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Revenues and Gross Profit
12 Months Ended
Dec. 31, 2024
Revenues And Gross Profit [Abstract]  
Revenues and Gross Profit

Note P: Revenues and Gross Profit

The following tables, which are reconciled to consolidated amounts, provide revenues and gross profit (loss) by line of business: Building Materials (further divided by product line) and Magnesia Specialties. Interproduct revenues represent sales from the aggregates product line to the cement and ready mixed concrete and asphalt and paving product lines and sales from the cement product line to the ready mixed concrete product line. Effective January 1, 2024, the Company combined the cement and ready mixed concrete product lines. This change was driven by the reduced significance of each of these product lines relative to the Building Materials business and consolidated operating results from recent divestitures. Additionally, there is a significant relationship between these product lines, as the ready mixed concrete product line is a significant customer of the cement product line. Revenues and gross profit (loss) reflect continuing operations only.

 

years ended December 31
(in millions)
Revenues

 

2024

 

 

2023

 

 

2022

 

Building Materials business:

 

 

 

 

 

 

 

 

 

Aggregates

 

$

4,514

 

 

$

4,302

 

 

$

3,879

 

Cement and ready mixed concrete

 

 

1,083

 

 

 

1,518

 

 

 

1,395

 

Asphalt and paving

 

 

869

 

 

 

887

 

 

 

788

 

Less: interproduct revenues

 

 

(250

)

 

 

(245

)

 

 

(205

)

Total Building Materials business

 

 

6,216

 

 

 

6,462

 

 

 

5,857

 

Magnesia Specialties

 

 

320

 

 

 

315

 

 

 

304

 

Total

 

$

6,536

 

 

$

6,777

 

 

$

6,161

 

 

 

 

 

 

 

 

 

 

 

years ended December 31
(in millions)
Gross profit (loss)

 

2024

 

 

2023

 

 

2022

 

Building Materials business:

 

 

 

 

 

 

 

 

 

Aggregates

 

$

1,449

 

 

$

1,378

 

 

$

984

 

Cement and ready mixed concrete

 

 

260

 

 

 

436

 

 

 

273

 

Asphalt and paving

 

 

101

 

 

 

109

 

 

 

81

 

Total Building Materials business

 

 

1,810

 

 

 

1,923

 

 

 

1,338

 

Magnesia Specialties:

 

 

107

 

 

 

97

 

 

 

91

 

Corporate

 

 

(39

)

 

 

3

 

 

 

(6

)

Total

 

$

1,878

 

 

$

2,023

 

 

$

1,423

 

The above information for 2023 and 2022 has been reclassified to conform to current-year presentation. For the year ended December 31, 2023, the cement product line reported revenues of $726 million, inclusive of $217 million to the ready mixed concrete product line, and gross profit of $334 million. For the year ended December 31, 2023, the ready mixed concrete product line reported revenues of $1.0 billion and gross profit of $102 million. For the year ended December 31, 2022, the cement product line reported revenues of $620 million, inclusive of $178 million to the ready mixed concrete product line, and gross profit of $203 million. For the year ended December 31, 2022, the ready mixed concrete product line reported revenues of $953 million and gross profit of $70 million. Revenues from sales of cement to the ready mixed concrete product line were previously eliminated in the interproduct revenues line.

Domestic and foreign revenues are as follows:

 

years ended December 31
(in millions)

 

2024

 

 

2023

 

 

2022

 

Domestic

 

$

6,487

 

 

$

6,707

 

 

$

6,078

 

Foreign

 

 

49

 

 

 

70

 

 

 

83

 

Total

 

$

6,536

 

 

$

6,777

 

 

$

6,161

 

 

 

Performance Obligations. Performance obligations are contractual promises to transfer or provide a distinct good or service for a stated price. The Company’s product sales agreements are single-performance obligations that are satisfied at a point in time. Performance obligations within paving service agreements are satisfied over time, primarily ranging from one day to two years. Customer payment terms are generally 30 days from invoice date. Customer payments for the paving operations are based on a contractual billing schedule and are typically "paid-when-paid", meaning the Company is paid once the customer is paid.

Future revenues from unsatisfied performance obligations at December 31, 2024, 2023 and 2022 were $255 million, $251 million and $239 million, respectively, where the remaining periods to complete these obligations ranged from one month to 36 months at December 31, 2024, one month to 22 months at December 31, 2023 and two months to 34 months at December 31, 2022.

Service Revenues. Service revenues, which include paving operations located in California and Colorado, were $411 million, $411 million and $354 million for the years ended December 31, 2024, 2023 and 2022, respectively.