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SEGMENT INFORMATION (Tables) | 9 Months Ended
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Dec. 31, 2024
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, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
|  | (dollars in thousands) |
Revenue |  |  |  |  |  |  |  |  |  |  |  |
Cement |  | $ | 295,400 |  |  | $ | 308,654 |  |  | $ | 987,342 |  |  | $ | 998,437 |
Concrete and Aggregates |  |  | 60,716 |  |  |  | 61,186 |  |  |  | 195,511 |  |  |  | 201,526 |
Gypsum Wallboard |  |  | 209,493 |  |  |  | 200,969 |  |  |  | 642,294 |  |  |  | 629,299 |
Recycled Paperboard |  |  | 56,158 |  |  |  | 47,053 |  |  |  | 161,175 |  |  |  | 135,397 |
|  |  | 621,767 |  |  |  | 617,862 |  |  |  | 1,986,322 |  |  |  | 1,964,659 |
Less: Intersegment Revenue |  |  | (37,316 | ) |  |  | (32,346 | ) |  |  | (111,428 | ) |  |  | (99,356 | )
Less: Joint Venture Revenue |  |  | (26,426 | ) |  |  | (26,683 | ) |  |  | (84,561 | ) |  |  | (82,713 | )
|  | $ | 558,025 |  |  | $ | 558,833 |  |  | $ | 1,790,333 |  |  | $ | 1,782,590 |
|  | For the Three Months Ended December 31, |  |  | For the Nine Months Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
|  | (dollars in thousands) |
Intersegment Revenue |  |  |  |  |  |  |  |  |  |  |  |
Cement |  | $ | 9,084 |  |  | $ | 7,804 |  |  | $ | 29,748 |  |  | $ | 27,192 |
Concrete and Aggregates |  |  | 4,311 |  |  |  | 3,414 |  |  |  | 12,138 |  |  |  | 10,235 |
Recycled Paperboard |  |  | 23,921 |  |  |  | 21,128 |  |  |  | 69,542 |  |  |  | 61,929 |
|  | $ | 37,316 |  |  | $ | 32,346 |  |  | $ | 111,428 |  |  | $ | 99,356 |
Cement Sales Volume (M tons) |  |  |  |  |  |  |  |  |  |  |  |
Wholly Owned |  |  | 1,541 |  |  |  | 1,663 |  |  |  | 5,156 |  |  |  | 5,470 |
Joint Venture |  |  | 161 |  |  |  | 161 |  |  |  | 517 |  |  |  | 496 |
|  |  | 1,702 |  |  |  | 1,824 |  |  |  | 5,673 |  |  |  | 5,966 |
|  | For the Three Months Ended December 31, |  |  | For the Nine Months Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
|  | (dollars in thousands) |  |  | (dollars in thousands) |
Operating Earnings |  |  |  |  |  |  |  |  |  |  |  |
Cement |  | $ | 86,763 |  |  | $ | 105,566 |  |  | $ | 291,821 |  |  | $ | 301,056 |
Concrete and Aggregates |  |  | (1,397 | ) |  |  | 1,760 |  |  |  | 588 |  |  |  | 13,434 |
Gypsum Wallboard |  |  | 86,393 |  |  |  | 75,063 |  |  |  | 270,510 |  |  |  | 251,625 |
Recycled Paperboard |  |  | 11,041 |  |  |  | 7,524 |  |  |  | 27,585 |  |  |  | 22,316 |
Sub-Total |  |  | 182,800 |  |  |  | 189,913 |  |  |  | 590,504 |  |  |  | 588,431 |
Corporate General and Administrative Expense |  |  | (20,818 | ) |  |  | (14,201 | ) |  |  | (54,346 | ) |  |  | (42,456 | )
Other Non-Operating Income (Loss) |  |  | 1,381 |  |  |  | 1,019 |  |  |  | 4,788 |  |  |  | 2,837 |
Earnings Before Interest and Income Taxes |  |  | 163,363 |  |  |  | 176,731 |  |  |  | 540,946 |  |  |  | 548,812 |
Interest Expense, net |  |  | (9,061 | ) |  |  | (10,128 | ) |  |  | (30,459 | ) |  |  | (32,571 | )
Earnings Before Income Taxes |  | $ | 154,302 |  |  | $ | 166,603 |  |  | $ | 510,487 |  |  | $ | 516,241 |
