Segments

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Segments

Note P: Segments

As of December 31, 2021, the Building Materials business is comprised of four divisions that represent individual operating segments. These divisions 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 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, net; and excludes interest expense; other nonoperating income and expenses, net; and income tax expense. Corporate loss from operations primarily includes depreciation; expenses for corporate administrative functions; acquisition-related expenses, net; and other nonrecurring 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, cash equivalents and restricted cash; 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. Total revenues, as well as the consolidated statements of earnings and comprehensive earnings, reflect the elimination of intersegment revenues. Total revenues; gross profit; selling, general and administrative expenses and earnings from operations reflect continuing operations only.

years ended December 31 (in millions) Total revenues	2021		2020		2019
East Group	$	2,303.0	$	1,949.1	$	1,949.0
West Group		2,812.3		2,538.1		2,518.8
Total Building Materials business		5,115.3		4,487.2		4,467.8
Magnesia Specialties		298.7		242.7		271.3
Total	$	5,414.0	$	4,729.9	$	4,739.1

Gross profit
East Group	$	721.6	$	619.4	$	605.7
West Group		518.3		540.4		474.9
Total Building Materials business		1,239.9		1,159.8		1,080.6
Magnesia Specialties		106.5		85.5		95.4
Corporate		2.0		7.5		3.0
Total	$	1,348.4	$	1,252.8	$	1,179.0

Selling, general and administrative expenses
East Group	$	104.6	$	99.2	$	84.7
West Group		142.6		135.7		116.3
Total Building Materials business		247.2		234.9		201.0
Magnesia Specialties		14.9		14.1		11.3
Corporate		88.9		56.9		90.4
Total	$	351.0	$	305.9	$	302.7

Earnings (Loss) from operations
East Group	$	621.7		$	522.1		$	527.3
West Group		385.2			471.3			366.9
Total Building Materials business		1,006.9			993.4			894.2
Magnesia Specialties		90.8			70.7			83.6
Corporate		(123.9	)		(58.7	)		(92.9	)
Total	$	973.8		$	1,005.4		$	884.9

Earnings from operations for the West Group include nonrecurring gains on sales of investment land and divested assets of $69.9 million in 2020.

December 31 (in millions) Assets employed	2021		2020		2019
East Group	$	5,009.0	$	4,342.5	$	4,320.6
West Group		8,264.8		5,355.5		5,321.9
Total Building Materials business		13,273.8		9,698.0		9,642.5
Magnesia Specialties		168.7		167.9		176.2
Corporate		950.5		714.9		312.9
Total	$	14,393.0	$	10,580.8	$	10,131.6

years ended December 31 (in millions) Depreciation, depletion and amortization	2021		2020		2019
East Group	$	196.0	$	167.9	$	158.0
West Group		223.0		196.6		183.3
Total Building Materials business		419.0		364.5		341.3
Magnesia Specialties		12.3		11.5		10.2
Corporate		20.4		17.5		20.0
Total	$	451.7	$	393.5	$	371.5

Total property additions, including the impact of acquisitions
East Group	$	372.9	$	159.0	$	172.9
West Group		1,131.6		197.9		182.7
Total Building Materials business		1,504.5		356.9		355.6
Magnesia Specialties		8.2		13.5		20.0
Corporate		28.8		16.8		12.0
Total	$	1,541.5	$	387.2	$	387.6

Property additions through acquisitions
East Group	$	169.2	$	—	$	—
West Group		918.3		20.0		—
Total Building Materials business		1,087.5		20.0		—
Magnesia Specialties		—		—		—
Corporate		—		—		—
Total	$	1,087.5	$	20.0	$	—