Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 12, 2016 | Jun. 30, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | MLM | ||
Entity Registrant Name | MARTIN MARIETTA MATERIALS INC | ||
Entity Central Index Key | 916,076 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 64,331,436 | ||
Entity Public Float | $ 7,537,227,743 |
Consolidated Statements of Earn
Consolidated Statements of Earnings - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement [Abstract] | |||
Net Sales | $ 3,268,116 | $ 2,679,095 | $ 1,943,218 |
Freight and delivery revenues | 271,454 | 278,856 | 212,333 |
Total revenues | 3,539,570 | 2,957,951 | 2,155,551 |
Cost of sales | 2,546,349 | 2,156,735 | 1,579,261 |
Freight and delivery costs | 271,454 | 278,856 | 212,333 |
Total cost of revenues | 2,817,803 | 2,435,591 | 1,791,594 |
Gross Profit | 721,767 | 522,360 | 363,957 |
Selling, general and administrative expenses | 218,234 | 169,245 | 150,091 |
Acquisition-related expenses, net | 8,464 | 42,891 | 671 |
Other operating expenses and (income), net | 15,653 | (4,649) | (4,793) |
Earnings from Operations | 479,416 | 314,873 | 217,988 |
Interest expense | 76,287 | 66,057 | 53,467 |
Other nonoperating (income) and expenses, net | (10,672) | (362) | 295 |
Earnings from continuing operations before taxes on income | 413,801 | 249,178 | 164,226 |
Taxes on income | 124,863 | 94,847 | 44,045 |
Earnings from Continuing Operations | 288,938 | 154,331 | 120,181 |
Loss on discontinued operations, net of related tax benefit of $0, $40 and $417, respectively | (37) | (749) | |
Consolidated net earnings | 288,938 | 154,294 | 119,432 |
Less: Net earnings (loss) attributable to noncontrolling interests | 146 | (1,307) | (1,905) |
Net Earnings Attributable to Martin Marietta | 288,792 | 155,601 | 121,337 |
Net Earnings (Loss) Attributable to Martin Marietta | |||
Earnings from continuing operations | 288,792 | 155,638 | 122,086 |
Discontinued operations | (37) | (749) | |
Net Earnings Attributable to Martin Marietta | $ 288,792 | $ 155,601 | $ 121,337 |
Net Earnings (Loss) Attributable to Martin Marietta Per Common Share (see Note A) | |||
Basic from continuing operations attributable to common shareholders | $ 4.31 | $ 2.73 | $ 2.64 |
Discontinued operations attributable to common shareholders | (0.02) | ||
Earnings Per Share, Basic, Total | 4.31 | 2.73 | 2.62 |
Diluted from continuing operations attributable to common shareholders | 4.29 | 2.71 | 2.63 |
Discontinued operations attributable to common shareholders | (0.02) | ||
Earnings Per Share, Diluted, Total | $ 4.29 | $ 2.71 | $ 2.61 |
Weighted-Average Common Shares Outstanding | |||
Basic | 66,770 | 56,854 | 46,164 |
Diluted | 67,020 | 57,088 | 46,285 |
Consolidated Statements of Ear3
Consolidated Statements of Earnings (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement [Abstract] | |||
Loss on discontinued operations, related tax benefit | $ 0 | $ 40 | $ 417 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Earnings - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Consolidated Net Earnings | $ 288,938 | $ 154,294 | $ 119,432 |
Defined benefit pension and postretirement plans: | |||
Net (loss) gain arising during period, net of tax of $(4,530), $(39,752) and $36,294, respectively | (7,101) | (62,767) | 55,472 |
Amortization of prior service credit, net of tax of $(731), $(1,108) and $(1,111), respectively | (1,149) | (1,702) | (1,696) |
Amortization of actuarial loss, net of tax of $6,551, $1,490 and $6,211, respectively | 10,299 | 2,289 | 9,493 |
Amount recognized in net periodic pension cost due to settlement, net of tax of $289 | 440 | ||
Amount recognized in net periodic pension cost due to special plan termination benefits, net of tax of $811 | 1,274 | ||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 3,323 | (62,180) | 63,709 |
Foreign currency translation loss | (3,542) | (624) | (2,255) |
Amortization of terminated value of forward starting interest rate swap agreements into interest expense, net of tax of $509, $470 and $438, respectively | 771 | 718 | 670 |
Other Comprehensive Income (Loss), Net of Tax | 552 | (62,086) | 62,124 |
Consolidated comprehensive earnings | 289,490 | 92,208 | 181,556 |
Less: Comprehensive earnings (loss) attributable to noncontrolling interests | 161 | (1,348) | (1,836) |
Comprehensive Earnings Attributable to Martin Marietta | $ 289,329 | $ 93,556 | $ 183,392 |
Consolidated Statements of Com5
Consolidated Statements of Comprehensive Earnings (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net (loss) gain arising during period, tax | $ (4,530) | $ (39,752) | $ 36,294 |
Amortization of prior service credit, tax | (731) | (1,108) | (1,111) |
Amortization of actuarial loss, tax | 6,551 | 1,490 | 6,211 |
Amount recognized in net periodic pension cost due to settlement, tax | 289 | ||
Amount recognized in net periodic pension cost due to special plan termination benefits, tax | 811 | ||
Amortization of terminated value of forward starting interest rate swap agreements into interest expense, tax | $ 509 | $ 470 | $ 438 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current Assets: | ||
Cash and cash equivalents | $ 168,409 | $ 108,651 |
Accounts receivable, net | 410,921 | 421,001 |
Inventories, net | 469,141 | 484,919 |
Other current assets | 33,697 | 29,607 |
Total Current Assets | 1,082,168 | 1,044,178 |
Property, plant and equipment, net | 3,156,000 | 3,402,770 |
Goodwill | 2,068,235 | 2,068,799 |
Other noncurrent assets | 144,777 | 108,802 |
Total Assets | 6,961,732 | 7,219,754 |
Current Liabilities: | ||
Bank overdraft | 10,235 | 183 |
Accounts payable | 164,718 | 202,476 |
Accrued salaries, benefits and payroll taxes | 30,939 | 36,576 |
Pension and postretirement benefits | 8,168 | 6,953 |
Accrued insurance and other taxes | 62,781 | 58,356 |
Current maturities of long-term debt | 19,246 | 14,336 |
Other current liabilities | 71,104 | 77,768 |
Total Current Liabilities | 367,191 | 396,648 |
Long-term debt | 1,553,649 | 1,571,059 |
Pension, postretirement and postemployment benefits | 224,538 | 249,333 |
Deferred income taxes, net | 583,459 | 489,945 |
Other noncurrent liabilities | 172,718 | 160,021 |
Total Liabilities | 2,901,555 | 2,867,006 |
Equity: | ||
Common stock ($0.01 par value; 100,000,000 shares authorized; 64,479,000 and 67,293,000 shares outstanding at December 31, 2015 and 2014, respectively) | $ 643 | $ 671 |
Preferred stock ($0.01 par value; 10,000,000 shares authorized; no shares outstanding) | ||
Additional paid-in capital | $ 3,287,827 | $ 3,243,619 |
Accumulated other comprehensive loss | (105,622) | (106,159) |
Retained earnings | 874,436 | 1,213,035 |
Total Shareholders’ Equity | 4,057,284 | 4,351,166 |
Noncontrolling interests | 2,893 | 1,582 |
Total Equity | 4,060,177 | 4,352,748 |
Total Liabilities and Equity | 6,961,732 | 7,219,754 |
Operating Permits | ||
Current Assets: | ||
Intangibles, net | 444,725 | 499,487 |
Other Intangible Assets | ||
Current Assets: | ||
Intangibles, net | $ 65,827 | $ 95,718 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
Statement Of Financial Position [Abstract] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares outstanding | 64,479,000 | 67,293,000 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash Flows from Operating Activities: | |||
Consolidated net earnings | $ 288,938 | $ 154,294 | $ 119,432 |
Adjustments to reconcile consolidated net earnings to net cash provided by operating activities: | |||
Depreciation, depletion and amortization | 263,587 | 222,746 | 173,761 |
Stock-based compensation expense | 13,589 | 8,993 | 7,008 |
Loss (gains) on divestitures and sales of assets | 14,093 | (52,297) | (2,265) |
Deferred income taxes | 85,225 | 50,292 | 24,113 |
Excess tax benefits from stock-based compensation transactions | (2,508) | (2,368) | |
Other items, net | (5,972) | 4,795 | (429) |
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures: | |||
Accounts receivable, net | 12,309 | (16,650) | (22,523) |
Inventories, net | (21,525) | (12,020) | (11,639) |
Accounts payable | (40,053) | 5,303 | 20,063 |
Other assets and liabilities, net | (37,040) | 18,710 | 3,798 |
Net Cash Provided by Operating Activities | 573,151 | 381,658 | 308,951 |
Cash Flows from Investing Activities: | |||
Additions to property, plant and equipment | (318,232) | (232,183) | (155,233) |
Acquisitions, net | (43,215) | (189) | (64,478) |
Cash received in acquisition | 63 | 59,887 | |
Proceeds from divestitures and sales of assets | 448,122 | 121,985 | 8,564 |
Payment of railcar construction advances | (25,234) | (14,513) | |
Reimbursement of railcar construction advances | 25,234 | 14,513 | |
Repayments from affiliate | 1,808 | 1,175 | |
Loan to affiliate | (3,402) | ||
Net Cash Provided By (Used for) Investing Activities | 88,546 | (49,325) | (214,549) |
Cash Flows from Financing Activities: | |||
Borrowings of long-term debt | 230,000 | 868,762 | 604,417 |
Repayments of long-term debt | (244,704) | (1,057,289) | (621,142) |
Debt issuance costs | (2,782) | (2,148) | |
Change in bank overdraft | 10,052 | (2,373) | 2,556 |
Payments on capital lease obligations | (6,616) | (3,075) | (28) |
Dividends paid | (107,462) | (91,304) | (74,197) |
Distributions to owners of noncontrolling interests | (325) | (800) | (876) |
Repurchase of common stock | (519,962) | ||
Purchase of remaining interest in existing subsidiaries | (19,480) | ||
Issuances of common stock | 37,078 | 39,714 | 11,691 |
Excess tax benefits from stock-based compensation transactions | 2,508 | 2,368 | |
Net Cash Used for Financing Activities | (601,939) | (266,119) | (77,359) |
Net Increase in Cash and Cash Equivalents | 59,758 | 66,214 | 17,043 |
Cash and Cash Equivalents, beginning of year | 108,651 | 42,437 | 25,394 |
Cash and Cash Equivalents, end of year | 168,409 | 108,651 | 42,437 |
Supplemental Disclosures of Cash Flow Information: | |||
Cash paid for interest | 71,011 | 81,304 | 52,034 |
Cash paid for income taxes | $ 46,774 | $ 15,955 | $ 23,491 |
Consolidated Statements of Tota
Consolidated Statements of Total Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive (Loss) Earnings | Retained Earnings | Total Shareholders' Equity | Noncontrolling Interests |
Beginning Balance at Dec. 31, 2012 | $ 1,450,299 | $ 459 | $ 414,657 | $ (106,169) | $ 1,101,598 | $ 1,410,545 | $ 39,754 |
Beginning Balance (in shares) at Dec. 31, 2012 | 46,002,000 | ||||||
Consolidated net earnings (loss) | 119,432 | 121,337 | 121,337 | (1,905) | |||
Other comprehensive earnings (loss) | 62,124 | 62,055 | 62,055 | 69 | |||
Dividends declared ($1.60 per common share) | (74,197) | (74,197) | (74,197) | ||||
Issuances of common stock for stock award plans | $ 11,129 | $ 2 | 11,127 | 11,129 | |||
Issuances of common stock for stock award plans (in shares) | 259,000 | ||||||
Repurchases of common stock, Shares | 0 | ||||||
Stock-based compensation expense | $ 7,008 | 7,008 | 7,008 | ||||
Distributions to owners of noncontrolling interests | (876) | (876) | |||||
Ending Balance at Dec. 31, 2013 | 1,574,919 | $ 461 | 432,792 | (44,114) | 1,148,738 | 1,537,877 | 37,042 |
Ending Balance (in shares) at Dec. 31, 2013 | 46,261,000 | ||||||
Consolidated net earnings (loss) | 154,294 | 155,601 | 155,601 | (1,307) | |||
Other comprehensive earnings (loss) | (62,086) | (62,045) | (62,045) | (41) | |||
Dividends declared ($1.60 per common share) | (91,304) | (91,304) | (91,304) | ||||
Issuances of common stock, stock options and stock appreciation rights for TXI acquisition | 2,751,873 | $ 203 | 2,751,670 | 2,751,873 | |||
Issuances of common stock, stock options and stock appreciation rights for TXI acquisition (in shares) | 20,309,000 | ||||||
Issuances of common stock for stock award plans | $ 41,772 | $ 7 | 41,765 | 41,772 | |||
Issuances of common stock for stock award plans (in shares) | 723,000 | ||||||
Repurchases of common stock, Shares | 0 | ||||||
Stock-based compensation expense | $ 8,993 | 8,993 | 8,993 | ||||
Distributions to owners of noncontrolling interests | (800) | (800) | |||||
Purchase of subsidiary shares from noncontrolling interest | (24,913) | 8,399 | 8,399 | (33,312) | |||
Ending Balance at Dec. 31, 2014 | $ 4,352,748 | $ 671 | 3,243,619 | (106,159) | 1,213,035 | 4,351,166 | 1,582 |
Ending Balance (in shares) at Dec. 31, 2014 | 67,293,000 | 67,293,000 | |||||
Consolidated net earnings (loss) | $ 288,938 | 288,792 | 288,792 | 146 | |||
Other comprehensive earnings (loss) | 552 | 537 | 537 | 15 | |||
Dividends declared ($1.60 per common share) | (107,462) | (107,462) | (107,462) | ||||
Issuances of common stock for stock award plans | 30,624 | $ 5 | 30,619 | 30,624 | |||
Issuances of common stock for stock award plans (in shares) | 471,000 | ||||||
Repurchases of common stock | $ (519,962) | $ (33) | (519,929) | (519,962) | |||
Repurchases of common stock, Shares | (3,285,380) | (3,285,000) | |||||
Stock-based compensation expense | $ 13,589 | 13,589 | 13,589 | ||||
Minority interest acquired via business combination | 1,475 | 1,475 | |||||
Distributions to owners of noncontrolling interests | (325) | (325) | |||||
Ending Balance at Dec. 31, 2015 | $ 4,060,177 | $ 643 | $ 3,287,827 | $ (105,622) | $ 874,436 | $ 4,057,284 | $ 2,893 |
Ending Balance (in shares) at Dec. 31, 2015 | 64,479,000 | 64,479,000 |
Consolidated Statements of To10
Consolidated Statements of Total Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement Of Stockholders Equity [Abstract] | |||
Cash dividends declared per common share | $ 1.60 | $ 1.60 | $ 1.60 |
Accounting Policies
Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Accounting Policies | Notes to Financial Statements Note A: Accounting Policies Organization. Martin Marietta Materials, Inc., (the “Corporation” or “Martin Marietta”) is engaged principally in the construction aggregates business. The aggregates product line accounted for 55% of consolidated 2015 net sales and includes crushed stone, sand and gravel, and is used for the construction of infrastructure, nonresidential and residential projects. Aggregates products are also used for railroad ballast, and in agricultural, utility and environmental applications. These aggregates products, along with the Corporation’s aggregates-related downstream product lines, namely heavy building materials such as asphalt products, ready mixed concrete and road paving construction services (which accounted for 27% of consolidated 2015 net sales), are sold and shipped from a network of more than 400 quarries, distribution facilities and plants to customers in 36 states, Canada, the Bahamas and the Caribbean Islands. The aggregates and aggregates-related downstream product lines are reported collectively as the “Aggregates business”. As of December 31, 2015, the Aggregates business contains the following reportable segments: Mid-America Group, Southeast Group and West Group. The Mid-America Group operates in Indiana, Iowa, northern Kansas, Kentucky, Maryland, Minnesota, Missouri, eastern Nebraska, North Carolina, Ohio, South Carolina, Virginia, Washington and West Virginia. The Southeast Group has operations in Alabama, Florida, Georgia, Tennessee, Nova Scotia and the Bahamas. The West Group operates in Arkansas, Colorado, southern Kansas, Louisiana, western Nebraska, Nevada, Oklahoma, Texas, Utah and Wyoming. The following states accounted for 70% of the Aggregates business’ 2015 net sales: Texas, Colorado, North Carolina, Iowa and Georgia. The Cement segment, accounting for 11% of consolidated 2015 net sales, produces Portland and specialty cements. Similar to the Aggregates business, cement is used in infrastructure projects, nonresidential and residential construction, and the railroad, agricultural, utility and environmental industries. Texas and California accounted for 72% and 25%, respectively, of the Cement business’ 2015 net sales. In September 2015, the Corporation divested of its California cement operations. The Magnesia Specialties segment, accounting for 7% of consolidated 2015 net sales, produces magnesia-based chemicals products used in industrial, agricultural and environmental applications and dolomitic lime sold primarily to customers in the steel industry. Use of Estimates. The preparation of the Corporation’s consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make certain estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities and reported amounts of revenues and expenses. Such estimates include the valuation of accounts receivable, inventories, goodwill, intangible assets and other long-lived assets and assumptions used in the calculation of taxes on income, retirement and other postemployment benefits, and the allocation of the purchase price to the fair values of assets acquired and liabilities assumed as part of business combinations. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, and adjusts such estimates and assumptions when facts and circumstances dictate. Changes in credit, equity and energy markets and changes in construction activity increase the uncertainty inherent in certain of these estimates and assumptions. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in estimates, including those resulting from continuing changes in the economic environment, are reflected in the consolidated financial statements for the period in which the change in estimate occurs. Basis of Consolidation . The consolidated financial statements include the accounts of the Corporation and its wholly-owned and majority-owned subsidiaries. Partially-owned affiliates are either consolidated or accounted for at cost or as equity investments, depending on the level of ownership interest or the Corporation’s ability to exercise control over the affiliates’ operations. Intercompany balances and transactions have been eliminated in consolidation. Early Adoption of New Accounting Standard. Effective December 31, 2015, the Corporation early adopted the Financial Accounting Standard Board’s (the “FASB”) final guidance on the balance sheet classification of deferred taxes. The guidance requires deferred tax assets and liabilities to be classified as noncurrent rather than split between current and noncurrent; however, deferred tax assets and liabilities from different federal, state and foreign jurisdictions are not netted for financial statement presentation. The adoption of Accounting Standards Update 2015-17, Balance Sheet Classification of Deferred Taxes, had no impact on the Corporation’s consolidated shareholders’ equity, results of operations or cash flows. Retrospective application is allowed and $244,638,000 of current deferred tax assets was reclassed into deferred income taxes, net, on the consolidated balance sheet as of December 31, 2014 to conform with current year presentation. Revenue Recognition . Total revenues include sales of materials and services provided to customers, net of discounts or allowances, if any, and include freight and delivery costs billed to customers. Revenues for product sales are recognized when risks associated with ownership have passed to unaffiliated customers. Typically, this occurs when finished products are shipped. Revenues derived from the road paving business are recognized using the percentage-of-completion method under the revenue-cost approach. Under the revenue-cost approach, recognized contract revenue equals the total estimated contract revenue multiplied by the percentage of completion. Recognized costs equal the total estimated contract cost multiplied by the percentage of completion. The FASB issued an accounting standard update that amends the accounting guidance on revenue recognition. The new standard intends to provide a more robust framework for addressing revenue issues, improve comparability of revenue recognition practices and improve disclosure requirements. The new standard is effective for interim and annual reporting periods beginning after December 31, 2017 and can be applied on a full retrospective or modified retrospective approach. The Corporation is currently evaluating the impact of the provisions of the new standard, and at this time does not expect the impact to be material to its results of operations. Freight and Delivery Costs . Freight and delivery costs represent pass-through transportation costs incurred and paid by the Corporation to third-party carriers to deliver products to customers. These costs are then billed to the Corporation’s customers. Cash and Cash Equivalents . Cash equivalents are comprised of highly-liquid instruments with original maturities of three months or less from the date of purchase. The Corporation manages its cash and cash equivalents to ensure that short-term operating cash needs are met and that excess funds are managed efficiently. The Corporation subsidizes shortages in operating cash through short-term borrowing facilities. The Corporation utilizes excess cash to either pay down short-term borrowings or invest in money market funds, money market demand deposit accounts or Eurodollar time deposit accounts. Money market demand deposits and Eurodollar time deposit accounts are exposed to bank solvency risk. Money market demand deposit accounts are FDIC insured up to $250,000. The Corporation’s deposits in bank funds generally exceed the $250,000 FDIC insurance limit. The Corporation’s cash management policy prohibits cash and cash equivalents over $100,000,000 to be maintained at any one bank. Customer Receivables. Customer receivables are stated at cost. The Corporation does not charge interest on customer accounts receivables. The Corporation records an allowance for doubtful accounts, which includes a provision for probable losses based on historical write offs and a specific reserve for accounts greater than $50,000 deemed at risk. The Corporation writes off customer receivables as bad debt expense when it becomes apparent based upon customer facts and circumstances that such amounts will not be collected. Inventories Valuation . Inventories are stated at the lower of cost or net realizable value. Costs for finished products and in process inventories are determined by the first-in, first-out method. The Corporation records an allowance for finished product inventories in excess of sales for a twelve-month period, as measured by historical sales. The Corporation also establishes an allowance for expendable parts over five years old and supplies over one year old. Post-production stripping costs, which represent costs of removing overburden and waste materials to access mineral deposits, are a component of inventory production costs and recognized in cost of sales in the same period as the revenue from the sale of the inventory. Properties and Depreciation . Property, plant and equipment are stated at cost. The estimated service lives for property, plant and equipment are as follows: Class of Assets Range of Service Lives Buildings 5 to 20 years Machinery & Equipment 2 to 20 years Land Improvements 5 to 15 years The Corporation begins capitalizing quarry development costs at a point when reserves are determined to be proven or probable, economically mineable and when demand supports investment in the market. Capitalization of these costs ceases when production commences. Capitalized quarry development costs are classified as land improvements. The Corporation reviews relevant facts and circumstances to determine whether to capitalize or expense pre-production stripping costs when additional pits are developed at an existing quarry. If the additional pit operates in a separate and distinct area of the quarry, these costs are capitalized as quarry development costs and depreciated over the life of the uncovered reserves. Additionally, a separate asset retirement obligation is created for additional pits when the liability is incurred. Once a pit enters the production phase, all post-production stripping costs are charged to inventory production costs as incurred. Mineral reserves and mineral interests acquired in connection with a business combination are valued using an income approach over the life of the reserves. Depreciation is computed over estimated service lives, principally by the straight-line method. Depletion of mineral reserves is calculated over proven and probable reserves by the units-of-production method on a quarry-by-quarry basis. Property, plant and equipment are reviewed for impairment whenever facts and circumstances indicate that the carrying amount of an asset may not be recoverable. An impairment loss is recognized if expected future undiscounted cash flows over the estimated remaining service life of the related asset are less than its carrying value. Repair and Maintenance Costs. Repair and maintenance costs that do not substantially extend the life of the Corporation’s plant and equipment are expensed as incurred. Goodwill and Intangible Assets. Goodwill represents the excess purchase price paid for acquired businesses over the estimated fair value of identifiable assets and liabilities. Other intangibles represent amounts assigned principally to contractual agreements and are amortized ratably over periods based on related contractual terms. The Corporation’s reporting units, which represent the level at which goodwill is tested for impairment, are based on the geographic regions of the Aggregates business. Additionally, the Cement business is a separate reporting unit. Goodwill is allocated to each reporting unit based on the location of acquisitions and divestitures at the time of consummation. The carrying values of goodwill and other indefinite-lived intangible assets are reviewed annually, as of October 1, for impairment. An interim review is performed between annual tests if facts or circumstances indicate potential impairment. The carrying value of other amortizable intangibles is reviewed if facts and circumstances indicate potential impairment. If a review indicates that the carrying value is impaired, a charge is recorded. Retirement Plans and Postretirement Benefits. The Corporation sponsors defined benefit retirement plans and also provides other postretirement benefits. The Corporation recognizes the funded status, defined as the difference between the fair value of plan assets and the benefit obligation, of its pension plans and other postretirement benefits as an asset or liability on the consolidated balance sheets. Actuarial gains or losses that arise during the year are not recognized as net periodic benefit cost in the same year, but rather are recognized as a component of accumulated other comprehensive earnings or loss. Those amounts are amortized over the participants’ average remaining service period and recognized as a component of net periodic benefit cost. The amount amortized is determined using a corridor approach based on the amount in excess of 10% of the greater of the projected benefit obligation or pension plan assets. Stock-Based Compensation. The Corporation has stock-based compensation plans for employees and its Board of Directors. The Corporation recognizes all forms of stock-based payments to employees, including stock options, as compensation expense. The compensation expense is the fair value of the awards at the measurement date and is recognized over the requisite service period. The Corporation uses the accelerated expense recognition method for stock options. The accelerated recognition method requires stock options that vest ratably to be divided into tranches. The expense for each tranche is allocated to its particular vesting period. The Corporation expenses the fair value of restricted stock awards, incentive compensation awards and Board of Directors’ fees paid in the form of common stock based on the closing price of the Corporation’s common stock on the awards’ respective grant dates. The Corporation uses the lattice valuation model to determine the fair value of stock option awards. The lattice valuation model takes into account employees’ exercise patterns based on changes in the Corporation’s stock price and other variables. The period of time for which options are expected to be outstanding, or expected term of the option, is a derived output of the lattice valuation model. The Corporation considers the following factors when estimating the expected term of options: vesting period of the award, expected volatility of the underlying stock, employees’ ages and external data. Key assumptions used in determining the fair value of the stock options awarded in 2015, 2014 and 2013 were: 2015 2014 2013 Risk-free interest rate 2.20% 2.50% 1.70% Dividend yield 1.20% 1.50% 1.80% Volatility factor 36.10% 35.30% 35.40% Expected term 8.5 years 8.5 years 8.6 years Based on these assumptions, the weighted-average fair value of each stock option granted was $57.71, $43.42 and $36.48 for 2015, 2014 and 2013, respectively. The risk-free interest rate reflects the interest rate on zero-coupon U.S. government bonds available at the time each option was granted having a remaining life approximately equal to the option’s expected life. The dividend yield represents the dividend rate expected to be paid over the option’s expected life. The Corporation’s volatility factor measures the amount by which its stock price is expected to fluctuate during the expected life of the option and is based on historical stock price changes. Forfeitures are required to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The Corporation estimates forfeitures and will ultimately recognize compensation cost only for those stock-based awards that vest. The Corporation recognizes income tax benefits resulting from the payment of dividend equivalents on unvested stock-based payments as an increase to additional paid-in capital and includes them in the pool of excess tax benefits. Environmental Matters. The Corporation records a liability for an asset retirement obligation at fair value in the period in which it is incurred. The asset retirement obligation is recorded at the acquisition date of a long-lived tangible asset if the fair value can be reasonably estimated. A corresponding amount is capitalized as part of the asset’s carrying amount. The estimate of fair value is affected by management’s assumptions regarding the scope of the work required, inflation rates and quarry closure dates. Further, the Corporation records an accrual for other environmental remediation liabilities in the period in which it is probable that a liability has been incurred and the appropriate amounts can be estimated reasonably. Such accruals are adjusted as further information develops or circumstances change. These costs are not discounted to their present value or offset for potential insurance or other claims or potential gains from future alternative uses for a site. Income Taxes . Deferred income tax, net on the consolidated balance sheets reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, net of valuation allowances. Uncertain Tax Positions. The Corporation recognizes a tax benefit when it is more-likely-than-not, based on the technical merits, that a tax position would be sustained upon examination by a taxing authority. The amount to be recognized is measured as the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. The Corporation’s unrecognized tax benefits are recorded in other liabilities, on