VULCAN MATERIALS CO, 10-K filed on 2/25/2021
Annual Report
v3.20.4
Document and Entity Information - USD ($)
 12 Months Ended
Dec. 31, 2020
Feb. 12, 2021
Jun. 30, 2020
Document and Entity Information [Abstract]      
Document Type 10-K    
Amendment Flag false    
Document Period End Date Dec. 31, 2020    
Document Annual Report true    
Document Transition Report false    
Document Fiscal Year Focus 2020    
Entity File Number 001-33841    
Document Fiscal Period Focus FY    
Entity Registrant Name VULCAN MATERIALS COMPANY    
Entity Central Index Key 0001396009    
Current Fiscal Year End Date --12-31    
Entity Public Float     $ 15,315,526,050
Entity Incorporation, State or Country Code NJ    
Entity Tax Identification Number 20-8579133    
Entity Address, Address Line One 1200 Urban Center Drive    
Entity Address, City or Town Birmingham    
Entity Address, State or Province AL    
Entity Address, Postal Zip Code 35242    
City Area Code 205    
Local Phone Number 298-3000    
Title of 12(b) Security Common Stock, $1 par value    
Trading Symbol VMC    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
Entity Shell Company false    
ICFR Auditor Attestation Flag true    
Entity Common Stock, Shares Outstanding   132,547,092  
Documents Incorporated by Reference Portions of the registrant’s annual proxy statement for the annual meeting of its shareholders to be held on May 14, 2021, are incorporated by reference into Part III of this Annual Report on Form 10-K    
v3.20.4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract]      
Total revenues [1] $ 4,856,826 $ 4,929,103 $ 4,382,869
Cost of revenues 3,575,345 3,673,202 3,281,924
Gross profit 1,281,481 1,255,901 1,100,945
Selling, administrative and general expenses 359,772 370,548 333,371
Gain on sale of property, plant & equipment and businesses 3,997 23,752 14,944
Other operating expense, net (29,975) (31,647) (34,805)
Operating earnings 895,731 877,458 747,713
Other nonoperating income (expense), net (17,540) 9,243 13,000
Interest income 1,567 1,155 554
Interest expense 135,960 130,155 137,977
Earnings from continuing operations before income taxes 743,798 757,701 623,290
Income tax expense      
Current 93,948 58,941 40,516
Deferred 61,855 76,257 64,933
Total income tax expense 155,803 135,198 105,449
Earnings from continuing operations 587,995 622,503 517,841
Loss on discontinued operations, net of tax (3,515) (4,841) (2,036)
Net earnings 584,480 617,662 515,805
Other comprehensive income (loss), net of tax      
Deferred gain (loss) on interest rate derivative (14,679) 0 2,496
Amortization of prior interest rate derivative loss 1,689 227 226
Adjustment for funded status of benefit plans 6,366 (26,892) (207)
Amortization of actuarial loss and prior service cost for benefit plans 23,057 1,142 4,365
Other comprehensive income (loss) 16,433 (25,523) 6,880
Comprehensive income $ 600,913 $ 592,139 $ 522,685
Basic earnings (loss) per share      
Continuing operations $ 4.44 $ 4.71 $ 3.91
Discontinued operations (0.03) (0.04) (0.01)
Net earnings 4.41 4.67 3.90
Diluted earnings (loss) per share      
Continuing operations 4.41 4.67 3.87
Discontinued operations (0.02) (0.04) (0.02)
Net earnings $ 4.39 $ 4.63 $ 3.85
Weighted-average common shares outstanding      
Basic 132,578 132,300 132,393
Assuming dilution 133,245 133,385 133,926
[1]

1

The geographic markets are defined by states as follows:

East market — Arkansas, Delaware, Illinois, Kentucky, Maryland, North Carolina, Pennsylvania, Tennessee, Virginia, and Washington D.C.

Gulf Coast market — Alabama, Florida, Georgia, Louisiana, Mexico, Mississippi, Oklahoma, South Carolina and Texas

West market — Arizona, California and New Mexico

v3.20.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Assets    
Cash and cash equivalents $ 1,197,068 $ 271,589
Restricted cash 945 2,917
Accounts and notes receivable    
Customers, less allowance for doubtful accounts 2020 — $2,551; 2019 — $3,125 512,945 532,012
Other 43,352 38,104
Inventories 448,585 458,308
Other current assets 74,270 76,396
Total current assets 2,277,165 1,379,326
Investments and long-term receivables 34,301 60,709
Property, plant & equipment, net 4,425,999 4,316,038
Operating lease right-of-use assets, net 423,128 408,189
Goodwill 3,172,112 3,167,061
Other intangible assets, net 1,123,544 1,091,475
Other noncurrent assets 230,656 225,995
Total assets 11,686,905 10,648,793
Liabilities    
Current maturities of long-term debt 515,435 25
Trade payables and accruals 273,080 265,159
Accrued salaries, wages and management incentives 91,646 97,228
Accrued interest 19,943 19,167
Other current liabilities 147,779 153,984
Total current liabilities 1,047,883 535,563
Long-term debt 2,772,240 2,784,315
Deferred income taxes, net 706,050 633,039
Deferred management incentive and other compensation 26,787 22,856
Pension benefits 107,195 142,363
Other postretirement benefits 29,412 35,848
Asset retirement obligations 283,163 210,323
Deferred revenue 174,045 179,880
Operating lease liabilities 399,582 388,042
Other noncurrent liabilities 113,218 94,707
Total liabilities 5,659,575 5,026,936
Other commitments and contingencies (Note 12)
Equity    
Common stock, $1 par value, Authorized 480,000 shares, Outstanding 132,516 and 132,371 shares, respectively 132,516 132,371
Capital in excess of par value 2,802,012 2,791,353
Retained earnings 3,274,107 2,895,871
Accumulated other comprehensive loss (181,305) (197,738)
Total equity 6,027,330 5,621,857
Total liabilities and equity $ 11,686,905 $ 10,648,793
v3.20.4
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
CONSOLIDATED BALANCE SHEETS [Abstract]    
Allowance for doubtful accounts $ 2,551 $ 3,125
Common stock, par value $ 1 $ 1
Common stock, shares authorized 480,000,000 480,000,000
Common stock, shares outstanding 132,516,000 132,371,000
v3.20.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Operating Activities      
Net earnings $ 584,480 $ 617,662 $ 515,805
Adjustments to reconcile net earnings to net cash provided by operating activities      
Depreciation, depletion, accretion and amortization 396,806 374,596 346,246
Noncash operating lease expense 38,272 35,344 0
Net gain on sale of property, plant & equipment and businesses (3,997) (23,752) (14,944)
Contributions to pension plans (8,819) (8,882) (109,631)
Share-based compensation expense 32,991 31,843 25,215
Deferred tax expense 62,018 76,011 64,639
Cost of debt purchase 0 0 6,922
Increase (decrease) in liabilities excluding the initial effects of business acquisitions and dispositions      
Accounts and notes receivable 13,413 (29,734) 63,230
Inventories 9,801 (28,273) (34,976)
Prepaid expenses 2,585 5,990 (2,167)
Other assets (14,430) (61,195) (58,489)
Increase (decrease) in liabilities excluding the initial effects of business acquisitions and dispositions      
Accrued interest and income taxes 775 (4,644) 12,148
Trade payables and other accruals (6,942) 21,788 40,181
Other noncurrent liabilities (44,912) (51,150) (26,901)
Other, net 8,318 28,518 5,499
Net cash provided by operating activities 1,070,359 984,122 832,777
Investing Activities      
Purchases of property, plant & equipment (362,194) (384,094) (469,088)
Proceeds from sale of property, plant & equipment 11,461 22,661 22,210
Proceeds from sale of businesses 968 1,744 11,256
Payment for businesses acquired, net of acquired cash (43,223) (44,151) (221,419)
Other, net 11,474 (11,997) (12,850)
Net cash used for investing activities (381,514) (415,837) (669,891)
Financing Activities      
Proceeds from short-term debt 0 366,900 739,900
Payment of short-term debt 0 (499,900) (606,900)
Payment of current maturities and long-term debt (250,025) (23) (892,055)
Proceeds from issuance of long-term debt 750,000 0 850,000
Debt issuance and exchange costs (15,394) 0 (45,513)
Settlements of interest rate derivatives (19,863) 0 3,378
Purchases of common stock (26,132) (2,602) (133,983)
Dividends paid (180,216) (163,973) (148,109)
Share-based compensation, shares withheld for taxes (22,144) (38,522) (31,846)
Other, net (1,564) (63) 0
Net cash provided by (used for) financing activities 234,662 (338,183) (265,128)
Net increase (decrease) in cash and cash equivalents and restricted cash 923,507 230,102 (102,242)
Cash and cash equivalents and restricted cash at beginning of year 274,506 44,404 146,646
Cash and cash equivalents and restricted cash at end of year $ 1,198,013 $ 274,506 $ 44,404
v3.20.4
CONSOLIDATED STATEMENTS OF EQUITY - USD ($)
shares in Thousands, $ in Thousands
Common Stock [Member]
Scenario, Previously Reported [Member]
Common Stock [Member]
Revision of Prior Period, Accounting Standards Update, Adjustment [Member]
Common Stock [Member]
Capital In Excess Of Par Value [Member]
Scenario, Previously Reported [Member]
Capital In Excess Of Par Value [Member]
Revision of Prior Period, Accounting Standards Update, Adjustment [Member]
Capital In Excess Of Par Value [Member]
Retained Earnings [Member]
Scenario, Previously Reported [Member]
Retained Earnings [Member]
Revision of Prior Period, Accounting Standards Update, Adjustment [Member]
Retained Earnings [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Scenario, Previously Reported [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Revision of Prior Period, Accounting Standards Update, Adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Scenario, Previously Reported [Member]
Revision of Prior Period, Accounting Standards Update, Adjustment [Member]
Total
Beginning balance, shares at Dec. 31, 2017 132,324 0 132,324                        
Balance at beginning of period at Dec. 31, 2017 $ 132,324 $ 0 $ 132,324 $ 2,805,587 $ 0 $ 2,805,587 $ 2,180,448 $ 29,629 $ 2,210,077 $ (149,466) $ (29,629) $ (179,095) $ 4,968,893 $ 0 $ 4,968,893
Net earnings     $ 0     0     515,805     0     515,805
Share-based compensation plans, net of shares withheld for taxes, shares     630                        
Share-based compensation plans, net of shares withheld for taxes     $ 630     (32,428)     0     0     (31,798)
Purchase and retirement of common stock, shares     (1,192)                        
Purchase and retirement of common stock     $ (1,192)     0     (132,791)     0     (133,983)
Share-based compensation expense     0     25,215     0     0     25,215
Cash dividends on common stock     0     0     (148,109)     0     (148,109)
Other comprehensive income (loss)     0     0     0     6,880     6,880
Other     $ 0     112     (112)     0     0
Ending balance, shares at Dec. 31, 2018     131,762                        
Balance at end of period at Dec. 31, 2018     $ 131,762     2,798,486     2,444,870     (172,215)     5,202,903
Net earnings     $ 0     0     617,662     0     617,662
Share-based compensation plans, net of shares withheld for taxes, shares     628                        
Share-based compensation plans, net of shares withheld for taxes     $ 628     (39,080)     0     0     (38,452)
Purchase and retirement of common stock, shares     (19)                        
Purchase and retirement of common stock     $ (19)     0     (2,583)     0     (2,602)
Share-based compensation expense     0     31,843     0     0     31,843
Cash dividends on common stock     0     0     (163,973)     0     (163,973)
Other comprehensive income (loss)     0     0     0     (25,523)     (25,523)
Other     $ 0     104     (105)     0     (1)
Ending balance, shares at Dec. 31, 2019     132,371                        
Balance at end of period at Dec. 31, 2019     $ 132,371     2,791,353     2,895,871     (197,738)     5,621,857
Net earnings     $ 0     0     584,480     0     584,480
Share-based compensation plans, net of shares withheld for taxes, shares     359                        
Share-based compensation plans, net of shares withheld for taxes     $ 359     (22,442)     0     0     (22,083)
Purchase and retirement of common stock, shares     (214)                        
Purchase and retirement of common stock     $ (214)     0     (25,918)     0     (26,132)
Share-based compensation expense     0     32,991     0     0     32,991
Cash dividends on common stock     0     0     (180,216)     0     (180,216)
Other comprehensive income (loss)     0     0     0     16,433     16,433
Other     $ 0     110     (110)     0     0
Ending balance, shares at Dec. 31, 2020     132,516                        
Balance at end of period at Dec. 31, 2020     $ 132,516     $ 2,802,012     $ 3,274,107     $ (181,305)     $ 6,027,330
v3.20.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 12 Months Ended
Dec. 31, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NATURE OF OPERATIONS

Vulcan Materials Company (the “Company,” “Vulcan,” “we,” “our”), a New Jersey corporation, is the nation's largest supplier of construction aggregates (primarily crushed stone, sand and gravel) and a major producer of asphalt mix and ready-mixed concrete.

We operate primarily in the United States and our principal product — aggregates — is used in virtually all types of public and private construction projects and in the production of asphalt mix and ready-mixed concrete. We serve markets in twenty states, Washington D.C., and the local markets surrounding our operations in Mexico. Our primary focus is serving metropolitan markets in the United States that are expected to experience the most significant growth in population, households and employment. These three demographic factors are significant drivers of demand for aggregates. While aggregates is our focus and primary business, we produce and sell asphalt mix and/or ready-mixed concrete in our Alabama, Arizona, California, Maryland, New Mexico, Tennessee, Texas, Virginia and Washington D.C. markets.

While we continue to operate as an essential business, the COVID-19 pandemic has impacted our industry and the economy, and it may have far-reaching impacts on many aspects of our operations, directly and indirectly, including with respect to its impacts on customer behaviors, business and manufacturing operations, our employees, and the market generally.

Due to the 2005 sale of our Chemicals business as described below, the results of the Chemicals business are presented as discontinued operations in the accompanying Consolidated Statements of Comprehensive Income.

DISCONTINUED OPERATIONS

In 2005, we sold substantially all the assets of our Chemicals business to Basic Chemicals, a subsidiary of Occidental Chemical Corporation. The financial results of the Chemicals business are classified as discontinued operations in the accompanying Consolidated Statements of Comprehensive Income for all periods presented. Results from discontinued operations are as follows:

in thousands

2020

2019

2018

Discontinued Operations

Pretax loss

$        (4,752)

$       (6,541)

$       (2,748)

Income tax benefit

1,237 

1,700 

712 

Loss on discontinued operations,

net of tax

$        (3,515)

$       (4,841)

$       (2,036)

Our discontinued operations include charges/credits related to general and product liability costs, including legal defense costs, and environmental remediation costs associated with our former Chemicals business (including certain matters as discussed in Note 12). There were no revenues from discontinued operations for the years presented.

PRINCIPLES OF CONSOLIDATION

The consolidated financial statements include the accounts of Vulcan Materials Company and all our majority or
‎wholly-owned subsidiary companies. Partially-owned affiliates are either consolidated or accounted for at cost or as equity investments depending on the level of ownership interest or our ability to exercise control over the affiliates’ operations. All intercompany transactions and accounts have been eliminated in consolidation.

USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS

The preparation of these financial statements in conformity with accounting principles generally accepted (GAAP) in the United States of America requires us to make estimates and judgments that affect reported amounts of assets, liabilities, revenues and expenses, and the related disclosures of contingent assets and contingent liabilities at the date of the financial statements. We evaluate these estimates and judgments on an ongoing basis and base our estimates on historical experience, current conditions and various other assumptions that are believed to be reasonable under the circumstances. The results of these estimates form the basis for our judgments about the carrying values of assets and liabilities as well as identifying and assessing the accounting treatment with respect to commitments and contingencies. Actual results may differ materially from these estimates. The most significant estimates included in the preparation of these financial statements are related to goodwill and long-lived asset impairments, business combinations and purchase price allocation, pension and other postretirement benefits, environmental compliance, claims and litigation including self-insurance, and income taxes. Events and changes in circumstances arising after December 31, 2020, including those resulting from the impacts of COVID-19, will be reflected in management’s estimates for future periods.

BUSINESS COMBINATIONS

We account for business combinations under the acquisition method of accounting. The purchase price of an acquisition is allocated to the underlying identifiable assets acquired and liabilities assumed based on their respective fair values. The purchase price is determined based on the fair value of consideration transferred to and liabilities assumed from the seller as of the date of acquisition. We allocate the purchase price to the fair values of the tangible and identifiable intangible assets acquired and liabilities assumed as of the date of acquisition. Goodwill is recorded for the excess of the purchase price over the net fair value of the identifiable assets acquired and liabilities assumed.

Determining the fair values of assets acquired and liabilities assumed requires judgment and often involves the use of significant estimates and assumptions. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction, and therefore represents an exit price. A fair value measurement assumes the highest and best use of the asset by market participants.

We may adjust the amounts recognized in an acquisition during a measurement period after the acquisition date. Any such adjustments are the result of subsequently obtaining additional information that existed at the acquisition date regarding the assets acquired or the liabilities assumed. Measurement period adjustments are generally recorded as increases or decreases to goodwill, if any, recognized in the transaction. The cumulative impact of measurement period adjustments on depreciation, amortization and other income statement items are recognized in the period the adjustment is determined.

FOREIGN CURRENCY TRANSACTIONS

The U.S. dollar is the functional currency for all of our operations. For our non-U.S. subsidiaries, local currency inventories and long-term assets such as property, plant & equipment and intangibles are remeasured into U.S. dollars at approximate rates prevailing when acquired; all other assets and liabilities are remeasured at year-end exchange rates. Inventories charged to cost of sales and depreciation are remeasured at historical rates; all other income and expense items are remeasured at average exchange rates prevailing during the year. Gains and losses which result from remeasurement are included in other nonoperating income/expense in the accompanying Consolidated Statements of Comprehensive Income and are not material for the years presented.

CASH EQUIVALENTS

We classify as cash equivalents all highly liquid securities with a maturity of three months or less at the time of purchase. The carrying amount of these securities approximates fair value due to their short-term maturities.

RESTRICTED CASH

Restricted cash generally consists of cash proceeds from the sale of property held in escrow for the acquisition of replacement property under like-kind exchange agreements and cash reserved by other contractual agreements (such as asset purchase agreements) for a specified purpose and therefore not available for use for other purposes. The escrow accounts are administered by an intermediary. Cash restricted pursuant to like-kind exchange agreements remains restricted for a maximum of 180 days from the date of the property sale pending the acquisition of replacement property. Restricted cash is included with cash and cash equivalents in the accompanying Consolidated Statements of Cash Flows.

ACCOUNTS AND NOTES RECEIVABLE

Accounts and notes receivable from customers result from our extending credit to trade customers for the purchase of our products. The terms generally provide for payment within 15 days of the month following invoice. On occasion, when necessary to conform to regional industry practices, we sell product under extended payment terms, which may result in either secured or unsecured short-term notes; or, on occasion, notes with durations of less than one year are taken in settlement of existing accounts receivable. Other accounts and notes receivable result from short-term transactions (less than one year) other than the sale of our products, such as interest receivable, insurance claims, freight claims, bid deposits or rents receivable.

Allowance for doubtful accounts is based on our assessment of the collectability of customer accounts. We regularly review the allowance by considering factors such as historical experience, credit quality, the age of the accounts receivable balances, and current economic conditions that may affect a customer’s ability to pay. Bad debt expense for the years ended December 31 was as follows: 2020 — $1,091,000, 2019 — $1,426,000 and 2018 — $251,000. Write-offs of accounts receivables for the years ended December 31 were as follows: 2020 — $2,046,000, 2019 — $809,000 and 2018 — $1,291,000.

INVENTORIES

Inventories and supplies are stated at the lower of cost or net realizable value. We use the last-in, first-out (LIFO) method of valuation for most of our inventories because it results in a better matching of costs with revenues. Such costs include fuel, parts and supplies, raw materials, direct labor and production overhead. An actual valuation of inventory under the LIFO method can be made only at the end of each year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations are based on our estimates of expected year-end inventory levels and costs and are subject to the final year-end LIFO inventory valuation. Substantially all operating supplies inventory is carried at average cost.

For additional information about inventories see Note 3.

PROPERTY, PLANT & EQUIPMENT

Property, plant & equipment (including finance leases) are carried at cost less accumulated depreciation, depletion and amortization.

Capitalized software costs of $2,110,000 and $2,976,000 are reflected in net property, plant & equipment as of December 31, 2020 and 2019, respectively. We capitalized software costs for the years ended December 31 as follows: 2020 — $1,116,000, 2019 — $1,506,000 and 2018 — $2,213,000.

For assets sold or otherwise disposed of, the cost and related accumulated depreciation are removed, and any related gain or loss is reflected in income.

For additional information about our property, plant & equipment see Note 4.

REPAIR AND MAINTENANCE

Repair and maintenance costs generally are charged to operating expense as incurred. Renewals and betterments that add materially to the utility or useful lives of property, plant & equipment are capitalized and subsequently depreciated. Actual costs for planned major maintenance activities, related primarily to periodic overhauls on our oceangoing vessels, are capitalized and amortized to the next overhaul.

LEASES

Our nonmineral leases with initial terms in excess of one year are recognized on the balance sheet as right-of-use (ROU) assets and lease liabilities. Mineral leases are exempt from balance sheet recognition.

ROU assets represent our right to use an underlying asset for the lease term, and lease liabilities represent our obligation to make lease payments arising from the leases. ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. The lease term only includes options to extend or terminate the lease when it is reasonably certain that we will exercise that option. As our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. ROU assets are adjusted for any prepaid lease payments and lease incentives. Except for equipment with monthly monitoring service where the service component accounts for a majority of the lease cost, the non-lease components of our lease agreements are not separated from the lease components.

For additional information about leases see Note 7.

DEPRECIATION, DEPLETION, ACCRETION AND AMORTIZATION

Depreciation is generally computed by the straight-line method at rates based on the estimated service lives of the various classes of assets, which include machinery and equipment (3 to 35 years), buildings (7 to 20 years) and land improvements (3 to 20 years). Finance leases are amortized over varying periods not in excess of applicable lease terms or estimated useful lives. Capitalized software costs are included in machinery and equipment and are depreciated on a straight-line basis beginning when the software project is substantially complete.

Cost depletion on depletable land is computed by the unit-of-sales method based on estimated recoverable units.

Accretion reflects the period-to-period increase in the carrying amount of the liability for asset retirement obligations. It is computed using the same credit-adjusted, risk-free rate used to initially measure the liability at fair value.

Leaseholds are amortized over varying periods not in excess of applicable lease terms or estimated useful lives.

Amortization of intangible assets subject to amortization is computed based on the estimated life of the intangible assets.
‎A significant portion of our intangible assets is contractual rights in place associated with zoning, permitting and other rights to access and extract aggregates reserves. Contractual rights in place associated with aggregates reserves are amortized using the unit-of-sales method based on estimated recoverable units. Other intangible assets are amortized principally by the straight-line method.

Depreciation, depletion, accretion and amortization expense for the years ended December 31 is outlined below:

in thousands

2020

2019

2018

Depreciation, Depletion, Accretion and Amortization

Depreciation

$      315,136 

$     300,613 

$     276,814 

Depletion

21,011 

22,421 

23,260 

Accretion

12,432 

10,992 

10,776 

Amortization of finance leases

1,616 

29 

472 

Amortization of intangibles

46,611 

40,541 

34,924 

Total

$      396,806 

$     374,596 

$     346,246 

DERIVATIVE INSTRUMENTS

During the normal course of operations, we are exposed to market risks including interest rates, foreign currency exchange rates and commodity prices. From time to time, and consistent with our risk management policies, we use derivative instruments to balance the cost and risk of such expenses. We do not use derivative instruments for trading or other speculative purposes.

The accounting for gains and losses that result from changes in the fair value of derivative instruments depends on whether the derivatives have been designated and qualify as hedging instruments and the type of hedging relationship. Changes in the fair value of interest rate swap cash flow hedges are recorded in accumulated other comprehensive income (AOCI) and are reclassified into interest expense in the same period the hedged items affect earnings. We may also enter into contracts that qualify for the normal purchases and normal sales (NPNS) exception. When a contract meets the criteria to qualify as NPNS, we apply such exception. Income recognition and realization related to NPNS contracts generally coincide with the physical delivery of the commodity. For contracts qualifying for the NPNS exception, no recognition of the contract’s fair value in the consolidated financial statements is required until settlement of the contract as long as the transaction remains probable of occurring.

For additional information about derivative instruments see Note 5.

FAIR VALUE MEASUREMENTS

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels as described below:

Level 1: Quoted prices in active markets for identical assets or liabilities
‎Level 2: Inputs that are derived principally from or corroborated by observable market data
‎Level 3: Inputs that are unobservable and significant to the overall fair value measurement

Our assets at December 31 subject to fair value measurement on a recurring basis are summarized below:

Level 1 Fair Value

in thousands

2020

2019

Fair Value Recurring

Rabbi Trust

Mutual funds

$       28,058 

$     22,883 

Total

$       28,058 

$     22,883 

Level 2 Fair Value

in thousands

2020

2019

Fair Value Recurring

Rabbi Trust

Money market mutual fund

$           837 

$       1,340 

Total

$           837 

$       1,340 

We have two Rabbi Trusts for the purpose of providing a level of security for the employee nonqualified retirement and deferred compensation plans and for the directors' nonqualified deferred compensation plans. The fair values of these investments are estimated using a market approach. The Level 1 investments include mutual funds for which quoted prices in active markets are available. Level 2 investments are stated at estimated fair value based on the underlying investments in the fund (short-term, highly liquid assets in commercial paper, short-term bonds and certificates of deposit).

Net gains (losses) of the Rabbi Trusts’ investments were $4,469,000, $3,993,000 and $(2,741,000) for the years ended December 31, 2020, 2019 and 2018, respectively. The portions of the net gains (losses) related to investments still held by the Rabbi Trusts at December 31, 2020, 2019 and 2018 were $4,140,000, $3,729,000 and $(4,386,000), respectively.

The carrying values of our cash equivalents, restricted cash, accounts and notes receivable, short-term debt, trade payables and accruals, and all other current liabilities approximate their fair values because of the short-term nature of these instruments. Additional disclosures for derivative instruments and interest-bearing debt are presented in Notes 5 and 6, respectively.

GOODWILL IMPAIRMENT

Goodwill represents the excess of the cost of net assets acquired in business combinations over the fair value of the identifiable tangible and intangible assets acquired and liabilities assumed in a business combination. Goodwill impairment exists when the fair value of a reporting unit is less than its carrying amount. As of December 31, 2020, goodwill totaled $3,172,112,000 as compared to $3,167,061,000 at December 31, 2019. Goodwill represents 27% of total assets at December 31, 2020 compared to 30% at December 31, 2019.

Goodwill is tested for impairment annually, as of November 1, or more frequently whenever events or changes in circumstances would more likely than not reduce the fair value of a reporting unit below its carrying amount. Goodwill is tested for impairment at the reporting unit level, one level below our operating segments. We have four operating segments organized around our principal product lines: Aggregates, Asphalt, Concrete and Calcium. Within these four operating segments, we have identified 17 reporting units (of which 9 carry goodwill) based primarily on geographic location. We have the option of either assessing qualitative factors to determine whether it is more likely than not that the carrying value of our reporting units exceeds their respective fair value or proceeding directly to a quantitative test. We elected to perform the quantitative impairment test for all years presented.

The quantitative impairment test compares the fair value of a reporting unit to its carrying value, including goodwill. If the fair value exceeds its carrying value, the goodwill of the reporting unit is not considered impaired. However, if the carrying value of a reporting unit exceeds its fair value, we recognize an impairment loss equal to that excess.

The results of the annual impairment tests performed as of November 1, 2020, 2019 and 2018 indicated that the fair values of all reporting units with goodwill substantially exceeded their carrying values. Accordingly, there were no charges for goodwill impairment in the years ended December 31, 2020, 2019 or 2018.

We estimate the fair values of the reporting units using both an income approach (which involves discounting estimated future cash flows) and a market approach (which involves the application of revenue and EBITDA multiples of comparable companies). Determining the fair value of our reporting units involves the use of significant estimates and assumptions and considerable management judgment. We base our fair value estimates on assumptions we believe to be reasonable at the time, but such assumptions are subject to inherent uncertainty and actual results may differ. Changes in key assumptions or management judgment with respect to a reporting unit or its prospects, which may result from a change in market conditions, market trends, interest rates or other factors outside of our control, or underperformance relative to historical or projected operating results, could result in a significantly different estimate of the fair value of our reporting units, which could result in an impairment charge in the future.

For additional information about goodwill see Note 18.

IMPAIRMENT OF LONG-LIVED ASSETS EXCLUDING GOODWILL

We evaluate the carrying value of long-lived assets, including intangible assets subject to amortization, when events and circumstances indicate that the carrying value may not be recoverable. The carrying value of long-lived assets is considered impaired when the estimated undiscounted cash flows from such assets are less than their carrying value. In that event, we recognize a loss equal to the amount by which the carrying value exceeds the fair value. Fair value is determined primarily by using a discounted cash flow methodology that requires considerable judgment and assumptions. Our estimate of net future cash flows is based on historical experience and assumptions of future trends, which may be different from actual results. We periodically review the appropriateness of the estimated useful lives of our long-lived assets.

We test long-lived assets for impairment at the a significantly lower level than the level at which we test goodwill for impairment. In markets where we do not produce downstream products (e.g., asphalt mix and ready-mixed concrete), the lowest level of largely independent identifiable cash flows is at the individual aggregates operation or a group of aggregates operations collectively serving a local market. Conversely, in vertically integrated markets, the cash flows of our downstream and upstream businesses are not largely independently identifiable as the selling price of the upstream products (aggregates) determines the profitability of the downstream business.

