Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | ||
Sep. 30, 2014 | Oct. 27, 2014 | Oct. 27, 2014 | |
Capital Stock [Member] | Class B Capital Stock [Member] | ||
Document Type | '10-Q | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 30-Sep-14 | ' | ' |
Document Fiscal Period Focus | 'Q3 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Entity Registrant Name | 'MONARCH CEMENT CO | ' | ' |
Entity Central Index Key | '0000067517 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 2,599,801 | 1,364,114 |
Trading Symbol | 'mcem | ' | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
ASSETS | ' | ' |
Cash and cash equivalents | $2,529,289 | $6,401,752 |
Receivables, less allowances of $560,000 in 2014 and $490,000 in 2013 for doubtful accounts | 17,919,793 | 12,139,618 |
Inventories, priced at cost which is not in excess of market- | ' | ' |
Finished cement | 4,031,293 | 4,420,327 |
Work in process | 3,600,643 | 3,595,223 |
Building products | 4,230,625 | 3,883,085 |
Fuel, gypsum, paper sacks and other | 5,886,894 | 6,570,913 |
Operating and maintenance supplies | 13,236,996 | 12,794,198 |
Total inventories | 30,986,451 | 31,263,746 |
Deferred income taxes | 660,000 | 660,000 |
Prepaid expenses | 1,835,611 | 1,042,033 |
Total current assets | 53,931,144 | 51,507,149 |
Property, Plant and Equipment, at cost, less accumulated depreciation and depletion of $198,747,997 in 2014 and $183,868,729 in 2013 | 85,254,822 | 80,940,604 |
DEFERRED INCOME TAXES | 6,742,576 | 8,179,577 |
INVESTMENTS | 29,379,249 | 25,292,634 |
INVESTMENTS IN AFFILIATES | 4,008,136 | 3,428,633 |
OTHER ASSETS | 3,092,868 | 4,757,265 |
Total Assets | 182,408,795 | 174,105,862 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' |
Accounts payable | 6,795,921 | 6,327,952 |
Current portion of term loan | 1,428,571 | 1,428,571 |
Current portion of other long-term debt | 175,000 | 175,000 |
Accrued liabilities | 9,249,624 | 6,754,288 |
Total current liabilities | 17,649,116 | 14,685,811 |
LONG-TERM DEBT | 10,921,867 | 12,061,164 |
ACCRUED POSTRETIREMENT BENEFITS | 25,231,702 | 24,917,379 |
ACCRUED PENSION EXPENSE | 5,167,675 | 8,009,127 |
STOCKHOLDERS' EQUITY | ' | ' |
Capital stock | 6,497,603 | 6,498,830 |
Additional paid-in-capital | 2,485,125 | 2,485,125 |
Retained earnings | 105,536,192 | 98,518,546 |
Accumulated other comprehensive income | 5,507,330 | 3,511,383 |
TOTAL STOCKHOLDERS' EQUITY | 123,438,435 | 114,432,381 |
Total Liabilities and Stockholders' Equity | 182,408,795 | 174,105,862 |
Class B Capital Stock [Member] | ' | ' |
STOCKHOLDERS' EQUITY | ' | ' |
Capital stock | $3,412,185 | $3,418,497 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Allowance for receivables | $560,000 | $490,000 |
Accumulated depreciation and depletion | $198,747,997 | $183,868,729 |
Capital stock, par value | $2.50 | $2.50 |
Capital stock, shares authorized | 10,000,000 | 10,000,000 |
Capital stock, shares issued | 2,599,041 | 2,599,532 |
Capital stock, shares outstanding | 2,599,041 | 2,599,532 |
Class B Capital Stock [Member] | ' | ' |
Capital stock, par value | $2.50 | $2.50 |
Capital stock, shares authorized | 10,000,000 | 10,000,000 |
Capital stock, shares issued | 1,364,874 | 1,367,399 |
Capital stock, shares outstanding | 1,364,874 | 1,367,399 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Income (Loss) And Retained Earnings (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Income Statement [Abstract] | ' | ' | ' | ' |
NET SALES | $44,970,920 | $38,167,606 | $111,764,454 | $95,057,325 |
COST OF SALES | 32,797,657 | 32,378,577 | 88,609,931 | 82,401,911 |
Gross profit from operations | 12,173,263 | 5,789,029 | 23,154,523 | 12,655,414 |
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | 4,131,984 | 3,730,580 | 11,636,439 | 10,965,657 |
Income from operations | 8,041,279 | 2,058,449 | 11,518,084 | 1,689,757 |
OTHER INCOME (EXPENSE): | ' | ' | ' | ' |
Interest income | 13,720 | 48,999 | 75,379 | 108,719 |
Interest expense | -71,843 | -91,525 | -197,772 | -230,220 |
Gain on sale of equity investments | 0 | 0 | 0 | 3,881,872 |
Dividend income | 422,650 | 87,786 | 622,496 | 1,573,786 |
Other, net | 194,083 | 20,498 | 457,668 | -12,628 |
Total other income (expense) | 558,610 | 65,758 | 957,771 | 5,321,529 |
Income from continuing operations before income taxes | 8,599,889 | 2,124,207 | 12,475,855 | 7,011,286 |
PROVISION FOR INCOME TAXES | 2,405,000 | 702,000 | 3,490,000 | 1,963,000 |
Equity in affiliate income (loss), net of tax | 52,489 | -3,022 | 58,327 | -15,275 |
Net income from continuing operations | 6,247,378 | 1,419,185 | 9,044,182 | 5,033,011 |
Discontinued operations: | ' | ' | ' | ' |
Loss from operations of Tulsa Dynaspan, Inc. and Beaver Lake Concrete, Inc. (including gain on disposal of assets of $0, $0, $0, and $0, respectively) | 0 | 616,180 | -177,306 | -4,359,989 |
PROVISION FOR (BENEFIT FROM) INCOME TAXES | 0 | 66,000 | -50,000 | -1,218,000 |
Net income (loss) from discontinued operations | 0 | 550,180 | -127,306 | -3,141,989 |
NET INCOME | 6,247,378 | 1,969,365 | 8,916,876 | 1,891,022 |
RETAINED EARNINGS, beginning of period | 100,247,941 | 96,413,662 | 98,518,546 | 97,758,013 |
Dividends, Common Stock, Cash | 913,211 | 919,544 | 1,824,501 | 1,842,680 |
Stock Repurchased and Retired During Period, Value | 45,916 | 387,416 | 74,729 | 730,288 |
RETAINED EARNINGS, end of period | $105,536,192 | $97,076,067 | $105,536,192 | $97,076,067 |
Basic earnings (loss) per share: | ' | ' | ' | ' |
From continuing operations | $1.57 | $0.36 | $2.28 | $1.26 |
From discontinued operations | $0 | $0.14 | ($0.03) | ($0.78) |
Net earnings per share | $1.57 | $0.50 | $2.25 | $0.48 |
Common Stock, Dividends, Per Share, Declared | $0.23 | $0.23 | $0.46 | $0.46 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements Of Income (Loss) And Retained Earnings (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Cost of sales, accumulated other comprehensive income reclassifications | $32,797,657 | $32,378,577 | $88,609,931 | $82,401,911 |
Reclassification Out Of Accumulated Other Comprehensive Income [Member] | Net Periodic Pension And Postretirement [Member] | ' | ' | ' | ' |
GAIN ON DISPOSAL OF ASSETS FROM TDI AND BLC | $0 | $0 | $0 | $0 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements Of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
NET INCOME | $6,247,378 | $1,969,365 | $8,916,876 | $1,891,022 |
OTHER COMPREHENSIVE INCOME, net of deferred tax | ' | ' | ' | ' |
UNREALIZED APPRECIATION (DEPRECIATION) ON AVAILABLE-FOR-SALE SECURITIES (Net of deferred tax expense (benefit) of $(172,000), $12,000, $1,620,000, and $824,000, respectively) | -258,000 | 18,000 | 2,430,000 | 1,237,872 |
RECLASSIFICATION ADJUSTMENT FOR SALE OF SECURITIES INCLUDED IN NET INCOME (LOSS) (Net of deferred tax expense (benefit) of $0, $0, $0, and $1,552,000, respectively) | 0 | 0 | 0 | -2,329,872 |
AMORTIZATION OF PENSION AND POSTRETIREMENT PRIOR SERVICE COST (Net of deferred tax expense (benefit) of $229,000, $(5,000), $689,000, and $(15,000), respectively) | -346,371 | 7,244 | -1,035,142 | 21,732 |
AMORTIZATION OF PENSION AND POSTRETIREMENT LOSS (Net of deferred tax benefit of $(131,000), $(199,000), $(400,000), and $(598,000), respectively) | 198,268 | 299,784 | 601,089 | 898,350 |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), net of deferred tax | -406,103 | 325,028 | 1,995,947 | -171,918 |
COMPREHENSIVE INCOME | $5,841,275 | $2,294,393 | $10,912,823 | $1,719,104 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements Of Comprehensive Income (Loss) (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Deferred tax expense (benefit) for unrealized appreciation (depreciation) on available-for-sale securities | ($172,000) | $12,000 | $1,620,000 | $824,000 |
Deferred tax expense (benefit) for reclassification adjustment for realized (gains) losses included in net income (loss) | 0 | 0 | 0 | 1,552,000 |
Deferred tax expense (benefit) for pension and postretirement prior service cost | 229,000 | -5,000 | 689,000 | -15,000 |
Deferred tax benefit for reclassification adjustment for pension and postretirement net (gain) loss | ($131,000) | ($199,000) | ($400,000) | ($598,000) |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
OPERATING ACTIVITIES: | ' | ' |
Net income | $8,916,876 | $1,891,022 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' |
Depreciation, depletion and amortization | 9,549,348 | 8,821,833 |
(Income) loss from equity method investments, net of dividends | -51,038 | 20,898 |
Deferred income taxes | -174,000 | -219,000 |
Gain on disposal of assets | -434,850 | -2,770,792 |
Realized gain on sale of equity investments | 0 | -3,881,872 |
Postretirement benefits and pension expense | -3,250,182 | 1,702,702 |
Change in assets and liabilities: | ' | ' |
Receivables, net | -5,753,127 | -444,604 |
Inventories | 437,041 | 2,542,789 |
Refundable income taxes | 0 | 1,441,206 |
Prepaid expenses | -793,578 | -392,264 |
Other assets | 1,131 | 2,622 |
Accounts payable and accrued liabilities | 4,485,798 | -1,896,287 |
Net cash provided by operating activities | 12,933,419 | 6,818,253 |
INVESTING ACTIVITIES: | ' | ' |
Acquisition of property, plant and equipment | -10,267,755 | -12,769,695 |
Proceeds from disposals of property, plant and equipment | 599,663 | 3,934,653 |
Payments to Acquire Businesses, Net of Cash Acquired | -2,494,250 | 0 |
Payment for purchases of available-for-sale equity investments | -36,615 | -914,340 |
Proceeds from disposals of available-for-sale equity investments | 0 | 5,262,458 |
Payment for acquisition of equity method investments | -528,465 | 0 |
Net cash used for investing activities | -12,727,422 | -4,486,924 |
FINANCING ACTIVITIES: | ' | ' |
Increase (decrease) in revolving loan, net | 0 | -110,137 |