the consolidated balance sheets. The Corporation records interest accrued in relation to unrecognized tax benefits as income tax expense. Penalties, if incurred, are recorded as operating expenses in the consolidated statements of earnings. Sales Taxes. Sales taxes collected from customers are recorded as liabilities until remitted to taxing authorities and therefore are not reflected in the consolidated statements of earnings. Research and Development Costs. Research and development costs are charged to operations as incurred. Start-Up Costs. Noncapital start-up costs for new facilities and products are charged to operations as incurred. Warranties. The Corporation’s construction contracts contain warranty provisions covering defects in equipment, materials, design or workmanship that generally run from nine months to one year after project completion. Because of the nature of its projects, including contract owner inspections of the work both during construction and prior to acceptance, the Corporation has not experienced material warranty costs for these short-term warranties and therefore does not believe an accrual for these costs is necessary. Certain construction contracts carry longer warranty periods, ranging from two to ten years, for which the Corporation has accrued an estimate of warranty cost based on experience with the type of work and any known risks relative to the project. These costs were not material to the Corporation’s consolidated results of operations for the years ended December 31, 2015, 2014 and 2013. Consolidated Comprehensive Earnings and Accumulated Other Comprehensive Loss . Consolidated comprehensive earnings for the Corporation consist of consolidated net earnings, adjustments for the funded status of pension and postretirement benefit plans, foreign currency translation adjustments and the amortization of the value of terminated forward starting interest rate swap agreements into interest expense, and are presented in the Corporation’s consolidated statements of comprehensive earnings. Accumulated other comprehensive loss consists of unrealized gains and losses related to the funded status of the pension and postretirement benefit plans, foreign currency translation and the unamortized value of terminated forward starting interest rate swap agreements, and is presented on the Corporation’s consolidated balance sheets. The components of the changes in accumulated other comprehensive loss and related cumulative noncurrent deferred tax assets are as follows: Pension and Postretirement Benefit Plans Foreign Currency Unamortized Value of Terminated Forward Starting Interest Rate Swap Total years ended December 31 (add 000) 2015 Accumulated other comprehensive (loss) earnings at beginning of period $ (106,688 ) $ 3,278 $ (2,749 ) $ (106,159 ) Other comprehensive loss before reclassifications, net of Tax (7,116 ) (3,542 ) — (10,658 ) Amounts reclassified from accumulated other comprehensive loss, net of tax 10,424 — 771 11,195 Other comprehensive earnings (loss), net of tax 3,308 (3,542 ) 771 537 Accumulated other comprehensive loss at end of period $ (103,380 ) $ (264 ) $ (1,978 ) $ (105,622 ) Cumulative noncurrent deferred tax assets at end of period $ 66,467 $ — $ 1,290 $ 67,757 2014 Accumulated other comprehensive (loss) earnings at beginning of period $ (44,549 ) $ 3,902 $ (3,467 ) $ (44,114 ) Other comprehensive loss before reclassifications, net of tax (62,726 ) (624 ) — (63,350 ) Amounts reclassified from accumulated other comprehensive loss, net of tax 587 — 718 1,305 Other comprehensive (loss) earnings, net of tax (62,139 ) (624 ) 718 (62,045 ) Accumulated other comprehensive (loss) earnings at end of period $ (106,688 ) $ 3,278 $ (2,749 ) $ (106,159 ) Cumulative noncurrent deferred tax assets at end of period $ 68,568 $ — $ 1,799 $ 70,367 2013 Accumulated other comprehensive (loss) earnings at beginning of period $ (108,189 ) $ 6,157 $ (4,137 ) $ (106,169 ) Other comprehensive earnings (loss) before reclassifications, net of tax 55,403 (2,255 ) — 53,148 Amounts reclassified from accumulated other comprehensive loss, net of tax 8,237 — 670 8,907 Other comprehensive earnings (loss), net of tax 63,640 (2,255 ) 670 62,055 Accumulated other comprehensive (loss) earnings at end of period $ (44,549 ) $ 3,902 $ (3,467 ) $ (44,114 ) Cumulative noncurrent deferred tax assets at end of period $ 29,198 $ — $ 2,269 $ 31,467 Reclassifications out of accumulated other comprehensive loss are as follows: years ended December 31 (add 000) 2015 2014 2013 Affected line items in the consolidated statements of earnings Pension and postretirement benefit plans Special plan termination benefits $ 2,085 $ — $ — Settlement charge — — 729 Amortization of: Prior service credit (1,880 ) (2,810 ) (2,807 ) Actuarial loss 16,850 3,779 15,704 17,055 969 13,626 Cost of sales; Selling, general & administrative expenses Tax effect (6,631 ) (382 ) (5,389 ) Taxes on income Total $ 10,424 $ 587 $ 8,237 Unamortized value of terminated forward starting interest rate swap Additional interest expense $ 1,280 $ 1,188 $ 1,108 Interest expense Tax effect (509 ) (470 ) (438 ) Taxes on income Total $ 771 $ 718 $ 670 Earnings Per Common Share . The Corporation computes earnings per share (“EPS”) pursuant to the two-class method. The two-class method determines EPS for each class of common stock and participating securities according to dividends or dividend equivalents and their respective participation rights in undistributed earnings. The Corporation pays nonforfeitable dividend equivalents during the vesting period on its restricted stock awards and incentive stock awards, which results in these being considered participating securities. The numerator for basic and diluted earnings per common share is net earnings attributable to Martin Marietta, reduced by dividends and undistributed earnings attributable to the Corporation’s unvested restricted stock awards and incentive stock awards. The denominator for basic earnings per common share is the weighted-average number of common shares outstanding during the period. Diluted earnings per common share are computed assuming that the weighted-average number of common shares is increased by the conversion, using the treasury stock method, of awards issued to employees and nonemployee members of the Corporation’s Board of Directors under certain stock-based compensation arrangements if the conversion is dilutive. The following table reconciles the numerator and denominator for basic and diluted earnings per common share: years ended December 31 (add 000) 2015 2014 2013 Net earnings from continuing operations attributable to Martin Marietta $ 288,792 $ 155,638 $ 122,086 Less: Distributed and undistributed earnings attributable to unvested awards 1,252 647 513 Basic and diluted net earnings attributable to common shareholders from continuing operations attributable to Martin Marietta 287,540 154,991 121,573 Basic and diluted net loss attributable to common shareholders from discontinued operations — (37 ) (749 ) Basic and diluted net earnings attributable to common shareholders attributable to Martin Marietta $ 287,540 $ 154,954 $ 120,824 Basic weighted-average common shares outstanding 66,770 56,854 46,164 Effect of dilutive employee and director awards 250 234 121 Diluted weighted-average common shares outstanding 67,020 57,088 46,285 Reclassifications. Effective January 1, 2014, the Corporation reorganized the operations and management reporting structure of the Aggregates business, resulting in a change to the reportable segments. Segment information for 2013 has been reclassified to conform to the presentation of the current reportable segments. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Note B: Goodwill and Intangible Assets The following table shows the changes in goodwill by reportable segment and in total: December 31 Mid- America Group Southeast Group West Group Cement Total (add 000) 2015 Balance at beginning of period $ 282,117 $ 50,346 $ 852,436 $ 883,900 $ 2,068,799 Acquisitions — — 8,464 — 8,464 Adjustments to purchase price allocations — — 15,538 (18,634 ) (3,096 ) Divestitures (714 ) — (5,218 ) — (5,932 ) Balance at end of period $ 281,403 $ 50,346 $ 871,220 $ 865,266 $ 2,068,235 2014 Balance at beginning of period $ 263,967 $ 50,346 $ 302,308 $ — $ 616,621 Division reorganization 18,150 — (18,150 ) — — Acquisitions — — 600,372 883,900 1,484,272 Divestitures — — (32,094 ) — (32,094 ) Balance at end of period $ 282,117 $ 50,346 $ 852,436 $ 883,900 $ 2,068,799 Intangible assets subject to amortization consist of the following: December 31 Gross Amount Accumulated Amortization Net Balance (add 000) 2015 Noncompetition agreements $ 6,274 $ (6,069 ) $ 205 Customer relationships 35,805 (10,448 ) 25,357 Operating permits 450,419 (12,294 ) 438,125 Use rights and other 16,746 (8,030 ) 8,716 Trade names 12,800 (3,408 ) 9,392 Total $ 522,044 $ (40,249 ) $ 481,795 2014 Noncompetition agreements $ 6,274 $ (5,971 ) $ 303 Customer relationships 36,610 (7,654 ) 28,956 Operating permits 498,462 (5,575 ) 492,887 Use rights and other 15,385 (6,940 ) 8,445 Trade names 12,800 (1,143 ) 11,657 Total $ 569,531 $ (27,283 ) $ 542,248 Intangible assets deemed to have an indefinite life and not being amortized consist of the following: December 31 Aggregates Business Cement Magnesia Specialties Total (add 000) 2015 Operating permits $ 6,600 $ — $ — $ 6,600 Use rights 10,175 9,137 — 19,312 Trade names — 280 2,565 2,845 Total $ 16,775 $ 9,417 $ 2,565 $ 28,757 2014 Operating permits $ 6,600 $ — $ — $ 6,600 Use rights 9,975 19,437 — 29,412 Trade names — 14,380 2,565 16,945 Total $ 16,575 $ 33,817 $ 2,565 $ 52,957 During 2015, the Corporation acquired $2,953,000 of intangibles, consisting of the following: (add 000, except year data) Amount Weighted-average amortization period Subject to amortization: Customer relationships $ 375 13.3 years Operating permits 1,017 26.5 years Use rights and other 1,361 22.1 years 2,753 22.5 years Not subject to amortization: Use rights 200 N/A 200 Total $ 2,953 Use rights include, but are not limited to, water rights, subleases and proprietary information. Total amortization expense for intangible assets for the years ended December 31, 2015, 2014 and 2013 was $13,962,000, $9,311,000 and $3,587,000, respectively. The estimated amortization expense for intangible assets for each of the next five years and thereafter is as follows: (add 000) 2016 $ 13,431 2017 13,345 2018 12,557 2019 11,665 2020 11,630 Thereafter 419,167 Total $ 481,795 |
Business Combinations and Dives
Business Combinations and Divestitures | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations And Dispositions [Abstract] | |
Business Combinations and Divestitures | Note C: Business Combinations and Divestitures Business Combinations. The Corporation acquired Texas Industries, Inc. (“TXI”) on July 1, 2014. Total revenues and earnings from operations included in the consolidated statements of earnings attributable to TXI were $941,499,000 and $70,121,000, respectively, for the year ended December 31, 2015 and $539,061,000 and $42,239,000, respectively, for the period July 1, 2014 through December 31, 2014. Acquisition and integration expenses associated with TXI were $6,762,000 and $90,487,000 for the years ended December 31, 2015 and December 31, 2014, respectively. Unaudited Pro Forma Financial Information. The pro forma financial information in the table below summarizes the combined consolidated results of operations for the Corporation and TXI as though the companies were combined as of January 1, 2013. Transactions between Martin Marietta and TXI during the periods presented in the pro forma financial statements have been eliminated as if Martin Marietta and TXI were consolidated affiliates during the periods. The unaudited pro forma financial information for the year ended December 31, 2014 includes TXI’s historical operating results for the six months ended May 31, 2014 (due to a difference in TXI’s historical reporting periods) and the results of operations for the TXI locations from July 1, 2014, the acquisition date, to December 31, 2014. The pro forma financial information presented below is for informational purposes only and is not indicative of the results of operations that would have been achieved if the acquisition had taken place as of January 1, 2013. year ended December 31 (add 000) 2014 Net Sales $ 3,088,642 Earnings from continuing operations attributable to controlling interests $ 171,822 Divestiture of Assets. On September 30, 2015, the Corporation divested its California cement operations, which were reported in the Cement segment. These operations were not in close proximity to other core assets of the Corporation and, unlike other marketplace competitors, were not vertically integrated with ready mixed concrete production. The divestiture primarily included a cement plant, two distribution terminals, mobile equipment, intangible assets and inventory. In accordance with the asset purchase agreement, the liabilities assumed by the purchaser included asset retirement obligations. The Corporation received proceeds of $420,000,000 and recognized a loss of $24,214,000 on the sale, inclusive of transaction-related accruals. The Corporation also recognized other disposal-related expenses of $4,849,000. The loss and related expenses are included in other operating expenses, net, in the consolidated statement of earnings. |
Accounts Receivable, Net
Accounts Receivable, Net | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Accounts Receivable, Net | Note D: Accounts Receivable, Net December 31 (add 000) 2015 2014 Customer receivables $ 408,551 $ 418,016 Other current receivables 9,310 7,062 417,861 425,078 Less allowances (6,940 ) (4,077 ) Total $ 410,921 $ 421,001 Of the total accounts receivable, net, balances, $3,794,000 and $3,765,000 at December 31, 2015 and 2014, respectively, were due from unconsolidated affiliates. |
Inventories, Net
Inventories, Net | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories, Net | Note E: Inventories, Net December 31 (add 000) 2015 2014 Finished products $ 433,649 $ 413,766 Products in process and raw materials 55,194 65,250 Supplies and expendable parts 110,882 125,092 599,725 604,108 Less allowances (130,584 ) (119,189 ) Total $ 469,141 $ 484,919 |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 12 Months Ended |
Dec. 31, 2015 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment, Net | Note F: Property, Plant and Equipment, Net December 31 (add 000) 2015 2014 Land and land improvements $ 865,700 $ 849,704 Mineral reserves and interests 1,001,295 990,438 Buildings 144,076 157,233 Machinery and equipment 3,473,826 3,568,342 Construction in progress 128,301 125,959 5,613,198 5,691,676 Less allowances for depreciation, depletion and amortization (2,457,198 ) (2,288,906 ) Total $ 3,156,000 $ 3,402,770 The gross asset value and related allowance for amortization for machinery and equipment recorded under capital leases at December 31 were as follows: (add 000) 2015 2014 Machinery and equipment under capital leases $ 19,379 $ 25,775 Less allowance for amortization (5,102 ) (2,808 ) Total $ 14,277 $ 22,967 Depreciation, depletion and amortization expense related to property, plant and equipment was $246,874,000, $211,242,000 and $168,333,000 for the years ended December 31, 2015, 2014 and 2013, respectively. Depreciation, depletion and amortization expense for 2015 and 2014 includes amortization of machinery and equipment under capital leases. Interest cost of $5,832,000, $8,033,000 and $1,792,000 was capitalized during 2015, 2014 and 2013, respectively. At December 31, 2015 and 2014, $58,937,000 and $68,340,000, respectively, of the Aggregates business’ net property, plant and equipment were located in foreign countries, namely the Bahamas and Canada. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Note G: Long-Term Debt December 31 (add 000) 2015 2014 6.6% Senior Notes, due 2018 $ 299,368 $ 299,123 7% Debentures, due 2025 124,532 124,500 6.25% Senior Notes, due 2037 228,223 228,184 4.25% Senior Notes, due 2024 395,717 395,309 Floating Rate Notes, due 2017, interest rate of 1.71% and 1.33% at December 31, 2015 and 2014, respectively 299,318 298,869 Term Loan Facility, due 2018, interest rate of 1.86% and 1.67% at December 31, 2015 and 2014, respectively 224,075 236,258 Other notes 1,662 3,152 Total 1,572,895 1,585,395 Less current maturities (19,246 ) (14,336 ) Long-term debt $ 1,553,649 $ 1,571,059 The Corporation’s 6.6% Senior Notes due 2018, 7% Debentures due 2025, 6.25% Senior Notes due 2037, 4.25% Senior Notes due 2024 and Floating Rate Notes due 2017 (collectively, the “Senior Notes”) are senior unsecured obligations of the Corporation, ranking equal in right of payment with the Corporation’s existing and future unsubordinated indebtedness. Upon a change of control repurchase event and a resulting below-investment-grade credit rating, the Corporation would be required to make an offer to repurchase all outstanding Senior Notes, with the exception of the 7% Debentures due 2025, at a price in cash equal to 101% of the principal amount of the Senior Notes, plus any accrued and unpaid interest to, but not including, the purchase date. All Senior Notes and Debentures are carried net of original issue discount, which is being amortized by the effective interest method over the life of the issue. Senior Notes are redeemable prior to their respective maturity dates. The principal amount, effective interest rate and maturity date for the Corporation’s Senior Notes and Debentures are as follows: Principal Amount (add 000) Effective Interest Rate Maturity Date 6.6% Senior Notes $ 300,000 6.81 % April 15, 2018 7% Debentures $ 125,000 7.12 % December 1, 2025 6.25% Senior Notes $ 230,000 6.45 % May 1, 2037 4.25% Senior Notes $ 400,000 4.25 % July 2, 2024 Floating Rate Notes $ 300,000 LIBOR+1.10% June 30, 2017 Borrowings under the Senior Unsecured Credit Facilities bear interest, at the Corporation’s option, at rates based upon the London Interbank Offered Rate (“LIBOR”) or a base rate, plus, for each rate, a margin determined in accordance with a ratings-based pricing grid. In connection with the issuance of its $300,000,000 Floating Rate Senior Notes due 2017 (the “Floating Rate Notes”) and its $400,000,000 4.25% Senior Notes due 2024 (the “4.25% Senior Notes” and together with the Floating Rate Notes, the “Notes”), the Corporation entered into an indenture, between the Corporation and Regions Bank, as trustee, and a Registration Rights Agreement, among the Corporation, Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC, as representatives of the several initial purchasers named in Schedule I to the purchase agreement. The Floating Rate Notes bear interest at a rate equal to the three-month LIBOR plus 1.10% and may not be redeemed prior to maturity. The 4.25% Senior Notes may be redeemed in whole or in part prior to their maturity at a make-whole redemption price. The Corporation has a credit agreement with JPMorgan Chase Bank, N.A., as Administrative Agent, Wells Fargo Bank, N.A., Branch Banking and Trust Company (“BB&T”) and SunTrust Bank, as Co-Syndication Agents, and the lenders party thereto (the “Credit Agreement”). The Credit Agreement provides a $250,000,000 senior unsecured term loan (the “Term Loan Facility”) and a $350,000,000 five-year senior unsecured revolving facility (the “Revolving Facility”, and together with the Term Loan Facility, the “Senior Unsecured Credit Facilities”). The Senior Unsecured Credit Facilities are syndicated with the following banks: Lender (add 000) Revolving Facility Commitment Term Loan Facility Commitment JPMorgan Chase Bank, N.A. $ 46,667 $ 33,333 Wells Fargo Bank, N.A. 46,667 33,333 BB&T 46,667 33,333 SunTrust Bank 46,667 33,333 Deutsche Bank AG New York Branch 46,667 33,333 PNC Bank, National Association 29,167 20,833 Regions Bank 29,167 20,833 The Northern Trust Company 29,167 20,833 Comerica Bank 14,582 10,418 The Bank of Tokyo-Mitsubishi UFJ, Ltd. 14,582 10,418 Total $ 350,000 $ 250,000 The Corporation’s Credit Agreement requires the Corporation’s ratio of consolidated debt to consolidated earnings before interest, taxes, depreciation, depletion and amortization (“EBITDA”), as defined, for the trailing-twelve months (the “Ratio”) to not exceed 3.50x as of the end of any fiscal quarter, provided that the Corporation may exclude from the Ratio debt incurred in connection with certain acquisitions for a period of 180 days so long as the Corporation, as a consequence of such specified acquisition, does not have its rating on long-term unsecured debt fall below BBB by Standard & Poor’s or Baa2 by Moody’s as a result of the acquisition, and the Ratio calculated without such exclusion does not exceed 3.75x. Additionally, if no amounts are outstanding under both the Revolving Facility and the Trade Receivable Facility, consolidated debt, including debt for which the Corporation is a co-borrower (see Note N), may be reduced by the Corporation’s unrestricted cash and cash equivalents in excess of $50,000,000, such reduction not to exceed $200,000,000, for purposes of the covenant calculation. The Corporation was in compliance with this Ratio at December 31, 2015. In 2014, the Corporation amended the Credit Agreement to ensure the impact of the business combination with TXI did not impair liquidity available under the Term Loan Facility and the Revolving Facility. The amendment adjusted consolidated EBITDA, as defined, to add back fees, costs or expenses relating to the TXI business combination incurred on or prior to the closing of the combination not to exceed $95,000,000; any integration or similar costs or expenses related to the TXI business combination incurred in any period prior to the second anniversary of the closing of the TXI business combination not to exceed $70,000,000; and any make-whole fees incurred in connection with the redemption of TXI’s 9.25% senior notes due 2020. Under the Term Loan Facility, the Corporation made required quarterly principal payments equal to 1.25% of the original principal balance during 2015 and is required to make quarterly principal payments equal to 1.875% of the remaining principal balance during the remaining years, with the remaining outstanding principal, together with interest accrued thereon, due in full on November 29, 2018. The Revolving Facility expires on November 29, 2018, with any outstanding principal amounts, together with interest accrued thereon, due in full on that date. Available borrowings under the Revolving Facility are reduced by any outstanding letters of credit issued by the Corporation under the Revolving Facility. At December 31, 2015 and 2014, the Corporation had $2,507,000 of outstanding letters of credit issued under the Revolving Facility. The Corporation paid the bank group an upfront loan commitment fee that is being amortized over the life of the Revolving Facility. The Revolving Facility includes an annual facility fee. The Corporation, through a wholly-owned special-purpose subsidiary, has a $250,000,000 trade receivable securitization facility (the “Trade Receivable Facility”), which matures on September 30, 2016. The Trade Receivable Facility, with SunTrust Bank, Regions Bank, PNC Bank, National Association and certain other lenders that may become a party to the facility from time to time, is backed by eligible trade receivables, as defined, of $364,419,000 and $369,575,000 at December 31, 2015 and 2014, respectively. These receivables are originated by the Corporation and then sold to the special-purpose subsidiary wholly-owned by the Corporation. Borrowings under the Trade Receivable Facility bear interest at a rate equal to one-month LIBOR plus 0.7% and are limited to the lesser of the facility limit or the borrowing base, as defined, of $282,258,000 and $313,428,000 at December 31, 2015 and 2014, respectively. The Corporation continues to be responsible for the servicing and administration of the receivables purchased by the wholly-owned special-purpose subsidiary. The Corporation’s long-term debt maturities for the five years following December 31, 2015, and thereafter are: (add 000) 2016 $ 19,246 2017 318,028 2018 486,843 2019 90 2020 60 Thereafter 748,628 Total $ 1,572,895 The Corporation has a $5,000,000 short-term line of credit. No amounts were outstanding under this line of credit at December 31, 2015 or 2014. Accumulated other comprehensive loss includes the unamortized value of terminated forward starting interest rate swap agreements. For the years ended December 31, 2015, 2014 and 2013, the Corporation recognized $1,280,000, $1,188,000 and $1,108,000, respectively, as additional interest expense. The ongoing amortization of the terminated value of the forward starting interest rate swap agreements will increase annual interest expense by approximately $1,400,000 until the maturity of the 6.6% Senior Notes in 2018. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2015 | |
Financial Instruments Disclosure [Abstract] | |
Financial Instruments | Note H: Financial Instruments The Corporation’s financial instruments include temporary cash investments, accounts receivable, notes receivable, bank overdraft, accounts payable, publicly-registered long-term notes, debentures and other long-term debt. Temporary cash investments are placed primarily in money market funds and money market demand deposit accounts with the following financial institutions: BB&T, Comerica Bank and Regions Bank. The Corporation’s cash equivalents have maturities of less than three months. Due to the short maturity of these investments, they are carried on the consolidated balance sheets at cost, which approximates fair value. Accounts receivable are due from a large number of customers, primarily in the construction industry, and are dispersed across wide geographic and economic regions. However, accounts receivable are more heavily concentrated in certain states, namely Texas, Colorado, North Carolina, Iowa and Georgia. The estimated fair values of accounts receivable approximate their carrying amounts. Notes receivable are primarily promissory notes with customers and are not publicly traded. Management estimates that the fair value of notes receivable approximates its carrying amount. The bank overdraft represents amounts to be funded to financial institutions for checks that have cleared the bank. The estimated fair value of the bank overdraft approximates its carrying value. Accounts payable represent amounts owed to suppliers and vendors. The estimated fair value of accounts payable approximates its carrying amount due to the short-term nature of the payables. The carrying values and fair values of the Corporation’s long-term debt were $1,572,895,000 and $1,625,193,000, respectively, at December 31, 2015 and $1,585,395,000 and $1,680,584,000, respectively, at December 31, 2014. The estimated fair value of the Corporation’s publicly-registered long-term debt was estimated based on Level 2 of the fair value hierarchy using quoted market prices. The estimated fair values of other borrowings, which primarily represent variable-rate debt, approximate their carrying amounts as the interest rates reset periodically. