2019-12-31 0000918646 exp:RangeFourMember 2019-12-31 0000918646 exp:PerformanceVestingRestrictedStockMember 2019-05-31 0000918646 exp:PerformanceVestingRestrictedStockMember 2019-05-01 2019-05-31 0000918646 srt:MinimumMember exp:PerformanceVestingRestrictedStockMember 2019-04-01 2019-12-31 0000918646 srt:MaximumMember exp:PerformanceVestingRestrictedStockMember 2019-04-01 2019-12-31 0000918646 srt:MinimumMember exp:PerformanceVestingRestrictedStockMember 2019-05-01 2019-05-31 0000918646 srt:MaximumMember exp:PerformanceVestingRestrictedStockMember 2019-05-01 2019-05-31 0000918646 exp:PerformanceVestingRestrictedStockMember 2019-04-01 2019-12-31 0000918646 exp:TimeVestingRestrictedStockMember 2019-05-31 0000918646 exp:TimeVestingRestrictedStockMember 2019-05-01 2019-05-31 0000918646 us-gaap:RestrictedStockMember 2019-08-31 0000918646 us-gaap:RestrictedStockMember 2019-03-31 0000918646 us-gaap:RestrictedStockMember 2019-04-01 2019-12-31 0000918646 us-gaap:RestrictedStockMember 2019-12-31 0000918646 exp:FourPointFiveZeroZeroPercentageSeniorUnsecuredNotesDueTwoThousandTwentySixMember 2019-12-31 0000918646 exp:FourPointFiveZeroZeroPercentageSeniorUnsecuredNotesDueTwoThousandTwentySixMember 2019-03-31 0000918646 exp:PrivatePlacementSeniorUnsecuredNotesMember 2019-03-31 0000918646 exp:FourPointFiveZeroZeroPercentageSeniorUnsecuredNotesDueTwoThousandTwentySixMember 2019-04-01 2019-12-31 0000918646 us-gaap:RevolvingCreditFacilityMember 2019-12-31 0000918646 us-gaap:RevolvingCreditFacilityMember exp:SwinglineLoanMember 2019-12-31 0000918646 us-gaap:RevolvingCreditFacilityMember 2019-04-01 2019-12-31 0000918646 us-gaap:LondonInterbankOfferedRateLIBORMember srt:MinimumMember 2014-10-30 2014-10-31 0000918646 us-gaap:LondonInterbankOfferedRateLIBORMember srt:MaximumMember 2014-10-30 2014-10-31 0000918646 us-gaap:FederalFundsEffectiveSwapRateMember srt:MinimumMember 2014-10-30 2014-10-31 0000918646 us-gaap:FederalFundsEffectiveSwapRateMember srt:MaximumMember 2014-10-30 2014-10-31 0000918646 us-gaap:LineOfCreditMember us-gaap:FederalFundsEffectiveSwapRateMember 2014-10-30 2014-10-31 0000918646 srt:MaximumMember exp:DebtInstrumentPeriodOneMember 2014-10-30 2014-10-31 0000918646 exp:DebtInstrumentPeriodOneMember 2014-10-30 2014-10-31 0000918646 srt:MaximumMember exp:DebtInstrumentPeriodTwoMember 2014-10-30 2014-10-31 0000918646 exp:DebtInstrumentPeriodTwoMember 2014-10-30 2014-10-31 0000918646 srt:MaximumMember us-gaap:DebtInstrumentRedemptionPeriodThreeMember 2014-10-30 2014-10-31 0000918646 us-gaap:DebtInstrumentRedemptionPeriodThreeMember 2014-10-30 2014-10-31 0000918646 2014-10-30 2014-10-31 0000918646 srt:MaximumMember 2014-10-30 2014-10-31 0000918646 srt:MinimumMember 2014-10-30 2014-10-31 0000918646 us-gaap:LetterOfCreditMember 2019-04-01 2019-12-31 0000918646 exp:TermLoanAgreementMember 2019-12-20 0000918646 exp:TermLoanAgreementMember 2019-12-31 0000918646 exp:TermLoanAgreementMember 2019-04-01 2019-12-31 0000918646 exp:TermLoanAgreementMember us-gaap:LondonInterbankOfferedRateLIBORMember srt:MinimumMember 2019-12-19 2019-12-20 0000918646 exp:TermLoanAgreementMember us-gaap:LondonInterbankOfferedRateLIBORMember srt:MaximumMember 2019-12-19 2019-12-20 0000918646 exp:TermLoanAgreementMember us-gaap:FederalFundsEffectiveSwapRateMember srt:MinimumMember 2019-12-19 2019-12-20 0000918646 exp:TermLoanAgreementMember us-gaap:FederalFundsEffectiveSwapRateMember