As of December 31, 2020, net property, plant & equipment represents 38% of total assets, while net other intangible assets represents 10% of total assets. During 2020, 2019 and 2018, we recorded no material losses on impairment of long-lived assets.

For additional information about long-lived assets and intangible assets see Notes 4 and 18, respectively.

REVENUES AND REVENUE RECOGNITION

Total revenues include sales of product and services to customers, net of any discounts and taxes, and freight and delivery revenues billed to customers. Freight and delivery generally represent pass-through transportation we incur (including our administrative costs) and pay to third-party carriers to deliver our products to customers. The cost related to freight and delivery is included in cost of revenues.

Revenues for product sales are recognized when control passes to the customer (typically occurs when finished products are shipped/delivered). Construction paving revenues are recognized using the percentage-of-completion method.

For additional information regarding revenues and revenue recognition see Note 2.

STRIPPING COSTS

In the mining industry, the costs of removing overburden and waste materials to access mineral deposits are referred to as stripping costs.

Stripping costs incurred during the production phase are considered costs of extracted minerals under our inventory costing system, inventoried, and recognized in cost of sales in the same period as the revenue from the sale of the inventory. The production stage is deemed to begin when the activities, including removal of overburden and waste material that may contain incidental saleable material, required to access the saleable product are complete. Stripping costs considered as production costs and included in the costs of inventory produced were $90,432,000 in 2020, $86,090,000 in 2019 and $78,911,000 in 2018.

Conversely, stripping costs incurred during the development stage of a mine (pre-production stripping) are excluded from our inventory cost. Pre-production stripping costs are capitalized and reported within other noncurrent assets in our accompanying Consolidated Balance Sheets. Capitalized pre-production stripping costs are expensed over the productive life of the mine using the unit-of-sales method. Pre-production stripping costs included in other noncurrent assets were $92,880,000 as of December 31, 2020 and $92,759,000 as of December 31, 2019.

RECLAMATION COSTS

Reclamation costs resulting from normal use of long-lived assets are recognized over the period the asset is in use when there is a legal obligation to incur these costs upon retirement of the assets. Additionally, reclamation costs resulting from normal use under a mineral lease are recognized over the lease term when there is a legal obligation to incur these costs upon expiration of the lease. The obligation, which cannot be reduced by estimated offsetting cash flows, is recorded at fair value as a liability at the obligating event date and is accreted through charges to operating expenses. This fair value is also capitalized as part of the carrying amount of the underlying asset and depreciated over the estimated useful life of the asset. If the obligation is settled for other than the carrying amount of the liability, a gain or loss is recognized on settlement.

To determine the fair value of the obligation, we estimate the cost (including a reasonable profit margin) for a third party to perform the legally required reclamation tasks. This cost is then increased for both future estimated inflation and an estimated market risk premium related to the estimated years to settlement. Once calculated, this cost is discounted to fair value using present value techniques with a credit-adjusted, risk-free rate commensurate with the estimated years to settlement.

In estimating the settlement date, we evaluate the current facts and conditions to determine the most likely settlement date. If this evaluation identifies alternative estimated settlement dates, we use a weighted-average settlement date considering the probabilities of each alternative.

We review reclamation obligations at least annually for a revision to the cost or a change in the estimated settlement date. Additionally, reclamation obligations are reviewed in the period that a triggering event occurs that would result in either a revision to the cost or a change in the estimated settlement date. Examples of events that would trigger a change in the cost include a new reclamation law or amendment of an existing mineral lease. Examples of events that would trigger a change in the estimated settlement date include the acquisition of additional reserves or the closure of a facility.

The carrying value of these obligations was $283,163,000 as of December 31, 2020 and $210,323,000 as of December 31, 2019. For additional information about reclamation obligations (referred to in our financial statements as asset retirement obligations) see Note 17.

ENVIRONMENTAL COMPLIANCE

Our environmental compliance costs are undiscounted and include the cost of ongoing monitoring programs, the cost of remediation efforts and other similar costs. We accrue costs for environmental assessment and remediation efforts when we determine that a liability is probable and we can reasonably estimate the cost. At the early stages of a remediation effort, environmental remediation liabilities are not easily quantified due to the uncertainties of various factors. The range of an estimated remediation liability is defined and redefined as events in the remediation effort occur, but generally liabilities are recognized no later than the completion of the remedial feasibility study.

When we can estimate a range of probable loss, we accrue the most likely amount. If no amount in the range of probable loss is considered most likely, the minimum loss in the range is accrued. As of December 31, 2020, the spread between the amount accrued and the maximum loss in the range for all sites for which a range can be reasonably estimated was $5,905,000 — this amount does not represent our maximum exposure to loss for all environmental remediation obligations as it excludes those sites for which a range of loss cannot be reasonably estimated at this time. Accrual amounts may be based on technical cost estimations or the professional judgment of experienced environmental managers. Our Safety, Health and Environmental Affairs Management Committee routinely reviews cost estimates and key assumptions in response to new information, such as the kinds and quantities of hazardous substances, available technologies and changes to the parties participating in the remediation efforts. However, a number of factors, including adverse agency rulings and encountering unanticipated conditions as remediation efforts progress, may cause actual results to differ materially from accrued costs.

For additional information about environmental compliance costs see Note 8.

CLAIMS AND LITIGATION INCLUDING SELF-INSURANCE

We are involved with claims and litigation, including items covered under our self-insurance program. We are self-insured for losses related to workers' compensation up to $2,000,000 per occurrence and automotive and general/product liability up to $10,000,000 per occurrence. We have excess coverage on a per occurrence basis beyond these retention levels.

Under our self-insurance program, we aggregate certain claims and litigation costs that are reasonably predictable based on our historical loss experience and accrue losses, including future legal defense costs, based on actuarial studies. Certain claims and litigation costs, due to their unique nature, are not included in our actuarial studies. We use both internal and outside legal counsel to assess the probability of loss, and establish an accrual when the claims and litigation represent a probable loss and the cost can be reasonably estimated. For matters not included in our actuarial studies, legal defense costs are accrued when incurred. The following table outlines our self-insurance program at December 31:

dollars in thousands

2020

2019

Self-insurance Program

Self-insured liabilities (undiscounted)

$        75,570 

$       69,069 

Insured liabilities (undiscounted)

3,661 

6,431 

Discount rate

0.30%

1.63%

Amounts Recognized in Consolidated

Balance Sheets

Other accounts and notes receivable

$             595 

$                0 

Investments and long-term receivables

3,585 

5,931 

Other current liabilities

(20,707)

(19,830)

Other noncurrent liabilities

(57,608)

(51,360)

Net liabilities (discounted)

$       (74,135)

$     (65,259)

Estimated payments (undiscounted and excluding the impact of related receivables) under our self-insurance program for the five years subsequent to December 31, 2020 are as follows:

in thousands

Estimated Payments under Self-insurance Program

2021

$        22,436 

2022

16,453 

2023

11,492 

2024

6,857 

2025

3,751 

Significant judgment is used in determining the timing and amount of the accruals for probable losses, and the actual liability could differ materially from the accrued amounts.

For additional information about claims and litigation, see Note 12 under the caption Litigation and Environmental Matters.

SHARE-BASED COMPENSATION

All of our share-based compensation awards are classified as equity awards. We measure share-based compensation awards using fair-value-based measurement methods. This results in the recognition of compensation expense for all share-based compensation awards based on their fair value as of the grant date. Compensation cost is recognized over the requisite service period. Forfeitures are recognized as they occur.

A summary of the estimated future compensation cost (unrecognized compensation expense) as of December 31, 2020 related to share-based awards granted to employees under our long-term incentive plans is presented below:

Unrecognized

Expected

Compensation

Weighted-average

dollars in thousands

Expense

Recognition (Years)

Share-based Compensation

SOSARs 1

$          1,605 

1.3 

Performance shares

10,622 

1.7 

Restricted shares

8,362 

1.7 

Total/weighted-average

$        20,589 

1.7 

1

Stock-Only Stock Appreciation Rights (SOSARs)

Pretax compensation expense related to our employee share-based compensation awards and related income tax benefits for the years ended December 31 are summarized below:

in thousands

2020

2019

2018

Employee Share-based Compensation Awards

Pretax compensation expense

$        31,419 

$       30,067 

$       23,250 

Income tax benefits

4,954 

7,682 

5,940 

We receive an income tax deduction for share-based compensation equal to the excess of the market value of our common stock on the date of exercise or issuance over the exercise price. Tax benefits resulting from tax deductions in excess of the compensation cost recognized (excess tax benefits) are reflected as discrete income tax benefits in the period of exercise or issuance. Net excess tax benefits were recorded as reductions to our income tax expense and reflected as operating cash flows, as follows (combined federal and state): 2020 — $8,368,000; 2019 — $21,020,000 and 2018 — $20,137,000.

For additional information about share-based compensation, see Note 11 under the caption Share-based Compensation Plans.

PENSION AND OTHER POSTRETIREMENT BENEFITS

Accounting for pension and other postretirement benefits requires that we use assumptions for the valuation of projected benefit obligations (PBO) and the performance of plan assets. Each year, we review our assumptions for discount rates (used for PBO, service cost, and interest cost calculations) and the expected return on plan assets. Due to plan changes made in 2012 and 2013, annual pay increases and the per capita cost of healthcare benefits do not materially impact plan obligations.

DISCOUNT RATES — We use a high-quality bond full yield curve approach (specific spot rates for each annual expected cash flow) to establish the discount rates at each measurement date. See Note 10 for the discount rates used for PBO, service cost, and interest cost calculations.

EXPECTED RETURN ON PLAN ASSETS — Our expected return on plan assets is: (1) a long-term view based on our current asset allocation, and (2) a judgment informed by consultation with our retirement plans’ consultant and our pension plans’ actuary. For the year ended December 31, 2020, the expected return on plan assets was 5.75% for the period January 1, 2020 – November 30, 2020 and 5.25% for the period December 1, 2020 – December 31, 2020 (5.75% for 2019). The plans were remeasured at November 30, 2020 to reflect settlement accounting (due to a voluntary lump-sum settlement offer to certain fully vested plan participants) for the CMG Hourly Pension Plan and the Vulcan Materials Company (VMC) Pension Plan (the Chemicals and Salaried Pension Plans were merged to form the VMC Pension Plan effective November 30, 2020).

Accounting standards provide for the delayed recognition of differences between actual results and expected or estimated results. This delayed recognition of actual results allows for a smoothed recognition in earnings of changes in benefit obligations and asset performance. The differences between actual results and expected or estimated results are recognized in full in other comprehensive income. Amounts recognized in other comprehensive income are reclassified to earnings in a systematic manner over the average remaining service period of participants for our active plans or the average remaining lifetime of participants for our inactive plans.

We present the service cost component of net periodic benefit cost in cost of revenues and selling, administrative and general expense consistent with employee compensation costs. The other components of net periodic benefit cost are reported within other nonoperating income in our accompanying Condensed Consolidated Statements of Comprehensive Income.

For additional information about pension and other postretirement benefits see Note 10.

INCOME TAXES

In response to the COVID-19 pandemic, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law in March 2020. The CARES Act provides numerous tax relief provisions and stimulus measures. A temporary favorable change to the prior year and current year limitations on interest deductions and a temporary suspension of certain payment requirements for the employer portion of Social Security taxes are the relief provisions that are expected to provide us the greatest benefit. In the first quarter of 2020, an expected cash tax benefit of $13,301,000 was recorded to account for the favorable change to the prior year limitation on interest deductions.

We file federal, state and foreign income tax returns and account for the current and deferred tax effects of such returns using the asset and liability method. We recognize deferred tax assets and liabilities (which reflect our best assessment of the future taxes we will pay) based on the differences between the book basis and tax basis of assets and liabilities. Deferred tax assets represent items to be used as a tax deduction or credit in future tax returns while deferred tax liabilities represent items that will result in additional tax in future tax returns.

Significant judgments and estimates are required in determining our deferred tax assets and liabilities. These estimates are updated throughout the year to consider income tax return filings, our geographic mix of earnings, legislative changes and other relevant items. We are required to account for the effects of changes in income tax rates on deferred tax balances in the period in which the legislation is enacted.

Each quarter we analyze the likelihood that our deferred tax assets will be realized. Realization of the deferred tax assets ultimately depends on the existence of sufficient taxable income of the appropriate character in either the carryback or carryforward period. A valuation allowance is recorded if, based on the weight of all available positive and negative evidence, it is more likely than not (a likelihood of more than 50%) that some portion, or all, of a deferred tax asset will not be realized. A summary of our deferred tax assets is included in Note 9.

We recognize a tax benefit associated with a tax position when, in our judgment, it is more likely than not that the position will be sustained based upon the technical merits of the position. For a tax position that meets the more likely than not recognition threshold, we measure the income tax benefit as the largest amount that we judge to have a greater than 50% likelihood of being realized. A liability is established for the unrecognized portion of any tax position. Our liability for unrecognized tax benefits is adjusted periodically due to changing circumstances, such as the progress of tax audits, case law developments and new or emerging legislation.

Generally, we are not subject to significant changes in income taxes by any taxing jurisdiction for the years before 2017. While it is often difficult to predict the final outcome or the timing of resolution of any particular tax matter, we believe our liability for unrecognized tax benefits is appropriate.

We consider a tax position to be resolved at the earlier of the issue being “effectively settled,” settlement of an examination, or the expiration of the statute of limitations. Upon resolution of a tax position, any liability for unrecognized tax benefits will be released.

Our liability for unrecognized tax benefits is generally presented as noncurrent. However, if we anticipate paying cash within one year to settle an uncertain tax position, the liability is presented as current. We classify interest and penalties associated with our liability for unrecognized tax benefits as income tax expense.

Our largest permanent item in computing both our taxable income and effective tax rate is the deduction allowed for statutory depletion. The impact of statutory depletion on the effective tax rate is presented in Note 9. The deduction for statutory depletion does not necessarily change proportionately to changes in pretax earnings.

COMPREHENSIVE INCOME

We report comprehensive income in our Consolidated Statements of Comprehensive Income and Consolidated Statements of Equity. Comprehensive income comprises two subsets: net earnings and other comprehensive income (OCI). OCI includes adjustments to cash flow hedges, as well as actuarial gains or losses and prior service costs related to pension and postretirement benefit plans.

For additional information about comprehensive income see Note 14.

EARNINGS PER SHARE (EPS)

Earnings per share are computed by dividing net earnings by the weighted-average common shares outstanding (basic EPS) or weighted-average common shares outstanding assuming dilution (diluted EPS), as set forth below:

in thousands

2020

2019

2018

Weighted-average common shares outstanding

132,578 

132,300 

132,393 

Dilutive effect of

SOSARs

307 

611 

963 

Other stock compensation plans

360 

474 

570 

Weighted-average common shares outstanding,

assuming dilution

133,245 

133,385 

133,926 

All dilutive common stock equivalents are reflected in our earnings per share calculations. In periods of loss, shares that otherwise would have been included in our diluted weighted-average common shares outstanding computation would be excluded.

Antidilutive common stock equivalents are not included in our earnings per share calculations. The number of antidilutive common stock equivalents for which the exercise price exceeds the weighted-average market price for the years ended December 31 is as follows:

in thousands

2020

2019

2018

Antidilutive common stock equivalents

101

105

162

RECLASSIFICATIONS

Certain items previously reported in specific financial statement captions have been reclassified to conform to the 2020 presentation.

NEW ACCOUNTING STANDARDS

ACCOUNTING STANDARDS RECENTLY ADOPTED

DEFINED BENEFIT PLANS During the fourth quarter of 2020, we adopted Accounting Standards Update (ASU) 2018-14, “Changes to the Disclosure Requirements for Defined Benefit Plans.” This ASU added, removed and clarified the disclosure requirements for employers that sponsor defined benefit pension and other postretirement benefit plans. As a result of this update, we modified our annual disclosure regarding our benefit plans as reflected in Note 10.

CREDIT LOSSES During the first quarter of 2020, we adopted ASU 2016-13, “Measurement of Credit Losses on Financial Instruments” on a retrospective basis. This ASU amended prior guidance on the impairment of financial instruments. The new guidance estimates credit losses based on expected losses, modifies the impairment model for available-for-sale debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration. The adoption of this standard did not materially impact our consolidated financial statements.

LIBOR TRANSITION In March 2020, the Financial Accounting Standards Board (FASB) issued ASU 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting," which provided optional expedients and exceptions for applying GAAP to contract modifications and hedging relationships that reference LIBOR or another reference rate expected to be discontinued. The ASU was effective immediately for all entities and applies through December 31, 2022. For additional information, see our LIBOR transition disclosure in Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations" under "Liquidity and Financial Resources - Debt." We continue to evaluate the effect that discontinuance of LIBOR will have on our contracts.

ACCOUNTING STANDARDS PENDING ADOPTION

CONVERTIBLE INSTRUMENTS In August 2020, the FASB issued ASU 2020-06, “Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity,” which reduces the number of models used to account for convertible instruments and modifies the diluted earnings per share calculations for convertible instruments. This ASU also amends the accounting for certain contracts in an entity’s own equity that are currently accounted for as derivatives The new standard is effective as of January 1, 2022 with early adoption permitted, but no earlier than January 1, 2021. We plan to early adopt this standard as of January 1, 2021. We do not currently have any instruments or contracts that will be impacted by the new standard.

INCOME TAXES In December 2019, the FASB issued ASU 2019-12, “Simplifying the Accounting for Income Taxes,” which adds new guidance to simplify the accounting for income taxes and changes the accounting for certain income tax transactions. The new standard is effective as of January 1, 2021. We do not expect this standard to have a material impact on our consolidated financial statements.

 

 
v3.20.4
REVENUES
 12 Months Ended
Dec. 31, 2020
REVENUES [Abstract]  
REVENUES NOTE 2: REVENUES

Revenues are measured as the amount of consideration we expect to receive in exchange for transferring goods or providing services. Sales and other taxes we collect are excluded from revenues. Costs to obtain and fulfill contracts (primarily asphalt construction paving contracts) are immaterial and are expensed as incurred when the expected amortization period is one year or less.

Total revenues are primarily derived from our product sales of aggregates (crushed stone, sand and gravel, sand and other aggregates), asphalt mix and ready-mixed concrete, and include freight & delivery costs that we pass along to our customers to deliver these products. We also generate service revenues from our asphalt construction paving business and service revenues related to our aggregates business, such as landfill tipping fees. Our total service revenues were as follows: 2020 — $214,343,000, 2019 — $234,099,000 and 2018 — $198,897,000.

Our products typically are sold to private industry and not directly to governmental entities. Although approximately 45% to 55% of our aggregates shipments have historically been used in publicly-funded construction, such as highways, airports and government buildings, relatively insignificant sales are made directly to federal, state, county or municipal governments/agencies. Therefore, although reductions in state and federal funding can curtail publicly-funded construction, the vast majority of our aggregates business is not directly subject to renegotiation of profits or termination of contracts with state or federal governments.

Our segment total revenues by geographic market for the years ended December 31, 2020, 2019 and 2018 are disaggregated as follows:

For the Year Ended December 31, 2020

in thousands

Aggregates

Asphalt

Concrete

Calcium

Total

Total Revenues by Geographic Market 1

East

$  1,198,169 

$     142,184 

$     263,661 

$                0 

$    1,604,014 

Gulf Coast

2,165,155 

178,501 

71,149 

7,720 

2,422,525 

West

580,962 

471,920 

48,807 

0 

1,101,689 

Segment sales

$  3,944,286 

$     792,605 

$     383,617 

$         7,720 

$    5,128,228 

Intersegment sales

(271,402)

0 

0 

0 

(271,402)

Total revenues

$  3,672,884 

$     792,605 

$     383,617 

$         7,720 

$    4,856,826 

For the Year Ended December 31, 2019

in thousands

Aggregates

Asphalt

Concrete

Calcium

Total

Total Revenues by Geographic Market 1

East

$  1,254,748 

$     166,552 

$     261,249 

$                0 

$    1,682,549 

Gulf Coast

2,117,526 

194,367 

66,628 

8,191 

2,386,712 

West

618,001 

494,902 

67,750 

0 

1,180,653 

Segment sales

$  3,990,275 

$     855,821 

$     395,627 

$         8,191 

$    5,249,914 

Intersegment sales

(320,811)

0 

0 

0 

(320,811)

Total revenues

$  3,669,464 

$     855,821 

$     395,627 

$         8,191 

$    4,929,103 

For the Year Ended December 31, 2018

in thousands

Aggregates

Asphalt

Concrete

Calcium

Total

Total Revenues by Geographic Market 1

East

$  1,109,489 

$     156,591 

$     257,250 

$                0 

$    1,523,330 

Gulf Coast

1,821,853 

131,745 

71,739 

8,110 

2,033,447 

West

582,307 

444,846 

73,010 

0 

1,100,163 

Segment sales

$  3,513,649 

$     733,182 

$     401,999 

$         8,110 

$    4,656,940 

Intersegment sales

(274,071)

0 

0 

0 

(274,071)

Total revenues

$  3,239,578 

$     733,182 

$     401,999 

$         8,110 

$    4,382,869 

1

The geographic markets are defined by states as follows:

East market — Arkansas, Delaware, Illinois, Kentucky, Maryland, North Carolina, Pennsylvania, Tennessee, Virginia, and Washington D.C.

Gulf Coast market — Alabama, Florida, Georgia, Louisiana, Mexico, Mississippi, Oklahoma, South Carolina and Texas

West market — Arizona, California and New Mexico

PRODUCT REVENUES

Revenue is recognized when obligations under the terms of a contract with our customer are satisfied; generally this occurs at a point in time when our aggregates, asphalt mix and ready-mixed concrete are shipped/delivered and control passes to the customer. Revenue for our products is recorded at the fixed invoice amount and payment is due by the 15th day of the following month — we do not offer discounts for early payment.

Freight & delivery generally represents pass-through transportation we incur (including our administrative costs) and pay to third-party carriers to deliver our products to customers and are accounted for as a fulfillment activity. Likewise, the cost related to freight & delivery are included in cost of revenues.

Freight & delivery revenues are as follows:

in thousands

2020

2019

2018

Freight & Delivery Revenues

Total revenues

$  4,856,826 

$  4,929,103 

$  4,382,869 

Freight & delivery revenues 1

(738,482)

(747,862)

(641,815)

Total revenues excluding freight & delivery

$  4,118,344 

$  4,181,241 

$  3,741,054 

1

Includes freight & delivery to remote distribution sites.

CONSTRUCTION PAVING SERVICE REVENUES

Revenue from our asphalt construction paving business is recognized over time using the percentage-of-completion method under the cost approach. The percentage of completion is determined by costs incurred to date as a percentage of total costs estimated for the project. Under this approach, recognized contract revenue equals the total estimated contract revenue multiplied by the percentage of completion. Our construction contracts are unit priced, and an account receivable is recorded for amounts invoiced based on actual units produced. Contract assets for estimated earnings in excess of billings, contract assets related to retainage provisions and contract liabilities for billings in excess of costs are immaterial. Variable consideration in our construction paving contracts is immaterial and consists of incentives and penalties based on the quality of work performed. Our construction paving contracts may contain warranty provisions covering defects in equipment, materials, design or workmanship that generally run from nine months to one year after project completion. Due to the nature of our construction paving projects, including contract owner inspections of the work during construction and prior to acceptance, we have not experienced material warranty costs for these short-term warranties.

VOLUMETRIC PRODUCTION PAYMENT DEFERRED REVENUES

In 2013 and 2012, we sold a percentage interest in certain future aggregates production for net cash proceeds of $226,926,000. These transactions, structured as volumetric production payments (VPPs):

relate to eight quarries in Georgia and South Carolina

provide the purchaser solely with a nonoperating percentage interest in the subject quarries’ future aggregates production

contain no minimum annual or cumulative guarantees by us for production or sales volume, nor minimum sales price

are both volume and time limited (we expect the transactions will last approximately 25 years, limited by volume rather than time)

We are the exclusive sales agent for, and transmit quarterly to the purchaser the proceeds from the sale of, the purchaser’s share of aggregates production. Our consolidated total revenues exclude the revenue from the sale of the purchaser’s share of aggregates.

The proceeds we received from the sale of the percentage interest were recorded as deferred revenue on the balance sheet. We recognize revenue on a unit-of-sales basis (as we sell the purchaser’s share of production) relative to the volume limitations of the transactions. Given the nature of the risks and potential rewards assumed by the buyer, the transactions do not reflect financing activities.

Reconciliation of the VPP deferred revenue balances (current and noncurrent) is as follows:

in thousands

2020

2019

2018

Deferred Revenue

Balance at beginning of year

$      185,339 

$     192,783 

$     199,556 

Revenue recognized from deferred revenue

(7,377)

(7,444)

(6,773)

Balance at end of year

$      177,962 

$     185,339 

$     192,783 

Based on expected sales from the specified quarries, we expect to recognize $7,500,000 of VPP deferred revenue as income in 2021 (reflected in other current liabilities in our December 31, 2020 Consolidated Balance Sheet).

 

 
v3.20.4
INVENTORIES
 12 Months Ended
Dec. 31, 2020
INVENTORIES [Abstract]  
INVENTORIES NOTE 3: INVENTORIES

Inventories at December 31 are as follows:

in thousands

2020

2019

Inventories

Finished products 1

$      378,389 

$     391,666 

Raw materials

33,780 

31,318 

Products in process

4,555 

5,604 

Operating supplies and other

31,861 

29,720 

Total

$      448,585 

$     458,308 

1

Includes inventories encumbered by volumetric production payments (see Note 2), as follows: December 31, 2020 — $2,416 thousand and December 31, 2019 — $2,861 thousand.

In addition to the inventory balances presented above, as of December 31, 2020 and December 31, 2019, we have $10,978,000 and $7,557,000, respectively, of inventory classified as long-term assets (other noncurrent assets) as we do not expect to sell the inventory within one year of their respective balance sheet dates.

We use the LIFO method of valuation for most of our inventories as it results in a better matching of costs with revenues. Inventories valued under the LIFO method total $307,656,000 at December 31, 2020 and $309,429,000 at December 31, 2019. During 2020, 2019 and 2018, inventory reductions resulted in liquidations of LIFO inventory layers carried at costs prevailing in prior years as compared to current-year costs. The effect of the LIFO liquidation on 2020 results was to decrease cost of revenues by $867,000 and increase net earnings by $646,000. The effect of the LIFO liquidation on 2019 results was to decrease cost of revenues by $1,147,000 and increase net earnings by $854,000. The effect of the LIFO liquidation on 2018 results was to increase cost of revenues by $132,000 and decrease net earnings by $99,000.

Estimated current cost exceeded LIFO cost at December 31, 2020 and 2019 by $192,974,000 and $183,181,000, respectively. In periods of increasing costs, LIFO generally results in higher cost of revenues than under FIFO. In periods of decreasing costs, the results are generally the opposite. We provide supplemental income disclosures to facilitate comparisons with companies not on LIFO. The supplemental income calculation is derived by tax-affecting the change in the LIFO reserve for the periods presented. If all inventories valued at LIFO cost had been valued under first-in, first-out (FIFO) method, the approximate effect on net earnings would have been an increase of $7,292,000 in 2020, an increase of $5,462,000 in 2019 and an increase of $5,223,000 in 2018.

 

 
v3.20.4
PROPERTY, PLANT & EQUIPMENT
 12 Months Ended
Dec. 31, 2020
PROPERTY, PLANT & EQUIPMENT [Abstract]  
PROPERTY, PLANT & EQUIPMENT NOTE 4: PROPERTY, PLANT & EQUIPMENT

Balances of major classes of assets and allowances for depreciation, depletion and amortization at December 31 are as follows:

in thousands

2020

2019

Property, Plant & Equipment

Land and land improvements 1

$    3,013,327 

$  2,920,963 

Buildings

145,418 

141,898 

Machinery and equipment

5,517,897 

5,362,279 

Finance leases (see Note 7)

7,796 

1,677 

Deferred asset retirement costs (see Note 17)

240,743 

167,484 

Construction in progress

176,905 

154,917 

Total, gross

$    9,102,086 

$  8,749,218 

Less allowances for depreciation, depletion

and amortization

4,676,087 

4,433,180 

Total, net

$    4,425,999 

$  4,316,038 

1

Includes depletable land as follows: December 31, 2020 — $1,712,059 thousand and December 31, 2019 — $1,667,642 thousand.

Capitalized interest costs with respect to qualifying construction projects and total interest costs incurred before recognition of the capitalized amount for the years ended December 31 are as follows:

in thousands

2020

2019

2018

Capitalized interest cost

$          3,487 

$        3,896 

$        3,674 

Total interest cost incurred before recognition

of the capitalized amount

139,447 

134,051 

141,651 

 

 

 
v3.20.4
DERIVATIVE INSTRUMENTS
 12 Months Ended
Dec. 31, 2020
DERIVATIVE INSTRUMENTS [Abstract]  
DERIVATIVE INSTRUMENTS NOTE 5: DERIVATIVE INSTRUMENTS

During the normal course of operations, we are exposed to market risks including interest rates, foreign currency exchange rates and commodity prices. From time to time, and consistent with our risk management policies, we use derivative instruments to balance the cost and risk of such expenses. We do not use derivative instruments for trading or other speculative purposes.

In February 2020, we entered into interest rate locks of a future debt issuance to hedge the risk of higher interest rates. These interest rate locks were designated as cash flow hedges. Consistent with their terms, we settled the interest rate locks in March 2020 for a cash payment of $19,863,000. Given that the related debt issuance at the end of the first quarter: a) was not executed, b) remained probable in the near term and c) had uncertain timing, 1/20th of the hedge was deemed ineffective and $993,000 of the settlement was recorded to interest expense in the first quarter. The remainder of the settlement was deferred and recorded in AOCI. In May 2020, we issued the related debt in the form of $750,000,000 of 3.50% 10-year notes. The deferred hedge settlement amount in AOCI is amortized to interest expense over the term of the related debt.

