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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
| | | | | |
| þ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2024
OR
| | | | | |
| o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission File Number 001-33841
VULCAN MATERIALS COMPANY
(Exact name of registrant as specified in its charter)
| | | | | |
New Jersey (State or other jurisdiction of incorporation) | 20-8579133 (I.R.S. Employer Identification No.) |
| |
1200 Urban Center Drive, Birmingham, Alabama (Address of principal executive offices) | 35242 (zip code) |
| |
(205) 298-3000 (Registrant's telephone number including area code) |
Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:
| | | | | | | | |
| Title of each class | Trading Symbol | Name of each exchange on which registered |
| Common Stock, $1 par value | VMC | New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| | | | | | | | | | | | | | | | | |
| Large accelerated filer | þ | Accelerated filer | o | Smaller reporting company | o |
| Non-accelerated filer | o | | | Emerging growth company | o |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes o No þ
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date:
| | | | | | | | |
| Class | | Shares Outstanding at October 16, 2024 |
| Common Stock, $1 Par Value | | 132,061,259 |
VULCAN MATERIALS COMPANY
FORM 10-Q
QUARTER ENDED SEPTEMBER 30, 2024
CONTENTS
Unless otherwise stated or the context otherwise requires, references in this report to “Vulcan,” the “Company,” “we,” “our,” or “us” refer to Vulcan Materials Company and its consolidated subsidiaries.
PART I FINANCIAL INFORMATION
| | |
| ITEM 1 |
FINANCIAL STATEMENTS |
VULCAN MATERIALS COMPANY AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED BALANCE SHEETS
| | | | | | | | | | | |
| Unaudited | September 30
2024 | December 31
2023 | September 30
2023 |
| in millions |
| Assets | | | |
| Cash and cash equivalents | $ | 433.2 | | $ | 931.1 | | $ | 340.0 | |
| Restricted cash | 1.1 | | 18.1 | | 5.0 | |
| Accounts and notes receivable, gross | 1,030.9 | | 903.3 | | 1,199.2 | |
| Allowance for credit losses | (13.5) | | (13.6) | | (14.7) | |
| Accounts and notes receivable, net | 1,017.4 | | 889.7 | | 1,184.5 | |
| Inventories | 647.7 | | 615.6 | | 570.6 | |
| Other current assets | 113.5 | | 70.4 | | 106.0 | |
| Assets held for sale | 0.0 | | 0.0 | | 495.1 | |
| Total current assets | 2,212.9 | | 2,524.9 | | 2,701.2 | |
| Investments and long-term receivables | 31.4 | | 31.3 | | 31.2 | |
| Property, plant & equipment, cost | 12,350.5 | | 11,835.5 | | 11,610.4 | |
| Allowances for depreciation, depletion & amortization | (5,937.0) | | (5,617.8) | | (5,498.4) | |
| Property, plant & equipment, net | 6,413.5 | | 6,217.7 | | 6,112.0 | |
| Operating lease right-of-use assets, net | 508.3 | | 511.7 | | 521.5 | |
| Goodwill | 3,450.0 | | 3,531.7 | | 3,531.7 | |
| Other intangible assets, net | 1,448.3 | | 1,460.7 | | 1,471.8 | |
| Other noncurrent assets | 287.5 | | 267.7 | | 251.1 | |
| Total assets | $ | 14,351.9 | | $ | 14,545.7 | | $ | 14,620.5 | |
| Liabilities | | | |
| Current maturities of long-term debt | 0.5 | | 0.5 | | 0.5 | |
| | | |
| Trade payables and accruals | 352.6 | | 390.4 | | 412.8 | |
| Other current liabilities | 421.0 | | 406.7 | | 440.8 | |
| Liabilities held for sale | 0.0 | | 0.0 | | 10.1 | |
| Total current liabilities | 774.1 | | 797.6 | | 864.2 | |
| Long-term debt | 3,329.2 | | 3,877.3 | | 3,874.3 | |
| Deferred income taxes, net | 1,000.3 | | 1,028.9 | | 1,068.3 | |
| Deferred revenue | 139.4 | | 145.3 | | 147.4 | |
| Noncurrent operating lease liabilities | 503.5 | | 507.4 | | 516.0 | |
| Other noncurrent liabilities | 712.3 | | 681.3 | | 685.1 | |
| Total liabilities | $ | 6,458.8 | | $ | 7,037.8 | | $ | 7,155.3 | |
| Other commitments and contingencies (Note 8) | | | |
| Equity | | | |
Common stock, $1 par value, Authorized 480.0 shares, Outstanding 132.1, 132.1 and 132.9 shares, respectively | 132.1 | | 132.1 | | 132.9 | |
| Capital in excess of par value | 2,895.0 | | 2,880.1 | | 2,862.4 | |
| Retained earnings | 4,980.7 | | 4,615.0 | | 4,595.0 | |
| Accumulated other comprehensive loss | (138.8) | | (143.8) | | (149.7) | |
| Total shareholders' equity | 7,869.0 | | 7,483.4 | | 7,440.6 | |
| Noncontrolling interest | 24.1 | | 24.5 | | 24.6 | |
| Total equity | $ | 7,893.1 | | $ | 7,507.9 | | $ | 7,465.2 | |
| Total liabilities and equity | $ | 14,351.9 | | $ | 14,545.7 | | $ | 14,620.5 | |
The accompanying Notes to the Condensed Consolidated Financial Statements are an integral part of these statements.
VULCAN MATERIALS COMPANY AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME
| | | | | | | | | | | | | | |
| Unaudited | Three Months Ended
September 30 | Nine Months Ended
September 30 |
| in millions, except per share data | 2024 | 2023 | 2024 | 2023 |
| Total revenues | $ | 2,003.9 | | $ | 2,185.8 | | $ | 5,564.0 | | $ | 5,947.6 | |
| Cost of revenues | (1,438.7) | | (1,594.8) | | (4,101.6) | | (4,471.3) | |
| Gross profit | 565.2 | | 591.0 | | 1,462.4 | | 1,476.3 | |
| Selling, administrative and general expenses | (129.1) | | (143.9) | | (393.0) | | (400.4) | |
| Gain on sale of property, plant & equipment and businesses | 0.2 | | 4.3 | | 4.6 | | 22.8 | |
| Loss on impairments | (86.6) | | (28.3) | | (86.6) | | (28.3) | |
| Other operating expense, net | (12.6) | | (4.2) | | (23.9) | | (13.1) | |
| Operating earnings | 337.1 | | 418.9 | | 963.5 | | 1,057.3 | |
| Other nonoperating expense, net | (3.8) | | (6.4) | | (12.7) | | (5.3) | |
| Interest expense, net | (38.4) | | (46.6) | | (117.7) | | (142.2) | |
Earnings from continuing operations before income taxes | 294.9 | | 365.9 | | 833.1 | | 909.8 | |
| Income tax expense | (85.2) | | (85.8) | | (208.5) | | (194.4) | |
| Earnings from continuing operations | 209.7 | | 280.1 | | 624.6 | | 715.4 | |
| Loss on discontinued operations, net of tax | (1.3) | | (2.8) | | (5.0) | | (8.6) | |
| Net earnings | 208.4 | | 277.3 | | 619.6 | | 706.8 | |
| Earnings attributable to noncontrolling interest | (0.8) | | (0.8) | | (1.4) | | (1.0) | |
| Net earnings attributable to Vulcan | $ | 207.6 | | $ | 276.5 | | $ | 618.2 | | $ | 705.8 | |
| Other comprehensive income, net of tax | | | | |
| Amortization of accumulated cash flow hedge losses | 0.4 | | 0.4 | | 1.2 | | 1.2 | |
| Amortization of accumulated benefit plan costs | 1.4 | | 1.3 | | 3.8 | | 3.8 | |
| Other comprehensive income | 1.8 | | 1.7 | | 5.0 | | 5.0 | |
| Comprehensive income | 210.2 | | 279.0 | | 624.6 | | 711.8 | |
Comprehensive earnings attributable to noncontrolling interest | (0.8) | | (0.8) | | (1.4) | | (1.0) | |
| Comprehensive income attributable to Vulcan | $ | 209.4 | | $ | 278.2 | | $ | 623.2 | | $ | 710.8 | |
| Basic earnings (loss) per share attributable to Vulcan | | | | |
| Continuing operations | $ | 1.58 | | $ | 2.10 | | $ | 4.71 | | $ | 5.37 | |
| Discontinued operations | (0.01) | | (0.02) | | (0.04) | | (0.07) | |
| Net earnings | $ | 1.57 | | $ | 2.08 | | $ | 4.67 | | $ | 5.30 | |
| | | | |
| Diluted earnings (loss) per share attributable to Vulcan | | | | |
| Continuing operations | $ | 1.57 | | $ | 2.09 | | $ | 4.68 | | $ | 5.34 | |
| Discontinued operations | (0.01) | | (0.02) | | (0.03) | | (0.06) | |
| Net earnings | $ | 1.56 | | $ | 2.07 | | $ | 4.65 | | $ | 5.28 | |
| Weighted-average common shares outstanding | | | | |
| Basic | 132.2 | | 133.0 | | 132.3 | | 133.1 | |
| Assuming dilution | 133.0 | | 133.7 | | 133.1 | | 133.7 | |
| | | | |
| Effective tax rate from continuing operations | 28.9 | % | 23.4 | % | 25.0 | % | 21.4 | % |
The accompanying Notes to the Condensed Consolidated Financial Statements are an integral part of these statements.
VULCAN MATERIALS COMPANY AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
| | | | | | | | |
| Unaudited | Nine Months Ended
September 30 |
| in millions | 2024 | 2023 |
| Operating Activities | | |
| Net earnings | $ | 619.6 | | $ | 706.8 | |
| Adjustments to reconcile net earnings to net cash provided by operating activities | | |
| Depreciation, depletion, accretion and amortization | 468.4 | | 464.4 | |
| Loss on impairments | 86.6 | | 28.3 | |
| Noncash operating lease expense | 38.6 | | 40.7 | |
| Net gain on sale of property, plant & equipment and businesses | (4.6) | | (22.8) | |
| Contributions to pension plans | (7.1) | | (5.6) | |
| Share-based compensation expense | 39.9 | | 43.5 | |
| Deferred income taxes, net | (30.3) | | (6.0) | |
| Changes in assets and liabilities before initial effects of business acquisitions and dispositions | (246.5) | | (206.0) | |
| Other, net | 4.9 | | 11.9 | |
| Net cash provided by operating activities | $ | 969.5 | | $ | 1,055.2 | |
| Investing Activities | | |
| Purchases of property, plant & equipment | (441.0) | | (666.3) | |
| Proceeds from sale of property, plant & equipment | 5.6 | | 26.2 | |
| Proceeds from sale of businesses | 0.2 | | 130.0 | |
| Payment for businesses acquired, net of acquired cash and adjustments | (206.4) | | 0.9 | |
| Other, net | (0.2) | | 0.0 | |
| Net cash used for investing activities | $ | (641.8) | | $ | (509.2) | |
| Financing Activities | | |
| Proceeds from short-term debt | 8.1 | | 166.1 | |
| Payment of short-term debt | (8.0) | | (266.1) | |
| Payment of current maturities and long-term debt | (550.5) | | (550.5) | |
| Proceeds from issuance of long-term debt | 0.0 | | 550.0 | |
| Debt issuance and exchange costs | (3.5) | | (3.4) | |
| Payment of finance leases | (10.0) | | (17.2) | |
| Purchases of common stock | (68.8) | | (49.9) | |
| Dividends paid | (183.6) | | (171.6) | |
| Share-based compensation, shares withheld for taxes | (24.5) | | (19.9) | |
| Distribution to noncontrolling interest | (1.8) | | 0.0 | |
| | |
| Net cash used for financing activities | $ | (842.6) | | $ | (362.5) | |
| Net increase (decrease) in cash and cash equivalents and restricted cash | (514.9) | | 183.5 | |
| Cash and cash equivalents and restricted cash at beginning of year | 949.2 | | 161.5 | |
| Cash and cash equivalents and restricted cash at end of period | $ | 434.3 | | $ | 345.0 | |
The accompanying Notes to the Condensed Consolidated Financial Statements are an integral part of the statements.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
NATURE OF OPERATIONS
Vulcan Materials Company (the “Company,” “Vulcan,” “we,” “our”), a New Jersey corporation, is the nation’s largest supplier of construction aggregates (primarily crushed stone, sand and gravel) and a major producer of aggregates-intensive downstream products such as asphalt mix and ready-mixed concrete.
We operate primarily in the United States, and our principal product — aggregates — is used in most types of public and private construction projects and in the production of asphalt mix and ready-mixed concrete. Our primary focus is serving metropolitan markets in the United States that are expected to experience the most significant growth in population, households and employment. These three demographic factors are significant drivers of demand for aggregates. While aggregates is our focus and primary business, we produce and sell aggregates-intensive asphalt mix and/or ready-mixed concrete products in certain markets.
BASIS OF PRESENTATION
Our accompanying unaudited condensed consolidated financial statements were prepared in compliance with the instructions to Form 10-Q and Article 10 of Regulation S-X and thus do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America (GAAP) for complete financial statements. We prepared the accompanying condensed consolidated financial statements on the same basis as our annual financial statements, except for the adoption of new accounting standards, if any, as described in Note 17. Our Condensed Consolidated Balance Sheet as of December 31, 2023 was derived from the audited financial statement, but it does not include all disclosures required by GAAP. In the opinion of our management, the statements reflect all adjustments, including those of a normal recurring nature, necessary to present fairly the results of the reported interim periods. For further information, refer to the consolidated financial statements and footnotes included in our most recent Annual Report on Form 10-K.
Operating results for the three and nine month periods ended September 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024.
Our condensed consolidated financial statements reflect estimates and assumptions made by management that affect the reported amounts of assets, liabilities, revenues and expenses. The most significant estimates and assumptions included in the preparation of these financial statements are related to goodwill and long-lived asset impairments, business combinations and purchase price allocation, pension and other postretirement benefits, environmental compliance, claims and litigation including self-insurance, and income taxes (refer to the Critical Accounting Policies included in Item 7 of our most recent Annual Report on Form 10-K). Events that relate to conditions arising after September 30, 2024 will be reflected in management’s estimates for future periods.
NONCONTROLLING INTEREST
We own an 88% controlling interest in the Orca Sand and Gravel Limited Partnership (Orca) which was formed to develop the Orca quarry in British Columbia, Canada. The remaining 12% noncontrolling interest is held by the Namgis First Nation (Namgis). This noncontrolling interest consists of the Namgis’ share of the fair value equity in the partnership. Our condensed consolidated financial statements recognize the full fair value of all of the subsidiary’s assets and liabilities offset by the noncontrolling interest in total equity.
RESTRICTED CASH
Restricted cash primarily consists of cash proceeds from the sale of property held in escrow for the acquisition of replacement property under like-kind exchange agreements. The escrow accounts are administered by an intermediary. Cash restricted pursuant to like-kind exchange agreements remains restricted for a maximum of 180 days from the date of the property sale pending the acquisition of replacement property. Restricted cash may also include cash reserved by other contractual agreements (such as asset purchase agreements) for a specified purpose and therefore is not available for use for other purposes. Restricted cash is included with cash and cash equivalents in the accompanying Condensed Consolidated Statements of Cash Flows.
INVENTORIES
Inventories and supplies are stated at the lower of cost or net realizable value. Inventories are as follows:
| | | | | | | | | | | |
| in millions | September 30
2024 | December 31
2023 | September 30
2023 |
| Finished products | $ | 505.9 | | $ | 494.4 | | $ | 448.1 | |
| Raw materials | 62.2 | | 51.2 | | 50.5 | |
| Products in process | 11.1 | | 6.5 | | 8.6 | |
| Operating supplies and other | 68.5 | | 63.5 | | 63.4 | |
| Total inventories | $ | 647.7 | | $ | 615.6 | | $ | 570.6 | |
DISCONTINUED OPERATIONS
In 2005, we sold substantially all the assets of our Chemicals business to a subsidiary of Occidental Chemical Corporation. The financial results of the Chemicals business are classified as discontinued operations in the accompanying Condensed Consolidated Statements of Comprehensive Income for all periods presented. Results from discontinued operations are as follows:
| | | | | | | | | | | | | | |
| in millions | Three Months Ended
September 30 | Nine Months Ended
September 30 |
| 2024 | 2023 | 2024 | 2023 |
| Pretax loss | $ | (1.8) | | $ | (3.8) | | $ | (6.8) | | $ | (11.7) | |
| Income tax benefit | 0.5 | | 1.0 | | 1.8 | | 3.1 | |
| Loss on discontinued operations, net of tax | $ | (1.3) | | $ | (2.8) | | $ | (5.0) | | $ | (8.6) | |
Our discontinued operations include charges related to general and product liability costs, including legal defense costs, and environmental remediation costs associated with our former Chemicals business (including certain matters as discussed in Note 8). There were no revenues from discontinued operations for the periods presented.
EARNINGS PER SHARE (EPS)
Earnings per share are computed by dividing net earnings by the weighted-average common shares outstanding (basic EPS) or weighted-average common shares outstanding assuming dilution (diluted EPS), as set forth below:
| | | | | | | | | | | | | | |
| Three Months Ended
September 30 | Nine Months Ended
September 30 |
| in millions | 2024 | 2023 | 2024 | 2023 |
| Weighted-average common shares outstanding | 132.2 | 133.0 | 132.3 | 133.1 |
| Dilutive effect of | | | | |
| Stock-Only Stock Appreciation Rights | 0.2 | 0.2 | 0.2 | 0.2 |
| Other stock compensation awards | 0.6 | 0.5 | 0.6 | 0.4 |
| Weighted-average common shares outstanding, assuming dilution | 133.0 | 133.7 | 133.1 | 133.7 |
All dilutive common stock equivalents are reflected in our earnings per share calculations. In periods of loss, shares that otherwise would have been included in our diluted weighted-average common shares outstanding computation would be excluded.
Antidilutive common stock equivalents are not included in our earnings per share calculations. The number of antidilutive common stock equivalents for which the exercise price exceeds the weighted-average market price is as follows:
| | | | | | | | | | | | | | |
| Three Months Ended
September 30 | Nine Months Ended
September 30 |
| in millions | 2024 | 2023 | 2024 | 2023 |
| Antidilutive common stock equivalents | 0.1 | 0.0 | 0.1 | 0.1 |
RECLASSIFICATIONS
As a result of a first quarter 2024 change in our internal management reporting structure, prior period segment information has been revised to conform to our current segment reporting structure. This change had no impact on our prior consolidated results of operations, financial position or cash flows (refer to Note 13 for further information).
NOTE 2: LEASES
Our portfolio of nonmineral leases is composed of leases for real estate (including office buildings, aggregates sales yards and terminals, and concrete and asphalt sites) and equipment (including railcars and rail track, barges, and office, plant and mobile equipment).
Lease right-of-use (ROU) assets and liabilities and the weighted-average lease terms and discount rates are as follows:
| | | | | | | | | | | | | | |
| dollars in millions | Classification on the Balance Sheet | September 30
2024 | December 31
2023 | September 30
2023 |
| Assets | | | |
| Operating lease ROU assets | | $ | 651.4 | | $ | 636.1 | | $ | 644.8 | |
| Accumulated amortization | | (143.1) | | (124.4) | | (113.4) | |
| Operating leases, net | Operating lease right-of-use assets, net | 508.3 | | 511.7 | | 531.4 | |
| Finance lease ROU assets | | 55.8 | | 62.3 | | 85.8 | |
| Accumulated depreciation | | (23.2) | | (20.2) | | (22.1) | |
| Finance leases, net | Property, plant & equipment, net | 32.6 | | 42.1 | | 63.7 | |
| Total lease assets | | $ | 540.9 | | $ | 553.8 | | $ | 595.1 | |
| Liabilities | | | |
| Current | | | |
| Operating | Other current liabilities | $ | 48.7 | | $ | 47.3 | | $ | 48.2 | |
| Finance | Other current liabilities | 11.4 | | 12.5 | | 18.4 | |
| Noncurrent | | | |
| Operating | Noncurrent operating lease liabilities | 503.5 | | 507.4 | | 525.4 | |
| Finance | Other noncurrent liabilities | 11.8 | | 16.6 | | 22.7 | |
| Total lease liabilities | | $ | 575.4 | | $ | 583.8 | | $ | 614.7 | |
| Lease Term and Discount Rate | | | |
| Weighted-average remaining lease term (years) | | | |
| Operating leases | 19.1 | 19.5 | 19.4 |
| Finance leases | 2.3 | 2.5 | 2.5 |
| Weighted-average discount rate | | | |
| Operating leases | 4.4 | % | 4.3 | % | 4.3 | % |
| Finance leases | 3.1 | % | 2.4 | % | 2.0 | % |
The decreases from September 30, 2023 in total lease assets and liabilities presented above primarily relate to the November 2023 sale of concrete operations in Texas (see Note 16 for additional information). Our lease agreements do not contain material residual value guarantees, restrictive covenants or early termination options. In addition to the lease assets and liabilities presented in the table above, we entered into an agreement to lease a terminal in California and expect to have all permits in place associated with all lease commencement options in the fourth quarter of 2024.
The components of lease expense are as follows:
| | | | | | | | | | | | | | | | | |
| Three Months Ended
September 30 | Nine Months Ended
September 30 |
| in millions | 2024 | 2023 | 2024 | 2023 |
| Finance lease cost | | | | |
| Depreciation of right-of-use assets | $ | 2.3 | | $ | 3.3 | | $ | 7.2 | | $ | 10.1 | |
| Interest on lease liabilities | 0.2 | | 0.2 | | 0.5 | | 0.7 | |
| Operating lease cost | 19.0 | | 19.1 | | 56.6 | | 58.3 | |
Short-term lease cost 1 | 12.2 | | 14.8 | | 34.9 | | 38.5 | |
| Variable lease cost | 5.5 | | 4.9 | | 15.1 | | 15.0 | |
| Sublease income | (0.7) | | (0.8) | | (2.0) | | (2.7) | |
| Total lease expense | $ | 38.5 | | $ | 41.5 | | $ | 112.3 | | $ | 119.9 | |
1Includes the cost of leases with an initial term of one year or less (including those with terms of one month or less).
Cash paid for operating leases was $55.3 million and $55.0 million for the nine months ended September 30, 2024 and 2023, respectively. Cash paid for finance leases (principal and interest) was $10.5 million and $17.9 million for the nine months ended September 30, 2024 and 2023, respectively.
NOTE 3: INCOME TAXES
Our estimated annual effective tax rate (EAETR) is based on full-year expectations of pretax earnings, statutory tax rates and permanent differences between book and tax accounting such as percentage depletion. For interim financial reporting, we calculate our quarterly income tax provision in accordance with the EAETR. Each quarter, we update our EAETR based on our revised full-year expectation of pretax earnings and calculate the income tax provision so that the year-to-date income tax provision reflects the EAETR. Significant judgment is required in determining our EAETR.
In the third quarter of 2024, we recorded income tax expense from continuing operations of $85.2 million compared to $85.8 million in the third quarter of 2023. The tax expense is comparable to the amount recorded in the third quarter of 2023, as the reduction in pretax earnings in the third quarter of 2024 was primarily due to a goodwill impairment (see Note 15), the majority of which was non-tax deductible.
For the first nine months of 2024, we recorded income tax expense from continuing operations of $208.5 million compared to $194.4 million for the first nine months of 2023. The increase in tax expense was primarily due to a goodwill impairment recorded in the third quarter of 2024, the majority of which was non-tax deductible, and a discrete benefit recognized in the first nine months of 2023 related to a 2022 business disposition, partially offset by lower pretax earnings.
In August 2022, the Inflation Reduction Act (IRA) was signed into law, effective for tax years beginning on or after January 1, 2023. The IRA introduced a corporate alternative minimum tax (CAMT) of 15% applicable to corporations with adjusted financial statement income in excess of $1 billion, as well as certain climate-related tax provisions. We were not subject to CAMT in 2023 and do not anticipate being subject to CAMT in 2024.
As discussed in Note 8, in May 2022, Mexican government officials unexpectedly and arbitrarily shut down our Calica operations in Mexico. In 2023, Calica had deferred tax assets (including net operating losses) of $27.4 million against which we have a full valuation allowance recorded. In 2024, we project a $6.5 million increase in deferred tax assets against which a valuation allowance was recorded as a component of the EAETR in the first nine months of 2024. A majority of the deferred tax assets relate to a net operating loss (NOL) carryforward which would expire between 2032 and 2034 if not utilized. Should the Mexican government lift the shutdown and/or if we are successful in our North American Free Trade Agreement (NAFTA) claim, we will reevaluate the need for a valuation allowance against the deferred tax assets.
We project Alabama NOL carryforward deferred tax assets at December 31, 2024 of $68.4 million against which we have a valuation allowance of $49.5 million. Almost all of the Alabama NOL carryforward would expire between 2024 and 2029 if not utilized.
A summary of our deferred tax assets and liabilities is included in Note 9 “Income Taxes” in our Annual Report on Form 10-K for the year ended December 31, 2023.
NOTE 4: REVENUES
Revenues are measured as the amount of consideration we expect to receive in exchange for transferring goods or providing services. Sales taxes and other taxes we collect are recorded as liabilities until remitted and thus are excluded from revenues. Costs to obtain and fulfill contracts (primarily asphalt construction paving contracts) are immaterial and are expensed as incurred when the expected amortization period is one year or less.
Our segment total revenues by geographic market for the three and nine month periods ended September 30, 2024 and 2023 are disaggregated as follows (the decrease in Gulf Coast market concrete revenues is primarily attributable to the sale of concrete operations in Texas in November 2023; see Note 16 for additional information):
| | | | | | | | | | | | | | |
| Three Months Ended September 30, 2024 |
| in millions | Aggregates | Asphalt | Concrete | Total |
| East revenues | $ | 466.7 | | $ | 64.0 | | $ | 88.4 | | $ | 619.1 | |
| Gulf Coast revenues | 842.7 | | 90.9 | | 2.6 | | 936.2 | |
| West revenues | 263.0 | | 226.2 | | 83.4 | | 572.6 | |
| Segment sales | $ | 1,572.4 | | $ | 381.1 | | $ | 174.4 | | $ | 2,127.9 | |
| Intersegment sales | (124.0) | | 0.0 | | 0.0 | | (124.0) | |
Total revenues 1 | $ | 1,448.4 | | $ | 381.1 | | $ | 174.4 | | $ | 2,003.9 | |
| | | | | | | | | | | | | | |
| Three Months Ended September 30, 2023 |
| in millions | Aggregates | Asphalt | Concrete | Total |
| East revenues | $ | 464.8 | | $ | 64.5 | | $ | 95.4 | | $ | 624.7 | |
| Gulf Coast revenues | 900.4 | | 71.4 | | 168.7 | | 1,140.5 | |
| West revenues | 263.2 | | 211.3 | | 100.5 | | 575.0 | |
| Segment sales | $ | 1,628.4 | | $ | 347.2 | | $ | 364.6 | | $ | 2,340.2 | |
| Intersegment sales | (154.4) | | 0.0 | | 0.0 | | (154.4) | |
Total revenues 1 | $ | 1,474.0 | | $ | 347.2 | | $ | 364.6 | | $ | 2,185.8 | |
| | | | | | | | | | | | | | |
| Nine Months Ended September 30, 2024 |
| in millions | Aggregates | Asphalt | Concrete | Total |
| East revenues | $ | 1,267.3 | | $ | 149.7 | | $ | 246.6 | | $ | 1,663.6 | |
| Gulf Coast revenues | 2,484.7 | | 198.0 | | 7.1 | | $ | 2,689.8 | |
| West revenues | 725.3 | | 570.8 | | 236.2 | | $ | 1,532.3 | |
| Segment sales | $ | 4,477.3 | | $ | 918.5 | | $ | 489.9 | | $ | 5,885.7 | |
| Intersegment sales | (321.7) | | 0.0 | | 0.0 | | $ | (321.7) | |
Total revenues 1 | $ | 4,155.6 | | $ | 918.5 | | $ | 489.9 | | $ | 5,564.0 | |
| | | | | | | | | | | | | | |
| Nine Months Ended September 30, 2023 |
| in millions | Aggregates | Asphalt | Concrete | Total |
| East revenues | $ | 1,259.7 | | $ | 147.1 | | $ | 278.7 | | $ | 1,685.5 | |
| Gulf Coast revenues | 2,568.7 | | 182.0 | | 457.6 | | 3,208.3 | |
| West revenues | 677.5 | | 525.2 | | 257.0 | | 1,459.7 | |
| Segment sales | $ | 4,505.9 | | $ | 854.3 | | $ | 993.3 | | $ | 6,353.5 | |
| Intersegment sales | (405.9) | | 0.0 | | 0.0 | | (405.9) | |
Total revenues 1 | $ | 4,100.0 | | $ | 854.3 | | $ | 993.3 | | $ | 5,947.6 | |
1The geographic markets are defined by states/countries as follows:
East market — Arkansas, Delaware, Illinois, Kentucky, Maryland, New Jersey, New York, North Carolina, Pennsylvania, Tennessee, Virginia and Washington D.C.
Gulf Coast market — Alabama, Florida, Georgia, Louisiana, Mississippi, Oklahoma, South Carolina, Texas, U.S. Virgin Islands, Freeport (Bahamas), Puerto Cortés (Honduras) and Quintana Roo (Mexico)
West market — Arizona, California, Hawaii, New Mexico and British Columbia (Canada)
Total revenues are primarily derived from our product sales of aggregates (crushed stone, sand and gravel, sand and other aggregates), asphalt mix and ready-mixed concrete, and include freight & delivery costs that we pass along to our customers to deliver these products. We also generate service revenues from our asphalt construction paving business and service revenues related to our aggregates business, such as landfill tipping fees. Our total service revenues were $88.2 million (4.4% of total revenues) and $76.7 million (3.5% of total revenues) for the three months ended September 30, 2024 and 2023, respectively, and $195.0 million (3.5% of total revenues) and $181.5 million (3.1% of total revenues) for the nine months ended September 30, 2024 and 2023, respectively.
Our products typically are sold to private industry and not directly to governmental entities. Although approximately 40% to 55% of our aggregates shipments have historically been used in publicly funded construction (such as highways, airports and government buildings), a relatively small portion of our sales are made directly to federal, state, county or municipal governments/agencies. Therefore, although reductions in state and federal funding can curtail publicly funded construction, the vast majority of our business is not directly subject to renegotiation of profits or termination of contracts with local, state or federal governments.
PRODUCT REVENUES
Revenue is recognized when obligations under the terms of a contract with our customer are satisfied; generally, this occurs at a point in time when our aggregates, asphalt mix and ready-mixed concrete are shipped/delivered and control passes to the customer. Revenue for our products is recorded at the fixed invoice amount, and payment is due by the 15th day of the following month. We do not offer discounts for early payment.
Freight & delivery generally represents pass-through transportation costs we incur (including our administrative costs) and pay to third-party carriers to deliver our products to customers and are accounted for as a fulfillment activity. Likewise, the costs related to freight & delivery are included in cost of revenues.
Freight & delivery revenues are as follows:
| | | | | | | | | | | | | | |
| Three Months Ended
September 30 | Nine Months Ended
September 30 |
| in millions | 2024 | 2023 | 2024 | 2023 |
| Total revenues | $ | 2,003.9 | | $ | 2,185.8 | | $ | 5,564.0 | | $ | 5,947.6 | |
Freight & delivery revenues 1 | (261.4) | | (276.5) | | (741.7) | | (766.9) | |
| Total revenues excluding freight & delivery | $ | 1,742.5 | | $ | 1,909.3 | | $ | 4,822.3 | | $ | 5,180.7 | |
1Includes freight & delivery to remote distribution sites.
CONSTRUCTION PAVING SERVICE REVENUES
Revenue from our asphalt construction paving business is recognized over time using the percentage-of-completion method under the cost approach. The percentage of completion is determined by costs incurred to date as a percentage of total costs estimated for the project. Under this approach, recognized contract revenue equals the total estimated contract revenue multiplied by the percentage of completion. Future revenues from unsatisfied performance obligations (including contracts with an expected duration of 1 year or less) at September 30, 2024 and 2023 were $206.5 million and $116.3 million, respectively. The remaining period to complete the obligations at September 30, 2024 ranged from 1 month to 51 months. The increase in future revenues from unsatisfied performance obligations is primarily due to acquisitions completed during the second quarter of 2024 (refer to Note 16 for further information).
Our construction contracts are unit priced, and an account receivable is recorded for amounts invoiced based on actual units produced. Contract assets for estimated earnings in excess of billings, contract assets related to retainage provisions and contract liabilities for billings in excess of costs are immaterial. Variable consideration in our construction paving contracts is immaterial and consists of incentives and penalties based on the quality of work performed. Our construction paving contracts may contain warranty provisions covering defects in equipment, materials, design or workmanship that generally run from nine months to one year after project completion. Due to the nature of our construction paving projects, including contract owner inspections of the work during construction and prior to acceptance, we have not experienced material warranty costs for these short-term warranties.
VOLUMETRIC PRODUCTION PAYMENT DEFERRED REVENUES
In 2013 and 2012, we sold a percentage interest in certain future aggregates production for net cash proceeds of $226.9 million. These transactions, structured as volumetric production payments (VPPs):
▪relate to eight quarries in Georgia and South Carolina
▪provide the purchaser solely with a nonoperating percentage interest in the subject quarries’ future aggregates production
▪contain no minimum annual or cumulative guarantees by us for production or sales volume, nor minimum sales price
▪are both volume and time limited (we expect the transactions will last approximately 20 more years, limited by volume rather than time)
We are the exclusive sales agent for, and transmit quarterly to the purchaser the proceeds from the sale of, the purchaser’s share of aggregates production. Our consolidated total revenues exclude the revenue from the sale of the purchaser’s share of aggregates.
The proceeds we received from the sale of the percentage interest were recorded as deferred revenue on the balance sheet. We recognize revenue on a unit-of-sales basis (as we sell the purchaser’s share of production) relative to the volume limitations of the transactions. Given the nature of the risks and potential rewards assumed by the buyer, the transactions do not reflect financing activities.
Changes in our deferred revenue balances (current and noncurrent) are as follows:
| | | | | | | | | | | | | | |
| Three Months Ended
September 30 | Nine Months Ended
September 30 |
| in millions | 2024 | 2023 | 2024 | 2023 |
| Deferred revenue balance at beginning of period | $ | 148.9 | | $ | 157.4 | | $ | 152.8 | | $ | 161.8 | |
| Revenue recognized from deferred revenue | (2.0) | | (2.5) | | (5.9) | | (6.9) | |
| Deferred revenue balance at end of period | $ | 146.9 | | $ | 154.9 | | $ | 146.9 | | $ | 154.9 | |
Based on expected sales from the specified quarries, we expect to recognize $7.5 million of VPP deferred revenue as income during the twelve-month period ending September 30, 2025 (reflected in other current liabilities in our September 30, 2024 Condensed Consolidated Balance Sheet).
NOTE 5: FAIR VALUE MEASUREMENTS
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels as described below:
Level 1: Quoted prices in active markets for identical assets or liabilities
Level 2: Inputs that are derived principally from or corroborated by observable market data
Level 3: Inputs that are unobservable and significant to the overall fair value measurement
Our assets subject to fair value measurement on a recurring basis are summarized below:
| | | | | | | | | | | |
| in millions | September 30
2024 | December 31
2023 | September 30
2023 |
| Level 1 Fair Value | | | |
| Rabbi Trust | | | |
| Mutual funds | $ | 34.7 | | $ | 31.7 | | $ | 28.7 | |
| Total | $ | 34.7 | | $ | 31.7 | | $ | 28.7 | |
| Level 2 Fair Value | | | |
| Interest rate swaps | $ | 0.0 | | $ | (0.3) | | $ | (2.1) | |
| Rabbi Trust | | | |
| Money market mutual fund | 0.3 | | 0.5 | | 0.7 | |
| Total | $ | 0.3 | | $ | 0.2 | | $ | (1.4) | |
We have two Rabbi Trusts for the purpose of providing a level of security for the employee nonqualified retirement and deferred compensation plans and for the directors' nonqualified deferred compensation plans. The fair values of these investments are estimated using a market approach. The Level 1 investments include mutual funds for which quoted prices in active markets are available. Level 2 investments are stated at estimated fair value based on the underlying investments in the fund (high-quality, short-term, U.S. dollar-denominated money market instruments).
Net gains of the Rabbi Trusts’ investments were $3.8 million and $0.5 million for the nine months ended September 30, 2024 and 2023, respectively. The portions of the net gains related to investments still held by the Rabbi Trusts at September 30, 2024 and 2023 were $3.7 million and $0.6 million, respectively.
Interest rate swaps are measured at fair value using quoted market prices or pricing models that use prevailing market interest rates as of the measurement date. These interest rate swaps are more fully described in Note 6.
The carrying values of our cash equivalents, restricted cash, accounts and notes receivable, short-term debt, trade payables and accruals, and all other current liabilities approximate their fair values because of the short-term nature of these instruments. Additional disclosures for derivative instruments and interest-bearing debt are presented in Notes 6 and 7, respectively.
During the third quarter of 2023, net assets held for sale with a carrying value of $513.3 million were written down to their estimated fair value less cost to sell of $485.0 million, resulting in an impairment loss of $28.3 million. The estimated fair value (Level 1 fair value measurement) was determined based on the expected proceeds from the probable sale of the disposal group. Refer to Note 16 for the major categories of assets and liabilities classified as held for sale.
NOTE 6: DERIVATIVE INSTRUMENTS
During the normal course of operations, we are exposed to market risks including interest rates, foreign currency exchange rates and commodity prices. From time to time, we use derivative instruments to balance the cost and risk of such expenses. We do not use derivative instruments for trading or other speculative purposes.
In March 2023, we issued $550.0 million of 5.80% fixed-rate debt maturing in March 2026. Concurrently, we entered into fixed-to-floating interest rate swap agreements designated as fair value hedges in the amount of $550.0 million. Under these swap agreements, we received a fixed interest rate of 5.80% (matched the fixed rate we paid on the $550.0 million of debt) and paid daily compound Secured Overnight Financing Rate (SOFR) plus 0.241%. These swap agreements terminated in March 2024, coinciding with the redemption of the debt.
The changes in the fair value of these swaps designated as fair value hedges were recorded in interest expense and were perfectly offset by changes in the fair value of the related debt also recorded in interest expense. These swaps were recognized at fair value in the accompanying Condensed Consolidated Balance Sheets as follows:
| | | | | | | | | | | | | | |
| in millions | Balance Sheet Location | September 30
2024 | December 31
2023 | September 30
2023 |
Fair Value Hedges 1 | | | | |
| Interest rate swaps | Other current/noncurrent assets | $ | 0.0 | | $ | 3.9 | | $ | 0.1 | |
| Interest rate swaps | Other current/noncurrent liabilities | 0.0 | | (4.2) | | (2.2) | |
| Interest rate swaps net liability | $ | 0.0 | | $ | (0.3) | | $ | (2.1) | |
1See Note 5 for further discussion of fair value determination.
In 2007, 2018 and 2020, we entered into interest rate locks of future debt issuances to hedge the risk of higher interest rates. These interest rate locks were designated as cash flow hedges. The gain/loss upon settlement of these cash flow hedges is deferred (recorded in accumulated other comprehensive income (AOCI)) and amortized to interest expense over the term of the related debt.
This amortization was reflected in the accompanying Condensed Consolidated Statements of Comprehensive Income as follows:
| | | | | | | | | | | | | | | | | |
| in millions | Income Statement
Location | Three Months Ended
September 30 | Nine Months Ended
September 30 |
| 2024 | 2023 | 2024 | 2023 |
| Cash Flow Hedges | | | | | |
| Loss reclassified from AOCI | Interest expense | $ | (0.6) | | $ | (0.5) | | $ | (1.7) | | $ | (1.6) | |
For the twelve-month period ending September 30, 2025, we estimate that $2.3 million of the $18.2 million net of tax loss in AOCI will be reclassified to interest expense.
NOTE 7: DEBT
Debt is detailed as follows:
| | | | | | | | | | | | | | |
| in millions | Effective
Interest Rates | September 30
2024 | December 31
2023 | September 30
2023 |
Bank line of credit expires 2027 1 | | $ | 0.0 | | $ | 0.0 | | $ | 0.0 | |
Commercial paper expires 2027 1 | | 0.0 | | 0.0 | | 0.0 | |
| Total short-term debt | | $ | 0.0 | | $ | 0.0 | | $ | 0.0 | |
Bank line of credit expires 2027 1 | | $ | 0.0 | | $ | 0.0 | | $ | 0.0 | |
Commercial paper expires 2027 1 | | 550.0 | | 550.0 | | 550.0 | |
4.50% notes due 2025 2 | 4.65% | 400.0 | | 400.0 | | 400.0 | |
5.80% notes due 2026 | | 0.0 | | 550.0 | | 550.0 | |
3.90% notes due 2027 | 4.00% | 400.0 | | 400.0 | | 400.0 | |
3.50% notes due 2030 | 3.94% | 750.0 | | 750.0 | | 750.0 | |
7.15% notes due 2037 | 8.05% | 129.2 | | 129.2 | | 129.2 | |
4.50% notes due 2047 | 4.59% | 700.0 | | 700.0 | | 700.0 | |
4.70% notes due 2048 | 5.42% | 460.9 | | 460.9 | | 460.9 | |
| Other notes | 0.37% | 1.0 | | 1.4 | | 1.5 | |
| Total long-term debt - face value | | $ | 3,391.1 | | $ | 3,941.5 | | $ | 3,941.6 | |
| Unamortized discounts and debt issuance costs | | (61.4) | | (63.4) | | (64.7) | |
Fair value adjustments 3 | | 0.0 | | (0.3) | | (2.1) | |
| Total long-term debt - book value | | $ | 3,329.7 | | $ | 3,877.8 | | $ | 3,874.8 | |
| Less current maturities | | (0.5) | | (0.5) | | (0.5) | |
| Total long-term debt - reported value | | $ | 3,329.2 | | $ | 3,877.3 | | $ | 3,874.3 | |
| Estimated fair value of long-term debt | | $ | 3,286.9 | | $ | 3,798.0 | | $ | 3,597.6 | |
1Borrowings on the bank line of credit and commercial paper are classified as short-term if we intend to repay within twelve months and as long-term if we have the intent and ability to extend payment beyond twelve months.
