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Revenues and Gross Profit | 9 Months Ended
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Sep. 30, 2024
Revenues And Gross Profit [Abstract] |
Revenues and Gross Profit | 11. Revenues and Gross Profit The following tables, which are reconciled to consolidated amounts, provide revenues and gross profit (loss) by line of business: Building Materials (further divided by product line) and Magnesia Specialties. Interproduct revenues represent sales from the aggregates product line to the cement and ready mixed concrete and asphalt and paving product lines. Effective January 1, 2024, the Company combined the cement and ready mixed concrete product lines. This change was driven by the reduced significance of each of these product lines relative to the Building Materials business and consolidated operating results from recent divestitures. Additionally, there is a significant relationship between these product lines, as the ready mixed concrete product line is a significant customer of the cement product line. Revenues and gross profit (loss) reflect continuing operations only.
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
|  | (Dollars in Millions) |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
Building Materials business: |  |  |  |  |  |  |  |  |  |  |  |
Aggregates |  | $ | 1,250 |  |  | $ | 1,216 |  |  | $ | 3,377 |  |  | $ | 3,280 |
Cement and ready mixed concrete |  |  | 296 |  |  |  | 422 |  |  |  | 822 |  |  |  | 1,175 |
Asphalt and paving services |  |  | 343 |  |  |  | 360 |  |  |  | 647 |  |  |  | 659 |
Less: interproduct revenues |  |  | (82 | ) |  |  | (80 | ) |  |  | (184 | ) |  |  | (184 | )
Total Building Materials business |  |  | 1,807 |  |  |  | 1,918 |  |  |  | 4,662 |  |  |  | 4,930 |
Magnesia Specialties |  |  | 82 |  |  |  | 76 |  |  |  | 243 |  |  |  | 239 |
Total |  | $ | 1,889 |  |  | $ | 1,994 |  |  | $ | 4,905 |  |  | $ | 5,169 |
Gross profit (loss): |  |  |  |  |  |  |  |  |  |  |  |
Building Materials business: |  |  |  |  |  |  |  |  |  |  |  |
Aggregates |  | $ | 438 |  |  | $ | 441 |  |  | $ | 1,069 |  |  | $ | 1,050 |
Cement and ready mixed concrete |  |  | 89 |  |  |  | 143 |  |  |  | 192 |  |  |  | 329 |
Asphalt and paving services |  |  | 61 |  |  |  | 66 |  |  |  | 77 |  |  |  | 82 |
Total Building Materials business |  |  | 588 |  |  |  | 650 |  |  |  | 1,338 |  |  |  | 1,461 |
Magnesia Specialties |  |  | 29 |  |  |  | 21 |  |  |  | 84 |  |  |  | 74 |
Corporate |  |  | (18 | ) |  |  | 5 |  |  |  | (34 | ) |  |  | 4 |
Total |  | $ | 599 |  |  | $ | 676 |  |  | $ | 1,388 |  |  | $ | 1,539 |
The above information for 2023 has been reclassified to conform to current-year presentation. For the quarter ended September 30, 2023, the cement product line reported revenues of $199 million, inclusive of $62 million to the ready mixed concrete product line, and gross profit of $109 million. For the quarter ended September 30, 2023, the ready mixed concrete product line reported revenues of $285 million and gross profit of $34 million. For the nine months ended September 30, 2023, the cement product line reported revenues of $565 million, inclusive of $167 million to the ready mixed concrete product line, and gross profit of $249 million. For the nine months ended September 30, 2023, the ready mixed concrete product line reported revenues of $777 million and gross profit of $80 million. Revenues from sales of cement to the ready mixed concrete product lin e were previously eliminated in the interproduct revenues line. 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. Customer payments for the paving operations are based on a contractual billing schedule and are typically "paid-when-paid", meaning the Company is paid once the customer is paid. Future revenues from unsatisfied performance obligations at September 30, 2024 and 2023 wer e $322 million and $268 million, respectively, where the remaining periods to complete these obligations ranged fro m one month to 21 months and one month to 25 months, respectively. Service Revenues. Service revenues, which include paving services located in California and Colorado, were $164 million and $173 million for the three months ended September 30, 2024 and 2023, respectively, and reported in the West Group. Service revenues were $307 million for both the nine months ended September 30, 2024 and 2023. 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:
|  | September 30, 2024 |  |  | December 31, 2023 |
|  | (Dollars in Millions) |
Costs in excess of billings |  | $ | 26 |  |  | $ | 5 |
Billings in excess of costs |  | $ | 17 |  |  | $ | 10 |
Revenues recognized from the beginning balance of contract liabilities for the three months ended September 30, 2024 and 2023 were $7 m illion and $5 m illion, respectively, and for the nine months ended September 30, 2024 and 2023 were $9 million and $10 million, respectively. Retainage, which primarily relates to the paving services, represents amounts that have been billed to customers but payment is withheld until final acceptance of the performance obligation by the customer. Retainage, which is included in Other current assets on the Company’s consolidated balance sheets, wa s $15 million and $17 m illion at September 30, 2024 and December 31, 2023, respectively.

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