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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.
The key performance indicators for the Company’s reportable segments are presented in the following
table. Certain totals presented 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.