Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 14, 2023 | Jun. 30, 2022 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Fiscal Year Focus | 2022 | ||
Entity File Number | 001-33841 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | VULCAN MATERIALS COMPANY | ||
Entity Central Index Key | 0001396009 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Public Float | $ 18,855,378,169 | ||
Entity Incorporation, State or Country Code | NJ | ||
Entity Tax Identification Number | 20-8579133 | ||
Entity Address, Address Line One | 1200 Urban Center Drive | ||
Entity Address, City or Town | Birmingham | ||
Entity Address, State or Province | AL | ||
Entity Address, Postal Zip Code | 35242 | ||
City Area Code | 205 | ||
Local Phone Number | 298-3000 | ||
Title of 12(b) Security | Common Stock, $1 par value | ||
Trading Symbol | VMC | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Common Stock, Shares Outstanding | 132,974,340 | ||
Documents Incorporated by Reference | Portions of the registrant’s annual proxy statement for the annual meeting of its shareholders to be held on May 12, 2023, are incorporated by reference into Part III of this Annual Report on Form 10-K | ||
Auditor Firm ID | 34 | ||
Auditor Location | Birmingham, Alabama | ||
Auditor Name | DELOITTE & TOUCHE LLP |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) shares in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | ||||
Total revenues | [1] | $ 7,315.2 | $ 5,552.2 | $ 4,856.8 |
Cost of revenues | 5,757.5 | 4,178.8 | 3,575.3 | |
Gross profit | 1,557.7 | 1,373.4 | 1,281.5 | |
Selling, administrative and general expenses | 515.1 | 417.6 | 359.8 | |
Gain on sale of property, plant & equipment and businesses | 10.7 | 120.1 | 4 | |
Loss on impairments | (67.9) | (4.6) | 0 | |
Other operating expense, net | (34) | (60.5) | (30) | |
Operating earnings | 951.4 | 1,010.8 | 895.7 | |
Other nonoperating income (expense), net | 5.1 | 10.7 | (17.5) | |
Interest income | 0.8 | 1.6 | 1.6 | |
Interest expense | 169.2 | 149.3 | 136 | |
Earnings from continuing operations before income taxes | 788.1 | 873.8 | 743.8 | |
Income tax expense | ||||
Current | 133.4 | 133.5 | 93.9 | |
Deferred | 59.6 | 66.6 | 61.9 | |
Total income tax expense | 193 | 200.1 | 155.8 | |
Earnings from continuing operations | 595.1 | 673.7 | 588 | |
Loss on discontinued operations, net of tax | (18.6) | (3.3) | (3.5) | |
Net earnings | 576.5 | 670.4 | 584.5 | |
(Earnings) loss attributable to noncontrolling interest | (0.9) | 0.4 | 0 | |
Net earnings attributable to Vulcan | 575.6 | 670.8 | 584.5 | |
Other comprehensive income (loss), net of tax | ||||
Deferred loss on cash flow hedge | 0 | 0 | (14.7) | |
Amortization of prior cash flow hedge loss | 1.5 | 1.5 | 1.7 | |
Adjustment for funded status of benefit plans | (6.5) | 13.4 | 6.4 | |
Amortization of actuarial loss and prior service cost for benefit plans | 3 | 13.7 | 23 | |
Other comprehensive income (loss) | (2) | 28.6 | 16.4 | |
Comprehensive income | 574.5 | 699 | 600.9 | |
Comprehensive (earnings) loss attributable to noncontrolling interest | (0.9) | 0.4 | 0 | |
Comprehensive income attributable to Vulcan | $ 573.6 | $ 699.4 | $ 600.9 | |
Basic earnings (loss) per share attributable to Vulcan | ||||
Continuing operations | $ 4.47 | $ 5.08 | $ 4.44 | |
Discontinued operations | (0.14) | (0.03) | (0.03) | |
Net earnings | 4.33 | 5.05 | 4.41 | |
Diluted earnings (loss) per share attributable to Vulcan | ||||
Continuing operations | 4.45 | 5.05 | 4.41 | |
Discontinued operations | (0.14) | (0.03) | (0.02) | |
Net earnings | $ 4.31 | $ 5.02 | $ 4.39 | |
Weighted-average common shares outstanding | ||||
Basic | 133 | 132.8 | 132.6 | |
Assuming dilution | 133.6 | 133.5 | 133.2 | |
[1] 1 The geographic markets are defined by states 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) |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Assets | ||
Cash and cash equivalents | $ 161.4 | $ 235 |
Restricted cash | 0.1 | 6.5 |
Accounts and notes receivable | ||
Customers, less allowance for credit losses 2022 — $10.9; 2021 — $10.3 | 845.6 | 783.2 |
Other | 199.7 | 55.5 |
Inventories | 579.3 | 521.3 |
Other current assets | 115.9 | 95.1 |
Total current assets | 1,902 | 1,696.6 |
Investments and long-term receivables | 31.8 | 34.1 |
Property, plant & equipment, net | 6,051.3 | 5,546.8 |
Operating lease right-of-use assets, net | 572.6 | 691.4 |
Goodwill | 3,689.6 | 3,696.7 |
Other intangible assets, net | 1,702.1 | 1,749 |
Other noncurrent assets | 285.2 | 268 |
Total assets | 14,234.6 | 13,682.6 |
Liabilities | ||
Current maturities of long-term debt | 0.5 | 5.2 |
Short-term debt | 100 | 0 |
Trade payables and accruals | 454.5 | 365.5 |
Accrued salaries, wages and management incentives | 112.7 | 120.5 |
Accrued interest | 20 | 19.6 |
Other current liabilities | 268.9 | 258.5 |
Total current liabilities | 956.6 | 769.3 |
Long-term debt | 3,875.2 | 3,874.8 |
Deferred income taxes, net | 1,072.8 | 1,005.9 |
Pension and other postretirement benefits | 82.2 | 106.3 |
Asset retirement obligations | 311.3 | 315.2 |
Deferred revenue | 159.8 | 167.1 |
Noncurrent operating lease liabilities | 548.4 | 642.5 |
Other noncurrent liabilities | 276.1 | 233.8 |
Total liabilities | 7,282.4 | 7,114.9 |
Other commitments and contingencies (Note 12) | ||
Equity | ||
Common stock, $1 par value, Authorized 480.0 shares, Outstanding 132.9 and 132.7 shares, respectively | 132.9 | 132.7 |
Capital in excess of par value | 2,839 | 2,816.5 |
Retained earnings | 4,111.4 | 3,748.5 |
Accumulated other comprehensive loss | (154.7) | (152.7) |
Total shareholders' equity | 6,928.6 | 6,545 |
Noncontrolling interest | 23.6 | 22.7 |
Total equity | 6,952.2 | 6,567.7 |
Total liabilities and equity | $ 14,234.6 | $ 13,682.6 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
CONSOLIDATED BALANCE SHEETS [Abstract] | ||
Customers, allowance for doubtful accounts | $ 10.9 | $ 10.3 |
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 480,000,000 | 480,000,000 |
Common stock, shares outstanding | 132,900,000 | 132,700,000 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating Activities | |||
Net earnings | $ 576.5 | $ 670.4 | $ 584.5 |
Adjustments to reconcile net earnings to net cash provided by operating activities | |||
Depreciation, depletion, accretion and amortization | 587.5 | 463 | 396.8 |
Loss on impairments | 67.9 | 4.6 | 0 |
Noncash operating lease expense | 60.3 | 49 | 38.3 |
Net gain on sale of property, plant & equipment and businesses | (10.7) | (120.1) | (4) |
Contributions to pension plans | (7.8) | (8) | (8.8) |
Share-based compensation expense | 41.1 | 34.7 | 33 |
Deferred tax expense | 57.7 | 66.8 | 62 |
(Increase) decrease in assets excluding the initial effects of business acquisitions and dispositions | |||
Accounts and notes receivable | (53.3) | (42) | 13.4 |
Inventories | (49.5) | 8.3 | 9.8 |
Prepaid expenses | 9.5 | (14.2) | 2.6 |
Other assets | (101.8) | (29.8) | (14.4) |
Increase (decrease) in liabilities excluding the initial effects of business acquisitions and dispositions | |||
Accrued interest and income taxes | 0.4 | (0.4) | 0.8 |
Trade payables and other accruals | (17.4) | (23.3) | (6.9) |
Other noncurrent liabilities | (36.4) | (78.9) | (44.9) |
Other, net | 24.2 | 31.8 | 8.2 |
Net cash provided by operating activities | 1,148.2 | 1,011.9 | 1,070.4 |
Investing Activities | |||
Purchases of property, plant & equipment | (612.6) | (451.3) | (362.2) |
Proceeds from sale of property, plant & equipment | 38.7 | 216.5 | 11.5 |
Proceeds from sale of businesses | 50 | 0 | 1 |
Payment for businesses acquired, net of acquired cash | (529.2) | (1,639.4) | (43.2) |
Other, net | 0.1 | 0.1 | 11.4 |
Net cash used for investing activities | (1,053) | (1,874.1) | (381.5) |
Financing Activities | |||
Proceeds from short-term debt | 1,361 | 0 | 0 |
Payment of short-term debt | (1,261) | 0 | 0 |
Payment of current maturities and long-term debt | (557.7) | (1,451.7) | (250) |
Proceeds from issuance of long-term debt | 550 | 1,600 | 750 |
Debt issuance and exchange costs | (2.8) | (13.3) | (15.4) |
Payment of finance leases | (33.8) | (13.5) | (1.6) |
Settlements of interest rate derivatives | 0 | 0 | (19.9) |
Purchases of common stock | 0 | 0 | (26.1) |
Dividends paid | (212.6) | (196.4) | (180.2) |
Share-based compensation, shares withheld for taxes | (18.5) | (19.1) | (22.1) |
Other, net | 0.2 | (0.3) | (0.1) |
Net cash provided by (used for) financing activities | (175.2) | (94.3) | 234.6 |
Net increase (decrease) in cash and cash equivalents and restricted cash | (80) | (956.5) | 923.5 |
Cash and cash equivalents and restricted cash at beginning of year | 241.5 | 1,198 | 274.5 |
Cash and cash equivalents and restricted cash at end of year | $ 161.5 | $ 241.5 | $ 1,198 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Millions, $ in Millions | Common Stock [Member] | Capital In Excess Of Par Value [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total Shareholders' Equity [Member] | Non-controlling Interest [Member] | Total |
Beginning balance, shares at Dec. 31, 2019 | 132.4 | ||||||
Beginning Balance at Dec. 31, 2019 | $ 132.4 | $ 2,791.3 | $ 2,895.9 | $ (197.7) | $ 5,621.9 | $ 0 | $ 5,621.9 |
Net earnings | $ 0 | 0 | 584.5 | 0 | 584.5 | 0 | 584.5 |
Share-based compensation plans, net of shares withheld for taxes, shares | 0.3 | ||||||
Share-based compensation plans, net of shares withheld for taxes | $ 0.3 | (22.4) | 0 | 0 | (22.1) | 0 | (22.1) |
Purchase and retirement of common stock, shares | (0.2) | ||||||
Purchase and retirement of common stock | $ (0.2) | 0 | (25.9) | 0 | (26.1) | 0 | (26.1) |
Share-based compensation expense | 0 | 33 | 0 | 0 | 33 | 0 | 33 |
Cash dividends on common stock | 0 | 0 | (180.2) | 0 | (180.2) | 0 | (180.2) |
Other comprehensive income (loss) | 0 | 0 | 0 | 16.4 | 16.4 | 0 | 16.4 |
Other | $ 0 | 0.1 | (0.2) | 0 | (0.1) | 0 | (0.1) |
Ending balance, shares at Dec. 31, 2020 | 132.5 | ||||||
Ending Balance at Dec. 31, 2020 | $ 132.5 | 2,802 | 3,274.1 | (181.3) | 6,027.3 | 0 | 6,027.3 |
Net earnings | $ 0 | 0 | 670.8 | 0 | 670.8 | (0.4) | 670.4 |
Share-based compensation plans, net of shares withheld for taxes, shares | 0.2 | ||||||
Share-based compensation plans, net of shares withheld for taxes | $ 0.2 | (20.3) | 0 | 0 | (20.1) | 0 | (20.1) |
Share-based compensation expense | 0 | 34.7 | 0 | 0 | 34.7 | 0 | 34.7 |
Cash dividends on common stock | 0 | 0 | (196.4) | 0 | (196.4) | 0 | (196.4) |
Other comprehensive income (loss) | 0 | 0 | 0 | 28.6 | 28.6 | 0 | 28.6 |
Acquisition of noncontrolling interests | 0 | 0 | 0 | 0 | 0 | 23.1 | 23.1 |
Other | $ 0 | 0.1 | 0 | 0 | 0.1 | 0 | 0.1 |
Ending balance, shares at Dec. 31, 2021 | 132.7 | ||||||
Ending Balance at Dec. 31, 2021 | $ 132.7 | 2,816.5 | 3,748.5 | (152.7) | 6,545 | 22.7 | 6,567.7 |
Net earnings | $ 0 | 0 | 575.6 | 0 | 575.6 | 0.9 | 576.5 |
Share-based compensation plans, net of shares withheld for taxes, shares | 0.2 | ||||||
Share-based compensation plans, net of shares withheld for taxes | $ 0.2 | (18.7) | 0 | 0 | (18.5) | 0 | (18.5) |
Share-based compensation expense | 0 | 41.1 | 0 | 0 | 41.1 | 0 | 41.1 |
Cash dividends on common stock | 0 | 0 | (212.6) | 0 | (212.6) | 0 | (212.6) |
Other comprehensive income (loss) | 0 | 0 | 0 | (2) | (2) | 0 | (2) |
Other | $ 0 | 0.1 | (0.1) | 0 | 0 | 0 | 0 |
Ending balance, shares at Dec. 31, 2022 | 132.9 | ||||||
Ending Balance at Dec. 31, 2022 | $ 132.9 | $ 2,839 | $ 4,111.4 | $ (154.7) | $ 6,928.6 | $ 23.6 | $ 6,952.2 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2022 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTES TO 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), a major producer of asphalt mix and ready-mixed concrete, and a supplier of construction paving services. We operate primarily in the United States, and our principal product — aggregates — is used in virtually all types of public and private construction projects and in the production of asphalt mix and ready-mixed concrete. We serve aggregates markets in twenty-two states, the U.S. Virgin Islands, Washington D.C., and the local markets surrounding our operations in Freeport, Bahamas; British Columbia, Canada; Puerto Cortés, Honduras; and Quintana Roo, Mexico (see Note 12, NAFTA Arbitration). 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 asphalt mix and/or ready-mixed concrete in our Alabama, Arizona, California, Maryland, New Mexico, Oklahoma, Tennessee, Texas, Virginia, U.S. Virgin Islands and Washington D.C. Year-over-year comparisons are significantly impacted by our August 2021 acquisition of U.S. Concrete (see Note 19). Due to the 2005 sale of our Chemicals business as described below, the results of the Chemicals business are presented as discontinued operations in the accompanying Consolidated Statements of Comprehensive Income. DISCONTINUED OPERATIONS In 2005, we sold substantially all the assets of our Chemicals business to Basic Chemicals, a subsidiary of Occidental Chemical Corporation. The financial results of the Chemicals business are classified as discontinued operations in the accompanying Consolidated Statements of Comprehensive Income for all periods presented. Results from discontinued operations are as follows: in millions 2022 2021 2020 Discontinued Operations Pretax loss $ ( 25.2 ) $ ( 4.5 ) $ ( 4.7 ) Income tax benefit 6.6 1.2 1.2 Loss on discontinued operations, net of tax $ ( 18.6 ) $ ( 3.3 ) $ ( 3.5 ) 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 12). In addition, 2022 includes a $ 15.3 million charge for a litigation matter. There were no revenues from discontinued operations for the years presented. PRINCIPLES OF CONSOLIDATION The consolidated financial statements include the accounts of Vulcan Materials Company and all our majority or wholly-owned subsidiary companies. Partially-owned affiliates are either consolidated or accounted for at cost or as equity investments depending on the level of ownership interest or our ability to exercise control over the affiliates’ operations. All intercompany transactions and accounts have been eliminated in consolidation. NONCONTROLLING INTEREST In connection with our August 2021 U.S. Concrete acquisition, we obtained an 88 % controlling interest in the Orca Sand and Gravel Limited Partnership (Orca) . Orca 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. USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS The preparation of these financial statements in conformity with accounting principles generally accepted (GAAP) in the United States of America requires us to make estimates and judgments that affect 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 evaluate these estimates and judgments on an ongoing basis and base our estimates on historical experience, current conditions and various other assumptions that are believed to be reasonable under the circumstances. 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. Actual results may differ materially from these estimates. The most significant estimates 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. Events that relate to conditions arising after December 31, 2022 will be reflected in management’s estimates for future periods. This includes conditions resulting from the impacts of the current conflict between Russia and Ukraine, as c onstruction activity continues to be impacted by cost inflation and capacity constraints (including supply chain bottlenecks, labor shortages and transportation availability). BUSINESS COMBINATIONS We account for business combinations under the acquisition method of accounting. The purchase price of an acquisition is allocated to the underlying identifiable assets acquired and liabilities assumed based on their respective fair values. The purchase price is determined based on the fair value of consideration transferred to and liabilities assumed from the seller as of the date of acquisition. We allocate the purchase price to the fair values of the tangible and identifiable intangible assets acquired and liabilities assumed as of the date of acquisition. Goodwill is recorded for the excess of the purchase price over the net fair value of the identifiable assets acquired and liabilities assumed. Determining the fair values of assets acquired and liabilities assumed requires judgment and often involves the use of significant estimates and assumptions. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction, and therefore represents an exit price. A fair value measurement assumes the highest and best use of the asset by market participants. We may adjust the amounts recognized in an acquisition during a measurement period after the acquisition date. Any such adjustments are the result of subsequently obtaining additional information that existed at the acquisition date regarding the assets acquired or the liabilities assumed. Measurement period adjustments are generally recorded as increases or decreases to goodwill, if any, recognized in the transaction. The cumulative impact of measurement period adjustments on depreciation, amortization and other income statement items are recognized in the period the adjustment is determined. FOREIGN CURRENCY TRANSACTIONS The U. S . dollar is the functional currency for all of our operations, as the primary economic environment in which we transact business is the United States. For our non-U.S. subsidiaries, local currency inventories and long-term assets such as property, plant & equipment and intangibles are remeasured into U.S. dollars at approximate rates prevailing when acquired; all other assets and liabilities are remeasured at year-end exchange rates. Inventories charged to cost of sales and depreciation are remeasured at historical rates; all other income and expense items are remeasured at average exchange rates prevailing during the year. Gains and losses which result from remeasurement are included i n o ther non operating income/ expense in the accompanying Consolidated Statements of Comprehensive Income and are not material for the years presented. CASH EQUIVALENTS We classify as cash equivalents all highly liquid securities with a maturity of three months or less at the time of purchase. The carrying amount of these securities approximates fair value due to their short-term maturities. 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 Consolidated Statements of Cash Flows. ACCOUNTS AND NOTES RECEIVABLE Accounts and notes receivable from customers result from our extending credit to trade customers for the purchase of our products. The terms generally provide for payment within 15 days of the month following invoice. On occasion, when necessary to conform to regional industry practices, we sell product under extended payment terms, which may result in either secured or unsecured short-term notes; or, on occasion, notes with durations of less than one year are taken in settlement of existing accounts receivable. Other accounts and notes receivable result from short-term transactions (less than one year) other than the sale of our products, such as interest receivable, insurance claims, freight claims, bid deposits or rents receivable. Allowance for credit losses is based on our assessment of the collectability of customer accounts. We regularly review the allowance by considering factors such as historical experience, credit quality, the age of the accounts receivable balances, and current economic conditions that may affect a customer’s ability to pay. Bad debt expense (included in selling, administrative and general expense) for the years ended December 31 was as follows: 2022 — $ 0.7 million, 2021 — $ 1.3 million and 2020 — $ 1.1 million . INVENTORIES Inventories and supplies are stated at the lower of cost or net realizable value. We use the last-in, first-out (LIFO) method of valuation for most of our inventories because it results in a better matching of costs with revenues. Such costs include fuel, parts and supplies, raw materials, direct labor and production overhead. An actual valuation of inventory under the LIFO method can be made only at the end of each year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations are based on our estimates of expected year-end inventory levels and costs and are subject to the final year-end LIFO inventory valuation. Substantially all operating supplies inventory is carried at average cost. For additional information about inventories, see Note 3. PROPERTY, PLANT & EQUIPMENT Property, plant & equipment are carried at cost less accumulated depreciation, depletion and amortization. For assets sold or otherwise disposed of, the cost and related accumulated depreciation are removed, and any related gain or loss is reflected in income. For additional information about our property, plant & equipment, see Note 4. REPAIR AND MAINTENANCE Repair and maintenance costs generally are charged to operating expense as incurred. Renewals and betterments that add materially to the utility or useful lives of property, plant & equipment are capitalized and subsequently depreciated. Actual costs for planned major maintenance activities, related primarily to periodic overhauls on our aircrafts and oceangoing vessels, are capitalized and amortized to the next overhaul. LEASES Our nonmineral leases with initial terms in excess of one year are recognized on the balance sheet as right-of-use (ROU) assets and lease liabilities. Mineral leases are exempt from balance sheet recognition. ROU assets represent our right to use an underlying asset for the lease term, and lease liabilities represent our obligation to make lease payments arising from the leases. ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. The lease term only includes options to extend or terminate the lease when it is reasonably certain that we will exercise that option. As our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. ROU assets are adjusted for any prepaid lease payments and lease incentives. Except for equipment with monthly monitoring service where the service component accounts for a majority of the lease cost, the non-lease components of our lease agreements are not separated from the lease components. For additional information about leases, see Note 7. DEPRECIATION, DEPLETION, ACCRETION AND AMORTIZATION Depreciation is generally computed by the straight-line method at rates based on the estimated service lives of the various classes of assets, which include machinery and equipment ( 3 to 35 years), buildings ( 7 to 20 years) and land improvements ( 3 to 20 years). Finance leases are amortized over varying periods not in excess of applicable lease terms or estimated useful lives. Capitalized software costs are included in machinery and equipment and are depreciated on a straight-line basis beginning when the software project is substantially complete. Cost depletion on depletable land is computed by the unit-of-sales method based on estimated recoverable units. Accretion reflects the period-to-period increase in the carrying amount of the liability for asset retirement obligations. It is computed using the same credit-adjusted, risk-free rate used to initially measure the liability at fair value. Leaseholds are amortized over varying periods not in excess of applicable lease terms or estimated useful lives. Amortization of intangible assets subject to amortization is computed based on the estimated life of the intangible assets. A significant portion of our intangible assets is contractual rights in place associated with zoning, permitting and other rights to access and extract aggregates reserves. Contractual rights in place associated with aggregates reserves are amortized using the unit-of-sales method based on estimated recoverable units. Other intangible assets are amortized principally by the straight-line method. Depreciation, depletion, accretion and amortization expense for the years ended December 31 is outlined below: in millions 2022 2021 2020 Depreciation, Depletion, Accretion and Amortization Depreciation $ 409.1 $ 343.4 $ 315.2 Depletion 50.2 31.2 21.0 Accretion 14.1 13.1 12.4 Amortization of finance leases 16.5 7.1 1.6 Amortization of intangibles 97.6 68.2 46.6 Total $ 587.5 $ 463.0 $ 396.8 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, and consistent with our risk management policies, 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. The accounting for gains and losses that result from changes in the fair value of derivative instruments depends on whether the derivatives have been designated and qualify as hedging instruments and the type of hedging relationship. Changes in the fair value of interest rate swap fair value hedges are recorded as interest expense consistent with the change in the fair value of the hedged item attributable to the risk being hedged. Changes in the fair value of interest rate swap cash flow hedges are recorded in accumulated other comprehensive income (AOCI) and are reclassified into interest expense in the same period the hedged items affect earnings. We may also enter into contracts that qualify for the normal purchases and normal sales (NPNS) exception. When a contract meets the criteria to qualify as NPNS, we apply such exception. Income recognition and realization related to NPNS contracts generally coincide with the physical delivery of the commodity. For contracts qualifying for the NPNS exception, no recognition of the contract’s fair value in the consolidated financial statements is required until settlement of the contract as long as the transaction remains probable of occurring. For a dditional information about derivative instruments, see 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 at December 31 subject to fair value measurement on a recurring basis are summarized below: Level 1 Fair Value in millions 2022 2021 Fair Value Recurring Rabbi Trust Mutual funds $ 28.6 $ 34.7 Total $ 28.6 $ 34.7 Level 2 Fair Value in millions 2022 2021 Fair Value Recurring Rabbi Trust Money market mutual fund $ 1.5 $ 0.6 Total $ 1.5 $ 0.6 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 (losses) of the Rabbi Trusts’ investments were $( 4.8 ) million, $ 6.1 million and $ 4.5 million for the years ended December 31, 2022, 2021 and 2020, respectively. The portions of the net gains (losses) related to investments still held by the Rabbi Trusts at December 31, 2022, 2021 and 2020 were $( 5.2 ) million, $ 5.3 million and $ 4.1 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 5. 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 5 and 6, respectively. During the third quarter of 2022, net assets held for sale (our concrete operations in New Jersey, New York and Pennsylvania) with a carrying value of $ 196.9 million were written down to their estimated fair value less cost to sell of $ 180.0 million, resulting in an impairment loss of $ 16.9 million (these net assets were subsequently sold during the fourth quarter resulting in an additional loss on sale of $ 17.4 million). The estimated fair value was determined based on the expected proceeds from the probable sale of the disposal group. See below for a related goodwill impairment charge and Note 19 for additional discussion of the disposal of the net assets. GOO DWILL IMPAIRMENT Goodwill represents the excess of the cost of net assets acquired in business combinations over the fair value of the identifiable tangible and intangible assets acquired and liabilities assumed in a business combination. Goodwill impairment exists when the fair value of a reporting unit is less than its carrying amount. As of December 31, 2022, goodwill totaled $ 3,689.6 million as compared to $ 3,696.7 million at December 31, 2021. Goodwill represents 26 % of total assets at December 31, 2022 and 27 % at December 31, 2021. Goodwill is tested for impairment annually, as of November 1, or more frequently whenever events or changes in circumstances would more likely than not reduce the fair value of a reporting unit below its carrying amount. Goodwill is tested for impairment at the reporting unit level, one level below our operating segments. We have four operating segments organized around our principal product lines: Aggregates, Asphalt, Concrete and Calcium. Within these four operating segments, we have identified 17 reporting units (of which 12 carry goodwill) based primarily on geographic location. We have the option of either assessing qualitative factors to determine whether it is more likely than not that the carrying value of our reporting units exceeds their respective fair value or proceeding directly to a quantitative test. We elected to perform the quantitative impairment test for all years presented. The quantitative impairment test compares the fair value of a reporting unit to its carrying value, including goodwill. I f the fair value exceeds its carrying value, the goodwill of the reporting unit is not considered impaired. However, if the carrying value of a reporting unit exceeds its fair value, we recognize an impairment loss equal to that excess. During the third quarter of 2022, we recorded an interim goodwill impairment loss of $ 50.9 million resulting from the fourth quarter sale of a reporting unit comprised of concrete operations in New Jersey, New York and Pennsylvania (see Note 19 for additional information). There were no charges for goodwill impairment in the years ended December 31, 2021 or 2020. The results of our annual impairment tests performed as of November 1, 2021 and 2020 indicated that the fair values of all reporting units with goodwill substantially exceeded (in excess of 100 %) their carrying values. The results of our annual impairment test performed as of November 1, 2022 indicated that the fair values of all reporting units with goodwill exceeded their carrying values by approximately 10 % to greater than 100 %. The reporting units with the smallest excess of fair value versus carrying value include concrete operations acquired with U.S. Concrete in August 2021. We estimate the fair values of the reporting units using both an income approach (which involves discounting estimated future cash flows) and a market approach (which involves the application of revenue and EBITDA multiples of comparable companies). Determining the fair value of our reporting units involves the use of significant estimates and assumptions and considerable management judgment. We base our fair value estimates on assumptions we believe to be reasonable at the time, but such assumptions are subject to inherent uncertainty and actual results may differ. Changes in key assumptions or management judgment with respect to a reporting unit or its prospects, which may result from a change in market conditions, market trends, interest rates or other factors outside of our control, or underperformance relative to historical or projected operating results, could result in a significantly different estimate of the fair value of our reporting units, which could result in an impairment charge in the future. For additional information about goodwill, see Note 18. IMPAIRMENT OF LONG-LIVED ASSETS EXCLUDING GOODWILL We evaluate the carrying value of long-lived assets, including intangible assets subject to amortization, when events and circumstances indicate that the carrying value may not be recoverable. The carrying value of long-lived assets is considered impaired when the estimated undiscounted cash flows from such assets are less than their carrying value. In that event, we recognize a loss equal to the amount by which the carrying value exceeds the fair value. Fair value is determined primarily by using a discounted cash flow methodology that requires considerable judgment and assumptions. Our estimate of net future cash flows is based on historical experience and assumptions of future trends, which may be different from actual results. We periodically review the appropriateness of the estimated useful lives of our long-lived assets. We test long-lived assets for impairment at the a significantly lower level than the level at which we test goodwill for impairment. In markets where we do not produce downstream products (e.g., asphalt mix and ready-mixed concrete), the lowest level of largely independent identifiable cash flows is at the individual aggregates operation or a group of aggregates operations collectively serving a local market. Conversely, in vertically integrated markets, the cash flows of our downstream and upstream businesses are not largely independently identifiable as the selling price of the upstream products (aggregates) determines the profitability of the downstream business. As of December 31, 2022, net property, plant & equipment represents 43 % of total assets, while net other intangible assets represents 12 % of total assets. As previously noted, during the third quarter of 2022, we recorded a $ 16.9 million loss on impairment of long-lived assets resulting from the fourth quarter sale of concrete operations in New Jersey, New York and Pennsylvania (see Note 19 for divestiture information and Note 18 for a related goodwill impairment charge). During 2021 and 2020, we recorded no significant losses on impairment of long-lived assets. For additional information about long-lived assets and intangible assets, see Notes 4 and 18, respectively. REVENUES AND REVENUE RECOGNITION Total revenues include sales of product and services to customers, net of any discounts and taxes, and freight and delivery revenues billed to customers. Freight and delivery generally represent pass-through transportation we incur (including our administrative costs) and pay to third-party carriers to deliver our products to customers. The cost related to freight and delivery is included in cost of revenues. Revenues for product sales are recognized when control passes to the customer (typically occurs when finished products are shipped/delivered). Construction paving revenues are recognized using the percentage-of-completion method. For additional information regarding revenues and revenue recognition, see Note 2. STRIPPING COSTS In the mining industry, the costs of removing overburden and waste materials to access mineral deposits are referred to as stripping costs. Stripping costs incurred during the production phase are considered costs of extracted minerals under our inventory costing system, inventoried, and recognized in cost of sales in the same period as the revenue from the sale of the inventory. The production stage is deemed to begin when the activities, including removal of overburden and waste material that may contain incidental saleable material, required to access the saleable product are complete. Stripping costs considered as production costs and included in the costs of inventory produced were $ 133.1 million in 2022, $ 90.7 million in 2021 and $ 90.4 million in 2020. Conversely, stripping costs incurred during the development stage of a mine (pre-production stripping) are excluded from our inventory cost. Pre-production stripping costs are capitalized and reported within other noncurrent assets in our accompanying Consolidated Balance Sheets. Capitalized pre-production stripping costs are expensed over the productive life of the mine using the unit-of-sales method. Pre-production stripping costs included in other noncurrent assets were $ 100.2 million as of December 31, 2022 and $ 95.6 million as of December 31, 2021. RECLAMATION COSTS Reclamation costs resulting from normal use of long-lived assets are recognized over the period the asset is in use when there is a legal obligation to incur these costs upon retirement of the assets. Additionally, reclamation costs resulting from normal use under a mineral lease are recognized over the lease term when there is a legal obligation to incur these costs upon expiration of the lease. The obligation, which cannot be reduced by estimated offsetting cash flows, is recorded at fair value as a liability at the obligating event date and is accreted through charges to operating expenses. This fair value is also capitalized as part of the carrying amount of the underlying asset and depreciated over the estimated useful life of the asset. If the obligation is settled for other than the carrying amount of the liability, a gain or loss is recognized on settlement. To determine the fair value of the obligation, we estimate the cost ( including a reasonable profit margin) for a third party to perform the legally required reclamation tasks. This cost is then increased for both future estimated inflation and an estimated market risk premium related to the estimated years to settlement. Once calculated, this cost is discounted to fair value using present value techniques with a credit-adjusted, risk-free rate commensurate with the estimated years to settlement. In estimating the settlement date, we evaluate the current facts and conditions to determine the most likely settlement date. If this evaluation identifies alternative estimated settlement dates, we use a weighted-average settlement date considering the probabilities of each alternative. We review reclamation obligations at least annually for a revision to the cost or a change in the estimated settlement date. Additionally, reclamation obligations are reviewed in the period that a triggering event occurs that would result in either a revision to the cost or a change in the estimated settlement date. Examples of events that would trigger a change in the cost include a new reclamation law or amendment of an existing mineral lease. Examples of events that would trigger a change in the estimated settlement date include the acquisition of additional reserves or the closure of a facility. The carrying value of these obligations was $ 311.3 million as of December 31, 2022 and $ 315.2 million as of December 31, 2021. For additional information about reclamation obligations (referred to in our financial statements as asset retirement obligations), see Note 17. ENVIRONMENTAL COMPLIANCE Our environmental compliance costs are undiscounted and include the cost of ongoing monitoring programs, the cost of remediation efforts and other similar costs. We accrue costs for environmental assessment and remediation efforts when we determine that a liability is probable and we can reasonably estimate the cost. At the early stages of a remediation effort, environmental remediation liabilities are not easily quantified due to the uncertainties of various factors. The range of an estimated remediation liability is defined and redefined as events in the remediation effort occur, but generally liabilities are recognized no later than the completion of the remedial feasibility study. When we can estimate a range of probable loss, we accrue the most likely amount. If no amount in the range of probable loss is considered most likely, the minimum loss in the range is accrued. As of December 31, 2022, the spread between the amount accrued and the maximum loss in the range for all sites for which a range can be reasonably estimated was $ 6.4 million — this amount does not represent our maximum exposure to loss for all environmental remediation obligations as it excludes those sites for which a range of loss cannot be reasonably estimated at this time. Accrual amounts may be based on technical cost estimations or the professional judgment of experienced environmental managers. Our Safety, Health and Environmental Affairs Management Committee routinely reviews cost estimates and key assumptions in response to new information, such as the kinds and quantities of hazardous substances, available technologies and changes to the parties participating in the remediation efforts. H owever, a number of factors, including adverse agency rulings and encountering unanticipated con |
