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Segment information | 6 Months Ended
--- | ---
Jun. 30, 2025
Segment Reporting [Abstract] |
Segment information | Segment information The Company is organized into two reportable segments — Building Materials and Building Envelope — that are aligned with the products and services it provides and based upon the information used by the CODM in evaluating the performance of the business and allocating resources and capital. The Building Materials segment offers a range of branded solutions delivering high-quality products for a wide range of applications. These include cement and aggregates, as well as a variety of downstream products and solutions such as ready-mix concrete, asphalt and other construction materials. The Building Envelope segment offers advanced roofing and wall systems, including single-ply membranes, insulation, shingles, sheathing, waterproofing and protective coatings, along with adhesives, tapes and sealants that are critical to the application of roofing and wall systems. The Company determines its operating segments based on the discrete financial information that is regularly evaluated by its CODM in deciding how to allocate resources and in assessing performance. In connection with the Spin-off, the CODM was determined to be the Company’s CEO as he is responsible for allocating resources and assessing performance. The discrete financial information regularly evaluated by the CODM and operating segment conclusions are consistent prior to and following the completion of the Spin-off. For both segments, the CODM uses Segment Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) in the financial planning and resource allocation process. The CODM considers Segment Adjusted EBITDA on a monthly basis to evaluate the performance of each segment and make decisions about allocating resources to each segment. Segment Adjusted EBITDA excludes the impact of unallocated corporate costs, Depreciation, depletion, accretion and amortization, Loss on impairments, Interest expense, net, Other non-operating income, net and certain other items, such as costs related to acquisitions, certain litigation costs, restructuring costs, charges associated with non- core sites, certain warranty charges related to a pre-acquisition manufacturing issue and transaction costs related to the Spin-off. The accounting policies applicable to each segment are consistent with those used on these unaudited condensed consolidated financial statements. Th e key performance indicators for the Company’s reportable segments are presented in the following table. Certain totals presen ted below may not agree with the line items on the unaudited condensed consolidated statements of operations primarily due to (a) depreciation, depletion, accretion and amortization and (b) unallocated corporate costs.
|  | For the three months ended June 30, |  |  | For the six months ended June 30,
(In millions) |  | 2025 |  | 2024 |  |  | 2025 |  | 2024
Revenues: |  |  |  |  |  |  |  |  |
Building Materials |  | $2,250 |  | $2,274 |  |  | $3,579 |  | $3,698
Building Envelope |  | 970 |  | 969 |  |  | 1,722 |  | 1,711
Total Revenues |  | $3,220 |  | $3,243 |  |  | $5,301 |  | $5,409
Cost of revenues: |  |  |  |  |  |  |  |  |
Building Materials |  | $1,425 |  | $1,428 |  |  | $2,543 |  | $2,591
Building Envelope |  | 619 |  | 615 |  |  | 1,146 |  | 1,138
Total cost of revenues |  | $2,044 |  | $2,043 |  |  | $3,689 |  | $3,729
Other segment expenses(1): |  |  |  |  |  |  |  |  |
Building Materials |  | $67 |  | $76 |  |  | $158 |  | $163
Building Envelope |  | 90 |  | 91 |  |  | 191 |  | 172
Total other segment expenses |  | $157 |  | $167 |  |  | $349 |  | $335
Segment Adjusted EBITDA: |  |  |  |  |  |  |  |  |
Building Materials |  | $758 |  | $770 |  |  | $878 |  | $944
Building Envelope |  | 261 |  | 263 |  |  | 385 |  | 401
Total Segment Adjusted EBITDA |  | $1,019 |  | $1,033 |  |  | $1,263 |  | $1,345
Reconciling items: |  |  |  |  |  |  |  |  |
Corporate / eliminations: |  |  |  |  |  |  |  |  |
Unallocated corporate costs |  | $(72) |  | $(30) |  |  | $(102) |  | $(58)
Depreciation, depletion, accretion and amortization |  | (221) |  | (224) |  |  | (439) |  | (436)
Loss on impairments |  | (2) |  | (2) |  |  | (2) |  | (2)
Other(2) |  | (55) |  | (23) |  |  | (67) |  | (35)
Interest income |  | 22 |  | 4 |  |  | 36 |  | 15
Interest expense |  | (143) |  | (138) |  |  | (275) |  | (269)
Other non-operating income, net |  | 1 |  | — |  |  | 2 |  | 4
Total reconciling items |  | $(470) |  | $(413) |  |  | $(847) |  | $(781)
Income before income tax expense and income from equity method investments: |  | $549 |  | $620 |  |  | $416 |  | $564
__________________ (1)Other segment expenses consist of selling, general and administrative expenses and gains on disposals of long-lived assets. (2)Other primarily consists of costs related to acquisitions, certain litigation costs, restructuring costs, charges associated with non-core sites, certain warranty charges related to a pre-acquisition manufacturing issue and transaction costs related to the Spin-off. The Company’s capital expenditures by segment were as follows:
|  | For the three months ended June 30, |  |  | For the six months ended June 30,
(In millions) |  | 2025 |  | 2024 |  |  | 2025 |  | 2024
Capital expenditures(1): |  |  |  |  |  |  |  |  |
Building Materials |  | $202 |  | $143 |  |  | $386 |  | $304
Building Envelope |  | 33 |  | 12 |  |  | 60 |  | 33
Total capital expenditures |  | $235 |  | $155 |  |  | $446 |  | $337
__________________ (1)Capital expenditures for the three and six months ended June 30, 2025 and 2024 exclude noncash transactions for capital expenditure- related accounts payable. The Company’s assets by segment were as follows:
|  | As of |  | As of
(In millions) |  | June 30, 2025 |  | December 31, 2024
Segment assets(1): |  |  |  |
Building Materials |  | $15,392 |  | $14,306
Building Envelope |  | 7,355 |  | 6,987
Total segment assets |  | 22,747 |  | 21,293
Other assets |  | 1,035 |  | 2,512
Total assets as reported in the condensed consolidated Balance Sheets |  | $23,782 |  | $23,805
__________________ (1)Segment assets are comprised of Accounts receivable, net, Inventories, Property, plant and equipment, net, Goodwill, Intangible assets, net and Operating lease right-of-use assets, net.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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