Proceeds from bank loans | 0 | 4,472,950 |
Payments on bank loans | -1,071,428 | -1,071,429 |
Payments on other long-term debt | -187,869 | -142,567 |
Cash dividends paid | -2,736,895 | -2,765,816 |
Purchases of capital stock | -82,268 | -813,755 |
Net cash used for financing activities | -4,078,460 | -430,754 |
Net increase (decrease) in cash and cash equivalents | -3,872,463 | 1,900,575 |
Cash and Cash Equivalents, beginning of year | 6,401,752 | 1,440,959 |
Cash and Cash Equivalents, end of period | 2,529,289 | 3,341,534 |
Supplemental disclosures: | ' | ' |
Interest paid, net of amount capitalized | 197,772 | 230,535 |
Income taxes paid | 2,000,000 | 1,424,378 |
Capital equipment additions included in accounts payable and accrued liabilities | $130,665 | $106,754 |
Discontinued_Operations
Discontinued Operations | 9 Months Ended |
Sep. 30, 2014 | |
Discontinued Operations and Disposal Groups [Abstract] | ' |
Discontinued Operations | ' |
DISCONTINUED OPERATIONS | |
Through the first quarter of 2014, Tulsa Dynaspan, Inc. (TDI) and Beaver Lake Concrete, Inc. (BLC) were classified as discontinued operations since these companies were no longer producing and selling ready-mixed concrete or issuing construction contracts. TDI’s facilities that were not sold are currently under a lease/purchase agreement and BLC’s ready-mixed facilities have been leased. BLC retained its cement transport trucks and hauls cement for third parties. Prior to discontinuing their ready-mixed concrete operations, BLC transported cement for their own ready-mixed concrete operation but did not haul for other companies. BLC's and TDI's current revenue streams are derived from different operations from those that were discontinued. The current operations of TDI and BLC will continue into the foreseeable future and as a result, their operating results for the second quarter of 2014 and going forward are included in continuing operations and their property, plant and equipment has been reclassified from "Other Assets" to "Property, Plant and Equipment". |
Nature_of_Operations_and_Summa
Nature of Operations and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
Nature of Operations and Summary of Significant Accounting Policies | ' |
The Monarch Cement Company (Monarch) is principally engaged in the manufacture and sale of portland cement. The marketing area for Monarch's products consists primarily of the State of Kansas, the State of Iowa, southeast Nebraska, western Missouri, northwest Arkansas and northern Oklahoma. Sales are made primarily to contractors, ready-mixed concrete plants, concrete products plants, building materials dealers and governmental agencies. Subsidiaries of Monarch (which together with Monarch are referred to herein as the "Company") sell ready-mixed concrete, concrete products and sundry building materials within Monarch's marketing area. | |
For a summary of accounting policies, the reader should refer to Note 1 of the consolidated financial statements included in our Company's most recent annual report on Form 10-K. | |
Certain amounts in the prior periods presented have been reclassified to conform to the current period financial statement presentation. These reclassifications have no effect on previously reported net income. | |
Recently Adopted Accounting Standards | |
In July 2013, the FASB issued ASU No. 2013-11, "Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss or a Tax Credit Carryforward Exists". With certain exceptions, ASU 2013-11 requires entities to present an unrecognized tax benefit, or portion of an unrecognized tax benefit, as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss or a tax credit carryforward. The guidance is effective for interim and annual periods beginning after December 15, 2013 on either a prospective or retrospective basis with early adoption permitted. The guidance became effective for the Company beginning January 1, 2014 and did not have a material impact on its consolidated results of operations and financial condition. | |
New Accounting Standards Issued But Not Yet Adopted | |
In April 2014, the FASB issued ASU No. 2014-08, "Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity". ASU 2014-08 provides guidance for determining which disposals can be presented as discontinued operations and modifies related disclosure requirements. The guidance defines a discontinued operation as a disposal of a component or group of components that is disposed of or is classified as held for sale and represents a strategic shift that has (or will have) a major effect on an entity's operations and financial results. This guidance is effective January 1, 2015. We do not expect the adoption to have a material impact on our financial statements. | |
In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers (Topic 606)" . ASU 2014-09 provides a single, comprehensive revenue recognition model for all contracts with customers. Under the new guidance, an entity will recognize revenue to depict the transfer of promised goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods or services. A five step model has been introduced for an entity to apply when recognizing revenue. The new guidance also includes enhanced disclosure requirements, and is effective January 1, 2017. Entities have the option to apply the new guidance under a retrospective approach to each prior reporting period presented, or a modified retrospective approach with the cumulative effect of initially applying the new guidance recognized at the date of initial application within the Consolidated Statement of Changes in Stockholders' Equity. We are in the process of evaluating the application and implementation of the new guidance. |
Receivables
Receivables | 9 Months Ended |
Sep. 30, 2014 | |
Accounts Receivable Additional Disclosures [Abstract] | ' |
Receivables | ' |
Our Company groups its operations into two lines of business - Cement Business and Ready-Mixed Concrete Business. The "Cement Business" refers to our manufacture and sale of cement and "Ready-Mixed Concrete Business" refers to our ready-mixed concrete, concrete products, and sundry building materials business. Our Ready-Mixed Concrete Business previously included the concrete construction division of TDI which involved short-term and long-term contracts. The operations of TDI were discontinued in 2013 due to consecutive year operating losses. See Note 2, "Discontinued Operations", for further discussion. Short-term contracts for specific projects were generally of three to six months in duration. Long-term contracts relate to specific projects with terms in excess of one year from the contract date. Revenues from contracts using the cost-to-cost measures of completion were recognized based on the ratio of contract costs incurred to date to total estimated contract costs. Full provision was made for any anticipated losses. The majority of the long-term contracts would allow only scheduled billings and contained retainage provisions under which 5% to 10% of the contract invoicing may be withheld by the customer pending project completion. As of September 30, 2014, the amount of billed retainage which is included in accounts receivable was approximately $171,200, all of which is expected to be collected within one year. The amount of billed retainage which was included in accounts receivable at December 31, 2013 was approximately $182,500. |
Property_Plant_And_Equipment
Property, Plant And Equipment | 9 Months Ended |
Sep. 30, 2014 | |
Property, Plant and Equipment [Abstract] | ' |
Property, Plant And Equipment | ' |
PROPERTY, PLANT AND EQUIPMENT | |
As of September 30, 2014, the amount of accounts payable related to property, plant and equipment was approximately $131,000 compared to December 31, 2013 which was approximately $737,000. |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2014 | |
Inventory Disclosure [Abstract] | ' |
Inventories | ' |
INVENTORIES | |
We did not incur a temporary last-in, first-out (LIFO) liquidation gain during the three months and nine months ended September 30, 2014. During the three months and the nine months ended September 30, 2013, we incurred a $0.8 million temporary LIFO liquidation gain due to reductions in finished cement and work in process inventory, of which $0.6 million was restored by the end of 2013. The temporary LIFO liquidation gain has been deferred as a component of accrued liabilities. |
Lines_of_Business
Lines of Business | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Lines of Business | ' | |||||||||||||||
LINES OF BUSINESS | ||||||||||||||||
Corporate assets for 2014 and 2013 include cash and cash equivalents, deferred income taxes, investments and other assets. The operations of TDI and BLC, subsidiaries in the Ready-Mixed Concrete Business segment, have been presented as discontinued operations in the financial statements and not included in segment results for periods prior to March 31, 2014. See Note 2, "Discontinued Operations", for further discussion. Following is a summary of the Company's business segment results for the periods indicated: | ||||||||||||||||
Cement Business | Ready- Mixed Concrete Business | Adjustments and Eliminations | Consolidated | |||||||||||||
For the Three Months Ended 09/30/14 | ||||||||||||||||
Sales to unaffiliated customers | $ | 19,229,564 | $ | 25,741,356 | $ | — | $ | 44,970,920 | ||||||||
Intersegment sales | 5,464,349 | 6,779 | (5,471,128 | ) | — | |||||||||||
Total net sales | $ | 24,693,913 | $ | 25,748,135 | $ | (5,471,128 | ) | $ | 44,970,920 | |||||||
Income from operations | $ | 6,315,734 | $ | 1,725,545 | $ | 8,041,279 | ||||||||||
Other income, net | 558,610 | |||||||||||||||
Income before income taxes | $ | 8,599,889 | ||||||||||||||
