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Segments | 9 Months Ended
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Sep. 30, 2024
Segment Reporting [Abstract] |
Segments | 10. Segments The Building Materials business contains two reportable segments: the East Group and the West Group. The Company also has a Magnesia Specialties reportable segment. The Chief Operating Decision Maker's evaluation of performance and allocation of resources are based primarily on earnings from operations. Segment earnings from operations include revenues less cost of revenues; selling, general and administrative expenses; other operating income and expenses, net; and exclude interest income and expense; other nonoperating income and expenses, net; and income tax expense. Corporate loss from operations primarily includes depreciation; expenses for corporate administrative functions; acquisition, divestiture and integration expenses; and other nonrecurring income and expenses not attributable to operations of the Company's operating segments. Assets employed by segment include assets directly identified with those operations. Corporate assets consist primarily of cash, cash equivalents and restricted cash; property, plant and equipment for corporate operations; and other assets not directly identifiable with a reportable segment. The following table displays selected financial data for the Company’s reportable segments. Revenues, as presented on the consolidated statements of earnings and comprehensive earnings, reflect the elimination of intersegment revenues, which represent sales from one segment to another segment. Revenues and earnings (loss) from operations reflect continuing operations only.
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
|  | (Dollars in Millions) |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
East Group |  | $ | 849 |  |  | $ | 814 |  |  | $ | 2,198 |  |  | $ | 2,079 |
West Group |  |  | 958 |  |  |  | 1,104 |  |  |  | 2,464 |  |  |  | 2,851 |
Magnesia Specialties |  |  | 82 |  |  |  | 76 |  |  |  | 243 |  |  |  | 239 |
Total |  | $ | 1,889 |  |  | $ | 1,994 |  |  | $ | 4,905 |  |  | $ | 5,169 |
Earnings (Loss) from operations: |  |  |  |  |  |  |  |  |  |  |  |
East Group |  | $ | 272 |  |  | $ | 295 |  |  | $ | 650 |  |  | $ | 632 |
West Group |  |  | 233 |  |  |  | 283 |  |  |  | 1,703 |  |  |  | 617 |
Magnesia Specialties |  |  | 26 |  |  |  | 17 |  |  |  | 73 |  |  |  | 61 |
Total reportable segments |  |  | 531 |  |  |  | 595 |  |  |  | 2,426 |  |  |  | 1,310 |
Corporate |  |  | (42 | ) |  |  | (28 | ) |  |  | (118 | ) |  |  | (84 | )
Consolidated earnings from operations |  |  | 489 |  |  |  | 567 |  |  |  | 2,308 |  |  |  | 1,226 |
Interest expense |  |  | 38 |  |  |  | 41 |  |  |  | 119 |  |  |  | 125 |
Other nonoperating income, net |  |  | (7 | ) |  |  | (14 | ) |  |  | (54 | ) |  | $ | (49 | )
Consolidated earnings from continuing operations before income tax expense |  | $ | 458 |  |  | $ | 540 |  |  | $ | 2,243 |  |  | $ | 1,150 |
Earnings from operations for the West Group for the nine months ended September 30, 2024 included a $1.3 billion gain on the divestiture of the South Texas cement business and certain of its related ready mixed concrete operations and a noncash asset and portfolio rationalization charge of $50 million (see Note 13).
|  | September 30, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
|  | (Dollars in Millions) |
Assets employed: |  |  |  |  |  |
East Group |  | $ | 7,667 |  |  | $ | 5,131 |
West Group |  |  | 7,713 |  |  |  | 7,697 |
Magnesia Specialties |  |  | 265 |  |  |  | 250 |
Total reportable segments |  |  | 15,645 |  |  |  | 13,078 |
Corporate |  |  | 824 |  |  |  | 2,047 |
Total |  | $ | 16,469 |  |  | $ | 15,125 |

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- Definition The entire disclosure for reporting segments including data and tables. 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