REVENUES
REVENUES | 12 Months Ended |
Dec. 31, 2022 | |
REVENUES [Abstract] | |
REVENUES | NOTE 2: REVENUES Revenues are measured as the amount of consideration we expect to receive in exchange for transferring goods or providing services. Sales 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. 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 as follows: 2022 — $ 233.1 million ( 3.2 % of total revenues), 2021 — $ 221.4 million ( 4.0 % of total revenues) and 2020 — $ 214.3 million ( 4.4 % of total revenues) . Our products typically are sold to private industry and not directly to governmental entities. Although approximately 45 % to 55 % of our aggregates shipments have historically been used in publicly-funded construction (such as highways, airports and government buildings), relatively insignificant 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 aggregates business is not directly subject to renegotiation of profits or termination of contracts with state or federal governments. Our segment total revenues by geographic market for the years ended December 31, 2022, 2021 and 2020 are disaggregated as follows: For the Year Ended December 31, 2022 in millions Aggregates Asphalt Concrete Calcium Total Total Revenues by Geographic Market 1 East $ 1,508.2 $ 177.3 $ 694.2 $ 0.0 $ 2,379.7 Gulf Coast 2,933.0 211.2 551.9 7.8 3,703.9 West 831.6 601.7 347.8 0.0 1,781.1 Segment sales $ 5,272.8 $ 990.2 $ 1,593.9 $ 7.8 $ 7,864.7 Intersegment sales ( 549.5 ) 0.0 0.0 0.0 ( 549.5 ) Total revenues $ 4,723.3 $ 990.2 $ 1,593.9 $ 7.8 $ 7,315.2 For the Year Ended December 31, 2021 in millions Aggregates Asphalt Concrete Calcium Total Total Revenues by Geographic Market 1 East $ 1,326.6 $ 142.4 $ 389.9 $ 0.0 $ 1,858.9 Gulf Coast 2,390.7 179.6 243.5 6.9 2,820.7 West 627.7 455.8 133.4 0.0 1,216.9 Segment sales $ 4,345.0 $ 777.8 $ 766.8 $ 6.9 $ 5,896.5 Intersegment sales ( 344.3 ) 0.0 0.0 0.0 ( 344.3 ) Total revenues $ 4,000.7 $ 777.8 $ 766.8 $ 6.9 $ 5,552.2 For the Year Ended December 31, 2020 in millions Aggregates Asphalt Concrete Calcium Total Total Revenues by Geographic Market 1 East $ 1,198.1 $ 142.2 $ 263.7 $ 0.0 $ 1,604.0 Gulf Coast 2,165.2 178.5 71.1 7.7 2,422.5 West 581.0 471.9 48.8 0.0 1,101.7 Segment sales $ 3,944.3 $ 792.6 $ 383.6 $ 7.7 $ 5,128.2 Intersegment sales ( 271.4 ) 0.0 0.0 0.0 ( 271.4 ) Total revenues $ 3,672.9 $ 792.6 $ 383.6 $ 7.7 $ 4,856.8 1 The geographic markets are defined by states 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) 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 15 th day of the following month — we do not offer discounts for early payment. Freight & delivery generally represents pass-through transportation 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: in millions 2022 2021 2020 Freight & Delivery Revenues Total revenues $ 7,315.2 $ 5,552.2 $ 4,856.8 Freight & delivery revenues 1 ( 960.3 ) ( 768.3 ) ( 738.5 ) Total revenues excluding freight & delivery $ 6,354.9 $ 4,783.9 $ 4,118.3 1 Includes 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 December 31, 2022, 2021 and 2020 were $ 112.3 million, $ 133.8 million and $ 125.7 million, respectively. The remaining period to complete the 2022 obligations ranged from 1 month to 56 months . 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 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 the VPP deferred revenue balances (current and noncurrent) are as follows: in millions 2022 2021 2020 Deferred Revenue Balance at beginning of year $ 170.1 $ 178.0 $ 185.3 Revenue recognized from deferred revenue ( 8.3 ) ( 7.9 ) ( 7.3 ) Balance at end of year $ 161.8 $ 170.1 $ 178.0 Based on expected sales from the specified quarries, we expect to recognize $ 7.5 million of VPP deferred revenue as income in 2023 (reflected in other current liabilities in our December 31, 2022 Consolidated Balance Sheet). |
INVENTORIES
INVENTORIES | 12 Months Ended |
Dec. 31, 2022 | |
INVENTORIES [Abstract] | |
INVENTORIES | NOTE 3: INVENTORIES Inventories at December 31 are as follows: in millions 2022 2021 Inventories Finished products 1 $ 439.3 $ 418.0 Raw materials 63.4 59.9 Products in process 6.0 4.2 Operating supplies and other 70.6 39.2 Total $ 579.3 $ 521.3 1 Includes inventories encumbered b y vo lumetric production payment s (see Note 2 ), as follows: December 31, 2022 — $ 3.6 million ; December 31, 2021 — $ 2.8 million. In addition to the inventory balances presented above, as of December 31, 2022 and December 31, 2021, we had $ 8.8 million and $ 8.5 million, respectively, of inventory classified as long-term assets (other noncurrent assets) as we do not expect to sell the inventory within one year of their respective balance sheet dates. We use the LIFO method of valuation for most of our inventories as it results in a better matching of costs with revenues. Inventories valued under the LIFO method total $ 295.1 million at December 31, 2022 and $ 290.2 million at December 31, 2021. During 2022, 2021 and 2020, inventory reductions resulted in liquidations of LIFO inventory layers carried at costs prevailing in prior years as compared to current-year costs. The effect of the LIFO liquidation on 2022 results was to decrease cost of revenues by $ 4.8 million and increase net earnings by $ 3.5 million. The effect of the LIFO liquidation on 2021 results was to decrease cost of revenues by $ 0.6 million and increase net earnings by $ 0.4 million. The effect of the LIFO liquidation on 2020 results was to decrease cost of revenues by $ 0.9 million and increase net earnings by $ 0.6 million. Estimated current cost exceeded LIFO cost at December 31, 2022 and 2021 by $ 264.7 million and $ 199.7 million, respectively. In periods of increasing costs, LIFO generally results in higher cost of revenues than under FIFO. In periods of decreasing costs, the results are generally the opposite. We provide supplemental income disclosures to facilitate comparisons with companies not on LIFO. The supplemental income calculation is derived by tax-affecting the change in the LIFO reserve for the periods presented. If all inventories valued at LIFO cost had been valued under first-in, first-out (FIFO) method, the approximate effect on net earnings would have been an in crease of $ 48.1 million in 2022, an increase of $ 5.3 million in 2021 and an increase of $ 7.3 million in 2020 . |
PROPERTY, PLANT & EQUIPMENT
PROPERTY, PLANT & EQUIPMENT | 12 Months Ended |
Dec. 31, 2022 | |
PROPERTY, PLANT & EQUIPMENT [Abstract] | |
PROPERTY, PLANT & EQUIPMENT | NOTE 4: PROPERTY, PLANT & EQUIPMENT Balances of major classes of assets and allowances for depreciation, depletion and amortization at December 31 are as follows: in millions 2022 2021 Property, Plant & Equipment Land and land improvements 1 $ 3,991.1 $ 3,631.7 Buildings 223.3 182.9 Machinery and equipment 6,454.2 6,109.2 Finance leases (see Note 7) 93.2 36.3 Deferred asset retirement costs 165.9 182.5 Construction in progress 378.7 301.8 Total, gross $ 11,306.4 $ 10,444.4 Less allowances for depreciation, depletion and amortization 5,255.1 4,897.6 Total, net $ 6,051.3 $ 5,546.8 1 Includes depletable lan d as follows: December 31, 2022 — $ 2,445.6 million and December 31, 2021 — $ 2,238.4 million . Capitalized interest costs with respect to qualifying construction projects and total interest costs incurred before recognition of the capitalized amount for the years ended December 31 are as follows: in millions 2022 2021 2020 Capitalized interest cost $ 3.6 $ 4.2 $ 3.5 Total interest cost incurred before recognition of the capitalized amount 172.8 153.5 139.5 Capitalized software costs of $ 10.1 million and $ 14.7 million (including $ 13.2 million of capitalized software obtained via the U.S. Concrete acquisition) are reflected in net property, plant & equipment as of December 31, 2022 and 2021, respectively. We capitalized software costs for the years ended December 31 as follows: 2022 — $ 2.7 million, 2021 — $ 2.7 million and 2020 — $ 1.1 million. |
DERIVATIVE INSTRUMENTS
DERIVATIVE INSTRUMENTS | 12 Months Ended |
Dec. 31, 2022 | |
DERIVATIVE INSTRUMENTS [Abstract] | |
DERIVATIVE INSTRUMENTS | NOTE 5: 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 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 Consolidated Statements of Comprehensive Income for the years ended December 31 as follows: in millions Location on Statement 2022 2021 2020 Cash Flow Hedges Loss reclassified from AOCI Interest expense $ ( 2.0 ) $ ( 2.0 ) $ ( 2.3 ) For the twelve-month period ending December 31, 2023, we estimate that $ 2.1 million of the $ 21.0 million net of tax loss in AOCI will be reclassified to interest expense. |
DEBT
DEBT | 12 Months Ended |
Dec. 31, 2022 | |
DEBT [Abstract] | |
DEBT | NOTE 6: DEBT Debt at December 31 is detailed as follows: Effective in millions Interest Rates 2022 2021 Short-term Debt Bank line of credit expires 2027 1 $ 100.0 $ 0.0 Commercial paper expires 2027 1 0.0 0.0 Total short-term debt $ 100.0 $ 0.0 Long-term Debt Bank line of credit expires 2027 1 $ 0.0 $ 0.0 Commercial paper expires 2027 1 550.0 0.0 Delayed draw term loan due 2026 550.0 1,100.0 4.50 % notes due 2025 4.65 % 400.0 400.0 3.90 % notes due 2027 4.00 % 400.0 400.0 3.50 % notes due 2030 3.94 % 750.0 750.0 7.15 % notes due 2037 8.05 % 129.2 129.2 4.50 % notes due 2047 4.59 % 700.0 700.0 4.70 % notes due 2048 5.42 % 460.9 460.9 Other notes 0.37 % 1.8 9.5 Total long-term debt - face value $ 3,941.9 $ 3,949.6 Unamortized discounts and debt issuance costs ( 66.2 ) ( 69.6 ) Total long-term debt - book value $ 3,875.7 $ 3,880.0 Less current maturities 0.5 5.2 Total long-term debt - reported value $ 3,875.2 $ 3,874.8 Estimated fair value of long-term debt $ 3,671.9 $ 4,418.5 1 Borrowings 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. Discounts and debt issuance costs are amortized using the effective interest method over the terms of the respective notes resulting in $ 6.1 million and $ 13.9 million of net interest expense for these items for 2022 and 2021, respectively. DELAYED DRAW TERM LOAN, LINE OF CREDIT AND COMMERCIAL PAPER PROGRAM In June 2021, concurrent with the announcement of the pending acquisition of U.S. Concrete (see Note 19 for additional information), we obtained a $ 2,200.0 million bridge facility commitment from Truist Bank. Later in June 2021, we entered into a $ 1,600.0 million unsecured delayed draw term loan with a subset of the banks that provide our line of credit and terminated the bridge facility commitment. The delayed draw term loan was drawn in August 2021 for $ 1,600.0 million upon the acquisition of U.S. Concrete, was paid down to $ 1,100.0 million in September 2021 and was further paid down to $ 550.0 million in August 2022 (amounts repaid are no longer available for borrowing). In March 2022, the delayed draw term loan was amended to extend the maturity date from August 2024 to August 2026. The delayed draw term loan contains covenants customary for an unsecured investment-grade facility and mirror those in our line of credit. As of December 31, 2022, we were in compliance with the delayed draw term loan covenants. Financing costs for the bridge facility commitment and the delayed draw term loan totaled $ 13.3 million, $ 9.4 million of which was recognized as interest expense in 2021. Borrowings on the delayed draw term loan bear interest, at our option, at either the Secured Overnight Financing Rate (SOFR) plus a margin ranging from 0.075 % to 1.250 % or Truist Bank’s base rate (generally, its prime rate) plus a margin ranging from 0.000 % to 0.250 %. The margins are determined by our credit ratings. As of December 31, 2022, the margin for SOFR borrowings was 0.875 %, and the margin for base rate borrowings was 0.000 %. Our unsecured line of credit was amended in March 2022 to extend the maturity date from September 2025 to September 2026. It was further amended in August 2022 to increase the borrowing capacity from $ 1,000.0 million to $ 1,600.0 million and extend the maturity date from September 2026 to August 2027. Our line of credit c ontains covenants customary for an unsecured investment-grade facility. As of December 31, 2022, we were in compliance with the line of credit covenants. Borrowings on the line of credit bear interest, at our option, at either SOFR plus a margin ranging from 1.000 % to 1.625 % or Truist Bank’s base rate (generally, its prime rate) plus a margin ranging from 0.000 % to 0.625 %. 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 December 31, 2022, 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 %. In August 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. Commercial paper borrowings bear interest at rates determined at the time of borrowing and as agreed between us and the commercial paper investors. As of December 31, 2022, our available borrowing capacity under the line of credit was $ 1,421.4 million. Utilization of the borrowing capacity was as follows: $ 100.0 million was borrowed $ 78.6 million was used to support standby letters of credit TERM DEBT Essentially all of our $ 3,941.9 million (face value) of term debt (which includes the $ 550.0 million delayed draw term loan and the $ 550.0 million commercial paper) is unsecured. All of the covenants in the debt agreements are customary for investment-grade facilities. As of December 31, 2022, we were in compliance with all term debt covenants. In connection with the August 2021 acquisition of U.S. Concrete, we assumed $ 434.5 million (fair value) of senior notes due 2029 and retired these notes in September 2021. The total scheduled (principal and interest) debt payments, excluding the line of credit, for the five years subsequent to December 31, 2022 are as follows: in millions Total Principal Interest Scheduled Debt Payments (excluding the line of credit) 2023 $ 184.6 $ 0.5 $ 184.1 2024 182.1 0.5 181.6 2025 561.7 400.5 161.2 2026 689.8 550.4 139.4 2027 1,059.6 950.0 109.6 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 , typically 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 December 31, 2022 are summarized by purpose in the table below: in millions Standby Letters of Credit Risk management insurance $ 71.5 Reclamation/restoration requirements 7.1 Total $ 78.6 |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2022 | |
LEASES [Abstract] | |
LEASES | NOTE 7: 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 reflected on our December 31 balance sheets and the weighted-average lease term and discount rate are as follows: dollars in millions Classification on the Balance Sheet 2022 2021 Assets Operating lease ROU assets $ 665.4 $ 771.1 Accumulated amortization ( 92.8 ) ( 79.7 ) Operating leases, net Operating lease right-of-use assets , net 572.6 691.4 Finance lease assets 93.2 129.2 Accumulated depreciation ( 14.9 ) ( 8.8 ) Finance leases, net Property, plant & equipment , net 78.3 120.4 Total lease assets $ 650.9 $ 811.8 Liabilities Current Operating Other current liabilities $ 48.1 $ 49.2 Finance Other current liabilities 22.3 35.4 Noncurrent Operating Noncurrent operating lease liabilities 548.4 642.5 Finance Other noncurrent liabilities 34.8 60.5 Total lease liabilities $ 653.6 $ 787.6 Lease Term and Discount Rate Weighted-average remaining lease term (years) Operating leases 19.7 21.0 Finance leases 3.0 3.3 Weighted-average discount rate Operating leases 3.9 % 3.8 % Finance leases 1.8 % 1.3 % The decreases in ROU assets and liabilities presented above primarily relate to the fourth quarter sale of concrete operations in New Jersey, New York and Pennsylvania (see Note 19 for additional information). Our lease agreements do not contain residual value guarantees, restrictive covenants or early termination options that we deem material. Our building leases have remaining noncancelable periods of 0 - 16 years and lease terms (including options to extend) of 0 - 24 years. Key factors in determining the certainty of lease renewals include the location of the building, the value of leasehold improvements and the cost to relocate. Rental payments for certain of our building leases are periodically adjusted for inflation, and this variable component is recognized as expense when incurred. Many of our building leases contain common area maintenance charges which we include in the calculation of our lease liability (the lease consideration is not allocated between the lease and non-lease components). Our aggregates sales yard leases have remaining noncancelable periods of 0 - 26 years and lease terms of 0 - 76 years. The key factor in determining the certainty of lease renewals is the financial impact of extending the lease, including the reserve life of the sourcing aggregates quarry. Certain aggregates sales yard lease agreements include rental payments based on a percentage of sales over contractual levels or the number of shipments received into the sales yard. Variable payments for these sales yards comprise a majority of the overall variable lease cost presented in the table below. Our concrete and asphalt site leases have remaining noncancelable periods of 0 - 17 years and lease terms of 0 - 76 years. The key factor in determining the certainty of lease renewals is the financial impact of extending the lease, including the reserve life of the sourcing aggregates quarry. Rental payments are generally fixed for our concrete and asphalt sites. Our rail (car and track) leases have remaining noncancelable periods of 0 - 5 years and lease terms of 0 - 62 years. Key factors in determining the certainty of lease renewals include the market rental rate for comparable assets and, in some cases, the cost incurred to restore the asset. Rental payments are fixed for our rail leases. The majority of our rail leases contain substitution rights that allow the supplier to replace damaged equipment. Because these rights are generally limited to either replacing railcars or moving our placement on rail track for purposes of repair or maintenance, we do not consider these substitution rights to be substantive and have recorded a lease liability and ROU asset for all leased rail. Our barge leases have remaining noncancelable periods of 5 - 6 years and lease terms of 12 - 20 years. Key factors in determining the certainty of lease renewals include the market rental rate for comparable assets and, in some cases, the cost incurred to restore the asset. Rental payments are fixed. Like our rail leases, our barge leases contain non-substantive substitution rights that are limited to replacing barges in need of repair or maintenance. Office, plant and mobile equipment leases have remaining noncancelable periods of 0 - 5 years and lease terms of 0 - 6 years. The key factor in determining the certainty of lease renewals is the market rental rate for comparable assets. Rental payments are generally fixed for our equipment leases with terms greater than 1 year. The significant majority of our short-term lease cost presented in the table below is derived from office and plant equipment leases with terms of 1 year or less. The components of lease expense for the years ended December 31, 2022, 2021 and 2020 are as follows: in millions 2022 2021 2020 Lease Cost Finance lease cost Depreciation of right-of-use assets $ 16.5 $ 7.1 $ 1.6 Interest on lease liabilities 1.2 0.6 ( 0.1 ) Operating lease cost 85.6 71.0 58.5 Short-term lease cost 1 46.4 27.3 30.5 Variable lease cost 14.4 10.6 12.9 Sublease income ( 2.9 ) ( 3.1 ) ( 2.7 ) Total lease cost $ 161.2 $ 113.5 $ 100.7 1 Our short-term lease cost includes 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 $ 78.6 million for 2022 and $ 64.4 million for 2021. Cash paid for finance leases (principal and interest) was $ 35.0 million for 2022 and $ 14.0 million for 2021. Maturity analysis on an undiscounted basis of our lease liabilities (see Note 12 for mineral lease payments) as of December 31, 2022 is as follows: Operating Finance in millions Leases Leases Maturity of Lease Liabilities 2023 $ 70.0 $ 23.2 2024 65.3 17.3 2025 60.9 11.8 2026 54.7 5.9 2027 50.5 0.6 Thereafter 658.3 0.0 Total minimum lease payments $ 959.7 $ 58.8 Less: Lease payments representing interest 363.2 1.7 Present value of future minimum lease payments $ 596.5 $ 57.1 Less: Current obligations under leases 48.1 22.3 Long-term lease obligations $ 548.4 $ 34.8 |
ACCRUED ENVIRONMENTAL REMEDIATI
ACCRUED ENVIRONMENTAL REMEDIATION COSTS | 12 Months Ended |
Dec. 31, 2022 | |
ACCRUED ENVIRONMENTAL REMEDIATION COSTS [Abstract] | |
ACCRUED ENVIRONMENTAL REMEDIATION COSTS | NOTE 8: ACCRUED ENVIRONMENTAL REMEDIATION COSTS Our Consolidated Balance Sheets as of December 31 include accrued environmental remediation costs (measured on an undiscounted basis) as follows: in millions 2022 2021 Accrued Environmental Remediation Costs Continuing operations $ 28.6 $ 23.2 Retained from former Chemicals business 8.3 10.7 Total $ 36.9 $ 33.9 The long-term portion of the accruals noted above is included in other noncurrent liabilities in the accompanying Consolidated Balance Sheets and amounted to $ 14.9 million at December 31, 2022 and $ 15.9 million at December 31, 2021. The short-term portion of these accruals is included in other current liabilities in the accompanying Consolidated Balance Sheets. The accrued environmental remediation costs in continuing operations relate primarily to the former U.S. Concrete, Florida Rock, Tarmac, and CalMat facilities acquired in 2021, 2007, 2000 and 1999, respectively. The balances noted above for the former Chemicals business relate to retained environmental remediation costs from the 2003 sale of the Performance Chemicals business and the 2005 sale of the Chloralkali business. Refer to Note 12 for additional discussion of contingent environmental matters. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2022 | |
INCOME TAXES [Abstract] | |
INCOME TAXES | NOTE 9: INCOME TAXES The components of earnings from continuing operations before income taxes are as follows: in millions 2022 2021 2020 Earnings from Continuing Operations before Income Taxes Domestic $ 788.7 $ 871.6 $ 733.0 Foreign ( 0.6 ) 2.2 10.8 Total $ 788.1 $ 873.8 $ 743.8 Income tax expense (benefit) from continuing operations consists of the following: in millions 2022 2021 2020 Income Tax Expense (Benefit) from Continuing Operations Current Federal $ 85.2 $ 103.9 $ 69.2 State and local 43.6 34.6 23.8 Foreign 4.6 ( 5.0 ) 0.9 Total $ 133.4 $ 133.5 $ 93.9 Deferred Federal $ 43.4 $ 39.2 $ 50.9 State and local 3.3 26.5 10.8 Foreign 12.9 0.9 0.2 Total $ 59.6 $ 66.6 $ 61.9 Total expense $ 193.0 $ 200.1 $ 155.8 Income tax expense (benefit) differs from the amount computed by applying the federal statutory income tax rate to earnings from continuing operations before income taxes. The sources and tax effects of the differences are as follows: dollars in millions 2022 2021 2020 Income tax expense at the federal statutory tax rate $ 165.5 21.0 % $ 183.5 21.0 % $ 156.2 21.0 % Expense (Benefit) from Income Tax Differences Statutory depletion ( 30.6 ) - 3.9 % ( 28.3 ) - 3.2 % ( 24.7 ) - 3.3 % State and local income taxes, net of federal income tax benefit 37.5 4.8 % 34.7 4.0 % 27.4 3.7 % Share-based compensation ( 4.9 ) - 0.6 % ( 6.1 ) - 0.7 % ( 6.9 ) - 0.9 % Uncertain tax positions 5.1 0.7 % 2.5 0.3 % 1.4 0.2 % Valuation allowance 14.5 1.8 % 13.7 1.6 % 0.0 0.0 % Research and development credit ( 4.3 ) - 0.6 % ( 2.7 ) - 0.3 % ( 2.7 ) - 0.4 % Impairment 10.7 1.4 % 0.0 0.0 % 0.0 0.0 % Other, net ( 0.5 ) - 0.1 % 2.8 0.2 % 5.1 0.6 % Total income tax expense/ Effective tax rate $ 193.0 24.5 % $ 200.1 22.9 % $ 155.8 20.9 % D eferr ed ta xes on the balance sheet result from temporary differences between the amount of assets and liabilities recognized for financial reporting and tax purposes. The components of the net deferred income tax liability at December 31 are as follows: in millions 2022 2021 Deferred Tax Assets Related to Employee benefits $ 14.2 $ 11.8 Incentive compensation 62.1 62.5 Asset retirement obligations & other reserves 82.5 77.9 State net operating losses 86.3 95.0 State bonus depreciation 41.4 30.1 Operating lease liabilities 149.7 176.7 Other 72.0 59.1 Total gross deferred tax assets $ 508.2 $ 513.1 Valuation allowance ( 76.8 ) ( 65.7 ) Total net deferred tax asset $ 431.4 $ 447.4 Deferred Tax Liabilities Related to Property, plant & equipment $ 889.4 $ 824.4 Goodwill/other intangible assets 379.2 380.2 Operating lease right-of-use assets 143.6 176.7 Other 92.0 72.0 Total deferred tax liabilities $ 1,504.2 $ 1,453.3 Net deferred tax liability $ 1,072.8 $ 1,005.9 In August 2022, the Inflation Reduction Act (IRA) was signed into law. The IRA introduces 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. The CAMT provision is effective for tax years beginning on or after January 1, 2023. We do not anticipate that the provisions of the IRA will be material to our income taxes. In February 2021, the Alabama Business Competitiveness Act (ABC Act) was signed into law. The ABC Act contained a provision requiring most taxpayers to change from a three-factor, double-weighted sales method to a single-sales factor method to apportion income to Alabama. This provision had the effect of significantly reducing our apportionment of income to Alabama, thereby further inhibiting our ability to utilize our Alabama net operating loss (NOL) carryforward. As a result, we recorded a charge in the first quarter of 2021 to increase the valuation allowance by $ 13.7 million. No other material tax impacts resulted from the enactment of the ABC Act. Each quarter, we analyze the likelihood that our deferred tax assets will be realized. A valuation allowance is recorded if, based on the weight of all available positive and negative evidence, it is more likely than not (a likelihood of more than 50 %) that some portion, or all, of a deferred tax asset will not be realized. At December 31, 2022, we have Alabama state NOL carryforward deferred tax assets of $ 77.8 million, against which we have a valuation allowance of $ 54.3 million (after considering the ABC Act above). Almost all of the Alabama NOL carryforward would expire between 2023 and 2029 if not utilized. As discussed in Note 12, in May 2022, Mexican government officials unexpectedly and arbitrarily shut down our Calica operations in Mexico. The impact of the shutdown, combined with recent increased costs (primarily due to underwater mining) has resulted in substantial losses. In 2022, Calica generated a NOL deferred tax asset of $ 14.5 million. Based on the weight of all available positive and negative evidence, we have concluded that it is more likely than not that Calica will be unable to realize the NOL deferred tax asset during the ten-year carryforward period. Therefore, we recorded a valuation allowance of $ 14.5 million for 2022. 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 NOL deferred tax asset. We consider the undistributed earnings, if any, related to the investment in our Canadian subsidiaries and Canadian investment in its U.S. subsidiary to be indefinitely reinvested; accordingly, no foreign withholding or other income taxes have been provided thereon. Due to complexities in the tax laws, it is not practicable to estimate the amount of deferred income taxes not recorded that are associated with these earnings. We have not, nor do we currently anticipate in the foreseeable future, the need to repatriate funds (other than for the repayment of intercompany loan obligations) to satisfy domestic liquidity needs arising in the ordinary course of business. Changes in our liability for unrecognized tax benefits for the years ended December 31 are as follows: in millions 2022 2021 2020 Unrecognized tax benefits as of January 1 $ 10.8 $ 6.8 $ 5.4 Increases for tax positions related to Prior years 4.6 0.5 0.4 Current year 6.6 3.9 1.9 Decreases for tax positions related to Prior years ( 0.2 ) 0.0 0.0 Expiration of applicable statute of limitations ( 3.1 ) ( 0.4 ) ( 0.9 ) Unrecognized tax benefits as of December 31 $ 18.7 $ 10.8 $ 6.8 We classify interest and penalties recognized on the liability for unrecognized tax benefits as income tax expense. Interest and penalties recognized as income tax expense were $ 0.8 million in 2022, $ 0.2 million in 2021 and $ 0.0 million in 2020. The balance of accrued interest and penalties included in our liability for unrecognized tax benefits as of December 31 was $ 1.8 million in 2022, $ 0.8 million in 2021 and $ 0.3 million in 2020. Our liability for unrecognized tax benefits at December 31 in the table above includes $ 17.6 million in 2022, $ 10.3 million in 2021 and $ 6.6 million in 2020 that would affect the effective tax rate if recognized. We anticipate no single tax position generating a significant increase or decrease in our liability for unrecognized tax benefits within 12 months of this reporting date. We file income tax returns in U.S. federal, various state and foreign jurisdictions. With the exception of certain states, we are no longer subject to U.S. federal, state or foreign exams by tax authorities for years prior to 2019. As of December 31, 2022, income tax receivables of $ 1.3 million and $ 0.4 million are included in other accounts and notes receivable and other current assets, respectively, in the accompanying Consolidated Balance Sheet. There were similar receivables of $ 5.0 million and $ 0.6 million recorded in other accounts and notes receivable and other current assets, respectively, as of December 31, 2021. |
BENEFIT PLANS
BENEFIT PLANS | 12 Months Ended |
Dec. 31, 2022 | |
BENEFIT PLANS [Abstract] | |
