Segments

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segments

Note O: Segments

As of December 31, 2024, 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 accounting policies used for segment reporting are the same as those described in Note A.

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 other operating segments.

The following tables display selected financial data for the Company’s reportable segments. Revenues, as presented on the consolidated statements of earnings, reflect the elimination of intersegment revenues, which represent sales from one segment to another segment and are immaterial. Revenues and earnings (loss) from operations reflect continuing operations only. Income tax expense is not allocated to the Company's reportable segments.

Earnings from operations for the West Group included a $1.3 billion gain and $16 million of transaction expenses in 2024 and $6 million of transaction expenses in 2023 on the divestiture of the South Texas cement business and certain of its related ready mixed concrete operations (see Note B); a noncash asset and portfolio rationalization charge of $50 million (see Note R) in 2024; and a nonrecurring gain on divestiture of $152 million in 2022.

year ended December 31, 2024 (in millions)	East Group		West Group			Magnesia Specialties			Total Reportable Segments			Corporate			Total
Segment Revenues	$	2,941	$	3,275		$	320		$	6,536		$	—		$	6,536
Less:
Labor and benefits expense		391		402			39			832			1			833
Raw materials expense		96		466			18			580			—			580
Depreciation, depletion and amortization expense		259		254			15			528			3			531
Energy expense		145		147			31			323			—			323
External freight expense		108		220			31			359			—			359
Other costs of revenues		905		1,013			79			1,997			35			2,032
Selling, general and administrative expenses		139		187			20			346			101			447
Acquisition, divestiture and integration expenses		—		16			—			16			34			50
Other operating expense (income), net		7		(1,307	)		(3	)		(1,303	)		(23	)		(1,326	)
Segment Earnings (Loss) from Operations	$	891	$	1,877		$	90		$	2,858		$	(151	)	$	2,707
Interest expense																169
Other nonoperating income, net																(58	)
Consolidated earnings from continuing operations     before income tax expense															$	2,596

year ended December 31, 2023 (in millions)	East Group			West Group			Magnesia Specialties		Total Reportable Segments			Corporate			Total
Segment Revenues	$	2,763		$	3,699		$	315	$	6,777		$	—		$	6,777
Less:
Labor and benefits expense		362			433			36		831			(7	)		824
Raw materials expense		104			556			22		682			—			682
Depreciation, depletion and amortization expense		205			261			13		479			3			482
Energy expense		152			216			37		405			—			405
External freight expense		113			233			30		376			—			376
Other costs of revenues		854			1,050			80		1,984			1			1,985
Selling, general and administrative expenses		124			177			18		319			124			443
Acquisition, divestiture and integration expenses		—			6			—		6			6			12
Other operating (income) expense, net		(8	)		(10	)		3		(15	)		(13	)		(28	)
Segment Earnings (Loss) from Operations	$	857		$	777		$	76	$	1,710		$	(114	)	$	1,596
Interest expense																165
Other nonoperating income, net																(62	)
Consolidated earnings from continuing operations     before income tax expense															$	1,493

year ended December 31, 2022 (in millions)	East Group			West Group			Magnesia Specialties			Total Reportable Segments			Corporate			Total
Segment Revenues	$	2,468		$	3,389		$	304		$	6,161		$	—		$	6,161
Less:
Labor and benefits expense		340			428			35			803			—			803
Raw materials expense		118			568			27			713			—			713
Depreciation, depletion and amortization expense		205			255			12			472			3			475
Energy expense		175			280			45			500			—			500
External freight expense		143			259			31			433			—			433
Other costs of revenues		740			1,008			63			1,811			3			1,814
Selling, general and administrative expenses		115			166			16			297			100			397
Acquisition, divestiture and integration expenses		—			—			—			—			9			9
Other operating income, net		(8	)		(164	)		(1	)		(173	)		(17	)		(190	)
Segment Earnings (Loss) from Operations	$	640		$	589		$	76		$	1,305		$	(98	)	$	1,207
Interest expense																	169
Other nonoperating income, net																	(53	)
Consolidated earnings from continuing operations     before income tax expense																$	1,091

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.

December 31 (in millions) Assets employed	2024		2023
East Group	$	8,452	$	5,131
West Group		7,941		7,697
Magnesia Specialties		269		250
Total reportable segments		16,662		13,078
Corporate		1,508		2,047
Total	$	18,170	$	15,125

years ended December 31 (in millions) Total property additions, including the impact of acquisitions	2024		2023		2022
East Group	$	3,185	$	231	$	189
West Group		1,216		342		302
Magnesia Specialties		32		39		32
Total reportable segments		4,433		612		523
Corporate		22		14		21
Total	$	4,455	$	626	$	544

years ended December 31 (in millions) Property additions through acquisitions	2024		2023		2022
East Group	$	2,853	$	—	$	—
West Group		732		—		3
Total	$	3,585	$	—	$	3