| Financial Information Related to Operations by Segment |
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 |
|
|