BENEFIT PLANS | 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 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 projected benefit obligation (PBO) presented in the table below includes $ 44.4 million and $ 59.2 million related to these unfunded, nonqualified pension plans for 2022 and 2021, respectively. During October 2021, we purchased (using pension plan assets) an irrevocable group annuity contract (pension lift-out) from an insurance company for $ 87.2 million , representing approximately 10 % of the total PBO as of the purchase date. As a result of this transaction: 1) we incurred a settlement charge of $ 12.1 million, 2) we were relieved of all responsibility for these pension obligations, and 3) the insurance company is now required to pay and administer the retirement benefits owed to approximately 2,700 U.S. retirees and beneficiaries (representing approximately 50 % of retirees in payment status at that time), with no change to the amount, timing or form of retirement benefit payments. At November 30, 2020, the plans were remeasured to reflect settlement accounting for the CMG Pension Plan and the VMC Pension Plan as a result of voluntary lump sum distributions to certain fully vested plan participants (resulting in a $ 22.7 million settlement charge). The following table sets forth the combined funded status of the plans and their reconciliation with the related amounts recognized in our consolidated financial statements at December 31: in millions 2022 2021 Change in Benefit Obligation Projected benefit obligation at beginning of year $ 915.4 $ 1,059.5 Service cost 4.0 4.8 Interest cost 21.1 19.7 Actuarial gain ( 200.7 ) ( 25.0 ) Benefits paid ( 48.7 ) ( 56.4 ) Annuity purchase 0.0 ( 87.2 ) Projected benefit obligation at end of year $ 691.1 $ 915.4 Change in Fair Value of Plan Assets Fair value of assets at beginning of year $ 860.5 $ 944.2 Actual return on plan assets ( 181.8 ) 51.9 Employer contribution 7.8 8.0 Benefits paid ( 48.7 ) ( 56.4 ) Annuity purchase 0.0 ( 87.2 ) Fair value of assets at end of year $ 637.8 $ 860.5 Funded status ( 53.3 ) ( 54.9 ) Net amount recognized $ ( 53.3 ) $ ( 54.9 ) Amounts Recognized in the Consolidated Balance Sheets Noncurrent assets $ 0.0 $ 18.2 Current liabilities ( 7.8 ) ( 8.2 ) Noncurrent liabilities ( 45.5 ) ( 64.9 ) Net amount recognized $ ( 53.3 ) $ ( 54.9 ) Amounts Recognized in Accumulated Other Comprehensive Income Net actuarial loss $ 183.4 $ 176.4 Prior service cost 2.4 3.8 Total amount recognized $ 185.8 $ 180.2 The increase in actuarial gain as of December 31, 2022 was primarily attributable to the increase in discount rates for the plans (approximately 2.2 to 2.6 percentage points) compared with the prior year. The following table sets forth the pension plans for which their accumulated benefit obligation (ABO) or projected benefit obligation (PBO) exceeds the fair value of their respective plan assets at December 31: in millions 2022 2021 Pension plans with ABO in excess of plan assets Accumulated benefit obligation $ 690.9 $ 249.2 Fair value of assets 637.8 176.6 Pension plans with PBO in excess of plan assets Projected benefit obligation $ 691.1 $ 249.7 Fair value of assets 637.8 176.6 The following table sets forth the components of net periodic benefit cost, amounts recognized in other comprehensive income and weighted-average assumptions of the plans at December 31: dollars in millions 2022 2021 2020 Components of Net Periodic Pension Benefit Cost Service cost $ 4.0 $ 4.8 $ 4.9 Interest cost 21.1 19.7 29.3 Expected return on plan assets ( 30.1 ) ( 42.8 ) ( 48.6 ) Settlement charge 0.0 12.1 22.7 Amortization of prior service cost 1.4 1.3 1.4 Amortization of actuarial loss 4.2 8.0 11.9 Net periodic pension benefit cost $ 0.6 $ 3.1 $ 21.6 Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income Net actuarial loss (gain) $ 11.2 $ ( 34.0 ) $ ( 3.4 ) Reclassification of prior service cost ( 1.4 ) ( 1.3 ) ( 1.4 ) Reclassification of actuarial loss ( 4.2 ) ( 20.1 ) ( 34.6 ) Amount recognized in other comprehensive income $ 5.6 $ ( 55.4 ) $ ( 39.4 ) Amount recognized in net periodic pension benefit cost and other comprehensive income $ 6.2 $ ( 52.3 ) $ ( 17.8 ) Assumptions Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31 Discount rate — PBO 2.92 % 2.63 % 3.22 % Discount rate — service cost 1 3.17 % 2.94 % / 3.21 % 3.49 % / 2.89 % Discount rate — interest cost 2.37 % 1.90 % 2.78 % Expected return on plan assets 2 4.00 % 5.25 % / 3.75 % 5.75 % / 5.25 % Weighted-average assumptions used to determine benefit obligation at December 31 Discount rate 5.19 % 2.91 % 2.57 % 1 As a result of remeasurements, the 2021 service cost discount rates were revised from 2.94 % at 12/31/2020 to 3.21 % at 10/31/2021 and the 2020 service cost discount rates were revised from 3.49 % at 12/31/2019 to 2.89 % at 11/30/2020. 2 As a result of remeasurements, the 2021 expected return on plan assets were revised from 5.25 % at 12/31/2020 to 3.75 % at 10/31/2021 and the 2020 expected return on plan assets were revised from 5.75 % at 12/31/2019 to 5.25 % at 11/30/2020. Plan assets are invested according to an investment policy that allocates investments to return seeking assets and liability hedging assets based on the plans’ funded ratio (fair value of assets/PBO). At December 31, 2022, the total pension asset allocation was approximately 0 % return seeking and 100 % liability hedging compared to 20 % return seeking and 80 % liability hedging at December 31, 2021. Return seeking assets include index and actively managed mutual funds and collective investment trusts that hold public equity securities (less than 1 % of the plans’ assets are in private equity and debt securities via private partnerships). Liability hedging assets include money market securities, inflation linked debt securities, public corporate debt securities and government debt securities that are actively managed to match the duration of the plans’ liabilities. At each measurement date, we estimate the net asset values and fair values of our pension assets using various valuation techniques. For certain investments, we use the net asset value (NAV) as a practical expedient to estimating fair value. 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. 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 The fair values and net asset values of our pension plan assets at December 31, 2022 and 2021 are in the tables below. The assets in the common/collective trusts and in the private partnerships consist of both return seeking and liability hedging investments. Fair Value Measurements at December 31, 2022 in millions Level 1 Level 2 Level 3 Total Asset Category Debt funds $ 0.0 $ 628.6 $ 0.0 $ 628.6 Equity funds 0.0 0.0 0.0 0.0 Investments in the fair value hierarchy $ 0.0 $ 628.6 $ 0.0 $ 628.6 Interest in common/collective trusts (at NAV) 5.6 Private partnerships (at NAV) 3.6 Total pension plan assets $ 637.8 Fair Value Measurements at December 31, 2021 in millions Level 1 Level 2 Level 3 Total Asset Category Debt funds $ 0.0 $ 662.9 $ 0.0 $ 662.9 Equity funds 0.1 59.0 0.0 59.1 Investments in the fair value hierarchy $ 0.1 $ 721.9 $ 0.0 $ 722.0 Interest in common/collective trusts (at NAV) 134.3 Private partnerships (at NAV) 4.2 Total pension plan assets $ 860.5 The following describes the types of investments included in each asset category listed in the tables above and the valuation techniques we used to determine the fair values or net asset values as of December 31, 2022 and 2021. The debt funds category consists of U.S. federal, state and local government debt securities, corporate debt securities, foreign government debt securities, and asset-backed securities. The fair values of U.S. government and corporate debt securities are based on current market rates and credit spreads for debt securities with similar maturities. The fair values of debt securities issued by foreign governments are based on prices obtained from broker/dealers and international indices. The fair values of asset-backed securities are priced using prepayment speed and spread inputs that are sourced from the new issue market. The equity funds category consists primarily of a mutual fund investing in non-domestic equities. For investment funds publicly traded on a national securities exchange, the fair value is based on quoted market prices. For investment funds not traded on an exchange, the total fair value of the underlying securities is used to determine the net asset value for each unit of the fund held by the pension fund. The estimated fair values of the underlying securities are generally valued based on quoted market prices. For securities without quoted market prices, other observable market inputs are used to determine the fair value. Common/collective trust fund investments consist of an index fund investing primarily in domestic equities and a short-term investment fund for highly liquid, short-term debt securities. Investments are valued at the NAV of units of a bank collective trust. The NAV is based on the fair value of the underlying investments held by the fund less its liabilities. This practical expedient is not used when it is determined to be probable that the fund will sell the investment for an amount different than the reported NAV. The private partnerships category consists of various venture capital funds, mezzanine debt funds and leveraged buyout funds. The NAV of these investments has been estimated based on methods employed by the general partners, including r eference to third-party transactions and valuations of comparable companie s. Total employer contributions to the pension plans are presented below: in millions Pension Employer Contributions 2020 $ 8.8 2021 8.0 2022 7.8 2023 (estimated) 7.8 For our qualified pension plans, we made no contributions during 2022, 2021 and 2020. We do not anticipate making contributions to our qualified pension plans in 2023. For our nonqualified pension plans, we contributed $ 7.8 million, $ 8.0 million and $ 8.8 million during 2022, 2021 and 2020, respectively, and expect to contribute $ 7.8 million during 2023. The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: in millions Pension Estimated Future Benefit Payments 2023 $ 49.1 2024 50.3 2025 48.2 2026 48.7 2027 49.6 2028-2032 247.9 We contribute to a number of multiemployer defined benefit pension plans under the terms of collective-bargaining agreements for union-represented employees. The risks of participating in multiemployer plans differ from single employer plans as follows: assets contributed to a multiemployer plan by one employer may be used to provide benefits to employees of other participating employers if a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers if we cease to have an obligation to contribute to one or more of the multiemployer plans to which we contribute, we may be required to pay those plans an amount based on the underfunded status of the plan, referred to as a withdrawal liability None of the multiemployer pension plans that we participate in are individually significant. Our contributions to individual multiemployer pension plans did not exceed 5 % of the plans’ total contributions in the three years ended December 31, 2022, 2021 and 2020. Total contributions to multiemployer pension plans were $ 48.6 million in 2022, $ 16.9 million in 2021 and $ 10.3 million in 2020. The 2022 increase was primarily attributable to the addition of U.S. Concrete multiemployer pension plans and subsequent settlement of the outstanding withdrawal liability for several of those plans. As of December 31, 2022, a total of 12.9 % of our domestic hourly labor force was covered by collective-bargaining agreements. Of such employees covered by collective-bargaining agreements, 27.9 % were covered by agreements that expire in 2023. We also employed 296 union employees in Mexico who are covered by a collective-bargaining agreement that will expire in 2023. None of our union employees in Mexico participate in multiemployer pension plans. In addition to the pension plans noted above, we had one unfunded supplemental retirement plan as of December 31, 2022 and 2021. The accrued costs for the supplemental retirement plan were $ 1.0 million at December 31, 2022 and $ 1.1 million at December 31, 2021. POSTRETIREMENT PLANS In addition to pension benefits, we provide certain healthcare and life insurance benefits for some retired employees. In 2021, we amended our postretirement healthcare plan to increase our employer contribution rate from the previously capped level to a higher level effective 2022. This served as a cost reduction for retirees in 2022 and beyond as we use this new benchmark for future employer contributions. Previously (in 2012), we amended our postretirement healthcare plan to cap our employer portion of the medical coverage cost at the 2015 level. Substantially all 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 combined funded status of the plans and their reconciliation with the related amounts recognized in our consolidated financial statements at December 31: in millions 2022 2021 Change in Benefit Obligation Projected benefit obligation at beginning of year $ 46.0 $ 33.9 Service cost 2.3 1.3 Interest cost 0.9 0.5 Plan amendments 0.0 14.9 Actuarial (gain) loss ( 2.5 ) 0.9 Benefits paid ( 4.9 ) ( 5.5 ) Projected benefit obligation at end of year $ 41.8 $ 46.0 Change in Fair Value of Plan Assets Fair value of assets at beginning of year $ 0.0 $ 0.0 Actual return on plan assets 0.0 0.0 Fair value of assets at end of year $ 0.0 $ 0.0 Funded status $ ( 41.8 ) $ ( 46.0 ) Net amount recognized $ ( 41.8 ) $ ( 46.0 ) Amounts Recognized in the Consolidated Balance Sheets Current liabilities $ ( 5.1 ) $ ( 4.6 ) Noncurrent liabilities ( 36.7 ) ( 41.4 ) Net amount recognized $ ( 41.8 ) $ ( 46.0 ) Amounts Recognized in Accumulated Other Comprehensive Income Net actuarial gain $ ( 17.9 ) $ ( 16.7 ) Prior service cost 13.1 12.8 Total amount recognized $ ( 4.8 ) $ ( 3.9 ) The increase in actuarial gain as of December 31, 2022 was primarily attributable to the increase in discount rates for the plans (approximately 2.3 to 2.9 percentage points) compared with the prior year. The following table sets forth the components of net periodic benefit cost, amounts recognized in other comprehensive income, weighted-average assumptions and assumed trend rates of the plans at December 31: dollars in millions 2022 2021 2020 Components of Net Periodic Postretirement Benefit Cost Service cost $ 2.2 $ 1.2 $ 1.5 Interest cost 0.9 0.5 1.0 Amortization of prior service credit ( 0.3 ) ( 1.5 ) ( 3.9 ) Amortization of actuarial gain ( 1.3 ) ( 1.4 ) ( 0.8 ) Net periodic postretirement benefit cost (credit) $ 1.5 $ ( 1.2 ) $ ( 2.2 ) Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income Net actuarial (gain) loss $ ( 2.4 ) $ 0.9 $ ( 5.1 ) Prior service cost 0.0 14.9 0.0 Reclassification of prior service credit 0.3 1.5 3.9 Reclassification of actuarial gain 1.3 1.4 0.8 Amount recognized in other comprehensive income $ ( 0.8 ) $ 18.7 $ ( 0.4 ) Amount recognized in net periodic postretirement benefit cost and other comprehensive income $ 0.7 $ 17.5 $ ( 2.6 ) Assumptions Assumed Healthcare Cost Trend Rates at December 31 Healthcare cost trend rate assumed for next year (Pre-65/Post-65) 7.04 % / n/a 6.60 % / 6.50 % n/a Rate to which the cost trend rate gradually declines 4.50 % 4.50 % n/a Year that the rate reaches the rate it is assumed to maintain 2030 2028 n/a Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31 Discount rate — PBO 2.59 % 2.19 % 2.84 % Discount rate — service cost 1 2.89 % 2.45 % / 2.84 % 3.09 % Discount rate — interest cost 2.06 % 1.60 % 2.42 % Weighted-average assumptions used to determine benefit obligation at December 31 Discount rate 5.08 % 2.59 % 2.09 % 1 As a result of remeasurements, the 2021 service cost discount rates were revised from 2.45 % at 12/31/2020 to 2.84 % at 9/30/2021. Total employer contributions to the postretirement plans are presented below: in millions Postretirement Employer Contributions 2020 $ 4.7 2021 5.5 2022 4.9 2023 (estimated) 5.1 The employer contributions shown above are equal to the cost of benefits during the year. The plans are not funded and are not subject to any regulatory funding requirements. The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: in millions Postretirement Estimated Future Benefit Payments 2023 $ 5.1 2024 5.0 2025 5.0 2026 4.8 2027 4.8 2028–2032 20.6 Contributions by participants to the postretirement benefit plans for the years ended December 31 are as follows: in millions Postretirement Participants Contributions 2020 $ 2.6 2021 2.3 2022 2.0 PENSION AND OTHER POSTRETIREMENT BENEFITS ASSUMPTIONS Each year, we review our assumptions for discount rates (used for PBO, service cost, and interest cost calculations), the per capita cost of healthcare benefits and the expected return on plan assets. Due to plan changes made in 2013, annual pay increases do not materially impact plan obligations. We use a high-quality bond full yield curve approach (specific spot rates for each annual expected cash flow) to establish the discount rates at each measurement date. At December 31, 2022, the discount rates used were as follows: PBO for various plans – ranged from 4.97 % to 5.25 % (December 31, 2021 ranged from 2.09 % to 3.07 %) Service cost – weighted average of 3.17 % and 2.89 % , respectively, for our pension plans and our other postretirement plans (2021 figures were 2.99 % and 2.55 %, respectively ) Interest cost – weighted average of 2.37 % and 2.06 % , respectively, for our pension plans and our other postretirement plans (2021 figures were 1.90 % and 1.60 %, respectively ) In selecting the rate of increase in the per capita cost of covered healthcare benefits, we consider past performance and forecast of future healthcare cost trends. At December 31, 2022, our assumed rate of increase in the per capita cost of covered healthcare benefits was 7.04 % for pre-65 coverage, with rates decreasing each year until reaching 4.50 % in 2030 and remaining level thereafter. Our expected return on plan assets is: (1) a long-term view based on our current asset allocation, and (2) a judgment informed by consultation with our retirement plans’ consultant and our pension plans’ actuary. As a result of remeasurements, the 2021 expected return on plan assets was revised from 5.25 % at 12/31/2020 to 3.75 % at 10/31/2021. F or 2023 and 2022, the expected return on plan assets used to measure plan benefit costs was set at 4.85 % and 4.00 %, respectively. DE FINED CONTRIBUTION PLANS In addition to our pension and postretirement plans, we sponsor five defined contribution plans. Substantially all salaried and nonunion 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 $ 68.2 million in 2022, $ 67.5 million in 2021 and $ 50.8 million in 2020. |
INCENTIVE PLANS
INCENTIVE PLANS | 12 Months Ended |
Dec. 31, 2022 | |
INCENTIVE PLANS [Abstract] | |
INCENTIVE PLANS | NOTE 11: INCENTIVE PLANS SHARE-BASED COMPENSATION PLANS Our 2016 Omnibus Long-term Incentive Plan (Plan) authorizes the granting of performance shares, restricted shares, Stock-Only Stock Appreciation Rights (SOSARs) and other types of share-based awards to key salaried employees and nonemployee directors. The maximum number of shares that may be issued under the Plan is 8,000,000 , of which 5,441,616 shares remain under this authorization as of December 31, 2022. PERFORMANCE SHARES — Each performance share unit is equal to and paid in one share of our common stock, but carries no voting rights. The number of units ultimately paid for performance share awards may range from 0 % to 200 % of the number of units awarded on the date of grant. Payment is based upon the outcome of performance and/or market conditions. Awards vest on December 31 of the third year after date of grant. Vesting is accelerated upon death, disability, or change of control and the awards become non-forfeitable upon reaching retirement age — all as defined in the award agreement. Nonvested units are forfeited upon termination for any other reason. Expense provisions referable to performance share awards amounted to $ 23.2 million in 2022, $ 18.2 million in 2021 and $ 17.8 million in 2020. The fair value of performance shares is estimated as of the date of grant using a Monte Carlo simulation model. The following table summarizes the activity for nonvested performance share units during the year ended December 31, 2022: Target Weighted-average Number Grant Date of Shares Fair Value Performance Shares Nonvested at January 1, 2022 220,988 $ 148.93 Granted 116,825 185.31 Vested ( 109,880 ) 133.95 Canceled/forfeited ( 8,032 ) 163.95 Nonvested at December 31, 2022 219,901 $ 160.48 During 2021 and 2020, the weighted-average grant date fair value of performance shares granted was $ 164.38 and $ 133.95 , respectively. The aggregate values for distributed performance share awards are based on the closing price of our common stock as of the distribution date. The aggregate values of distributed performance shares for the years ended December 31 are as follows: in millions 2022 2021 2020 Aggregate value of distributed performance shares $ 33.4 $ 19.6 $ 38.8 RESTRICTED SHARES — Each restricted share unit is equal to and paid in one share of our common stock, but carries no voting rights. Awards vest on the third anniversary of the grant date. Vesting is accelerated upon reaching retirement age, death, disability, or change of control, all as defined in the award agreement. Nonvested units are forfeited upon termination for any other reason. Expense provisions referable to restricted share awards amounted to $ 11.6 million in 2022, $ 10.4 million in 2021 and $ 9.8 million in 2020. The fair value of restricted shares is estimated as of the date of grant based on the stock price adjusted for dividends foregone. The following table summarizes the activity for nonvested restricted share units during the year ended December 31, 2022: Weighted-average Number Grant Date of Shares Fair Value Restricted Stock Units Nonvested at January 1, 2022 205,280 $ 135.26 Granted 76,036 184.49 Vested ( 86,326 ) 117.27 Canceled/forfeited ( 9,502 ) 162.76 Nonvested at December 31, 2022 185,488 $ 162.40 During 2021 and 2020, the weighted-average grant date fair value of restricted shares granted was $ 164.38 and $ 133.95 , respectively. The aggregate values for distributed restricted share awards are based on the closing price of our common stock as of the distribution date. The aggregate values of distributed restricted shares for the years ended December 31 are as follows: in millions 2022 2021 2020 Aggregate value of distributed restricted shares $ 15.7 $ 9.0 $ 12.2 STOCK - ONLY STOCK APPRECIATION RIGHTS (SOSARs) — SOSARs granted have an exercise price equal to the market value of our underlying common stock on the date of grant . Th e SOSARs vest ratably over 3 years and expire 10 years subsequent to the date of gran t. V esting is accelerated upon reaching retirement age, death, disability, or change of control, all as defined in the award agreement. Nonvested awards are forfeited upon termination for any other reason. The fair value of SOSARs is estimated as of the date of grant using the Black-Scholes option pricing model. Compensation cost for SOSARs is based on this grant date fair value and is recognized for awards that ultimately vest. The following table presents the weighted-average fair value and the weighted-average assumptions used in estimating the fair value of grants during the years ended December 31: 2022 2021 2020 SOSARs Fair value $ 60.57 $ 52.19 $ 40.91 Risk-free interest rate 2.02 % 1.18 % 1.50 % Dividend yield 0.77 % 0.62 % 0.71 % Volatility 26.68 % 27.33 % 25.74 % Expected term (years) 9.00 9.00 9.00 The risk-free interest rate is based on the yield at the date of grant of a U.S. Treasury security with a maturity period approximating the SOSARs expected term. The dividend yield assumption is based on our historical dividend payouts adjusted for current expectations of future payouts. The volatility assumption is based on the historical volatility and expectations about future volatility of our common stock over a period equal to the SOSARs expected term. The expected term is based on historical experience and expectations about future exercises and represents the period of time that SOSARs granted are expected to be outstanding. A summary of our SOSAR activity as of December 31, 2022 and changes during the year are presented below: Weighted-average Remaining Aggregate Number Weighted-average Contractual Intrinsic Value of Shares Exercise Price Life (Years) (in millions) SOSARs Outstanding at January 1, 2022 624,144 $ 105.43 Granted 69,015 185.29 Exercised ( 18,790 ) 74.66 Forfeited or expired 0 0.00 Outstanding at December 31, 2022 674,369 $ 114.46 4.74 $ 41.0 Exercisable at December 31, 2022 536,100 $ 100.29 3.79 $ 39.6 The aggregate intrinsic values in the table above represent the total pretax intrinsic value (the difference between our stock price on the last trading day of 2022 and the exercise price, multiplied by the number of in-the-money SOSARs) that would have been received by the option holders had all SOSARs been exercised on December 31, 2022. These values change based on the fair market value of our common stock. The aggregate intrinsic values of SOSARs exercised for the years ended December 31 are as follows: in millions 2022 2021 2020 Aggregate intrinsic value of SOSARs exercised $ 1.9 $ 24.9 $ 22.3 The following table presents cash received and tax benefit realized from SOSAR exercises and compensation cost recorded referable to SOSARs for the years ended December 31: in millions 2022 2021 2020 SOSARs Cash received from exercises $ 0.0 $ 0.0 $ 0.0 Tax benefit from exercises 0.4 6.3 5.7 Compensation cost 4.0 3.9 3.9 NONEMPLOYEE DIRECTOR AWARDS — In addition to the share-based compensation plans for employees discussed above, we issue a limited number of stock units to our nonemployee directors annually. Expense provisions referable to nonemployee director stock units amounted to $ 2.4 million in 2022, $ 2.2 million in 2021 and $ 1.6 million in 2020. CASH-BASED COMPENSATION PLANS We have incentive plans under which cash awards may be made annually. Expense provisions under these plans referable to awards to officers and certain employees amounted to $ 42.8 million in 2022, $ 42.2 million in 2021 and $ 42.1 million in 2020. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2022 | |
COMMITMENTS AND CONTINGENCIES [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 12: COMMITMENTS AND CONTINGENCIES We have commitments in the form of unconditional purchase obligations as of December 31, 2022. These include commitments for the purchase of property, plant & equipment of $ 33.4 million and commitments for noncapital purchases of $ 199.6 million. These commitments are due as follows: Unconditional Purchase in millions Obligations Property, Plant & Equipment 2023 $ 33.4 Thereafter 0.0 Total $ 33.4 Noncapital (primarily transportation and electricity contracts) 2023 $ 36.3 2024–2025 66.3 2026–2027 52.5 Thereafter 44.5 Total $ 199.6 Expenditures for noncapital purchases totaled $ 96.7 million in 2022, $ 53.4 million in 2021, $ 87.4 million in 2020. We have commitments in the form of minimum royalties under mineral leases as of December 31, 2022 in the amount of $ 238.7 million, due as follows: Mineral in millions Leases Minimum Royalties 2023 $ 25.9 2024–2025 36.9 2026–2027 25.8 Thereafter 150.1 Total $ 238.7 Expenditures for royalties under mineral leases totaled $ 109.1 million in 2022, $ 90.4 million in 2021 and $ 81.5 million in 2020. Certain of our aggregates reserves are burdened by volumetric production payments (nonoperating interest) as described in Note 2. As the holder of the working interest, we have responsibility to bear the cost of mining and producing the reserves attributable to this nonoperating interest. As described in Note 1 under the caption Claims and Litigation Including Self-Insurance, our net liabilities for our self-insurance program totaled $ 130.8 million as of December 31, 2022. As summarized by purpose in Note 6, our standby letters of credit totaled $ 78.6 million as of December 31, 2022. As outlined in Note 7, our present value of future minimum (nonmineral) lease payments totaled $ 653.6 million as of December 31, 2022. As described in Note 9, our liability for unrecognized tax benefits is $ 18.7 million as of December 31, 2022. As described in Note 17, our asset retirement obligations totaled $ 311.3 million as of December 31, 2022. 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 are presented in Note 8. 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 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 for 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 one hundred 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. It is unknown at this time how th e s ettlement with the EPA/DOJ would affect the Occidental lawsuit. ■ 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’s and Occidental’s claims against each other are pending in arbitration; 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 in two of the pipeline cases, resulting in final judgments regarding fault allocations in those matters. Texas Brine’s and Vulcan’s writ applications in the third pipeline case remain pending. 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 stipulated 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 pipelines cases reflecting this stipulation. 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 and/or we anticipate Texas Brine will appeal each of 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. The State of Louisiana’s lawsuit has been dormant awaiting final disposition of the Phase 1 proceedings which remain pending before the Louisiana Supreme Court in one of the three pipeline cases (along with a motion for leave to assert equivalent claims in state court). ■ NEW YORK WATER DISTRICT CASES (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. We are a defendant in 27 cases allegedly involving 1,1,1-trichloroethane. All of the cases are filed in the United States District Court for the Eastern District of New York. According to the various complaints, the plaintiffs are public drinking water providers who serve customers in seven New York counties (Nassau, Orange, Putnam, Sullivan, Ulster, Washington and Westchester). It is alleged that our 1,1,1-trichloroethane was stabilized with 1,4-dioxane and that various water wells of the plaintiffs are contaminated with 1,4-dioxane. The plaintiffs are seeking unspecified compensatory and punitive damages. We will vigorously defend the cases. At this time we cannot determine the likelihood, or reasonably estimate a range of loss, if any, pertaining to the 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 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 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 an initial set of comments on the Draft PDI Evaluation Report in May 2019 and a final set of comments in October 2020. The final set of comments included a request for Vulcan to revise and develop a Final PDI Evaluation Report. The final comments further provided, if Vulcan agrees, 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 that would require the EPA to modify the remedy in the 2009 ROD as it relates to the Hewitt Landfill. In December 2020, Vulcan submitted the Final PDI Evaluation Report, which included edits to the Draft PDI Evaluation Report and responses to the EPA’s comments. Until the EPA’s review and approval of the Final PDI Evaluation Report and any Supplemental PDI Evaluation Report on remedial alternative(s) is complete and an effective remedy has been selected by the EPA or agreed upon, we cannot identify any further remedial action that may be required. Given the various stakeholders involved and the uncertainties relating to remediation alternatives, we cannot reasonably estimate a loss pertaining to Vulcan’s responsibility for future remedial action required by the EPA. 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 system it will build originated from the Hewitt Landfill and that Vulcan should fund some portion of the costs that Honeywell has incurred and will incur in developing the second interim remedy. During the fourth quarter of 2021, Vulcan completed a partial settlement with Honeywell related to certain of the costs that Honeywell has incurred for an immaterial amount. Discussions are ongoing with Honeywell regarding other costs Honeywell has incurred or will incur. 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 future costs 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 has announced plans to install new treatment capabilities at two city wellfields located near the Hewitt Landfill — the NHW wellfield and the RT wellfield. LADWP has alleged that the Hewitt Landfill is one of the primary PRPs for the contamination at the NHW wellfield and is one of many PRPs for the contamination at the RT wellfield. We are 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, consistent with the parallel request by the EPA. This work is also intended to assist in identification of other PRPs that may have contributed to groundwater contamination in the area. Vulcan is also seeking access to LADWP’s list of PRPs. At this time, we cannot reasonably estimate a range of a loss to Vulcan pertaining to this 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 II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Known Trends or Uncertainties). On July 11, 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. Legacy Vulcan’s ancillary claim will be addressed as part of the pending arbitration, and we expect that the NAFTA arbitration tribunal will issue a decision no earlier than 2024. At this time, there can be no assurance whether we will be successful in our NAFTA 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 Note 1 under the caption Claims and Litigation Including Self-Insurance. |
EQUITY
EQUITY | 12 Months Ended |
Dec. 31, 2022 | |
EQUITY [Abstract] | |
EQUITY | NOTE 13: 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 December 31, 2022, 2021 and 2020. Our common stock purchases (all of which were open market purchases) and subsequent retirements for the years ended December 31 are summarized below: in millions, except average cost 2022 2021 2020 Shares Purchased and Retired Number 0.0 0.0 0.2 Total purchase price $ 0.0 $ 0.0 $ 26.1 Average cost per share $ 0.00 $ 0.00 $ 121.92 As of December 31, 2022, 8,064,851 shares may be purchased under the current authorization of our Board of Directors. Dividends for the years ended December 31 were as follows: in millions, except per share data 2022 2021 2020 Dividends Cash dividends $ 212.6 $ 196.4 $ 180.2 Cash dividends per share $ 1.60 $ 1.48 $ 1.36 Total equity as presented in the consolidated financial statements for the year ended December 31, 2022 includes a noncontrolling interest of $ 23.6 million, representing the unowned portion of a subsidiary. See Note 1 under the heading “Noncontrolling Interest” for additional discussion. |
OTHER COMPREHENSIVE INCOME
OTHER COMPREHENSIVE INCOME | 12 Months Ended |
Dec. 31, 2022 | |
OTHER COMPREHENSIVE INCOME [Abstract] | |
OTHER COMPREHENSIVE INCOME | NOTE 14: OTHER COMPREHENSIVE INCOME Comprehensive income comprises two subsets: net earnings and other comprehensive income (OCI). The components of OCI are presented in the accompanying Consolidated Statements of Comprehensive Income and Consolidated Statements of Equity, net of applicable taxes. Amounts in accumulated other comprehensive income (loss) (AOCI), net of tax, at December 31, are as follows: in millions 2022 2021 2020 AOCI Cash flow hedges $ ( 21.0 ) $ ( 22.5 ) $ ( 24.0 ) Pension and postretirement plans ( 133.7 ) ( 130.2 ) ( 157.3 ) Total $ ( 154.7 ) $ ( 152.7 ) $ ( 181.3 ) Changes in AOCI, net of tax, for the three year s ended December 31, 2022 are as follows: Pension and Cash Flow Postretirement in millions Hedges Benefit Plans Total AOCI Balances at December 31, 2019 $ ( 11.0 ) $ ( 186.7 ) $ ( 197.7 ) Other comprehensive income (loss) before reclassifications ( 14.7 ) 6.4 ( 8.3 ) Amounts reclassified from AOCI 1.7 23.0 24.7 Net OCI changes ( 13.0 ) 29.4 16.4 Balances at December 31, 2020 $ ( 24.0 ) $ ( 157.3 ) $ ( 181.3 ) Other comprehensive income (loss) before reclassifications 0.0 13.4 13.4 Amounts reclassified from AOCI 1.5 13.7 15.2 Net OCI changes 1.5 27.1 28.6 Balances at December 31, 2021 $ ( 22.5 ) $ ( 130.2 ) $ ( 152.7 ) Other comprehensive income (loss) before reclassifications 0.0 ( 6.5 ) ( 6.5 ) Amounts reclassified from AOCI 1.5 3.0 4.5 Net OCI changes 1.5 ( 3.5 ) ( 2.0 ) Balances at December 31, 2022 $ ( 21.0 ) $ ( 133.7 ) $ ( 154.7 ) Amounts reclassified from AOCI to earnings are as follows: in millions 2022 2021 2020 Amortization of Cash Flow Hedge Losses Interest expense $ 2.0 $ 2.0 $ 2.3 Benefit from income taxes ( 0.5 ) ( 0.5 ) ( 0.6 ) Total $ 1.5 $ 1.5 $ 1.7 Amortization of Pension and Postretirement Plan Actuarial Loss and Prior Service Cost Other nonoperating expense $ 4.0 $ 18.5 $ 31.2 Benefit from income taxes ( 1.0 ) ( 4.8 ) ( 8.2 ) Total $ 3.0 $ 13.7 $ 23.0 Total reclassifications from AOCI to earnings $ 4.5 $ 15.2 $ 24.7 |
SEGMENT REPORTING
SEGMENT REPORTING | 12 Months Ended |
Dec. 31, 2022 | |
SEGMENT REPORTING [Abstract] | |
SEGMENT REPORTING | NOTE 15: SEGMENT REPORTING We have four operating (and reportable) segments organized around our principal product lines: Aggregates, Asphalt, Concrete and Calcium. Management reviews earnings from these reporting segments principally at the gross profit level. The Aggregates segment produces and sells aggregates (crushed stone, sand and gravel, sand, and other aggregates) and related products and services. During 2022, the Aggregates segment principally served markets in twenty-two states, the U.S. Virgin Islands, Washington D.C., Freeport (Bahamas), British Columbia (Canada), Puerto Cortés (Honduras) and Quintana Roo (Mexico) — see Note 12, NAFTA Arbitration — with a full line of aggregates, and twelve additional states with railroad ballast and direct shipments to Hawaii. The 2021 acquisition of U.S. Concrete expanded our full line aggregates markets by two states (New Jersey and New York), the U.S. Virgin Islands, British Columbia (Canada), and direct shipments to Hawaii. Customers use aggregates primarily in the construction and maintenance of highways, streets and other public works and in the construction of housing and commercial, industrial and other nonresidential facilities. Customers are served by truck, rail and water distribution networks from our production facilities and sales yards. Due to the high weight-to-value ratio of aggregates, markets generally are local in nature. Quarries located on waterways and rail lines allow us to serve remote markets where local aggregates reserves may not be available. The Asphalt segment produces and sells asphalt mix in six states: Alabama, Arizona, California, New Mexico, Tennessee and Texas, and includes asphalt construction paving in three states: Alabama, Tennessee and Texas. The Concrete segment produces and sells ready-mixed concrete in five states (California, Maryland, Oklahoma, Texas and Virginia) in addition to the U.S. Virgin Islands and Washington D.C. In 2021, through our acquisition of U.S. Concrete, we entered the New Jersey, New York, Oklahoma, Pennsylvania and U.S. Virgin Islands concrete markets and expanded our existing markets in California, Texas and Washington D.C. In November 2022, we exited the New Jersey, New York and Pennsylvania concrete markets through a divestiture. In 2020, we exited the New Mexico ready-mixed concrete market through a divestiture. See Note 19 for additional information. The Calcium segment consists of a Florida facility that mines, produces and sells calcium products. Aggregates comprise approximately 95 % of asphalt mix by weight and 80 % of ready-mixed concrete by weight. 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. Customers for our Asphalt and Concrete segments are generally served locally at our production facilities or by truck. Because asphalt mix and ready-mixed concrete harden rapidly, delivery is time constrained and generally confined to a radius of approximately 20 to 25 miles from the producing facility. The vast majority of our activities are domestic. We sell a relatively small amount of construction aggregates outside the United States. Total domestic revenues were $ 7,263.9 million in 2022, $ 5,532.0 million in 2021 and $ 4,845.9 million in 2020. Nondomestic Aggregates segment revenues were $ 51.3 million in 2022, $ 20.2 million in 2021, $ 11.0 million in 2020; there were no significant nondomestic revenues in our Asphalt, Concrete or Calcium segments. Long-lived assets outside the United States, which consist primarily of property, plant & equipment, were $ 534.2 million in 2022, $ 459.5 million in 2021, $ 261.6 million in 2020. Equity method investments of $ 26.5 million in 2022, 2021 and 2020 are included below in the identifiable assets for the Aggregates segment and in investments and long-term receivables on the accompanying Consolidated Balance Sheets. SEGMENT FINANCIAL DISCLOSURE in millions 2022 2021 2020 Total Revenues Aggregates 1 $ 5,272.8 $ 4,345.0 $ 3,944.3 Asphalt 2 990.2 777.8 792.6 Concrete 1,593.9 766.8 383.6 Calcium 7.8 6.9 7.7 Segment sales $ 7,864.7 $ 5,896.5 $ 5,128.2 Aggregates intersegment sales ( 549.5 ) ( 344.3 ) ( 271.4 ) Total revenues $ 7,315.2 $ 5,552.2 $ 4,856.8 Gross Profit Aggregates $ 1,408.5 $ 1,295.7 $ 1,159.2 Asphalt 57.3 21.2 75.2 Concrete 89.3 54.3 44.2 Calcium 2.6 2.2 2.9 Total $ 1,557.7 $ 1,373.4 $ 1,281.5 Depreciation, Depletion, Accretion & Amortization (DDA&A) Aggregates $ 441.1 $ 360.4 $ 321.1 Asphalt 35.1 36.0 35.0 Concrete 83.1 41.5 16.0 Calcium 0.2 0.2 0.2 Other 28.0 24.9 24.5 Total $ 587.5 $ 463.0 $ 396.8 Capital Expenditures 3 Aggregates $ 540.3 $ 423.1 $ 331.9 Asphalt 23.3 9.3 19.8 Concrete 50.4 18.1 11.7 Calcium 0.1 0.0 0.0 Corporate 30.0 0.0 0.0 Total $ 644.1 $ 450.5 $ 363.4 Identifiable Assets 4, 5 Aggregates $ 11,575.2 $ 10,917.8 $ 9,459.2 Asphalt 597.6 602.0 573.1 Concrete 1,436.2 1,680.2 305.5 Calcium 3.8 4.0 3.3 Total identifiable assets $ 13,612.8 $ 13,204.0 $ 10,341.1 General corporate 460.3 237.1 147.8 Cash and cash equivalents and restricted cash 161.5 241.5 1,198.0 Total assets $ 14,234.6 $ 13,682.6 $ 11,686.9 1 Includes product sales, as well as freight & delivery costs that we pass along to our customers, and service revenues (see Note 2) related to aggregates. 2 Includes product sales, as well as service revenues (see Note 2) from our asphalt construction paving business. 3 Capital expenditures include changes in accruals for purchases of property, plant & equipment. Capital expenditures exclude property, plant & equipment obtained by business acquisitions. 4 Certain temporarily idled assets are included within a segment's Identifiable Assets but the associated DDA&A is shown within Other in the DDA&A section above as the related DDA&A is excluded from segment gross profit. 5 The 2022 and 2021 increases in Aggregates and 2021 increase in Concrete Identifiable Assets are largely attributable to business acquisitions (see Note 19) . |
