Revenues and Gross Profit

3 Months Ended

Mar. 31, 2025

Revenues And Gross Profit [Abstract]

Revenues and Gross Profit

11.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.

	Three Months Ended
	March 31,
	2025			2024
	(Dollars in Millions)
Revenues:
Building Materials business:
Aggregates	$	1,002		$	885
Cement and ready mixed concrete		233			265
Asphalt and paving services		80			59
Less: interproduct revenues		(49	)		(39	)
Total Building Materials business		1,266			1,170
Magnesia Specialties		87			81
Total	$	1,353		$	1,251
Gross profit (loss):
Building Materials business:
Aggregates	$	297		$	239
Cement and ready mixed concrete		24			31
Asphalt and paving services		(23	)		(22	)
Total Building Materials business		298			248
Magnesia Specialties		38			29
Corporate		(1	)		(5	)
Total	$	335		$	272

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 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 March 31, 2025 and 2024 were $297 million and $246 million, respectively, where the remaining periods to complete these obligations ranged from one month to 33 months and one month to 21 months, respectively.

Service Revenues. Service revenues, which include paving services located in California and Colorado, were $36 million and $26 million for the three months ended March 31, 2025 and 2024, respectively, and reported in the West Group.