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note I: Income Taxes The components of the Corporation’s tax expense (benefit) on income from continuing operations are as follows: years ended December 31 (add 000) 2015 2014 2013 Federal income taxes: Current $ 20,627 $ 35,313 $ 30,856 Deferred 85,295 46,616 8,399 Total federal income taxes 105,922 81,929 39,255 State income taxes: Current 18,153 10,307 3,201 Deferred 930 3,376 478 Total state income taxes 19,083 13,683 3,679 Foreign income taxes: Current 99 1,262 972 Deferred (241 ) (2,027 ) 139 Total foreign income taxes (142 ) (765 ) 1,111 Total taxes on income $ 124,863 $ 94,847 $ 44,045 The increase in federal deferred tax expense in 2015 and 2014 is attributable to the utilization of net operating loss carryforwards acquired in the acquisition of TXI to the extent allowed. For the years ended December 31, 2015 and 2014, the benefit related to the utilization of federal NOL carryforwards, reflected in current tax expense, was $156,554,000 and $16,940,000, respectively. For the year ended December 31, 2015, the realized tax benefit for stock-based compensation transactions was $871,000 less than the amounts estimated during the vesting periods, resulting in a decrease in the pool of excess tax credits. For the years ended December 31, 2014 and 2013, excess tax benefits attributable to stock-based compensation transactions that were recorded to shareholders’ equity amounted to $2,508,000 and $2,368,000, respectively. For the years ended December 31, 2015, 2014 and 2013, foreign pretax loss was $1,175,000, $10,557,000 and $10,277,000, respectively. In 2014, current foreign tax expense primarily related to unrecognized tax benefits for tax positions taken in prior years and the deferred foreign tax benefit primarily related to the true-up of deferred tax liabilities. In 2013, current foreign tax expense was primarily attributable to the settlement of the Canadian Advance Pricing Agreement (“APA”). The tax effect of currency translations included in foreign taxes was immaterial. The Corporation’s effective income tax rate on continuing operations varied from the statutory United States income tax rate because of the following permanent tax differences: years ended December 31 2015 2014 2013 Statutory tax rate 35.0 % 35.0 % 35.0 % (Reduction) increase resulting from: Effect of statutory depletion (7.8 ) (9.6 ) (12.0 ) State income taxes 3.0 3.6 1.5 Domestic production deduction (0.1 ) (0.9 ) (2.1 ) Transfer pricing — (0.2 ) 0.9 Goodwill write off 0.4 3.9 — Foreign tax rate differential — 1.3 2.1 Disallowed compensation 0.2 3.7 0.3 Purchase accounting transaction costs — 2.4 — Other items (0.5 ) (1.1 ) 1.1 Effective income tax rate 30.2 % 38.1 % 26.8 % For income tax purposes, the statutory depletion deduction is calculated as a percentage of sales, subject to certain limitations. Due to these limitations, the impact of changes in the sales volumes and earnings may not proportionately affect the Corporation’s statutory depletion deduction and the corresponding impact on the effective income tax rate on continuing operations. The Corporation is entitled to receive a 9% tax deduction related to income from domestic (i.e., United States) production activities. The deduction reduced income tax expense and increased consolidated net earnings by $222,000, or less than $0.01 per diluted share, in 2015, $3,239,000, or $0.05 per diluted share, in 2014, and $3,979,000, or $0.09 per diluted share, in 2013. In 2015 and 2014, the Corporation wrote off goodwill not deductible for income tax purposes as part of the sale of certain operations. In addition, the Corporation incurred certain compensation and transaction expenses in 2014 in connection with the TXI acquisition that are not deductible for income tax purposes, which increased the effective income tax rate. The principal components of the Corporation’s deferred tax assets and liabilities are as follows: December 31 Deferred Assets (Liabilities) (add 000) 2015 2014 Deferred tax assets related to: Employee benefits $ 56,302 $ 74,288 Inventories 75,907 64,484 Valuation and other reserves 42,857 48,278 Net operating loss carryforwards 11,448 171,781 Accumulated other comprehensive loss 67,757 70,367 Alternative Minimum Tax credit carryforward 48,197 28,809 Gross deferred tax assets 302,468 458,007 Valuation allowance on deferred tax assets (8,967 ) (6,133 ) Total net deferred tax assets 293,501 451,874 Deferred tax liabilities related to: Property, plant and equipment (593,767 ) (638,730 ) Goodwill and other intangibles (266,436 ) (288,471 ) Other items, net (16,757 ) (14,618 ) Total deferred tax liabilities (876,960 ) (941,819 ) Net deferred tax liability $ (583,459 ) $ (489,945 ) The increase in the net deferred tax liability is primarily a result of the utilization of deferred tax assets related to net operating loss (“NOL”) carryforwards, offset by the recognition of deferred tax liabilities resulting from the sale of the California cement operations. Deferred tax assets for employee benefits result from the temporary differences between the deductions for pension and postretirement obligations and stock-based compensation transactions. For financial reporting purposes, such amounts are expensed based on authoritative accounting guidance. For income tax purposes, amounts related to pension and postretirement obligations are deductible as funded. Amounts related to stock-based compensation transactions are deductible for income tax purposes upon vesting or exercise of the underlying award. Deferred tax assets are carried on stock options with exercise prices in excess of the Corporation’s stock price at December 31, 2015. If these options expire without being exercised, the deferred tax assets are written off by reducing the pool of excess tax benefits to the extent available and expensing any excess. The Corporation had domestic federal and state net operating loss carryforwards of $273,251,000 (federal $33,863,000; state $239,388,000) and $710,163,000 (federal $465,467,000; state $244,696,000) at December 31, 2015 and 2014, respectively. These carryforwards have various expiration dates through 2035. At December 31, 2015 and 2014, deferred tax assets associated with these carryforwards were $11,448,000 and $171,781,000, respectively, net of unrecognized tax benefits, for which valuation allowances of $8,690,000 and $5,084,000, respectively, were recorded. The Corporation recorded a $3,714,000 valuation reserve in 2015 for certain state net operating loss carryforwards, which was driven by the sale of the California cement operations. The Corporation also had domestic tax credit carryforwards of $3,179,000 and $3,682,000 at December 31, 2015 and 2014, respectively, for which valuation allowances were recorded in the amount of $277,000 and $1,049,000 at December 31, 2015 and 2014, respectively. Federal tax credit carryforwards recorded at December 31, 2015 will begin to expire in 2025. State tax credit carryforwards recorded at December 31, 2015 expire in 2018. At December 31, 2015, the Corporation also had Alternative Minimum Tax (“AMT”) credit carryforwards of $48,197,000, which do not expire. Deferred tax liabilities for property, plant and equipment result from accelerated depreciation methods being used for income tax purposes as compared with the straight-line method for financial reporting purposes. Deferred tax liabilities related to goodwill and other intangibles reflect the cessation of goodwill amortization for financial reporting purposes, while amortization continues for income tax purposes. No deferred tax liabilities were recorded on goodwill acquired in the TXI acquisition. The Corporation provides deferred taxes, as required, on the undistributed net earnings of all non-U.S. subsidiaries for which the indefinite reversal criterion has not been met. The Corporation expects to reinvest permanently the earnings from its wholly-owned Canadian subsidiary and accordingly, has not provided deferred taxes on the subsidiary’s undistributed net earnings. The Canadian subsidiary’s undistributed net earnings are estimated to be $32,284,000 for the year ended December 31, 2015. The unrecognized deferred tax liability for temporary differences related to the investment in the wholly-owned Canadian subsidiary is estimated to be $1,815,000 for the year ended December 31, 2015. The following table summarizes the Corporation’s unrecognized tax benefits, excluding interest and correlative effects: years ended December 31 (add 000) 2015 2014 2013 Unrecognized tax benefits at beginning of year $ 21,107 $ 11,826 $ 15,380 Gross increases – tax positions in prior years 3,079 2,075 9,845 Gross decreases – tax positions in prior years (3,512 ) (203 ) (5,121 ) Gross increases – tax positions in current year 4,978 3,369 2,540 Gross decreases – tax positions in current year (594 ) (51 ) (529 ) Settlements with taxing authorities — — (8,599 ) Lapse of statute of limitations (6,331 ) (1,872 ) (1,690 ) Unrecognized tax benefits assumed with acquisition — 5,963 — Unrecognized tax benefits at end of year $ 18,727 $ 21,107 $ 11,826 For the year ended December 31, 2014, the unrecognized tax benefits assumed with acquisition included positions acquired in the acquisition of TXI. For the year ended December 31, 2013, settlements with taxing authorities related to the Canadian APA settlement. At December 31, 2015, 2014 and 2013, unrecognized tax benefits of $7,975,000, $9,362,000 and $6,301,000, respectively, related to interest accruals and permanent income tax differences net of federal tax benefits, would have favorably affected the Corporation’s effective income tax rate if recognized. Unrecognized tax benefits are reversed as a discrete event if an examination of applicable tax returns is not begun by a federal or state tax authority within the statute of limitations or upon effective settlement with federal or state tax authorities. Management believes its accrual for unrecognized tax benefits is sufficient to cover uncertain tax positions reviewed during audits by taxing authorities. The Corporation anticipates that it is reasonably possible that its unrecognized tax benefits may decrease up to $1,455,000, excluding indirect benefits, during the twelve months ending December 31, 2016 due to the expiration of the statute of limitations for the 2011 and 2012 tax years. For the years ended December 31, 2015, 2014 and 2013, $2,364,000 or $0.04 per diluted share, $687,000 or $0.01 per diluted share, and $1,368,000 or $0.03 per diluted share, respectively, were reversed into income upon the statute of limitations expiration for the 2009, 2010 and 2011 tax years. The Corporation’s open tax years subject to federal, state or foreign examinations are 2011 through 2015. |
Retirement Plans, Postretiremen
Retirement Plans, Postretirement and Postemployment Benefits | 12 Months Ended |
Dec. 31, 2015 | |
Compensation And Retirement Disclosure [Abstract] | |
Retirement Plans, Postretirement and Postemployment Benefits | Note J: Retirement Plans, Postretirement and Postemployment Benefits The Corporation sponsors defined benefit retirement plans that cover substantially all employees. Additionally, the Corporation provides other postretirement benefits for certain employees, including medical benefits for retirees and their spouses and retiree life insurance. The Corporation also provides certain benefits, such as disability benefits, to former or inactive employees after employment but before retirement. In connection with the TXI acquisition in 2014, the Corporation assumed three defined benefit plans, including two pension plans and a postretirement health benefit plan. The assets and obligations associated with these plans are reflected in the assets and obligations as of December 31, 2015 and 2014, in the tables below. The measurement date for the Corporation’s defined benefit plans, postretirement benefit plans and postemployment benefit plans is December 31. Defined Benefit Retirement Plans. Retirement plan assets invested in listed stocks, bonds, hedge funds, real estate and cash equivalents. Defined retirement benefits for salaried employees are based on each employee’s years of service and average compensation for a specified period of time before retirement. Defined retirement benefits for hourly employees are generally stated amounts for specified periods of service. The Corporation sponsors a Supplemental Excess Retirement Plan (“SERP”) that generally provides for the payment of retirement benefits in excess of allowable Internal Revenue Code limits. The SERP generally provides for a lump-sum payment of vested benefits. When these benefit payments exceed the sum of the service and interest costs for the SERP during a year, the Corporation recognizes a pro-rata portion of the SERP’s unrecognized actuarial loss as settlement expense. The net periodic retirement benefit cost of defined benefit plans includes the following components: years ended December 31 (add 000) 2015 2014 2013 Components of net periodic benefit cost: Service cost $ 23,001 $ 17,125 $ 16,121 Interest cost 33,151 28,935 23,016 Expected return on assets (36,385 ) (32,661 ) (26,660 ) Amortization of: Prior service cost 422 445 449 Actuarial loss 17,159 4,045 15,679 Transition asset (1 ) (1 ) (1 ) Settlement charge — — 729 Termination benefit charge 2,085 13,652 — Net periodic benefit cost $ 39,432 $ 31,540 $ 29,333 The expected return on assets is based on the fair value of the plan assets. The termination benefit charge represents the increased benefits payable to former TXI executives as part of their change-in-control agreements. The Corporation recognized the following amounts in consolidated comprehensive earnings: years ended December 31 (add 000) 2015 2014 2013 Actuarial loss (gain) $ 9,916 $ 105,546 $ (90,755 ) Amortization of: Prior service cost (422 ) (445 ) (449 ) Actuarial loss (17,159 ) (4,045 ) (15,679 ) Transition asset 1 1 1 Special plan termination benefits (2,085 ) — — Settlement charge — — (729 ) Net prior service cost 2,338 — — Total $ (7,411 ) $ 101,057 $ (107,611 ) Accumulated other comprehensive loss includes the following amounts that have not yet been recognized in net periodic benefit cost: December 31 2015 2014 (add 000) Gross Net of tax Gross Net of tax Prior service cost $ 1,028 $ 628 $ 1,197 $ 729 Actuarial loss 178,770 108,874 186,013 113,288 Transition asset (8 ) (5 ) (9 ) (5 ) Total $ 179,790 $ 109,497 $ 187,201 $ 114,012 The prior service cost, actuarial loss and transition asset expected to be recognized in net periodic benefit cost during 2016 are $350,000 (net of deferred taxes of $136,000), $11,318,000 (net of deferred taxes of $4,403,000) and $1,000, respectively. These amounts are included in accumulated other comprehensive loss at December 31, 2015. The defined benefit plans’ change in projected benefit obligation is as follows: years ended December 31 (add 000) 2015 2014 Change in projected benefit obligation: Net projected benefit obligation at beginning of year $ 753,975 $ 496,040 Service cost 23,001 17,125 Interest cost 33,151 28,935 Actuarial (gain) loss (27,119 ) 99,071 Gross benefits paid (30,803 ) (23,489 ) Acquisitions — 122,641 Nonrecurring termination benefit 2,338 13,652 Net projected benefit obligation at end of year $ 754,543 $ 753,975 The Corporation’s change in plan assets, funded status and amounts recognized on the Corporation’s consolidated balance sheets are as follows: years ended December 31 (add 000) 2015 2014 Change in plan assets: Fair value of plan assets at beginning of year $ 524,042 $ 443,973 Actual return on plan assets, net (651 ) 26,186 Employer contributions 53,924 25,654 Gross benefits paid (30,803 ) (23,489 ) Acquisitions — 51,718 Fair value of plan assets at end of year $ 546,512 $ 524,042 years ended December 31 (add 000) 2015 2014 Funded status of the plan at end of year $ (208,031 ) $ (229,933 ) Accrued benefit cost $ (208,031 ) $ (229,933 ) December 31 (add 000) 2015 2014 Amounts recognized on consolidated balance sheets consist of: Current liability $ (6,048 ) $ (4,183 ) Noncurrent liability (201,983 ) (225,750 ) Net amount recognized at end of year $ (208,031 ) $ (229,933 ) The accumulated benefit obligation for all defined benefit pension plans was $688,017,000 and $684,647,000 at December 31, 2015 and 2014, respectively. Benefit obligations and fair value of plan assets for pension plans with accumulated benefit obligations in excess of plan assets are as follows: December 31 (add 000) 2015 2014 Projected benefit obligation $ 754,543 $ 753,975 Accumulated benefit obligation $ 688,017 $ 684,647 Fair value of plan assets $ 546,512 $ 524,042 Weighted-average assumptions used to determine benefit obligations as of December 31 are: 2015 2014 Discount rate 4.67% 4.25% Rate of increase in future compensation levels 4.50% 4.50% Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31 are: 2015 2014 2013 Discount rate 4.25% 5.17% 4.24% Rate of increase in future compensation levels 4.50% 5.00% 5.00% Expected long-term rate of return on assets 7.00% 7.00% 7.00% The expected long-term rate of return on assets is based on a building-block approach, whereby the components are weighted based on the allocation of pension plan assets. For 2015 and 2014, the Corporation estimated the remaining lives of participants in the pension plans using the RP-2014 Mortality Table. The no-collar table was used for salaried participants and the blue-collar table, reflecting the experience of the Corporation’s participants, was used for hourly participants. The target allocation for 2015 and the actual pension plan asset allocation by asset class are as follows: Percentage of Plan Assets 2015 December 31 Asset Class Target Allocation 2015 2014 Equity securities 54% 55% 59% Debt securities 30% 31% 29% Hedge funds 8% 7% 4% Real estate 8% 7% 7% Cash 0% 0% 1% Total 100% 100% 100% The Corporation’s investment strategy is for approximately 50% of equity securities to be invested in mid-sized to large capitalization U.S. funds with the remaining to be invested in small capitalization, emerging markets and international funds. Debt securities, or fixed income investments, are invested in funds benchmarked to the Barclays U.S. Aggregate Bond Index. The fair values of pension plan assets by asset class and fair value hierarchy level are as follows: December 31 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value (add 000) 2015 Equity securities: Mid-sized to large cap $ — $ 156,008 $ — $ 156,008 Small cap, international and emerging growth funds — 144,405 — 144,405 Debt securities: Core fixed income — 167,545 — 167,545 High-yield bonds — — — — Real estate 15,479 — 23,242 38,721 Hedge funds — — 39,219 39,219 Cash 614 — — 614 Total $ 16,093 $ 467,958 $ 62,461 $ 546,512 2014 Equity securities: Mid-sized to large cap $ — $ 219,092 $ — $ 219,092 Small cap, international and emerging growth funds — 87,706 — 87,706 Debt securities: Core fixed income — 154,997 — 154,997 High-yield bonds — — — — Real estate — — 20,363 20,363 Hedge funds — — 38,264 38,264 Cash 3,620 — — 3,620 Total $ 3,620 $ 461,795 $ 58,627 $ 524,042 Level 3 real estate investments are stated at estimated fair value, which 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. The fair values of real estate investments generally do not reflect transaction costs which may be incurred upon disposition of the real estate investments and do not necessarily represent the prices at which the real estate investments would be sold or repaid, since market prices of real estate investments can only be determined by negotiation between a willing buyer and seller. An independent valuation consultant is employed to determine the fair value of the real estate investments. The value of hedge funds is based on the values of the sub-fund investments. In determining the fair value of each sub-fund’s investment, the hedge funds’ Board of Trustees uses the values provided by the sub-funds and any other considerations that may, in its judgment, increase or decrease such estimated value. The change in the fair value of pension plan assets valued using significant unobservable inputs (Level 3) is as follows: years ended December 31 Real Estate Hedge Funds (add 000) 2015 Balance at beginning of year $ 20,363 $ 38,264 Purchases, sales, settlements, net — — Actual return on plan assets held at period end 2,879 955 Balance at end of year $ 23,242 $ 39,219 2014 Balance at beginning of year $ 19,357 $ 21,764 Purchases, sales, settlements, net 441 15,600 Actual return on plan assets held at period end 565 900 Balance at end of year $ 20,363 $ 38,264 In 2015 and 2014, the Corporation made pension and SERP contributions of $53,924,000 and $25,654,000, respectively. The Corporation currently estimates that it will contribute $29,927,000 to its pension and SERP plans in 2016. The expected benefit payments to be paid from plan assets for each of the next five years and the five-year period thereafter are as follows: (add 000) 2016 $ 34,226 2017 $ 36,301 2018 $ 38,105 2019 $ 40,327 2020 $ 42,582 Years 2021 - 2025 $ 238,610 Postretirement Benefits . The net periodic postretirement benefit (credit) cost of postretirement plans includes the following components: years ended December 31 (add 000) 2015 2014 2013 Components of net periodic benefit credit: Service cost $ 137 $ 206 $ 227 Interest cost 928 1,164 1,013 Amortization of: Prior service credit (2,302 ) (3,255 ) (3,255 ) Actuarial (gain) loss (309 ) (266 ) 25 Total net periodic benefit credit $ (1,546 ) $ (2,151 ) $ (1,990 ) The Corporation recognized the following amounts in consolidated comprehensive earnings: years ended December 31 (add 000) 2015 2014 2013 Actuarial gain $ (626 ) $ (3,026 ) $ (1,011 ) Amortization of: Prior service credit 2,302 3,255 3,255 Actuarial gain (loss) 309 266 (25 ) Total $ 1,985 $ 495 $ 2,219 Accumulated other comprehensive loss includes the following amounts that have not yet been recognized in net periodic benefit cost: 2015 2014 (add 000) Gross Net of tax Gross Net of tax Prior service credit $ (4,786 ) $ (2,924 ) $ (7,088 ) $ (4,316 ) Actuarial gain (5,050 ) (3,086 ) (4,733 ) (2,883 ) Total $ (9,836 ) $ (6,010 ) $ (11,821 ) $ (7,199 ) The prior service credit and actuarial gain expected to be recognized in net periodic benefit cost during 2016 is $1,846,000 (net of a deferred tax liability of $718,000) and $382,000 (net of a deferred tax liability of $149,000), respectively, and are included in accumulated other comprehensive loss at December 31, 2015. The postretirement health care plans’ change in benefit obligation is as follows: years ended December 31 (add 000) 2015 2014 Change in benefit obligation: Net benefit obligation at beginning of year $ 25,086 $ 27,352 Service cost 137 206 Interest cost 928 1,164 Participants’ contributions 1,777 2,100 Actuarial gain (627 ) (3,026 ) Gross benefits paid (3,893 ) (4,856 ) Acquisitions — 2,146 Net benefit obligation at end of year $ 23,408 $ 25,086 The Corporation’s change in plan assets, funded status and amounts recognized on the Corporation’s consolidated balance sheets are as follows: years ended December 31 (add 000) 2015 2014 Change in plan assets: Fair value of plan assets at beginning of year $ — $ — Employer contributions 2,116 2,756 Participants’ contributions 1,777 2,100 Gross benefits paid (3,893 ) (4,856 ) Fair value of plan assets at end of year $ — $ — December 31 (add 000) 2015 2014 Funded status of the plan at end of year $ (23,408 ) $ (25,086 ) Accrued benefit cost $ (23,408 ) $ (25,086 ) December 31 (add 000) 2015 2014 Amounts recognized on consolidated balance sheets consist of: Current liability $ (2,120 ) $ (2,770 ) Noncurrent liability (21,288 ) (22,316 ) Net amount recognized at end of year $ (23,408 ) $ (25,086 ) Weighted-average assumptions used to determine the postretirement benefit obligations as of December 31 are: 2015 2014 Discount rate 4.25 % 3.83 % Weighted-average assumptions used to determine net postretirement benefit cost for the years ended December 31 are: 2015 2014 2013 Discount rate 3.83 % 4.42 % 3.54 % For 2015 and 2014, the Corporation estimated the remaining lives of participants in the postretirement plan using the RP-2014 Mortality Table. Assumed health care cost trend rates at December 31 are: 2015 2014 Health care cost trend rate assumed for next year 7.0% 7.0% Rate to which the cost trend rate gradually declines 5.0% 5.0% Year the rate reaches the ultimate rate 2020 2019 Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plans. A one percentage-point change in assumed health care cost trend rates would have the following effects: One Percentage Point (add 000) Increase (Decrease) Total service and interest cost components $ 55 $ (51 ) Postretirement benefit obligation $ 1,312 $ (1,133 ) The Corporation estimates that it will contribute $2,120,000 to its postretirement health care plans in 2016. The total expected benefit payments to be paid by the Corporation, net of participant contributions, for each of the next five years and the five-year period thereafter are as follows: (add 000) 2016 $ 2,120 2017 $ 2,344 2018 $ 2,275 2019 $ 2,159 2020 $ 2,051 Years 2021 - 2025 $ 9,170 Defined Contribution Plans . The Corporation maintains defined contribution plans that cover substantially all employees. These plans, qualified under Section 401(a) of the Internal Revenue Code, are retirement savings and investment plans for the Corporation’s salaried and hourly employees Under certain provisions of these plans, the Corporation, at established rates, matches employees’ eligible contributions. The Corporation’s matching obligations were $12,444,000 in 2015, $8,602,000 in 2014 and $7,097,000 in 2013. The increase in matching contributions reflect the participation of the new employees effective July 1, 2014 in connection with the TXI acquisition. Postemployment Benefits. The Corporation had accrued postemployment benefits of $1,267,000 at December 31, 2015 and 2014. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | Note K: Stock-Based Compensation The shareholders approved, on May 23, 2006, the Martin Marietta Materials, Inc. Stock-Based Award Plan, as amended from time to time (along with the Amended Omnibus Securities Award Plan, originally approved in 1994, the “Plans”). The Corporation has been authorized by the Board of Directors to repurchase shares of the Corporation’s common stock for issuance under the Plans (see Note M). Under the Plans, the Corporation grants options to employees to purchase its common stock at a price equal to the closing market value at the date of grant. Options become exercisable in four annual installments beginning one year after date of grant. Options granted starting 2013 expire ten years after the grant date while outstanding options granted prior to 2013 expire eight years after the grant date. In connection with the TXI acquisition, the Corporation issued 821,282 Martin Marietta stock options (“Replacement Options”) to holders of outstanding TXI stock options at the acquisition date. The Corporation issued 0.7 Replacement Options for each outstanding TXI stock option, and the Replacement Option prices reflected the exchange ratio. The Replacement Options will expire on the original contractual dates when the TXI stock options were initially issued. Consistent with the terms of the Corporation’s other outstanding stock options, Replacement Options expire 90 days after employment is terminated. Prior to 2009, each nonemployee Board of Director member received 3,000 non-qualified stock options annually. These options have an exercise price equal to the market value at the date of grant, vested immediately and expire ten years from the grant date. The following table includes summary information for stock options as of December 31, 2015: Number of Options Weighted- Average Exercise Price Weighted-Average Remaining Contractual Life (years) Outstanding at January 1, 2015 1,054,435 $ 96.53 Granted 55,244 $ 154.58 Exercised (367,497 ) $ 101.31 Terminated (56,170 ) $ 135.85 Outstanding at December 31, 2015 686,012 $ 95.43 3.8 Exercisable at December 31, 2015 544,755 $ 87.75 2.7 The weighted-average grant-date exercise price of options granted during 2015, 2014 and 2013 was $154.58, $121.00 and $108.24, respectively. The aggregate intrinsic values of options exercised during the years ended December 31, 2015, 2014 and 2013 were $7,318,000, $9,709,000 and $7,142,000, respectively, and were based on the closing prices of the Corporation’s common stock on the dates of exercise. The aggregate intrinsic values for options outstanding and exercisable at December 31, 2015 were $29,536,000 and $26,925,000, respectively, and were based on the closing price of the Corporation’s common stock at December 31, 2015, which was $136.58. Additionally, an incentive stock plan has been adopted under the Plans whereby certain participants may elect to use up to 50% of their annual incentive compensation to acquire units representing shares of the Corporation’s common stock at a 20% discount to the market value on the date of the incentive compensation award. Certain executive officers are required to participate in the incentive stock plan at certain minimum levels. Participants earn the right to receive unrestricted shares of common stock in an amount equal to their respective units generally at the end of a 34-month period of additional employment from the date of award or at retirement beginning at age 62. All rights of ownership of the common stock convey to the participants upon the issuance of their respective shares at the end of the ownership-vesting period, with the exception of dividend equivalents that are paid on the units during the vesting period. The Corporation grants restricted stock awards under the Plans to a group of executive officers, key personnel and nonemployee Board of Directors. The vesting of certain restricted stock awards is based on specific performance criteria over a specified period of time. In addition, certain awards are granted to individuals to encourage retention and motivate key employees. These awards generally vest if the employee is continuously employed over a specified period of time and require no payment from the employee. Awards granted to nonemployee Board of Directors vest immediately. The following table summarizes information for incentive compensation awards and restricted stock awards as of December 31, 2015: Incentive Compensation Restricted Stock - Service Based Restricted Stock - Performance Based Number of Awards Weighted- Average Grant-Date Fair Value Number of Awards Weighted- Average Grant-Date Fair Value Number of Awards Weighted- Average Grant-Date Fair Value January 1, 2015 27,608 $ 101.61 319,230 $ 105.62 16,388 $ 129.14 Awarded 22,035 $ 108.53 48,368 $ 154.26 20,219 $ 108.53 Distributed (11,751 ) $ 99.14 (75,411 ) $ 77.27 — $ — Forfeited (552 ) $ 102.99 (3,624 ) $ 127.06 — $ — December 31, 2015 37,340 $ 106.45 288,563 $ 120.92 36,607 $ 117.76 The weighted-average grant-date fair value of incentive compensation awards granted during 2015, 2014 and 2013 was $108.53, $109.17 and $99.23, respectively. The weighted-average grant-date fair value of service based restricted stock awards granted during 2015, 2014 and 2013 was $154.26, $126.88 and $108.24, respectively. The weighted average grant-date fair value of performance based restricted stock awards granted during 2015 and 2014 was $108.53 and $129.14, respectively. The aggregate intrinsic values for incentive compensation awards and restricted stock awards at December 31, 2015 were $1,920,000 and $44,412,000, respectively, and were based on the closing price of the Corporation’s common stock at December 31, 2015, which was $136.58. The aggregate intrinsic values of incentive compensation awards distributed during the years ended December 31, 2015, 2014 and 2013 were $983,000, $584,000 and $466,000, respectively. The aggregate intrinsic values of restricted stock awards distributed during the years ended December 31, 2015, 2014 and 2013 were $11,387,000, $3,555,000 and $9,413,000, respectively. The aggregate intrinsic values for distributed awards were based on the closing prices of the Corporation’s common stock on the dates of distribution. At December 31, 2015, there are approximately 2,099,000 awards available for grant under the Plans. In 1996, the Corporation adopted the Shareholder Value Achievement Plan to award shares of the Corporation’s common stock to key senior employees based on certain common stock performance criteria over a long-term period. Under the terms of this plan, 250,000 shares of common stock were reserved for issuance. Through December 31, 2015, 42,025 shares have been issued under this plan. No awards have been granted under this plan after 2000. The Corporation adopted and the shareholders approved the Common Stock Purchase Plan for Directors in 1996, which provides nonemployee Board of Directors the election to receive all or a portion of their total fees in the form of the Corporation’s common stock. Under the terms of this plan, 300,000 shares of common stock were reserved for issuance. In 2015, members of the Board of Directors were required to defer at least 20% of their retainer in the form of the Corporation’s common stock at a 20% discount to market value. Nonemployee Board of Directors elected to defer portions of their fees representing 4,035, 3,804 and 6,583 shares of the Corporation’s common stock under this plan during 2015, 2014 and 2013, respectively. The following table summarizes stock-based compensation expense for the years ended December 31, 2015, 2014 and 2013, unrecognized compensation cost for nonvested awards at December 31, 2015 and the weighted-average period over which unrecognized compensation cost is expected to be recognized: (add 000, except year data) Stock Options Restricted Stock Incentive Compensation Directors’ Awards Total Stock-based compensation expense recognized for years ended December 31: 2015 $ 2,679 $ 9,809 $ 376 $ 725 $ 13,589 2014 $ 2,020 $ 6,189 $ 257 $ 527 8,993 2013 $ 1,734 $ 4,377 $ 229 $ 668 7,008 Unrecognized compensation cost at December 31, 2015: $ 2,718 $ 18,985 $ 334 $ — $ 22,037 Weighted-average period over which unrecognized compensation cost will be recognized: 2.0 years 2.8 years 1.5 years — For the years ended December 31, 2015, 2014 and 2013, the Corporation recognized a deferred tax asset related to stock-based compensation expense of $5,286,000, $3,542,000 and $2,772,000, respectively. The following presents expected stock-based compensation expense in future periods for outstanding awards as of December 31, 2015: (add 000) 2016 $ 9,818 2017 6,578 2018 3,817 2019 1,824 2020 — Total $ 22,037 Stock-based compensation expense is included in selling, general and administrative expenses in the Corporation’s consolidated statements of earnings. