Segments

3 Months Ended

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