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v3.23.1

BUSINESS SEGMENTS (Tables) | 12 Months Ended
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Mar. 31, 2023
Segment Reporting [Abstract] |
Financial Information Related to Operations by Segment | The following tables 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, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  | (dollars in thousands) |
Revenue |  |  |  |  |  |  |  |  |
Cement |  | $ | 1,074,070 |  |  | $ | 1,007,094 |  |  | $ | 944,556 |
Concrete and Aggregates |  |  | 239,516 |  |  |  | 177,122 |  |  |  | 168,829 |
Gypsum Wallboard |  |  | 872,471 |  |  |  | 692,152 |  |  |  | 539,009 |
Paperboard |  |  | 201,280 |  |  |  | 194,054 |  |  |  | 163,507 |
|  |  | 2,387,337 |  |  |  | 2,070,422 |  |  |  | 1,815,901 |
Less: Intersegment Revenue |  |  | (125,750 | ) |  |  | (105,001 | ) |  |  | (88,068 | )
Less: Joint Venture Revenue |  |  | (113,518 | ) |  |  | (103,899 | ) |  |  | (105,191 | )
|  | $ | 2,148,069 |  |  | $ | 1,861,522 |  |  | $ | 1,622,642 |
|  | For the Years Ended March 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  | (dollars in thousands) |
Intersegment Revenue |  |  |  |  |  |  |  |  |
Cement |  | $ | 32,915 |  |  | $ | 22,915 |  |  | $ | 20,862 |
Concrete and Aggregates |  |  | — |  |  |  | — |  |  |  | 106 |
Paperboard |  |  | 92,835 |  |  |  | 82,086 |  |  |  | 67,100 |
|  | $ | 125,750 |  |  | $ | 105,001 |  |  | $ | 88,068 |
Cement Sales Volume (M tons) |  |  |  |  |  |  |  |  |
Wholly Owned |  |  | 6,399 |  |  |  | 6,711 |  |  |  | 6,576 |
Joint Venture |  |  | 734 |  |  |  | 823 |  |  |  | 890 |
|  |  | 7,133 |  |  |  | 7,534 |  |  |  | 7,466 |
|  | For the Years Ended March 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  |  |  | (dollars in thousands) |  |
Operating Earnings |  |  |  |  |  |  |  |  |
Cement |  | $ | 278,762 |  |  | $ | 259,556 |  |  | $ | 233,957 |
Concrete and Aggregates |  |  | 18,259 |  |  |  | 18,467 |  |  |  | 19,054 |
Gypsum Wallboard |  |  | 352,499 |  |  |  | 261,476 |  |  |  | 167,336 |
Paperboard |  |  | 25,220 |  |  |  | 12,603 |  |  |  | 25,449 |
Sub-Total |  |  | 674,740 |  |  |  | 552,102 |  |  |  | 445,796 |
Corporate General and Administrative Expense |  |  | (53,630 | ) |  |  | (46,801 | ) |  |  | (49,511 | )
Loss on Early Retirement of Senior Notes |  |  | — |  |  |  | (8,407 | ) |  |  | — |
Gain on Sale of Businesses |  |  | — |  |  |  | — |  |  |  | 51,973 |
Other Nonoperating Income (Loss) |  |  | 2,654 |  |  |  | 9,073 |  |  |  | 20,274 |
Earnings Before Interest and Income Taxes |  |  | 623,764 |  |  |  | 505,967 |  |  |  | 468,532 |
Interest Expense, net |  |  | (35,171 | ) |  |  | (30,873 | ) |  |  | (44,420 | )
Earnings Before Income Taxes |  | $ | 588,593 |  |  | $ | 475,094 |  |  | $ | 424,112 |
Cement Operating Earnings |  |  |  |  |  |  |  |  |
Wholly Owned |  | $ | 243,288 |  |  | $ | 227,068 |  |  | $ | 196,516 |
Joint Venture |  |  | 35,474 |  |  |  | 32,488 |  |  |  | 37,441 |
