Business Segments

9 Months Ended

Sep. 30, 2021

Segment Reporting [Abstract]

Business Segments

11. Business Segments

The Building Materials business contains two reportable segments: the East Group and the West Group. The Company also has a Magnesia Specialties segment.  The Company’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; other operating income and expenses, net; and exclude interest expense; other nonoperating income and expenses, net; and income taxes. Corporate loss from operations primarily includes depreciation; expenses for corporate administrative functions; acquisition-related expenses; and other nonrecurring income and expenses excluded from the Company’s evaluation of business segment performance and resource allocation. All long-term debt and related interest expense are held at Corporate.

The following table displays selected financial data for the Company’s reportable segments. Total revenues, as presented on the consolidated statements of earnings and comprehensive earnings, exclude intersegment revenues, which represent sales from one segment to another segment and are eliminated in consolidation.

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2021			2020			2021			2020
	(Dollars in Millions)
Total revenues:
East Group	$	684.1		$	549.3		$	1,714.4		$	1,465.9
West Group		794.8			711.2			1,978.2			1,904.2
Total Building Materials business		1,478.9			1,260.5			3,692.6			3,370.1
Magnesia Specialties		78.4			60.9			225.0			180.2
Total	$	1,557.3		$	1,321.4		$	3,917.6		$	3,550.3
Products and services revenues:
East Group	$	641.8		$	514.1		$	1,610.9		$	1,371.8
West Group		749.0			671.4			1,861.9			1,785.4
Total Building Materials business		1,390.8			1,185.5			3,472.8			3,157.2
Magnesia Specialties		71.9			55.2			207.1			164.0
Total	$	1,462.7		$	1,240.7		$	3,679.9		$	3,321.2
Earnings (Loss) from operations:
East Group	$	205.8		$	181.4		$	465.3		$	386.1
West Group		150.6			212.3			284.2			368.2
Total Building Materials business		356.4			393.7			749.5			754.3
Magnesia Specialties		23.1			16.4			69.8			51.2
Corporate		(22.6	)		(9.5	)		(55.6	)		(40.7	)
Total	$	356.9		$	400.6		$	763.7		$	764.8

	September 30, 2021		December 31, 2020
Assets employed:	(Dollars in Millions)
East Group	$	5,075.9	$	4,342.5
West Group		5,613.4		5,355.5
Total Building Materials business		10,689.3		9,698.0
Magnesia Specialties		169.6		167.9
Corporate		2,927.3		714.9
Total	$	13,786.2	$	10,580.8

The increase in assets from December 31, 2020 to September 30, 2021 primarily relates to the proceeds from the Senior Notes issued in July 2021, new right-of-use assets for finance leases and the Tiller and SCC acquisitions.  The proceeds from the Senior Notes issuance are reflected as Corporate assets as of September 30, 2021.