XML 60 R38.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
SEGMENT INFORMATION (Tables)
9 Months Ended
Dec. 31, 2019
Segment Reporting [Abstract]  
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,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

 

 

(dollars in thousands)

 

Revenue -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cement

 

$

183,031

 

 

$

163,732

 

 

$

605,357

 

 

$

543,681

 

Concrete and Aggregates

 

 

47,147

 

 

 

30,841

 

 

 

142,895

 

 

 

111,425

 

Gypsum Wallboard

 

 

125,070

 

 

 

130,954

 

 

 

380,454

 

 

 

402,978

 

Paperboard

 

 

37,813

 

 

 

39,638

 

 

 

122,360

 

 

 

126,048

 

Oil and Gas Proppants

 

 

7,345

 

 

 

14,100

 

 

 

36,535

 

 

 

65,266

 

 

 

 

400,406

 

 

 

379,265

 

 

 

1,287,601

 

 

 

1,249,398

 

Less: Intersegment Revenue

 

 

(21,775

)

 

 

(20,611

)

 

 

(66,454

)

 

 

(62,746

)

Less: Joint Venture Revenue

 

 

(28,382

)

 

 

(25,369

)

 

 

(85,775

)

 

 

(78,112

)

 

 

$

350,249

 

 

$

333,285

 

 

$

1,135,372

 

 

$

1,108,540

 

 

 

 

For the Three Months Ended December 31,

 

 

For the Nine Months Ended December 31,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

 

 

(dollars in thousands)

 

Intersegment Revenue -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cement

 

$

6,174

 

 

$

3,518

 

 

$

17,130

 

 

$

11,769

 

Concrete and Aggregates

 

 

350

 

 

 

346

 

 

 

1,134

 

 

 

1,178

 

Paperboard

 

 

15,251

 

 

 

16,747

 

 

 

48,190

 

 

 

49,799

 

 

 

$

21,775

 

 

$

20,611

 

 

$

66,454

 

 

$

62,746

 

Cement Sales Volume (M tons) -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wholly Owned

 

 

1,199

 

 

 

1,126

 

 

 

4,046

 

 

 

3,740

 

Joint Venture

 

 

240

 

 

 

218

 

 

 

721

 

 

 

672

 

 

 

 

1,439

 

 

 

1,344

 

 

 

4,767

 

 

 

4,412

 

 

 

 

For the Three Months Ended December 31,

 

 

For the Nine Months Ended December 31,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

 

 

(dollars in thousands)

 

Operating Earnings (Loss) -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cement

 

$

54,180

 

 

$

47,197

 

 

$

156,827

 

 

$

142,078

 

Concrete and Aggregates

 

 

3,334

 

 

 

1,037

 

 

 

15,023

 

 

 

10,621

 

Gypsum Wallboard

 

 

38,484

 

 

 

43,543

 

 

 

114,872

 

 

 

139,694

 

Paperboard

 

 

9,021

 

 

 

7,475

 

 

 

29,060

 

 

 

26,078

 

Oil and Gas Proppants

 

 

(6,805

)

 

 

(9,324

)

 

 

(15,944

)

 

 

(19,554

)

Sub-Total

 

 

98,214

 

 

 

89,928

 

 

 

299,838

 

 

 

298,917

 

Corporate General and Administrative Expense

 

 

(13,794

)

 

 

(9,408

)

 

 

(48,506

)

 

 

(27,333

)

Impairment Losses

 

 

(224,267

)

 

 

 

 

 

(224,267

)

 

 

 

Litigation Settlements and Losses

 

 

 

 

 

 

 

 

 

 

 

(1,800

)

Other Non-Operating Income

 

 

825

 

 

 

1,292

 

 

 

1,967

 

 

 

2,291

 

Earnings (Loss) Before Interest and Income Taxes

 

 

(139,022

)

 

 

81,812

 

 

 

29,032

 

 

 

272,075

 

Interest Expense, net

 

 

(9,543

)

 

 

(7,294

)

 

 

(28,526

)

 

 

(20,743

)

Earnings (Loss) Before Income Taxes

 

$

(148,565

)

 

$

74,518

 

 

$

506

 

 

$

251,332

 

Cement Operating Earnings -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wholly Owned