srt:MaximumMember 2019-12-19 2019-12-20 0000918646 exp:FourPointFiveZeroZeroPercentageSeniorUnsecuredNotesDueTwoThousandTwentySixMember 2016-08-02 0000918646 exp:FourPointFiveZeroZeroPercentageSeniorUnsecuredNotesDueTwoThousandTwentySixMember 2016-08-01 2016-08-02 0000918646 exp:FourPointFiveZeroZeroPercentageSeniorUnsecuredNotesDueTwoThousandTwentySixMember exp:DebtInstrumentRedemptionPeriodPriorToAugustTwoThousandAndNineteenMember 2016-08-01 2016-08-02 0000918646 us-gaap:DebtInstrumentRedemptionPeriodOneMember exp:FourPointFiveZeroZeroPercentageSeniorUnsecuredNotesDueTwoThousandTwentySixMember 2019-04-01 2019-12-31 0000918646 us-gaap:DebtInstrumentRedemptionPeriodTwoMember exp:FourPointFiveZeroZeroPercentageSeniorUnsecuredNotesDueTwoThousandTwentySixMember 2019-04-01 2019-12-31 0000918646 us-gaap:DebtInstrumentRedemptionPeriodThreeMember exp:FourPointFiveZeroZeroPercentageSeniorUnsecuredNotesDueTwoThousandTwentySixMember 2019-04-01 2019-12-31 0000918646 exp:DebtInstrumentRedemptionPeriodFourAndThereafterMember exp:FourPointFiveZeroZeroPercentageSeniorUnsecuredNotesDueTwoThousandTwentySixMember 2019-04-01 2019-12-31 0000918646 exp:PrivatePlacementSeniorUnsecuredNotesMember 2019-10-01 2019-10-02 exp:Sector exp:Segment exp:Location exp:Facility exp:Terminal exp:Plant 0000918646 exp:CementMember us-gaap:OperatingSegmentsMember 2019-10-01 2019-12-31 0000918646 exp:CementMember us-gaap:OperatingSegmentsMember 2018-10-01 2018-12-31 0000918646 exp:CementMember us-gaap:OperatingSegmentsMember 2019-04-01 2019-12-31 0000918646 exp:CementMember us-gaap:OperatingSegmentsMember 2018-04-01 2018-12-31 0000918646 exp:ConcreteAndAggregatesMember us-gaap:OperatingSegmentsMember 2019-10-01 2019-12-31 0000918646 exp:ConcreteAndAggregatesMember us-gaap:OperatingSegmentsMember 2018-10-01 2018-12-31 0000918646 exp:ConcreteAndAggregatesMember us-gaap:OperatingSegmentsMember 2019-04-01 2019-12-31 0000918646 exp:ConcreteAndAggregatesMember us-gaap:OperatingSegmentsMember 2018-04-01 2018-12-31 0000918646 exp:GypsumWallboardMember us-gaap:OperatingSegmentsMember 2019-10-01 2019-12-31 0000918646 exp:GypsumWallboardMember us-gaap:OperatingSegmentsMember 2018-10-01 2018-12-31 0000918646 exp:GypsumWallboardMember us-gaap:OperatingSegmentsMember 2019-04-01 2019-12-31 0000918646 exp:GypsumWallboardMember us-gaap:OperatingSegmentsMember 2018-04-01 2018-12-31 0000918646 exp:PaperboardMember us-gaap:OperatingSegmentsMember 2019-10-01 2019-12-31 0000918646 exp:PaperboardMember us-gaap:OperatingSegmentsMember 2018-10-01 2018-12-31 0000918646 exp:PaperboardMember us-gaap:OperatingSegmentsMember 2019-04-01 2019-12-31 0000918646 exp:PaperboardMember us-gaap:OperatingSegmentsMember 2018-04-01 2018-12-31 0000918646 exp:OilAndGasProppantsMember us-gaap:OperatingSegmentsMember 2019-10-01 2019-12-31 0000918646 exp:OilAndGasProppantsMember us-gaap:OperatingSegmentsMember 2018-10-01 2018-12-31 0000918646 exp:OilAndGasProppantsMember us-gaap:OperatingSegmentsMember 2019-04-01 2019-12-31 0000918646 exp:OilAndGasProppantsMember us-gaap:OperatingSegmentsMember 2018-04-01 2018-12-31 0000918646 us-gaap:OperatingSegmentsMember 2019-10-01 2019-12-31 0000918646 us-gaap:OperatingSegmentsMember 2018-10-01 2018-12-31 0000918646 us-gaap:OperatingSegmentsMember 2019-04-01 2019-12-31 0000918646 us-gaap:OperatingSegmentsMember 2018-04-01 2018-12-31 0000918646 