SUPPLEMENTAL CASH FLOW INFORMAT
SUPPLEMENTAL CASH FLOW INFORMATION | 12 Months Ended |
Dec. 31, 2022 | |
SUPPLEMENTAL CASH FLOW INFORMATION [Abstract] | |
SUPPLEMENTAL CASH FLOW INFORMATION | NOTE 16: SUPPLEMENTAL CASH FLOW INFORMATION Supplemental information referable to the Consolidated Statements of Cash Flows is summarized below: in millions 2022 2021 2020 Cash Payments Interest (exclusive of amount capitalized) $ 164.3 $ 138.0 $ 129.2 Income taxes 143.5 127.9 95.9 Noncash Investing and Financing Activities Accruals for purchases of property, plant & equipment $ 108.7 $ 71.4 $ 55.9 Note received from sale of business 130.0 0.0 0.0 Debt issued for purchases of property, plant & equipment 0.0 0.0 2.6 Recognition of new and revised lease obligations for Operating lease right-of-use assets 44.8 106.9 49.6 Finance lease right-of-use assets 3.8 13.3 6.6 Consideration payable to seller in business acquisitions 65.4 0.0 9.0 Fair value of noncash assets and liabilities exchanged 0.0 0.0 21.2 |
ASSET RETIREMENT OBLIGATIONS
ASSET RETIREMENT OBLIGATIONS | 12 Months Ended |
Dec. 31, 2022 | |
ASSET RETIREMENT OBLIGATIONS [Abstract] | |
ASSET RETIREMENT OBLIGATIONS | NOTE 17: 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 other than the carrying amount of the liability, we recognize a gain or loss on settlement. For the years ended December 31, ARO operating costs related to accretion of the liabilities and depreciation of the assets are as follows: in millions 2022 2021 2020 ARO Operating Costs Accretion $ 14.1 $ 13.1 $ 12.4 Depreciation 9.4 10.6 8.6 Total $ 23.5 $ 23.7 $ 21.0 ARO operating costs are reported in cost of revenues. AROs are reported within other noncurrent liabilities in our accompanying Consolidated Balance Sheets. Reconciliations of the carrying amounts of our AROs for the years ended December 31 are as follows: in millions 2022 2021 Asset Retirement Obligations Balance at beginning of year $ 315.2 $ 283.2 Liabilities incurred 8.2 19.2 Liabilities settled ( 8.8 ) ( 11.0 ) Accretion expense 14.1 13.1 Revisions, net ( 17.4 ) 10.7 Balance at end of year $ 311.3 $ 315.2 |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2022 | |
GOODWILL AND INTANGIBLE ASSETS [Abstract] | |
GOODWILL AND INTANGIBLE ASSETS | NOTE 18: GOODWILL AND INTANGIBLE ASSETS Acquired identifiable intangible assets are classified into three categories: (1) goodwill, (2) intangible assets with finite lives subject to amortization and (3) intangible assets with indefinite lives. Goodwill and intangible assets with indefinite lives are not amortized; rather, they are reviewed for impairment at least annually. 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. During the third quarter of 2022, we recorded an interim goodwill impairment loss of $ 50.9 million related to the fourth quarter sale of a reporting unit comprised of concrete operations in New Jersey, New York and Pennsylvania. There were no charges for goodwill impairment in the years ended December 31, 2021 and 2020. Accumulated goodwill impairment losses amount to $ 303.6 million ($ 252.7 million in our former Cement segment and $ 50.9 in our Concrete segment). We have four reportable segments organized around our principal product lines: Aggregates, Asphalt, Concrete and Calcium. Changes in the carrying amount of goodwill by reportable segment for the three years ended December 31, 2022 are shown below: in millions Aggregates Asphalt Concrete Calcium Total Goodwill Totals at December 31, 2020 $ 3,080.5 $ 91.6 $ 0.0 $ 0.0 $ 3,172.1 Goodwill of acquired businesses 1 236.1 0.0 288.5 0.0 524.6 Totals at December 31, 2021 $ 3,316.6 $ 91.6 $ 288.5 $ 0.0 $ 3,696.7 Goodwill of acquired businesses 1 13.7 0.0 30.1 0.0 43.8 Goodwill impairment 0.0 0.0 ( 50.9 ) 0.0 ( 50.9 ) Totals at December 31, 2022 $ 3,330.3 $ 91.6 $ 267.7 $ 0.0 $ 3,689.6 1 See Note 19 for a summary of recent acquisitions. 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. A decrease in the estimated fair value of one or more of our reporting units could result in the recognition of a material, noncash write-down of goodwill. INTANGIBLE ASSETS Intangible assets consist of contractual rights in place (primarily permitting and zoning rights), noncompetition agreements, customer relationships and trade names and trademarks. Intangible assets acquired in business combinations are stated at their fair value determined as of the date of acquisition. Intangible assets acquired individually or otherwise obtained outside a business combination consist primarily of permitting, permitting compliance and zoning rights and are stated at their historical cost less accumulated amortization. Costs incurred to renew or extend the life of existing intangible assets are capitalized. These capitalized renewal/extension costs were immaterial for the years presented. See Note 19 for the details of the intangible assets acquired in business acquisitions during 2022, 2021 and 2020. Amortization of finite-lived intangible assets is computed based on the estimated life of the intangible assets. Contractual rights in place associated with aggregates reserves are amortized using the unit-of-sales method based on estimated recoverable units. Other intangible assets are amortized principally by the straight-line method. Intangible assets are reviewed for impairment when events or circumstances indicate that the carrying amount may not be recoverable. There were no material charges for impairment of intangible assets in 2022, 2021 and 2020. The gross carrying amount and accumulated amortization by major intangible asset class for the years ended December 31 are summarized below: in millions 2022 2021 Gross Carrying Amount Contractual rights in place $ 1,771.5 $ 1,765.0 Permitting, permitting compliance and zoning rights 191.1 156.5 Other 1 116.5 115.0 Total gross carrying amount $ 2,079.1 $ 2,036.5 Accumulated Amortization Contractual rights in place $ ( 302.9 ) $ ( 230.9 ) Permitting, permitting compliance and zoning rights ( 49.0 ) ( 39.1 ) Other 1 ( 25.1 ) ( 17.5 ) Total accumulated amortization $ ( 377.0 ) $ ( 287.5 ) Total Intangible Assets Subject to Amortization, net $ 1,702.1 $ 1,749.0 Intangible Assets with Indefinite Lives 0.0 0.0 Total Intangible Assets, net 1,702.1 1,749.0 Amortization Expense for the Year $ 97.6 $ 68.2 1 Includes noncompetition agreements, patents, customer relationships, tradenames and trademarks. Estimated amortization expense for the five years subsequent to December 31, 2022 is as follows: in millions Estimated Amortization Expense for Five Subsequent Years 2023 $ 86.9 2024 85.1 2025 83.3 2026 83.0 2027 82.5 |
ACQUISITIONS AND DIVESTITURES
ACQUISITIONS AND DIVESTITURES | 12 Months Ended |
Dec. 31, 2022 | |
ACQUISITIONS AND DIVESTITURES [Abstract] | |
ACQUISITIONS AND DIVESTITURES | NOTE 19: ACQUISITIONS AND DIVESTITURES BUSINESS ACQUISITIONS 2022 business acquisitions — During 2022 , we purchased the following operations for total consideration of $ 594.6 million ($ 529.2 million cash and $ 65.4 million noncash): California — eight aggregates, four asphalt mix and seven ready-mixed concrete operations Texas — five aggregates operations Virginia — four ready-mixed concrete operations and two idle ready-mixed concrete sites Honduras — an aggregates operation serving limited markets along the Gulf Coast The 2022 acquisitions listed 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 2022 acquisitions and the preliminary amounts (pending final appraisals of intangible assets and property, plant & equipment and related deferred taxes) of assets acquired and liabilities assumed are summarized below: December 31 in millions 2022 Fair Value of Purchase Consideration Cash $ 529.2 Payable to seller 65.4 Total fair value of purchase consideration $ 594.6 Identifiable Assets Acquired and Liabilities Assumed Accounts and notes receivable, net $ 28.0 Inventories 15.4 Other current assets 2.1 Property, plant & equipment 498.6 Intangible assets Contractual rights in place 72.3 Deferred income taxes, net ( 12.5 ) Other liabilities assumed ( 21.8 ) Net identifiable assets acquired $ 582.1 Goodwill $ 12.5 A s a result of the 2 022 acquisitions, we recognized $ 72.3 million of amortizable intangible asset s a nd $ 12.5 million of goodwill . The amortizable intangible assets will be amortized against earning s over a weighted-average of 15 years and will be deductible for income tax purposes over 15 years. The $ 12.5 million of goodwill recognized represents deferred tax liabilities generated from carrying over the seller’s tax basis in the assets acquired. No ne of the goodwill recognized will be deductible for income tax purposes. 2021 business acquisitions — On August 26, 2021 , we purchased the following operations in connection with the acquisition of U.S. Concrete, Inc. f or total consideration of $ 1,634.5 million, net of cash acquired: British Columbia, Canada — aggregates and aggregates blue-water transportation operations California — aggregates distribution terminals and concrete operations New Jersey — aggregates and concrete operations New York — aggregates and concrete operations Oklahoma — aggregates and concrete operations Pennsylvania — concrete operations Texas — aggregates and concrete operations U.S. Virgin Islands — aggregates and concrete operations Washington, D.C. — concrete operations The amounts of total revenues and net earnings attributable to Vulcan from the U.S. Concrete acquisition are included in our Consolidated Statement of C omprehensive Income for the year ended December 31, 2021 as follows: in millions 2021 Actual Results Total revenues $ 466.3 Net loss attributable to Vulcan ( 19.7 ) The unaudited pro forma financial information in the table below summarizes the results of operations for Vulcan and U.S. Concrete as if they were combined as of January 1, 2020. The pro forma financial information does not reflect any cost savings, operating efficiencies or synergies as a result of this combination. Consistent with the assumed acquisition date of January 1, 2020, the pro forma information excludes transactions between Vulcan and U.S. Concrete. The following pro forma information also includes: 1) charges directly attributable to the acquisition, 2) cost of sales related to the sale of acquired inventory marked up to fair value, 3) depreciation, depletion, amortization & accretion expense related to the mark up to fair value of acquired assets, and 4) interest expense and debt retirement costs reflecting the new debt structure: in millions 2021 2020 Supplemental Pro Forma Results Total revenues $ 6,361.5 $ 6,182.8 Net earnings attributable to Vulcan 688.6 551.9 The unaudited pro forma results above may not be indicative of the results that would have been obtained had this acquisition occurred at the beginning of 2020, nor does it intend to be a projection of future results. The fair value of consideration transferred for the U.S. Concrete acquisition and the amounts of assets acquired and liabilities assumed are summarized below: December 31 in millions 2022 Fair Value of Purchase Consideration Cash 1 $ 1,634.5 Total fair value of purchase consideration $ 1,634.5 Identifiable Assets Acquired and Liabilities Assumed Accounts and notes receivable, net $ 235.6 Inventories 80.6 Other current assets 8.7 Property, plant & equipment 1,086.2 Operating lease right-of-use assets 217.6 Intangible assets Contractual rights in place 622.6 Other intangibles 60.3 Other noncurrent assets 5.3 Deferred income taxes, net ( 226.1 ) Debt assumed ( 443.7 ) Other liabilities assumed ( 546.2 ) Noncontrolling interest ( 22.3 ) Net identifiable assets acquired $ 1,078.6 Goodwill $ 555.9 1 Includes $ 1,268.5 million paid to acquire all issued and outstanding shares of U.S. Concrete common stock and $ 384.4 million of U.S. Concrete obligations paid on the acquisition date, less $ 18.4 million of cash acquired. Additionally, during 2021 we purchased concrete operations in California for total consideration of $ 4.9 million. As a collective result of the 2 021 acquisitions, we recognized $ 685.5 million o f amortizable intangible assets and $ 555.9 million of goodwill, representing an increase in goodwill of $ 31.3 million from December 31, 2021 (see Note 18 for subsequent impairment of a portion of this goodwill) . The amortizable intangible assets will be amortized against earnings over a weighted-average period in excess of 15 years. The $ 555.9 million of goodwill recognized represents deferred tax liabilities generated from carrying over the seller’s tax basis in the assets acquired and 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. Of the total goodwill recognized, $ 108.5 million will be deductible for income tax purposes. 2020 business acquisitions — During 2020 , we purchased the following operations for total consideration of $ 73.4 million ($ 43.2 million cash and $ 30.2 million noncash): Business to support our aggregates operations across most of our footprint Texas — asphalt mix and recycle operations The 2020 acquisitions listed 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 or financial position either individually or collectively. A s a result of the 2 020 acquisitions, we recognized $ 65.5 million of amortizable intangible asset s a nd $ 5.1 million of goodwill . The amortizable intangible assets will be amortized against earnings ($ 65.5 million - straight-line basis over a weighted-average 20.0 years) and $ 25.7 million will be deductible for income tax purposes over 15 years. The goodwill represents the balance of deferred tax liabilities generated from carrying over the seller’s tax basis in the assets acquired and is not deductible for income tax purposes. DIVESTITURES AND PENDING DIVESTITURES In 2022, we sold: Fourth quarter — concrete operations in New Jersey, New York and Pennsylvania resulting in a third quarter impairment charge of $ 67.8 million and a fourth quarter loss on sale of $ 17.4 million (the assets were written down to fair value less cost to sell in the third quarter – see Note 1 “Summary of Significant Accounting Policies” under the caption Fair Value Measurements and Note 18 “Goodwill and Intangible Assets” ) Third quarter — excess real estate in Southern California resulting in a pretax gain of $ 23.5 million In 2021, we sol d: First quarter — a reclaimed quarry in Southern California resulting in a pretax gain of $ 114.7 million (net of a $ 12.9 million contingency and other directly related obligations) In 2020, we sold: Fourth quarter — a Virginia ready-mixed concrete business, resulting in an immaterial loss. We retained all real property which is being leased to the buyer and obtained a 20 -year aggregates supply agreement Second quarter — our New Mexico ready-mixed concrete business, resulting in an immaterial gain. We retained the concrete plants and mobile fleet and are leasing those assets to the buyer. Additionally, we obtained a 20 -year aggregates supply agreement No material assets met the criteria for held for sale at December 31, 2022, 2021 or 2020. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
NATURE OF OPERATIONS | 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), a major producer of asphalt mix and ready-mixed concrete, and a supplier of construction paving services. We operate primarily in the United States, and our principal product — aggregates — is used in virtually all types of public and private construction projects and in the production of asphalt mix and ready-mixed concrete. We serve aggregates markets in twenty-two states, the U.S. Virgin Islands, Washington D.C., and the local markets surrounding our operations in Freeport, Bahamas; British Columbia, Canada; Puerto Cortés, Honduras; and Quintana Roo, Mexico (see Note 12, NAFTA Arbitration). 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 asphalt mix and/or ready-mixed concrete in our Alabama, Arizona, California, Maryland, New Mexico, Oklahoma, Tennessee, Texas, Virginia, U.S. Virgin Islands and Washington D.C. Year-over-year comparisons are significantly impacted by our August 2021 acquisition of U.S. Concrete (see Note 19). Due to the 2005 sale of our Chemicals business as described below, the results of the Chemicals business are presented as discontinued operations in the accompanying Consolidated Statements of Comprehensive Income. |
DISCONTINUED OPERATIONS | DISCONTINUED OPERATIONS In 2005, we sold substantially all the assets of our Chemicals business to Basic Chemicals, a subsidiary of Occidental Chemical Corporation. The financial results of the Chemicals business are classified as discontinued operations in the accompanying Consolidated Statements of Comprehensive Income for all periods presented. Results from discontinued operations are as follows: in millions 2022 2021 2020 Discontinued Operations Pretax loss $ ( 25.2 ) $ ( 4.5 ) $ ( 4.7 ) Income tax benefit 6.6 1.2 1.2 Loss on discontinued operations, net of tax $ ( 18.6 ) $ ( 3.3 ) $ ( 3.5 ) 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 12). In addition, 2022 includes a $ 15.3 million charge for a litigation matter. There were no revenues from discontinued operations for the years presented. |
PRINCIPLES OF CONSOLIDATION | PRINCIPLES OF CONSOLIDATION The consolidated financial statements include the accounts of Vulcan Materials Company and all our majority or wholly-owned subsidiary companies. Partially-owned affiliates are either consolidated or accounted for at cost or as equity investments depending on the level of ownership interest or our ability to exercise control over the affiliates’ operations. All intercompany transactions and accounts have been eliminated in consolidation. |
NONCONTROLLING INTEREST | NONCONTROLLING INTEREST In connection with our August 2021 U.S. Concrete acquisition, we obtained an 88 % controlling interest in the Orca Sand and Gravel Limited Partnership (Orca) . Orca 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. |
USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS | USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS The preparation of these financial statements in conformity with accounting principles generally accepted (GAAP) in the United States of America requires us to make estimates and judgments that affect 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 evaluate these estimates and judgments on an ongoing basis and base our estimates on historical experience, current conditions and various other assumptions that are believed to be reasonable under the circumstances. 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. Actual results may differ materially from these estimates. The most significant estimates 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. Events that relate to conditions arising after December 31, 2022 will be reflected in management’s estimates for future periods. This includes conditions resulting from the impacts of the current conflict between Russia and Ukraine, as c onstruction activity continues to be impacted by cost inflation and capacity constraints (including supply chain bottlenecks, labor shortages and transportation availability). |
BUSINESS COMBINATIONS | BUSINESS COMBINATIONS We account for business combinations under the acquisition method of accounting. The purchase price of an acquisition is allocated to the underlying identifiable assets acquired and liabilities assumed based on their respective fair values. The purchase price is determined based on the fair value of consideration transferred to and liabilities assumed from the seller as of the date of acquisition. We allocate the purchase price to the fair values of the tangible and identifiable intangible assets acquired and liabilities assumed as of the date of acquisition. Goodwill is recorded for the excess of the purchase price over the net fair value of the identifiable assets acquired and liabilities assumed. Determining the fair values of assets acquired and liabilities assumed requires judgment and often involves the use of significant estimates and assumptions. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction, and therefore represents an exit price. A fair value measurement assumes the highest and best use of the asset by market participants. We may adjust the amounts recognized in an acquisition during a measurement period after the acquisition date. Any such adjustments are the result of subsequently obtaining additional information that existed at the acquisition date regarding the assets acquired or the liabilities assumed. Measurement period adjustments are generally recorded as increases or decreases to goodwill, if any, recognized in the transaction. The cumulative impact of measurement period adjustments on depreciation, amortization and other income statement items are recognized in the period the adjustment is determined. |
FOREIGN CURRENCY TRANSACTIONS | FOREIGN CURRENCY TRANSACTIONS The U. S . dollar is the functional currency for all of our operations, as the primary economic environment in which we transact business is the United States. For our non-U.S. subsidiaries, local currency inventories and long-term assets such as property, plant & equipment and intangibles are remeasured into U.S. dollars at approximate rates prevailing when acquired; all other assets and liabilities are remeasured at year-end exchange rates. Inventories charged to cost of sales and depreciation are remeasured at historical rates; all other income and expense items are remeasured at average exchange rates prevailing during the year. Gains and losses which result from remeasurement are included i n o ther non operating income/ expense in the accompanying Consolidated Statements of Comprehensive Income and are not material for the years presented. |
CASH EQUIVALENTS | CASH EQUIVALENTS We classify as cash equivalents all highly liquid securities with a maturity of three months or less at the time of purchase. The carrying amount of these securities approximates fair value due to their short-term maturities. |
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 Consolidated Statements of Cash Flows. |
ACCOUNTS AND NOTES RECEIVABLE | ACCOUNTS AND NOTES RECEIVABLE Accounts and notes receivable from customers result from our extending credit to trade customers for the purchase of our products. The terms generally provide for payment within 15 days of the month following invoice. On occasion, when necessary to conform to regional industry practices, we sell product under extended payment terms, which may result in either secured or unsecured short-term notes; or, on occasion, notes with durations of less than one year are taken in settlement of existing accounts receivable. Other accounts and notes receivable result from short-term transactions (less than one year) other than the sale of our products, such as interest receivable, insurance claims, freight claims, bid deposits or rents receivable. Allowance for credit losses is based on our assessment of the collectability of customer accounts. We regularly review the allowance by considering factors such as historical experience, credit quality, the age of the accounts receivable balances, and current economic conditions that may affect a customer’s ability to pay. Bad debt expense (included in selling, administrative and general expense) for the years ended December 31 was as follows: 2022 — $ 0.7 million, 2021 — $ 1.3 million and 2020 — $ 1.1 million . |
INVENTORIES | INVENTORIES Inventories and supplies are stated at the lower of cost or net realizable value. We use the last-in, first-out (LIFO) method of valuation for most of our inventories because it results in a better matching of costs with revenues. Such costs include fuel, parts and supplies, raw materials, direct labor and production overhead. An actual valuation of inventory under the LIFO method can be made only at the end of each year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations are based on our estimates of expected year-end inventory levels and costs and are subject to the final year-end LIFO inventory valuation. Substantially all operating supplies inventory is carried at average cost. For additional information about inventories, see Note 3. |
PROPERTY, PLANT & EQUIPMENT | PROPERTY, PLANT & EQUIPMENT Property, plant & equipment are carried at cost less accumulated depreciation, depletion and amortization. For assets sold or otherwise disposed of, the cost and related accumulated depreciation are removed, and any related gain or loss is reflected in income. For additional information about our property, plant & equipment, see Note 4. |
REPAIR AND MAINTENANCE | REPAIR AND MAINTENANCE Repair and maintenance costs generally are charged to operating expense as incurred. Renewals and betterments that add materially to the utility or useful lives of property, plant & equipment are capitalized and subsequently depreciated. Actual costs for planned major maintenance activities, related primarily to periodic overhauls on our aircrafts and oceangoing vessels, are capitalized and amortized to the next overhaul. |
LEASES | LEASES Our nonmineral leases with initial terms in excess of one year are recognized on the balance sheet as right-of-use (ROU) assets and lease liabilities. Mineral leases are exempt from balance sheet recognition. ROU assets represent our right to use an underlying asset for the lease term, and lease liabilities represent our obligation to make lease payments arising from the leases. ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. The lease term only includes options to extend or terminate the lease when it is reasonably certain that we will exercise that option. As our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. ROU assets are adjusted for any prepaid lease payments and lease incentives. Except for equipment with monthly monitoring service where the service component accounts for a majority of the lease cost, the non-lease components of our lease agreements are not separated from the lease components. For additional information about leases, see Note 7. |
DEPRECIATION, DEPLETION, ACCRETION AND AMORTIZATION | DEPRECIATION, DEPLETION, ACCRETION AND AMORTIZATION Depreciation is generally computed by the straight-line method at rates based on the estimated service lives of the various classes of assets, which include machinery and equipment ( 3 to 35 years), buildings ( 7 to 20 years) and land improvements ( 3 to 20 years). Finance leases are amortized over varying periods not in excess of applicable lease terms or estimated useful lives. Capitalized software costs are included in machinery and equipment and are depreciated on a straight-line basis beginning when the software project is substantially complete. Cost depletion on depletable land is computed by the unit-of-sales method based on estimated recoverable units. Accretion reflects the period-to-period increase in the carrying amount of the liability for asset retirement obligations. It is computed using the same credit-adjusted, risk-free rate used to initially measure the liability at fair value. Leaseholds are amortized over varying periods not in excess of applicable lease terms or estimated useful lives. Amortization of intangible assets subject to amortization is computed based on the estimated life of the intangible assets. A significant portion of our intangible assets is contractual rights in place associated with zoning, permitting and other rights to access and extract aggregates reserves. Contractual rights in place associated with aggregates reserves are amortized using the unit-of-sales method based on estimated recoverable units. Other intangible assets are amortized principally by the straight-line method. Depreciation, depletion, accretion and amortization expense for the years ended December 31 is outlined below: in millions 2022 2021 2020 Depreciation, Depletion, Accretion and Amortization Depreciation $ 409.1 $ 343.4 $ 315.2 Depletion 50.2 31.2 21.0 Accretion 14.1 13.1 12.4 Amortization of finance leases 16.5 7.1 1.6 Amortization of intangibles 97.6 68.2 46.6 Total $ 587.5 $ 463.0 $ 396.8 |
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, and consistent with our risk management policies, 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. The accounting for gains and losses that result from changes in the fair value of derivative instruments depends on whether the derivatives have been designated and qualify as hedging instruments and the type of hedging relationship. Changes in the fair value of interest rate swap fair value hedges are recorded as interest expense consistent with the change in the fair value of the hedged item attributable to the risk being hedged. Changes in the fair value of interest rate swap cash flow hedges are recorded in accumulated other comprehensive income (AOCI) and are reclassified into interest expense in the same period the hedged items affect earnings. We may also enter into contracts that qualify for the normal purchases and normal sales (NPNS) exception. When a contract meets the criteria to qualify as NPNS, we apply such exception. Income recognition and realization related to NPNS contracts generally coincide with the physical delivery of the commodity. For contracts qualifying for the NPNS exception, no recognition of the contract’s fair value in the consolidated financial statements is required until settlement of the contract as long as the transaction remains probable of occurring. For a dditional information about derivative instruments, see Note 5. |
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 at December 31 subject to fair value measurement on a recurring basis are summarized below: Level 1 Fair Value in millions 2022 2021 Fair Value Recurring Rabbi Trust Mutual funds $ 28.6 $ 34.7 Total $ 28.6 $ 34.7 Level 2 Fair Value in millions 2022 2021 Fair Value Recurring Rabbi Trust Money market mutual fund $ 1.5 $ 0.6 Total $ 1.5 $ 0.6 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 (losses) of the Rabbi Trusts’ investments were $( 4.8 ) million, $ 6.1 million and $ 4.5 million for the years ended December 31, 2022, 2021 and 2020, respectively. The portions of the net gains (losses) related to investments still held by the Rabbi Trusts at December 31, 2022, 2021 and 2020 were $( 5.2 ) million, $ 5.3 million and $ 4.1 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 5. 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 5 and 6, respectively. During the third quarter of 2022, net assets held for sale (our concrete operations in New Jersey, New York and Pennsylvania) with a carrying value of $ 196.9 million were written down to their estimated fair value less cost to sell of $ 180.0 million, resulting in an impairment loss of $ 16.9 million (these net assets were subsequently sold during the fourth quarter resulting in an additional loss on sale of $ 17.4 million). The estimated fair value was determined based on the expected proceeds from the probable sale of the disposal group. See below for a related goodwill impairment charge and Note 19 for additional discussion of the disposal of the net assets. |
GOODWILL IMPAIRMENT | GOO DWILL IMPAIRMENT Goodwill represents the excess of the cost of net assets acquired in business combinations over the fair value of the identifiable tangible and intangible assets acquired and liabilities assumed in a business combination. Goodwill impairment exists when the fair value of a reporting unit is less than its carrying amount. As of December 31, 2022, goodwill totaled $ 3,689.6 million as compared to $ 3,696.7 million at December 31, 2021. Goodwill represents 26 % of total assets at December 31, 2022 and 27 % at December 31, 2021. Goodwill is tested for impairment annually, as of November 1, or more frequently whenever events or changes in circumstances would more likely than not reduce the fair value of a reporting unit below its carrying amount. Goodwill is tested for impairment at the reporting unit level, one level below our operating segments. We have four operating segments organized around our principal product lines: Aggregates, Asphalt, Concrete and Calcium. Within these four operating segments, we have identified 17 reporting units (of which 12 carry goodwill) based primarily on geographic location. We have the option of either assessing qualitative factors to determine whether it is more likely than not that the carrying value of our reporting units exceeds their respective fair value or proceeding directly to a quantitative test. We elected to perform the quantitative impairment test for all years presented. The quantitative impairment test compares the fair value of a reporting unit to its carrying value, including goodwill. I f the fair value exceeds its carrying value, the goodwill of the reporting unit is not considered impaired. However, if the carrying value of a reporting unit exceeds its fair value, we recognize an impairment loss equal to that excess. During the third quarter of 2022, we recorded an interim goodwill impairment loss of $ 50.9 million resulting from the fourth quarter sale of a reporting unit comprised of concrete operations in New Jersey, New York and Pennsylvania (see Note 19 for additional information). There were no charges for goodwill impairment in the years ended December 31, 2021 or 2020. The results of our annual impairment tests performed as of November 1, 2021 and 2020 indicated that the fair values of all reporting units with goodwill substantially exceeded (in excess of 100 %) their carrying values. The results of our annual impairment test performed as of November 1, 2022 indicated that the fair values of all reporting units with goodwill exceeded their carrying values by approximately 10 % to greater than 100 %. The reporting units with the smallest excess of fair value versus carrying value include concrete operations acquired with U.S. Concrete in August 2021. We estimate the fair values of the reporting units using both an income approach (which involves discounting estimated future cash flows) and a market approach (which involves the application of revenue and EBITDA multiples of comparable companies). Determining the fair value of our reporting units involves the use of significant estimates and assumptions and considerable management judgment. We base our fair value estimates on assumptions we believe to be reasonable at the time, but such assumptions are subject to inherent uncertainty and actual results may differ. Changes in key assumptions or management judgment with respect to a reporting unit or its prospects, which may result from a change in market conditions, market trends, interest rates or other factors outside of our control, or underperformance relative to historical or projected operating results, could result in a significantly different estimate of the fair value of our reporting units, which could result in an impairment charge in the future. For additional information about goodwill, see Note 18. |