|  | $ | 278,762 |  |  | $ | 259,556 |  |  | $ | 233,957 |
Capital Expenditures |  |  |  |  |  |  |  |  |
Cement |  | $ | 39,049 |  |  | $ | 31,535 |  |  | $ | 26,708 |
Concrete and Aggregates |  |  | 35,503 |  |  |  | 5,239 |  |  |  | 3,114 |
Gypsum Wallboard |  |  | 31,063 |  |  |  | 32,405 |  |  |  | 12,889 |
Paperboard |  |  | 2,898 |  |  |  | 2,579 |  |  |  | 11,222 |
Corporate and Other |  |  | 1,630 |  |  |  | 2,363 |  |  |  | — |
|  | $ | 110,143 |  |  | $ | 74,121 |  |  | $ | 53,933 |
Depreciation, Depletion, and Amortization |  |  |  |  |  |  |  |  |
Cement |  | $ | 81,643 |  |  | $ | 79,560 |  |  | $ | 77,524 |
Concrete and Aggregates |  |  | 17,413 |  |  |  | 9,656 |  |  |  | 10,807 |
Gypsum Wallboard |  |  | 21,744 |  |  |  | 22,024 |  |  |  | 21,646 |
Paperboard |  |  | 14,942 |  |  |  | 14,721 |  |  |  | 13,913 |
Corporate and Other |  |  | 2,812 |  |  |  | 2,850 |  |  |  | 4,976 |
|  | $ | 138,554 |  |  | $ | 128,811 |  |  | $ | 128,866 |
Discontinued Operations |  |  |  |  |  |  |  |  |
Capital Expenditures |  | $ | — |  |  | $ | — |  |  | $ | — |
Depreciation, Depletion, and Amortization |  | $ | — |  |  | $ | — |  |  | $ | 221 |
|  | March 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  | (dollars in thousands) |
Segment Assets |  |  |  |  |  |  |  |  |
Cement |  | $ | 1,905,227 |  |  | $ | 1,860,649 |  |  | $ | 1,898,930 |
Concrete and Aggregates |  |  | 234,767 |  |  |  | 89,405 |  |  |  | 88,410 |
Gypsum Wallboard |  |  | 421,425 |  |  |  | 397,486 |  |  |  | 366,352 |
Paperboard |  |  | 163,797 |  |  |  | 180,025 |  |  |  | 186,156 |
Corporate and Other, net |  |  | 55,786 |  |  |  | 52,087 |  |  |  | 298,833 |
|  | $ | 2,781,002 |  |  | $ | 2,579,652 |  |  | $ | 2,838,681 |
Segment Breakdown of Goodwill | The segment breakdown of Goodwill at March 31, 2023 and 2022 is as follows:
|  | For the Years Ended March 31, |
|  | 2023 |  |  | 2022 |
|  | (dollars in thousands) |
Cement |  | $ | 215,781 |  |  | $ | 203,342 |
Concrete and Aggregates |  |  | 40,774 |  |  |  | 1,639 |
Gypsum Wallboard |  |  | 116,618 |  |  |  | 116,618 |
Paperboard |  |  | 7,538 |  |  |  | 7,538 |
|  | $ | 380,711 |  |  | $ | 329,137 |
Summarized Financial Information for Joint Venture Unconsolidated | Summarized financial information for the Joint Venture that is not consolidated is set out below. The summarized financial information includes the total amount of the Joint Venture and not our 50% interest in those amounts:
|  | For the Years Ended March 31, |
|  | 2023 |  |  | 2022 |
|  | (dollars in thousands) |
Revenue |  | $ | 227,565 |  |  | $ | 209,937 |
Gross Margin |  | $ | 77,673 |  |  | $ | 69,913 |
Earnings Before Income Taxes |  | $ | 71,491 |  |  | $ | 65,541 |
|  | March 31, |
|  | (dollars in thousands) |
Current Assets |  | $ | 88,562 |  |  | $ | 73,462 |
Noncurrent Assets |  | $ | 124,503 |  |  | $ | 112,439 |
Current Liabilities |  | $ | 29,434 |  |  | $ | 17,161 |

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