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SEGMENT INFORMATION (Tables) | 9 Months Ended
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Dec. 31, 2022
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, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
|  | (dollars in thousands) |
Revenue |  |  |  |  |  |  |  |  |  |  |  |
Cement |  | $ | 256,313 |  |  | $ | 261,155 |  |  | $ | 860,289 |  |  | $ | 819,734 |
Concrete and Aggregates |  |  | 55,176 |  |  |  | 42,384 |  |  |  | 186,407 |  |  |  | 139,888 |
Gypsum Wallboard |  |  | 212,016 |  |  |  | 163,584 |  |  |  | 652,981 |  |  |  | 502,836 |
Paperboard |  |  | 47,774 |  |  |  | 49,763 |  |  |  | 155,520 |  |  |  | 140,828 |
|  |  | 571,279 |  |  |  | 516,886 |  |  |  | 1,855,197 |  |  |  | 1,603,286 |
Less: Intersegment Revenue |  |  | (32,172 | ) |  |  | (26,539 | ) |  |  | (98,190 | ) |  |  | (77,858 | )
Less: Joint Venture Revenue |  |  | (27,620 | ) |  |  | (27,406 | ) |  |  | (79,065 | ) |  |  | (77,023 | )
|  | $ | 511,487 |  |  | $ | 462,941 |  |  | $ | 1,677,942 |  |  | $ | 1,448,405 |
|  | For the Three Months Ended December 31, |  |  | For the Nine Months Ended December 31, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
|  | (dollars in thousands) |
Intersegment Revenue |  |  |  |  |  |  |  |  |  |  |  |
Cement |  | $ | 7,719 |  |  | $ | 5,301 |  |  | $ | 26,371 |  |  | $ | 18,357 |
Paperboard |  |  | 24,453 |  |  |  | 21,238 |  |  |  | 71,819 |  |  |  | 59,501 |
|  | $ | 32,172 |  |  | $ | 26,539 |  |  | $ | 98,190 |  |  | $ | 77,858 |
Cement Sales Volume (M tons) |  |  |  |  |  |  |  |  |  |  |  |
Wholly Owned |  |  | 1,527 |  |  |  | 1,748 |  |  |  | 5,313 |  |  |  | 5,583 |
Joint Venture |  |  | 172 |  |  |  | 215 |  |  |  | 524 |  |  |  | 614 |
|  |  | 1,699 |  |  |  | 1,963 |  |  |  | 5,837 |  |  |  | 6,197 |
|  | For the Three Months Ended December 31, |  |  | For the Nine Months Ended December 31, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
|  | (dollars in thousands) |  |  | (dollars in thousands) |
Operating Earnings |  |  |  |  |  |  |  |  |  |  |  |
Cement |  | $ | 72,315 |  |  | $ | 79,836 |  |  | $ | 233,442 |  |  | $ | 231,133 |
Concrete and Aggregates |  |  | 2,692 |  |  |  | 4,115 |  |  |  | 15,700 |  |  |  | 16,998 |
Gypsum Wallboard |  |  | 87,335 |  |  |  | 60,841 |  |  |  | 261,164 |  |  |  | 190,425 |
Paperboard |  |  | 7,805 |  |  |  | 2,349 |  |  |  | 17,200 |  |  |  | 6,667 |
Sub-Total |  |  | 170,147 |  |  |  | 147,141 |  |  |  | 527,506 |  |  |  | 445,223 |
Corporate General and Administrative Expense |  |  | (12,497 | ) |  |  | (12,851 | ) |  |  | (37,944 | ) |  |  | (32,986 | )
Loss on Early Retirement of Senior Notes |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (8,407 | )
Other Nonoperating Income (Loss) |  |  | 2,210 |  |  |  | 3,207 |  |  |  | 911 |  |  |  | 5,941 |
Earnings Before Interest and Income Taxes |  |  | 159,860 |  |  |  | 137,497 |  |  |  | 490,473 |  |  |  | 409,771 |
Interest Expense, net |  |  | (8,932 | ) |  |  | (5,651 | ) |  |  | (24,842 | ) |  |  | (24,891 | )
