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BUSINESS SEGMENTS (Tables) | 12 Months Ended
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Mar. 31, 2025
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.
Year Ended March 31, 2025 (dollars in thousands) |  | Cement |  |  | Concrete and Aggregates |  |  | Gypsum Wallboard |  |  | Recycled Paperboard |  |  | Total |
Revenue from External Customers |  | $ | 1,053,620 |  |  | $ | 237,723 |  |  | $ | 846,499 |  |  | $ | 122,666 |  |  | $ | 2,260,508 |
Intersegment Revenue |  |  | 36,799 |  |  |  | 13,913 |  |  |  | — |  |  |  | 89,058 |  |  |  | 139,770 |
Revenue from Joint Venture |  |  | 110,943 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 110,943 |
|  |  | 1,201,362 |  |  |  | 251,636 |  |  |  | 846,499 |  |  |  | 211,724 |  |  |  | 2,511,221 |
Reconciliation of Revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Intersegment Revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (139,770) |
Revenue from Joint Venture |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (110,943) |
Total Consolidated Revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 2,260,508 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Freight and Delivery |  | $ | 90,996 |  |  | $ | 32,593 |  |  | $ | 146,000 |  |  | $ | 96 |  |  | $ | 269,685 |
Parts, Supplies, and Services (Includes Maintenance) |  |  | 231,530 |  |  |  | 39,109 |  |  |  | 19,032 |  |  |  | 12,598 |  |  |  | 302,269 |
Energy |  |  | 140,754 |  |  |  | 7,562 |  |  |  | 33,978 |  |  |  | 14,035 |  |  |  | 196,329 |
Raw Materials |  |  | 84,669 |  |  |  | 109,587 |  |  |  | 179,142 |  |  |  | 94,769 |  |  |  | 468,167 |
Labor and Fixed Costs |  |  | 162,741 |  |  |  | 36,722 |  |  |  | 61,968 |  |  |  | 21,431 |  |  |  | 282,862 |
Depreciation, Depletion, and Amortization (1) |  |  | 91,817 |  |  |  | 23,247 |  |  |  | 25,807 |  |  |  | 14,782 |  |  |  | 155,653 |
Purchased Cement |  |  | 77,059 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 77,059 |
Other Segment Items |  |  | 2,340 |  |  |  | 11,581 |  |  |  | 29,808 |  |  |  | 15,935 |  |  |  | 59,664 |
Segment Profit |  | $ | 319,456 |  |  | $ | (8,765) |  |  | $ | 350,764 |  |  | $ | 38,078 |  |  | $ | 699,533 |
Reconciliation of Segment Profit and Loss |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate General and Administrative Expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (73,942) |
Other Non-Operating Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 6,420 |
Interest Expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (40,526) |
Earnings Before Income Taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 591,485 |
Year Ended March 31, 2024 (dollars in thousands) |  | Cement |  |  | Concrete and Aggregates |  |  | Gypsum Wallboard |  |  | Recycled Paperboard |  |  | Total |
Revenue from External Customers |  | $ | 1,077,918 |  |  | $ | 240,012 |  |  | $ | 839,530 |  |  | $ | 101,837 |  |  | $ | 2,259,297 |
Intersegment Revenue |  |  | 35,363 |  |  |  | 12,940 |  |  |  | — |  |  |  | 82,351 |  |  |  | 130,654 |
Revenue from Joint Venture |  |  | 112,736 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 112,736 |
|  |  | 1,226,017 |  |  |  | 252,952 |  |  |  | 839,530 |  |  |  | 184,188 |  |  |  | 2,502,687 |
Reconciliation of Revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Intersegment Revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (130,654) |
