v3.25.4

SEGMENT INFORMATION | 9 Months Ended
--- | ---
Dec. 31, 2025
Segment Reporting [Abstract] |
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 (CODM), who is our President and Chief Executive Officer, to assist in allocating resources and assessing performance. This assessment is primarily based on segment earnings from operations, as management believes this is the best metric for segment operating performance. The CODM uses segment profit as part of his review of the monthly operating results on a segment basis. The actual monthly results are reviewed against budgeted amounts as well as the current year reforecast and prior year actual amounts. Interest and taxes are managed on a centralized basis and are not included in segment operating information. 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. The Company's operating segments are the same as the Company's reporting segments. Our primary products, portland cement and gypsum wallboard, are essential for building, expanding, and repairing roads, highways, and residential, commercial, and industrial structures across America. We manufacture and sell our products through a network of more than 70 facilities spanning 21 states. Demand for our products is generally cyclical and seasonal, depending on economic and geographic conditions. Our operations are conducted in the United States 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, two slag grinding facilities, and over 30 cement distribution terminals. One cement plant, one slag plant, and six terminals are operated though our joint venture located in Buda, Texas (the Joint Venture). 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 over 25 readymix concrete batch plants and seven aggregates processing plants, with annual production capacity of 9 million tons, 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 United States, 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 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.
For the Three Months Ended December 31, 2025 (dollars in thousands) |  | Cement |  |  | Concrete and Aggregates |  |  | Gypsum Wallboard |  |  | Recycled Paperboard |  |  | Total |
Revenue from External Customers |  | $ |  | 283,496 |  |  | $ |  | 68,999 |  |  | $ |  | 175,874 |  |  | $ |  | 27,587 |  |  | $ |  | 555,956 |
Intersegment Revenue |  |  |  | 8,309 |  |  |  |  | 4,500 |  |  |  |  | — |  |  |  |  | 20,251 |  |  |  |  | 33,060 |
Revenue from Joint Venture |  |  |  | 29,366 |  |  |  |  | — |  |  |  |  | — |  |  |  |  | — |  |  |  |  | 29,366 |
|  | $ |  | 321,171 |  |  | $ |  | 73,499 |  |  | $ |  | 175,874 |  |  | $ |  | 47,838 |  |  | $ |  | 618,382 |
Reconciliation of Revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Intersegment Revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (33,060 | )
Revenue from Joint Venture |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (29,366 | )
Total Consolidated Revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ |  | 555,956 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Freight and Delivery |  | $ |  | 24,868 |  |  | $ |  | 7,116 |  |  | $ |  | 32,394 |  |  | $ |  | — |  |  | $ |  | 64,378 |
Parts, Supplies, and Services (Includes Maintenance) |  |  |  | 48,696 |  |  |  |  | 13,681 |  |  |  |  | 4,998 |  |  |  |  | 3,899 |  |  |  |  | 71,274 |
Energy |  |  |  | 35,960 |  |  |  |  | 2,219 |  |  |  |  | 8,427 |  |  |  |  | 4,266 |  |  |  |  | 50,872 |
Raw Materials |  |  |  | 26,176 |  |  |  |  | 26,127 |  |  |  |  | 44,035 |  |  |  |  | 19,291 |  |  |  |  | 115,629 |
Labor and Fixed Costs |  |  |  | 43,496 |  |  |  |  | 10,155 |  |  |  |  | 16,584 |  |  |  |  | 5,467 |  |  |  |  | 75,702 |
Depreciation, Depletion, and Amortization (1) |  |  |  | 24,169 |  |  |  |  | 6,999 |  |  |  |  | 5,663 |  |  |  |  | 3,295 |  |  |  |  | 40,126 |
Purchased Cement |  |  |  | 21,773 |  |  |  |  | — |  |  |  |  | — |  |  |  |  | — |  |  |  |  | 21,773 |
Other Segment Items |  |  |  | 4,690 |  |  |  |  | 5,822 |  |  |  |  | 2,416 |  |  |  |  | 374 |  |  |  |  | 13,302 |
Segment Profit |  | $ |  | 91,343 |  |  | $ |  | 1,380 |  |  | $ |  | 61,357 |  |  | $ |  | 11,246 |  |  | $ |  | 165,326 |
Reconciliation of Segment Profit and Loss |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate General and Administrative Expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (24,010 | )