Earnings Before Income Taxes |  | $ | 150,928 |  |  | $ | 131,846 |  |  | $ | 465,631 |  |  | $ | 384,880 |
Cement Operating Earnings |  |  |  |  |  |  |  |  |  |  |  |
Wholly Owned |  | $ | 60,938 |  |  | $ | 71,281 |  |  | $ | 209,811 |  |  | $ | 206,348 |
Joint Venture |  |  | 11,377 |  |  |  | 8,555 |  |  |  | 23,631 |  |  |  | 24,785 |
|  | $ | 72,315 |  |  | $ | 79,836 |  |  | $ | 233,442 |  |  | $ | 231,133 |
Capital Expenditures |  |  |  |  |  |  |  |  |  |  |  |
Cement |  | $ | 7,278 |  |  | $ | 8,256 |  |  | $ | 21,157 |  |  | $ | 23,199 |
Concrete and Aggregates |  |  | 2,128 |  |  |  | 2,386 |  |  |  | 16,468 |  |  |  | 3,459 |
Gypsum Wallboard |  |  | 7,307 |  |  |  | 16,222 |  |  |  | 19,777 |  |  |  | 24,261 |
Paperboard |  |  | 463 |  |  |  | 594 |  |  |  | 2,318 |  |  |  | 2,086 |
Corporate and Other |  |  | 526 |  |  |  | 953 |  |  |  | 1,231 |  |  |  | 2,183 |
|  | $ | 17,702 |  |  | $ | 28,411 |  |  | $ | 60,951 |  |  | $ | 55,188 |
Depreciation, Depletion, and Amortization |  |  |  |  |  |  |  |  |  |  |  |
Cement |  | $ | 20,582 |  |  | $ | 19,933 |  |  | $ | 60,893 |  |  | $ | 59,483 |
Concrete and Aggregates |  |  | 4,402 |  |  |  | 2,294 |  |  |  | 12,954 |  |  |  | 7,342 |
Gypsum Wallboard |  |  | 5,387 |  |  |  | 5,598 |  |  |  | 16,539 |  |  |  | 16,478 |
Paperboard |  |  | 3,738 |  |  |  | 3,685 |  |  |  | 11,197 |  |  |  | 11,016 |
Corporate and Other |  |  | 706 |  |  |  | 684 |  |  |  | 2,106 |  |  |  | 2,159 |
|  | $ | 34,815 |  |  | $ | 32,194 |  |  | $ | 103,689 |  |  | $ | 96,478 |
|  | December 31, |  |  | March 31, |
|  | 2022 |  |  | 2022 |
|  | (dollars in thousands) |
Identifiable Assets |  |  |  |  |  |
Cement |  | $ | 1,861,095 |  |  | $ | 1,860,649 |
Concrete and Aggregates |  |  | 214,623 |  |  |  | 89,405 |
Gypsum Wallboard |  |  | 393,251 |  |  |  | 397,486 |
Paperboard |  |  | 170,035 |  |  |  | 180,025 |
Other, net |  |  | 91,166 |  |  |  | 52,087 |
|  | $ | 2,730,170 |  |  | $ | 2,579,652 |
Segment Breakdown of Goodwill | The segment breakdown of Goodwill is as follows:
|  | December 31, |  |  | March 31, |
|  | 2022 |  |  | 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 Unconsolidated Joint Venture is set out below. This summarized financial information includes the total amounts 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, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
|  | (dollars in thousands) |  |  | (dollars in thousands) |
Revenue |  | $ | 55,240 |  |  | $ | 54,812 |  |  | $ | 158,129 |  |  | $ | 154,046 |
Gross Margin |  | $ | 24,716 |  |  | $ | 18,662 |  |  | $ | 52,718 |  |  | $ | 53,271 |
Earnings Before Income Taxes |  | $ | 22,754 |  |  | $ | 17,111 |  |  | $ | 47,262 |  |  | $ | 49,570 |
|  | December 31, |  |  | March 31, |
|  | 2022 |  |  | 2022 |
|  | (dollars in thousands) |
Current Assets |  | $ | 85,736 |  |  | $ | 69,492 |
Noncurrent Assets |  | $ | 121,863 |  |  | $ | 112,926 |
Current Liabilities |  | $ | 21,477 |  |  | $ | 18,276 |

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