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Segments
12 Months Ended
Dec. 31, 2019
Segment Reporting [Abstract]  
Segments

Note P: Segments

The Building Materials business is comprised of divisions which represent operating segments, some of which are consolidated into reportable segments for financial reporting purposes as they meet the aggregation criteria. The Building Materials business contains three reportable segments: Mid-America Group, Southeast Group and West Group. The

Magnesia Specialties business represents an individual operating and reportable segment. The accounting policies used for segment reporting are the same as those described in Note A.

The Chief Operating Decision Maker’s evaluation of performance and allocation of resources are based primarily on earnings from operations. Consolidated earnings from operations include total revenues less cost of revenues; 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 income tax expense (benefit). Corporate 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 Company’s evaluation of segment performance and resource allocation. All long-term debt and related interest expense are held at Corporate.

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; investments and other assets not directly identifiable with a reportable segment.

The following tables display selected financial data for the Company’s reportable segments. The acquired Bluegrass operations are reported in the Mid-America Group and Southeast Group. Total revenues, as well as the consolidated statements of earnings and comprehensive earnings, reflect the elimination of intersegment revenues.

 

years ended December 31

(in millions)

Total revenues

 

2019

 

 

2018

 

 

2017

 

Mid-America Group

 

$

1,446.0

 

 

$

1,223.2

 

 

$

1,053.3

 

Southeast Group

 

 

506.4

 

 

 

423.4

 

 

 

362.6

 

West Group

 

 

2,515.4

 

 

 

2,310.0

 

 

 

2,279.7

 

Total Building Materials Business

 

 

4,467.8

 

 

 

3,956.6

 

 

 

3,695.6

 

Magnesia Specialties

 

 

271.3

 

 

 

287.7

 

 

 

270.0

 

Total

 

$

4,739.1

 

 

$

4,244.3

 

 

$

3,965.6

 

 

Gross profit

 

 

 

 

 

 

 

 

 

Mid-America Group

 

$

482.9

 

 

$

366.9

 

 

$

335.4

 

Southeast Group

 

 

124.1

 

 

 

77.2

 

 

 

74.6

 

West Group

 

 

473.6

 

 

 

416.2

 

 

 

465.6

 

Total Building Materials Business

 

 

1,080.6

 

 

 

860.3

 

 

 

875.6

 

Magnesia Specialties

 

 

95.4

 

 

 

98.7

 

 

 

89.4

 

Corporate

 

 

3.0

 

 

 

7.6

 

 

 

6.9

 

Total

 

$

1,179.0

 

 

$

966.6

 

 

$

971.9

 

 

Selling, general and administrative expenses

 

 

 

 

 

 

 

 

 

 

 

 

Mid-America Group

 

$

63.1

 

 

$

55.8

 

 

$

53.9

 

Southeast Group

 

 

21.6

 

 

 

18.7

 

 

 

17.1

 

West Group

 

 

116.3

 

 

 

107.6

 

 

 

102.7

 

Total Building Materials Business

 

 

201.0

 

 

 

182.1

 

 

 

173.7

 

Magnesia Specialties

 

 

11.3

 

 

 

10.0

 

 

 

9.5

 

Corporate

 

 

90.4

 

 

 

88.5

 

 

 

78.9

 

Total

 

$

302.7

 

 

$

280.6

 

 

$

262.1

 

 

years ended December 31

(in millions)

Earnings (Loss) from operations

 

2019

 

 

2018

 

 

2017

 

Mid-America Group

 

$

425.9

 

 

$

319.1

 

 

$

284.8

 

Southeast Group

 

 

103.1

 

 

 

75.9

 

 

 

61.2

 

West Group

 

 

365.2

 

 

 

295.8

 

 

 

360.6

 

Total Building Materials Business

 

 

894.2

 

 

 

690.8

 

 

 

706.6

 

Magnesia Specialties

 

 

83.6

 

 

 

88.1

 

 

 

79.4

 

Corporate

 

 

(92.9

)

 

 

(88.2

)

 

 

(85.6

)

Total

 

$

884.9

 

 

$

690.7

 

 

$

700.4

 

 

Earnings from operations for the West Group for 2018 reflect an asset and portfolio rationalization charge of $18.8 million.

 

December 31

(in millions)

Assets employed

 

2019

 

 

2018

 

 

2017

 

Mid-America Group

 

$

2,879.3

 

 

$

2,788.5

 

 

$

1,532.9

 

Southeast Group

 

 

1,442.5

 

 

 

1,299.5

 

 

 

616.3

 

West Group

 

 

5,320.7

 

 

 

4,989.6

 

 

 

5,014.2

 

Total Building Materials Business

 

 

9,642.5

 

 

 

9,077.6

 

 

 

7,163.4

 

Magnesia Specialties

 

 

176.2

 

 

 

156.1

 

 

 

152.3

 

Corporate

 

 

312.9

 

 

 

317.7

 

 

 

1,676.8

 

Total

 

$

10,131.6

 

 

$

9,551.4

 

 

$

8,992.5

 

 

years ended December 31

(in millions)

Depreciation, depletion and amortization

 

2019

 

 

2018

 

 

2017

 

Mid-America Group

 

$

110.2

 

 

$

93.6

 

 

$

69.7

 

Southeast Group

 

 

47.8

 

 

 

41.2

 

 

 

30.8

 

West Group

 

 

183.3

 

 

 

180.9

 

 

 

169.8

 

Total Building Materials Business

 

 

341.3

 

 

 

315.7

 

 

 

270.3

 

Magnesia Specialties

 

 

10.2

 

 

 

10.4

 

 

 

10.1

 

Corporate

 

 

20.0

 

 

 

17.9

 

 

 

16.8

 

Total

 

$

371.5

 

 

$

344.0

 

 

$

297.2

 

 

Total property additions, including the impact of acquisitions

 

 

 

 

 

 

 

 

 

 

 

 

Mid-America Group

 

$

127.7

 

 

$

1,157.1

 

 

$

139.5

 

Southeast Group

 

 

45.3

 

 

 

603.1

 

 

 

34.6

 

West Group

 

 

182.6

 

 

 

148.1

 

 

 

240.8

 

Total Building Materials Business

 

 

355.6

 

 

 

1,908.3

 

 

 

414.9

 

Magnesia Specialties

 

 

20.0

 

 

 

12.5

 

 

 

11.1

 

Corporate

 

 

12.0

 

 

 

4.8

 

 

 

12.6

 

Total

 

$

387.6

 

 

$

1,925.6

 

 

$

438.6

 

 

years ended December 31

(in millions)

Property additions through acquisitions

 

2019

 

 

2018

 

 

2017

 

Mid-America Group

 

$

 

 

$

980.3

 

 

$

0.1

 

Southeast Group

 

 

 

 

 

561.5

 

 

 

 

West Group

 

 

 

 

 

1.4

 

 

 

2.4

 

Total Building Materials Business

 

 

 

 

 

1,543.2

 

 

 

2.5

 

Magnesia Specialties

 

 

 

 

 

 

 

 

 

Corporate

 

 

 

 

 

 

 

 

 

Total

 

$

 

 

$

1,543.2

 

 

$

2.5