Segments

6 Months Ended

Jun. 30, 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 includes 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 mainly include 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 six months ended June 30, 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 $50 million (see Note 13).

	Three Months Ended June 30, 2025
	(Dollars in Millions)
	East Group			West Group			Magnesia Specialties		Total Reportable Segments			Corporate			Total
Segment Revenues	$	868		$	853		$	90	$	1,811		$	—		$	1,811
Less:
Labor and benefits expense		108			105			10		223			—			223
Raw materials expense		21			112			5		138			—			138
Depreciation, depletion and amortization   expense		80			73			4		157			1			158
Energy expense		38			37			8		83			—			83
External freight expense		32			60			9		101			—			101
Other costs of revenues		285			253			18		556			8			564
Selling, general and administrative expenses		40			49			5		94			15			109
Acquisition, divestiture and integration   expenses		—			—			—		—			2			2
Other operating income, net		(2	)		(1	)		—		(3	)		(22	)		(25	)
Segment Earnings (Loss) from Operations	$	266		$	165		$	31	$	462		$	(4	)	$	458
Interest expense																57
Other nonoperating income, net																(10	)
Consolidated earnings before income tax expense															$	411

	Three Months Ended June 30, 2024
	(Dollars in Millions)
	East Group			West Group		Magnesia Specialties			Total Reportable Segments			Corporate			Total
Segment Revenues	$	823		$	860	$	81		$	1,764		$	—		$	1,764
Less:
Labor and benefits expense		103			102		9			214			—			214
Raw materials expense		23			129		5			157			—			157
Depreciation, depletion and amortization   expense		65			64		4			133			1			134
Energy expense		40			37		8			85			—			85
External freight expense		32			58		8			98			—			98
Other costs of revenues		277			252		20			549			10			559
Selling, general and administrative expenses		35			46		5			86			31			117
Acquisition, divestiture and integration   expenses		—			1		—			1			20			21
Other operating income, net		(1	)		—		(3	)		(4	)		(15	)		(19	)
Segment Earnings (Loss) from Operations	$	249		$	171	$	25		$	445		$	(47	)	$	398
Interest expense																40
Other nonoperating income, net																(14	)
Consolidated earnings before income tax expense															$	372

	Six Months Ended June 30, 2025
	(Dollars in Millions)
	East Group			West Group		Magnesia Specialties		Total Reportable Segments		Corporate			Total
Segment Revenues	$	1,466		$	1,520	$	178	$	3,164	$	—		$	3,164
Less:
Labor and benefits expense		200			200		21		421		—			421
Raw materials expense		22			188		10		220		—			220
Depreciation, depletion and amortization   expense		152			140		8		300		2			302
Energy expense		69			69		17		155		—			155
External freight expense		51			111		17		179		—			179
Other costs of revenues		475			494		31		1,000		8			1,008
Selling, general and administrative expenses		81			101		10		192		47			239
Acquisition, divestiture and integration   expenses		—			—		—		—		4			4
Other operating (income) expense, net		(2	)		3		—		1		(17	)		(16	)
Segment Earnings (Loss) from Operations	$	418		$	214	$	64	$	696	$	(44	)	$	652
Interest expense														114
Other nonoperating income, net														(20	)
Consolidated earnings before income    tax expense													$	558

	Six Months Ended June 30, 2024
	(Dollars in Millions)
	East Group			West Group			Magnesia Specialties			Total Reportable Segments			Corporate			Total
Segment Revenues	$	1,349		$	1,505		$	161		$	3,015		$	—		$	3,015
Less:
Labor and benefits expense		192			201			19			412			—			412
Raw materials expense		23			208			10			241			—			241
Depreciation, depletion and amortization   expense		114			127			7			248			2			250
Energy expense		71			71			16			158			—			158
External freight expense		52			103			15			170			—			170
Other costs of revenues		454			488			38			980			14			994
Selling, general and administrative expenses		69			95			10			174			62			236
Acquisition, divestiture and integration   expenses		—			16			—			16			25			41
Other operating income, net		(4	)		(1,274	)		(2	)		(1,280	)		(26	)		(1,306	)
Segment Earnings (Loss) from Operations	$	378		$	1,470		$	48		$	1,896		$	(77	)	$	1,819
Interest expense																	80
Other nonoperating income, net																	(46	)
Consolidated earnings before income tax expense																$	1,785

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.

	June 30,		December 31,
	2025		2024
Assets employed:	(Dollars in Millions)
East Group	$	8,711	$	8,452
West Group		7,965		7,941
Magnesia Specialties		291		269
Total reportable segments		16,967		16,662
Corporate		1,103		1,508
Total	$	18,070	$	18,170

	Six Months Ended
	June 30,
	2025		2024
Total property additions, including the impact of acquisitions:	(Dollars in Millions)
East Group	$	192	$	2,063
West Group		117		605
Magnesia Specialties		16		16
Total reportable segments		325		2,684
Corporate		11		8
Total	$	336	$	2,692

	Six Months Ended
	June 30,
	2025		2024
Property additions through business combinations:	(Dollars in Millions)
East Group	$	—	$	1,961
West Group		—		472
Total reportable segments		—		2,433
Corporate		—		—
Total	$	—	$	2,433