IMPAIRMENT OF LONG-LIVED ASSETS EXCLUDING GOODWILL | IMPAIRMENT OF LONG-LIVED ASSETS EXCLUDING GOODWILL We evaluate the carrying value of long-lived assets, including intangible assets subject to amortization, when events and circumstances indicate that the carrying value may not be recoverable. The carrying value of long-lived assets is considered impaired when the estimated undiscounted cash flows from such assets are less than their carrying value. In that event, we recognize a loss equal to the amount by which the carrying value exceeds the fair value. Fair value is determined primarily by using a discounted cash flow methodology that requires considerable judgment and assumptions. Our estimate of net future cash flows is based on historical experience and assumptions of future trends, which may be different from actual results. We periodically review the appropriateness of the estimated useful lives of our long-lived assets. We test long-lived assets for impairment at the a significantly lower level than the level at which we test goodwill for impairment. In markets where we do not produce downstream products (e.g., asphalt mix and ready-mixed concrete), the lowest level of largely independent identifiable cash flows is at the individual aggregates operation or a group of aggregates operations collectively serving a local market. Conversely, in vertically integrated markets, the cash flows of our downstream and upstream businesses are not largely independently identifiable as the selling price of the upstream products (aggregates) determines the profitability of the downstream business. As of December 31, 2022, net property, plant & equipment represents 43 % of total assets, while net other intangible assets represents 12 % of total assets. As previously noted, during the third quarter of 2022, we recorded a $ 16.9 million loss on impairment of long-lived assets resulting from the fourth quarter sale of concrete operations in New Jersey, New York and Pennsylvania (see Note 19 for divestiture information and Note 18 for a related goodwill impairment charge). During 2021 and 2020, we recorded no significant losses on impairment of long-lived assets. For additional information about long-lived assets and intangible assets, see Notes 4 and 18, respectively. |
REVENUES AND REVENUE RECOGNITION | REVENUES AND REVENUE RECOGNITION Total revenues include sales of product and services to customers, net of any discounts and taxes, and freight and delivery revenues billed to customers. Freight and delivery generally represent pass-through transportation we incur (including our administrative costs) and pay to third-party carriers to deliver our products to customers. The cost related to freight and delivery is included in cost of revenues. Revenues for product sales are recognized when control passes to the customer (typically occurs when finished products are shipped/delivered). Construction paving revenues are recognized using the percentage-of-completion method. For additional information regarding revenues and revenue recognition, see Note 2. |
STRIPPING COSTS | STRIPPING COSTS In the mining industry, the costs of removing overburden and waste materials to access mineral deposits are referred to as stripping costs. Stripping costs incurred during the production phase are considered costs of extracted minerals under our inventory costing system, inventoried, and recognized in cost of sales in the same period as the revenue from the sale of the inventory. The production stage is deemed to begin when the activities, including removal of overburden and waste material that may contain incidental saleable material, required to access the saleable product are complete. Stripping costs considered as production costs and included in the costs of inventory produced were $ 133.1 million in 2022, $ 90.7 million in 2021 and $ 90.4 million in 2020. Conversely, stripping costs incurred during the development stage of a mine (pre-production stripping) are excluded from our inventory cost. Pre-production stripping costs are capitalized and reported within other noncurrent assets in our accompanying Consolidated Balance Sheets. Capitalized pre-production stripping costs are expensed over the productive life of the mine using the unit-of-sales method. Pre-production stripping costs included in other noncurrent assets were $ 100.2 million as of December 31, 2022 and $ 95.6 million as of December 31, 2021. |
RECLAMATION COSTS | RECLAMATION COSTS Reclamation costs resulting from normal use of long-lived assets are recognized over the period the asset is in use when there is a legal obligation to incur these costs upon retirement of the assets. Additionally, reclamation costs resulting from normal use under a mineral lease are recognized over the lease term when there is a legal obligation to incur these costs upon expiration of the lease. The obligation, which cannot be reduced by estimated offsetting cash flows, is recorded at fair value as a liability at the obligating event date and is accreted through charges to operating expenses. This fair value is also capitalized as part of the carrying amount of the underlying asset and depreciated over the estimated useful life of the asset. If the obligation is settled for other than the carrying amount of the liability, a gain or loss is recognized on settlement. To determine the fair value of the obligation, we estimate the cost ( including a reasonable profit margin) for a third party to perform the legally required reclamation tasks. This cost is then increased for both future estimated inflation and an estimated market risk premium related to the estimated years to settlement. Once calculated, this cost is discounted to fair value using present value techniques with a credit-adjusted, risk-free rate commensurate with the estimated years to settlement. In estimating the settlement date, we evaluate the current facts and conditions to determine the most likely settlement date. If this evaluation identifies alternative estimated settlement dates, we use a weighted-average settlement date considering the probabilities of each alternative. We review reclamation obligations at least annually for a revision to the cost or a change in the estimated settlement date. Additionally, reclamation obligations are reviewed in the period that a triggering event occurs that would result in either a revision to the cost or a change in the estimated settlement date. Examples of events that would trigger a change in the cost include a new reclamation law or amendment of an existing mineral lease. Examples of events that would trigger a change in the estimated settlement date include the acquisition of additional reserves or the closure of a facility. The carrying value of these obligations was $ 311.3 million as of December 31, 2022 and $ 315.2 million as of December 31, 2021. For additional information about reclamation obligations (referred to in our financial statements as asset retirement obligations), see Note 17. |
ENVIRONMENTAL COMPLIANCE | ENVIRONMENTAL COMPLIANCE Our environmental compliance costs are undiscounted and include the cost of ongoing monitoring programs, the cost of remediation efforts and other similar costs. We accrue costs for environmental assessment and remediation efforts when we determine that a liability is probable and we can reasonably estimate the cost. At the early stages of a remediation effort, environmental remediation liabilities are not easily quantified due to the uncertainties of various factors. The range of an estimated remediation liability is defined and redefined as events in the remediation effort occur, but generally liabilities are recognized no later than the completion of the remedial feasibility study. When we can estimate a range of probable loss, we accrue the most likely amount. If no amount in the range of probable loss is considered most likely, the minimum loss in the range is accrued. As of December 31, 2022, the spread between the amount accrued and the maximum loss in the range for all sites for which a range can be reasonably estimated was $ 6.4 million — this amount does not represent our maximum exposure to loss for all environmental remediation obligations as it excludes those sites for which a range of loss cannot be reasonably estimated at this time. Accrual amounts may be based on technical cost estimations or the professional judgment of experienced environmental managers. Our Safety, Health and Environmental Affairs Management Committee routinely reviews cost estimates and key assumptions in response to new information, such as the kinds and quantities of hazardous substances, available technologies and changes to the parties participating in the remediation efforts. H owever, a number of factors, including adverse agency rulings and encountering unanticipated conditions as remediation efforts progress, may cause actual results to differ materially from accrued costs. For additional information about environmental compliance costs, see Note 8. |
CLAIMS AND LITIGATION INCLUDING SELF-INSURANCE | CLAIMS AND LITIGATION INCLUDING SELF-INSURANCE We are involved with claims and litigation, including items covered under our self-insurance program. We are self-insured for losses related to workers' compensation up to $ 2.0 million per occurrence and automotive and general/product liability up to $ 10.0 million per occurrence. We have excess coverage on a per occurrence basis beyond these retention levels. Under our self-insurance program, we aggregate certain claims and litigation costs that are reasonably predictable based on our historical loss experience and accrue losses, including future legal defense costs, based on actuarial studies. Certain claims and litigation costs, due to their unique nature, are not included in our actuarial studies. We use both internal and outside legal counsel to assess the probability of loss and establish an accrual when the claims and litigation represent a probable loss and the cost can be reasonably estimated. For matters not included in our actuarial studies, legal defense costs are accrued when incurred. The following table outlines our self-insurance program at December 31: dollars in millions 2022 2021 Self-insurance Program Self-insured liabilities (undiscounted) $ 146.7 $ 137.7 Insured liabilities (undiscounted) 2.3 3.6 Discount rate 4.20 % 1.10 % Amounts Recognized in Consolidated Balance Sheets Other accounts and notes receivable $ 0.0 $ 0.0 Investments and long-term receivables 2.3 3.4 Other current liabilities ( 51.4 ) ( 50.7 ) Other noncurrent liabilities ( 81.7 ) ( 83.2 ) Net insurance liabilities (discounted) $ ( 130.8 ) $ ( 130.5 ) Estimated payments (undiscounted and excluding the impact of related receivables) under our self-insurance program for the five years subsequent to December 31, 2022 are as follows: in millions Estimated Payments under Self-insurance Program 2023 $ 55.2 2024 30.6 2025 19.8 2026 11.5 2027 6.2 Significant judgment is used in determining the timing and amount of the accruals for probable losses, and the actual liability could differ materially from the accrued amounts. For additional information about claims and litigation, see Note 12 under the caption Litigation and Environmental Matters. |
SHARE-BASED COMPENSATION | SHARE-BASED COMPENSATION All of our share-based compensation awards are classified as equity awards. We measure share-based compensation awards using fair-value-based measurement methods. This results in the recognition of compensation expense for all share-based compensation awards based on their fair value as of the grant date with adjustments for performance, as applicable. Compensation cost is recognized over the requisite service period. Forfeitures are recognized as they occur. A summary of the estimated future compensation cost (unrecognized compensation expense) as of December 31, 2022 related to share-based awards granted to employees under our long-term incentive plans is presented below: Unrecognized Expected Compensation Weighted-average dollars in millions Expense Recognition (Years) Share-based Compensation SOSARs 1 $ 1.4 1.4 Performance shares 12.5 1.7 Restricted shares 9.6 1.8 Total/weighted-average $ 23.5 1.7 1 Stock-Only Stock Appreciation Rights (SOSARs) Pretax compensation expense related to our employee share-based compensation awards and related income tax benefits for the years ended December 31 are summarized below: in millions 2022 2021 2020 Employee Share-based Compensation Awards Pretax compensation expense $ 38.7 $ 32.5 $ 31.4 Income tax benefits 6.9 4.7 5.0 We receive an income tax deduction for share-based compensation equal to the excess of the market value of our common stock on the date of exercise or issuance over the exercise price. Tax benefits resulting from tax deductions in excess of the compensation cost recognized (excess tax benefits) are reflected as discrete income tax benefits in the period of exercise or issuance. For additional information about share-based compensation, see Note 11 under the caption Share-based Compensation Plans. |
PENSION AND OTHER POSTRETIREMENT BENEFITS | PENSION AND OTHER POSTRETIREMENT BENEFITS Accounting for pension and other postretirement benefits requires that we use assumptions for the valuation of projected benefit obligations (PBO) and the performance of plan assets. Each year, we review our assumptions for discount rates (used for PBO, service cost, and interest cost calculations), expected return on plan assets and the cost of covered healthcare benefits. Due to plan changes made in 2013, annual pay increases do not materially impact plan obligations. DISCOUNT RATES — We use a high-quality bond full yield curve approach (specific spot rates for each annual expected cash flow) to establish the discount rates at each measurement date. EXPECTED RETURN ON PLAN ASSETS — Our expected return on plan assets is: (1) a long-term view based on our current asset allocation, and (2) a judgment informed by consultation with our retirement plans’ consultant and our pension plans’ actuary. RATE OF INCREASE IN THE PER CAPITA COST OF COVERED HEALTHCARE BENEFITS — We project the expected increases in the cost of covered healthcare benefits. Accounting standards provide for the delayed recognition of differences between actual results and expected or estimated results. This delayed recognition of actual results allows for a smoothed recognition in earnings of changes in benefit obligations and asset performance. The differences between actual results and expected or estimated results are recognized in full in other comprehensive income. Amounts recognized in other comprehensive income are reclassified to earnings in a systematic manner over the average remaining service period of participants for our active plans or the average remaining lifetime of participants for our inactive plans. We present the service cost component of net periodic benefit cost in cost of revenues and selling, administrative and general expense consistent with employee compensation costs. The other components of net periodic benefit cost are reported within other nonoperating income in our accompanying Consolidated Statements of Comprehensive Incom e. For additional information about pension and other postretirement benefits, see Note 10. |
INCOME TAXES | INCOME TAXES We file federal, state and foreign income tax returns and account for the current and deferred tax effects of such returns using the asset and liability method. We recognize deferred tax assets and liabilities (which reflect our best assessment of the future taxes we will pay) based on the differences between the book basis and tax basis of assets and liabilities. Deferred tax assets represent items to be used as a tax deduction or credit in future tax returns while deferred tax liabilities represent items that will result in additional tax in future tax returns. Significant judgments and estimates are required in determining our deferred tax assets and liabilities. These estimates are updated throughout the year to consider income tax return filings, our geographic mix of earnings, legislative changes and other relevant items. We are required to account for the effects of changes in income tax rates on deferred tax balances in the period in which the legislation is enacted. Each quarter we analyze the likelihood that our deferred tax assets will be realized. Realization of the deferred tax assets ultimately depends on the existence of sufficient taxable income of the appropriate character in either the carryback or carryforward period. A valuation allowance is recorded if, based on the weight of all available positive and negative evidence, it is more likely than not (a likelihood of more than 50 %) that some portion, or all, of a deferred tax asset will not be realized. A summary of our deferred tax assets is included in Note 9. We recognize a tax benefit associated with a tax position when, in our judgment, it is more likely than not that the position will be sustained based upon the technical merits of the position. For a tax position that meets the more likely than not recognition threshold, we measure the income tax benefit as the largest amount that we judge to have a greater than 50 % likelihood of being realized. A liability is established for the unrecognized portion of any tax position. Our liability for unrecognized tax benefits is adjusted periodically due to changing circumstances, such as the progress of tax audits, case law developments and new or emerging legislation. Generally, we are not subject to significant changes in income taxes by any taxing jurisdiction for the years before 2019. While it is often difficult to predict the final outcome or the timing of resolution of any particular tax matter, we believe our liability for unrecognized tax benefits is appropriate. We consider a tax position to be resolved at the earlier of the issue being “effectively settled,” settlement of an examination, or the expiration of the statute of limitations. Upon resolution of a tax position, any liability for unrecognized tax benefits will be released. Our liability for unrecognized tax benefits is generally presented as noncurrent. However, if we anticipate paying cash within one year to settle an uncertain tax position, the liability is presented as current. We classify interest and penalties associated with our liability for unrecognized tax benefits as income tax expense. Our largest permanent item in computing both our taxable income and effective tax rate is the deduction allowed for statutory depletion. The impact of statutory depletion on the effective tax rate is presented in Note 9. The deduction for statutory depletion does not necessarily change proportionately to changes in pretax earnings. |
COMPREHENSIVE INCOME | COMPREHENSIVE INCOME We report comprehensive income in our Consolidated Statements of Comprehensive Income and Consolidated Statements of Equity. Comprehensive income comprises two subsets: net earnings and other comprehensive income (OCI). OCI includes adjustments to cash flow hedges, as well as actuarial gains or losses and prior service costs related to pension and postretirement benefit plans. For additional information about comprehensive income, see Note 14. |
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), as set forth below: in millions 2022 2021 2020 Weighted-average common shares outstanding 133.0 132.8 132.6 Dilutive effect of SOSARs 0.2 0.3 0.3 Other stock compensation awards 0.4 0.4 0.3 Weighted-average common shares outstanding, assuming dilution 133.6 133.5 133.2 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 for the years ended December 31 is as follows: in millions 2022 2021 2020 Antidilutive common stock equivalents 0.1 0.0 0.1 |
RECLASSIFICATIONS | RECLASSIFICATIONS Certain items previously reported in specific financial statement captions have been reclassified to conform to the 2022 presentation. Such reclassifications had no impact on our prior results of operations, financial position or cash flows. |
NEW ACCOUNTING STANDARDS | NEW ACCOUNTING STANDARDS ACCOUNTING STANDARDS RECENTLY ADOPTED None ACCOUNTING STANDARDS PENDING ADOPTION None |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Results from Discontinued Operations | in millions 2022 2021 2020 Discontinued Operations Pretax loss $ ( 25.2 ) $ ( 4.5 ) $ ( 4.7 ) Income tax benefit 6.6 1.2 1.2 Loss on discontinued operations, net of tax $ ( 18.6 ) $ ( 3.3 ) $ ( 3.5 ) |
Depreciation, Depletion, Accretion and Amortization Expense | in millions 2022 2021 2020 Depreciation, Depletion, Accretion and Amortization Depreciation $ 409.1 $ 343.4 $ 315.2 Depletion 50.2 31.2 21.0 Accretion 14.1 13.1 12.4 Amortization of finance leases 16.5 7.1 1.6 Amortization of intangibles 97.6 68.2 46.6 Total $ 587.5 $ 463.0 $ 396.8 |
Fair Value Measurement on Recurring Basis | Level 1 Fair Value in millions 2022 2021 Fair Value Recurring Rabbi Trust Mutual funds $ 28.6 $ 34.7 Total $ 28.6 $ 34.7 Level 2 Fair Value in millions 2022 2021 Fair Value Recurring Rabbi Trust Money market mutual fund $ 1.5 $ 0.6 Total $ 1.5 $ 0.6 |
Liabilities Under Self-Insurance Program | dollars in millions 2022 2021 Self-insurance Program Self-insured liabilities (undiscounted) $ 146.7 $ 137.7 Insured liabilities (undiscounted) 2.3 3.6 Discount rate 4.20 % 1.10 % Amounts Recognized in Consolidated Balance Sheets Other accounts and notes receivable $ 0.0 $ 0.0 Investments and long-term receivables 2.3 3.4 Other current liabilities ( 51.4 ) ( 50.7 ) Other noncurrent liabilities ( 81.7 ) ( 83.2 ) Net insurance liabilities (discounted) $ ( 130.8 ) $ ( 130.5 ) |
Estimated Payments (Undiscounted) Under Self-Insurance Program | in millions Estimated Payments under Self-insurance Program 2023 $ 55.2 2024 30.6 2025 19.8 2026 11.5 2027 6.2 |
Unrecognized Compensation Expense | Unrecognized Expected Compensation Weighted-average dollars in millions Expense Recognition (Years) Share-based Compensation SOSARs 1 $ 1.4 1.4 Performance shares 12.5 1.7 Restricted shares 9.6 1.8 Total/weighted-average $ 23.5 1.7 1 Stock-Only Stock Appreciation Rights (SOSARs) |
Pretax Compensation Expense | in millions 2022 2021 2020 Employee Share-based Compensation Awards Pretax compensation expense $ 38.7 $ 32.5 $ 31.4 Income tax benefits 6.9 4.7 5.0 |
Weighted-Average Common Shares Outstanding Assuming Dilution | in millions 2022 2021 2020 Weighted-average common shares outstanding 133.0 132.8 132.6 Dilutive effect of SOSARs 0.2 0.3 0.3 Other stock compensation awards 0.4 0.4 0.3 Weighted-average common shares outstanding, assuming dilution 133.6 133.5 133.2 |
Antidilutive Common Stock Equivalents | in millions 2022 2021 2020 Antidilutive common stock equivalents 0.1 0.0 0.1 |
REVENUES (Tables)
REVENUES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
REVENUES [Abstract] | |
Revenues by Geographic Market | For the Year Ended December 31, 2022 in millions Aggregates Asphalt Concrete Calcium Total Total Revenues by Geographic Market 1 East $ 1,508.2 $ 177.3 $ 694.2 $ 0.0 $ 2,379.7 Gulf Coast 2,933.0 211.2 551.9 7.8 3,703.9 West 831.6 601.7 347.8 0.0 1,781.1 Segment sales $ 5,272.8 $ 990.2 $ 1,593.9 $ 7.8 $ 7,864.7 Intersegment sales ( 549.5 ) 0.0 0.0 0.0 ( 549.5 ) Total revenues $ 4,723.3 $ 990.2 $ 1,593.9 $ 7.8 $ 7,315.2 For the Year Ended December 31, 2021 in millions Aggregates Asphalt Concrete Calcium Total Total Revenues by Geographic Market 1 East $ 1,326.6 $ 142.4 $ 389.9 $ 0.0 $ 1,858.9 Gulf Coast 2,390.7 179.6 243.5 6.9 2,820.7 West 627.7 455.8 133.4 0.0 1,216.9 Segment sales $ 4,345.0 $ 777.8 $ 766.8 $ 6.9 $ 5,896.5 Intersegment sales ( 344.3 ) 0.0 0.0 0.0 ( 344.3 ) Total revenues $ 4,000.7 $ 777.8 $ 766.8 $ 6.9 $ 5,552.2 For the Year Ended December 31, 2020 in millions Aggregates Asphalt Concrete Calcium Total Total Revenues by Geographic Market 1 East $ 1,198.1 $ 142.2 $ 263.7 $ 0.0 $ 1,604.0 Gulf Coast 2,165.2 178.5 71.1 7.7 2,422.5 West 581.0 471.9 48.8 0.0 1,101.7 Segment sales $ 3,944.3 $ 792.6 $ 383.6 $ 7.7 $ 5,128.2 Intersegment sales ( 271.4 ) 0.0 0.0 0.0 ( 271.4 ) Total revenues $ 3,672.9 $ 792.6 $ 383.6 $ 7.7 $ 4,856.8 1 The geographic markets are defined by states 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) |
Freight & Delivery Revenues | in millions 2022 2021 2020 Freight & Delivery Revenues Total revenues $ 7,315.2 $ 5,552.2 $ 4,856.8 Freight & delivery revenues 1 ( 960.3 ) ( 768.3 ) ( 738.5 ) Total revenues excluding freight & delivery $ 6,354.9 $ 4,783.9 $ 4,118.3 1 Includes freight & delivery to remote distribution sites. |
Reconciliation of Deferred Revenue Balances | in millions 2022 2021 2020 Deferred Revenue Balance at beginning of year $ 170.1 $ 178.0 $ 185.3 Revenue recognized from deferred revenue ( 8.3 ) ( 7.9 ) ( 7.3 ) Balance at end of year $ 161.8 $ 170.1 $ 178.0 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
INVENTORIES [Abstract] | |
Inventories | in millions 2022 2021 Inventories Finished products 1 $ 439.3 $ 418.0 Raw materials 63.4 59.9 Products in process 6.0 4.2 Operating supplies and other 70.6 39.2 Total $ 579.3 $ 521.3 1 Includes inventories encumbered b y vo lumetric production payment s (see Note 2 ), as follows: December 31, 2022 — $ 3.6 million ; December 31, 2021 — $ 2.8 million. |
PROPERTY, PLANT & EQUIPMENT (Ta
PROPERTY, PLANT & EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
PROPERTY, PLANT & EQUIPMENT [Abstract] | |
Property, Plant and Equipment | in millions 2022 2021 Property, Plant & Equipment Land and land improvements 1 $ 3,991.1 $ 3,631.7 Buildings 223.3 182.9 Machinery and equipment 6,454.2 6,109.2 Finance leases (see Note 7) 93.2 36.3 Deferred asset retirement costs 165.9 182.5 Construction in progress 378.7 301.8 Total, gross $ 11,306.4 $ 10,444.4 Less allowances for depreciation, depletion and amortization 5,255.1 4,897.6 Total, net $ 6,051.3 $ 5,546.8 1 Includes depletable lan d as follows: December 31, 2022 — $ 2,445.6 million and December 31, 2021 — $ 2,238.4 million . |
Capitalized Interest Costs and Total Interest Costs Incurred | in millions 2022 2021 2020 Capitalized interest cost $ 3.6 $ 4.2 $ 3.5 Total interest cost incurred before recognition of the capitalized amount 172.8 153.5 139.5 |
DERIVATIVE INSTRUMENTS (Tables)
DERIVATIVE INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
DERIVATIVE INSTRUMENTS [Abstract] | |
Effects of Changes in Fair Values of Derivatives Designated as Cash Flow Hedges | in millions Location on Statement 2022 2021 2020 Cash Flow Hedges Loss reclassified from AOCI Interest expense $ ( 2.0 ) $ ( 2.0 ) $ ( 2.3 ) |
DEBT (Tables)
DEBT (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
DEBT [Abstract] | |
Debt | Effective in millions Interest Rates 2022 2021 Short-term Debt Bank line of credit expires 2027 1 $ 100.0 $ 0.0 Commercial paper expires 2027 1 0.0 0.0 Total short-term debt $ 100.0 $ 0.0 Long-term Debt Bank line of credit expires 2027 1 $ 0.0 $ 0.0 Commercial paper expires 2027 1 550.0 0.0 Delayed draw term loan due 2026 550.0 1,100.0 4.50 % notes due 2025 4.65 % 400.0 400.0 3.90 % notes due 2027 4.00 % 400.0 400.0 3.50 % notes due 2030 3.94 % 750.0 750.0 7.15 % notes due 2037 8.05 % 129.2 129.2 4.50 % notes due 2047 4.59 % 700.0 700.0 4.70 % notes due 2048 5.42 % 460.9 460.9 Other notes 0.37 % 1.8 9.5 Total long-term debt - face value $ 3,941.9 $ 3,949.6 Unamortized discounts and debt issuance costs ( 66.2 ) ( 69.6 ) Total long-term debt - book value $ 3,875.7 $ 3,880.0 Less current maturities 0.5 5.2 Total long-term debt - reported value $ 3,875.2 $ 3,874.8 Estimated fair value of long-term debt $ 3,671.9 $ 4,418.5 1 Borrowings 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. |
Schedule of Principal and Interest Debt Payments | in millions Total Principal Interest Scheduled Debt Payments (excluding the line of credit) 2023 $ 184.6 $ 0.5 $ 184.1 2024 182.1 0.5 181.6 2025 561.7 400.5 161.2 2026 689.8 550.4 139.4 2027 1,059.6 950.0 109.6 |
Standby Letters of Credit | in millions Standby Letters of Credit Risk management insurance $ 71.5 Reclamation/restoration requirements 7.1 Total $ 78.6 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
LEASES [Abstract] | |
Schedule of Lease Assets and Liabilities, Weighted-Average Lease Term and Discount Rate | dollars in millions Classification on the Balance Sheet 2022 2021 Assets Operating lease ROU assets $ 665.4 $ 771.1 Accumulated amortization ( 92.8 ) ( 79.7 ) Operating leases, net Operating lease right-of-use assets , net 572.6 691.4 Finance lease assets 93.2 129.2 Accumulated depreciation ( 14.9 ) ( 8.8 ) Finance leases, net Property, plant & equipment , net 78.3 120.4 Total lease assets $ 650.9 $ 811.8 Liabilities Current Operating Other current liabilities $ 48.1 $ 49.2 Finance Other current liabilities 22.3 35.4 Noncurrent Operating Noncurrent operating lease liabilities 548.4 642.5 Finance Other noncurrent liabilities 34.8 60.5 Total lease liabilities $ 653.6 $ 787.6 Lease Term and Discount Rate Weighted-average remaining lease term (years) Operating leases 19.7 21.0 Finance leases 3.0 3.3 Weighted-average discount rate Operating leases 3.9 % 3.8 % Finance leases 1.8 % 1.3 % |
Components of Lease Expense | in millions 2022 2021 2020 Lease Cost Finance lease cost Depreciation of right-of-use assets $ 16.5 $ 7.1 $ 1.6 Interest on lease liabilities 1.2 0.6 ( 0.1 ) Operating lease cost 85.6 71.0 58.5 Short-term lease cost 1 46.4 27.3 30.5 Variable lease cost 14.4 10.6 12.9 Sublease income ( 2.9 ) ( 3.1 ) ( 2.7 ) Total lease cost $ 161.2 $ 113.5 $ 100.7 1 Our short-term lease cost includes the cost of leases with an initial term of one year or less (including those with terms of one month or less). |
Maturity Analysis on an Undiscounted Basis | Operating Finance in millions Leases Leases Maturity of Lease Liabilities 2023 $ 70.0 $ 23.2 2024 65.3 17.3 2025 60.9 11.8 2026 54.7 5.9 2027 50.5 0.6 Thereafter 658.3 0.0 Total minimum lease payments $ 959.7 $ 58.8 Less: Lease payments representing interest 363.2 1.7 Present value of future minimum lease payments $ 596.5 $ 57.1 Less: Current obligations under leases 48.1 22.3 Long-term lease obligations $ 548.4 $ 34.8 |
ACCRUED ENVIRONMENTAL REMEDIA_2
ACCRUED ENVIRONMENTAL REMEDIATION COSTS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
ACCRUED ENVIRONMENTAL REMEDIATION COSTS [Abstract] | |
Accrued Environmental Remediation Costs | in millions 2022 2021 Accrued Environmental Remediation Costs Continuing operations $ 28.6 $ 23.2 Retained from former Chemicals business 8.3 10.7 Total $ 36.9 $ 33.9 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
INCOME TAXES [Abstract] | |
Components of Earnings From Continuing Operations before Income Taxes | in millions 2022 2021 2020 Earnings from Continuing Operations before Income Taxes Domestic $ 788.7 $ 871.6 $ 733.0 Foreign ( 0.6 ) 2.2 10.8 Total $ 788.1 $ 873.8 $ 743.8 |
Provision (Benefit) For Income Taxes from Continuing Operations | in millions 2022 2021 2020 Income Tax Expense (Benefit) from Continuing Operations Current Federal $ 85.2 $ 103.9 $ 69.2 State and local 43.6 34.6 23.8 Foreign 4.6 ( 5.0 ) 0.9 Total $ 133.4 $ 133.5 $ 93.9 Deferred Federal $ 43.4 $ 39.2 $ 50.9 State and local 3.3 26.5 10.8 Foreign 12.9 0.9 0.2 Total $ 59.6 $ 66.6 $ 61.9 Total expense $ 193.0 $ 200.1 $ 155.8 |
Sources and Tax Effects of Differences Between Benefit from Income Taxes and Amount Computed by Applying Federal Statutory Income Tax Rate to Earnings from Continuing Operations before Income Taxes | dollars in millions 2022 2021 2020 Income tax expense at the federal statutory tax rate $ 165.5 21.0 % $ 183.5 21.0 % $ 156.2 21.0 % Expense (Benefit) from Income Tax Differences Statutory depletion ( 30.6 ) - 3.9 % ( 28.3 ) - 3.2 % ( 24.7 ) - 3.3 % State and local income taxes, net of federal income tax benefit 37.5 4.8 % 34.7 4.0 % 27.4 3.7 % Share-based compensation ( 4.9 ) - 0.6 % ( 6.1 ) - 0.7 % ( 6.9 ) - 0.9 % Uncertain tax positions 5.1 0.7 % 2.5 0.3 % 1.4 0.2 % Valuation allowance 14.5 1.8 % 13.7 1.6 % 0.0 0.0 % Research and development credit ( 4.3 ) - 0.6 % ( 2.7 ) - 0.3 % ( 2.7 ) - 0.4 % Impairment 10.7 1.4 % 0.0 0.0 % 0.0 0.0 % Other, net ( 0.5 ) - 0.1 % 2.8 0.2 % 5.1 0.6 % Total income tax expense/ Effective tax rate $ 193.0 24.5 % $ 200.1 22.9 % $ 155.8 20.9 % |
Components of Net Deferred Income Tax Liability | in millions 2022 2021 Deferred Tax Assets Related to Employee benefits $ 14.2 $ 11.8 Incentive compensation 62.1 62.5 Asset retirement obligations & other reserves 82.5 77.9 State net operating losses 86.3 95.0 State bonus depreciation 41.4 30.1 Operating lease liabilities 149.7 176.7 Other 72.0 59.1 Total gross deferred tax assets $ 508.2 $ 513.1 Valuation allowance ( 76.8 ) ( 65.7 ) Total net deferred tax asset $ 431.4 $ 447.4 Deferred Tax Liabilities Related to Property, plant & equipment $ 889.4 $ 824.4 Goodwill/other intangible assets 379.2 380.2 Operating lease right-of-use assets 143.6 176.7 Other 92.0 72.0 Total deferred tax liabilities $ 1,504.2 $ 1,453.3 Net deferred tax liability $ 1,072.8 $ 1,005.9 |
Changes in Unrecognized Income Tax Benefits | in millions 2022 2021 2020 Unrecognized tax benefits as of January 1 $ 10.8 $ 6.8 $ 5.4 Increases for tax positions related to Prior years 4.6 0.5 0.4 Current year 6.6 3.9 1.9 Decreases for tax positions related to Prior years ( 0.2 ) 0.0 0.0 Expiration of applicable statute of limitations ( 3.1 ) ( 0.4 ) ( 0.9 ) Unrecognized tax benefits as of December 31 $ 18.7 $ 10.8 $ 6.8 |
BENEFIT PLANS (Tables)
BENEFIT PLANS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Pension Plans for ABO or PBO That Exceed the Fair Value Of Plan Assets | in millions 2022 2021 Pension plans with ABO in excess of plan assets Accumulated benefit obligation $ 690.9 $ 249.2 Fair value of assets 637.8 176.6 Pension plans with PBO in excess of plan assets Projected benefit obligation $ 691.1 $ 249.7 Fair value of assets 637.8 176.6 |
Pension Plans, Defined Benefit [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Combined Funded Status of Plans and their Reconciliation with Related Amounts Recognized in Consolidated Financial Statements | in millions 2022 2021 Change in Benefit Obligation Projected benefit obligation at beginning of year $ 915.4 $ 1,059.5 Service cost 4.0 4.8 Interest cost 21.1 19.7 Actuarial gain ( 200.7 ) ( 25.0 ) Benefits paid ( 48.7 ) ( 56.4 ) Annuity purchase 0.0 ( 87.2 ) Projected benefit obligation at end of year $ 691.1 $ 915.4 Change in Fair Value of Plan Assets Fair value of assets at beginning of year $ 860.5 $ 944.2 Actual return on plan assets ( 181.8 ) 51.9 Employer contribution 7.8 8.0 Benefits paid ( 48.7 ) ( 56.4 ) Annuity purchase 0.0 ( 87.2 ) Fair value of assets at end of year $ 637.8 $ 860.5 Funded status ( 53.3 ) ( 54.9 ) Net amount recognized $ ( 53.3 ) $ ( 54.9 ) Amounts Recognized in the Consolidated Balance Sheets Noncurrent assets $ 0.0 $ 18.2 Current liabilities ( 7.8 ) ( 8.2 ) Noncurrent liabilities ( 45.5 ) ( 64.9 ) Net amount recognized $ ( 53.3 ) $ ( 54.9 ) Amounts Recognized in Accumulated Other Comprehensive Income Net actuarial loss $ 183.4 $ 176.4 Prior service cost 2.4 3.8 Total amount recognized $ 185.8 $ 180.2 |