us-gaap:IntersegmentEliminationMember 2019-10-01 2019-12-31 0000918646 us-gaap:IntersegmentEliminationMember 2018-10-01 2018-12-31 0000918646 us-gaap:IntersegmentEliminationMember 2019-04-01 2019-12-31 0000918646 us-gaap:IntersegmentEliminationMember 2018-04-01 2018-12-31 0000918646 us-gaap:IntersegmentEliminationMember exp:CementMember 2019-10-01 2019-12-31 0000918646 us-gaap:IntersegmentEliminationMember exp:CementMember 2018-10-01 2018-12-31 0000918646 us-gaap:IntersegmentEliminationMember exp:CementMember 2019-04-01 2019-12-31 0000918646 us-gaap:IntersegmentEliminationMember exp:CementMember 2018-04-01 2018-12-31 0000918646 us-gaap:IntersegmentEliminationMember exp:ConcreteAndAggregatesMember 2019-10-01 2019-12-31 0000918646 us-gaap:IntersegmentEliminationMember exp:ConcreteAndAggregatesMember 2018-10-01 2018-12-31 0000918646 us-gaap:IntersegmentEliminationMember exp:ConcreteAndAggregatesMember 2019-04-01 2019-12-31 0000918646 us-gaap:IntersegmentEliminationMember exp:ConcreteAndAggregatesMember 2018-04-01 2018-12-31 0000918646 us-gaap:IntersegmentEliminationMember exp:PaperboardMember 2019-10-01 2019-12-31 0000918646 us-gaap:IntersegmentEliminationMember exp:PaperboardMember 2018-10-01 2018-12-31 0000918646 us-gaap:IntersegmentEliminationMember exp:PaperboardMember 2019-04-01 2019-12-31 0000918646 us-gaap:IntersegmentEliminationMember exp:PaperboardMember 2018-04-01 2018-12-31 utr:kT 0000918646 exp:WhollyOwnedOperationsMember us-gaap:OperatingSegmentsMember exp:CementMember 2019-10-01 2019-12-31 0000918646 exp:WhollyOwnedOperationsMember us-gaap:OperatingSegmentsMember exp:CementMember 2018-10-01 2018-12-31 0000918646 exp:WhollyOwnedOperationsMember us-gaap:OperatingSegmentsMember exp:CementMember 2019-04-01 2019-12-31 0000918646 exp:WhollyOwnedOperationsMember us-gaap:OperatingSegmentsMember exp:CementMember 2018-04-01 2018-12-31 0000918646 us-gaap:OperatingSegmentsMember exp:CementMember us-gaap:CorporateJointVentureMember 2019-10-01 2019-12-31 0000918646 us-gaap:OperatingSegmentsMember exp:CementMember us-gaap:CorporateJointVentureMember 2018-10-01 2018-12-31 0000918646 us-gaap:OperatingSegmentsMember exp:CementMember us-gaap:CorporateJointVentureMember 2019-04-01 2019-12-31 0000918646 us-gaap:OperatingSegmentsMember exp:CementMember us-gaap:CorporateJointVentureMember 2018-04-01 2018-12-31 0000918646 us-gaap:OperatingSegmentsMember exp:WhollyOwnedOperationsMember 2019-10-01 2019-12-31 0000918646 us-gaap:OperatingSegmentsMember exp:WhollyOwnedOperationsMember 2018-10-01 2018-12-31 0000918646 us-gaap:OperatingSegmentsMember exp:WhollyOwnedOperationsMember 2019-04-01 2019-12-31 0000918646 us-gaap:OperatingSegmentsMember exp:WhollyOwnedOperationsMember 2018-04-01 2018-12-31 0000918646 us-gaap:OperatingSegmentsMember us-gaap:CorporateJointVentureMember 2019-10-01 2019-12-31 0000918646 us-gaap:OperatingSegmentsMember us-gaap:CorporateJointVentureMember 2018-10-01 2018-12-31 0000918646 us-gaap:OperatingSegmentsMember us-gaap:CorporateJointVentureMember 2019-04-01 2019-12-31 0000918646 us-gaap:OperatingSegmentsMember us-gaap:CorporateJointVentureMember 2018-04-01 2018-12-31 0000918646 us-gaap:CorporateAndOtherMember 2018-10-01 2018-12-31 0000918646 us-gaap:CorporateAndOtherMember 2018-04-01 2018-12-31 0000918646 us-gaap:CorporateAndOtherMember 2019-10-01 2019-12-31 0000918646 us-gaap:CorporateAndOtherMember 2019-04-01 2019-12-31 0000918646 