Capital Expenditures | $ | 1,092,642 | $ | 645,423 | $ | 1,738,065 | ||||||||||
For the Three Months Ended 09/30/13 | ||||||||||||||||
Sales to unaffiliated customers | $ | 17,471,221 | $ | 20,696,385 | $ | — | $ | 38,167,606 | ||||||||
Intersegment sales | 4,303,891 | — | (4,303,891 | ) | — | |||||||||||
Total net sales | $ | 21,775,112 | $ | 20,696,385 | $ | (4,303,891 | ) | $ | 38,167,606 | |||||||
Income from operations | $ | 1,475,875 | $ | 582,574 | $ | 2,058,449 | ||||||||||
Other income, net | 65,758 | |||||||||||||||
Income before income taxes | $ | 2,124,207 | ||||||||||||||
Capital Expenditures | $ | 1,719,098 | $ | 776,392 | $ | 2,495,490 | ||||||||||
For the Nine Months Ended 09/30/14 | ||||||||||||||||
Sales to unaffiliated customers | $ | 48,649,721 | $ | 63,114,733 | $ | — | $ | 111,764,454 | ||||||||
Intersegment sales | 13,353,831 | 6,779 | (13,360,610 | ) | — | |||||||||||
Total net sales | $ | 62,003,552 | $ | 63,121,512 | $ | (13,360,610 | ) | $ | 111,764,454 | |||||||
Income from operations | $ | 10,766,267 | $ | 751,817 | $ | 11,518,084 | ||||||||||
Other income, net | 957,771 | |||||||||||||||
Income before income taxes | $ | 12,475,855 | ||||||||||||||
Capital Expenditures | $ | 4,374,020 | $ | 5,151,025 | $ | 9,525,045 | ||||||||||
For the Nine Months Ended 09/30/13 | ||||||||||||||||
Sales to unaffiliated customers | $ | 42,057,188 | $ | 53,000,137 | $ | — | $ | 95,057,325 | ||||||||
Intersegment sales | 11,105,327 | — | (11,105,327 | ) | — | |||||||||||
Total net sales | $ | 53,162,515 | $ | 53,000,137 | $ | (11,105,327 | ) | $ | 95,057,325 | |||||||
Income (loss) from operations | $ | 1,898,932 | $ | (209,175 | ) | $ | 1,689,757 | |||||||||
Other income, net | 5,321,529 | |||||||||||||||
Income before income taxes | $ | 7,011,286 | ||||||||||||||
Capital Expenditures | $ | 7,966,594 | $ | 4,471,528 | $ | 12,438,122 | ||||||||||
Balance at 09/30/14 | ||||||||||||||||
Identifiable Assets | $ | 92,994,418 | $ | 43,002,259 | $ | 135,996,677 | ||||||||||
Corporate Assets | 46,412,118 | |||||||||||||||
$ | 182,408,795 | |||||||||||||||
Balance at 12/31/13 | ||||||||||||||||
Identifiable Assets | $ | 91,279,098 | $ | 34,106,903 | $ | 125,386,001 | ||||||||||
Corporate Assets | 48,719,861 | |||||||||||||||
$ | 174,105,862 | |||||||||||||||
Fair_Value
Fair Value | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||
Fair Value | ' | ||||||||||||||||||||||||
Realized gains (losses) on equity investments are computed using the specific identification method. Fair value is 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. Fair value measurements must maximize the use of observable inputs and minimize the use of unobservable inputs. There is a hierarchy of three levels of inputs that may be used to measure fair value: | |||||||||||||||||||||||||
Level 1 - quoted prices in active markets for identical assets or liabilities. | |||||||||||||||||||||||||
Level 2 - observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | |||||||||||||||||||||||||
Level 3 - unobservable inputs supported by little or no market activity and are significant to the fair value of the assets or liabilities. | |||||||||||||||||||||||||
Cash and cash equivalents have carrying values that approximate fair value using Level 1 prices. Receivables, accounts payable, and short and long-term debt have carrying values that approximate fair values using Level 2 inputs. Equity securities for which the Company has no immediate plan to sell but that may be sold in the future are classified as available for sale.  If the fair value of the equity security is readily determinable, it is carried at fair value and unrealized gains and losses are recorded, net of related income tax effects, in stockholders' equity. Realized gains and losses, based on the specifically identified cost of the security, are included in net income (loss). The Company's valuation techniques used to measure the fair value of its marketable equity securities were derived from quoted prices in active markets for identical assets (Level 1 prices). Equity securities whose fair value is not readily determinable are carried at cost unless the Company is aware of significant adverse effects which have impaired the investments. Investments that are recorded at cost are evaluated quarterly for events that may adversely impact their carrying value. | |||||||||||||||||||||||||
The aggregate amount of equity securities carried at cost, for which the Company has not elected the fair value option, was $0.6 million as of September 30, 2014. The remaining $28.8 million in equity security investments are stated at fair value. As of December 31, 2013, the aggregate amount of equity securities carried at cost was $0.5 million and the remaining $24.8 million in equity security investments were stated at fair value. The following table presents the fair value of the Company's available-for-sale equity securities recognized in the accompanying balance sheets measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at September 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||
Fair Value Measurements Using: | |||||||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||||||||||||
September 30, 2014: | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||
Assets:Â | Fair Value | ||||||||||||||||||||||||
Available-for-sale equity securities | |||||||||||||||||||||||||
Cement industry | $ | 16,645,137 | $ | 16,645,137 | $ | — | $ | — | |||||||||||||||||
General building materials industry | 6,654,813 | 6,654,813 | — | — | |||||||||||||||||||||
Oil and gas refining and marketing industry | 4,557,987 | 4,557,987 | — | — | |||||||||||||||||||||
Residential construction industry | 948,342 | 948,342 | — | — | |||||||||||||||||||||
Total assets measured at fair value | $ | 28,806,279 | $ | 28,806,279 | $ | — | $ | — | |||||||||||||||||
December 31, 2013: | |||||||||||||||||||||||||
Assets:Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | |||||||||||||||||||||||||
Available-for-sale equity securities | |||||||||||||||||||||||||
Cement industry | $ | 12,671,592 | $ | 12,671,592 | $ | — | $ | — | |||||||||||||||||
General building materials industry | 6,565,316 | 6,565,316 | — | — | |||||||||||||||||||||
Oil and gas refining and marketing industry | 4,425,517 | 4,425,517 | — | — | |||||||||||||||||||||
Residential construction industry | 1,093,869 | 1,093,869 | — | — | |||||||||||||||||||||
Total assets measured at fair value | $ | 24,756,294 | $ | 24,756,294 | $ | — | $ | — | |||||||||||||||||
There were no transfers between levels and there were no significant changes in the valuation techniques during the period ended September 30, 2014. No reconciliation (roll forward) of the beginning and ending balances for Level 3 is presented since the Company does not have any assets or liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) at either of the dates reported in the table above. The Company has no liabilities at either date requiring remeasurement to fair value on a recurring basis in the balance sheet. The Company has no additional assets or liabilities at either date requiring remeasurement to fair value on a non-recurring basis in the balance sheet. | |||||||||||||||||||||||||
The following table shows the unrealized losses and fair value of the Company's investments with unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that individual trade lots of securities have been in a continuous unrealized loss position at September 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||
Available-for-sale equity securities | Less than 12 Months | 12 Months or Greater | Total | ||||||||||||||||||||||
September 30, 2014 | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||||
Residential construction industry | $ | 367,328 | $ | 42,414 | $ | 245,474 | $ | 57,936 | $ | 612,802 | $ | 100,350 | |||||||||||||
Total | $ | 367,328 | $ | 42,414 | $ | 245,474 | $ | 57,936 | $ | 612,802 | $ | 100,350 | |||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Residential construction industry | $ | 283,143 | $ | 20,267 | $ | — | $ | — | $ | 283,143 | $ | 20,267 | |||||||||||||
Total | $ | 283,143 | $ | 20,267 | $ | — | $ | — | $ | 283,143 | $ | 20,267 | |||||||||||||
Investments
Investments | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Investments [Abstract] | ' | ||||||||||||||||
Investments | ' | ||||||||||||||||
INVESTMENTS | |||||||||||||||||
Cost Method Investments | |||||||||||||||||
The Company owns stock in a privately-owned company in the ethanol production industry. The investment, for which fair value approximates carrying value, was evaluated at September 30, 2014 and December 31, 2013 for impairment. The evaluations of the investment for each period's impairment analysis were based on the specific identification of shares held and quoted prices in markets that are not active (Level 2) and no impairments were identified. As a result of the evaluations, the Company does not consider the cost-method investment to be impaired at September 30, 2014 or December 31, 2013. | |||||||||||||||||
Fair Value Investments | |||||||||||||||||
    | |||||||||||||||||
Impairment Analysis | |||||||||||||||||