Components of Net Periodic Benefit Cost Amounts Recognized in Other Comprehensive Income, Assumed Healthcare Trend Costs and Weighted Average Assumptions of Plans | dollars in millions 2022 2021 2020 Components of Net Periodic Pension Benefit Cost Service cost $ 4.0 $ 4.8 $ 4.9 Interest cost 21.1 19.7 29.3 Expected return on plan assets ( 30.1 ) ( 42.8 ) ( 48.6 ) Settlement charge 0.0 12.1 22.7 Amortization of prior service cost 1.4 1.3 1.4 Amortization of actuarial loss 4.2 8.0 11.9 Net periodic pension benefit cost $ 0.6 $ 3.1 $ 21.6 Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income Net actuarial loss (gain) $ 11.2 $ ( 34.0 ) $ ( 3.4 ) Reclassification of prior service cost ( 1.4 ) ( 1.3 ) ( 1.4 ) Reclassification of actuarial loss ( 4.2 ) ( 20.1 ) ( 34.6 ) Amount recognized in other comprehensive income $ 5.6 $ ( 55.4 ) $ ( 39.4 ) Amount recognized in net periodic pension benefit cost and other comprehensive income $ 6.2 $ ( 52.3 ) $ ( 17.8 ) Assumptions Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31 Discount rate — PBO 2.92 % 2.63 % 3.22 % Discount rate — service cost 1 3.17 % 2.94 % / 3.21 % 3.49 % / 2.89 % Discount rate — interest cost 2.37 % 1.90 % 2.78 % Expected return on plan assets 2 4.00 % 5.25 % / 3.75 % 5.75 % / 5.25 % Weighted-average assumptions used to determine benefit obligation at December 31 Discount rate 5.19 % 2.91 % 2.57 % 1 As a result of remeasurements, the 2021 service cost discount rates were revised from 2.94 % at 12/31/2020 to 3.21 % at 10/31/2021 and the 2020 service cost discount rates were revised from 3.49 % at 12/31/2019 to 2.89 % at 11/30/2020. 2 As a result of remeasurements, the 2021 expected return on plan assets were revised from 5.25 % at 12/31/2020 to 3.75 % at 10/31/2021 and the 2020 expected return on plan assets were revised from 5.75 % at 12/31/2019 to 5.25 % at 11/30/2020. |
Fair values of Pension Plan Assets | Fair Value Measurements at December 31, 2022 in millions Level 1 Level 2 Level 3 Total Asset Category Debt funds $ 0.0 $ 628.6 $ 0.0 $ 628.6 Equity funds 0.0 0.0 0.0 0.0 Investments in the fair value hierarchy $ 0.0 $ 628.6 $ 0.0 $ 628.6 Interest in common/collective trusts (at NAV) 5.6 Private partnerships (at NAV) 3.6 Total pension plan assets $ 637.8 Fair Value Measurements at December 31, 2021 in millions Level 1 Level 2 Level 3 Total Asset Category Debt funds $ 0.0 $ 662.9 $ 0.0 $ 662.9 Equity funds 0.1 59.0 0.0 59.1 Investments in the fair value hierarchy $ 0.1 $ 721.9 $ 0.0 $ 722.0 Interest in common/collective trusts (at NAV) 134.3 Private partnerships (at NAV) 4.2 Total pension plan assets $ 860.5 |
Employer Contributions for Plan | in millions Pension Employer Contributions 2020 $ 8.8 2021 8.0 2022 7.8 2023 (estimated) 7.8 |
Benefit Payments Which Reflect Expected Future Service, Expected to be Paid | in millions Pension Estimated Future Benefit Payments 2023 $ 49.1 2024 50.3 2025 48.2 2026 48.7 2027 49.6 2028-2032 247.9 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Combined Funded Status of Plans and their Reconciliation with Related Amounts Recognized in Consolidated Financial Statements | in millions 2022 2021 Change in Benefit Obligation Projected benefit obligation at beginning of year $ 46.0 $ 33.9 Service cost 2.3 1.3 Interest cost 0.9 0.5 Plan amendments 0.0 14.9 Actuarial (gain) loss ( 2.5 ) 0.9 Benefits paid ( 4.9 ) ( 5.5 ) Projected benefit obligation at end of year $ 41.8 $ 46.0 Change in Fair Value of Plan Assets Fair value of assets at beginning of year $ 0.0 $ 0.0 Actual return on plan assets 0.0 0.0 Fair value of assets at end of year $ 0.0 $ 0.0 Funded status $ ( 41.8 ) $ ( 46.0 ) Net amount recognized $ ( 41.8 ) $ ( 46.0 ) Amounts Recognized in the Consolidated Balance Sheets Current liabilities $ ( 5.1 ) $ ( 4.6 ) Noncurrent liabilities ( 36.7 ) ( 41.4 ) Net amount recognized $ ( 41.8 ) $ ( 46.0 ) Amounts Recognized in Accumulated Other Comprehensive Income Net actuarial gain $ ( 17.9 ) $ ( 16.7 ) Prior service cost 13.1 12.8 Total amount recognized $ ( 4.8 ) $ ( 3.9 ) |
Components of Net Periodic Benefit Cost Amounts Recognized in Other Comprehensive Income, Assumed Healthcare Trend Costs and Weighted Average Assumptions of Plans | dollars in millions 2022 2021 2020 Components of Net Periodic Postretirement Benefit Cost Service cost $ 2.2 $ 1.2 $ 1.5 Interest cost 0.9 0.5 1.0 Amortization of prior service credit ( 0.3 ) ( 1.5 ) ( 3.9 ) Amortization of actuarial gain ( 1.3 ) ( 1.4 ) ( 0.8 ) Net periodic postretirement benefit cost (credit) $ 1.5 $ ( 1.2 ) $ ( 2.2 ) Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income Net actuarial (gain) loss $ ( 2.4 ) $ 0.9 $ ( 5.1 ) Prior service cost 0.0 14.9 0.0 Reclassification of prior service credit 0.3 1.5 3.9 Reclassification of actuarial gain 1.3 1.4 0.8 Amount recognized in other comprehensive income $ ( 0.8 ) $ 18.7 $ ( 0.4 ) Amount recognized in net periodic postretirement benefit cost and other comprehensive income $ 0.7 $ 17.5 $ ( 2.6 ) Assumptions Assumed Healthcare Cost Trend Rates at December 31 Healthcare cost trend rate assumed for next year (Pre-65/Post-65) 7.04 % / n/a 6.60 % / 6.50 % n/a Rate to which the cost trend rate gradually declines 4.50 % 4.50 % n/a Year that the rate reaches the rate it is assumed to maintain 2030 2028 n/a Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31 Discount rate — PBO 2.59 % 2.19 % 2.84 % Discount rate — service cost 1 2.89 % 2.45 % / 2.84 % 3.09 % Discount rate — interest cost 2.06 % 1.60 % 2.42 % Weighted-average assumptions used to determine benefit obligation at December 31 Discount rate 5.08 % 2.59 % 2.09 % 1 As a result of remeasurements, the 2021 service cost discount rates were revised from 2.45 % at 12/31/2020 to 2.84 % at 9/30/2021. |
Employer Contributions for Plan | in millions Postretirement Employer Contributions 2020 $ 4.7 2021 5.5 2022 4.9 2023 (estimated) 5.1 |
Benefit Payments Which Reflect Expected Future Service, Expected to be Paid | in millions Postretirement Estimated Future Benefit Payments 2023 $ 5.1 2024 5.0 2025 5.0 2026 4.8 2027 4.8 2028–2032 20.6 |
Contributions by Participants to Postretirement Benefit Plans | in millions Postretirement Participants Contributions 2020 $ 2.6 2021 2.3 2022 2.0 |
INCENTIVE PLANS (Tables)
INCENTIVE PLANS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Aggregate Values for Distributed Restricted Share Awards | in millions 2022 2021 2020 Aggregate value of distributed restricted shares $ 15.7 $ 9.0 $ 12.2 |
Weighted-Average Fair Value and Weighted-Average Assumptions Used in Estimating Fair Value of Grants | 2022 2021 2020 SOSARs Fair value $ 60.57 $ 52.19 $ 40.91 Risk-free interest rate 2.02 % 1.18 % 1.50 % Dividend yield 0.77 % 0.62 % 0.71 % Volatility 26.68 % 27.33 % 25.74 % Expected term (years) 9.00 9.00 9.00 |
Aggregate Intrinsic Values of Options Exercised | in millions 2022 2021 2020 Aggregate intrinsic value of SOSARs exercised $ 1.9 $ 24.9 $ 22.3 |
Performance Shares [Member] | |
Summary of Activity For Nonvested Performance Share Units | Target Weighted-average Number Grant Date of Shares Fair Value Performance Shares Nonvested at January 1, 2022 220,988 $ 148.93 Granted 116,825 185.31 Vested ( 109,880 ) 133.95 Canceled/forfeited ( 8,032 ) 163.95 Nonvested at December 31, 2022 219,901 $ 160.48 |
Aggregate Value of Performance Shares | in millions 2022 2021 2020 Aggregate value of distributed performance shares $ 33.4 $ 19.6 $ 38.8 |
Restricted Shares [Member] | |
Summary of Restricted Stock Units | Weighted-average Number Grant Date of Shares Fair Value Restricted Stock Units Nonvested at January 1, 2022 205,280 $ 135.26 Granted 76,036 184.49 Vested ( 86,326 ) 117.27 Canceled/forfeited ( 9,502 ) 162.76 Nonvested at December 31, 2022 185,488 $ 162.40 |
SOSARs [Member] | |
Summary of Our SOSAR Activity | Weighted-average Remaining Aggregate Number Weighted-average Contractual Intrinsic Value of Shares Exercise Price Life (Years) (in millions) SOSARs Outstanding at January 1, 2022 624,144 $ 105.43 Granted 69,015 185.29 Exercised ( 18,790 ) 74.66 Forfeited or expired 0 0.00 Outstanding at December 31, 2022 674,369 $ 114.46 4.74 $ 41.0 Exercisable at December 31, 2022 536,100 $ 100.29 3.79 $ 39.6 |
Cash Consideration Received and Tax Benefit Realized from SOSAR Exercises and Compensation Cost Recorded | in millions 2022 2021 2020 SOSARs Cash received from exercises $ 0.0 $ 0.0 $ 0.0 Tax benefit from exercises 0.4 6.3 5.7 Compensation cost 4.0 3.9 3.9 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
COMMITMENTS AND CONTINGENCIES [Abstract] | |
Commitments Due | Unconditional Purchase in millions Obligations Property, Plant & Equipment 2023 $ 33.4 Thereafter 0.0 Total $ 33.4 Noncapital (primarily transportation and electricity contracts) 2023 $ 36.3 2024–2025 66.3 2026–2027 52.5 Thereafter 44.5 Total $ 199.6 |
Minimum Royalties Under Mineral Leases | Mineral in millions Leases Minimum Royalties 2023 $ 25.9 2024–2025 36.9 2026–2027 25.8 Thereafter 150.1 Total $ 238.7 |
EQUITY (Tables)
EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
EQUITY [Abstract] | |
Shares Purchased and Retired | in millions, except average cost 2022 2021 2020 Shares Purchased and Retired Number 0.0 0.0 0.2 Total purchase price $ 0.0 $ 0.0 $ 26.1 Average cost per share $ 0.00 $ 0.00 $ 121.92 |
Cash Dividends Per Share of Common Stock | in millions, except per share data 2022 2021 2020 Dividends Cash dividends $ 212.6 $ 196.4 $ 180.2 Cash dividends per share $ 1.60 $ 1.48 $ 1.36 |
OTHER COMPREHENSIVE INCOME (Tab
OTHER COMPREHENSIVE INCOME (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
OTHER COMPREHENSIVE INCOME [Abstract] | |
Accumulated Other Comprehensive Income, Net of Tax | in millions 2022 2021 2020 AOCI Cash flow hedges $ ( 21.0 ) $ ( 22.5 ) $ ( 24.0 ) Pension and postretirement plans ( 133.7 ) ( 130.2 ) ( 157.3 ) Total $ ( 154.7 ) $ ( 152.7 ) $ ( 181.3 ) |
Changes in Accumulated Other Comprehensive Income, Net of Tax | Pension and Cash Flow Postretirement in millions Hedges Benefit Plans Total AOCI Balances at December 31, 2019 $ ( 11.0 ) $ ( 186.7 ) $ ( 197.7 ) Other comprehensive income (loss) before reclassifications ( 14.7 ) 6.4 ( 8.3 ) Amounts reclassified from AOCI 1.7 23.0 24.7 Net OCI changes ( 13.0 ) 29.4 16.4 Balances at December 31, 2020 $ ( 24.0 ) $ ( 157.3 ) $ ( 181.3 ) Other comprehensive income (loss) before reclassifications 0.0 13.4 13.4 Amounts reclassified from AOCI 1.5 13.7 15.2 Net OCI changes 1.5 27.1 28.6 Balances at December 31, 2021 $ ( 22.5 ) $ ( 130.2 ) $ ( 152.7 ) Other comprehensive income (loss) before reclassifications 0.0 ( 6.5 ) ( 6.5 ) Amounts reclassified from AOCI 1.5 3.0 4.5 Net OCI changes 1.5 ( 3.5 ) ( 2.0 ) Balances at December 31, 2022 $ ( 21.0 ) $ ( 133.7 ) $ ( 154.7 ) |
Amounts Reclassified from Accumulated Other Comprehensive Income to Earnings | in millions 2022 2021 2020 Amortization of Cash Flow Hedge Losses Interest expense $ 2.0 $ 2.0 $ 2.3 Benefit from income taxes ( 0.5 ) ( 0.5 ) ( 0.6 ) Total $ 1.5 $ 1.5 $ 1.7 Amortization of Pension and Postretirement Plan Actuarial Loss and Prior Service Cost Other nonoperating expense $ 4.0 $ 18.5 $ 31.2 Benefit from income taxes ( 1.0 ) ( 4.8 ) ( 8.2 ) Total $ 3.0 $ 13.7 $ 23.0 Total reclassifications from AOCI to earnings $ 4.5 $ 15.2 $ 24.7 |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
SEGMENT REPORTING [Abstract] | |
Segment Financial Disclosure | in millions 2022 2021 2020 Total Revenues Aggregates 1 $ 5,272.8 $ 4,345.0 $ 3,944.3 Asphalt 2 990.2 777.8 792.6 Concrete 1,593.9 766.8 383.6 Calcium 7.8 6.9 7.7 Segment sales $ 7,864.7 $ 5,896.5 $ 5,128.2 Aggregates intersegment sales ( 549.5 ) ( 344.3 ) ( 271.4 ) Total revenues $ 7,315.2 $ 5,552.2 $ 4,856.8 Gross Profit Aggregates $ 1,408.5 $ 1,295.7 $ 1,159.2 Asphalt 57.3 21.2 75.2 Concrete 89.3 54.3 44.2 Calcium 2.6 2.2 2.9 Total $ 1,557.7 $ 1,373.4 $ 1,281.5 Depreciation, Depletion, Accretion & Amortization (DDA&A) Aggregates $ 441.1 $ 360.4 $ 321.1 Asphalt 35.1 36.0 35.0 Concrete 83.1 41.5 16.0 Calcium 0.2 0.2 0.2 Other 28.0 24.9 24.5 Total $ 587.5 $ 463.0 $ 396.8 Capital Expenditures 3 Aggregates $ 540.3 $ 423.1 $ 331.9 Asphalt 23.3 9.3 19.8 Concrete 50.4 18.1 11.7 Calcium 0.1 0.0 0.0 Corporate 30.0 0.0 0.0 Total $ 644.1 $ 450.5 $ 363.4 Identifiable Assets 4, 5 Aggregates $ 11,575.2 $ 10,917.8 $ 9,459.2 Asphalt 597.6 602.0 573.1 Concrete 1,436.2 1,680.2 305.5 Calcium 3.8 4.0 3.3 Total identifiable assets $ 13,612.8 $ 13,204.0 $ 10,341.1 General corporate 460.3 237.1 147.8 Cash and cash equivalents and restricted cash 161.5 241.5 1,198.0 Total assets $ 14,234.6 $ 13,682.6 $ 11,686.9 1 Includes product sales, as well as freight & delivery costs that we pass along to our customers, and service revenues (see Note 2) related to aggregates. 2 Includes product sales, as well as service revenues (see Note 2) from our asphalt construction paving business. 3 Capital expenditures include changes in accruals for purchases of property, plant & equipment. Capital expenditures exclude property, plant & equipment obtained by business acquisitions. 4 Certain temporarily idled assets are included within a segment's Identifiable Assets but the associated DDA&A is shown within Other in the DDA&A section above as the related DDA&A is excluded from segment gross profit. 5 The 2022 and 2021 increases in Aggregates and 2021 increase in Concrete Identifiable Assets are largely attributable to business acquisitions (see Note 19) . |
SUPPLEMENTAL CASH FLOW INFORM_2
SUPPLEMENTAL CASH FLOW INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
SUPPLEMENTAL CASH FLOW INFORMATION [Abstract] | |
Supplemental Information Referable to Condensed Consolidated Statements of Cash Flows | in millions 2022 2021 2020 Cash Payments Interest (exclusive of amount capitalized) $ 164.3 $ 138.0 $ 129.2 Income taxes 143.5 127.9 95.9 Noncash Investing and Financing Activities Accruals for purchases of property, plant & equipment $ 108.7 $ 71.4 $ 55.9 Note received from sale of business 130.0 0.0 0.0 Debt issued for purchases of property, plant & equipment 0.0 0.0 2.6 Recognition of new and revised lease obligations for Operating lease right-of-use assets 44.8 106.9 49.6 Finance lease right-of-use assets 3.8 13.3 6.6 Consideration payable to seller in business acquisitions 65.4 0.0 9.0 Fair value of noncash assets and liabilities exchanged 0.0 0.0 21.2 |
ASSET RETIREMENT OBLIGATIONS (T
ASSET RETIREMENT OBLIGATIONS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
ASSET RETIREMENT OBLIGATIONS [Abstract] | |
Asset Retirement Obligations Operating Costs | in millions 2022 2021 2020 ARO Operating Costs Accretion $ 14.1 $ 13.1 $ 12.4 Depreciation 9.4 10.6 8.6 Total $ 23.5 $ 23.7 $ 21.0 |
Reconciliations of Asset Retirement Obligations | in millions 2022 2021 Asset Retirement Obligations Balance at beginning of year $ 315.2 $ 283.2 Liabilities incurred 8.2 19.2 Liabilities settled ( 8.8 ) ( 11.0 ) Accretion expense 14.1 13.1 Revisions, net ( 17.4 ) 10.7 Balance at end of year $ 311.3 $ 315.2 |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
GOODWILL AND INTANGIBLE ASSETS [Abstract] | |
Changes in Carrying Amount of Goodwill by Reportable Segment | in millions Aggregates Asphalt Concrete Calcium Total Goodwill Totals at December 31, 2020 $ 3,080.5 $ 91.6 $ 0.0 $ 0.0 $ 3,172.1 Goodwill of acquired businesses 1 236.1 0.0 288.5 0.0 524.6 Totals at December 31, 2021 $ 3,316.6 $ 91.6 $ 288.5 $ 0.0 $ 3,696.7 Goodwill of acquired businesses 1 13.7 0.0 30.1 0.0 43.8 Goodwill impairment 0.0 0.0 ( 50.9 ) 0.0 ( 50.9 ) Totals at December 31, 2022 $ 3,330.3 $ 91.6 $ 267.7 $ 0.0 $ 3,689.6 1 See Note 19 for a summary of recent acquisitions. |
Gross Carrying Amount and Accumulated Amortization by Major Intangible Asset Class | in millions 2022 2021 Gross Carrying Amount Contractual rights in place $ 1,771.5 $ 1,765.0 Permitting, permitting compliance and zoning rights 191.1 156.5 Other 1 116.5 115.0 Total gross carrying amount $ 2,079.1 $ 2,036.5 Accumulated Amortization Contractual rights in place $ ( 302.9 ) $ ( 230.9 ) Permitting, permitting compliance and zoning rights ( 49.0 ) ( 39.1 ) Other 1 ( 25.1 ) ( 17.5 ) Total accumulated amortization $ ( 377.0 ) $ ( 287.5 ) Total Intangible Assets Subject to Amortization, net $ 1,702.1 $ 1,749.0 Intangible Assets with Indefinite Lives 0.0 0.0 Total Intangible Assets, net 1,702.1 1,749.0 Amortization Expense for the Year $ 97.6 $ 68.2 1 Includes noncompetition agreements, patents, customer relationships, tradenames and trademarks. |
Estimated Amortization Expense | in millions Estimated Amortization Expense for Five Subsequent Years 2023 $ 86.9 2024 85.1 2025 83.3 2026 83.0 2027 82.5 |
ACQUISITIONS AND DIVESTITURES (
ACQUISITIONS AND DIVESTITURES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Acquisitions 2022 [Member] | |
Significant Acquisitions And Disposals [Line Items] | |
Schedule of Business Acquisitions | December 31 in millions 2022 Fair Value of Purchase Consideration Cash $ 529.2 Payable to seller 65.4 Total fair value of purchase consideration $ 594.6 Identifiable Assets Acquired and Liabilities Assumed Accounts and notes receivable, net $ 28.0 Inventories 15.4 Other current assets 2.1 Property, plant & equipment 498.6 Intangible assets Contractual rights in place 72.3 Deferred income taxes, net ( 12.5 ) Other liabilities assumed ( 21.8 ) Net identifiable assets acquired $ 582.1 Goodwill $ 12.5 |
U.S. Concrete [Member] | |
Significant Acquisitions And Disposals [Line Items] | |
Comprehensive Income Actual Results | in millions 2021 Actual Results Total revenues $ 466.3 Net loss attributable to Vulcan ( 19.7 ) |
Schedule of Business Acquisitions | December 31 in millions 2022 Fair Value of Purchase Consideration Cash 1 $ 1,634.5 Total fair value of purchase consideration $ 1,634.5 Identifiable Assets Acquired and Liabilities Assumed Accounts and notes receivable, net $ 235.6 Inventories 80.6 Other current assets 8.7 Property, plant & equipment 1,086.2 Operating lease right-of-use assets 217.6 Intangible assets Contractual rights in place 622.6 Other intangibles 60.3 Other noncurrent assets 5.3 Deferred income taxes, net ( 226.1 ) Debt assumed ( 443.7 ) Other liabilities assumed ( 546.2 ) Noncontrolling interest ( 22.3 ) Net identifiable assets acquired $ 1,078.6 Goodwill $ 555.9 1 Includes $ 1,268.5 million paid to acquire all issued and outstanding shares of U.S. Concrete common stock and $ 384.4 million of U.S. Concrete obligations paid on the acquisition date, less $ 18.4 million of cash acquired. |
Supplemental Pro Forma Results | in millions 2021 2020 Supplemental Pro Forma Results Total revenues $ 6,361.5 $ 6,182.8 Net earnings attributable to Vulcan 688.6 551.9 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2022 USD ($) item state | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) item segment state factor | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Change in Accounting Estimate [Line Items] | |||||
State of incorporation | NJ | ||||
Number of states | state | 22 | 22 | |||
Number of demographic factors | factor | 3 | ||||
Revenues from discontinued operations | $ 0 | $ 0 | $ 0 | ||
Charge for litigation matter | 15,300,000 | ||||
Bad debt expense | $ 700,000 | 1,300,000 | 1,100,000 | ||
Number of Rabbi Trust estabished | item | 2 | 2 | |||
Net gains (losses) of the Rabbi Trust investments | $ (4,800,000) | 6,100,000 | 4,500,000 | ||
Unrealized net gains (losses) of the Rabbi Trusts' investments | (5,200,000) | 5,300,000 | 4,100,000 | ||
Loss on impairments | 67,900,000 | 4,600,000 | 0 | ||
Goodwill | $ 3,689,600,000 | $ 3,689,600,000 | $ 3,696,700,000 | 3,172,100,000 | |
Percentage of goodwill in total assets | 26% | 26% | 27% | ||
Percentage of net property, plant & equipment in total assets | 43% | 43% | |||
Number of operating segments | segment | 4 | ||||
Number of Reporting Units | item | 17 | ||||
Percentage of net other intangible assets in total assets | 12% | 12% | |||
Stripping costs | $ 133,100,000 | $ 133,100,000 | $ 90,700,000 | 90,400,000 | |
Capitalized pre-production stripping costs | 100,200,000 | 100,200,000 | 95,600,000 | ||
Asset retirement obligations | 311,300,000 | 311,300,000 | 315,200,000 | 283,200,000 | |
Spread between the amount accrued and the maximum environmental loss | 6,400,000 | 6,400,000 | |||
Maximum self-insurance coverage per occurrence for losses related to workers' compensation | 2,000,000 | ||||
Maximum self-insurance coverage per occurrence for automotive and general/product liability | $ 10,000,000 | ||||
Accounting Standards Codification Topic 740 - Income Taxes recognition threshold for uncertain tax positions | 50% | ||||
Goodwill, carrying value percent, determination of impairment | 100 | ||||
Impairment of long-lived assets | 0 | 0 | |||
Goodwill impairment charges | $ 50,900,000 | $ 0 | $ 0 | ||
Income tax benefit recognition threshold more likely than not | 50% | ||||
Goodwill [Member] | |||||
Change in Accounting Estimate [Line Items] | |||||
Number of Reporting Units | item | 12 | ||||
Asset Held For Sale [Member] | |||||
Change in Accounting Estimate [Line Items] | |||||
Loss on impairments | $ 16,900,000 | ||||
Loss from assets held for sale impairment | $ (17,400,000) | ||||
Minimum [Member] | |||||
Change in Accounting Estimate [Line Items] | |||||
Goodwill, percent of exceeded carrying values | 10 | 10 | |||
Minimum [Member] | Machinery and Equipment [Member] | |||||
Change in Accounting Estimate [Line Items] | |||||
Estimated service lives | 3 years | ||||
Minimum [Member] | Buildings [Member] | |||||
Change in Accounting Estimate [Line Items] | |||||
Estimated service lives | 7 years | ||||
Minimum [Member] | Land Improvements [Member] | |||||
Change in Accounting Estimate [Line Items] | |||||
Estimated service lives | 3 years | ||||
Maximum [Member] | |||||
Change in Accounting Estimate [Line Items] | |||||
Goodwill, percent of exceeded carrying values | 100 | 100 | |||
Maximum [Member] | Machinery and Equipment [Member] | |||||
Change in Accounting Estimate [Line Items] | |||||
Estimated service lives | 35 years | ||||
Maximum [Member] | Buildings [Member] | |||||
Change in Accounting Estimate [Line Items] | |||||
Estimated service lives | 20 years | ||||
Maximum [Member] | Land Improvements [Member] | |||||
Change in Accounting Estimate [Line Items] | |||||
Estimated service lives | 20 years | ||||
Polaris [Member] | Orca [Member] | |||||
Change in Accounting Estimate [Line Items] | |||||
Ownership percentage by parent | 88% | 88% | |||
Namgis [Member] | Orca [Member] | |||||
Change in Accounting Estimate [Line Items] | |||||
Ownership percentage by noncontrolling owners | 12% | 12% | |||
Concrete [Member] | New York, New Jersey And Pennsylvania [Member] | |||||
Change in Accounting Estimate [Line Items] | |||||
Loss on impairments | $ 67,800,000 | 16,900,000 | |||
Goodwill impairment charges | 50,900,000 | ||||
Reported Value Measurement [Member] | Asset Held For Sale [Member] | |||||
Change in Accounting Estimate [Line Items] | |||||
Assets held for sale, estimated fair value | 196,900,000 | ||||
Estimate of Fair Value Measurement [Member] | Asset Held For Sale [Member] | |||||
Change in Accounting Estimate [Line Items] | |||||
Assets held for sale, estimated fair value | $ 180,000,000 |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Results from Discontinued Operations) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |||
Pretax loss | $ (25.2) | $ (4.5) | $ (4.7) |
Income tax benefit | 6.6 | 1.2 | 1.2 |
Loss on discontinued operations, net of tax | $ (18.6) | $ (3.3) | $ (3.5) |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Depreciation, Depletion, Accretion and Amortization Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |||
Depreciation | $ 409.1 | $ 343.4 | $ 315.2 |
Depletion | 50.2 | 31.2 | 21 |
Accretion | 14.1 | 13.1 | 12.4 |
Amortization of right-of-use assets | 16.5 | 7.1 | 1.6 |
Amortization of intangibles | 97.6 | 68.2 | 46.6 |
Total | $ 587.5 | $ 463 | $ 396.8 |
SUMMARY OF SIGNIFICANT ACCOUN_7
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Fair Value Measurement on Recurring Basis) (Details) - Recurring [Member] - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | $ 28.6 | $ 34.7 |
Fair Value, Inputs, Level 1 [Member] | Mutual Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 28.6 | 34.7 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 1.5 | 0.6 |
Fair Value, Inputs, Level 2 [Member] | Money Market Mutual Fund [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | $ 1.5 | $ 0.6 |
SUMMARY OF SIGNIFICANT ACCOUN_8
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Liabilities Under Self-Insurance Program) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ||
Self-insured liabilities (undiscounted) | $ 146.7 | $ 137.7 |
Insured liabilities (undiscounted) | $ 2.3 | $ 3.6 |
Discount rate | 4.20% | 1.10% |
Other accounts and notes receivables | $ 0 | $ 0 |
Investments and long-term receivables | 2.3 | 3.4 |
Other current liabilities | (51.4) | (50.7) |
Other noncurrent liabilities | (81.7) | (83.2) |
Net insurance liabilities (discounted) | $ (130.8) | $ (130.5) |
SUMMARY OF SIGNIFICANT ACCOUN_9
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Estimated Payments (Undiscounted) Under Self-Insurance Program) (Details) $ in Millions | Dec. 31, 2022 USD ($) |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
2023 | $ 55.2 |
2024 | 30.6 |
2025 | 19.8 |
2026 | 11.5 |
2027 | $ 6.2 |
SUMMARY OF SIGNIFICANT ACCOU_10
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Unrecognized Compensation Expense) (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 USD ($) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized Compensation Expense, Total/weighted-average | $ 23.5 | |
Expected Weighted-average Recognition (Years) | 1 year 8 months 12 days | |
SOSARs [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized Compensation Expense, SOSARs | $ 1.4 | [1] |
Expected Weighted-average Recognition (Years) | 1 year 4 months 24 days | [1] |
Performance Shares [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized Compensation Expense, shares | $ 12.5 | |
Expected Weighted-average Recognition (Years) | 1 year 8 months 12 days | |
Restricted Shares [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized Compensation Expense, shares | $ 9.6 | |
Expected Weighted-average Recognition (Years) | 1 year 9 months 18 days | |
[1] Stock-Only Stock Appreciation Rights (SOSARs) |
SUMMARY OF SIGNIFICANT ACCOU_11
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Pretax Compensation Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Income tax benefits | $ 6.9 | $ 4.7 | $ 5 |
Performance Shares, Restricted Stock Units, And Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Pretax compensation expense | $ 38.7 | $ 32.5 | $ 31.4 |
SUMMARY OF SIGNIFICANT ACCOU_12
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Weighted-Average Common Shares Outstanding Assuming Dilution) (Details) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |||
Weighted-average common shares outstanding | 133 | 132.8 | 132.6 |
Dilutive effect of SOSARs | 0.2 | 0.3 | 0.3 |
Dilutive effect of Other stock compensation awards | 0.4 | 0.4 | 0.3 |
Weighted-average common shares outstanding, assuming dilution | 133.6 | 133.5 | 133.2 |
SUMMARY OF SIGNIFICANT ACCOU_13
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Antidilutive Common Stock Equivalents) (Details) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |||
Antidilutive common stock equivalents | 0.1 | 0 | 0.1 |
REVENUES (Narrative) (Details)
REVENUES (Narrative) (Details) $ in Millions | 12 Months Ended | 24 Months Ended | |||||
Dec. 31, 2022 USD ($) item | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2013 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2019 USD ($) | ||
Revenue Recognition [Line Items] | |||||||
Proceeds from sale of future production | $ 226.9 | ||||||
Revenues | [1] | $ 7,315.2 | $ 5,552.2 | $ 4,856.8 | |||
Number of quarries | item | 8 | ||||||
Term of the VPPs | 20 years | ||||||
Estimated deferred revenue to be recognized in the next 12 months | $ 161.8 | $ 170.1 | $ 178 | $ 185.3 | |||
Maximum revenue contract expected duration | 1 year | 1 year | 1 year | ||||
Construction Paving [Member] | |||||||
Revenue Recognition [Line Items] | |||||||
Revenue from unsatisfied performance obligations | $ 112.3 | $ 133.8 | $ 125.7 | ||||
Service [Member] | |||||||
Revenue Recognition [Line Items] | |||||||
Percent of total revenues | 3.20% | 4% | 4.40% | ||||
Revenues | $ 233.1 | $ 221.4 | $ 214.3 | ||||
Minimum [Member] | |||||||
Revenue Recognition [Line Items] | |||||||
Coverage of warranty provisions | 9 months | ||||||
Minimum [Member] | Construction Paving [Member] | |||||||
Revenue Recognition [Line Items] | |||||||
Remaining period to completion | 1 month | ||||||
Maximum [Member] | |||||||
Revenue Recognition [Line Items] | |||||||
Coverage of warranty provisions | 1 year | ||||||
Maximum [Member] | Construction Paving [Member] | |||||||
Revenue Recognition [Line Items] | |||||||
Costs for paving contracts expense, expected amortization period | 1 year | ||||||
Remaining period to completion | 56 months | ||||||
Forecast [Member] | |||||||
Revenue Recognition [Line Items] | |||||||
Estimated deferred revenue to be recognized in the next 12 months | $ 7.5 | ||||||
Aggregates [Member] | |||||||
Revenue Recognition [Line Items] | |||||||
Revenues | [1] | $ 4,723.3 | $ 4,000.7 | $ 3,672.9 | |||
Aggregates [Member] | Minimum [Member] | |||||||
Revenue Recognition [Line Items] | |||||||
Percent of shipments used for publicly funded construction | 45% | ||||||
Aggregates [Member] | Maximum [Member] | |||||||
Revenue Recognition [Line Items] | |||||||
Percent of shipments used for publicly funded construction | 55% | ||||||
[1] 1 The geographic markets are defined by states 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) |
REVENUES (Revenues by Geographi
REVENUES (Revenues by Geographic Market) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total revenues | [1] | $ 7,315.2 | $ 5,552.2 | $ 4,856.8 |
Operating Segments [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total revenues | [1] | 7,864.7 | 5,896.5 | 5,128.2 |
Intersegment Sales [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total revenues | [1] | (549.5) | (344.3) | (271.4) |
East [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total revenues | [1] | 2,379.7 | 1,858.9 | 1,604 |
Gulf Coast [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total revenues | [1] | 3,703.9 | 2,820.7 | 2,422.5 |
West [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total revenues | [1] | 1,781.1 | 1,216.9 | 1,101.7 |
Aggregates [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total revenues | [1] | 4,723.3 | 4,000.7 | 3,672.9 |
Aggregates [Member] | Operating Segments [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total revenues | [1],[2] | 5,272.8 | 4,345 | 3,944.3 |
Aggregates [Member] | Intersegment Sales [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total revenues | [1] | (549.5) | (344.3) | (271.4) |
Aggregates [Member] | East [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total revenues | [1] | 1,508.2 | 1,326.6 | 1,198.1 |
Aggregates [Member] | Gulf Coast [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total revenues | [1] | 2,933 | 2,390.7 | 2,165.2 |
Aggregates [Member] | West [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total revenues | [1] | 831.6 | 627.7 | 581 |
Asphalt [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total revenues | [1] | 990.2 | 777.8 | 792.6 |
Asphalt [Member] | Operating Segments [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total revenues | [1],[3] | 990.2 | 777.8 | 792.6 |
Asphalt [Member] | Intersegment Sales [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total revenues | [1] | 0 | 0 | 0 |
Asphalt [Member] | East [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total revenues | [1] | 177.3 | 142.4 | 142.2 |
Asphalt [Member] | Gulf Coast [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total revenues | [1] | 211.2 | 179.6 | 178.5 |
Asphalt [Member] | West [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total revenues | [1] | 601.7 | 455.8 | 471.9 |
Concrete [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total revenues | [1] | 1,593.9 | 766.8 | 383.6 |
Concrete [Member] | Operating Segments [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total revenues | [1] | 1,593.9 | 766.8 | 383.6 |
Concrete [Member] | Intersegment Sales [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total revenues | [1] | 0 | 0 | 0 |
Concrete [Member] | East [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total revenues | [1] | 694.2 | 389.9 | 263.7 |
Concrete [Member] | Gulf Coast [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total revenues | [1] | 551.9 | 243.5 | 71.1 |
Concrete [Member] | West [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total revenues | [1] | 347.8 | 133.4 | 48.8 |
Calcium [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total revenues | [1] | 7.8 | 6.9 | 7.7 |
Calcium [Member] | Operating Segments [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total revenues | [1] | 7.8 | 6.9 | 7.7 |
Calcium [Member] | Intersegment Sales [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total revenues | [1] | 0 | 0 | 0 |
Calcium [Member] | East [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total revenues | [1] | 0 | 0 | 0 |
Calcium [Member] | Gulf Coast [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total revenues | [1] | 7.8 | 6.9 | 7.7 |
Calcium [Member] | West [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total revenues | [1] | $ 0 | $ 0 | $ 0 |
[1] 1 The geographic markets are defined by states 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) Includes product sales, as well as freight & delivery costs that we pass along to our customers, and service revenues (see Note 2) related to aggregates. Includes product sales, as well as service revenues (see Note 2) from our asphalt construction paving business. |
REVENUES (Freight & Delivery Re
REVENUES (Freight & Delivery Revenues) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | [1] | $ 7,315.2 | $ 5,552.2 | $ 4,856.8 |
Freight & Delivery Revenues [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | [2] | (960.3) | (768.3) | (738.5) |
Total Revenues Excluding Freight & Delivery [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 6,354.9 | $ 4,783.9 | $ 4,118.3 | |
[1] 1 The geographic markets are defined by states 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) Includes freight & delivery to remote distribution sites. |
REVENUES (Reconciliation of Def
REVENUES (Reconciliation of Deferred Revenue Balances) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
REVENUES [Abstract] | |||
Balance at beginning of year | $ 170.1 | $ 178 | $ 185.3 |
Revenue recognized from deferred revenue | (8.3) | (7.9) | (7.3) |
Balance at end of year | $ 161.8 | $ 170.1 | $ 178 |
INVENTORIES (Narrative) (Detail
INVENTORIES (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
INVENTORIES [Abstract] | |||
Inventory classified as long-term assets (other noncurrent assets) | $ 8.8 | $ 8.5 | |
Inventories valued under the LIFO method | 295.1 | 290.2 | |
Increase (decrease) in cost of revenues due to the effect of the LIFO liquidation | (4.8) | (0.6) | $ (0.9) |
Increase (decrease) in net earnings due to the effect of the LIFO liquidation | 3.5 | 0.4 | 0.6 |
Excess of estimated current cost over LIFO cost | 264.7 | 199.7 | |
Approximate effect on net earnings due to the adoption of the LIFO method | $ 48.1 | $ 5.3 | $ 7.3 |
INVENTORIES (Inventories) (Deta
INVENTORIES (Inventories) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | |
INVENTORIES [Abstract] | |||
Finished products | [1] | $ 439.3 | $ 418 |
Raw materials | 63.4 | 59.9 | |
Products in process | 6 | 4.2 | |
Operating supplies and other | 70.6 | 39.2 | |
Inventories | 579.3 | 521.3 | |
Encumbered inventories | $ 3.6 | $ 2.8 | |
[1] Includes inventories encumbered b y vo lumetric production payment s (see Note 2 ), as follows: December 31, 2022 — $ 3.6 million ; December 31, 2021 — $ 2.8 million. |
PROPERTY, PLANT & EQUIPMENT (Na
PROPERTY, PLANT & EQUIPMENT (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | |||
Capitalized software costs | $ 10.1 | $ 14.7 | |
Capitalized software costs during the year | 2.7 | $ 2.7 | $ 1.1 |
U.S. Concrete [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Capitalized software costs | $ 13.2 |
PROPERTY, PLANT & EQUIPMENT (Pr
PROPERTY, PLANT & EQUIPMENT (Property, Plant and Equipment) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | |||
Total, gross | $ 11,306.4 | $ 10,444.4 | |
Less allowances for depreciation, depletion and amortization | 5,255.1 | 4,897.6 | |
Property, plant & equipment, net | 6,051.3 | 5,546.8 | |
Land and Land Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total, gross | [1] | 3,991.1 | 3,631.7 |
Buildings [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total, gross | 223.3 | 182.9 | |
Machinery and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total, gross | 6,454.2 | 6,109.2 | |
Finance Leases [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total, gross | 93.2 | 36.3 | |
Deferred Asset Retirement Costs [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total, gross | 165.9 | 182.5 | |
Construction in Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total, gross | 378.7 | 301.8 | |
