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 in order 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; and projects to build, expand, and repair roads and highways. Demand for our products is generally cyclical and seasonal, depending on economic and geographic conditions. We distribute our products throughout most of the United States, except the Northeast, 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 cement plants (one of which is operated through a joint venture located in Buda, Texas), one slag grinding facility, and 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 30 readymix concrete batch plants and five 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,
	2022			2021			2022			2021
	(dollars in thousands)
Revenue
Cement	$	256,313		$	261,155		$	860,289		$	819,734
Concrete and Aggregates		55,176			42,384			186,407			139,888
Gypsum Wallboard		212,016			163,584			652,981			502,836
Paperboard		47,774			49,763			155,520			140,828
		571,279			516,886			1,855,197			1,603,286
Less: Intersegment Revenue		(32,172	)		(26,539	)		(98,190	)		(77,858	)
Less: Joint Venture Revenue		(27,620	)		(27,406	)		(79,065	)		(77,023	)
	$	511,487		$	462,941		$	1,677,942		$	1,448,405


	For the Three Months Ended December 31,				For the Nine Months Ended December 31,
	2022		2021		2022		2021
	(dollars in thousands)
Intersegment Revenue
Cement	$	7,719	$	5,301	$	26,371	$	18,357
Paperboard		24,453		21,238		71,819		59,501
	$	32,172	$	26,539	$	98,190	$	77,858
Cement Sales Volume (M tons)
Wholly Owned		1,527		1,748		5,313		5,583
Joint Venture		172		215		524		614
		1,699		1,963		5,837		6,197


	For the Three Months Ended December 31,						For the Nine Months Ended December 31,
	2022			2021			2022			2021
	(dollars in thousands)						(dollars in thousands)
Operating Earnings
Cement	$	72,315		$	79,836		$	233,442		$	231,133
Concrete and Aggregates		2,692			4,115			15,700			16,998
Gypsum Wallboard		87,335			60,841			261,164			190,425
Paperboard		7,805			2,349			17,200			6,667
Sub-Total		170,147			147,141			527,506			445,223
Corporate General and Administrative Expense		(12,497	)		(12,851	)		(37,944	)		(32,986	)
Loss on Early Retirement of Senior Notes		—			—			—			(8,407	)
Other Nonoperating Income (Loss)		2,210			3,207			911			5,941
Earnings Before Interest and Income Taxes		159,860			137,497			490,473			409,771
Interest Expense, net		(8,932	)		(5,651	)		(24,842	)		(24,891	)
Earnings Before Income Taxes	$	150,928		$	131,846		$	465,631		$	384,880
Cement Operating Earnings
Wholly Owned	$	60,938		$	71,281		$	209,811		$	206,348
Joint Venture		11,377			8,555			23,631			24,785
	$	72,315		$	79,836		$	233,442		$	231,133
Capital Expenditures
Cement	$	7,278		$	8,256		$	21,157		$	23,199
Concrete and Aggregates		2,128			2,386			16,468			3,459
Gypsum Wallboard		7,307			16,222			19,777			24,261
Paperboard		463			594			2,318			2,086
Corporate and Other		526			953			1,231			2,183
	$	17,702		$	28,411		$	60,951		$	55,188
Depreciation, Depletion, and Amortization
Cement	$	20,582		$	19,933		$	60,893		$	59,483
Concrete and Aggregates		4,402			2,294			12,954			7,342
Gypsum Wallboard		5,387			5,598			16,539			16,478
Paperboard		3,738			3,685			11,197			11,016
Corporate and Other		706			684			2,106			2,159
	$	34,815		$	32,194		$	103,689		$	96,478


	December 31,		March 31,
	2022		2022
	(dollars in thousands)
Identifiable Assets
Cement	$	1,861,095	$	1,860,649
Concrete and Aggregates		214,623		89,405
Gypsum Wallboard		393,251		397,486
Paperboard		170,035		180,025
Other, net		91,166		52,087
	$	2,730,170	$	2,579,652

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 increases in Goodwill in the Cement and Concrete and Aggregates segments were related to the Terminal Acquisition and ConAgg Acquisition, respectively. The purchase price allocation for the Terminal Acquisition is still in progress, and may affect the recorded balance of Goodwill when completed.