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Revenue Recognition | 9 Months Ended
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Sep. 30, 2022
Revenue from Contract with Customer [Abstract] |
Revenue Recognition | 2. Revenue Recognition Total revenues include sales of products and services to customers, net of any discounts or allowances, and freight revenues. Product revenues are recognized when control of the promised good is transferred to the customer, typically when finished products are shipped. Intersegment and interproduct revenues are eliminated in consolidation. Service revenues are derived from the paving business and are recognized using the percentage-of-completion method under the cost-to-cost approach. Freight revenues reflect delivery arranged by the Company using a third party on behalf of the customer and are recognized consistently with the timing of the product revenues. Performance Obligations. Performance obligations are contractual promises to transfer or provide a distinct good or service for a stated price. The Company’s product sales agreements are single-performance obligations that are satisfied at a point in time. Performance obligations within paving service agreements are satisfied over time, primarily ranging from one day to two years. For product revenues and freight revenues, customer payment terms are generally 30 days from invoice date. Customer payments for the paving operations are based on a contractual billing schedule and are due 30 days from invoice date. Future revenues from unsatisfied performance obligations at September 30, 2022 and 2021 were $304.3 million and $183.0 million, respectively, where the remaining periods to complete these obligations ranged from less than one month to 37 months and one month to 21 months, respectively. Revenue by Category. The following table presents the Company’s total revenues by category for each reportable segment.
|  | Three Months Ended |
|  | September 30, 2022 |
|  | Products and Services |  |  | Freight |  |  | Total |
|  | (Dollars in Millions) |
East Group |  | $ | 728.5 |  |  | $ | 45.1 |  |  | $ | 773.6 |
West Group |  |  | 883.0 |  |  |  | 79.4 |  |  |  | 962.4 |
Total Building Materials business |  |  | 1,611.5 |  |  |  | 124.5 |  |  |  | 1,736.0 |
Magnesia Specialties |  |  | 69.0 |  |  |  | 6.7 |  |  |  | 75.7 |
Total |  | $ | 1,680.5 |  |  | $ | 131.2 |  |  | $ | 1,811.7 |
|  | Three Months Ended |
|  | September 30, 2021 |
|  | Products and Services |  |  | Freight |  |  | Total |
|  | (Dollars in Millions) |
East Group |  | $ | 641.8 |  |  | $ | 42.3 |  |  | $ | 684.1 |
West Group |  |  | 749.0 |  |  |  | 45.8 |  |  |  | 794.8 |
Total Building Materials business |  |  | 1,390.8 |  |  |  | 88.1 |  |  |  | 1,478.9 |
Magnesia Specialties |  |  | 71.9 |  |  |  | 6.5 |  |  |  | 78.4 |
Total |  | $ | 1,462.7 |  |  | $ | 94.6 |  |  | $ | 1,557.3 |
Service revenues, which include paving services located in California and Colorado, were $138.7 million and $100.5 million for the three months ended September 30, 2022 and 2021, respectively, and are reported in the West Group.
|  | Nine Months Ended |
|  | September 30, 2022 |
|  | Products and Services |  |  | Freight |  |  | Total |
|  | (Dollars in Millions) |
East Group |  | $ | 1,755.5 |  |  | $ | 111.4 |  |  | $ | 1,866.9 |
West Group |  |  | 2,382.2 |  |  |  | 200.7 |  |  |  | 2,582.9 |
Total Building Materials business |  |  | 4,137.7 |  |  |  | 312.1 |  |  |  | 4,449.8 |
Magnesia Specialties |  |  | 214.4 |  |  |  | 20.0 |  |  |  | 234.4 |
Total |  | $ | 4,352.1 |  |  | $ | 332.1 |  |  | $ | 4,684.2 |
|  | Nine Months Ended |
|  | September 30, 2021 |
|  | Products and Services |  |  | Freight |  |  | Total |
|  | (Dollars in Millions) |
East Group |  | $ | 1,610.9 |  |  | $ | 103.5 |  |  | $ | 1,714.4 |
West Group |  |  | 1,861.9 |  |  |  | 116.3 |  |  |  | 1,978.2 |
Total Building Materials business |  |  | 3,472.8 |  |  |  | 219.8 |  |  |  | 3,692.6 |
Magnesia Specialties |  |  | 207.1 |  |  |  | 17.9 |  |  |  | 225.0 |
Total |  | $ | 3,679.9 |  |  | $ | 237.7 |  |  | $ | 3,917.6 |
Service revenues for the nine months ended September 30, 2022 and 2021 were $252.1 million and $182.7 million, respectively. Contract Balances. Costs in excess of billings relate to the conditional right to consideration for completed contractual performance and are contract assets on the consolidated balance sheets. Costs in excess of billings are reclassified to accounts receivable when the right to consideration becomes unconditional. Billings in excess of costs relate to customers invoiced in advance of contractual performance and are contract liabilities on the consolidated balance sheets. The following table presents information about the Company’s contract balances:
(Dollars in Millions) |  | September 30, 2022 |  |  | December 31, 2021 |
Costs in excess of billings |  | $ | 19.9 |  |  | $ | 4.3 |
Billings in excess of costs |  | $ | 9.9 |  |  | $ | 7.8 |
Revenues recognized from the beginning balance of contract liabilities for the three months ended September 30, 2022 and 2021 were $4.1 million and $7.1 million, respectively, and for the nine months ended September 30, 2022 and 2021 were $7.4 million and $11.9 million, respectively. Retainage, which primarily relates to the paving services, represents amounts that have been billed to customers but payment withheld until final acceptance by the customer of the performance obligation. Retainage, which is included in Other current assets on the Company’s consolidated balance sheets, was $13.9 million and $10.5 million at September 30, 2022 and December 31, 2021, respectively. Policy Elections. When the Company arranges third-party freight to deliver products to customers, the Company has elected the delivery to be a fulfillment activity rather than a separate performance obligation. Further, the Company acts as a principal in the delivery arrangements and, as required by the accounting standard, the related revenues and costs are presented gross and are included in the consolidated statements of earnings.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI https://asc.fasb.org/topic&trid=49130388 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b)(2) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 9 -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 + Details
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