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Leases | Note L: Leases Total lease expense for operating leases was $80,417,000, $59,590,000 and $45,093,000 for the years ended December 31, 2015, 2014 and 2013, respectively. The Corporation’s operating leases generally contain renewal and/or purchase options with varying terms. The Corporation has royalty agreements that generally require royalty payments based on tons produced or total sales dollars and also contain minimum payments. Total royalties, principally for leased properties, were $53,658,000, $50,535,000 and $41,604,000 for the years ended December 31, 2015, 2014 and 2013, respectively. The Corporation also has capital lease obligations for machinery and equipment. Future minimum lease and royalty commitments for all noncancelable agreements and capital lease obligations as of December 31, 2015 are as follows: (add 000) Capital Leases Operating Leases & Royalty Commitments 2016 $ 3,166 $ 111,317 2017 2,922 73,106 2018 2,981 55,047 2019 2,691 45,940 2020 1,891 43,692 Thereafter 3,997 272,066 Total 17,648 $ 601,168 Less: imputed interest (2,724 ) Present value of minimum lease payments 14,924 Less: current capital lease obligations (2,438 ) Long-term capital lease obligations $ 12,486 Of the total future minimum commitments, $246,903,000 relates to the Corporation’s contracts of affreightment. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Shareholders' Equity | Note M: Shareholders’ Equity The authorized capital structure of the Corporation includes 100,000,000 shares of common stock, with a par value of $0.01 a share. At December 31, 2015, approximately 3,508,000 common shares were reserved for issuance under stock-based plans. Pursuant to authority granted by its Board of Directors, the Corporation can repurchase up to 20,000,000 shares of common stock through open-market purchases. The Corporation repurchased 3,285,380 shares of common stock during 2015 and did not repurchase any shares of common stock during 2014 or 2013. At December 31, 2015, 16,714,620 shares of common stock were remaining under the Corporation’s repurchase authorization. In addition to common stock, the Corporation’s capital structure includes 10,000,000 shares of preferred stock with a par value of $0.01 a share. On October 21, 2006, the Board of Directors adopted a Rights Agreement (the “Rights Agreement”) and reserved 200,000 shares of Junior Participating Class B Preferred Stock for issuance. In accordance with the Rights Agreement, the Corporation issued a dividend of one right for each share of the Corporation’s common stock outstanding as of October 21, 2006, and one right continues to attach to each share of common stock issued thereafter. The rights will become exercisable if any person or group acquires beneficial ownership of 15% or more of the Corporation’s common stock. Once exercisable and upon a person or group acquiring 15% or more of the Corporation’s common stock, each right (other than rights owned by such person or group) entitles its holder to purchase, for an exercise price of $315 per share, a number of shares of the Corporation’s common stock (or in certain circumstances, cash, property or other securities of the Corporation) having a market value of twice the exercise price, and under certain conditions, common stock of an acquiring company having a market value of twice the exercise price. If any person or group acquires beneficial ownership of 15% or more of the Corporation’s common stock, the Corporation may, at its option, exchange the outstanding rights (other than rights owned by such acquiring person or group) for shares of the Corporation’s common stock or Corporation equity securities deemed to have the same value as one share of common stock or a combination thereof, at an exchange ratio of one share of common stock per right. The rights are subject to adjustment if certain events occur, and they will initially expire on October 21, 2016, if not terminated sooner. The Corporation’s Rights Agreement provides that the Corporation’s Board of Directors may, at its option, redeem all of the outstanding rights at a redemption price of $0.001 per right. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note N: Commitments and Contingencies Legal and Administrative Proceedings. The Corporation is engaged in certain legal and administrative proceedings incidental to its normal business activities. In the opinion of management and counsel, based upon currently-available facts, it is remote that the ultimate outcome of any litigation and other proceedings, including those pertaining to environmental matters (see Note A), relating to the Corporation and its subsidiaries, will have a material adverse effect on the overall results of the Corporation’s operations, its cash flows or its financial position. Asset Retirement Obligations. The Corporation incurs reclamation and teardown costs as part of its mining and production processes. Estimated future obligations are discounted to their present value and accreted to their projected future obligations via charges to operating expenses. Additionally, the fixed assets recorded concurrently with the liabilities are depreciated over the period until retirement activities are expected to occur. Total accretion and depreciation expenses for 2015, 2014 and 2013 were $6,767,000, $4,584,000 and $3,793,000, respectively, and are included in other operating income and expenses, net, in the consolidated statements of earnings. The following shows the changes in the asset retirement obligations: years ended December 31: (add 000) 2015 2014 Balance at beginning of year $ 70,422 $ 48,727 Accretion expense 3,336 2,818 Liabilities incurred and assumed in business combinations 14,735 20,984 Liabilities settled (4,490 ) (2,061 ) Revisions in estimated cash flows 5,601 (46 ) Balance at end of year $ 89,604 $ 70,422 Other Environmental Matters . The Corporation’s operations are subject to and affected by federal, state and local laws and regulations relating to the environment, health and safety and other regulatory matters. Certain of the Corporation’s operations may, from time to time, involve the use of substances that are classified as toxic or hazardous within the meaning of these laws and regulations. Environmental operating permits are, or may be, required for certain of the Corporation’s operations, and such permits are subject to modification, renewal and revocation. The Corporation regularly monitors and reviews its operations, procedures and policies for compliance with these laws and regulations. Despite these compliance efforts, risk of environmental remediation liability is inherent in the operation of the Corporation’s businesses, as it is with other companies engaged in similar businesses. The Corporation has no material provisions for environmental remediation liabilities and does not believe such liabilities will have a material adverse effect on the Corporation in the future. The United States Environmental Protection Agency (“EPA”) includes the lime industry as a national enforcement priority under the federal Clean Air Act (“CAA”). As part of the industry-wide effort, the EPA issued Notices of Violation/Findings of Violation (“NOVs”) to the Corporation in 2010 and 2011 regarding its compliance with the CAA New Source Review (“NSR”) program at its Magnesia Specialties dolomitic lime manufacturing plant in Woodville, Ohio. The Corporation has been providing information to the EPA in response to these NOVs and has had several meetings with the EPA. The Corporation believes it is in substantial compliance with the NSR program. At this time, the Corporation cannot reasonably estimate what likely penalties or upgrades to equipment might ultimately be required. The Corporation believes that any costs related to any required upgrades to capital equipment will be spread over time and will not have a material adverse effect on the Corporation’s results of operations or its financial condition, but can give no assurance that the ultimate resolution of this matter will not have a material adverse effect on the financial condition or results of operations of the Magnesia Specialties segment. Insurance Reserves. The Corporation has insurance coverage with large deductibles for workers’ compensation, automobile liability, marine liability and general liability claims. The Corporation is also self-insured for health claims. At December 31, 2015 and 2014, reserves of $45,911,000 and $42,552,000, respectively, were recorded for all such insurance claims. The Corporation carries various risk deductible workers’ compensation policies related to its workers’ compensation liabilities. The Corporation records the workers’ compensation reserves based on an actuarial-determined analysis. This analysis calculates development factors, which are applied to total reserves within the workers’ compensation program. While the Corporation believes the assumptions used to calculate these liabilities are appropriate, significant differences in actual experience and/or significant changes in these assumptions may materially affect workers’ compensation costs. Letters of Credit. In the normal course of business, the Corporation provides certain third parties with standby letter of credit agreements guaranteeing its payment for certain insurance claims, utilities and property improvements. At December 31, 2015, the Corporation was contingently liable for $46,263,000 in letters of credit, of which $2,507,000 were issued under the Corporation’s Revolving Facility. Certain of these underlying obligations are accrued on the Corporation’s consolidated balance sheet. Surety Bonds. In the normal course of business, at December 31, 2015, the Corporation was contingently liable for $326,516,000 in surety bonds required by certain states and municipalities and their related agencies. The bonds are principally for certain insurance claims, construction contracts, reclamation obligations and mining permits guaranteeing the Corporation’s own performance. Certain of these underlying obligations, including those for asset retirement requirements and insurance claims, are accrued on the Corporation’s consolidated balance sheet. Five of these bonds total $88,887,000, or 27% of all outstanding surety bonds. The Corporation has indemnified the underwriting insurance company, Safeco Corporation, a subsidiary of Liberty Mutual Group, against any exposure under the surety bonds. In the Corporation’s past experience, no material claims have been made against these financial instruments. Borrowing Arrangements with Affiliate. The Corporation is a co-borrower with an unconsolidated affiliate for a $25,000,000 revolving line of credit agreement with BB&T. The line of credit expires in February 2018. The affiliate has agreed to reimburse and indemnify the Corporation for any payments and expenses the Corporation may incur from this agreement. The Corporation holds a lien on the affiliate’s membership interest in a joint venture as collateral for payment under the revolving line of credit. In 2013, the Corporation loaned $3,402,000 to this unconsolidated affiliate to repay in full the outstanding balance of the affiliate’s loan with Bank of America, N.A. and entered into a loan agreement with the affiliate for monthly repayment of principal and interest of that loan. In 2015, the loan was repaid in full. In 2014, the Corporation loaned the unconsolidated affiliate a total of $6,000,000 as an interest-only note due December 29, 2016. Purchase Commitments. The Corporation had purchase commitments for property, plant and equipment of $70,431,000 as of December 31, 2015. The Corporation also had other purchase obligations related to energy and service contracts of $95,389,000 as of December 31, 2015. The Corporation’s contractual purchase commitments as of December 31, 2015 are as follows: (add 000) 2016 $ 155,525 2017 6,457 2018 1,361 2019 451 2020 451 Thereafter 1,575 Total $ 165,820 Capital expenditures in 2015, 2014 and 2013 that were purchase commitments as of the prior year end were $116,681,000, $34,135,000 and $15,839,000, respectively. Employees. Approximately 10% of the Corporation’s employees are represented by a labor union. All such employees are hourly employees. The Corporation maintains collective bargaining agreements relating to the union employees within the Aggregates business and Magnesia Specialties segment. Of the Magnesia Specialties segment, located in Manistee, Michigan and Woodville, Ohio, 100% of its hourly employees are represented by labor unions. The Manistee collective bargaining agreement expires in August 2019. The Woodville collective bargaining agreement expires in May 2018. |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Business Segments | Note O: Business Segments The Aggregates business is comprised of divisions which represent operating segments. Disclosures for certain divisions are consolidated as reportable segments for financial reporting purposes as they meet the aggregation criteria. The Aggregates business contains three reportable segments: Mid-America Group, Southeast Group and West Group. The Cement and Magnesia Specialties businesses also represent individual operating and reportable segments. The accounting policies used for segment reporting are the same as those described in Note A. The Corporation’s evaluation of performance and allocation of resources are based primarily on earnings from operations. Consolidated earnings from operations include net sales less cost of sales, selling, general and administrative expenses, and acquisition-related expenses, net; other operating income and expenses; and exclude interest expense, other nonoperating income and expenses, net, and taxes on income. Corporate consolidated earnings from operations primarily include depreciation on capitalized interest, expenses for corporate administrative functions, acquisition-related expenses, net, and other nonrecurring and/or non-operational income and expenses excluded from the Corporation’s evaluation of business segment performance and resource allocation. All debt and related interest expense is held at Corporate. Assets employed by segment include assets directly identified with those operations. Corporate assets consist primarily of cash and cash equivalents, property, plant and equipment for corporate operations, investments and other assets not directly identifiable with a reportable business segment. The following tables display selected financial data for the Corporation’s reportable business segments . Selected Financial Data by Business Segment years ended December 31 (add 000) Total revenues 2015 2014 2013 Mid-America Group $ 926,251 $ 848,855 $ 789,806 Southeast Group 304,472 274,352 245,340 West Group 1,675,021 1,356,283 875,588 Total Aggregates Business 2,905,744 2,479,490 1,910,734 Cement 387,947 221,759 — Magnesia Specialties 245,879 256,702 244,817 Total $ 3,539,570 $ 2,957,951 $ 2,155,551 Net sales Mid-America Group $ 851,854 $ 770,568 $ 720,007 Southeast Group 285,302 254,986 226,437 West Group 1,535,848 1,207,879 771,133 Total Aggregates Business 2,673,004 2,233,433 1,717,577 Cement 367,604 209,556 — Magnesia Specialties 227,508 236,106 225,641 Total $ 3,268,116 $ 2,679,095 $ 1,943,218 Gross profit (loss) Mid-America Group $ 256,586 $ 216,883 $ 192,747 Southeast Group 34,197 10,653 (3,515 ) West Group 254,946 155,678 92,513 Total Aggregates Business 545,729 383,214 281,745 Cement 103,473 52,469 — Magnesia Specialties 78,732 84,594 83,703 Corporate (6,167 ) 2,083 (1,491 ) Total $ 721,767 $ 522,360 $ 363,957 years ended December 31 (add 000) Selling, general and administrative expenses 2015 2014 2013 Mid-America Group $ 52,606 $ 52,217 $ 53,683 Southeast Group 18,467 17,788 18,081 West Group 66,639 50,147 42,929 Total Aggregates Business 137,712 120,152 114,693 Cement 26,626 12,741 — Magnesia Specialties 9,499 9,776 10,165 Corporate 44,397 26,576 25,233 Total $ 218,234 $ 169,245 $ 150,091 Earnings (Loss) from operations Mid-America Group $ 206,820 $ 172,208 $ 144,269 Southeast Group 16,435 (5,293 ) (19,849 ) West Group 205,699 153,182 53,150 Total Aggregates Business 428,954 320,097 177,570 Cement 47,821 40,751 — Magnesia Specialties 68,886 74,805 73,506 Corporate (66,245 ) (120,780 ) (33,088 ) Total $ 479,416 $ 314,873 $ 217,988 Cement intersegment sales, which were to the ready mixed concrete product line in the West Group, were $87,782,000 for the year ended December 31, 2015 and $43,356,000 for the six months ended December 31, 2014. The Cement business was acquired July 1, 2014. years ended December 31 (add 000) Assets employed 2015 2014 2013 Mid-America Group $ 1,304,574 $ 1,290,833 $ 1,242,395 Southeast Group 583,369 604,044 611,906 West Group 2,621,636 2,444,400 1,030,599 Total Aggregates Business 4,509,579 4,339,277 2,884,900 Cement 1,939,796 2,451,799 — Magnesia Specialties 147,795 150,359 154,024 Corporate 364,562 278,319 146,081 Total $ 6,961,732 $ 7,219,754 $ 3,185,005 Depreciation, depletion and amortization Mid-America Group $ 61,693 $ 63,294 $ 66,381 Southeast Group 31,644 31,955 32,556 West Group 93,947 74,283 56,004 Total Aggregates Business 187,284 169,532 154,941 Cement 53,672 30,620 — Magnesia Specialties 13,769 10,394 10,564 Corporate 8,862 12,200 8,256 Total $ 263,587 $ 222,746 $ 173,761 years ended December 31 (add 000) Total property additions 2015 2014 2013 Mid-America Group $ 77,640 $ 76,753 $ 82,667 Southeast Group 12,155 23,326 72,907 West Group 235,245 753,342 53,530 Total Aggregates Business 325,040 853,421 209,104 Cement 9,599 975,063 — Magnesia Specialties 8,916 2,588 4,700 Corporate 20,561 15,349 6,477 Total $ 364,116 $ 1,846,421 $ 220,281 Property additions through acquisitions Mid-America Group $ 4,385 $ — $ 244 Southeast Group — — 54,463 West Group 35,965 632,560 — Total Aggregates Business 40,350 632,560 54,707 Cement — 970,300 — Magnesia Specialties — — — Corporate — — — Total $ 40,350 $ 1,602,860 $ 54,707 Total property additions in the West Group include machinery and equipment of $1,445,000, $7,788,000 and $10,341,000 in 2015, 2014 and 2013 respectively, acquired through capital leases. In 2015, total property additions in Corporate include a $4,088,000 noncash component related to a property addition. The Corporation also acquired $3,591,000 of land via noncash transactions and asset exchanges in 2014. Total property additions through acquisitions in the Mid-America Group reflect $4,385,000 of property, plant and equipment acquired via an asset exchange in 2015. The Aggregates business includes the aggregates product line and aggregates-related downstream product lines, which include the asphalt, ready mixed concrete and road paving product lines. All aggregates-related downstream product lines reside in the West Group. The following tables, which are reconciled to consolidated amounts, provide total revenues, net sales and gross profit by line of business: Aggregates (further divided by product line), Cement and Magnesia Specialties. years ended December 31 (add 000) Total revenues 2015 2014 2013 Aggregates $ 2,017,761 $ 1,805,824 $ 1,527,986 Asphalt 72,282 85,822 78,863 Ready Mixed Concrete 657,088 431,229 146,085 Road Paving 158,613 156,615 157,800 Total Aggregates Business 2,905,744 2,479,490 1,910,734 Cement 387,947 221,759 — Magnesia Specialties 245,879 256,702 244,817 Total $ 3,539,570 $ 2,957,951 $ 2,155,551 Net sales Aggregates $ 1,793,660 $ 1,570,022 $ 1,347,486 Asphalt 64,943 76,278 66,216 Ready Mixed Concrete 655,788 430,519 146,079 Road Paving 158,613 156,614 157,796 Total Aggregates Business 2,673,004 2,233,433 1,717,577 Cement 367,604 209,556 — Magnesia Specialties 227,508 236,106 225,641 Total $ 3,268,116 $ 2,679,095 $ 1,943,218 Gross profit (loss) 2015 2014 2013 Aggregates $ 467,053 $ 324,093 $ 259,054 Asphalt 18,189 13,552 12,928 Ready Mixed Concrete 42,942 39,129 8,337 Road Paving 17,545 6,440 1,426 Total Aggregates Business 545,729 383,214 281,745 Cement 103,473 52,469 — Magnesia Specialties 78,732 84,594 83,703 Corporate (6,167 ) 2,083 (1,491 ) Total $ 721,767 $ 522,360 $ 363,957 Domestic and foreign total revenues are as follows: years ended December 31 (add 000) 2015 2014 2013 Domestic $ 3,493,462 $ 2,912,115 $ 2,113,068 Foreign 46,108 45,836 42,483 Total $ 3,539,570 $ 2,957,951 $ 2,155,551 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | Note P: Supplemental Cash Flow Information The components of the change in other assets and liabilities, net, are as follows: years ended December 31 (add 000) 2015 2014 2013 Other current and noncurrent assets $ (3,631 ) $ 8,066 $ 1,186 Accrued salaries, benefits and payroll taxes (12,303 ) 10,136 (4,276 ) Accrued insurance and other taxes 4,425 (17,641 ) 421 Accrued income taxes (4,364 ) 27,680 3,889 Accrued pension, postretirement and postemployment benefits (18,153 ) 1,150 (4,795 ) Other current and noncurrent liabilities (3,014 ) (10,681 ) 7,373 Change in other assets and liabilities $ (37,040 ) $ 18,710 $ 3,798 The change in accrued salaries, benefits and payroll taxes in 2015 and 2014 was attributable to TXI-related severance accrual of $11,444,000 during 2014 and payments of $9,682,000 in 2015. The change in accrued pension, postretirement, and postemployment benefits in 2015 was attributable to higher pension plan funding, which increased $28,270,000. The change in accrued income taxes was primarily attributable to a reduction in the Corporation’s tax liability due to the utilization of net operating loss carryforwards, and the receipt of the federal tax refunds attributable to the settlement of the U.S. Advanced Pricing Agreement. Noncash investing and financing activities are as follows: years ended December 31 (add 000) 2015 2014 2013 Noncash investing and financing activities: Acquisition of assets through asset exchange $ 5,000 $ 2,091 $ — Acquisition of assets through capital lease $ 1,445 $ 7,788 $ 10,341 Seller financing of land purchase $ — $ 1,500 $ — Acquisition of TXI net assets assumed through issuances of common stock and options $ — $ 2,691,986 $ — |
SCHEDULE II - Valuation and Qua
SCHEDULE II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2015 | |
Valuation And Qualifying Accounts [Abstract] | |
SCHEDULE II - Valuation and Qualifying Accounts | SCHEDULE II — MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES Col A Col B Col C Col D Col E Additions Description Balance at beginning of period (1) Charged to costs and expenses (2) Charged to other accounts- describe Deductions-describe Balance at end of period (Amounts in Thousands) Year ended December 31, 2015 Allowance for doubtful accounts $ 4,077 $ 2,863 $ - $ - $ 6,940 Allowance for uncollectible notes receivable 1486 - - 901 (a) 585 Inventory valuation allowance 119,189 13,365 1,400 (c) 3,370 (d) 130,584 Year ended December 31, 2014 Allowance for doubtful accounts $ 4,081 $ - $ - $ 4 (a) $ 4,077 Allowance for uncollectible notes receivable 809 - 1,103 (b) 426 (a) 1486 Inventory valuation allowance 99,026 11,762 9,942 (c) 1,541 (d) 119,189 Year ended December 31, 2013 Allowance for doubtful accounts $ 6,069 $ - $ - $ 1,988 (a) $ 4,081 Allowance for uncollectible notes receivable 440 369 - - 809 Inventory valuation allowance 96,817 1,165 1,044 (c) - 99,026 (a) Write off of uncollectible accounts and change in estimates. (b) Application of reserves to acquired notes receivable. (c) Application of reserve policy to acquired inventories. (d) Divestitures. |
Accounting Policies (Policies)
Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Organization | Organization. Martin Marietta Materials, Inc., (the “Corporation” or “Martin Marietta”) is engaged principally in the construction aggregates business. The aggregates product line accounted for 55% of consolidated 2015 net sales and includes crushed stone, sand and gravel, and is used for the construction of infrastructure, nonresidential and residential projects. Aggregates products are also used for railroad ballast, and in agricultural, utility and environmental applications. These aggregates products, along with the Corporation’s aggregates-related downstream product lines, namely heavy building materials such as asphalt products, ready mixed concrete and road paving construction services (which accounted for 27% of consolidated 2015 net sales), are sold and shipped from a network of more than 400 quarries, distribution facilities and plants to customers in 36 states, Canada, the Bahamas and the Caribbean Islands. The aggregates and aggregates-related downstream product lines are reported collectively as the “Aggregates business”. As of December 31, 2015, the Aggregates business contains the following reportable segments: Mid-America Group, Southeast Group and West Group. The Mid-America Group operates in Indiana, Iowa, northern Kansas, Kentucky, Maryland, Minnesota, Missouri, eastern Nebraska, North Carolina, Ohio, South Carolina, Virginia, Washington and West Virginia. The Southeast Group has operations in Alabama, Florida, Georgia, Tennessee, Nova Scotia and the Bahamas. The West Group operates in Arkansas, Colorado, southern Kansas, Louisiana, western Nebraska, Nevada, Oklahoma, Texas, Utah and Wyoming. The following states accounted for 70% of the Aggregates business’ 2015 net sales: Texas, Colorado, North Carolina, Iowa and Georgia. The Cement segment, accounting for 11% of consolidated 2015 net sales, produces Portland and specialty cements. Similar to the Aggregates business, cement is used in infrastructure projects, nonresidential and residential construction, and the railroad, agricultural, utility and environmental industries. Texas and California accounted for 72% and 25%, respectively, of the Cement business’ 2015 net sales. In September 2015, the Corporation divested of its California cement operations. The Magnesia Specialties segment, accounting for 7% of consolidated 2015 net sales, produces magnesia-based chemicals products used in industrial, agricultural and environmental applications and dolomitic lime sold primarily to customers in the steel industry. |
Use of Estimates | Use of Estimates. The preparation of the Corporation’s consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make certain estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities and reported amounts of revenues and expenses. Such estimates include the valuation of accounts receivable, inventories, goodwill, intangible assets and other long-lived assets and assumptions used in the calculation of taxes on income, retirement and other postemployment benefits, and the allocation of the purchase price to the fair values of assets acquired and liabilities assumed as part of business combinations. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, and adjusts such estimates and assumptions when facts and circumstances dictate. Changes in credit, equity and energy markets and changes in construction activity increase the uncertainty inherent in certain of these estimates and assumptions. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in estimates, including those resulting from continuing changes in the economic environment, are reflected in the consolidated financial statements for the period in which the change in estimate occurs. |
Basis of Consolidation | Basis of Consolidation . The consolidated financial statements include the accounts of the Corporation and its wholly-owned and majority-owned subsidiaries. Partially-owned affiliates are either consolidated or accounted for at cost or as equity investments, depending on the level of ownership interest or the Corporation’s ability to exercise control over the affiliates’ operations. Intercompany balances and transactions have been eliminated in consolidation. |
Early Adoption of New Accounting Standard | Early Adoption of New Accounting Standard. Effective December 31, 2015, the Corporation early adopted the Financial Accounting Standard Board’s (the “FASB”) final guidance on the balance sheet classification of deferred taxes. The guidance requires deferred tax assets and liabilities to be classified as noncurrent rather than split between current and noncurrent; however, deferred tax assets and liabilities from different federal, state and foreign jurisdictions are not netted for financial statement presentation. The adoption of Accounting Standards Update 2015-17, Balance Sheet Classification of Deferred Taxes, had no impact on the Corporation’s consolidated shareholders’ equity, results of operations or cash flows. Retrospective application is allowed and $244,638,000 of current deferred tax assets was reclassed into deferred income taxes, net, on the consolidated balance sheet as of December 31, 2014 to conform with current year presentation. |
Revenue Recognition | Revenue Recognition . Total revenues include sales of materials and services provided to customers, net of discounts or allowances, if any, and include freight and delivery costs billed to customers. Revenues for product sales are recognized when risks associated with ownership have passed to unaffiliated customers. Typically, this occurs when finished products are shipped. Revenues derived from the road paving business are recognized using the percentage-of-completion method under the revenue-cost approach. Under the revenue-cost approach, recognized contract revenue equals the total estimated contract revenue multiplied by the percentage of completion. Recognized costs equal the total estimated contract cost multiplied by the percentage of completion. The FASB issued an accounting standard update that amends the accounting guidance on revenue recognition. The new standard intends to provide a more robust framework for addressing revenue issues, improve comparability of revenue recognition practices and improve disclosure requirements. The new standard is effective for interim and annual reporting periods beginning after December 31, 2017 and can be applied on a full retrospective or modified retrospective approach. The Corporation is currently evaluating the impact of the provisions of the new standard, and at this time does not expect the impact to be material to its results of operations. |
Freight and Delivery Costs | Freight and Delivery Costs . Freight and delivery costs represent pass-through transportation costs incurred and paid by the Corporation to third-party carriers to deliver products to customers. These costs are then billed to the Corporation’s customers. |
Cash and Cash Equivalents | Cash and Cash Equivalents . Cash equivalents are comprised of highly-liquid instruments with original maturities of three months or less from the date of purchase. The Corporation manages its cash and cash equivalents to ensure that short-term operating cash needs are met and that excess funds are managed efficiently. The Corporation subsidizes shortages in operating cash through short-term borrowing facilities. The Corporation utilizes excess cash to either pay down short-term borrowings or invest in money market funds, money market demand deposit accounts or Eurodollar time deposit accounts. Money market demand deposits and Eurodollar time deposit accounts are exposed to bank solvency risk. Money market demand deposit accounts are FDIC insured up to $250,000. The Corporation’s deposits in bank funds generally exceed the $250,000 FDIC insurance limit. The Corporation’s cash management policy prohibits cash and cash equivalents over $100,000,000 to be maintained at any one bank. |