September 30, 2014--The Company's investments in available-for sale securities carried at fair value were evaluated for impairment by comparing the specifically identified cost of each investment to market price. As a result of these evaluations, the Company did not identify any other-than-temporary impairments in investments which would have resulted in a recognized loss in earnings of equity investments. The Company did identify some specific investments in available-for-sale equity securities that were not other-than-temporarily impaired resulting in the recognition of unrealized losses (see table above in Note 7 "Fair Value"). These unrealized losses relate to investments in the common stock of one company in the residential construction industry. When the Company evaluated the impairment by comparing the specifically identified cost of each investment to market price as of October 21, 2014, the residential construction industry securities' price per share increased from September 30, 2014 levels which reduced temporary impairments by $51,000 or 51.2%. The Company evaluated the near-term prospects in relation to the severity of the impairments and the duration of the impairments. Based on that evaluation, the Company does not consider these investments to be other-than-temporarily impaired at September 30, 2014. | |||||||||||||||||
December 31, 2013--The Company's investments in available-for sale securities carried at fair value were evaluated every quarter for impairment by comparing the specifically identified cost of each investment to market price. As a result of these evaluations, the Company did not identify any other-than-temporary impairments in investments which would have resulted in a recognized loss in earnings of equity investments. The Company did identify some specific investments in available-for-sale equity securities that were not other-than-temporarily impaired resulting in the recognition of unrealized losses (see table above in Note 7 "Fair Value"). These unrealized losses relate to investments in the common stock of one company in the residential construction industry. When the Company evaluated the impairment by comparing the specifically identified cost of each investment to market price as of February 3, 2014, the residential construction industry securities' price per share decreased slightly from December 31, 2013 levels. The Company evaluated the near-term prospects in relation to the severity of the impairments and the duration of the impairments. Based on that evaluation, the Company did not consider these investments to be other-than-temporarily impaired at December 31, 2013. | |||||||||||||||||
Investment Results | |||||||||||||||||
The investment results for September 30, 2014 and December 31, 2013 are as follows for available-for-sale equity securities carried at fair value: | |||||||||||||||||
Amortized Cost | Gross Unrealized Holding | Fair Value | |||||||||||||||
September 30, 2014 | Gains | Losses | |||||||||||||||
Available-for-sale equity securities | |||||||||||||||||
Cement industry | $ | 2,940,000 | $ | 13,710,000 | $ | — | $ | 16,650,000 | |||||||||
General building materials industry | 3,600,000 | 3,050,000 | — | 6,650,000 | |||||||||||||
Oil and gas refining and marketing industry | 340,000 | 4,220,000 | — | 4,560,000 | |||||||||||||
Residential construction industry | 1,020,000 | — | 70,000 | 950,000 | |||||||||||||
Total available-for-sale equity securities | $ | 7,900,000 | $ | 20,980,000 | $ | 70,000 | $ | 28,810,000 | |||||||||
Total gross unrealized gains, net of losses | 20,910,000 | ||||||||||||||||
Less: Deferred taxes on unrealized holding gains | 8,364,000 | ||||||||||||||||
Unrealized gains recorded in equity, net of deferred tax | $ | 12,546,000 | |||||||||||||||
Amortized Cost | Gross Unrealized Holding | Fair Value | |||||||||||||||
December 31, 2013 | Gains | Losses | |||||||||||||||
Available-for-sale equity securities | |||||||||||||||||
Cement industry | $ | 2,940,000 | $ | 9,730,000 | $ | — | $ | 12,670,000 | |||||||||
General building materials industry | 3,600,000 | 2,970,000 | — | 6,570,000 | |||||||||||||
Oil and gas refining and marketing industry | 340,000 | 4,090,000 | — | 4,430,000 | |||||||||||||
Residential construction industry | 1,020,000 | 70,000 | — | 1,090,000 | |||||||||||||
Total available-for-sale equity securities | $ | 7,900,000 | $ | 16,860,000 | $ | — | $ | 24,760,000 | |||||||||
Total gross unrealized gains, net of losses | 16,860,000 | ||||||||||||||||
Less: Deferred taxes on unrealized holding gains | 6,744,000 | ||||||||||||||||
Unrealized gains recorded in equity, net of deferred tax | $ | 10,116,000 | |||||||||||||||
Investment-related cash flow information for available-for-sale equity securities carried at fair value for September 30, 2014 and December 31, 2013 is as follows: | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Proceeds from sale of equity securities | $ | — | $ | 5,373,412 | |||||||||||||
Realized gain on equity securities | — | 3,891,296 | |||||||||||||||
Payment for purchases of equity securities | 36,615 | 1,116,664 | |||||||||||||||
Equity Method Investments | |||||||||||||||||
The Company owns common stock of GFI, a privately-owned company in the brick industry. During 2013, the Company purchased $0.7 million in additional shares of GFI resulting in a 19.34% ownership as of December 31, 2013. Previously, the Company accounted for the investment as a cost method investment as management believed it did not have significant influence over GFI. As a result of the additional investment, the Company has determined that it has the ability to exercise significant influence, but not control, over the operating and financial policies of GFI. Consequently, the equity method of accounting is used for the investment and prior period financials from 2001 forward have been adjusted to reflect the change in accounting. In May and August 2014, the Company purchased a total of $0.5 million GFI stock resulting in a 22.77% ownership as of September 30, 2014. | |||||||||||||||||
The following financial statement line items for September 30, 2013 were affected by the change in accounting principle from cost method to equity method of accounting for the investment in GFI: | |||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||
30-Sep-13 | As Adjusted | As Previously Reported | As Adjusted | As Previously Reported | |||||||||||||
Equity in affiliate losses, net of tax | $ | (3,022 | ) | $ | — | $ | (15,275 | ) | $ | — | |||||||
Net income | 1,969,365 | 1,972,388 | 1,891,022 | 1,911,920 | |||||||||||||
Net income per share | 0.5 | 0.49 | 0.48 | 0.48 | |||||||||||||
Pertinent information about the Company's investment in GFI for the periods indicated below: | |||||||||||||||||
Sept. 30, 2014 | 31-Dec-13 | ||||||||||||||||
Carrying value | $ | 4,008,136 | $ | 3,428,633 | |||||||||||||
Ownership percentage | 22.77 | % | 19.34 | % | |||||||||||||
Undistributed earnings | $ | 895,846 | $ | 837,519 | |||||||||||||
Difference between carrying amount and the underlying equity in net assets* | 94,450 | 172,654 | |||||||||||||||
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||
Sept. 30, 2014 | Sept. 30, 2013 | Sept. 30, 2014 | Sept. 30, 2013 | ||||||||||||||
Equity in earnings | $ | 52,489 | $ | (3,022 | ) | $ | 58,327 | $ | (15,275 | ) | |||||||
* The difference between carrying amount and the underlying equity in net assets is in a memo account allocated to goodwill. | |||||||||||||||||
During the three months ended September 30, 2014 and 2013, the Company purchased $0.2 million and $0.2 million, respectively, of brick from GFI in arm's length transactions in the normal course of business for resale to third parties. During the nine months ended September 30, 2014 and 2013, the Company purchased $0.7 million and $0.6 million, respectively, of brick from GFI in arm's length transactions in the normal course of business for resale to third parties. The Company eliminated intra-entity profits or losses for its proportionate share of GFI's common stock for inventory still remaining with the Company until such profits or losses were realized in transactions with third parties. Amounts due to GFI for Company purchases were not significant at September 30, 2014 and September 30, 2013. | |||||||||||||||||
The Company's equity method investment is reviewed for impairment on a periodic basis or if an event occurs or circumstances change that indicate the carrying amount may be impaired. This assessment is based on a review of the investment's performance and a review of indicators of impairment to determine if there is evidence of a loss in value of the investment. Factors the Company considers include: | |||||||||||||||||
• | Absence of the Company's ability to recover the carrying amount; | ||||||||||||||||
• | Inability of the equity affiliate to sustain an earnings capacity which would justify the carrying amount of the investment; and | ||||||||||||||||
• | Significant litigation, bankruptcy or other events that could impact recoverability. | ||||||||||||||||
For an equity investment with impairment indicators, the Company measures fair value on the basis of discounted cash flows or other appropriate valuation methods (Level 3). If it is probable that the Company will not recover the carrying amount of its investment, the impairment is considered other-than-temporary and recorded in earnings, and the equity investment balance is reduced to its fair value accordingly. After review, the Company does not consider its equity method investment, for which fair value approximates carrying value, to be impaired at September 30, 2014 or December 31, 2013. |
Pension_And_Other_Postretireme
Pension And Other Postretirement Benefits | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
Pension And Other Postretirement Benefits | ' | |||||||||||||||
PENSION AND OTHER POSTRETIREMENT BENEFITS | ||||||||||||||||
The following table presents the components of net periodic pension and postretirement benefit costs allocated to Cost of Sales and Selling, General and Administrative expenses for the nine months ended September 30, 2014 and 2013: | ||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Service cost | $ | 636,230 | $ | 652,586 | $ | 371,662 | $ | 585,169 | ||||||||
