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.

We are a leading supplier of heavy construction materials, light building materials, and materials used for oil and natural gas extraction in the United States. Our products are commodities that are essential in commercial and residential construction; public construction projects; projects to build, expand, and repair roads and highways; and in oil and natural gas extraction.

Our business is organized into three sectors within which there are five 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 Oil and Gas Proppants segment produces frac sand used in oil and gas exploration and extraction.

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, which 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) and sand used in hydraulic fracturing (frac sand).

We operate seven cement plants, one slag grinding facility, 19 cement distribution terminals, five gypsum wallboard plants, a recycled paperboard mill, 17 readymix concrete batch plants, four aggregates processing

plants, two frac sand processing facilities, four frac sand drying facilities, and five frac sand trans-load locations. The principal markets for our cement products are Texas, Illinois, the central plains, Michigan, Iowa, the Rocky Mountains, northern Nevada, southern Ohio, and northern California. Gypsum wallboard and recycled paperboard are distributed throughout the continental U.S., with the exception of the Northeast. Concrete and aggregates are sold to local readymix producers and paving contractors in the Austin, Texas area; north of Sacramento, California; and the greater Kansas City, Missouri area, while frac sand is currently sold into shale deposits across the United States.

We conduct one of our seven cement plant operations, Texas Lehigh Cement Company LP, in Buda, Texas, through a Joint Venture. For segment reporting purposes only, we proportionately consolidate our 50% share of the Joint Venture’s Revenue and Operating Earnings, consistent with the way management reports the segments within the Company for making operating decisions and assessing performance.

We account for intersegment sales at market prices. 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 June 30,
	2019			2018
	(dollars in thousands)
Revenue -
Cement	$	195,313		$	186,788
Concrete and Aggregates		39,778			40,840
Gypsum Wallboard		126,724			142,415
Paperboard		42,700			45,133
Oil and Gas Proppants		15,232			27,700
		419,747			442,876
Less: Intersegment Revenue		(21,645	)		(21,856	)
Less: Joint Venture Revenue		(27,505	)		(27,264	)
	$	370,597		$	393,756

	For the Three Months Ended June 30,
	2019		2018
	(dollars in thousands)
Intersegment Revenue -
Cement	$	4,253	$	4,178
Concrete and Aggregates		377		331
Paperboard		17,015		17,347
	$	21,645	$	21,856
Cement Sales Volume (M tons) -
Wholly Owned		1,318		1,275
Joint Venture		232		236
		1,550		1,511

	For the Three Months Ended June 30,
	2019			2018
	(dollars in thousands)
Operating Earnings -
Cement	$	36,121		$	37,334
Concrete and Aggregates		4,434			5,484
Gypsum Wallboard		37,932			50,480
Paperboard		9,944			9,994
Oil and Gas Proppants		(3,670	)		(2,407	)
Sub-Total		84,761			100,885
Corporate General and Administrative Expense		(21,254	)		(8,003	)
Litigation Settlements and Losses		—			(1,800	)
Other Non-Operating Income		200			571
Earnings Before Interest and Income Taxes		63,707			91,653
Interest Expense, net		(8,846	)		(6,632	)
Earnings Before Income Taxes	$	54,861		$	85,021
Cement Operating Earnings -
Wholly Owned	$	26,689		$	28,083
Joint Ventures		9,432			9,251
	$	36,121		$	37,334
Capital Expenditures -
Cement	$	10,537		$	19,613
Concrete and Aggregates		595			2,064
Gypsum Wallboard		1,931			2,355
Paperboard		12,360			1,065
Oil and Gas Proppants		65			27,636
Other, net		—			340
	$	25,488		$	53,073
Depreciation, Depletion, and Amortization -
Cement	$	14,218		$	12,921
Concrete and Aggregates		2,191			2,053
Gypsum Wallboard		4,952			4,830
Paperboard		2,163			2,109
Oil and Gas Proppants		3,839			7,595
Corporate and Other		597			342
	$	27,960		$	29,850

	June 30,		March 31,
	2019		2019
	(dollars in thousands)
Identifiable Assets
Cement	$	1,331,042	$	1,289,468
Concrete and Aggregates		107,127		95,084
Gypsum Wallboard		372,961		372,206
Paperboard		148,148		138,614
Oil and Gas Proppants		265,318		236,357
Other, net		44,482		37,434
	$	2,269,078	$	2,169,163

The capital expenditures for the three months ended June 30, 2019 disclosed above differs from the capital expenditures on the Unaudited Consolidated Statement of Cash Flows as it includes $3.7 million of capital expenditures that were accrued at June 30, 2019 and therefore not included in the Statement of Cash Flows. See Footnote (B) for more information.

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 primarily 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

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):