In 2007 and 2018, we entered into interest rate locks of future debt issuances to hedge the risk of higher interest rates. These interest rate locks were designated as cash flow hedges. The gain/loss upon settlement of these interest rate hedges is deferred (recorded in AOCI) and amortized to interest expense over the term of the related debt.

This amortization was reflected in the accompanying Consolidated Statements of Comprehensive Income for the years ended December 31 as follows:

in thousands

Location on Statement

2020

2019

2018

Interest Rate Hedges

Loss reclassified from AOCI

(effective portion)

Interest expense

$       (2,286)

$          (307)

$          (306)

For the 12-month period ending December 31, 2021, we estimate that $1,959,000 of the $23,943,000 net of tax loss in AOCI will be reclassified to interest expense.

 

 
v3.20.4
DEBT
 12 Months Ended
Dec. 31, 2020
DEBT [Abstract]  
DEBT NOTE 6: DEBT

Debt at December 31 is detailed as follows:

Effective

in thousands

Interest Rates

2020

2019

Short-term Debt

Bank line of credit expires 2025 1

$                  0 

$                  0 

Total short-term debt

$                  0 

$                  0 

Long-term Debt

Bank line of credit expires 2025 1

$                  0 

$                  0 

Floating-rate notes due 2020

0 

250,000 

Floating-rate notes due 2021

1.11%

500,000 

500,000 

8.85% notes due 2021

8.88%

6,000 

6,000 

4.50% notes due 2025

4.65%

400,000 

400,000 

3.90% notes due 2027

4.00%

400,000 

400,000 

3.50% notes due 2030

3.94%

750,000 

0 

7.15% notes due 2037

8.05%

129,239 

129,239 

4.50% notes due 2047

4.59%

700,000 

700,000 

4.70% notes due 2048

5.42%

460,949 

460,949 

Other notes

0.77%

11,711 

185 

Total long-term debt - face value

$    3,357,899 

$    2,846,373 

Unamortized discounts and debt issuance costs

(70,224)

(62,033)

Total long-term debt - book value

$    3,287,675 

$    2,784,340 

Less current maturities

515,435 

25 

Total long-term debt - reported value

$    2,772,240 

$    2,784,315 

Estimated fair value of long-term debt

$    3,443,225 

$    3,073,693 

1

Borrowings on the bank line of credit are classified as short-term if we intend to repay within twelve months and as long-term if we have the intent and ability to extend payment beyond twelve months.

Discounts and debt issuance costs are amortized using the effective interest method over the terms of the respective notes resulting in $7,203,000 and $4,983,000, respectively, of net interest expense for these items for 2020 and 2019.

LINE OF CREDIT

In September 2020, we executed a new five-year unsecured line of credit of $1,000,000,000, incurring $4,632,000 of transaction costs. The line of credit contains affirmative, negative and financial covenants customary for an unsecured investment-grade facility. There are two primary negative covenants: 1) a limit on our ability to incur secured debt, and 2) a maximum ratio of debt to EBITDA of 3.50:1 (upon certain acquisitions, the maximum ratio can be 3.75:1 for four quarters). As of December 31, 2020, we were in compliance with the line of credit covenants.

Borrowings on our line of credit are classified as short-term if we intend to repay within twelve months and as long-term if we have the intent and ability to extend repayment beyond twelve months. Borrowings bear interest, at our option, at either LIBOR plus a credit margin ranging from 1.125% to 1.875%, or Truist Bank’s base rate (generally, its prime rate) plus a credit margin ranging from 0.125% to 0.875%. The credit margin for both LIBOR and base rate borrowings is determined by our credit ratings. Standby letters of credit, which are issued under the line of credit and reduce availability, are charged a fee equal to the credit margin for LIBOR borrowings plus 0.175%. We also pay a commitment fee on the daily average unused amount of the line of credit that ranges from 0.125% to 0.275% determined by our credit ratings. As of December 31, 2020, the credit margin for LIBOR borrowings was 1.250%, the credit margin for base rate borrowings was 0.250%, and the commitment fee for the unused amount was 0.150%.

In September 2020, we terminated our $750,000,000 364-day delayed draw term loan executed in April 2020. During the second quarter, we had borrowed and repaid $250,000,000 on this delayed draw term loan leaving $500,000,000 available for future borrowings prior to its termination.

As of December 31, 2020, our available borrowing capacity under the line of credit was $943,920,000. Utilization of the borrowing capacity was as follows:

none was borrowed

$56,080,000 was used to provide support for outstanding standby letters of credit

TERM DEBT

All of our $3,357,899,000 (face value) of term debt is unsecured. $3,346,188,000 of such debt is governed by three essentially identical indentures that contain customary investment-grade type covenants. The primary covenant in all three indentures limits the amount of secured debt we may incur without ratably securing such debt. As of December 31, 2020, we were in compliance with all term debt covenants.

In May 2020, we issued $750,000,000 of 3.50% senior notes due 2030. Total proceeds were $741,417,000 (net of discounts and transaction costs). $250,000,000 of the proceeds were used to retire the $250,000,000 floating rate notes due June 2020, and the remainder of the proceeds, together with cash on hand, will be used to retire the $500,000,000 floating rate notes due March 2021.

In 2018, we completed a number of financing activities resulting in gross proceeds of $850,000,000 and payments of $892,055,000. As a result of these activities, we recognized premiums of $5,608,000, transaction costs of $1,314,000 and noncash expense (acceleration of unamortized deferred transaction costs) of $466,000. The combined charge of $7,388,000 was a component of interest expense for the year ended December 31, 2018.

The total scheduled (principal and interest) debt payments, excluding the line of credit, for the five years subsequent to December 31, 2020 are as follows:

in thousands

Total

Principal

Interest

Scheduled Debt Payments (excluding the line of credit)

2021

$      639,303 

$     515,435 

$     123,868 

2022

122,720 

457 

122,263 

2023

122,720 

459 

122,261 

2024

122,720 

461 

122,259 

2025

513,720 

400,463 

113,257 

STANDBY LETTERS OF CREDIT

We provide, in the normal course of business, certain third-party beneficiaries with standby letters of credit to support our obligations to pay or perform according to the requirements of an underlying agreement. Such letters of credit typically have an initial term of one year, typically renew automatically, and can only be modified or canceled with the approval of the beneficiary. All of our standby letters of credit are issued by banks that participate in our $1,000,000,000 line of credit and reduce the borrowing capacity thereunder. Our standby letters of credit as of December 31, 2020 are summarized by purpose in the table below:

in thousands

Standby Letters of Credit

Risk management insurance

$       48,982 

Reclamation/restoration requirements

7,098 

Total

$       56,080 

 

 
v3.20.4
LEASES
 12 Months Ended
Dec. 31, 2020
LEASES [Abstract]  
LEASES NOTE 7: LEASES

Our portfolio of nonmineral leases is composed of leases for real estate (including office buildings, aggregates sales yards, and concrete and asphalt sites) and equipment (including railcars and rail track, barges, office equipment and plant equipment).

Lease right-of-use (ROU) assets and liabilities reflected on our December 31 balance sheets and the weighted-average lease term and discount rate are as follows:

in thousands

Classification on the Balance Sheet

2020

2019

Assets

Operating lease ROU assets

Operating lease right-of-use assets, net

$     482,513 

$     441,656 

Accumulated amortization

(59,385)

(33,467)

Finance lease assets

Property, plant & equipment, net

7,796 

1,226 

Accumulated amortization

(1,640)

(65)

Total lease assets

$     429,284 

$     409,350 

Liabilities

Current

Operating

Other current liabilities

$       36,969 

$       29,971 

Finance

Other current liabilities

2,047 

430 

Noncurrent

Operating

Operating lease liabilities

399,582 

388,042 

Finance

Other noncurrent liabilities

4,139 

733 

Total lease liabilities

$     442,737 

$     419,176 

Lease Term and Discount Rate

Weighted-average remaining lease term (years)

Operating leases

9.5 

9.9 

Finance leases

4.2 

2.8 

Weighted-average discount rate

Operating leases

3.6%

4.3%

Finance leases

1.4%

3.0%

Our building leases have remaining noncancelable periods of 0 - 7 years and lease terms (including options to extend) of 0 - 26 years. Key factors in determining the certainty of lease renewals include the location of the building, the value of leasehold improvements and the cost to relocate. Rental payments for certain of our building leases are periodically adjusted for inflation, and this variable component is recognized as expense when incurred. Many of our building leases contain common area maintenance charges which we include in the calculation of our lease liability (the lease consideration is not allocated between the lease and non-lease components).

Our aggregates sales yard leases have remaining noncancelable periods of 0 - 28 years and lease terms of 0 - 78 years. The key factor in determining the certainty of lease renewals is the financial impact of extending the lease, including the reserve life of the sourcing aggregates quarry. Certain aggregates sales yard lease agreements include rental payments based on a percentage of sales over contractual levels or the number of shipments received into the sales yard. Variable payments for these sales yards comprise a majority of the overall variable lease cost presented in the table below.

Our concrete and asphalt site leases have remaining noncancelable periods of 0 - 19 years and lease terms of 1 - 78 years. The key factor in determining the certainty of lease renewals is the financial impact of extending the lease, including the reserve life of the sourcing aggregates quarry. Rental payments are generally fixed for our concrete and asphalt sites.

Our rail (car and track) leases have remaining noncancelable periods of 0 - 4 years and lease terms of 2 - 64 years. Key factors in determining the certainty of lease renewals include the market rental rate for comparable assets and, in some cases, the cost incurred to restore the asset. Rental payments are fixed for our rail leases. The majority of our rail leases contain substitution rights that allow the supplier to replace damaged equipment. Because these rights are generally limited to either replacing railcars or moving our placement on rail track for purposes of repair or maintenance, we do not consider these substitution rights to be substantive and have recorded a lease liability and ROU asset for all leased rail.

Our barge leases have remaining noncancelable periods of 0 - 1 years and lease terms of 0 - 14 years. Key factors in determining the certainty of lease renewals include the market rental rate for comparable assets and, in some cases, the cost incurred to restore the asset. Rental payments are fixed. Like our rail leases, our barge leases contain non-substantive substitution rights that are limited to replacing barges in need of repair or maintenance.

Office and plant equipment leases have remaining noncancelable periods of 0 - 5 years and lease terms of 0 - 5 years. The key factor in determining the certainty of lease renewals is the market rental rate for comparable assets. Rental payments are generally fixed for our equipment leases with terms greater than 1 year. The significant majority of our short-term lease cost presented in the table below is derived from office and plant equipment leases with terms of 1 year or less.

Our lease agreements do not contain residual value guarantees, restrictive covenants or early termination options that we deem material. We have not sought or been granted any material lease concessions as a result of the COVID-19 pandemic.

The components of lease expense for the years ended December 31, 2020 and 2019 are as follows:

in thousands

2020

2019

Lease Cost

Finance lease cost

Amortization of right-of-use assets

$        1,616 

$             64 

Interest on lease liabilities

(102)

(4)

Operating lease cost

58,489 

56,546 

Short-term lease cost 1

30,508 

35,427 

Variable lease cost

12,885 

13,739 

Sublease income

(2,682)

(3,108)

Total lease cost

$    100,714 

$    102,664 

1

Our short-term leases cost includes the cost of leases with an initial term of one month or less.

Total lease expense for the year ended December 31, 2018 was $131,015,000.

Cash paid for operating leases was $54,871,000 for 2020 and $52,660,000 for 2019. Cash paid for finance leases was $102,000 for 2020 and $4,000 for 2019.

Maturity analysis on an undiscounted basis of our lease liabilities (see Note 12 for mineral lease payments) as of December 31, 2020 is as follows:

Operating

Finance

in thousands

Leases

Leases

Maturity of Lease Liabilities

2021

$       54,733 

$         2,134 

2022

48,225 

1,986 

2023

41,206 

1,058 

2024

36,141 

779 

2025

36,375 

349 

Thereafter

565,042 

50 

Total minimum lease payments

$     781,722 

$         6,356 

Less: Lease payments representing interest

345,171 

170 

Present value of future minimum lease payments

$     436,551 

$         6,186 

Less: Current obligations under leases

36,969 

2,047 

Long-term lease obligations

$     399,582 

$         4,139 

 

 
v3.20.4
ACCRUED ENVIRONMENTAL REMEDIATION COSTS
 12 Months Ended
Dec. 31, 2020
ACCRUED ENVIRONMENTAL REMEDIATION COSTS [Abstract]  
ACCRUED ENVIRONMENTAL REMEDIATION COSTS NOTE 8: ACCRUED ENVIRONMENTAL REMEDIATION COSTS

Our Consolidated Balance Sheets as of December 31 include accrued environmental remediation costs (measured on an undiscounted basis) as follows:

in thousands

2020

2019

Accrued Environmental Remediation Costs

Continuing operations

$        25,544 

$       30,429 

Retained from former Chemicals business

10,971 

10,972 

Total

$        36,515 

$       41,401 

The long-term portion of the accruals noted above is included in other noncurrent liabilities in the accompanying Consolidated Balance Sheets and amounted to $12,943,000 at December 31, 2020 and $13,567,000 at December 31, 2019. The short-term portion of these accruals is included in other current liabilities in the accompanying Consolidated Balance Sheets.

The accrued environmental remediation costs in continuing operations relate primarily to the former Florida Rock, Tarmac, and CalMat facilities acquired in 2007, 2000 and 1999, respectively. The balances noted above for the former Chemicals business relate to retained environmental remediation costs from the 2003 sale of the Performance Chemicals business and the 2005 sale of the Chloralkali business. Refer to Note 12 for additional discussion of contingent environmental matters.

 

 
v3.20.4
INCOME TAXES
 12 Months Ended
Dec. 31, 2020
INCOME TAXES [Abstract]  
INCOME TAXES NOTE 9: INCOME TAXES

The components of earnings from continuing operations before income taxes are as follows:

in thousands

2020

2019

2018

Earnings from Continuing Operations

before Income Taxes

Domestic

$      732,971 

$     734,025 

$     593,446 

Foreign

10,827 

23,676 

29,844 

Total

$      743,798 

$     757,701 

$     623,290 

Income tax expense (benefit) from continuing operations consists of the following:

in thousands

2020

2019

2018

Income Tax Expense (Benefit) from

Continuing Operations

Current

Federal

$        69,180 

$       31,234 

$       21,111 

State and local

23,826 

24,403 

15,127 

Foreign

942 

3,304 

4,278 

Total

$        93,948 

$       58,941 

$       40,516 

Deferred

Federal

$        50,890 

$       67,810 

$       59,216 

State and local

10,798 

8,660 

8,369 

Foreign

167 

(213)

(2,652)

Total

$        61,855 

$       76,257 

$       64,933 

Total expense

$      155,803 

$     135,198 

$     105,449 

Income tax expense (benefit) differs from the amount computed by applying the federal statutory income tax rate to earnings from continuing operations before income taxes. The sources and tax effects of the differences are as follows:

dollars in thousands

2020

2019

2018

Income tax expense at the federal

statutory tax rate

$    156,198 

21.0%

$    159,117 

21.0%

$    130,891 

21.0%

Expense (Benefit) from

Income Tax Differences

Statutory depletion

(24,728)

-3.3%

(23,006)

-3.0%

(21,733)

-3.5%

State and local income taxes, net of federal

income tax benefit

27,352 

3.7%

26,119 

3.4%

18,562 

3.0%

Share-based compensation

(6,877)

-0.9%

(17,277)

-2.3%

(16,551)

-2.7%

Uncertain tax positions

1,380 

0.2%

1,822 

0.2%

(6,402)

-1.0%

Transition tax

0 

0.0%

0 

0.0%

595 

0.1%

Research and development credit

(2,650)

-0.4%

(9,490)

-1.3%

0 

0.0%

Other, net

5,128 

0.6%

(2,087)

-0.2%

87 

0.0%

Total income tax expense/

Effective tax rate

$    155,803 

20.9%

$    135,198 

17.8%

$    105,449 

16.9%

Deferred taxes on the balance sheet result from temporary differences between the amount of assets and liabilities recognized for financial reporting and tax purposes. The components of the net deferred income tax liability at December 31 are as follows:

in thousands

2020

2019

Deferred Tax Assets Related to

Employee benefits

$        21,874 

$       29,996 

Incentive compensation

58,194 

66,488 

Asset retirement obligations & other reserves

58,327 

55,033 

State net operating losses

67,756 

67,354 

Other

25,362 

44,169 

Total gross deferred tax assets

$      231,513 

$     263,040 

Valuation allowance

(32,512)

(29,650)

Total net deferred tax asset

$      199,001 

$     233,390 

Deferred Tax Liabilities Related to

Property, plant & equipment

$      622,897 

$     590,075 

Goodwill/other intangible assets

252,209 

238,712 

Other

29,945 

37,642 

Total deferred tax liabilities

$      905,051 

$     866,429 

Net deferred tax liability

$      706,050 

$     633,039 

Each quarter we analyze the likelihood that our deferred tax assets will be realized. A valuation allowance is recorded if, based on the weight of all available positive and negative evidence, it is more likely than not (a likelihood of more than 50%) that some portion, or all, of a deferred tax asset will not be realized. At December 31, 2020, we have Alabama state net operating loss (NOL) carryforward deferred tax assets of $64,307,000, against which we have a valuation allowance of $29,236,000. Almost all of the Alabama NOL carryforward would expire between 2023 and 2029 if not utilized.

In February 2021, the Alabama Business Competitiveness Act (the Act) was signed into law. This Act contained a provision that requires most taxpayers to change from a three-factor, double-weighted sales method to a single-sales factor method to apportion income to Alabama. This provision was effective as of January 1, 2021 and likely will result in a substantial reduction in our apportionment of income to Alabama; thereby, further inhibiting our ability to utilize our Alabama NOL carryforward. In the first quarter of 2021, we will assess the impact of the Act to our Alabama NOL carryforward and adjust our valuation allowance accordingly.

Changes in our liability for unrecognized tax benefits for the years ended December 31 are as follows:

in thousands

2020

2019

2018

Unrecognized tax benefits as of January 1

$          5,442 

$        3,661 

$      11,643 

Increases for tax positions related to

Prior years

353 

273 

0 

Current year

1,884 

3,224 

698 

Decreases for tax positions related to

Prior years

0 

0 

(655)

Expiration of applicable statute of limitations

(862)

(1,716)

(8,025)

Unrecognized tax benefits as of December 31

$          6,817 

$        5,442 

$        3,661 

We classify interest and penalties recognized on the liability for unrecognized tax benefits as income tax expense. Interest and penalties recognized as income tax expense (benefit) were $36,000 in 2020, $(11,000) in 2019 and $(1,477,000) in 2018. The balance of accrued interest and penalties included in our liability for unrecognized tax benefits as of December 31 was $336,000 in 2020, $301,000 in 2019 and $312,000 in 2018. Our liability for unrecognized tax benefits at December 31 in the table above includes $6,641,000 in 2020, $5,292,000 in 2019 and $3,481,000 in 2018 that would affect the effective tax rate if recognized. We anticipate no single tax position generating a significant increase in our liability for unrecognized tax benefits within 12 months of this reporting date.

As of December 31, 2020, income tax receivables of $5,314,000 and $938,000 are included in other accounts and notes receivable and other current assets, respectively, in the accompanying Consolidated Balance Sheet. There were similar receivables of $299,000 recorded in other current assets as of December 31, 2019.

 

 
v3.20.4
BENEFIT PLANS
 12 Months Ended
Dec. 31, 2020
BENEFIT PLANS [Abstract]  
BENEFIT PLANS NOTE 10: BENEFIT PLANS

PENSION PLANS

We sponsor two qualified, noncontributory defined benefit pension plans, the Vulcan Materials Company Pension Plan (VMC Pension Plan) and the CMG Hourly Pension Plan (CMG Pension Plan). The VMC Pension Plan has been closed to new entrants since 2007 and benefit accruals, based on salaries or wages and years of service, ceased in 2005 for hourly participants and 2013 for salaried participants. The CMG Pension Plan is closed to new entrants other than through one small union and benefits continue to accrue equal to a flat dollar amount for each year of service.

In addition to these qualified plans, we sponsor three unfunded, nonqualified pension plans. The projected benefit obligation presented in the table below includes $67,241,000 and $70,298,000 related to these unfunded, nonqualified pension plans for 2020 and 2019, respectively.

At November 30, 2020, the plans were remeasured to reflect settlement accounting for the CMG Pension Plan and the VMC Pension Plan as a result of voluntary lump sum distributions to certain fully vested plan participants.

The following table sets forth the combined funded status of the plans and their reconciliation with the related amounts recognized in our consolidated financial statements at December 31:

in thousands

2020

2019

Change in Benefit Obligation

Projected benefit obligation at beginning of year

$    1,090,893 

$     958,936 

Service cost

4,899 

4,995 

Interest cost

29,335 

37,640 

Actuarial loss

89,109 

141,922 

Benefits paid

(154,691)

(52,600)

Projected benefit obligation at end of year

$    1,059,545 

$  1,090,893 

Change in Fair Value of Plan Assets

Fair value of assets at beginning of year

$       949,007 

$     836,770 

Actual return on plan assets

141,155 

155,955 

Employer contribution

8,819 

8,882 

Benefits paid

(154,691)

(52,600)

Fair value of assets at end of year

$       944,290 

$     949,007 

Funded status

(115,255)

(141,886)

Net amount recognized

$      (115,255)

$   (141,886)

Amounts Recognized in the Consolidated

Balance Sheets

Noncurrent assets

$                  0 

$         9,056 

Current liabilities

(8,060)

(8,579)

Noncurrent liabilities

(107,195)

(142,363)

Net amount recognized

$      (115,255)

$   (141,886)

Amounts Recognized in Accumulated

Other Comprehensive Income

Net actuarial loss

$       230,452 

$     268,483 

Prior service cost

5,148 

6,488 

Total amount recognized

$       235,600 

$     274,971 

The following table sets forth the pension plans for which their accumulated benefit obligation (ABO) or projected benefit obligation (PBO) exceeds the fair value of their respective plan assets at December 31:

in thousands

2020

2019

Pension plans with ABO in excess of plan assets

Accumulated benefit obligation

$    1,058,645 

$  1,009,224 

Fair value of assets

944,290 

858,936 

Pension plans with PBO in excess of plan assets

Projected benefit obligation

$    1,059,545 

$  1,009,877 

Fair value of assets

944,290 

858,936 

The following table sets forth the components of net periodic benefit cost, amounts recognized in other comprehensive income and weighted-average assumptions of the plans at December 31:

dollars in thousands

2020

2019

2018

Components of Net Periodic Pension

Benefit Cost

Service cost

$          4,899 

$        4,995 

$        5,716 

Interest cost

29,335 

37,640 

35,503 

Expected return on plan assets

(48,599)

(47,751)

(59,188)

Settlement charge

22,740 

0 

0 

Amortization of prior service cost

1,340 

1,340 

1,340 

Amortization of actuarial loss

11,845 

5,433 

9,826 

Net periodic pension benefit cost (credit)

$        21,560 

$        1,657 

$       (6,803)

Changes in Plan Assets and Benefit

Obligations Recognized in Other

Comprehensive Income

Net actuarial loss (gain)

$         (3,446)

$      33,717 

$          (555)

Prior service cost

0 

0 

0 

Reclassification of prior service cost

(1,340)

(1,340)

(1,340)

Reclassification of actuarial loss

(34,585)

(5,433)

(9,826)

Amount recognized in other comprehensive

income

$       (39,371)

$      26,944 

$    (11,721)

Amount recognized in net periodic pension

benefit cost and other comprehensive

income

$       (17,811)

$      28,601 

$    (18,524)

Assumptions

Weighted-average assumptions used to

determine net periodic benefit cost for

years ended December 31

Discount rate — PBO

3.22%

4.39%

3.72%

Discount rate — service cost (12/31/19 / 11/30/20)

3.49% / 2.89%

4.59%

3.90%

Discount rate — interest cost

2.78%

4.02%

3.35%

Expected return on plan assets (12/31/19 / 11/30/20)

5.75% / 5.25%

5.75%

7.00%

Weighted-average assumptions used to

determine benefit obligation at

December 31

Discount rate

2.57%

3.28%

4.39%

Plan assets are invested according to an investment policy that allocates investments to return seeking assets and liability hedging assets based on the plans’ funded ratio (fair value of assets/PBO). At December 31, 2020 and 2019, the total pension asset allocation was approximately 50% return seeking and 50% liability hedging. Return seeking assets include index and actively managed mutual funds and collective investment trusts that hold public equity securities (less than 1% of the plans’ assets are in private equity and debt securities via private partnerships). Liability hedging assets include money market securities, inflation linked debt securities, public corporate debt securities, and government debt securities that are actively managed to match the duration of the plans’ liabilities.

At each measurement date, we estimate the net asset values and fair values of our pension assets using various valuation techniques. For certain investments, we use the net asset value (NAV) as a practical expedient to estimating fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels as described below:

Level 1: Quoted prices in active markets for identical assets or liabilities
‎Level 2: Inputs that are derived principally from or corroborated by observable market data
‎Level 3: Inputs that are unobservable and significant to the overall fair value measurement

The fair values and net asset values of our pension plan assets at December 31, 2020 and 2019 are in the tables below. The assets in the common/collective trusts and in the private partnerships consist of both return seeking and liability hedging investments.

Fair Value Measurements at December 31, 2020

in thousands

Level 1

Level 2

Level 3

Total

Asset Category

Debt funds

$                0 

$     456,238 

$                0 

$     456,238 

Equity funds

16 

115,779 

0 

115,795 

Investments in the fair value hierarchy

$              16 

$     572,017 

$                0 

$     572,033 

Interest in common/collective trusts (at NAV)

367,105 

Private partnerships (at NAV)

5,152 

Total pension plan assets

$     944,290 

Fair Value Measurements at December 31, 2019

in thousands

Level 1

Level 2

Level 3

Total

Asset Category

Debt funds

$                0 

$     435,692 

$                0 

$     435,692 

Equity funds

549 

120,253 

0 

120,802 

Investments in the fair value hierarchy

$            549 

$     555,945 

$                0 

$     556,494 

Interest in common/collective trusts (at NAV)

387,785 

Private partnerships (at NAV)

4,728 

Total pension plan assets

$     949,007 

The following describes the types of investments included in each asset category listed in the tables above and the valuation techniques we used to determine the fair values or net asset values as of December 31, 2020 and 2019.

The debt funds category consists of U.S. federal, state and local government debt securities, corporate debt securities, foreign government debt securities, and asset-backed securities. The fair values of U.S. government and corporate debt securities are based on current market rates and credit spreads for debt securities with similar maturities. The fair values of debt securities issued by foreign governments are based on prices obtained from broker/dealers and international indices. The fair values of asset-backed securities are priced using prepayment speed and spread inputs that are sourced from the new issue market.

The equity funds category consists of a mutual fund investing in domestic equities. For investment funds publicly traded on a national securities exchange, the fair value is based on quoted market prices. For investment funds not traded on an exchange, the total fair value of the underlying securities is used to determine the net asset value for each unit of the fund held by the pension fund. The estimated fair values of the underlying securities are generally valued based on quoted market prices. For securities without quoted market prices, other observable market inputs are used to determine the fair value.

Common/collective trust fund investments consist of index funds for domestic equities, an actively managed fund for international equities, and a short-term investment fund for highly liquid, short-term debt securities. Investments are valued at the net asset value (NAV) of units of a bank collective trust. The NAV is based on the fair value of the underlying investments held by the fund less its liabilities. This practical expedient is not used when it is determined to be probable that the fund will sell the investment for an amount different than the reported NAV.

The private partnerships category consists of various venture capital funds, mezzanine debt funds and leveraged buyout funds. The NAV of these investments has been estimated based on methods employed by the general partners, including reference to third-party transactions and valuations of comparable companies.

Total employer contributions to the pension plans are presented below:

in thousands

Pension

Employer Contributions

2018

$      109,631 

2019

8,882 

2020

8,819 

2021 (estimated)

8,060 

For our qualified pension plans, we made discretionary contributions of $100,000,000 during 2018, and made no contributions during 2020 and 2019. We do not anticipate making contributions to our qualified pension plans in 2021. For our nonqualified pension plans, we contributed $8,819,000, $8,882,000 and $9,631,000 during 2020, 2019 and 2018, respectively, and expect to contribute $8,060,000 during 2021.

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:

in thousands

Pension

Estimated Future Benefit Payments

2021

$        55,333 

2022

56,968 

2023

57,558 

2024

58,019 

2025

56,217 

2026-2030

279,537 

We contribute to a number of multiemployer defined benefit pension plans under the terms of collective-bargaining agreements for union-represented employees. The risks of participating in multiemployer plans differ from single employer plans as follows:

assets contributed to a multiemployer plan by one employer may be used to provide benefits to employees of other participating employers

if a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers

if we cease to have an obligation to contribute to one or more of the multiemployer plans to which we contribute, we may be required to pay those plans an amount based on the underfunded status of the plan, referred to as a withdrawal liability

None of the multiemployer pension plans that we participate in are individually significant. Our contributions to individual multiemployer pension plans did not exceed 5% of the plans’ total contributions in the three years ended December 31, 2020, 2019 and 2018. Total contributions to multiemployer pension plans were $10,277,000 in 2020, $10,385,000 in 2019 and $10,081,000 in 2018.

As of December 31, 2020, a total of 8.2% of our domestic hourly labor force was covered by collective-bargaining agreements. Of such employees covered by collective-bargaining agreements, 14.0% were covered by agreements that expire in 2021. We also employed 339 union employees in Mexico who are covered by a collective-bargaining agreement that will expire in 2021. None of our union employees in Mexico participate in multiemployer pension plans.

In addition to the pension plans noted above, we had one unfunded supplemental retirement plan as of December 31, 2020 and 2019. The accrued costs for the supplemental retirement plan were $2,525,000 at December 31, 2020 and $1,069,000 at December 31, 2019.