Interest cost | 1,468,583 | 1,453,067 | 849,176 | 1,206,175 | ||||||||||||
Less: Expected return on plan assets | 2,128,049 | 1,762,088 | — | — | ||||||||||||
Amortization of prior service cost | 74,104 | 74,796 | (1,798,246 | ) | (38,064 | ) | ||||||||||
Recognized net actuarial loss | 605,057 | 1,000,226 | 396,032 | 496,124 | ||||||||||||
Net periodic (benefit) expense | $ | 655,925 | $ | 1,418,587 | $ | (181,376 | ) | $ | 2,249,404 | |||||||
The following table presents the components of net periodic pension and postretirement benefit costs allocated to Cost of Sales and Selling, General and Administrative expenses for the three months ended September 30, 2014 and 2013: | ||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Service cost | $ | 207,309 | $ | 217,528 | $ | 123,887 | $ | 195,056 | ||||||||
Interest cost | 478,412 | 484,355 | 283,060 | 402,058 | ||||||||||||
Less: Expected return on plan assets | 696,173 | 587,362 | — | — | ||||||||||||
Amortization of prior service cost | 24,044 | 24,932 | (599,415 | ) | (12,688 | ) | ||||||||||
Recognized net actuarial loss | 197,258 | 333,409 | 132,010 | 165,375 | ||||||||||||
Net periodic (benefit) expense | $ | 210,850 | $ | 472,862 | $ | (60,458 | ) | $ | 749,801 | |||||||
As of September 30, 2014, we have contributed approximately $2,818,000 to the pension fund, which fulfilled our expected contributions for the year as previously disclosed in our financial statements for the year ended December 31, 2013. | ||||||||||||||||
The other benefits consist of postretirement benefits that are self-insured by Monarch and are paid out of Monarch's general assets. As previously disclosed in our financial statements for the year ended December 31, 2013, Monarch expects expenditures of approximately $1,625,000 for this plan in 2014. As of September 30, 2014, we have contributed approximately $907,000 and anticipate contributing an additional $718,000 to this plan in 2014 for a total of $1,625,000. |
Reclassification_Out_Of_Accumu
Reclassification Out Of Accumulated Other Comprehensive Loss | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Reclassification Out Of Accumulated Other Comprehensive Loss | ' | ||||||||||||||||
RECLASSIFICATION OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME | |||||||||||||||||
The following table presents the reclassifications out of accumulated other comprehensive income and the affected line item in the statements where net income is presented for the three months and the nine months ended September 30, 2014 and 2013: | |||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||
Reclassifications for | Sept. 30, 2014 | Sept. 30, 2013 | Sept. 30, 2014 | Sept. 30, 2013 | |||||||||||||
Net periodic pension and postretirement costs in: | |||||||||||||||||
Cost of Sales | $ | (119,073 | ) | $ | (305,605 | ) | $ | (311,036 | ) | $ | (916,813 | ) | |||||
Tax benefit | 47,416 | 121,996 | 123,954 | 366,576 | |||||||||||||
Net of tax | $ | (71,657 | ) | $ | (183,609 | ) | $ | (187,082 | ) | $ | (550,237 | ) | |||||
Selling, General & Administrative Expenses | $ | 365,176 | $ | (205,423 | ) | $ | 1,034,089 | $ | (616,269 | ) | |||||||
Tax (expense) benefit | (145,416 | ) | 82,004 | (412,954 | ) | 246,424 | |||||||||||
Net of tax | $ | 219,760 | $ | (123,419 | ) | $ | 621,135 | $ | (369,845 | ) | |||||||
Unrealized net gains on available-for-sale securities in: | |||||||||||||||||
Gain on sale of equity investments | $ | — | $ | — | $ | — | $ | 3,881,872 | |||||||||
Tax expense | — | — | — | (1,552,000 | ) | ||||||||||||
Net of tax | $ | — | $ | — | $ | — | $ | 2,329,872 | |||||||||
Reclassifications, net of tax | $ | 148,103 | $ | (307,028 | ) | $ | 434,053 | $ | 1,409,790 | ||||||||
Other_Nonoperating_Income_Or_E
Other Nonoperating Income Or Expense | 9 Months Ended |
Sep. 30, 2014 | |
Other Income and Expenses [Abstract] | ' |
Other Nonoperating Income Or Expense | ' |
OTHER NONOPERATING INCOME OR EXPENSE | |
Other, net contains miscellaneous nonoperating income (expense) items excluding interest income, interest expense, gains on sales of equity investments, and dividend income. Significant items in Other, net includes income from the lease of BLC’s and TDI’s property, plant and equipment of approximately $146,000 and $291,000, for the third quarter of 2014 and the nine months ended September 30, 2014, respectively. Prior to the second quarter of 2014, these operations were classified as discontinued operations. See Note 2, "Discontinued Operations", for further discussion. There were no significant items in Other, net for 2013. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2014 | |
Earnings Per Share [Abstract] | ' |
Earnings Per Share | ' |
EARNINGS PER SHARE | |
Basic earnings per share of capital stock has been calculated based on the weighted average shares outstanding during each of the reporting periods. The weighted average number of shares outstanding was 3,965,356 and 3,966,180 in the third quarter and first nine months of 2014, respectively. The weighted average number of shares outstanding was 3,990,484 and 4,004,149 in the third quarter and first nine months of 2013, respectively. The Company has no capital stock equivalents and therefore, does not report diluted earnings per share. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
INCOME TAXES | |
The Company files income tax returns in the U.S. Federal jurisdiction and various state jurisdictions. With few exceptions, the Company is no longer subject to U.S. Federal or state income tax examinations by tax authorities for years before 2011. The Company believes it is not subject to any significant tax risk. The Company does not have any accrued interest or penalties associated with any unrecognized tax benefits, nor were any significant interest expenses recognized during the nine months ended September 30, 2014 or September 30, 2013. |
Acquisition_of_a_Business
Acquisition of a Business | 9 Months Ended | |||||
Sep. 30, 2014 | ||||||
Business Combinations [Abstract] | ' | |||||
Acquisition of a Business | ' | |||||
On July 1, 2014, the Company purchased all of the common stock of Russell Block Company, Inc. (Russell Block), which is included in our Ready-Mixed Concrete Business, primarily to obtain additional markets and to improve manufacturing efficiencies. The consideration for acquiring Russell Block’s stock totaled $2.5 million. Russell Block was then liquidated and its assets were distributed to the Company. | ||||||
In accordance with Accounting Standards Codification (ASC) 805, the Company determined the assets and liabilities acquired constituted a business and applied purchase accounting to the assets acquired and the liabilities assumed. Since Russell Block is not a substantial subsidiary, pro forma information is not provided for the combined entity. The following table summarizes the consideration paid for acquisition of the assets acquired and the liabilities assumed at the acquisition date as well as the fair value at the acquisition date: | ||||||
Consideration: | ||||||
Cash paid, gross | $ | 2,499,500 | ||||
Fair Value of assets acquired and liabilities assumed: | ||||||
Assets | ||||||
Current assets (including cash of $5,250) | $ | 192,044 | ||||
Property, plant and equipment | 747,500 | |||||
Other assets | 1,959,956 | |||||
Liabilities | ||||||
Current liabilities | (400,000 | ) | ||||
Total: | $ | 2,499,500 | ||||
Lines_of_Business_Tables
Lines of Business (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Summary Of Business Segment | ' | |||||||||||||||
Following is a summary of the Company's business segment results for the periods indicated: | ||||||||||||||||
Cement Business | Ready- Mixed Concrete Business | Adjustments and Eliminations | Consolidated | |||||||||||||
For the Three Months Ended 09/30/14 | ||||||||||||||||
Sales to unaffiliated customers | $ | 19,229,564 | $ | 25,741,356 | $ | — | $ | 44,970,920 | ||||||||
Intersegment sales | 5,464,349 | 6,779 | (5,471,128 | ) | — | |||||||||||
Total net sales | $ | 24,693,913 | $ | 25,748,135 | $ | (5,471,128 | ) | $ | 44,970,920 | |||||||
Income from operations | $ | 6,315,734 | $ | 1,725,545 | $ | 8,041,279 | ||||||||||
Other income, net | 558,610 | |||||||||||||||
Income before income taxes | $ | 8,599,889 | ||||||||||||||
Capital Expenditures | $ | 1,092,642 | $ | 645,423 | $ | 1,738,065 | ||||||||||
For the Three Months Ended 09/30/13 | ||||||||||||||||
Sales to unaffiliated customers | $ | 17,471,221 | $ | 20,696,385 | $ | — | $ | 38,167,606 | ||||||||
Intersegment sales | 4,303,891 | — | (4,303,891 | ) | — | |||||||||||
Total net sales | $ | 21,775,112 | $ | 20,696,385 | $ | (4,303,891 | ) | $ | 38,167,606 | |||||||
Income from operations | $ | 1,475,875 | $ | 582,574 | $ | 2,058,449 | ||||||||||
Other income, net | 65,758 | |||||||||||||||
Income before income taxes | $ | 2,124,207 | ||||||||||||||
Capital Expenditures | $ | 1,719,098 | $ | 776,392 | $ | 2,495,490 | ||||||||||
For the Nine Months Ended 09/30/14 | ||||||||||||||||
Sales to unaffiliated customers | $ | 48,649,721 | $ | 63,114,733 | $ | — | $ | 111,764,454 | ||||||||
Intersegment sales | 13,353,831 | 6,779 | (13,360,610 | ) | — | |||||||||||
Total net sales | $ | 62,003,552 | $ | 63,121,512 | $ | (13,360,610 | ) | $ | 111,764,454 | |||||||
Income from operations | $ | 10,766,267 | $ | 751,817 | $ | 11,518,084 | ||||||||||
Other income, net | 957,771 | |||||||||||||||
Income before income taxes | $ | 12,475,855 | ||||||||||||||
Capital Expenditures | $ | 4,374,020 | $ | 5,151,025 | $ | 9,525,045 | ||||||||||
For the Nine Months Ended 09/30/13 | ||||||||||||||||
Sales to unaffiliated customers | $ | 42,057,188 | $ | 53,000,137 | $ | — | $ | 95,057,325 | ||||||||
Intersegment sales | 11,105,327 | — | (11,105,327 | ) | — | |||||||||||
