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SEGMENT INFORMATION (Tables)
 3 Months Ended
Jun. 30, 2023
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 June 30,

 

 

 

2023

 

 

2022

 

 

 

(dollars in thousands)

 

Revenue

 

 

 

 

 

 

Cement

 

$

329,032

 

 

$

284,516

 

Concrete and Aggregates

 

 

70,453

 

 

 

61,618

 

Gypsum Wallboard

 

 

219,097

 

 

 

216,327

 

Paperboard

 

 

45,328

 

 

 

54,073

 

 

 

 

663,910

 

 

 

616,534

 

Less: Intersegment Revenue

 

 

(35,266

)

 

 

(28,832

)

Less: Joint Venture Revenue

 

 

(27,123

)

 

 

(26,315

)

 

 

$

601,521

 

 

$

561,387

 

 

 

 

For the Three Months Ended June 30,

 

 

 

2023

 

 

2022

 

 

 

(dollars in thousands)

 

Intersegment Revenue

 

 

 

 

 

 

Cement

 

$

10,137

 

 

$

6,291

 

Concrete and Aggregates

 

 

3,038

 

 

 

—

 

Paperboard

 

 

22,091

 

 

 

22,541

 

 

 

$

35,266

 

 

$

28,832

 

Cement Sales Volume (M tons)

 

 

 

 

 

 

Wholly Owned

 

 

1,848

 

 

 

1,805

 

Joint Venture

 

 

165

 

 

 

188

 

 

 

 

2,013

 

 

 

1,993

 

 

 

 

 

 

 

For the Three Months Ended June 30,

 

 

 

2023

 

 

2022

 

 

 

(dollars in thousands)

 

Operating Earnings

 

 

 

 

 

 

Cement

 

$

74,061

 

 

$

62,348

 

Concrete and Aggregates

 

 

7,034

 

 

 

5,732

 

Gypsum Wallboard

 

 

90,857

 

 

 

84,068

 

Paperboard

 

 

7,202

 

 

 

3,816

 

Sub-Total

 

 

179,154

 

 

 

155,964

 

Corporate General and Administrative Expense

 

 

(11,679

)

 

 

(11,820

)

Other Non-Operating Income (Loss)

 

 

213

 

 

 

(635

)

Earnings Before Interest and Income Taxes

 

 

167,688

 

 

 

143,509

 

Interest Expense, net

 

 

(12,239

)

 

 

(7,330

)

Earnings Before Income Taxes

 

$

155,449

 

 

$

136,179

 

Cement Operating Earnings

 

 

 

 

 

 

Wholly Owned

 

$

70,902

 

 

$

57,250

 

Joint Venture

 

 

3,159

 

 

 

5,098

 

 

 

$

74,061

 

 

$

62,348

 

Capital Expenditures

 

 

 

 

 

 

Cement

 

$

18,368

 

 

$

8,986

 

Concrete and Aggregates

 

 

3,220

 

 

 

652

 

Gypsum Wallboard

 

 

11,028

 

 

 

4,079

 

Paperboard

 

 

3,268

 

 

 

837

 

Corporate and Other

 

 

115

 

 

 

360

 

 

 

$

35,999

 

 

$

14,914

 

Depreciation, Depletion, and Amortization

 

 

 

 

 

 

Cement

 

$

21,679

 

 

$

20,053

 

Concrete and Aggregates

 

 

5,031

 

 

 

4,201

 

Gypsum Wallboard

 

 

5,461

 

 

 

5,563

 

Paperboard

 

 

3,719

 

 

 

3,717

 

Corporate and Other

 

 

792

 

 

 

695

 

 

 

$

36,682

 

 

$

34,229

 

 

 

 

June 30,

 

 

March 31,

 

 

 

2023

 

 

2023

 

 

 

(dollars in thousands)

 

Identifiable Assets

 

 

 

 

 

 

Cement

 

$

2,006,915

 

 

$

1,905,227

 

Concrete and Aggregates

 

 

241,746

 

 

 

234,767

 

Gypsum Wallboard

 

 

428,240

 

 

 

421,425

 

Paperboard

 

 

165,649

 

 

 

163,797

 

Other, net

 

 

73,696

 

 

 

55,786

 

 

 

$

2,916,246

 

 

$

2,781,002

 
Segment Breakdown of Goodwill

The segment breakdown of Goodwill is as follows:

 

 

June 30,

 

 

March 31,

 

 

 

2023

 

 

2023

 

 

 

(dollars in thousands)

 

Cement

 

$

229,857

 

 

$

215,781

 

Concrete and Aggregates

 

 

40,774

 

 

 

40,774

 

Gypsum Wallboard

 

 

116,618

 

 

 

116,618

 

Paperboard

 

 

7,538

 

 

 

7,538

 

 

 

$

394,787

 

 

$

380,711

 
Summarized Financial Information for Joint Venture Unconsolidated

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 June 30,

 

 

 

2023

 

 

2022

 

 

 

(dollars in thousands)

 

Revenue

 

$

54,246

 

 

$

52,630

 

Gross Margin

 

$

8,538

 

 

$

12,026

 

Earnings Before Income Taxes

 

$

6,364

 

 

$

10,272

 

 

 

 

June 30,

 

 

March 31,

 

 

 

2023

 

 

2023

 

 

 

(dollars in thousands)

 

Current Assets

 

$

90,831

 

 

$

88,562

 

Noncurrent Assets

 

$

127,081

 

 

$

124,503

 

Current Liabilities

 

$

32,811

 

 

$

29,434