POSTRETIREMENT PLANS

In addition to pension benefits, we provide certain healthcare and life insurance benefits for some retired employees. In 2012, we amended our postretirement healthcare plan to cap our portion of the medical coverage cost at the 2015 level (as a result, the accumulated benefit obligation equals the projected benefit obligation). Substantially all our salaried employees and, where applicable, certain of our hourly employees may become eligible for these benefits if they reach a qualifying age and meet certain service requirements. Generally, Company-provided healthcare benefits end when covered individuals become eligible for Medicare benefits, become eligible for other group insurance coverage or reach age 65, whichever occurs first.

The following table sets forth the combined funded status of the plans and their reconciliation with the related amounts recognized in our consolidated financial statements at December 31:

in thousands

2020

2019

Change in Benefit Obligation

Projected benefit obligation at beginning of year

$        41,187 

$       40,834 

Service cost

1,520 

1,317 

Interest cost

969 

1,388 

Actuarial (gain) loss

(5,111)

2,677 

Benefits paid

(4,682)

(5,029)

Projected benefit obligation at end of year

$        33,883 

$       41,187 

Change in Fair Value of Plan Assets

Fair value of assets at beginning of year

$                 0 

$                0 

Actual return on plan assets

0 

0 

Fair value of assets at end of year

$                 0 

$                0 

Funded status

$       (33,883)

$     (41,187)

Net amount recognized

$       (33,883)

$     (41,187)

Amounts Recognized in the Consolidated

Balance Sheets

Current liabilities

$         (4,471)

$        (5,339)

Noncurrent liabilities

(29,412)

(35,848)

Net amount recognized

$       (33,883)

$     (41,187)

Amounts Recognized in Accumulated

Other Comprehensive Income

Net actuarial gain

$       (19,003)

$     (14,642)

Prior service credit

(3,656)

(7,575)

Total amount recognized

$       (22,659)

$     (22,217)

The following table sets forth the components of net periodic benefit cost, amounts recognized in other comprehensive income, weighted-average assumptions and assumed trend rates of the plans at December 31:

dollars in thousands

2020

2019

2018

Components of Net Periodic Postretirement

Benefit Cost

Service cost

$          1,521 

$        1,317 

$        1,358 

Interest cost

969 

1,388 

1,240 

Amortization of prior service credit

(3,919)

(3,919)

(3,962)

Amortization of actuarial gain

(806)

(1,309)

(1,298)

Net periodic postretirement benefit credit

$         (2,235)

$       (2,523)

$       (2,662)

Changes in Plan Assets and Benefit

Obligations Recognized in Other

Comprehensive Income

Net actuarial (gain) loss

$         (5,168)

$        2,673 

$           835 

Reclassification of prior service credit

3,919 

3,919 

3,962 

Reclassification of actuarial gain

806 

1,309 

1,298 

Amount recognized in other comprehensive

income

$            (443)

$        7,901 

$        6,095 

Amount recognized in net periodic

postretirement benefit cost and other

comprehensive income

$         (2,678)

$        5,378 

$        3,433 

Assumptions

Weighted-average assumptions used to

determine net periodic benefit cost for

years ended December 31

Discount rate — PBO

2.84%

4.01%

3.34%

Discount rate — service cost

3.09%

4.23%

3.56%

Discount rate — interest cost

2.42%

3.63%

2.90%

Weighted-average assumptions used to

determine benefit obligation at

December 31

Discount rate

2.09%

2.84%

4.01%

Total employer contributions to the postretirement plans are presented below:

in thousands

Postretirement

Employer Contributions

2018

$          6,099 

2019

5,029 

2020

4,682 

2021 (estimated)

4,471 

The employer contributions shown above are equal to the cost of benefits during the year. The plans are not funded and are not subject to any regulatory funding requirements.

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:

in thousands

Postretirement

Estimated Future Benefit Payments

2021

$          4,471 

2022

3,951 

2023

3,688 

2024

3,358 

2025

3,054 

2026–2030

11,023 

Contributions by participants to the postretirement benefit plans for the years ended December 31 are as follows:

in thousands

Postretirement

Participants Contributions

2018

$          1,984 

2019

2,239 

2020

2,553 

PENSION AND OTHER POSTRETIREMENT BENEFITS ASSUMPTIONS

Each year, we review our assumptions for discount rates (used for PBO, service cost, and interest cost calculations) and the expected return on plan assets. Due to plan changes made in 2012 and 2013, annual pay increases and the per capita cost of healthcare benefits do not materially impact plan obligations.

We use a high-quality bond full yield curve approach (specific spot rates for each annual expected cash flow) to establish the discount rates at each measurement date. At December 31, 2020, the discount rates used were as follows:

PBO for various plans – ranged from 1.55% to 2.72% (December 31, 2019 ranged from 2.67% to 3.37%)

Service cost – weighted average of 2.92% and 3.09%, respectively, for our pension plans and our other postretirement plans (2019 figures were 4.59% and 4.23%, respectively)

Interest cost – weighted average of 2.78% and 2.42%, respectively, for our pension plans and our other postretirement plans (2019 figures were 4.02% and 3.63%, respectively)

Our expected return on plan assets is: (1) a long-term view based on our current asset allocation, and (2) a judgment informed by consultation with our retirement plans’ consultant and our pension plans’ actuary. The expected return on plan assets used to measure plan benefit costs was 5.75% for the period January 1, 2020 – November 30, 2020 and 5.25% for the period December 1, 2020 – December 31, 2020 (5.75% in 2019). For 2021, we set the expected return on plan assets to 5.25%.

DEFINED CONTRIBUTION PLANS

In addition to our pension and postretirement plans, we sponsor two defined contribution plans. Substantially all salaried and nonunion hourly employees are eligible to be covered by one of these plans. Under these plans, we match employees’ eligible contributions at established rates. Expense recognized in connection with these matching obligations totaled $50,772,000 in 2020, $53,853,000 in 2019 and $40,718,000 in 2018.

 

 
v3.20.4
INCENTIVE PLANS
 12 Months Ended
Dec. 31, 2020
INCENTIVE PLANS [Abstract]  
INCENTIVE PLANS NOTE 11: INCENTIVE PLANS

SHARE-BASED COMPENSATION PLANS

Our 2016 Omnibus Long-term Incentive Plan (Plan) authorizes the granting of performance shares, restricted shares, Stock-Only Stock Appreciation Rights (SOSARs) and other types of share-based awards to key salaried employees and nonemployee directors. The maximum number of shares that may be issued under the Plan is 8,000,000, of which 6,331,687 shares remain under this authorization.

PERFORMANCE SHARES — Each performance share unit is equal to and paid in one share of our common stock, but carries no voting or dividend rights. The number of units ultimately paid for performance share awards may range from 0% to 200% of the number of units awarded on the date of grant. Payment is based upon the outcome of performance and/or market conditions. Awards vest on December 31 of the third year after date of grant. Vesting is accelerated upon death, disability, or change of control and the awards become non-forfeitable upon reaching retirement age — all as defined in the award agreement. Nonvested units are forfeited upon termination for any other reason. Expense provisions referable to performance share awards amounted to $17,798,000 in 2020, $18,236,000 in 2019 and $13,656,000 in 2018.

The fair value of performance shares is estimated as of the date of grant using a Monte Carlo simulation model. The following table summarizes the activity for nonvested performance share units during the year ended December 31, 2020:

Target

Weighted-average

Number

Grant Date

of Shares

Fair Value

Performance Shares

Nonvested at January 1, 2020

244,904 

$           113.55 

Granted

117,740 

133.95 

Vested

(112,302)

117.19 

Canceled/forfeited

(6,483)

120.66 

Nonvested at December 31, 2020

243,859 

$           121.53 

During 2019 and 2018, the weighted-average grant date fair value of performance shares granted was $110.39 and $117.20, respectively.

The aggregate values for distributed performance share awards are based on the closing price of our common stock as of the distribution date. The aggregate values of distributed performance shares for the years ended December 31 are as follows:

in thousands

2020

2019

2018

Aggregate value of distributed

performance shares

$       38,841 

$       33,169 

$       53,721 


‎

RESTRICTED SHARES — Each restricted share unit is equal to and paid in one share of our common stock, but carries no voting or dividend rights. Awards vest on the third anniversary of the grant date. Vesting is accelerated upon reaching retirement age, death, disability, or change of control, all as defined in the award agreement. Nonvested units are forfeited upon termination for any other reason. Expense provisions referable to restricted share awards amounted to $9,766,000 in 2020, $7,789,000 in 2019 and $4,831,000 in 2018.

The fair value of restricted shares is estimated as of the date of grant based on the stock price adjusted for dividends foregone. The following table summarizes the activity for nonvested restricted share units during the year ended December 31, 2020:

Weighted-average

Number

Grant Date

of Shares

Fair Value

Restricted Stock Units

Nonvested at January 1, 2020

211,930 

$           108.34 

Granted

82,271 

133.95 

Vested

(86,302)

102.12 

Canceled/forfeited

(7,746)

119.63 

Nonvested at December 31, 2020

200,153 

$           121.11 

During 2019 and 2018, the weighted-average grant date fair value of restricted shares granted was $110.39 and $117.20, respectively.

The aggregate values for distributed restricted share awards are based on the closing price of our common stock as of the distribution date. The aggregate values of distributed restricted shares for the years ended December 31 are as follows:

in thousands

2020

2019

2018

Aggregate value of distributed

restricted shares

$       12,210 

$         2,417 

$         1,345 

STOCK-ONLY STOCK APPRECIATION RIGHTS (SOSARs) — SOSARs granted have an exercise price equal to the market value of our underlying common stock on the date of grant. The SOSARs vest ratably over 3 years and expire 10 years subsequent to the date of grant. Vesting is accelerated upon reaching retirement age, death, disability, or change of control, all as defined in the award agreement. Nonvested awards are forfeited upon termination for any other reason.

The fair value of SOSARs is estimated as of the date of grant using the Black-Scholes option pricing model. Compensation cost for SOSARs is based on this grant date fair value and is recognized for awards that ultimately vest. The following table presents the weighted-average fair value and the weighted-average assumptions used in estimating the fair value of grants during the years ended December 31:

2020

2019

2018

SOSARs

Fair value

$        40.91 

$        38.90 

$        43.72 

Risk-free interest rate

1.50%

2.62%

2.90%

Dividend yield

0.71%

0.87%

1.39%

Volatility

25.74%

27.23%

31.49%

Expected term (years)

9.00

9.00

9.00

The risk-free interest rate is based on the yield at the date of grant of a U.S. Treasury security with a maturity period approximating the SOSARs expected term. The dividend yield assumption is based on our historical dividend payouts adjusted for current expectations of future payouts. The volatility assumption is based on the historical volatility and expectations about future volatility of our common stock over a period equal to the SOSARs expected term. The expected term is based on historical experience and expectations about future exercises and represents the period of time that SOSARs granted are expected to be outstanding.


‎

A summary of our SOSAR activity as of December 31, 2020 and changes during the year are presented below:

Weighted-average

Remaining

Aggregate

Number

Weighted-average

Contractual

Intrinsic Value

of Shares

Exercise Price

Life (Years)

(in thousands)

SOSARs

Outstanding at January 1, 2020

944,599 

$             76.84 

Granted

75,300 

133.95 

Exercised

(229,993)

48.16 

Forfeited or expired

(1,470)

43.05 

Outstanding at December 31, 2020

788,436 

$             90.72 

5.03 

$           44,106 

Exercisable at December 31, 2020

641,613 

$             82.84 

4.23 

$           40,949 

The aggregate intrinsic values in the table above represent the total pretax intrinsic value (the difference between our stock price on the last trading day of 2020 and the exercise price, multiplied by the number of in-the-money SOSARs) that would have been received by the option holders had all SOSARs been exercised on December 31, 2020. These values change based on the fair market value of our common stock. The aggregate intrinsic values of SOSARs exercised for the years ended December 31 are as follows:

in thousands

2020

2019

2018

Aggregate intrinsic value of SOSARs exercised

$       22,273 

$       74,838 

$       49,248 

The following table presents cash and stock consideration received and tax benefit realized from SOSAR exercises and compensation cost recorded referable to SOSARs for the years ended December 31:

in thousands

2020

2019

2018

SOSARs

Cash and stock consideration received

from exercises

$              0 

$              0 

$              0 

Tax benefit from exercises

5,693 

29,000 

19,083 

Compensation cost

3,855 

4,042 

4,763 

NONEMPLOYEE DIRECTOR AWARDS — In addition to the share-based compensation plans for employees discussed above, we issue a limited number of stock units to our nonemployee directors annually. Expense provisions referable to nonemployee director stock units amounted to $1,572,000 in 2020, $1,776,000 in 2019 and $1,965,000 in 2018.

CASH-BASED COMPENSATION PLANS

We have incentive plans under which cash awards may be made annually. Expense provisions under these plans referable to awards to officers and certain employees amounted to $42,138,000 in 2020, $40,847,000 in 2019 and $36,969,000 in 2018.

 

 
v3.20.4
COMMITMENTS AND CONTINGENCIES
 12 Months Ended
Dec. 31, 2020
COMMITMENTS AND CONTINGENCIES [Abstract]  
COMMITMENTS AND CONTINGENCIES NOTE 12: COMMITMENTS AND CONTINGENCIES

We have commitments in the form of unconditional purchase obligations as of December 31, 2020. These include commitments for the purchase of property, plant & equipment of $6,947,000 and commitments for noncapital purchases of $46,165,000. These commitments are due as follows:

Unconditional

Purchase

in thousands

Obligations

Property, Plant & Equipment

2021

$          6,947 

Thereafter

0 

Total

$          6,947 

Noncapital (primarily transportation and electricity contracts)

2021

$        16,005 

2022–2023

15,106 

2024–2025

4,054 

Thereafter

11,000 

Total

$        46,165 

Expenditures for noncapital purchases totaled $87,438,000 in 2020, $87,044,000 in 2019 and $56,674,000 in 2018.

We have commitments in the form of minimum royalties under mineral leases as of December 31, 2020 in the amount of $265,560,000, due as follows:

Mineral

in thousands

Leases

Minimum Royalties

2021

$        27,210 

2022–2023

43,491 

2024–2025

27,712 

Thereafter

167,147 

Total

$      265,560 

Expenditures for royalties under mineral leases totaled $81,549,000 in 2020, $84,782,000 in 2019 and $76,761,000 in 2018.

As of December 31, 2020, we were contingently liable for $835,819,000 within 522 surety bonds underwritten by various surety companies. These bonds guarantee our performance and are required primarily by states and municipalities and their related agencies. The top five in amount totaled $206,015,000 (25%) and were for certain construction contracts and reclamation obligations. We have agreed to indemnify the underwriting companies against any exposure under the surety bonds. No material claims have been made against our surety bonds.

Certain of our aggregates reserves are burdened by volumetric production payments (nonoperating interest) as described in Note 2. As the holder of the working interest, we have responsibility to bear the cost of mining and producing the reserves attributable to this nonoperating interest.

As described in Note 1 under the caption Claims and Litigation Including Self-Insurance, our net liabilities for our self-insurance program totaled $74,135,000 as of December 31, 2020.

As summarized by purpose in Note 6, our standby letters of credit totaled $56,080,000 as of December 31, 2020.

As outlined in Note 7, our present value of future minimum (nonmineral) lease payments totaled $442,737,000 as of December 31, 2020.

As described in Note 9, our liability for unrecognized tax benefits is $6,817,000 as of December 31, 2020.

As described in Note 17, our asset retirement obligations totaled $283,163,000 as of December 31, 2020.

LITIGATION AND ENVIRONMENTAL MATTERS

We are subject to occasional governmental proceedings and orders pertaining to occupational safety and health or to protection of the environment, such as proceedings or orders relating to noise abatement, air emissions or water discharges. As part of our continuing program of stewardship in safety, health and environmental matters, we have been able to resolve such proceedings and to comply with such orders without any material adverse effects on our business.

We have received notices from the United States Environmental Protection Agency (EPA) or similar state or local agencies that we are considered a potentially responsible party (PRP) at a limited number of sites under the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA or Superfund) or similar state and local environmental laws. Generally we share the cost of remediation at these sites with other PRPs or alleged PRPs in accordance with negotiated or prescribed allocations. There is inherent uncertainty in determining the potential cost of remediating a given site and in determining any individual party's share in that cost. As a result, estimates can change substantially as additional information becomes available regarding the nature or extent of site contamination, remediation methods, other PRPs and their probable level of involvement, and actions by or against governmental agencies or private parties.

We have reviewed the nature and extent of our involvement at each Superfund site, as well as potential obligations arising under other federal, state and local environmental laws. While ultimate resolution and financial liability is uncertain at a number of the sites, in our opinion based on information currently available, the ultimate resolution of claims and assessments related to these sites will not have a material effect on our consolidated results of operations, financial position or cash flows, although amounts recorded in a given period could be material to our results of operations or cash flows for that period. Amounts accrued for environmental matters are presented in Note 8.

We are a defendant in various lawsuits in the ordinary course of business. It is not possible to determine with precision the outcome, or the amount of liability, if any, under these lawsuits, especially where the cases involve possible jury trials with as yet undetermined jury panels.

In addition to these lawsuits in which we are involved in the ordinary course of business, certain other material legal proceedings are specifically described below.

■ LOWER PASSAIC RIVER STUDY AREA (DISCONTINUED OPERATIONS and SUPERFUND SITE) — The Lower Passaic River Study Area is part of the Diamond Shamrock Superfund Site in New Jersey. Vulcan and approximately 70 other companies are parties (collectively the Cooperating Parties Group, CPG) to a May 2007 Administrative Order on Consent (AOC) with the EPA to perform a Remedial Investigation/Feasibility Study (draft RI/FS) of the lower 17 miles of the Passaic River (River). The draft RI/FS was submitted recommending a targeted hot spot remedy; however, the EPA issued a record of decision (ROD) in March 2016 that calls for a bank-to-bank dredging remedy for the lower 8 miles of the River. The EPA estimates that the cost of implementing this proposal is $1.38 billion. In September 2016, the EPA entered into an Administrative Settlement Agreement and Order on Consent with Occidental Chemical Corporation (Occidental) in which Occidental agreed to undertake the remedial design for this bank-to-bank dredging remedy and to reimburse the United States for certain response costs.

In August 2017, the EPA informed certain members of the CPG, including Vulcan, that it planned to use the services of a third-party allocator with the expectation of offering cash-out settlements to some parties in connection with the bank-to-bank remedy. This voluntary allocation process is intended to establish an impartial third-party expert recommendation that may be considered by the government and the participants as the basis of possible settlements. The final allocation recommendations, which are subject to confidentiality provisions, were submitted to the EPA for its review and consideration in late December 2020. It is unknown when the EPA might respond or whether it will seek further information. The allocator’s recommendation with respect to Vulcan, if ultimately adopted, would be within the immaterial loss recorded for this matter in 2015.

In July 2018, Vulcan, along with more than one hundred other defendants, was sued by Occidental in United States District Court for the District of New Jersey, Newark Vicinage. Occidental is seeking cost recovery and contribution under CERCLA. It is unknown at this time whether the filing of the Occidental lawsuit will impact the EPA allocation process.

In October 2018, the EPA ordered the CPG to prepare a streamlined feasibility study specifically for the upper 9 miles of the River. This directive is focused on dioxin and covers the remaining portion of the River not included in the EPA’s March 2016 ROD.

Efforts to remediate the River have been underway for many years and have involved hundreds of entities that have had operations on or near the River at some point during the past several decades. We formerly owned a chemicals operation near the mouth of the River, which was sold in 1974. The major risk drivers in the River have been identified as dioxins, PCBs, DDx and mercury. We did not manufacture any of these risk drivers and have no evidence that any of these were discharged into the River by Vulcan.

The AOC does not obligate us to fund or perform the remedial action contemplated by either the draft RI/FS or the ROD. Furthermore, the parties who will participate in funding the remediation and their respective allocations have not been determined. We do not agree that a bank-to-bank remedy is warranted, and we are not obligated to fund any of the remedial action at this time; nevertheless, we previously estimated the cost to be incurred by us as a potential participant in a bank-to-bank dredging remedy and recorded an immaterial loss for this matter in 2015.

■ TEXAS BRINE MATTER (DISCONTINUED OPERATIONS) — During the operation of its former Chemicals Division, Vulcan secured the right to mine salt out of an underground salt dome formation in Assumption Parish, Louisiana from 1976 - 2005. Throughout that period and for all times thereafter, the Texas Brine Company (Texas Brine) was the operator contracted by Vulcan (and later Occidental) to mine and deliver the salt. We sold our Chemicals Division in 2005 and transferred our rights and interest related to the salt and mining operations to the purchaser, a subsidiary of Occidental, and we have had no association with the leased premises or Texas Brine since that time. In August 2012, a sinkhole developed in the vicinity of the Texas Brine mining operations, and numerous lawsuits were filed in state court in Assumption Parish, Louisiana. Other lawsuits, including class action litigation, were also filed in federal court before the Eastern District of Louisiana in New Orleans.

There are numerous defendants, including Texas Brine and Occidental, to the litigation in state and federal court. Vulcan was first brought into the litigation as a third-party defendant in August 2013 by Texas Brine. We have since been added as a direct and third-party defendant by other parties, including a direct claim by the state of Louisiana. Damage categories encompassed within the litigation include individual plaintiffs’ claims for property damage, a claim by the state of Louisiana for response costs and civil penalties, claims by Texas Brine for response costs and lost profits, claims for physical damages to nearby oil and gas pipelines and storage facilities (pipelines), and business interruption claims.

In addition to the plaintiffs’ claims, we were also sued for contractual indemnity and comparative fault by both Texas Brine and Occidental. It is alleged that the sinkhole was caused, in whole or in part, by our negligent actions or failure to act. It is also alleged that we breached the salt lease with Occidental, as well as an operating agreement and related contracts with Texas Brine; that we were strictly liable for certain property damages in our capacity as a former lessee of the salt lease; and that we violated certain covenants and conditions in the agreement under which we sold our Chemicals Division to Occidental. We likewise made claims for contractual indemnity and on a basis of comparative fault against Texas Brine and Occidental. Vulcan and Occidental have since dismissed all of their claims against one another. Texas Brine has claims that remain pending against Vulcan and against Occidental.

A bench trial (judge only) began in September 2017 and ended in October 2017 in the pipeline cases. The trial was limited in scope to the allocation of comparative fault or liability for causing the sinkhole, with a damages phase of the trial to be held at a later date. In December 2017, the judge issued a ruling on the allocation of fault among the three defendants as follows: Occidental 50%, Texas Brine 35% and Vulcan 15%. This ruling was appealed by the parties. In December 2020, the Louisiana Court of Appeal, First Circuit issued its Notice of Judgement and Disposition in one of the pipeline cases reversing in part and amending the trial court judgment to reallocate 20% of the fault from Occidental to Texas Brine, with the result that 30% of the fault is now allocated to Occidental and 55% of the fault is now allocated to Texas Brine. The Court of Appeal affirmed the 15% fault allocation to Vulcan. The Court of Appeal made various other findings, including findings related to the arbitrability of certain claims between Occidental and Texas Brine. In January 2021, Texas Brine applied to the Court of Appeal for a rehearing regarding whether Occidental waived arbitration rights. Vulcan anticipates that one or more of the parties will seek review of the Court of Appeal’s decision by the Louisiana Supreme Court following disposition of Texas Brine’s rehearing application.

We have settled all except two outstanding cases, and our insurers to date have funded these settlements in excess of our self-insured retention amount. The remaining cases involve Texas Brine and the State of Louisiana. Discovery remains ongoing, and we cannot reasonably estimate a range of liability pertaining to these open cases at this time.

■ NEW YORK WATER DISTRICT CASES (DISCONTINUED OPERATIONS) — During the operation of our former Chemicals Division, which was divested to Occidental in 2005, Vulcan manufactured a chlorinated solvent known as 1,1,1-trichloroethane. We are a defendant in 27 cases allegedly involving 1,1,1-trichloroethane. All of the cases are filed in the United States District Court for the Eastern District of New York. According to the various complaints, the plaintiffs are public drinking water providers who serve customers in seven New York counties (Nassau, Orange, Putnam, Sullivan, Ulster, Washington and Westchester). It is alleged that our 1,1,1-trichloroethane was stabilized with 1,4-dioxane and that various water wells of the plaintiffs are contaminated with 1,4-dioxane. The plaintiffs are seeking unspecified compensatory and punitive damages. We will vigorously defend the cases. At this time we cannot determine the likelihood or reasonably estimate a range of loss, if any, pertaining to the cases.

■ HEWITT LANDFILL MATTER (SUPERFUND SITE) — In September 2015, the Los Angeles Regional Water Quality Control Board (RWQCB) issued a Cleanup and Abatement Order directing Vulcan to assess, monitor, cleanup and abate wastes that have been discharged to soil, soil vapor, and/or groundwater at the former Hewitt Landfill in Los Angeles.

Following an onsite and offsite investigation and pilot scale testing, the RWQCB approved a corrective action that includes leachate recovery, storm water capture and conveyance improvements, and a groundwater pump, treat and reinjection system. Certain on-site source control measures have been implemented. The groundwater treatment system reached mechanical completion in late 2020 and is currently in a shakedown testing period. Operation testing is expected to be completed in early 2021 and will be followed by full system operation. Currently-anticipated costs of these on-site source control activities have been fully accrued.

We are also engaged in an ongoing dialogue with the EPA, Honeywell, and the Los Angeles Department of Water and Power (LADWP) regarding the potential contribution of the Hewitt Landfill to groundwater contamination in the North Hollywood Operable Unit (NHOU) of the San Fernando Valley Superfund Site.

The EPA and Vulcan entered into an AOC and Statement of Work having an effective date of September 2017 for the design of two extraction wells south of the Hewitt Landfill to protect the North Hollywood West (NHW) well field located within the NHOU. In November 2017, we submitted a Pre-Design Investigation (PDI) Work Plan to the EPA, which sets forth the activities and schedule for collection of data in support of our evaluation of the need for an offsite remedy. In addition, this evaluation was expanded as part of the PDI to include the evaluation of a remedy in light of a new project by LADWP at the Rinaldi-Toluca (RT) wellfield. PDI investigative activities were completed between the first and third quarters of 2018, and in December 2018 we submitted a Draft PDI Evaluation Report to the EPA. The PDI Evaluation Report summarizes data collection activities conducted pursuant to the Draft PDI Work Plan and provides model updates and evaluation of remediation alternatives for offsite areas. EPA provided an initial set of comments on the Draft PDI Evaluation Report in May 2019 and a final set of comments in October 2020. The final set of comments includes a request for Vulcan to revise and develop a Final PDI Evaluation Report. The final comments further provide, if Vulcan agrees, a proposal for an alternative approach for offsite remediation (as opposed to installation of offsite extraction wells) and development of a Supplemental PDI Evaluation Report that would require the EPA to modify the remedy in the 2009 ROD as it relates to the Hewitt Landfill. In December 2020, Vulcan submitted the Final PDI Evaluation Report, which includes edits to the Draft PDI Evaluation Report and responses to EPA’s comments. Until the EPA’s review and approval of the Final PDI Evaluation Report and any Supplemental PDI Evaluation Report on remedial alternative(s) is complete and an effective remedy has been agreed upon, we cannot identify an appropriate remedial action that will be required under the AOC. Given the various stakeholders involved and the uncertainties relating to remediation alternatives, we cannot reasonably estimate a loss pertaining to Vulcan’s responsibility for future remedial action required by the EPA.

In December 2019, Honeywell agreed with LADWP to build a water treatment system (often referred to as the Cooperative Containment Concept or CCC or the second interim remedy) that will provide treated groundwater in the NHOU to LADWP for public water supply purposes. Honeywell contends that some of the contamination to be remediated by the system it will build originated from the Hewitt Landfill, and that Vulcan should fund some portion of the costs that Honeywell has incurred and will incur in developing the second interim remedy. During the third quarter 2020, Vulcan recorded an immaterial accrual related to Honeywell’s contribution claim for certain types of cost incurred. We are also gathering and analyzing data and developing technical information to determine the extent of possible contribution by the Hewitt Landfill to the groundwater contamination in the area. This work is also intended to assist in identification of other PRPs that may have contributed to groundwater contamination in the area. At this time, we cannot reasonably estimate a range of an additional loss to Vulcan pertaining to this contribution claim.

Further, LADWP has announced plans to install new treatment capabilities at two City wellfields located near the Hewitt Landfill — the NHW wellfield and the RT wellfield. LADWP has alleged that the Hewitt Landfill is one of the primary PRPs for the contamination at the NHW wellfield and is one of many PRPs for the contamination at the RT wellfield. We are gathering and analyzing data and developing technical information to determine the extent of possible contribution by the Hewitt Landfill to the groundwater contamination in the area, consistent with the parallel request by the EPA. This work is also intended to assist in identification of other PRPs that may have contributed to groundwater contamination in the area. Vulcan is also seeking access to LADWP’s list of PRPs. At this time, we cannot reasonably estimate a range of a loss to Vulcan pertaining to this contribution claim.

■ NAFTA ARBITRATION — In September 2018, our subsidiary Legacy Vulcan, LLC (Legacy Vulcan), on its own behalf, and on behalf of our Mexican subsidiary Calizas Industriales del Carmen, S.A. de C.V. (Calica), served the United Mexican States (Mexico) a Notice of Intent to Submit a Claim to Arbitration under Chapter 11 of the North American Free Trade Agreement (NAFTA). Our NAFTA claim relates to the treatment of a portion of our quarrying operations in Playa del Carmen (Cancun), Mexico, arising from, among other measures, Mexico’s failure to comply with a legally binding zoning agreement and relates to other unfair, arbitrary and capricious actions by Mexico’s environmental enforcement agency. We assert that these actions are in breach of Mexico’s international obligations under NAFTA and international law.