Total net sales | $ | 53,162,515 | $ | 53,000,137 | $ | (11,105,327 | ) | $ | 95,057,325 | |||||||
Income (loss) from operations | $ | 1,898,932 | $ | (209,175 | ) | $ | 1,689,757 | |||||||||
Other income, net | 5,321,529 | |||||||||||||||
Income before income taxes | $ | 7,011,286 | ||||||||||||||
Capital Expenditures | $ | 7,966,594 | $ | 4,471,528 | $ | 12,438,122 | ||||||||||
Balance at 09/30/14 | ||||||||||||||||
Identifiable Assets | $ | 92,994,418 | $ | 43,002,259 | $ | 135,996,677 | ||||||||||
Corporate Assets | 46,412,118 | |||||||||||||||
$ | 182,408,795 | |||||||||||||||
Balance at 12/31/13 | ||||||||||||||||
Identifiable Assets | $ | 91,279,098 | $ | 34,106,903 | $ | 125,386,001 | ||||||||||
Corporate Assets | 48,719,861 | |||||||||||||||
$ | 174,105,862 | |||||||||||||||
Fair_Value_Tables
Fair Value (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||
Fair Value Of The Availabe-For-Sale Equity Securities Recognized In The Balance Sheet On A Recurring Basis | ' | ||||||||||||||||||||||||
The following table presents the fair value of the Company's available-for-sale equity securities recognized in the accompanying balance sheets measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at September 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||
Fair Value Measurements Using: | |||||||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||||||||||||
September 30, 2014: | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||
Assets:Â | Fair Value | ||||||||||||||||||||||||
Available-for-sale equity securities | |||||||||||||||||||||||||
Cement industry | $ | 16,645,137 | $ | 16,645,137 | $ | — | $ | — | |||||||||||||||||
General building materials industry | 6,654,813 | 6,654,813 | — | — | |||||||||||||||||||||
Oil and gas refining and marketing industry | 4,557,987 | 4,557,987 | — | — | |||||||||||||||||||||
Residential construction industry | 948,342 | 948,342 | — | — | |||||||||||||||||||||
Total assets measured at fair value | $ | 28,806,279 | $ | 28,806,279 | $ | — | $ | — | |||||||||||||||||
December 31, 2013: | |||||||||||||||||||||||||
Assets:Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | |||||||||||||||||||||||||
Available-for-sale equity securities | |||||||||||||||||||||||||
Cement industry | $ | 12,671,592 | $ | 12,671,592 | $ | — | $ | — | |||||||||||||||||
General building materials industry | 6,565,316 | 6,565,316 | — | — | |||||||||||||||||||||
Oil and gas refining and marketing industry | 4,425,517 | 4,425,517 | — | — | |||||||||||||||||||||
Residential construction industry | 1,093,869 | 1,093,869 | — | — | |||||||||||||||||||||
Total assets measured at fair value | $ | 24,756,294 | $ | 24,756,294 | $ | — | $ | — | |||||||||||||||||
Schedule Of Unrealized Losses From Investments | ' | ||||||||||||||||||||||||
The following table shows the unrealized losses and fair value of the Company's investments with unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that individual trade lots of securities have been in a continuous unrealized loss position at September 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||
Available-for-sale equity securities | Less than 12 Months | 12 Months or Greater | Total | ||||||||||||||||||||||
September 30, 2014 | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||||
Residential construction industry | $ | 367,328 | $ | 42,414 | $ | 245,474 | $ | 57,936 | $ | 612,802 | $ | 100,350 | |||||||||||||
Total | $ | 367,328 | $ | 42,414 | $ | 245,474 | $ | 57,936 | $ | 612,802 | $ | 100,350 | |||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Residential construction industry | $ | 283,143 | $ | 20,267 | $ | — | $ | — | $ | 283,143 | $ | 20,267 | |||||||||||||
Total | $ | 283,143 | $ | 20,267 | $ | — | $ | — | $ | 283,143 | $ | 20,267 | |||||||||||||
Investments_Tables
Investments (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Investments [Abstract] | ' | ||||||||||||||||
Schedule Of Available-For-Sale Securities Investments Results | ' | ||||||||||||||||
The investment results for September 30, 2014 and December 31, 2013 are as follows for available-for-sale equity securities carried at fair value: | |||||||||||||||||
Amortized Cost | Gross Unrealized Holding | Fair Value | |||||||||||||||
September 30, 2014 | Gains | Losses | |||||||||||||||
Available-for-sale equity securities | |||||||||||||||||
Cement industry | $ | 2,940,000 | $ | 13,710,000 | $ | — | $ | 16,650,000 | |||||||||
General building materials industry | 3,600,000 | 3,050,000 | — | 6,650,000 | |||||||||||||
Oil and gas refining and marketing industry | 340,000 | 4,220,000 | — | 4,560,000 | |||||||||||||
Residential construction industry | 1,020,000 | — | 70,000 | 950,000 | |||||||||||||
Total available-for-sale equity securities | $ | 7,900,000 | $ | 20,980,000 | $ | 70,000 | $ | 28,810,000 | |||||||||
Total gross unrealized gains, net of losses | 20,910,000 | ||||||||||||||||
Less: Deferred taxes on unrealized holding gains | 8,364,000 | ||||||||||||||||
Unrealized gains recorded in equity, net of deferred tax | $ | 12,546,000 | |||||||||||||||
Amortized Cost | Gross Unrealized Holding | Fair Value | |||||||||||||||
December 31, 2013 | Gains | Losses | |||||||||||||||
Available-for-sale equity securities | |||||||||||||||||
Cement industry | $ | 2,940,000 | $ | 9,730,000 | $ | — | $ | 12,670,000 | |||||||||
General building materials industry | 3,600,000 | 2,970,000 | — | 6,570,000 | |||||||||||||
Oil and gas refining and marketing industry | 340,000 | 4,090,000 | — | 4,430,000 | |||||||||||||
Residential construction industry | 1,020,000 | 70,000 | — | 1,090,000 | |||||||||||||
Total available-for-sale equity securities | $ | 7,900,000 | $ | 16,860,000 | $ | — | $ | 24,760,000 | |||||||||
Total gross unrealized gains, net of losses | 16,860,000 | ||||||||||||||||
Less: Deferred taxes on unrealized holding gains | 6,744,000 | ||||||||||||||||
Unrealized gains recorded in equity, net of deferred tax | $ | 10,116,000 | |||||||||||||||
Investment-related cash flow information | ' | ||||||||||||||||
Investment-related cash flow information for available-for-sale equity securities carried at fair value for September 30, 2014 and December 31, 2013 is as follows: | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Proceeds from sale of equity securities | $ | — | $ | 5,373,412 | |||||||||||||
Realized gain on equity securities | — | 3,891,296 | |||||||||||||||
Payment for purchases of equity securities | 36,615 | 1,116,664 | |||||||||||||||
Schedule for Change in Accounting Principle | ' | ||||||||||||||||
The following financial statement line items for September 30, 2013 were affected by the change in accounting principle from cost method to equity method of accounting for the investment in GFI: | |||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||
30-Sep-13 | As Adjusted | As Previously Reported | As Adjusted | As Previously Reported | |||||||||||||
Equity in affiliate losses, net of tax | $ | (3,022 | ) | $ | — | $ | (15,275 | ) | $ | — | |||||||
Net income | 1,969,365 | 1,972,388 | 1,891,022 | 1,911,920 | |||||||||||||
Net income per share | 0.5 | 0.49 | 0.48 | 0.48 | |||||||||||||
Pertinent information about the Company's investment in GFI for the periods indicated below: | |||||||||||||||||
Sept. 30, 2014 | 31-Dec-13 | ||||||||||||||||
Carrying value | $ | 4,008,136 | $ | 3,428,633 | |||||||||||||
Ownership percentage | 22.77 | % | 19.34 | % | |||||||||||||
Undistributed earnings | $ | 895,846 | $ | 837,519 | |||||||||||||
Difference between carrying amount and the underlying equity in net assets* | 94,450 | 172,654 | |||||||||||||||
Pension_And_Other_Postretireme1
Pension And Other Postretirement Benefits (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
Net Periodic Pension And Postretirement Benefit Costs | ' | |||||||||||||||
The following table presents the components of net periodic pension and postretirement benefit costs allocated to Cost of Sales and Selling, General and Administrative expenses for the nine months ended September 30, 2014 and 2013: | ||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Service cost | $ | 636,230 | $ | 652,586 | $ | 371,662 | $ | 585,169 | ||||||||
Interest cost | 1,468,583 | 1,453,067 | 849,176 | 1,206,175 | ||||||||||||
Less: Expected return on plan assets | 2,128,049 | 1,762,088 | — | — | ||||||||||||
Amortization of prior service cost | 74,104 | 74,796 | (1,798,246 | ) | (38,064 | ) | ||||||||||
Recognized net actuarial loss | 605,057 | 1,000,226 | 396,032 | 496,124 | ||||||||||||
Net periodic (benefit) expense | $ | 655,925 | $ | 1,418,587 | $ | (181,376 | ) | $ | 2,249,404 | |||||||
The following table presents the components of net periodic pension and postretirement benefit costs allocated to Cost of Sales and Selling, General and Administrative expenses for the three months ended September 30, 2014 and 2013: | ||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Service cost | $ | 207,309 | $ | 217,528 | $ | 123,887 | $ | 195,056 | ||||||||
Interest cost | 478,412 | 484,355 | 283,060 | 402,058 | ||||||||||||
Less: Expected return on plan assets | 696,173 | 587,362 | — | — | ||||||||||||
Amortization of prior service cost | 24,044 | 24,932 | (599,415 | ) | (12,688 | ) | ||||||||||
Recognized net actuarial loss | 197,258 | 333,409 | 132,010 | 165,375 | ||||||||||||
Net periodic (benefit) expense | $ | 210,850 | $ | 472,862 | $ | (60,458 | ) | $ | 749,801 | |||||||
Reclassification_Out_Of_Accumu1
Reclassification Out Of Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Reclassification Out Of Accumulated Other Comprehensive Loss | ' | ||||||||||||||||