Revenue from Joint Venture |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (112,736) |
Total Consolidated Revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 2,259,297 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Freight and Delivery |  | $ | 94,031 |  |  | $ | 33,976 |  |  | $ | 149,441 |  |  | $ | 623 |  |  | $ | 278,071 |
Parts, Supplies, and Services (Includes Maintenance) |  |  | 217,393 |  |  |  | 31,246 |  |  |  | 22,337 |  |  |  | 11,186 |  |  |  | 282,162 |
Energy |  |  | 154,925 |  |  |  | 7,641 |  |  |  | 37,984 |  |  |  | 17,120 |  |  |  | 217,670 |
Raw Materials |  |  | 87,154 |  |  |  | 112,447 |  |  |  | 178,340 |  |  |  | 83,784 |  |  |  | 461,725 |
Labor and Fixed Costs |  |  | 155,118 |  |  |  | 31,014 |  |  |  | 59,796 |  |  |  | 22,875 |  |  |  | 268,803 |
Depreciation, Depletion, and Amortization (1) |  |  | 89,138 |  |  |  | 19,728 |  |  |  | 23,038 |  |  |  | 14,811 |  |  |  | 146,715 |
Purchased Cement |  |  | 86,219 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 86,219 |
Other Segment Items |  |  | 3,690 |  |  |  | 4,499 |  |  |  | 34,058 |  |  |  | 2,173 |  |  |  | 44,420 |
Segment Profit |  | $ | 338,349 |  |  | $ | 12,401 |  |  | $ | 334,536 |  |  | $ | 31,616 |  |  | $ | 716,902 |
Reconciliation of Segment Profit and Loss |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate General and Administrative Expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (59,795) |
Other Non-Operating Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,087 |
Interest Expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (42,257) |
Earnings Before Income Taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 617,937 |
Year Ended March 31, 2023 (dollars in thousands) |  | Cement |  |  | Concrete and Aggregates |  |  | Gypsum Wallboard |  |  | Recycled Paperboard |  |  | Total |
Revenue from External Customers |  | $ | 927,637 |  |  | $ | 239,516 |  |  | $ | 872,471 |  |  | $ | 108,445 |  |  | $ | 2,148,069 |
Intersegment Revenue |  |  | 32,915 |  |  |  | — |  |  |  | — |  |  |  | 92,835 |  |  |  | 125,750 |
Revenue from Joint Venture |  |  | 113,518 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 113,518 |
|  |  | 1,074,070 |  |  |  | 239,516 |  |  |  | 872,471 |  |  |  | 201,280 |  |  |  | 2,387,337 |
Reconciliation of Revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Intersegment Revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (125,750) |
Revenue from Joint Venture |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (113,518) |
Total Consolidated Revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 2,148,069 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Freight and Delivery |  | $ | 97,126 |  |  | $ | 36,115 |  |  | $ | 160,536 |  |  | $ | 8,760 |  |  | $ | 302,537 |
Parts, Supplies, and Services (Includes Maintenance) |  |  | 183,706 |  |  |  | 17,724 |  |  |  | 17,933 |  |  |  | 10,609 |  |  |  | 229,972 |
Energy |  |  | 149,445 |  |  |  | 5,236 |  |  |  | 50,177 |  |  |  | 19,914 |  |  |  | 224,772 |
Raw Materials |  |  | 75,617 |  |  |  | 112,269 |  |  |  | 184,677 |  |  |  | 95,060 |  |  |  | 467,623 |
Labor and Fixed Costs |  |  | 141,719 |  |  |  | 19,511 |  |  |  | 54,041 |  |  |  | 20,761 |  |  |  | 236,032 |
Depreciation, Depletion, and Amortization (1) |  |  | 81,643 |  |  |  | 17,413 |  |  |  | 21,744 |  |  |  | 14,942 |  |  |  | 135,742 |
Purchased Cement |  |  | 47,454 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 47,454 |