us-gaap:OperatingSegmentsMember exp:CementMember 2019-12-31 0000918646 us-gaap:OperatingSegmentsMember exp:CementMember 2019-03-31 0000918646 us-gaap:OperatingSegmentsMember exp:ConcreteAndAggregatesMember 2019-12-31 0000918646 us-gaap:OperatingSegmentsMember exp:ConcreteAndAggregatesMember 2019-03-31 0000918646 us-gaap:OperatingSegmentsMember exp:GypsumWallboardMember 2019-12-31 0000918646 us-gaap:OperatingSegmentsMember exp:GypsumWallboardMember 2019-03-31 0000918646 us-gaap:OperatingSegmentsMember exp:PaperboardMember 2019-12-31 0000918646 us-gaap:OperatingSegmentsMember exp:PaperboardMember 2019-03-31 0000918646 us-gaap:OperatingSegmentsMember exp:OilAndGasProppantsMember 2019-12-31 0000918646 us-gaap:OperatingSegmentsMember exp:OilAndGasProppantsMember 2019-03-31 0000918646 us-gaap:CorporateAndOtherMember 2019-12-31 0000918646 us-gaap:CorporateAndOtherMember 2019-03-31 0000918646 exp:CementMember 2019-12-31 0000918646 exp:CementMember 2019-03-31 0000918646 exp:GypsumWallboardMember 2019-12-31 0000918646 exp:GypsumWallboardMember 2019-03-31 0000918646 exp:PaperboardMember 2019-12-31 0000918646 exp:PaperboardMember 2019-03-31 0000918646 exp:ConcreteAndAggregatesMember 2019-12-31 0000918646 us-gaap:CorporateJointVentureMember 2019-10-01 2019-12-31 0000918646 us-gaap:CorporateJointVentureMember 2018-10-01 2018-12-31 0000918646 us-gaap:CorporateJointVentureMember 2019-04-01 2019-12-31 0000918646 us-gaap:CorporateJointVentureMember 2018-04-01 2018-12-31 0000918646 us-gaap:CorporateJointVentureMember 2019-12-31 0000918646 us-gaap:CorporateJointVentureMember 2019-03-31 0000918646 srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember 2019-10-01 2019-12-31 0000918646 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember 2019-10-01 2019-12-31 0000918646 srt:ConsolidationEliminationsMember 2019-10-01 2019-12-31 0000918646 srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember 2018-10-01 2018-12-31 0000918646 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember 2018-10-01 2018-12-31 0000918646 srt:ConsolidationEliminationsMember 2018-10-01 2018-12-31 0000918646 srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember 2019-04-01 2019-12-31 0000918646 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember 2019-04-01 2019-12-31 0000918646 srt:ConsolidationEliminationsMember 2019-04-01 2019-12-31 0000918646 srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember 2018-04-01 2018-12-31 0000918646 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember 2018-04-01 2018-12-31 0000918646 srt:ConsolidationEliminationsMember 2018-04-01 2018-12-31 0000918646 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember 2019-12-31 0000918646 srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember 2019-12-31 0000918646 srt:ConsolidationEliminationsMember 2019-12-31 0000918646 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember 2019-03-31 0000918646 srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember 2019-03-31 0000918646 srt:ConsolidationEliminationsMember 2019-03-31 0000918646 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember 2018-03-31 0000918646 srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember 2018-03-31 0000918646 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember 2018-12-31 0000918646 srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember 2018-12-31