2We have the intent and ability to refinance these notes due April 2025 on a long-term basis.
3See Note 6 for additional information on our fair value hedging strategy.
Discounts and debt issuance costs are amortized using the effective interest method over the terms of the respective notes resulting in $5.5 million and $5.0 million of net interest expense for these items for the nine months ended September 30, 2024 and 2023, respectively.
DELAYED DRAW TERM LOAN, LINE OF CREDIT AND COMMERCIAL PAPER PROGRAM
In June 2021, we entered into a $1,600.0 million unsecured delayed draw term loan which was fully drawn in August 2021 upon the acquisition of U.S. Concrete. The delayed draw term loan was paid down to $1,100.0 million in September 2021 with cash on hand, paid down to $550.0 million in August 2022 using the proceeds from the issuance of commercial paper as described below and fully repaid in March 2023 using proceeds from the issuance of 5.80% senior notes as described below.
In 2022, we established a $1,600.0 million commercial paper program through which we borrowed $550.0 million that was used to partially repay the delayed draw term loan. As of September 30, 2024, we had $550.0 million in long-term commercial paper borrowings. Commercial paper borrowings bear interest at rates determined at the time of borrowing and as agreed between us and the commercial paper investors.
Our $1,600.0 million unsecured line of credit matures in August 2027 and contains covenants customary for an unsecured investment-grade facility. As of September 30, 2024, we were in compliance with the covenants. Borrowings on the line of credit bear interest, at our option, at either SOFR plus a margin or Truist Bank’s base rate plus a margin. The margins are determined by our credit ratings. Standby letters of credit, which are issued under the line of credit and reduce availability, are charged a fee equal to the margin for SOFR borrowings plus 0.175%. We also pay a commitment fee on the daily average unused amount of the line of credit that ranges from 0.090% to 0.225% determined by our credit ratings. As of September 30, 2024, the margin for SOFR borrowings was 1.125%, the margin for base rate borrowings was 0.125% and the commitment fee for the unused amount was 0.100%.
As of September 30, 2024, our available borrowing capacity under the line of credit was $1,504.8 million. Utilization of the borrowing capacity was as follows:
▪None was borrowed
▪$95.2 million was used to support standby letters of credit
TERM DEBT
All of our $3,391.1 million (face value) of term debt (which includes $550.0 million of commercial paper) is unsecured. All of the covenants in the debt agreements are customary for investment-grade facilities. As of September 30, 2024, we were in compliance with all term debt covenants.
In March 2023, we issued $550.0 million of 5.80% senior notes due 2026. Total proceeds of $546.6 million (net of discounts and transaction costs), together with cash on hand, were used to repay the $550.0 million delayed draw term loan. We redeemed these notes at par in March 2024 using cash on hand and recognized noncash expense of $2.3 million with the acceleration of unamortized deferred debt issuance costs.
STANDBY LETTERS OF CREDIT
We provide, in the normal course of business, certain third-party beneficiaries with standby letters of credit to support our obligations to pay or perform according to the requirements of an underlying agreement. Such letters of credit typically have an initial term of one year, renew automatically and can only be modified or canceled with the approval of the beneficiary. Our standby letters of credit are issued by banks that participate in our $1,600.0 million line of credit and reduce the borrowing capacity thereunder. Our standby letters of credit as of September 30, 2024 are summarized by purpose in the table below:
| | | | | |
| in millions | |
| Risk management insurance | $ | 80.3 | |
| Reclamation/restoration requirements | 14.9 | |
| Total standby letters of credit | $ | 95.2 | |
NOTE 8: COMMITMENTS AND CONTINGENCIES
Certain of our aggregates reserves are burdened by volumetric production payments (nonoperating interest) as described in Note 4. As the holder of the operating interest, we have responsibility to bear the cost of mining and producing the reserves attributable to this nonoperating interest.
As stated in Note 2, our lease liabilities totaled $575.4 million as of September 30, 2024.
As summarized by purpose in Note 7, our standby letters of credit totaled $95.2 million as of September 30, 2024.
As described in Note 9, our asset retirement obligations totaled $346.5 million as of September 30, 2024.
LITIGATION AND ENVIRONMENTAL MATTERS
We are subject to occasional governmental proceedings and orders pertaining to occupational safety and health or to protection of the environment, such as proceedings or orders relating to noise abatement, air emissions or water discharges. As part of our continuing program of stewardship in safety, health and environmental matters, we have been able to resolve such proceedings and to comply with such orders without any material adverse effects on our business.
We have received notices from the United States Environmental Protection Agency (EPA) or similar state or local agencies that we are considered a potentially responsible party (PRP) at a limited number of sites under the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA or Superfund) or similar state and local environmental laws. Generally, we share the cost of remediation at these sites with other PRPs or alleged PRPs in accordance with negotiated or prescribed allocations. There is inherent uncertainty in determining the potential cost of remediating a given site and in determining any individual party's share in that cost. As a result, estimates can change substantially as additional information becomes available regarding the nature or extent of site contamination, remediation methods, other PRPs and their probable level of involvement, and actions by or against governmental agencies or private parties.
We have reviewed the nature and extent of our involvement at each Superfund site, as well as potential obligations arising under other federal, state and local environmental laws. While ultimate resolution and financial liability is uncertain at a number of the sites, in our opinion, based on information currently available, the ultimate resolution of claims and assessments related to these sites will not have a material effect on our consolidated results of operations, financial position or cash flows, although amounts recorded in a given period could be material to our results of operations or cash flows for that period. Amounts accrued for environmental matters (measured on an undiscounted basis) are presented below:
| | | | | | | | | | | |
| in millions | September 30
2024 | December 31
2023 | September 30
2023 |
| Continuing operations | $ | 33.4 | | $ | 32.6 | | $ | 32.7 | |
| Retained from former Chemicals business | 8.2 | | 8.3 | | 8.3 | |
| Total accrued environmental remediation costs | $ | 41.6 | | $ | 40.9 | | $ | 41.0 | |
We are a defendant in various lawsuits in the ordinary course of business. It is not possible to determine with precision the outcome, or the amount of liability, if any, under these lawsuits, especially where the cases involve possible jury trials with as yet undetermined jury panels.
In addition to these lawsuits in which we are involved in the ordinary course of business, certain other material legal proceedings are more specifically described below:
▪LOWER PASSAIC RIVER STUDY AREA (DISCONTINUED OPERATIONS and SUPERFUND SITE) — The Lower Passaic River Study Area is part of the Diamond Shamrock Superfund Site in New Jersey. Vulcan and approximately 70 other companies are parties (collectively the Cooperating Parties Group, CPG) to a May 2007 Administrative Order on Consent (AOC) with the EPA to perform a Remedial Investigation/Feasibility Study (draft RI/FS) of the lower 17 miles of the Passaic River (River). The draft RI/FS was submitted recommending a targeted hot spot remedy; however, the EPA issued a record of decision (ROD) in March 2016 that calls for a bank-to-bank dredging remedy for the lower 8 miles of the River. The EPA estimates that the cost of implementing this proposal is $1.38 billion. In September 2016, the EPA entered into an Administrative Settlement Agreement and Order on Consent with Occidental Chemical Corporation (Occidental) in which Occidental agreed to undertake the remedial design for this bank-to-bank dredging remedy and to reimburse the United States for certain response costs.
Efforts to investigate and remediate the River have been underway for many years and have involved hundreds of entities that have had operations on or near the River at some point during the past several decades. We formerly owned a chemicals operation near the mouth of the River, which was sold in 1974. The major risk drivers in the River have been identified to include dioxins, PCBs, DDx and mercury. We did not manufacture any of these risk drivers and have no evidence that any of these were discharged into the River by Vulcan.
In August 2017, the EPA informed certain members of the CPG, including Vulcan and others, that it planned to use the services of a third-party allocator with the expectation of offering cash-out settlements to some parties in connection with the bank-to-bank remedy identified in the ROD. This voluntary allocation process established an impartial third-party expert recommendation for use by the government and the participants as the basis of possible settlements, including settlements related to future remediation actions. The final allocation recommendations, which are subject to confidentiality provisions, were submitted to the EPA for its review and consideration in late December 2020. Certain PRPs, including Vulcan, thereafter received a joint confidential settlement demand from the EPA/Department of Justice (DOJ). Vulcan and certain of the other PRPs that received the joint confidential settlement demand (the Settling Defendants) reached an agreement to settle with the EPA/DOJ and negotiated a Consent Decree. The Consent Decree has been lodged with the court. Vulcan’s portion of the settlement is within the immaterial loss recorded for this matter in 2015.
In July 2018, Vulcan, along with more than 100 other defendants, was sued by Occidental in United States District Court for the District of New Jersey, Newark Vicinage. Occidental is seeking cost recovery and contribution under CERCLA for costs related to the River. This lawsuit is currently stayed pending adjudication of the Consent Decree. In another related proceeding, Occidental filed a lawsuit in March 2023 against Vulcan and 39 other defendants in United States District Court for the District of New Jersey, Newark Vicinage seeking cost recovery and contribution under CERCLA for costs related to the upper 9 miles of the River. It is unknown at this time how the settlement and approval of the Consent Decree with the EPA/DOJ would affect the Occidental lawsuits.
▪TEXAS BRINE MATTER (DISCONTINUED OPERATIONS) — During operation of its former Chemicals Division, Vulcan leased the right to mine salt out of an underground salt dome formation in Assumption Parish, Louisiana from 1976 - 2005. Throughout that period, Texas Brine Company (Texas Brine) was the operator contracted by Vulcan to mine and deliver the salt as brine. We sold our Chemicals Division in 2005 and transferred our rights and interests related to the salt and mining operations to the purchaser, a subsidiary of Occidental Chemical Company (Occidental), and we have had no association with the leased premises or Texas Brine since that time. In August 2012, a sinkhole developed in the vicinity of the Texas Brine mining operations. Numerous lawsuits were filed thereafter in state court in Assumption Parish, Louisiana. Other lawsuits, including class action litigation, were filed in the United States District Court for the Eastern District of Louisiana in New Orleans.
In these lawsuits, the main plaintiffs sued numerous defendants, including Texas Brine, Occidental and Vulcan, alleging various damages including, but not limited to, property damages; a claim by the State of Louisiana for response costs and civil penalties; physical damages to oil and gas pipelines and storage facilities (pipelines); and business interruption losses. All such claims have been settled except for the claims by the State of Louisiana. Our insurers to date have funded these settlements in excess of our self-insured retention amount.
Additionally, Texas Brine, Occidental and Vulcan sued each other in various state and federal court forums. Vulcan and Occidental have since dismissed all of their claims against one another; Texas Brine and Occidental have settled their claims against each other; and Texas Brine’s and Vulcan’s claims against each other are pending in state and federal court. In general, Texas Brine alleges that the sinkhole was caused, in whole or in part, by our negligent or fraudulent actions or failure to act; that we breached the salt lease with Occidental, as well as an operating agreement and related contracts with Texas Brine; that we were strictly liable for certain property damages in our capacity as a former lessee of the salt lease; and that we violated the agreement under which we sold our Chemicals Division to Occidental. Texas Brine’s claims against Vulcan include claims for past and future response costs, lost profits and investment costs, indemnity payments, attorneys’ fees, other litigation costs, and judicial interests. Texas Brine also recently filed a lawsuit against Vulcan seeking indemnity for potential exposure Texas Brine may have to Occidental in the related arbitration, the State of Louisiana, and for ongoing and future Louisiana regulatory matters. In August 2022, we removed the lawsuit to federal court.
The state court held a joint bench trial (judge only) in 2017 in three cases brought by pipeline companies claiming damages to their facilities as a result of the sinkhole. This “Phase 1” trial was limited in scope to comparative fault and liability for causing the sinkhole. In December 2017, the trial court issued a ruling allocating fault as follows: Occidental 50%, Texas Brine (and its wholly-owned subsidiary) 35% and Vulcan 15%. In December 2020, the Louisiana Court of Appeal, First Circuit reversed the judgment in part in one of the three jointly tried cases, allocating 55% of the fault to Texas Brine (and its wholly-owned subsidiary); 30% to Occidental; and affirming the 15% fault allocation to Vulcan. In May 2021 and April 2022, the Court of Appeal issued judgments in the other two pipeline cases, adopting the same fault allocation. The Louisiana Supreme Court has declined to review the judgments, resulting in final judgments regarding fault allocations in those matters.
In the second quarter of 2022, we recorded an immaterial loss related to the claims brought by Texas Brine. In August 2022, Vulcan and Texas Brine commenced a joint “Phase 2” bench trial in the same three pipeline cases where fault was allocated. Prior to trial, the trial court granted various motions by Vulcan seeking dismissal of Texas Brine’s contract-based claims and hundreds of millions of dollars in alleged damages. Thus, the Phase 2 trial addressed the claims that remained pending between Texas Brine and Vulcan after that motion practice. During the Phase 2 trial, Texas Brine and Vulcan reached a negotiated joint stipulation as to the amount of Texas Brine’s damages for its surviving tort claims at issue in the trial. After applying Vulcan’s 15% fault allocation, Vulcan’s stipulated financial responsibility for the damages at issue in the trial is within the immaterial loss recorded during the second quarter of 2022. In December 2022, the trial court entered a judgment in the pipeline cases reflecting this stipulation. Texas Brine moved to assess all trial costs against Vulcan. Texas Brine and Vulcan thereafter reached a settlement, wherein Vulcan agreed to pay a portion of Texas Brine's trial costs, the amount of which was within the remaining immaterial loss recorded in the second quarter of 2022.
The December 2022 Phase 2 judgment did not address numerous of Texas Brine’s claims seeking hundreds of millions of dollars in damages that were dismissed prior to trial. Texas Brine has appealed those judgments. We cannot at this time reasonably estimate the range of liability, if any, that could result if an appellate court reverses any of the trial court’s decisions. At this time, we also cannot reasonably estimate a range of liability pertaining to the claims brought by the State of Louisiana.
▪1,1,1-TRICHLOROETHANE LITIGATION (DISCONTINUED OPERATIONS) — During the operation of our former Chemicals Division, which was divested to Occidental in 2005, Vulcan manufactured a chlorinated solvent known as 1,1,1-trichloroethane. Vulcan faces liabilities related to 1,1,1-trichloroethane stabilized with 1,4-dioxane ("TCA"). We are one of the defendants in cases filed in both state and federal courts, including one case filed by the State of New Jersey. According to the various complaints, the plaintiffs seek damages including, but not limited to, unspecified compensatory damages associated with the remediation of water wells allegedly contaminated with 1,4-dioxane, natural resource damages, disgorgement of profits from the sale of TCA, punitive damages, as well as penalties and attorney's fees under various statutes. We will vigorously defend these cases on substantive and procedural grounds. At this time, we cannot determine the likelihood of loss, or reasonably estimate a range of loss, if any, pertaining to the above-referenced cases.
▪HEWITT LANDFILL MATTER (SUPERFUND SITE) — In September 2015, the Los Angeles Regional Water Quality Control Board (RWQCB) issued a Cleanup and Abatement Order directing Calmat Co., a Vulcan subsidiary (hereinafter "Vulcan") to assess, monitor, cleanup, and abate wastes that have been discharged to soil, soil vapor, and/or groundwater at the former Hewitt Landfill in Los Angeles.
Following an onsite and offsite investigation and pilot scale testing, the RWQCB approved a corrective action that includes leachate recovery, storm water capture and conveyance improvements, and a groundwater pump, treat and reinjection system. Certain on-site source control measures have been implemented, and the new treatment system is fully operational. Currently-anticipated costs of these on-site source control activities have been fully accrued.
We are also engaged in an ongoing dialogue with the EPA, Honeywell, and the Los Angeles Department of Water and Power (LADWP) regarding the potential contribution of the Hewitt Landfill to groundwater contamination in the North Hollywood Operable Unit (NHOU) of the San Fernando Valley Superfund Site.
The EPA and Vulcan entered into an AOC and Statement of Work having an effective date of September 2017 for the design of two extraction wells south of the Hewitt Landfill to protect the North Hollywood West (NHW) well field located within the NHOU. In November 2017, we submitted a Pre-Design Investigation (PDI) Work Plan to the EPA, which sets forth the activities and schedule for collection of data in support of our evaluation of the need for an offsite remedy. In addition, this evaluation was expanded as part of the PDI to include the evaluation of a remedy in light of LADWP’s Rinaldi-Toluca (RT) wellfield project. PDI investigative activities were completed between the first and third quarters of 2018, and in December 2018 we submitted a Draft PDI Evaluation Report to the EPA. The Draft PDI Evaluation Report summarizes data collection activities conducted pursuant to the Draft PDI Work Plan and provides model updates and evaluation of remediation alternatives for offsite areas. The EPA provided a final set of comments to the Draft PDI Evaluation Report in October 2020. The final set of comments included a request that Vulcan revise and develop a final PDI Evaluation Report. The final comments further provided a proposal for an alternative approach for offsite remediation (as opposed to installation of offsite extraction wells) and development of a Supplemental PDI Evaluation Report (Supplemental Report) that would require the EPA to modify the remedy in the record of decision as it relates to the Hewitt Landfill. In December 2020, we submitted the Final PDI Evaluation Report, which included responses to the EPA’s comments.
At the EPA's request, we submitted a Supplemental Report in March 2023 and an Alternative Design Work Plan (ADWP) in May 2023. Similar to the PDI Evaluation Report, the Supplemental Report and ADWP identified expansion of the onsite Hewitt remedy in conjunction with the offsite treatment being performed by LADWP as the preferred option for addressing contamination in offsite areas, instead of the two wells proposed by the EPA. In conjunction with its review of the Supplemental Report, the EPA held an initial meeting with stakeholders, including LADWP, in November 2023 and has requested additional meetings to determine a path forward.
In December 2019, Honeywell agreed with LADWP to build a water treatment system (often referred to as the Cooperative Containment Concept or CCC or the second interim remedy) that will provide treated groundwater in the NHOU to LADWP for public water supply purposes. Honeywell contends that some of the contamination to be remediated by the treatment system it is building originated from the Hewitt Landfill and that Vulcan should fund some portion of the costs that Honeywell has incurred and will incur in developing and implementing the second interim remedy. During the fourth quarter of 2021, we completed a partial settlement with Honeywell related to certain of the costs that Honeywell has incurred for an immaterial amount. In March 2023, Honeywell filed a lawsuit against Vulcan and a third party alleging that Honeywell has incurred more than $11 million in costs to resolve its liability to the EPA and that it estimates that it will spend in excess of $100 million to construct and operate its water treatment system. Honeywell seeks an "equitable share of necessary response costs" from the defendants. Discussions are ongoing with Honeywell regarding the reasonable costs Honeywell has incurred. We are also gathering and analyzing data and developing technical information to determine the extent of possible contribution by the Hewitt Landfill to the groundwater contamination in the area. Based on this technical information, we have accrued an immaterial amount for our contribution of costs anticipated to be incurred by Honeywell. This work is also intended to assist in identification of other PRPs that may have contributed to groundwater contamination in the area.
Further, LADWP is constructing two new production and treatment facilities at city wellfields located near the Hewitt Landfill — the NHW wellfield and the RT wellfield (also referred to as the NHW treatment system and North Hollywood Central (NHC) treatment system, respectively). LADWP has alleged that the Hewitt Landfill is one of the primary sources of contamination at the NHW treatment system and one of the sources of contamination at the NHC treatment system. According to information available on the California State Water Resources Control Board (SWRCB) website, the capital cost of the NHW treatment system is estimated at $92 million, and the capital cost of the NHC treatment system is estimated at $245 million. The systems are expected to commence operations in 2024 for NHW and 2025 for NHC and will thereafter incur costs for operation and maintenance. LADWP has applied for and received substantial funding to contribute to both treatment systems from grants of Proposition 1 bond funding from the SWRCB. According to information available on the SWRCB website, the bond money obtained for the NHW treatment system is $46 million, and the bond money obtained for the NHC treatment system is $95 million.
We anticipate continued discussions with LADWP regarding its potential claims. In conjunction with those discussions, we are engaging in further efforts to gather and analyze records and data in order to assess the extent of possible contribution by the Hewitt Landfill to the groundwater contamination in the area, consistent with the parallel request by the EPA, and the reasonableness of LADWP’s remediation efforts. This work is also intended to assist in identification of other PRPs that may have contributed to groundwater contamination in the area of the NHW and RT wellfields. Together, these efforts will allow us to analyze our anticipated equitable contribution to LADWP’s remediation efforts. Among other factors, we anticipate that any equitable contribution should take into account the on-site source control and other measures implemented by Vulcan at the former Hewitt Landfill, the relative contribution and duration of any contaminants originating from the Hewitt Landfill to the LADWP systems, and the cost effectiveness of the LADWP systems. At this time, we cannot reasonably estimate a range of a loss to Vulcan pertaining to LADWP’s potential contribution claim.
▪NAFTA ARBITRATION — In September 2018, our subsidiary Legacy Vulcan, LLC (Legacy Vulcan), on its own behalf, and on behalf of our Mexican subsidiary Calizas Industriales del Carmen, S.A. de C.V. (Calica), served the United Mexican States (Mexico) a Notice of Intent to Submit a Claim to Arbitration under Chapter 11 of the North American Free Trade Agreement (NAFTA). This NAFTA claim relates to the treatment of a portion of our quarrying operations in Quintana Roo, Mexico arising from, among other measures, Mexico’s failure to comply with a legally binding zoning agreement and relates to other unfair, arbitrary and capricious actions by Mexico’s environmental enforcement agency. We assert that these actions are in breach of Mexico’s international obligations under NAFTA and international law.
As required by Article 1118 of NAFTA, we sought to settle this dispute with Mexico through consultations. Notwithstanding our good faith efforts to resolve the dispute amicably, we were unable to do so and filed a Request for Arbitration with the International Centre for Settlement of Investment Disputes (ICSID) in December 2018. In January 2019, ICSID registered our Request for Arbitration.
A hearing on the merits took place in July 2021. While we awaited the final resolution from the tribunal, we continued to engage with government officials to pursue an amicable resolution of the dispute. On May 5, 2022, Mexican government officials unexpectedly and arbitrarily shut down Calica’s remaining operations in Mexico. On May 8, 2022, Legacy Vulcan filed an application in the NAFTA arbitration seeking provisional measures and leave to file an ancillary claim in connection with this latest shutdown (see Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Known Trends or Uncertainties). In July 2022, the NAFTA arbitration tribunal granted Legacy Vulcan’s application and ordered Mexico not to take any action that might further aggravate the dispute between the parties or render the resolution of the dispute potentially more difficult. A hearing on the merits of the ancillary claim took place in August 2023. We expect that the NAFTA arbitration tribunal will issue a decision on the claim and ancillary claim by the end of the first quarter of 2025.
At this time, there can be no assurance whether we will be successful in our NAFTA claim and ancillary claim, and we cannot quantify the amount we may recover, if any, under this arbitration proceeding if we are successful.
It is not possible to predict the ultimate outcome of these and other legal proceedings in which we are involved, and a number of factors, including developments in ongoing discovery or adverse rulings, or the verdict of a particular jury, could cause actual losses to differ materially from accrued costs. No liability was recorded for claims and litigation for which a loss was determined to be only reasonably possible or for which a loss could not be reasonably estimated. Legal costs incurred in defense of lawsuits are expensed as incurred. In addition, losses on certain claims and litigation described above may be subject to limitations on a per occurrence basis by excess insurance, as described in our most recent Annual Report on Form 10-K.
NOTE 9: ASSET RETIREMENT OBLIGATIONS
Asset retirement obligations (AROs) are legal obligations associated with the retirement of long-lived assets resulting from the acquisition, construction, development and/or normal use of the underlying assets, including legal obligations for land reclamation. Recognition of a liability for an ARO is required in the period in which it is incurred at its estimated fair value. The associated asset retirement costs are capitalized as part of the carrying amount of the underlying asset and depreciated over the estimated useful life of the asset. The liability is accreted through charges to operating expenses. If the ARO is settled for a value other than the carrying amount of the liability, we recognize a gain or loss on settlement.
ARO operating costs related to accretion of the liabilities and depreciation of the assets are as follows:
| | | | | | | | | | | | | | |
| Three Months Ended
September 30 | Nine Months Ended
September 30 |
| in millions | 2024 | 2023 | 2024 | 2023 |
| Accretion | $ | 3.7 | | $ | 3.5 | | $ | 10.8 | | $ | 10.3 | |
| Depreciation | 3.2 | | 2.2 | | 8.4 | | 6.6 | |
| Total ARO operating costs | $ | 6.9 | | $ | 5.7 | | $ | 19.2 | | $ | 16.9 | |
ARO operating costs are reported in cost of revenues. AROs are reported within other noncurrent liabilities in our accompanying Condensed Consolidated Balance Sheets.
Reconciliations of the carrying amounts of our AROs are as follows:
| | | | | | | | | | | | | | |
| Three Months Ended
September 30 | Nine Months Ended
September 30 |
| in millions | 2024 | 2023 | 2024 | 2023 |
| ARO balance at beginning of period | $ | 334.1 | | $ | 311.6 | | $ | 324.1 | | $ | 311.3 | |
| Liabilities incurred | 0.0 | | 0.0 | | 0.8 | | 0.0 | |
| Liabilities settled | (3.5) | | (1.9) | | (8.3) | | (8.4) | |
| Accretion expense | 3.7 | | 3.5 | | 10.8 | | 10.3 | |
| Revisions, net | 12.2 | | 2.3 | | 19.1 | | 2.3 | |
| ARO balance at end of period | $ | 346.5 | | $ | 315.5 | | $ | 346.5 | | $ | 315.5 | |
ARO revisions during the first nine months of 2024 primarily related to cost adjustments at numerous sites.
NOTE 10: BENEFIT PLANS
PENSION PLANS
We sponsor two qualified, noncontributory defined benefit pension plans, the Vulcan Materials Company Pension Plan (VMC Pension Plan) and the CMG Hourly Pension Plan (CMG Pension Plan). The VMC Pension Plan has been closed to new entrants since 2007, and benefit accruals ceased in 2005 for hourly participants and in 2013 for salaried participants. The CMG Pension Plan is closed to new entrants other than through one small union, and benefits continue to accrue equal to a flat dollar amount for each year of service. In addition to these qualified plans, we sponsor three unfunded, nonqualified pension plans.
The following table sets forth the components of net periodic pension benefit cost:
| | | | | | | | | | | | | | |
| Three Months Ended
September 30 | Nine Months Ended
September 30 |
| in millions | 2024 | 2023 | 2024 | 2023 |
| Service cost | $ | 0.4 | | $ | 0.6 | | $ | 1.8 | | $ | 1.9 | |
| Interest cost | 8.2 | | 8.5 | | 24.7 | | 25.4 | |
| Expected return on plan assets | (7.0) | | (6.9) | | (21.1) | | (20.7) | |
| Amortization of prior service cost | 0.2 | | 0.4 | | 0.7 | | 1.1 | |
| Amortization of actuarial loss | 1.4 | | 1.4 | | 3.8 | | 4.2 | |
| Net periodic pension benefit cost | $ | 3.2 | | $ | 4.0 | | $ | 9.9 | | $ | 11.9 | |
| Pretax amortization from AOCI | $ | 1.6 | | $ | 1.8 | | $ | 4.5 | | $ | 5.3 | |
The contributions to pension plans for the nine months ended September 30, 2024 and 2023, as reflected on the Condensed Consolidated Statements of Cash Flows, pertain to benefit payments under nonqualified plans for both periods and a qualified plan contribution of $2.0 million in the third quarter of 2024.
POSTRETIREMENT PLANS
In addition to pension benefits, we provide certain healthcare and life insurance benefits for some retired employees. Substantially all of our salaried employees and, where applicable, certain of our hourly employees may become eligible for these benefits if they reach a qualifying age and meet certain service requirements. Generally, Company-provided healthcare benefits end when covered individuals become eligible for Medicare benefits, become eligible for other group insurance coverage or reach age 65, whichever occurs first.
The following table sets forth the components of net periodic other postretirement benefit cost:
| | | | | | | | | | | | | | |
| Three Months Ended
September 30 | Nine Months Ended
September 30 |
| in millions | 2024 | 2023 | 2024 | 2023 |
| Service cost | $ | 0.4 | | $ | 0.5 | | $ | 1.6 | | $ | 1.5 | |
| Interest cost | 0.6 | | 0.5 | | 1.7 | | 1.5 | |
| Amortization of prior service cost | 0.3 | | 0.4 | | 1.1 | | 1.1 | |
| Amortization of actuarial gain | (0.1) | | (0.4) | | (0.5) | | (1.2) | |
| Net periodic postretirement benefit cost | $ | 1.2 | | $ | 1.0 | | $ | 3.9 | | $ | 2.9 | |
Pretax amortization from AOCI | $ | 0.2 | | $ | 0.0 | | $ | 0.6 | | $ | (0.1) | |
DEFINED CONTRIBUTION PLANS
In addition to our pension and postretirement plans, we sponsor four defined contribution plans. Substantially all salaried and non-union hourly employees are eligible to be covered by one of these plans. Under these plans, we match employees’ eligible contributions at established rates. Expense recognized in connection with these matching obligations totaled $67.2 million and $58.6 million for the nine months ended September 30, 2024 and 2023, respectively.
NOTE 11: OTHER COMPREHENSIVE INCOME
Comprehensive income comprises two subsets: net earnings and other comprehensive income (OCI). The components of OCI are presented in the accompanying Condensed Consolidated Statements of Comprehensive Income, net of applicable taxes.
Amounts in accumulated other comprehensive income (loss) (AOCI), net of tax, are as follows:
| | | | | | | | | | | |
| in millions | September 30
2024 | December 31
2023 | September 30
2023 |
| AOCI | | | |
| Cash flow hedges | $ | (18.2) | | $ | (19.4) | | $ | (19.8) | |
| Pension and postretirement plans | (120.6) | | (124.4) | | (129.9) | |
| Total | $ | (138.8) | | $ | (143.8) | | $ | (149.7) | |
Changes in AOCI, net of tax, for the nine months ended September 30, 2024 are as follows:
| | | | | | | | | | | |
| in millions | Cash Flow
Hedges | Pension and
Postretirement
Benefit Plans | Total |
| AOCI | | | |
| Balances as of December 31, 2023 | $ | (19.4) | | $ | (124.4) | | $ | (143.8) | |
| Amounts reclassified from AOCI | 1.2 | | 3.8 | | 5.0 | |
| | | |
| Balances as of September 30, 2024 | $ | (18.2) | | $ | (120.6) | | $ | (138.8) | |
Amounts reclassified from AOCI to earnings are as follows:
| | | | | | | | | | | | | | |
| Three Months Ended
September 30 | Nine Months Ended
September 30 |
| in millions | 2024 | 2023 | 2024 | 2023 |
| Amortization of Accumulated Cash Flow Hedge Losses | | | | |
| Interest expense | $ | 0.6 | | $ | 0.5 | | $ | 1.7 | | $ | 1.6 | |
| Benefit from income taxes | (0.2) | | (0.1) | | (0.5) | | (0.4) | |
| Total | $ | 0.4 | | $ | 0.4 | | $ | 1.2 | | $ | 1.2 | |
Amortization of Accumulated Benefit Plan Costs | | | | |
| Other nonoperating expense | $ | 1.8 | | $ | 1.8 | | $ | 5.1 | | $ | 5.2 | |
| Benefit from income taxes | (0.4) | | (0.5) | | (1.3) | | (1.4) | |
| Total | $ | 1.4 | | $ | 1.3 | | $ | 3.8 | | $ | 3.8 | |
| Total reclassifications from AOCI to earnings | $ | 1.8 | | $ | 1.7 | | $ | 5.0 | | $ | 5.0 | |
NOTE 12: EQUITY
Our capital stock consists solely of common stock, par value $1.00 per share, of which 480,000,000 shares may be issued. Holders of our common stock are entitled to one vote per share. We may also issue 5,000,000 shares of preferred stock, but no shares have been issued. The terms and provisions of such shares will be determined by our Board of Directors upon any issuance of preferred shares in accordance with our Certificate of Incorporation.
There were no shares held in treasury as of September 30, 2024, December 31, 2023 and September 30, 2023.
Our common stock purchases (all of which were open market purchases) and subsequent retirements for the year-to-date periods ended are as follows:
| | | | | | | | | | | |
| in millions, except average price | September 30
2024 | December 31
2023 | September 30
2023 |
| Number of shares purchased and retired | 0.3 | | 1.0 | | 0.2 | |
Total purchase price 1 | $ | 68.8 | | $ | 200.0 | | $ | 49.9 | |
| Average price per share | $ | 254.71 | | $ | 204.52 | | $ | 206.82 | |
1The amount paid to purchase shares in excess of the par value and related excise taxes are recorded in retained earnings.
As of September 30, 2024, 6,817,118 shares may be purchased under the current authorization of our Board of Directors.
Changes in total equity are summarized below:
| | | | | | | | | | | | | | |
| Three Months Ended
September 30 | Nine Months Ended
September 30 |
| in millions, except per share data | 2024 | 2023 | 2024 | 2023 |
| Total Shareholders' Equity | | | | |
| Balance at beginning of period | $ | 7,705.3 | | $ | 7,202.6 | | $ | 7,483.4 | | $ | 6,928.6 | |
| Net earnings attributable to Vulcan | 207.6 | | 276.5 | | 618.2 | | 705.8 | |
| Share-based compensation plans, net of shares withheld for taxes | (0.3) | | (2.2) | | (25.1) | | (20.8) | |
| Purchase and retirement of common stock | 0.0 | | 0.0 | | (68.8) | | (49.9) | |
| Share-based compensation expense | 15.4 | | 19.2 | | 39.9 | | 43.5 | |
Cash dividends on common stock ($0.46/$0.43/$1.38/$1.29 per share, respectively) | (60.8) | | (57.2) | | (183.6) | | (171.6) | |
| Other comprehensive income | 1.8 | | 1.7 | | 5.0 | | 5.0 | |
| Balance at end of period | $ | 7,869.0 | | $ | 7,440.6 | | $ | 7,869.0 | | $ | 7,440.6 | |
| Noncontrolling Interest | | | | |
| Balance at beginning of period | $ | 25.1 | | $ | 23.8 | | $ | 24.5 | | $ | 23.6 | |
| Distribution to noncontrolling interest | (1.8) | | 0.0 | | (1.8) | | 0.0 | |
| Earnings attributable to noncontrolling interest | 0.8 | | 0.8 | | 1.4 | | 1.0 | |
| Balance at end of period | $ | 24.1 | | $ | 24.6 | | $ | 24.1 | | $ | 24.6 | |
| Total Equity | | | | |
| Balance at end of period | $ | 7,893.1 | | $ | 7,465.2 | | $ | 7,893.1 | | $ | 7,465.2 | |
NOTE 13: SEGMENT REPORTING
Our operating segments are based on our internal management reporting structure. We continually assess our internal management reporting structure and the financial information evaluated by our Chief Operating Decision Maker (CODM) to determine whether any changes have occurred that would impact segment reporting. During the first quarter of 2024, we reorganized the financial information provided to our CODM to allocate resources and evaluate operating performance. As a result, we report our calcium operation within our Aggregates reporting segment to align with our new reporting structure. All prior period segment information has been revised to conform to the current presentation. This change in our reporting segments had no impact on previously reported consolidated financial results.
We have three operating (and reportable) segments organized around our principal product lines: Aggregates, Asphalt and Concrete. The vast majority of our activities are domestic. We sell a relatively small amount of construction aggregates outside the United States. Our Asphalt and Concrete segments are primarily supplied with their aggregates requirements from our Aggregates segment. These intersegment sales are made at local market prices for the particular grade and quality of product used in the production of asphalt mix and ready-mixed concrete and are excluded from total revenues. Management reviews earnings from these reporting segments principally at the gross profit level.
SEGMENT FINANCIAL DISCLOSURE
| | | | | | | | | | | | | | |
| Three Months Ended
September 30 | Nine Months Ended
September 30 |
| in millions | 2024 | 2023 | 2024 | 2023 |
| Total Revenues | | | | |
Aggregates 1 | $ | 1,572.4 | | $ | 1,628.4 | | $ | 4,477.3 | | $ | 4,505.9 | |
Asphalt 2 | 381.1 | | 347.2 | | 918.5 | | 854.3 | |
Concrete 3 | 174.4 | | 364.6 | | 489.9 | | 993.3 | |
| Segment sales | $ | 2,127.9 | | $ | 2,340.2 | | $ | 5,885.7 | | $ | 6,353.5 | |
| Aggregates intersegment sales | (124.0) | | (154.4) | | (321.7) | | (405.9) | |
| Total revenues | $ | 2,003.9 | | $ | 2,185.8 | | $ | 5,564.0 | | $ | 5,947.6 | |
| Gross Profit | | | | |
| Aggregates | $ | 498.5 | | $ | 509.1 | | $ | 1,330.3 | | $ | 1,312.3 | |
| Asphalt | 60.2 | | 55.9 | | 123.9 | | 113.3 | |
Concrete 3 | 6.5 | | 26.0 | | 8.2 | | 50.7 | |
| Total | $ | 565.2 | | $ | 591.0 | | $ | 1,462.4 | | $ | 1,476.3 | |
Depreciation, Depletion, Accretion and Amortization | | | | |
| Aggregates | $ | 130.3 | | $ | 125.6 | | $ | 381.8 | | $ | 357.6 | |
| Asphalt | 12.0 | | 8.8 | | 31.9 | | 26.7 | |
Concrete 3 | 10.9 | | 20.5 | | 34.9 | | 60.4 | |
| Other | 7.5 | | 6.2 | | 19.8 | | 19.7 | |
| Total | $ | 160.7 | | $ | 161.1 | | $ | 468.4 | | $ | 464.4 | |
Identifiable Assets 4 | | | | |
| Aggregates | | | $ | 12,023.1 | | $ | 11,825.7 | |
| Asphalt | | | 748.0 | | 648.6 | |
Concrete 3 | | | 794.8 | | 1,512.4 | |
| Total identifiable assets | | | $ | 13,565.9 | | $ | 13,986.7 | |
| General corporate assets | | | 351.7 | | 288.8 | |
| Cash and cash equivalents and restricted cash | | | 434.3 | | 345.0 | |
| Total assets | | | $ | 14,351.9 | | $ | 14,620.5 | |
1Includes product sales (crushed stone, sand and gravel, sand and other aggregates), freight & delivery costs that we pass along to our customers, and service revenues (see Note 4) related to aggregates.
2Includes product sales as well as service revenues (see Note 4) from our asphalt construction paving business.
3The decreases in the Concrete segment are primarily due to the divestiture of concrete operations in Texas in November 2023 (see Note 16) as well as a third quarter 2024 goodwill impairment charge (see Note 15).
4Certain temporarily idled assets are included within a segment's Identifiable Assets, but the associated Depreciation, Depletion, Accretion and Amortization (DDA&A) is shown within Other in the DDA&A section above as the related DDA&A is excluded from segment gross profit.
NOTE 14: SUPPLEMENTAL CASH FLOW INFORMATION
Supplemental information referable to our Condensed Consolidated Statements of Cash Flows is summarized below:
| | | | | | | | |
| Nine Months Ended
September 30 |
| in millions | 2024 | 2023 |
| Cash Payments | | |
| Interest (exclusive of amount capitalized) | $ | 119.8 | | $ | 118.4 | |
| Income taxes | 276.7 | | 168.3 | |
| Noncash Investing and Financing Activities | | |
| Accruals for purchases of property, plant & equipment | $ | 24.9 | | $ | 28.2 | |
| Note received from sale of business | 0.9 | | 0.0 | |
| Recognition of new and revised lease obligations for | | |
| Operating lease right-of-use assets | 36.6 | | 1.5 | |
| Finance lease right-of-use assets | 4.4 | | 1.3 | |
| | |
NOTE 15: GOODWILL
Goodwill is recognized when the consideration paid for a business exceeds the fair value of the tangible and identifiable intangible assets acquired. Goodwill is allocated to reporting units for purposes of testing goodwill for impairment. We test goodwill for impairment on an annual basis or more frequently if events or circumstances change in a manner that would more likely than not reduce the fair value of a reporting unit below its carrying value.
During the third quarter of 2024, we determined that a triggering event occurred with respect to a reporting unit that includes concrete operations acquired from U.S. Concrete in 2021. We previously disclosed that the estimated fair value of this reporting unit exceeded its carrying value by less than 5%. Based on an interim goodwill impairment test, we determined that the estimated fair value of this reporting unit was less than its carrying value. As a result, we recorded an $86.6 million noncash impairment charge. There was no charge for goodwill impairment in the nine-month period ended September 30, 2023. Accumulated goodwill impairment losses amount to $390.2 million ($252.7 million in our former Cement segment and $137.5 million in our Concrete segment).
Changes in the carrying amount of goodwill by reportable segment from December 31, 2023 to September 30, 2024 are shown below:
| | | | | | | | | | | | | | |
| in millions | Aggregates | Asphalt | Concrete | Total |
| Goodwill at December 31, 2023 | $ | 3,330.2 | | $ | 91.6 | | $ | 109.9 | | $ | 3,531.7 | |
Goodwill of acquired businesses 1 | 4.9 | | 0.0 | | 0.0 | | 4.9 | |
Goodwill impairment | 0.0 | | 0.0 | | (86.6) | | (86.6) | |
| Goodwill at September 30, 2024 | $ | 3,335.1 | | $ | 91.6 | | $ | 23.3 | | $ | 3,450.0 | |
1See Note 16 for acquisitions.