Customer Receivables | Customer Receivables. Customer receivables are stated at cost. The Corporation does not charge interest on customer accounts receivables. The Corporation records an allowance for doubtful accounts, which includes a provision for probable losses based on historical write offs and a specific reserve for accounts greater than $50,000 deemed at risk. The Corporation writes off customer receivables as bad debt expense when it becomes apparent based upon customer facts and circumstances that such amounts will not be collected. |
Inventories Valuation | Inventories Valuation . Inventories are stated at the lower of cost or net realizable value. Costs for finished products and in process inventories are determined by the first-in, first-out method. The Corporation records an allowance for finished product inventories in excess of sales for a twelve-month period, as measured by historical sales. The Corporation also establishes an allowance for expendable parts over five years old and supplies over one year old. Post-production stripping costs, which represent costs of removing overburden and waste materials to access mineral deposits, are a component of inventory production costs and recognized in cost of sales in the same period as the revenue from the sale of the inventory. |
Properties and Depreciation | Properties and Depreciation . Property, plant and equipment are stated at cost. The estimated service lives for property, plant and equipment are as follows: Class of Assets Range of Service Lives Buildings 5 to 20 years Machinery & Equipment 2 to 20 years Land Improvements 5 to 15 years The Corporation begins capitalizing quarry development costs at a point when reserves are determined to be proven or probable, economically mineable and when demand supports investment in the market. Capitalization of these costs ceases when production commences. Capitalized quarry development costs are classified as land improvements. The Corporation reviews relevant facts and circumstances to determine whether to capitalize or expense pre-production stripping costs when additional pits are developed at an existing quarry. If the additional pit operates in a separate and distinct area of the quarry, these costs are capitalized as quarry development costs and depreciated over the life of the uncovered reserves. Additionally, a separate asset retirement obligation is created for additional pits when the liability is incurred. Once a pit enters the production phase, all post-production stripping costs are charged to inventory production costs as incurred. Mineral reserves and mineral interests acquired in connection with a business combination are valued using an income approach over the life of the reserves. Depreciation is computed over estimated service lives, principally by the straight-line method. Depletion of mineral reserves is calculated over proven and probable reserves by the units-of-production method on a quarry-by-quarry basis. Property, plant and equipment are reviewed for impairment whenever facts and circumstances indicate that the carrying amount of an asset may not be recoverable. An impairment loss is recognized if expected future undiscounted cash flows over the estimated remaining service life of the related asset are less than its carrying value. |
Repair and Maintenance Costs | Repair and Maintenance Costs. Repair and maintenance costs that do not substantially extend the life of the Corporation’s plant and equipment are expensed as incurred. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets. Goodwill represents the excess purchase price paid for acquired businesses over the estimated fair value of identifiable assets and liabilities. Other intangibles represent amounts assigned principally to contractual agreements and are amortized ratably over periods based on related contractual terms. The Corporation’s reporting units, which represent the level at which goodwill is tested for impairment, are based on the geographic regions of the Aggregates business. Additionally, the Cement business is a separate reporting unit. Goodwill is allocated to each reporting unit based on the location of acquisitions and divestitures at the time of consummation. The carrying values of goodwill and other indefinite-lived intangible assets are reviewed annually, as of October 1, for impairment. An interim review is performed between annual tests if facts or circumstances indicate potential impairment. The carrying value of other amortizable intangibles is reviewed if facts and circumstances indicate potential impairment. If a review indicates that the carrying value is impaired, a charge is recorded. |
Retirement Plans and Postretirement Benefits | Retirement Plans and Postretirement Benefits. The Corporation sponsors defined benefit retirement plans and also provides other postretirement benefits. The Corporation recognizes the funded status, defined as the difference between the fair value of plan assets and the benefit obligation, of its pension plans and other postretirement benefits as an asset or liability on the consolidated balance sheets. Actuarial gains or losses that arise during the year are not recognized as net periodic benefit cost in the same year, but rather are recognized as a component of accumulated other comprehensive earnings or loss. Those amounts are amortized over the participants’ average remaining service period and recognized as a component of net periodic benefit cost. The amount amortized is determined using a corridor approach based on the amount in excess of 10% of the greater of the projected benefit obligation or pension plan assets. |
Stock-Based Compensation | Stock-Based Compensation. The Corporation has stock-based compensation plans for employees and its Board of Directors. The Corporation recognizes all forms of stock-based payments to employees, including stock options, as compensation expense. The compensation expense is the fair value of the awards at the measurement date and is recognized over the requisite service period. The Corporation uses the accelerated expense recognition method for stock options. The accelerated recognition method requires stock options that vest ratably to be divided into tranches. The expense for each tranche is allocated to its particular vesting period. The Corporation expenses the fair value of restricted stock awards, incentive compensation awards and Board of Directors’ fees paid in the form of common stock based on the closing price of the Corporation’s common stock on the awards’ respective grant dates. The Corporation uses the lattice valuation model to determine the fair value of stock option awards. The lattice valuation model takes into account employees’ exercise patterns based on changes in the Corporation’s stock price and other variables. The period of time for which options are expected to be outstanding, or expected term of the option, is a derived output of the lattice valuation model. The Corporation considers the following factors when estimating the expected term of options: vesting period of the award, expected volatility of the underlying stock, employees’ ages and external data. Key assumptions used in determining the fair value of the stock options awarded in 2015, 2014 and 2013 were: 2015 2014 2013 Risk-free interest rate 2.20% 2.50% 1.70% Dividend yield 1.20% 1.50% 1.80% Volatility factor 36.10% 35.30% 35.40% Expected term 8.5 years 8.5 years 8.6 years Based on these assumptions, the weighted-average fair value of each stock option granted was $57.71, $43.42 and $36.48 for 2015, 2014 and 2013, respectively. The risk-free interest rate reflects the interest rate on zero-coupon U.S. government bonds available at the time each option was granted having a remaining life approximately equal to the option’s expected life. The dividend yield represents the dividend rate expected to be paid over the option’s expected life. The Corporation’s volatility factor measures the amount by which its stock price is expected to fluctuate during the expected life of the option and is based on historical stock price changes. Forfeitures are required to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The Corporation estimates forfeitures and will ultimately recognize compensation cost only for those stock-based awards that vest. The Corporation recognizes income tax benefits resulting from the payment of dividend equivalents on unvested stock-based payments as an increase to additional paid-in capital and includes them in the pool of excess tax benefits. |
Environmental Matters | Environmental Matters. The Corporation records a liability for an asset retirement obligation at fair value in the period in which it is incurred. The asset retirement obligation is recorded at the acquisition date of a long-lived tangible asset if the fair value can be reasonably estimated. A corresponding amount is capitalized as part of the asset’s carrying amount. The estimate of fair value is affected by management’s assumptions regarding the scope of the work required, inflation rates and quarry closure dates. Further, the Corporation records an accrual for other environmental remediation liabilities in the period in which it is probable that a liability has been incurred and the appropriate amounts can be estimated reasonably. Such accruals are adjusted as further information develops or circumstances change. These costs are not discounted to their present value or offset for potential insurance or other claims or potential gains from future alternative uses for a site. |
Income Taxes | Income Taxes . Deferred income tax, net on the consolidated balance sheets reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, net of valuation allowances. |
Uncertain Tax Positions | Uncertain Tax Positions. The Corporation recognizes a tax benefit when it is more-likely-than-not, based on the technical merits, that a tax position would be sustained upon examination by a taxing authority. The amount to be recognized is measured as the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. The Corporation’s unrecognized tax benefits are recorded in other liabilities, on the consolidated balance sheets. The Corporation records interest accrued in relation to unrecognized tax benefits as income tax expense. Penalties, if incurred, are recorded as operating expenses in the consolidated statements of earnings. |
Sales Taxes | Sales Taxes. Sales taxes collected from customers are recorded as liabilities until remitted to taxing authorities and therefore are not reflected in the consolidated statements of earnings. |
Research and Development Costs | Research and Development Costs. Research and development costs are charged to operations as incurred. |
Start-Up Costs | Start-Up Costs. Noncapital start-up costs for new facilities and products are charged to operations as incurred. |
Warranties | Warranties. The Corporation’s construction contracts contain warranty provisions covering defects in equipment, materials, design or workmanship that generally run from nine months to one year after project completion. Because of the nature of its projects, including contract owner inspections of the work both during construction and prior to acceptance, the Corporation has not experienced material warranty costs for these short-term warranties and therefore does not believe an accrual for these costs is necessary. Certain construction contracts carry longer warranty periods, ranging from two to ten years, for which the Corporation has accrued an estimate of warranty cost based on experience with the type of work and any known risks relative to the project. These costs were not material to the Corporation’s consolidated results of operations for the years ended December 31, 2015, 2014 and 2013. |
Consolidated Comprehensive Earnings and Accumulated Other Comprehensive Loss | Consolidated Comprehensive Earnings and Accumulated Other Comprehensive Loss . Consolidated comprehensive earnings for the Corporation consist of consolidated net earnings, adjustments for the funded status of pension and postretirement benefit plans, foreign currency translation adjustments and the amortization of the value of terminated forward starting interest rate swap agreements into interest expense, and are presented in the Corporation’s consolidated statements of comprehensive earnings. Accumulated other comprehensive loss consists of unrealized gains and losses related to the funded status of the pension and postretirement benefit plans, foreign currency translation and the unamortized value of terminated forward starting interest rate swap agreements, and is presented on the Corporation’s consolidated balance sheets. The components of the changes in accumulated other comprehensive loss and related cumulative noncurrent deferred tax assets are as follows: Pension and Postretirement Benefit Plans Foreign Currency Unamortized Value of Terminated Forward Starting Interest Rate Swap Total years ended December 31 (add 000) 2015 Accumulated other comprehensive (loss) earnings at beginning of period $ (106,688 ) $ 3,278 $ (2,749 ) $ (106,159 ) Other comprehensive loss before reclassifications, net of Tax (7,116 ) (3,542 ) — (10,658 ) Amounts reclassified from accumulated other comprehensive loss, net of tax 10,424 — 771 11,195 Other comprehensive earnings (loss), net of tax 3,308 (3,542 ) 771 537 Accumulated other comprehensive loss at end of period $ (103,380 ) $ (264 ) $ (1,978 ) $ (105,622 ) Cumulative noncurrent deferred tax assets at end of period $ 66,467 $ — $ 1,290 $ 67,757 2014 Accumulated other comprehensive (loss) earnings at beginning of period $ (44,549 ) $ 3,902 $ (3,467 ) $ (44,114 ) Other comprehensive loss before reclassifications, net of tax (62,726 ) (624 ) — (63,350 ) Amounts reclassified from accumulated other comprehensive loss, net of tax 587 — 718 1,305 Other comprehensive (loss) earnings, net of tax (62,139 ) (624 ) 718 (62,045 ) Accumulated other comprehensive (loss) earnings at end of period $ (106,688 ) $ 3,278 $ (2,749 ) $ (106,159 ) Cumulative noncurrent deferred tax assets at end of period $ 68,568 $ — $ 1,799 $ 70,367 2013 Accumulated other comprehensive (loss) earnings at beginning of period $ (108,189 ) $ 6,157 $ (4,137 ) $ (106,169 ) Other comprehensive earnings (loss) before reclassifications, net of tax 55,403 (2,255 ) — 53,148 Amounts reclassified from accumulated other comprehensive loss, net of tax 8,237 — 670 8,907 Other comprehensive earnings (loss), net of tax 63,640 (2,255 ) 670 62,055 Accumulated other comprehensive (loss) earnings at end of period $ (44,549 ) $ 3,902 $ (3,467 ) $ (44,114 ) Cumulative noncurrent deferred tax assets at end of period $ 29,198 $ — $ 2,269 $ 31,467 Reclassifications out of accumulated other comprehensive loss are as follows: years ended December 31 (add 000) 2015 2014 2013 Affected line items in the consolidated statements of earnings Pension and postretirement benefit plans Special plan termination benefits $ 2,085 $ — $ — Settlement charge — — 729 Amortization of: Prior service credit (1,880 ) (2,810 ) (2,807 ) Actuarial loss 16,850 3,779 15,704 17,055 969 13,626 Cost of sales; Selling, general & administrative expenses Tax effect (6,631 ) (382 ) (5,389 ) Taxes on income Total $ 10,424 $ 587 $ 8,237 Unamortized value of terminated forward starting interest rate swap Additional interest expense $ 1,280 $ 1,188 $ 1,108 Interest expense Tax effect (509 ) (470 ) (438 ) Taxes on income Total $ 771 $ 718 $ 670 |
Earnings Per Common Share | Earnings Per Common Share . The Corporation computes earnings per share (“EPS”) pursuant to the two-class method. The two-class method determines EPS for each class of common stock and participating securities according to dividends or dividend equivalents and their respective participation rights in undistributed earnings. The Corporation pays nonforfeitable dividend equivalents during the vesting period on its restricted stock awards and incentive stock awards, which results in these being considered participating securities. The numerator for basic and diluted earnings per common share is net earnings attributable to Martin Marietta, reduced by dividends and undistributed earnings attributable to the Corporation’s unvested restricted stock awards and incentive stock awards. The denominator for basic earnings per common share is the weighted-average number of common shares outstanding during the period. Diluted earnings per common share are computed assuming that the weighted-average number of common shares is increased by the conversion, using the treasury stock method, of awards issued to employees and nonemployee members of the Corporation’s Board of Directors under certain stock-based compensation arrangements if the conversion is dilutive. The following table reconciles the numerator and denominator for basic and diluted earnings per common share: years ended December 31 (add 000) 2015 2014 2013 Net earnings from continuing operations attributable to Martin Marietta $ 288,792 $ 155,638 $ 122,086 Less: Distributed and undistributed earnings attributable to unvested awards 1,252 647 513 Basic and diluted net earnings attributable to common shareholders from continuing operations attributable to Martin Marietta 287,540 154,991 121,573 Basic and diluted net loss attributable to common shareholders from discontinued operations — (37 ) (749 ) Basic and diluted net earnings attributable to common shareholders attributable to Martin Marietta $ 287,540 $ 154,954 $ 120,824 Basic weighted-average common shares outstanding 66,770 56,854 46,164 Effect of dilutive employee and director awards 250 234 121 Diluted weighted-average common shares outstanding 67,020 57,088 46,285 |
Reclassification | Reclassifications. Effective January 1, 2014, the Corporation reorganized the operations and management reporting structure of the Aggregates business, resulting in a change to the reportable segments. Segment information for 2013 has been reclassified to conform to the presentation of the current reportable segments. |
Accounting Policies (Tables)
Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Estimated Service Lives for Property Plant and Equipment | The estimated service lives for property, plant and equipment are as follows: Class of Assets Range of Service Lives Buildings 5 to 20 years Machinery & Equipment 2 to 20 years Land Improvements 5 to 15 years |
Summary of Key Assumptions Used in Determining Fair Value of Stock Options | Key assumptions used in determining the fair value of the stock options awarded in 2015, 2014 and 2013 were: 2015 2014 2013 Risk-free interest rate 2.20% 2.50% 1.70% Dividend yield 1.20% 1.50% 1.80% Volatility factor 36.10% 35.30% 35.40% Expected term 8.5 years 8.5 years 8.6 years |
Components of Changes in Accumulated Other Comprehensive Loss and Related Cumulative Noncurrent Deferred Tax Assets | The components of the changes in accumulated other comprehensive loss and related cumulative noncurrent deferred tax assets are as follows: Pension and Postretirement Benefit Plans Foreign Currency Unamortized Value of Terminated Forward Starting Interest Rate Swap Total years ended December 31 (add 000) 2015 Accumulated other comprehensive (loss) earnings at beginning of period $ (106,688 ) $ 3,278 $ (2,749 ) $ (106,159 ) Other comprehensive loss before reclassifications, net of Tax (7,116 ) (3,542 ) — (10,658 ) Amounts reclassified from accumulated other comprehensive loss, net of tax 10,424 — 771 11,195 Other comprehensive earnings (loss), net of tax 3,308 (3,542 ) 771 537 Accumulated other comprehensive loss at end of period $ (103,380 ) $ (264 ) $ (1,978 ) $ (105,622 ) Cumulative noncurrent deferred tax assets at end of period $ 66,467 $ — $ 1,290 $ 67,757 2014 Accumulated other comprehensive (loss) earnings at beginning of period $ (44,549 ) $ 3,902 $ (3,467 ) $ (44,114 ) Other comprehensive loss before reclassifications, net of tax (62,726 ) (624 ) — (63,350 ) Amounts reclassified from accumulated other comprehensive loss, net of tax 587 — 718 1,305 Other comprehensive (loss) earnings, net of tax (62,139 ) (624 ) 718 (62,045 ) Accumulated other comprehensive (loss) earnings at end of period $ (106,688 ) $ 3,278 $ (2,749 ) $ (106,159 ) Cumulative noncurrent deferred tax assets at end of period $ 68,568 $ — $ 1,799 $ 70,367 2013 Accumulated other comprehensive (loss) earnings at beginning of period $ (108,189 ) $ 6,157 $ (4,137 ) $ (106,169 ) Other comprehensive earnings (loss) before reclassifications, net of tax 55,403 (2,255 ) — 53,148 Amounts reclassified from accumulated other comprehensive loss, net of tax 8,237 — 670 8,907 Other comprehensive earnings (loss), net of tax 63,640 (2,255 ) 670 62,055 Accumulated other comprehensive (loss) earnings at end of period $ (44,549 ) $ 3,902 $ (3,467 ) $ (44,114 ) Cumulative noncurrent deferred tax assets at end of period $ 29,198 $ — $ 2,269 $ 31,467 |
Reclassification Out of Accumulated Other Comprehensive Loss | Reclassifications out of accumulated other comprehensive loss are as follows: years ended December 31 (add 000) 2015 2014 2013 Affected line items in the consolidated statements of earnings Pension and postretirement benefit plans Special plan termination benefits $ 2,085 $ — $ — Settlement charge — — 729 Amortization of: Prior service credit (1,880 ) (2,810 ) (2,807 ) Actuarial loss 16,850 3,779 15,704 17,055 969 13,626 Cost of sales; Selling, general & administrative expenses Tax effect (6,631 ) (382 ) (5,389 ) Taxes on income Total $ 10,424 $ 587 $ 8,237 Unamortized value of terminated forward starting interest rate swap Additional interest expense $ 1,280 $ 1,188 $ 1,108 Interest expense Tax effect (509 ) (470 ) (438 ) Taxes on income Total $ 771 $ 718 $ 670 |
Basic and Diluted Earnings (Loss) per Common Share | The following table reconciles the numerator and denominator for basic and diluted earnings per common share: years ended December 31 (add 000) 2015 2014 2013 Net earnings from continuing operations attributable to Martin Marietta $ 288,792 $ 155,638 $ 122,086 Less: Distributed and undistributed earnings attributable to unvested awards 1,252 647 513 Basic and diluted net earnings attributable to common shareholders from continuing operations attributable to Martin Marietta 287,540 154,991 121,573 Basic and diluted net loss attributable to common shareholders from discontinued operations — (37 ) (749 ) Basic and diluted net earnings attributable to common shareholders attributable to Martin Marietta $ 287,540 $ 154,954 $ 120,824 Basic weighted-average common shares outstanding 66,770 56,854 46,164 Effect of dilutive employee and director awards 250 234 121 Diluted weighted-average common shares outstanding 67,020 57,088 46,285 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Changes in Goodwill | The following table shows the changes in goodwill by reportable segment and in total: December 31 Mid- America Group Southeast Group West Group Cement Total (add 000) 2015 Balance at beginning of period $ 282,117 $ 50,346 $ 852,436 $ 883,900 $ 2,068,799 Acquisitions — — 8,464 — 8,464 Adjustments to purchase price allocations — — 15,538 (18,634 ) (3,096 ) Divestitures (714 ) — (5,218 ) — (5,932 ) Balance at end of period $ 281,403 $ 50,346 $ 871,220 $ 865,266 $ 2,068,235 2014 Balance at beginning of period $ 263,967 $ 50,346 $ 302,308 $ — $ 616,621 Division reorganization 18,150 — (18,150 ) — — Acquisitions — — 600,372 883,900 1,484,272 Divestitures — — (32,094 ) — (32,094 ) Balance at end of period $ 282,117 $ 50,346 $ 852,436 $ 883,900 $ 2,068,799 |
Intangible Assets Subject to Amortization | Intangible assets subject to amortization consist of the following: December 31 Gross Amount Accumulated Amortization Net Balance (add 000) 2015 Noncompetition agreements $ 6,274 $ (6,069 ) $ 205 Customer relationships 35,805 (10,448 ) 25,357 Operating permits 450,419 (12,294 ) 438,125 Use rights and other 16,746 (8,030 ) 8,716 Trade names 12,800 (3,408 ) 9,392 Total $ 522,044 $ (40,249 ) $ 481,795 2014 Noncompetition agreements $ 6,274 $ (5,971 ) $ 303 Customer relationships 36,610 (7,654 ) 28,956 Operating permits 498,462 (5,575 ) 492,887 Use rights and other 15,385 (6,940 ) 8,445 Trade names 12,800 (1,143 ) 11,657 Total $ 569,531 $ (27,283 ) $ 542,248 |
Intangible Assets Deemed to Indefinite Life and Not Being Amortized | Intangible assets deemed to have an indefinite life and not being amortized consist of the following: December 31 Aggregates Business Cement Magnesia Specialties Total (add 000) 2015 Operating permits $ 6,600 $ — $ — $ 6,600 Use rights 10,175 9,137 — 19,312 Trade names — 280 2,565 2,845 Total $ 16,775 $ 9,417 $ 2,565 $ 28,757 2014 Operating permits $ 6,600 $ — $ — $ 6,600 Use rights 9,975 19,437 — 29,412 Trade names — 14,380 2,565 16,945 Total $ 16,575 $ 33,817 $ 2,565 $ 52,957 |
Schedule of Acquired Intangibles | During 2015, the Corporation acquired $2,953,000 of intangibles, consisting of the following: (add 000, except year data) Amount Weighted-average amortization period Subject to amortization: Customer relationships $ 375 13.3 years Operating permits 1,017 26.5 years Use rights and other 1,361 22.1 years 2,753 22.5 years Not subject to amortization: Use rights 200 N/A 200 Total $ 2,953 |
Estimated Amortization Expense of Intangible Assets | The estimated amortization expense for intangible assets for each of the next five years and thereafter is as follows: (add 000) 2016 $ 13,431 2017 13,345 2018 12,557 2019 11,665 2020 11,630 Thereafter 419,167 Total $ 481,795 |
Business Combinations and Div31
Business Combinations and Divestitures (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Pro Forma Financial Information | The pro forma financial information presented below is for informational purposes only and is not indicative of the results of operations that would have been achieved if the acquisition had taken place as of January 1, 2013. year ended December 31 (add 000) 2014 Net Sales $ 3,088,642 Earnings from continuing operations attributable to controlling interests $ 171,822 |
Accounts Receivable, Net (Table
Accounts Receivable, Net (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Schedule of Accounts Receivable Net | (add 000) 2015 2014 Customer receivables $ 408,551 $ 418,016 Other current receivables 9,310 7,062 417,861 425,078 Less allowances (6,940 ) (4,077 ) Total $ 410,921 $ 421,001 |
Inventories, Net (Tables)
Inventories, Net (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories Net | December 31 (add 000) 2015 2014 Finished products $ 433,649 $ 413,766 Products in process and raw materials 55,194 65,250 Supplies and expendable parts 110,882 125,092 599,725 604,108 Less allowances (130,584 ) (119,189 ) Total $ 469,141 $ 484,919 |
Property, Plant and Equipment34
Property, Plant and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment, Net | December 31 (add 000) 2015 2014 Land and land improvements $ 865,700 $ 849,704 Mineral reserves and interests 1,001,295 990,438 Buildings 144,076 157,233 Machinery and equipment 3,473,826 3,568,342 Construction in progress 128,301 125,959 5,613,198 5,691,676 Less allowances for depreciation, depletion and amortization (2,457,198 ) (2,288,906 ) Total $ 3,156,000 $ 3,402,770 |
Gross Asset Value and Related Allowance for Amortization for Machinery and Equipment Recorded under Capital Lease | The gross asset value and related allowance for amortization for machinery and equipment recorded under capital leases at December 31 were as follows: (add 000) 2015 2014 Machinery and equipment under capital leases $ 19,379 $ 25,775 Less allowance for amortization (5,102 ) (2,808 ) Total $ 14,277 $ 22,967 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | December 31 (add 000) 2015 2014 6.6% Senior Notes, due 2018 $ 299,368 $ 299,123 7% Debentures, due 2025 124,532 124,500 6.25% Senior Notes, due 2037 228,223 228,184 4.25% Senior Notes, due 2024 395,717 395,309 Floating Rate Notes, due 2017, interest rate of 1.71% and 1.33% at December 31, 2015 and 2014, respectively 299,318 298,869 Term Loan Facility, due 2018, interest rate of 1.86% and 1.67% at December 31, 2015 and 2014, respectively 224,075 236,258 Other notes 1,662 3,152 Total 1,572,895 1,585,395 Less current maturities (19,246 ) (14,336 ) Long-term debt $ 1,553,649 $ 1,571,059 |
Schedule Principal Amount, Effective Interest Rate and Maturity Date of Debentures and Senior Notes | Principal Amount (add 000) Effective Interest Rate Maturity Date 6.6% Senior Notes $ 300,000 6.81 % April 15, 2018 7% Debentures $ 125,000 7.12 % December 1, 2025 6.25% Senior Notes $ 230,000 6.45 % May 1, 2037 4.25% Senior Notes $ 400,000 4.25 % July 2, 2024 Floating Rate Notes $ 300,000 LIBOR+1.10% June 30, 2017 |
Commitments Amounts Under Senior Unsecured Credit Facilities | Lender (add 000) Revolving Facility Commitment Term Loan Facility Commitment JPMorgan Chase Bank, N.A. $ 46,667 $ 33,333 Wells Fargo Bank, N.A. 46,667 33,333 BB&T 46,667 33,333 SunTrust Bank 46,667 33,333 Deutsche Bank AG New York Branch 46,667 33,333 PNC Bank, National Association 29,167 20,833 Regions Bank 29,167 20,833 The Northern Trust Company 29,167 20,833 Comerica Bank 14,582 10,418 The Bank of Tokyo-Mitsubishi UFJ, Ltd. 14,582 10,418 Total $ 350,000 $ 250,000 |
Corporation's Long-Term Debt Maturities | The Corporation’s long-term debt maturities for the five years following December 31, 2015, and thereafter are: (add 000) 2016 $ 19,246 2017 318,028 2018 486,843 2019 90 2020 60 Thereafter 748,628 Total $ 1,572,895 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Components of Tax Expense (benefit) on Income From Continuing Operations | The components of the Corporation’s tax expense (benefit) on income from continuing operations are as follows: years ended December 31 (add 000) 2015 2014 2013 Federal income taxes: Current $ 20,627 $ 35,313 $ 30,856 Deferred 85,295 46,616 8,399 Total federal income taxes 105,922 81,929 39,255 State income taxes: Current 18,153 10,307 3,201 Deferred 930 3,376 478 Total state income taxes 19,083 13,683 3,679 Foreign income taxes: Current 99 1,262 972 Deferred (241 ) (2,027 ) 139 Total foreign income taxes (142 ) (765 ) 1,111 Total taxes on income $ 124,863 $ 94,847 $ 44,045 |
Summary of Effective Income Tax Rate on Continuing Operations | The Corporation’s effective income tax rate on continuing operations varied from the statutory United States income tax rate because of the following permanent tax differences: years ended December 31 2015 2014 2013 Statutory tax rate 35.0 % 35.0 % 35.0 % (Reduction) increase resulting from: Effect of statutory depletion (7.8 ) (9.6 ) (12.0 ) State income taxes 3.0 3.6 1.5 Domestic production deduction (0.1 ) (0.9 ) (2.1 ) Transfer pricing — (0.2 ) 0.9 Goodwill write off 0.4 3.9 — Foreign tax rate differential — 1.3 2.1 Disallowed compensation 0.2 3.7 0.3 Purchase accounting transaction costs — 2.4 — Other items (0.5 ) (1.1 ) 1.1 Effective income tax rate 30.2 % 38.1 % 26.8 % |