 

 

 

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the Quarterly Period Ended

December 31, 2019

Commission File Number 1-12984

 

EAGLE MATERIALS INC.

(Exact name of registrant as specified in its charter)

 

Delaware (State of Incorporation)

75-2520779 (I.R.S. Employer Identification No.)

5960 Berkshire Lane, Suite 900, Dallas, Texas 75225 (Address of principal executive offices)

(214) 432-2000 (Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock (par value $.01 per share)

 

EXP

 

New York Stock Exchange

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES      NO  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). YES      NO  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

Accelerated filer

Non-accelerated filer

 

Smaller reporting company

Emerging growth company

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.)

Yes      No  

As of January 26, 2020, the number of outstanding shares of common stock was:

 

Class

 

Outstanding Shares

Common Stock, $.01 Par Value

 

41,643,970

 

 

 

 


TABLE OF CONTENTS

 

PART I. FINANCIAL INFORMATION (unaudited)

 

 

 

 

 

Page

Item 1.

 

Consolidated Financial Statements

 

 

 

 

 

 

 

 

 

Consolidated Statements of Earnings for the Three and Nine Months Ended December 31, 2019 and 2018

 

1

 

 

 

 

 

 

 

Consolidated Statements of Comprehensive Earnings for the Three and Nine Months Ended December 31, 2019 and 2018

 

2

 

 

 

 

 

 

 

Consolidated Balance Sheets as of December 31, 2019, and March 31, 2019

 

3

 

 

 

 

 

 

 

Consolidated Statements of Cash Flows for the Nine Months Ended December 31, 2019 and 2018

 

4

 

 

 

 

 

 

 

Consolidated Statements of Stockholders' Equity for the Three and Nine Months Ended December 31, 2019 and 2018

 

5

 

 

 

 

 

 

 

Notes to Unaudited Consolidated Financial Statements

 

6

 

 

 

 

 

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

27

 

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

44

 

 

 

 

 

Item 4.

 

Controls and Procedures

 

44

 

 

 

 

 

PART II. OTHER INFORMATION

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

45

 

 

 

 

 

Item 1a.

 

Risk Factors

 

45

 

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

55

 

 

 

 

 

Item 4.

 

Mine Safety Information

 

55

 

 

 

 

 

Item 6.