NOTE 16: ACQUISITIONS AND DIVESTITURES
BUSINESS ACQUISITIONS
2024 BUSINESS ACQUISITIONS — Through the nine months ended September 30, 2024, we acquired the following operations for total cash consideration of $206.4 million:
▪Alabama – aggregates, asphalt mix and construction paving operations
▪California – asphalt terminal operations
▪North Carolina – aggregates operations
▪Texas – asphalt mix and construction paving operations
The 2024 acquisitions above are reported in our consolidated financial statements as of their respective acquisition dates. None of these acquisitions were material to our results of operations either individually or collectively, and acquisition related expenses were immaterial. The fair value of consideration transferred for these 2024 acquisitions and the preliminary amounts (pending working capital adjustments) of assets acquired and liabilities assumed are summarized below:
| | | | | |
| in millions | |
| Fair Value of Purchase Consideration | |
| Cash | $ | 206.4 | |
| |
| Total fair value of purchase consideration | $ | 206.4 | |
| Identifiable Assets Acquired and Liabilities Assumed | |
| Accounts and notes receivable, net | $ | 7.6 | |
| Inventories | 10.7 | |
| |
| Property, plant & equipment | 161.2 | |
| Intangible assets | |
| Contractual rights in place | 30.8 | |
| |
| Other liabilities assumed | (8.8) | |
| Net identifiable assets acquired | $ | 201.5 | |
| Goodwill | $ | 4.9 | |
As a result of the 2024 acquisitions, we recognized $30.8 million of amortizable intangible assets and $4.9 million of goodwill. The amortizable intangible assets will be amortized against earnings over a weighted-average of 15 years and will be deductible for income tax purposes over 15 years. The $4.9 million of goodwill recognized represents synergies expected to be realized from acquiring an established business with assets that have been assembled over a long period of time; the collection of those assets combined with our assets can earn a higher rate of return than either individually. All of the goodwill recognized will be deductible for income tax purposes.
In September 2024, we entered into a definitive agreement to acquire Wake Stone Corporation. This acquisition is expected to close in the fourth quarter of 2024, subject to the satisfaction of customary closing conditions.
2023 BUSINESS ACQUISITIONS — For the full year 2023, we completed no business acquisitions.
DIVESTITURES AND PENDING DIVESTITURES
We had no significant divestitures through the nine months ended September 30, 2024.
In 2023, we sold:
▪Fourth quarter – concrete operations in Texas resulting in a third quarter impairment charge of $28.3 million and a fourth quarter loss on sale of $13.8 million (the assets were written down to estimated fair value less cost to sell in the third quarter)
▪Fourth quarter – excess real estate in Virginia resulting in a pretax gain of $65.7 million
▪Second quarter – real estate associated with a former recycled concrete facility in Illinois resulting in a pretax gain of $15.2 million
No material assets met the criteria for held for sale at September 30, 2024 and December 31, 2023. The probable divestiture of our concrete operations in Texas was presented as assets held for sale in the accompanying Condensed Consolidated Balance Sheet at September 30, 2023. The major classes of assets and liabilities classified as held for sale as of September 30 are as follows:
| | | | | | | | | | | |
| in millions | September 30
2024 | December 31
2023 | September 30
2023 |
| Held for Sale (Concrete Segment) | | | |
| Inventory | $ | 0.0 | | $ | 0.0 | | $ | 18.6 | |
| Land and land improvements, net | 0.0 | | 0.0 | | 39.7 | |
| Buildings, machinery and equipment, net | 0.0 | | 0.0 | | 114.6 | |
| Operating leases, net | 0.0 | | 0.0 | | 9.9 | |
| Finance leases, net | 0.0 | | 0.0 | | 18.1 | |
| Amortizable intangible assets, net | 0.0 | | 0.0 | | 164.7 | |
| Goodwill | 0.0 | | 0.0 | | 157.8 | |
| Reserve for assets held for sale | 0.0 | | 0.0 | | (28.3) | |
| Total assets held for sale | $ | 0.0 | | $ | 0.0 | | $ | 495.1 | |
| Current operating lease liabilities | $ | 0.0 | | $ | 0.0 | | $ | (0.7) | |
| Current finance lease liabilities | 0.0 | | 0.0 | | 0.0 | |
| Noncurrent operating lease liabilities | 0.0 | | 0.0 | | (9.4) | |
| Noncurrent finance lease liabilities | 0.0 | | 0.0 | | 0.0 | |
| Total liabilities held for sale | $ | 0.0 | | $ | 0.0 | | $ | (10.1) | |
NOTE 17: NEW ACCOUNTING STANDARDS
ACCOUNTING STANDARDS RECENTLY ADOPTED
None
ACCOUNTING STANDARDS PENDING ADOPTION
In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, “Segment Reporting – Improvements to Reportable Segment Disclosures,” which requires enhanced disclosures related to significant segment expenses and a description of how the chief operating decision maker utilizes segment operating profit or loss to assess segment performance. The new standard is effective for fiscal years beginning after December 15, 2023 and is to be applied retrospectively. We expect to include cost of revenues as significant segment expenses in our reportable segment disclosures beginning with our Form 10-K for the year ended December 31, 2024.
In December 2023, the FASB issued ASU 2023-09, “Income Taxes – Improvements to Income Tax Disclosures,” which requires disclosure of specific categories and disaggregation of information in the rate reconciliation table and expands disclosures related to income taxes paid. The new standard is effective for fiscal years beginning after December 15, 2024 and is to be applied prospectively. Disclosures required by this ASU will be included in our Form 10-K for the year ended December 31, 2025.
| | |
| ITEM 2 |
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
GENERAL COMMENTS
OVERVIEW
We provide the basic materials for the infrastructure needed to maintain and expand the U.S. economy. We operate primarily in the U.S. and are the nation's largest supplier of construction aggregates (primarily crushed stone, sand and gravel) and a major producer of aggregates-intensive downstream products such as asphalt mix and ready-mixed concrete. Our strategy and competitive advantage are based on our strength in aggregates which are used in most types of construction and in the production of asphalt mix and ready-mixed concrete.
Demand for our products is dependent on construction activity and correlates positively with changes in population, employment and household formations. End uses include public construction (e.g., highways, bridges, buildings, airports, schools, prisons, sewer and waste disposal systems, water supply systems, dams, reservoirs and other public construction projects), private nonresidential construction (e.g., manufacturing, retail, offices and warehouses) and private residential construction (e.g., single-family houses, duplexes, apartment buildings and condominiums).
Aggregates have a very high weight-to-price ratio and, in most cases, must be produced near where they are used; if not, transportation can cost more than the materials, rendering them uncompetitive compared to locally produced materials. Exceptions to this typical market structure include areas along the U.S. Gulf Coast and the Eastern Seaboard where there are limited supplies of locally available, high-quality aggregates. We serve these markets from quarries that have access to cost-effective long-haul transportation, including shipping by barge, rail and our fleet of Panamax-class, self-unloading ships. Additionally, we serve markets in California and Hawaii from our quarry in British Columbia, Canada by means of a long-term marine shipping agreement with CSL Americas.
There are limited substitutes for quality aggregates. Due to zoning and permitting regulations and high transportation costs relative to the value of the product, the location of reserves is a critical factor to our long-term success.
No material part of our business depends upon any single customer whose loss would have a significant adverse effect on our business. In 2023, our five largest customers accounted for less than 8% of our total revenues, and no single customer accounted for more than 3% of our total revenues. Although approximately 40% to 55% of our aggregates shipments have historically been used in publicly-funded construction, such as highways, airports and government buildings, a relatively small portion of our sales are made directly to federal, state, county or municipal governments/agencies. Therefore, although reductions in state and federal funding can curtail publicly-funded construction, the vast majority of our business is not directly subject to renegotiation of profits or termination of contracts with local, state or federal governments. In addition, our sales to government entities span several hundred entities coast-to-coast, ensuring that negative changes to various government budgets would have a muted impact across such a diversified set of government customers.
While aggregates is our focus and primary business, we believe vertical integration between aggregates and downstream products, such as asphalt mix and ready-mixed concrete, can be managed effectively in certain markets to generate attractive financial returns and enhance financial returns in our core Aggregates segment. We produce and sell aggregates-intensive asphalt mix and/or ready-mixed concrete products in our Alabama, Arizona, California, Maryland, New Mexico, Tennessee, Texas, Virginia, U.S. Virgin Islands and Washington D.C. markets. Aggregates comprise approximately 95% of asphalt mix by weight and 80% of ready-mixed concrete by weight. In both of these downstream businesses, aggregates are primarily supplied from our operations.
SEASONALITY AND CYCLICAL NATURE OF OUR BUSINESS
Almost all of our products are produced and consumed outdoors. Seasonal changes and other weather-related conditions can affect the production and sales volume of our products. Therefore, the financial results for any quarter do not necessarily indicate the results expected for the year. Normally, the highest sales and earnings are in the third quarter, and the lowest are in the first quarter. Furthermore, our sales and earnings are sensitive to national, regional and local economic conditions, demographic and population fluctuations, and particularly to cyclical swings in construction spending, primarily in the private sector.
EXECUTIVE SUMMARY
FINANCIAL HIGHLIGHTS FOR THIRD QUARTER 2024
Compared to third quarter of 2023:
▪Total revenues decreased $181.9 million, or 8%, to $2,003.9 million
▪Gross profit decreased $25.8 million, or 4%, to $565.2 million
▪Aggregates segment sales decreased $56.0 million, or 3%, to $1,572.4 million
▪Aggregates segment freight-adjusted revenues decreased $7.7 million, or 1%, to $1,228.0 million
▪Shipments decreased 10%, or 6.3 million tons, to 57.7 million tons
▪Freight-adjusted sales price increased 10.2%, or $1.96 per ton, to $21.27
▪Aggregates segment gross profit decreased $10.6 million, or 2%, to $498.5 million
▪Unit profitability (as measured by gross profit per ton) increased 9% to $8.63 per ton
▪Asphalt and Concrete segment gross profit decreased $15.2 million to $66.7 million, collectively
▪Selling, administrative and general (SAG) expenses decreased $14.8 million (20 basis points as a percentage of total revenues)
▪Operating earnings decreased $81.8 million, or 20%, to $337.1 million
▪Earnings attributable to Vulcan from continuing operations were $1.57 per diluted share compared to $2.09 per diluted share
▪Adjusted earnings attributable to Vulcan from continuing operations were $2.22 per diluted share compared to $2.29 per diluted share
▪Net earnings attributable to Vulcan were $207.6 million, a decrease of $68.9 million, or 25%
▪Adjusted EBITDA was $580.6 million, a decrease of $21.6 million, or 4%
▪Returned capital to shareholders via dividends of $60.8 million at $0.46 per share versus $57.2 million at $0.43 per share
Results and activities in the third quarter evidence the consistent execution of our two-pronged strategy to generate durable growth. We continue to enhance our core through expansion of our aggregates gross profit per ton, which increased 9% in the third quarter. In addition, our industry-leading cash gross profit per ton increased 10% in the third quarter and has grown by double-digits for eight consecutive quarters. We also recently announced the acquisition of Wake Stone Corporation, a leading pure-play aggregates producer, that will expand our reach in high-growth geographies in the Carolinas. Our Vulcan Way of Selling and Vulcan Way of Operating disciplines remain fundamental to compounding profitability across our franchise and successfully integrating new operations.
Capital expenditures, including maintenance and growth projects, were $104.3 million in the third quarter and $402.2 million on a year-to-date basis. During 2024, we expect to spend between $625 million and $650 million on maintenance and growth projects. During the quarter, we returned $60.8 million to shareholders through dividends, a 6% increase versus the prior year.
Interest expense, net of interest income, was $38.4 million in the third quarter compared with $46.6 million in the prior year.
We remain well positioned for continued growth with a strong liquidity position and balance sheet profile. As of September 30, 2024, the ratio of total debt to trailing-twelve months Adjusted EBITDA was 1.7 times, below our stated long-term target leverage range of 2.0 to 2.5 times. On a trailing twelve months basis, return on invested capital improved 70 basis points over the prior year to 16.1%.
The acquisition of Wake Stone Corporation is consistent with our disciplined capital allocation priorities and aggregates-led strategy of continuing to expand our reach to better serve more high-growth regions in the United States, most notably with this transaction in Raleigh, North Carolina. The acquisition is expected to provide more than 60 years of quality hard rock reserves. We expect to close the transaction during the fourth quarter of this year, subject to the satisfaction of customary closing conditions.
OUTLOOK
While significant weather disruptions have impacted construction activity through the first nine months of the year, overall demand fundamentals continue to underpin long-term growth. The pricing environment remains positive, and we continue to execute well. Given the decline in shipments to date and continued weather events so far in the fourth quarter, we now expect full-year Adjusted EBITDA of approximately $2,000 million.
As we look to 2025, we expect aggregates price to improve high-single digits, costs to benefit from moderating inflation and our Vulcan Way of Operating discipline, and most importantly cash gross profit per ton to continue expanding at double-digit levels. A demand backdrop underpinned by growth in public construction activity and an improving private demand environment should lead to volume growth in 2025. Our steadfast focus to execute at the highest level – both commercially and operationally – positions us well to capitalize on improving volume and grow earnings.
RESULTS OF OPERATIONS
Total revenues are primarily derived from our product sales of aggregates, asphalt mix and ready-mixed concrete, and include freight & delivery costs that we pass along to our customers to deliver these products. We also generate service revenues from our asphalt construction paving business and services related to our aggregates business. We present separately our discontinued operations, which consist of our former Chemicals business.
The following table highlights significant components of our consolidated operating results including EBITDA and Adjusted EBITDA.
CONSOLIDATED OPERATING RESULTS HIGHLIGHTS
| | | | | | | | | | | | | | |
| Three Months Ended
September 30 | Nine Months Ended
September 30 |
| in millions, except per share and per unit data | 2024 | 2023 | 2024 | 2023 |
| Total revenues | $ | 2,003.9 | | $ | 2,185.8 | | $ | 5,564.0 | | $ | 5,947.6 | |
| Cost of revenues | (1,438.7) | | (1,594.8) | | (4,101.6) | | (4,471.3) | |
| Gross profit | 565.2 | | 591.0 | | 1,462.4 | | 1,476.3 | |
| Gross profit margin | 28.2 | % | 27.0 | % | 26.3 | % | 24.8 | % |
| Selling, administrative and general expenses | (129.1) | | (143.9) | | (393.0) | | (400.4) | |
| SAG as a percentage of total revenues | 6.4 | % | 6.6 | % | 7.1 | % | 6.7 | % |
| Gain on sale of property, plant & equipment and businesses | 0.2 | | 4.3 | | 4.6 | | 22.8 | |
| Loss on impairments | (86.6) | | (28.3) | | (86.6) | | (28.3) | |
| Operating earnings | 337.1 | | 418.9 | | 963.5 | | 1,057.3 | |
| Interest expense, net | (38.4) | | (46.6) | | (117.7) | | (142.2) | |
Earnings from continuing operations before income taxes | 294.9 | | 365.9 | | 833.1 | | 909.8 | |
| Income tax expense | (85.2) | | (85.8) | | (208.5) | | (194.4) | |
| Effective tax rate from continuing operations | 28.9 | % | 23.4 | % | 25.0 | % | 21.4 | % |
| Earnings from continuing operations | 209.7 | | 280.1 | | 624.6 | | 715.4 | |
| Loss on discontinued operations, net of tax | (1.3) | | (2.8) | | (5.0) | | (8.6) | |
| Earnings attributable to noncontrolling interest | (0.8) | | (0.8) | | (1.4) | | (1.0) | |
| Net earnings attributable to Vulcan | $ | 207.6 | | $ | 276.5 | | $ | 618.2 | | $ | 705.8 | |
| Diluted earnings (loss) per share attributable to Vulcan | | | | |
| Continuing operations | $ | 1.57 | | $ | 2.09 | | $ | 4.68 | | $ | 5.34 | |
| Discontinued operations | (0.01) | | (0.02) | | (0.03) | | (0.06) | |
| Net earnings | $ | 1.56 | | $ | 2.07 | | $ | 4.65 | | $ | 5.28 | |
EBITDA 1 | $ | 491.3 | | $ | 569.0 | | $ | 1,411.0 | | $ | 1,503.8 | |
Adjusted EBITDA 1 | $ | 580.6 | | $ | 602.2 | | $ | 1,507.1 | | $ | 1,535.1 | |
| Average Sales Price and Unit Shipments | | | | |
| Aggregates | | | | |
| Tons | 57.7 | | 64.0 | | 166.0 | | 179.2 | |
| Freight-adjusted sales price | $ | 21.27 | | $ | 19.31 | | $ | 20.98 | | $ | 18.92 | |
| Asphalt Mix | | | | |
| Tons | 4.1 | | 4.0 | | 10.2 | | 10.1 | |
| Average sales price | $ | 80.88 | | $ | 76.22 | | $ | 79.42 | | $ | 75.37 | |
| Ready-mixed concrete | | | | |
| Cubic yards | 0.9 | | 2.1 | | 2.7 | | 6.0 | |
| Average sales price | $ | 185.61 | | $ | 169.98 | | $ | 182.88 | | $ | 165.27 | |
1Non-GAAP measures are defined and reconciled within this Item 2 under the caption Reconciliation of Non-GAAP Financial Measures.
THIRD QUARTER 2024 COMPARED TO THIRD QUARTER 2023
Third quarter 2024 total revenues were $2,003.9 million, down 8% from the third quarter of 2023. Shipments decreased in aggregates (-10%), decreased in ready-mixed concrete (-56%) and increased in asphalt mix (+1%). Gross profit decreased in the Aggregates segment (-$10.6 million or 2%) and increased in the Asphalt segment (+$4.3 million or 8%). Concrete segment gross profit decreased by $19.5 million (-75%) in part as a result of the divestiture of our operations in Texas in November 2023 (see Note 16 to the condensed consolidated financial statements).
Net earnings attributable to Vulcan for the third quarter of 2024 were $207.6 million, or $1.56 per diluted share, compared to $276.5 million, or $2.07 per diluted share, in the third quarter of 2023. Each period’s results were impacted by discrete items, as follows:
Net earnings attributable to Vulcan for the third quarter of 2024 include:
▪pretax charges of $86.6 million associated with a goodwill impairment
▪pretax charges of $0.8 million associated with non-routine acquisitions
▪pretax loss on discontinued operations of $1.8 million
▪$1.9 million of tax charges related to a valuation allowance against Calica deferred tax assets, including NOL carryforwards
Net earnings attributable to Vulcan for the third quarter of 2023 include:
▪pretax charges of $28.3 million associated with long-lived asset impairments
▪pretax charges of $1.2 million associated with non-routine acquisitions
▪pretax loss on discontinued operations of $3.8 million
▪$5.0 million of tax charges related to a valuation allowance against Calica deferred tax assets, including NOL carryforwards
Adjusted for these discrete items, earnings attributable to Vulcan from continuing operations (Adjusted Diluted EPS) was $2.22 per diluted share for the third quarter of 2024 compared to $2.29 per diluted share for the third quarter of 2023.
CONTINUING OPERATIONS — Changes in earnings from continuing operations before income taxes for the third quarter of 2024 versus the third quarter of 2023 are summarized below:
| | | | | |
| in millions | |
Third quarter 2023 | $ | 365.9 | |
Lower aggregates gross profit | (10.6) | |
| Higher asphalt gross profit | 4.3 | |
| Lower concrete gross profit | (19.5) | |
| Lower selling, administrative and general expenses | 14.8 | |
| Lower gain on sale of property, plant & equipment and businesses | (4.1) | |
Higher impairment charges | (58.3) | |
| Lower interest expense, net | 8.2 | |
| All other | (5.8) | |
Third quarter 2024 | $ | 294.9 | |
Third quarter Aggregates segment gross profit decreased 2% to $498.5 million (increased 9% to $8.63 on a per ton basis), and gross profit margin expanded 40 basis points. Cash gross profit per ton increased 10% to $10.89 per ton, despite lower shipments and harsh weather conditions throughout the quarter. Improvements in unit profitability were widespread across our footprint.
Aggregates shipments decreased 10% compared to the prior year. Shipments across the Southeast were impacted by significant rainfall in July, followed by numerous hurricanes and severe storms in August and September. The prior year's third quarter included fewer severe weather events.
The pricing environment remained positive across our footprint. Freight-adjusted selling prices increased 10.2%, as compared to the prior year. Freight-adjusted unit cash cost of sales was negatively impacted by lower volume and challenging, weather-affected operating conditions; freight-adjusted cash cost of sales dollars remained flat compared to the prior year.
Overall, non-aggregates segments gross profit of $66.7 million was $15.2 million lower than the prior year’s third quarter.
Asphalt segment gross profit of $60.2 million was up $4.3 million from the prior year’s third quarter, and cash gross profit of $72.2 million was a 12% improvement over the prior year. Asphalt mix shipments increased 1%, and pricing increased 6.1%.
Concrete segment gross profit of $6.5 million was down $19.5 million from the prior year's third quarter, and cash gross profit of $17.4 million was a 63% decrease from the prior year. The prior year's third quarter included results from the previously divested operations in Texas which accounted for the majority of the year-over-year decline in cash gross profit.
SAG expense was $129.1 million for the third quarter compared to $143.9 million in the prior year. As a percent of total revenues, SAG expense was 6.4% in the third quarter, a 20 basis point improvement compared to the prior year.
Gain on sale of property, plant & equipment and businesses was $0.2 million in the third quarter of 2024 compared to $4.3 million in the third quarter of 2023.
During the third quarter of 2024, we recorded an $86.6 million pretax goodwill impairment charge related to a reporting unit that includes concrete operations acquired from U.S. Concrete in 2021 ($84.2 million after tax). During the third quarter of 2023, our concrete assets in Texas were classified as held for sale, resulting in a pretax long-lived asset impairment charge of $28.3 million ($21.1 million after tax).
Other operating income (expense), net which is composed primarily of idle facilities expense, environmental remediation costs, gain (loss) on settlement of AROs, finance charges collected and net rental income (expense), was $12.6 million of expense for the third quarter of 2024 compared to $4.2 million of expense in the third quarter of 2023.
Other nonoperating income (expense), net was $3.8 million of expense for the third quarter of 2024 compared to $6.4 million of expense in the third quarter of 2023.
Net interest expense was $38.4 million in the third quarter of 2024 compared to $46.6 million in the third quarter of 2023.
Income tax expense from continuing operations was $85.2 million in the third quarter of 2024 compared to $85.8 million in the third quarter of 2023. The tax expense is comparable to the amount recorded in the third quarter of 2023, as the reduction in pretax earnings in the third quarter of 2024 was primarily due to a goodwill impairment, the majority of which was non-tax deductible.
Earnings attributable to Vulcan from continuing operations were $1.57 per diluted share in the third quarter of 2024 compared to $2.09 per diluted share in the third quarter of 2023.
DISCONTINUED OPERATIONS — Third quarter pretax loss from discontinued operations was $1.8 million in 2024 compared with a pretax loss of $3.8 million in 2023. Both periods include charges related to general and product liability costs, including legal defense costs, and environmental remediation costs associated with our former Chemicals business. For additional details, see Note 1 to the condensed consolidated financial statements under the caption Discontinued Operations.
YEAR-TO-DATE SEPTEMBER 30, 2024 COMPARED TO YEAR-TO-DATE SEPTEMBER 30, 2023
Total revenues for the first nine months of 2024 were $5,564.0 million, down 6% from the first nine months of 2023. Shipments decreased in aggregates (-7%), decreased in ready-mixed concrete (-55%) and increased in asphalt mix (+1%). Gross profit increased in the Aggregates (+$18.0 million or 1%) and Asphalt (+$10.6 million or 9%) segments. Concrete segment gross profit decreased by $42.5 million (-84%) in part as a result of the divestiture of our operations in Texas in November 2023 (see Note 16 to the condensed consolidated financial statements).
Net earnings attributable to Vulcan for the first nine months of 2024 were $618.2 million, or $4.65 per diluted share, compared to $705.8 million, or $5.28 per diluted share, in the first nine months of 2023. Each period’s results were impacted by discrete items, as follows:
Net earnings attributable to Vulcan for the first nine months of 2024 include:
▪pretax charges of $86.6 million associated with a goodwill impairment
▪pretax charges of $1.0 million associated with divested operations
▪pretax charges of $1.8 million associated with non-routine acquisitions
▪pretax loss on discontinued operations of $6.8 million
▪$4.5 million of tax charges related to a valuation allowance against Calica deferred tax assets, including NOL carryforwards
Net earnings attributable to Vulcan for the first nine months of 2023 include:
▪pretax net gain of $15.2 million related to the sale of real estate in Illinois
▪pretax charges of $28.3 million associated with long-lived asset impairments
▪pretax charges of $4.7 million associated with divested operations
▪pretax charges of $2.0 million associated with non-routine acquisitions
▪pretax loss on discontinued operations of $11.7 million
▪$11.2 million of tax charges related to a valuation allowance against Calica deferred tax assets, including NOL carryforwards
Adjusted for these discrete items, earnings attributable to Vulcan from continuing operations (Adjusted Diluted EPS) was $5.37 per diluted share for the first nine months of 2024 compared to $5.54 per diluted share for the first nine months of 2023.
CONTINUING OPERATIONS — Changes in earnings from continuing operations before income taxes for year-to-date September 30, 2024 versus year-to-date September 30, 2023 are summarized below:
| | | | | |
| in millions | |
Year-to-date September 30, 2023 | $ | 909.8 | |
| Higher aggregates gross profit | 18.0 | |
| Higher asphalt gross profit | 10.6 | |
| Lower concrete gross profit | (42.5) | |
Lower selling, administrative and general expenses | 7.4 | |
| Lower gain on sale of property, plant & equipment and businesses | (18.2) | |
Higher impairment charges | (58.3) | |
| Lower interest expense, net | 24.5 | |
| All other | (18.2) | |
Year-to-date September 30, 2024 | $ | 833.1 | |
Aggregates segment sales for the first nine months of 2024 were $4,477.3 million (down 1%), and shipments decreased 7%, or 13.2 million tons, compared to the prior year. Aggregates segment gross profit was $1,330.3 million ($8.01 per ton) in the first nine months of 2024 versus $1,312.3 million ($7.32 per ton) in the prior year. On a year-to-date basis, cash gross profit per ton increased 11% to $10.31 per ton.
Freight-adjusted selling prices increased 10.9% as compared to the prior year. Freight-adjusted unit cost of sales for the first nine months of 2024 increased 12%, or $1.37 per ton, versus the prior year.
Asphalt segment gross profit of $123.9 million was up $10.6 million from the first nine months of 2023, and cash gross profit of $155.8 million was an 11% improvement over the prior year. Asphalt mix shipments increased 1%, and average unit selling prices increased 5.4%, or $4.05 per ton.
Concrete segment gross profit of $8.2 million was down $42.5 million from the first nine months of 2023, and cash gross profit of $43.1 million was a 61% decrease from the prior year. The prior year included results from our previously divested operations in Texas.
SAG expenses were $393.0 million (7.1% of total revenues) versus $400.4 million (6.7% of total revenues) in the prior year’s first nine months.
Gain on sale of property, plant & equipment and businesses was $4.6 million in the first nine months of 2024 versus $22.8 million in the first nine months of 2023. The 2023 amount includes a net pretax gain of $15.2 million from the sale of real estate associated with a former recycled concrete facility in Illinois.
For the nine months ended September 30, 2024, we recorded an $86.6 million pretax goodwill impairment charge related to a reporting unit that includes concrete operations acquired from U.S. Concrete in 2021 ($84.2 million after tax). For the nine months ended September 30, 2023, we recognized a pretax long-lived asset impairment charge of $28.3 million ($21.1 million after tax) related to the fourth quarter divestiture of our concrete assets in Texas.
Other operating income (expense), net which is composed primarily of idle facilities expense, environmental remediation costs, gain (loss) on settlement of AROs, finance charges collected and net rental income (expense), was $23.9 million of expense for the first nine months of 2024 compared to $13.1 million of expense in the first nine months of 2023.
Other nonoperating income (expense), net was $12.7 million of expense for the first nine months of 2024 compared to $5.3 million of expense in the first nine months of 2023.
Net interest expense was $117.7 million in the first nine months of 2024 compared to $142.2 million in the first nine months of 2023. The decrease in interest expense reflects the first quarter 2024 redemption of $550.0 million senior notes due 2026.
Income tax expense from continuing operations was $208.5 million in the first nine months of 2024 compared to $194.4 million in the first nine months of 2023. The increase in tax expense was primarily due to a goodwill impairment recorded in the third quarter of 2024, the majority of which was non-tax deductible, and a discrete benefit recognized in the first nine months of 2023 related to a 2022 business disposition, partially offset by lower pretax earnings.
Earnings attributable to Vulcan from continuing operations were $4.68 per diluted share in the first nine months of 2024 compared to $5.34 per diluted share in the first nine months of 2023.
DISCONTINUED OPERATIONS — First nine months pretax loss from discontinued operations was $6.8 million in 2024 compared with $11.7 million in 2023. Both periods include charges related to general and product liability costs, including legal defense costs, and environmental remediation costs associated with our former Chemicals business. For additional details, see Note 1 to the condensed consolidated financial statements under the caption Discontinued Operations.
KNOWN TRENDS OR UNCERTAINTIES
Inflationary pressures and labor constraints can be factors that impact our operations. Although inflationary pressures can create short-term to medium-term headwinds, the combination of inflation and visibility of demand may create a favorable environment for price increases. Additionally, labor constraints can cause delays and inefficiencies in our operations as well as those of our customers. If labor constraints continue, our operations may proceed at a slower pace, which may effectively extend the recovery while allowing us the opportunity to compound price, control costs and grow earnings.
Further, the Mexican government has taken actions adverse to our property and operations in Mexico. On May 5, 2022, Mexican government officials presented employees at our Calica operations in Quintana Roo, Mexico with arbitrary shutdown orders to immediately cease underwater quarrying and extraction operations. On May 13, 2022, the Mexican government suspended the three-year customs permit granted in March 2022 to Calica and began a proceeding that could result in the revocation of that permit. In September 2024, the Mexican government ordered the closure of Calica's already-suspended quarrying activities and the shutdown of certain activities at Calica's Punta Venado port facilities. On September 23, 2024, the President of Mexico signed a presidential decree declaring the entirety of Calica's properties as a "Natural Protected Area" (the "ANP Decree"). Among other provisions, the ANP Decree prohibits Calica from extracting petrous or construction materials from its properties. We strongly believe that the actions taken by Mexico are arbitrary and illegal, and we intend to vigorously pursue all lawful avenues available to us in order to protect our rights, under both Mexican and international law. For additional information regarding our Calica operations, see the NAFTA Arbitration section in Note 8 to the condensed consolidated financial statements.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
AGGREGATES SEGMENT FREIGHT-ADJUSTED REVENUES
Aggregates segment freight-adjusted revenues is not a Generally Accepted Accounting Principle (GAAP) measure and should not be considered as an alternative to metrics defined by GAAP. We present this measure as it is consistent with the basis by which we review our operating results. We believe that this presentation is consistent with our competitors and meaningful to our investors as it excludes revenues associated with freight & delivery, which are pass-through activities. It also excludes other revenues related to services, such as landfill tipping fees, that are derived from our aggregates business. Additionally, we use this metric as the basis for calculating the average sales price of our aggregates products. Reconciliation of this metric to its nearest GAAP measure is presented below:
| | | | | | | | | | | | | | |
| Three Months Ended
September 30 | Nine Months Ended
September 30 |
| in millions, except per ton data | 2024 | 2023 | 2024 | 2023 |
| Aggregates segment | | | | |
| Segment sales | $ | 1,572.4 | | $ | 1,628.4 | | $ | 4,477.3 | | $ | 4,505.9 | |
Freight & delivery revenues 1 | (320.5) | | (366.3) | | (922.4) | | (1,040.8) | |
| Other revenues | (23.9) | | (26.4) | | (72.9) | | (74.4) | |
| Freight-adjusted revenues | $ | 1,228.0 | | $ | 1,235.7 | | $ | 3,482.0 | | $ | 3,390.7 | |
| Unit shipments - tons | 57.7 | | 64.0 | | 166.0 | | 179.2 | |
| Freight-adjusted sales price | $ | 21.27 | | $ | 19.31 | | $ | 20.98 | | $ | 18.92 | |
1At the segment level, freight & delivery revenues include intersegment freight & delivery (which are eliminated at the consolidated level) and freight to remote distribution sites.
CASH GROSS PROFIT
GAAP does not define “cash gross profit,” and it should not be considered as an alternative to earnings measures defined by GAAP. We and the investment community use this metric to assess the operating performance of our business. Additionally, we present this metric as we believe that it closely correlates to long-term shareholder value. Cash gross profit adds back noncash charges for depreciation, depletion, accretion and amortization to gross profit. Segment cash gross profit per unit is computed by dividing segment cash gross profit by units shipped. Segment cash cost of sales per unit is computed by subtracting segment cash gross profit per unit from segment freight-adjusted sales price. Segment freight-adjusted sales price is calculated by dividing revenues generated from the shipment of product (excluding service revenues generated by the segments) by the total units of the product shipped. Reconciliation of these metrics to their nearest GAAP measures are presented below:
| | | | | | | | | | | | | | |
| Three Months Ended
September 30 | Nine Months Ended
September 30 |
| in millions, except per unit data | 2024 | 2023 | 2024 | 2023 |
| Aggregates segment | | | | |
| Gross profit | $ | 498.5 | | $ | 509.1 | | $ | 1,330.3 | | $ | 1,312.3 | |
| Depreciation, depletion, accretion and amortization | 130.3 | | 125.6 | | 381.8 | | 357.6 | |
| Cash gross profit | $ | 628.8 | | $ | 634.7 | | $ | 1,712.1 | | $ | 1,669.9 | |
| Unit shipments - tons | 57.7 | | 64.0 | | 166.0 | | 179.2 | |
| Gross profit per ton | $ | 8.63 | | $ | 7.95 | | $ | 8.01 | | $ | 7.32 | |
| Freight-adjusted sales price | $ | 21.27 | | $ | 19.31 | | $ | 20.98 | | $ | 18.92 | |
| Cash gross profit per ton | 10.89 | | 9.92 | | 10.31 | | 9.32 | |
| Freight-adjusted cash cost of sales per ton | $ | 10.38 | | $ | 9.39 | | $ | 10.67 | | $ | 9.60 | |
| Asphalt segment | | | | |
| Gross profit | $ | 60.2 | | $ | 55.9 | | $ | 123.9 | | $ | 113.3 | |
| Depreciation, depletion, accretion and amortization | 12.0 | | 8.8 | | 31.9 | | 26.7 | |
| Cash gross profit | $ | 72.2 | | $ | 64.7 | | $ | 155.8 | | $ | 140.0 | |
| Unit shipments - tons | 4.1 | | 4.0 | | 10.2 | | 10.1 | |
| Gross profit per ton | $ | 14.85 | | $ | 13.92 | | $ | 12.17 | | $ | 11.26 | |
| Average sales price | $ | 80.88 | | $ | 76.22 | | $ | 79.42 | | $ | 75.37 | |
| Cash gross profit per ton | 17.82 | | 16.11 | | 15.30 | | 13.90 | |
| Cash cost of sales per ton | $ | 63.06 | | $ | 60.11 | | $ | 64.12 | | $ | 61.47 | |
| Concrete segment | | | | |
| Gross profit | $ | 6.5 | | $ | 26.0 | | $ | 8.2 | | $ | 50.7 | |
| Depreciation, depletion, accretion and amortization | 10.9 | | 20.5 | | 34.9 | | 60.4 | |
| Cash gross profit | $ | 17.4 | | $ | 46.5 | | $ | 43.1 | | $ | 111.1 | |
| Unit shipments - cubic yards | 0.9 | | 2.1 | | 2.7 | | 6.0 | |
| Gross profit per cubic yard | $ | 7.04 | | $ | 12.16 | | $ | 3.07 | | $ | 8.46 | |
| Average sales price | $ | 185.61 | | $ | 169.98 | | $ | 182.88 | | $ | 165.27 | |
| Cash gross profit per cubic yard | 18.52 | | 21.74 | | 16.12 | | 18.54 | |
| Cash cost of sales per cubic yard | $ | 167.09 | | $ | 148.24 | | $ | 166.76 | | $ | 146.73 | |
EBITDA AND ADJUSTED EBITDA
GAAP does not define “Earnings Before Interest, Taxes, Depreciation and Amortization” (EBITDA), and it should not be considered as an alternative to earnings measures defined by GAAP. We use this metric to assess the operating performance of our business and as a basis for strategic planning and forecasting as we believe that it closely correlates to long-term shareholder value. We do not use this metric as a measure to allocate resources. We adjust EBITDA for certain items to provide a more consistent comparison of earnings performance from period to period. Reconciliation of this metric to its nearest GAAP measure is presented below (numbers may not foot due to rounding):
| | | | | | | | | | | | | | | | | | | | |
| Three Months Ended
September 30 | Nine Months Ended
September 30 | Trailing-Twelve Months
September 30 |
| in millions | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 |
| Net earnings attributable to Vulcan | $ | 207.6 | | $ | 276.5 | | $ | 618.2 | | $ | 705.8 | | $ | 845.6 | | $ | 825.1 | |
| Income tax expense, including discontinued operations | 84.7 | | 84.8 | | 206.7 | | 191.3 | | 311.0 | | 218.8 | |
| Interest expense, net of interest income | 38.4 | | 46.6 | | 117.7 | | 142.2 | | 155.1 | | 189.8 | |
| Depreciation, depletion, accretion and amortization | 160.7 | | 161.1 | | 468.4 | | 464.4 | | 620.9 | | 616.9 | |
| EBITDA | $ | 491.3 | | $ | 569.0 | | $ | 1,411.0 | | $ | 1,503.8 | | $ | 1,932.6 | | $ | 1,850.7 | |
| Loss on discontinued operations | $ | 1.8 | | $ | 3.8 | | $ | 6.8 | | $ | 11.7 | | $ | 9.8 | | $ | 15.1 | |
| (Gain) loss on sale of real estate and businesses, net | 0.0 | | 0.0 | | 0.0 | | (15.2) | | (51.9) | | 2.2 | |
| Loss on impairments | 86.6 | | 28.3 | | 86.6 | | 28.3 | | 86.6 | | 28.3 | |
| Charges associated with divested operations | 0.0 | | 0.0 | | 1.0 | | 4.7 | | 4.2 | | 7.4 | |
Acquisition related charges 1 | 0.8 | | 1.2 | | 1.8 | | 2.0 | | 1.9 | | 6.1 | |
| Adjusted EBITDA | $ | 580.6 | | $ | 602.2 | | $ | 1,507.1 | | $ | 1,535.1 | | $ | 1,983.3 | | $ | 1,909.8 | |
1Represents charges associated with acquisitions requiring clearance under federal antitrust laws.
ADJUSTED DILUTED EPS ATTRIBUTABLE TO VULCAN FROM CONTINUING OPERATIONS
Similar to our presentation of Adjusted EBITDA, we present Adjusted diluted earnings per share (EPS) attributable to Vulcan from continuing operations to provide a more consistent comparison of earnings performance from period to period. This metric is not defined by GAAP and should not be considered as an alternative to earnings measures defined by GAAP. Reconciliation of this metric to its nearest GAAP measure is presented below:
| | | | | | | | | | | | | | |
| Three Months Ended
September 30 | Nine Months Ended
September 30 |
| 2024 | 2023 | 2024 | 2023 |
| Diluted Earnings Per Share | | | | |
| Net earnings attributable to Vulcan | $ | 1.56 | | $ | 2.07 | | $ | 4.65 | | $ | 5.28 | |
| Items included in Adjusted EBITDA above, net of tax | 0.65 | | 0.18 | | 0.69 | $ | 0.17 | |
| NOL carryforward valuation allowance | 0.01 | | 0.04 | | 0.03 | | 0.09 | |
| Adjusted diluted EPS attributable to Vulcan from continuing operations | $ | 2.22 | | $ | 2.29 | | $ | 5.37 | | $ | 5.54 | |
NET DEBT TO ADJUSTED EBITDA
Net debt to Adjusted EBITDA is not a GAAP measure and should not be considered as an alternative to metrics defined by GAAP. We, the investment community and credit rating agencies use this metric to assess our leverage. Net debt subtracts cash and cash equivalents and restricted cash from total debt. Reconciliation of this metric to its nearest GAAP measure is presented below:
| | | | | | | | |
| September 30 |
| in millions | 2024 | 2023 |
| Current maturities of long-term debt | $ | 0.5 | | $ | 0.5 | |
| | |
| Long-term debt | 3,329.2 | | 3,874.3 | |
| Total debt | $ | 3,329.7 | | $ | 3,874.8 | |
| Cash and cash equivalents and restricted cash | (434.3) | | (345.0) | |
| Net debt | $ | 2,895.4 | | $ | 3,529.8 | |
| Trailing-Twelve Months (TTM) Adjusted EBITDA | $ | 1,983.3 | | $ | 1,909.8 | |
| Total Debt to TTM Adjusted EBITDA | 1.7x | 2.0x |
| Net Debt to TTM Adjusted EBITDA | 1.5x | 1.8x |
RETURN ON INVESTED CAPITAL
We define “Return on Invested Capital” (ROIC) as Adjusted EBITDA for the trailing-twelve months divided by average invested capital (as illustrated below) during the trailing-five quarters. Our calculation of ROIC is considered a non-GAAP financial measure because we calculate ROIC using the non-GAAP metric EBITDA. We believe that our ROIC metric is meaningful because it helps investors assess how effectively we are deploying our assets. Although ROIC is a standard financial metric, numerous methods exist for calculating a company’s ROIC. As a result, the method we use to calculate our ROIC may differ from the methods used by other companies. This metric is not defined by GAAP and should not be considered as an alternative to earnings measures defined by GAAP. Reconciliation of this metric to its nearest GAAP measure is presented below (numbers may not foot due to rounding):
| | | | | | | | |
| Trailing-Twelve Months |
| in millions | September 30
2024 | September 30
2023 |
| Adjusted EBITDA | $ | 1,983.3 | | $ | 1,909.8 | |
| Average invested capital | | |
| Property, plant & equipment, net | $ | 6,273.7 | | $ | 6,059.8 | |
| Goodwill | 3,516.4 | | 3,661.0 | |
| Other intangible assets | 1,457.9 | | 1,642.9 | |
| Fixed and intangible assets | $ | 11,248.0 | | $ | 11,363.7 | |
| Current assets | $ | 2,264.6 | | $ | 2,154.6 | |
| Cash and cash equivalents | (428.0) | | (192.3) | |
| Current tax | (36.4) | | (41.7) | |
| Adjusted current assets | 1,800.2 | | 1,920.6 | |
| Current liabilities | (785.8) | | (946.7) | |
| Current maturities of long-term debt | 0.5 | | 0.5 | |
| Short-term debt | 19.0 | | 82.4 | |
| Adjusted current liabilities | (766.3) | | (863.8) | |
| Adjusted net working capital | $ | 1,033.9 | | $ | 1,056.8 | |
| Average invested capital | $ | 12,281.9 | | $ | 12,420.5 | |
| Return on invested capital | 16.1 | % | 15.4 | % |
2024 PROJECTED ADJUSTED EBITDA
Projected Adjusted EBITDA is not defined by GAAP and should not be considered as an alternative to earnings measures defined by GAAP. Reconciliation of this metric to its nearest GAAP measure is presented below:
| | | | | |
| in millions | 2024 Projected
Mid-Point |
| Net earnings attributable to Vulcan | $ | 845 | |
| Income tax expense, including discontinued operations | 274 | |
| Interest expense, net of interest income | 155 | |
| Depreciation, depletion, accretion and amortization | 630 | |
| Projected EBITDA | $ | 1,904 | |
| Items included in YTD Adjusted EBITDA | 96 | |
| Projected Adjusted EBITDA | $ | 2,000 | |
| |
| |
Because GAAP financial measures on a forward-looking basis are not accessible, and reconciling information is not available without unreasonable effort, we have not provided reconciliations for forward-looking non-GAAP measures, other than the reconciliation of Projected Adjusted EBITDA as noted above. For the same reasons, we are unable to address the probable significance of the unavailable information, which could be material to future results.
