(M) SEGMENT INFORMATION

Operating segments are defined as components of an enterprise that engage in business activities that earn revenues, incur expenses and prepare separate financial information that is evaluated regularly by our chief operating decision maker in order to allocate resources and assess performance.

We operate in five business segments: Cement, Gypsum Wallboard, Recycled Paperboard, Oil and Gas Proppants and Concrete and Aggregates. These operations are conducted in the U.S. and include the mining of limestone and the manufacture, production, distribution and sale of Portland cement and slag (basic construction materials which are the essential binding ingredient in concrete), the mining of gypsum and the manufacture and sale of gypsum wallboard, the manufacture and sale of recycled paperboard to the gypsum wallboard industry and other paperboard converters, the sale of readymix concrete and the mining and sale of aggregates (crushed stone, sand and gravel) and sand used in hydraulic fracturing (“frac sand”). The products that we manufacture, distribute and sell are basic materials used with broad application as construction products, building materials, and basic materials used for oil and natural gas extraction. Our construction products are used in residential, industrial, commercial and infrastructure construction and include cement, slag, concrete and aggregates. Our building materials are sold into similar markets and include gypsum wallboard. Our basic materials used for oil and natural gas extraction include frac sand and oil well cement.

We operate seven cement plants, one slag grinding facility, seventeen cement distribution terminals, five gypsum wallboard plants, a gypsum wallboard distribution center, a recycled paperboard mill, seventeen readymix concrete batch plant locations, four aggregates processing plant locations, two frac sand processing facilities, including the mine idled in Utica, Illinois, three frac sand drying facilities, including the facility idled in Corpus Christi, Texas, six frac sand trans-load locations and eleven frac sand distribution centers. The principal markets for our cement products are Texas, northern Illinois (including Chicago), the central plains, the Rocky Mountains, northern Nevada, Ohio and northern California. Gypsum wallboard and recycled paperboard are distributed throughout the continental U.S, with the exception of the northeast. Concrete and aggregates are sold to local readymix producers and paving contractors in the Austin, Texas area, north of Sacramento, California and the greater Kansas City, Missouri area, while frac sand is currently sold and distributed into shale deposit zones across the United States. Other segment operations that are not material to our business are included in Other.

We conduct one of our seven cement plant operations, Texas Lehigh Cement Company LP in Buda, Texas, through a Joint Venture. For segment reporting purposes only, we proportionately consolidate our 50% share of the Joint Venture’s revenues and operating earnings, which is consistent with the way management reports the segments within the Company for making operating decisions and assessing performance.

We account for intersegment sales at market prices. The following table sets forth certain financial information relating to our operations by segment:

	For the Three Months						For the Nine Months
	Ended December 31,						Ended December 31,
	2017			2016			2017			2016
	(dollars in thousands)						(dollars in thousands)
Revenues -
Cement	$	161,601		$	138,047		$	536,186		$	449,650
Gypsum Wallboard		133,348			121,504			383,229			357,689
Paperboard		48,389			41,254			138,161			128,528
Oil and Gas Proppants		21,947			7,124			62,879			18,851
Concrete and Aggregates		38,742			40,843			126,092			114,734
Other		4,445			—			4,445			—
Sub-total		408,472			348,772			1,250,992			1,069,452
Less: Intersegment Revenues		(23,575	)		(20,468	)		(69,489	)		(59,123	)
Net Revenues, including Joint Venture		384,897			328,304			1,181,503			1,010,329
Less: Joint Venture		(25,526	)		(25,909	)		(79,696	)		(77,772	)
Net Revenues	$	359,371		$	302,395		$	1,101,807		$	932,557

	For the Three Months				For the Nine Months
	Ended December 31,				Ended December 31,
	2017		2016		2017		2016
	(dollars in thousands)				(dollars in thousands)
Intersegment Revenues -
Cement	$	4,160	$	4,336	$	13,743	$	12,407
Paperboard		19,127		15,887		54,643		45,845
Concrete and Aggregates		288		245		1,103		871
	$	23,575	$	20,468	$	69,489	$	59,123
Cement Sales Volume (in thousands of tons) -
Wholly –owned Operations		1,123		967		3,734		3,200
Joint Venture		216		231		686		691
		1,339		1,198		4,420		3,891

