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v3.22.1

BUSINESS SEGMENTS (Tables) | 12 Months Ended
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Mar. 31, 2022
Segment Reporting [Abstract] |
Financial Information Related to Operations by Segment | The following tables below set forth certain financial information relating to our operations by segment. We do not allocate interest or taxes at the segment level, only at the consolidated company level.
|  | For the Years Ended March 31, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
|  | (dollars in thousands) |
Revenue |  |  |  |  |  |  |  |  |
Cement |  | $ | 1,007,094 |  |  | $ | 944,556 |  |  | $ | 752,002 |
Concrete and Aggregates |  |  | 177,122 |  |  |  | 168,829 |  |  |  | 182,775 |
Gypsum Wallboard |  |  | 692,152 |  |  |  | 539,009 |  |  |  | 508,145 |
Paperboard |  |  | 194,054 |  |  |  | 163,507 |  |  |  | 159,963 |
|  |  | 2,070,422 |  |  |  | 1,815,901 |  |  |  | 1,602,885 |
Less: Intersegment Revenue |  |  | (105,001 | ) |  |  | (88,068 | ) |  |  | (85,316 | )
Less: Joint Venture Revenue |  |  | (103,899 | ) |  |  | (105,191 | ) |  |  | (113,536 | )
|  | $ | 1,861,522 |  |  | $ | 1,622,642 |  |  | $ | 1,404,033 |
|  | For the Years Ended March 31, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
|  | (dollars in thousands) |
Intersegment Revenue |  |  |  |  |  |  |  |  |
Cement |  | $ | 22,915 |  |  | $ | 20,862 |  |  | $ | 21,499 |
Concrete and Aggregates |  |  | — |  |  |  | 106 |  |  |  | 1,502 |
Paperboard |  |  | 82,086 |  |  |  | 67,100 |  |  |  | 62,315 |
|  | $ | 105,001 |  |  | $ | 88,068 |  |  | $ | 85,316 |
Cement Sales Volume (M tons) |  |  |  |  |  |  |  |  |
Wholly Owned |  |  | 6,711 |  |  |  | 6,576 |  |  |  | 4,975 |
Joint Venture |  |  | 823 |  |  |  | 890 |  |  |  | 956 |
|  |  | 7,534 |  |  |  | 7,466 |  |  |  | 5,931 |
|  | For the Years Ended March 31, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
|  |  |  | (dollars in thousands) |  |
Operating Earnings |  |  |  |  |  |  |  |  |
Cement |  | $ | 259,556 |  |  | $ | 233,957 |  |  | $ | 181,330 |
Concrete and Aggregates |  |  | 18,467 |  |  |  | 19,054 |  |  |  | 17,558 |
Gypsum Wallboard |  |  | 261,476 |  |  |  | 167,336 |  |  |  | 154,614 |
Paperboard |  |  | 12,603 |  |  |  | 25,449 |  |  |  | 34,979 |
Other |  |  | — |  |  |  | — |  |  |  | (3,230 | )
Sub-Total |  |  | 552,102 |  |  |  | 445,796 |  |  |  | 385,251 |
Corporate General and Administrative Expense |  |  | (46,801 | ) |  |  | (49,511 | ) |  |  | (65,410 | )
Loss on Early Retirement of Senior Notes |  |  | (8,407 | ) |  |  | — |  |  |  | — |
Gain on Sale of Businesses |  |  | — |  |  |  | 51,973 |  |  |  | — |
Impairment Losses |  |  | — |  |  |  | — |  |  |  | (25,131 | )
Other Non-Operating Income (Loss) |  |  | 9,073 |  |  |  | 20,274 |  |  |  | (594 | )
Earnings Before Interest and Income Taxes |  |  | 505,967 |  |  |  | 468,532 |  |  |  | 294,116 |
Interest Expense, net |  |  | (30,873 | ) |  |  | (44,420 | ) |  |  | (38,421 | )
Earnings Before Income Taxes |  | $ | 475,094 |  |  | $ | 424,112 |  |  | $ | 255,695 |
Cement Operating Earnings |  |  |  |  |  |  |  |  |
Wholly Owned |  | $ | 227,068 |  |  | $ | 196,516 |  |  | $ | 138,745 |
Joint Venture |  |  | 32,488 |  |  |  | 37,441 |  |  |  | 42,585 |
|  | $ | 259,556 |  |  | $ | 233,957 |  |  | $ | 181,330 |
Capital Expenditures |  |  |  |  |  |  |  |  |
Cement |  | $ | 31,535 |  |  | $ | 26,708 |  |  | $ | 44,776 |
Concrete and Aggregates |  |  | 5,239 |  |  |  | 3,114 |  |  |  | 11,898 |
Gypsum Wallboard |  |  | 32,405 |  |  |  | 12,889 |  |  |  | 12,771 |
Paperboard |  |  | 2,579 |  |  |  | 11,222 |  |  |  | 62,528 |
Corporate and Other |  |  | 2,363 |  |  |  | — |  |  |  | — |
|  | $ | 74,121 |  |  | $ | 53,933 |  |  | $ | 131,973 |
Depreciation, Depletion, and Amortization |  |  |  |  |  |  |  |  |
Cement |  | $ | 79,560 |  |  | $ | 77,524 |  |  | $ | 59,081 |
Concrete and Aggregates |  |  | 9,656 |  |  |  | 10,807 |  |  |  | 11,142 |
Gypsum Wallboard |  |  | 22,024 |  |  |  | 21,646 |  |  |  | 20,320 |
Paperboard |  |  | 14,721 |  |  |  | 13,913 |  |  |  | 8,945 |
Corporate and Other |  |  | 2,850 |  |  |  | 4,976 |  |  |  | 2,720 |
|  | $ | 128,811 |  |  | $ | 128,866 |  |  | $ | 102,208 |
Discontinued Operations |  |  |  |  |  |  |  |  |
Capital Expenditures |  | $ | — |  |  | $ | — |  |  | $ | 146 |
Depreciation, Depletion, and Amortization |  | $ | — |  |  | $ | 221 |  |  | $ | 11,310 |
|  | As of March 31, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
|  | (dollars in thousands) |
Identifiable Assets |  |  |  |  |  |  |  |  |
Cement |  | $ | 1,860,649 |  |  | $ | 1,898,930 |  |  | $ | 1,980,306 |
Concrete and Aggregates |  |  | 89,405 |  |  |  | 88,410 |  |  |  | 136,041 |
Gypsum Wallboard |  |  | 397,486 |  |  |  | 366,352 |  |  |  | 375,946 |
Paperboard |  |  | 180,025 |  |  |  | 186,156 |  |  |  | 183,288 |
Assets of Discontinued Operations |  |  | — |  |  |  | — |  |  |  | 13,831 |
Corporate and Other, net |  |  | 52,087 |  |  |  | 298,833 |  |  |  | 271,608 |
|  | $ | 2,579,652 |  |  | $ | 2,838,681 |  |  | $ | 2,961,020 |
Segment Breakdown of Goodwill | The segment breakdown of Goodwill at March 31, 2022 and 2021 is as follows:
|  | For the Years Ended March 31, |
|  | 2022 |  |  | 2021 |
|  | (dollars in thousands) |
Cement |  | $ | 203,342 |  |  | $ | 203,342 |
Concrete and Aggregates |  |  | 1,639 |  |  |  | 1,639 |
Gypsum Wallboard |  |  | 116,618 |  |  |  | 116,618 |
Paperboard |  |  | 7,538 |  |  |  | 7,538 |
|  | $ | 329,137 |  |  | $ | 329,137 |

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599 + Details
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