LIQUIDITY AND FINANCIAL RESOURCES
Our primary sources of liquidity are cash provided by our operating activities, a substantial, committed bank line of credit and our commercial paper program. Additional sources of capital include access to the capital markets, the sale of surplus real estate and dispositions of nonstrategic operating assets. We believe these financial resources are sufficient to fund our business requirements for 2024 including:
▪contractual obligations
▪capital expenditures
▪debt service obligations
▪dividend payments
▪potential acquisitions (including the proposed acquisition of Wake Stone Corporation)
▪potential share repurchases
Our balanced approach to capital deployment remains unchanged. We intend to balance reinvestment in our business, growth through acquisitions and return of capital to shareholders, while sustaining financial strength and flexibility.
We actively manage our capital structure and resources in order to balance the cost of capital and the risk of financial stress. We seek to meet these objectives by adhering to the following principles:
▪maintain substantial bank line of credit borrowing capacity
▪proactively manage our debt maturity schedule such that repayment/refinancing risk in any single year is low
▪maintain an appropriate balance of fixed-rate and floating-rate debt
▪minimize financial and other covenants that limit our operating and financial flexibility
CASH
Included in our September 30, 2024 cash and cash equivalents and restricted cash balances of $434.3 million is $1.1 million of restricted cash as described in Note 1 to the condensed consolidated financial statements under the section Restricted Cash.
CASH FROM OPERATING ACTIVITIES
| | | | | | | | |
| Nine Months Ended
September 30 |
| in millions | 2024 | 2023 |
| Net earnings | $ | 619.6 | | $ | 706.8 | |
| Depreciation, depletion, accretion and amortization | 468.4 | | 464.4 | |
| Loss on impairments | 86.6 | | 28.3 | |
| Noncash operating lease expense | 38.6 | | 40.7 | |
| Net gain on sale of property, plant & equipment and businesses | (4.6) | | (22.8) | |
| Deferred income taxes, net | (30.3) | | (6.0) | |
Other operating cash flows, net 1 | (208.8) | | (156.2) | |
| Net cash provided by operating activities | $ | 969.5 | | $ | 1,055.2 | |
1Primarily reflects changes to working capital balances.
Net cash provided by operating activities was $969.5 million during the nine months ended September 30, 2024, an $85.7 million decrease compared to the same period of 2023. The decrease was primarily attributable to changes in working capital balances.
Days sales outstanding, a measurement of the time it takes to collect receivables, were 43.3 days at September 30, 2024 compared to 45.3 days at September 30, 2023. Additionally, our over 90 day receivables balance was $26.3 million at September 30, 2024, a decrease of $1.8 million from the $28.1 million balance at September 30, 2023. All customer accounts are actively managed, and no losses in excess of amounts reserved are currently expected.
CASH FROM INVESTING ACTIVITIES
Net cash used for investing activities was $641.8 million during the first nine months of 2024, a $132.6 million increase compared to the same period of 2023. During the first nine months of 2024, we acquired businesses for $206.4 million of cash consideration whereas there were no business acquisitions in 2023 (see Note 16 to the condensed consolidated financial statements). Additionally, the first nine months of 2023 includes the collection of a $130.0 million note receivable related to the 2022 sale of concrete operations in New Jersey, New York and Pennsylvania. Partially offsetting these net increases to cash used for investing activities, during the first nine months of 2024, we invested $441.0 million in our existing operations (includes changes in accruals for property, plant & equipment) compared to $666.3 million in the prior year period. This $441.0 million investment includes both maintenance and internal growth projects to enhance our distribution capabilities, develop new production sites and improve existing production facilities.
CASH FROM FINANCING ACTIVITIES
Net cash used for financing activities was $842.6 million during the first nine months of 2024, a $480.1 million increase compared to cash used of $362.5 million in the same period of 2023. The current year includes cash paid to redeem the $550.0 million senior notes due 2026 whereas the prior year includes a $100.0 million net payment on our line of credit. Additionally, we returned $252.4 million to shareholders (a $30.9 million increase over the prior year) through $183.6 million of dividends ($1.38 per share compared to $1.29 per share) and $68.8 million of common stock repurchases (270,142 shares repurchased at $254.71 average price per share in 2024 compared to 241,363 shares repurchased at $206.82 average price per share in 2023).
DEBT
Certain debt measures are presented below:
| | | | | | | | | | | |
| in millions | September 30
2024 | December 31, 2023 | September 30
2023 |
| Debt | | | |
| Current maturities of long-term debt | $ | 0.5 | | $ | 0.5 | | $ | 0.5 | |
| | | |
| Long-term debt | 3,329.2 | | 3,877.3 | | 3,874.3 | |
| Total debt | $ | 3,329.7 | | $ | 3,877.8 | | $ | 3,874.8 | |
| Capital | | | |
| Total debt | $ | 3,329.7 | | $ | 3,877.8 | | $ | 3,874.8 | |
| Total equity | 7,893.1 | | 7,507.9 | | 7,465.2 | |
| Total capital | $ | 11,222.8 | | $ | 11,385.7 | | $ | 11,340.0 | |
| Total Debt as a Percentage of Total Capital | 29.7 | % | 34.1 | % | 34.2 | % |
| Weighted-Average Effective Interest Rates | | | |
Line of credit 1 | 1.13 | % | 1.13 | % | 1.13 | % |
| Commercial paper | 5.02 | % | 5.64 | % | 5.58 | % |
| Term debt | 4.63 | % | 4.82 | % | 4.82 | % |
| Fixed Versus Floating Interest Rate Debt | | | |
| Fixed-rate debt | 83.8 | % | 72.1 | % | 72.1 | % |
| Floating-rate debt | 16.2 | % | 27.9 | % | 27.9 | % |
1Reflects the margin above SOFR for SOFR-based borrowings; we also paid upfront fees that are amortized to interest expense and pay fees for unused borrowing capacity and standby letters of credit.
At September 30, 2024, total debt to trailing-twelve months Adjusted EBITDA was 1.7 times (1.5 times on a net debt basis reflecting $434.3 million of cash on hand). Our weighted-average debt maturity was 10.4 years, and our total weighted-average effective interest rate was 4.70%.
DELAYED DRAW TERM LOAN, LINE OF CREDIT AND COMMERCIAL PAPER PROGRAM
In June 2021, we entered into a $1,600.0 million unsecured delayed draw term loan which was fully drawn in August 2021 upon the acquisition of U.S. Concrete. The delayed draw term loan was paid down to $1,100.0 million in September 2021 with cash on hand, paid down to $550.0 million in August 2022 using the proceeds from the issuance of commercial paper as described below and fully repaid in March 2023 using proceeds from the issuance of 5.80% senior notes as described below.
In 2022, we established a $1,600.0 million commercial paper program through which we borrowed $550.0 million that was used to partially repay the delayed draw term loan. As of September 30, 2024, we had $550.0 million in long-term commercial paper borrowings. Commercial paper borrowings bear interest at rates determined at the time of borrowing and as agreed between us and the commercial paper investors.
Our $1,600.0 million unsecured line of credit matures in August 2027 and contains covenants customary for an unsecured investment-grade facility. Covenants, borrowings, cost ranges and other details are described in Note 7 to the condensed consolidated financial statements. As of September 30, 2024, we were in compliance with the covenants, the margin for SOFR borrowings was 1.125%, the margin for base rate borrowings was 0.125% and the commitment fee for the unused amount was 0.100%.
As of September 30, 2024, our available borrowing capacity under the line of credit was $1,504.8 million. Utilization of the borrowing capacity was as follows:
▪None was borrowed
▪$95.2 million was used to support standby letters of credit
TERM DEBT
All of our $3,391.1 million (face value) of term debt (which includes $550.0 million of commercial paper) is unsecured. All of the covenants in the debt agreements are customary for investment-grade facilities. As of September 30, 2024, we were in compliance with all term debt covenants.
In March 2023, we issued $550.0 million of 5.80% senior notes due 2026. Total proceeds of $546.6 million (net of discounts and transaction costs), together with cash on hand, were used to repay the $550.0 million delayed draw term loan. We redeemed these notes at par in March 2024 using cash on hand and recognized noncash expense of $2.3 million with the acceleration of unamortized deferred debt issuance costs.
CURRENT MATURITIES OF LONG-TERM DEBT
The $0.5 million of current maturities of long-term debt as of September 30, 2024 is due as follows:
| | | | | |
| in millions | Current
Maturities |
| Fourth quarter 2024 | $ | 0.0 | |
| First quarter 2025 | 0.5 | |
| Second quarter 2025 | 0.0 | |
| Third quarter 2025 | 0.0 | |
The above table excludes $400.0 million of notes due April 2025 as we have the intent and ability to refinance these notes on a long-term basis.
DEBT RATINGS
Our debt ratings and outlooks as of September 30, 2024 are as follows:
| | | | | | | | | | | |
| Short-term | Long-term | Outlook |
| Fitch | F2 | BBB | Positive |
| Moody's | P-2 | Baa2 | Stable |
| Standard & Poor's | A-2 | BBB+ | Stable |
EQUITY
The number of our common stock issuances and purchases for the year-to-date periods ended are as follows:
| | | | | | | | | | | |
| in millions | September 30
2024 | December 31, 2023 | September 30
2023 |
| Common stock shares at January 1, issued and outstanding | 132.1 | 132.9 | 132.9 |
| Common stock issued for share-based compensation plans | 0.3 | 0.2 | 0.2 |
| Common stock purchased and retired | (0.3) | (1.0) | (0.2) |
| Common stock shares at end of period, issued and outstanding | 132.1 | 132.1 | 132.9 |
As of September 30, 2024, there were 6,817,118 shares remaining under the February 2017 share purchase authorization by our Board of Directors. Depending upon market, business, legal and other conditions, we may purchase shares from time to time through the open market (including plans designed to comply with Rule 10b5-1 of the Securities Exchange Act of 1934) and/or privately negotiated transactions. The authorization has no time limit, does not obligate us to purchase any specific number of shares and may be suspended or discontinued at any time.
The detail of our common stock purchases (all of which were open market purchases) for the year-to-date periods ended are as follows:
| | | | | | | | | | | |
| in millions, except average price | September 30
2024 | December 31, 2023 | September 30
2023 |
| Number of shares purchased and retired | 0.3 | 1.0 | 0.2 |
| Total purchase price | $ | 68.8 | | $ | 200.0 | | $ | 49.9 | |
| Average price per share | $ | 254.71 | | $ | 204.52 | | $ | 206.82 | |
There were no shares held in treasury as of September 30, 2024, December 31, 2023 and September 30, 2023.
OFF-BALANCE SHEET ARRANGEMENTS
We have no off-balance sheet arrangements such as financing or unconsolidated variable interest entities.
STANDBY LETTERS OF CREDIT
For a discussion of our standby letters of credit, see Note 7 to the condensed consolidated financial statements.
CRITICAL ACCOUNTING POLICIES
We follow certain significant accounting policies when preparing our consolidated financial statements. A summary of these policies is included in our Annual Report on Form 10-K for the year ended December 31, 2023 (Form 10-K).
We prepare these financial statements to conform with accounting principles generally accepted in the United States of America. These principles require us to make estimates and judgments that affect our reported amounts of assets, liabilities, revenues and expenses, and the related disclosures of contingent assets and contingent liabilities at the date of the financial statements. We base our estimates on historical experience, current conditions and various other assumptions we believe reasonable under existing circumstances and evaluate these estimates and judgments on an ongoing basis. The results of these estimates form the basis for our judgments about the carrying values of assets and liabilities as well as identifying and assessing the accounting treatment with respect to commitments and contingencies. Our actual results may materially differ from these estimates.
We believe that the accounting policies described in the “Management's Discussion and Analysis of Financial Condition and Results of Operations” section of our Form 10-K require the most significant judgments and estimates used in the preparation of our consolidated financial statements, so we consider these to be our critical accounting policies. There have been no changes to our critical accounting policies during the nine months ended September 30, 2024.
NEW ACCOUNTING STANDARDS
For a discussion of the accounting standards recently adopted or pending adoption and the effect such accounting changes will have on our results of operations, financial position or liquidity, see Note 17 to the condensed consolidated financial statements.
FORWARD-LOOKING STATEMENTS
Certain matters discussed in this report, including expectations regarding future performance, contain forward-looking statements that are subject to assumptions, risks and uncertainties that could cause actual results to differ materially from those projected. These assumptions, risks and uncertainties include, but are not limited to:
▪general economic and business conditions
▪our dependence on the construction industry, which is subject to economic cycles
▪the timing and amount of federal, state and local funding for infrastructure
▪changes in the level of spending for private residential and private nonresidential construction
▪changes in our effective tax rate
▪domestic and global political, economic or diplomatic developments
▪the increasing reliance on information technology infrastructure, including the risks that the infrastructure does not work as intended, experiences technical difficulties or is subjected to cyber-attacks
▪the impact of the state of the global economy on our businesses and financial condition and access to capital markets
▪international business operations and relationships, including recent actions taken by the Mexican government with respect to our property and operations in that country
▪the highly competitive nature of the construction industry
▪a pandemic, epidemic or other public health emergency
▪the impact of future regulatory or legislative actions, including those relating to climate change, biodiversity, land use, wetlands, greenhouse gas emissions, the definition of minerals, tax policy and domestic and international trade
▪the outcome of pending legal proceedings
▪pricing of our products
▪weather and other natural phenomena, including the impact of climate change and availability of water
▪availability and cost of trucks, railcars, barges and ships, as well as their licensed operators, for transport of our materials
▪energy costs
▪costs of hydrocarbon-based raw materials
▪healthcare costs
▪labor relations, shortages and constraints
▪the amount of long-term debt and interest expense we incur
▪changes in interest rates
▪volatility in pension plan asset values and liabilities, which may require cash contributions to the pension plans
▪the impact of environmental cleanup costs and other liabilities relating to existing and/or divested businesses
▪our ability to secure and permit aggregates reserves in strategically located areas
▪our ability to manage and successfully integrate acquisitions
▪our proposed acquisition of Wake Stone Corporation, including:
▪our ability to complete the transaction on the proposed terms or on the anticipated timeline, or at all, including risks and uncertainties related to securing the necessary approvals and the satisfaction of other closing conditions to consummate the proposed transaction
▪the occurrence of any event, change or other circumstance that could give rise to the termination of the definitive merger agreement relating to the proposed transaction
▪failure to realize the expected benefits of the proposed transaction
▪significant transaction costs and/or unknown or inestimable liabilities
▪the risk that Wake Stone Corporation’s business will not be integrated successfully or that such integration may be more difficult, time-consuming or costly than expected
▪risks related to future opportunities and plans for the combined company
▪disruption from the proposed transaction, making it more difficult to conduct business as usual or maintain relationships with customers, employees or suppliers
▪the possibility that, if Vulcan does not achieve the perceived benefits of the proposed transaction as rapidly or to the extent anticipated by financial analysts or investors, the market price of Vulcan’s common stock could decline
▪the effect of changes in tax laws, guidance and interpretations
▪significant downturn in the construction industry may result in the impairment of goodwill or long-lived assets
▪changes in technologies, which could disrupt the way we do business and how our products are distributed
▪the risks of open pit and underground mining
▪expectations relating to environmental, social and governance considerations
▪claims that our products do not meet regulatory requirements or contractual specifications
▪other assumptions, risks and uncertainties detailed from time to time in our periodic reports filed with the SEC
All forward-looking statements are made as of the date of filing or publication. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by law. Investors are cautioned not to rely unduly on such forward-looking statements when evaluating the information presented in our filings, and are advised to consult any of our future disclosures in filings made with the Securities and Exchange Commission and our press releases with regard to our business and consolidated financial position, results of operations and cash flows.
INVESTOR INFORMATION
We make available on our website, www.vulcanmaterials.com, free of charge, copies of our:
▪Annual Report on Form 10-K
▪Quarterly Reports on Form 10-Q
▪Current Reports on Form 8-K
Our website also includes amendments to those reports filed with or furnished to the SEC pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 as well as all Forms 3, 4 and 5 filed with the SEC by our executive officers and directors, as soon as the filings are made publicly available by the SEC on its EDGAR database (www.sec.gov).
In addition to accessing copies of our reports online, you may request a copy of our Annual Report on Form 10-K, including financial statements, by writing to Denson N. Franklin III, Senior Vice President, General Counsel and Secretary, Vulcan Materials Company, 1200 Urban Center Drive, Birmingham, Alabama 35242.
We have a:
▪Business Conduct Policy applicable to all employees and directors
▪Code of Ethics for the CEO and Senior Financial Officers
Copies of the Business Conduct Policy and the Code of Ethics are available on our website under the “Investor Relations” tab (“Governance” section). If we make any amendment to, or waiver of, any provision of the Code of Ethics, we will disclose such information on our website as well as through filings with the SEC.
Our Board of Directors has also adopted:
▪Corporate Governance Guidelines
▪Charters for our Audit, Compensation & Human Capital, Executive, Finance, Governance and Safety, Health & Environmental Affairs Committees
These documents meet all applicable SEC and New York Stock Exchange regulatory requirements.
The Charters of the Audit, Compensation & Human Capital and Governance Committees are available on our website under the “Investor Relations” tab (“Governance – Committee Composition” section) or you may request a copy of any of these documents by writing to Denson N. Franklin III, Senior Vice President, General Counsel and Secretary, Vulcan Materials Company, 1200 Urban Center Drive, Birmingham, Alabama 35242.
Information included on our website is not incorporated into, or otherwise made a part of, this report.
| | |
| ITEM 3 |
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
MARKET RISK
We are exposed to certain market risks arising from transactions that are entered into in the normal course of business. To manage these market risks, we may use derivative financial instruments. We do not enter into derivative financial instruments for trading or speculative purposes.
As discussed in the Liquidity and Financial Resources section of Part I, Item 2, we actively manage our capital structure and resources to balance the cost of capital and risk of financial stress. Such activity includes balancing the cost and risk of interest expense. In addition to floating-rate borrowings, we at times use interest rate swaps to manage the mix of fixed-rate and floating-rate debt.
At September 30, 2024, the estimated fair value of our long-term debt including current maturities was $3,287.4 million compared to a face value of $3,391.1 million. The estimated fair value was determined by averaging several asking price quotes for the publicly traded notes and assuming par value for the remainder of the debt. The fair value estimate is based on information available as of the balance sheet date. The effect of a decline in interest rates of one percentage point would increase the fair value of our debt by approximately $0.2 million.
We are exposed to certain economic risks related to the costs of our pension and other postretirement benefit plans. These economic risks include changes in the discount rate for high-quality bonds and the expected return on plan assets. The impact of a change in these assumptions on our annual pension and other postretirement benefits costs is discussed in our most recent Annual Report on Form 10-K.
| | |
| ITEM 4 |
CONTROLS AND PROCEDURES |
DISCLOSURE CONTROLS AND PROCEDURES
We maintain a system of controls and procedures designed to ensure that information required to be disclosed in reports we file with the SEC is recorded, processed, summarized and reported within the time periods specified by the SEC's rules and forms. These disclosure controls and procedures (as defined in the Securities Exchange Act of 1934 Rules 13a - 15(e) or 15d - 15(e)), include, without limitation, controls and procedures designed to ensure that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure. Our Chief Executive Officer and Chief Financial Officer, with the participation of other management officials, evaluated the effectiveness of the design and operation of the disclosure controls and procedures as of September 30, 2024. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of September 30, 2024.
We completed the implementation of our quote to invoice system for our aggregates and asphalt operations in the third quarter of 2024.
No other changes were made during the third quarter of 2024 to our internal controls over financial reporting, nor have there been other factors that materially affect these controls.
PART II OTHER INFORMATION
Certain legal proceedings in which we are involved are discussed in Note 12 to the consolidated financial statements and Part I, Item 3 of our Annual Report on Form 10-K for the year ended December 31, 2023 and in Note 8 to the condensed consolidated financial statements and Part II, Item 1 of our Quarterly Report on Form 10-Q for the quarters ended March 31, 2024 and June 30, 2024. See Note 8 to the condensed consolidated financial statements of this Form 10-Q for a discussion of certain recent developments concerning our legal proceedings.
There were no material changes to the risk factors disclosed in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2023.
| | |
| ITEM 2 |
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS |
Purchases of our equity securities during the quarter ended September 30, 2024 are summarized below.
| | | | | | | | | | | | | | |
| Period | Total Number
of Shares Purchased | Average
Price Paid
Per Share | Total Number of Shares Purchased As Part of
Publicly Announced
Plans or Programs | Maximum Number of Shares That May Yet Be Purchased Under the Plans or Programs 1 |
| 2024 | | | | |
| July 1 - July 31 | 0 | $ | 0.00 | | 0 | 6,817,118 |
| August 1 - August 31 | 0 | $ | 0.00 | | 0 | 6,817,118 |
| September 1 - September 30 | 0 | $ | 0.00 | | 0 | 6,817,118 |
| Total | 0 | $ | 0.00 | | 0 | |
1In February 2017, our Board of Directors authorized us to purchase up to 10,000,000 shares of our common stock. As of September 30, 2024, there were 6,817,118 shares remaining under this authorization. Depending upon market, business, legal and other conditions, we may purchase shares from time to time through the open market (including plans designed to comply with Rule 10b5-1 of the Securities Exchange Act of 1934) and/or through privately negotiated transactions. The authorization has no time limit, does not obligate us to purchase any specific number of shares and may be suspended or discontinued at any time.
We did not have any unregistered sales of equity securities during the third quarter of 2024.
| | |
| ITEM 4 |
MINE SAFETY DISCLOSURES |
The information concerning mine safety violations or other regulatory matters required by Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 104 of Regulation S-K is included in Exhibit 95 of this report.
SECURITIES TRADING PLANS OF SECTION 16 OFFICERS AND DIRECTORS
During the three months ended September 30, 2024, none of our Section 16 officers or directors adopted or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement as defined in Item 408(a) of Regulation S-K.
| | | | | |
| Exhibit 31(a) | |
| |
| Exhibit 31(b) | |
| |
| Exhibit 32(a) | |
| |
| Exhibit 32(b) | |
| |
| Exhibit 95 | |
| |
| Exhibit 101 | The following unaudited financial information from this Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 are formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) the Condensed Consolidated Balance Sheets, (ii) the Condensed Consolidated Statements of Comprehensive Income, (iii) the Condensed Consolidated Statements of Cash Flows and (iv) the Notes to Condensed Consolidated Financial Statements. |
| |
| Exhibit 104 | Cover Page Interactive Data File – the cover page from this Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 is formatted in iXBRL (contained in Exhibit 101). |
Our SEC file number for documents filed with the SEC pursuant to the Securities Exchange Act of 1934, as amended, is 001-33841.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| | | | | | | | |
| | VULCAN MATERIALS COMPANY |
| | |
| Date | October 30, 2024 | /s/ Randy L. Pigg Randy L. Pigg Vice President, Controller (Principal Accounting Officer) |
| | |
| Date | October 30, 2024 | /s/ Mary Andrews Carlisle Mary Andrews Carlisle Senior Vice President and Chief Financial Officer (Principal Financial Officer) |
| | |
| EXHIBIT 31(a) |
CERTIFICATION OF CHIEF EXECUTIVE OFFICER |
I, J. Thomas Hill, certify that:
1.I have reviewed this quarterly report on Form 10-Q of Vulcan Materials Company;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements and other financial information included in this report fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of and for the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
| | | | | |
Date October 30, 2024 | /s/ J. Thomas Hill J. Thomas Hill Chairman and Chief Executive Officer |
| | |
| EXHIBIT 31(b) |
CERTIFICATION OF CHIEF FINANCIAL OFFICER |
I, Mary Andrews Carlisle, certify that:
1.I have reviewed this quarterly report on Form 10-Q of Vulcan Materials Company;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements and other financial information included in this report fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of and for the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
| | | | | |
Date October 30, 2024 | /s/ Mary Andrews Carlisle Mary Andrews Carlisle, Senior Vice President and Chief Financial Officer |
| | |
| EXHIBIT 32(a) |
CERTIFICATION OF CHIEF EXECUTIVE OFFICER OF VULCAN MATERIALS COMPANY PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES OXLEY ACT OF 2002 |
I, J. Thomas Hill, Chairman and Chief Executive Officer of Vulcan Materials Company, certify that the Quarterly Report on Form 10-Q (the “report”) for the quarter ended September 30, 2024, filed with the Securities and Exchange Commission on the date hereof:
(i)fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and
(ii)the information contained in the report fairly presents, in all material respects, the financial condition and results of operations of Vulcan Materials Company.
| | | | | |
| /s/ J. Thomas Hill J. Thomas Hill Chairman and Chief Executive Officer October 30, 2024 |
A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Vulcan Materials Company and will be retained by Vulcan Materials Company and furnished to the Securities and Exchange Commission or its staff upon request.
| | |
| EXHIBIT 32(b) |
CERTIFICATION OF CHIEF FINANCIAL OFFICER OF VULCAN MATERIALS COMPANY PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES OXLEY ACT OF 2002 |
I, Mary Andrews Carlisle, Senior Vice President and Chief Financial Officer of Vulcan Materials Company, certify that the Quarterly Report on Form 10-Q (the “report”) for the quarter ended September 30, 2024, filed with the Securities and Exchange Commission on the date hereof:
(i)fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and
(ii)the information contained in the report fairly presents, in all material respects, the financial condition and results of operations of Vulcan Materials Company.
| | | | | |
| /s/ Mary Andrews Carlisle Mary Andrews Carlisle, Senior Vice President and Chief Financial Officer October 30, 2024 |
A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Vulcan Materials Company and will be retained by Vulcan Materials Company and furnished to the Securities and Exchange Commission or its staff upon request.
| | |
| EXHIBIT 95 |
MSHA CITATIONS AND LITIGATION |
On July 21, 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act) was enacted. Section 1503 of the Dodd-Frank Act requires companies that are “operators” (as such term is defined in the Federal Mine Safety and Health Act of 1977 (the Mine Act)) to disclose certain mine safety information in each periodic report to the Securities and Exchange Commission. This information is related to the enforcement of the Mine Act by the Mine Safety and Health Administration (MSHA).
The Dodd-Frank Act and the subsequent implementing regulation issued by the SEC require disclosure of the following categories of violations, orders and citations: (1) Section 104 S&S Citations, which are citations issued for violations of mandatory health or safety standards that could significantly and substantially contribute to the cause and effect of a mine safety or health hazard; (2) Section 104(b) Orders, which are orders issued upon a follow up inspection where the inspector finds the violation previously cited has not been totally abated in the prescribed time period; (3) Section 104(d) Citations and Orders, which are issued upon violations of mandatory health or safety standards caused by an unwarrantable failure of the operator to comply with the standards; (4) Section 110(b)(2) Violations, which result from the reckless and repeated failure to eliminate a known violation; (5) Section 107(a) Orders, which are given when MSHA determines that an imminent danger exists and results in an order of immediate withdrawal from the area of the mine affected by the condition; and (6) written notices from MSHA of a pattern of violations of mandatory health or safety standards that are of such nature as could have significantly and substantially contributed to the cause and effect of mine health or safety hazards under Section 104(e). In addition, the Dodd-Frank Act requires the disclosure of the total dollar value of proposed assessments from MSHA under the Mine Act and the total number of mining related fatalities.
The following disclosures are made pursuant to Section 1503.
During the three months ended September 30, 2024, none of our operations: (i) received any orders under Section 104(b), which are issued upon a follow up inspection where the inspector finds the violation previously cited has not been totally abated in the prescribed time period; (ii) received any citations or orders under Section 104(d), which are issued upon violations of mandatory health or safety standards caused by an unwarrantable failure of the operator to comply with the standards; (iii) had any flagrant violations under Section 110(b)(2); (iv) received any orders under Section 107(a) to immediately withdraw from the area of the mine affected by an imminent danger; (v) received notice from MSHA of a pattern of violations of mandatory health or safety standards under Section 104(e); or (vi) had any mining related fatalities.
THIRD QUARTER 2024
The table below sets forth, by mine, the total number of citations and/or orders issued by MSHA during the period covered by this report under the indicated provisions of the Mine Act, together with the total dollar value of proposed assessments, if any, from MSHA, received during the three months ended September 30, 2024. Of our 292 active MSHA-regulated facilities during the quarter, we received 127 federal mine safety inspections at 118 facilities during the reporting period. Of our inspected facilities, 106 did not receive any reportable citations or orders.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Name of Operation | Number of
Inspections | Total Number of S&S Citations | Mine
Act
§ 104(b)
Orders | Mine Act
§ 104(d)
Citations
and
Orders | Mine Act
§ 110(b)(2)
Violations | Mine
Act
§ 107(a)
Orders | Total Dollar
Value of
Proposed
MSHA
Assessments
(thousands) | Total
Number
of Mining
Related
Fatalities | Received
Written
Notice
under
Mine Act
§ 104(e) |
| BARIN, GA | 1 | 1 | 0 | 0 | 0 | 0 | $0.0 | 0 | No |
| BARTLETT, TN | 1 | 2 | 0 | 0 | 0 | 0 | $0.0 | 0 | No |
| FOREST PARK, GA | 1 | 1 | 0 | 0 | 0 | 0 | $0.0 | 0 | No |
| FORT KNOX, TN | 2 | 2 | 0 | 0 | 0 | 0 | $0.0 | 0 | No |
| GRAND RIVERS, KY | 2 | 1 | 0 | 0 | 0 | 0 | $0.0 | 0 | No |
| GREYSTONE, TN | 1 | 1 | 0 | 0 | 0 | 0 | $0.0 | 0 | No |
| LEMONT, IL | 1 | 2 | 0 | 0 | 0 | 0 | $0.0 | 0 | No |
| MACON, GA | 1 | 1 | 0 | 0 | 0 | 0 | $0.0 | 0 | No |
| NORTON, TN | 1 | 1 | 0 | 0 | 0 | 0 | $0.0 | 0 | No |
| RICHMOND ROAD, KY | 2 | 1 | 0 | 0 | 0 | 0 | $0.0 | 0 | No |
| ST. THOMAS, VI | 1 | 1 | 0 | 0 | 0 | 0 | $0.0 | 0 | No |
| WEST BROADWAY, AZ | 1 | 1 | 0 | 0 | 0 | 0 | $0.0 | 0 | No |
| Other - 106 | 112 | 0 | 0 | 0 | 0 | 0 | $0.0 | 0 | No |
| Total | 127 | 15 | 0 | 0 | 0 | 0 | $0.0 | 0 | |
The total dollar value of proposed assessments received during the three months ended September 30, 2024 for all other citations, as well as proposed assessments received during the reporting period for citations previously issued, is $8,055.
The table below sets forth, by mine, category of legal action and number of legal actions pending before the Federal Mine Safety and Health Review Commission as of September 30, 2024.
| | | | | | | | | | | |
| Number of Legal Actions |
| Name of Operation | Contest Penalty | Contest Citations | Complaint of Discharge, Discrimination |
| ANDERSON QUARRY, SC | 1 | 0 | 0 |
| FREDERICK QUARRY, MD | 1 | 0 | 0 |
| PUDDLEDOCK SAND & GRAVEL, VA | 1 | 0 | 0 |
| SEVIERVILLE QUARRY, TN | 3 | 0 | 0 |
The table below sets forth, by mine, category of legal action and number of legal actions filed before the Federal Mine Safety and Health Review Commission during the three months ended September 30, 2024.
| | | | | | | | | | | |
| Number of Legal Actions |
| Name of Operation | Contest Penalty | Contest Citations | Complaint of Discharge, Discrimination |
| NONE | | | |
The table below sets forth, by mine, category of legal action and number of legal actions resolved (disposed) by the Federal Mine Safety and Health Review Commission during the three months ended September 30, 2024.
