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Reportable Segment
 3 Months Ended
Mar. 31, 2025
Reportable Segment  
Reportable Segment

4. Reportable Segment

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In November 2023, the Financial Accounting Standards Board amended guidance in ASC 280, Segment Reporting (“ASC 280”), by issuing Accounting Standards Update 2023-07, which updated the disclosure requirements for reportable segments, primarily through requiring enhanced disclosures about significant segment expenses. The Company adopted this guidance in the fourth quarter 2024, with retrospective application to prior reportable periods.

The Company is managed as one reportable segment, lime and limestone operations, based on the distinctness of the Company’s activities and products. All operations are in the United States. During 2024, the Company determined that the activities of its natural gas interests and the associated level of review of those activities by the chief operating decision maker (“CODM”) precluded the natural gas activities from meeting the definition of an operating segment, as provided in ASC 280. In addition, previously unallocated items, including cash, interest income and expense, and other expense are now included as part of lime and limestone operations, and consolidated net income is now used as the measure of segment profit or loss. Segment disclosures for the period ending March 31, 2024 have been recast to be consistent with the presentation for the period ending March 31, 2025.

The Company’s CODM is the chief executive officer. The Company’s lime and limestone operations derives revenues from the sale of crushed limestone, pulverized limestone, aggregate, quicklime, hydrated lime, and lime slurry.

In evaluating the operating results of the Company, the CODM assesses performance for the lime and limestone operations segment and decides how to allocate resources (including, but not limited to, decisions on fuel blends, capital purchases, and staffing levels) based on net income that is also reported on the consolidated statements of income. The measure of segment assets is reported on the consolidated balance sheets as “Total assets” and the measure of segment capital expenditures is reported on the consolidated statements of cash flows as “Purchase of property, plant, and equipment.”

The following table presents revenue, significant expenses, and profit for the periods ended March 31, 2025 and 2024 as reviewed and used by the CODM. There are no other significant segment items or reconciling items to consolidated net income.

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Three Months Ended March 31,

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2025

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2024

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Revenues

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$

91,253

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$

71,687

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Less:

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Fuel, energy, and transportation

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20,265

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18,311

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Depreciation, depletion, and amortization

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6,050

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5,979

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Outside services, maintenance, and supplies

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8,355

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6,222

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Personnel expenses, cost of revenues

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7,940

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7,671

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Other cost of revenues

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2,487

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2,897

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Selling, general, and administrative expenses

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6,262

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4,848

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Other (income) expense, net

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(3,091)

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(2,540)

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Income tax expense

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8,872

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5,860

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Net income

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$

34,113

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$

22,439

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