Other Non-Operating Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,644 |
Interest Expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (13,712 | )
Earnings Before Income Taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ |  | 129,248 |
For the Nine Months Ended December 31, 2025 (dollars in thousands) |  | Cement |  |  | Concrete and Aggregates |  |  | Gypsum Wallboard |  |  | Recycled Paperboard |  |  | Total |
Revenue from External Customers |  | $ |  | 938,475 |  |  | $ |  | 224,361 |  |  | $ |  | 580,872 |  |  | $ |  | 85,844 |  |  | $ |  | 1,829,552 |
Intersegment Revenue |  |  |  | 28,226 |  |  |  |  | 12,530 |  |  |  |  | — |  |  |  |  | 61,694 |  |  |  |  | 102,450 |
Revenue from Joint Venture |  |  |  | 86,961 |  |  |  |  | — |  |  |  |  | — |  |  |  |  | — |  |  |  |  | 86,961 |
|  | $ |  | 1,053,662 |  |  | $ |  | 236,891 |  |  | $ |  | 580,872 |  |  | $ |  | 147,538 |  |  | $ |  | 2,018,963 |
Reconciliation of Revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Intersegment Revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (102,450 | )
Revenue from Joint Venture |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (86,961 | )
Total Consolidated Revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ |  | 1,829,552 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Freight and Delivery |  | $ |  | 85,672 |  |  | $ |  | 22,003 |  |  | $ |  | 104,332 |  |  | $ |  | — |  |  | $ |  | 212,007 |
Parts, Supplies, and Services (Includes Maintenance) |  |  |  | 165,330 |  |  |  |  | 38,869 |  |  |  |  | 15,609 |  |  |  |  | 10,356 |  |  |  |  | 230,164 |
Energy |  |  |  | 108,050 |  |  |  |  | 7,015 |  |  |  |  | 25,539 |  |  |  |  | 12,640 |  |  |  |  | 153,244 |
Raw Materials |  |  |  | 76,541 |  |  |  |  | 86,261 |  |  |  |  | 130,451 |  |  |  |  | 60,549 |  |  |  |  | 353,802 |
Labor and Fixed Costs |  |  |  | 130,603 |  |  |  |  | 31,178 |  |  |  |  | 47,723 |  |  |  |  | 16,329 |  |  |  |  | 225,833 |
Depreciation, Depletion, and Amortization (1) |  |  |  | 70,231 |  |  |  |  | 20,927 |  |  |  |  | 18,676 |  |  |  |  | 10,873 |  |  |  |  | 120,707 |
Purchased Cement |  |  |  | 60,878 |  |  |  |  | — |  |  |  |  | — |  |  |  |  | — |  |  |  |  | 60,878 |
Other Segment Items |  |  |  | 64,156 |  |  |  |  | 15,159 |  |  |  |  | 17,237 |  |  |  |  | 5,026 |  |  |  |  | 101,578 |
Segment Profit |  | $ |  | 292,201 |  |  | $ |  | 15,479 |  |  | $ |  | 221,305 |  |  | $ |  | 31,765 |  |  | $ |  | 560,750 |
Reconciliation of Segment Profit and Loss |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate General and Administrative Expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (66,109 | )
Other Non-Operating Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,729 |
Interest Expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (34,790 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | . |
Earnings Before Income Taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ |  | 463,580 |
For the Three Months Ended December 31, 2024 (dollars in thousands) |  | Cement |  |  | Concrete and Aggregates |  |  | Gypsum Wallboard |  |  | Recycled Paperboard |  |  | Total |
Revenue from External Customers |  | $ |  | 259,890 |  |  | $ |  | 56,405 |  |  | $ |  | 209,493 |  |  | $ |  | 32,237 |  |  | $ |  | 558,025 |
Intersegment Revenue |  |  |  | 9,084 |  |  |  |  | 4,311 |  |  |  |  | — |  |  |  |  | 23,921 |  |  |  |  | 37,316 |
Revenue from Joint Venture |  |  |  | 26,426 |  |  |  |  | — |  |  |  |  | — |  |  |  |  | — |  |  |  |  | 26,426 |
|  | $ |  | 295,400 |  |  | $ |  | 60,716 |  |  | $ |  | 209,493 |  |  | $ |  | 56,158 |  |  | $ |  | 621,767 |
Reconciliation of Revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Intersegment Revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (37,316 | )
Revenue from Joint Venture |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (26,426 | )
Total Consolidated Revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ |  | 558,025 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Freight and Delivery |  | $ |  | 21,490 |  |  | $ |  | 7,881 |  |  | $ |  | 35,506 |  |  | $ |  | — |  |  | $ |  | 64,877 |
Parts, Supplies, and Services (Includes Maintenance) |  |  |  | 48,748 |  |  |  |  | 9,636 |  |  |  |  | 4,804 |  |  |  |  | 2,902 |  |  |  |  | 66,090 |