	For the Three Months						For the Nine Months
	Ended December 31,						Ended December 31,
	2017			2016			2017			2016
	(dollars in thousands)						(dollars in thousands)
Operating Earnings -
Cement	$	52,523		$	45,307		$	154,456		$	127,623
Gypsum Wallboard		39,841			41,075			123,237			122,109
Paperboard		10,903			9,380			22,358			30,827
Oil and Gas Proppants		(1,007	)		(1,726	)		(4,787	)		(11,728	)
Concrete and Aggregates		3,414			4,588			15,054			13,085
Other		264			—			264			—
Sub-total		105,938			98,624			310,582			281,916
Corporate General and Administrative		(9,883	)		(9,166	)		(29,383	)		(27,831	)
Legal Settlement		(39,098	)		—			(39,098	)		—
Other Non-Operating Income		1,084			429			2,728			2,008
Earnings Before Interest and Income Taxes		58,041			89,887			244,829			256,093
Interest Expense, net		(6,653	)		(6,198	)		(21,592	)		(15,755	)
Earnings Before Income Taxes	$	51,388		$	83,689		$	223,237		$	240,338
Cement Operating Earnings -
Wholly–owned Operations	$	41,151		$	34,063		$	121,253		$	96,252
Joint Venture		11,372			11,244			33,203			31,371
	$	52,523		$	45,307		$	154,456		$	127,623
Capital Expenditures -
Cement	$	11,012		$	8,558		$	31,744		$	18,812
Gypsum Wallboard		4,616			1,756			15,477			5,181
Paperboard		1,490			634			2,913			2,338
Oil and Gas Proppants		13,896			1,469			28,256			1,534
Concrete and Aggregates		2,446			3,045			4,976			5,595
Corporate and Other		147			350			332			583
	$	33,607		$	15,812		$	83,698		$	34,043
Depreciation, Depletion and Amortization -
Cement	$	13,117		$	8,763		$	38,258		$	26,158
Gypsum Wallboard		4,599			4,636			13,514			14,166
Paperboard		2,204			2,105			6,513			6,311
Oil and Gas Proppants		5,820			4,987			21,944			14,432
Concrete and Aggregates		2,007			1,805			5,851			5,474
Corporate and Other		903			349			1,823			1,353
	$	28,650		$	22,645		$	87,903		$	67,894

	As of
	December 31, 2017		March 31, 2017
	(dollars in thousands)
Identifiable Assets -
Cement	$	1,233,099	$	1,234,617
Gypsum Wallboard		376,731		379,414
Paperboard		120,603		124,356
Oil and Gas Proppants		385,719		376,306
Concrete and Aggregates		103,631		110,413
Corporate and Other		88,260		22,018
	$	2,308,043	$	2,247,124

Segment operating earnings, including the proportionately consolidated 50% interest in the revenues and expenses of the Joint Venture, represent revenues, less direct operating expenses, segment depreciation, and segment selling, general and administrative expenses. Corporate assets consist primarily of cash and cash equivalents, general office assets, miscellaneous other assets, unrecognized tax benefits and assets acquired in the Wildcat Acquisition. The segment breakdown of goodwill is as follows:

	As of
	December 31, 2017		March 31, 2017
	(dollars in thousands)
Cement	$	74,214	$	74,214
Gypsum Wallboard		116,618		116,618
Paperboard		7,538		7,538
Corporate and Other		6,841		—
	$	205,211	$	198,370

Summarized financial information for the Joint Venture that is not consolidated is set out below (this summarized financial information includes the total amount for the Joint Venture and not our 50% interest in those amounts):

	For the Three Months Ended December 31,				For the Nine Months Ended December 31,
	2017		2016		2017		2016
	(dollars in thousands)				(dollars in thousands)
Revenues	$	51,311	$	53,018	$	163,128	$	158,351
Gross Margin	$	23,421	$	23,887	$	69,672	$	66,812
Earnings Before Income Taxes	$	22,745	$	22,488	$	66,407	$	62,742

	As of
	December 31, 2017		March 31, 2017
	(dollars in thousands)
Current Assets	$	67,380	$	73,767
Non-Current Assets	$	66,836	$	42,337
Current Liabilities	$	27,501	$	22,293