Page 169 - Martin Marietta - 2024 Proxy Statement

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)
Mix‐Adjusted Average Selling Price

x‐adjusted average selling price (mix‐adjusted ASP) is a non‐GAAP measure that excludes the impacts of period‐over‐period
product, geographic and other mix on the average selling price. Mix‐adjusted ASP is calculated by comparing current‐period
shipments to like‐for‐like shipments in the comparable prior period. Management uses this metric to evaluate the realization of
pricing increases and believes this information is useful to investors as it provides same‐on‐same pricing trends.
The following reconciles reported average selling price to mix‐adjusted ASP and corresponding variances:
years ended December 31 2023 2022
Aggregates:
ported average selling price $ 19.84 $ 16.68
Adjustment for impact of product, geographic and other mix (0.28)
Mix‐adjusted ASP $ 19.56

Reported average selling price variance 18.9%
Mix‐adjusted ASP variance 17.2%

Cement ‐ Continuing Operations:
ported average selling price $ 174.27 $ 142.83
Adjustment for impact of product, geographic and other mix (0.62)
Mix‐adjusted ASP $ 173.65

Reported average selling price variance 22.0%
Mix‐adjusted ASP variance 21.6%

Total Revenues
The following table presents total revenues for the Company and its reportable segments by product line for continuing operations:
years ended December 31
(in millions) 2023 2022
Building Materials business:
st Group:
gregates $ 2,592.5 $ 2,294.3
Asphalt 198.9 194.2
Less: interproduct revenues (28.0) (20.4)
East Group Total 2,763.4 2,468.1
West Group:
Aggregates 1,709.1 1,584.7
Cement 725.5 620.0
Ready mixed concrete 1,009.3 953.2
Asphalt and paving services 688.2 593.7
Less: interproduct revenues (433.7) (363.0)
West Group Total 3,698.4 3,388.6
Total Building Materials business 6,461.8 5,856.7
Magnesia Specialties 315.4 304.0
Total consolidated revenues $ 6,777.2 $ 6,160.7

2023 Annual Report ♦ Page 67