 

Exhibits

 

56

 

 

 

 

 

SIGNATURES

 

57

 

 

  

 


 

EAGLE MATERIALS INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) (unaudited)

 

 

 

 

For the Three Months Ended December 31,

 

 

For the Nine Months Ended December 31,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

 

 

(dollars in thousands, except share and per share data)

 

Revenue

 

$

350,249

 

 

$

333,285

 

 

$

1,135,372

 

 

$

1,108,540

 

Cost of Goods Sold

 

 

262,735

 

 

 

252,864

 

 

 

868,023

 

 

 

838,554

 

Gross Profit

 

 

87,514

 

 

 

80,421

 

 

 

267,349

 

 

 

269,986

 

Equity in Earnings of Unconsolidated Joint Venture

 

 

10,700

 

 

 

9,507

 

 

 

32,489

 

 

 

28,931

 

Corporate General and Administrative Expense

 

 

(13,794

)

 

 

(9,408

)

 

 

(48,506

)

 

 

(27,333

)

Impairment Losses

 

 

(224,267

)

 

 

 

 

 

(224,267

)

 

 

 

Litigation Settlements and Losses

 

 

 

 

 

 

 

 

 

 

 

(1,800

)

Other Non-Operating Income

 

 

825

 

 

 

1,292

 

 

 

1,967

 

 

 

2,291

 

Interest Expense, Net

 

 

(9,543

)

 

 

(7,294

)

 

 

(28,526

)

 

 

(20,743

)

Earnings (Loss) before Income Taxes

 

 

(148,565

)

 

 

74,518

 

 

 

506

 

 

 

251,332

 

Income Tax Benefit (Expense)

 

 

33,933

 

 

 

(16,803

)

 

 

(2,041

)

 

 

(54,675

)

Net Earnings (Loss)

 

 

(114,632

)

 

 

57,715

 

 

 

(1,535

)

 

 

196,657

 

EARNINGS (LOSS) PER SHARE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(2.77

)

 

$

1.25

 

 

$

(0.04

)

 

$

4.18

 

Diluted

 

$

(2.77

)

 

$

1.24

 

 

$

(0.04

)

 

$

4.15

 

AVERAGE SHARES OUTSTANDING

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

41,314,289

 

 

 

46,275,198

 

 

 

42,246,329

 

 

 

47,059,408

 

Diluted

 

 

41,314,289

 

 

 

46,495,994

 

 

 

42,246,329

 

 

 

47,403,271

 

CASH DIVIDENDS PER SHARE

 

$

0.10

 

 

$

0.10

 

 

$

0.30

 

 

$

0.30

 

See notes to unaudited consolidated financial statements.


 

1


 

EAGLE MATERIALS INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (LOSS) (unaudited)

 

 

 

 

For the Three Months Ended December 31,

 

 

For the Nine Months Ended December 31,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

 

 

(dollars in thousands)

 

Net Earnings (Loss)

 

$

(114,632

)

 

$

57,715

 

 

$

(1,535

)

 

$

196,657

 

Net Actuarial Change in Defined Benefit Plans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of net actuarial loss

 

 

43

 

 

 

73

 

 

 

131

 

 

 

219

 

Tax expense

 

 

(10

)

 

 

(17

)

 

 

(30

)

 

 

(51

)

Comprehensive Earnings (Loss)

 

$

(114,599

)

 

$

57,771

 

 

$

(1,434

)

 

$

196,825

 

See notes to unaudited consolidated financial statements.


 

2


 

EAGLE MATERIALS INC. AND SUBSDIARIES CONSOLIDATED BALANCE SHEETS (unaudited)

 

 

 

December 31,

 

 

March 31,

 

 

 

2019

 

 

2019

 

 

 

(dollars in thousands)

 

ASSETS

 

 

 

 

 

 

 

 

Current Assets -

 

 

 

 

 

 

 

 

Cash and Cash Equivalents

 

$

126,255

 

 

$

8,601

 

Accounts and Notes Receivable, net

 

 

140,283

 

 

 

128,722

 

Inventories

 

 

234,264

 

 

 

275,194

 

Income Tax Receivable

 

 

 

 

 

5,480

 

Prepaid and Other Assets

 

 

6,997

 

 

 

9,624

 

Total Current Assets

 

 

507,799

 

 

 

427,621

 

Property, Plant, and Equipment, net

 

 

1,269,733

 

 

 

1,426,939

 

Notes Receivable

 

 

9,192

 

 

 

2,898

 

Investment in Joint Venture

 

 

71,862

 

 

 

64,873

 

Operating Lease Right-of-Use Assets

 