| | | | | | | | | | | |
| Number of Legal Actions |
| Name of Operation | Contest Penalty | Contest Citations | Complaint of Discharge, Discrimination |
| 115 QUARRY, NC | 1 | 0 | 0 |
| JACKSON QUARRY, GA | 4 | 1 | 0 |
| RICHMOND QUARRY, VA | 1 | 0 | 0 |
| SUN CITY SAND AND GRAVEL, AZ | 1 | 0 | 0 |
| WILSON COUNTY QUARRY, TN | 0 | 0 | 1 |
Cover Page - shares
|
9 Months Ended |
|
Sep. 30, 2024 |
Oct. 16, 2024 |
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VULCAN MATERIALS COMPANY
|
|
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NJ
|
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20-8579133
|
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1200 Urban Center Drive
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Birmingham
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v3.24.3
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
shares in Millions, $ in Millions |
Sep. 30, 2024 |
Dec. 31, 2023 |
Sep. 30, 2023 |
| Assets |
|
|
|
| Cash and cash equivalents |
$ 433.2
|
$ 931.1
|
$ 340.0
|
| Restricted cash |
1.1
|
18.1
|
5.0
|
| Accounts and notes receivable, gross |
1,030.9
|
903.3
|
1,199.2
|
| Allowance for credit losses |
(13.5)
|
(13.6)
|
(14.7)
|
| Accounts and notes receivable, net |
1,017.4
|
889.7
|
1,184.5
|
| Inventories |
647.7
|
615.6
|
570.6
|
| Other current assets |
113.5
|
70.4
|
106.0
|
| Assets held for sale |
0.0
|
0.0
|
495.1
|
| Total current assets |
2,212.9
|
2,524.9
|
2,701.2
|
| Investments and long-term receivables |
31.4
|
31.3
|
31.2
|
| Property, plant & equipment, cost |
12,350.5
|
11,835.5
|
11,610.4
|
| Allowances for depreciation, depletion & amortization |
(5,937.0)
|
(5,617.8)
|
(5,498.4)
|
| Property, plant & equipment, net |
6,413.5
|
6,217.7
|
6,112.0
|
| Operating lease right-of-use assets, net |
508.3
|
511.7
|
521.5
|
| Goodwill |
3,450.0
|
3,531.7
|
3,531.7
|
| Other intangible assets, net |
1,448.3
|
1,460.7
|
1,471.8
|
| Other noncurrent assets |
287.5
|
267.7
|
251.1
|
| Total assets |
14,351.9
|
14,545.7
|
14,620.5
|
| Liabilities |
|
|
|
| Current maturities of long-term debt |
0.5
|
0.5
|
0.5
|
| Trade payables and accruals |
352.6
|
390.4
|
412.8
|
| Other current liabilities |
421.0
|
406.7
|
440.8
|
| Liabilities held for sale |
0.0
|
0.0
|
10.1
|
| Total current liabilities |
774.1
|
797.6
|
864.2
|
| Long-term debt |
3,329.2
|
3,877.3
|
3,874.3
|
| Deferred income taxes, net |
1,000.3
|
1,028.9
|
1,068.3
|
| Deferred revenue |
139.4
|
145.3
|
147.4
|
| Noncurrent operating lease liabilities |
503.5
|
507.4
|
516.0
|
| Other noncurrent liabilities |
712.3
|
681.3
|
685.1
|
| Total liabilities |
6,458.8
|
7,037.8
|
7,155.3
|
| Other commitments and contingencies (Note 8) |
|
|
|
| Common stock, outstanding (in shares) |
132.1
|
132.1
|
132.9
|
| Equity |
|
|
|
| Common stock, $1 par value, Authorized 480.0 shares, Outstanding 132.1, 132.1 and 132.9 shares, respectively |
$ 132.1
|
$ 132.1
|
$ 132.9
|
| Capital in excess of par value |
2,895.0
|
2,880.1
|
2,862.4
|
| Retained earnings |
4,980.7
|
4,615.0
|
4,595.0
|
| Accumulated other comprehensive loss |
(138.8)
|
(143.8)
|
(149.7)
|
| Total shareholders' equity |
7,869.0
|
7,483.4
|
7,440.6
|
| Noncontrolling interest |
24.1
|
24.5
|
24.6
|
| Total equity |
7,893.1
|
7,507.9
|
7,465.2
|
| Total liabilities and equity |
$ 14,351.9
|
$ 14,545.7
|
$ 14,620.5
|
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-Paragraph 6
-Subparagraph (h)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480528/815-20-65-6
Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (h)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480528/815-20-65-6
Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (h)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480528/815-20-65-6
Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480528/815-20-65-6
Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
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-Section 65
-Paragraph 6
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-URI https://asc.fasb.org/1943274/2147479343/105-10-65-6
Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
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-Section 65
-Paragraph 6
-Subparagraph (d)
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-URI https://asc.fasb.org/1943274/2147479343/105-10-65-6
Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Section 65
-Paragraph 2
-Subparagraph (f)(1)
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-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2
Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2
Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 8
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482615/740-10-65-8
Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 8
-Subparagraph (d)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482615/740-10-65-8
Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479654/326-10-65-4
Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1
Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1
Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-7
Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-5
Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481674/830-30-50-1
Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-17
Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-20
Reference 34: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-11
Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 205
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478009/946-205-45-3
Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-3
Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1
Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.6-05(4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-2
Reference 39: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3
Reference 40: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(6))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3
Reference 41: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(7))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3
Reference 42: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1
Reference 43: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1
Reference 44: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3
Reference 45: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28
Reference 46: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 15
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Reference 47: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
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Reference 48: http://fasb.org/us-gaap/role/ref/legacyRef
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-Paragraph 4I
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Reference 49: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 60
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-Section 65
-Paragraph 1
-Subparagraph (b)
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v3.24.3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
|
Sep. 30, 2024 |
Dec. 31, 2023 |
Sep. 30, 2023 |
| Statement of Financial Position [Abstract] |
|
|
|
| Common stock, par value (in usd per share) |
$ 1
|
$ 1
|
$ 1
|
| Common stock, authorized (in shares) |
480,000,000
|
480,000,000.0
|
480,000,000.0
|
| Common stock, outstanding (in shares) |
132,100,000
|
132,100,000
|
132,900,000
|
| X |
- DefinitionFace amount or stated value per share of common stock. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
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-Section S99
-Paragraph 1
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-Topic 210
-SubTopic 10
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Publisher FASB
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Section S99
-Paragraph 2
-Subparagraph (SX 210.6-05(4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-2
Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
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-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Section S99
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1
Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
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-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(7))
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v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
shares in Millions, $ in Millions |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Income Statement [Abstract] |
|
|
|
|
| Total revenues |
$ 2,003.9
|
$ 2,185.8
|
$ 5,564.0
|
$ 5,947.6
|
| Cost of revenues |
(1,438.7)
|
(1,594.8)
|
(4,101.6)
|
(4,471.3)
|
| Gross profit |
565.2
|
591.0
|
1,462.4
|
1,476.3
|
| Selling, administrative and general expenses |
(129.1)
|
(143.9)
|
(393.0)
|
(400.4)
|
| Gain on sale of property, plant & equipment and businesses |
0.2
|
4.3
|
4.6
|
22.8
|
| Loss on impairments |
(86.6)
|
(28.3)
|
(86.6)
|
(28.3)
|
| Other operating expense, net |
(12.6)
|
(4.2)
|
(23.9)
|
(13.1)
|
| Operating earnings |
337.1
|
418.9
|
963.5
|
1,057.3
|
| Other nonoperating expense, net |
(3.8)
|
(6.4)
|
(12.7)
|
(5.3)
|
| Interest expense, net |
(38.4)
|
(46.6)
|
(117.7)
|
(142.2)
|
| Earnings from continuing operations before income taxes |
294.9
|
365.9
|
833.1
|
909.8
|
| Income tax expense |
(85.2)
|
(85.8)
|
(208.5)
|
(194.4)
|
| Earnings from continuing operations |
209.7
|
280.1
|
624.6
|
715.4
|
| Loss on discontinued operations, net of tax |
(1.3)
|
(2.8)
|
(5.0)
|
(8.6)
|
| Net earnings |
208.4
|
277.3
|
619.6
|
706.8
|
| Earnings attributable to noncontrolling interest |
(0.8)
|
(0.8)
|
(1.4)
|
(1.0)
|
| Net earnings attributable to Vulcan |
207.6
|
276.5
|
618.2
|
705.8
|
| Other comprehensive income, net of tax |
|
|
|
|
| Amortization of accumulated cash flow hedge losses |
0.4
|
0.4
|
1.2
|
1.2
|
| Amortization of accumulated benefit plan costs |
1.4
|
1.3
|
3.8
|
3.8
|
| Other comprehensive income |
1.8
|
1.7
|
5.0
|
5.0
|
| Comprehensive income |
210.2
|
279.0
|
624.6
|
711.8
|
| Comprehensive earnings attributable to noncontrolling interest |
(0.8)
|
(0.8)
|
(1.4)
|
(1.0)
|
| Comprehensive income attributable to Vulcan |
$ 209.4
|
$ 278.2
|
$ 623.2
|
$ 710.8
|
| Basic earnings (loss) per share attributable to Vulcan |
|
|
|
|
| Continuing operations (in usd per share) |
$ 1.58
|
$ 2.10
|
$ 4.71
|
$ 5.37
|
| Discontinued operations (in usd per share) |
(0.01)
|
(0.02)
|
(0.04)
|
(0.07)
|
| Net earnings (in usd per share) |
1.57
|
2.08
|
4.67
|
5.30
|
| Diluted earnings (loss) per share attributable to Vulcan |
|
|
|
|
| Continuing operations (in usd per share) |
1.57
|
2.09
|
4.68
|
5.34
|
| Discontinued operations (in usd per share) |
(0.01)
|
(0.02)
|
(0.03)
|
(0.06)
|
| Net earnings (in usd per share) |
$ 1.56
|
$ 2.07
|
$ 4.65
|
$ 5.28
|
| Weighted-average common shares outstanding |
|
|
|
|
| Basic (in shares) |
132.2
|
133.0
|
132.3
|
133.1
|
| Assuming dilution (in shares) |
133.0
|
133.7
|
133.1
|
133.7
|
| Effective tax rate from continuing operations |
28.90%
|
23.40%
|
25.00%
|
21.40%
|
| X |
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-Section 45
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-Subparagraph (b)
-SubTopic 10
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Operating Activities |
|
|
| Net earnings |
$ 619.6
|
$ 706.8
|
| Adjustments to reconcile net earnings to net cash provided by operating activities |
|
|
| Depreciation, depletion, accretion and amortization |
468.4
|
464.4
|
| Loss on impairments |
86.6
|
28.3
|
| Noncash operating lease expense |
38.6
|
40.7
|
| Net gain on sale of property, plant & equipment and businesses |
(4.6)
|
(22.8)
|
| Contributions to pension plans |
(7.1)
|
(5.6)
|
| Share-based compensation expense |
39.9
|
43.5
|
| Deferred income taxes, net |
(30.3)
|
(6.0)
|
| Changes in assets and liabilities before initial effects of business acquisitions and dispositions |
(246.5)
|
(206.0)
|
| Other, net |
4.9
|
11.9
|
| Net cash provided by operating activities |
969.5
|
1,055.2
|
| Investing Activities |
|
|
| Purchases of property, plant & equipment |
(441.0)
|
(666.3)
|
| Proceeds from sale of property, plant & equipment |
5.6
|
26.2
|
| Proceeds from sale of businesses |
0.2
|
130.0
|
| Payment for businesses acquired, net of acquired cash and adjustments |
(206.4)
|
0.9
|
| Other, net |
(0.2)
|
(0.0)
|
| Net cash used for investing activities |
(641.8)
|
(509.2)
|
| Financing Activities |
|
|
| Proceeds from short-term debt |
8.1
|
166.1
|
| Payment of short-term debt |
(8.0)
|
(266.1)
|
| Payment of current maturities and long-term debt |
(550.5)
|
(550.5)
|
| Proceeds from issuance of long-term debt |
0.0
|
550.0
|
| Debt issuance and exchange costs |
(3.5)
|
(3.4)
|
| Payment of finance leases |
(10.0)
|
(17.2)
|
| Purchases of common stock |
(68.8)
|
(49.9)
|
| Dividends paid |
(183.6)
|
(171.6)
|
| Share-based compensation, shares withheld for taxes |
(24.5)
|
(19.9)
|
| Distribution to noncontrolling interest |
(1.8)
|
(0.0)
|
| Net cash used for financing activities |
(842.6)
|
(362.5)
|
| Net increase (decrease) in cash and cash equivalents and restricted cash |
(514.9)
|
183.5
|
| Cash and cash equivalents and restricted cash at beginning of year |
949.2
|
161.5
|
| Cash and cash equivalents and restricted cash at end of period |
$ 434.3
|
$ 345.0
|
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v3.24.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Accounting Policies [Abstract] |
|
| SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES NATURE OF OPERATIONS Vulcan Materials Company (the “Company,” “Vulcan,” “we,” “our”), a New Jersey corporation, is the nation’s largest supplier of construction aggregates (primarily crushed stone, sand and gravel) and a major producer of aggregates-intensive downstream products such as asphalt mix and ready-mixed concrete. We operate primarily in the United States, and our principal product — aggregates — is used in most types of public and private construction projects and in the production of asphalt mix and ready-mixed concrete. Our primary focus is serving metropolitan markets in the United States that are expected to experience the most significant growth in population, households and employment. These three demographic factors are significant drivers of demand for aggregates. While aggregates is our focus and primary business, we produce and sell aggregates-intensive asphalt mix and/or ready-mixed concrete products in certain markets. BASIS OF PRESENTATION Our accompanying unaudited condensed consolidated financial statements were prepared in compliance with the instructions to Form 10-Q and Article 10 of Regulation S-X and thus do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America (GAAP) for complete financial statements. We prepared the accompanying condensed consolidated financial statements on the same basis as our annual financial statements, except for the adoption of new accounting standards, if any, as described in Note 17. Our Condensed Consolidated Balance Sheet as of December 31, 2023 was derived from the audited financial statement, but it does not include all disclosures required by GAAP. In the opinion of our management, the statements reflect all adjustments, including those of a normal recurring nature, necessary to present fairly the results of the reported interim periods. For further information, refer to the consolidated financial statements and footnotes included in our most recent Annual Report on Form 10-K. Operating results for the three and nine month periods ended September 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. Our condensed consolidated financial statements reflect estimates and assumptions made by management that affect the reported amounts of assets, liabilities, revenues and expenses. The most significant estimates and assumptions included in the preparation of these financial statements are related to goodwill and long-lived asset impairments, business combinations and purchase price allocation, pension and other postretirement benefits, environmental compliance, claims and litigation including self-insurance, and income taxes (refer to the Critical Accounting Policies included in Item 7 of our most recent Annual Report on Form 10-K). Events that relate to conditions arising after September 30, 2024 will be reflected in management’s estimates for future periods. NONCONTROLLING INTEREST We own an 88% controlling interest in the Orca Sand and Gravel Limited Partnership (Orca) which was formed to develop the Orca quarry in British Columbia, Canada. The remaining 12% noncontrolling interest is held by the Namgis First Nation (Namgis). This noncontrolling interest consists of the Namgis’ share of the fair value equity in the partnership. Our condensed consolidated financial statements recognize the full fair value of all of the subsidiary’s assets and liabilities offset by the noncontrolling interest in total equity. RESTRICTED CASH Restricted cash primarily consists of cash proceeds from the sale of property held in escrow for the acquisition of replacement property under like-kind exchange agreements. The escrow accounts are administered by an intermediary. Cash restricted pursuant to like-kind exchange agreements remains restricted for a maximum of 180 days from the date of the property sale pending the acquisition of replacement property. Restricted cash may also include cash reserved by other contractual agreements (such as asset purchase agreements) for a specified purpose and therefore is not available for use for other purposes. Restricted cash is included with cash and cash equivalents in the accompanying Condensed Consolidated Statements of Cash Flows. INVENTORIES Inventories and supplies are stated at the lower of cost or net realizable value. Inventories are as follows: | | | | | | | | | | | | | in millions | September 30
2024 | December 31
2023 | September 30
2023 | | Finished products | $ | 505.9 | | $ | 494.4 | | $ | 448.1 | | | Raw materials | 62.2 | | 51.2 | | 50.5 | | | Products in process | 11.1 | | 6.5 | | 8.6 | | | Operating supplies and other | 68.5 | | 63.5 | | 63.4 | | | Total inventories | $ | 647.7 | | $ | 615.6 | | $ | 570.6 | |
DISCONTINUED OPERATIONS In 2005, we sold substantially all the assets of our Chemicals business to a subsidiary of Occidental Chemical Corporation. The financial results of the Chemicals business are classified as discontinued operations in the accompanying Condensed Consolidated Statements of Comprehensive Income for all periods presented. Results from discontinued operations are as follows: | | | | | | | | | | | | | | | | in millions | Three Months Ended
September 30 | Nine Months Ended
September 30 | | 2024 | 2023 | 2024 | 2023 | | Pretax loss | $ | (1.8) | | $ | (3.8) | | $ | (6.8) | | $ | (11.7) | | | Income tax benefit | 0.5 | | 1.0 | | 1.8 | | 3.1 | | | Loss on discontinued operations, net of tax | $ | (1.3) | | $ | (2.8) | | $ | (5.0) | | $ | (8.6) | |
Our discontinued operations include charges related to general and product liability costs, including legal defense costs, and environmental remediation costs associated with our former Chemicals business (including certain matters as discussed in Note 8). There were no revenues from discontinued operations for the periods presented. EARNINGS PER SHARE (EPS) Earnings per share are computed by dividing net earnings by the weighted-average common shares outstanding (basic EPS) or weighted-average common shares outstanding assuming dilution (diluted EPS), as set forth below: | | | | | | | | | | | | | | | | Three Months Ended
September 30 | Nine Months Ended
September 30 | | in millions | 2024 | 2023 | 2024 | 2023 | | Weighted-average common shares outstanding | 132.2 | 133.0 | 132.3 | 133.1 | | Dilutive effect of | | | | | | Stock-Only Stock Appreciation Rights | 0.2 | 0.2 | 0.2 | 0.2 | | Other stock compensation awards | 0.6 | 0.5 | 0.6 | 0.4 | | Weighted-average common shares outstanding, assuming dilution | 133.0 | 133.7 | 133.1 | 133.7 |
All dilutive common stock equivalents are reflected in our earnings per share calculations. In periods of loss, shares that otherwise would have been included in our diluted weighted-average common shares outstanding computation would be excluded. Antidilutive common stock equivalents are not included in our earnings per share calculations. The number of antidilutive common stock equivalents for which the exercise price exceeds the weighted-average market price is as follows: | | | | | | | | | | | | | | | | Three Months Ended
September 30 | Nine Months Ended
September 30 | | in millions | 2024 | 2023 | 2024 | 2023 | | Antidilutive common stock equivalents | 0.1 | 0.0 | 0.1 | 0.1 |
RECLASSIFICATIONS As a result of a first quarter 2024 change in our internal management reporting structure, prior period segment information has been revised to conform to our current segment reporting structure. This change had no impact on our prior consolidated results of operations, financial position or cash flows (refer to Note 13 for further information).
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v3.24.3
LEASES
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Leases [Abstract] |
|
| LEASES |
LEASES Our portfolio of nonmineral leases is composed of leases for real estate (including office buildings, aggregates sales yards and terminals, and concrete and asphalt sites) and equipment (including railcars and rail track, barges, and office, plant and mobile equipment). Lease right-of-use (ROU) assets and liabilities and the weighted-average lease terms and discount rates are as follows: | | | | | | | | | | | | | | | | dollars in millions | Classification on the Balance Sheet | September 30
2024 | December 31
2023 | September 30
2023 | | Assets | | | | | Operating lease ROU assets | | $ | 651.4 | | $ | 636.1 | | $ | 644.8 | | | Accumulated amortization | | (143.1) | | (124.4) | | (113.4) | | | Operating leases, net | Operating lease right-of-use assets, net | 508.3 | | 511.7 | | 531.4 | | | Finance lease ROU assets | | 55.8 | | 62.3 | | 85.8 | | | Accumulated depreciation | | (23.2) | | (20.2) | | (22.1) | | | Finance leases, net | Property, plant & equipment, net | 32.6 | | 42.1 | | 63.7 | | | Total lease assets | | $ | 540.9 | | $ | 553.8 | | $ | 595.1 | | | Liabilities | | | | | Current | | | | | Operating | Other current liabilities | $ | 48.7 | | $ | 47.3 | | $ | 48.2 | | | Finance | Other current liabilities | 11.4 | | 12.5 | | 18.4 | | | Noncurrent | | | | | Operating | Noncurrent operating lease liabilities | 503.5 | | 507.4 | | 525.4 | | | Finance | Other noncurrent liabilities | 11.8 | | 16.6 | | 22.7 | | | Total lease liabilities | | $ | 575.4 | | $ | 583.8 | | $ | 614.7 | | | Lease Term and Discount Rate | | | | | Weighted-average remaining lease term (years) | | | | | Operating leases | 19.1 | 19.5 | 19.4 | | Finance leases | 2.3 | 2.5 | 2.5 | | Weighted-average discount rate | | | | | Operating leases | 4.4 | % | 4.3 | % | 4.3 | % | | Finance leases | 3.1 | % | 2.4 | % | 2.0 | % |
The decreases from September 30, 2023 in total lease assets and liabilities presented above primarily relate to the November 2023 sale of concrete operations in Texas (see Note 16 for additional information). Our lease agreements do not contain material residual value guarantees, restrictive covenants or early termination options. In addition to the lease assets and liabilities presented in the table above, we entered into an agreement to lease a terminal in California and expect to have all permits in place associated with all lease commencement options in the fourth quarter of 2024. The components of lease expense are as follows: | | | | | | | | | | | | | | | | | | | Three Months Ended
September 30 | Nine Months Ended
September 30 | | in millions | 2024 | 2023 | 2024 | 2023 | | Finance lease cost | | | | | | Depreciation of right-of-use assets | $ | 2.3 | | $ | 3.3 | | $ | 7.2 | | $ | 10.1 | | | Interest on lease liabilities | 0.2 | | 0.2 | | 0.5 | | 0.7 | | | Operating lease cost | 19.0 | | 19.1 | | 56.6 | | 58.3 | | Short-term lease cost 1 | 12.2 | | 14.8 | | 34.9 | | 38.5 | | | Variable lease cost | 5.5 | | 4.9 | | 15.1 | | 15.0 | | | Sublease income | (0.7) | | (0.8) | | (2.0) | | (2.7) | | | Total lease expense | $ | 38.5 | | $ | 41.5 | | $ | 112.3 | | $ | 119.9 | |
1Includes the cost of leases with an initial term of one year or less (including those with terms of one month or less). Cash paid for operating leases was $55.3 million and $55.0 million for the nine months ended September 30, 2024 and 2023, respectively. Cash paid for finance leases (principal and interest) was $10.5 million and $17.9 million for the nine months ended September 30, 2024 and 2023, respectively.
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| LEASES |
LEASES Our portfolio of nonmineral leases is composed of leases for real estate (including office buildings, aggregates sales yards and terminals, and concrete and asphalt sites) and equipment (including railcars and rail track, barges, and office, plant and mobile equipment). Lease right-of-use (ROU) assets and liabilities and the weighted-average lease terms and discount rates are as follows: | | | | | | | | | | | | | | | | dollars in millions | Classification on the Balance Sheet | September 30
2024 | December 31
2023 | September 30
2023 | | Assets | | | | | Operating lease ROU assets | | $ | 651.4 | | $ | 636.1 | | $ | 644.8 | | | Accumulated amortization | | (143.1) | | (124.4) | | (113.4) | | | Operating leases, net | Operating lease right-of-use assets, net | 508.3 | | 511.7 | | 531.4 | | | Finance lease ROU assets | | 55.8 | | 62.3 | | 85.8 | | | Accumulated depreciation | | (23.2) | | (20.2) | | (22.1) | | | Finance leases, net | Property, plant & equipment, net | 32.6 | | 42.1 | | 63.7 | | | Total lease assets | | $ | 540.9 | | $ | 553.8 | | $ | 595.1 | | | Liabilities | | | | | Current | | | | | Operating | Other current liabilities | $ | 48.7 | | $ | 47.3 | | $ | 48.2 | | | Finance | Other current liabilities | 11.4 | | 12.5 | | 18.4 | | | Noncurrent | | | | | Operating | Noncurrent operating lease liabilities | 503.5 | | 507.4 | | 525.4 | | | Finance | Other noncurrent liabilities | 11.8 | | 16.6 | | 22.7 | | | Total lease liabilities | | $ | 575.4 | | $ | 583.8 | | $ | 614.7 | | | Lease Term and Discount Rate | | | | | Weighted-average remaining lease term (years) | | | | | Operating leases | 19.1 | 19.5 | 19.4 | | Finance leases | 2.3 | 2.5 | 2.5 | | Weighted-average discount rate | | | | | Operating leases | 4.4 | % | 4.3 | % | 4.3 | % | | Finance leases | 3.1 | % | 2.4 | % | 2.0 | % |
The decreases from September 30, 2023 in total lease assets and liabilities presented above primarily relate to the November 2023 sale of concrete operations in Texas (see Note 16 for additional information). Our lease agreements do not contain material residual value guarantees, restrictive covenants or early termination options. In addition to the lease assets and liabilities presented in the table above, we entered into an agreement to lease a terminal in California and expect to have all permits in place associated with all lease commencement options in the fourth quarter of 2024. The components of lease expense are as follows: | | | | | | | | | | | | | | | | | | | Three Months Ended
September 30 | Nine Months Ended
September 30 | | in millions | 2024 | 2023 | 2024 | 2023 | | Finance lease cost | | | | | | Depreciation of right-of-use assets | $ | 2.3 | | $ | 3.3 | | $ | 7.2 | | $ | 10.1 | | | Interest on lease liabilities | 0.2 | | 0.2 | | 0.5 | | 0.7 | | | Operating lease cost | 19.0 | | 19.1 | | 56.6 | | 58.3 | | Short-term lease cost 1 | 12.2 | | 14.8 | | 34.9 | | 38.5 | | | Variable lease cost | 5.5 | | 4.9 | | 15.1 | | 15.0 | | | Sublease income | (0.7) | | (0.8) | | (2.0) | | (2.7) | | | Total lease expense | $ | 38.5 | | $ | 41.5 | | $ | 112.3 | | $ | 119.9 | |
1Includes the cost of leases with an initial term of one year or less (including those with terms of one month or less). Cash paid for operating leases was $55.3 million and $55.0 million for the nine months ended September 30, 2024 and 2023, respectively. Cash paid for finance leases (principal and interest) was $10.5 million and $17.9 million for the nine months ended September 30, 2024 and 2023, respectively.
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v3.24.3
INCOME TAXES
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Income Tax Disclosure [Abstract] |
|
| INCOME TAXES |
INCOME TAXES Our estimated annual effective tax rate (EAETR) is based on full-year expectations of pretax earnings, statutory tax rates and permanent differences between book and tax accounting such as percentage depletion. For interim financial reporting, we calculate our quarterly income tax provision in accordance with the EAETR. Each quarter, we update our EAETR based on our revised full-year expectation of pretax earnings and calculate the income tax provision so that the year-to-date income tax provision reflects the EAETR. Significant judgment is required in determining our EAETR. In the third quarter of 2024, we recorded income tax expense from continuing operations of $85.2 million compared to $85.8 million in the third quarter of 2023. The tax expense is comparable to the amount recorded in the third quarter of 2023, as the reduction in pretax earnings in the third quarter of 2024 was primarily due to a goodwill impairment (see Note 15), the majority of which was non-tax deductible. For the first nine months of 2024, we recorded income tax expense from continuing operations of $208.5 million compared to $194.4 million for the first nine months of 2023. The increase in tax expense was primarily due to a goodwill impairment recorded in the third quarter of 2024, the majority of which was non-tax deductible, and a discrete benefit recognized in the first nine months of 2023 related to a 2022 business disposition, partially offset by lower pretax earnings. In August 2022, the Inflation Reduction Act (IRA) was signed into law, effective for tax years beginning on or after January 1, 2023. The IRA introduced a corporate alternative minimum tax (CAMT) of 15% applicable to corporations with adjusted financial statement income in excess of $1 billion, as well as certain climate-related tax provisions. We were not subject to CAMT in 2023 and do not anticipate being subject to CAMT in 2024. As discussed in Note 8, in May 2022, Mexican government officials unexpectedly and arbitrarily shut down our Calica operations in Mexico. In 2023, Calica had deferred tax assets (including net operating losses) of $27.4 million against which we have a full valuation allowance recorded. In 2024, we project a $6.5 million increase in deferred tax assets against which a valuation allowance was recorded as a component of the EAETR in the first nine months of 2024. A majority of the deferred tax assets relate to a net operating loss (NOL) carryforward which would expire between 2032 and 2034 if not utilized. Should the Mexican government lift the shutdown and/or if we are successful in our North American Free Trade Agreement (NAFTA) claim, we will reevaluate the need for a valuation allowance against the deferred tax assets. We project Alabama NOL carryforward deferred tax assets at December 31, 2024 of $68.4 million against which we have a valuation allowance of $49.5 million. Almost all of the Alabama NOL carryforward would expire between 2024 and 2029 if not utilized. A summary of our deferred tax assets and liabilities is included in Note 9 “Income Taxes” in our Annual Report on Form 10-K for the year ended December 31, 2023.
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C
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-Section 50
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-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1
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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1
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-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13
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-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1
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-Name Accounting Standards Codification
-Section S99
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-Subparagraph (SAB Topic 11.C)
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-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2
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-Paragraph 2
-Subparagraph (a)
-Publisher FASB
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v3.24.3
REVENUES
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Revenue from Contract with Customer [Abstract] |
|
| REVENUES |
REVENUES Revenues are measured as the amount of consideration we expect to receive in exchange for transferring goods or providing services. Sales taxes and other taxes we collect are recorded as liabilities until remitted and thus are excluded from revenues. Costs to obtain and fulfill contracts (primarily asphalt construction paving contracts) are immaterial and are expensed as incurred when the expected amortization period is one year or less. Our segment total revenues by geographic market for the three and nine month periods ended September 30, 2024 and 2023 are disaggregated as follows (the decrease in Gulf Coast market concrete revenues is primarily attributable to the sale of concrete operations in Texas in November 2023; see Note 16 for additional information): | | | | | | | | | | | | | | | | Three Months Ended September 30, 2024 | | in millions | Aggregates | Asphalt | Concrete | Total | | East revenues | $ | 466.7 | | $ | 64.0 | | $ | 88.4 | | $ | 619.1 | | | Gulf Coast revenues | 842.7 | | 90.9 | | 2.6 | | 936.2 | | | West revenues | 263.0 | | 226.2 | | 83.4 | | 572.6 | | | Segment sales | $ | 1,572.4 | | $ | 381.1 | | $ | 174.4 | | $ | 2,127.9 | | | Intersegment sales | (124.0) | | 0.0 | | 0.0 | | (124.0) | | Total revenues 1 | $ | 1,448.4 | | $ | 381.1 | | $ | 174.4 | | $ | 2,003.9 | |
| | | | | | | | | | | | | | | | Three Months Ended September 30, 2023 | | in millions | Aggregates | Asphalt | Concrete | Total | | East revenues | $ | 464.8 | | $ | 64.5 | | $ | 95.4 | | $ | 624.7 | | | Gulf Coast revenues | 900.4 | | 71.4 | | 168.7 | | 1,140.5 | | | West revenues | 263.2 | | 211.3 | | 100.5 | | 575.0 | | | Segment sales | $ | 1,628.4 | | $ | 347.2 | | $ | 364.6 | | $ | 2,340.2 | | | Intersegment sales | (154.4) | | 0.0 | | 0.0 | | (154.4) | | Total revenues 1 | $ | 1,474.0 | | $ | 347.2 | | $ | 364.6 | | $ | 2,185.8 | |
| | | | | | | | | | | | | | | | Nine Months Ended September 30, 2024 | | in millions | Aggregates | Asphalt | Concrete | Total | | East revenues | $ | 1,267.3 | | $ | 149.7 | | $ | 246.6 | | $ | 1,663.6 | | | Gulf Coast revenues | 2,484.7 | | 198.0 | | 7.1 | | $ | 2,689.8 | | | West revenues | 725.3 | | 570.8 | | 236.2 | | $ | 1,532.3 | | | Segment sales | $ | 4,477.3 | | $ | 918.5 | | $ | 489.9 | | $ | 5,885.7 | | | Intersegment sales | (321.7) | | 0.0 | | 0.0 | | $ | (321.7) | | Total revenues 1 | $ | 4,155.6 | | $ | 918.5 | | $ | 489.9 | | $ | 5,564.0 | |
| | | | | | | | | | | | | | | | Nine Months Ended September 30, 2023 | | in millions | Aggregates | Asphalt | Concrete | Total | | East revenues | $ | 1,259.7 | | $ | 147.1 | | $ | 278.7 | | $ | 1,685.5 | | | Gulf Coast revenues | 2,568.7 | | 182.0 | | 457.6 | | 3,208.3 | | | West revenues | 677.5 | | 525.2 | | 257.0 | | 1,459.7 | | | Segment sales | $ | 4,505.9 | | $ | 854.3 | | $ | 993.3 | | $ | 6,353.5 | | | Intersegment sales | (405.9) | | 0.0 | | 0.0 | | (405.9) | | Total revenues 1 | $ | 4,100.0 | | $ | 854.3 | | $ | 993.3 | | $ | 5,947.6 | |
East market — Arkansas, Delaware, Illinois, Kentucky, Maryland, New Jersey, New York, North Carolina, Pennsylvania, Tennessee, Virginia and Washington D.C. Gulf Coast market — Alabama, Florida, Georgia, Louisiana, Mississippi, Oklahoma, South Carolina, Texas, U.S. Virgin Islands, Freeport (Bahamas), Puerto Cortés (Honduras) and Quintana Roo (Mexico) West market — Arizona, California, Hawaii, New Mexico and British Columbia (Canada) Total revenues are primarily derived from our product sales of aggregates (crushed stone, sand and gravel, sand and other aggregates), asphalt mix and ready-mixed concrete, and include freight & delivery costs that we pass along to our customers to deliver these products. We also generate service revenues from our asphalt construction paving business and service revenues related to our aggregates business, such as landfill tipping fees. Our total service revenues were $88.2 million (4.4% of total revenues) and $76.7 million (3.5% of total revenues) for the three months ended September 30, 2024 and 2023, respectively, and $195.0 million (3.5% of total revenues) and $181.5 million (3.1% of total revenues) for the nine months ended September 30, 2024 and 2023, respectively. Our products typically are sold to private industry and not directly to governmental entities. Although approximately 40% to 55% of our aggregates shipments have historically been used in publicly funded construction (such as highways, airports and government buildings), a relatively small portion of our sales are made directly to federal, state, county or municipal governments/agencies. Therefore, although reductions in state and federal funding can curtail publicly funded construction, the vast majority of our business is not directly subject to renegotiation of profits or termination of contracts with local, state or federal governments. PRODUCT REVENUES Revenue is recognized when obligations under the terms of a contract with our customer are satisfied; generally, this occurs at a point in time when our aggregates, asphalt mix and ready-mixed concrete are shipped/delivered and control passes to the customer. Revenue for our products is recorded at the fixed invoice amount, and payment is due by the 15th day of the following month. We do not offer discounts for early payment. Freight & delivery generally represents pass-through transportation costs we incur (including our administrative costs) and pay to third-party carriers to deliver our products to customers and are accounted for as a fulfillment activity. Likewise, the costs related to freight & delivery are included in cost of revenues. Freight & delivery revenues are as follows: | | | | | | | | | | | | | | | | Three Months Ended
September 30 | Nine Months Ended
September 30 | | in millions | 2024 | 2023 | 2024 | 2023 | | Total revenues | $ | 2,003.9 | | $ | 2,185.8 | | $ | 5,564.0 | | $ | 5,947.6 | | Freight & delivery revenues 1 | (261.4) | | (276.5) | | (741.7) | | (766.9) | | | Total revenues excluding freight & delivery | $ | 1,742.5 | | $ | 1,909.3 | | $ | 4,822.3 | | $ | 5,180.7 | |
1Includes freight & delivery to remote distribution sites. CONSTRUCTION PAVING SERVICE REVENUES Revenue from our asphalt construction paving business is recognized over time using the percentage-of-completion method under the cost approach. The percentage of completion is determined by costs incurred to date as a percentage of total costs estimated for the project. Under this approach, recognized contract revenue equals the total estimated contract revenue multiplied by the percentage of completion. Future revenues from unsatisfied performance obligations (including contracts with an expected duration of 1 year or less) at September 30, 2024 and 2023 were $206.5 million and $116.3 million, respectively. The remaining period to complete the obligations at September 30, 2024 ranged from 1 month to 51 months. The increase in future revenues from unsatisfied performance obligations is primarily due to acquisitions completed during the second quarter of 2024 (refer to Note 16 for further information). Our construction contracts are unit priced, and an account receivable is recorded for amounts invoiced based on actual units produced. Contract assets for estimated earnings in excess of billings, contract assets related to retainage provisions and contract liabilities for billings in excess of costs are immaterial. Variable consideration in our construction paving contracts is immaterial and consists of incentives and penalties based on the quality of work performed. Our construction paving contracts may contain warranty provisions covering defects in equipment, materials, design or workmanship that generally run from nine months to one year after project completion. Due to the nature of our construction paving projects, including contract owner inspections of the work during construction and prior to acceptance, we have not experienced material warranty costs for these short-term warranties. VOLUMETRIC PRODUCTION PAYMENT DEFERRED REVENUES In 2013 and 2012, we sold a percentage interest in certain future aggregates production for net cash proceeds of $226.9 million. These transactions, structured as volumetric production payments (VPPs): ▪relate to eight quarries in Georgia and South Carolina ▪provide the purchaser solely with a nonoperating percentage interest in the subject quarries’ future aggregates production ▪contain no minimum annual or cumulative guarantees by us for production or sales volume, nor minimum sales price ▪are both volume and time limited (we expect the transactions will last approximately 20 more years, limited by volume rather than time) We are the exclusive sales agent for, and transmit quarterly to the purchaser the proceeds from the sale of, the purchaser’s share of aggregates production. Our consolidated total revenues exclude the revenue from the sale of the purchaser’s share of aggregates. The proceeds we received from the sale of the percentage interest were recorded as deferred revenue on the balance sheet. We recognize revenue on a unit-of-sales basis (as we sell the purchaser’s share of production) relative to the volume limitations of the transactions. Given the nature of the risks and potential rewards assumed by the buyer, the transactions do not reflect financing activities. Changes in our deferred revenue balances (current and noncurrent) are as follows: | | | | | | | | | | | | | | | | Three Months Ended
September 30 | Nine Months Ended
September 30 | | in millions | 2024 | 2023 | 2024 | 2023 | | Deferred revenue balance at beginning of period | $ | 148.9 | | $ | 157.4 | | $ | 152.8 | | $ | 161.8 | | | Revenue recognized from deferred revenue | (2.0) | | (2.5) | | (5.9) | | (6.9) | | | Deferred revenue balance at end of period | $ | 146.9 | | $ | 154.9 | | $ | 146.9 | | $ | 154.9 | |
Based on expected sales from the specified quarries, we expect to recognize $7.5 million of VPP deferred revenue as income during the twelve-month period ending September 30, 2025 (reflected in other current liabilities in our September 30, 2024 Condensed Consolidated Balance Sheet).
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- DefinitionThe entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
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-Section 50
-Paragraph 12
-Subparagraph (b)
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-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
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-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12
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-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12
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-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13
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v3.24.3
FAIR VALUE MEASUREMENTS
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Fair Value Disclosures [Abstract] |
|
| FAIR VALUE MEASUREMENTS |
FAIR VALUE MEASUREMENTS Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels as described below: Level 1: Quoted prices in active markets for identical assets or liabilities Level 2: Inputs that are derived principally from or corroborated by observable market data Level 3: Inputs that are unobservable and significant to the overall fair value measurement Our assets subject to fair value measurement on a recurring basis are summarized below: | | | | | | | | | | | | | in millions | September 30
2024 | December 31
2023 | September 30
2023 | | Level 1 Fair Value | | | | | Rabbi Trust | | | | | Mutual funds | $ | 34.7 | | $ | 31.7 | | $ | 28.7 | | | Total | $ | 34.7 | | $ | 31.7 | | $ | 28.7 | | | Level 2 Fair Value | | | | | Interest rate swaps | $ | 0.0 | | $ | (0.3) | | $ | (2.1) | | | Rabbi Trust | | | | | Money market mutual fund | 0.3 | | 0.5 | | 0.7 | | | Total | $ | 0.3 | | $ | 0.2 | | $ | (1.4) | |
We have two Rabbi Trusts for the purpose of providing a level of security for the employee nonqualified retirement and deferred compensation plans and for the directors' nonqualified deferred compensation plans. The fair values of these investments are estimated using a market approach. The Level 1 investments include mutual funds for which quoted prices in active markets are available. Level 2 investments are stated at estimated fair value based on the underlying investments in the fund (high-quality, short-term, U.S. dollar-denominated money market instruments). Net gains of the Rabbi Trusts’ investments were $3.8 million and $0.5 million for the nine months ended September 30, 2024 and 2023, respectively. The portions of the net gains related to investments still held by the Rabbi Trusts at September 30, 2024 and 2023 were $3.7 million and $0.6 million, respectively. Interest rate swaps are measured at fair value using quoted market prices or pricing models that use prevailing market interest rates as of the measurement date. These interest rate swaps are more fully described in Note 6. The carrying values of our cash equivalents, restricted cash, accounts and notes receivable, short-term debt, trade payables and accruals, and all other current liabilities approximate their fair values because of the short-term nature of these instruments. Additional disclosures for derivative instruments and interest-bearing debt are presented in Notes 6 and 7, respectively. During the third quarter of 2023, net assets held for sale with a carrying value of $513.3 million were written down to their estimated fair value less cost to sell of $485.0 million, resulting in an impairment loss of $28.3 million. The estimated fair value (Level 1 fair value measurement) was determined based on the expected proceeds from the probable sale of the disposal group. Refer to Note 16 for the major categories of assets and liabilities classified as held for sale.
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- DefinitionThe entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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v3.24.3
DERIVATIVE INSTRUMENTS
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
|
| DERIVATIVE INSTRUMENTS |
DERIVATIVE INSTRUMENTS During the normal course of operations, we are exposed to market risks including interest rates, foreign currency exchange rates and commodity prices. From time to time, we use derivative instruments to balance the cost and risk of such expenses. We do not use derivative instruments for trading or other speculative purposes. In March 2023, we issued $550.0 million of 5.80% fixed-rate debt maturing in March 2026. Concurrently, we entered into fixed-to-floating interest rate swap agreements designated as fair value hedges in the amount of $550.0 million. Under these swap agreements, we received a fixed interest rate of 5.80% (matched the fixed rate we paid on the $550.0 million of debt) and paid daily compound Secured Overnight Financing Rate (SOFR) plus 0.241%. These swap agreements terminated in March 2024, coinciding with the redemption of the debt. The changes in the fair value of these swaps designated as fair value hedges were recorded in interest expense and were perfectly offset by changes in the fair value of the related debt also recorded in interest expense. These swaps were recognized at fair value in the accompanying Condensed Consolidated Balance Sheets as follows: | | | | | | | | | | | | | | | | in millions | Balance Sheet Location | September 30
2024 | December 31
2023 | September 30
2023 | Fair Value Hedges 1 | | | | | | Interest rate swaps | Other current/noncurrent assets | $ | 0.0 | | $ | 3.9 | | $ | 0.1 | | | Interest rate swaps | Other current/noncurrent liabilities | 0.0 | | (4.2) | | (2.2) | | | Interest rate swaps net liability | $ | 0.0 | | $ | (0.3) | | $ | (2.1) | |
1See Note 5 for further discussion of fair value determination. In 2007, 2018 and 2020, we entered into interest rate locks of future debt issuances to hedge the risk of higher interest rates. These interest rate locks were designated as cash flow hedges. The gain/loss upon settlement of these cash flow hedges is deferred (recorded in accumulated other comprehensive income (AOCI)) and amortized to interest expense over the term of the related debt. This amortization was reflected in the accompanying Condensed Consolidated Statements of Comprehensive Income as follows: | | | | | | | | | | | | | | | | | | | in millions | Income Statement
Location | Three Months Ended
September 30 | Nine Months Ended
September 30 | | 2024 | 2023 | 2024 | 2023 | | Cash Flow Hedges | | | | | | | Loss reclassified from AOCI | Interest expense | $ | (0.6) | | $ | (0.5) | | $ | (1.7) | | $ | (1.6) | |
For the twelve-month period ending September 30, 2025, we estimate that $2.3 million of the $18.2 million net of tax loss in AOCI will be reclassified to interest expense.