As required by Article 1118 of NAFTA, we sought to settle this dispute with Mexico through consultations. Notwithstanding our good faith efforts to resolve the dispute amicably, we were unable to do so and filed a Request for Arbitration, which we filed with the International Centre for Settlement of Investment Disputes (ICSID) in December 2018. In January 2019, ICSID registered our Request for Arbitration.

We expect that the NAFTA arbitration will take at least two years to be concluded. At this time, there can be no assurance whether we will be successful in our NAFTA claim, and we cannot quantify the amount we may recover, if any, under this arbitration proceeding if we were successful.

Item 103 of Regulation S-K requires disclosure of certain environmental matters when a governmental authority is a party to the proceedings, or such proceedings are known to be contemplated, unless we reasonably believe that the matter will result in no monetary sanctions, or in monetary sanctions, exclusive of interest and costs, of less than $300,000 (which threshold was $100,000 prior to November 9, 2020). We previously disclosed that, in June 2019, we received a draft administrative order from the EPA to settle alleged violations of the Clean Water Act at one of our aggregates sites. In November 2020, we reached a settlement with the EPA regarding this matter, under which we paid a civil penalty of $68,000.

It is not possible to predict with certainty the ultimate outcome of these and other legal proceedings in which we are involved, and a number of factors, including developments in ongoing discovery or adverse rulings, or the verdict of a particular jury, could cause actual losses to differ materially from accrued costs. No liability was recorded for claims and litigation for which a loss was determined to be only reasonably possible or for which a loss could not be reasonably estimated. Legal costs incurred in defense of lawsuits are expensed as incurred. In addition, losses on certain claims and litigation described above may be subject to limitations on a per occurrence basis by excess insurance, as described in Note 1 under the caption Claims and Litigation Including Self-insurance.
v3.20.4
EQUITY
 12 Months Ended
Dec. 31, 2020
EQUITY [Abstract]  
EQUITY NOTE 13: EQUITY

Our capital stock consists solely of common stock, par value $1.00 per share, of which 480,000,000 shares may be issued. Holders of our common stock are entitled to one vote per share. We may also issue 5,000,000 shares of preferred stock, but no shares have been issued. The terms and provisions of such shares will be determined by our Board of Directors upon any issuance of preferred shares in accordance with our Certificate of Incorporation.

There were no shares held in treasury as of December 31, 2020, 2019 and 2018.

Our common stock purchases (all of which were open market purchases) and subsequent retirements for the years ended December 31 are summarized below:

in thousands, except average cost

2020

2019

2018

Shares Purchased and Retired

Number

214 

19 

1,192 

Total purchase price

$        26,132 

$        2,602 

$    133,983 

Average cost per share

$        121.92 

$      139.90 

$      112.41 

As of December 31, 2020, 8,064,851 shares may be purchased under the current authorization of our Board of Directors.

Dividends for the years ended December 31 were as follows:

in thousands, except per share data

2020

2019

2018

Dividends

Cash dividends

$      180,216 

$     163,973 

$     148,109 

Cash dividends per share

$            1.36 

$           1.24 

$           1.12 

 

 
v3.20.4
OTHER COMPREHENSIVE INCOME
 12 Months Ended
Dec. 31, 2020
OTHER COMPREHENSIVE INCOME [Abstract]  
OTHER COMPREHENSIVE INCOME NOTE 14: OTHER COMPREHENSIVE INCOME

Comprehensive income comprises two subsets: net earnings and other comprehensive income (OCI). The components of other comprehensive income are presented in the accompanying Consolidated Statements of Comprehensive Income and Consolidated Statements of Equity, net of applicable taxes.

Amounts in accumulated other comprehensive income (AOCI), net of tax, at December 31, are as follows:

in thousands

2020

2019

2018

AOCI

Interest rate hedges

$       (23,943)

$     (10,953)

$     (11,180)

Pension and postretirement plans

(157,362)

(186,785)

(161,035)

Total

$     (181,305)

$   (197,738)

$   (172,215)

Changes in AOCI, net of tax, for the three years ended December 31, 2020 are as follows:

Pension and

Interest Rate

Postretirement

in thousands

Hedges

Benefit Plans

Total

AOCI

Balances at December 31, 2017

$       (11,438)

$   (138,028)

$   (149,466)

Released stranded tax effects ASU 2018-02

(2,464)

(27,165)

(29,629)

Balances at January 1, 2018, due to reclassification

$       (13,902)

$   (165,193)

$   (179,095)

Other comprehensive income (loss)

before reclassifications

2,496 

(207)

2,289 

Amounts reclassified from AOCI

226 

4,365 

4,591 

Net OCI changes

2,722 

4,158 

6,880 

Balances at December 31, 2018

$       (11,180)

$   (161,035)

$   (172,215)

Other comprehensive income (loss)

before reclassifications

0 

(26,892)

(26,892)

Amounts reclassified from AOCI

227 

1,142 

1,369 

Net OCI changes

227 

(25,750)

(25,523)

Balances at December 31, 2019

$       (10,953)

$   (186,785)

$   (197,738)

Other comprehensive income (loss)

before reclassifications

(14,679)

6,366 

(8,313)

Amounts reclassified from AOCI

1,689 

23,057 

24,746 

Net OCI changes

(12,990)

29,423 

16,433 

Balances at December 31, 2020

$       (23,943)

$   (157,362)

$   (181,305)

Amounts reclassified from AOCI to earnings, are as follows:

in thousands

2020

2019

2018

Amortization of Interest Rate Hedge Losses

Interest expense

$          2,286 

$           307 

$           306 

Benefit from income taxes

(597)

(80)

(80)

Total

$          1,689 

$           227 

$           226 

Amortization of Pension and Postretirement Plan

Actuarial Loss and Prior Service Cost

Other nonoperating expense

$        31,200 

$        1,545 

$        5,906 

Benefit from income taxes

(8,143)

(403)

(1,541)

Total

$        23,057 

$        1,142 

$        4,365 

Total reclassifications from AOCI to earnings

$        24,746 

$        1,369 

$        4,591 

 

 
v3.20.4
SEGMENT REPORTING
 12 Months Ended
Dec. 31, 2020
SEGMENT REPORTING [Abstract]  
SEGMENT REPORTING NOTE 15: SEGMENT REPORTING

We have four operating (and reportable) segments organized around our principal product lines: Aggregates, Asphalt, Concrete and Calcium. Management reviews earnings from these reporting segments principally at the gross profit level.

The Aggregates segment produces and sells aggregates (crushed stone, sand and gravel, sand, and other aggregates) and related products and services. During 2020, the Aggregates segment principally served markets in twenty states, Washington D.C. and Mexico with a full line of aggregates, and thirteen additional states with railroad ballast. Customers use aggregates primarily in the construction and maintenance of highways, streets and other public works and in the construction of housing and commercial, industrial and other nonresidential facilities. Customers are served by truck, rail and water distribution networks from our production facilities and sales yards. Due to the high weight-to-value ratio of aggregates, markets generally are local in nature. Quarries located on waterways and rail lines allow us to serve remote markets where local aggregates reserves may not be available.

The Asphalt segment produces and sells asphalt mix in six states: Alabama, Arizona, California, New Mexico, Tennessee and Texas, and includes asphalt construction paving in three states: Alabama, Tennessee and Texas. We entered the Alabama asphalt market in 2018 through an acquisition (see Note 19).

The Concrete segment produces and sells ready-mixed concrete in four states: California, Maryland, Texas and Virginia, in addition to Washington D.C. In 2020 and 2018, we exited the New Mexico and Georgia ready-mixed concrete markets, respectively, through divestitures (see Note 19).

The Calcium segment consists of a Florida facility that mines, produces and sells calcium products.

Aggregates comprise approximately 95% of asphalt mix by weight and 80% of ready-mixed concrete by weight. Our Asphalt and Concrete segments are primarily supplied with their aggregates requirements from our Aggregates segment. These intersegment sales are made at local market prices for the particular grade and quality of product used in the production of asphalt mix and ready-mixed concrete. Customers for our Asphalt and Concrete segments are generally served locally at our production facilities or by truck. Because asphalt mix and ready-mixed concrete harden rapidly, delivery is time constrained and generally confined to a radius of approximately 20 to 25 miles from the producing facility.

The vast majority of our activities are domestic. We sell a relatively small amount of construction aggregates outside the United States. Total domestic revenues were $4,845,863,000 in 2020, $4,912,972,000 in 2019 and $4,365,309,000 in 2018. Nondomestic Aggregates segment revenues were $10,963,000 in 2020, $16,131,000 in 2019 and $17,560,000 in 2018; there were no significant nondomestic revenues in our Asphalt, Concrete or Calcium segments. Long-lived assets outside the United States, which consist primarily of property, plant & equipment, were $261,574,000 in 2020, $274,439,000 in 2019 and $278,520,000 in 2018. Equity method investments of $26,524,000 in 2020, $50,587,000 in 2019 and $39,395,000 in 2018 are included below in the identifiable assets for the Aggregates segment and in investments and long-term receivables on the accompanying Consolidated Balance Sheets.

SEGMENT FINANCIAL DISCLOSURE

in thousands

2020

2019

2018

Total Revenues

Aggregates 1

$      3,944,286 

$      3,990,275 

$      3,513,649 

Asphalt 2

792,605 

855,821 

733,182 

Concrete

383,617 

395,627 

401,999 

Calcium

7,720 

8,191 

8,110 

Segment sales

$      5,128,228 

$      5,249,914 

$      4,656,940 

Aggregates intersegment sales

(271,402)

(320,811)

(274,071)

Total revenues

$      4,856,826 

$      4,929,103 

$      4,382,869 

Gross Profit

Aggregates

$      1,159,178 

$      1,146,649 

$         991,858 

Asphalt

75,233 

63,023 

56,480 

Concrete

44,159 

43,151 

49,893 

Calcium

2,911 

3,078 

2,714 

Total

$      1,281,481 

$      1,255,901 

$      1,100,945 

Depreciation, Depletion, Accretion & Amortization (DDA&A)

Aggregates

$         321,127 

$         305,046 

$         281,641 

Asphalt

34,956 

35,199 

31,290 

Concrete

16,010 

13,620 

12,539 

Calcium

189 

232 

272 

Other

24,524 

20,499 

20,504 

Total

$         396,806 

$         374,596 

$         346,246 

Capital Expenditures 3

Aggregates

$         331,893 

$         383,406 

$         422,175 

Asphalt

19,803 

9,095 

38,154 

Concrete

11,664 

11,641 

12,291 

Calcium

0 

31 

22 

Corporate

0 

175 

2,587 

Total

$         363,360 

$         404,348 

$         475,229 

Identifiable Assets 4

Aggregates

$      9,459,185 

$      9,334,218 

$      8,887,749 

Asphalt

573,059 

558,386 

527,226 

Concrete

305,523 

325,102 

266,581 

Calcium

3,345 

3,653 

3,942 

Total identifiable assets

$    10,341,112 

$    10,221,359 

$      9,685,498 

General corporate assets

147,780 

152,928 

102,228 

Cash and cash equivalents and restricted cash

1,198,013 

274,506 

44,404 

Total assets

$    11,686,905 

$    10,648,793 

$      9,832,130 

1

Includes product sales, as well as freight & delivery costs that we pass along to our customers, and service revenues (see Note 2) related to aggregates.

2

Includes product sales, as well as service revenues (see Note 2) from our asphalt construction paving business.

3

Capital expenditures include capitalized replacements of and additions to property, plant & equipment, including renewals and betterments. Capital expenditures exclude property, plant & equipment obtained by business acquisitions.

4

Certain temporarily idled assets are included within a segment's Identifiable Assets but the associated DDA&A is shown within Other in the DDA&A section above as the related DDA&A is excluded from segment gross profit.

 

 
v3.20.4
SUPPLEMENTAL CASH FLOW INFORMATION
 12 Months Ended
Dec. 31, 2020
SUPPLEMENTAL CASH FLOW INFORMATION [Abstract]  
SUPPLEMENTAL CASH FLOW INFORMATION NOTE 16: SUPPLEMENTAL CASH FLOW INFORMATION

Supplemental information referable to the Consolidated Statements of Cash Flows is summarized below:

in thousands

2020

2019

2018

Cash Payments (Refunds)

Interest (exclusive of amount capitalized)

$      129,182 

$      129,224 

$     128,217 

Income taxes

95,934 

56,812 

(65,968)

Noncash Investing and Financing Activities

Accrued liabilities for purchases of property,

plant & equipment

$        55,904 

$        57,309 

$       37,116 

Recognition of new asset retirement obligations

353 

263 

20 

Right-of-use assets obtained in exchange for new

Operating lease liabilities 1

49,586 

444,547 

0 

Finance lease liabilities 1

6,631 

1,227 

0 

Amounts referable to business acquisitions

Liabilities assumed

5,879 

4,373 

5,405 

Consideration payable to seller

8,980 

0 

4,500 

Fair value of noncash assets and liabilities exchanged

21,213 

0 

0 

Debt issued for purchases of property, plant & equipment

2,571 

0 

0 

1

The 2019 amount includes the initial right-of-use assets resulting from our adoption of ASU 2016-02, “Leases.”

 

 
v3.20.4
ASSET RETIREMENT OBLIGATIONS
 12 Months Ended
Dec. 31, 2020
ASSET RETIREMENT OBLIGATIONS [Abstract]  
ASSET RETIREMENT OBLIGATIONS NOTE 17: ASSET RETIREMENT OBLIGATIONS

Asset retirement obligations (AROs) are legal obligations associated with the retirement of long-lived assets resulting from the acquisition, construction, development and/or normal use of the underlying assets. Recognition of a liability for an ARO is required in the period in which it is incurred at its estimated fair value. The associated asset retirement costs are capitalized as part of the carrying amount of the underlying asset and depreciated over the estimated useful life of the asset. The liability is accreted through charges to operating expenses. If the ARO is settled for an amount other than the carrying amount of the liability, we recognize a gain or loss on settlement.

We record all AROs for which we have legal obligations for land reclamation at estimated fair value. These AROs relate to our underlying land parcels, including both owned properties and mineral leases. For the years ended December 31, we recognized ARO operating costs related to accretion of the liabilities and depreciation of the assets as follows:

in thousands

2020

2019

2018

ARO Operating Costs

Accretion

$        12,432 

$        10,992 

$       10,776 

Depreciation

8,592 

7,075 

6,034 

Total

$        21,024 

$        18,067 

$       16,810 

ARO operating costs are reported in cost of revenues. AROs are reported within other noncurrent liabilities in our accompanying Consolidated Balance Sheets.

Reconciliations of the carrying amounts of our AROs for the years ended December 31 are as follows:

in thousands

2020

2019

Asset Retirement Obligations

Balance at beginning of year

$      210,323 

$      225,726 

Liabilities incurred

353 

263 

Liabilities settled

(12,820)

(12,457)

Accretion expense

12,432 

10,992 

Revisions, net

72,875 

(14,201)

Balance at end of year

$      283,163 

$      210,323 

ARO liabilities settled during 2020 and 2019 include $2,563,000 and $3,354,000, respectively, of reclamation activities required under a development agreement and conditional use permits at two adjacent aggregates sites on owned property in Southern California. The reclamation required under the development agreement will result in the restoration of 90 acres of previously mined property to conditions suitable for commercial and retail development.

ARO revisions during 2020 primarily include increases in estimated costs at two aggregates locations, including reclamation activities required under a development agreement at an aggregates site on owned property in Southern California. The reclamation required under the development agreement will result in the restoration of previously mined property to conditions suitable for retail and commercial development.

 

 
v3.20.4
GOODWILL AND INTANGIBLE ASSETS
 12 Months Ended
Dec. 31, 2020
GOODWILL AND INTANGIBLE ASSETS [Abstract]  
GOODWILL AND INTANGIBLE ASSETS NOTE 18: GOODWILL AND INTANGIBLE ASSETS

Acquired identifiable intangible assets are classified into three categories: (1) goodwill, (2) intangible assets with finite lives subject to amortization and (3) intangible assets with indefinite lives. Goodwill and intangible assets with indefinite lives are not amortized; rather, they are reviewed for impairment at least annually.

GOODWILL

Goodwill is recognized when the consideration paid for a business exceeds the fair value of the tangible and identifiable intangible assets acquired. Goodwill is allocated to reporting units for purposes of testing goodwill for impairment. There were no charges for goodwill impairment in the years ended December 31, 2020, 2019 and 2018. Accumulated goodwill impairment losses amount to $252,664,000 in the Calcium segment.

We have four reportable segments organized around our principal product lines: Aggregates, Asphalt, Concrete and Calcium. Changes in the carrying amount of goodwill by reportable segment for the three years ended December 31, 2020 are shown below:

in thousands

Aggregates

Asphalt

Concrete

Calcium

Total

Goodwill

Totals at December 31, 2018

$   3,073,763 

$     91,633 

$              0 

$              0 

$  3,165,396 

Goodwill of acquired businesses 1

1,665 

0 

0 

0 

1,665 

Totals at December 31, 2019

$   3,075,428 

$     91,633 

$              0 

$              0 

$  3,167,061 

Goodwill of acquired businesses 1

5,051 

0 

0 

0 

5,051 

Totals at December 31, 2020

$   3,080,479 

$     91,633 

$              0 

$              0 

$  3,172,112 

1

See Note 19 for a summary of recent acquisitions.

We test goodwill for impairment on an annual basis or more frequently if events or circumstances change in a manner that would more likely than not reduce the fair value of a reporting unit below its carrying value. A decrease in the estimated fair value of one or more of our reporting units could result in the recognition of a material, noncash write-down of goodwill.

INTANGIBLE ASSETS

Intangible assets consist of contractual rights in place (primarily permitting and zoning rights), noncompetition agreements, customer relationships and trade names and trademarks. Intangible assets acquired in business combinations are stated at their fair value determined as of the date of acquisition. Intangible assets acquired individually or otherwise obtained outside a business combination consist primarily of permitting, permitting compliance and zoning rights and are stated at their historical cost less accumulated amortization. Costs incurred to renew or extend the life of existing intangible assets are capitalized. These capitalized renewal/extension costs were immaterial for the years presented.

See Note 19 for the details of the intangible assets acquired in business acquisitions during 2020, 2019 and 2018. Amortization of finite-lived intangible assets is computed based on the estimated life of the intangible assets. Contractual rights in place associated with aggregates reserves are amortized using the unit-of-sales method based on estimated recoverable units. Other intangible assets are amortized principally by the straight-line method. Intangible assets are reviewed for impairment when events or circumstances indicate that the carrying amount may not be recoverable. There were no material charges for impairment of intangible assets in 2020, 2019 and 2018.

The gross carrying amount and accumulated amortization by major intangible asset class for the years ended December 31 are summarized below:

in thousands

2020

2019

Gross Carrying Amount

Contractual rights in place

$    1,158,966 

$  1,132,958 

Noncompetition agreements

5,667 

7,667 

Permitting, permitting compliance and zoning rights

138,958 

136,646 

Other 1

51,927 

11,951 

Total gross carrying amount

$    1,355,518 

$  1,289,222 

Accumulated Amortization

Contractual rights in place

$      (188,953)

$   (155,555)

Noncompetition agreements

(5,167)

(6,126)

Permitting, permitting compliance and zoning rights

(30,180)

(30,545)

Other 1

(7,674)

(5,521)

Total accumulated amortization

$      (231,974)

$   (197,747)

Total Intangible Assets Subject to Amortization, net

$    1,123,544 

$  1,091,475 

Intangible Assets with Indefinite Lives

0 

0 

Total Intangible Assets, net

$    1,123,544 

$  1,091,475 

Amortization Expense for the Year

$         46,611 

$       40,541 

1

Includes patents, customer relationships, tradenames and trademarks.

Estimated amortization expense for the five years subsequent to December 31, 2020 is as follows:

in thousands

Estimated Amortization Expense for Five Subsequent Years

2021

$        40,975 

2022

38,200 

2023

37,103 

2024

35,429 

2025

35,041 

 

 

 
v3.20.4
ACQUISITIONS AND DIVESTITURES
 12 Months Ended
Dec. 31, 2020
ACQUISITIONS AND DIVESTITURES [Abstract]  
ACQUISITIONS AND DIVESTITURES NOTE 19: ACQUISITIONS AND DIVESTITURES

BUSINESS ACQUISITIONS

2020 business acquisitions — During 2020, we purchased the following operations for total consideration of $73,416,000 ($43,223,000 cash and $30,193,000 noncash):

business to support our aggregates operations across most of our footprint

Texas — asphalt mix and recycle operations

The 2020 acquisitions listed above are reported in our consolidated financial statements as of their respective acquisition dates. None of these acquisitions are material to our results of operations or financial position either individually or collectively.

As a result of the 2020 acquisitions, we recognized $65,545,000 of amortizable intangible assets and $5,051,000 of goodwill. The amortizable intangible assets will be amortized against earnings ($25,712,000 - straight-line basis over a weighted-average 20.0 years) and $25,712,000 will be deductible for income tax purposes over 15 years. The goodwill represents the balance of deferred tax liabilities generated from carrying over the seller’s tax basis in the assets acquired and is not deductible for income tax purposes.

2019 business acquisitions — During 2019, we purchased the following operations, none of which were material to our results of operations or financial position either individually or collectively, for total cash consideration of $45,273,000 (additionally, immaterial adjustments were made to prior year acquisitions):

Tennessee — aggregates operations

Virginia — ready-mixed concrete operations

The 2019 acquisitions listed above are reported in our consolidated financial statements as of their respective acquisition dates.

As a result of the 2019 acquisitions, we recognized $25,443,000 of amortizable intangible assets (contractual rights in place). The contractual rights in place will be amortized against earnings on a straight-line basis over a weighted-average 19.5 years and will be deductible for income tax purposes over 15 years.

2018 business acquisitions — During 2018, we purchased the following operations, none of which were material to our results of operations or financial position either individually or collectively, for total consideration of $219,863,000 ($215,363,000 cash and $4,500,000 payable):

Alabama — aggregates, asphalt mix and construction paving operations

California — aggregates and asphalt mix operations

Texas — aggregates rail yards, asphalt mix and construction paving operations

The 2018 acquisitions listed above are reported in our consolidated financial statements as of their respective acquisition dates. Immaterial adjustments were recorded in 2019 including a working capital adjustment in which we received $1,122,000 and an increase to goodwill of $1,665,000.

As a result of the 2018 acquisitions, we recognized $44,163,000 of amortizable intangible assets (contractual rights in place). The contractual rights in place will be amortized against earnings ($43,072,000 - straight-line over a weighted-average 19.9 years and $1,080,000 - units of sales in excess of 30.0 years) and $7,385,000 will be deductible for income tax purposes over 15 years. Of the $43,990,000 of goodwill recognized, $4,863,000 will be deductible for income tax purposes over 15 years, and $31,721,000 represents the balance of deferred tax liabilities generated from carrying over the seller’s tax basis in the assets acquired.

DIVESTITURES AND PENDING DIVESTITURES

In 2020, we sold:

Fourth quarter — a Virginia ready-mix concrete business, resulting in an immaterial loss. We retained all real property which is being leased to the buyer and obtained a 20-year aggregates supply agreement

Second quarter — our New Mexico ready-mix concrete business, resulting in an immaterial gain. We retained the concrete plants and mobile fleet and are leasing those assets to the buyer. Additionally, we obtained a 20-year aggregates supply agreement

In 2019, we sold:

First quarter — two aggregates operations in Georgia and reversed a contingent payable related to the fourth quarter 2017 Department of Justice required divestiture of former Aggregates USA operations, resulting in a pretax gain of $4,064,000

In 2018, we sold:

First quarter — ready-mixed concrete operations in Georgia resulting in a pretax gain of $2,929,000 (we retained all real property which is leased to the buyer, and obtained a long-term aggregates supply agreement)

No assets met the criteria for held for sale at December 31, 2020, 2019 or 2018.

 

 
v3.20.4
UNAUDITED SUPPLEMENTARY DATA
 12 Months Ended
Dec. 31, 2020
UNAUDITED SUPPLEMENTARY DATA [Abstract]  
UNAUDITED SUPPLEMENTARY DATA NOTE 20: UNAUDITED SUPPLEMENTARY DATA

The following is a summary of selected quarterly financial information (unaudited) for each of the years ended December 31, 2020 and 2019:

2020

Three Months Ended

in thousands, except per share data

March 31

June 30

Sept 30

Dec 31

Total revenues

$  1,049,242 

$  1,322,575 

$  1,309,890 

$  1,175,119 

Gross profit

201,723 

396,519 

380,498 

302,741 

Operating earnings

112,301 

298,896 

288,104 

196,430 

Earnings from continuing operations

59,998 

210,957 

201,125 

115,915 

Net earnings

60,258 

209,916 

199,788 

114,518 

Basic earnings per share from continuing operations

$           0.45 

$           1.59 

$           1.52 

$           0.87 

Diluted earnings per share from continuing operations

$           0.45 

$           1.58 

$           1.51 

$           0.87 

Basic net earnings per share

$           0.45 

$           1.58 

$           1.51 

$           0.86 

Diluted net earnings per share

$           0.45 

$           1.58 

$           1.50 

$           0.86 

2019

Three Months Ended

in thousands, except per share data

March 31

June 30

Sept 30

Dec 31

Total revenues

$     996,511 

$  1,327,682 

$  1,418,758 

$  1,186,152 

Gross profit

191,675 

370,502 

400,643 

293,081 

Operating earnings

104,433 

276,074 

303,376 

193,575 

Earnings from continuing operations

63,935 

197,907 

218,066 

142,595 

Net earnings

63,299 

197,558 

215,713 

141,092 

Basic earnings per share from continuing operations

$           0.48 

$           1.50 

$           1.65 

$           1.08 

Diluted earnings per share from continuing operations

$           0.48 

$           1.48 

$           1.63 

$           1.07 

Basic net earnings per share

$           0.48 

$           1.49 

$           1.63 

$           1.07 

Diluted net earnings per share

$           0.48 

$           1.48 

$           1.62 

$           1.06 

 

 
v3.20.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 12 Months Ended
Dec. 31, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]  
NATURE OF OPERATIONS NATURE OF OPERATIONS

Vulcan Materials Company (the “Company,” “Vulcan,” “we,” “our”), a New Jersey corporation, is the nation's largest supplier of construction aggregates (primarily crushed stone, sand and gravel) and a major producer of asphalt mix and ready-mixed concrete.

We operate primarily in the United States and our principal product — aggregates — is used in virtually all types of public and private construction projects and in the production of asphalt mix and ready-mixed concrete. We serve markets in twenty states, Washington D.C., and the local markets surrounding our operations in Mexico. Our primary focus is serving metropolitan markets in the United States that are expected to experience the most significant growth in population, households and employment. These three demographic factors are significant drivers of demand for aggregates. While aggregates is our focus and primary business, we produce and sell asphalt mix and/or ready-mixed concrete in our Alabama, Arizona, California, Maryland, New Mexico, Tennessee, Texas, Virginia and Washington D.C. markets.

While we continue to operate as an essential business, the COVID-19 pandemic has impacted our industry and the economy, and it may have far-reaching impacts on many aspects of our operations, directly and indirectly, including with respect to its impacts on customer behaviors, business and manufacturing operations, our employees, and the market generally.

Due to the 2005 sale of our Chemicals business as described below, the results of the Chemicals business are presented as discontinued operations in the accompanying Consolidated Statements of Comprehensive Income.
DISCONTINUED OPERATIONS DISCONTINUED OPERATIONS

In 2005, we sold substantially all the assets of our Chemicals business to Basic Chemicals, a subsidiary of Occidental Chemical Corporation. The financial results of the Chemicals business are classified as discontinued operations in the accompanying Consolidated Statements of Comprehensive Income for all periods presented. Results from discontinued operations are as follows:

in thousands

2020

2019

2018

Discontinued Operations

Pretax loss

$        (4,752)

$       (6,541)

$       (2,748)

Income tax benefit

1,237 

1,700 

712 

Loss on discontinued operations,

net of tax

$        (3,515)

$       (4,841)

$       (2,036)

Our discontinued operations include charges/credits related to general and product liability costs, including legal defense costs, and environmental remediation costs associated with our former Chemicals business (including certain matters as discussed in Note 12). There were no revenues from discontinued operations for the years presented.
PRINCIPLES OF CONSOLIDATION PRINCIPLES OF CONSOLIDATION

The consolidated financial statements include the accounts of Vulcan Materials Company and all our majority or
‎wholly-owned subsidiary companies. Partially-owned affiliates are either consolidated or accounted for at cost or as equity investments depending on the level of ownership interest or our ability to exercise control over the affiliates’ operations. All intercompany transactions and accounts have been eliminated in consolidation.
USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS

The preparation of these financial statements in conformity with accounting principles generally accepted (GAAP) in the United States of America requires us to make estimates and judgments that affect reported amounts of assets, liabilities, revenues and expenses, and the related disclosures of contingent assets and contingent liabilities at the date of the financial statements. We evaluate these estimates and judgments on an ongoing basis and base our estimates on historical experience, current conditions and various other assumptions that are believed to be reasonable under the circumstances. The results of these estimates form the basis for our judgments about the carrying values of assets and liabilities as well as identifying and assessing the accounting treatment with respect to commitments and contingencies. Actual results may differ materially from these estimates. The most significant estimates included in the preparation of these financial statements are related to goodwill and long-lived asset impairments, business combinations and purchase price allocation, pension and other postretirement benefits, environmental compliance, claims and litigation including self-insurance, and income taxes. Events and changes in circumstances arising after December 31, 2020, including those resulting from the impacts of COVID-19, will be reflected in management’s estimates for future periods.

