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SEGMENT INFORMATION (Tables) | 3 Months Ended
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Jun. 30, 2024
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.
Three Months Ended June 30, 2025 (dollars in thousands) |  | Cement |  |  |  | Concrete and Aggregates |  |  |  | Gypsum Wallboard |  |  |  | Recycled Paperboard |  |  |  | Total |
Revenue from External Customers |  | $ |  | 310,326 |  |  |  | $ |  | 73,716 |  |  |  | $ |  | 221,516 |  |  |  | $ |  | 29,132 |  |  |  | $ |  | 634,690 |
Intersegment Revenue |  |  |  | 10,013 |  |  |  |  |  | 3,852 |  |  |  |  |  | — |  |  |  |  |  | 21,972 |  |  |  |  |  | 35,837 |
Revenue from Joint Venture |  |  |  | 27,283 |  |  |  |  |  | — |  |  |  |  |  | — |  |  |  |  |  | — |  |  |  |  |  | 27,283 |
|  |  |  | 347,622 |  |  |  |  |  | 77,568 |  |  |  |  |  | 221,516 |  |  |  |  |  | 51,104 |  |  |  |  |  | 697,810 |
Reconciliation of Revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Intersegment Revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (35,837 | )
Revenue from Joint Venture |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (27,283 | )
Total Consolidated Revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ |  | 634,690 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Freight and Delivery |  | $ |  | 28,078 |  |  |  | $ |  | 6,889 |  |  |  | $ |  | 39,372 |  |  |  | $ |  | — |  |  |  | $ |  | 74,339 |
Parts, Supplies, and Services (Includes Maintenance) |  |  |  | 74,706 |  |  |  |  |  | 11,633 |  |  |  |  |  | 5,354 |  |  |  |  |  | 3,110 |  |  |  |  |  | 94,803 |
Energy |  |  |  | 32,780 |  |  |  |  |  | 2,200 |  |  |  |  |  | 8,597 |  |  |  |  |  | 4,078 |  |  |  |  |  | 47,655 |
Raw Materials |  |  |  | 21,160 |  |  |  |  |  | 29,057 |  |  |  |  |  | 46,667 |  |  |  |  |  | 21,894 |  |  |  |  |  | 118,778 |
Labor and Fixed Costs |  |  |  | 44,509 |  |  |  |  |  | 10,023 |  |  |  |  |  | 16,117 |  |  |  |  |  | 5,865 |  |  |  |  |  | 76,514 |
Depreciation, Depletion, and Amortization (1) |  |  |  | 22,838 |  |  |  |  |  | 6,791 |  |  |  |  |  | 6,519 |  |  |  |  |  | 3,672 |  |  |  |  |  | 39,820 |
Purchased Cement |  |  |  | 17,274 |  |  |  |  |  | — |  |  |  |  |  | — |  |  |  |  |  | — |  |  |  |  |  | 17,274 |
Other Segment Items |  |  |  | 25,193 |  |  |  |  |  | 4,800 |  |  |  |  |  | 6,249 |  |  |  |  |  | 2,982 |  |  |  |  |  | 39,224 |
Segment Profit |  | $ |  | 81,084 |  |  |  | $ |  | 6,175 |  |  |  | $ |  | 92,641 |  |  |  | $ |  | 9,503 |  |  |  | $ |  | 189,403 |
Reconciliation of Segment Profit and Loss |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate General and Administrative Expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (20,783 | )
Other Non-Operating Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 954 |
Interest Expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (11,716 | )
Earnings Before Income Taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ |  | 157,858 |
Three Months Ended June 30, 2024 (dollars in thousands) |  | Cement |  |  |  | Concrete and Aggregates |  |  |  | Gypsum Wallboard |  |  |  | Recycled Paperboard |  |  |  | Total |
Revenue from External Customers |  | $ |  | 299,572 |  |  |  | $ |  | 61,038 |  |  |  | $ |  | 217,826 |  |  |  | $ |  | 30,253 |  |  |  | $ |  | 608,689 |
Intersegment Revenue |  |  |  | 10,280 |  |  |  |  |  | 3,777 |  |  |  |  |  | — |  |  |  |  |  | 23,987 |  |  |  |  |  | 38,044 |
Revenue from Joint Venture |  |  |  | 29,310 |  |  |  |  |  | — |  |  |  |  |  | — |  |  |  |  |  | — |  |  |  |  |  | 29,310 |
|  |  |  | 339,162 |  |  |  |  |  | 64,815 |  |  |  |  |  | 217,826 |  |  |  |  |  | 54,240 |  |  |  |  |  | 676,043 |
Reconciliation of Revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Intersegment Revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (38,044 | )
Revenue from Joint Venture |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (29,310 | )
Total Consolidated Revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ |  | 608,689 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Freight and Delivery |  | $ |  | 27,148 |  |  |  | $ |  | 6,032 |  |  |  | $ |  | 36,485 |  |  |  | $ |  | 44 |  |  |  | $ |  | 69,709 |
