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v3.25.1

Segments | 3 Months Ended
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Mar. 31, 2025
Segment Reporting [Abstract] |
Segments | 10. Segments The Building Materials business is comprised of four divisions that represent individual operating segments. These operating segments are consolidated into two reportable segments, the East Group and the West Group, for financial reporting purposes, as they meet the aggregation criteria. The Magnesia Specialties business represents an individual operating and reportable segment. The Company’s Chief Operating Decision Maker (CODM) is the Chair, President and Chief Executive Officer. The CODM reviews results by reportable segment on a quarterly basis and allocates resources to achieve the Company’s strategic objectives based on an evaluation of each reportable segment’s performance. This evaluation is largely based on segment earnings from operations, as management believes this is the best metric of segment profitability and operating performance. Segment earnings from operations is also a measure in the determination of incentive compensation targets and awards. 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. The significant expense categories shown below align with the segment-level information regularly provided to the CODM. Other costs of revenues for each reportable segment include mainly repairs and maintenance, contract services, supplies and royalties. Corporate loss from operations primarily includes depreciation and amortization; 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. The following tables display 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 and are immaterial. Income tax expense is not allocated to the Company's reportable segments. Earnings from operations for the West Group for the three months ended March 31, 2024 included a $1.3 billion gain and $16 million in transaction expenses on the divestiture of the South Texas cement business and certain of its related ready mixed concrete operations (see Note 2) and a noncash asset and portfolio rationalization charge of $49 million (see Note 13).
|  | Three Months Ended March 31, 2025 |
|  | (Dollars in Millions) |
|  | East Group |  |  | West Group |  |  | Magnesia Specialties |  |  | Total Reportable Segments |  |  | Corporate |  |  | Total |
Segment Revenues |  | $ | 599 |  |  | $ | 667 |  |  | $ | 87 |  |  | $ | 1,353 |  |  | $ | — |  |  | $ | 1,353 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Labor and benefits expense |  |  | 92 |  |  |  | 95 |  |  |  | 11 |  |  |  | 198 |  |  |  | — |  |  |  | 198 |
Raw materials expense |  |  | 1 |  |  |  | 76 |  |  |  | 5 |  |  |  | 82 |  |  |  | — |  |  |  | 82 |
Depreciation, depletion and amortization expense |  |  | 72 |  |  |  | 67 |  |  |  | 4 |  |  |  | 143 |  |  |  | 1 |  |  |  | 144 |
Energy expense |  |  | 31 |  |  |  | 32 |  |  |  | 9 |  |  |  | 72 |  |  |  | — |  |  |  | 72 |
External freight expense |  |  | 20 |  |  |  | 51 |  |  |  | 7 |  |  |  | 78 |  |  |  | — |  |  |  | 78 |
Other costs of revenues |  |  | 189 |  |  |  | 242 |  |  |  | 13 |  |  |  | 444 |  |  |  | — |  |  |  | 444 |
Selling, general and administrative expenses |  |  | 42 |  |  |  | 51 |  |  |  | 5 |  |  |  | 98 |  |  |  | 32 |  |  |  | 130 |
Acquisition, divestiture and integration expenses |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2 |  |  |  | 2 |
Other operating expense, net |  |  | — |  |  |  | 4 |  |  |  | — |  |  |  | 4 |  |  |  | 5 |  |  |  | 9 |
Segment Earnings (Loss) from Operations |  | $ | 152 |  |  | $ | 49 |  |  | $ | 33 |  |  | $ | 234 |  |  | $ | (40 | ) |  | $ | 194 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 56 |
Other nonoperating income, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (10 | )
Consolidated earnings before income tax expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 148 |
|  | Three Months Ended March 31, 2024 |
|  | (Dollars in Millions) |
|  | East Group |  |  | West Group |  |  | Magnesia Specialties |  |  | Total Reportable Segments |  |  | Corporate |  |  | Total |
Segment Revenues |  | $ | 526 |  |  | $ | 644 |  |  | $ | 81 |  |  | $ | 1,251 |  |  | $ | — |  |  | $ | 1,251 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Labor and benefits expense |  |  | 88 |  |  |  | 99 |  |  |  | 10 |  |  |  | 197 |  |  |  | — |  |  |  | 197 |
Raw materials expense |  |  | — |  |  |  | 80 |  |  |  | 4 |  |  |  | 84 |  |  |  | — |  |  |  | 84 |
Depreciation, depletion and amortization expense |  |  | 50 |  |  |  | 63 |  |  |  | 3 |  |  |  | 116 |  |  |  | 1 |  |  |  | 117 |
Energy expense |  |  | 31 |  |  |  | 34 |  |  |  | 9 |  |  |  | 74 |  |  |  | — |  |  |  | 74 |
External freight expense |  |  | 20 |  |  |  | 44 |  |  |  | 8 |  |  |  | 72 |  |  |  | — |  |  |  | 72 |
Other costs of revenues |  |  | 177 |  |  |  | 236 |  |  |  | 18 |  |  |  | 431 |  |  |  | 4 |  |  |  | 435 |
Selling, general and administrative expenses |  |  | 34 |  |  |  | 48 |  |  |  | 5 |  |  |  | 87 |  |  |  | 31 |  |  |  | 118 |
Acquisition, divestiture and integration expenses |  |  | — |  |  |  | 16 |  |  |  | — |  |  |  | 16 |  |  |  | 4 |  |  |  | 20 |
Other operating income, net |  |  | (2 | ) |  |  | (1,275 | ) |  |  | — |  |  |  | (1,277 | ) |  |  | (10 | ) |  |  | (1,287 | )
Segment Earnings (Loss) from Operations |  | $ | 128 |  |  | $ | 1,299 |  |  | $ | 24 |  |  | $ | 1,451 |  |  | $ | (30 | ) |  | $ | 1,421 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 40 |
Other nonoperating income, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (33 | )
Consolidated earnings before income tax expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,414 |
Assets employed by segment include assets directly identified with those operations. Corporate assets consist primarily of cash and cash equivalents; property, plant and equipment for corporate operations; and other assets not directly identifiable with a reportable segment.
|  | March 31, |  |  | December 31, |
|  | 2025 |  |  | 2024 |
Assets employed: |  | (Dollars in Millions) |
East Group |  | $ | 8,593 |  |  | $ | 8,452 |
West Group |  |  | 7,913 |  |  |  | 7,941 |
Magnesia Specialties |  |  | 283 |  |  |  | 269 |
Total reportable segments |  |  | 16,789 |  |  |  | 16,662 |
Corporate |  |  | 935 |  |  |  | 1,508 |
Total |  | $ | 17,724 |  |  | $ | 18,170 |
|  | Three Months Ended |
|  | March 31, |
|  | 2025 |  |  | 2024 |
Total property additions, including the impact of acquisitions: |  | (Dollars in Millions) |
East Group |  | $ | 67 |  |  | $ | 47 |
West Group |  |  | 62 |  |  |  | 523 |
Magnesia Specialties |  |  | 3 |  |  |  | 5 |
Total reportable segments |  |  | 132 |  |  |  | 575 |
Corporate |  |  | 4 |  |  |  | 3 |
Total |  | $ | 136 |  |  | $ | 578 |
|  | Three Months Ended |
|  | March 31, |
|  | 2025 |  |  | 2024 |
Property additions through acquisitions: |  | (Dollars in Millions) |
East Group |  | $ | — |  |  | $ | — |
West Group |  |  | — |  |  |  | 471 |
Total reportable segments |  |  | — |  |  |  | 471 |
Corporate |  |  | — |  |  |  | — |
Total |  | $ | — |  |  | $ | 471 |

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