Business Segments

3 Months Ended

Mar. 31, 2017

Segment Reporting [Abstract]

Business Segments

9. Business Segments

The Building Materials business contains three reportable business segments: Mid-America Group, Southeast Group and West Group. The Corporation also has a Magnesia Specialties segment.  The Corporation’s evaluation of performance and allocation of resources are based primarily on earnings from operations. Consolidated earnings from operations include net sales less cost of sales, selling, general and administrative expenses, acquisition-related expenses, net, other operating income and expenses, net, and exclude interest expense, other nonoperating income and expenses, net, and taxes on income. Corporate consolidated loss from operations primarily includes depreciation on capitalized interest, expenses for corporate administrative functions, acquisition-related expenses, net, and other nonrecurring and/or non-operational income and expenses excluded from the Corporation’s evaluation of business segment performance and resource allocation. All debt and related interest expense is held at Corporate.

The following table displays selected financial data for continuing operations for the Corporation’s reportable business segments. Total revenues and net sales in the table below, as well as the consolidated statements of earnings and comprehensive earnings, exclude intersegment sales which represent net sales from one segment to another segment which are eliminated.  

9. Business Segments (continued)

Effective with a management change in the quarter ended March 31, 2017, the cement product line is reported in the West Group.  Prior-year segment information has been reclassified to conform to the presentation of the Corporation’s current reportable segments and for the adoption of ASU 2017-07.

	Three Months Ended
	March 31,
	2017			2016
	(Dollars in Thousands)
Total revenues:
Mid-America Group	$	189,019		$	186,347
Southeast Group		90,282			71,671
West Group		495,982			466,546
Total Building Materials Business		775,283			724,564
Magnesia Specialties		68,576			64,170
Total	$	843,859		$	788,734
Net sales:
Mid-America Group	$	177,336		$	173,372
Southeast Group		86,660			67,284
West Group		464,426			433,799
Total Building Materials Business		728,422			674,455
Magnesia Specialties		63,262			59,505
Total	$	791,684		$	733,960
Earnings (Loss) from operations:
Mid-America Group	$	13,342		$	14,694
Southeast Group		10,115			7,027
West Group		61,232			65,806
Total Building Materials Business		84,689			87,527
Magnesia Specialties		19,881			20,610
Corporate		(27,420	)		(22,114	)
Total	$	77,150		$	86,023

9. Business Segments (continued)

The Building Materials business includes the aggregates, cement, ready mixed concrete and asphalt and paving product lines. All cement, ready mixed concrete and asphalt and paving product lines reside in the West Group. The following table, which is reconciled to consolidated amounts, provides net sales and gross profit by business: Building Materials (further divided by product line) and Magnesia Specialties.  

	Three Months Ended
	March 31,
	2017			2016
	(Dollars in Thousands)
Net sales:
Aggregates	$	451,379		$	430,860
Cement		93,685			96,860
Ready Mixed Concrete		222,380			186,852
Asphalt and Paving		26,602			13,837
Less: Interproduct Sales		(65,624	)		(53,954	)
Total Building Materials Business		728,422			674,455
Magnesia Specialties		63,262			59,505
Total	$	791,684		$	733,960
Gross profit (loss):
Aggregates	$	79,278		$	82,036
Cement		30,910			32,615
Ready Mixed Concrete		19,793			17,900
Asphalt and Paving		(4,790	)		(6,276	)
Total Building Materials Business		125,191			126,275
Magnesia Specialties		22,315			22,998
Corporate		(439	)		(4,023	)
Total	$	147,067		$	145,250