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v3.24.3
DEBT
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Debt Disclosure [Abstract] |
|
| DEBT |
DEBT Debt is detailed as follows: | | | | | | | | | | | | | | | | in millions | Effective
Interest Rates | September 30
2024 | December 31
2023 | September 30
2023 | Bank line of credit expires 2027 1 | | $ | 0.0 | | $ | 0.0 | | $ | 0.0 | | Commercial paper expires 2027 1 | | 0.0 | | 0.0 | | 0.0 | | | Total short-term debt | | $ | 0.0 | | $ | 0.0 | | $ | 0.0 | | Bank line of credit expires 2027 1 | | $ | 0.0 | | $ | 0.0 | | $ | 0.0 | | Commercial paper expires 2027 1 | | 550.0 | | 550.0 | | 550.0 | | 4.50% notes due 2025 2 | 4.65% | 400.0 | | 400.0 | | 400.0 | | 5.80% notes due 2026 | | 0.0 | | 550.0 | | 550.0 | | 3.90% notes due 2027 | 4.00% | 400.0 | | 400.0 | | 400.0 | | 3.50% notes due 2030 | 3.94% | 750.0 | | 750.0 | | 750.0 | | 7.15% notes due 2037 | 8.05% | 129.2 | | 129.2 | | 129.2 | | 4.50% notes due 2047 | 4.59% | 700.0 | | 700.0 | | 700.0 | | 4.70% notes due 2048 | 5.42% | 460.9 | | 460.9 | | 460.9 | | | Other notes | 0.37% | 1.0 | | 1.4 | | 1.5 | | | Total long-term debt - face value | | $ | 3,391.1 | | $ | 3,941.5 | | $ | 3,941.6 | | | Unamortized discounts and debt issuance costs | | (61.4) | | (63.4) | | (64.7) | | Fair value adjustments 3 | | 0.0 | | (0.3) | | (2.1) | | | Total long-term debt - book value | | $ | 3,329.7 | | $ | 3,877.8 | | $ | 3,874.8 | | | Less current maturities | | (0.5) | | (0.5) | | (0.5) | | | Total long-term debt - reported value | | $ | 3,329.2 | | $ | 3,877.3 | | $ | 3,874.3 | | | Estimated fair value of long-term debt | | $ | 3,286.9 | | $ | 3,798.0 | | $ | 3,597.6 | |
1Borrowings on the bank line of credit and commercial paper are classified as short-term if we intend to repay within twelve months and as long-term if we have the intent and ability to extend payment beyond twelve months. 2We have the intent and ability to refinance these notes due April 2025 on a long-term basis. 3See Note 6 for additional information on our fair value hedging strategy. Discounts and debt issuance costs are amortized using the effective interest method over the terms of the respective notes resulting in $5.5 million and $5.0 million of net interest expense for these items for the nine months ended September 30, 2024 and 2023, respectively. DELAYED DRAW TERM LOAN, LINE OF CREDIT AND COMMERCIAL PAPER PROGRAM In June 2021, we entered into a $1,600.0 million unsecured delayed draw term loan which was fully drawn in August 2021 upon the acquisition of U.S. Concrete. The delayed draw term loan was paid down to $1,100.0 million in September 2021 with cash on hand, paid down to $550.0 million in August 2022 using the proceeds from the issuance of commercial paper as described below and fully repaid in March 2023 using proceeds from the issuance of 5.80% senior notes as described below. In 2022, we established a $1,600.0 million commercial paper program through which we borrowed $550.0 million that was used to partially repay the delayed draw term loan. As of September 30, 2024, we had $550.0 million in long-term commercial paper borrowings. Commercial paper borrowings bear interest at rates determined at the time of borrowing and as agreed between us and the commercial paper investors. Our $1,600.0 million unsecured line of credit matures in August 2027 and contains covenants customary for an unsecured investment-grade facility. As of September 30, 2024, we were in compliance with the covenants. Borrowings on the line of credit bear interest, at our option, at either SOFR plus a margin or Truist Bank’s base rate plus a margin. The margins are determined by our credit ratings. Standby letters of credit, which are issued under the line of credit and reduce availability, are charged a fee equal to the margin for SOFR borrowings plus 0.175%. We also pay a commitment fee on the daily average unused amount of the line of credit that ranges from 0.090% to 0.225% determined by our credit ratings. As of September 30, 2024, the margin for SOFR borrowings was 1.125%, the margin for base rate borrowings was 0.125% and the commitment fee for the unused amount was 0.100%. As of September 30, 2024, our available borrowing capacity under the line of credit was $1,504.8 million. Utilization of the borrowing capacity was as follows: ▪None was borrowed ▪$95.2 million was used to support standby letters of credit TERM DEBT All of our $3,391.1 million (face value) of term debt (which includes $550.0 million of commercial paper) is unsecured. All of the covenants in the debt agreements are customary for investment-grade facilities. As of September 30, 2024, we were in compliance with all term debt covenants. In March 2023, we issued $550.0 million of 5.80% senior notes due 2026. Total proceeds of $546.6 million (net of discounts and transaction costs), together with cash on hand, were used to repay the $550.0 million delayed draw term loan. We redeemed these notes at par in March 2024 using cash on hand and recognized noncash expense of $2.3 million with the acceleration of unamortized deferred debt issuance costs. STANDBY LETTERS OF CREDIT We provide, in the normal course of business, certain third-party beneficiaries with standby letters of credit to support our obligations to pay or perform according to the requirements of an underlying agreement. Such letters of credit typically have an initial term of one year, renew automatically and can only be modified or canceled with the approval of the beneficiary. Our standby letters of credit are issued by banks that participate in our $1,600.0 million line of credit and reduce the borrowing capacity thereunder. Our standby letters of credit as of September 30, 2024 are summarized by purpose in the table below: | | | | | | | in millions | | | Risk management insurance | $ | 80.3 | | | Reclamation/restoration requirements | 14.9 | | | Total standby letters of credit | $ | 95.2 | |
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-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I
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v3.24.3
COMMITMENTS AND CONTINGENCIES
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9 Months Ended |
Sep. 30, 2024 |
|---|
| Commitments and Contingencies Disclosure [Abstract] |
|
| COMMITMENTS AND CONTINGENCIES |
COMMITMENTS AND CONTINGENCIES Certain of our aggregates reserves are burdened by volumetric production payments (nonoperating interest) as described in Note 4. As the holder of the operating interest, we have responsibility to bear the cost of mining and producing the reserves attributable to this nonoperating interest. As stated in Note 2, our lease liabilities totaled $575.4 million as of September 30, 2024. As summarized by purpose in Note 7, our standby letters of credit totaled $95.2 million as of September 30, 2024. As described in Note 9, our asset retirement obligations totaled $346.5 million as of September 30, 2024. LITIGATION AND ENVIRONMENTAL MATTERS We are subject to occasional governmental proceedings and orders pertaining to occupational safety and health or to protection of the environment, such as proceedings or orders relating to noise abatement, air emissions or water discharges. As part of our continuing program of stewardship in safety, health and environmental matters, we have been able to resolve such proceedings and to comply with such orders without any material adverse effects on our business. We have received notices from the United States Environmental Protection Agency (EPA) or similar state or local agencies that we are considered a potentially responsible party (PRP) at a limited number of sites under the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA or Superfund) or similar state and local environmental laws. Generally, we share the cost of remediation at these sites with other PRPs or alleged PRPs in accordance with negotiated or prescribed allocations. There is inherent uncertainty in determining the potential cost of remediating a given site and in determining any individual party's share in that cost. As a result, estimates can change substantially as additional information becomes available regarding the nature or extent of site contamination, remediation methods, other PRPs and their probable level of involvement, and actions by or against governmental agencies or private parties. We have reviewed the nature and extent of our involvement at each Superfund site, as well as potential obligations arising under other federal, state and local environmental laws. While ultimate resolution and financial liability is uncertain at a number of the sites, in our opinion, based on information currently available, the ultimate resolution of claims and assessments related to these sites will not have a material effect on our consolidated results of operations, financial position or cash flows, although amounts recorded in a given period could be material to our results of operations or cash flows for that period. Amounts accrued for environmental matters (measured on an undiscounted basis) are presented below: | | | | | | | | | | | | | in millions | September 30
2024 | December 31
2023 | September 30
2023 | | Continuing operations | $ | 33.4 | | $ | 32.6 | | $ | 32.7 | | | Retained from former Chemicals business | 8.2 | | 8.3 | | 8.3 | | | Total accrued environmental remediation costs | $ | 41.6 | | $ | 40.9 | | $ | 41.0 | |
We are a defendant in various lawsuits in the ordinary course of business. It is not possible to determine with precision the outcome, or the amount of liability, if any, under these lawsuits, especially where the cases involve possible jury trials with as yet undetermined jury panels. In addition to these lawsuits in which we are involved in the ordinary course of business, certain other material legal proceedings are more specifically described below: ▪LOWER PASSAIC RIVER STUDY AREA (DISCONTINUED OPERATIONS and SUPERFUND SITE) — The Lower Passaic River Study Area is part of the Diamond Shamrock Superfund Site in New Jersey. Vulcan and approximately 70 other companies are parties (collectively the Cooperating Parties Group, CPG) to a May 2007 Administrative Order on Consent (AOC) with the EPA to perform a Remedial Investigation/Feasibility Study (draft RI/FS) of the lower 17 miles of the Passaic River (River). The draft RI/FS was submitted recommending a targeted hot spot remedy; however, the EPA issued a record of decision (ROD) in March 2016 that calls for a bank-to-bank dredging remedy for the lower 8 miles of the River. The EPA estimates that the cost of implementing this proposal is $1.38 billion. In September 2016, the EPA entered into an Administrative Settlement Agreement and Order on Consent with Occidental Chemical Corporation (Occidental) in which Occidental agreed to undertake the remedial design for this bank-to-bank dredging remedy and to reimburse the United States for certain response costs. Efforts to investigate and remediate the River have been underway for many years and have involved hundreds of entities that have had operations on or near the River at some point during the past several decades. We formerly owned a chemicals operation near the mouth of the River, which was sold in 1974. The major risk drivers in the River have been identified to include dioxins, PCBs, DDx and mercury. We did not manufacture any of these risk drivers and have no evidence that any of these were discharged into the River by Vulcan. In August 2017, the EPA informed certain members of the CPG, including Vulcan and others, that it planned to use the services of a third-party allocator with the expectation of offering cash-out settlements to some parties in connection with the bank-to-bank remedy identified in the ROD. This voluntary allocation process established an impartial third-party expert recommendation for use by the government and the participants as the basis of possible settlements, including settlements related to future remediation actions. The final allocation recommendations, which are subject to confidentiality provisions, were submitted to the EPA for its review and consideration in late December 2020. Certain PRPs, including Vulcan, thereafter received a joint confidential settlement demand from the EPA/Department of Justice (DOJ). Vulcan and certain of the other PRPs that received the joint confidential settlement demand (the Settling Defendants) reached an agreement to settle with the EPA/DOJ and negotiated a Consent Decree. The Consent Decree has been lodged with the court. Vulcan’s portion of the settlement is within the immaterial loss recorded for this matter in 2015. In July 2018, Vulcan, along with more than 100 other defendants, was sued by Occidental in United States District Court for the District of New Jersey, Newark Vicinage. Occidental is seeking cost recovery and contribution under CERCLA for costs related to the River. This lawsuit is currently stayed pending adjudication of the Consent Decree. In another related proceeding, Occidental filed a lawsuit in March 2023 against Vulcan and 39 other defendants in United States District Court for the District of New Jersey, Newark Vicinage seeking cost recovery and contribution under CERCLA for costs related to the upper 9 miles of the River. It is unknown at this time how the settlement and approval of the Consent Decree with the EPA/DOJ would affect the Occidental lawsuits. ▪TEXAS BRINE MATTER (DISCONTINUED OPERATIONS) — During operation of its former Chemicals Division, Vulcan leased the right to mine salt out of an underground salt dome formation in Assumption Parish, Louisiana from 1976 - 2005. Throughout that period, Texas Brine Company (Texas Brine) was the operator contracted by Vulcan to mine and deliver the salt as brine. We sold our Chemicals Division in 2005 and transferred our rights and interests related to the salt and mining operations to the purchaser, a subsidiary of Occidental Chemical Company (Occidental), and we have had no association with the leased premises or Texas Brine since that time. In August 2012, a sinkhole developed in the vicinity of the Texas Brine mining operations. Numerous lawsuits were filed thereafter in state court in Assumption Parish, Louisiana. Other lawsuits, including class action litigation, were filed in the United States District Court for the Eastern District of Louisiana in New Orleans. In these lawsuits, the main plaintiffs sued numerous defendants, including Texas Brine, Occidental and Vulcan, alleging various damages including, but not limited to, property damages; a claim by the State of Louisiana for response costs and civil penalties; physical damages to oil and gas pipelines and storage facilities (pipelines); and business interruption losses. All such claims have been settled except for the claims by the State of Louisiana. Our insurers to date have funded these settlements in excess of our self-insured retention amount. Additionally, Texas Brine, Occidental and Vulcan sued each other in various state and federal court forums. Vulcan and Occidental have since dismissed all of their claims against one another; Texas Brine and Occidental have settled their claims against each other; and Texas Brine’s and Vulcan’s claims against each other are pending in state and federal court. In general, Texas Brine alleges that the sinkhole was caused, in whole or in part, by our negligent or fraudulent actions or failure to act; that we breached the salt lease with Occidental, as well as an operating agreement and related contracts with Texas Brine; that we were strictly liable for certain property damages in our capacity as a former lessee of the salt lease; and that we violated the agreement under which we sold our Chemicals Division to Occidental. Texas Brine’s claims against Vulcan include claims for past and future response costs, lost profits and investment costs, indemnity payments, attorneys’ fees, other litigation costs, and judicial interests. Texas Brine also recently filed a lawsuit against Vulcan seeking indemnity for potential exposure Texas Brine may have to Occidental in the related arbitration, the State of Louisiana, and for ongoing and future Louisiana regulatory matters. In August 2022, we removed the lawsuit to federal court. The state court held a joint bench trial (judge only) in 2017 in three cases brought by pipeline companies claiming damages to their facilities as a result of the sinkhole. This “Phase 1” trial was limited in scope to comparative fault and liability for causing the sinkhole. In December 2017, the trial court issued a ruling allocating fault as follows: Occidental 50%, Texas Brine (and its wholly-owned subsidiary) 35% and Vulcan 15%. In December 2020, the Louisiana Court of Appeal, First Circuit reversed the judgment in part in one of the three jointly tried cases, allocating 55% of the fault to Texas Brine (and its wholly-owned subsidiary); 30% to Occidental; and affirming the 15% fault allocation to Vulcan. In May 2021 and April 2022, the Court of Appeal issued judgments in the other two pipeline cases, adopting the same fault allocation. The Louisiana Supreme Court has declined to review the judgments, resulting in final judgments regarding fault allocations in those matters. In the second quarter of 2022, we recorded an immaterial loss related to the claims brought by Texas Brine. In August 2022, Vulcan and Texas Brine commenced a joint “Phase 2” bench trial in the same three pipeline cases where fault was allocated. Prior to trial, the trial court granted various motions by Vulcan seeking dismissal of Texas Brine’s contract-based claims and hundreds of millions of dollars in alleged damages. Thus, the Phase 2 trial addressed the claims that remained pending between Texas Brine and Vulcan after that motion practice. During the Phase 2 trial, Texas Brine and Vulcan reached a negotiated joint stipulation as to the amount of Texas Brine’s damages for its surviving tort claims at issue in the trial. After applying Vulcan’s 15% fault allocation, Vulcan’s stipulated financial responsibility for the damages at issue in the trial is within the immaterial loss recorded during the second quarter of 2022. In December 2022, the trial court entered a judgment in the pipeline cases reflecting this stipulation. Texas Brine moved to assess all trial costs against Vulcan. Texas Brine and Vulcan thereafter reached a settlement, wherein Vulcan agreed to pay a portion of Texas Brine's trial costs, the amount of which was within the remaining immaterial loss recorded in the second quarter of 2022. The December 2022 Phase 2 judgment did not address numerous of Texas Brine’s claims seeking hundreds of millions of dollars in damages that were dismissed prior to trial. Texas Brine has appealed those judgments. We cannot at this time reasonably estimate the range of liability, if any, that could result if an appellate court reverses any of the trial court’s decisions. At this time, we also cannot reasonably estimate a range of liability pertaining to the claims brought by the State of Louisiana. ▪1,1,1-TRICHLOROETHANE LITIGATION (DISCONTINUED OPERATIONS) — During the operation of our former Chemicals Division, which was divested to Occidental in 2005, Vulcan manufactured a chlorinated solvent known as 1,1,1-trichloroethane. Vulcan faces liabilities related to 1,1,1-trichloroethane stabilized with 1,4-dioxane ("TCA"). We are one of the defendants in cases filed in both state and federal courts, including one case filed by the State of New Jersey. According to the various complaints, the plaintiffs seek damages including, but not limited to, unspecified compensatory damages associated with the remediation of water wells allegedly contaminated with 1,4-dioxane, natural resource damages, disgorgement of profits from the sale of TCA, punitive damages, as well as penalties and attorney's fees under various statutes. We will vigorously defend these cases on substantive and procedural grounds. At this time, we cannot determine the likelihood of loss, or reasonably estimate a range of loss, if any, pertaining to the above-referenced cases. ▪HEWITT LANDFILL MATTER (SUPERFUND SITE) — In September 2015, the Los Angeles Regional Water Quality Control Board (RWQCB) issued a Cleanup and Abatement Order directing Calmat Co., a Vulcan subsidiary (hereinafter "Vulcan") to assess, monitor, cleanup, and abate wastes that have been discharged to soil, soil vapor, and/or groundwater at the former Hewitt Landfill in Los Angeles. Following an onsite and offsite investigation and pilot scale testing, the RWQCB approved a corrective action that includes leachate recovery, storm water capture and conveyance improvements, and a groundwater pump, treat and reinjection system. Certain on-site source control measures have been implemented, and the new treatment system is fully operational. Currently-anticipated costs of these on-site source control activities have been fully accrued. We are also engaged in an ongoing dialogue with the EPA, Honeywell, and the Los Angeles Department of Water and Power (LADWP) regarding the potential contribution of the Hewitt Landfill to groundwater contamination in the North Hollywood Operable Unit (NHOU) of the San Fernando Valley Superfund Site. The EPA and Vulcan entered into an AOC and Statement of Work having an effective date of September 2017 for the design of two extraction wells south of the Hewitt Landfill to protect the North Hollywood West (NHW) well field located within the NHOU. In November 2017, we submitted a Pre-Design Investigation (PDI) Work Plan to the EPA, which sets forth the activities and schedule for collection of data in support of our evaluation of the need for an offsite remedy. In addition, this evaluation was expanded as part of the PDI to include the evaluation of a remedy in light of LADWP’s Rinaldi-Toluca (RT) wellfield project. PDI investigative activities were completed between the first and third quarters of 2018, and in December 2018 we submitted a Draft PDI Evaluation Report to the EPA. The Draft PDI Evaluation Report summarizes data collection activities conducted pursuant to the Draft PDI Work Plan and provides model updates and evaluation of remediation alternatives for offsite areas. The EPA provided a final set of comments to the Draft PDI Evaluation Report in October 2020. The final set of comments included a request that Vulcan revise and develop a final PDI Evaluation Report. The final comments further provided a proposal for an alternative approach for offsite remediation (as opposed to installation of offsite extraction wells) and development of a Supplemental PDI Evaluation Report (Supplemental Report) that would require the EPA to modify the remedy in the record of decision as it relates to the Hewitt Landfill. In December 2020, we submitted the Final PDI Evaluation Report, which included responses to the EPA’s comments. At the EPA's request, we submitted a Supplemental Report in March 2023 and an Alternative Design Work Plan (ADWP) in May 2023. Similar to the PDI Evaluation Report, the Supplemental Report and ADWP identified expansion of the onsite Hewitt remedy in conjunction with the offsite treatment being performed by LADWP as the preferred option for addressing contamination in offsite areas, instead of the two wells proposed by the EPA. In conjunction with its review of the Supplemental Report, the EPA held an initial meeting with stakeholders, including LADWP, in November 2023 and has requested additional meetings to determine a path forward. In December 2019, Honeywell agreed with LADWP to build a water treatment system (often referred to as the Cooperative Containment Concept or CCC or the second interim remedy) that will provide treated groundwater in the NHOU to LADWP for public water supply purposes. Honeywell contends that some of the contamination to be remediated by the treatment system it is building originated from the Hewitt Landfill and that Vulcan should fund some portion of the costs that Honeywell has incurred and will incur in developing and implementing the second interim remedy. During the fourth quarter of 2021, we completed a partial settlement with Honeywell related to certain of the costs that Honeywell has incurred for an immaterial amount. In March 2023, Honeywell filed a lawsuit against Vulcan and a third party alleging that Honeywell has incurred more than $11 million in costs to resolve its liability to the EPA and that it estimates that it will spend in excess of $100 million to construct and operate its water treatment system. Honeywell seeks an "equitable share of necessary response costs" from the defendants. Discussions are ongoing with Honeywell regarding the reasonable costs Honeywell has incurred. We are also gathering and analyzing data and developing technical information to determine the extent of possible contribution by the Hewitt Landfill to the groundwater contamination in the area. Based on this technical information, we have accrued an immaterial amount for our contribution of costs anticipated to be incurred by Honeywell. This work is also intended to assist in identification of other PRPs that may have contributed to groundwater contamination in the area. Further, LADWP is constructing two new production and treatment facilities at city wellfields located near the Hewitt Landfill — the NHW wellfield and the RT wellfield (also referred to as the NHW treatment system and North Hollywood Central (NHC) treatment system, respectively). LADWP has alleged that the Hewitt Landfill is one of the primary sources of contamination at the NHW treatment system and one of the sources of contamination at the NHC treatment system. According to information available on the California State Water Resources Control Board (SWRCB) website, the capital cost of the NHW treatment system is estimated at $92 million, and the capital cost of the NHC treatment system is estimated at $245 million. The systems are expected to commence operations in 2024 for NHW and 2025 for NHC and will thereafter incur costs for operation and maintenance. LADWP has applied for and received substantial funding to contribute to both treatment systems from grants of Proposition 1 bond funding from the SWRCB. According to information available on the SWRCB website, the bond money obtained for the NHW treatment system is $46 million, and the bond money obtained for the NHC treatment system is $95 million. We anticipate continued discussions with LADWP regarding its potential claims. In conjunction with those discussions, we are engaging in further efforts to gather and analyze records and data in order to assess the extent of possible contribution by the Hewitt Landfill to the groundwater contamination in the area, consistent with the parallel request by the EPA, and the reasonableness of LADWP’s remediation efforts. This work is also intended to assist in identification of other PRPs that may have contributed to groundwater contamination in the area of the NHW and RT wellfields. Together, these efforts will allow us to analyze our anticipated equitable contribution to LADWP’s remediation efforts. Among other factors, we anticipate that any equitable contribution should take into account the on-site source control and other measures implemented by Vulcan at the former Hewitt Landfill, the relative contribution and duration of any contaminants originating from the Hewitt Landfill to the LADWP systems, and the cost effectiveness of the LADWP systems. At this time, we cannot reasonably estimate a range of a loss to Vulcan pertaining to LADWP’s potential contribution claim. ▪NAFTA ARBITRATION — In September 2018, our subsidiary Legacy Vulcan, LLC (Legacy Vulcan), on its own behalf, and on behalf of our Mexican subsidiary Calizas Industriales del Carmen, S.A. de C.V. (Calica), served the United Mexican States (Mexico) a Notice of Intent to Submit a Claim to Arbitration under Chapter 11 of the North American Free Trade Agreement (NAFTA). This NAFTA claim relates to the treatment of a portion of our quarrying operations in Quintana Roo, Mexico arising from, among other measures, Mexico’s failure to comply with a legally binding zoning agreement and relates to other unfair, arbitrary and capricious actions by Mexico’s environmental enforcement agency. We assert that these actions are in breach of Mexico’s international obligations under NAFTA and international law. As required by Article 1118 of NAFTA, we sought to settle this dispute with Mexico through consultations. Notwithstanding our good faith efforts to resolve the dispute amicably, we were unable to do so and filed a Request for Arbitration with the International Centre for Settlement of Investment Disputes (ICSID) in December 2018. In January 2019, ICSID registered our Request for Arbitration. A hearing on the merits took place in July 2021. While we awaited the final resolution from the tribunal, we continued to engage with government officials to pursue an amicable resolution of the dispute. On May 5, 2022, Mexican government officials unexpectedly and arbitrarily shut down Calica’s remaining operations in Mexico. On May 8, 2022, Legacy Vulcan filed an application in the NAFTA arbitration seeking provisional measures and leave to file an ancillary claim in connection with this latest shutdown (see Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Known Trends or Uncertainties). In July 2022, the NAFTA arbitration tribunal granted Legacy Vulcan’s application and ordered Mexico not to take any action that might further aggravate the dispute between the parties or render the resolution of the dispute potentially more difficult. A hearing on the merits of the ancillary claim took place in August 2023. We expect that the NAFTA arbitration tribunal will issue a decision on the claim and ancillary claim by the end of the first quarter of 2025. At this time, there can be no assurance whether we will be successful in our NAFTA claim and ancillary claim, and we cannot quantify the amount we may recover, if any, under this arbitration proceeding if we are successful. It is not possible to predict the ultimate outcome of these and other legal proceedings in which we are involved, and a number of factors, including developments in ongoing discovery or adverse rulings, or the verdict of a particular jury, could cause actual losses to differ materially from accrued costs. No liability was recorded for claims and litigation for which a loss was determined to be only reasonably possible or for which a loss could not be reasonably estimated. Legal costs incurred in defense of lawsuits are expensed as incurred. In addition, losses on certain claims and litigation described above may be subject to limitations on a per occurrence basis by excess insurance, as described in our most recent Annual Report on Form 10-K.
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- DefinitionThe entire disclosure for commitments and contingencies. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
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v3.24.3
ASSET RETIREMENT OBLIGATIONS
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Asset Retirement Obligation Disclosure [Abstract] |
|
| ASSET RETIREMENT OBLIGATIONS |
ASSET RETIREMENT OBLIGATIONS Asset retirement obligations (AROs) are legal obligations associated with the retirement of long-lived assets resulting from the acquisition, construction, development and/or normal use of the underlying assets, including legal obligations for land reclamation. Recognition of a liability for an ARO is required in the period in which it is incurred at its estimated fair value. The associated asset retirement costs are capitalized as part of the carrying amount of the underlying asset and depreciated over the estimated useful life of the asset. The liability is accreted through charges to operating expenses. If the ARO is settled for a value other than the carrying amount of the liability, we recognize a gain or loss on settlement. ARO operating costs related to accretion of the liabilities and depreciation of the assets are as follows: | | | | | | | | | | | | | | | | Three Months Ended
September 30 | Nine Months Ended
September 30 | | in millions | 2024 | 2023 | 2024 | 2023 | | Accretion | $ | 3.7 | | $ | 3.5 | | $ | 10.8 | | $ | 10.3 | | | Depreciation | 3.2 | | 2.2 | | 8.4 | | 6.6 | | | Total ARO operating costs | $ | 6.9 | | $ | 5.7 | | $ | 19.2 | | $ | 16.9 | |
ARO operating costs are reported in cost of revenues. AROs are reported within other noncurrent liabilities in our accompanying Condensed Consolidated Balance Sheets. Reconciliations of the carrying amounts of our AROs are as follows: | | | | | | | | | | | | | | | | Three Months Ended
September 30 | Nine Months Ended
September 30 | | in millions | 2024 | 2023 | 2024 | 2023 | | ARO balance at beginning of period | $ | 334.1 | | $ | 311.6 | | $ | 324.1 | | $ | 311.3 | | | Liabilities incurred | 0.0 | | 0.0 | | 0.8 | | 0.0 | | | Liabilities settled | (3.5) | | (1.9) | | (8.3) | | (8.4) | | | Accretion expense | 3.7 | | 3.5 | | 10.8 | | 10.3 | | | Revisions, net | 12.2 | | 2.3 | | 19.1 | | 2.3 | | | ARO balance at end of period | $ | 346.5 | | $ | 315.5 | | $ | 346.5 | | $ | 315.5 | |
ARO revisions during the first nine months of 2024 primarily related to cost adjustments at numerous sites.
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- DefinitionThe entire disclosure for an asset retirement obligation and the associated long-lived asset. An asset retirement obligation is a legal obligation associated with the disposal or retirement from service of a tangible long-lived asset that results from the acquisition, construction or development, or the normal operations of a long-lived asset, except for certain obligations of lessees. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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v3.24.3
BENEFIT PLANS
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Retirement Benefits [Abstract] |
|
| BENEFIT PLANS |
BENEFIT PLANS PENSION PLANS We sponsor two qualified, noncontributory defined benefit pension plans, the Vulcan Materials Company Pension Plan (VMC Pension Plan) and the CMG Hourly Pension Plan (CMG Pension Plan). The VMC Pension Plan has been closed to new entrants since 2007, and benefit accruals ceased in 2005 for hourly participants and in 2013 for salaried participants. The CMG Pension Plan is closed to new entrants other than through one small union, and benefits continue to accrue equal to a flat dollar amount for each year of service. In addition to these qualified plans, we sponsor three unfunded, nonqualified pension plans. The following table sets forth the components of net periodic pension benefit cost: | | | | | | | | | | | | | | | | Three Months Ended
September 30 | Nine Months Ended
September 30 | | in millions | 2024 | 2023 | 2024 | 2023 | | Service cost | $ | 0.4 | | $ | 0.6 | | $ | 1.8 | | $ | 1.9 | | | Interest cost | 8.2 | | 8.5 | | 24.7 | | 25.4 | | | Expected return on plan assets | (7.0) | | (6.9) | | (21.1) | | (20.7) | | | Amortization of prior service cost | 0.2 | | 0.4 | | 0.7 | | 1.1 | | | Amortization of actuarial loss | 1.4 | | 1.4 | | 3.8 | | 4.2 | | | Net periodic pension benefit cost | $ | 3.2 | | $ | 4.0 | | $ | 9.9 | | $ | 11.9 | | | Pretax amortization from AOCI | $ | 1.6 | | $ | 1.8 | | $ | 4.5 | | $ | 5.3 | |
The contributions to pension plans for the nine months ended September 30, 2024 and 2023, as reflected on the Condensed Consolidated Statements of Cash Flows, pertain to benefit payments under nonqualified plans for both periods and a qualified plan contribution of $2.0 million in the third quarter of 2024. POSTRETIREMENT PLANS In addition to pension benefits, we provide certain healthcare and life insurance benefits for some retired employees. Substantially all of our salaried employees and, where applicable, certain of our hourly employees may become eligible for these benefits if they reach a qualifying age and meet certain service requirements. Generally, Company-provided healthcare benefits end when covered individuals become eligible for Medicare benefits, become eligible for other group insurance coverage or reach age 65, whichever occurs first. The following table sets forth the components of net periodic other postretirement benefit cost: | | | | | | | | | | | | | | | | Three Months Ended
September 30 | Nine Months Ended
September 30 | | in millions | 2024 | 2023 | 2024 | 2023 | | Service cost | $ | 0.4 | | $ | 0.5 | | $ | 1.6 | | $ | 1.5 | | | Interest cost | 0.6 | | 0.5 | | 1.7 | | 1.5 | | | Amortization of prior service cost | 0.3 | | 0.4 | | 1.1 | | 1.1 | | | Amortization of actuarial gain | (0.1) | | (0.4) | | (0.5) | | (1.2) | | | Net periodic postretirement benefit cost | $ | 1.2 | | $ | 1.0 | | $ | 3.9 | | $ | 2.9 | | Pretax amortization from AOCI | $ | 0.2 | | $ | 0.0 | | $ | 0.6 | | $ | (0.1) | |
DEFINED CONTRIBUTION PLANS In addition to our pension and postretirement plans, we sponsor four defined contribution plans. Substantially all salaried and non-union hourly employees are eligible to be covered by one of these plans. Under these plans, we match employees’ eligible contributions at established rates. Expense recognized in connection with these matching obligations totaled $67.2 million and $58.6 million for the nine months ended September 30, 2024 and 2023, respectively.
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-Topic 715
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-Section 50
-Paragraph 1
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v3.24.3
OTHER COMPREHENSIVE INCOME
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Stockholders' Equity Note [Abstract] |
|
| OTHER COMPREHENSIVE INCOME |
OTHER COMPREHENSIVE INCOME Comprehensive income comprises two subsets: net earnings and other comprehensive income (OCI). The components of OCI are presented in the accompanying Condensed Consolidated Statements of Comprehensive Income, net of applicable taxes. Amounts in accumulated other comprehensive income (loss) (AOCI), net of tax, are as follows: | | | | | | | | | | | | | in millions | September 30
2024 | December 31
2023 | September 30
2023 | | AOCI | | | | | Cash flow hedges | $ | (18.2) | | $ | (19.4) | | $ | (19.8) | | | Pension and postretirement plans | (120.6) | | (124.4) | | (129.9) | | | Total | $ | (138.8) | | $ | (143.8) | | $ | (149.7) | |
Changes in AOCI, net of tax, for the nine months ended September 30, 2024 are as follows: | | | | | | | | | | | | | in millions | Cash Flow
Hedges | Pension and
Postretirement
Benefit Plans | Total | | AOCI | | | | | Balances as of December 31, 2023 | $ | (19.4) | | $ | (124.4) | | $ | (143.8) | | | Amounts reclassified from AOCI | 1.2 | | 3.8 | | 5.0 | | | | | | | Balances as of September 30, 2024 | $ | (18.2) | | $ | (120.6) | | $ | (138.8) | |
Amounts reclassified from AOCI to earnings are as follows: | | | | | | | | | | | | | | | | Three Months Ended
September 30 | Nine Months Ended
September 30 | | in millions | 2024 | 2023 | 2024 | 2023 | | Amortization of Accumulated Cash Flow Hedge Losses | | | | | | Interest expense | $ | 0.6 | | $ | 0.5 | | $ | 1.7 | | $ | 1.6 | | | Benefit from income taxes | (0.2) | | (0.1) | | (0.5) | | (0.4) | | | Total | $ | 0.4 | | $ | 0.4 | | $ | 1.2 | | $ | 1.2 | | Amortization of Accumulated Benefit Plan Costs | | | | | | Other nonoperating expense | $ | 1.8 | | $ | 1.8 | | $ | 5.1 | | $ | 5.2 | | | Benefit from income taxes | (0.4) | | (0.5) | | (1.3) | | (1.4) | | | Total | $ | 1.4 | | $ | 1.3 | | $ | 3.8 | | $ | 3.8 | | | Total reclassifications from AOCI to earnings | $ | 1.8 | | $ | 1.7 | | $ | 5.0 | | $ | 5.0 | |
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-Section S99
-Paragraph 1
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-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
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v3.24.3
EQUITY
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Equity [Abstract] |
|
| EQUITY |
EQUITY Our capital stock consists solely of common stock, par value $1.00 per share, of which 480,000,000 shares may be issued. Holders of our common stock are entitled to one vote per share. We may also issue 5,000,000 shares of preferred stock, but no shares have been issued. The terms and provisions of such shares will be determined by our Board of Directors upon any issuance of preferred shares in accordance with our Certificate of Incorporation. There were no shares held in treasury as of September 30, 2024, December 31, 2023 and September 30, 2023. Our common stock purchases (all of which were open market purchases) and subsequent retirements for the year-to-date periods ended are as follows: | | | | | | | | | | | | | in millions, except average price | September 30
2024 | December 31
2023 | September 30
2023 | | Number of shares purchased and retired | 0.3 | | 1.0 | | 0.2 | | Total purchase price 1 | $ | 68.8 | | $ | 200.0 | | $ | 49.9 | | | Average price per share | $ | 254.71 | | $ | 204.52 | | $ | 206.82 | |
1The amount paid to purchase shares in excess of the par value and related excise taxes are recorded in retained earnings. As of September 30, 2024, 6,817,118 shares may be purchased under the current authorization of our Board of Directors. Changes in total equity are summarized below: | | | | | | | | | | | | | | | | Three Months Ended
September 30 | Nine Months Ended
September 30 | | in millions, except per share data | 2024 | 2023 | 2024 | 2023 | | Total Shareholders' Equity | | | | | | Balance at beginning of period | $ | 7,705.3 | | $ | 7,202.6 | | $ | 7,483.4 | | $ | 6,928.6 | | | Net earnings attributable to Vulcan | 207.6 | | 276.5 | | 618.2 | | 705.8 | | | Share-based compensation plans, net of shares withheld for taxes | (0.3) | | (2.2) | | (25.1) | | (20.8) | | | Purchase and retirement of common stock | 0.0 | | 0.0 | | (68.8) | | (49.9) | | | Share-based compensation expense | 15.4 | | 19.2 | | 39.9 | | 43.5 | | Cash dividends on common stock ($0.46/$0.43/$1.38/$1.29 per share, respectively) | (60.8) | | (57.2) | | (183.6) | | (171.6) | | | Other comprehensive income | 1.8 | | 1.7 | | 5.0 | | 5.0 | | | Balance at end of period | $ | 7,869.0 | | $ | 7,440.6 | | $ | 7,869.0 | | $ | 7,440.6 | | | Noncontrolling Interest | | | | | | Balance at beginning of period | $ | 25.1 | | $ | 23.8 | | $ | 24.5 | | $ | 23.6 | | | Distribution to noncontrolling interest | (1.8) | | 0.0 | | (1.8) | | 0.0 | | | Earnings attributable to noncontrolling interest | 0.8 | | 0.8 | | 1.4 | | 1.0 | | | Balance at end of period | $ | 24.1 | | $ | 24.6 | | $ | 24.1 | | $ | 24.6 | | | Total Equity | | | | | | Balance at end of period | $ | 7,893.1 | | $ | 7,465.2 | | $ | 7,893.1 | | $ | 7,465.2 | |
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-Topic 505
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-Subparagraph (a)
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-Topic 505
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v3.24.3
SEGMENT REPORTING
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Segment Reporting [Abstract] |
|
| SEGMENT REPORTING |
SEGMENT REPORTING Our operating segments are based on our internal management reporting structure. We continually assess our internal management reporting structure and the financial information evaluated by our Chief Operating Decision Maker (CODM) to determine whether any changes have occurred that would impact segment reporting. During the first quarter of 2024, we reorganized the financial information provided to our CODM to allocate resources and evaluate operating performance. As a result, we report our calcium operation within our Aggregates reporting segment to align with our new reporting structure. All prior period segment information has been revised to conform to the current presentation. This change in our reporting segments had no impact on previously reported consolidated financial results. We have three operating (and reportable) segments organized around our principal product lines: Aggregates, Asphalt and Concrete. The vast majority of our activities are domestic. We sell a relatively small amount of construction aggregates outside the United States. Our Asphalt and Concrete segments are primarily supplied with their aggregates requirements from our Aggregates segment. These intersegment sales are made at local market prices for the particular grade and quality of product used in the production of asphalt mix and ready-mixed concrete and are excluded from total revenues. Management reviews earnings from these reporting segments principally at the gross profit level. SEGMENT FINANCIAL DISCLOSURE | | | | | | | | | | | | | | | | Three Months Ended
September 30 | Nine Months Ended
September 30 | | in millions | 2024 | 2023 | 2024 | 2023 | | Total Revenues | | | | | Aggregates 1 | $ | 1,572.4 | | $ | 1,628.4 | | $ | 4,477.3 | | $ | 4,505.9 | | Asphalt 2 | 381.1 | | 347.2 | | 918.5 | | 854.3 | | Concrete 3 | 174.4 | | 364.6 | | 489.9 | | 993.3 | | | Segment sales | $ | 2,127.9 | | $ | 2,340.2 | | $ | 5,885.7 | | $ | 6,353.5 | | | Aggregates intersegment sales | (124.0) | | (154.4) | | (321.7) | | (405.9) | | | Total revenues | $ | 2,003.9 | | $ | 2,185.8 | | $ | 5,564.0 | | $ | 5,947.6 | | | Gross Profit | | | | | | Aggregates | $ | 498.5 | | $ | 509.1 | | $ | 1,330.3 | | $ | 1,312.3 | | | Asphalt | 60.2 | | 55.9 | | 123.9 | | 113.3 | | Concrete 3 | 6.5 | | 26.0 | | 8.2 | | 50.7 | | | Total | $ | 565.2 | | $ | 591.0 | | $ | 1,462.4 | | $ | 1,476.3 | | Depreciation, Depletion, Accretion and Amortization | | | | | | Aggregates | $ | 130.3 | | $ | 125.6 | | $ | 381.8 | | $ | 357.6 | | | Asphalt | 12.0 | | 8.8 | | 31.9 | | 26.7 | | Concrete 3 | 10.9 | | 20.5 | | 34.9 | | 60.4 | | | Other | 7.5 | | 6.2 | | 19.8 | | 19.7 | | | Total | $ | 160.7 | | $ | 161.1 | | $ | 468.4 | | $ | 464.4 | | Identifiable Assets 4 | | | | | | Aggregates | | | $ | 12,023.1 | | $ | 11,825.7 | | | Asphalt | | | 748.0 | | 648.6 | | Concrete 3 | | | 794.8 | | 1,512.4 | | | Total identifiable assets | | | $ | 13,565.9 | | $ | 13,986.7 | | | General corporate assets | | | 351.7 | | 288.8 | | | Cash and cash equivalents and restricted cash | | | 434.3 | | 345.0 | | | Total assets | | | $ | 14,351.9 | | $ | 14,620.5 | |
1Includes product sales (crushed stone, sand and gravel, sand and other aggregates), freight & delivery costs that we pass along to our customers, and service revenues (see Note 4) related to aggregates. 2Includes product sales as well as service revenues (see Note 4) from our asphalt construction paving business. 3The decreases in the Concrete segment are primarily due to the divestiture of concrete operations in Texas in November 2023 (see Note 16) as well as a third quarter 2024 goodwill impairment charge (see Note 15). 4Certain temporarily idled assets are included within a segment's Identifiable Assets, but the associated Depreciation, Depletion, Accretion and Amortization (DDA&A) is shown within Other in the DDA&A section above as the related DDA&A is excluded from segment gross profit.
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- DefinitionThe entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Paragraph 32
-Subparagraph (f)
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v3.24.3
SUPPLEMENTAL CASH FLOW INFORMATION
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Supplemental Cash Flow Elements [Abstract] |
|
| SUPPLEMENTAL CASH FLOW INFORMATION |
SUPPLEMENTAL CASH FLOW INFORMATION Supplemental information referable to our Condensed Consolidated Statements of Cash Flows is summarized below: | | | | | | | | | | Nine Months Ended
September 30 | | in millions | 2024 | 2023 | | Cash Payments | | | | Interest (exclusive of amount capitalized) | $ | 119.8 | | $ | 118.4 | | | Income taxes | 276.7 | | 168.3 | | | Noncash Investing and Financing Activities | | | | Accruals for purchases of property, plant & equipment | $ | 24.9 | | $ | 28.2 | | | Note received from sale of business | 0.9 | | 0.0 | | | Recognition of new and revised lease obligations for | | | | Operating lease right-of-use assets | 36.6 | | 1.5 | | | Finance lease right-of-use assets | 4.4 | | 1.3 | | | | |
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v3.24.3
GOODWILL
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Goodwill and Intangible Assets Disclosure [Abstract] |
|
| GOODWILL |
GOODWILL Goodwill is recognized when the consideration paid for a business exceeds the fair value of the tangible and identifiable intangible assets acquired. Goodwill is allocated to reporting units for purposes of testing goodwill for impairment. We test goodwill for impairment on an annual basis or more frequently if events or circumstances change in a manner that would more likely than not reduce the fair value of a reporting unit below its carrying value. During the third quarter of 2024, we determined that a triggering event occurred with respect to a reporting unit that includes concrete operations acquired from U.S. Concrete in 2021. We previously disclosed that the estimated fair value of this reporting unit exceeded its carrying value by less than 5%. Based on an interim goodwill impairment test, we determined that the estimated fair value of this reporting unit was less than its carrying value. As a result, we recorded an $86.6 million noncash impairment charge. There was no charge for goodwill impairment in the nine-month period ended September 30, 2023. Accumulated goodwill impairment losses amount to $390.2 million ($252.7 million in our former Cement segment and $137.5 million in our Concrete segment). Changes in the carrying amount of goodwill by reportable segment from December 31, 2023 to September 30, 2024 are shown below: | | | | | | | | | | | | | | | | in millions | Aggregates | Asphalt | Concrete | Total | | Goodwill at December 31, 2023 | $ | 3,330.2 | | $ | 91.6 | | $ | 109.9 | | $ | 3,531.7 | | Goodwill of acquired businesses 1 | 4.9 | | 0.0 | | 0.0 | | 4.9 | | Goodwill impairment | 0.0 | | 0.0 | | (86.6) | | (86.6) | | | Goodwill at September 30, 2024 | $ | 3,335.1 | | $ | 91.6 | | $ | 23.3 | | $ | 3,450.0 | |
1See Note 16 for acquisitions.
