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 was $1,484 and $3,536 for 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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The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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