Cement Operating Earnings |  |  |  |  |  |  |  |  |  |  |  |
Wholly Owned |  | $ | 81,776 |  |  | $ | 96,281 |  |  | $ | 269,842 |  |  | $ | 278,266 |
Joint Venture |  |  | 4,987 |  |  |  | 9,285 |  |  |  | 21,979 |  |  |  | 22,790 |
|  | $ | 86,763 |  |  | $ | 105,566 |  |  | $ | 291,821 |  |  | $ | 301,056 |
Capital Expenditures |  |  |  |  |  |  |  |  |  |  |  |
Cement |  | $ | 35,609 |  |  | $ | 11,571 |  |  | $ | 102,384 |  |  | $ | 38,288 |
Concrete and Aggregates |  |  | 4,668 |  |  |  | 1,207 |  |  |  | 18,795 |  |  |  | 10,281 |
Gypsum Wallboard |  |  | 2,560 |  |  |  | 7,386 |  |  |  | 9,925 |  |  |  | 23,866 |
Recycled Paperboard |  |  | 4,309 |  |  |  | 1,868 |  |  |  | 12,425 |  |  |  | 7,733 |
Corporate and Other |  |  | 224 |  |  |  | 403 |  |  |  | 3,446 |  |  |  | 7,680 |
|  | $ | 47,370 |  |  | $ | 22,435 |  |  | $ | 146,975 |  |  | $ | 87,848 |
Depreciation, Depletion, and Amortization |  |  |  |  |  |  |  |  |  |  |  |
Cement |  | $ | 23,029 |  |  | $ | 22,514 |  |  | $ | 68,853 |  |  | $ | 66,380 |
Concrete and Aggregates |  |  | 5,261 |  |  |  | 4,857 |  |  |  | 15,074 |  |  |  | 14,850 |
Gypsum Wallboard |  |  | 6,414 |  |  |  | 5,611 |  |  |  | 19,338 |  |  |  | 16,620 |
Recycled Paperboard |  |  | 3,723 |  |  |  | 3,694 |  |  |  | 11,082 |  |  |  | 11,121 |
Corporate and Other |  |  | 807 |  |  |  | 792 |  |  |  | 2,314 |  |  |  | 2,376 |
|  | $ | 39,234 |  |  | $ | 37,468 |  |  | $ | 116,661 |  |  | $ | 111,347 |
|  | December 31, |  |  | March 31, |
|  | 2024 |  |  | 2024 |
|  | (dollars in thousands) |
Identifiable Assets |  |  |  |  |  |
Cement |  | $ | 2,115,736 |  |  | $ | 2,042,499 |
Concrete and Aggregates |  |  | 259,266 |  |  |  | 225,485 |
Gypsum Wallboard |  |  | 409,056 |  |  |  | 432,122 |
Recycled Paperboard |  |  | 168,690 |  |  |  | 170,832 |
Other, net |  |  | 90,922 |  |  |  | 76,081 |
|  | $ | 3,043,670 |  |  | $ | 2,947,019 |
Segment Breakdown of Goodwill | The segment breakdown of Goodwill is as follows:
|  | December 31, |  |  | March 31, |
|  | 2024 |  |  | 2024 |
|  | (dollars in thousands) |
Cement |  | $ | 227,639 |  |  | $ | 227,639 |
Concrete and Aggregates |  |  | 46,534 |  |  |  | 40,774 |
Gypsum Wallboard |  |  | 116,618 |  |  |  | 116,618 |
Recycled Paperboard |  |  | 7,538 |  |  |  | 7,538 |
|  | $ | 398,329 |  |  | $ | 392,569 |
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 December 31, |  |  | For the Nine Months Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
|  | (dollars in thousands) |  |  | (dollars in thousands) |
Revenue |  | $ | 52,852 |  |  | $ | 53,366 |  |  | $ | 153,619 |  |  | $ | 165,426 |
Gross Margin |  | $ | 12,483 |  |  | $ | 19,465 |  |  | $ | 45,948 |  |  | $ | 51,512 |
Earnings Before Income Taxes |  | $ | 10,058 |  |  | $ | 18,711 |  |  | $ | 41,733 |  |  | $ | 45,925 |
|  | December 31, |  |  | March 31, |
|  | 2024 |  |  | 2024 |
|  | (dollars in thousands) |
Current Assets |  | $ | 117,957 |  |  | $ | 111,164 |
Noncurrent Assets |  | $ | 206,037 |  |  | $ | 158,618 |
Current Liabilities |  | $ | 47,579 |  |  | $ | 27,994 |

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