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v3.24.3
ACQUISITIONS AND DIVESTITURES
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
|
| ACQUISITIONS AND DIVESTITURES |
ACQUISITIONS AND DIVESTITURES BUSINESS ACQUISITIONS 2024 BUSINESS ACQUISITIONS — Through the nine months ended September 30, 2024, we acquired the following operations for total cash consideration of $206.4 million: ▪Alabama – aggregates, asphalt mix and construction paving operations ▪California – asphalt terminal operations ▪North Carolina – aggregates operations ▪Texas – asphalt mix and construction paving operations The 2024 acquisitions above are reported in our consolidated financial statements as of their respective acquisition dates. None of these acquisitions were material to our results of operations either individually or collectively, and acquisition related expenses were immaterial. The fair value of consideration transferred for these 2024 acquisitions and the preliminary amounts (pending working capital adjustments) of assets acquired and liabilities assumed are summarized below: | | | | | | | in millions | | | Fair Value of Purchase Consideration | | | Cash | $ | 206.4 | | | | | Total fair value of purchase consideration | $ | 206.4 | | | Identifiable Assets Acquired and Liabilities Assumed | | | Accounts and notes receivable, net | $ | 7.6 | | | Inventories | 10.7 | | | | | Property, plant & equipment | 161.2 | | | Intangible assets | | | Contractual rights in place | 30.8 | | | | | Other liabilities assumed | (8.8) | | | Net identifiable assets acquired | $ | 201.5 | | | Goodwill | $ | 4.9 | |
As a result of the 2024 acquisitions, we recognized $30.8 million of amortizable intangible assets and $4.9 million of goodwill. The amortizable intangible assets will be amortized against earnings over a weighted-average of 15 years and will be deductible for income tax purposes over 15 years. The $4.9 million of goodwill recognized represents synergies expected to be realized from acquiring an established business with assets that have been assembled over a long period of time; the collection of those assets combined with our assets can earn a higher rate of return than either individually. All of the goodwill recognized will be deductible for income tax purposes. In September 2024, we entered into a definitive agreement to acquire Wake Stone Corporation. This acquisition is expected to close in the fourth quarter of 2024, subject to the satisfaction of customary closing conditions. 2023 BUSINESS ACQUISITIONS — For the full year 2023, we completed no business acquisitions. DIVESTITURES AND PENDING DIVESTITURES We had no significant divestitures through the nine months ended September 30, 2024. In 2023, we sold: ▪Fourth quarter – concrete operations in Texas resulting in a third quarter impairment charge of $28.3 million and a fourth quarter loss on sale of $13.8 million (the assets were written down to estimated fair value less cost to sell in the third quarter) ▪Fourth quarter – excess real estate in Virginia resulting in a pretax gain of $65.7 million ▪Second quarter – real estate associated with a former recycled concrete facility in Illinois resulting in a pretax gain of $15.2 million No material assets met the criteria for held for sale at September 30, 2024 and December 31, 2023. The probable divestiture of our concrete operations in Texas was presented as assets held for sale in the accompanying Condensed Consolidated Balance Sheet at September 30, 2023. The major classes of assets and liabilities classified as held for sale as of September 30 are as follows: | | | | | | | | | | | | | in millions | September 30
2024 | December 31
2023 | September 30
2023 | | Held for Sale (Concrete Segment) | | | | | Inventory | $ | 0.0 | | $ | 0.0 | | $ | 18.6 | | | Land and land improvements, net | 0.0 | | 0.0 | | 39.7 | | | Buildings, machinery and equipment, net | 0.0 | | 0.0 | | 114.6 | | | Operating leases, net | 0.0 | | 0.0 | | 9.9 | | | Finance leases, net | 0.0 | | 0.0 | | 18.1 | | | Amortizable intangible assets, net | 0.0 | | 0.0 | | 164.7 | | | Goodwill | 0.0 | | 0.0 | | 157.8 | | | Reserve for assets held for sale | 0.0 | | 0.0 | | (28.3) | | | Total assets held for sale | $ | 0.0 | | $ | 0.0 | | $ | 495.1 | | | Current operating lease liabilities | $ | 0.0 | | $ | 0.0 | | $ | (0.7) | | | Current finance lease liabilities | 0.0 | | 0.0 | | 0.0 | | | Noncurrent operating lease liabilities | 0.0 | | 0.0 | | (9.4) | | | Noncurrent finance lease liabilities | 0.0 | | 0.0 | | 0.0 | | | Total liabilities held for sale | $ | 0.0 | | $ | 0.0 | | $ | (10.1) | |
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v3.24.3
NEW ACCOUNTING STANDARDS
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Accounting Changes and Error Corrections [Abstract] |
|
| NEW ACCOUNTING STANDARDS |
NEW ACCOUNTING STANDARDS ACCOUNTING STANDARDS RECENTLY ADOPTED None ACCOUNTING STANDARDS PENDING ADOPTION In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, “Segment Reporting – Improvements to Reportable Segment Disclosures,” which requires enhanced disclosures related to significant segment expenses and a description of how the chief operating decision maker utilizes segment operating profit or loss to assess segment performance. The new standard is effective for fiscal years beginning after December 15, 2023 and is to be applied retrospectively. We expect to include cost of revenues as significant segment expenses in our reportable segment disclosures beginning with our Form 10-K for the year ended December 31, 2024. In December 2023, the FASB issued ASU 2023-09, “Income Taxes – Improvements to Income Tax Disclosures,” which requires disclosure of specific categories and disaggregation of information in the rate reconciliation table and expands disclosures related to income taxes paid. The new standard is effective for fiscal years beginning after December 15, 2024 and is to be applied prospectively. Disclosures required by this ASU will be included in our Form 10-K for the year ended December 31, 2025.
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v3.24.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Accounting Policies [Abstract] |
|
| BASIS OF PRESENTATION |
BASIS OF PRESENTATION Our accompanying unaudited condensed consolidated financial statements were prepared in compliance with the instructions to Form 10-Q and Article 10 of Regulation S-X and thus do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America (GAAP) for complete financial statements. We prepared the accompanying condensed consolidated financial statements on the same basis as our annual financial statements, except for the adoption of new accounting standards, if any, as described in Note 17. Our Condensed Consolidated Balance Sheet as of December 31, 2023 was derived from the audited financial statement, but it does not include all disclosures required by GAAP. In the opinion of our management, the statements reflect all adjustments, including those of a normal recurring nature, necessary to present fairly the results of the reported interim periods. For further information, refer to the consolidated financial statements and footnotes included in our most recent Annual Report on Form 10-K. Operating results for the three and nine month periods ended September 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. Our condensed consolidated financial statements reflect estimates and assumptions made by management that affect the reported amounts of assets, liabilities, revenues and expenses. The most significant estimates and assumptions included in the preparation of these financial statements are related to goodwill and long-lived asset impairments, business combinations and purchase price allocation, pension and other postretirement benefits, environmental compliance, claims and litigation including self-insurance, and income taxes (refer to the Critical Accounting Policies included in Item 7 of our most recent Annual Report on Form 10-K). Events that relate to conditions arising after September 30, 2024 will be reflected in management’s estimates for future periods.
|
| NONCONTROLLING INTEREST |
NONCONTROLLING INTEREST Our condensed consolidated financial statements recognize the full fair value of all of the subsidiary’s assets and liabilities offset by the noncontrolling interest in total equity.
|
| RESTRICTED CASH |
RESTRICTED CASH Restricted cash primarily consists of cash proceeds from the sale of property held in escrow for the acquisition of replacement property under like-kind exchange agreements. The escrow accounts are administered by an intermediary. Cash restricted pursuant to like-kind exchange agreements remains restricted for a maximum of 180 days from the date of the property sale pending the acquisition of replacement property. Restricted cash may also include cash reserved by other contractual agreements (such as asset purchase agreements) for a specified purpose and therefore is not available for use for other purposes. Restricted cash is included with cash and cash equivalents in the accompanying Condensed Consolidated Statements of Cash Flows.
|
| INVENTORIES |
INVENTORIES Inventories and supplies are stated at the lower of cost or net realizable value.
|
| DISCONTINUED OPERATIONS |
DISCONTINUED OPERATIONS In 2005, we sold substantially all the assets of our Chemicals business to a subsidiary of Occidental Chemical Corporation. The financial results of the Chemicals business are classified as discontinued operations in the accompanying Condensed Consolidated Statements of Comprehensive Income for all periods presented. Results from discontinued operations are as follows: | | | | | | | | | | | | | | | | in millions | Three Months Ended
September 30 | Nine Months Ended
September 30 | | 2024 | 2023 | 2024 | 2023 | | Pretax loss | $ | (1.8) | | $ | (3.8) | | $ | (6.8) | | $ | (11.7) | | | Income tax benefit | 0.5 | | 1.0 | | 1.8 | | 3.1 | | | Loss on discontinued operations, net of tax | $ | (1.3) | | $ | (2.8) | | $ | (5.0) | | $ | (8.6) | |
Our discontinued operations include charges related to general and product liability costs, including legal defense costs, and environmental remediation costs associated with our former Chemicals business (including certain matters as discussed in Note 8). There were no revenues from discontinued operations for the periods presented.
|
| EARNINGS PER SHARE (EPS) |
EARNINGS PER SHARE (EPS) Earnings per share are computed by dividing net earnings by the weighted-average common shares outstanding (basic EPS) or weighted-average common shares outstanding assuming dilution (diluted EPS)All dilutive common stock equivalents are reflected in our earnings per share calculations. In periods of loss, shares that otherwise would have been included in our diluted weighted-average common shares outstanding computation would be excluded. Antidilutive common stock equivalents are not included in our earnings per share calculations.
|
| RECLASSIFICATIONS |
RECLASSIFICATIONS As a result of a first quarter 2024 change in our internal management reporting structure, prior period segment information has been revised to conform to our current segment reporting structure. This change had no impact on our prior consolidated results of operations, financial position or cash flows (refer to Note 13 for further information).
|
| ACCOUNTING STANDARDS RECENTLY ADOPTED AND ACCOUNTING STANDARDS PENDING ADOPTION |
ACCOUNTING STANDARDS RECENTLY ADOPTED None ACCOUNTING STANDARDS PENDING ADOPTION In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, “Segment Reporting – Improvements to Reportable Segment Disclosures,” which requires enhanced disclosures related to significant segment expenses and a description of how the chief operating decision maker utilizes segment operating profit or loss to assess segment performance. The new standard is effective for fiscal years beginning after December 15, 2023 and is to be applied retrospectively. We expect to include cost of revenues as significant segment expenses in our reportable segment disclosures beginning with our Form 10-K for the year ended December 31, 2024. In December 2023, the FASB issued ASU 2023-09, “Income Taxes – Improvements to Income Tax Disclosures,” which requires disclosure of specific categories and disaggregation of information in the rate reconciliation table and expands disclosures related to income taxes paid. The new standard is effective for fiscal years beginning after December 15, 2024 and is to be applied prospectively. Disclosures required by this ASU will be included in our Form 10-K for the year ended December 31, 2025.
|
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- DefinitionDisclosure of accounting policy for computing basic and diluted earnings or loss per share for each class of common stock and participating security. Addresses all significant policy factors, including any antidilutive items that have been excluded from the computation and takes into account stock dividends, splits and reverse splits that occur after the balance sheet date of the latest reporting period but before the issuance of the financial statements. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 210
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-Section 45
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v3.24.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Accounting Policies [Abstract] |
|
| Schedule of Inventory, Current |
Inventories and supplies are stated at the lower of cost or net realizable value. Inventories are as follows: | | | | | | | | | | | | | in millions | September 30
2024 | December 31
2023 | September 30
2023 | | Finished products | $ | 505.9 | | $ | 494.4 | | $ | 448.1 | | | Raw materials | 62.2 | | 51.2 | | 50.5 | | | Products in process | 11.1 | | 6.5 | | 8.6 | | | Operating supplies and other | 68.5 | | 63.5 | | 63.4 | | | Total inventories | $ | 647.7 | | $ | 615.6 | | $ | 570.6 | |
|
| Schedule of Results from Discontinued Operations |
Results from discontinued operations are as follows: | | | | | | | | | | | | | | | | in millions | Three Months Ended
September 30 | Nine Months Ended
September 30 | | 2024 | 2023 | 2024 | 2023 | | Pretax loss | $ | (1.8) | | $ | (3.8) | | $ | (6.8) | | $ | (11.7) | | | Income tax benefit | 0.5 | | 1.0 | | 1.8 | | 3.1 | | | Loss on discontinued operations, net of tax | $ | (1.3) | | $ | (2.8) | | $ | (5.0) | | $ | (8.6) | |
|
| Schedule of Weighted-Average Common Shares Outstanding Assuming Dilution |
Earnings per share are computed by dividing net earnings by the weighted-average common shares outstanding (basic EPS) or weighted-average common shares outstanding assuming dilution (diluted EPS), as set forth below: | | | | | | | | | | | | | | | | Three Months Ended
September 30 | Nine Months Ended
September 30 | | in millions | 2024 | 2023 | 2024 | 2023 | | Weighted-average common shares outstanding | 132.2 | 133.0 | 132.3 | 133.1 | | Dilutive effect of | | | | | | Stock-Only Stock Appreciation Rights | 0.2 | 0.2 | 0.2 | 0.2 | | Other stock compensation awards | 0.6 | 0.5 | 0.6 | 0.4 | | Weighted-average common shares outstanding, assuming dilution | 133.0 | 133.7 | 133.1 | 133.7 |
|
| Schedule of Antidilutive Common Stock Equivalents |
The number of antidilutive common stock equivalents for which the exercise price exceeds the weighted-average market price is as follows: | | | | | | | | | | | | | | | | Three Months Ended
September 30 | Nine Months Ended
September 30 | | in millions | 2024 | 2023 | 2024 | 2023 | | Antidilutive common stock equivalents | 0.1 | 0.0 | 0.1 | 0.1 |
|
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- DefinitionTabular disclosure of securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) in the future that were not included in the computation of diluted EPS because to do so would increase EPS amounts or decrease loss per share amounts for the period presented, by antidilutive securities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 260
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-Section 50
-Paragraph 1
-Subparagraph (c)
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- DefinitionTabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-SubTopic 10
-Topic 360
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Section 45
-Paragraph 11
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-Topic 205
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-Section 50
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-Section 50
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-Section 50
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v3.24.3
LEASES (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Leases [Abstract] |
|
| Schedule of Lease Assets and Liabilities, Weighted-Average Lease Term and Discount Rate |
Lease right-of-use (ROU) assets and liabilities and the weighted-average lease terms and discount rates are as follows: | | | | | | | | | | | | | | | | dollars in millions | Classification on the Balance Sheet | September 30
2024 | December 31
2023 | September 30
2023 | | Assets | | | | | Operating lease ROU assets | | $ | 651.4 | | $ | 636.1 | | $ | 644.8 | | | Accumulated amortization | | (143.1) | | (124.4) | | (113.4) | | | Operating leases, net | Operating lease right-of-use assets, net | 508.3 | | 511.7 | | 531.4 | | | Finance lease ROU assets | | 55.8 | | 62.3 | | 85.8 | | | Accumulated depreciation | | (23.2) | | (20.2) | | (22.1) | | | Finance leases, net | Property, plant & equipment, net | 32.6 | | 42.1 | | 63.7 | | | Total lease assets | | $ | 540.9 | | $ | 553.8 | | $ | 595.1 | | | Liabilities | | | | | Current | | | | | Operating | Other current liabilities | $ | 48.7 | | $ | 47.3 | | $ | 48.2 | | | Finance | Other current liabilities | 11.4 | | 12.5 | | 18.4 | | | Noncurrent | | | | | Operating | Noncurrent operating lease liabilities | 503.5 | | 507.4 | | 525.4 | | | Finance | Other noncurrent liabilities | 11.8 | | 16.6 | | 22.7 | | | Total lease liabilities | | $ | 575.4 | | $ | 583.8 | | $ | 614.7 | | | Lease Term and Discount Rate | | | | | Weighted-average remaining lease term (years) | | | | | Operating leases | 19.1 | 19.5 | 19.4 | | Finance leases | 2.3 | 2.5 | 2.5 | | Weighted-average discount rate | | | | | Operating leases | 4.4 | % | 4.3 | % | 4.3 | % | | Finance leases | 3.1 | % | 2.4 | % | 2.0 | % |
|
| Schedule of Components of Lease Expense |
The components of lease expense are as follows: | | | | | | | | | | | | | | | | | | | Three Months Ended
September 30 | Nine Months Ended
September 30 | | in millions | 2024 | 2023 | 2024 | 2023 | | Finance lease cost | | | | | | Depreciation of right-of-use assets | $ | 2.3 | | $ | 3.3 | | $ | 7.2 | | $ | 10.1 | | | Interest on lease liabilities | 0.2 | | 0.2 | | 0.5 | | 0.7 | | | Operating lease cost | 19.0 | | 19.1 | | 56.6 | | 58.3 | | Short-term lease cost 1 | 12.2 | | 14.8 | | 34.9 | | 38.5 | | | Variable lease cost | 5.5 | | 4.9 | | 15.1 | | 15.0 | | | Sublease income | (0.7) | | (0.8) | | (2.0) | | (2.7) | | | Total lease expense | $ | 38.5 | | $ | 41.5 | | $ | 112.3 | | $ | 119.9 | |
|
| X |
- DefinitionTabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 842
-SubTopic 20
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-Section 50
-Paragraph 4
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v3.24.3
REVENUES (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Revenue from Contract with Customer [Abstract] |
|
| Schedule of Revenues by Geographic Market |
Our segment total revenues by geographic market for the three and nine month periods ended September 30, 2024 and 2023 are disaggregated as follows (the decrease in Gulf Coast market concrete revenues is primarily attributable to the sale of concrete operations in Texas in November 2023; see Note 16 for additional information): | | | | | | | | | | | | | | | | Three Months Ended September 30, 2024 | | in millions | Aggregates | Asphalt | Concrete | Total | | East revenues | $ | 466.7 | | $ | 64.0 | | $ | 88.4 | | $ | 619.1 | | | Gulf Coast revenues | 842.7 | | 90.9 | | 2.6 | | 936.2 | | | West revenues | 263.0 | | 226.2 | | 83.4 | | 572.6 | | | Segment sales | $ | 1,572.4 | | $ | 381.1 | | $ | 174.4 | | $ | 2,127.9 | | | Intersegment sales | (124.0) | | 0.0 | | 0.0 | | (124.0) | | Total revenues 1 | $ | 1,448.4 | | $ | 381.1 | | $ | 174.4 | | $ | 2,003.9 | |
| | | | | | | | | | | | | | | | Three Months Ended September 30, 2023 | | in millions | Aggregates | Asphalt | Concrete | Total | | East revenues | $ | 464.8 | | $ | 64.5 | | $ | 95.4 | | $ | 624.7 | | | Gulf Coast revenues | 900.4 | | 71.4 | | 168.7 | | 1,140.5 | | | West revenues | 263.2 | | 211.3 | | 100.5 | | 575.0 | | | Segment sales | $ | 1,628.4 | | $ | 347.2 | | $ | 364.6 | | $ | 2,340.2 | | | Intersegment sales | (154.4) | | 0.0 | | 0.0 | | (154.4) | | Total revenues 1 | $ | 1,474.0 | | $ | 347.2 | | $ | 364.6 | | $ | 2,185.8 | |
| | | | | | | | | | | | | | | | Nine Months Ended September 30, 2024 | | in millions | Aggregates | Asphalt | Concrete | Total | | East revenues | $ | 1,267.3 | | $ | 149.7 | | $ | 246.6 | | $ | 1,663.6 | | | Gulf Coast revenues | 2,484.7 | | 198.0 | | 7.1 | | $ | 2,689.8 | | | West revenues | 725.3 | | 570.8 | | 236.2 | | $ | 1,532.3 | | | Segment sales | $ | 4,477.3 | | $ | 918.5 | | $ | 489.9 | | $ | 5,885.7 | | | Intersegment sales | (321.7) | | 0.0 | | 0.0 | | $ | (321.7) | | Total revenues 1 | $ | 4,155.6 | | $ | 918.5 | | $ | 489.9 | | $ | 5,564.0 | |
| | | | | | | | | | | | | | | | Nine Months Ended September 30, 2023 | | in millions | Aggregates | Asphalt | Concrete | Total | | East revenues | $ | 1,259.7 | | $ | 147.1 | | $ | 278.7 | | $ | 1,685.5 | | | Gulf Coast revenues | 2,568.7 | | 182.0 | | 457.6 | | 3,208.3 | | | West revenues | 677.5 | | 525.2 | | 257.0 | | 1,459.7 | | | Segment sales | $ | 4,505.9 | | $ | 854.3 | | $ | 993.3 | | $ | 6,353.5 | | | Intersegment sales | (405.9) | | 0.0 | | 0.0 | | (405.9) | | Total revenues 1 | $ | 4,100.0 | | $ | 854.3 | | $ | 993.3 | | $ | 5,947.6 | |
East market — Arkansas, Delaware, Illinois, Kentucky, Maryland, New Jersey, New York, North Carolina, Pennsylvania, Tennessee, Virginia and Washington D.C. Gulf Coast market — Alabama, Florida, Georgia, Louisiana, Mississippi, Oklahoma, South Carolina, Texas, U.S. Virgin Islands, Freeport (Bahamas), Puerto Cortés (Honduras) and Quintana Roo (Mexico) West market — Arizona, California, Hawaii, New Mexico and British Columbia (Canada)
|
| Schedule of Freight & Delivery Revenues |
Freight & delivery revenues are as follows: | | | | | | | | | | | | | | | | Three Months Ended
September 30 | Nine Months Ended
September 30 | | in millions | 2024 | 2023 | 2024 | 2023 | | Total revenues | $ | 2,003.9 | | $ | 2,185.8 | | $ | 5,564.0 | | $ | 5,947.6 | | Freight & delivery revenues 1 | (261.4) | | (276.5) | | (741.7) | | (766.9) | | | Total revenues excluding freight & delivery | $ | 1,742.5 | | $ | 1,909.3 | | $ | 4,822.3 | | $ | 5,180.7 | |
1Includes freight & delivery to remote distribution sites.
|
| Schedule of Reconciliation of Deferred Revenue Balances |
Changes in our deferred revenue balances (current and noncurrent) are as follows: | | | | | | | | | | | | | | | | Three Months Ended
September 30 | Nine Months Ended
September 30 | | in millions | 2024 | 2023 | 2024 | 2023 | | Deferred revenue balance at beginning of period | $ | 148.9 | | $ | 157.4 | | $ | 152.8 | | $ | 161.8 | | | Revenue recognized from deferred revenue | (2.0) | | (2.5) | | (5.9) | | (6.9) | | | Deferred revenue balance at end of period | $ | 146.9 | | $ | 154.9 | | $ | 146.9 | | $ | 154.9 | |
|
| X |
- DefinitionTabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Topic 606
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v3.24.3
FAIR VALUE MEASUREMENTS (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Fair Value Disclosures [Abstract] |
|
| Schedule of Fair Value Measurement on Recurring Basis |
Our assets subject to fair value measurement on a recurring basis are summarized below: | | | | | | | | | | | | | in millions | September 30
2024 | December 31
2023 | September 30
2023 | | Level 1 Fair Value | | | | | Rabbi Trust | | | | | Mutual funds | $ | 34.7 | | $ | 31.7 | | $ | 28.7 | | | Total | $ | 34.7 | | $ | 31.7 | | $ | 28.7 | | | Level 2 Fair Value | | | | | Interest rate swaps | $ | 0.0 | | $ | (0.3) | | $ | (2.1) | | | Rabbi Trust | | | | | Money market mutual fund | 0.3 | | 0.5 | | 0.7 | | | Total | $ | 0.3 | | $ | 0.2 | | $ | (1.4) | |
|
| X |
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-Topic 820
-SubTopic 10
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-Section 50
-Paragraph 2
-Subparagraph (b)
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-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
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v3.24.3
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v3.24.3
DEBT (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Debt Disclosure [Abstract] |
|
| Schedule of Debt |
Debt is detailed as follows: | | | | | | | | | | | | | | | | in millions | Effective
Interest Rates | September 30
2024 | December 31
2023 | September 30
2023 | Bank line of credit expires 2027 1 | | $ | 0.0 | | $ | 0.0 | | $ | 0.0 | | Commercial paper expires 2027 1 | | 0.0 | | 0.0 | | 0.0 | | | Total short-term debt | | $ | 0.0 | | $ | 0.0 | | $ | 0.0 | | Bank line of credit expires 2027 1 | | $ | 0.0 | | $ | 0.0 | | $ | 0.0 | | Commercial paper expires 2027 1 | | 550.0 | | 550.0 | | 550.0 | | 4.50% notes due 2025 2 | 4.65% | 400.0 | | 400.0 | | 400.0 | | 5.80% notes due 2026 | | 0.0 | | 550.0 | | 550.0 | | 3.90% notes due 2027 | 4.00% | 400.0 | | 400.0 | | 400.0 | | 3.50% notes due 2030 | 3.94% | 750.0 | | 750.0 | | 750.0 | | 7.15% notes due 2037 | 8.05% | 129.2 | | 129.2 | | 129.2 | | 4.50% notes due 2047 | 4.59% | 700.0 | | 700.0 | | 700.0 | | 4.70% notes due 2048 | 5.42% | 460.9 | | 460.9 | | 460.9 | | | Other notes | 0.37% | 1.0 | | 1.4 | | 1.5 | | | Total long-term debt - face value | | $ | 3,391.1 | | $ | 3,941.5 | | $ | 3,941.6 | | | Unamortized discounts and debt issuance costs | | (61.4) | | (63.4) | | (64.7) | | Fair value adjustments 3 | | 0.0 | | (0.3) | | (2.1) | | | Total long-term debt - book value | | $ | 3,329.7 | | $ | 3,877.8 | | $ | 3,874.8 | | | Less current maturities | | (0.5) | | (0.5) | | (0.5) | | | Total long-term debt - reported value | | $ | 3,329.2 | | $ | 3,877.3 | | $ | 3,874.3 | | | Estimated fair value of long-term debt | | $ | 3,286.9 | | $ | 3,798.0 | | $ | 3,597.6 | |
1Borrowings on the bank line of credit and commercial paper are classified as short-term if we intend to repay within twelve months and as long-term if we have the intent and ability to extend payment beyond twelve months. 2We have the intent and ability to refinance these notes due April 2025 on a long-term basis. 3See Note 6 for additional information on our fair value hedging strategy.
|
| Schedule of Standby Letters of Credit |
Our standby letters of credit as of September 30, 2024 are summarized by purpose in the table below: | | | | | | | in millions | | | Risk management insurance | $ | 80.3 | | | Reclamation/restoration requirements | 14.9 | | | Total standby letters of credit | $ | 95.2 | |
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(19)(b))
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-Topic 450
-SubTopic 20
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-Section 50
-Paragraph 1
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-Section 50
-Paragraph 4
-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147483076/450-20-50-4
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-Topic 450
-SubTopic 20
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-Section 50
-Paragraph 9
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-9
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-Topic 460
-SubTopic 10
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-Section 50
-Paragraph 3
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v3.24.3
ASSET RETIREMENT OBLIGATIONS (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Asset Retirement Obligation Disclosure [Abstract] |
|
| Schedule of Asset Retirement Obligations Operating Costs |
ARO operating costs related to accretion of the liabilities and depreciation of the assets are as follows: | | | | | | | | | | | | | | | | Three Months Ended
September 30 | Nine Months Ended
September 30 | | in millions | 2024 | 2023 | 2024 | 2023 | | Accretion | $ | 3.7 | | $ | 3.5 | | $ | 10.8 | | $ | 10.3 | | | Depreciation | 3.2 | | 2.2 | | 8.4 | | 6.6 | | | Total ARO operating costs | $ | 6.9 | | $ | 5.7 | | $ | 19.2 | | $ | 16.9 | |
|
| Schedule of Reconciliations of Asset Retirement Obligations |
Reconciliations of the carrying amounts of our AROs are as follows: | | | | | | | | | | | | | | | | Three Months Ended
September 30 | Nine Months Ended
September 30 | | in millions | 2024 | 2023 | 2024 | 2023 | | ARO balance at beginning of period | $ | 334.1 | | $ | 311.6 | | $ | 324.1 | | $ | 311.3 | | | Liabilities incurred | 0.0 | | 0.0 | | 0.8 | | 0.0 | | | Liabilities settled | (3.5) | | (1.9) | | (8.3) | | (8.4) | | | Accretion expense | 3.7 | | 3.5 | | 10.8 | | 10.3 | | | Revisions, net | 12.2 | | 2.3 | | 19.1 | | 2.3 | | | ARO balance at end of period | $ | 346.5 | | $ | 315.5 | | $ | 346.5 | | $ | 315.5 | |
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-Topic 410
-SubTopic 20
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-Section 50
-Paragraph 1
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v3.24.3
BENEFIT PLANS (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Retirement Benefits [Abstract] |
|
| Schedule of Components of Net Periodic Benefit Cost |
The following table sets forth the components of net periodic pension benefit cost: | | | | | | | | | | | | | | | | Three Months Ended
September 30 | Nine Months Ended
September 30 | | in millions | 2024 | 2023 | 2024 | 2023 | | Service cost | $ | 0.4 | | $ | 0.6 | | $ | 1.8 | | $ | 1.9 | | | Interest cost | 8.2 | | 8.5 | | 24.7 | | 25.4 | | | Expected return on plan assets | (7.0) | | (6.9) | | (21.1) | | (20.7) | | | Amortization of prior service cost | 0.2 | | 0.4 | | 0.7 | | 1.1 | | | Amortization of actuarial loss | 1.4 | | 1.4 | | 3.8 | | 4.2 | | | Net periodic pension benefit cost | $ | 3.2 | | $ | 4.0 | | $ | 9.9 | | $ | 11.9 | | | Pretax amortization from AOCI | $ | 1.6 | | $ | 1.8 | | $ | 4.5 | | $ | 5.3 | |
The following table sets forth the components of net periodic other postretirement benefit cost: | | | | | | | | | | | | | | | | Three Months Ended
September 30 | Nine Months Ended
September 30 | | in millions | 2024 | 2023 | 2024 | 2023 | | Service cost | $ | 0.4 | | $ | 0.5 | | $ | 1.6 | | $ | 1.5 | | | Interest cost | 0.6 | | 0.5 | | 1.7 | | 1.5 | | | Amortization of prior service cost | 0.3 | | 0.4 | | 1.1 | | 1.1 | | | Amortization of actuarial gain | (0.1) | | (0.4) | | (0.5) | | (1.2) | | | Net periodic postretirement benefit cost | $ | 1.2 | | $ | 1.0 | | $ | 3.9 | | $ | 2.9 | | Pretax amortization from AOCI | $ | 0.2 | | $ | 0.0 | | $ | 0.6 | | $ | (0.1) | |
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v3.24.3
OTHER COMPREHENSIVE INCOME (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Stockholders' Equity Note [Abstract] |
|
| Schedule of Accumulated Other Comprehensive Income, Net of Tax |
Amounts in accumulated other comprehensive income (loss) (AOCI), net of tax, are as follows: | | | | | | | | | | | | | in millions | September 30
2024 | December 31
2023 | September 30
2023 | | AOCI | | | | | Cash flow hedges | $ | (18.2) | | $ | (19.4) | | $ | (19.8) | | | Pension and postretirement plans | (120.6) | | (124.4) | | (129.9) | | | Total | $ | (138.8) | | $ | (143.8) | | $ | (149.7) | |
|
| Schedule of Changes in Accumulated Other Comprehensive Income, Net of Tax |
Changes in AOCI, net of tax, for the nine months ended September 30, 2024 are as follows: | | | | | | | | | | | | | in millions | Cash Flow
Hedges | Pension and
Postretirement
Benefit Plans | Total | | AOCI | | | | | Balances as of December 31, 2023 | $ | (19.4) | | $ | (124.4) | | $ | (143.8) | | | Amounts reclassified from AOCI | 1.2 | | 3.8 | | 5.0 | | | | | | | Balances as of September 30, 2024 | $ | (18.2) | | $ | (120.6) | | $ | (138.8) | |
|
| Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income to Earnings |
Amounts reclassified from AOCI to earnings are as follows: | | | | | | | | | | | | | | | | Three Months Ended
September 30 | Nine Months Ended
September 30 | | in millions | 2024 | 2023 | 2024 | 2023 | | Amortization of Accumulated Cash Flow Hedge Losses | | | | | | Interest expense | $ | 0.6 | | $ | 0.5 | | $ | 1.7 | | $ | 1.6 | | | Benefit from income taxes | (0.2) | | (0.1) | | (0.5) | | (0.4) | | | Total | $ | 0.4 | | $ | 0.4 | | $ | 1.2 | | $ | 1.2 | | Amortization of Accumulated Benefit Plan Costs | | | | | | Other nonoperating expense | $ | 1.8 | | $ | 1.8 | | $ | 5.1 | | $ | 5.2 | | | Benefit from income taxes | (0.4) | | (0.5) | | (1.3) | | (1.4) | | | Total | $ | 1.4 | | $ | 1.3 | | $ | 3.8 | | $ | 3.8 | | | Total reclassifications from AOCI to earnings | $ | 1.8 | | $ | 1.7 | | $ | 5.0 | | $ | 5.0 | |
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-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
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-Section 50
-Paragraph 1
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v3.24.3
EQUITY (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Equity [Abstract] |
|
| Schedule of Shares Purchased and Retired |
Our common stock purchases (all of which were open market purchases) and subsequent retirements for the year-to-date periods ended are as follows: | | | | | | | | | | | | | in millions, except average price | September 30
2024 | December 31
2023 | September 30
2023 | | Number of shares purchased and retired | 0.3 | | 1.0 | | 0.2 | | Total purchase price 1 | $ | 68.8 | | $ | 200.0 | | $ | 49.9 | | | Average price per share | $ | 254.71 | | $ | 204.52 | | $ | 206.82 | |
1The amount paid to purchase shares in excess of the par value and related excise taxes are recorded in retained earnings.
|
| Schedule of Changes in Total Equity |
Changes in total equity are summarized below: | | | | | | | | | | | | | | | | Three Months Ended
September 30 | Nine Months Ended
September 30 | | in millions, except per share data | 2024 | 2023 | 2024 | 2023 | | Total Shareholders' Equity | | | | | | Balance at beginning of period | $ | 7,705.3 | | $ | 7,202.6 | | $ | 7,483.4 | | $ | 6,928.6 | | | Net earnings attributable to Vulcan | 207.6 | | 276.5 | | 618.2 | | 705.8 | | | Share-based compensation plans, net of shares withheld for taxes | (0.3) | | (2.2) | | (25.1) | | (20.8) | | | Purchase and retirement of common stock | 0.0 | | 0.0 | | (68.8) | | (49.9) | | | Share-based compensation expense | 15.4 | | 19.2 | | 39.9 | | 43.5 | | Cash dividends on common stock ($0.46/$0.43/$1.38/$1.29 per share, respectively) | (60.8) | | (57.2) | | (183.6) | | (171.6) | | | Other comprehensive income | 1.8 | | 1.7 | | 5.0 | | 5.0 | | | Balance at end of period | $ | 7,869.0 | | $ | 7,440.6 | | $ | 7,869.0 | | $ | 7,440.6 | | | Noncontrolling Interest | | | | | | Balance at beginning of period | $ | 25.1 | | $ | 23.8 | | $ | 24.5 | | $ | 23.6 | | | Distribution to noncontrolling interest | (1.8) | | 0.0 | | (1.8) | | 0.0 | | | Earnings attributable to noncontrolling interest | 0.8 | | 0.8 | | 1.4 | | 1.0 | | | Balance at end of period | $ | 24.1 | | $ | 24.6 | | $ | 24.1 | | $ | 24.6 | | | Total Equity | | | | | | Balance at end of period | $ | 7,893.1 | | $ | 7,465.2 | | $ | 7,893.1 | | $ | 7,465.2 | |
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v3.24.3
SEGMENT REPORTING (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Segment Reporting [Abstract] |
|
| Schedule of Segment Financial Disclosure |
SEGMENT FINANCIAL DISCLOSURE | | | | | | | | | | | | | | | | Three Months Ended
September 30 | Nine Months Ended
September 30 | | in millions | 2024 | 2023 | 2024 | 2023 | | Total Revenues | | | | | Aggregates 1 | $ | 1,572.4 | | $ | 1,628.4 | | $ | 4,477.3 | | $ | 4,505.9 | | Asphalt 2 | 381.1 | | 347.2 | | 918.5 | | 854.3 | | Concrete 3 | 174.4 | | 364.6 | | 489.9 | | 993.3 | | | Segment sales | $ | 2,127.9 | | $ | 2,340.2 | | $ | 5,885.7 | | $ | 6,353.5 | | | Aggregates intersegment sales | (124.0) | | (154.4) | | (321.7) | | (405.9) | | | Total revenues | $ | 2,003.9 | | $ | 2,185.8 | | $ | 5,564.0 | | $ | 5,947.6 | | | Gross Profit | | | | | | Aggregates | $ | 498.5 | | $ | 509.1 | | $ | 1,330.3 | | $ | 1,312.3 | | | Asphalt | 60.2 | | 55.9 | | 123.9 | | 113.3 | | Concrete 3 | 6.5 | | 26.0 | | 8.2 | | 50.7 | | | Total | $ | 565.2 | | $ | 591.0 | | $ | 1,462.4 | | $ | 1,476.3 | | Depreciation, Depletion, Accretion and Amortization | | | | | | Aggregates | $ | 130.3 | | $ | 125.6 | | $ | 381.8 | | $ | 357.6 | | | Asphalt | 12.0 | | 8.8 | | 31.9 | | 26.7 | | Concrete 3 | 10.9 | | 20.5 | | 34.9 | | 60.4 | | | Other | 7.5 | | 6.2 | | 19.8 | | 19.7 | | | Total | $ | 160.7 | | $ | 161.1 | | $ | 468.4 | | $ | 464.4 | | Identifiable Assets 4 | | | | | | Aggregates | | | $ | 12,023.1 | | $ | 11,825.7 | | | Asphalt | | | 748.0 | | 648.6 | | Concrete 3 | | | 794.8 | | 1,512.4 | | | Total identifiable assets | | | $ | 13,565.9 | | $ | 13,986.7 | | | General corporate assets | | | 351.7 | | 288.8 | | | Cash and cash equivalents and restricted cash | | | 434.3 | | 345.0 | | | Total assets | | | $ | 14,351.9 | | $ | 14,620.5 | |
1Includes product sales (crushed stone, sand and gravel, sand and other aggregates), freight & delivery costs that we pass along to our customers, and service revenues (see Note 4) related to aggregates. 2Includes product sales as well as service revenues (see Note 4) from our asphalt construction paving business. 3The decreases in the Concrete segment are primarily due to the divestiture of concrete operations in Texas in November 2023 (see Note 16) as well as a third quarter 2024 goodwill impairment charge (see Note 15). 4Certain temporarily idled assets are included within a segment's Identifiable Assets, but the associated Depreciation, Depletion, Accretion and Amortization (DDA&A) is shown within Other in the DDA&A section above as the related DDA&A is excluded from segment gross profit.