 

29,346

 

 

 

 

Goodwill and Intangible Assets, net

 

 

230,099

 

 

 

229,115

 

Other Assets

 

 

12,194

 

 

 

17,717

 

 

 

$

2,130,225

 

 

$

2,169,163

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Current Liabilities -

 

 

 

 

 

 

 

 

Accounts Payable

 

$

65,035

 

 

$

80,884

 

Accrued Liabilities

 

 

67,670

 

 

 

61,949

 

Income Taxes Payable

 

 

20,020

 

 

 

 

Operating Lease Liabilities

 

 

10,601

 

 

 

 

Current Portion of Long-term Debt

 

 

 

 

 

36,500

 

Total Current Liabilities

 

 

163,326

 

 

 

179,333

 

Long-term Debt

 

 

930,594

 

 

 

655,092

 

Noncurrent Operating Lease Liabilities

 

 

51,939

 

 

 

 

Other Long-term Liabilities

 

 

36,648

 

 

 

34,492

 

Deferred Income Taxes

 

 

50,391

 

 

 

90,759

 

Total Liabilities

 

 

1,232,898

 

 

 

959,676

 

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 41,643,970 and 45,117,393 Shares, respectively

 

 

416

 

 

 

451

 

Capital in Excess of Par Value

 

 

8,325

 

 

 

 

Accumulated Other Comprehensive Losses

 

 

(3,215

)

 

 

(3,316

)

Retained Earnings

 

 

891,801

 

 

 

1,212,352

 

Total Stockholders’ Equity

 

 

897,327

 

 

 

1,209,487

 

 

 

$

2,130,225

 

 

$

2,169,163

 

See notes to the unaudited consolidated financial statements.

 

3


 

EAGLE MATERIALS INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

 

 

 

For the Nine Months Ended December 31,

 

 

 

2019

 

 

2018

 

 

 

(dollars in thousands)

 

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

 

 

 

 

Net Earnings (Loss)

 

$

(1,535

)

 

$

196,657

 

Adjustments to Reconcile Net Earnings (Loss) to Net Cash Provided

by Operating Activities, Net of Effect of Non-Cash Activity -

 

 

 

 

 

 

 

 

Depreciation, Depletion, and Amortization

 

 

84,944

 

 

 

91,961

 

Impairment Losses

 

 

224,267

 

 

 

 

Deferred Income Tax Provision

 

 

(40,396

)

 

 

14,552

 

Stock Compensation Expense

 

 

16,407

 

 

 

11,609

 

Equity in Earnings of Unconsolidated Joint Venture

 

 

(32,489

)

 

 

(28,931

)

Distributions from Joint Venture

 

 

25,500

 

 

 

27,500

 

Changes in Operating Assets and Liabilities:

 

 

 

 

 

 

 

 

Accounts and Notes Receivable

 

 

(12,171

)

 

 

4,905

 

Inventories

 

 

36,595

 

 

 

6,899

 

Accounts Payable and Accrued Liabilities

 

 

(10,006

)

 

 

(34,964

)

Other Assets

 

 

4,003

 

 

 

(1,524

)

Income Taxes Payable (Receivable)

 

 

25,500

 

 

 

5,436

 

Net Cash Provided by Operating Activities

 

 

320,619

 

 

 

294,100

 

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

 

 

 

 

 

Additions to Property, Plant, and Equipment

 

 

(84,056

)

 

 

(126,446

)

Acquisition Spending

 

 

(30,424

)

 

 

 

Proceeds from Sale of Property, Plant, and Equipment

 

 

 

 

 

2,281

 

Net Cash Used in Investing Activities

 

 

(114,480

)

 

 

(124,165

)

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

Increase in Credit Facility

 

 

275,000

 

 

 

5,000

 

Repayment of Private Placement Senior Unsecured Notes

 

 

(36,500

)

 

 

 

Dividends Paid to Stockholders

 

 

(13,131

)

 

 

(14,293

)

Purchase and Retirement of Common Stock

 

 

(313,887

)

 

 

(191,800

)

Proceeds from Stock Option Exercises

 

 

2,996

 

 

 

1,992

 

Shares Redeemed to Settle Employee Taxes on Stock Compensation

 

 

(2,963

)

 

 

(1,842

)

Net Cash Used in Financing Activities

 

 

(88,485

)

 

 

(200,943

)

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

 

 

117,654

 

 

 

(31,008

)

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD

 

 

8,601

 

 

 

48,068

 

CASH AND CASH EQUIVALENTS AT END OF PERIOD

 

$

126,255

 

 

$

17,060

 

 

See notes to the unaudited consolidated financial statements.


