v3.26.1
Segment information
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment information Note 14. Segment information
The Company is organized into two reportable segments — Building Materials and Building Envelope — that
are aligned with the products and services it provides and based upon the information used by the CODM in
evaluating the performance of the business and allocating resources and capital. The Building Materials
segment offers a range of branded solutions delivering high-quality products for a wide range of applications.
These include cement and aggregates, as well as a variety of downstream products and solutions such as
ready-mix concrete, asphalt, and other construction materials. The Building Envelope segment offers
advanced roofing and wall systems, including single-ply membranes, insulation, shingles, sheathing,
waterproofing and protective coatings, along with adhesives, tapes, and sealants that are critical to the
application of roofing and wall systems.
The Company determines its operating segments based on the discrete financial information that is regularly
evaluated by its CODM in deciding how to allocate resources and in assessing performance. The CODM was
determined to be the Company’s CEO as he is responsible for allocating resources and assessing
performance. The discrete financial information regularly evaluated by the CODM and operating segment
conclusions are consistent prior to and following the completion of the Spin-Off. For both segments, the
CODM uses Segment Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) in
the financial planning and resource allocation process. The CODM considers Segment Adjusted EBITDA on a
monthly basis to evaluate the performance of each segment and make decisions about allocating resources
to each segment. Segment Adjusted EBITDA excludes the impact of Depreciation, depletion, accretion and
amortization, Loss on impairments, unallocated corporate costs, acquisition and integration-related costs,
certain litigation-related costs, Spin-Off and separation-related costs, restructuring and other costs, Interest
expense, net, and Other non-operating income, net. The accounting policies applicable to each segment are
consistent with those used on these unaudited condensed consolidated financial statements.
The key performance indicators for the Company’s reportable segments are presented in the following table.
Certain totals presented below may not agree with the line items on the unaudited condensed consolidated
statements of operations primarily due to (i) depreciation, depletion, accretion and amortization and (ii)
unallocated corporate costs.
For the three months
ended March 31,
(In millions)
2026
2025
Revenues:
Building Materials
$1,500
$1,329
Building Envelope
678
752
Total Revenues
$2,178
$2,081
Cost of revenues:
Building Materials
$1,231
$1,118
Building Envelope
511
527
Total cost of revenues
$1,742
$1,645
Other segment expenses(1):
Building Materials
$99
$91
Building Envelope
89
101
Total other segment expenses
$188
$192
Segment Adjusted EBITDA:
Building Materials
$170
$120
Building Envelope
78
124
Total Segment Adjusted EBITDA
$248
$244
_________
(1)Other segment expenses consist of selling, general and administrative expenses, and gains on disposals of long-lived assets.
For the three months
ended March 31,
(In millions)
2026
2025
Total Segment Adjusted EBITDA
$248
$244
Reconciling items:
Depreciation, depletion, accretion and amortization
(236)
(218)
Interest income
8
14
Interest expense
(78)
(132)
Acquisition and integration-related costs(1)
(23)
(3)
Litigation-related costs(2)
(2)
—
Restructuring and other costs(3)
(3)
—
Spin-off and separation-related costs(4)
(4)
(9)
Unallocated corporate costs
(56)
(30)
Other non-operating income, net(5)
1
1
Total reconciling items
(393)
(377)
Loss before income tax benefit
$(145)
$(133)
_________
(1)Acquisition and integration-related costs are those incurred for business combinations, including advisory, legal, valuation, and other
professional fees. Certain warranty charges related to a pre-acquisition manufacturing issue are also included.
(2)Litigation-related costs include certain litigation settlements, environmental remediation, and legal-related consulting and professional
fees that are not representative of expenses arising in the ordinary course of business.
(3)Restructuring and other costs include charges associated with non-core sites.
(4)Spin-Off and separation-related costs notably include rebranding costs.
(5)Other non-operating income, net primarily consists of costs related to gains on proceeds from property and casualty insurance.
The Company’s capital expenditures by segment were as follows:
For the three months ended
March 31,
(In millions)
2026
2025
Capital expenditures(1):
Building Materials
$203
$184
Building Envelope
69
27
Total capital expenditures
$272
$211
__________________
(1)Capital expenditures for the three months ended March 31, 2026 and 2025 exclude noncash transactions for capital expenditure-
related accounts payable.
The Company’s assets by segment were as follows:
As of
As of
(In millions)
March 31, 2026
December 31, 2025
Segment assets(1):
Building Materials
$15,412
$14,993
Building Envelope
7,169
6,959
Total segment assets
22,581
21,952
Other assets(2)
1,688
2,297
Total assets
$24,269
$24,249
__________________
(1)Segment assets are comprised of Accounts receivable, net, Inventories, net, Property, plant and equipment, net, Goodwill, Intangible
assets, net, and Operating lease right-of-use assets, net.
(2)Other assets are mainly comprised of Cash and cash equivalents, Other current and noncurrent assets, and corporate