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SEGMENT INFORMATION | 9 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
SEGMENT INFORMATION | (N) SEGMENT INFORMATION Operating segments are defined as components of an enterprise that engage in business activities that earn revenue, incur expenses, and prepare separate financial information that is evaluated regularly by our chief operating decision maker to allocate resources and assess performance. Our business is organized into two sectors within which there are four reportable business segments. The Heavy Materials sector includes the Cement and Concrete and Aggregates segments. The Light Materials sector includes the Gypsum Wallboard and Recycled Paperboard segments. Our primary products are commodities that are essential in commercial and residential construction; public construction projects to build, expand, and repair roads and buildings; and all repair and remodel activities. Demand for our products is generally cyclical and seasonal, depending on economic and geographic conditions. We distribute our products across many United States markets, which provides us with regional economic diversification. Our operations are conducted in the U.S. and include the mining of limestone for the manufacture, production, distribution, and sale of portland cement (a basic construction material that is the essential binding ingredient in concrete); the grinding and sale of slag; the mining of gypsum for the manufacture and sale of gypsum wallboard; the manufacture and sale of recycled paperboard to the gypsum wallboard industry and other paperboard converters; the sale of readymix concrete; and the mining and sale of aggregates (crushed stone, sand, and gravel). We operate eight modern cement plants (one of which is operated through our Texas Lehigh joint venture (The Joint Venture)), two slag grinding facilities (one of which is operated through the Joint Venture), and more than 30 cement distribution terminals. Our cement companies focus on the U.S. heartland and operate as an integrated network selling product primarily in California, Colorado, Illinois, Indiana, Iowa, Kansas, Kentucky, Missouri, Nebraska, Nevada, Ohio, Oklahoma, Tennessee, and Texas. We operate 25 readymix concrete batch plants and seven aggregates processing plants in markets that are complementary to our cement network. We operate five gypsum wallboard plants and a recycled paperboard mill. We distribute gypsum wallboard and recycled paperboard throughout the continental U.S., with the exception of the Northeast. We account for intersegment sales at market prices. For segment reporting purposes only, we proportionately consolidate our 50% share of the Joint Venture Revenue and Operating Earnings, consistent with the way management reports the segments within the Company for making operating decisions and assessing performance. 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 Operating Earnings, including the proportionately consolidated 50% interest in the revenue and expenses of the Joint Venture, represent Revenue, less direct operating expenses, segment Depreciation, and segment Selling, General, and Administrative expenses. We account for intersegment sales at market prices. Corporate assets consist mainly of cash and cash equivalents, general office assets, and miscellaneous other assets. The basis used to disclose Identifiable Assets; Capital Expenditures; and Depreciation, Depletion, and Amortization conforms with the equity method, and is similar to how we disclose these accounts in our Unaudited Consolidated Balance Sheets and Unaudited Consolidated Statements of Earnings. 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 |
The increase in Goodwill in the Concrete and Aggregates segment is related to the Kentucky Acquisition. The purchase price allocation is still in progress, and may affect the recorded balance of Goodwill when completed. 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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- Definition The entire disclosure for reporting segments including data and tables. 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