Page 48 - 2019 Annual Report
P. 48

NOTES TO FINANCIAL STATEMENTS (continued)

           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






















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