BUSINESS COMBINATIONS BUSINESS COMBINATIONS

We account for business combinations under the acquisition method of accounting. The purchase price of an acquisition is allocated to the underlying identifiable assets acquired and liabilities assumed based on their respective fair values. The purchase price is determined based on the fair value of consideration transferred to and liabilities assumed from the seller as of the date of acquisition. We allocate the purchase price to the fair values of the tangible and identifiable intangible assets acquired and liabilities assumed as of the date of acquisition. Goodwill is recorded for the excess of the purchase price over the net fair value of the identifiable assets acquired and liabilities assumed.

Determining the fair values of assets acquired and liabilities assumed requires judgment and often involves the use of significant estimates and assumptions. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction, and therefore represents an exit price. A fair value measurement assumes the highest and best use of the asset by market participants.

We may adjust the amounts recognized in an acquisition during a measurement period after the acquisition date. Any such adjustments are the result of subsequently obtaining additional information that existed at the acquisition date regarding the assets acquired or the liabilities assumed. Measurement period adjustments are generally recorded as increases or decreases to goodwill, if any, recognized in the transaction. The cumulative impact of measurement period adjustments on depreciation, amortization and other income statement items are recognized in the period the adjustment is determined.
FOREIGN CURRENCY TRANSACTIONS FOREIGN CURRENCY TRANSACTIONS

The U.S. dollar is the functional currency for all of our operations. For our non-U.S. subsidiaries, local currency inventories and long-term assets such as property, plant & equipment and intangibles are remeasured into U.S. dollars at approximate rates prevailing when acquired; all other assets and liabilities are remeasured at year-end exchange rates. Inventories charged to cost of sales and depreciation are remeasured at historical rates; all other income and expense items are remeasured at average exchange rates prevailing during the year. Gains and losses which result from remeasurement are included in other nonoperating income/expense in the accompanying Consolidated Statements of Comprehensive Income and are not material for the years presented.
CASH EQUIVALENTS CASH EQUIVALENTS

We classify as cash equivalents all highly liquid securities with a maturity of three months or less at the time of purchase. The carrying amount of these securities approximates fair value due to their short-term maturities.
RESTRICTED CASH RESTRICTED CASH

Restricted cash generally consists of cash proceeds from the sale of property held in escrow for the acquisition of replacement property under like-kind exchange agreements and cash reserved by other contractual agreements (such as asset purchase agreements) for a specified purpose and therefore not available for use for other purposes. The escrow accounts are administered by an intermediary. Cash restricted pursuant to like-kind exchange agreements remains restricted for a maximum of 180 days from the date of the property sale pending the acquisition of replacement property. Restricted cash is included with cash and cash equivalents in the accompanying Consolidated Statements of Cash Flows.
ACCOUNTS AND NOTES RECEIVABLE ACCOUNTS AND NOTES RECEIVABLE

Accounts and notes receivable from customers result from our extending credit to trade customers for the purchase of our products. The terms generally provide for payment within 15 days of the month following invoice. On occasion, when necessary to conform to regional industry practices, we sell product under extended payment terms, which may result in either secured or unsecured short-term notes; or, on occasion, notes with durations of less than one year are taken in settlement of existing accounts receivable. Other accounts and notes receivable result from short-term transactions (less than one year) other than the sale of our products, such as interest receivable, insurance claims, freight claims, bid deposits or rents receivable.

Allowance for doubtful accounts is based on our assessment of the collectability of customer accounts. We regularly review the allowance by considering factors such as historical experience, credit quality, the age of the accounts receivable balances, and current economic conditions that may affect a customer’s ability to pay. Bad debt expense for the years ended December 31 was as follows: 2020 — $1,091,000, 2019 — $1,426,000 and 2018 — $251,000. Write-offs of accounts receivables for the years ended December 31 were as follows: 2020 — $2,046,000, 2019 — $809,000 and 2018 — $1,291,000.
INVENTORIES INVENTORIES

Inventories and supplies are stated at the lower of cost or net realizable value. We use the last-in, first-out (LIFO) method of valuation for most of our inventories because it results in a better matching of costs with revenues. Such costs include fuel, parts and supplies, raw materials, direct labor and production overhead. An actual valuation of inventory under the LIFO method can be made only at the end of each year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations are based on our estimates of expected year-end inventory levels and costs and are subject to the final year-end LIFO inventory valuation. Substantially all operating supplies inventory is carried at average cost.

For additional information about inventories see Note 3.
PROPERTY, PLANT & EQUIPMENT PROPERTY, PLANT & EQUIPMENT

Property, plant & equipment (including finance leases) are carried at cost less accumulated depreciation, depletion and amortization.

Capitalized software costs of $2,110,000 and $2,976,000 are reflected in net property, plant & equipment as of December 31, 2020 and 2019, respectively. We capitalized software costs for the years ended December 31 as follows: 2020 — $1,116,000, 2019 — $1,506,000 and 2018 — $2,213,000.

For assets sold or otherwise disposed of, the cost and related accumulated depreciation are removed, and any related gain or loss is reflected in income.

For additional information about our property, plant & equipment see Note 4.
REPAIR AND MAINTENANCE REPAIR AND MAINTENANCE

Repair and maintenance costs generally are charged to operating expense as incurred. Renewals and betterments that add materially to the utility or useful lives of property, plant & equipment are capitalized and subsequently depreciated. Actual costs for planned major maintenance activities, related primarily to periodic overhauls on our oceangoing vessels, are capitalized and amortized to the next overhaul.
LEASES LEASES

Our nonmineral leases with initial terms in excess of one year are recognized on the balance sheet as right-of-use (ROU) assets and lease liabilities. Mineral leases are exempt from balance sheet recognition.

ROU assets represent our right to use an underlying asset for the lease term, and lease liabilities represent our obligation to make lease payments arising from the leases. ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. The lease term only includes options to extend or terminate the lease when it is reasonably certain that we will exercise that option. As our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. ROU assets are adjusted for any prepaid lease payments and lease incentives. Except for equipment with monthly monitoring service where the service component accounts for a majority of the lease cost, the non-lease components of our lease agreements are not separated from the lease components.

For additional information about leases see Note 7.
DEPRECIATION, DEPLETION, ACCRETION AND AMORTIZATION DEPRECIATION, DEPLETION, ACCRETION AND AMORTIZATION

Depreciation is generally computed by the straight-line method at rates based on the estimated service lives of the various classes of assets, which include machinery and equipment (3 to 35 years), buildings (7 to 20 years) and land improvements (3 to 20 years). Finance leases are amortized over varying periods not in excess of applicable lease terms or estimated useful lives. Capitalized software costs are included in machinery and equipment and are depreciated on a straight-line basis beginning when the software project is substantially complete.

Cost depletion on depletable land is computed by the unit-of-sales method based on estimated recoverable units.

Accretion reflects the period-to-period increase in the carrying amount of the liability for asset retirement obligations. It is computed using the same credit-adjusted, risk-free rate used to initially measure the liability at fair value.

Leaseholds are amortized over varying periods not in excess of applicable lease terms or estimated useful lives.

Amortization of intangible assets subject to amortization is computed based on the estimated life of the intangible assets.
‎A significant portion of our intangible assets is contractual rights in place associated with zoning, permitting and other rights to access and extract aggregates reserves. Contractual rights in place associated with aggregates reserves are amortized using the unit-of-sales method based on estimated recoverable units. Other intangible assets are amortized principally by the straight-line method.

Depreciation, depletion, accretion and amortization expense for the years ended December 31 is outlined below:

in thousands

2020

2019

2018

Depreciation, Depletion, Accretion and Amortization

Depreciation

$      315,136 

$     300,613 

$     276,814 

Depletion

21,011 

22,421 

23,260 

Accretion

12,432 

10,992 

10,776 

Amortization of finance leases

1,616 

29 

472 

Amortization of intangibles

46,611 

40,541 

34,924 

Total

$      396,806 

$     374,596 

$     346,246 
DERIVATIVE INSTRUMENTS DERIVATIVE INSTRUMENTS

During the normal course of operations, we are exposed to market risks including interest rates, foreign currency exchange rates and commodity prices. From time to time, and consistent with our risk management policies, we use derivative instruments to balance the cost and risk of such expenses. We do not use derivative instruments for trading or other speculative purposes.

The accounting for gains and losses that result from changes in the fair value of derivative instruments depends on whether the derivatives have been designated and qualify as hedging instruments and the type of hedging relationship. Changes in the fair value of interest rate swap cash flow hedges are recorded in accumulated other comprehensive income (AOCI) and are reclassified into interest expense in the same period the hedged items affect earnings. We may also enter into contracts that qualify for the normal purchases and normal sales (NPNS) exception. When a contract meets the criteria to qualify as NPNS, we apply such exception. Income recognition and realization related to NPNS contracts generally coincide with the physical delivery of the commodity. For contracts qualifying for the NPNS exception, no recognition of the contract’s fair value in the consolidated financial statements is required until settlement of the contract as long as the transaction remains probable of occurring.

For additional information about derivative instruments see Note 5.
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels as described below:

Level 1: Quoted prices in active markets for identical assets or liabilities
‎Level 2: Inputs that are derived principally from or corroborated by observable market data
‎Level 3: Inputs that are unobservable and significant to the overall fair value measurement

Our assets at December 31 subject to fair value measurement on a recurring basis are summarized below:

Level 1 Fair Value

in thousands

2020

2019

Fair Value Recurring

Rabbi Trust

Mutual funds

$       28,058 

$     22,883 

Total

$       28,058 

$     22,883 

Level 2 Fair Value

in thousands

2020

2019

Fair Value Recurring

Rabbi Trust

Money market mutual fund

$           837 

$       1,340 

Total

$           837 

$       1,340 

We have two Rabbi Trusts for the purpose of providing a level of security for the employee nonqualified retirement and deferred compensation plans and for the directors' nonqualified deferred compensation plans. The fair values of these investments are estimated using a market approach. The Level 1 investments include mutual funds for which quoted prices in active markets are available. Level 2 investments are stated at estimated fair value based on the underlying investments in the fund (short-term, highly liquid assets in commercial paper, short-term bonds and certificates of deposit).

Net gains (losses) of the Rabbi Trusts’ investments were $4,469,000, $3,993,000 and $(2,741,000) for the years ended December 31, 2020, 2019 and 2018, respectively. The portions of the net gains (losses) related to investments still held by the Rabbi Trusts at December 31, 2020, 2019 and 2018 were $4,140,000, $3,729,000 and $(4,386,000), respectively.

The carrying values of our cash equivalents, restricted cash, accounts and notes receivable, short-term debt, trade payables and accruals, and all other current liabilities approximate their fair values because of the short-term nature of these instruments. Additional disclosures for derivative instruments and interest-bearing debt are presented in Notes 5 and 6, respectively.
GOODWILL IMPAIRMENT GOODWILL IMPAIRMENT

Goodwill represents the excess of the cost of net assets acquired in business combinations over the fair value of the identifiable tangible and intangible assets acquired and liabilities assumed in a business combination. Goodwill impairment exists when the fair value of a reporting unit is less than its carrying amount. As of December 31, 2020, goodwill totaled $3,172,112,000 as compared to $3,167,061,000 at December 31, 2019. Goodwill represents 27% of total assets at December 31, 2020 compared to 30% at December 31, 2019.

Goodwill is tested for impairment annually, as of November 1, or more frequently whenever events or changes in circumstances would more likely than not reduce the fair value of a reporting unit below its carrying amount. Goodwill is tested for impairment at the reporting unit level, one level below our operating segments. We have four operating segments organized around our principal product lines: Aggregates, Asphalt, Concrete and Calcium. Within these four operating segments, we have identified 17 reporting units (of which 9 carry goodwill) based primarily on geographic location. We have the option of either assessing qualitative factors to determine whether it is more likely than not that the carrying value of our reporting units exceeds their respective fair value or proceeding directly to a quantitative test. We elected to perform the quantitative impairment test for all years presented.

The quantitative impairment test compares the fair value of a reporting unit to its carrying value, including goodwill. If the fair value exceeds its carrying value, the goodwill of the reporting unit is not considered impaired. However, if the carrying value of a reporting unit exceeds its fair value, we recognize an impairment loss equal to that excess.

The results of the annual impairment tests performed as of November 1, 2020, 2019 and 2018 indicated that the fair values of all reporting units with goodwill substantially exceeded their carrying values. Accordingly, there were no charges for goodwill impairment in the years ended December 31, 2020, 2019 or 2018.

We estimate the fair values of the reporting units using both an income approach (which involves discounting estimated future cash flows) and a market approach (which involves the application of revenue and EBITDA multiples of comparable companies). Determining the fair value of our reporting units involves the use of significant estimates and assumptions and considerable management judgment. We base our fair value estimates on assumptions we believe to be reasonable at the time, but such assumptions are subject to inherent uncertainty and actual results may differ. Changes in key assumptions or management judgment with respect to a reporting unit or its prospects, which may result from a change in market conditions, market trends, interest rates or other factors outside of our control, or underperformance relative to historical or projected operating results, could result in a significantly different estimate of the fair value of our reporting units, which could result in an impairment charge in the future.

For additional information about goodwill see Note 18.
IMPAIRMENT OF LONG-LIVED ASSETS EXCLUDING GOODWILL IMPAIRMENT OF LONG-LIVED ASSETS EXCLUDING GOODWILL

We evaluate the carrying value of long-lived assets, including intangible assets subject to amortization, when events and circumstances indicate that the carrying value may not be recoverable. The carrying value of long-lived assets is considered impaired when the estimated undiscounted cash flows from such assets are less than their carrying value. In that event, we recognize a loss equal to the amount by which the carrying value exceeds the fair value. Fair value is determined primarily by using a discounted cash flow methodology that requires considerable judgment and assumptions. Our estimate of net future cash flows is based on historical experience and assumptions of future trends, which may be different from actual results. We periodically review the appropriateness of the estimated useful lives of our long-lived assets.

We test long-lived assets for impairment at the a significantly lower level than the level at which we test goodwill for impairment. In markets where we do not produce downstream products (e.g., asphalt mix and ready-mixed concrete), the lowest level of largely independent identifiable cash flows is at the individual aggregates operation or a group of aggregates operations collectively serving a local market. Conversely, in vertically integrated markets, the cash flows of our downstream and upstream businesses are not largely independently identifiable as the selling price of the upstream products (aggregates) determines the profitability of the downstream business.

As of December 31, 2020, net property, plant & equipment represents 38% of total assets, while net other intangible assets represents 10% of total assets. During 2020, 2019 and 2018, we recorded no material losses on impairment of long-lived assets.

For additional information about long-lived assets and intangible assets see Notes 4 and 18, respectively.
REVENUES AND REVENUE RECOGNITION REVENUES AND REVENUE RECOGNITION

Total revenues include sales of product and services to customers, net of any discounts and taxes, and freight and delivery revenues billed to customers. Freight and delivery generally represent pass-through transportation we incur (including our administrative costs) and pay to third-party carriers to deliver our products to customers. The cost related to freight and delivery is included in cost of revenues.

Revenues for product sales are recognized when control passes to the customer (typically occurs when finished products are shipped/delivered). Construction paving revenues are recognized using the percentage-of-completion method.

For additional information regarding revenues and revenue recognition see Note 2.
STRIPPING COSTS STRIPPING COSTS

In the mining industry, the costs of removing overburden and waste materials to access mineral deposits are referred to as stripping costs.

Stripping costs incurred during the production phase are considered costs of extracted minerals under our inventory costing system, inventoried, and recognized in cost of sales in the same period as the revenue from the sale of the inventory. The production stage is deemed to begin when the activities, including removal of overburden and waste material that may contain incidental saleable material, required to access the saleable product are complete. Stripping costs considered as production costs and included in the costs of inventory produced were $90,432,000 in 2020, $86,090,000 in 2019 and $78,911,000 in 2018.

Conversely, stripping costs incurred during the development stage of a mine (pre-production stripping) are excluded from our inventory cost. Pre-production stripping costs are capitalized and reported within other noncurrent assets in our accompanying Consolidated Balance Sheets. Capitalized pre-production stripping costs are expensed over the productive life of the mine using the unit-of-sales method. Pre-production stripping costs included in other noncurrent assets were $92,880,000 as of December 31, 2020 and $92,759,000 as of December 31, 2019.
RECLAMATION COSTS RECLAMATION COSTS

Reclamation costs resulting from normal use of long-lived assets are recognized over the period the asset is in use when there is a legal obligation to incur these costs upon retirement of the assets. Additionally, reclamation costs resulting from normal use under a mineral lease are recognized over the lease term when there is a legal obligation to incur these costs upon expiration of the lease. The obligation, which cannot be reduced by estimated offsetting cash flows, is recorded at fair value as a liability at the obligating event date and is accreted through charges to operating expenses. This fair value is also capitalized as part of the carrying amount of the underlying asset and depreciated over the estimated useful life of the asset. If the obligation is settled for other than the carrying amount of the liability, a gain or loss is recognized on settlement.

To determine the fair value of the obligation, we estimate the cost (including a reasonable profit margin) for a third party to perform the legally required reclamation tasks. This cost is then increased for both future estimated inflation and an estimated market risk premium related to the estimated years to settlement. Once calculated, this cost is discounted to fair value using present value techniques with a credit-adjusted, risk-free rate commensurate with the estimated years to settlement.

In estimating the settlement date, we evaluate the current facts and conditions to determine the most likely settlement date. If this evaluation identifies alternative estimated settlement dates, we use a weighted-average settlement date considering the probabilities of each alternative.

We review reclamation obligations at least annually for a revision to the cost or a change in the estimated settlement date. Additionally, reclamation obligations are reviewed in the period that a triggering event occurs that would result in either a revision to the cost or a change in the estimated settlement date. Examples of events that would trigger a change in the cost include a new reclamation law or amendment of an existing mineral lease. Examples of events that would trigger a change in the estimated settlement date include the acquisition of additional reserves or the closure of a facility.

The carrying value of these obligations was $283,163,000 as of December 31, 2020 and $210,323,000 as of December 31, 2019. For additional information about reclamation obligations (referred to in our financial statements as asset retirement obligations) see Note 17.
ENVIRONMENTAL COMPLIANCE ENVIRONMENTAL COMPLIANCE

Our environmental compliance costs are undiscounted and include the cost of ongoing monitoring programs, the cost of remediation efforts and other similar costs. We accrue costs for environmental assessment and remediation efforts when we determine that a liability is probable and we can reasonably estimate the cost. At the early stages of a remediation effort, environmental remediation liabilities are not easily quantified due to the uncertainties of various factors. The range of an estimated remediation liability is defined and redefined as events in the remediation effort occur, but generally liabilities are recognized no later than the completion of the remedial feasibility study.

When we can estimate a range of probable loss, we accrue the most likely amount. If no amount in the range of probable loss is considered most likely, the minimum loss in the range is accrued. As of December 31, 2020, the spread between the amount accrued and the maximum loss in the range for all sites for which a range can be reasonably estimated was $5,905,000 — this amount does not represent our maximum exposure to loss for all environmental remediation obligations as it excludes those sites for which a range of loss cannot be reasonably estimated at this time. Accrual amounts may be based on technical cost estimations or the professional judgment of experienced environmental managers. Our Safety, Health and Environmental Affairs Management Committee routinely reviews cost estimates and key assumptions in response to new information, such as the kinds and quantities of hazardous substances, available technologies and changes to the parties participating in the remediation efforts. However, a number of factors, including adverse agency rulings and encountering unanticipated conditions as remediation efforts progress, may cause actual results to differ materially from accrued costs.

For additional information about environmental compliance costs see Note 8.
CLAIMS AND LITIGATION INCLUDING SELF-INSURANCE CLAIMS AND LITIGATION INCLUDING SELF-INSURANCE

We are involved with claims and litigation, including items covered under our self-insurance program. We are self-insured for losses related to workers' compensation up to $2,000,000 per occurrence and automotive and general/product liability up to $10,000,000 per occurrence. We have excess coverage on a per occurrence basis beyond these retention levels.

Under our self-insurance program, we aggregate certain claims and litigation costs that are reasonably predictable based on our historical loss experience and accrue losses, including future legal defense costs, based on actuarial studies. Certain claims and litigation costs, due to their unique nature, are not included in our actuarial studies. We use both internal and outside legal counsel to assess the probability of loss, and establish an accrual when the claims and litigation represent a probable loss and the cost can be reasonably estimated. For matters not included in our actuarial studies, legal defense costs are accrued when incurred. The following table outlines our self-insurance program at December 31:

dollars in thousands

2020

2019

Self-insurance Program

Self-insured liabilities (undiscounted)

$        75,570 

$       69,069 

Insured liabilities (undiscounted)

3,661 

6,431 

Discount rate

0.30%

1.63%

Amounts Recognized in Consolidated

Balance Sheets

Other accounts and notes receivable

$             595 

$                0 

Investments and long-term receivables

3,585 

5,931 

Other current liabilities

(20,707)

(19,830)

Other noncurrent liabilities

(57,608)

(51,360)

Net liabilities (discounted)

$       (74,135)

$     (65,259)

Estimated payments (undiscounted and excluding the impact of related receivables) under our self-insurance program for the five years subsequent to December 31, 2020 are as follows:

in thousands

Estimated Payments under Self-insurance Program

2021

$        22,436 

2022

16,453 

2023

11,492 

2024

6,857 

2025

3,751 

Significant judgment is used in determining the timing and amount of the accruals for probable losses, and the actual liability could differ materially from the accrued amounts.

For additional information about claims and litigation, see Note 12 under the caption Litigation and Environmental Matters.
SHARE-BASED COMPENSATION SHARE-BASED COMPENSATION

All of our share-based compensation awards are classified as equity awards. We measure share-based compensation awards using fair-value-based measurement methods. This results in the recognition of compensation expense for all share-based compensation awards based on their fair value as of the grant date. Compensation cost is recognized over the requisite service period. Forfeitures are recognized as they occur.

A summary of the estimated future compensation cost (unrecognized compensation expense) as of December 31, 2020 related to share-based awards granted to employees under our long-term incentive plans is presented below:

Unrecognized

Expected

Compensation

Weighted-average

dollars in thousands

Expense

Recognition (Years)

Share-based Compensation

SOSARs 1

$          1,605 

1.3 

Performance shares

10,622 

1.7 

Restricted shares

8,362 

1.7 

Total/weighted-average

$        20,589 

1.7 

1

Stock-Only Stock Appreciation Rights (SOSARs)

Pretax compensation expense related to our employee share-based compensation awards and related income tax benefits for the years ended December 31 are summarized below:

in thousands

2020

2019

2018

Employee Share-based Compensation Awards

Pretax compensation expense

$        31,419 

$       30,067 

$       23,250 

Income tax benefits

4,954 

7,682 

5,940 

We receive an income tax deduction for share-based compensation equal to the excess of the market value of our common stock on the date of exercise or issuance over the exercise price. Tax benefits resulting from tax deductions in excess of the compensation cost recognized (excess tax benefits) are reflected as discrete income tax benefits in the period of exercise or issuance. Net excess tax benefits were recorded as reductions to our income tax expense and reflected as operating cash flows, as follows (combined federal and state): 2020 — $8,368,000; 2019 — $21,020,000 and 2018 — $20,137,000.

For additional information about share-based compensation, see Note 11 under the caption Share-based Compensation Plans.
PENSION AND OTHER POSTRETIREMENT BENEFITS PENSION AND OTHER POSTRETIREMENT BENEFITS

Accounting for pension and other postretirement benefits requires that we use assumptions for the valuation of projected benefit obligations (PBO) and the performance of plan assets. Each year, we review our assumptions for discount rates (used for PBO, service cost, and interest cost calculations) and the expected return on plan assets. Due to plan changes made in 2012 and 2013, annual pay increases and the per capita cost of healthcare benefits do not materially impact plan obligations.

DISCOUNT RATES — We use a high-quality bond full yield curve approach (specific spot rates for each annual expected cash flow) to establish the discount rates at each measurement date. See Note 10 for the discount rates used for PBO, service cost, and interest cost calculations.

EXPECTED RETURN ON PLAN ASSETS — Our expected return on plan assets is: (1) a long-term view based on our current asset allocation, and (2) a judgment informed by consultation with our retirement plans’ consultant and our pension plans’ actuary. For the year ended December 31, 2020, the expected return on plan assets was 5.75% for the period January 1, 2020 – November 30, 2020 and 5.25% for the period December 1, 2020 – December 31, 2020 (5.75% for 2019). The plans were remeasured at November 30, 2020 to reflect settlement accounting (due to a voluntary lump-sum settlement offer to certain fully vested plan participants) for the CMG Hourly Pension Plan and the Vulcan Materials Company (VMC) Pension Plan (the Chemicals and Salaried Pension Plans were merged to form the VMC Pension Plan effective November 30, 2020).

Accounting standards provide for the delayed recognition of differences between actual results and expected or estimated results. This delayed recognition of actual results allows for a smoothed recognition in earnings of changes in benefit obligations and asset performance. The differences between actual results and expected or estimated results are recognized in full in other comprehensive income. Amounts recognized in other comprehensive income are reclassified to earnings in a systematic manner over the average remaining service period of participants for our active plans or the average remaining lifetime of participants for our inactive plans.

We present the service cost component of net periodic benefit cost in cost of revenues and selling, administrative and general expense consistent with employee compensation costs. The other components of net periodic benefit cost are reported within other nonoperating income in our accompanying Condensed Consolidated Statements of Comprehensive Income.

For additional information about pension and other postretirement benefits see Note 10.
INCOME TAXES INCOME TAXES

In response to the COVID-19 pandemic, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law in March 2020. The CARES Act provides numerous tax relief provisions and stimulus measures. A temporary favorable change to the prior year and current year limitations on interest deductions and a temporary suspension of certain payment requirements for the employer portion of Social Security taxes are the relief provisions that are expected to provide us the greatest benefit. In the first quarter of 2020, an expected cash tax benefit of $13,301,000 was recorded to account for the favorable change to the prior year limitation on interest deductions.

We file federal, state and foreign income tax returns and account for the current and deferred tax effects of such returns using the asset and liability method. We recognize deferred tax assets and liabilities (which reflect our best assessment of the future taxes we will pay) based on the differences between the book basis and tax basis of assets and liabilities. Deferred tax assets represent items to be used as a tax deduction or credit in future tax returns while deferred tax liabilities represent items that will result in additional tax in future tax returns.

Significant judgments and estimates are required in determining our deferred tax assets and liabilities. These estimates are updated throughout the year to consider income tax return filings, our geographic mix of earnings, legislative changes and other relevant items. We are required to account for the effects of changes in income tax rates on deferred tax balances in the period in which the legislation is enacted.

Each quarter we analyze the likelihood that our deferred tax assets will be realized. Realization of the deferred tax assets ultimately depends on the existence of sufficient taxable income of the appropriate character in either the carryback or carryforward period. A valuation allowance is recorded if, based on the weight of all available positive and negative evidence, it is more likely than not (a likelihood of more than 50%) that some portion, or all, of a deferred tax asset will not be realized. A summary of our deferred tax assets is included in Note 9.

We recognize a tax benefit associated with a tax position when, in our judgment, it is more likely than not that the position will be sustained based upon the technical merits of the position. For a tax position that meets the more likely than not recognition threshold, we measure the income tax benefit as the largest amount that we judge to have a greater than 50% likelihood of being realized. A liability is established for the unrecognized portion of any tax position. Our liability for unrecognized tax benefits is adjusted periodically due to changing circumstances, such as the progress of tax audits, case law developments and new or emerging legislation.

Generally, we are not subject to significant changes in income taxes by any taxing jurisdiction for the years before 2017. While it is often difficult to predict the final outcome or the timing of resolution of any particular tax matter, we believe our liability for unrecognized tax benefits is appropriate.

We consider a tax position to be resolved at the earlier of the issue being “effectively settled,” settlement of an examination, or the expiration of the statute of limitations. Upon resolution of a tax position, any liability for unrecognized tax benefits will be released.

Our liability for unrecognized tax benefits is generally presented as noncurrent. However, if we anticipate paying cash within one year to settle an uncertain tax position, the liability is presented as current. We classify interest and penalties associated with our liability for unrecognized tax benefits as income tax expense.

Our largest permanent item in computing both our taxable income and effective tax rate is the deduction allowed for statutory depletion. The impact of statutory depletion on the effective tax rate is presented in Note 9. The deduction for statutory depletion does not necessarily change proportionately to changes in pretax earnings.
COMPREHENSIVE INCOME COMPREHENSIVE INCOME

We report comprehensive income in our Consolidated Statements of Comprehensive Income and Consolidated Statements of Equity. Comprehensive income comprises two subsets: net earnings and other comprehensive income (OCI). OCI includes adjustments to cash flow hedges, as well as actuarial gains or losses and prior service costs related to pension and postretirement benefit plans.

For additional information about comprehensive income see Note 14.
EARNINGS PER SHARE (EPS) EARNINGS PER SHARE (EPS)

Earnings per share are computed by dividing net earnings by the weighted-average common shares outstanding (basic EPS) or weighted-average common shares outstanding assuming dilution (diluted EPS), as set forth below:

in thousands

2020

2019

2018

Weighted-average common shares outstanding

132,578 

132,300 

132,393 

Dilutive effect of

SOSARs

307 

611 

963 

Other stock compensation plans

360 

474 

570 

Weighted-average common shares outstanding,

assuming dilution

133,245 

133,385 

133,926 

All dilutive common stock equivalents are reflected in our earnings per share calculations. In periods of loss, shares that otherwise would have been included in our diluted weighted-average common shares outstanding computation would be excluded.

Antidilutive common stock equivalents are not included in our earnings per share calculations. The number of antidilutive common stock equivalents for which the exercise price exceeds the weighted-average market price for the years ended December 31 is as follows:

in thousands

2020

2019

2018

Antidilutive common stock equivalents

101

105

162
RECLASSIFICATIONS

RECLASSIFICATIONS

Certain items previously reported in specific financial statement captions have been reclassified to conform to the 2020 presentation.
NEW ACCOUNTING STANDARDS NEW ACCOUNTING STANDARDS

ACCOUNTING STANDARDS RECENTLY ADOPTED

DEFINED BENEFIT PLANS During the fourth quarter of 2020, we adopted Accounting Standards Update (ASU) 2018-14, “Changes to the Disclosure Requirements for Defined Benefit Plans.” This ASU added, removed and clarified the disclosure requirements for employers that sponsor defined benefit pension and other postretirement benefit plans. As a result of this update, we modified our annual disclosure regarding our benefit plans as reflected in Note 10.

