XML 75 R34.htm IDEA: XBRL DOCUMENT v3.25.1
Segment information
 12 Months Ended
Dec. 31, 2024
Operating Segments [Abstract]  
Segment information
27. Segment information
Description of segments and principal activities
The Company operates its business through two reportable segments based on US geographic regions: the Florida and Mid Atlantic business segments. Each region has a regional president who is a member of the Executive Committee and reports directly to the Company’s CEO, who is the chief operating decision maker (CODM). The core business activities of the two regions are substantially the same and encompass the manufacture, distribution, and sale of a comprehensive range of cement, aggregates, ready-mix concrete, concrete block, and fly ash.
In addition, the Company’s operations include (1) the STET segment, a nonreportable operating segment that develops, manufactures, sells, and services triboelectrostatic separators and related equipment used to beneficiate fly ash, industrial minerals, and food and feed organics and (2) certain income and expense items managed on a total Company level which are not allocated to the operating segment measure of profit and loss, including: unallocated corporate costs, fair value loss on sale of accounts receivable, finance cost, finance income, foreign exchange gain/loss, derivative financial instrument gain/loss, and income taxes.
The CODM evaluates segment performance based on earnings before interest, taxes, depreciation, amortization & impairment (segment adjusted EBITDA). The segment adjusted EBITDA calculation includes the operating profit plus depreciation, amortization and impairment of tangible and intangible assets. This measure excludes the unallocated corporate costs summarized above. The CODM also receives information about the segments’ external revenue, capital spending, and depreciation and amortization on a regular basis.
Information about segment adjusted EBITDA, revenue, depreciation, depletion and amortization and capital spending follows:
Segment adjusted EBITDA
                                                 
Year Ended December 31
202420232022
Florida business segment249,665 221,227 130,520 
Mid-Atlantic business segment134,792 118,260 72,753 
Subtotal reportable segments$384,457 $339,487 $203,273 
STET segment(6,070)(6,371)(5,119)
Unallocated corporate (1)
(19,803)(4,743)(5,057)
Finance cost, net(26,175)(22,244)(19,078)
Depreciation, depletion and amortization(99,941)(91,079)(87,728)
Loss on disposal of fixed assets(2,411)(3,852)(1,186)
Asset impairment recovery/(loss)— 609 (525)
Foreign exchange gain/(loss), net20,846 (11,981)19,990 
Derivative financial instrument (loss)/gain, net(22,441)10,967 (18,534)
Fair value loss on sale of accounts receivable, net(4,620)(6,113)(3,041)
Share-based compensation(3,841)(3,173)(2,402)
Other3,617 871 (901)
Income before income taxes$223,618 $202,378 $79,692 
    
(1)     Unallocated corporate include IPO transaction costs incurred during 2024, which primarily consist of consulting, legal and accounting fees.
27. Segment information (continued)
Segment external revenue
External revenue are transactions with external customers for each of the business segments.
Year Ended December 31
202420232022
Florida business segment$997,575 $969,932 $808,558 
Mid-Atlantic business segment634,946 619,683 553,335 
STET segment1,872 1,986 2,253 
Total External Revenue$1,634,393 $1,591,601 $1,364,146 
Segment depreciation, depletion and amortization
Depreciation, depletion and amortization per segment is as follows:
Year Ended December 31
202420232022
Florida business segment$60,296 $57,000 $55,655 
Mid-Atlantic business segment38,954 33,472 31,490 
STET segment675 591 576 
Corporate16 16 7 
Total depreciation, depletion and amortization$99,941 $91,079 $87,728 
Segment capital spending
Capital spending is investment in property, plant, equipment and intangible assets (e.g. software), excluding additions to quarries.    
Year Ended December 31
202420232022
Florida business segment$70,445 $74,458 $85,725 
Mid-Atlantic business segment58,819 41,970 40,683 
STET segment59 83 72 
Corporate1,183 349 4,233 
Total Capital Spending$130,506 $116,860 $130,713