Deferred Tax Assets and Liabilities | The principal components of the Corporation’s deferred tax assets and liabilities are as follows: December 31 Deferred Assets (Liabilities) (add 000) 2015 2014 Deferred tax assets related to: Employee benefits $ 56,302 $ 74,288 Inventories 75,907 64,484 Valuation and other reserves 42,857 48,278 Net operating loss carryforwards 11,448 171,781 Accumulated other comprehensive loss 67,757 70,367 Alternative Minimum Tax credit carryforward 48,197 28,809 Gross deferred tax assets 302,468 458,007 Valuation allowance on deferred tax assets (8,967 ) (6,133 ) Total net deferred tax assets 293,501 451,874 Deferred tax liabilities related to: Property, plant and equipment (593,767 ) (638,730 ) Goodwill and other intangibles (266,436 ) (288,471 ) Other items, net (16,757 ) (14,618 ) Total deferred tax liabilities (876,960 ) (941,819 ) Net deferred tax liability $ (583,459 ) $ (489,945 ) |
Schedule Of Unrecognized Tax Benefits | The following table summarizes the Corporation’s unrecognized tax benefits, excluding interest and correlative effects: years ended December 31 (add 000) 2015 2014 2013 Unrecognized tax benefits at beginning of year $ 21,107 $ 11,826 $ 15,380 Gross increases – tax positions in prior years 3,079 2,075 9,845 Gross decreases – tax positions in prior years (3,512 ) (203 ) (5,121 ) Gross increases – tax positions in current year 4,978 3,369 2,540 Gross decreases – tax positions in current year (594 ) (51 ) (529 ) Settlements with taxing authorities — — (8,599 ) Lapse of statute of limitations (6,331 ) (1,872 ) (1,690 ) Unrecognized tax benefits assumed with acquisition — 5,963 — Unrecognized tax benefits at end of year $ 18,727 $ 21,107 $ 11,826 |
Retirement Plans, Postretirem37
Retirement Plans, Postretirement and Postemployment Benefits (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Values of Pension Plan Assets by Asset Class and Fair Value Hierarchy Level | The fair values of pension plan assets by asset class and fair value hierarchy level are as follows: December 31 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value (add 000) 2015 Equity securities: Mid-sized to large cap $ — $ 156,008 $ — $ 156,008 Small cap, international and emerging growth funds — 144,405 — 144,405 Debt securities: Core fixed income — 167,545 — 167,545 High-yield bonds — — — — Real estate 15,479 — 23,242 38,721 Hedge funds — — 39,219 39,219 Cash 614 — — 614 Total $ 16,093 $ 467,958 $ 62,461 $ 546,512 2014 Equity securities: Mid-sized to large cap $ — $ 219,092 $ — $ 219,092 Small cap, international and emerging growth funds — 87,706 — 87,706 Debt securities: Core fixed income — 154,997 — 154,997 High-yield bonds — — — — Real estate — — 20,363 20,363 Hedge funds — — 38,264 38,264 Cash 3,620 — — 3,620 Total $ 3,620 $ 461,795 $ 58,627 $ 524,042 |
Schedule of Assumed Health Care Cost Trend Rates | Assumed health care cost trend rates at December 31 are: 2015 2014 Health care cost trend rate assumed for next year 7.0% 7.0% Rate to which the cost trend rate gradually declines 5.0% 5.0% Year the rate reaches the ultimate rate 2020 2019 |
Schedule of One Percentage-Point Change in Assumed Health Care Cost Trend Rates | A one percentage-point change in assumed health care cost trend rates would have the following effects: One Percentage Point (add 000) Increase (Decrease) Total service and interest cost components $ 55 $ (51 ) Postretirement benefit obligation $ 1,312 $ (1,133 ) |
Pension | |
Schedule of Components of Net Periodic Benefit Cost | The net periodic retirement benefit cost of defined benefit plans includes the following components: years ended December 31 (add 000) 2015 2014 2013 Components of net periodic benefit cost: Service cost $ 23,001 $ 17,125 $ 16,121 Interest cost 33,151 28,935 23,016 Expected return on assets (36,385 ) (32,661 ) (26,660 ) Amortization of: Prior service cost 422 445 449 Actuarial loss 17,159 4,045 15,679 Transition asset (1 ) (1 ) (1 ) Settlement charge — — 729 Termination benefit charge 2,085 13,652 — Net periodic benefit cost $ 39,432 $ 31,540 $ 29,333 |
Schedule of Recognized Comprehensive Earnings | The Corporation recognized the following amounts in consolidated comprehensive earnings: years ended December 31 (add 000) 2015 2014 2013 Actuarial loss (gain) $ 9,916 $ 105,546 $ (90,755 ) Amortization of: Prior service cost (422 ) (445 ) (449 ) Actuarial loss (17,159 ) (4,045 ) (15,679 ) Transition asset 1 1 1 Special plan termination benefits (2,085 ) — — Settlement charge — — (729 ) Net prior service cost 2,338 — — Total $ (7,411 ) $ 101,057 $ (107,611 ) |
Schedule of Net Periodic Benefit Cost Not Yet Recognized | Accumulated other comprehensive loss includes the following amounts that have not yet been recognized in net periodic benefit cost: December 31 2015 2014 (add 000) Gross Net of tax Gross Net of tax Prior service cost $ 1,028 $ 628 $ 1,197 $ 729 Actuarial loss 178,770 108,874 186,013 113,288 Transition asset (8 ) (5 ) (9 ) (5 ) Total $ 179,790 $ 109,497 $ 187,201 $ 114,012 |
Schedule of Change in Projected Benefit Obligation | The defined benefit plans’ change in projected benefit obligation is as follows: years ended December 31 (add 000) 2015 2014 Change in projected benefit obligation: Net projected benefit obligation at beginning of year $ 753,975 $ 496,040 Service cost 23,001 17,125 Interest cost 33,151 28,935 Actuarial (gain) loss (27,119 ) 99,071 Gross benefits paid (30,803 ) (23,489 ) Acquisitions — 122,641 Nonrecurring termination benefit 2,338 13,652 Net projected benefit obligation at end of year $ 754,543 $ 753,975 |
Schedule of Change In Plan Assets | The Corporation’s change in plan assets, funded status and amounts recognized on the Corporation’s consolidated balance sheets are as follows: years ended December 31 (add 000) 2015 2014 Change in plan assets: Fair value of plan assets at beginning of year $ 524,042 $ 443,973 Actual return on plan assets, net (651 ) 26,186 Employer contributions 53,924 25,654 Gross benefits paid (30,803 ) (23,489 ) Acquisitions — 51,718 Fair value of plan assets at end of year $ 546,512 $ 524,042 |
Schedule of Funded Status | years ended December 31 (add 000) 2015 2014 Funded status of the plan at end of year $ (208,031 ) $ (229,933 ) Accrued benefit cost $ (208,031 ) $ (229,933 ) |
Schedule of Amounts Recognized on Consolidated Balance Sheets | December 31 (add 000) 2015 2014 Amounts recognized on consolidated balance sheets consist of: Current liability $ (6,048 ) $ (4,183 ) Noncurrent liability (201,983 ) (225,750 ) Net amount recognized at end of year $ (208,031 ) $ (229,933 ) |
Schedule of Accumulated Benefit Obligations in Excess of Plan Assets | Benefit obligations and fair value of plan assets for pension plans with accumulated benefit obligations in excess of plan assets are as follows: December 31 (add 000) 2015 2014 Projected benefit obligation $ 754,543 $ 753,975 Accumulated benefit obligation $ 688,017 $ 684,647 Fair value of plan assets $ 546,512 $ 524,042 |
Schedule of Weighted-Average Assumptions | Weighted-average assumptions used to determine benefit obligations as of December 31 are: 2015 2014 Discount rate 4.67% 4.25% Rate of increase in future compensation levels 4.50% 4.50% Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31 are: 2015 2014 2013 Discount rate 4.25% 5.17% 4.24% Rate of increase in future compensation levels 4.50% 5.00% 5.00% Expected long-term rate of return on assets 7.00% 7.00% 7.00% |
Schedule of Target Assets Allocation | The target allocation for 2015 and the actual pension plan asset allocation by asset class are as follows: Percentage of Plan Assets 2015 December 31 Asset Class Target Allocation 2015 2014 Equity securities 54% 55% 59% Debt securities 30% 31% 29% Hedge funds 8% 7% 4% Real estate 8% 7% 7% Cash 0% 0% 1% Total 100% 100% 100% |
Change in Fair Value of Pension Plan Assets | The change in the fair value of pension plan assets valued using significant unobservable inputs (Level 3) is as follows: years ended December 31 Real Estate Hedge Funds (add 000) 2015 Balance at beginning of year $ 20,363 $ 38,264 Purchases, sales, settlements, net — — Actual return on plan assets held at period end 2,879 955 Balance at end of year $ 23,242 $ 39,219 2014 Balance at beginning of year $ 19,357 $ 21,764 Purchases, sales, settlements, net 441 15,600 Actual return on plan assets held at period end 565 900 Balance at end of year $ 20,363 $ 38,264 |
Schedule of Expected Benefit Payments | The expected benefit payments to be paid from plan assets for each of the next five years and the five-year period thereafter are as follows: (add 000) 2016 $ 34,226 2017 $ 36,301 2018 $ 38,105 2019 $ 40,327 2020 $ 42,582 Years 2021 - 2025 $ 238,610 |
Postretirement Benefits | |
Schedule of Components of Net Periodic Benefit Cost | The net periodic postretirement benefit (credit) cost of postretirement plans includes the following components: years ended December 31 (add 000) 2015 2014 2013 Components of net periodic benefit credit: Service cost $ 137 $ 206 $ 227 Interest cost 928 1,164 1,013 Amortization of: Prior service credit (2,302 ) (3,255 ) (3,255 ) Actuarial (gain) loss (309 ) (266 ) 25 Total net periodic benefit credit $ (1,546 ) $ (2,151 ) $ (1,990 ) |
Schedule of Recognized Comprehensive Earnings | The Corporation recognized the following amounts in consolidated comprehensive earnings: years ended December 31 (add 000) 2015 2014 2013 Actuarial gain $ (626 ) $ (3,026 ) $ (1,011 ) Amortization of: Prior service credit 2,302 3,255 3,255 Actuarial gain (loss) 309 266 (25 ) Total $ 1,985 $ 495 $ 2,219 |
Schedule of Net Periodic Benefit Cost Not Yet Recognized | Accumulated other comprehensive loss includes the following amounts that have not yet been recognized in net periodic benefit cost: 2015 2014 (add 000) Gross Net of tax Gross Net of tax Prior service credit $ (4,786 ) $ (2,924 ) $ (7,088 ) $ (4,316 ) Actuarial gain (5,050 ) (3,086 ) (4,733 ) (2,883 ) Total $ (9,836 ) $ (6,010 ) $ (11,821 ) $ (7,199 ) |
Schedule of Change in Projected Benefit Obligation | The postretirement health care plans’ change in benefit obligation is as follows: years ended December 31 (add 000) 2015 2014 Change in benefit obligation: Net benefit obligation at beginning of year $ 25,086 $ 27,352 Service cost 137 206 Interest cost 928 1,164 Participants’ contributions 1,777 2,100 Actuarial gain (627 ) (3,026 ) Gross benefits paid (3,893 ) (4,856 ) Acquisitions — 2,146 Net benefit obligation at end of year $ 23,408 $ 25,086 |
Schedule of Change In Plan Assets | The Corporation’s change in plan assets, funded status and amounts recognized on the Corporation’s consolidated balance sheets are as follows: years ended December 31 (add 000) 2015 2014 Change in plan assets: Fair value of plan assets at beginning of year $ — $ — Employer contributions 2,116 2,756 Participants’ contributions 1,777 2,100 Gross benefits paid (3,893 ) (4,856 ) Fair value of plan assets at end of year $ — $ — |
Schedule of Funded Status | December 31 (add 000) 2015 2014 Funded status of the plan at end of year $ (23,408 ) $ (25,086 ) Accrued benefit cost $ (23,408 ) $ (25,086 ) |
Schedule of Amounts Recognized on Consolidated Balance Sheets | December 31 (add 000) 2015 2014 Amounts recognized on consolidated balance sheets consist of: Current liability $ (2,120 ) $ (2,770 ) Noncurrent liability (21,288 ) (22,316 ) Net amount recognized at end of year $ (23,408 ) $ (25,086 ) |
Schedule of Weighted-Average Assumptions | Weighted-average assumptions used to determine the postretirement benefit obligations as of December 31 are: 2015 2014 Discount rate 4.25 % 3.83 % Weighted-average assumptions used to determine net postretirement benefit cost for the years ended December 31 are: 2015 2014 2013 Discount rate 3.83 % 4.42 % 3.54 % |
Schedule of Expected Benefit Payments | The total expected benefit payments to be paid by the Corporation, net of participant contributions, for each of the next five years and the five-year period thereafter are as follows: (add 000) 2016 $ 2,120 2017 $ 2,344 2018 $ 2,275 2019 $ 2,159 2020 $ 2,051 Years 2021 - 2025 $ 9,170 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary Information for Stock Options | The following table includes summary information for stock options as of December 31, 2015: Number of Options Weighted- Average Exercise Price Weighted-Average Remaining Contractual Life (years) Outstanding at January 1, 2015 1,054,435 $ 96.53 Granted 55,244 $ 154.58 Exercised (367,497 ) $ 101.31 Terminated (56,170 ) $ 135.85 Outstanding at December 31, 2015 686,012 $ 95.43 3.8 Exercisable at December 31, 2015 544,755 $ 87.75 2.7 |
Summary of Information for Incentive Compensation Awards and Restricted Stock Awards | The following table summarizes information for incentive compensation awards and restricted stock awards as of December 31, 2015: Incentive Compensation Restricted Stock - Service Based Restricted Stock - Performance Based Number of Awards Weighted- Average Grant-Date Fair Value Number of Awards Weighted- Average Grant-Date Fair Value Number of Awards Weighted- Average Grant-Date Fair Value January 1, 2015 27,608 $ 101.61 319,230 $ 105.62 16,388 $ 129.14 Awarded 22,035 $ 108.53 48,368 $ 154.26 20,219 $ 108.53 Distributed (11,751 ) $ 99.14 (75,411 ) $ 77.27 — $ — Forfeited (552 ) $ 102.99 (3,624 ) $ 127.06 — $ — December 31, 2015 37,340 $ 106.45 288,563 $ 120.92 36,607 $ 117.76 |
Schedule of Stock-Based Compensation Expense | The following table summarizes stock-based compensation expense for the years ended December 31, 2015, 2014 and 2013, unrecognized compensation cost for nonvested awards at December 31, 2015 and the weighted-average period over which unrecognized compensation cost is expected to be recognized: (add 000, except year data) Stock Options Restricted Stock Incentive Compensation Directors’ Awards Total Stock-based compensation expense recognized for years ended December 31: 2015 $ 2,679 $ 9,809 $ 376 $ 725 $ 13,589 2014 $ 2,020 $ 6,189 $ 257 $ 527 8,993 2013 $ 1,734 $ 4,377 $ 229 $ 668 7,008 Unrecognized compensation cost at December 31, 2015: $ 2,718 $ 18,985 $ 334 $ — $ 22,037 Weighted-average period over which unrecognized compensation cost will be recognized: 2.0 years 2.8 years 1.5 years — |
Schedule of Unrecognized Compensation Cost, Nonvested Awards | The following presents expected stock-based compensation expense in future periods for outstanding awards as of December 31, 2015: (add 000) 2016 $ 9,818 2017 6,578 2018 3,817 2019 1,824 2020 — Total $ 22,037 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Future Minimum Commitments under Capital Leases | Future minimum lease and royalty commitments for all noncancelable agreements and capital lease obligations as of December 31, 2015 are as follows: (add 000) Capital Leases Operating Leases & Royalty Commitments 2016 $ 3,166 $ 111,317 2017 2,922 73,106 2018 2,981 55,047 2019 2,691 45,940 2020 1,891 43,692 Thereafter 3,997 272,066 Total 17,648 $ 601,168 Less: imputed interest (2,724 ) Present value of minimum lease payments 14,924 Less: current capital lease obligations (2,438 ) Long-term capital lease obligations $ 12,486 |
Future Minimum Commitments under Operating Leases | Future minimum lease and royalty commitments for all noncancelable agreements and capital lease obligations as of December 31, 2015 are as follows: (add 000) Capital Leases Operating Leases & Royalty Commitments 2016 $ 3,166 $ 111,317 2017 2,922 73,106 2018 2,981 55,047 2019 2,691 45,940 2020 1,891 43,692 Thereafter 3,997 272,066 Total 17,648 $ 601,168 Less: imputed interest (2,724 ) Present value of minimum lease payments 14,924 Less: current capital lease obligations (2,438 ) Long-term capital lease obligations $ 12,486 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Changes in Asset Retirement Obligations | The following shows the changes in the asset retirement obligations: years ended December 31: (add 000) 2015 2014 Balance at beginning of year $ 70,422 $ 48,727 Accretion expense 3,336 2,818 Liabilities incurred and assumed in business combinations 14,735 20,984 Liabilities settled (4,490 ) (2,061 ) Revisions in estimated cash flows 5,601 (46 ) Balance at end of year $ 89,604 $ 70,422 |
Schedule of Contractual Purchase Commitments | The Corporation’s contractual purchase commitments as of December 31, 2015 are as follows: (add 000) 2016 $ 155,525 2017 6,457 2018 1,361 2019 451 2020 451 Thereafter 1,575 Total $ 165,820 |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Financial Data for Continuing Operation For Corporation's Reportable Business Segments | The following tables display selected financial data for the Corporation’s reportable business segments . Selected Financial Data by Business Segment years ended December 31 (add 000) Total revenues 2015 2014 2013 Mid-America Group $ 926,251 $ 848,855 $ 789,806 Southeast Group 304,472 274,352 245,340 West Group 1,675,021 1,356,283 875,588 Total Aggregates Business 2,905,744 2,479,490 1,910,734 Cement 387,947 221,759 — Magnesia Specialties 245,879 256,702 244,817 Total $ 3,539,570 $ 2,957,951 $ 2,155,551 Net sales Mid-America Group $ 851,854 $ 770,568 $ 720,007 Southeast Group 285,302 254,986 226,437 West Group 1,535,848 1,207,879 771,133 Total Aggregates Business 2,673,004 2,233,433 1,717,577 Cement 367,604 209,556 — Magnesia Specialties 227,508 236,106 225,641 Total $ 3,268,116 $ 2,679,095 $ 1,943,218 Gross profit (loss) Mid-America Group $ 256,586 $ 216,883 $ 192,747 Southeast Group 34,197 10,653 (3,515 ) West Group 254,946 155,678 92,513 Total Aggregates Business 545,729 383,214 281,745 Cement 103,473 52,469 — Magnesia Specialties 78,732 84,594 83,703 Corporate (6,167 ) 2,083 (1,491 ) Total $ 721,767 $ 522,360 $ 363,957 years ended December 31 (add 000) Selling, general and administrative expenses 2015 2014 2013 Mid-America Group $ 52,606 $ 52,217 $ 53,683 Southeast Group 18,467 17,788 18,081 West Group 66,639 50,147 42,929 Total Aggregates Business 137,712 120,152 114,693 Cement 26,626 12,741 — Magnesia Specialties 9,499 9,776 10,165 Corporate 44,397 26,576 25,233 Total $ 218,234 $ 169,245 $ 150,091 Earnings (Loss) from operations Mid-America Group $ 206,820 $ 172,208 $ 144,269 Southeast Group 16,435 (5,293 ) (19,849 ) West Group 205,699 153,182 53,150 Total Aggregates Business 428,954 320,097 177,570 Cement 47,821 40,751 — Magnesia Specialties 68,886 74,805 73,506 Corporate (66,245 ) (120,780 ) (33,088 ) Total $ 479,416 $ 314,873 $ 217,988 Cement intersegment sales, which were to the ready mixed concrete product line in the West Group, were $87,782,000 for the year ended December 31, 2015 and $43,356,000 for the six months ended December 31, 2014. The Cement business was acquired July 1, 2014. years ended December 31 (add 000) Assets employed 2015 2014 2013 Mid-America Group $ 1,304,574 $ 1,290,833 $ 1,242,395 Southeast Group 583,369 604,044 611,906 West Group 2,621,636 2,444,400 1,030,599 Total Aggregates Business 4,509,579 4,339,277 2,884,900 Cement 1,939,796 2,451,799 — Magnesia Specialties 147,795 150,359 154,024 Corporate 364,562 278,319 146,081 Total $ 6,961,732 $ 7,219,754 $ 3,185,005 Depreciation, depletion and amortization Mid-America Group $ 61,693 $ 63,294 $ 66,381 Southeast Group 31,644 31,955 32,556 West Group 93,947 74,283 56,004 Total Aggregates Business 187,284 169,532 154,941 Cement 53,672 30,620 — Magnesia Specialties 13,769 10,394 10,564 Corporate 8,862 12,200 8,256 Total $ 263,587 $ 222,746 $ 173,761 years ended December 31 (add 000) Total property additions 2015 2014 2013 Mid-America Group $ 77,640 $ 76,753 $ 82,667 Southeast Group 12,155 23,326 72,907 West Group 235,245 753,342 53,530 Total Aggregates Business 325,040 853,421 209,104 Cement 9,599 975,063 — Magnesia Specialties 8,916 2,588 4,700 Corporate 20,561 15,349 6,477 Total $ 364,116 $ 1,846,421 $ 220,281 Property additions through acquisitions Mid-America Group $ 4,385 $ — $ 244 Southeast Group — — 54,463 West Group 35,965 632,560 — Total Aggregates Business 40,350 632,560 54,707 Cement — 970,300 — Magnesia Specialties — — — Corporate — — — Total $ 40,350 $ 1,602,860 $ 54,707 |
Net Sales By Product Line | The Aggregates business includes the aggregates product line and aggregates-related downstream product lines, which include the asphalt, ready mixed concrete and road paving product lines. All aggregates-related downstream product lines reside in the West Group. The following tables, which are reconciled to consolidated amounts, provide total revenues, net sales and gross profit by line of business: Aggregates (further divided by product line), Cement and Magnesia Specialties. years ended December 31 (add 000) Total revenues 2015 2014 2013 Aggregates $ 2,017,761 $ 1,805,824 $ 1,527,986 Asphalt 72,282 85,822 78,863 Ready Mixed Concrete 657,088 431,229 146,085 Road Paving 158,613 156,615 157,800 Total Aggregates Business 2,905,744 2,479,490 1,910,734 Cement 387,947 221,759 — Magnesia Specialties 245,879 256,702 244,817 Total $ 3,539,570 $ 2,957,951 $ 2,155,551 Net sales Aggregates $ 1,793,660 $ 1,570,022 $ 1,347,486 Asphalt 64,943 76,278 66,216 Ready Mixed Concrete 655,788 430,519 146,079 Road Paving 158,613 156,614 157,796 Total Aggregates Business 2,673,004 2,233,433 1,717,577 Cement 367,604 209,556 — Magnesia Specialties 227,508 236,106 225,641 Total $ 3,268,116 $ 2,679,095 $ 1,943,218 Gross profit (loss) 2015 2014 2013 Aggregates $ 467,053 $ 324,093 $ 259,054 Asphalt 18,189 13,552 12,928 Ready Mixed Concrete 42,942 39,129 8,337 Road Paving 17,545 6,440 1,426 Total Aggregates Business 545,729 383,214 281,745 Cement 103,473 52,469 — Magnesia Specialties 78,732 84,594 83,703 Corporate (6,167 ) 2,083 (1,491 ) Total $ 721,767 $ 522,360 $ 363,957 |
Domestic and Foreign Total Revenues | Domestic and foreign total revenues are as follows: years ended December 31 (add 000) 2015 2014 2013 Domestic $ 3,493,462 $ 2,912,115 $ 2,113,068 Foreign 46,108 45,836 42,483 Total $ 3,539,570 $ 2,957,951 $ 2,155,551 |
Supplemental Cash Flow Inform42
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |
Components of Change in Other Assets and Liabilities, Net | The components of the change in other assets and liabilities, net, are as follows: years ended December 31 (add 000) 2015 2014 2013 Other current and noncurrent assets $ (3,631 ) $ 8,066 $ 1,186 Accrued salaries, benefits and payroll taxes (12,303 ) 10,136 (4,276 ) Accrued insurance and other taxes 4,425 (17,641 ) 421 Accrued income taxes (4,364 ) 27,680 3,889 Accrued pension, postretirement and postemployment benefits (18,153 ) 1,150 (4,795 ) Other current and noncurrent liabilities (3,014 ) (10,681 ) 7,373 Change in other assets and liabilities $ (37,040 ) $ 18,710 $ 3,798 |
Schedule Of Noncash Investing and Financing Activities | Noncash investing and financing activities are as follows: years ended December 31 (add 000) 2015 2014 2013 Noncash investing and financing activities: Acquisition of assets through asset exchange $ 5,000 $ 2,091 $ — Acquisition of assets through capital lease $ 1,445 $ 7,788 $ 10,341 Seller financing of land purchase $ — $ 1,500 $ — Acquisition of TXI net assets assumed through issuances of common stock and options $ — $ 2,691,986 $ — |
Accounting Policies - Additiona
Accounting Policies - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2015USD ($)FacilityState$ / shares | Dec. 31, 2014USD ($)$ / shares | Dec. 31, 2013$ / shares | |
Significant Accounting Policies [Line Items] | |||
Number of quarries distribution facilities and plants | Facility | 400 | ||
Number of states with aggregates business sales by destination | State | 36 | ||
Current deferred tax assets reclassed into deferred income taxes, net | $ 244,638,000 | ||
Maximum FDIC, insurance limit to not available of funds in lockboxes | $ 250,000 | ||
Company policy for maximum cash maintained at one bank | 100,000,000 | ||
Minimum at risk receivable balance for specific reserve | $ 50,000 | ||
Weighted-average fair value of stock option granted | $ / shares | $ 57.71 | $ 43.42 | $ 36.48 |
Minimum likelihood for recognition of tax benefit related to uncertain tax position | 50.00% | ||
Minimum | |||
Significant Accounting Policies [Line Items] | |||
Warranty term | 9 months | ||
Extended product warranty term | 2 years | ||
Maximum | |||
Significant Accounting Policies [Line Items] | |||
Warranty term | 1 year | ||
Extended product warranty term | 10 years | ||
Inventory Finished Goods | |||
Significant Accounting Policies [Line Items] | |||
Allowance for inventories in excess of sales requisite Record period | 12 months | ||
Expendable Parts Inventory | |||
Significant Accounting Policies [Line Items] | |||
Allowance for inventories in excess of sales requisite Record period | 5 years | ||
Supplies Inventory | |||
Significant Accounting Policies [Line Items] | |||
Allowance for inventories in excess of sales requisite Record period | 1 year | ||
Aggregates Product Line | Product Concentration Risk | Sales | |||
Significant Accounting Policies [Line Items] | |||
Total net sales, percentage | 55.00% | ||
Aggregates-Related Downstream Product Lines | Product Concentration Risk | Sales | |||
Significant Accounting Policies [Line Items] | |||
Total net sales, percentage | 27.00% | ||
Cement | Product Concentration Risk | Sales | |||
Significant Accounting Policies [Line Items] | |||
Total net sales, percentage | 11.00% | ||
Magnesia Specialties | Product Concentration Risk | Sales | |||
Significant Accounting Policies [Line Items] | |||
Total net sales, percentage | 7.00% | ||
Percentage of Aggregates Business Net Sales in Top Five Sales states | Geographic Concentration Risk | Sales | |||
Significant Accounting Policies [Line Items] | |||
Total net sales, percentage | 70.00% | ||
Texas | Cement | Product Concentration Risk | Sales | |||
Significant Accounting Policies [Line Items] | |||
Total net sales, percentage | 72.00% | ||
California | Cement | Product Concentration Risk | Sales | |||
Significant Accounting Policies [Line Items] | |||
Total net sales, percentage | 25.00% |
Estimated Service Lives of Prop
Estimated Service Lives of Property, Plant and Equipment (Detail) | 12 Months Ended |
Dec. 31, 2015 | |
Building | Minimum | |
Property Plant And Equipment [Line Items] | |
Property, plant and equipment, Service Lives, Years | 5 years |
Building | Maximum | |
Property Plant And Equipment [Line Items] | |
Property, plant and equipment, Service Lives, Years | 20 years |
Machinery and Equipment | Minimum | |
Property Plant And Equipment [Line Items] | |
Property, plant and equipment, Service Lives, Years | 2 years |
Machinery and Equipment | Maximum | |
Property Plant And Equipment [Line Items] | |
Property, plant and equipment, Service Lives, Years | 20 years |
Land Improvements | Minimum | |
Property Plant And Equipment [Line Items] | |
Property, plant and equipment, Service Lives, Years | 5 years |
Land Improvements | Maximum | |
Property Plant And Equipment [Line Items] | |
Property, plant and equipment, Service Lives, Years | 15 years |
Fair Value of Stock Option Awar
Fair Value of Stock Option Awarded (Detail) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Risk-free interest rate | 2.20% | 2.50% | 1.70% |
Dividend yield | 1.20% | 1.50% | 1.80% |
Volatility factor | 36.10% | 35.30% | 35.40% |
Expected term | 8 years 6 months | 8 years 6 months | 8 years 7 months 6 days |
Components of Changes in Accumu
Components of Changes in Accumulated Other Comprehensive Loss and Related Cumulative Noncurrent Deferred Tax Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive (loss) earnings at beginning of period | $ (106,159) | $ (44,114) | $ (106,169) |
Other comprehensive earnings (loss) before reclassifications, net of tax | (10,658) | (63,350) | 53,148 |
Amounts reclassified from accumulated other comprehensive loss, net of tax | 11,195 | 1,305 | 8,907 |
Other comprehensive earnings (loss), net of tax | 537 | (62,045) | 62,055 |
Accumulated other comprehensive (loss) earnings at end of period | (105,622) | (106,159) | (44,114) |
Cumulative noncurrent deferred tax assets at end of period | 67,757 | 70,367 | 31,467 |
Pension and Postretirement Benefit Plans | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive (loss) earnings at beginning of period | (106,688) | (44,549) | (108,189) |
Other comprehensive earnings (loss) before reclassifications, net of tax | (7,116) | (62,726) | 55,403 |
Amounts reclassified from accumulated other comprehensive loss, net of tax | 10,424 | 587 | 8,237 |
Other comprehensive earnings (loss), net of tax | 3,308 | (62,139) | 63,640 |
Accumulated other comprehensive (loss) earnings at end of period | (103,380) | (106,688) | (44,549) |
Cumulative noncurrent deferred tax assets at end of period | 66,467 | 68,568 | 29,198 |
Foreign Currency | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive (loss) earnings at beginning of period | 3,278 | 3,902 | 6,157 |
Other comprehensive earnings (loss) before reclassifications, net of tax | (3,542) | (624) | (2,255) |
Other comprehensive earnings (loss), net of tax | (3,542) | (624) | (2,255) |
Accumulated other comprehensive (loss) earnings at end of period | (264) | 3,278 | 3,902 |
Unamortized Value of Terminated Forward Starting Interest Rate Swap | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive (loss) earnings at beginning of period | (2,749) | (3,467) | (4,137) |
Amounts reclassified from accumulated other comprehensive loss, net of tax | 771 | 718 | 670 |
Other comprehensive earnings (loss), net of tax | 771 | 718 | 670 |
Accumulated other comprehensive (loss) earnings at end of period | (1,978) | (2,749) | (3,467) |
Cumulative noncurrent deferred tax assets at end of period | $ 1,290 | $ 1,799 | $ 2,269 |
Reclassifications Out of Accumu
Reclassifications Out of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Interest expense | $ 76,287 | $ 66,057 | $ 53,467 |
Earnings from Continuing Operations | (11,195) | (1,305) | (8,907) |
Pension and Postretirement Benefit Plans | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Earnings from Continuing Operations | (10,424) | (587) | (8,237) |
Unamortized Value of Terminated Forward Starting Interest Rate Swap | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Earnings from Continuing Operations | (771) | (718) | (670) |
Reclassification out of Accumulated Other Comprehensive Income | Pension and Postretirement Benefit Plans | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Special plan termination benefits | 2,085 | ||
Settlement charge | 729 | ||
Prior service credit | (1,880) | (2,810) | (2,807) |
Actuarial loss | 16,850 | 3,779 | 15,704 |
Tax effect | (6,631) | (382) | (5,389) |
Earnings from Continuing Operations | 10,424 | 587 | 8,237 |
Reclassification out of Accumulated Other Comprehensive Income | Pension and Postretirement Benefit Plans | Cost of sale; Selling, General & Administrative Expenses | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Total reclassifications out of accumulated other comprehensive loss before taxes | 17,055 | 969 | 13,626 |
Reclassification out of Accumulated Other Comprehensive Income | Unamortized Value of Terminated Forward Starting Interest Rate Swap | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Interest expense | 1,280 | 1,188 | 1,108 |
Tax effect | (509) | (470) | (438) |
Earnings from Continuing Operations | $ 771 | $ 718 | $ 670 |
Basic and Diluted Earnings Per
Basic and Diluted Earnings Per Common Share (Detail) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | |||
Net earnings from continuing operations attributable to Martin Marietta | $ 288,792 | $ 155,638 | $ 122,086 |
Less: Distributed and undistributed earnings attributable to unvested awards | 1,252 | 647 | 513 |
