Segments

6 Months Ended

Jun. 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; restricted investments; 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						Six Months Ended
	June 30,						June 30,
	2024			2023			2024			2023
	(Dollars in Millions)
Revenues:
East Group	$	823		$	735		$	1,349		$	1,265
West Group		860			1,005			1,505			1,746
Magnesia Specialties		81			81			161			164
Total	$	1,764		$	1,821		$	3,015		$	3,175
Earnings (Loss) from operations:
East Group	$	249		$	227		$	378		$	337
West Group		171			240			1,470			334
Magnesia Specialties		25			23			48			43
Total reportable segments		445			490			1,896			714
Corporate		(47	)		(27	)		(77	)		(55	)
Consolidated earnings from operations		398			463			1,819			659
Interest expense		40			42			80			84
Other nonoperating income, net		(14	)		(19	)		(46	)	$	(35	)
Consolidated earnings from continuing    operations before income tax expense	$	372		$	440		$	1,785		$	610

Earnings from operations for the West Group for the six months ended June 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).

	June 30,		December 31,
	2024		2023
	(Dollars in Millions)
Assets employed:
East Group	$	7,687	$	5,131
West Group		7,516		7,697
Magnesia Specialties		261		250
Total reportable segments		15,464		13,078
Corporate		869		2,047
Total	$	16,333	$	15,125