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v3.20.4

SEGMENT INFORMATION (Tables) | 9 Months Ended
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Dec. 31, 2020
Segment Reporting [Abstract] |
Financial Information Related to Operations by Segment | The following table sets forth certain financial information relating to our operations by segment. We do not allocate interest or taxes at the segment level; these costs are disclosed at the consolidated company level.
|  | For the Three Months Ended December 31, |  |  | For the Nine Months Ended December 31, |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
|  | (dollars in thousands) |
Revenue - |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cement |  | $ | 234,092 |  |  | $ | 183,031 |  |  | $ | 773,565 |  |  | $ | 605,357 |
Concrete and Aggregates |  |  | 43,530 |  |  |  | 47,147 |  |  |  | 134,020 |  |  |  | 142,896 |
Gypsum Wallboard |  |  | 135,658 |  |  |  | 125,070 |  |  |  | 397,018 |  |  |  | 380,454 |
Paperboard |  |  | 39,602 |  |  |  | 37,813 |  |  |  | 122,417 |  |  |  | 122,360 |
|  |  | 452,882 |  |  |  | 393,061 |  |  |  | 1,427,020 |  |  |  | 1,251,067 |
Less: Intersegment Revenue |  |  | (21,105 | ) |  |  | (21,775 | ) |  |  | (68,077 | ) |  |  | (66,454 | )
Less: Joint Venture Revenue |  |  | (27,110 | ) |  |  | (28,382 | ) |  |  | (79,603 | ) |  |  | (85,775 | )
|  | $ | 404,667 |  |  | $ | 342,904 |  |  | $ | 1,279,340 |  |  | $ | 1,098,838 |
|  | For the Three Months Ended December 31, |  |  | For the Nine Months Ended December 31, |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
|  | (dollars in thousands) |
Intersegment Revenue - |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cement |  | $ | 5,241 |  |  | $ | 6,174 |  |  | $ | 17,539 |  |  | $ | 17,130 |
Concrete and Aggregates |  |  | — |  |  |  | 350 |  |  |  | 106 |  |  |  | 1,134 |
Paperboard |  |  | 15,864 |  |  |  | 15,251 |  |  |  | 50,432 |  |  |  | 48,190 |
|  | $ | 21,105 |  |  | $ | 21,775 |  |  | $ | 68,077 |  |  | $ | 66,454 |
Cement Sales Volume (M tons) - |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Wholly Owned |  |  | 1,616 |  |  |  | 1,199 |  |  |  | 5,429 |  |  |  | 4,046 |
Joint Venture |  |  | 226 |  |  |  | 240 |  |  |  | 678 |  |  |  | 721 |
|  |  | 1,842 |  |  |  | 1,439 |  |  |  | 6,107 |  |  |  | 4,767 |
|  | For the Three Months Ended December 31, |  |  | For the Nine Months Ended December 31, |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
|  | (dollars in thousands) |  |  | (dollars in thousands) |
Operating Earnings - |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cement |  | $ | 70,434 |  |  | $ | 54,180 |  |  | $ | 210,802 |  |  | $ | 156,827 |
Concrete and Aggregates |  |  | 5,075 |  |  |  | 3,334 |  |  |  | 15,748 |  |  |  | 15,023 |
Gypsum Wallboard |  |  | 40,792 |  |  |  | 38,484 |  |  |  | 119,723 |  |  |  | 114,872 |
Paperboard |  |  | 7,161 |  |  |  | 9,021 |  |  |  | 20,708 |  |  |  | 29,060 |
Other |  |  | — |  |  |  | (1,116 | ) |  |  | — |  |  |  | (2,976 | )
Sub-Total |  |  | 123,462 |  |  |  | 103,903 |  |  |  | 366,981 |  |  |  | 312,806 |
Corporate General and Administrative Expense |  |  | (11,327 | ) |  |  | (13,794 | ) |  |  | (40,225 | ) |  |  | (48,506 | )
Gain on Sale of Businesses |  |  | — |  |  |  | — |  |  |  | 51,973 |  |  |  | — |
Impairment Losses |  |  | — |  |  |  | (25,131 | ) |  |  | — |  |  |  | (25,131 | )
Other Non-Operating Income |  |  | 2,297 |  |  |  | 722 |  |  |  | 1,898 |  |  |  | 1,445 |
Earnings Before Interest and Income Taxes |  |  | 114,432 |  |  |  | 65,700 |  |  |  | 380,627 |  |  |  | 240,614 |
Interest Expense, net |  |  | (9,360 | ) |  |  | (9,543 | ) |  |  | (35,957 | ) |  |  | (28,526 | )