Basic and diluted net earnings attributable to common shareholders from continuing operations attributable to Martin Marietta | 287,540 | 154,991 | 121,573 |
Basic and diluted net loss attributable to common shareholders from discontinued operations | (37) | (749) | |
Basic and diluted net earnings attributable to common shareholders attributable to Martin Marietta | $ 287,540 | $ 154,954 | $ 120,824 |
Basic weighted-average common shares outstanding | 66,770 | 56,854 | 46,164 |
Effect of dilutive employee and director awards | 250 | 234 | 121 |
Diluted weighted-average common shares outstanding | 67,020 | 57,088 | 46,285 |
Changes in Goodwill (Detail)
Changes in Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill [Line Items] | ||
Balance at beginning of period | $ 2,068,799 | $ 616,621 |
Acquisitions | 8,464 | 1,484,272 |
Adjustments to purchase price allocations | (3,096) | |
Divestitures | (5,932) | (32,094) |
Balance at end of period | 2,068,235 | 2,068,799 |
Mid-America Group | ||
Goodwill [Line Items] | ||
Balance at beginning of period | 282,117 | 263,967 |
Division reorganization | 18,150 | |
Divestitures | (714) | |
Balance at end of period | 281,403 | 282,117 |
Southeast Group | ||
Goodwill [Line Items] | ||
Balance at beginning of period | 50,346 | 50,346 |
Balance at end of period | 50,346 | 50,346 |
West Group | ||
Goodwill [Line Items] | ||
Balance at beginning of period | 852,436 | 302,308 |
Division reorganization | (18,150) | |
Acquisitions | 8,464 | 600,372 |
Adjustments to purchase price allocations | 15,538 | |
Divestitures | (5,218) | (32,094) |
Balance at end of period | 871,220 | 852,436 |
Cement | ||
Goodwill [Line Items] | ||
Balance at beginning of period | 883,900 | |
Acquisitions | 883,900 | |
Adjustments to purchase price allocations | (18,634) | |
Balance at end of period | $ 865,266 | $ 883,900 |
Intangible Assets Subject to Am
Intangible Assets Subject to Amortization (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | $ 522,044 | $ 569,531 |
Accumulated Amortization | (40,249) | (27,283) |
Net Balance | 481,795 | 542,248 |
Noncompetition agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | 6,274 | 6,274 |
Accumulated Amortization | (6,069) | (5,971) |
Net Balance | 205 | 303 |
Customer Relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | 35,805 | 36,610 |
Accumulated Amortization | (10,448) | (7,654) |
Net Balance | 25,357 | 28,956 |
Operating Permits | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | 450,419 | 498,462 |
Accumulated Amortization | (12,294) | (5,575) |
Net Balance | 438,125 | 492,887 |
Use Rights And Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | 16,746 | 15,385 |
Accumulated Amortization | (8,030) | (6,940) |
Net Balance | 8,716 | 8,445 |
Trade names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | 12,800 | 12,800 |
Accumulated Amortization | (3,408) | (1,143) |
Net Balance | $ 9,392 | $ 11,657 |
Intangible Assets Deemed to Ind
Intangible Assets Deemed to Indefinite Life and Not Being Amortized (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Indefinite Lived Intangible Assets By Major Class [Line Items] | ||
Indefinite life intangible assets | $ 28,757 | $ 52,957 |
Aggregates Business | ||
Indefinite Lived Intangible Assets By Major Class [Line Items] | ||
Indefinite life intangible assets | 16,775 | 16,575 |
Cement | ||
Indefinite Lived Intangible Assets By Major Class [Line Items] | ||
Indefinite life intangible assets | 9,417 | 33,817 |
Magnesia Specialties | ||
Indefinite Lived Intangible Assets By Major Class [Line Items] | ||
Indefinite life intangible assets | 2,565 | 2,565 |
Operating Permits | ||
Indefinite Lived Intangible Assets By Major Class [Line Items] | ||
Indefinite life intangible assets | 6,600 | 6,600 |
Operating Permits | Aggregates Business | ||
Indefinite Lived Intangible Assets By Major Class [Line Items] | ||
Indefinite life intangible assets | 6,600 | 6,600 |
Use Rights Not Subject To Amortization | ||
Indefinite Lived Intangible Assets By Major Class [Line Items] | ||
Indefinite life intangible assets | 19,312 | 29,412 |
Use Rights Not Subject To Amortization | Aggregates Business | ||
Indefinite Lived Intangible Assets By Major Class [Line Items] | ||
Indefinite life intangible assets | 10,175 | 9,975 |
Use Rights Not Subject To Amortization | Cement | ||
Indefinite Lived Intangible Assets By Major Class [Line Items] | ||
Indefinite life intangible assets | 9,137 | 19,437 |
Trade names | ||
Indefinite Lived Intangible Assets By Major Class [Line Items] | ||
Indefinite life intangible assets | 2,845 | 16,945 |
Trade names | Cement | ||
Indefinite Lived Intangible Assets By Major Class [Line Items] | ||
Indefinite life intangible assets | 280 | 14,380 |
Trade names | Magnesia Specialties | ||
Indefinite Lived Intangible Assets By Major Class [Line Items] | ||
Indefinite life intangible assets | $ 2,565 | $ 2,565 |
Goodwill and Intangible Asset52
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |||
Other intangibles acquired | $ 2,953 | ||
Amortization expense of intangible assets | $ 13,962 | $ 9,311 | $ 3,587 |
Schedule of Acquired Intangible
Schedule of Acquired Intangibles (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Acquisition Goodwill And Other Intangible Assets [Line Items] | |
Acquired intangibles subject to amortization | $ 2,753 |
Acquired Finite-lived Intangible Assets, Useful Life | 22 years 6 months |
Acquired intangibles not subject to amortization | $ 200 |
Acquired Intangibles, total | 2,953 |
Customer Relationships | |
Acquisition Goodwill And Other Intangible Assets [Line Items] | |
Acquired intangibles subject to amortization | $ 375 |
Acquired Finite-lived Intangible Assets, Useful Life | 13 years 3 months 18 days |
Operating Permits | |
Acquisition Goodwill And Other Intangible Assets [Line Items] | |
Acquired intangibles subject to amortization | $ 1,017 |
Acquired Finite-lived Intangible Assets, Useful Life | 26 years 6 months |
Use Rights And Other | |
Acquisition Goodwill And Other Intangible Assets [Line Items] | |
Acquired intangibles subject to amortization | $ 1,361 |
Acquired Finite-lived Intangible Assets, Useful Life | 22 years 1 month 6 days |
Use Rights | |
Acquisition Goodwill And Other Intangible Assets [Line Items] | |
Acquired intangibles not subject to amortization | $ 200 |
Estimated Amortization Expense
Estimated Amortization Expense of Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
2,016 | $ 13,431 | |
2,017 | 13,345 | |
2,018 | 12,557 | |
2,019 | 11,665 | |
2,020 | 11,630 | |
Thereafter | 419,167 | |
Net Balance | $ 481,795 | $ 542,248 |
Business Combinations and Div55
Business Combinations and Divestitures - Additional Information (Detail) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2014USD ($) | Dec. 31, 2015USD ($)Terminal | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Business Combinations And Dispositions [Line Items] | ||||
Acquisition-related expenses, net | $ 8,464 | $ 42,891 | $ 671 | |
California Cement Operations | ||||
Business Combinations And Dispositions [Line Items] | ||||
Description of discontinued operations | On September 30, 2015, the Corporation divested its California cement operations, which were reported in the Cement segment. These operations were not in close proximity to other core assets of the Corporation and, unlike other marketplace competitors, were not vertically integrated with ready mixed concrete production. | |||
Number of distribution terminals | Terminal | 2 | |||
Proceeds from sale of assets | $ 420,000 | |||
Gain (Loss) on disposition of assets | 24,214 | |||
Disposal related expenses | $ 4,849 | |||
Texas Industries Inc. | ||||
Business Combinations And Dispositions [Line Items] | ||||
Acquisition date | Jul. 1, 2014 | |||
Total revenues from operations included in the consolidated statements of earnings | $ 539,061 | $ 941,499 | ||
Total earnings from operations included in the consolidated statements of earnings | $ 42,239 | 70,121 | ||
Acquisition-related expenses, net | $ 6,762 | $ 90,487 |
Pro Forma Financial Information
Pro Forma Financial Information (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2014USD ($) | |
Business Combinations [Abstract] | |
Net Sales | $ 3,088,642 |
Earnings from continuing operations attributable to controlling interests | $ 171,822 |
Accounts Receivable, Net (Detai
Accounts Receivable, Net (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Receivables [Abstract] | ||
Customer receivables | $ 408,551 | $ 418,016 |
Other current receivables | 9,310 | 7,062 |
Accounts Receivable, gross | 417,861 | 425,078 |
Less allowances | (6,940) | (4,077) |
Total | $ 410,921 | $ 421,001 |
Accounts Receivable, Net - Addi
Accounts Receivable, Net - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Receivables [Abstract] | ||
Due from unconsolidated affiliates | $ 3,794 | $ 3,765 |
Inventories Net (Detail)
Inventories Net (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Inventory Disclosure [Abstract] | ||
Finished products | $ 433,649 | $ 413,766 |
Products in process and raw materials | 55,194 | 65,250 |
Supplies and expendable parts | 110,882 | 125,092 |
Inventories, Gross | 599,725 | 604,108 |
Less allowances | (130,584) | (119,189) |
Total | $ 469,141 | $ 484,919 |
Property Plant and Equipment Ne
Property Plant and Equipment Net (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property Plant And Equipment [Abstract] | ||
Land and land improvements | $ 865,700 | $ 849,704 |
Mineral reserves and interests | 1,001,295 | 990,438 |
Buildings | 144,076 | 157,233 |
Machinery and equipment | 3,473,826 | 3,568,342 |
Construction in progress | 128,301 | 125,959 |
Gross property, plant and equipment | 5,613,198 | 5,691,676 |
Less allowances for depreciation, depletion and amortization | (2,457,198) | (2,288,906) |
Total | $ 3,156,000 | $ 3,402,770 |
Gross Asset Value and Related A
Gross Asset Value and Related Allowance for Amortization for Machinery and Equipment Recorded under Capital Lease (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property Plant And Equipment [Abstract] | ||
Machinery and equipment under capital leases | $ 19,379 | $ 25,775 |
Less allowance for amortization | (5,102) | (2,808) |
Total | $ 14,277 | $ 22,967 |
Property, Plant and Equipment62
Property, Plant and Equipment, Net - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property Plant And Equipment [Line Items] | |||
Depreciation, depletion and amortization | $ 246,874 | $ 211,242 | $ 168,333 |
Capitalized interest cost | 5,832 | 8,033 | $ 1,792 |
Property, plant and equipment, net | 3,156,000 | 3,402,770 | |
Bahamas And Canada | |||
Property Plant And Equipment [Line Items] | |||
Property, plant and equipment, net | $ 58,937 | $ 68,340 |
Long-Term Debt (Detail)
Long-Term Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Total debt | $ 1,572,895 | $ 1,585,395 |
Less current maturities | (19,246) | (14,336) |
Long-term debt | 1,553,649 | 1,571,059 |
6.6% Senior Notes, Due 2018 | ||
Debt Instrument [Line Items] | ||
Total debt | 299,368 | 299,123 |
7% Debentures, Due 2025 | ||
Debt Instrument [Line Items] | ||
Total debt | 124,532 | 124,500 |
6.25% Senior Notes, Due 2037 | ||
Debt Instrument [Line Items] | ||
Total debt | 228,223 | 228,184 |
4.25% Senior Notes, Due 2024 | ||
Debt Instrument [Line Items] | ||
Total debt | 395,717 | 395,309 |
Floating Rate Notes, Due 2017 | ||
Debt Instrument [Line Items] | ||
Total debt | 299,318 | 298,869 |
Term Loan Facility, Due 2018 | ||
Debt Instrument [Line Items] | ||
Total debt | 224,075 | 236,258 |
Other Notes | ||
Debt Instrument [Line Items] | ||
Total debt | $ 1,662 | $ 3,152 |
Long-Term Debt (Parenthetical)
Long-Term Debt (Parenthetical) (Detail) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
6.6% Senior Notes, Due 2018 | ||
Debt Instrument [Line Items] | ||
Maturity date | 2,018 | |
Interest rate on notes | 6.60% | |
Interest rate | 6.81% | |
7% Debentures, Due 2025 | ||
Debt Instrument [Line Items] | ||
Maturity date | 2,025 | |
Interest rate on notes | 7.00% | |
Interest rate | 7.12% | |
6.25% Senior Notes, Due 2037 | ||
Debt Instrument [Line Items] | ||
Maturity date | 2,037 | |
Interest rate on notes | 6.25% | |
Interest rate | 6.45% | |
4.25% Senior Notes, Due 2024 | ||
Debt Instrument [Line Items] | ||
Maturity date | 2,024 | |
Interest rate on notes | 4.25% | |
Interest rate | 4.25% | |
Floating Rate Notes, Due 2017 | ||
Debt Instrument [Line Items] | ||
Maturity date | 2,017 | 2,017 |
Interest rate | 1.71% | 1.33% |
Term Loan Facility, Due 2018 | ||
Debt Instrument [Line Items] | ||
Maturity date | 2,018 | 2,018 |
Interest rate | 1.86% | 1.67% |
Long-Term Debt - Additional inf
Long-Term Debt - Additional information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Debt Instrument [Line Items] | |||
Required offer price to repurchase senior notes if change of control repurchase event and downgrade below investment grade credit rating occurs | 101.00% | ||
Maximum consolidated debt reduction for unrestricted cash and cash equivalents for debt covenant calculation | $ 200,000,000 | ||
Outstanding letters of credit | 46,263,000 | ||
Additional interest expense | $ 1,280,000 | $ 1,188,000 | $ 1,108,000 |
New Term Loan Facility | 2015 | |||
Debt Instrument [Line Items] | |||
Quarterly principal payment under under the term loan facility | 1.25% | ||
New Term Loan Facility | There After | |||
Debt Instrument [Line Items] | |||
Quarterly principal payment under under the term loan facility | 1.875% | ||
Minimum | |||
Debt Instrument [Line Items] | |||
Reduction of consolidated debt in the debt ratio calculation | $ 50,000,000 | ||
Including Acquisition Bridge Debt | Maximum | |||
Debt Instrument [Line Items] | |||
Debt covenant | 3.50 | ||
Excluding Acquisition Bridge Debt | Maximum | |||
Debt Instrument [Line Items] | |||
Debt covenant | 3.75 | ||
Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Credit facility commitment | $ 350,000,000 | ||
Senior unsecured revolving facility, maturity period | 5 years | ||
Debt instrument maturity period | Nov. 29, 2018 | ||
Outstanding letters of credit | $ 2,507,000 | 2,507,000 | |
Short-term Line of Credit | |||
Debt Instrument [Line Items] | |||
Credit facility commitment | 5,000,000 | ||
Outstanding borrowing under credit facility | $ 0 | $ 0 | |
6.6% Senior Notes, Due 2018 | |||
Debt Instrument [Line Items] | |||
Interest rate on notes | 6.60% | ||
Maturity date | 2,018 | ||
Senior notes | $ 300,000,000 | ||
Increase in annual interest expense due to ongoing amortization of the terminated value of the swap agreements | $ 1,400,000 | ||
7% Debentures, Due 2025 | |||
Debt Instrument [Line Items] | |||
Interest rate on notes | 7.00% | ||
Maturity date | 2,025 | ||
Senior notes | $ 125,000,000 | ||
6.25% Senior Notes, Due 2037 | |||
Debt Instrument [Line Items] | |||
Interest rate on notes | 6.25% | ||
Maturity date | 2,037 | ||
Senior notes | $ 230,000,000 | ||
4.25% Senior Notes, Due 2024 | |||
Debt Instrument [Line Items] | |||
Interest rate on notes | 4.25% | ||
Maturity date | 2,024 | ||
Senior notes | $ 400,000,000 | ||
Floating Rate Notes, Due 2017 | |||
Debt Instrument [Line Items] | |||
Maturity date | 2,017 | 2,017 | |
Senior notes | $ 300,000,000 | ||
Floating Rate Notes, Due 2017 | Three-month LIBOR | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.10% | ||
Term Loan Facility | |||
Debt Instrument [Line Items] | |||
Credit facility commitment | $ 250,000,000 | ||
Amended | Maximum | Texas Industries Inc. | |||
Debt Instrument [Line Items] | |||
Amendment consolidated EBITDA | $ 95,000,000 | ||
Acquisition integration expenses | $ 70,000,000 | ||
Amended | Senior Notes Due Twenty Twenty | Texas Industries Inc. | |||
Debt Instrument [Line Items] | |||
Interest rate on notes | 9.25% | ||
Maturity date | 2,020 | ||
Trade Receivable Facility | |||
Debt Instrument [Line Items] | |||
Debt instrument maturity period | Sep. 30, 2016 | ||
Eligible trade receivables | $ 364,419,000 | $ 369,575,000 | |
Credit facility borrowing base | 282,258,000 | $ 313,428,000 | |
Trade Receivable Facility | Credit Agreement Amendment | |||
Debt Instrument [Line Items] | |||
Credit facility commitment | $ 250,000,000 | ||
Trade Receivable Facility | London Interbank Offered Rate(LIBOR) | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 0.70% |
Principal Amount Effective Inte
Principal Amount Effective Interest Rate and Maturity Date for Debentures and Senior Notes (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
6.6% Senior Notes, Due 2018 | ||
Debt Instrument [Line Items] | ||
Principal Amount | $ 300,000,000 | |
Effective Interest Rate | 6.81% | |
Maturity Date | Apr. 15, 2018 | |
7% Debentures, Due 2025 | ||
Debt Instrument [Line Items] | ||
Principal Amount | $ 125,000,000 | |
Effective Interest Rate | 7.12% | |
Maturity Date | Dec. 1, 2025 | |
6.25% Senior Notes, Due 2037 | ||
Debt Instrument [Line Items] | ||
Principal Amount | $ 230,000,000 | |
Effective Interest Rate | 6.45% | |
Maturity Date | May 1, 2037 | |
4.25% Senior Notes, Due 2024 | ||
Debt Instrument [Line Items] | ||
Principal Amount | $ 400,000,000 | |
Effective Interest Rate | 4.25% | |
Maturity Date | Jul. 2, 2024 | |
Floating Rate Notes, Due 2017 | ||
Debt Instrument [Line Items] | ||
Principal Amount | $ 300,000,000 | |
Effective Interest Rate | 1.71% | 1.33% |
Debt Instrument Effective Interest Rate | LIBOR+1.10% | |
Maturity Date | Jun. 30, 2017 |
Senior Unsecured Credit Facilit
Senior Unsecured Credit Facilities (Detail) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Debt Instrument [Line Items] | |
Term Loan Facility Commitment | $ 250,000,000 |
Revolving Credit Facility | |
Debt Instrument [Line Items] | |
Credit facility commitment | 350,000,000 |
J P Morgan Chase Bank | |
Debt Instrument [Line Items] | |
Term Loan Facility Commitment | 33,333,000 |
J P Morgan Chase Bank | Revolving Credit Facility | |
Debt Instrument [Line Items] | |
Credit facility commitment | 46,667,000 |
Wells Fargo Bank | |
Debt Instrument [Line Items] | |
Term Loan Facility Commitment | 33,333,000 |
Wells Fargo Bank | Revolving Credit Facility | |
Debt Instrument [Line Items] | |
Credit facility commitment | 46,667,000 |
BB&T | |
Debt Instrument [Line Items] | |
Term Loan Facility Commitment | 33,333,000 |
BB&T | Revolving Credit Facility | |
Debt Instrument [Line Items] | |
Credit facility commitment | 46,667,000 |
Sun Trust Bank | |
Debt Instrument [Line Items] | |
Term Loan Facility Commitment | 33,333,000 |
Sun Trust Bank | Revolving Credit Facility | |
Debt Instrument [Line Items] | |
Credit facility commitment | 46,667,000 |
Deutsche Bank AG New York Branch | |
Debt Instrument [Line Items] | |
Term Loan Facility Commitment | 33,333,000 |
Deutsche Bank AG New York Branch | Revolving Credit Facility | |
Debt Instrument [Line Items] | |
Credit facility commitment | 46,667,000 |
PNC Bank, National Association | |
Debt Instrument [Line Items] | |
Term Loan Facility Commitment | 20,833,000 |
PNC Bank, National Association | Revolving Credit Facility | |
Debt Instrument [Line Items] | |
Credit facility commitment | 29,167,000 |
Regions Bank | |
Debt Instrument [Line Items] | |
Term Loan Facility Commitment | 20,833,000 |
Regions Bank | Revolving Credit Facility | |
Debt Instrument [Line Items] | |
Credit facility commitment | 29,167,000 |
The Northern Trust Company | |
Debt Instrument [Line Items] | |
Term Loan Facility Commitment | 20,833,000 |
The Northern Trust Company | Revolving Credit Facility | |
Debt Instrument [Line Items] | |
Credit facility commitment | 29,167,000 |
Comerica Bank | |
Debt Instrument [Line Items] | |
Term Loan Facility Commitment | 10,418,000 |
Comerica Bank | Revolving Credit Facility | |
Debt Instrument [Line Items] | |
Credit facility commitment | 14,582,000 |
Bank Of Tokyo Mitsubishi UFJ Limited | |
Debt Instrument [Line Items] | |
Term Loan Facility Commitment | 10,418,000 |
Bank Of Tokyo Mitsubishi UFJ Limited | Revolving Credit Facility | |
Debt Instrument [Line Items] | |
Credit facility commitment | $ 14,582,000 |
Long-Term Debt Maturities (Deta
Long-Term Debt Maturities (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Disclosure [Abstract] | ||
2,016 | $ 19,246 | |
2,017 | 318,028 | |
2,018 | 486,843 | |
2,019 | 90 | |
2,020 | 60 | |
Thereafter | 748,628 | |
Total debt | $ 1,572,895 | $ 1,585,395 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value Disclosures [Abstract] | ||
Long-term debt, carrying values | $ 1,572,895 | $ 1,585,395 |
Long-term debt, fair values | $ 1,625,193 | $ 1,680,584 |
Components of Income Tax Expens
Components of Income Tax Expense Benefit from Continuing Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Federal income taxes: | |||
Current | $ 20,627 | $ 35,313 | $ 30,856 |
Deferred | 85,295 | 46,616 | 8,399 |
Total federal income taxes | 105,922 | 81,929 | 39,255 |
State income taxes: | |||
Current | 18,153 | 10,307 | 3,201 |
Deferred | 930 | 3,376 | 478 |
Total state income taxes | 19,083 | 13,683 | 3,679 |
Foreign income taxes: | |||
Current | 99 | 1,262 | 972 |
Deferred | (241) | (2,027) | 139 |
Total foreign income taxes | (142) | (765) | 1,111 |
Total taxes on income | $ 124,863 | $ 94,847 | $ 44,045 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Line Items] | |||
Income tax benefit from NOL carry forwards utilized | $ 156,554,000 | $ 16,940,000 | |
Income tax benefits attributable to stock-based compensation | 871,000 | 2,508,000 | $ 2,368,000 |
Foreign pretax loss | $ 1,175,000 | 10,557,000 | 10,277,000 |
Tax deduction, percentage | 9.00% | ||
Increased net earnings | $ 222,000 | $ 3,239,000 | $ 3,979,000 |
Increased net earnings, per share | $ 0.01 | $ 0.05 | $ 0.09 |
Operating loss carryforwards, expiration dates | 2,035 | ||
Deferred tax assets recognized | $ 11,448,000 | $ 171,781,000 | |
Deferred tax asset, valuation allowance | 8,690,000 | 5,084,000 | |
Domestic and foreign tax credits, valuation allowance | 277,000 | 1,049,000 | |
Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax | 48,197,000 | 28,809,000 | |
Deferred tax liabilities, goodwill | 0 | ||
Undistributed net earnings | 32,284,000 | ||
Unrecognized tax benefits that would impact effective tax rate | 7,975,000 | $ 9,362,000 | $ 6,301,000 |
Estimated unrecognized tax benefits, decrease as a result of tax position taken in prior years | $ 1,455,000 | ||
Expiration date of statute of limitations | 2,011 | 2,010 | 2,009 |
Tax refund, Per share | $ 0.04 | $ 0.01 | $ 0.03 |
Tax refund | $ 2,364,000 | $ 687,000 | $ 1,368,000 |
Earliest Tax Year | |||
Income Taxes [Line Items] | |||
Expiration date of statute of limitations | 2,011 | ||
Open tax years | 2,011 | ||
Latest Tax Year | |||
Income Taxes [Line Items] | |||
Expiration date of statute of limitations | 2,012 | ||
Open tax years | 2,015 | ||
Canadian Subsidiary | |||
Income Taxes [Line Items] | |||
Unrecognized deferred tax liability | $ 1,815,000 | ||
Federal Tax Authority Member | |||
Income Taxes [Line Items] | |||
Operating loss carryforwards, amount | 33,863,000 | 465,467,000 | |
Domestic Tax Authority | |||
Income Taxes [Line Items] | |||
Operating loss carryforwards, amount | 273,251,000 | 710,163,000 | |
Domestic and foreign tax credits, amount | $ 3,179,000 | 3,682,000 | |
Domestic Tax Authority | Federal Tax Authority Member | |||
Income Taxes [Line Items] | |||
Domestic and foreign tax credits, expiration dates | 2,025 | ||
State Tax Authority | |||
Income Taxes [Line Items] | |||
Operating loss carryforwards, amount | $ 239,388,000 | $ 244,696,000 | |
Deferred tax asset, valuation allowance | $ 3,714,000 | ||
Domestic and foreign tax credits, expiration dates | 2,018 |
Effective Income Tax Rate on Co
Effective Income Tax Rate on Continuing Operations (Detail) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Statutory tax rate | 35.00% | 35.00% | 35.00% |
Effect of statutory depletion | (7.80%) | (9.60%) | (12.00%) |
State income taxes | 3.00% | 3.60% | 1.50% |
Domestic production deduction | (0.10%) | (0.90%) | (2.10%) |
Transfer pricing | (0.20%) | 0.90% | |
Goodwill write off | 0.40% | 3.90% | |
Foreign tax rate differential | 1.30% | 2.10% | |
Disallowed compensation | 0.20% | 3.70% | 0.30% |
Purchase accounting transaction costs | 2.40% | ||
Other items | (0.50%) | (1.10%) | 1.10% |
Effective income tax rate | 30.20% | 38.10% | 26.80% |
Components of Deferred Tax Asse
Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Deferred tax assets related to: | |||
Employee benefits | $ 56,302 | $ 74,288 | |
Inventories | 75,907 | 64,484 | |
Valuation and other reserves | 42,857 | 48,278 | |
Net operating loss carryforwards | 11,448 | 171,781 | |
Cumulative noncurrent deferred tax assets at end of period | 67,757 | 70,367 | $ 31,467 |
Alternative Minimum Tax credit carryforward | 48,197 | 28,809 | |
Gross deferred tax assets | 302,468 | 458,007 | |
Valuation allowance on deferred tax assets | (8,967) | (6,133) | |
Total net deferred tax assets | 293,501 | 451,874 | |
Deferred tax liabilities related to: | |||
Property, plant and equipment | (593,767) | (638,730) | |
Goodwill and other intangibles | (266,436) | (288,471) | |
Other items, net | (16,757) | (14,618) | |
Total deferred tax liabilities | (876,960) | (941,819) | |
Net deferred tax liability | $ (583,459) | $ (489,945) |
Unrecognized Tax Benefits Exclu
Unrecognized Tax Benefits Excluding Interest Correlative Effects and Indirect Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Unrecognized tax benefits at beginning of year | $ 21,107 | $ 11,826 | $ 15,380 |
Gross increases – tax positions in prior years | 3,079 | 2,075 | 9,845 |
Gross decreases – tax positions in prior years | (3,512) | (203) | (5,121) |
Gross increases – tax positions in current year | 4,978 | 3,369 | 2,540 |
Gross decreases – tax positions in current year | (594) | (51) | (529) |
Settlements with taxing authorities | (8,599) | ||
Lapse of statute of limitations | (6,331) | (1,872) | (1,690) |
Unrecognized tax benefits assumed with acquisition | 5,963 | ||
Unrecognized tax benefits at end of year | $ 18,727 | $ 21,107 | $ 11,826 |
Schedule of Components of Net P
Schedule of Components of Net Periodic Benefit Cost (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 23,001 | $ 17,125 | $ 16,121 |
Interest cost | 33,151 | 28,935 | 23,016 |
Expected return on assets | (36,385) | (32,661) | (26,660) |
Prior service cost | 422 | 445 | 449 |
Actuarial (gain) loss | 17,159 | 4,045 | 15,679 |
Transition asset | (1) | (1) | (1) |
Settlement charge | 729 | ||
Termination benefit charge | 2,085 | 13,652 | |
Net periodic benefit cost | 39,432 | 31,540 | 29,333 |
Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 137 | 206 | 227 |
Interest cost | 928 | 1,164 | 1,013 |
Prior service cost | (2,302) | (3,255) | (3,255) |
Actuarial (gain) loss | (309) | (266) | 25 |
Net periodic benefit cost | $ (1,546) | $ (2,151) | $ (1,990) |
Net Periodic Benefit Cost Recog
Net Periodic Benefit Cost Recognized in Comprehensive Earnings (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actuarial loss (gain) | $ 9,916 | $ 105,546 | $ (90,755) |
Prior service cost | (422) | (445) | (449) |
Actuarial gain (loss) | (17,159) | (4,045) | (15,679) |
Transition asset | 1 | 1 | 1 |
Special plan termination benefits | (2,085) | (13,652) | |
Settlement charge | (729) | ||
Net prior service cost | 2,338 | ||
Total | (7,411) | 101,057 | (107,611) |
Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actuarial loss (gain) | (626) | (3,026) | (1,011) |
Prior service cost | 2,302 | 3,255 | 3,255 |
Actuarial gain (loss) | 309 | 266 | (25) |
Total | $ 1,985 | $ 495 | $ 2,219 |
Net Periodic Benefit Cost Not Y
Net Periodic Benefit Cost Not Yet Recognized (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Pension | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prior service cost - Gross | $ 1,028 | $ 1,197 |
Actuarial gain - Gross | 178,770 | 186,013 |
Transition asset - Gross | (8) | (9) |
Total - Gross | 179,790 | 187,201 |
Prior service cost - Net of tax | 628 | 729 |
Actuarial gain - Net of tax | 108,874 | 113,288 |
Transition asset - Net of tax | (5) | (5) |
Total - Net of tax | 109,497 | 114,012 |
Postretirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prior service cost - Gross | (4,786) | (7,088) |
Actuarial gain - Gross | (5,050) | (4,733) |
Total - Gross | (9,836) | (11,821) |
Prior service cost - Net of tax | (2,924) | (4,316) |
Actuarial gain - Net of tax | (3,086) | (2,883) |
Total - Net of tax | $ (6,010) | $ (7,199) |
Retirement Plans Postretirement
Retirement Plans Postretirement and Postemployment Benefits - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated benefit obligation for defined benefit pension plans | $ 688,017,000 | $ 684,647,000 | |
Pension and SERP contributions | 53,924,000 | 25,654,000 | |
Corporation's matching obligations | 12,444,000 | 8,602,000 | $ 7,097,000 |
Accrued postemployment benefits | $ 1,267,000 | ||
Equity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of pension asset equity securities in mid and large capitalization funds | 50.00% | ||
Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Prior service cost, recognized in net periodic benefit cost | $ 350,000 | ||
Prior service cost, recognized in net periodic benefit cost - deferred tax asset and liability | 136,000 | ||
Actuarial gain (loss), recognized in net periodic benefit cost | 11,318,000 | ||
Actuarial gain (loss), recognized in net periodic benefit cost - deferred tax asset and liability | 4,403,000 | ||
Transition assets, recognized in net periodic benefit cost | 1,000 | ||
Pension and SERP contributions | 53,924,000 | 25,654,000 | |
SERP Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated contribution of pension plans | 29,927,000 | ||
Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Prior service cost, recognized in net periodic benefit cost | 1,846,000 | ||
Actuarial gain (loss), recognized in net periodic benefit cost | 382,000 | ||
Pension and SERP contributions | 2,116,000 | $ 2,756,000 | |
Prior service cost, recognized in net periodic benefit cost - deferred tax asset and liability | 718,000 | ||
Prior service cost, recognized in net periodic benefit cost - deferred tax asset and liability | 149,000 | ||
Postretirement Health Care Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated contribution of pension plans | $ 2,120,000 |
Change in Projected Benefit Obl
Change in Projected Benefit Obligation (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net projected benefit obligation at beginning of year | $ 753,975 | $ 496,040 | |
Service cost | 23,001 | 17,125 | $ 16,121 |
Interest cost | 33,151 | 28,935 | 23,016 |
Actuarial (gain) loss | (27,119) | 99,071 | |
Gross benefits paid | (30,803) | (23,489) | |
Acquisitions | 122,641 | ||
Nonrecurring termination benefit | 2,338 | 13,652 | |
Net projected benefit obligation at end of year | 754,543 | 753,975 | 496,040 |
Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net projected benefit obligation at beginning of year | 25,086 | 27,352 | |
Service cost | 137 | 206 | 227 |
Interest cost | 928 | 1,164 | 1,013 |
Participants’ contributions | 1,777 | 2,100 | |
Actuarial (gain) loss | (627) | (3,026) | |
Gross benefits paid | (3,893) | (4,856) | |
Acquisitions | 2,146 | ||
Net projected benefit obligation at end of year | $ 23,408 | $ 25,086 | $ 27,352 |
