UNITED STATES LIME & MINERALS INC Segments Disclosure
(9) Reportable Segment
The Company is managed as one reportable segment, lime and limestone operations, based on the distinctness of the Company’s activities and products. All operations are in the United States. During 2024, the Company determined that the activities of its natural gas interests and the associated level of review of those activities by the CODM precluded the natural gas activities from meeting the definition of an operating segment, as provided in ASC 280. In addition, previously unallocated items, including cash, interest income and expense, and other expense are now included as part of lime and limestone operations, and consolidated net income is now used as the measure of segment profit or loss. Segment disclosures for 2023 have been recast to be consistent with the 2025 and 2024 presentations.
The Company’s CODM is the chief executive officer. The lime and limestone operations segment derives revenues from the sale of crushed limestone, pulverized limestone, aggregate, quicklime, hydrated lime, and lime slurry. The accounting policies of the lime and limestone operations segment are the same as those described in Note (1) Summary of Significant Accounting Policies.
In evaluating the operating results of the Company, the CODM assesses performance for the lime and limestone operations segment and decides how to allocate resources (including, but not limited to, decisions on fuel blends, capital purchases, and staffing levels) based on net income that is also reported on the Consolidated Statements of Income. The measure of segment assets is reported on the Consolidated Balance Sheets as “Total assets” and the measure of segment capital expenditures is reported on the Consolidated Statements of Cash Flows as “Purchase of property, plant, and equipment.”
The following table presents revenue, significant expenses, and profit for the years ended December 31, 2025, 2024, and 2023 as reviewed and used by the CODM. There are no other significant segment items or reconciling items to consolidated net income.
2025 | 2024 | 2023 | |||||||
Revenues | $ | 372,727 | $ | 317,721 | $ | 281,330 | |||
Less: | |||||||||
Fuel, energy, and transportation | 89,598 | 82,232 | 88,521 | ||||||
Depreciation, depletion, and amortization | 24,877 | 23,855 | 23,533 | ||||||
Outside services, maintenance, and supplies | 33,871 | 28,536 | 29,310 | ||||||
Personnel expenses, cost of revenues | 32,857 | 30,980 | 29,209 | ||||||
Other cost of revenues | 9,126 | 8,137 | 7,890 | ||||||
Selling, general, and administrative expenses | 24,539 | 19,058 | 17,445 | ||||||
Other (income) expense, net | (13,158) | (11,460) | (7,940) | ||||||
Income tax expense | 36,742 | 27,544 | 18,813 | ||||||
Net income | $ | 134,275 | $ | 108,839 | $ | 74,549 | |||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2017 | Mar 2, 2018 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.