CREDIT LOSSES During the first quarter of 2020, we adopted ASU 2016-13, “Measurement of Credit Losses on Financial Instruments” on a retrospective basis. This ASU amended prior guidance on the impairment of financial instruments. The new guidance estimates credit losses based on expected losses, modifies the impairment model for available-for-sale debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration. The adoption of this standard did not materially impact our consolidated financial statements.

LIBOR TRANSITION In March 2020, the Financial Accounting Standards Board (FASB) issued ASU 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting," which provided optional expedients and exceptions for applying GAAP to contract modifications and hedging relationships that reference LIBOR or another reference rate expected to be discontinued. The ASU was effective immediately for all entities and applies through December 31, 2022. For additional information, see our LIBOR transition disclosure in Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations" under "Liquidity and Financial Resources - Debt." We continue to evaluate the effect that discontinuance of LIBOR will have on our contracts.

ACCOUNTING STANDARDS PENDING ADOPTION

CONVERTIBLE INSTRUMENTS In August 2020, the FASB issued ASU 2020-06, “Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity,” which reduces the number of models used to account for convertible instruments and modifies the diluted earnings per share calculations for convertible instruments. This ASU also amends the accounting for certain contracts in an entity’s own equity that are currently accounted for as derivatives The new standard is effective as of January 1, 2022 with early adoption permitted, but no earlier than January 1, 2021. We plan to early adopt this standard as of January 1, 2021. We do not currently have any instruments or contracts that will be impacted by the new standard.

INCOME TAXES In December 2019, the FASB issued ASU 2019-12, “Simplifying the Accounting for Income Taxes,” which adds new guidance to simplify the accounting for income taxes and changes the accounting for certain income tax transactions. The new standard is effective as of January 1, 2021. We do not expect this standard to have a material impact on our consolidated financial statements.
v3.20.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]  
Results from Discontinued Operations

in thousands

2020

2019

2018

Discontinued Operations

Pretax loss

$        (4,752)

$       (6,541)

$       (2,748)

Income tax benefit

1,237 

1,700 

712 

Loss on discontinued operations,

net of tax

$        (3,515)

$       (4,841)

$       (2,036)
Depreciation, Depletion, Accretion and Amortization Expense

in thousands

2020

2019

2018

Depreciation, Depletion, Accretion and Amortization

Depreciation

$      315,136 

$     300,613 

$     276,814 

Depletion

21,011 

22,421 

23,260 

Accretion

12,432 

10,992 

10,776 

Amortization of finance leases

1,616 

29 

472 

Amortization of intangibles

46,611 

40,541 

34,924 

Total

$      396,806 

$     374,596 

$     346,246 
Fair Value Measurement on Recurring Basis

Level 1 Fair Value

in thousands

2020

2019

Fair Value Recurring

Rabbi Trust

Mutual funds

$       28,058 

$     22,883 

Total

$       28,058 

$     22,883 

Level 2 Fair Value

in thousands

2020

2019

Fair Value Recurring

Rabbi Trust

Money market mutual fund

$           837 

$       1,340 

Total

$           837 

$       1,340 
Liabilities Under Self-Insurance Program

dollars in thousands

2020

2019

Self-insurance Program

Self-insured liabilities (undiscounted)

$        75,570 

$       69,069 

Insured liabilities (undiscounted)

3,661 

6,431 

Discount rate

0.30%

1.63%

Amounts Recognized in Consolidated

Balance Sheets

Other accounts and notes receivable

$             595 

$                0 

Investments and long-term receivables

3,585 

5,931 

Other current liabilities

(20,707)

(19,830)

Other noncurrent liabilities

(57,608)

(51,360)

Net liabilities (discounted)

$       (74,135)

$     (65,259)
Estimated Payments (Undiscounted) Under Self-Insurance Program

in thousands

Estimated Payments under Self-insurance Program

2021

$        22,436 

2022

16,453 

2023

11,492 

2024

6,857 

2025

3,751 
Unrecognized Compensation Expense

Unrecognized

Expected

Compensation

Weighted-average

dollars in thousands

Expense

Recognition (Years)

Share-based Compensation

SOSARs 1

$          1,605 

1.3 

Performance shares

10,622 

1.7 

Restricted shares

8,362 

1.7 

Total/weighted-average

$        20,589 

1.7 

1

Stock-Only Stock Appreciation Rights (SOSARs)
Pretax Compensation Expense

in thousands

2020

2019

2018

Employee Share-based Compensation Awards

Pretax compensation expense

$        31,419 

$       30,067 

$       23,250 

Income tax benefits

4,954 

7,682 

5,940 
Weighted-Average Common Shares Outstanding Assuming Dilution

in thousands

2020

2019

2018

Weighted-average common shares outstanding

132,578 

132,300 

132,393 

Dilutive effect of

SOSARs

307 

611 

963 

Other stock compensation plans

360 

474 

570 

Weighted-average common shares outstanding,

assuming dilution

133,245 

133,385 

133,926 
Antidilutive Common Stock Equivalents

in thousands

2020

2019

2018

Antidilutive common stock equivalents

101

105

162
v3.20.4
REVENUES (Tables)
 12 Months Ended
Dec. 31, 2020
REVENUES [Abstract]  
Revenues by Geographic Market

For the Year Ended December 31, 2020

in thousands

Aggregates

Asphalt

Concrete

Calcium

Total

Total Revenues by Geographic Market 1

East

$  1,198,169 

$     142,184 

$     263,661 

$                0 

$    1,604,014 

Gulf Coast

2,165,155 

178,501 

71,149 

7,720 

2,422,525 

West

580,962 

471,920 

48,807 

0 

1,101,689 

Segment sales

$  3,944,286 

$     792,605 

$     383,617 

$         7,720 

$    5,128,228 

Intersegment sales

(271,402)

0 

0 

0 

(271,402)

Total revenues

$  3,672,884 

$     792,605 

$     383,617 

$         7,720 

$    4,856,826 

For the Year Ended December 31, 2019

in thousands

Aggregates

Asphalt

Concrete

Calcium

Total

Total Revenues by Geographic Market 1

East

$  1,254,748 

$     166,552 

$     261,249 

$                0 

$    1,682,549 

Gulf Coast

2,117,526 

194,367 

66,628 

8,191 

2,386,712 

West

618,001 

494,902 

67,750 

0 

1,180,653 

Segment sales

$  3,990,275 

$     855,821 

$     395,627 

$         8,191 

$    5,249,914 

Intersegment sales

(320,811)

0 

0 

0 

(320,811)

Total revenues

$  3,669,464 

$     855,821 

$     395,627 

$         8,191 

$    4,929,103 

For the Year Ended December 31, 2018

in thousands

Aggregates

Asphalt

Concrete

Calcium

Total

Total Revenues by Geographic Market 1

East

$  1,109,489 

$     156,591 

$     257,250 

$                0 

$    1,523,330 

Gulf Coast

1,821,853 

131,745 

71,739 

8,110 

2,033,447 

West

582,307 

444,846 

73,010 

0 

1,100,163 

Segment sales

$  3,513,649 

$     733,182 

$     401,999 

$         8,110 

$    4,656,940 

Intersegment sales

(274,071)

0 

0 

0 

(274,071)

Total revenues

$  3,239,578 

$     733,182 

$     401,999 

$         8,110 

$    4,382,869 

1

The geographic markets are defined by states as follows:

East market — Arkansas, Delaware, Illinois, Kentucky, Maryland, North Carolina, Pennsylvania, Tennessee, Virginia, and Washington D.C.

Gulf Coast market — Alabama, Florida, Georgia, Louisiana, Mexico, Mississippi, Oklahoma, South Carolina and Texas

West market — Arizona, California and New Mexico

Freight & Delivery Revenues

in thousands

2020

2019

2018

Freight & Delivery Revenues

Total revenues

$  4,856,826 

$  4,929,103 

$  4,382,869 

Freight & delivery revenues 1

(738,482)

(747,862)

(641,815)

Total revenues excluding freight & delivery

$  4,118,344 

$  4,181,241 

$  3,741,054 

1

Includes freight & delivery to remote distribution sites.

Reconciliation of Deferred Revenue Balances

in thousands

2020

2019

2018

Deferred Revenue

Balance at beginning of year

$      185,339 

$     192,783 

$     199,556 

Revenue recognized from deferred revenue

(7,377)

(7,444)

(6,773)

Balance at end of year

$      177,962 

$     185,339 

$     192,783 
v3.20.4
INVENTORIES (Tables)
 12 Months Ended
Dec. 31, 2020
INVENTORIES [Abstract]  
Inventories

in thousands

2020

2019

Inventories

Finished products 1

$      378,389 

$     391,666 

Raw materials

33,780 

31,318 

Products in process

4,555 

5,604 

Operating supplies and other

31,861 

29,720 

Total

$      448,585 

$     458,308 

1

Includes inventories encumbered by volumetric production payments (see Note 2), as follows: December 31, 2020 — $2,416 thousand and December 31, 2019 — $2,861 thousand.
v3.20.4
PROPERTY, PLANT & EQUIPMENT (Tables)
 12 Months Ended
Dec. 31, 2020
PROPERTY, PLANT & EQUIPMENT [Abstract]  
Property, Plant and Equipment

in thousands

2020

2019

Property, Plant & Equipment

Land and land improvements 1

$    3,013,327 

$  2,920,963 

Buildings

145,418 

141,898 

Machinery and equipment

5,517,897 

5,362,279 

Finance leases (see Note 7)

7,796 

1,677 

Deferred asset retirement costs (see Note 17)

240,743 

167,484 

Construction in progress

176,905 

154,917 

Total, gross

$    9,102,086 

$  8,749,218 

Less allowances for depreciation, depletion

and amortization

4,676,087 

4,433,180 

Total, net

$    4,425,999 

$  4,316,038 

1

Includes depletable land as follows: December 31, 2020 — $1,712,059 thousand and December 31, 2019 — $1,667,642 thousand.

Capitalized Interest Costs and Total Interest Costs Incurred

in thousands

2020

2019

2018

Capitalized interest cost

$          3,487 

$        3,896 

$        3,674 

Total interest cost incurred before recognition

of the capitalized amount

139,447 

134,051 

141,651 

 
v3.20.4
DERIVATIVE INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2020
DERIVATIVE INSTRUMENTS [Abstract]  
Effects of Changes in Fair Values of Derivatives Designated as Cash Flow Hedges

in thousands

Location on Statement

2020

2019

2018

Interest Rate Hedges

Loss reclassified from AOCI

(effective portion)

Interest expense

$       (2,286)

$          (307)

$          (306)
v3.20.4
DEBT (Tables)
 12 Months Ended
Dec. 31, 2020
DEBT [Abstract]  
Debt

Effective

in thousands

Interest Rates

2020

2019

Short-term Debt

Bank line of credit expires 2025 1

$                  0 

$                  0 

Total short-term debt

$                  0 

$                  0 

Long-term Debt

Bank line of credit expires 2025 1

$                  0 

$                  0 

Floating-rate notes due 2020

0 

250,000 

Floating-rate notes due 2021

1.11%

500,000 

500,000 

8.85% notes due 2021

8.88%

6,000 

6,000 

4.50% notes due 2025

4.65%

400,000 

400,000 

3.90% notes due 2027

4.00%

400,000 

400,000 

3.50% notes due 2030

3.94%

750,000 

0 

7.15% notes due 2037

8.05%

129,239 

129,239 

4.50% notes due 2047

4.59%

700,000 

700,000 

4.70% notes due 2048

5.42%

460,949 

460,949 

Other notes

0.77%

11,711 

185 

Total long-term debt - face value

$    3,357,899 

$    2,846,373 

Unamortized discounts and debt issuance costs

(70,224)

(62,033)

Total long-term debt - book value

$    3,287,675 

$    2,784,340 

Less current maturities

515,435 

25 

Total long-term debt - reported value

$    2,772,240 

$    2,784,315 

Estimated fair value of long-term debt

$    3,443,225 

$    3,073,693 

1

Borrowings on the bank line of credit are classified as short-term if we intend to repay within twelve months and as long-term if we have the intent and ability to extend payment beyond twelve months.

Schedule of Principal and Interest Debt Payments

in thousands

Total

Principal

Interest

Scheduled Debt Payments (excluding the line of credit)

2021

$      639,303 

$     515,435 

$     123,868 

2022

122,720 

457 

122,263 

2023

122,720 

459 

122,261 

2024

122,720 

461 

122,259 

2025

513,720 

400,463 

113,257 
Standby Letters of Credit

in thousands

Standby Letters of Credit

Risk management insurance

$       48,982 

Reclamation/restoration requirements

7,098 

Total

$       56,080 
v3.20.4
LEASES (Tables)
 12 Months Ended
Dec. 31, 2020
LEASES [Abstract]  
Schedule of Lease Assets and Liabilities, Weighted-Average Lease Term and Discount Rate

in thousands

Classification on the Balance Sheet

2020

2019

Assets

Operating lease ROU assets

Operating lease right-of-use assets, net

$     482,513 

$     441,656 

Accumulated amortization

(59,385)

(33,467)

Finance lease assets

Property, plant & equipment, net

7,796 

1,226 

Accumulated amortization

(1,640)

(65)

Total lease assets

$     429,284 

$     409,350 

Liabilities

Current

Operating

Other current liabilities

$       36,969 

$       29,971 

Finance

Other current liabilities

2,047 

430 

Noncurrent

Operating

Operating lease liabilities

399,582 

388,042 

Finance

Other noncurrent liabilities

4,139 

733 

Total lease liabilities

$     442,737 

$     419,176 

Lease Term and Discount Rate

Weighted-average remaining lease term (years)

Operating leases

9.5 

9.9 

Finance leases

4.2 

2.8 

Weighted-average discount rate

Operating leases

3.6%

4.3%

Finance leases

1.4%

3.0%
Components of Lease Expense

in thousands

2020

2019

Lease Cost

Finance lease cost

Amortization of right-of-use assets

$        1,616 

$             64 

Interest on lease liabilities

(102)

(4)

Operating lease cost

58,489 

56,546 

Short-term lease cost 1

30,508 

35,427 

Variable lease cost

12,885 

13,739 

Sublease income

(2,682)

(3,108)

Total lease cost

$    100,714 

$    102,664 

1

Our short-term leases cost includes the cost of leases with an initial term of one month or less.

Maturity Analysis on an Undiscounted Basis

Operating

Finance

in thousands

Leases

Leases

Maturity of Lease Liabilities

2021

$       54,733 

$         2,134 

2022

48,225 

1,986 

2023

41,206 

1,058 

2024

36,141 

779 

2025

36,375 

349 

Thereafter

565,042 

50 

Total minimum lease payments

$     781,722 

$         6,356 

Less: Lease payments representing interest

345,171 

170 

Present value of future minimum lease payments

$     436,551 

$         6,186 

Less: Current obligations under leases

36,969 

2,047 

Long-term lease obligations

$     399,582 

$         4,139 
v3.20.4
ACCRUED ENVIRONMENTAL REMEDIATION COSTS (Tables)
 12 Months Ended
Dec. 31, 2020
ACCRUED ENVIRONMENTAL REMEDIATION COSTS [Abstract]  
Accrued Environmental Remediation Costs

in thousands

2020

2019

Accrued Environmental Remediation Costs

Continuing operations

$        25,544 

$       30,429 

Retained from former Chemicals business

10,971 

10,972 

Total

$        36,515 

$       41,401 
v3.20.4
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2020
INCOME TAXES [Abstract]  
Components of Earnings From Continuing Operations before Income Taxes

in thousands

2020

2019

2018

Earnings from Continuing Operations

before Income Taxes

Domestic

$      732,971 

$     734,025 

$     593,446 

Foreign

10,827 

23,676 

29,844 

Total

$      743,798 

$     757,701 

$     623,290 
Provision (Benefit) For Income Taxes from Continuing Operations

in thousands

2020

2019

2018

Income Tax Expense (Benefit) from

Continuing Operations

Current

Federal

$        69,180 

$       31,234 

$       21,111 

State and local

23,826 

24,403 

15,127 

Foreign

942 

3,304 

4,278 

Total

$        93,948 

$       58,941 

$       40,516 

Deferred

Federal

$        50,890 

$       67,810 

$       59,216 

State and local

10,798 

8,660 

8,369 

Foreign

167 

(213)

(2,652)

Total

$        61,855 

$       76,257 

$       64,933 

Total expense

$      155,803 

$     135,198 

$     105,449 
Sources and Tax Effects of Differences Between Benefit from Income Taxes and Amount Computed by Applying Federal Statutory Income Tax Rate to Earnings from Continuing Operations before Income Taxes

dollars in thousands

2020

2019

2018

Income tax expense at the federal

statutory tax rate

$    156,198 

21.0%

$    159,117 

21.0%

$    130,891 

21.0%

Expense (Benefit) from

Income Tax Differences

Statutory depletion

(24,728)

-3.3%

(23,006)

-3.0%

(21,733)

-3.5%

State and local income taxes, net of federal

income tax benefit

27,352 

3.7%

26,119 

3.4%

18,562 

3.0%

Share-based compensation

(6,877)

-0.9%

(17,277)

-2.3%

(16,551)

-2.7%

Uncertain tax positions

1,380 

0.2%

1,822 

0.2%

(6,402)

-1.0%

Transition tax

0 

0.0%

0 

0.0%

595 

0.1%

Research and development credit

(2,650)

-0.4%

(9,490)

-1.3%

0 

0.0%

Other, net

5,128 

0.6%

(2,087)

-0.2%

87 

0.0%

Total income tax expense/

Effective tax rate

$    155,803 

20.9%

$    135,198 

17.8%

$    105,449 

16.9%
Components of Net Deferred Income Tax Liability

in thousands

2020

2019

Deferred Tax Assets Related to

Employee benefits

$        21,874 

$       29,996 

Incentive compensation

58,194 

66,488 

Asset retirement obligations & other reserves

58,327 

55,033 

State net operating losses

67,756 

67,354 

Other

25,362 

44,169 

Total gross deferred tax assets

$      231,513 

$     263,040 

Valuation allowance

(32,512)

(29,650)

Total net deferred tax asset

$      199,001 

$     233,390 

Deferred Tax Liabilities Related to

Property, plant & equipment

$      622,897 

$     590,075 

Goodwill/other intangible assets

252,209 

238,712 

Other

29,945 

37,642 

Total deferred tax liabilities

$      905,051 

$     866,429 

Net deferred tax liability

$      706,050 

$     633,039 
Changes in Unrecognized Income Tax Benefits

in thousands

2020

2019

2018

Unrecognized tax benefits as of January 1

$          5,442 

$        3,661 

$      11,643 

Increases for tax positions related to

Prior years

353 

273 

0 

Current year

1,884 

3,224 

698 

Decreases for tax positions related to

Prior years

0 

0 

(655)

Expiration of applicable statute of limitations

(862)

(1,716)

(8,025)

Unrecognized tax benefits as of December 31

$          6,817 

$        5,442 

$        3,661 
v3.20.4
BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Pension Plans for ABO or PBO That Exceed the Fair Value Of Plan Assets

in thousands

2020

2019

Pension plans with ABO in excess of plan assets

Accumulated benefit obligation

$    1,058,645 

$  1,009,224 

Fair value of assets

944,290 

858,936 

Pension plans with PBO in excess of plan assets

Projected benefit obligation

$    1,059,545 

$  1,009,877 

Fair value of assets

944,290 

858,936 
Pension Plans, Defined Benefit [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Combined Funded Status of Plans and their Reconciliation with Related Amounts Recognized in Consolidated Financial Statements

in thousands

2020

2019

Change in Benefit Obligation

Projected benefit obligation at beginning of year

$    1,090,893 

$     958,936 

Service cost

4,899 

4,995 

Interest cost

29,335 

37,640 

Actuarial loss

89,109 

141,922 

Benefits paid

(154,691)

(52,600)

Projected benefit obligation at end of year

$    1,059,545 

$  1,090,893 

Change in Fair Value of Plan Assets

Fair value of assets at beginning of year

$       949,007 

$     836,770 

Actual return on plan assets

141,155 

155,955 

Employer contribution

8,819 

8,882 

Benefits paid

(154,691)

(52,600)

Fair value of assets at end of year

$       944,290 

$     949,007 

Funded status

(115,255)

(141,886)

Net amount recognized

$      (115,255)

$   (141,886)

Amounts Recognized in the Consolidated

Balance Sheets

Noncurrent assets

$                  0 

$         9,056 

Current liabilities

(8,060)

(8,579)

Noncurrent liabilities

(107,195)

(142,363)

Net amount recognized

$      (115,255)

$   (141,886)

Amounts Recognized in Accumulated

Other Comprehensive Income

Net actuarial loss

$       230,452 

$     268,483 

Prior service cost

5,148 

6,488 

Total amount recognized

$       235,600 

$     274,971 
Components of Net Periodic Benefit Cost Amounts Recognized in Other Comprehensive Income and Weighted Average Assumptions of Plans

dollars in thousands

2020

2019

2018

Components of Net Periodic Pension

Benefit Cost

Service cost

$          4,899 

$        4,995 

$        5,716 

Interest cost

29,335 

37,640 

35,503 

Expected return on plan assets

(48,599)

(47,751)

(59,188)

Settlement charge

22,740 

0 

0 

Amortization of prior service cost

1,340 

1,340 

1,340 

Amortization of actuarial loss

11,845 

5,433 

9,826 

Net periodic pension benefit cost (credit)

$        21,560 

$        1,657 

$       (6,803)

Changes in Plan Assets and Benefit

Obligations Recognized in Other

Comprehensive Income

Net actuarial loss (gain)

$         (3,446)

$      33,717 

$          (555)

Prior service cost

0 

0 

0 

Reclassification of prior service cost

(1,340)

(1,340)

(1,340)

Reclassification of actuarial loss

(34,585)

(5,433)

(9,826)

Amount recognized in other comprehensive

income

$       (39,371)

$      26,944 

$    (11,721)

Amount recognized in net periodic pension

benefit cost and other comprehensive

income

$       (17,811)

$      28,601 

$    (18,524)

Assumptions

Weighted-average assumptions used to

determine net periodic benefit cost for

years ended December 31

Discount rate — PBO

3.22%

4.39%

3.72%

Discount rate — service cost (12/31/19 / 11/30/20)

3.49% / 2.89%

4.59%

3.90%

Discount rate — interest cost

2.78%

4.02%

3.35%

Expected return on plan assets (12/31/19 / 11/30/20)

5.75% / 5.25%

5.75%

7.00%

Weighted-average assumptions used to

determine benefit obligation at

December 31

Discount rate

2.57%

3.28%

4.39%
Fair values of Pension Plan Assets Fair Value Measurements at December 31, 2020

in thousands

Level 1

Level 2

Level 3

Total

Asset Category

Debt funds

$                0 

$     456,238 

$                0 

$     456,238 

Equity funds

16 

115,779 

0 

115,795 

Investments in the fair value hierarchy

$              16 

$     572,017 

$                0 

$     572,033 

Interest in common/collective trusts (at NAV)

367,105 

Private partnerships (at NAV)

5,152 

Total pension plan assets

$     944,290 

Fair Value Measurements at December 31, 2019

in thousands

Level 1

Level 2

Level 3

Total

Asset Category

Debt funds

$                0 

$     435,692 

$                0 

$     435,692 

Equity funds

549 

120,253 

0 

120,802 

Investments in the fair value hierarchy

$            549 

$     555,945 

$                0 

$     556,494 

Interest in common/collective trusts (at NAV)

387,785 

Private partnerships (at NAV)

4,728 

Total pension plan assets

$     949,007 
Employer Contributions for Plan

in thousands

Pension

Employer Contributions

2018

$      109,631 

2019

8,882 

2020

8,819 

2021 (estimated)

8,060 
Benefit Payments Which Reflect Expected Future Service, Expected to be Paid

in thousands

Pension

Estimated Future Benefit Payments

2021

$        55,333 

2022

56,968 

2023

57,558 

2024

58,019 

2025

56,217 

2026-2030

279,537 
Other Postretirement Benefit Plans, Defined Benefit [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Combined Funded Status of Plans and their Reconciliation with Related Amounts Recognized in Consolidated Financial Statements

in thousands

2020

2019

Change in Benefit Obligation

Projected benefit obligation at beginning of year

$        41,187 

$       40,834 

Service cost

1,520 

1,317 

Interest cost

969 

1,388 

Actuarial (gain) loss

(5,111)

2,677 

Benefits paid

(4,682)

(5,029)

Projected benefit obligation at end of year

$        33,883 

$       41,187 

Change in Fair Value of Plan Assets

Fair value of assets at beginning of year

$                 0 

$                0 

Actual return on plan assets

0 

0 

Fair value of assets at end of year

$                 0 

$                0 

Funded status

$       (33,883)

$     (41,187)

Net amount recognized

$       (33,883)

$     (41,187)

Amounts Recognized in the Consolidated

Balance Sheets

Current liabilities

$         (4,471)

$        (5,339)

Noncurrent liabilities

(29,412)

(35,848)

Net amount recognized

$       (33,883)

$     (41,187)

Amounts Recognized in Accumulated

Other Comprehensive Income

Net actuarial gain

$       (19,003)

$     (14,642)

Prior service credit

(3,656)

(7,575)

Total amount recognized

$       (22,659)

$     (22,217)
Components of Net Periodic Benefit Cost Amounts Recognized in Other Comprehensive Income and Weighted Average Assumptions of Plans

dollars in thousands

2020

2019

2018

Components of Net Periodic Postretirement

Benefit Cost

Service cost

$          1,521 

$        1,317 

$        1,358 

Interest cost

969 

1,388 

1,240 

Amortization of prior service credit

(3,919)

(3,919)

(3,962)

Amortization of actuarial gain

(806)

(1,309)

(1,298)

Net periodic postretirement benefit credit

$         (2,235)

$       (2,523)

$       (2,662)

Changes in Plan Assets and Benefit

Obligations Recognized in Other

Comprehensive Income

Net actuarial (gain) loss

$         (5,168)

$        2,673 

$           835 

Reclassification of prior service credit

3,919 

3,919 

3,962 

Reclassification of actuarial gain

806 

1,309 

1,298 

Amount recognized in other comprehensive

income

$            (443)

$        7,901 

$        6,095 

Amount recognized in net periodic

postretirement benefit cost and other

comprehensive income

$         (2,678)

$        5,378 

$        3,433 

Assumptions

Weighted-average assumptions used to

determine net periodic benefit cost for

years ended December 31

Discount rate — PBO

2.84%

4.01%

3.34%

Discount rate — service cost

3.09%

4.23%

3.56%

Discount rate — interest cost

2.42%

3.63%

2.90%

Weighted-average assumptions used to

determine benefit obligation at

December 31

Discount rate

2.09%

2.84%

4.01%
Employer Contributions for Plan

in thousands

Postretirement

Employer Contributions

2018

$          6,099 

2019

5,029 

2020

4,682 

2021 (estimated)

4,471 
Benefit Payments Which Reflect Expected Future Service, Expected to be Paid

in thousands

Postretirement

Estimated Future Benefit Payments

2021

$          4,471 

2022

3,951 

2023

3,688 

2024

3,358 

2025

3,054 

2026–2030

11,023 
Contributions by Participants to Postretirement Benefit Plans

in thousands

Postretirement

Participants Contributions

2018

$          1,984 

2019

2,239 

2020

2,553 
v3.20.4
INCENTIVE PLANS (Tables)
 12 Months Ended
Dec. 31, 2020
Aggregate Values for Distributed Restricted Share Awards

in thousands

2020

2019

2018

Aggregate value of distributed

restricted shares

$       12,210 

$         2,417 

$         1,345 
Weighted-Average Fair Value and Weighted-Average Assumptions Used in Estimating Fair Value of Grants

2020

2019

2018

SOSARs

Fair value

$        40.91 

$        38.90 

$        43.72 

Risk-free interest rate

1.50%

2.62%

2.90%

Dividend yield

0.71%

0.87%

1.39%

Volatility

25.74%

27.23%

31.49%

Expected term (years)

9.00

9.00

9.00
Aggregate Intrinsic Values of Options Exercised

in thousands

2020

2019

2018

Aggregate intrinsic value of SOSARs exercised

$       22,273 

$       74,838 

$       49,248 
Performance Shares [Member]  
Summary of Activity For Nonvested Performance Share Units

Target

Weighted-average

Number

Grant Date

of Shares

Fair Value

Performance Shares

Nonvested at January 1, 2020

244,904 

$           113.55 

Granted

117,740 

133.95 

Vested

(112,302)

117.19 

Canceled/forfeited

(6,483)

120.66 

Nonvested at December 31, 2020

243,859 

$           121.53 
Aggregate Value of Performance Shares

in thousands

2020

2019

2018

Aggregate value of distributed

performance shares

$       38,841 

$       33,169 

$       53,721 
Restricted Shares [Member]  
Summary of Restricted Stock Units

Weighted-average

Number

Grant Date

of Shares

Fair Value

Restricted Stock Units

Nonvested at January 1, 2020

211,930 

$           108.34 

Granted

82,271 

133.95 

Vested

(86,302)

102.12 

Canceled/forfeited

(7,746)

119.63 

Nonvested at December 31, 2020

200,153 

$           121.11 
SOSARs [Member]  
Summary of Our SOSAR Activity

Weighted-average

Remaining

Aggregate

Number

Weighted-average

Contractual

Intrinsic Value

of Shares

Exercise Price

Life (Years)

(in thousands)