Schedule of Change In Plan Asse
Schedule of Change In Plan Assets (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Balance at beginning of year | $ 524,042,000 | |
Employer contributions | 53,924,000 | $ 25,654,000 |
Balance at end of year | 546,512,000 | 524,042,000 |
Pension | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Balance at beginning of year | 524,042,000 | 443,973,000 |
Actual return on plan assets, net | (651,000) | 26,186,000 |
Employer contributions | 53,924,000 | 25,654,000 |
Gross benefits paid | (30,803,000) | (23,489,000) |
Acquisitions | 51,718,000 | |
Balance at end of year | 546,512,000 | 524,042,000 |
Postretirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Employer contributions | 2,116,000 | 2,756,000 |
Participants’ contributions | 1,777,000 | 2,100,000 |
Gross benefits paid | $ (3,893,000) | $ (4,856,000) |
Schedule of Funded Status (Deta
Schedule of Funded Status (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Pension | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Funded status of the plan at end of year | $ (208,031) | $ (229,933) |
Accrued benefit cost | (208,031) | (229,933) |
Postretirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Funded status of the plan at end of year | (23,408) | (25,086) |
Accrued benefit cost | $ (23,408) | $ (25,086) |
Schedule of Amounts Recognized
Schedule of Amounts Recognized on Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Compensation And Retirement Disclosure [Abstract] | ||
Current pension and postretirement benefits | $ (6,048) | $ (4,183) |
Noncurrent pension, postretirement and postemployment benefits | (201,983) | (225,750) |
Net amount recognized at end of year | (208,031) | (229,933) |
Current pension and postretirement benefits | (2,120) | (2,770) |
Noncurrent pension, postretirement and postemployment benefits | (21,288) | (22,316) |
Net amount recognized at end of year | $ (23,408) | $ (25,086) |
Schedule of Accumulated Benefit
Schedule of Accumulated Benefit Obligations in Excess of Plan Assets (Detail) - Pension - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $ 754,543 | $ 753,975 |
Accumulated benefit obligation | 688,017 | 684,647 |
Fair value of plan assets | $ 546,512 | $ 524,042 |
Schedule of Weighted-Average As
Schedule of Weighted-Average Assumptions (Detail) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.67% | 4.25% | |
Rate of increase in future compensation levels | 4.50% | 4.50% | |
Discount rate | 4.25% | 5.17% | 4.24% |
Rate of increase in future compensation levels | 4.50% | 5.00% | 5.00% |
Expected long-term rate of return on assets | 7.00% | 7.00% | 7.00% |
Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.25% | 3.83% | |
Discount rate | 3.83% | 4.42% | 3.54% |
Schedule of Target Assets Alloc
Schedule of Target Assets Allocation (Detail) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Other securities, Target Allocation | 100.00% | |
Total | 100.00% | 100.00% |
Equity Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other securities, Target Allocation | 54.00% | |
Total | 55.00% | 59.00% |
Debt Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other securities, Target Allocation | 30.00% | |
Total | 31.00% | 29.00% |
Hedge Funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other securities, Target Allocation | 8.00% | |
Total | 7.00% | 4.00% |
Real Estate | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other securities, Target Allocation | 8.00% | |
Total | 7.00% | 7.00% |
Cash and Cash Equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other securities, Target Allocation | 0.00% | |
Total | 0.00% | 1.00% |
Schedule of Fair Values of Pens
Schedule of Fair Values of Pension Plan Assets by Asset Class and Fair Value Hierarchy Level (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair values of pension plan assets | $ 546,512 | $ 524,042 |
Real Estate | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair values of pension plan assets | 38,721 | 20,363 |
Hedge Funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair values of pension plan assets | 39,219 | 38,264 |
Cash and Cash Equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair values of pension plan assets | 614 | 3,620 |
Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair values of pension plan assets | 16,093 | 3,620 |
Quoted Prices In Active Markets For Identical Assets (Level 1) | Real Estate | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair values of pension plan assets | 15,479 | |
Quoted Prices In Active Markets For Identical Assets (Level 1) | Cash and Cash Equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair values of pension plan assets | 614 | 3,620 |
Significant Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair values of pension plan assets | 467,958 | 461,795 |
Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair values of pension plan assets | 62,461 | 58,627 |
Significant Unobservable Inputs (Level 3) | Real Estate | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair values of pension plan assets | 23,242 | 20,363 |
Significant Unobservable Inputs (Level 3) | Hedge Funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair values of pension plan assets | 39,219 | 38,264 |
Mid Sized To Large Cap | Equity Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair values of pension plan assets | 156,008 | 219,092 |
Mid Sized To Large Cap | Significant Observable Inputs (Level 2) | Equity Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair values of pension plan assets | 156,008 | 219,092 |
International And Emerging Growth Funds | Equity Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair values of pension plan assets | 144,405 | 87,706 |
International And Emerging Growth Funds | Significant Observable Inputs (Level 2) | Equity Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair values of pension plan assets | 144,405 | 87,706 |
Core Fixed Income | Debt Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair values of pension plan assets | 167,545 | 154,997 |
Core Fixed Income | Significant Observable Inputs (Level 2) | Debt Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair values of pension plan assets | $ 167,545 | $ 154,997 |
Schedule of Change In Fair Valu
Schedule of Change In Fair Value Of Pension Plan Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Real Estate | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Balance at beginning of year | $ 20,363 | $ 19,357 |
Purchases, sales, settlements, net | 441 | |
Actual return on plan assets held at period end | 2,879 | 565 |
Balance at end of year | 23,242 | 20,363 |
Hedge Funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Balance at beginning of year | 38,264 | 21,764 |
Purchases, sales, settlements, net | 15,600 | |
Actual return on plan assets held at period end | 955 | 900 |
Balance at end of year | $ 39,219 | $ 38,264 |
Schedule of Expected Benefit Pa
Schedule of Expected Benefit Payments (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Pension | |
Defined Benefit Plan Disclosure [Line Items] | |
2,016 | $ 34,226 |
2,017 | 36,301 |
2,018 | 38,105 |
2,019 | 40,327 |
2,020 | 42,582 |
Years 2021 - 2025 | 238,610 |
Postretirement Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2,016 | 2,120 |
2,017 | 2,344 |
2,018 | 2,275 |
2,019 | 2,159 |
2,020 | 2,051 |
Years 2021 - 2025 | $ 9,170 |
Schedule of Assumed Health Care
Schedule of Assumed Health Care Cost Trend Rate (Detail) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Compensation And Retirement Disclosure [Abstract] | ||
Health care cost trend rate assumed for next year | 7.00% | 7.00% |
Rate to which the cost trend rate gradually declines | 5.00% | 5.00% |
Year the rate reaches the ultimate rate | 2,020 | 2,019 |
Schedule of One Percentage-Poin
Schedule of One Percentage-Point Change In Assumed Health Care Cost Trend Rate (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Compensation And Retirement Disclosure [Abstract] | |
Total service and interest cost components, Increase | $ 55 |
Postretirement benefit obligation, Increase | 1,312 |
Total service and interest cost components, Decrease | (51) |
Postretirement benefit obligation, Decrease | $ (1,133) |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Non-qualified stock options received by nonemployee board of directors | 3,000 | ||
Weighted-average grant-date exercise price of options granted | $ 154.58 | $ 121 | $ 108.24 |
Aggregate intrinsic values of options exercised | $ 7,318 | $ 9,709 | $ 7,142 |
Aggregate intrinsic values for options outstanding | 29,536 | ||
Aggregate intrinsic values for options exercisable | $ 26,925 | ||
Common stock price | $ 136.58 | ||
Percentage of incentive compensation to acquire shares, maximum | 50.00% | ||
Percentage of discount rate to market value on the incentive compensation | 20.00% | ||
Company normal retirement age | 62 years | ||
Awards available for grant | 2,099,000 | ||
Common stock reserved for future issuance | 250,000 | ||
Common stock issued under the plan | 42,025 | ||
Recognized tax benefit related to stock-based compensation expense | $ 5,286 | $ 3,542 | $ 2,772 |
Incentive Compensation Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock price | $ 136.58 | ||
Weighted-average grant-date fair value of stock awards, granted | $ 108.53 | $ 109.17 | $ 99.23 |
Aggregate intrinsic values for stock awards | $ 1,920 | ||
Aggregate intrinsic values of stock awards, distributed | $ 983 | $ 584 | $ 466 |
Restricted Stock - Service Based Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-average grant-date fair value of stock awards, granted | $ 154.26 | $ 126.88 | $ 108.24 |
Restricted Stock - Performance Based Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-average grant-date fair value of stock awards, granted | $ 108.53 | $ 129.14 | |
Restricted Stock Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Aggregate intrinsic values for stock awards | $ 44,412 | ||
Aggregate intrinsic values of stock awards, distributed | $ 11,387 | $ 3,555 | $ 9,413 |
Directors' Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock reserved for future issuance | 300,000 | ||
Minimum percentage of board of directors retainer required to be paid in common stock | 20.00% | ||
Percentage of discount rate to market value on board of directors fees paid in common stock | 20.00% | ||
Common stock issued under the plan | 4,035 | 3,804 | 6,583 |
Texas Industries Inc. | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options issued to former option holders | 821,282 | ||
Number of options issued per single option | 0.7 | ||
Employee stock options expiration period | 90 days | ||
Options granted in 2015 and 2014 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee stock options expiration date | 10 years | ||
Options granted prior to 2013 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee stock options expiration date | 8 years | ||
Options granted prior to 2009 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee stock options expiration date | 10 years |
Summary Information of Stock Op
Summary Information of Stock Options (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Number of Options, Outstanding at January 1, 2015 | 1,054,435 | ||
Number of Options, Granted | 55,244 | ||
Number of Options, Exercised | (367,497) | ||
Number of Options, Terminated | (56,170) | ||
Number of Options, Outstanding at December 31, 2015 | 686,012 | 1,054,435 | |
Number of Options, Exercisable at December 31, 2015 | 544,755 | ||
Weighted-Average Exercise Price, Outstanding at January 1, 2015 | $ 96.53 | ||
Weighted-Average Exercise Price, Granted | 154.58 | $ 121 | $ 108.24 |
Weighted-Average Exercise Price, Exercised | 101.31 | ||
Weighted-Average Exercise Price, Terminated | 135.85 | ||
Weighted-Average Exercise Price, Outstanding at December 31, 2015 | 95.43 | $ 96.53 | |
Weighted-Average Exercise Price, Exercisable at December 31, 2015 | $ 87.75 | ||
Weighted-Average Remaining Contractual Life (years), Outstanding at December 31, 2015 | 3 years 9 months 18 days | ||
Weighted-Average Remaining Contractual Life (years), Exercisable at December 31, 2015 | 2 years 8 months 12 days |
Summary Information For Incenti
Summary Information For Incentive Compensation Awards and Restricted Stock Awards (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Incentive Compensation Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-Average Grant-Date Fair Value, January 1, 2015 | $ 101.61 | ||
Weighted-Average Grant-Date Fair Value, Awarded | 108.53 | $ 109.17 | $ 99.23 |
Weighted-Average Grant-Date Fair Value, Distributed | 99.14 | ||
Weighted-Average Grant-Date Fair Value, Forfeited | 102.99 | ||
Weighted-Average Grant-Date Fair Value, December 31, 2015 | $ 106.45 | $ 101.61 | |
Number of Awards, January 1, 2015 | 27,608 | ||
Number of Awards, Awarded | 22,035 | ||
Number of Awards, Distributed | (11,751) | ||
Number of Awards, Forfeited | (552) | ||
Number of Awards, December 31, 2015 | 37,340 | 27,608 | |
Restricted Stock - Service Based Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-Average Grant-Date Fair Value, January 1, 2015 | $ 105.62 | ||
Weighted-Average Grant-Date Fair Value, Awarded | 154.26 | $ 126.88 | $ 108.24 |
Weighted-Average Grant-Date Fair Value, Distributed | 77.27 | ||
Weighted-Average Grant-Date Fair Value, Forfeited | 127.06 | ||
Weighted-Average Grant-Date Fair Value, December 31, 2015 | $ 120.92 | $ 105.62 | |
Number of Awards, January 1, 2015 | 319,230 | ||
Number of Awards, Awarded | 48,368 | ||
Number of Awards, Distributed | (75,411) | ||
Number of Awards, Forfeited | (3,624) | ||
Number of Awards, December 31, 2015 | 288,563 | 319,230 | |
Restricted Stock - Performance Based Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-Average Grant-Date Fair Value, January 1, 2015 | $ 129.14 | ||
Weighted-Average Grant-Date Fair Value, Awarded | 108.53 | $ 129.14 | |
Weighted-Average Grant-Date Fair Value, December 31, 2015 | $ 117.76 | $ 129.14 | |
Number of Awards, January 1, 2015 | 16,388 | ||
Number of Awards, Awarded | 20,219 | ||
Number of Awards, December 31, 2015 | 36,607 | 16,388 |
Stock-Based Compensation Expens
Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense recognized | $ 13,589 | $ 8,993 | $ 7,008 |
Unrecognized compensation cost | 22,037 | ||
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense recognized | 2,679 | 2,020 | 1,734 |
Unrecognized compensation cost | $ 2,718 | ||
Weighted-average period over which unrecognized compensation cost to be recognized (In Years) | 2 years | ||
Restricted Stock Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense recognized | $ 9,809 | 6,189 | 4,377 |
Unrecognized compensation cost | $ 18,985 | ||
Weighted-average period over which unrecognized compensation cost to be recognized (In Years) | 2 years 9 months 18 days | ||
Incentive Compensation Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense recognized | $ 376 | 257 | 229 |
Unrecognized compensation cost | $ 334 | ||
Weighted-average period over which unrecognized compensation cost to be recognized (In Years) | 1 year 6 months | ||
Directors' Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense recognized | $ 725 | $ 527 | $ 668 |
Stock-Based Compensation Expe95
Stock-Based Compensation Expense in Future for Outstanding Awards (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
2,016 | $ 9,818 |
2,017 | 6,578 |
2,018 | 3,817 |
2,019 | 1,824 |
Total | $ 22,037 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Leases [Abstract] | |||
Lease expenses for operating lease | $ 80,417 | $ 59,590 | $ 45,093 |
Total royalties | 53,658 | $ 50,535 | $ 41,604 |
Future minimum lease commitments related to contracts of affreightment | $ 246,903 |
Future Minimum Lease and Royalt
Future Minimum Lease and Royalty Commitments for All Noncancelable Agreements and Capital Lease Obligations (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Capital lease | |
2,016 | $ 3,166 |
2,017 | 2,922 |
2,018 | 2,981 |
2,019 | 2,691 |
2,020 | 1,891 |
Thereafter | 3,997 |
Total | 17,648 |
Less: imputed interest | (2,724) |
Present value of minimum lease payments | 14,924 |
Less: current capital lease obligations | (2,438) |
Long-term capital lease obligations | 12,486 |
Operating Leases & Royalty Commitments | |
2,016 | 111,317 |
2,017 | 73,106 |
2,018 | 55,047 |
2,019 | 45,940 |
2,020 | 43,692 |
Thereafter | 272,066 |
Total | $ 601,168 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Class of Stock [Line Items] | |||
Common stock, shares authorized | 100,000,000 | 100,000,000 | |
Common stock, par value | $ 0.01 | $ 0.01 | |
Common stock reserved for issuance under stock-based plans | 3,508,000 | ||
Stock Repurchased During Period, Shares | 3,285,380 | 0 | 0 |
Common stock remaining under repurchase authorization | 16,714,620 | ||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | |
Preferred stock, par value | $ 0.01 | $ 0.01 | |
Percentage ownership by person or group making rights exercisable | 15.00% | ||
Rights exercisable price, per share | $ 315 | ||
Rights redemption price, per right | $ 0.001 | ||
Class B Preferred Stock | |||
Class of Stock [Line Items] | |||
Preferred stock reserved for issuance under stock-based plans | 200,000 | ||
Maximum | |||
Class of Stock [Line Items] | |||
Stock repurchase program, shares authorized to be repurchased | 20,000,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($)Bond | Dec. 31, 2013USD ($) | |
Commitments and Contingencies [Line Items] | |||
Asset retirement obligation depreciation and accretion | $ 6,767,000 | $ 4,584,000 | $ 3,793,000 |
Liability reserve for insurance claims | 45,911,000 | $ 42,552,000 | |
Outstanding letters of credit | 46,263,000 | ||
Surety bonds | 326,516,000 | ||
Balance of top 5 surety bonds | $ 88,887,000 | ||
Group of bonds, amount | Bond | 5 | ||
Percentage of top 5 surety bonds | 27.00% | ||
Loan to affiliate | 3,402,000 | ||
Purchase commitments for property, plant and equipment | $ 165,820,000 | ||
Capital expenditures | $ 116,681,000 | $ 34,135,000 | 15,839,000 |
Percentage of employees represented in labor union | 10.00% | ||
Magnesia Specialties | |||
Commitments and Contingencies [Line Items] | |||
Percentage of employees represented in labor union | 100.00% | ||
Capital Addition Purchase Commitments | |||
Commitments and Contingencies [Line Items] | |||
Purchase commitments for property, plant and equipment | $ 70,431,000 | ||
Energy And Service Contracts | |||
Commitments and Contingencies [Line Items] | |||
Purchase commitments for property, plant and equipment | $ 95,389,000 | ||
Revolving Line Of Credit Expires In July 2013 | |||
Commitments and Contingencies [Line Items] | |||
Guarantee of affiliate's obligations | 25,000,000 | ||
Revolving Line Of Credit Expires In August 2015 | |||
Commitments and Contingencies [Line Items] | |||
Line of credit maturity period | 2018-02 | ||
Loan Due May 2016 | |||
Commitments and Contingencies [Line Items] | |||
Loan to affiliate | $ 3,402,000 | ||
Interest-Only Note Due December 29, 2016 | |||
Commitments and Contingencies [Line Items] | |||
Due from affiliate | $ 6,000,000 | ||
Revolving Credit Facility | |||
Commitments and Contingencies [Line Items] | |||
Outstanding letters of credit | $ 2,507,000 | $ 2,507,000 |
Changes in Asset Retirement Obl
Changes in Asset Retirement Obligations (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Commitments And Contingencies Disclosure [Abstract] | ||
Balance at beginning of year | $ 70,422 | $ 48,727 |
Accretion expense | 3,336 | 2,818 |
Liabilities incurred and assumed in business combinations | 14,735 | 20,984 |
Liabilities settled | (4,490) | (2,061) |
Revisions in estimated cash flows | 5,601 | (46) |
Balance at end of year | $ 89,604 | $ 70,422 |
Contractual Purchase Commitment
Contractual Purchase Commitments (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
2,016 | $ 155,525 |
2,017 | 6,457 |
2,018 | 1,361 |
2,019 | 451 |
2,020 | 451 |
Thereafter | 1,575 |
Total | $ 165,820 |
Business Segments - Additional
Business Segments - Additional Information (Detail) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2014USD ($) | Dec. 31, 2015USD ($)Segment | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Segment Reporting Information [Line Items] | ||||
Reportable business segments | Segment | 3 | |||
Total revenues | $ 3,539,570 | $ 2,957,951 | $ 2,155,551 | |
Machinery and equipment acquired through capital leases | 1,445 | 7,788 | 10,341 | |
Acquisition through asset exchange | 5,000 | 2,091 | ||
Property additions through acquisitions, Total | 40,350 | 1,602,860 | 54,707 | |
Aggregates Business | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 2,905,744 | 2,479,490 | 1,910,734 | |
Property additions through acquisitions, Total | 40,350 | 632,560 | 54,707 | |
Intersegment Eliminations | Cement | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 43,356 | 87,782 | ||
Corporate | ||||
Segment Reporting Information [Line Items] | ||||
Acquisition through asset exchange | 4,088 | 3,591 | ||
Operating Segments | Cement | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 387,947 | 221,759 | ||
Property additions through acquisitions, Total | 970,300 | |||
Operating Segments | Mid-America Group | Aggregates Business | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 926,251 | $ 848,855 | 789,806 | |
Property additions through acquisitions, Total | $ 4,385 | $ 244 |
Financial Data for Continuing O
Financial Data for Continuing Operations for Corporations Reportable Business Segments (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||
Total revenues | $ 3,539,570 | $ 2,957,951 | $ 2,155,551 |
Net Sales | 3,268,116 | 2,679,095 | 1,943,218 |
Gross profit (loss), Total | 721,767 | 522,360 | 363,957 |
Selling, general and administrative expenses | 218,234 | 169,245 | 150,091 |
Earnings (Loss) from Operations | 479,416 | 314,873 | 217,988 |
Assets employed, Total | 6,961,732 | 7,219,754 | 3,185,005 |
Depreciation, depletion and amortization | 263,587 | 222,746 | 173,761 |
Total property additions | 364,116 | 1,846,421 | 220,281 |
Property additions through acquisitions, Total | 40,350 | 1,602,860 | 54,707 |
Aggregates Business | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 2,905,744 | 2,479,490 | 1,910,734 |
Net Sales | 2,673,004 | 2,233,433 | 1,717,577 |
Gross profit (loss), Total | 545,729 | 383,214 | 281,745 |
Selling, general and administrative expenses | 137,712 | 120,152 | 114,693 |
Earnings (Loss) from Operations | 428,954 | 320,097 | 177,570 |
Assets employed, Total | 4,509,579 | 4,339,277 | 2,884,900 |
Depreciation, depletion and amortization | 187,284 | 169,532 | 154,941 |
Total property additions | 325,040 | 853,421 | 209,104 |
Property additions through acquisitions, Total | 40,350 | 632,560 | 54,707 |
Operating Segments | Mid-America Group | Aggregates Business | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 926,251 | 848,855 | 789,806 |
Net Sales | 851,854 | 770,568 | 720,007 |
Gross profit (loss), Total | 256,586 | 216,883 | 192,747 |
Selling, general and administrative expenses | 52,606 | 52,217 | 53,683 |
Earnings (Loss) from Operations | 206,820 | 172,208 | 144,269 |
Assets employed, Total | 1,304,574 | 1,290,833 | 1,242,395 |
Depreciation, depletion and amortization | 61,693 | 63,294 | 66,381 |
Total property additions | 77,640 | 76,753 | 82,667 |
Property additions through acquisitions, Total | 4,385 | 244 | |
Operating Segments | Southeast Group | Aggregates Business | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 304,472 | 274,352 | 245,340 |
Net Sales | 285,302 | 254,986 | 226,437 |
Gross profit (loss), Total | 34,197 | 10,653 | (3,515) |
Selling, general and administrative expenses | 18,467 | 17,788 | 18,081 |
Earnings (Loss) from Operations | 16,435 | (5,293) | (19,849) |
Assets employed, Total | 583,369 | 604,044 | 611,906 |
Depreciation, depletion and amortization | 31,644 | 31,955 | 32,556 |
Total property additions | 12,155 | 23,326 | 72,907 |
Property additions through acquisitions, Total | 54,463 | ||
Operating Segments | West Group | Aggregates Business | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 1,675,021 | 1,356,283 | 875,588 |
Net Sales | 1,535,848 | 1,207,879 | 771,133 |
Gross profit (loss), Total | 254,946 | 155,678 | 92,513 |
Selling, general and administrative expenses | 66,639 | 50,147 | 42,929 |
Earnings (Loss) from Operations | 205,699 | 153,182 | 53,150 |
Assets employed, Total | 2,621,636 | 2,444,400 | 1,030,599 |
Depreciation, depletion and amortization | 93,947 | 74,283 | 56,004 |
Total property additions | 235,245 | 753,342 | 53,530 |
Property additions through acquisitions, Total | 35,965 | 632,560 | |
Operating Segments | Cement | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 387,947 | 221,759 | |
Net Sales | 367,604 | 209,556 | |
Gross profit (loss), Total | 103,473 | 52,469 | |
Selling, general and administrative expenses | 26,626 | 12,741 | |
Earnings (Loss) from Operations | 47,821 | 40,751 | |
Assets employed, Total | 1,939,796 | 2,451,799 | |
Depreciation, depletion and amortization | 53,672 | 30,620 | |
Total property additions | 9,599 | 975,063 | |
Property additions through acquisitions, Total | 970,300 | ||
Operating Segments | Magnesia Specialties | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 245,879 | 256,702 | 244,817 |
Net Sales | 227,508 | 236,106 | 225,641 |
Gross profit (loss), Total | 78,732 | 84,594 | 83,703 |
Selling, general and administrative expenses | 9,499 | 9,776 | 10,165 |
Earnings (Loss) from Operations | 68,886 | 74,805 | 73,506 |
Assets employed, Total | 147,795 | 150,359 | 154,024 |
Depreciation, depletion and amortization | 13,769 | 10,394 | 10,564 |
Total property additions | 8,916 | 2,588 | 4,700 |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Gross profit (loss), Total | (6,167) | 2,083 | (1,491) |
Selling, general and administrative expenses | 44,397 | 26,576 | 25,233 |
Earnings (Loss) from Operations | (66,245) | (120,780) | (33,088) |
Assets employed, Total | 364,562 | 278,319 | 146,081 |
Depreciation, depletion and amortization | 8,862 | 12,200 | 8,256 |
Total property additions | $ 20,561 | $ 15,349 | $ 6,477 |
Total Revenues, Net Sales and G
Total Revenues, Net Sales and Gross Profit by Product Line (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Product Information [Line Items] | |||
Total revenues | $ 3,539,570 | $ 2,957,951 | $ 2,155,551 |
Net Sales | 3,268,116 | 2,679,095 | 1,943,218 |
Gross profit (loss), Total | 721,767 | 522,360 | 363,957 |
Corporate | |||
Product Information [Line Items] | |||
Gross profit (loss), Total | (6,167) | 2,083 | (1,491) |
Aggregates | |||
Product Information [Line Items] | |||
Total revenues | 2,017,761 | 1,805,824 | 1,527,986 |
Net Sales | 1,793,660 | 1,570,022 | 1,347,486 |
Gross profit (loss), Total | 467,053 | 324,093 | 259,054 |
Asphalt | |||
Product Information [Line Items] | |||
Total revenues | 72,282 | 85,822 | 78,863 |
Net Sales | 64,943 | 76,278 | 66,216 |
Gross profit (loss), Total | 18,189 | 13,552 | 12,928 |
Ready Mixed Concrete | |||
Product Information [Line Items] | |||
Total revenues | 657,088 | 431,229 | 146,085 |
Net Sales | 655,788 | 430,519 | 146,079 |
Gross profit (loss), Total | 42,942 | 39,129 | 8,337 |
Road Paving | |||
Product Information [Line Items] | |||
Total revenues | 158,613 | 156,615 | 157,800 |
Net Sales | 158,613 | 156,614 | 157,796 |
Gross profit (loss), Total | 17,545 | 6,440 | 1,426 |
Aggregates Business | |||
Product Information [Line Items] | |||
Total revenues | 2,905,744 | 2,479,490 | 1,910,734 |
Net Sales | 2,673,004 | 2,233,433 | 1,717,577 |
Gross profit (loss), Total | 545,729 | 383,214 | 281,745 |
Cement | |||
Product Information [Line Items] | |||
Total revenues | 387,947 | 221,759 | |
Net Sales | 367,604 | 209,556 | |
Gross profit (loss), Total | 103,473 | 52,469 | |
Magnesia Specialties | |||
Product Information [Line Items] | |||
Total revenues | 245,879 | 256,702 | 244,817 |
Net Sales | 227,508 | 236,106 | 225,641 |
Gross profit (loss), Total | $ 78,732 | $ 84,594 | $ 83,703 |
Domestic and Foreign Total Reve
Domestic and Foreign Total Revenues (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||
Total revenues | $ 3,539,570 | $ 2,957,951 | $ 2,155,551 |
Domestic | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 3,493,462 | 2,912,115 | 2,113,068 |
Foreign | |||
Segment Reporting Information [Line Items] | |||
Total revenues | $ 46,108 | $ 45,836 | $ 42,483 |
Components of Change in Other A
Components of Change in Other Assets and Liabilities Net (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Supplemental Cash Flow Elements [Abstract] | |||
Other current and noncurrent assets | $ (3,631) | $ 8,066 | $ 1,186 |
Accrued salaries, benefits and payroll taxes | (12,303) | 10,136 | (4,276) |
Accrued insurance and other taxes | 4,425 | (17,641) | 421 |
Accrued income taxes | (4,364) | 27,680 | 3,889 |
Accrued pension, postretirement and postemployment benefits | (18,153) | 1,150 | (4,795) |
Other current and noncurrent liabilities | (3,014) | (10,681) | 7,373 |
Change in other assets and liabilities | $ (37,040) | $ 18,710 | $ 3,798 |
Supplemental Cash Flow Infor107
Supplemental Cash Flow Information - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Supplemental Cash Flow Elements [Abstract] | ||
Payment of accrual severance | $ 9,682 | $ 11,444 |
Higher pension plan funding | $ 28,270 |
Noncash Investing and Financing
Noncash Investing and Financing Activities (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Supplemental Cash Flow Elements [Abstract] | |||
Acquisition of assets through asset exchange | $ 5,000 | $ 2,091 | |
Acquisition of assets through capital lease | $ 1,445 | 7,788 | $ 10,341 |
Seller financing of land purchase | 1,500 | ||
Acquisition of TXI net assets assumed through issuances of common stock and options | $ 2,691,986 |
Schedule II - Valuation and 109
Schedule II - Valuation and Qualifying Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Allowance for doubtful accounts | ||||
Valuation And Qualifying Accounts Disclosure [Line Items] | ||||
Balance at beginning of period | $ 4,077 | $ 4,081 | $ 6,069 | |
Charged to costs and expenses | 2,863 | |||
Deductions-describe | [1] | 4 | 1,988 | |
Balance at end of period | 6,940 | 4,077 | 4,081 | |
Allowance for uncollectible notes receivable | ||||
Valuation And Qualifying Accounts Disclosure [Line Items] | ||||
Balance at beginning of period | 1,486 | 809 | 440 | |
Charged to costs and expenses | 369 | |||
Charged to other accounts-describe | [2] | 1,103 | ||
Deductions-describe | [1] | 901 | 426 | |
Balance at end of period | 585 | 1,486 | 809 | |
Inventory valuation allowance | ||||
Valuation And Qualifying Accounts Disclosure [Line Items] | ||||
Balance at beginning of period | 119,189 | 99,026 | 96,817 | |
Charged to costs and expenses | 13,365 | 11,762 | 1,165 | |
Charged to other accounts-describe | [3] | 1,400 | 9,942 | 1,044 |
Deductions-describe | [4] | 3,370 | 1,541 | |
Balance at end of period | $ 130,584 | $ 119,189 | $ 99,026 | |
[1] | Write off of uncollectible accounts and change in estimates. | |||
[2] | Application of reserves to acquired notes receivable. | |||
[3] | Application of reserve policy to acquired inventories. | |||
[4] | Divestitures. |