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SEGMENT REPORTING
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
SEGMENT REPORTING SEGMENT REPORTING
Our operating segments are based on our internal management reporting structure. Our chief operating decision maker (CODM),
the Chairman and Chief Executive Officer, evaluates our operating results through reportable segment gross profit. This financial metric is used to review operating trends, perform analytical comparisons between periods and monitor budget-to-actual variances on a monthly basis in order to assess performance and allocate resources.
We continually assess our internal management reporting structure and the financial information evaluated by our CODM to determine whether any changes have occurred that would impact segment reporting. During the first quarter of 2024, we reorganized the financial information provided to our CODM. As a result, we now report our calcium operation within our Aggregates reporting segment to align with our new reporting structure. All prior period segment information has been revised to conform to the current presentation. This change in our reporting segments had no impact on previously reported consolidated financial results.
We have three operating (and reportable) segments organized around our principal product lines: Aggregates, Asphalt and Concrete. Management reviews earnings from these reporting segments principally at the gross profit level.
The Aggregates segment produces and sells aggregates (crushed stone, sand and gravel, sand, and other aggregates) and related products and services. During 2024, the Aggregates segment principally served markets in twenty-three states, the U.S. Virgin Islands, Washington D.C., Freeport (Bahamas), British Columbia (Canada), Puerto Cortés (Honduras) and Quintana Roo (Mexico) — see Note 12, NAFTA Arbitration — with a full line of aggregates. Aggregates are used primarily in the construction and maintenance of highways, streets and other public works and in the construction of housing and commercial, industrial and other nonresidential facilities. Customers are served by truck, rail and water distribution networks from our production facilities and sales yards. Due to the high weight-to-price ratio of aggregates, markets generally are local in nature. Quarries located on waterways and rail lines allow us to serve remote markets where local aggregates reserves may not be available.
The Asphalt segment produces and sells asphalt mix in six states (Alabama, Arizona, California, New Mexico, Tennessee and Texas) and provides asphalt construction paving services in three states (Alabama, Tennessee and Texas).
The Concrete segment produces and sells ready-mixed concrete in three states (California, Maryland and Virginia) in addition to the U.S. Virgin Islands and Washington D.C.
Aggregates comprise approximately 95% of asphalt mix by weight and 80% of ready-mixed concrete by weight. Our Asphalt and Concrete segments are primarily supplied with their aggregates requirements from our Aggregates segment. These intersegment sales are made at local market prices for the particular grade and quality of product used in the production of asphalt mix and ready-mixed concrete and are excluded from total revenues. Customers for our Asphalt and Concrete segments are generally served locally at our production facilities or by truck. Because asphalt mix and ready-mixed concrete harden rapidly, delivery is time constrained and generally confined to a radius of approximately 20 to 25 miles from the producing facility.
The vast majority of our activities are domestic. We sell a relatively small amount of construction aggregates outside the United States. Total domestic revenues were $7,401.0 million, $7,769.7 million and $7,263.9 million in 2024, 2023 and 2022, respectively. Nondomestic Aggregates segment revenues were $16.7 million, $12.2 million and $51.3 million in 2024, 2023 and 2022, respectively; there were no significant nondomestic revenues in our Asphalt or Concrete segments. Long-lived assets outside the United States, which consist primarily of property, plant & equipment, were $501.4 million, $524.1 million and $534.2 million in 2024, 2023 and 2022, respectively. Equity method investments of $26.6 million in 2024, $26.6 million in 2023 and $26.5 million in 2022 are included in the identifiable assets for the Aggregates segment and in investments and long-term receivables on the accompanying Consolidated Balance Sheets.
SEGMENT FINANCIAL DISCLOSURE
in millions202420232022
Total Revenues
Aggregates 1
$5,949.6 $5,918.9 $5,280.6 
Asphalt 2
1,245.6 1,140.7 990.2 
Concrete 3
653.5 1,249.3 1,593.9 
Segment sales$7,848.7 $8,308.9 $7,864.7 
Aggregates intersegment sales(431.0)(527.0)(549.5)
Total revenues$7,417.7 $7,781.9 $7,315.2 
Cost of Revenues
Aggregates
$(3,701.9)$(3,655.1)$(3,320.0)
Asphalt(1,075.5)(991.1)(932.9)
Concrete 3
(640.7)(1,187.2)(1,504.6)
Total$(5,418.1)$(5,833.4)$(5,757.5)
Gross Profit
Aggregates
$1,816.7 $1,736.8 $1,411.1 
Asphalt170.1 149.6 57.3 
Concrete 3
12.8 62.1 89.3 
Total $1,999.6 $1,948.5 $1,557.7 
Reconciliation to Pretax Earnings
Selling, administrative and general expenses$(531.1)$(542.8)$(515.1)
Other operating income (expense), net(104.0)21.7 (91.2)
Other nonoperating income (expense), net(22.1)(2.7)5.1 
Interest expense, net(170.3)(179.6)(168.4)
Earnings from continuing operations before income taxes$1,172.1 $1,245.1 $788.1 
1Includes product sales, as well as freight & delivery costs that we pass along to our customers, and service revenues (see Note 2) related to our aggregates business.
2Includes product sales, as well as service revenues (see Note 2) from our asphalt construction paving business.
3The decreases in the Concrete segment are primarily due to the 2022 divestiture of concrete operations in New Jersey, New York and Pennsylvania and the 2023 divestiture of concrete operations in Texas. See Note 19 for additional information.
SEGMENT FINANCIAL DISCLOSURE (CONTINUED)
in millions202420232022
Depreciation, Depletion, Accretion & Amortization 1
Aggregates
$515.7 $482.3 $441.3 
Asphalt44.1 35.6 35.1 
Concrete
45.5 72.8 83.1 
Other26.9 26.3 28.0 
Total$632.2 $617.0 $587.5 
Capital Expenditures 2
Aggregates$588.4 $764.9 $540.4 
Asphalt36.1 46.9 23.3 
Concrete
12.2 15.8 50.4 
Corporate0.7 0.9 30.0 
Total$637.4 $828.5 $644.1 
Identifiable Assets 3
Aggregates
$14,294.6 $11,753.2 $11,579.0 
Asphalt805.7 613.4 597.6 
Concrete
1,065.8 962.3 1,436.2 
Total identifiable assets 4
$16,166.1 $13,328.9 $13,612.8 
General corporate337.9 267.6 460.3 
Cash and cash equivalents and restricted cash600.8 949.2 161.5 
Total assets$17,104.8 $14,545.7 $14,234.6 
1Depreciation, Depletion, Accretion & Amortization (DDA&A) for each segment is included in cost of revenues.
2Capital expenditures include changes in accruals for purchases of property, plant & equipment. Capital expenditures exclude property, plant & equipment obtained by business acquisitions.
3Certain temporarily idled assets are included within a segment's Identifiable Assets, but the associated DDA&A is shown within Other in the DDA&A section above as the related DDA&A is excluded from segment gross profit.
4The increases in total identifiable assets are primarily due to acquisitions completed in 2024 (see Note 19 for additional information)