Energy |  |  |  | 36,068 |  |  |  |  | 1,836 |  |  |  |  | 8,807 |  |  |  |  | 3,523 |  |  |  |  | 50,234 |
Raw Materials |  |  |  | 22,103 |  |  |  |  | 26,886 |  |  |  |  | 45,788 |  |  |  |  | 24,029 |  |  |  |  | 118,806 |
Labor and Fixed Costs |  |  |  | 40,869 |  |  |  |  | 8,456 |  |  |  |  | 15,505 |  |  |  |  | 5,433 |  |  |  |  | 70,263 |
Depreciation, Depletion, and Amortization (1) |  |  |  | 23,029 |  |  |  |  | 5,261 |  |  |  |  | 6,414 |  |  |  |  | 3,723 |  |  |  |  | 38,427 |
Purchased Cement |  |  |  | 16,404 |  |  |  |  | — |  |  |  |  | — |  |  |  |  | — |  |  |  |  | 16,404 |
Other Segment Items |  |  |  | (74 | ) |  |  |  | 2,157 |  |  |  |  | 6,276 |  |  |  |  | 5,507 |  |  |  |  | 13,866 |
Segment Profit |  | $ |  | 86,763 |  |  | $ |  | (1,397 | ) |  | $ |  | 86,393 |  |  | $ |  | 11,041 |  |  | $ |  | 182,800 |
Reconciliation of Segment Profit and Loss |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate General and Administrative Expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (20,818 | )
Other Non-Operating Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,381 |
Interest Expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (9,061 | )
Earnings Before Income Taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ |  | 154,302 |
For the Nine Months Ended December 31, 2024 (dollars in thousands) |  | Cement |  |  | Concrete and Aggregates |  |  | Gypsum Wallboard |  |  | Recycled Paperboard |  |  | Total |
Revenue from External Customers |  | $ |  | 873,033 |  |  | $ |  | 183,373 |  |  | $ |  | 642,294 |  |  | $ |  | 91,633 |  |  | $ |  | 1,790,333 |
Intersegment Revenue |  |  |  | 29,748 |  |  |  |  | 12,138 |  |  |  |  | — |  |  |  |  | 69,542 |  |  |  |  | 111,428 |
Revenue from Joint Venture |  |  |  | 84,561 |  |  |  |  | — |  |  |  |  | — |  |  |  |  | — |  |  |  |  | 84,561 |
|  | $ |  | 987,342 |  |  | $ |  | 195,511 |  |  | $ |  | 642,294 |  |  | $ |  | 161,175 |  |  | $ |  | 1,986,322 |
Reconciliation of Revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Intersegment Revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (111,428 | )
Revenue from Joint Venture |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (84,561 | )
Total Consolidated Revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ |  | 1,790,333 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Freight and Delivery |  | $ |  | 76,459 |  |  | $ |  | 26,857 |  |  | $ |  | 108,853 |  |  | $ |  | 44 |  |  | $ |  | 212,213 |
Parts, Supplies, and Services (Includes Maintenance) |  |  |  | 170,959 |  |  |  |  | 27,940 |  |  |  |  | 13,867 |  |  |  |  | 9,915 |  |  |  |  | 222,681 |
Energy |  |  |  | 109,171 |  |  |  |  | 5,841 |  |  |  |  | 24,291 |  |  |  |  | 10,468 |  |  |  |  | 149,771 |
|  |  |  |  |  |  |  |  |  |  |  | - |  |  |  |  |  |  |  |  |
Raw Materials |  |  |  | 66,263 |  |  |  |  | 89,904 |  |  |  |  | 136,991 |  |  |  |  | 73,980 |  |  |  |  | 367,138 |
Labor and Fixed Costs |  |  |  | 122,819 |  |  |  |  | 25,140 |  |  |  |  | 46,598 |  |  |  |  | 16,277 |  |  |  |  | 210,834 |
Depreciation, Depletion, and Amortization (1) |  |  |  | 68,853 |  |  |  |  | 15,074 |  |  |  |  | 19,338 |  |  |  |  | 11,082 |  |  |  |  | 114,347 |
Purchased Cement |  |  |  | 57,962 |  |  |  |  | — |  |  |  |  | — |  |  |  |  | — |  |  |  |  | 57,962 |
Other Segment Items |  |  |  | 23,035 |  |  |  |  | 4,167 |  |  |  |  | 21,846 |  |  |  |  | 11,824 |  |  |  |  | 60,872 |
Segment Profit |  | $ |  | 291,821 |  |  | $ |  | 588 |  |  | $ |  | 270,510 |  |  | $ |  | 27,585 |  |  | $ |  | 590,504 |
Reconciliation of Segment Profit and Loss |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate General and Administrative Expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (54,346 | )
Other Non-Operating Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,788 |
Interest Expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (30,459 | )
Earnings Before Income Taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ |  | 510,487 |
(1) Depreciation, Depletion, and Amortization for corporate assets w as $1,484 and $3,536 fo r the three and nine months ended December 31, 2025, respectively, and $807 and $2,314 for the three and nine months ended December 31, 2024, respectively.