The following table presents the reclassifications out of accumulated other comprehensive income and the affected line item in the statements where net income is presented for the three months and the nine months ended September 30, 2014 and 2013: | |||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||
Reclassifications for | Sept. 30, 2014 | Sept. 30, 2013 | Sept. 30, 2014 | Sept. 30, 2013 | |||||||||||||
Net periodic pension and postretirement costs in: | |||||||||||||||||
Cost of Sales | $ | (119,073 | ) | $ | (305,605 | ) | $ | (311,036 | ) | $ | (916,813 | ) | |||||
Tax benefit | 47,416 | 121,996 | 123,954 | 366,576 | |||||||||||||
Net of tax | $ | (71,657 | ) | $ | (183,609 | ) | $ | (187,082 | ) | $ | (550,237 | ) | |||||
Selling, General & Administrative Expenses | $ | 365,176 | $ | (205,423 | ) | $ | 1,034,089 | $ | (616,269 | ) | |||||||
Tax (expense) benefit | (145,416 | ) | 82,004 | (412,954 | ) | 246,424 | |||||||||||
Net of tax | $ | 219,760 | $ | (123,419 | ) | $ | 621,135 | $ | (369,845 | ) | |||||||
Unrealized net gains on available-for-sale securities in: | |||||||||||||||||
Gain on sale of equity investments | $ | — | $ | — | $ | — | $ | 3,881,872 | |||||||||
Tax expense | — | — | — | (1,552,000 | ) | ||||||||||||
Net of tax | $ | — | $ | — | $ | — | $ | 2,329,872 | |||||||||
Reclassifications, net of tax | $ | 148,103 | $ | (307,028 | ) | $ | 434,053 | $ | 1,409,790 | ||||||||
Acquisition_of_a_Business_Acqu
Acquisition of a Business Acquisition of a Business (Tables) | 9 Months Ended | |||||
Sep. 30, 2014 | ||||||
Business Combinations [Abstract] | ' | |||||
Schedule of Business Acquisitions | ' | |||||
The following table summarizes the consideration paid for acquisition of the assets acquired and the liabilities assumed at the acquisition date as well as the fair value at the acquisition date: | ||||||
Consideration: | ||||||
Cash paid, gross | $ | 2,499,500 | ||||
Fair Value of assets acquired and liabilities assumed: | ||||||
Assets | ||||||
Current assets (including cash of $5,250) | $ | 192,044 | ||||
Property, plant and equipment | 747,500 | |||||
Other assets | 1,959,956 | |||||
Liabilities | ||||||
Current liabilities | (400,000 | ) | ||||
Total: | $ | 2,499,500 | ||||
Accounts_Receivable_Details
Accounts Receivable (Details) (USD $) | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | |
line_of_business | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Number of lines of business | 2 | ' | ' | ' | ' | ' |
Short-term contracts, term | ' | ' | ' | '3 months | ' | '6 months |
Long-term contracts, term | ' | ' | ' | '1 year | ' | ' |
Percentage of retainage | ' | ' | 5.00% | ' | 10.00% | ' |
Billed retainage included in accounts receivable | $171,200 | $182,500 | ' | ' | ' | ' |
Property_Plant_And_Equipment_D
Property, Plant And Equipment (Details) (USD $) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Property, Plant and Equipment [Abstract] | ' | ' | ' |
Accounts payable related to property, plant and equipment | $130,665 | $106,754 | $737,000 |
Inventories_Details
Inventories (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2013 |
Inventory Disclosure [Abstract] | ' | ' |
Temporary LIFO liquidation gain inventory | $0.80 | ' |
LIFO inventory liquidation, restored | ' | $0.60 |
Lines_of_Business_Summary_Of_B
Lines of Business (Summary Of Business Segment) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sales to unaffiliated customers | $44,970,920 | $38,167,606 | $111,764,454 | $95,057,325 | ' |
Intersegment sales | 0 | 0 | 0 | 0 | ' |
Total net sales | 44,970,920 | 38,167,606 | 111,764,454 | 95,057,325 | ' |
Income (loss) from operations | 8,041,279 | 2,058,449 | 11,518,084 | 1,689,757 | ' |
Other income, net | 558,610 | 65,758 | 957,771 | 5,321,529 | ' |
Income from continuing operations before income taxes | 8,599,889 | 2,124,207 | 12,475,855 | 7,011,286 | ' |
Capital Expenditures | 1,738,065 | 2,495,490 | 9,525,045 | 12,438,122 | ' |
Total Assets | 182,408,795 | ' | 182,408,795 | ' | 174,105,862 |
Cement Business [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sales to unaffiliated customers | 19,229,564 | 17,471,221 | 48,649,721 | 42,057,188 | ' |
Intersegment sales | 5,464,349 | 4,303,891 | 13,353,831 | 11,105,327 | ' |
Total net sales | 24,693,913 | 21,775,112 | 62,003,552 | 53,162,515 | ' |
Income (loss) from operations | 6,315,734 | 1,475,875 | 10,766,267 | 1,898,932 | ' |
Capital Expenditures | 1,092,642 | 1,719,098 | 4,374,020 | 7,966,594 | ' |
Total Assets | 92,994,418 | ' | 92,994,418 | ' | 91,279,098 |
Ready-Mixed Concrete Business [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sales to unaffiliated customers | 25,741,356 | 20,696,385 | 63,114,733 | 53,000,137 | ' |
Intersegment sales | 6,779 | 0 | 6,779 | 0 | ' |
Total net sales | 25,748,135 | 20,696,385 | 63,121,512 | 53,000,137 | ' |
Income (loss) from operations | 1,725,545 | 582,574 | 751,817 | -209,175 | ' |
Capital Expenditures | 645,423 | 776,392 | 5,151,025 | 4,471,528 | ' |
Total Assets | 43,002,259 | ' | 43,002,259 | ' | 34,106,903 |
Adjustments and Elimination [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sales to unaffiliated customers | 0 | 0 | 0 | 0 | ' |
Intersegment sales | -5,471,128 | -4,303,891 | -13,360,610 | -11,105,327 | ' |
Total net sales | -5,471,128 | -4,303,891 | -13,360,610 | -11,105,327 | ' |
Identifiable [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Total Assets | 135,996,677 | ' | 135,996,677 | ' | 125,386,001 |
Corporate [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Total Assets | $46,412,118 | ' | $46,412,118 | ' | $48,719,861 |
Fair_Value_Narrative_Details
Fair Value (Narrative) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Fair Value Disclosures [Abstract] | ' | ' |
Available-for-sale securities at cost | $600,000 | $500,000 |
Available-for-sale securities at fair value | $28,806,279 | $24,756,294 |
Fair_Value_Fair_Value_Of_The_A
Fair Value (Fair Value Of The Availabe-For-Sale Equity Securities Recognized In The Balance Sheet On A Recurring Basis) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | $28,806,279 | $24,756,294 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 28,806,279 | 24,756,294 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 0 | 0 |
Cement Industry [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 16,645,137 | 12,671,592 |
Cement Industry [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 16,645,137 | 12,671,592 |
Cement Industry [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 0 | 0 |
Cement Industry [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 0 | 0 |
General Building Materials Industry [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 6,654,813 | 6,565,316 |
General Building Materials Industry [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 6,654,813 | 6,565,316 |
General Building Materials Industry [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 0 | 0 |
General Building Materials Industry [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 0 | 0 |
Oil And Gas Refining And Marketing Industry [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 4,557,987 | 4,425,517 |
Oil And Gas Refining And Marketing Industry [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 4,557,987 | 4,425,517 |
Oil And Gas Refining And Marketing Industry [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 0 | 0 |
Oil And Gas Refining And Marketing Industry [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 0 | 0 |
Residential Construction Industry [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 948,342 | 1,093,869 |
Residential Construction Industry [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 948,342 | 1,093,869 |
Residential Construction Industry [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 0 | 0 |
Residential Construction Industry [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | $0 | $0 |
Fair_Value_Schedule_Of_Unreali
Fair Value (Schedule Of Unrealized Losses From Investments) (Details) (USD $) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2014 | Dec. 31, 2013 | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 months, Fair Value | $367,328 | $283,143 |
Less than 12 months, Unrealized Losses | 42,414 | 20,267 |
12 months or greater, Fair Value | 245,474 | 0 |
12 months or greater, Unrealized Losses | 57,936 | 0 |
Total, Fair Value | 612,802 | 283,143 |
Total, Unrealized Losses | 100,350 | 20,267 |
Residential Construction Industry [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 months, Fair Value | 367,328 | 283,143 |
Less than 12 months, Unrealized Losses | 42,414 | 20,267 |
12 months or greater, Fair Value | 245,474 | 0 |
12 months or greater, Unrealized Losses | 57,936 | 0 |
Total, Fair Value | 612,802 | 283,143 |
Total, Unrealized Losses | $100,350 | $20,267 |
Investments_Narrative_Details
Investments (Narrative) (Details) (USD $) | 9 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | ||||
Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Oct. 21, 2014 | |
General Finance Incorporated (GFI) [Member] | General Finance Incorporated (GFI) [Member] | General Finance Incorporated (GFI) [Member] | General Finance Incorporated (GFI) [Member] | General Finance Incorporated (GFI) [Member] | Subsequent Event [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Decrease in temporary impairment losses | ' | ' | ' | ' | ' | ' | ' | ' | ($51,000) |
Decrease in temporary impairment losses (percent) | ' | ' | ' | ' | ' | ' | ' | ' | -51.20% |
Payment for acquisition of equity method investments | -528,465 | 0 | ' | ' | ' | -500,000 | ' | -700,000 | ' |
Ownership percentage | ' | ' | ' | 22.77% | ' | 22.77% | ' | 19.34% | ' |
Investments | 28,806,279 | ' | 24,756,294 | ' | ' | ' | ' | ' | ' |
Transactions with equity-method investee | ' | ' | ' | $200,000 | $200,000 | $700,000 | $600,000 | ' | ' |
Investments_Schedule_Of_Availa
