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, |
|
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
|
|
(dollars in thousands) |
|
Revenue - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cement |
|
$ |
234,092 |
|
|
$ |
183,031 |
|
|
$ |
773,565 |
|
|
$ |
605,357 |
|
Concrete and Aggregates |
|
|
43,530 |
|
|
|
47,147 |
|
|
|
134,020 |
|
|
|
142,896 |
|
Gypsum Wallboard |
|
|
135,658 |
|
|
|
125,070 |
|
|
|
397,018 |
|
|
|
380,454 |
|
Paperboard |
|
|
39,602 |
|
|
|
37,813 |
|
|
|
122,417 |
|
|
|
122,360 |
|
|
|
|
452,882 |
|
|
|
393,061 |
|
|
|
1,427,020 |
|
|
|
1,251,067 |
|
Less: Intersegment Revenue |
|
|
(21,105 |
) |
|
|
(21,775 |
) |
|
|
(68,077 |
) |
|
|
(66,454 |
) |
Less: Joint Venture Revenue |
|
|
(27,110 |
) |
|
|
(28,382 |
) |
|
|
(79,603 |
) |
|
|
(85,775 |
) |
|
|
$ |
404,667 |
|
|
$ |
342,904 |
|
|
$ |
1,279,340 |
|
|
$ |
1,098,838 |
|
|
|
For the Three Months Ended December 31, |
|
|
For the Nine Months Ended December 31, |
|
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
|
|
(dollars in thousands) |
|
Intersegment Revenue - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cement |
|
$ |
5,241 |
|
|
$ |
6,174 |
|
|
$ |
17,539 |
|
|
$ |
17,130 |
|
Concrete and Aggregates |
|
|
— |
|
|
|
350 |
|
|
|
106 |
|
|
|
1,134 |
|
Paperboard |
|
|
15,864 |
|
|
|
15,251 |
|
|
|
50,432 |
|
|
|
48,190 |
|
|
|
$ |
21,105 |
|
|
$ |
21,775 |
|
|
$ |
68,077 |
|
|
$ |
66,454 |
|
Cement Sales Volume (M tons) - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wholly Owned |
|
|
1,616 |
|
|
|
1,199 |
|
|
|
5,429 |
|
|
|
4,046 |
|
Joint Venture |
|
|
226 |
|
|
|
240 |
|
|
|
678 |
|
|
|
721 |
|
|
|
|
1,842 |
|
|
|
1,439 |
|
|
|
6,107 |
|
|
|
4,767 |
|
|
|
For the Three Months Ended December 31, |
|
|
For the Nine Months Ended December 31, |
|
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
|
|
(dollars in thousands) |
|
|
(dollars in thousands) |
|
Operating Earnings - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cement |
|
$ |
70,434 |
|
|
$ |
54,180 |
|
|
$ |
210,802 |
|
|
$ |
156,827 |
|
Concrete and Aggregates |
|
|
5,075 |
|
|
|
3,334 |
|
|
|
15,748 |
|
|
|
15,023 |
|
Gypsum Wallboard |
|
|
40,792 |
|
|
|
38,484 |
|
|
|
119,723 |
|
|
|
114,872 |
|
Paperboard |
|
|
7,161 |
|
|
|
9,021 |
|
|
|
20,708 |
|
|
|
29,060 |
|
Other |
|
|
— |
|
|
|
(1,116 |
) |
|
|
— |
|
|
|
(2,976 |
) |
Sub-Total |
|
|
123,462 |
|
|
|
103,903 |
|
|
|
366,981 |
|
|
|
312,806 |
|
Corporate General and Administrative Expense |
|
|
(11,327 |
) |
|
|
(13,794 |
) |
|
|
(40,225 |
) |
|
|
(48,506 |
) |