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v3.24.3
SUPPLEMENTAL CASH FLOW INFORMATION (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Supplemental Cash Flow Elements [Abstract] |
|
| Schedule of Supplemental Information Referable to Condensed Consolidated Statements of Cash Flows |
Supplemental information referable to our Condensed Consolidated Statements of Cash Flows is summarized below: | | | | | | | | | | Nine Months Ended
September 30 | | in millions | 2024 | 2023 | | Cash Payments | | | | Interest (exclusive of amount capitalized) | $ | 119.8 | | $ | 118.4 | | | Income taxes | 276.7 | | 168.3 | | | Noncash Investing and Financing Activities | | | | Accruals for purchases of property, plant & equipment | $ | 24.9 | | $ | 28.2 | | | Note received from sale of business | 0.9 | | 0.0 | | | Recognition of new and revised lease obligations for | | | | Operating lease right-of-use assets | 36.6 | | 1.5 | | | Finance lease right-of-use assets | 4.4 | | 1.3 | | | | |
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v3.24.3
ACQUISITIONS AND DIVESTITURES (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
|
| Schedule of Recognized Identified Assets Acquired and Liabilities Assumed |
The fair value of consideration transferred for these 2024 acquisitions and the preliminary amounts (pending working capital adjustments) of assets acquired and liabilities assumed are summarized below: | | | | | | | in millions | | | Fair Value of Purchase Consideration | | | Cash | $ | 206.4 | | | | | Total fair value of purchase consideration | $ | 206.4 | | | Identifiable Assets Acquired and Liabilities Assumed | | | Accounts and notes receivable, net | $ | 7.6 | | | Inventories | 10.7 | | | | | Property, plant & equipment | 161.2 | | | Intangible assets | | | Contractual rights in place | 30.8 | | | | | Other liabilities assumed | (8.8) | | | Net identifiable assets acquired | $ | 201.5 | | | Goodwill | $ | 4.9 | |
|
| Schedule of Classification of Assets and Liabilities Held for Sale |
The major classes of assets and liabilities classified as held for sale as of September 30 are as follows: | | | | | | | | | | | | | in millions | September 30
2024 | December 31
2023 | September 30
2023 | | Held for Sale (Concrete Segment) | | | | | Inventory | $ | 0.0 | | $ | 0.0 | | $ | 18.6 | | | Land and land improvements, net | 0.0 | | 0.0 | | 39.7 | | | Buildings, machinery and equipment, net | 0.0 | | 0.0 | | 114.6 | | | Operating leases, net | 0.0 | | 0.0 | | 9.9 | | | Finance leases, net | 0.0 | | 0.0 | | 18.1 | | | Amortizable intangible assets, net | 0.0 | | 0.0 | | 164.7 | | | Goodwill | 0.0 | | 0.0 | | 157.8 | | | Reserve for assets held for sale | 0.0 | | 0.0 | | (28.3) | | | Total assets held for sale | $ | 0.0 | | $ | 0.0 | | $ | 495.1 | | | Current operating lease liabilities | $ | 0.0 | | $ | 0.0 | | $ | (0.7) | | | Current finance lease liabilities | 0.0 | | 0.0 | | 0.0 | | | Noncurrent operating lease liabilities | 0.0 | | 0.0 | | (9.4) | | | Noncurrent finance lease liabilities | 0.0 | | 0.0 | | 0.0 | | | Total liabilities held for sale | $ | 0.0 | | $ | 0.0 | | $ | (10.1) | |
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v3.24.3
LEASES - Schedule of Lease Assets and Liabilities, Weighted-Average Lease Term and Discount Rate (Details) - USD ($)
$ in Millions |
Sep. 30, 2024 |
Dec. 31, 2023 |
Sep. 30, 2023 |
| Assets |
|
|
|
| Operating lease ROU assets |
$ 651.4
|
$ 636.1
|
$ 644.8
|
| Accumulated amortization |
(143.1)
|
(124.4)
|
(113.4)
|
| Operating leases, net |
508.3
|
511.7
|
531.4
|
| Finance lease ROU assets |
55.8
|
62.3
|
85.8
|
| Accumulated depreciation |
$ (23.2)
|
$ (20.2)
|
$ (22.1)
|
| Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] |
Property, Plant and Equipment, Net
|
Property, Plant and Equipment, Net
|
Property, Plant and Equipment, Net
|
| Finance leases, net |
$ 32.6
|
$ 42.1
|
$ 63.7
|
| Total lease assets |
$ 540.9
|
$ 553.8
|
$ 595.1
|
| Current |
|
|
|
| Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] |
Other current liabilities
|
Other current liabilities
|
Other current liabilities
|
| Operating |
$ 48.7
|
$ 47.3
|
$ 48.2
|
| Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] |
Other current liabilities
|
Other current liabilities
|
Other current liabilities
|
| Finance |
$ 11.4
|
$ 12.5
|
$ 18.4
|
| Noncurrent |
|
|
|
| Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] |
Noncurrent operating lease liabilities
|
Noncurrent operating lease liabilities
|
Noncurrent operating lease liabilities
|
| Operating |
$ 503.5
|
$ 507.4
|
$ 525.4
|
| Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] |
Other noncurrent liabilities
|
Other noncurrent liabilities
|
Other noncurrent liabilities
|
| Finance |
$ 11.8
|
$ 16.6
|
$ 22.7
|
| Total lease liabilities |
$ 575.4
|
$ 583.8
|
$ 614.7
|
| Weighted-average remaining lease term (years) |
|
|
|
| Operating leases |
19 years 1 month 6 days
|
19 years 6 months
|
19 years 4 months 24 days
|
| Finance leases |
2 years 3 months 18 days
|
2 years 6 months
|
2 years 6 months
|
| Weighted-average discount rate |
|
|
|
| Operating leases |
4.40%
|
4.30%
|
4.30%
|
| Finance leases |
3.10%
|
2.40%
|
2.00%
|
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v3.24.3
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v3.24.3
REVENUES - Narrative (Details)
$ in Millions |
3 Months Ended |
9 Months Ended |
24 Months Ended |
|
|
|
|
|
|
Sep. 30, 2024
USD ($)
|
Sep. 30, 2023
USD ($)
|
Sep. 30, 2024
USD ($)
quarry
|
Sep. 30, 2023
USD ($)
|
Dec. 31, 2013
USD ($)
|
Sep. 30, 2025
USD ($)
|
Jun. 30, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
Jun. 30, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
| Revenue Recognition [Line Items] |
|
|
|
|
|
|
|
|
|
|
| Total revenues |
$ 2,003.9
|
$ 2,185.8
|
$ 5,564.0
|
$ 5,947.6
|
|
|
|
|
|
|
| Proceeds from sale of future production |
|
|
|
|
$ 226.9
|
|
|
|
|
|
| Number of quarries | quarry |
|
|
8
|
|
|
|
|
|
|
|
| Term of the VPPs |
|
|
20 years
|
|
|
|
|
|
|
|
| Estimated deferred revenue to be recognized in the next 12 months |
146.9
|
154.9
|
$ 146.9
|
154.9
|
|
|
$ 148.9
|
$ 152.8
|
$ 157.4
|
$ 161.8
|
| Forecast |
|
|
|
|
|
|
|
|
|
|
| Revenue Recognition [Line Items] |
|
|
|
|
|
|
|
|
|
|
| Estimated deferred revenue to be recognized in the next 12 months |
|
|
|
|
|
$ 7.5
|
|
|
|
|
| Minimum |
|
|
|
|
|
|
|
|
|
|
| Revenue Recognition [Line Items] |
|
|
|
|
|
|
|
|
|
|
| Coverage of warranty provisions |
|
|
9 months
|
|
|
|
|
|
|
|
| Maximum |
|
|
|
|
|
|
|
|
|
|
| Revenue Recognition [Line Items] |
|
|
|
|
|
|
|
|
|
|
| Coverage of warranty provisions |
|
|
1 year
|
|
|
|
|
|
|
|
| Aggregates |
|
|
|
|
|
|
|
|
|
|
| Revenue Recognition [Line Items] |
|
|
|
|
|
|
|
|
|
|
| Total revenues |
1,448.4
|
1,474.0
|
$ 4,155.6
|
4,100.0
|
|
|
|
|
|
|
| Aggregates | Minimum |
|
|
|
|
|
|
|
|
|
|
| Revenue Recognition [Line Items] |
|
|
|
|
|
|
|
|
|
|
| Percent of shipments used for publicly funded construction (as percent) |
|
|
40.00%
|
|
|
|
|
|
|
|
| Aggregates | Maximum |
|
|
|
|
|
|
|
|
|
|
| Revenue Recognition [Line Items] |
|
|
|
|
|
|
|
|
|
|
| Percent of shipments used for publicly funded construction (as percent) |
|
|
55.00%
|
|
|
|
|
|
|
|
| Construction Paving |
|
|
|
|
|
|
|
|
|
|
| Revenue Recognition [Line Items] |
|
|
|
|
|
|
|
|
|
|
| Revenue from unsatisfied performance obligations |
$ 206.5
|
116.3
|
$ 206.5
|
116.3
|
|
|
|
|
|
|
| Construction Paving | Minimum |
|
|
|
|
|
|
|
|
|
|
| Revenue Recognition [Line Items] |
|
|
|
|
|
|
|
|
|
|
| Remaining period to completion |
1 month
|
|
1 month
|
|
|
|
|
|
|
|
| Construction Paving | Maximum |
|
|
|
|
|
|
|
|
|
|
| Revenue Recognition [Line Items] |
|
|
|
|
|
|
|
|
|
|
| Costs for paving contracts expense, expected amortization period (in years) |
|
|
1 year
|
|
|
|
|
|
|
|
| Remaining period to completion |
51 months
|
|
51 months
|
|
|
|
|
|
|
|
| Service |
|
|
|
|
|
|
|
|
|
|
| Revenue Recognition [Line Items] |
|
|
|
|
|
|
|
|
|
|
| Total revenues |
$ 88.2
|
$ 76.7
|
$ 195.0
|
$ 181.5
|
|
|
|
|
|
|
| Percent of total revenues (as percent) |
4.40%
|
3.50%
|
3.50%
|
3.10%
|
|
|
|
|
|
|
| X |
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|
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| Period Type: |
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|
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|
| Data Type: |
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| Balance Type: |
|
| Period Type: |
|
|
| X |
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| Namespace Prefix: |
|
| Data Type: |
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| Balance Type: |
|
| Period Type: |
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|
| X |
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|
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|
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| Namespace Prefix: |
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| Balance Type: |
|
| Period Type: |
|
|
| X |
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| Namespace Prefix: |
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| Balance Type: |
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| Period Type: |
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|
v3.24.3
REVENUES - Schedule of Revenues by Geographic Market (Details) - USD ($)
$ in Millions |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Segment Reporting, Revenue Reconciling Item [Line Items] |
|
|
|
|
| Total revenues |
$ 2,003.9
|
$ 2,185.8
|
$ 5,564.0
|
$ 5,947.6
|
| Segment sales |
|
|
|
|
| Segment Reporting, Revenue Reconciling Item [Line Items] |
|
|
|
|
| Total revenues |
2,127.9
|
2,340.2
|
5,885.7
|
6,353.5
|
| Intersegment sales |
|
|
|
|
| Segment Reporting, Revenue Reconciling Item [Line Items] |
|
|
|
|
| Total revenues |
(124.0)
|
(154.4)
|
(321.7)
|
(405.9)
|
| East revenues | Segment sales |
|
|
|
|
| Segment Reporting, Revenue Reconciling Item [Line Items] |
|
|
|
|
| Total revenues |
619.1
|
624.7
|
1,663.6
|
1,685.5
|
| Gulf Coast revenues | Segment sales |
|
|
|
|
| Segment Reporting, Revenue Reconciling Item [Line Items] |
|
|
|
|
| Total revenues |
936.2
|
1,140.5
|
2,689.8
|
3,208.3
|
| West revenues | Segment sales |
|
|
|
|
| Segment Reporting, Revenue Reconciling Item [Line Items] |
|
|
|
|
| Total revenues |
572.6
|
575.0
|
1,532.3
|
1,459.7
|
| Aggregates |
|
|
|
|
| Segment Reporting, Revenue Reconciling Item [Line Items] |
|
|
|
|
| Total revenues |
1,448.4
|
1,474.0
|
4,155.6
|
4,100.0
|
| Aggregates | Segment sales |
|
|
|
|
| Segment Reporting, Revenue Reconciling Item [Line Items] |
|
|
|
|
| Total revenues |
1,572.4
|
1,628.4
|
4,477.3
|
4,505.9
|
| Aggregates | Intersegment sales |
|
|
|
|
| Segment Reporting, Revenue Reconciling Item [Line Items] |
|
|
|
|
| Total revenues |
(124.0)
|
(154.4)
|
(321.7)
|
(405.9)
|
| Aggregates | East revenues | Segment sales |
|
|
|
|
| Segment Reporting, Revenue Reconciling Item [Line Items] |
|
|
|
|
| Total revenues |
466.7
|
464.8
|
1,267.3
|
1,259.7
|
| Aggregates | Gulf Coast revenues | Segment sales |
|
|
|
|
| Segment Reporting, Revenue Reconciling Item [Line Items] |
|
|
|
|
| Total revenues |
842.7
|
900.4
|
2,484.7
|
2,568.7
|
| Aggregates | West revenues | Segment sales |
|
|
|
|
| Segment Reporting, Revenue Reconciling Item [Line Items] |
|
|
|
|
| Total revenues |
263.0
|
263.2
|
725.3
|
677.5
|
| Asphalt |
|
|
|
|
| Segment Reporting, Revenue Reconciling Item [Line Items] |
|
|
|
|
| Total revenues |
381.1
|
347.2
|
918.5
|
854.3
|
| Asphalt | Segment sales |
|
|
|
|
| Segment Reporting, Revenue Reconciling Item [Line Items] |
|
|
|
|
| Total revenues |
381.1
|
347.2
|
918.5
|
854.3
|
| Asphalt | Intersegment sales |
|
|
|
|
| Segment Reporting, Revenue Reconciling Item [Line Items] |
|
|
|
|
| Total revenues |
0.0
|
0.0
|
0.0
|
0.0
|
| Asphalt | East revenues | Segment sales |
|
|
|
|
| Segment Reporting, Revenue Reconciling Item [Line Items] |
|
|
|
|
| Total revenues |
64.0
|
64.5
|
149.7
|
147.1
|
| Asphalt | Gulf Coast revenues | Segment sales |
|
|
|
|
| Segment Reporting, Revenue Reconciling Item [Line Items] |
|
|
|
|
| Total revenues |
90.9
|
71.4
|
198.0
|
182.0
|
| Asphalt | West revenues | Segment sales |
|
|
|
|
| Segment Reporting, Revenue Reconciling Item [Line Items] |
|
|
|
|
| Total revenues |
226.2
|
211.3
|
570.8
|
525.2
|
| Concrete |
|
|
|
|
| Segment Reporting, Revenue Reconciling Item [Line Items] |
|
|
|
|
| Total revenues |
174.4
|
364.6
|
489.9
|
993.3
|
| Concrete | Segment sales |
|
|
|
|
| Segment Reporting, Revenue Reconciling Item [Line Items] |
|
|
|
|
| Total revenues |
174.4
|
364.6
|
489.9
|
993.3
|
| Concrete | Intersegment sales |
|
|
|
|
| Segment Reporting, Revenue Reconciling Item [Line Items] |
|
|
|
|
| Total revenues |
0.0
|
0.0
|
0.0
|
0.0
|
| Concrete | East revenues | Segment sales |
|
|
|
|
| Segment Reporting, Revenue Reconciling Item [Line Items] |
|
|
|
|
| Total revenues |
88.4
|
95.4
|
246.6
|
278.7
|
| Concrete | Gulf Coast revenues | Segment sales |
|
|
|
|
| Segment Reporting, Revenue Reconciling Item [Line Items] |
|
|
|
|
| Total revenues |
2.6
|
168.7
|
7.1
|
457.6
|
| Concrete | West revenues | Segment sales |
|
|
|
|
| Segment Reporting, Revenue Reconciling Item [Line Items] |
|
|
|
|
| Total revenues |
$ 83.4
|
$ 100.5
|
$ 236.2
|
$ 257.0
|
| X |
- DefinitionAmount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32
Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
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v3.24.3
REVENUES - Schedule of Freight & Delivery Revenues (Details) - USD ($)
$ in Millions |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Disaggregation of Revenue [Line Items] |
|
|
|
|
| Total revenues |
$ 2,003.9
|
$ 2,185.8
|
$ 5,564.0
|
$ 5,947.6
|
| Freight & Delivery Revenues |
|
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
|
| Total revenues |
(261.4)
|
(276.5)
|
(741.7)
|
(766.9)
|
| Total Revenues Excluding Freight & Delivery |
|
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
|
| Total revenues |
$ 1,742.5
|
$ 1,909.3
|
$ 4,822.3
|
$ 5,180.7
|
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v3.24.3
FAIR VALUE MEASUREMENTS - Schedule of Fair Value Measurement on Recurring Basis (Details) - Recurring - USD ($)
$ in Millions |
Sep. 30, 2024 |
Dec. 31, 2023 |
Sep. 30, 2023 |
| Level 1 Fair Value |
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
| Assets, fair value disclosure |
$ 34.7
|
$ 31.7
|
$ 28.7
|
| Level 1 Fair Value | Mutual funds |
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
| Assets, fair value disclosure |
34.7
|
31.7
|
28.7
|
| Level 2 Fair Value |
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
| Fair value, net asset (liability) |
0.3
|
0.2
|
(1.4)
|
| Level 2 Fair Value | Money market mutual fund |
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
| Assets, fair value disclosure |
0.3
|
0.5
|
0.7
|
| Level 2 Fair Value | Interest rate swaps |
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
| Liabilities, fair value disclosure |
$ 0.0
|
$ (0.3)
|
$ (2.1)
|
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v3.24.3
DEBT - Schedule of Debt (Details) - USD ($)
$ in Millions |
Sep. 30, 2024 |
Dec. 31, 2023 |
Sep. 30, 2023 |
Mar. 31, 2023 |
| Debt Instrument [Line Items] |
|
|
|
|
| Total short-term debt |
$ 0.0
|
$ 0.0
|
$ 0.0
|
|
| Total long-term debt - face value |
3,391.1
|
3,941.5
|
3,941.6
|
|
| Unamortized discounts and debt issuance costs |
(61.4)
|
(63.4)
|
(64.7)
|
|
| Fair value adjustments |
0.0
|
(0.3)
|
(2.1)
|
|
| Total long-term debt - book value |
3,329.7
|
3,877.8
|
3,874.8
|
|
| Less current maturities |
(0.5)
|
(0.5)
|
(0.5)
|
|
| Total long-term debt - reported value |
3,329.2
|
3,877.3
|
3,874.3
|
|
| Estimated fair value of long-term debt |
3,286.9
|
3,798.0
|
3,597.6
|
|
| Notes | 4.50% notes due 2025 |
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
| Total long-term debt - face value |
$ 400.0
|
400.0
|
400.0
|
|
| Interest rate (as percent) |
4.50%
|
|
|
|
| Effective interest rate |
4.65%
|
|
|
|
| Notes | 5.80% Notes due 2026 |
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
| Total long-term debt - face value |
$ 0.0
|
550.0
|
550.0
|
$ 550.0
|
| Interest rate (as percent) |
5.80%
|
|
|
5.80%
|
| Notes | 3.90% notes due 2027 |
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
| Total long-term debt - face value |
$ 400.0
|
400.0
|
400.0
|
|
| Interest rate (as percent) |
3.90%
|
|
|
|
| Effective interest rate |
4.00%
|
|
|
|
| Notes | 3.50% notes due 2030 |
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
| Total long-term debt - face value |
$ 750.0
|
750.0
|
750.0
|
|
| Interest rate (as percent) |
3.50%
|
|
|
|
| Effective interest rate |
3.94%
|
|
|
|
| Notes | 7.15% notes due 2037 |
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
| Total long-term debt - face value |
$ 129.2
|
129.2
|
129.2
|
|
| Interest rate (as percent) |
7.15%
|
|
|
|
| Effective interest rate |
8.05%
|
|
|
|
| Notes | 4.50% notes due 2047 |
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
| Total long-term debt - face value |
$ 700.0
|
700.0
|
700.0
|
|
| Interest rate (as percent) |
4.50%
|
|
|
|
| Effective interest rate |
4.59%
|
|
|
|
| Notes | 4.70% notes due 2048 |
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
| Total long-term debt - face value |
$ 460.9
|
460.9
|
460.9
|
|
| Interest rate (as percent) |
4.70%
|
|
|
|
| Effective interest rate |
5.42%
|
|
|
|
| Other notes |
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
| Total long-term debt - face value |
$ 1.0
|
1.4
|
1.5
|
|
| Effective interest rate |
0.37%
|
|
|
|
| Commercial Paper |
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
| Total short-term debt |
$ 0.0
|
0.0
|
0.0
|
|
| Line of Credit | Bank line of credit expires 2027 |
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
| Total short-term debt |
0.0
|
0.0
|
0.0
|
|
| Line of Credit | Bank line of credit expires 2027 |
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
| Total long-term debt - face value |
$ 0.0
|
$ 0.0
|
$ 0.0
|
|
| X |
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
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| Period Type: |
|
|
v3.24.3
DEBT - Narrative (Details) - USD ($)
|
1 Months Ended |
9 Months Ended |
|
|
|
|
|
Mar. 31, 2024 |
Mar. 31, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Aug. 31, 2022 |
Sep. 30, 2021 |
Jun. 30, 2021 |
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
| Amortization of debt issuance costs and discounts |
|
|
$ 5,500,000
|
$ 5,000,000.0
|
|
|
|
|
|
| Total long-term debt - face value |
|
|
3,391,100,000
|
3,941,600,000
|
$ 3,941,500,000
|
|
|
|
|
| Commercial paper |
|
|
|
|
|
$ 1,600,000,000
|
|
|
|
| Total short-term debt |
|
|
0.0
|
0.0
|
0.0
|
|
|
|
|
| Term debt |
|
|
3,391,100,000
|
|
|
|
|
|
|
| Commercial Paper |
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
| Total short-term debt |
|
|
$ 0.0
|
0.0
|
0.0
|
|
|
|
|
| Line of Credit |
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
| Commitment fee (as percent) |
|
|
0.10%
|
|
|
|
|
|
|
| Available borrowing capacity |
|
|
$ 1,504,800,000
|
|
|
|
|
|
|
| Borrowings |
|
|
$ 0
|
|
|
|
|
|
|
| Line of Credit | Minimum |
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
| Commitment fee (as percent) |
|
|
0.09%
|
|
|
|
|
|
|
| Line of Credit | Maximum |
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
| Commitment fee (as percent) |
|
|
0.225%
|
|
|
|
|
|
|
| Line of Credit | Secured Overnight Financing Rate (SOFR) |
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
| Applicable margin on borrowing rate (as percent) |
|
|
1.125%
|
|
|
|
|
|
|
| Line of Credit | Base Rate |
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
| Applicable margin on borrowing rate (as percent) |
|
|
0.125%
|
|
|
|
|
|
|
| Standby Letters of Credit |
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
| Letters of credit outstanding, amount |
|
|
$ 95,200,000
|
|
|
|
|
|
|
| Period of standby letters of credit (in years) |
|
|
1 year
|
|
|
|
|
|
|
| Standby Letters of Credit | Secured Overnight Financing Rate (SOFR) |
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
| Applicable margin on borrowing rate (as percent) |
|
|
0.175%
|
|
|
|
|
|
|
| Commercial Paper |
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
| Total long-term debt - face value |
|
|
$ 550,000,000.0
|
550,000,000.0
|
550,000,000.0
|
$ 550,000,000
|
|
|
|
| Term debt |
|
|
550,000,000.0
|
|
|
|
|
|
|
| Delayed Draw Term Loan | Notes |
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
| Maximum borrowing capacity |
|
|
|
|
|
|
|
|
$ 1,600,000,000
|
| Delayed Draw Term Loan | Term Loan Due |
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
| Total long-term debt - face value |
|
|
|
|
|
|
$ 550,000,000
|
$ 1,100,000,000
|
|
| 5.80% Notes due 2026 | Notes |
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
| Total long-term debt - face value |
|
$ 550,000,000
|
$ 0.0
|
$ 550,000,000.0
|
$ 550,000,000.0
|
|
|
|
|
| Interest rate (as percent) |
|
5.80%
|
5.80%
|
|
|
|
|
|
|
| Net proceeds |
|
$ 546,600,000
|
|
|
|
|
|
|
|
| Acceleration of unamortized deferred transaction costs |
$ 2,300,000
|
|
|
|
|
|
|
|
|
| Unsecured Line of Credit Maturity of August 2027 | Line of Credit |
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
| Maximum borrowing capacity |
|
|
$ 1,600,000,000
|
|
|
|
|
|
|
| X |
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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| X |
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-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
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-Publisher FASB
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-Topic 210
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(b))
-Publisher FASB
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-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(19)(b))
-Publisher FASB
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| X |
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-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
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-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(19)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(13))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1
Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10
Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(16)(a)(1))
-Publisher FASB
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v3.24.3
| X |
- DefinitionThe carrying amount of a liability for an asset retirement obligation. An asset retirement obligation is a legal obligation associated with the disposal or retirement of a tangible long-lived asset that results from the acquisition, construction or development, or the normal operations of a long-lived asset, except for certain obligations of lessees. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 410
-SubTopic 20
-Name Accounting Standards Codification
-Section 25
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481999/410-20-25-4
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 410
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
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| X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
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-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(24))
-Publisher FASB
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|
v3.24.3
COMMITMENTS AND CONTINGENCIES - Narrative (Details)
|
1 Months Ended |
3 Months Ended |
9 Months Ended |
|
|
|
|
|
|
|
Mar. 31, 2023
USD ($)
defendant
|
Dec. 31, 2020
case
|
Jul. 31, 2018
defendant
|
Dec. 31, 2017 |
Sep. 30, 2017
well
|
Mar. 31, 2016
mi
|
May 31, 2007
entity
mi
|
Jun. 30, 2022 |
Sep. 30, 2024
USD ($)
facility
|
Jun. 30, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
Sep. 30, 2023
USD ($)
|
Jun. 30, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
Nov. 30, 2017
case
|
| Loss Contingencies [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Lease liabilities |
|
|
|
|
|
|
|
|
$ 575,400,000
|
|
$ 583,800,000
|
$ 614,700,000
|
|
|
|
| Reclamation/restoration requirements |
|
|
|
|
|
|
|
|
346,500,000
|
$ 334,100,000
|
$ 324,100,000
|
$ 315,500,000
|
$ 311,600,000
|
$ 311,300,000
|
|
| Number of groundwater extraction wells | well |
|
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|
| Contingency loss |
|
|
|
|
|
|
|
|
0
|
|
|
|
|
|
|
| Hewitt Landfill Matter | NHW Treatment System |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loss Contingencies [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Estimated capital cost of treatment system |
|
|
|
|
|
|
|
|
92,000,000
|
|
|
|
|
|
|
| Bond money obtained for treatment system |
|
|
|
|
|
|
|
|
46,000,000
|
|
|
|
|
|
|
| Hewitt Landfill Matter | NHC Treatment System |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loss Contingencies [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Estimated capital cost of treatment system |
|
|
|
|
|
|
|
|
245,000,000
|
|
|
|
|
|
|
| Bond money obtained for treatment system |
|
|
|
|
|
|
|
|
95,000,000
|
|
|
|
|
|
|
| Vulcan Material |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loss Contingencies [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Judge ruled allocation of fault among defendants, percentage |
|
15.00%
|
|
15.00%
|
|
|
|
15.00%
|
|
|
|
|
|
|
|
| Texas Brine |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loss Contingencies [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Number of pending claims | case |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3
|
| Number of cases, reversed judgement | case |
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Lawsuit Against CalMat Co |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loss Contingencies [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Charge for litigation matter |
$ 11,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Estimated construction and operation of water treatment system |
$ 100,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cooperating Parties Group |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loss Contingencies [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Number of other companies to perform Remedial Investigation/Feasibility Study | entity |
|
|
|
|
|
|
70
|
|
|
|
|
|
|
|
|
| Number of miles of the River used in the Remedial Investigation/Feasibility Study | mi |
|
|
|
|
|
|
17
|
|
|
|
|
|
|
|
|
| Number of miles for bank-to-bank dredging remedy | mi |
|
|
|
|
|
8
|
|
|
|
|
|
|
|
|
|
| EPA | Maximum |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loss Contingencies [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Estimated implementation costs |
|
|
|
|
|
|
|
|
$ 1,380,000,000
|
|
|
|
|
|
|
| Occidental Chemical Co |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loss Contingencies [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Judge ruled allocation of fault among defendants, percentage |
|
30.00%
|
|
50.00%
|
|
|
|
|
|
|
|
|
|
|
|
| Occidental Chemical Co | Lawsuit Filed by Occidental |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loss Contingencies [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Number of defendants | defendant |
39
|
|
100
|
|
|
|
|
|
|
|
|
|
|
|
|
| Texas Brine |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loss Contingencies [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Judge ruled allocation of fault among defendants, percentage |
|
55.00%
|
|
35.00%
|
|
|
|
|
|
|
|
|
|
|
|
| LADWP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loss Contingencies [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Number of planned new treatment capabilities | facility |
|
|
|
|
|
|
|
|
2
|
|
|
|
|
|
|
| Standby Letters of Credit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loss Contingencies [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Letters of credit outstanding, amount |
|
|
|
|
|
|
|
|
$ 95,200,000
|
|
|
|
|
|
|
| Reclamation/restoration requirements |
|
|
|
|
|
|
|
|
$ 14,900,000
|
|
|
|
|
|
|
| X |
- DefinitionThe carrying amount of a liability for an asset retirement obligation. An asset retirement obligation is a legal obligation associated with the disposal or retirement of a tangible long-lived asset that results from the acquisition, construction or development, or the normal operations of a long-lived asset, except for certain obligations of lessees. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 410
-SubTopic 20
-Name Accounting Standards Codification
-Section 25
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481999/410-20-25-4
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 410
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481850/410-20-50-1
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| Namespace Prefix: |
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| Period Type: |
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|
| X |
- DefinitionThe total amount of the contingent obligation under letters of credit outstanding as of the reporting date.
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us-gaap_LettersOfCreditOutstandingAmount |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionAmount of litigation expense, including but not limited to legal, forensic, accounting, and investigative fees. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(6))
-SubTopic 10
-Topic 220
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2
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|
| X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-4
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-9
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 720
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483359/720-20-50-1
Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 460
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 27
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482395/460-10-55-27
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-9
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-4
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 460
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482425/460-10-50-3
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
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-Subparagraph (SX 210.4-08(g)(1)(ii))
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (c)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
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-Section 55
-Paragraph 10
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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Reference 34: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
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v3.24.3
EQUITY - Narrative (Details)
|
9 Months Ended |
|
|
|
Sep. 30, 2024
vote
$ / shares
shares
|
Dec. 31, 2023
$ / shares
shares
|
Sep. 30, 2023
$ / shares
shares
|
| Equity [Abstract] |
|
|
|
| Common stock, par value (in usd per share) | $ / shares |
$ 1
|
$ 1
|
$ 1
|
| Common stock, authorized (in shares) |
480,000,000
|
480,000,000.0
|
480,000,000.0
|
| Number of votes per common stock | vote |
1
|
|
|
| Preferred stock, authorized (in shares) |
5,000,000
|
|
|
| Preferred stock, issued (in shares) |
0
|
|
|
| Treasury stock, common (in shares) |
0
|
0
|
0
|
| Shares remaining under the current authorization repurchase program (in shares) |
6,817,118
|
|
|
| X |
- DefinitionFace amount or stated value per share of common stock. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
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v3.24.3
| X |
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|
v3.24.3
EQUITY - Schedule of Changes in Total Equity (Details) - USD ($)
$ / shares in Units, $ in Millions |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
| Cash dividend on common stock (in usd per share) |
$ 0.46
|
$ 0.43
|
$ 1.38
|
$ 1.29
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
| Balance at beginning of period |
|
|
$ 7,507.9
|
|
| Net earnings attributable to Vulcan |
$ 208.4
|
$ 277.3
|
619.6
|
$ 706.8
|
| Other comprehensive income |
1.8
|
1.7
|
5.0
|
5.0
|
| Balance at end of period |
7,893.1
|
7,465.2
|
7,893.1
|
7,465.2
|
| Parent |
|
|
|
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
| Balance at beginning of period |
7,705.3
|
7,202.6
|
7,483.4
|
6,928.6
|
| Net earnings attributable to Vulcan |
207.6
|
276.5
|
618.2
|
705.8
|
| Share-based compensation plans, net of shares withheld for taxes |
(0.3)
|
(2.2)
|
(25.1)
|
(20.8)
|
| Purchase and retirement of common stock |
(0.0)
|
(0.0)
|
(68.8)
|
(49.9)
|
| Share-based compensation expense |
15.4
|
19.2
|
39.9
|
43.5
|
| Cash dividends on common stock ($0.46/$0.43/$1.38/$1.29 per share, respectively) |
(60.8)
|
(57.2)
|
(183.6)
|
(171.6)
|
| Other comprehensive income |
1.8
|
1.7
|
5.0
|
5.0
|
| Balance at end of period |
7,869.0
|
7,440.6
|
7,869.0
|
7,440.6
|
| Noncontrolling Interest |
|
|
|
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
| Balance at beginning of period |
25.1
|
23.8
|
24.5
|
23.6
|
| Distribution to noncontrolling interest |
(1.8)
|
(0.0)
|
(1.8)
|
(0.0)
|
| Net earnings attributable to Vulcan |
0.8
|
0.8
|
1.4
|
1.0
|
| Balance at end of period |
$ 24.1
|
$ 24.6
|
$ 24.1
|
$ 24.6
|
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 34: http://www.xbrl.org/2003/role/exampleRef
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
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Reference 37: http://www.xbrl.org/2003/role/disclosureRef
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Reference 38: http://www.xbrl.org/2003/role/disclosureRef
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Reference 39: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section S99
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Reference 40: http://www.xbrl.org/2003/role/disclosureRef
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Reference 41: http://www.xbrl.org/2003/role/disclosureRef
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Reference 42: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
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Reference 43: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
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-Section S99
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Reference 44: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
-Paragraph 3
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Reference 45: http://www.xbrl.org/2009/role/commonPracticeRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
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-Topic 810
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-Topic 810
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Reference 49: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147476166/350-60-65-1
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v3.24.3
| X |
- DefinitionNumber of operating segments. An operating segment is a component of an enterprise: (a) that engages in business activities from which it may earn revenues and incur expenses (including revenues and expenses relating to transactions with other components of the same enterprise), (b) whose operating results are regularly reviewed by the enterprise's chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance, and (c) for which discrete financial information is available. An operating segment may engage in business activities for which it has yet to earn revenues, for example, start-up operations may be operating segments before earning revenues. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Topic 280
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v3.24.3
SEGMENT REPORTING - Schedule of Segment Financial Disclosure (Details) - USD ($)
$ in Millions |
3 Months Ended |
9 Months Ended |
|
|
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Dec. 31, 2023 |
Dec. 31, 2022 |
| Segment Reporting Information [Line Items] |
|
|
|
|
|
|
| Total revenues |
$ 2,003.9
|
$ 2,185.8
|
$ 5,564.0
|
$ 5,947.6
|
|
|
| Gross Profit |
565.2
|
591.0
|
1,462.4
|
1,476.3
|
|
|
| Depreciation, Depletion, Accretion and Amortization |
160.7
|
161.1
|
468.4
|
464.4
|
|
|
| Total assets |
14,351.9
|
14,620.5
|
14,351.9
|
14,620.5
|
$ 14,545.7
|
|
| Cash and cash equivalents and restricted cash |
434.3
|
345.0
|
434.3
|
345.0
|
$ 949.2
|
$ 161.5
|
| Segment sales |
|
|
|
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
|
|
|
| Total revenues |
2,127.9
|
2,340.2
|
5,885.7
|
6,353.5
|
|
|
| Total assets |
13,565.9
|
13,986.7
|
13,565.9
|
13,986.7
|
|
|
| Aggregates intersegment sales |
|
|
|
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
|
|
|
| Total revenues |
(124.0)
|
(154.4)
|
(321.7)
|
(405.9)
|
|
|
| Other |
|
|
|
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
|
|
|
| Depreciation, Depletion, Accretion and Amortization |
7.5
|
6.2
|
19.8
|
19.7
|
|
|
| General corporate assets |
|
|
|
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
|
|
|
| Total assets |
351.7
|
288.8
|
351.7
|
288.8
|
|
|
| Aggregates |
|
|
|
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
|
|
|
| Total revenues |
1,448.4
|
1,474.0
|
4,155.6
|
4,100.0
|
|
|
| Aggregates | Segment sales |
|
|
|
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
|
|
|
| Total revenues |
1,572.4
|
1,628.4
|
4,477.3
|
4,505.9
|
|
|
| Gross Profit |
498.5
|
509.1
|
1,330.3
|
1,312.3
|
|
|
| Depreciation, Depletion, Accretion and Amortization |
130.3
|
125.6
|
381.8
|
357.6
|
|
|
| Total assets |
12,023.1
|
11,825.7
|
12,023.1
|
11,825.7
|
|
|
| Aggregates | Aggregates intersegment sales |
|
|
|
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
|
|
|
| Total revenues |
(124.0)
|
(154.4)
|
(321.7)
|
(405.9)
|
|
|
| Asphalt |
|
|
|
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
|
|
|
| Total revenues |
381.1
|
347.2
|
918.5
|
854.3
|
|
|
| Asphalt | Segment sales |
|
|
|
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
|
|
|
| Total revenues |
381.1
|
347.2
|
918.5
|
854.3
|
|
|
| Gross Profit |
60.2
|
55.9
|
123.9
|
113.3
|
|
|
| Depreciation, Depletion, Accretion and Amortization |
12.0
|
8.8
|
31.9
|
26.7
|
|
|
| Total assets |
748.0
|
648.6
|
748.0
|
648.6
|
|
|
| Asphalt | Aggregates intersegment sales |
|
|
|
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
|
|
|
| Total revenues |
0.0
|
0.0
|
0.0
|
0.0
|
|
|
| Concrete |
|
|
|
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
|
|
|
| Total revenues |
174.4
|
364.6
|
489.9
|
993.3
|
|
|
| Concrete | Segment sales |
|
|
|
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
|
|
|
| Total revenues |
174.4
|
364.6
|
489.9
|
993.3
|
|
|
| Gross Profit |
6.5
|
26.0
|
8.2
|
50.7
|
|
|
| Depreciation, Depletion, Accretion and Amortization |
10.9
|
20.5
|
34.9
|
60.4
|
|
|
| Total assets |
794.8
|
1,512.4
|
794.8
|
1,512.4
|
|
|
| Concrete | Aggregates intersegment sales |
|
|
|
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
|
|
|
| Total revenues |
$ 0.0
|
$ 0.0
|
$ 0.0
|
$ 0.0
|
|
|
| X |
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v3.24.3
GOODWILL - Narrative (Details) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Goodwill [Line Items] |
|
|
|
| Goodwill impairment charges |
$ 86,600,000
|
$ 86,600,000
|
$ 0
|
| Goodwill, accumulated impairment losses |
390,200,000
|
390,200,000
|
|
| Former Cement |
|
|
|
| Goodwill [Line Items] |
|
|
|
| Goodwill, accumulated impairment losses |
252,700,000
|
252,700,000
|
|
| Concrete |
|
|
|
| Goodwill [Line Items] |
|
|
|
| Goodwill impairment charges |
|
86,600,000
|
|
| Goodwill, accumulated impairment losses |
$ 137,500,000
|
$ 137,500,000
|
|
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v3.24.3
GOODWILL - Schedule of Changes in Carrying Amount of Goodwill by Reportable Segment (Details) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Goodwill [Roll Forward] |
|
|
|
| Goodwill, beginning balance |
|
$ 3,531,700,000
|
|
| Goodwill of acquired businesses |
|
4,900,000
|
|
| Goodwill impairment |
$ (86,600,000)
|
(86,600,000)
|
$ 0
|
| Goodwill, ending balance |
3,450,000,000
|
3,450,000,000
|
$ 3,531,700,000
|
| Aggregates |
|
|
|
| Goodwill [Roll Forward] |
|
|
|
| Goodwill, beginning balance |
|
3,330,200,000
|
|
| Goodwill of acquired businesses |
|
4,900,000
|
|
| Goodwill impairment |
|
(0.0)
|
|
| Goodwill, ending balance |
3,335,100,000
|
3,335,100,000
|
|
| Asphalt |
|
|
|
| Goodwill [Roll Forward] |
|
|
|
| Goodwill, beginning balance |
|
91,600,000
|
|
| Goodwill of acquired businesses |
|
0.0
|
|
| Goodwill impairment |
|
(0.0)
|
|
| Goodwill, ending balance |
91,600,000
|
91,600,000
|
|
| Concrete |
|
|
|
| Goodwill [Roll Forward] |
|
|
|
| Goodwill, beginning balance |
|
109,900,000
|
|
| Goodwill of acquired businesses |
|
0.0
|
|
| Goodwill impairment |
|
(86,600,000)
|
|
| Goodwill, ending balance |
$ 23,300,000
|
$ 23,300,000
|
|
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v3.24.3
ACQUISITIONS AND DIVESTITURES - Narrative (Details)
|
3 Months Ended |
9 Months Ended |
|
Sep. 30, 2024
USD ($)
divestiture
|
Dec. 31, 2023
USD ($)
|
Sep. 30, 2023
USD ($)
|
Jun. 30, 2023
USD ($)
|
Sep. 30, 2024
USD ($)
divestiture
|
Sep. 30, 2023
USD ($)
|
| Significant Acquisitions and Disposals [Line Items] |
|
|
|
|
|
|
| Goodwill |
$ 3,450,000,000
|
$ 3,531,700,000
|
$ 3,531,700,000
|
|
$ 3,450,000,000
|
$ 3,531,700,000
|
| Number of business divestitures | divestiture |
0
|
|
|
|
0
|
|
| Loss on impairments |
$ 86,600,000
|
|
28,300,000
|
|
$ 86,600,000
|
28,300,000
|
| Gain (loss) on sale of property, plant & equipment and businesses |
200,000
|
|
$ 4,300,000
|
|
4,600,000
|
$ 22,800,000
|
| Disposal Group, Held-for-Sale, Not Discontinued Operations |
|
|
|
|
|
|
| Significant Acquisitions and Disposals [Line Items] |
|
|
|
|
|
|
| Assets held for sale |
0
|
0
|
|
|
0
|
|
| Texas | Concrete |
|
|
|
|
|
|
| Significant Acquisitions and Disposals [Line Items] |
|
|
|
|
|
|
| Loss on impairments |
|
28,300,000
|
|
|
|
|
| Gain (loss) on sale of property, plant & equipment and businesses |
|
(13,800,000)
|
|
|
|
|
| Virginia |
|
|
|
|
|
|
| Significant Acquisitions and Disposals [Line Items] |
|
|
|
|
|
|
| Gain (loss) on sale of property, plant & equipment and businesses |
|
$ 65,700,000
|
|
|
|
|
| Illinois |
|
|
|
|
|
|
| Significant Acquisitions and Disposals [Line Items] |
|
|
|
|
|
|
| Gain (loss) on sale of property, plant & equipment and businesses |
|
|
|
$ 15,200,000
|
|
|
| Acquisitions 2024 |
|
|
|
|
|
|
| Significant Acquisitions and Disposals [Line Items] |
|
|
|
|
|
|
| Total consideration |
|
|
|
|
206,400,000
|
|
| Contractual rights in place |
30,800,000
|
|
|
|
30,800,000
|
|
| Goodwill |
$ 4,900,000
|
|
|
|
$ 4,900,000
|
|
| Estimated weighted-average amortization period of intangible assets (in years) |
|
|
|
|
15 years
|
|
| Intangible assets amortization period, tax purposes (in years) |
|
|
|
|
15 years
|
|
| X |
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v3.24.3
ACQUISITIONS AND DIVESTITURES - Schedule of Classification of Assets and Liabilities Held for Sale (Details) - Disposal Group, Held-for-Sale, Not Discontinued Operations - USD ($)
|
Sep. 30, 2024 |
Dec. 31, 2023 |
Sep. 30, 2023 |
| Significant Acquisitions and Disposals [Line Items] |
|
|
|
| Total assets held for sale |
$ 0
|
$ 0
|
|
| Concrete Operations In Texas |
|
|
|
| Significant Acquisitions and Disposals [Line Items] |
|
|
|
| Inventory |
0.0
|
0.0
|
$ 18,600,000
|
| Land and land improvements, net |
0.0
|
0.0
|
39,700,000
|
| Buildings, machinery and equipment, net |
0.0
|
0.0
|
114,600,000
|
| Operating leases, net |
0.0
|
0.0
|
9,900,000
|
| Finance leases, net |
0.0
|
0.0
|
18,100,000
|
| Amortizable intangible assets, net |
0.0
|
0.0
|
164,700,000
|
| Goodwill |
0.0
|
0.0
|
157,800,000
|
| Reserve for assets held for sale |
(0.0)
|
(0.0)
|
(28,300,000)
|
| Total assets held for sale |
0.0
|
0.0
|
495,100,000
|
| Current operating lease liabilities |
(0.0)
|
(0.0)
|
(700,000)
|
| Current finance lease liabilities |
(0.0)
|
(0.0)
|
(0.0)
|
| Noncurrent operating lease liabilities |
(0.0)
|
(0.0)
|
(9,400,000)
|
| Noncurrent finance lease liabilities |
(0.0)
|
(0.0)
|
(0.0)
|
| Total liabilities held for sale |
$ (0.0)
|
$ (0.0)
|
$ (10,100,000)
|
| X |
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