Depletable Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total, gross | $ 2,445.6 | $ 2,238.4 | |
[1] Includes depletable lan d as follows: December 31, 2022 — $ 2,445.6 million and December 31, 2021 — $ 2,238.4 million . |
PROPERTY, PLANT & EQUIPMENT (Ca
PROPERTY, PLANT & EQUIPMENT (Capitalized Interest Costs and Total Interest Costs Incurred) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
PROPERTY, PLANT & EQUIPMENT [Abstract] | |||
Capitalized interest cost | $ 3.6 | $ 4.2 | $ 3.5 |
Total interest cost incurred before recognition of the capitalized amount | $ 172.8 | $ 153.5 | $ 139.5 |
DERIVATIVE INSTRUMENTS (Narrati
DERIVATIVE INSTRUMENTS (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
DERIVATIVE INSTRUMENTS [Abstract] | |||
Estimated amount of pretax loss in AOCI reclassified to earnings for the next 12-month period | $ 2.1 | ||
Interest rate hedges | $ (21) | $ (22.5) | $ (24) |
DERIVATIVE INSTRUMENTS (Effects
DERIVATIVE INSTRUMENTS (Effects of Changes in Fair Values of Derivatives Designated as Cash Flow Hedges) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Loss reclassified from AOCI (effective portion) | $ (2) | $ (2) | $ (2.3) |
DEBT (Narrative) (Details)
DEBT (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2021 | Aug. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Aug. 31, 2022 | Jun. 30, 2021 | ||
Debt Instrument [Line Items] | ||||||||
Discounts and debt issuance costs | $ 6.1 | $ 13.9 | ||||||
Total long-term debt - face value | 3,941.9 | 3,949.6 | ||||||
Financing costs | 66.2 | 69.6 | ||||||
Commercial Paper | $ 1,600 | |||||||
Repayment of long-term debt | 557.7 | 1,451.7 | $ 250 | |||||
Short-term debt | $ 100 | 0 | ||||||
Delayed Draw Term Loan Due 2026 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 1,600 | |||||||
Proceeds from line of credit | $ 1,600 | |||||||
Delayed Draw Term Loan Due 2026 [Member] | Base Rate [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Applicable margin on borrowing rate | 0% | |||||||
Delayed Draw Term Loan Due 2026 [Member] | SOFR [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Applicable margin on borrowing rate | 0.875% | |||||||
Supported By Line Of Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Outstanding standby letters of credit | $ 78.6 | |||||||
Bridge Facility And Delayed Draw Term Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Discounts and debt issuance costs | 9.4 | |||||||
Financing costs | 13.3 | |||||||
Line of Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 1,600 | |||||||
Commitment fee | 0.10% | |||||||
Available borrowing capacity | $ 1,421.4 | |||||||
Borrowings | $ 100 | |||||||
Line of Credit [Member] | Base Rate [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Applicable margin on borrowing rate | 0.125% | |||||||
Line of Credit [Member] | SOFR [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Applicable margin on borrowing rate | 1.125% | |||||||
Line of Credit [Member] | Unsecured Line Of Credit, Maturity Of September 2026 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | 1,000 | |||||||
Line of Credit [Member] | Unsecured Line Of Credit, Maturity Of August 2027 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 1,600 | |||||||
Bridge Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Face value | $ 2,200 | |||||||
Standby Letters of Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Outstanding standby letters of credit | $ 78.6 | |||||||
Period of standby letters of credit | 1 year | |||||||
Standby Letters of Credit [Member] | SOFR [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Applicable margin on borrowing rate | 0.175% | |||||||
Maximum [Member] | Delayed Draw Term Loan Due 2026 [Member] | Base Rate [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Applicable margin on borrowing rate | 0.25% | |||||||
Maximum [Member] | Delayed Draw Term Loan Due 2026 [Member] | SOFR [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Applicable margin on borrowing rate | 1.25% | |||||||
Maximum [Member] | Line of Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Commitment fee | 0.225% | |||||||
Maximum [Member] | Line of Credit [Member] | Base Rate [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Applicable margin on borrowing rate | 0.625% | |||||||
Maximum [Member] | Line of Credit [Member] | SOFR [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Applicable margin on borrowing rate | 1.625% | |||||||
Minimum [Member] | Delayed Draw Term Loan Due 2026 [Member] | Base Rate [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Applicable margin on borrowing rate | 0% | |||||||
Minimum [Member] | Delayed Draw Term Loan Due 2026 [Member] | SOFR [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Applicable margin on borrowing rate | 0.075% | |||||||
Minimum [Member] | Line of Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Commitment fee | 0.09% | |||||||
Minimum [Member] | Line of Credit [Member] | Base Rate [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Applicable margin on borrowing rate | 0% | |||||||
Minimum [Member] | Line of Credit [Member] | SOFR [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Applicable margin on borrowing rate | 1% | |||||||
Term Loan Due [Member] | Delayed Draw Term Loan Due 2026 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Total long-term debt - face value | $ 1,100 | $ 550 | $ 1,100 | $ 550 | ||||
Maturity year | 2026 | 2026 | ||||||
Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Total long-term debt - face value | $ 3,941.9 | |||||||
Notes [Member] | Delayed Draw Term Loan Due 2026 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Total long-term debt - face value | 550 | |||||||
Commercial Paper [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Total long-term debt - face value | [1] | $ 550 | $ 0 | |||||
Maturity year | [1] | 2027 | ||||||
U.S. Concrete [Member] | Senior Notes Due 2029 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayments of debt | $ 434.5 | |||||||
Debt assumed in acquisition | $ 434.5 | |||||||
[1] Borrowings 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. |
DEBT (Debt) (Details)
DEBT (Debt) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Aug. 31, 2022 | Sep. 30, 2021 | ||
Debt Instrument [Line Items] | |||||
Total short-term debt | $ 100 | $ 0 | |||
Total long-term debt - face value | 3,941.9 | 3,949.6 | |||
Unamortized discounts and debt issuance costs | (66.2) | (69.6) | |||
Total long-term debt - book value | 3,875.7 | 3,880 | |||
Less current maturities | 0.5 | 5.2 | |||
Total long-term debt - reported value | 3,875.2 | 3,874.8 | |||
Estimated fair value of long-term debt | 3,671.9 | 4,418.5 | |||
Line of Credit [Member] | Bank Line Of Credit Due 2027 [Member] | |||||
Debt Instrument [Line Items] | |||||
Total short-term debt | [1] | $ 100 | 0 | ||
Maturity year | [1] | 2027 | |||
Commercial Paper [Member] | |||||
Debt Instrument [Line Items] | |||||
Total short-term debt | [1] | $ 0 | 0 | ||
Maturity year | [1] | 2027 | |||
Line of Credit [Member] | Bank Line Of Credit Due 2027 [Member] | |||||
Debt Instrument [Line Items] | |||||
Total long-term debt - face value | [1] | $ 0 | 0 | ||
Term Loan Due [Member] | Delayed Draw Term Loan Due 2026 [Member] | |||||
Debt Instrument [Line Items] | |||||
Total long-term debt - face value | $ 550 | $ 1,100 | $ 550 | $ 1,100 | |
Maturity year | 2026 | 2026 | |||
Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Total long-term debt - face value | $ 3,941.9 | ||||
Notes [Member] | Bank Line Of Credit Due 2027 [Member] | |||||
Debt Instrument [Line Items] | |||||
Maturity year | [1] | 2027 | |||
Notes [Member] | Delayed Draw Term Loan Due 2026 [Member] | |||||
Debt Instrument [Line Items] | |||||
Total long-term debt - face value | $ 550 | ||||
Notes [Member] | 4.50% notes due 2025 [Member] | |||||
Debt Instrument [Line Items] | |||||
Total long-term debt - face value | $ 400 | $ 400 | |||
Interest rate | 4.50% | ||||
Maturity year | 2025 | ||||
Effective interest rate | 4.65% | ||||
Notes [Member] | 3.90% notes due 2027 [Member] | |||||
Debt Instrument [Line Items] | |||||
Total long-term debt - face value | $ 400 | 400 | |||
Interest rate | 3.90% | ||||
Maturity year | 2027 | ||||
Effective interest rate | 4% | ||||
Notes [Member] | 3.50% notes due 2030 [Member] | |||||
Debt Instrument [Line Items] | |||||
Total long-term debt - face value | $ 750 | 750 | |||
Interest rate | 3.50% | ||||
Maturity year | 2030 | ||||
Effective interest rate | 3.94% | ||||
Notes [Member] | 7.15% notes due 2037 [Member] | |||||
Debt Instrument [Line Items] | |||||
Total long-term debt - face value | $ 129.2 | 129.2 | |||
Interest rate | 7.15% | ||||
Maturity year | 2037 | ||||
Effective interest rate | 8.05% | ||||
Notes [Member] | 4.50% notes due 2047 [Member] | |||||
Debt Instrument [Line Items] | |||||
Total long-term debt - face value | $ 700 | 700 | |||
Interest rate | 4.50% | ||||
Maturity year | 2047 | ||||
Effective interest rate | 4.59% | ||||
Notes [Member] | 4.70% notes due 2048 [Member] | |||||
Debt Instrument [Line Items] | |||||
Total long-term debt - face value | $ 460.9 | 460.9 | |||
Interest rate | 4.70% | ||||
Maturity year | 2048 | ||||
Effective interest rate | 5.42% | ||||
Other Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Total long-term debt - face value | $ 1.8 | 9.5 | |||
Effective interest rate | 0.37% | ||||
Commercial Paper [Member] | |||||
Debt Instrument [Line Items] | |||||
Total long-term debt - face value | [1] | $ 550 | $ 0 | ||
Maturity year | [1] | 2027 | |||
[1] Borrowings 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. |
DEBT (Schedule of Principal and
DEBT (Schedule of Principal and Interest Debt Payments) (Details) $ in Millions | Dec. 31, 2022 USD ($) |
DEBT [Abstract] | |
2023, Total | $ 184.6 |
2024, Total | 182.1 |
2025, Total | 561.7 |
2026, Total | 689.8 |
2027, Total | 1,059.6 |
2023, Principal | 0.5 |
2024, Principal | 0.5 |
2025, Principal | 400.5 |
2026, Principal | 550.4 |
2027, Principal | 950 |
2023, Interest | 184.1 |
2024, Interest | 181.6 |
2025, Interest | 161.2 |
2026, Interest | 139.4 |
2027, Interest | $ 109.6 |
DEBT (Standby Letters of Credit
DEBT (Standby Letters of Credit) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Line of Credit Facility [Line Items] | |||
Risk management insurance | $ 146.7 | $ 137.7 | |
Reclamation/restoration requirements | 311.3 | $ 315.2 | $ 283.2 |
Standby Letters of Credit [Member] | |||
Line of Credit Facility [Line Items] | |||
Risk management insurance | 71.5 | ||
Reclamation/restoration requirements | 7.1 | ||
Total | $ 78.6 |
LEASES (Narrative) (Details)
LEASES (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Operating Leased Assets [Line Items] | ||
Cash paid for operating leases | $ 78.6 | $ 64.4 |
Total cash paid for finance leases | $ 35 | $ 14 |
Minimum [Member] | Buildings [Member] | ||
Operating Leased Assets [Line Items] | ||
Noncancelable lease period | 0 years | |
Term of contract | 0 years | |
Minimum [Member] | Aggregate Sales Yard [Member] | ||
Operating Leased Assets [Line Items] | ||
Noncancelable lease period | 0 years | |
Term of contract | 0 years | |
Minimum [Member] | Concrete And Asphalt Site [Member] | ||
Operating Leased Assets [Line Items] | ||
Noncancelable lease period | 0 years | |
Term of contract | 0 years | |
Minimum [Member] | Rail [Member] | ||
Operating Leased Assets [Line Items] | ||
Noncancelable lease period | 0 years | |
Term of contract | 0 years | |
Minimum [Member] | Barge [Member] | ||
Operating Leased Assets [Line Items] | ||
Noncancelable lease period | 5 years | |
Term of contract | 12 years | |
Minimum [Member] | Office, Plant And Mobile Equipment [Member] | ||
Operating Leased Assets [Line Items] | ||
Noncancelable lease period | 0 years | |
Term of contract | 0 years | |
Minimum [Member] | Office And Plant Equipment, Short-term Lease [Member] | ||
Operating Leased Assets [Line Items] | ||
Term of contract | 1 year | |
Maximum [Member] | Buildings [Member] | ||
Operating Leased Assets [Line Items] | ||
Noncancelable lease period | 16 years | |
Term of contract | 24 years | |
Maximum [Member] | Aggregate Sales Yard [Member] | ||
Operating Leased Assets [Line Items] | ||
Noncancelable lease period | 26 years | |
Term of contract | 76 years | |
Maximum [Member] | Concrete And Asphalt Site [Member] | ||
Operating Leased Assets [Line Items] | ||
Noncancelable lease period | 17 years | |
Term of contract | 76 years | |
Maximum [Member] | Rail [Member] | ||
Operating Leased Assets [Line Items] | ||
Noncancelable lease period | 5 years | |
Term of contract | 62 years | |
Maximum [Member] | Barge [Member] | ||
Operating Leased Assets [Line Items] | ||
Noncancelable lease period | 6 years | |
Term of contract | 20 years | |
Maximum [Member] | Office, Plant And Mobile Equipment [Member] | ||
Operating Leased Assets [Line Items] | ||
Noncancelable lease period | 5 years | |
Term of contract | 6 years | |
Maximum [Member] | Equipment [Member] | ||
Operating Leased Assets [Line Items] | ||
Term of contract | 1 year |
LEASES (Schedule of Lease Asset
LEASES (Schedule of Lease Assets and Liabilities, Weighted-Average Lease Term and Discount Rate) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
LEASES [Abstract] | ||
Operating lease ROU assets | $ 665.4 | $ 771.1 |
Accumulated amortization | (92.8) | (79.7) |
Operating leases, net | $ 572.6 | $ 691.4 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Operating leases, net | Operating leases, net |
Finance lease assets | $ 93.2 | $ 129.2 |
Accumulated amortization | (14.9) | (8.8) |
Finance leases, net | $ 78.3 | $ 120.4 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property Plant And Equipment Net | Property Plant And Equipment Net |
Total lease assets | $ 650.9 | $ 811.8 |
Current operating lease liabilities | $ 48.1 | $ 49.2 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other Liabilities Current | Other Liabilities Current |
Current finance lease liabilities | $ 22.3 | $ 35.4 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other Liabilities Current | Other Liabilities Current |
Noncurrent operating lease liabilities | $ 548.4 | $ 642.5 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Noncurrent operating lease liabilities | Noncurrent operating lease liabilities |
Noncurrent finance lease liabilities | $ 34.8 | $ 60.5 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other Liabilities Noncurrent | Other Liabilities Noncurrent |
Total lease liabilities | $ 653.6 | $ 787.6 |
Weighted-average remaining lease term, Operating leases | 19 years 8 months 12 days | 21 years |
Weighted-average remaining lease term, Finance leases | 3 years | 3 years 3 months 18 days |
Weighted-average discount rate, Operating leases | 3.90% | 3.80% |
Weighted-average discount rate, Finance leases | 1.80% | 1.30% |
LEASES (Components of Lease Exp
LEASES (Components of Lease Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
LEASES [Abstract] | ||||
Depreciation of right-of-use assets | $ 16.5 | $ 7.1 | $ 1.6 | |
Interest on lease liabilities | 1.2 | 0.6 | (0.1) | |
Operating lease cost | 85.6 | 71 | 58.5 | |
Short-term lease cost | [1] | 46.4 | 27.3 | 30.5 |
Variable lease cost | 14.4 | 10.6 | 12.9 | |
Sublease income | (2.9) | (3.1) | (2.7) | |
Total lease cost | $ 161.2 | $ 113.5 | $ 100.7 | |
[1] Our short-term lease cost includes the cost of leases with an initial term of one year or less (including those with terms of one month or less). |
LEASES (Maturity Analysis on an
LEASES (Maturity Analysis on an Undiscounted Basis) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
2023 | $ 70 | |
2024 | 65.3 | |
2025 | 60.9 | |
2026 | 54.7 | |
2027 | 50.5 | |
Thereafter | 658.3 | |
Total minimum lease payments | 959.7 | |
Less: Lease payments representing interest | 363.2 | |
Present value of future minimum lease payments | 596.5 | |
Less: Current obligations under leases | 48.1 | $ 49.2 |
Long-term lease obligations | 548.4 | 642.5 |
Finance Lease, Liability, Payment, Due [Abstract] | ||
2023 | 23.2 | |
2024 | 17.3 | |
2025 | 11.8 | |
2026 | 5.9 | |
2027 | 0.6 | |
Thereafter | 0 | |
Total minimum lease payments | 58.8 | |
Less: Lease payments representing interest | 1.7 | |
Present value of future minimum lease payments | 57.1 | |
Less: Current obligations under leases | 22.3 | 35.4 |
Long-term lease obligations | $ 34.8 | $ 60.5 |
ACCRUED ENVIRONMENTAL REMEDIA_3
ACCRUED ENVIRONMENTAL REMEDIATION COSTS (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
ACCRUED ENVIRONMENTAL REMEDIATION COSTS [Abstract] | ||
Long-term portion of accrued environmental remediation costs | $ 14.9 | $ 15.9 |
Environmental Loss Contingency, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other Liabilities Noncurrent | Other Liabilities Noncurrent |
ACCRUED ENVIRONMENTAL REMEDIA_4
ACCRUED ENVIRONMENTAL REMEDIATION COSTS (Accrued Environmental Remediation Costs) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Loss Contingencies [Line Items] | ||
Accrued Environmental Remediation Costs | $ 36.9 | $ 33.9 |
Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration] | Other Liabilities Noncurrent | |
Continuing Operations [Member] | ||
Loss Contingencies [Line Items] | ||
Accrued Environmental Remediation Costs | $ 28.6 | 23.2 |
Retained From Former Chemicals Business [Member] | ||
Loss Contingencies [Line Items] | ||
Accrued Environmental Remediation Costs | $ 8.3 | $ 10.7 |
INCOME TAXES (Narrative) (Detai
INCOME TAXES (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating Loss Carryforwards [Line Items] | ||||
Total income tax expense | $ 193 | $ 200.1 | $ 155.8 | |
State net operating loss carryforwards | 86.3 | 95 | ||
Interest and penalties recognized as income tax expense (benefit) | 0.8 | 0.2 | 0 | |
Balance of accrued interest and penalties included in liability for unrecognized income tax benefits | 1.8 | 0.8 | 0.3 | |
Unrecognized income tax benefits that would affect the effective tax rate if recognized | $ 17.6 | 10.3 | $ 6.6 | |
Income tax benefit recognition threshold more likely than not | 50% | |||
Other Accounts And Notes Receivable [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Income tax receivables | $ 1.3 | 5 | ||
Other Current Assets [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Income tax receivables | 0.4 | $ 0.6 | ||
Alabama [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
State net operating loss carryforwards | 77.8 | |||
Increase in valuation allowance | $ 13.7 | |||
Alabama [Member] | State [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryforwards, valuation allowance | $ 54.3 | |||
Alabama [Member] | State [Member] | Earliest Tax Year [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryforwards expiration year | 2023 | |||
Alabama [Member] | State [Member] | Latest Tax Year [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryforwards expiration year | 2029 | |||
Quintana Roo, Mexico [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryforwards | $ 14.5 | |||
Net operating loss carryforwards, valuation allowance | $ 14.5 |
INCOME TAXES (Components of Ear
INCOME TAXES (Components of Earnings from Continuing Operations before Income Taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
INCOME TAXES [Abstract] | |||
Domestic | $ 788.7 | $ 871.6 | $ 733 |
Foreign | (0.6) | 2.2 | 10.8 |
Earnings from continuing operations before income taxes | $ 788.1 | $ 873.8 | $ 743.8 |
INCOME TAXES (Provision (Benefi
INCOME TAXES (Provision (Benefit) for Income Taxes from Continuing Operations) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
INCOME TAXES [Abstract] | |||
Current, Federal | $ 85.2 | $ 103.9 | $ 69.2 |
Current, State and local | 43.6 | 34.6 | 23.8 |
Current, Foreign | 4.6 | (5) | 0.9 |
Current, Total | 133.4 | 133.5 | 93.9 |
Deferred, Federal | 43.4 | 39.2 | 50.9 |
Deferred, State and local | 3.3 | 26.5 | 10.8 |
Deferred, Foreign | 12.9 | 0.9 | 0.2 |
Deferred, Total | 59.6 | 66.6 | 61.9 |
Total income tax expense | $ 193 | $ 200.1 | $ 155.8 |
INCOME TAXES (Sources and Tax E
INCOME TAXES (Sources and Tax Effects of Differences Between Benefit from Income Taxes and Amount Computed by Applying Federal Statutory Income Tax Rate to Losses from Continuing Operations before Income Taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
INCOME TAXES [Abstract] | |||
Income tax expense at the federal statutory tax rate | $ 165.5 | $ 183.5 | $ 156.2 |
Statutory depletion | (30.6) | (28.3) | (24.7) |
State and local income taxes, net of federal income tax benefit | 37.5 | 34.7 | 27.4 |
Share-based compensation | (4.9) | (6.1) | (6.9) |
Uncertain tax positions | 5.1 | 2.5 | 1.4 |
Valuation allowance | 14.5 | 13.7 | 0 |
Research and development credit | (4.3) | (2.7) | (2.7) |
Impairment | 10.7 | 0 | 0 |
Other, net | (0.5) | 2.8 | 5.1 |
Total income tax expense | $ 193 | $ 200.1 | $ 155.8 |
Income tax expense at the federal statutory tax rate | 21% | 21% | 21% |
Statutory depletion, Rate | (3.90%) | (3.20%) | (3.30%) |
State and local income taxes, net of federal income tax benefit, Rate | 4.80% | 4% | 3.70% |
Share-based compensation, Rate | (0.60%) | (0.70%) | (0.90%) |
Uncertain tax positions, Rate | 0.70% | 0.30% | 0.20% |
Valuation allowance, Rate | 1.80% | 1.60% | 0% |
Research and development credit, Rate | (0.60%) | (0.30%) | (0.40%) |
Impairment, Rate | 1.40% | 0% | 0% |
Other, net, Rate | (0.10%) | 0.20% | 0.60% |
Effective tax rate | 24.50% | 22.90% | 20.90% |
INCOME TAXES (Components of Net
INCOME TAXES (Components of Net Deferred Income Tax Liability) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
INCOME TAXES [Abstract] | ||
Employee benefits | $ 14.2 | $ 11.8 |
Incentive compensation | 62.1 | 62.5 |
Asset retirement obligations & other reserves | 82.5 | 77.9 |
State net operating losses | 86.3 | 95 |
State bonus depreciation | 41.4 | 30.1 |
Operating lease liabilities | 149.7 | 176.7 |
Other | 72 | 59.1 |
Total gross deferred tax assets | 508.2 | 513.1 |
Valuation allowance | (76.8) | (65.7) |
Total net deferred tax asset | 431.4 | 447.4 |
Property, plant & equipment | 889.4 | 824.4 |
Goodwill/other intangible assets | 379.2 | 380.2 |
Operating lease right-of-use assets | 143.6 | 176.7 |
Other | 92 | 72 |
Total deferred tax liabilities | 1,504.2 | 1,453.3 |
Net deferred tax liability | $ 1,072.8 | $ 1,005.9 |
INCOME TAXES (Changes in Unreco
INCOME TAXES (Changes in Unrecognized Income Tax Benefits) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
INCOME TAXES [Abstract] | |||
Unrecognized tax benefits as of January 1 | $ 10.8 | $ 6.8 | $ 5.4 |
Increases for tax positions related to Prior years | 4.6 | 0.5 | 0.4 |
Increases for tax positions related to Current year | 6.6 | 3.9 | 1.9 |
Decreases for tax positions related to Prior years | (0.2) | 0 | 0 |
Expiration of applicable statute of limitations | (3.1) | (0.4) | (0.9) |
Unrecognized tax benefits as of December 31 | $ 18.7 | $ 10.8 | $ 6.8 |
BENEFIT PLANS (Narrative) (Deta
BENEFIT PLANS (Narrative) (Details) | 1 Months Ended | 2 Months Ended | 10 Months Ended | 11 Months Ended | 12 Months Ended | |||||
Nov. 30, 2020 USD ($) | Oct. 31, 2021 USD ($) item | Dec. 31, 2020 USD ($) | Dec. 31, 2021 USD ($) | Oct. 31, 2021 | Nov. 30, 2020 | Dec. 31, 2023 | Dec. 31, 2022 USD ($) employee ShareBasedCompensationPlan item | Dec. 31, 2021 USD ($) item | Dec. 31, 2020 USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Number of defined contribution plans | ShareBasedCompensationPlan | 5 | |||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Nonoperating Income Expense | |||||||||
Purchase of irrevocable group annuity contract | $ 87,200,000 | |||||||||
Percent of outstanding defined benefit pension obligation transferred | 10% | |||||||||
Number of U.S. retirees and beneficiaries which insurance company is required to pay | item | 2,700 | |||||||||
Percent of retirees currently in payment status transferred to insurance company | 50% | |||||||||
Expected return on plan assets | 4% | |||||||||
Contributions to multiemployer pension plans | $ 48,600,000 | $ 16,900,000 | $ 10,300,000 | |||||||
Percentage of contributions to individual multiemployer pension funds | 5% | 5% | 5% | |||||||
Percentage of domestic hourly labor force covered by collective bargaining agreements expiring in 2023 | 27.90% | |||||||||
Number of unfunded supplemental retirement plans | item | 1 | 1 | ||||||||
Accrued costs for supplemental retirement plan | $ 1,100,000 | $ 1,000,000 | $ 1,100,000 | |||||||
Expense recognized related to defined contribution plans | $ 68,200,000 | 67,500,000 | $ 50,800,000 | |||||||
Percentage of domestic hourly labor force covered by collective bargaining agreements | 12.90% | |||||||||
Annuity Contract [Member] | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Settlement charge | $ 12,100,000 | |||||||||
Mexico [Member] | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Number of employees | employee | 296 | |||||||||
Number of employess that participate in multiemployer pension plans | employee | 0 | |||||||||
Forecast [Member] | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Expected return on plan assets | 4.85% | |||||||||
Pension Plans, Defined Benefit [Member] | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Number of funded, noncontributory defined benefit pension plans | ShareBasedCompensationPlan | 2 | |||||||||
Settlement charge | $ 22,700,000 | $ 0 | (12,100,000) | (22,700,000) | ||||||
Projected benefit obligation | $ 1,059,500,000 | $ 915,400,000 | $ 691,100,000 | 915,400,000 | 1,059,500,000 | |||||
Expected return on plan assets | 5.25% | 3.75% | 5.25% | 5.75% | 4% | |||||
Employer contributions | $ 7,800,000 | $ 8,000,000 | $ 8,800,000 | |||||||
Estimated employer contribution in 2022 | $ 7,800,000 | |||||||||
Discount rate | 2.57% | 2.91% | 5.19% | 2.91% | 2.57% | |||||
Estimated weighted-average discount rate to measure service cost | 3.17% | 2.99% | ||||||||
Estimated weighted-average discount rate to measure interest cost | 2.37% | 1.90% | ||||||||
Pension Plans, Defined Benefit [Member] | Qualified Plan [Member] | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Employer contributions | $ 0 | $ 0 | $ 0 | |||||||
Pension Plans, Defined Benefit [Member] | Nonqualified Plan [Member] | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Number of unfunded, nonqualified pension plans | ShareBasedCompensationPlan | 3 | |||||||||
Projected benefit obligation | $ 59,200,000 | $ 44,400,000 | 59,200,000 | |||||||
Employer contributions | 7,800,000 | $ 8,000,000 | 8,800,000 | |||||||
Estimated employer contribution in 2022 | $ 7,800,000 | |||||||||
Pension Plans, Defined Benefit [Member] | Return Seeking [Member] | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Target allocation ranges for plan assets | 20% | 0% | 20% | |||||||
Pension Plans, Defined Benefit [Member] | Liability Hedge [Member] | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Target allocation ranges for plan assets | 80% | 100% | 80% | |||||||
Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Normal retirement age | 65 years | |||||||||
Projected benefit obligation | $ 33,900,000 | $ 46,000,000 | $ 41,800,000 | $ 46,000,000 | 33,900,000 | |||||
Employer contributions | 4,900,000 | $ 5,500,000 | $ 4,700,000 | |||||||
Estimated employer contribution in 2022 | $ 5,100,000 | |||||||||
Discount rate | 2.09% | 2.59% | 5.08% | 2.59% | 2.09% | |||||
Estimated weighted-average discount rate to measure service cost | 2.89% | 2.55% | ||||||||
Estimated weighted-average discount rate to measure interest cost | 2.06% | 1.60% | ||||||||
Future percent of per capita cost of covered healthcare benefits | 4.50% | |||||||||
Rate to which the cost trend rate gradually declines | 4.50% | 4.50% | 4.50% | |||||||
Year that the rate reaches the rate it is assumed to maintain | 2030 | 2028 | ||||||||
Minimum [Member] | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Discount rate | 2.09% | 4.97% | 2.09% | |||||||
Minimum [Member] | Pension Plans, Defined Benefit [Member] | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Increase in plan discount rates | 2.20% | |||||||||
Percent of the plans’ assets are in private equity and debt securities via private partnerships | 1% | |||||||||
Minimum [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Increase in plan discount rates | 2.30% | |||||||||
Maximum [Member] | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Discount rate | 3.07% | 5.25% | 3.07% | |||||||
Maximum [Member] | Pension Plans, Defined Benefit [Member] | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Increase in plan discount rates | 2.60% | |||||||||
Maximum [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Increase in plan discount rates | 2.90% | |||||||||
Pre-65 [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Healthcare cost trend rate assumed for next year | 6.60% | 7.04% | 6.60% | |||||||
Post-65 [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Healthcare cost trend rate assumed for next year | 6.50% | 6.50% |
BENEFIT PLANS (Combined Funded
BENEFIT PLANS (Combined Funded Status of Plans and their Reconciliation with Related Amounts Recognized in Consolidated Financial Statements - Pension Benefits) (Details) - Pension Plans, Defined Benefit [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Change in Benefit Obligation | |||
Projected benefit obligation at beginning of year | $ 915.4 | $ 1,059.5 | |
Service cost | 4 | 4.8 | $ 4.9 |
Interest cost | 21.1 | 19.7 | 29.3 |
Actuarial gain | (200.7) | (25) | |
Benefits paid | (48.7) | (56.4) | |
Annuity purchase | 0 | (87.2) | |
Projected benefit obligation at end of year | 691.1 | 915.4 | 1,059.5 |
Change in Fair Value of Plan Assets | |||
Fair value of assets at beginning of year | 860.5 | 944.2 | |
Actual return on plan assets | (181.8) | 51.9 | |
Employer contributions | 7.8 | 8 | 8.8 |
Benefits paid | (48.7) | (56.4) | |
Annuity purchase | 0 | (87.2) | |
Fair value of assets at end of year | 637.8 | 860.5 | $ 944.2 |
Funded status | (53.3) | (54.9) | |
Amounts Recognized in the Consolidated Balance Sheets | |||
Noncurrent assets | 0 | 18.2 | |
Current liabilities | (7.8) | (8.2) | |
Noncurrent liabilities | (45.5) | (64.9) | |
Net amount recognized | (53.3) | (54.9) | |
Amounts Recognized in Accumulated Other Comprehensive Income | |||
Net actuarial loss | 183.4 | 176.4 | |
Prior service cost | 2.4 | 3.8 | |
Total amount recognized | $ 185.8 | $ 180.2 |
BENEFIT PLANS (Components of Ne
BENEFIT PLANS (Components of Net Periodic Benefit Cost - Pension Benefits) (Details) - USD ($) $ in Millions | 1 Months Ended | 2 Months Ended | 10 Months Ended | 11 Months Ended | 12 Months Ended | |||
Nov. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2021 | Oct. 31, 2021 | Nov. 30, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31 | ||||||||
Expected return on plan assets | 4% | |||||||
Pension Plans, Defined Benefit [Member] | ||||||||
Components of Net Periodic Benefit Cost | ||||||||
Service cost | $ 4 | $ 4.8 | $ 4.9 | |||||
Interest cost | 21.1 | 19.7 | 29.3 | |||||
Expected return on plan assets | (30.1) | (42.8) | (48.6) | |||||
Settlement charge | $ (22.7) | 0 | 12.1 | 22.7 | ||||
Amortization of prior service cost | 1.4 | 1.3 | 1.4 | |||||
Amortization of actuarial loss | 4.2 | 8 | 11.9 | |||||
Net periodic benefit cost (credit) | 0.6 | 3.1 | 21.6 | |||||
Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income | ||||||||
Net actuarial loss (gain) | 11.2 | (34) | (3.4) | |||||
Reclassification of prior service (cost) credit | (1.4) | (1.3) | (1.4) | |||||
Reclassification of actuarial loss | (4.2) | (20.1) | (34.6) | |||||
Amount recognized in other comprehensive income | 5.6 | (55.4) | (39.4) | |||||
Amount recognized in net periodic pension benefit cost and other comprehensive income | $ 6.2 | $ (52.3) | $ (17.8) | |||||
Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31 | ||||||||
Discount rate — PBO | 2.92% | 2.63% | 3.22% | |||||
Discount rate — service cost | 2.89% | 3.21% | 2.94% | 3.49% | 3.17% | |||
Discount rate — interest cost | 2.37% | 1.90% | 2.78% | |||||
Expected return on plan assets | 5.25% | 3.75% | 5.25% | 5.75% | 4% | |||
Weighted-average assumptions used to determine benefit obligation at December 31 | ||||||||
Discount rate | 2.57% | 2.91% | 5.19% | 2.91% | 2.57% |
BENEFIT PLANS (Combined Funde_2
BENEFIT PLANS (Combined Funded Status of Plans and their Reconciliation with Related Amounts Recognized in Consolidated Financial Statements - Postretirement Benefits) (Details) - Other Postretirement Benefit Plans, Defined Benefit [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Change in Benefit Obligation | |||
Projected benefit obligation at beginning of year | $ 46 | $ 33.9 | |
Service cost | 2.3 | 1.3 | $ 1.5 |
Interest cost | 0.9 | 0.5 | 1 |
Plan amendments | 0 | 14.9 | |
Actuarial (gain) loss | (2.5) | 0.9 | |
Benefits paid | (4.9) | (5.5) | |
Projected benefit obligation at end of year | 41.8 | 46 | 33.9 |
Change in Fair Value of Plan Assets | |||
Fair value of assets at beginning of year | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Fair value of assets at end of year | 0 | 0 | $ 0 |
Funded status | (41.8) | (46) | |
Amounts Recognized in the Consolidated Balance Sheets | |||
Current liabilities | (5.1) | (4.6) | |
Noncurrent liabilities | (36.7) | (41.4) | |
Net amount recognized | (41.8) | (46) | |
Amounts Recognized in Accumulated Other Comprehensive Income | |||
Net actuarial gain | (17.9) | (16.7) | |
Prior service credit | 13.1 | 12.8 | |
Total amount recognized | $ (4.8) | $ (3.9) |
BENEFIT PLANS (Components of _2
BENEFIT PLANS (Components of Net Periodic Benefit Cost- Other Postretirement Benefits) (Details) - Other Postretirement Benefit Plans, Defined Benefit [Member] - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Components of Net Periodic Benefit Cost | |||||
Service cost | $ 2.3 | $ 1.3 | $ 1.5 | ||
Service cost | 2.2 | 1.2 | |||
Interest cost | 0.9 | 0.5 | 1 | ||
Amortization of prior service credit | (0.3) | (1.5) | (3.9) | ||
Amortization of actuarial gain | (1.3) | (1.4) | (0.8) | ||
Net periodic benefit cost (credit) | 1.5 | (1.2) | (2.2) | ||
Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income | |||||
Net actuarial loss (gain) | (2.4) | 0.9 | (5.1) | ||
Prior service cost | 0 | 14.9 | 0 | ||
Reclassification of prior service credit | 0.3 | 1.5 | 3.9 | ||
Reclassification of actuarial gain | 1.3 | 1.4 | 0.8 | ||
Amount recognized in other comprehensive income | (0.8) | 18.7 | (0.4) | ||
Amount recognized in net periodic pension benefit cost and other comprehensive income | $ 0.7 | $ 17.5 | $ (2.6) | ||
Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract] | |||||
Rate to which the cost trend rate gradually declines | 4.50% | 4.50% | 4.50% | ||
Year that the rate reaches the rate it is assumed to maintain | 2030 | 2028 | |||
Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31 | |||||
Discount rate — PBO | 2.59% | 2.19% | 2.84% | ||
Discount rate — service cost | 2.84% | 2.45% | 2.89% | 3.09% | |
Discount rate — interest cost | 2.06% | 1.60% | 2.42% | ||
Weighted-average assumptions used to determine benefit obligation at December 31 | |||||
Discount rate | 2.59% | 5.08% | 2.59% | 2.09% | |
Pre-65 [Member] | |||||
Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract] | |||||
Healthcare cost trend rate assumed for next year | 6.60% | 7.04% | 6.60% | ||
Post-65 [Member] | |||||
Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract] | |||||
Healthcare cost trend rate assumed for next year | 6.50% | 6.50% |
BENEFIT PLANS (Schedule of Pens
BENEFIT PLANS (Schedule of Pension Plans for ABO or PBO That Exceed the Fair Value Of Plan Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Pension plans with ABO in excess of plan assets | ||
Accumulated benefit obligation | $ 690.9 | $ 249.2 |
Fair value of assets | 637.8 | 176.6 |
Pension plans with PBO in excess of plan assets | ||
Projected benefit obligation | 691.1 | 249.7 |
Fair value of assets | $ 637.8 | $ 176.6 |
BENEFIT PLANS (Fair Values of P
BENEFIT PLANS (Fair Values of Pension Plan Assets) (Details) - Pension Plans, Defined Benefit [Member] - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total pension plan assets | $ 628.6 | $ 662.9 |
Equity Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total pension plan assets | 0 | 59.1 |
Investments In The Fair Value Hierarchy [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total pension plan assets | 628.6 | 722 |
Interest In Common/Collective Trusts [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total pension plan assets | 5.6 | 134.3 |
Private Partnerships [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total pension plan assets | 3.6 | 4.2 |
Total [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total pension plan assets | 637.8 | 860.5 |
