Fiscal Year 2022 Compared with Fiscal Year 2021

Equity in Earnings of Unconsolidated Joint Venture

LOSS ON EARLY RETIRMENT OF SENIOR NOTES

GAIN ON SALE OF BUSINESSES

Earnings from continuing operations Before Income Taxes

Income Tax Expense for fiscal 2022 increased to $100.8 million from $89.9 million for fiscal 2021. The effective tax rate was 21%, same as the prior-year period.

Net Earnings from continuing operations and Diluted Earnings per Share from continuing operations

Net Earnings from Continuing Operations increased 12% in fiscal 2022 to $374.2 million. Diluted Earnings per Share in fiscal 2022 was $9.14, compared with $7.99 for fiscal 2021.

Net Earnings from Discontinued Operations

Net Earnings increased 10% to $374.2 million for fiscal 2022, primarily related to the reasons discussed above.

FISCAL YEAR 2022 vs FISCAL YEAR 2021 Results by Segment

The following presents results within our two business sectors in fiscal 2022 and fiscal 2021. Revenue and operating results are organized by sector and discussed by individual business segment within each respective business sector.

Fiscal Year 2021 Compared with Fiscal Year 2020

reporting unit exceeds its fair value, then an impairment charge equal to the difference, not to exceed the total amount of Goodwill, is recorded.

Level 1 - Quoted prices in active markets for identical assets and liabilities.

Level 2 - Observable inputs, other than quoted prices, for similar assets or liabilities in active markets.

Level 3 - Unobservable inputs, which includes the use of valuation models.

Level 2 fair values are typically used to value acquired receivables, inventories, machinery and equipment, land, buildings, deferred income tax assets and liabilities, and accruals for payables, asset retirement obligations, and contingencies.

Level 3 inputs are used to estimate the fair value of acquired mineral reserves, mineral interests, and separately identifiable intangible assets.

The following table provides a summary of our Cash Flows:

Cash Flows from Operating Activities decreased by $125.9 million to $517.2 million for fiscal 2022. The decrease was largely attributable to receiving income tax refunds of $125.6 million in fiscal 2021.

Our debt-to-capitalization ratio and net debt-to-capitalization ratio were 45.6% and 45.1%, respectively, at March 31, 2022, compared with 42.8% and 35.6%, respectively, at March 31, 2021.

Below is a summary of the Company's outstanding debt facilities, after the May 5, 2022 amendment to the Revolving Credit Facility:

We also have approximately $36.3 million of lease liabilities at March 31, 2022, that have an average remaining life of approximately 10.1 years.

Cash Used for Share Repurchases and Stock Repurchase Program

See table under Item 5. "Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities" for additional information.

Based on our current actuarial estimates, we do not anticipate making contributions to our defined benefit plans for fiscal year 2023.

Dividends paid in fiscal years 2022 and 2021 were $30.8 million and $4.2 million, respectively. Dividends were suspended during the early stages of the COVID-19 pandemic, but were reinstated in May 2021.

See "Market Conditions and Outlook" within Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations on pages 39-40.

Refer to Footnote (A) to the Audited Consolidated Financial Statements for information regarding recently issued accounting pronouncements that may affect our financial statements.

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