 

$

43,480

 

 

$

37,690

 

 

$

124,338

 

 

$

113,147

 

Joint Ventures

 

 

10,700

 

 

 

9,507

 

 

 

32,489

 

 

 

28,931

 

 

 

$

54,180

 

 

$

47,197

 

 

$

156,827

 

 

$

142,078

 

Capital Expenditures -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cement

 

$

7,379

 

 

$

17,691

 

 

$

26,125

 

 

$

51,524

 

Concrete and Aggregates

 

 

3,233

 

 

 

2,263

 

 

 

9,324

 

 

 

4,786

 

Gypsum Wallboard

 

 

273

 

 

 

2,054

 

 

 

8,647

 

 

 

8,533

 

Paperboard

 

 

12,885

 

 

 

1,486

 

 

 

42,484

 

 

 

7,896

 

Oil and Gas Proppants

 

 

86

 

 

 

5,818

 

 

 

151

 

 

 

48,684

 

Corporate and Other

 

 

 

 

 

3,690

 

 

 

 

 

 

5,023

 

 

 

$

23,856

 

 

$

33,002

 

 

$

86,731

 

 

$

126,446

 

Depreciation, Depletion, and Amortization -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cement

 

$

14,189

 

 

$

13,242

 

 

$

42,275

 

 

$

38,909

 

Concrete and Aggregates

 

 

3,105

 

 

 

2,049

 

 

 

8,050

 

 

 

6,154

 

Gypsum Wallboard

 

 

5,050

 

 

 

4,978

 

 

 

15,149

 

 

 

15,009

 

Paperboard

 

 

2,244

 

 

 

2,150

 

 

 

6,610

 

 

 

6,387

 

Oil and Gas Proppants

 

 

3,445

 

 

 

6,964

 

 

 

11,087

 

 

 

24,403

 

Corporate and Other

 

 

578

 

 

 

402

 

 

 

1,773

 

 

 

1,099

 

 

 

$

28,611

 

 

$

29,785

 

 

$

84,944

 

 

$

91,961

 

 

 

 

 

December 31,

 

 

March 31,

 

 

 

2019

 

 

2019

 

 

 

(dollars in thousands)

 

Identifiable Assets

 

 

 

 

 

 

 

 

Cement

 

$

1,282,081

 

 

$

1,289,468

 

Concrete and Aggregates

 

 

139,769

 

 

 

95,084

 

Gypsum Wallboard

 

 

367,833

 

 

 

372,206

 

Paperboard

 

 

169,508

 

 

 

138,614

 

Oil and Gas Proppants

 

 

18,029

 

 

 

236,357

 

Corporate and Other, net

 

 

153,005

 

 

 

37,434

 

 

 

$

2,130,225

 

 

$

2,169,163

 

Segment Breakdown of Goodwill The segment breakdown of Goodwill is as follows:

 

 

 

December 31,

 

 

March 31,

 

 

 

2019

 

 

2019

 

 

 

(dollars in thousands)

 

Cement

 

$

74,214

 

 

$

74,214

 

Gypsum Wallboard

 

 

116,618

 

 

 

116,618

 

Paperboard

 

 

7,538

 

 

 

7,538

 

Concrete and Aggregates

 

 

1,639

 

 

 

 

 

 

$

200,009

 

 

$

198,370

 

Summarized Financial Information for Joint Venture Unconsolidated

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):

 

 

 

For the Three Months Ended December 31,

 

 

For the Nine Months Ended December 31,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

 

 

(dollars in thousands)

 

Revenue

 

$

56,767

 

 

$

51,411

 

 

$

172,385

 

 

$

158,922

 

Gross Margin

 

$

22,749

 

 

$

20,178

 

 

$

68,806

 

 

$

62,196

 

Earnings Before Income Taxes

 

$

21,402

 

 

$

19,013

 

 

$

64,979

 

 

$

57,862

 

 

 

 

December 31,

 

 

March 31,

 

 

 

2019

 

 

2019

 

 

 

(dollars in thousands)

 

Current Assets

 

$

80,108

 

 

$

71,688

 

Non-Current Assets

 

$

88,242

 

 

$

81,007

 

Current Liabilities

 

$

19,190

 

 

$

19,309