Fair Value, Inputs, Level 1 [Member] | Debt Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total pension plan assets | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Equity Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total pension plan assets | 0 | 0.1 |
Fair Value, Inputs, Level 1 [Member] | Investments In The Fair Value Hierarchy [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total pension plan assets | 0 | 0.1 |
Fair Value, Inputs, Level 2 [Member] | Debt Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total pension plan assets | 628.6 | 662.9 |
Fair Value, Inputs, Level 2 [Member] | Equity Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total pension plan assets | 0 | 59 |
Fair Value, Inputs, Level 2 [Member] | Investments In The Fair Value Hierarchy [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total pension plan assets | 628.6 | 721.9 |
Fair Value, Inputs, Level 3 [Member] | Debt Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total pension plan assets | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Equity Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total pension plan assets | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Investments In The Fair Value Hierarchy [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total pension plan assets | $ 0 | $ 0 |
BENEFIT PLANS (Employer Contrib
BENEFIT PLANS (Employer Contributions for Plan) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer contributions | $ 4.9 | $ 5.5 | $ 4.7 |
2023 (estimated) | 5.1 | ||
Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer contributions | 7.8 | $ 8 | $ 8.8 |
2023 (estimated) | $ 7.8 |
BENEFIT PLANS (Benefit Payments
BENEFIT PLANS (Benefit Payments Which Reflect Expected Future Service, Expected to be Paid) (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Pension Plans, Defined Benefit [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2023 | $ 49.1 |
2024 | 50.3 |
2025 | 48.2 |
2026 | 48.7 |
2027 | 49.6 |
2028-2032 | 247.9 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2023 | 5.1 |
2024 | 5 |
2025 | 5 |
2026 | 4.8 |
2027 | 4.8 |
2028-2032 | $ 20.6 |
BENEFIT PLANS (Contributions by
BENEFIT PLANS (Contributions by Participants to Postretirement Benefit Plans) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Participants Contributions | $ 2 | $ 2.3 | $ 2.6 |
INCENTIVE PLANS (Narrative) (De
INCENTIVE PLANS (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of authorized shares remaining | 5,441,616 | ||
Officers And Key Employees [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expense provision under cash-based compensation plans | $ 42.8 | $ 42.2 | $ 42.1 |
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Pretax compensation expense | $ 23.2 | $ 18.2 | $ 17.8 |
Weighted-average Grant Date Fair Value, Granted | $ 185.31 | $ 164.38 | $ 133.95 |
Share-based compensation plans vesting period (in years) | 3 years | ||
SOSARs [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Pretax compensation expense | $ 4 | $ 3.9 | $ 3.9 |
Share-based compensation plans vesting period (in years) | 3 years | ||
Share-based compensation plans expiration period (in years) | 10 years | ||
Restricted Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Pretax compensation expense | $ 11.6 | $ 10.4 | $ 9.8 |
Weighted-average Grant Date Fair Value, Granted | $ 184.49 | $ 164.38 | $ 133.95 |
Share-based compensation plans vesting period (in years) | 3 years | ||
Deferred Stock Units [Member] | Share-Based Payment Arrangement, Nonemployee [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Pretax compensation expense | $ 2.4 | $ 2.2 | $ 1.6 |
Minimum [Member] | Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Units paid target range | 0% | ||
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares that may be issued | 8,000,000 | ||
Maximum [Member] | Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Units paid target range | 200% |
INCENTIVE PLANS (Summary of Act
INCENTIVE PLANS (Summary of Activity for Nonvested Performance/Restricted Share Units) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Target Number of Shares, Beginning Balance | 220,988 | ||
Target Number of Shares, Granted | 116,825 | ||
Target Number of Shares, Vested | (109,880) | ||
Target Number of Shares, Canceled/forfeited | (8,032) | ||
Target Number of Shares, Ending Balance | 219,901 | 220,988 | |
Weighted-average Grant Date Fair Value, Beginning Balance | $ 148.93 | ||
Weighted-average Grant Date Fair Value, Granted | 185.31 | $ 164.38 | $ 133.95 |
Weighted-average Grant Date Fair Value, Vested | 133.95 | ||
Weighted-average Grant Date Fair Value, Canceled/forfeited | 163.95 | ||
Weighted-average Grant Date Fair Value, Ending Balance | $ 160.48 | $ 148.93 | |
Restricted Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Target Number of Shares, Beginning Balance | 205,280 | ||
Target Number of Shares, Granted | 76,036 | ||
Target Number of Shares, Vested | (86,326) | ||
Target Number of Shares, Canceled/forfeited | (9,502) | ||
Target Number of Shares, Ending Balance | 185,488 | 205,280 | |
Weighted-average Grant Date Fair Value, Beginning Balance | $ 135.26 | ||
Weighted-average Grant Date Fair Value, Granted | 184.49 | $ 164.38 | $ 133.95 |
Weighted-average Grant Date Fair Value, Vested | 117.27 | ||
Weighted-average Grant Date Fair Value, Canceled/forfeited | 162.76 | ||
Weighted-average Grant Date Fair Value, Ending Balance | $ 162.40 | $ 135.26 |
INCENTIVE PLANS (Aggregate Valu
INCENTIVE PLANS (Aggregate Value of Performance Shares) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Aggregate value of distributed awards | $ 33.4 | $ 19.6 | $ 38.8 |
Restricted Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Aggregate value of distributed awards | $ 15.7 | $ 9 | $ 12.2 |
INCENTIVE PLANS (Weighted-Avera
INCENTIVE PLANS (Weighted-Average Fair Value and Weighted-Average Assumptions Used in Estimating Fair Value of Grants) (Details) - SOSARs [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair value | $ 60.57 | $ 52.19 | $ 40.91 |
Risk-free interest rate | 2.02% | 1.18% | 1.50% |
Dividend yield | 0.77% | 0.62% | 0.71% |
Volatility | 26.68% | 27.33% | 25.74% |
Expected term (years) | 9 years | 9 years | 9 years |
INCENTIVE PLANS (Summary of Our
INCENTIVE PLANS (Summary of Our SOSAR Activity) (Details) - SOSARs [Member] $ / shares in Units, $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Shares, Outstanding at January 1, 2020 | shares | 624,144 |
Number of Shares, Granted | shares | 69,015 |
Number of Shares, Exercised | shares | (18,790) |
Number of Shares, Forfeited or expired | shares | 0 |
Number of Shares, Outstanding at December 31, 2020 | shares | 674,369 |
Number of Shares, Exercisable at December 31, 2020 | shares | 536,100 |
Weighted-average Exercise Price, Outstanding at January 1, 2020 | $ / shares | $ 105.43 |
Weighted-average Exercise Price, Granted | $ / shares | 185.29 |
Weighted-average Exercise Price, Exercised | $ / shares | 74.66 |
Weighted-average Exercise Price, Forfeited or expired | $ / shares | 0 |
Weighted-average Exercise Price, Outstanding at December 31, 2020 | $ / shares | 114.46 |
Weighted-average Exercise Price, Exercisable at December 31, 2020 | $ / shares | $ 100.29 |
Weighted-average Remaining Contractual Life (Years), Outstanding | 4 years 8 months 26 days |
Weighted-average Remaining Contractual Life (Years), Exercisable at December 31, 2020 | 3 years 9 months 14 days |
Aggregate Intrinsic Value, Outstanding at December 31, 2020 | $ | $ 41 |
Aggregate Intrinsic Value, Exercisable at December 31, 2020 | $ | $ 39.6 |
INCENTIVE PLANS (Aggregate Intr
INCENTIVE PLANS (Aggregate Intrinsic Values of Options Exercised) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
SOSARs [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Aggregate intrinsic value of SOSARs exercised | $ 1.9 | $ 24.9 | $ 22.3 |
INCENTIVE PLANS (Cash and Stock
INCENTIVE PLANS (Cash and Stock Consideration Received and Tax Benefit Realized from SOSAR Exercises and Compensation Cost Recorded) (Details) - SOSARs [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Cash and stock consideration received from exercises | $ 0 | $ 0 | $ 0 |
Tax benefit from exercises | 0.4 | 6.3 | 5.7 |
Compensation cost | $ 4 | $ 3.9 | $ 3.9 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Narrative) (Details) | 1 Months Ended | 12 Months Ended | ||||||||
Aug. 31, 2022 | Dec. 31, 2020 USD ($) | Dec. 31, 2017 | Sep. 30, 2017 item | Mar. 31, 2016 mi | May 31, 2007 entity mi | Dec. 31, 2022 USD ($) item | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2019 USD ($) | |
Loss Contingencies [Line Items] | ||||||||||
Expenditures under the noncapital purchase commitments | $ 96,700,000 | $ 53,400,000 | $ 87,400,000 | |||||||
Commitments of minimum royalties under mineral leases | 238,700,000 | |||||||||
Expenditures for mineral royalties under mineral leases | 109,100,000 | 90,400,000 | 81,500,000 | |||||||
Asset retirement obligations | $ 283,200,000 | 311,300,000 | 315,200,000 | 283,200,000 | ||||||
Number of other companies to perform a Remedial Investigation/ Feasibility Study related to the Lower Passaic River Clean-Up lawsuit | entity | 70 | |||||||||
Number of miles of the River used in the Remedial Investigation/Feasibility Study | mi | 17 | |||||||||
Contingency loss | 0 | |||||||||
Net insurance liabilities | 130,800,000 | 130,500,000 | ||||||||
Unrecognized tax benefits | $ 6,800,000 | 18,700,000 | 10,800,000 | $ 6,800,000 | $ 5,400,000 | |||||
Lease liabilities | 653,600,000 | $ 787,600,000 | ||||||||
Vulcan Material [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Judge ruled allocation of fault among defendants, percentage | 15% | 15% | 15% | |||||||
Property, Plant and Equipment [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Unconditional purchase obligations | 33,400,000 | |||||||||
Noncapital [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Unconditional purchase obligations | $ 199,600,000 | |||||||||
New York Water District Cases [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Number of cases | item | 27 | |||||||||
Cooperating Parties Group [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Number of miles for bank-to-bank dredging remedy | mi | 8 | |||||||||
Occidental Chemical Co [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Judge ruled allocation of fault among defendants, percentage | 30% | 50% | ||||||||
Texas Brine [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Judge ruled allocation of fault among defendants, percentage | 55% | 35% | ||||||||
Maximum [Member] | EPA [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Estimated implementation costs | $ 1,380,000,000 | |||||||||
Standby Letters of Credit [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Outstanding standby letters of credit | $ 78,600,000 | |||||||||
Hewitt Landfill Matter [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Number of groundwater extraction wells | item | 2 |
COMMITMENTS AND CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES (Commitments Due) (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Property, Plant and Equipment [Member] | |
Recorded Unconditional Purchase Obligation [Line Items] | |
2023 | $ 33.4 |
Thereafter | 0 |
Total | 33.4 |
Noncapital [Member] | |
Recorded Unconditional Purchase Obligation [Line Items] | |
2023 | 36.3 |
2024-2025 | 66.3 |
2026–2027 | 52.5 |
Thereafter | 44.5 |
Total | $ 199.6 |
COMMITMENTS AND CONTINGENCIES_4
COMMITMENTS AND CONTINGENCIES (Minimum Royalties Under Mineral Leases) (Details) $ in Millions | Dec. 31, 2022 USD ($) |
COMMITMENTS AND CONTINGENCIES [Abstract] | |
2023 | $ 25.9 |
2024-2025 | 36.9 |
2026-2027 | 25.8 |
Thereafter | 150.1 |
Total | $ 238.7 |
EQUITY (Narrative) (Details)
EQUITY (Narrative) (Details) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 USD ($) item $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Dec. 31, 2020 shares | |
EQUITY [Abstract] | |||
Common stock, par value | $ / shares | $ 1 | $ 1 | |
Common stock, shares authorized | 480,000,000 | 480,000,000 | |
Number of votes per common stock | item | 1 | ||
Preferred stock, shares authorized | 5,000,000 | ||
Preferred stock issued | 0 | ||
Treasury Stock Shares | 0 | 0 | 0 |
Shares remaining under the current authorization repurchase program | 8,064,851 | ||
Noncontrolling interest | $ | $ 23.6 | $ 22.7 |
EQUITY (Shares Purchased and Re
EQUITY (Shares Purchased and Retired) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
EQUITY [Abstract] | |||
Shares Purchased and Retired, Number | 0 | 0 | 0.2 |
Shares Purchased and Retired, Total purchase price | $ 0 | $ 0 | $ 26.1 |
Shares Purchased and Retired, Average cost per share | $ 0 | $ 0 | $ 121.92 |
EQUITY (Cash Dividends Per Shar
EQUITY (Cash Dividends Per Share of Common Stock) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
EQUITY [Abstract] | |||
Cash dividends | $ 212.6 | $ 196.4 | $ 180.2 |
Cash dividends per share | $ 1.60 | $ 1.48 | $ 1.36 |
OTHER COMPREHENSIVE INCOME (Acc
OTHER COMPREHENSIVE INCOME (Accumulated Other Comprehensive Income, Net of Tax) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
OTHER COMPREHENSIVE INCOME [Abstract] | |||
Cash flow hedges | $ (21) | $ (22.5) | $ (24) |
Pension and postretirement plans | (133.7) | (130.2) | (157.3) |
Total | $ (154.7) | $ (152.7) | $ (181.3) |
OTHER COMPREHENSIVE INCOME (Cha
OTHER COMPREHENSIVE INCOME (Changes in Accumulated Other Comprehensive Income, Net of Tax) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
AOCI, Beginning balance | $ (152.7) | $ (181.3) | |
Other comprehensive income (loss) before reclassifications | (6.5) | 13.4 | $ (8.3) |
Amounts reclassified from AOCI | 4.5 | 15.2 | 24.7 |
Net current period OCI changes | (2) | 28.6 | 16.4 |
AOCI, Ending balance | (154.7) | (152.7) | (181.3) |
Amortization Of Cash Flow Hedge Losses [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
AOCI, Beginning balance | (22.5) | (24) | |
Other comprehensive income (loss) before reclassifications | 0 | 0 | (14.7) |
Amounts reclassified from AOCI | 1.5 | 1.5 | 1.7 |
Net current period OCI changes | 1.5 | 1.5 | (13) |
AOCI, Ending balance | (21) | (22.5) | (24) |
Amortization Of Pension And Postretirement Plan Actuarial Loss And Prior Service Cost [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
AOCI, Beginning balance | (130.2) | (157.3) | |
Other comprehensive income (loss) before reclassifications | (6.5) | 13.4 | 6.4 |
Amounts reclassified from AOCI | 3 | 13.7 | 23 |
Net current period OCI changes | (3.5) | 27.1 | 29.4 |
AOCI, Ending balance | $ (133.7) | $ (130.2) | (157.3) |
Scenario, Previously Reported [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
AOCI, Beginning balance | (197.7) | ||
Scenario, Previously Reported [Member] | Amortization Of Cash Flow Hedge Losses [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
AOCI, Beginning balance | (11) | ||
Scenario, Previously Reported [Member] | Amortization Of Pension And Postretirement Plan Actuarial Loss And Prior Service Cost [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
AOCI, Beginning balance | $ (186.7) |
OTHER COMPREHENSIVE INCOME (Amo
OTHER COMPREHENSIVE INCOME (Amounts Reclassified from Accumulated Other Comprehensive Income to Earnings) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Interest expense | $ 169.2 | $ 149.3 | $ 136 |
Other nonoperating expense | 5.1 | 10.7 | (17.5) |
Benefit from income taxes | 193 | 200.1 | 155.8 |
Total | 575.6 | 670.8 | 584.5 |
Reclassification From AOCI [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Total | 4.5 | 15.2 | 24.7 |
Amortization Of Cash Flow Hedge Losses [Member] | Reclassification From AOCI [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Interest expense | 2 | 2 | 2.3 |
Benefit from income taxes | (0.5) | (0.5) | (0.6) |
Total | 1.5 | 1.5 | 1.7 |
Amortization Of Pension And Postretirement Plan Actuarial Loss And Prior Service Cost [Member] | Reclassification From AOCI [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Other nonoperating expense | 4 | 18.5 | 31.2 |
Benefit from income taxes | (1) | (4.8) | (8.2) |
Total | $ 3 | $ 13.7 | $ 23 |
SEGMENT REPORTING (Narrative) (
SEGMENT REPORTING (Narrative) (Details) | 12 Months Ended | |||
Dec. 31, 2022 USD ($) segment state mi | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | ||
Revenues | [1] | $ 7,315,200,000 | $ 5,552,200,000 | $ 4,856,800,000 |
Number of operating segments | segment | 4 | |||
Number of reportable segments | segment | 4 | |||
Radius for Delivering Product Maximum | mi | 25 | |||
Radius for Delivering Product Minimum | mi | 20 | |||
Concrete [Member] | ||||
Revenues | [1] | $ 1,593,900,000 | 766,800,000 | 383,600,000 |
Percentage of product weight attributable to Aggregates | 80% | |||
Number of states in which segments serve | state | 5 | |||
Aggregates [Member] | ||||
Revenues | [1] | $ 4,723,300,000 | 4,000,700,000 | 3,672,900,000 |
Equity method investments | $ 26,500,000 | 26,500,000 | 26,500,000 | |
Number of states in which segments serve | state | 22 | |||
Number of additional states served | state | 12 | |||
Asphalt [Member] | ||||
Revenues | [1] | $ 990,200,000 | 777,800,000 | 792,600,000 |
Percentage of product weight attributable to Aggregates | 95% | |||
Number of states in which segments serve | state | 6 | |||
Asphalt [Member] | Asphalt Construction Paving [Member] | ||||
Number of states in which segments serve | state | 3 | |||
United States [Member] | ||||
Revenues | $ 7,263,900,000 | 5,532,000,000 | 4,845,900,000 | |
Nondomestic [Member] | ||||
Long-lived assets | 534,200,000 | 459,500,000 | 261,600,000 | |
Nondomestic [Member] | Aggregates [Member] | ||||
Revenues | 51,300,000 | 20,200,000 | 11,000,000 | |
Nondomestic [Member] | Asphalt, Concrete And Calcium [Member] | ||||
Revenues | $ 0 | $ 0 | $ 0 | |
U.S. Concrete [Member] | ||||
Number of additional states served | state | 2 | |||
[1] 1 The geographic markets are defined by states 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) |
SEGMENT REPORTING (Segment Fina
SEGMENT REPORTING (Segment Financial Disclosure) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Segment Reporting Information [Line Items] | |||||
Total revenues | [1] | $ 7,315.2 | $ 5,552.2 | $ 4,856.8 | |
Gross profit | 1,557.7 | 1,373.4 | 1,281.5 | ||
Depreciation, Depletion, Accretion & Amortization (DDA&A) | 587.5 | 463 | 396.8 | ||
Capital Expenditures | [2] | 644.1 | 450.5 | 363.4 | |
Cash and cash equivalents and restricted cash | 161.5 | 241.5 | 1,198 | $ 274.5 | |
Total assets | 14,234.6 | 13,682.6 | 11,686.9 | ||
Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | [1] | 7,864.7 | 5,896.5 | 5,128.2 | |
Total assets | [3],[4] | 13,612.8 | 13,204 | 10,341.1 | |
Intersegment Sales [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | [1] | (549.5) | (344.3) | (271.4) | |
Aggregates [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | [1] | 4,723.3 | 4,000.7 | 3,672.9 | |
Aggregates [Member] | Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | [1],[5] | 5,272.8 | 4,345 | 3,944.3 | |
Gross profit | 1,408.5 | 1,295.7 | 1,159.2 | ||
Depreciation, Depletion, Accretion & Amortization (DDA&A) | 441.1 | 360.4 | 321.1 | ||
Capital Expenditures | [2] | 540.3 | 423.1 | 331.9 | |
Total assets | [3],[4] | 11,575.2 | 10,917.8 | 9,459.2 | |
Aggregates [Member] | Intersegment Sales [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | [1] | (549.5) | (344.3) | (271.4) | |
Asphalt [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | [1] | 990.2 | 777.8 | 792.6 | |
Asphalt [Member] | Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | [1],[6] | 990.2 | 777.8 | 792.6 | |
Gross profit | 57.3 | 21.2 | 75.2 | ||
Depreciation, Depletion, Accretion & Amortization (DDA&A) | 35.1 | 36 | 35 | ||
Capital Expenditures | [2] | 23.3 | 9.3 | 19.8 | |
Total assets | [3],[4] | 597.6 | 602 | 573.1 | |
Asphalt [Member] | Intersegment Sales [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | [1] | 0 | 0 | 0 | |
Concrete [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | [1] | 1,593.9 | 766.8 | 383.6 | |
Concrete [Member] | Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | [1] | 1,593.9 | 766.8 | 383.6 | |
Gross profit | 89.3 | 54.3 | 44.2 | ||
Depreciation, Depletion, Accretion & Amortization (DDA&A) | 83.1 | 41.5 | 16 | ||
Capital Expenditures | [2] | 50.4 | 18.1 | 11.7 | |
Total assets | [3],[4] | 1,436.2 | 1,680.2 | 305.5 | |
Concrete [Member] | Intersegment Sales [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | [1] | 0 | 0 | 0 | |
Calcium [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | [1] | 7.8 | 6.9 | 7.7 | |
Calcium [Member] | Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | [1] | 7.8 | 6.9 | 7.7 | |
Gross profit | 2.6 | 2.2 | 2.9 | ||
Depreciation, Depletion, Accretion & Amortization (DDA&A) | 0.2 | 0.2 | 0.2 | ||
Capital Expenditures | [2] | 0.1 | 0 | 0 | |
Total assets | [3],[4] | 3.8 | 4 | 3.3 | |
Calcium [Member] | Intersegment Sales [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | [1] | 0 | 0 | 0 | |
Other Segments [Member] | Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Depreciation, Depletion, Accretion & Amortization (DDA&A) | 28 | 24.9 | 24.5 | ||
Corporate [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Capital Expenditures | [2] | 30 | 0 | 0 | |
Total assets | $ 460.3 | $ 237.1 | $ 147.8 | ||
[1] 1 The geographic markets are defined by states 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) Capital expenditures include changes in accruals for purchases of property, plant & equipment. Capital expenditures exclude property, plant & equipment obtained by business acquisitions. Certain temporarily idled assets are included within a segment's Identifiable Assets but the associated DDA&A is shown within Other in the DDA&A section above as the related DDA&A is excluded from segment gross profit. The 2022 and 2021 increases in Aggregates and 2021 increase in Concrete Identifiable Assets are largely attributable to business acquisitions (see Note 19) Includes product sales, as well as freight & delivery costs that we pass along to our customers, and service revenues (see Note 2) related to aggregates. Includes product sales, as well as service revenues (see Note 2) from our asphalt construction paving business. |
SUPPLEMENTAL CASH FLOW INFORM_3
SUPPLEMENTAL CASH FLOW INFORMATION (Supplemental Information Referable to Condensed Consolidated Statements of Cash Flows) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
SUPPLEMENTAL CASH FLOW INFORMATION [Abstract] | |||
Interest (exclusive of amount capitalized) | $ 164.3 | $ 138 | $ 129.2 |
Income taxes | 143.5 | 127.9 | 95.9 |
Accruals for purchases of property, plant & equipment | 108.7 | 71.4 | 55.9 |
Note received from sale of business | 130 | 0 | 0 |
Debt issued for purchases of property, plant & equipment | 0 | 0 | 2.6 |
Recognition of new and revised lease obligations for: Operating lease right-of-use assets | 44.8 | 106.9 | 49.6 |
Recognition of new and revised lease obligations for: Finance leases right-of-use assets | 3.8 | 13.3 | 6.6 |
Consideration payable to seller in business acquisitions | 65.4 | 0 | 9 |
Fair value of noncash assets and liabilities exchanged | $ 0 | $ 0 | $ 21.2 |
ASSET RETIREMENT OBLIGATIONS (A
ASSET RETIREMENT OBLIGATIONS (Asset Retirement Obligations Operating Costs) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
ASSET RETIREMENT OBLIGATIONS [Abstract] | |||
Accretion | $ 14.1 | $ 13.1 | $ 12.4 |
Depreciation | 9.4 | 10.6 | 8.6 |
Total | $ 23.5 | $ 23.7 | $ 21 |
ASSET RETIREMENT OBLIGATIONS (R
ASSET RETIREMENT OBLIGATIONS (Reconciliations of Asset Retirement Obligations) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
ASSET RETIREMENT OBLIGATIONS [Abstract] | |||
Balance at beginning of year | $ 315.2 | $ 283.2 | |
Liabilities incurred | 8.2 | 19.2 | |
Liabilities settled | (8.8) | (11) | |
Accretion expense | 14.1 | 13.1 | $ 12.4 |
Revisions, net | (17.4) | 10.7 | |
Balance at end of year | $ 311.3 | $ 315.2 | $ 283.2 |
GOODWILL AND INTANGIBLE ASSET_2
GOODWILL AND INTANGIBLE ASSETS (Narrative) (Details) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) segment | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Goodwill [Line Items] | ||||
Goodwill impairment charges | $ 50,900,000 | $ 0 | $ 0 | |
Goodwill, accumulated impairment losses | $ 303,600,000 | |||
Number of reportable segments | segment | 4 | |||
Other intangible assets, net, Impairment Charges | $ 0 | $ 0 | $ 0 | |
Former Cement [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill, accumulated impairment losses | 252,700,000 | |||
Concrete [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill impairment charges | 50,900,000 | |||
Goodwill, accumulated impairment losses | $ 50,900,000 | |||
New York, New Jersey And Pennsylvania [Member] | Concrete [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill impairment charges | $ 50,900,000 |
GOODWILL AND INTANGIBLE ASSET_3
GOODWILL AND INTANGIBLE ASSETS (Changes in Carrying Amount of Goodwill by Reportable Segment) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Goodwill [Line Items] | ||||
Goodwill, Beginning balance | $ 3,696,700,000 | $ 3,172,100,000 | ||
Goodwill of acquired businesses | [1] | 43,800,000 | 524,600,000 | |
Goodwill impairment | (50,900,000) | 0 | $ 0 | |
Goodwill, Ending balance | 3,689,600,000 | 3,696,700,000 | 3,172,100,000 | |
Aggregates [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill, Beginning balance | 3,316,600,000 | 3,080,500,000 | ||
Goodwill of acquired businesses | [1] | 13,700,000 | 236,100,000 | |
Goodwill impairment | 0 | |||
Goodwill, Ending balance | 3,330,300,000 | 3,316,600,000 | 3,080,500,000 | |
Asphalt [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill, Beginning balance | 91,600,000 | 91,600,000 | ||
Goodwill of acquired businesses | [1] | 0 | 0 | |
Goodwill impairment | 0 | |||
Goodwill, Ending balance | 91,600,000 | 91,600,000 | 91,600,000 | |
Concrete [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill, Beginning balance | 288,500,000 | 0 | ||
Goodwill of acquired businesses | [1] | 30,100,000 | 288,500,000 | |
Goodwill impairment | (50,900,000) | |||
Goodwill, Ending balance | 267,700,000 | 288,500,000 | 0 | |
Calcium [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill, Beginning balance | 0 | 0 | ||
Goodwill of acquired businesses | [1] | 0 | 0 | |
Goodwill impairment | 0 | |||
Goodwill, Ending balance | $ 0 | $ 0 | $ 0 | |
[1] See Note 19 for a summary of recent acquisitions. |
GOODWILL AND INTANGIBLE ASSET_4
GOODWILL AND INTANGIBLE ASSETS (Gross Carrying Amount and Accumulated Amortization by Major Intangible Asset Class) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Finite-Lived Intangible Assets [Line Items] | ||||
Gross carrying amount | $ 2,079.1 | $ 2,036.5 | ||
Accumulated amortization | (377) | (287.5) | ||
Total Intangible Assets Subject to Amortization, net | 1,702.1 | 1,749 | ||
Intangible Assets with Indefinite Lives | 0 | 0 | ||
Total Intangible Assets, net | 1,702.1 | 1,749 | ||
Amortization Expense for the Year | 97.6 | 68.2 | $ 46.6 | |
Contractual Rights In Place [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Gross carrying amount | 1,771.5 | 1,765 | ||
Accumulated amortization | (302.9) | (230.9) | ||
Permitting, Permitting Compliance And Zoning Rights [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Gross carrying amount | 191.1 | 156.5 | ||
Accumulated amortization | (49) | (39.1) | ||
Other Intangibles [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Gross carrying amount | [1] | 116.5 | 115 | |
Accumulated amortization | [1] | $ (25.1) | $ (17.5) | |
[1] Includes noncompetition agreements, patents, customer relationships, tradenames and trademarks. |
GOODWILL AND INTANGIBLE ASSET_5
GOODWILL AND INTANGIBLE ASSETS (Estimated Amortization Expense) (Details) $ in Millions | Dec. 31, 2022 USD ($) |
GOODWILL AND INTANGIBLE ASSETS [Abstract] | |
2023 | $ 86.9 |
2024 | 85.1 |
2025 | 83.3 |
2026 | 83 |
2027 | $ 82.5 |
ACQUISITIONS AND DIVESTITURES_2
ACQUISITIONS AND DIVESTITURES (Narrative) (Details) | 3 Months Ended | 12 Months Ended | ||||||
Aug. 26, 2021 USD ($) | Dec. 31, 2022 USD ($) | Sep. 30, 2022 USD ($) | Mar. 31, 2021 USD ($) | Dec. 31, 2022 USD ($) item | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | ||
Significant Acquisitions and Disposals [Line Items] | ||||||||
Cash | $ 529,200,000 | $ 1,639,400,000 | $ 43,200,000 | |||||
Goodwill | [1] | 43,800,000 | 524,600,000 | |||||
Loss on impairments | 67,900,000 | 4,600,000 | 0 | |||||
Gain (loss) on sale of property, plant & equipment and businesses | 10,700,000 | 120,100,000 | 4,000,000 | |||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | ||||||||
Significant Acquisitions and Disposals [Line Items] | ||||||||
Assets held for sale | $ 0 | 0 | $ 0 | 0 | ||||
Acquisitions 2022 [Member] | ||||||||
Significant Acquisitions and Disposals [Line Items] | ||||||||
Total consideration | 594,600,000 | |||||||
Cash | 529,200,000 | |||||||
Noncash consideration amount | 65,400,000 | |||||||
Amortizable intangible assets recognized | $ 72,300,000 | |||||||
Intangible assets amortization period, tax purposes | 15 years | |||||||
Goodwill | $ 12,500,000 | |||||||
Goodwill, deductible for income tax purposes | 0 | 0 | ||||||
Acquisitions 2021 [Member] | ||||||||
Significant Acquisitions and Disposals [Line Items] | ||||||||
Amortizable intangible assets recognized | 685,500,000 | |||||||
Goodwill | 555,900,000 | |||||||
Changes in carrying amount of goodwill | 31,300,000 | |||||||
Goodwill, deductible for income tax purposes | 108,500,000 | 108,500,000 | ||||||
Acquisitions 2020 [Member] | ||||||||
Significant Acquisitions and Disposals [Line Items] | ||||||||
Total consideration | 73,400,000 | |||||||
Cash | 43,200,000 | |||||||
Noncash consideration amount | 30,200,000 | |||||||
Amortizable intangible assets recognized | 65,500,000 | |||||||
Intangible assets amortization period, tax purposes | 15 years | |||||||
Goodwill | 5,100,000 | |||||||
Intangible assets, not deductible for income tax purposes | $ 25,700,000 | |||||||
Immaterial Business Acquisitions [Member] | ||||||||
Significant Acquisitions and Disposals [Line Items] | ||||||||
Total consideration | $ 4,900,000 | |||||||
U.S. Concrete [Member] | ||||||||
Significant Acquisitions and Disposals [Line Items] | ||||||||
Total consideration | $ 1,634,500,000 | 1,634,500,000 | ||||||
Cash | $ 1,268,500,000 | |||||||
Goodwill | 555,900,000 | |||||||
New York, New Jersey And Pennsylvania [Member] | Concrete [Member] | ||||||||
Significant Acquisitions and Disposals [Line Items] | ||||||||
Loss on impairments | 67,800,000 | $ 16,900,000 | ||||||
Gain (loss) on sale of property, plant & equipment and businesses | $ (17,400,000) | |||||||
California [Member] | ||||||||
Significant Acquisitions and Disposals [Line Items] | ||||||||
Consideration transferred, net of assets divested | $ 12,900,000 | |||||||
Gain (loss) on sale of property, plant & equipment and businesses | $ 114,700,000 | |||||||
California [Member] | Excess Real Estate [Member] | ||||||||
Significant Acquisitions and Disposals [Line Items] | ||||||||
Gain (loss) on sale of property, plant & equipment and businesses | $ 23,500,000 | |||||||
New Mexico [Member] | ||||||||
Significant Acquisitions and Disposals [Line Items] | ||||||||
Supply agreement period | 20 years | |||||||
Virginia [Member] | ||||||||
Significant Acquisitions and Disposals [Line Items] | ||||||||
Supply agreement period | 20 years | |||||||
Aggregates [Member] | ||||||||
Significant Acquisitions and Disposals [Line Items] | ||||||||
Goodwill | [1] | $ 13,700,000 | $ 236,100,000 | |||||
Aggregates [Member] | California [Member] | ||||||||
Significant Acquisitions and Disposals [Line Items] | ||||||||
Number of facilities acquired | item | 8 | |||||||
Aggregates [Member] | Texas [Member] | ||||||||
Significant Acquisitions and Disposals [Line Items] | ||||||||
Number of facilities acquired | item | 5 | |||||||
Asphalt Mix [Member] | California [Member] | ||||||||
Significant Acquisitions and Disposals [Line Items] | ||||||||
Number of facilities acquired | item | 4 | |||||||
Ready-Mixed Concrete Facilities [Member] | California [Member] | ||||||||
Significant Acquisitions and Disposals [Line Items] | ||||||||
Number of facilities acquired | item | 7 | |||||||
Ready-Mixed Concrete Facilities [Member] | Virginia [Member] | ||||||||
Significant Acquisitions and Disposals [Line Items] | ||||||||
Number of facilities acquired | item | 4 | |||||||
Idle Ready-Mixed Concrete Sites [Member] | Virginia [Member] | ||||||||
Significant Acquisitions and Disposals [Line Items] | ||||||||
Number of facilities acquired | item | 2 | |||||||
Amortizable Intangible Asset Straight-Line Method [Member] | Acquisitions 2022 [Member] | ||||||||
Significant Acquisitions and Disposals [Line Items] | ||||||||
Estimated weighted-average amortization period of intangible assets | 15 years | |||||||
Amortizable Intangible Asset Straight-Line Method [Member] | Acquisitions 2021 [Member] | ||||||||
Significant Acquisitions and Disposals [Line Items] | ||||||||
Estimated weighted-average amortization period of intangible assets | 15 years | |||||||
Amortizable Intangible Asset Straight-Line Method [Member] | Acquisitions 2020 [Member] | ||||||||
Significant Acquisitions and Disposals [Line Items] | ||||||||
Amortizable intangible assets recognized | $ 65,500,000 | |||||||
Estimated weighted-average amortization period of intangible assets | 20 years | |||||||
[1] See Note 19 for a summary of recent acquisitions. |
ACQUISITIONS AND DIVESTITURES_3
ACQUISITIONS AND DIVESTITURES (Schedule of Business Acquisitions) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Aug. 26, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Significant Acquisitions And Disposals [Line Items] | |||||
Noncontrolling interest | $ (23.6) | $ (22.7) | |||
Goodwill | [1] | 43.8 | 524.6 | ||
Cash | 529.2 | $ 1,639.4 | $ 43.2 | ||
Acquisitions 2022 [Member] | |||||
Significant Acquisitions And Disposals [Line Items] | |||||
Cash | 529.2 | ||||
Payable to seller | 65.4 | ||||
Total fair value of purchase consideration | 594.6 | ||||
Accounts and notes receivable, net | 28 | ||||
Inventories | 15.4 | ||||
Other current assets | 2.1 | ||||
Property, plant & equipment | 498.6 | ||||
Deferred income taxes, net | (12.5) | ||||
Other liabilities assumed | (21.8) | ||||
Net identifiable assets acquired | 582.1 | ||||
Goodwill | 12.5 | ||||
Cash | 529.2 | ||||
Acquisitions 2022 [Member] | Contractual Rights In Place [Member] | |||||
Significant Acquisitions And Disposals [Line Items] | |||||
Intangible assets | 72.3 | ||||
U.S. Concrete [Member] | |||||
Significant Acquisitions And Disposals [Line Items] | |||||
Cash | 1,634.5 | ||||
Total fair value of purchase consideration | $ 1,634.5 | 1,634.5 | |||
Accounts and notes receivable, net | 235.6 | ||||
Inventories | 80.6 | ||||
Other current assets | 8.7 | ||||
Property, plant & equipment | 1,086.2 | ||||
Operating lease right-of-use assets | 217.6 | ||||
Other noncurrent assets | 5.3 | ||||
Deferred income taxes, net | (226.1) | ||||
Debt assumed | (443.7) | ||||
Other liabilities assumed | (546.2) | ||||
Noncontrolling interest | (22.3) | ||||
Net identifiable assets acquired | 1,078.6 | ||||
Goodwill | 555.9 | ||||
Cash | 1,268.5 | ||||
Obligations paid on acquisition date | 384.4 | ||||
Cash acquired | $ 18.4 | ||||
U.S. Concrete [Member] | Contractual Rights In Place [Member] | |||||
Significant Acquisitions And Disposals [Line Items] | |||||
Intangible assets | 622.6 | ||||
U.S. Concrete [Member] | Other Intangibles [Member] | |||||
Significant Acquisitions And Disposals [Line Items] | |||||
Intangible assets | $ 60.3 | ||||
[1] See Note 19 for a summary of recent acquisitions. |
ACQUISITIONS AND DIVESTITURES_4
ACQUISITIONS AND DIVESTITURES (Comprehensive Income Actual Results) (Details) - U.S. Concrete [Member] $ in Millions | 12 Months Ended |
Dec. 31, 2021 USD ($) | |
Significant Acquisitions And Disposals [Line Items] | |
Total revenues | $ 466.3 |
Vulcan [Member] | |
Significant Acquisitions And Disposals [Line Items] | |
Net loss attributable to Vulcan | $ (19.7) |
ACQUISITIONS AND DIVESTITURES_5
ACQUISITIONS AND DIVESTITURES (Supplemental Pro Forma Results) (Details) - U.S. Concrete [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Significant Acquisitions And Disposals [Line Items] | ||
Supplemental Pro Forma Results, Total revenues | $ 6,361.5 | $ 6,182.8 |
Vulcan [Member] | ||
Significant Acquisitions And Disposals [Line Items] | ||
Supplemental Pro Forma Results, Net earnings attributable to Vulcan | $ 688.6 | $ 551.9 |