 

4


 

EAGLE MATERIALS INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (unaudited)

 

 

 

Common

Stock

 

 

Capital in

Excess of

Par Value

 

 

Retained

Earnings

 

 

Accumulated

Other

Comprehensive

Losses

 

 

Total

 

 

 

(dollars in thousands)

 

Balance at March 31, 2018

 

$

483

 

 

$

122,379

 

 

$

1,298,840

 

 

$

(4,012

)

 

$

1,417,690

 

Net Earnings

 

 

 

 

 

 

 

 

66,339

 

 

 

 

 

 

66,339

 

Stock Option Exercises and Restricted Share Vesting

 

 

 

 

 

1,992

 

 

 

 

 

 

 

 

 

1,992

 

Purchase and Retirement of Common Stock

 

 

(5

)

 

 

(52,339

)

 

 

 

 

 

 

 

 

(52,344

)

Dividends to Stockholders

 

 

 

 

 

 

 

 

(4,791

)

 

 

 

 

 

(4,791

)

Stock Compensation Expense

 

 

1

 

 

 

3,492

 

 

 

 

 

 

 

 

 

3,493

 

Shares Redeemed to Settle Employee Taxes

 

 

 

 

 

(956

)

 

 

 

 

 

 

 

 

(956

)

Unfunded Pension Liability, net of tax

 

 

 

 

 

 

 

 

 

 

 

56

 

 

 

56

 

Balance at June 30, 2018

 

$

479

 

 

$

74,568

 

 

$

1,360,388

 

 

$

(3,956

)

 

$

1,431,479

 

Net Earnings

 

 

 

 

 

 

 

 

72,603

 

 

 

 

 

 

72,603

 

Purchase and Retirement of Common Stock

 

 

(7

)

 

 

(70,053

)

 

 

 

 

 

 

 

 

(70,060

)

Dividends to Stockholders

 

 

 

 

 

 

 

 

(4,712

)

 

 

 

 

 

(4,712

)

Stock Compensation Expense

 

 

 

 

 

4,066

 

 

 

 

 

 

 

 

 

4,066

 

Shares Redeemed to Settle Employee Taxes

 

 

 

 

 

(829

)

 

 

 

 

 

 

 

 

(829

)

Unfunded Pension Liability, net of tax

 

 

 

 

 

 

 

 

 

 

 

56

 

 

 

56

 

Balance at September 30, 2018

 

$

472

 

 

$

7,752

 

 

$

1,428,279

 

 

$

(3,900

)

 

$

1,432,603

 

Net Earnings

 

 

 

 

 

 

 

 

57,715

 

 

 

 

 

 

57,715

 

Purchase and Retirement of Common Stock

 

 

(10

)

 

 

(11,745

)

 

 

(57,641

)

 

 

 

 

 

(69,396

)

Dividends to Stockholders

 

 

 

 

 

 

 

 

(4,634

)

 

 

 

 

 

(4,634

)

Stock Compensation Expense

 

 

 

 

 

4,050

 

 

 

 

 

 

 

 

 

4,050

 

Shares Redeemed to Settle Employee Taxes

 

 

 

 

 

(57

)

 

 

 

 

 

 

 

 

(57

)

Unfunded Pension Liability, net of tax

 

 

 

 

 

 

 

 

 

 

 

56

 

 

 

56

 

Balance at December 31, 2018

 

$

462

 

 

$

 

 

$

1,423,719

 

 

$

(3,844

)

 

$

1,420,337

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common

Stock