Gain on Sale of Businesses |
|
|
— |
|
|
|
— |
|
|
|
51,973 |
|
|
|
— |
|
Impairment Losses |
|
|
— |
|
|
|
(25,131 |
) |
|
|
— |
|
|
|
(25,131 |
) |
Other Non-Operating Income |
|
|
2,297 |
|
|
|
722 |
|
|
|
1,898 |
|
|
|
1,445 |
|
Earnings Before Interest and Income Taxes |
|
|
114,432 |
|
|
|
65,700 |
|
|
|
380,627 |
|
|
|
240,614 |
|
Interest Expense, net |
|
|
(9,360 |
) |
|
|
(9,543 |
) |
|
|
(35,957 |
) |
|
|
(28,526 |
) |
Earnings from Continuing Operations Before Income Taxes |
|
$ |
105,072 |
|
|
$ |
56,157 |
|
|
$ |
344,670 |
|
|
$ |
212,088 |
|
Cement Operating Earnings - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wholly Owned |
|
$ |
60,351 |
|
|
$ |
43,480 |
|
|
$ |
182,346 |
|
|
$ |
124,338 |
|
Joint Venture |
|
|
10,083 |
|
|
|
10,700 |
|
|
|
28,456 |
|
|
|
32,489 |
|
|
|
$ |
70,434 |
|
|
$ |
54,180 |
|
|
$ |
210,802 |
|
|
$ |
156,827 |
|
Capital Expenditures - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cement |
|
$ |
2,510 |
|
|
$ |
7,379 |
|
|
$ |
20,767 |
|
|
$ |
26,125 |
|
Concrete and Aggregates |
|
|
1,631 |
|
|
|
3,233 |
|
|
|
2,933 |
|
|
|
9,324 |
|
Gypsum Wallboard |
|
|
491 |
|
|
|
273 |
|
|
|
11,073 |
|
|
|
8,647 |
|
Paperboard |
|
|
233 |
|
|
|
12,885 |
|
|
|
10,768 |
|
|
|
42,484 |
|
|
|
$ |
4,865 |
|
|
$ |
23,770 |
|
|
$ |
45,541 |
|
|
$ |
86,580 |
|
Depreciation, Depletion, and Amortization - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cement |
|
$ |
19,337 |
|
|
$ |
14,189 |
|
|
$ |
57,838 |
|
|
$ |
42,275 |
|
Concrete and Aggregates |
|
|
2,691 |
|
|
|
3,105 |
|
|
|
8,110 |
|
|
|
8,050 |
|
Gypsum Wallboard |
|
|
5,340 |
|
|
|
5,050 |
|
|
|
16,201 |
|
|
|
15,149 |
|
Paperboard |
|
|
3,509 |
|
|
|
2,244 |
|
|
|
10,205 |
|
|
|
6,610 |
|
Corporate and Other |
|
|
1,203 |
|
|
|
578 |
|
|
|
3,704 |
|
|
|
1,773 |
|
|
|
$ |
32,080 |
|
|
$ |
25,166 |
|
|
$ |
96,058 |
|
|
$ |
73,857 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Expenditures |
|
$ |
— |
|
|
$ |
86 |
|
|
$ |
— |
|
|
$ |
151 |
|
Depreciation, Depletion, and Amortization |
|
$ |
— |
|
|
$ |
3,445 |
|
|
$ |
221 |
|
|
$ |
11,087 |
|
|
|
December 31, |
|
|
March 31, |
|
|
|
2020 |
|
|
2020 |
|
|
|
(dollars in thousands) |
|
Identifiable Assets |
|
|
|
|
|
|
|
|
Cement |
|
$ |
1,907,191 |
|
|
$ |
1,980,306 |
|
Concrete and Aggregates |
|
|
99,495 |
|
|
|
136,041 |
|
Gypsum Wallboard |
|
|
358,530 |
|
|
|
375,946 |
|
Paperboard |
|
|
190,024 |
|
|
|
183,288 |
|
Assets of Discontinued Operations |
|
|
— |
|
|
|
13,831 |
|
Other, net |
|
|
169,798 |
|
|
|
271,608 |
|
|
|
$ |
2,725,038 |
|
|
$ |
2,961,020 |
|
|