Earnings from Continuing Operations Before Income Taxes |  | $ | 105,072 |  |  | $ | 56,157 |  |  | $ | 344,670 |  |  | $ | 212,088 |
Cement Operating Earnings - |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Wholly Owned |  | $ | 60,351 |  |  | $ | 43,480 |  |  | $ | 182,346 |  |  | $ | 124,338 |
Joint Venture |  |  | 10,083 |  |  |  | 10,700 |  |  |  | 28,456 |  |  |  | 32,489 |
|  | $ | 70,434 |  |  | $ | 54,180 |  |  | $ | 210,802 |  |  | $ | 156,827 |
Capital Expenditures - |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cement |  | $ | 2,510 |  |  | $ | 7,379 |  |  | $ | 20,767 |  |  | $ | 26,125 |
Concrete and Aggregates |  |  | 1,631 |  |  |  | 3,233 |  |  |  | 2,933 |  |  |  | 9,324 |
Gypsum Wallboard |  |  | 491 |  |  |  | 273 |  |  |  | 11,073 |  |  |  | 8,647 |
Paperboard |  |  | 233 |  |  |  | 12,885 |  |  |  | 10,768 |  |  |  | 42,484 |
|  | $ | 4,865 |  |  | $ | 23,770 |  |  | $ | 45,541 |  |  | $ | 86,580 |
Depreciation, Depletion, and Amortization - |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cement |  | $ | 19,337 |  |  | $ | 14,189 |  |  | $ | 57,838 |  |  | $ | 42,275 |
Concrete and Aggregates |  |  | 2,691 |  |  |  | 3,105 |  |  |  | 8,110 |  |  |  | 8,050 |
Gypsum Wallboard |  |  | 5,340 |  |  |  | 5,050 |  |  |  | 16,201 |  |  |  | 15,149 |
Paperboard |  |  | 3,509 |  |  |  | 2,244 |  |  |  | 10,205 |  |  |  | 6,610 |
Corporate and Other |  |  | 1,203 |  |  |  | 578 |  |  |  | 3,704 |  |  |  | 1,773 |
|  | $ | 32,080 |  |  | $ | 25,166 |  |  | $ | 96,058 |  |  | $ | 73,857 |
Discontinued Operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital Expenditures |  | $ | — |  |  | $ | 86 |  |  | $ | — |  |  | $ | 151 |
Depreciation, Depletion, and Amortization |  | $ | — |  |  | $ | 3,445 |  |  | $ | 221 |  |  | $ | 11,087 |
|  | December 31, |  |  | March 31, |
|  | 2020 |  |  | 2020 |
|  | (dollars in thousands) |
Identifiable Assets |  |  |  |  |  |  |  |
Cement |  | $ | 1,907,191 |  |  | $ | 1,980,306 |
Concrete and Aggregates |  |  | 99,495 |  |  |  | 136,041 |
Gypsum Wallboard |  |  | 358,530 |  |  |  | 375,946 |
Paperboard |  |  | 190,024 |  |  |  | 183,288 |
Assets of Discontinued Operations |  |  | — |  |  |  | 13,831 |
Other, net |  |  | 169,798 |  |  |  | 271,608 |
|  | $ | 2,725,038 |  |  | $ | 2,961,020 |
Segment Breakdown of Goodwill | The segment breakdown of Goodwill is as follows:
|  | December 31, |  |  | March 31, |
|  | 2020 |  |  | 2020 |
|  | (dollars in thousands) |
Cement |  | $ | 203,342 |  |  | $ | 205,797 |
Concrete and Aggregates |  |  | 1,639 |  |  |  | 1,639 |
Gypsum Wallboard |  |  | 116,618 |  |  |  | 116,618 |
Paperboard |  |  | 7,538 |  |  |  | 7,538 |
|  | $ | 329,137 |  |  | $ | 331,592 |
Summarized Financial Information for Joint Venture Unconsolidated | Summarized financial information for the Joint Venture that is not consolidated is set out below; this 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, |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
|  | (dollars in thousands) |  |  | (dollars in thousands) |
Revenue |  | $ | 54,220 |  |  | $ | 56,767 |  |  | $ | 159,207 |  |  | $ | 172,385 |
Gross Margin |  | $ | 22,045 |  |  | $ | 22,749 |  |  | $ | 61,814 |  |  | $ | 68,806 |
Earnings Before Income Taxes |  | $ | 21,920 |  |  | $ | 21,402 |  |  | $ | 58,665 |  |  | $ | 64,979 |
|  | December 31, |  |  | March 31, |
|  | 2020 |  |  | 2020 |
|  | (dollars in thousands) |
Current Assets |  | $ | 68,449 |  |  | $ | 77,331 |
Non-Current Assets |  | $ | 107,211 |  |  | $ | 93,093 |
Current Liabilities |  | $ | 16,883 |  |  | $ | 17,197 |

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