|  | For the Three Months Ended December 31, |  |  | For the Nine Months Ended December 31, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
|  | (dollars in thousands) |
Capital Expenditures |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cement |  | $ |  | 68,271 |  |  | $ |  | 35,609 |  |  | $ |  | 187,303 |  |  | $ |  | 102,384 |
Concrete and Aggregates |  |  |  | 6,392 |  |  |  |  | 4,668 |  |  |  |  | 19,020 |  |  |  |  | 18,795 |
Gypsum Wallboard |  |  |  | 29,450 |  |  |  |  | 2,560 |  |  |  |  | 76,964 |  |  |  |  | 9,925 |
Recycled Paperboard |  |  |  | 5,174 |  |  |  |  | 4,309 |  |  |  |  | 8,111 |  |  |  |  | 12,425 |
Corporate and Other |  |  |  | 758 |  |  |  |  | 224 |  |  |  |  | 3,282 |  |  |  |  | 3,446 |
|  | $ |  | 110,045 |  |  | $ |  | 47,370 |  |  | $ |  | 294,680 |  |  | $ |  | 146,975 |
|  |  |  |  |  |  |  |  |  |  | December 31, |  |  |  | March 31, |
|  |  |  |  |  |  |  | 2025 |  |  | 2025 |
|  |  |  |  |  |  | (dollars in thousands) |
Segment Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cement |  |  |  |  |  |  |  |  |  | $ |  | 2,295,110 |  |  | $ |  | 2,172,459 |
Concrete and Aggregates |  |  |  |  |  |  |  |  |  |  |  | 404,583 |  |  |  |  | 408,792 |
Gypsum Wallboard |  |  |  |  |  |  |  |  |  |  |  | 473,720 |  |  |  |  | 429,268 |
Recycled Paperboard |  |  |  |  |  |  |  |  |  |  |  | 165,992 |  |  |  |  | 166,673 |
Corporate and Other |  |  |  |  |  |  |  |  |  |  |  | 504,030 |  |  |  |  | 87,396 |
|  |  |  |  |  |  |  |  |  | $ |  | 3,843,435 |  |  | $ |  | 3,264,588 |
|  | For the Three Months Ended December 31, |  |  | For the Nine Months Ended December 31, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
|  | (dollars in thousands) |
Cement Operating Earnings |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Wholly Owned |  | $ |  | 86,923 |  |  | $ |  | 81,776 |  |  | $ |  | 277,668 |  |  | $ |  | 269,842 |
Joint Venture |  |  |  | 4,420 |  |  |  |  | 4,987 |  |  |  |  | 14,533 |  |  |  |  | 21,979 |
|  | $ |  | 91,343 |  |  | $ |  | 86,763 |  |  | $ |  | 292,201 |  |  | $ |  | 291,821 |
Cement Sales Volume (M tons) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Wholly Owned |  |  |  | 1,687 |  |  |  |  | 1,541 |  |  |  |  | 5,543 |  |  |  |  | 5,156 |
Joint Venture |  |  |  | 174 |  |  |  |  | 161 |  |  |  |  | 507 |  |  |  |  | 517 |
|  |  |  | 1,861 |  |  |  |  | 1,702 |  |  |  |  | 6,050 |  |  |  |  | 5,673 |
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, |
|  | 2025 |  |  | 2025 |
|  | (dollars in thousands) |
Cement |  | $ | 227,639 |  |  | $ | 227,639 |
Concrete and Aggregates |  |  | 118,877 |  |  |  | 118,099 |
Gypsum Wallboard |  |  | 116,618 |  |  |  | 116,618 |
Recycled Paperboard |  |  | 7,538 |  |  |  | 7,538 |
|  | $ | 470,672 |  |  | $ | 469,894 |
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, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
|  | (dollars in thousands) |
Revenue |  | $ | 58,731 |  |  | $ | 52,852 |  |  | $ | 173,921 |  |  | $ | 169,122 |
Gross Margin |  | $ | 11,882 |  |  | $ | 12,483 |  |  | $ | 38,192 |  |  | $ | 49,277 |
Earnings Before Income Taxes |  | $ | 8,864 |  |  | $ | 10,058 |  |  | $ | 29,631 |  |  | $ | 44,312 |
|  | December 31, |  |  | March 31, |
|  | 2025 |  |  | 2025 |
|  | (dollars in thousands) |
Current Assets |  | $ | 136,018 |  |  | $ | 128,384 |
Noncurrent Assets |  | $ | 219,238 |  |  | $ | 207,910 |
Current Liabilities |  | $ | 38,691 |  |  | $ | 25,618 |
Noncurrent Liabilities |  | $ | 6,445 |  |  | $ | 30,152 |

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