Investments (Schedule Of Available-For-Sale Securities Investments Results)(Details) (USD $) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2014 | Dec. 31, 2013 | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale equity securities, amoritzed cost | $7,900,000 | $7,900,000 |
Available-for-sales securities, gross unrealized gains | 20,980,000 | 16,860,000 |
Available-for-sale securities, gross unrealized losses | 70,000 | 0 |
Available-for-sale securities gross, Fair Value | 28,810,000 | 24,760,000 |
Available-for-sale Securities, Gross Unrealized Gain (Loss) | 20,910,000 | 16,860,000 |
Deferred taxes on unrealized holdings gains | 8,364,000 | 6,744,000 |
Unrealized gains recorded in equity, net of deferred tax | 12,546,000 | 10,116,000 |
Cement Industry [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale equity securities, amoritzed cost | 2,940,000 | 2,940,000 |
Available-for-sales securities, gross unrealized gains | 13,710,000 | 9,730,000 |
Available-for-sale securities, gross unrealized losses | 0 | 0 |
Available-for-sale securities gross, Fair Value | 16,650,000 | 12,670,000 |
General Building Materials Industry [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale equity securities, amoritzed cost | 3,600,000 | 3,600,000 |
Available-for-sales securities, gross unrealized gains | 3,050,000 | 2,970,000 |
Available-for-sale securities, gross unrealized losses | 0 | 0 |
Available-for-sale securities gross, Fair Value | 6,650,000 | 6,570,000 |
Oil And Gas Refining And Marketing Industry [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale equity securities, amoritzed cost | 340,000 | 340,000 |
Available-for-sales securities, gross unrealized gains | 4,220,000 | 4,090,000 |
Available-for-sale securities, gross unrealized losses | 0 | 0 |
Available-for-sale securities gross, Fair Value | 4,560,000 | 4,430,000 |
Residential Construction Industry [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale equity securities, amoritzed cost | 1,020,000 | 1,020,000 |
Available-for-sales securities, gross unrealized gains | 0 | 70,000 |
Available-for-sale securities, gross unrealized losses | 70,000 | 0 |
Available-for-sale securities gross, Fair Value | $950,000 | $1,090,000 |
Investments_InvestmentRelated_
Investments (Investment-Related Cash Flow Schedule)(Details) (USD $) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2014 | Dec. 31, 2013 | |
Investments [Abstract] | ' | ' |
Proceeds from sale of equity securities | $0 | $5,373,412 |
Realized gain on equity securities | 0 | 3,891,296 |
Payment for purchases of equity securities | $36,615 | $1,116,664 |
Investments_Change_in_Accounti
Investments (Change in Accounting Principle) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
INVESTMENTS | $29,379,249 | ' | $29,379,249 | ' | ' | $25,292,634 | ' | ' |
Investments in affiliates | 4,008,136 | ' | 4,008,136 | ' | ' | 3,428,633 | ' | ' |
Retained earnings | 105,536,192 | 97,076,067 | 105,536,192 | 97,076,067 | 100,247,941 | 98,518,546 | 96,413,662 | 97,758,013 |
Total stockholders' equity | 123,438,435 | ' | 123,438,435 | ' | ' | 114,432,381 | ' | ' |
Dividend income | 422,650 | 87,786 | 622,496 | 1,573,786 | ' | ' | ' | ' |
Equity in affiliate earnings (losses), net of tax | 52,489 | -3,022 | 58,327 | -15,275 | ' | ' | ' | ' |
Net income | 6,247,378 | 1,969,365 | 8,916,876 | 1,891,022 | ' | ' | ' | ' |
Net income per share (in dollars per share) | $1.57 | $0.50 | $2.25 | $0.48 | ' | ' | ' | ' |
General Finance Incorporated (GFI) [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Investments in affiliates | 4,008,136 | ' | 4,008,136 | ' | ' | 3,428,633 | ' | ' |
Equity in affiliate earnings (losses), net of tax | ' | -3,022 | ' | -15,275 | ' | ' | ' | ' |
Net income | ' | 1,969,365 | ' | 1,891,022 | ' | ' | ' | ' |
Net income per share (in dollars per share) | ' | $0.50 | ' | $0.48 | ' | ' | ' | ' |
As Previously Reported [Member] | General Finance Incorporated (GFI) [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Equity in affiliate earnings (losses), net of tax | ' | 0 | ' | 0 | ' | ' | ' | ' |
Net income | ' | $1,972,388 | ' | $1,911,920 | ' | ' | ' | ' |
Net income per share (in dollars per share) | ' | $0.49 | ' | $0.48 | ' | ' | ' | ' |
Investments_Equity_Method_Inve
Investments (Equity Method Investments) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
Carrying value | $4,008,136 | ' | $4,008,136 | ' | $3,428,633 |
Payment for acquisition of equity method investments | ' | ' | 528,465 | 0 | ' |
Equity in earnings | 52,489 | -3,022 | 58,327 | -15,275 | ' |
General Finance Incorporated (GFI) [Member] | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
Carrying value | 4,008,136 | ' | 4,008,136 | ' | 3,428,633 |
Ownership percentage | 22.77% | ' | 22.77% | ' | 19.34% |
Payment for acquisition of equity method investments | ' | ' | 500,000 | ' | 700,000 |
Undistributed earnings | 895,846 | ' | 895,846 | ' | 837,519 |
Difference between carrying amount and the underlying equity in net assets | 94,450 | ' | 94,450 | ' | 172,654 |
Equity in earnings | ' | -3,022 | ' | -15,275 | ' |
Brick purchases from GFI | $200,000 | $200,000 | $700,000 | $600,000 | ' |
Pension_And_Other_Postretireme2
Pension And Other Postretirement Benefits (Schedule Of Net Periodic Pension And Postretirement Benefit Costs) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Pension Benefits [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | $207,309 | $217,528 | $636,230 | $652,586 |
Interest cost | 478,412 | 484,355 | 1,468,583 | 1,453,067 |
Less: Expected return on plan assets | 696,173 | 587,362 | 2,128,049 | 1,762,088 |
Amortization of prior service cost | 24,044 | 24,932 | 74,104 | 74,796 |
Recognized net actuarial loss | 197,258 | 333,409 | 605,057 | 1,000,226 |
Net periodic expense | 210,850 | 472,862 | 655,925 | 1,418,587 |
Postretirement Benefits [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | 123,887 | 195,056 | 371,662 | 585,169 |
Interest cost | 283,060 | 402,058 | 849,176 | 1,206,175 |
Less: Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of prior service cost | -599,415 | -12,688 | -1,798,246 | -38,064 |
Recognized net actuarial loss | 132,010 | 165,375 | 396,032 | 496,124 |
Net periodic expense | ($60,458) | $749,801 | ($181,376) | $2,249,404 |
Pension_And_Other_Postretireme3
Pension And Other Postretirement Benefits (Narrative) (Details) (USD $) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2014 | Dec. 31, 2013 | |
Pension Benefits [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Total contribution by the employer | $2,818,000 | ' |
Postretirement Benefits [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Expected contributions by employer, next fiscal year | ' | 1,625,000 |
Expected contributions by employer | 718,000 | ' |
Total contribution by the employer | $907,000 | ' |
Reclassification_Out_Of_Accumu2
Reclassification Out Of Accumulated Other Comprehensive Loss (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Cost of sales | ($32,797,657) | ($32,378,577) | ($88,609,931) | ($82,401,911) |
Selling, general and administrative expenses | -4,131,984 | -3,730,580 | -11,636,439 | -10,965,657 |
Gain on sale of equity investments | 0 | 0 | 0 | 3,881,872 |
Tax (expense) benefit | -2,405,000 | -702,000 | -3,490,000 | -1,963,000 |
Reclassification Out Of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Reclassifications, net of tax | 148,103 | -307,028 | 434,053 | 1,409,790 |
Reclassification Out Of Accumulated Other Comprehensive Income [Member] | Net Periodic Postretirement Benefit Cost [Member] | Cost of Sales [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Cost of sales | -119,073 | -305,605 | -311,036 | -916,813 |
Tax (expense) benefit | 47,416 | 121,996 | 123,954 | 366,576 |
Reclassifications, net of tax | -71,657 | -183,609 | -187,082 | -550,237 |
Reclassification Out Of Accumulated Other Comprehensive Income [Member] | Net Periodic Postretirement Benefit Cost [Member] | Selling, General and Administrative Expenses [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Selling, general and administrative expenses | 365,176 | -205,423 | 1,034,089 | -616,269 |
Tax (expense) benefit | -145,416 | 82,004 | -412,954 | 246,424 |
Reclassifications, net of tax | 219,760 | -123,419 | 621,135 | -369,845 |
Reclassification Out Of Accumulated Other Comprehensive Income [Member] | Unrealized Net Gains on Available-for-sale Securities [Member] | Gain on Sale of Equity Securities [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Gain on sale of equity investments | 0 | 0 | 0 | 3,881,872 |
Tax (expense) benefit | 0 | 0 | 0 | -1,552,000 |
Reclassifications, net of tax | $0 | $0 | $0 | $2,329,872 |
Other_Nonoperating_Income_Or_E1
Other Nonoperating Income Or Expense (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Other Income and Expenses [Abstract] | ' | ' | ' | ' |
Income from lease of BLC's and TDI's property, plant and equipment | $146 | $0 | $291 | $0 |
Earnings_Per_Share_Details
Earnings Per Share (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Weighted average number of shares outstanding | 3,965,356 | 3,990,484 | 3,966,180 | 4,004,149 |
Acquisition_of_a_Business_Deta
Acquisition of a Business (Details) (USD $) | 0 Months Ended | |
Jul. 01, 2014 | Jul. 01, 2014 | |
Business Acquisition [Line Items] | ' | ' |
Cash paid, gross | $2,499,500 | ' |
Current assets (including cash of $5250) | ' | 192,044 |
Property, plant and equipment | ' | 747,500 |
Other assets | ' | 1,959,956 |
Current liabilities | ' | -400,000 |
Recognized assets acquired and liabilities assumed, net | ' | 2,499,500 |
Russell Block Company, Inc. [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Consideration for entity acquired in business combination | 2,500,000 | ' |
Cash acquired | ' | $5,250 |