Other Segment Items |  |  | 18,598 |  |  |  | 12,989 |  |  |  | 30,864 |  |  |  | 6,014 |  |  |  | 68,465 |
Segment Profit |  | $ | 278,762 |  |  | $ | 18,259 |  |  | $ | 352,499 |  |  | $ | 25,220 |  |  | $ | 674,740 |
Reconciliation of Segment Profit and Loss |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate General and Administrative Expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (53,630) |
Other Non-Operating Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,654 |
Interest Expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (35,171) |
Earnings Before Income Taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 588,593 |
(1) Depreciation, Depletion, and Amortization for corporate assets was $3,249 million, $3,117 million, and $2,812 million, in fiscal 2025, 2024, and 2023, respectively. These amounts are included in Corporate General and Administrative Expense. Additional information about our segments is included below:
|  | For the Years Ended March 31,
|  | 2025 |  | 2024 |  | 2023
|  |  | (dollars in thousands)
Capital Expenditures |  |  |  |  |  |  |  |  |
Cement |  | $ | 139,965 |  | $ | 65,442 |  | $ | 39,049
Concrete and Aggregates |  |  | 20,571 |  |  | 15,103 |  |  | 35,503
Gypsum Wallboard |  |  | 15,843 |  |  | 29,127 |  |  | 31,063
Recycled Paperboard |  |  | 15,193 |  |  | 10,085 |  |  | 2,898
Corporate and Other |  |  | 3,709 |  |  | 548 |  |  | 1,630
|  | $ | 195,281 |  | $ | 120,305 |  | $ | 110,143
Segment Assets |  |  |  |  |  |  |  |  |
Cement |  | $ | $2,172,459 |  | $ | $2,042,499 |  | $ | $1,905,227
Concrete and Aggregates |  |  | $408,792 |  |  | $225,485 |  |  | $234,767
Gypsum Wallboard |  |  | $429,268 |  |  | $432,122 |  |  | $421,425
Recycled Paperboard |  |  | $166,673 |  |  | $170,832 |  |  | $163,797
Corporate and Other |  |  | $87,396 |  |  | $76,081 |  |  | $55,786
|  | $ | 3,264,588 |  | $ | 2,947,019 |  | $ | 2,781,002
Cement Operating Earnings |  |  |  |  |  |  |  |  |
Wholly Owned |  |  | 293,060 |  |  | 306,768 |  |  | 243,288
Joint Venture |  |  | 26,396 |  |  | 31,581 |  |  | 35,474
|  | $ | 319,456 |  | $ | 338,349 |  | $ | 278,762
Cement Sales Volume (M tons) |  |  |  |  |  |  |  |  |
Wholly Owned |  |  | 6,237 |  |  | 6,610 |  |  | 6,399
Joint Venture |  |  | 675 |  |  | 679 |  |  | 734
|  |  | 6,912 |  |  | 7,289 |  |  | 7,133
Segment Breakdown of Goodwill | The segment breakdown of Goodwill at March 31, 2025, and 2024 is as follows:
|  | For the Years Ended March 31, |
|  | 2025 |  |  | 2024 |
|  | (dollars in thousands) |
Cement |  | $ | 227,639 |  |  | $ | 227,639 |
Concrete and Aggregates |  |  | 118,099 |  |  |  | 40,774 |
Gypsum Wallboard |  |  | 116,618 |  |  |  | 116,618 |
Recycled Paperboard |  |  | 7,538 |  |  |  | 7,538 |
|  | $ | 469,894 |  |  | $ | 392,569 |
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, |
|  | 2025 |  |  | 2024 |
|  | (dollars in thousands) |
Revenue |  | $ | 221,937 |  |  | $ | 225,503 |
Gross Margin |  | $ | 60,789 |  |  | $ | 71,077 |
Earnings Before Income Taxes |  | $ | 53,217 |  |  | $ | 63,644 |
|  | As of March 31, |
|  | 2025 |  |  | 2024 |
|  | (dollars in thousands) |
Current Assets |  | $ | 128,384 |  |  | $ | 111,164 |
Noncurrent Assets |  | $ | 207,910 |  |  | $ | 158,618 |
Current Liabilities |  | $ | 25,618 |  |  | $ | 27,994 |
Noncurrent Liabilities |  | $ | 30,152 |  |  | $ | 14,974 |

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