Parts, Supplies, and Services (Includes Maintenance) |  |  |  | 74,906 |  |  |  |  |  | 8,095 |  |  |  |  |  | 3,930 |  |  |  |  |  | 4,511 |  |  |  |  |  | 91,442 |
Energy |  |  |  | 33,897 |  |  |  |  |  | 1,927 |  |  |  |  |  | 7,597 |  |  |  |  |  | 3,265 |  |  |  |  |  | 46,686 |
Raw Materials |  |  |  | 20,998 |  |  |  |  |  | 29,901 |  |  |  |  |  | 47,071 |  |  |  |  |  | 22,622 |  |  |  |  |  | 120,592 |
Labor and Fixed Costs |  |  |  | 41,621 |  |  |  |  |  | 8,000 |  |  |  |  |  | 15,462 |  |  |  |  |  | 5,461 |  |  |  |  |  | 70,544 |
Depreciation, Depletion, and Amortization (1) |  |  |  | 22,917 |  |  |  |  |  | 4,530 |  |  |  |  |  | 6,473 |  |  |  |  |  | 3,690 |  |  |  |  |  | 37,610 |
Purchased Cement |  |  |  | 20,819 |  |  |  |  |  | — |  |  |  |  |  | — |  |  |  |  |  | — |  |  |  |  |  | 20,819 |
Other Segment Items |  |  |  | 7,731 |  |  |  |  |  | 3,350 |  |  |  |  |  | 6,832 |  |  |  |  |  | 6,144 |  |  |  |  |  | 24,057 |
Segment Profit |  | $ |  | 89,125 |  |  |  | $ |  | 2,980 |  |  |  | $ |  | 93,976 |  |  |  | $ |  | 8,503 |  |  |  | $ |  | 194,584 |
Reconciliation of Segment Profit and Loss |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate General and Administrative Expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (15,649 | )
Other Non-Operating Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,683 |
Interest Expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (10,684 | )
Earnings Before Income Taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ |  | 170,934 |
(1) Depreciation, Depletion, and Amortization for corporate assets was $824 and $740 for the three months ended June 30, 2025, and 2024, respectively.
|  | For the Three Months Ended June 30, |
|  | 2025 |  |  | 2024 |
|  |  | (dollars in thousands) |
Capital Expenditures |  |  |  |  |  |  |  |
Cement |  | $ |  | 45,995 |  |  | $ |  | 18,794 |
Concrete and Aggregates |  |  |  | 5,603 |  |  |  |  | 6,589 |
Gypsum Wallboard |  |  |  | 21,995 |  |  |  |  | 3,280 |
Recycled Paperboard |  |  |  | 1,315 |  |  |  |  | 3,561 |
Corporate and Other |  |  |  | 1,189 |  |  |  |  | 904 |
|  | $ |  | 76,097 |  |  | $ |  | 33,128 |
|  | June 30, 2025 |  |  | March 31, 2025 |
|  |  | (dollars in thousands) |
Segment Assets |  |  |  |  |  |  |  |
Cement |  | $ |  | 2,240,842 |  |  | $ |  | 2,172,459 |
Concrete and Aggregates |  |  |  | 411,398 |  |  |  |  | 408,792 |
Gypsum Wallboard |  |  |  | 446,772 |  |  |  |  | 429,268 |
Recycled Paperboard |  |  |  | 161,091 |  |  |  |  | 166,673 |
Corporate and Other |  |  |  | 137,211 |  |  |  |  | 87,396 |
|  | $ |  | 3,397,314 |  |  | $ |  | 3,264,588 |
|  | For the Three Months Ended June 30, |
|  | 2025 |  |  | 2024 |
|  |  | (dollars in thousands) |
Cement Operating Earnings |  |  |  |  |  |  |  |
Wholly Owned |  | $ |  | 77,280 |  |  | $ |  | 81,409 |
Joint Venture |  |  |  | 3,804 |  |  |  |  | 7,716 |
|  | $ |  | 81,084 |  |  | $ |  | 89,125 |
Cement Sales Volume (M tons) |  |  |  |  |  |  |  |
Wholly Owned |  |  |  | 1,835 |  |  |  |  | 1,767 |
Joint Venture |  |  |  | 158 |  |  |  |  | 180 |
|  |  |  | 1,993 |  |  |  |  | 1,947 |
Segment Breakdown of Goodwill | The segment breakdown of Goodwill is as follows:
|  | June 30, 2025 |  |  | March 31, 2025 |
|  | (dollars in thousands) |
Cement |  | $ | 227,639 |  |  | $ | 227,639 |
Concrete and Aggregates |  |  | 118,077 |  |  |  | 118,099 |
Gypsum Wallboard |  |  | 116,618 |  |  |  | 116,618 |
Recycled Paperboard |  |  | 7,538 |  |  |  | 7,538 |
|  | $ | 469,872 |  |  | $ | 469,894 |
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, |
|  | 2025 |  |  | 2024 |
|  | (dollars in thousands) |
Revenue |  | $ | 54,567 |  |  | $ | 58,620 |
Gross Margin |  | $ | 10,942 |  |  | $ | 16,424 |
Earnings Before Income Taxes |  | $ | 7,608 |  |  | $ | 15,548 |
|  | June 30, 2025 |  |  | March 31, 2025 |
|  | (dollars in thousands) |
Current Assets |  | $ | 134,470 |  |  | $ | 128,384 |
Noncurrent Assets |  | $ | 213,567 |  |  | $ | 207,910 |
Current Liabilities |  | $ | 23,090 |  |  | $ | 25,618 |
Noncurrent Liabilities |  | $ | 36,814 |  |  | $ | 30,152 |

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