BUSINESS SEGMENTS (Tables)

12 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Financial Information Related to Operations by Segment

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 Years Ended March 31,
	2024			2023			2022
	(dollars in thousands)
Revenue
Cement	$	1,226,017		$	1,074,070		$	1,007,094
Concrete and Aggregates		252,952			239,516			177,122
Gypsum Wallboard		839,530			872,471			692,152
Paperboard		184,188			201,280			194,054
		2,502,687			2,387,337			2,070,422
Less: Intersegment Revenue		(130,654	)		(125,750	)		(105,001	)
Less: Joint Venture Revenue		(112,736	)		(113,518	)		(103,899	)
	$	2,259,297		$	2,148,069		$	1,861,522

	For the Years Ended March 31,
	2024		2023		2022
	(dollars in thousands)
Intersegment Revenue
Cement	$	35,363	$	32,915	$	22,915
Concrete and Aggregates		12,940		—		—
Paperboard		82,351		92,835		82,086
	$	130,654	$	125,750	$	105,001
Cement Sales Volume (M tons)
Wholly Owned		6,610		6,399		6,711
Joint Venture		679		734		823
		7,289		7,133		7,534

	For the Years Ended March 31,
	2024				2023			2022
				(dollars in thousands)
Operating Earnings
Cement	$	338,349			$	278,762		$	259,556
Concrete and Aggregates		12,401				18,259			18,467
Gypsum Wallboard		334,536				352,499			261,476
Paperboard		31,616				25,220			12,603
Sub-Total		716,902				674,740			552,102
Corporate General and Administrative Expense		(59,795	)			(53,630	)		(46,801	)
Loss on Early Retirement of Senior Notes		—				—			(8,407	)
Other Nonoperating Income (Loss)		3,087				2,654			9,073
Earnings Before Interest and Income Taxes		660,194				623,764			505,967
Interest Expense, net		(42,257	)			(35,171	)		(30,873	)
Earnings Before Income Taxes	$	617,937			$	588,593		$	475,094
Cement Operating Earnings
Wholly Owned	$	306,768			$	243,288		$	227,068
Joint Venture		31,581				35,474			32,488
	$	338,349			$	278,762		$	259,556
Capital Expenditures
Cement	$	65,442			$	39,049		$	31,535
Concrete and Aggregates		15,103				35,503			5,239
Gypsum Wallboard		29,127				31,063			32,405
Paperboard		10,085				2,898			2,579
Corporate and Other		548				1,630			2,363
	$	120,305			$	110,143		$	74,121
Depreciation, Depletion, and Amortization
Cement	$	89,138			$	81,643		$	79,560
Concrete and Aggregates		19,728				17,413			9,656
Gypsum Wallboard		23,038				21,744			22,024
Paperboard		14,811				14,942			14,721
Corporate and Other		3,117				2,812			2,850
	$	149,832			$	138,554		$	128,811

	March 31,
	2024		2023		2022
	(dollars in thousands)
Segment Assets
Cement	$	2,042,499	$	1,905,227	$	1,860,649
Concrete and Aggregates		225,485		234,767		89,405
Gypsum Wallboard		432,122		421,425		397,486
Paperboard		170,832		163,797		180,025
Corporate and Other, net		76,081		55,786		52,087
	$	2,947,019	$	2,781,002	$	2,579,652

Segment Breakdown of Goodwill

The segment breakdown of Goodwill at March 31, 2024 and 2023 is as follows:

	For the Years Ended March 31,
	2024		2023
	(dollars in thousands)
Cement	$	227,639	$	215,781
Concrete and Aggregates		40,774		40,774
Gypsum Wallboard		116,618		116,618
Paperboard		7,538		7,538
	$	392,569	$	380,711

Summarized Financial Information for Joint Venture Unconsolidated

Summarized financial information for the Joint Venture that is not consolidated is set out below. The summarized financial information includes the total amount of the Joint Venture and not our 50% interest in those amounts:

	For the Years Ended March 31,
	2024		2023
	(dollars in thousands)
Revenue	$	225,503	$	227,565
Gross Margin	$	71,077	$	77,673
Earnings Before Income Taxes	$	63,644	$	71,491

	As of March 31,
	2024		2023
	(dollars in thousands)
Current Assets	$	111,164	$	88,562
Noncurrent Assets	$	158,618	$	124,503
Current Liabilities	$	27,994	$	29,434

On May 1, 2024, the Company and HM Southeast Cement LLC, a subsidiary of Heidelberg Materials, (our Joint Venture Partner) entered into a put option agreement (Put Option Agreement) that provides for the grant of reciprocal put options by the parties with respect to their 50% partnership interests in the Joint Venture. If the Company or our Joint Venture Partner exercises its put option under the Put Option Agreement, the other party is required to purchase the 50% partnership interest held by the exercising party for approximately $550.0 million, subject to certain customary adjustments. The put option can only be exercised in the event of a triggering event, which is defined as the entry by the exercising party into a binding and effective outside purchase agreement. An outside purchase agreement is a definitive agreement for the purchase of assets or operations to be used in the production or sale of grey cement products or slag in the Joint Venture market area for total consideration equal to or greater than $1 billion. The Put Option Agreement is effective for 15 months, and expires on August 1, 2025.