SOSARs

Outstanding at January 1, 2020

944,599 

$             76.84 

Granted

75,300 

133.95 

Exercised

(229,993)

48.16 

Forfeited or expired

(1,470)

43.05 

Outstanding at December 31, 2020

788,436 

$             90.72 

5.03 

$           44,106 

Exercisable at December 31, 2020

641,613 

$             82.84 

4.23 

$           40,949 
Cash and Stock Consideration Received and Tax Benefit Realized from SOSAR Exercises and Compensation Cost Recorded

in thousands

2020

2019

2018

SOSARs

Cash and stock consideration received

from exercises

$              0 

$              0 

$              0 

Tax benefit from exercises

5,693 

29,000 

19,083 

Compensation cost

3,855 

4,042 

4,763 
v3.20.4
COMMITMENTS AND CONTINGENCIES (Tables)
 12 Months Ended
Dec. 31, 2020
COMMITMENTS AND CONTINGENCIES [Abstract]  
Commitments Due

Unconditional

Purchase

in thousands

Obligations

Property, Plant & Equipment

2021

$          6,947 

Thereafter

0 

Total

$          6,947 

Noncapital (primarily transportation and electricity contracts)

2021

$        16,005 

2022–2023

15,106 

2024–2025

4,054 

Thereafter

11,000 

Total

$        46,165 
Minimum Royalties Under Mineral Leases

Mineral

in thousands

Leases

Minimum Royalties

2021

$        27,210 

2022–2023

43,491 

2024–2025

27,712 

Thereafter

167,147 

Total

$      265,560 
v3.20.4
EQUITY (Tables)
 12 Months Ended
Dec. 31, 2020
EQUITY [Abstract]  
Shares Purchased and Retired

in thousands, except average cost

2020

2019

2018

Shares Purchased and Retired

Number

214 

19 

1,192 

Total purchase price

$        26,132 

$        2,602 

$    133,983 

Average cost per share

$        121.92 

$      139.90 

$      112.41 
Cash Dividends Per Share of Common Stock

in thousands, except per share data

2020

2019

2018

Dividends

Cash dividends

$      180,216 

$     163,973 

$     148,109 

Cash dividends per share

$            1.36 

$           1.24 

$           1.12 
v3.20.4
OTHER COMPREHENSIVE INCOME (Tables)
 12 Months Ended
Dec. 31, 2020
OTHER COMPREHENSIVE INCOME [Abstract]  
Accumulated Other Comprehensive Income, Net of Tax

in thousands

2020

2019

2018

AOCI

Interest rate hedges

$       (23,943)

$     (10,953)

$     (11,180)

Pension and postretirement plans

(157,362)

(186,785)

(161,035)

Total

$     (181,305)

$   (197,738)

$   (172,215)
Changes in Accumulated Other Comprehensive Income, Net of Tax

Pension and

Interest Rate

Postretirement

in thousands

Hedges

Benefit Plans

Total

AOCI

Balances at December 31, 2017

$       (11,438)

$   (138,028)

$   (149,466)

Released stranded tax effects ASU 2018-02

(2,464)

(27,165)

(29,629)

Balances at January 1, 2018, due to reclassification

$       (13,902)

$   (165,193)

$   (179,095)

Other comprehensive income (loss)

before reclassifications

2,496 

(207)

2,289 

Amounts reclassified from AOCI

226 

4,365 

4,591 

Net OCI changes

2,722 

4,158 

6,880 

Balances at December 31, 2018

$       (11,180)

$   (161,035)

$   (172,215)

Other comprehensive income (loss)

before reclassifications

0 

(26,892)

(26,892)

Amounts reclassified from AOCI

227 

1,142 

1,369 

Net OCI changes

227 

(25,750)

(25,523)

Balances at December 31, 2019

$       (10,953)

$   (186,785)

$   (197,738)

Other comprehensive income (loss)

before reclassifications

(14,679)

6,366 

(8,313)

Amounts reclassified from AOCI

1,689 

23,057 

24,746 

Net OCI changes

(12,990)

29,423 

16,433 

Balances at December 31, 2020

$       (23,943)

$   (157,362)

$   (181,305)
Amounts Reclassified from Accumulated Other Comprehensive Income to Earnings

in thousands

2020

2019

2018

Amortization of Interest Rate Hedge Losses

Interest expense

$          2,286 

$           307 

$           306 

Benefit from income taxes

(597)

(80)

(80)

Total

$          1,689 

$           227 

$           226 

Amortization of Pension and Postretirement Plan

Actuarial Loss and Prior Service Cost

Other nonoperating expense

$        31,200 

$        1,545 

$        5,906 

Benefit from income taxes

(8,143)

(403)

(1,541)

Total

$        23,057 

$        1,142 

$        4,365 

Total reclassifications from AOCI to earnings

$        24,746 

$        1,369 

$        4,591 

 
v3.20.4
SEGMENT REPORTING (Tables)
 12 Months Ended
Dec. 31, 2020
SEGMENT REPORTING [Abstract]  
Segment Financial Disclosure

in thousands

2020

2019

2018

Total Revenues

Aggregates 1

$      3,944,286 

$      3,990,275 

$      3,513,649 

Asphalt 2

792,605 

855,821 

733,182 

Concrete

383,617 

395,627 

401,999 

Calcium

7,720 

8,191 

8,110 

Segment sales

$      5,128,228 

$      5,249,914 

$      4,656,940 

Aggregates intersegment sales

(271,402)

(320,811)

(274,071)

Total revenues

$      4,856,826 

$      4,929,103 

$      4,382,869 

Gross Profit

Aggregates

$      1,159,178 

$      1,146,649 

$         991,858 

Asphalt

75,233 

63,023 

56,480 

Concrete

44,159 

43,151 

49,893 

Calcium

2,911 

3,078 

2,714 

Total

$      1,281,481 

$      1,255,901 

$      1,100,945 

Depreciation, Depletion, Accretion & Amortization (DDA&A)

Aggregates

$         321,127 

$         305,046 

$         281,641 

Asphalt

34,956 

35,199 

31,290 

Concrete

16,010 

13,620 

12,539 

Calcium

189 

232 

272 

Other

24,524 

20,499 

20,504 

Total

$         396,806 

$         374,596 

$         346,246 

Capital Expenditures 3

Aggregates

$         331,893 

$         383,406 

$         422,175 

Asphalt

19,803 

9,095 

38,154 

Concrete

11,664 

11,641 

12,291 

Calcium

0 

31 

22 

Corporate

0 

175 

2,587 

Total

$         363,360 

$         404,348 

$         475,229 

Identifiable Assets 4

Aggregates

$      9,459,185 

$      9,334,218 

$      8,887,749 

Asphalt

573,059 

558,386 

527,226 

Concrete

305,523 

325,102 

266,581 

Calcium

3,345 

3,653 

3,942 

Total identifiable assets

$    10,341,112 

$    10,221,359 

$      9,685,498 

General corporate assets

147,780 

152,928 

102,228 

Cash and cash equivalents and restricted cash

1,198,013 

274,506 

44,404 

Total assets

$    11,686,905 

$    10,648,793 

$      9,832,130 

1

Includes product sales, as well as freight & delivery costs that we pass along to our customers, and service revenues (see Note 2) related to aggregates.

2

Includes product sales, as well as service revenues (see Note 2) from our asphalt construction paving business.

3

Capital expenditures include capitalized replacements of and additions to property, plant & equipment, including renewals and betterments. Capital expenditures exclude property, plant & equipment obtained by business acquisitions.

4

Certain temporarily idled assets are included within a segment's Identifiable Assets but the associated DDA&A is shown within Other in the DDA&A section above as the related DDA&A is excluded from segment gross profit.
v3.20.4
SUPPLEMENTAL CASH FLOW INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2020
SUPPLEMENTAL CASH FLOW INFORMATION [Abstract]  
Supplemental Information Referable to Condensed Consolidated Statements of Cash Flows

in thousands

2020

2019

2018

Cash Payments (Refunds)

Interest (exclusive of amount capitalized)

$      129,182 

$      129,224 

$     128,217 

Income taxes

95,934 

56,812 

(65,968)

Noncash Investing and Financing Activities

Accrued liabilities for purchases of property,

plant & equipment

$        55,904 

$        57,309 

$       37,116 

Recognition of new asset retirement obligations

353 

263 

20 

Right-of-use assets obtained in exchange for new

Operating lease liabilities 1

49,586 

444,547 

0 

Finance lease liabilities 1

6,631 

1,227 

0 

Amounts referable to business acquisitions

Liabilities assumed

5,879 

4,373 

5,405 

Consideration payable to seller

8,980 

0 

4,500 

Fair value of noncash assets and liabilities exchanged

21,213 

0 

0 

Debt issued for purchases of property, plant & equipment

2,571 

0 

0 

1

The 2019 amount includes the initial right-of-use assets resulting from our adoption of ASU 2016-02, “Leases.”

 
v3.20.4
ASSET RETIREMENT OBLIGATIONS (Tables)
 12 Months Ended
Dec. 31, 2020
ASSET RETIREMENT OBLIGATIONS [Abstract]  
Asset Retirement Obligations Operating Costs

in thousands

2020

2019

2018

ARO Operating Costs

Accretion

$        12,432 

$        10,992 

$       10,776 

Depreciation

8,592 

7,075 

6,034 

Total

$        21,024 

$        18,067 

$       16,810 
Reconciliations of Asset Retirement Obligations

in thousands

2020

2019

Asset Retirement Obligations

Balance at beginning of year

$      210,323 

$      225,726 

Liabilities incurred

353 

263 

Liabilities settled

(12,820)

(12,457)

Accretion expense

12,432 

10,992 

Revisions, net

72,875 

(14,201)

Balance at end of year

$      283,163 

$      210,323 
v3.20.4
GOODWILL AND INTANGIBLE ASSETS (Tables)
 12 Months Ended
Dec. 31, 2020
GOODWILL AND INTANGIBLE ASSETS [Abstract]  
Changes in Carrying Amount of Goodwill by Reportable Segment

in thousands

Aggregates

Asphalt

Concrete

Calcium

Total

Goodwill

Totals at December 31, 2018

$   3,073,763 

$     91,633 

$              0 

$              0 

$  3,165,396 

Goodwill of acquired businesses 1

1,665 

0 

0 

0 

1,665 

Totals at December 31, 2019

$   3,075,428 

$     91,633 

$              0 

$              0 

$  3,167,061 

Goodwill of acquired businesses 1

5,051 

0 

0 

0 

5,051 

Totals at December 31, 2020

$   3,080,479 

$     91,633 

$              0 

$              0 

$  3,172,112 

1

See Note 19 for a summary of recent acquisitions.
Gross Carrying Amount and Accumulated Amortization by Major Intangible Asset Class

in thousands

2020

2019

Gross Carrying Amount

Contractual rights in place

$    1,158,966 

$  1,132,958 

Noncompetition agreements

5,667 

7,667 

Permitting, permitting compliance and zoning rights

138,958 

136,646 

Other 1

51,927 

11,951 

Total gross carrying amount

$    1,355,518 

$  1,289,222 

Accumulated Amortization

Contractual rights in place

$      (188,953)

$   (155,555)

Noncompetition agreements

(5,167)

(6,126)

Permitting, permitting compliance and zoning rights

(30,180)

(30,545)

Other 1

(7,674)

(5,521)

Total accumulated amortization

$      (231,974)

$   (197,747)

Total Intangible Assets Subject to Amortization, net

$    1,123,544 

$  1,091,475 

Intangible Assets with Indefinite Lives

0 

0 

Total Intangible Assets, net

$    1,123,544 

$  1,091,475 

Amortization Expense for the Year

$         46,611 

$       40,541 

1

Includes patents, customer relationships, tradenames and trademarks.
Estimated Amortization Expense

in thousands

Estimated Amortization Expense for Five Subsequent Years

2021

$        40,975 

2022

38,200 

2023

37,103 

2024

35,429 

2025

35,041 
v3.20.4
UNAUDITED SUPPLEMENTARY DATA (Tables)
 12 Months Ended
Dec. 31, 2020
UNAUDITED SUPPLEMENTARY DATA [Abstract]  
Summary of Selected Quarterly Financial Information (Unaudited)

2020

Three Months Ended

in thousands, except per share data

March 31

June 30

Sept 30

Dec 31

Total revenues

$  1,049,242 

$  1,322,575 

$  1,309,890 

$  1,175,119 

Gross profit

201,723 

396,519 

380,498 

302,741 

Operating earnings

112,301 

298,896 

288,104 

196,430 

Earnings from continuing operations

59,998 

210,957 

201,125 

115,915 

Net earnings

60,258 

209,916 

199,788 

114,518 

Basic earnings per share from continuing operations

$           0.45 

$           1.59 

$           1.52 

$           0.87 

Diluted earnings per share from continuing operations

$           0.45 

$           1.58 

$           1.51 

$           0.87 

Basic net earnings per share

$           0.45 

$           1.58 

$           1.51 

$           0.86 

Diluted net earnings per share

$           0.45 

$           1.58 

$           1.50 

$           0.86 

2019

Three Months Ended

in thousands, except per share data

March 31

June 30

Sept 30

Dec 31

Total revenues

$     996,511 

$  1,327,682 

$  1,418,758 

$  1,186,152 

Gross profit

191,675 

370,502 

400,643 

293,081 

Operating earnings

104,433 

276,074 

303,376 

193,575 

Earnings from continuing operations

63,935 

197,907 

218,066 

142,595 

Net earnings

63,299 

197,558 

215,713 

141,092 

Basic earnings per share from continuing operations

$           0.48 

$           1.50 

$           1.65 

$           1.08 

Diluted earnings per share from continuing operations

$           0.48 

$           1.48 

$           1.63 

$           1.07 

Basic net earnings per share

$           0.48 

$           1.49 

$           1.63 

$           1.07 

Diluted net earnings per share

$           0.48 

$           1.48 

$           1.62 

$           1.06 
v3.20.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details)
$ in Thousands
 1 Months Ended 3 Months Ended 11 Months Ended 12 Months Ended
Dec. 31, 2020
USD ($)
state
item
Mar. 31, 2020
USD ($)
Nov. 30, 2020
Dec. 31, 2021
Dec. 31, 2020
USD ($)
item
segment
state
factor
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Dec. 31, 2017
USD ($)
Change in Accounting Estimate [Line Items]                
State of incorporation         NJ      
Number of states | state 20       20      
Number of demographic factors | factor         3      
Revenues from discontinued operations         $ 0 $ 0 $ 0  
Bad debt expense         1,091 1,426 251  
Write-offs of accounts receivables         2,046 809 1,291  
Capitalized software costs $ 2,110       2,110 2,976    
Capitalized software costs during the year         $ 1,116 1,506 2,213  
Number of Rabbi Trust estabished | item 2       2      
Net gains (losses) of the Rabbi Trust investments         $ 4,469 3,993 (2,741)  
Unrealized net gains (losses) of the Rabbi Trust investments         4,140 3,729 (4,386)  
Loss on impairment of long-lived assets         0 0 0  
Goodwill $ 3,172,112       $ 3,172,112 $ 3,167,061 3,165,396  
Percentage of goodwill in total assets 27.00%       27.00% 30.00%    
Percentage of net property, plant & equipment in total assets 38.00%       38.00%      
Number of operating segments | segment         4      
Number of Reporting Units | item         17      
Percentage of net other intangible assets in total assets 10.00%       10.00%      
Stripping costs $ 90,432       $ 90,432 $ 86,090 78,911  
Capitalized pre-production stripping costs 92,880       92,880 92,759    
Asset retirement obligations 283,163       283,163 210,323 225,726  
Spread between the amount accrued and the maximum environmental loss 5,905       5,905      
Maximum self-insurance coverage per occurrence for losses related to workers' compensation         2,000      
Maximum self-insurance coverage per occurrence for automotive and general/product liability         $ 10,000      
Accounting Standards Codification Topic 740 - Income Taxes recognition threshold for uncertain tax positions         50.00%      
Goodwill impairment charges         $ 0 0 0  
Retained earnings 3,274,107       3,274,107 2,895,871    
Cumulative-effect on retained earnings $ 6,027,330       6,027,330 $ 5,621,857 5,202,903 $ 4,968,893
Expected return on plan assets 5.25%   5.75%     5.75%    
Operating Lease, Liability $ 436,551       $ 436,551      
Income tax benefit recognition threshold more likely than not         50.00%      
Cash tax benefit   $ 13,301            
Goodwill [Member]                
Change in Accounting Estimate [Line Items]                
Number of Reporting Units | item         9      
Accounting Standards Update 2016-09 [Member]                
Change in Accounting Estimate [Line Items]                
Tax reduction from net excess tax benefits from share based compensation         $ 8,368 $ 21,020 $ 20,137  
Minimum [Member] | Machinery and Equipment [Member]                
Change in Accounting Estimate [Line Items]                
Estimated service lives         3 years      
Minimum [Member] | Buildings [Member]                
Change in Accounting Estimate [Line Items]                
Estimated service lives         7 years      
Minimum [Member] | Land Improvements [Member]                
Change in Accounting Estimate [Line Items]                
Estimated service lives         3 years      
Maximum [Member] | Machinery and Equipment [Member]                
Change in Accounting Estimate [Line Items]                
Estimated service lives         35 years      
Maximum [Member] | Buildings [Member]                
Change in Accounting Estimate [Line Items]                
Estimated service lives         20 years      
Maximum [Member] | Land Improvements [Member]                
Change in Accounting Estimate [Line Items]                
Estimated service lives         20 years      
Forecast [Member]                
Change in Accounting Estimate [Line Items]                
Expected return on plan assets       5.25%        
v3.20.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Results from Discontinued Operations) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]      
Pretax loss $ (4,752) $ (6,541) $ (2,748)
Income tax benefit 1,237 1,700 712
Loss on discontinued operations, net of tax $ (3,515) $ (4,841) $ (2,036)
v3.20.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Depreciation, Depletion, Accretion and Amortization Expense) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]      
Depreciation $ 315,136 $ 300,613 $ 276,814
Depletion 21,011 22,421 23,260
Accretion 12,432 10,992 10,776
Amortization of finance leases 1,616 29 472
Amortization of intangibles 46,611 40,541 34,924
Total $ 396,806 $ 374,596 $ 346,246
v3.20.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Fair Value Measurement on Recurring Basis) (Details) - Recurring [Member] - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Fair Value, Inputs, Level 1 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total $ 28,058 $ 22,883
Fair Value, Inputs, Level 1 [Member] | Mutual Funds [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total 28,058 22,883
Fair Value, Inputs, Level 2 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total 837 1,340
Fair Value, Inputs, Level 2 [Member] | Money Market Mutual Fund [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total $ 837 $ 1,340
v3.20.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Liabilities Under Self-Insurance Program) (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]    
Self-insured liabilities (undiscounted) $ 75,570 $ 69,069
Insured liabilities (undiscounted) $ 3,661 $ 6,431
Discount rate 0.30% 1.63%
Other accounts and notes receivables $ 595 $ 0
Investments and long-term receivables 3,585 5,931
Other current liabilities (20,707) (19,830)
Other noncurrent liabilities (57,608) (51,360)
Net liabilities (discounted) $ (74,135) $ (65,259)
v3.20.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Estimated Payments (Undiscounted) Under Self-Insurance Program) (Details)
$ in Thousands
Dec. 31, 2020
USD ($)
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]  
2021 $ 22,436
2022 16,453
2023 11,492
2024 6,857
2025 $ 3,751
v3.20.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Unrecognized Compensation Expense) (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unrecognized Compensation Expense, Total/weighted-average $ 20,589
Expected Weighted-average Recognition (Years) 1 year 8 months 12 days
SOSARs [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unrecognized Compensation Expense, SOSARs $ 1,605 [1]
Expected Weighted-average Recognition (Years) 1 year 3 months 18 days [1]
Performance Shares [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unrecognized Compensation Expense, shares $ 10,622
Expected Weighted-average Recognition (Years) 1 year 8 months 12 days
Restricted Shares [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unrecognized Compensation Expense, shares $ 8,362
Expected Weighted-average Recognition (Years) 1 year 8 months 12 days
[1] Stock-Only Stock Appreciation Rights (SOSARs)
v3.20.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Pretax Compensation Expense) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Income tax benefits $ 4,954 $ 7,682 $ 5,940
Performance Shares, Restricted Stock Units, And Stock Options [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Pretax compensation expense $ 31,419 $ 30,067 $ 23,250
v3.20.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Weighted-Average Common Shares Outstanding Assuming Dilution) (Details) - shares
shares in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]      
Weighted-average common shares outstanding 132,578 132,300 132,393
Dilutive effect of Stock-Only Stock Appreciation Rights 307 611 963
Dilutive effect of Other stock compensation plans 360 474 570
Weighted-average common shares outstanding, assuming dilution 133,245 133,385 133,926
v3.20.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Antidilutive Common Stock Equivalents) (Details) - shares
shares in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]      
Antidilutive common stock equivalents 101 105 162
v3.20.4
REVENUES (Narrative) (Details)
$ in Thousands
 3 Months Ended 12 Months Ended 24 Months Ended
Dec. 31, 2020
USD ($)
Sep. 30, 2020
USD ($)
Jun. 30, 2020
USD ($)
Mar. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Sep. 30, 2019
USD ($)
Jun. 30, 2019
USD ($)
Mar. 31, 2019
USD ($)
Dec. 31, 2020
USD ($)
item
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Dec. 31, 2013
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2017
USD ($)
Revenue Recognition [Line Items]                            
Proceeds from sale of future production                       $ 226,926    
Revenues $ 1,175,119 $ 1,309,890 $ 1,322,575 $ 1,049,242 $ 1,186,152 $ 1,418,758 $ 1,327,682 $ 996,511 $ 4,856,826 [1] $ 4,929,103 [1] $ 4,382,869 [1]      
Number of quarries | item                 8          
Term of the VPPs                 25 years          
Estimated deferred revenue to be recognized in the next 12 months $ 177,962       $ 185,339       $ 177,962 185,339 192,783     $ 199,556
Service [Member]                            
Revenue Recognition [Line Items]                            
Revenues                 $ 214,343 234,099 198,897      
Minimum [Member]                            
Revenue Recognition [Line Items]                            
Coverage of warranty provisions                 9 months          
Maximum [Member]                            
Revenue Recognition [Line Items]                            
Coverage of warranty provisions                 1 year          
Maximum [Member] | Construction Paving [Member]                            
Revenue Recognition [Line Items]                            
Costs for paving contracts expense, expected amortization period                 1 year          
Forecast [Member]                            
Revenue Recognition [Line Items]                            
Estimated deferred revenue to be recognized in the next 12 months                         $ 7,500  
Aggregates [Member]                            
Revenue Recognition [Line Items]                            
Revenues [1]                 $ 3,672,884 $ 3,669,464 $ 3,239,578      
Aggregates [Member] | Minimum [Member]                            
Revenue Recognition [Line Items]                            
Percent of shipments used for publicly funded construction                 45.00%          
Aggregates [Member] | Maximum [Member]                            
Revenue Recognition [Line Items]                            
Percent of shipments used for publicly funded construction                 55.00%          
[1]

1

The geographic markets are defined by states as follows:

East market — Arkansas, Delaware, Illinois, Kentucky, Maryland, North Carolina, Pennsylvania, Tennessee, Virginia, and Washington D.C.

Gulf Coast market — Alabama, Florida, Georgia, Louisiana, Mexico, Mississippi, Oklahoma, South Carolina and Texas

West market — Arizona, California and New Mexico

v3.20.4
REVENUES (Revenues by Geographic Market) (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2020
Sep. 30, 2020
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Segment Reporting, Revenue Reconciling Item [Line Items]                      
Total revenues $ 1,175,119 $ 1,309,890 $ 1,322,575 $ 1,049,242 $ 1,186,152 $ 1,418,758 $ 1,327,682 $ 996,511 $ 4,856,826 [1] $ 4,929,103 [1] $ 4,382,869 [1]
Operating Segments [Member]                      
Segment Reporting, Revenue Reconciling Item [Line Items]                      
Total revenues [1]                 5,128,228 5,249,914 4,656,940
Intersegment Sales [Member]                      
Segment Reporting, Revenue Reconciling Item [Line Items]                      
Total revenues [1]                 (271,402) (320,811) (274,071)
East [Member]                      
Segment Reporting, Revenue Reconciling Item [Line Items]                      
Total revenues [1]                 1,604,014 1,682,549 1,523,330
Gulf Coast [Member]                      
Segment Reporting, Revenue Reconciling Item [Line Items]                      
Total revenues [1]                 2,422,525 2,386,712 2,033,447
West [Member]                      
Segment Reporting, Revenue Reconciling Item [Line Items]                      
Total revenues [1]                 1,101,689 1,180,653 1,100,163
Aggregates [Member]                      
Segment Reporting, Revenue Reconciling Item [Line Items]                      
Total revenues [1]                 3,672,884 3,669,464 3,239,578
Aggregates [Member] | Operating Segments [Member]                      
Segment Reporting, Revenue Reconciling Item [Line Items]                      
Total revenues [1],[2]                 3,944,286 3,990,275 3,513,649
Aggregates [Member] | Intersegment Sales [Member]                      
Segment Reporting, Revenue Reconciling Item [Line Items]                      
Total revenues [1]                 (271,402) (320,811) (274,071)
Aggregates [Member] | East [Member]                      
Segment Reporting, Revenue Reconciling Item [Line Items]                      
Total revenues [1]                 1,198,169 1,254,748 1,109,489
Aggregates [Member] | Gulf Coast [Member]                      
Segment Reporting, Revenue Reconciling Item [Line Items]                      
Total revenues [1]                 2,165,155 2,117,526 1,821,853
Aggregates [Member] | West [Member]                      
Segment Reporting, Revenue Reconciling Item [Line Items]                      
Total revenues [1]                 580,962 618,001 582,307
Asphalt [Member]                      
Segment Reporting, Revenue Reconciling Item [Line Items]                      
Total revenues [1]                 792,605 855,821 733,182
Asphalt [Member] | Operating Segments [Member]                      
Segment Reporting, Revenue Reconciling Item [Line Items]                      
Total revenues [1],[3]                 792,605 855,821 733,182
Asphalt [Member] | Intersegment Sales [Member]                      
Segment Reporting, Revenue Reconciling Item [Line Items]                      
Total revenues [1]                 0 0 0
Asphalt [Member] | East [Member]                      
Segment Reporting, Revenue Reconciling Item [Line Items]                      
Total revenues [1]                 142,184 166,552 156,591
Asphalt [Member] | Gulf Coast [Member]                      
Segment Reporting, Revenue Reconciling Item [Line Items]                      
Total revenues [1]                 178,501 194,367 131,745
Asphalt [Member] | West [Member]                      
Segment Reporting, Revenue Reconciling Item [Line Items]                      
Total revenues [1]                 471,920 494,902 444,846
Concrete [Member]                      
Segment Reporting, Revenue Reconciling Item [Line Items]                      
Total revenues [1]                 383,617 395,627 401,999
Concrete [Member] | Operating Segments [Member]                      
Segment Reporting, Revenue Reconciling Item [Line Items]                      
Total revenues [1]                 383,617 395,627 401,999
Concrete [Member] | Intersegment Sales [Member]                      
Segment Reporting, Revenue Reconciling Item [Line Items]                      
Total revenues [1]                 0 0 0
Concrete [Member] | East [Member]                      
Segment Reporting, Revenue Reconciling Item [Line Items]                      
Total revenues [1]                 263,661 261,249 257,250
Concrete [Member] | Gulf Coast [Member]                      
Segment Reporting, Revenue Reconciling Item [Line Items]                      
Total revenues [1]                 71,149 66,628 71,739
Concrete [Member] | West [Member]                      
Segment Reporting, Revenue Reconciling Item [Line Items]                      
Total revenues [1]                 48,807 67,750 73,010
Calcium [Member]                      
Segment Reporting, Revenue Reconciling Item [Line Items]                      
Total revenues [1]                 7,720 8,191 8,110
Calcium [Member] | Operating Segments [Member]                      
Segment Reporting, Revenue Reconciling Item [Line Items]                      
Total revenues [1]                 7,720 8,191 8,110
Calcium [Member] | Intersegment Sales [Member]                      
Segment Reporting, Revenue Reconciling Item [Line Items]                      
Total revenues [1]                 0 0 0
Calcium [Member] | East [Member]                      
Segment Reporting, Revenue Reconciling Item [Line Items]                      
Total revenues [1]                 0 0 0
Calcium [Member] | Gulf Coast [Member]                      
Segment Reporting, Revenue Reconciling Item [Line Items]                      
Total revenues [1]                 7,720 8,191 8,110
Calcium [Member] | West [Member]                      
Segment Reporting, Revenue Reconciling Item [Line Items]                      
Total revenues [1]                 $ 0 $ 0 $ 0
[1]

1

The geographic markets are defined by states as follows:

East market — Arkansas, Delaware, Illinois, Kentucky, Maryland, North Carolina, Pennsylvania, Tennessee, Virginia, and Washington D.C.

Gulf Coast market — Alabama, Florida, Georgia, Louisiana, Mexico, Mississippi, Oklahoma, South Carolina and Texas

West market — Arizona, California and New Mexico

[2] Includes product sales, as well as freight & delivery costs that we pass along to our customers, and service revenues (see Note 2) related to aggregates.
[3] Includes product sales, as well as service revenues (see Note 2) from our asphalt construction paving business.
v3.20.4
REVENUES (Freight & Delivery Revenues) (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2020
Sep. 30, 2020
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Disaggregation of Revenue [Line Items]                      
Total revenues $ 1,175,119 $ 1,309,890 $ 1,322,575 $ 1,049,242 $ 1,186,152 $ 1,418,758 $ 1,327,682 $ 996,511 $ 4,856,826 [1] $ 4,929,103 [1] $ 4,382,869 [1]
Freight & Delivery Revenues [Member]                      
Disaggregation of Revenue [Line Items]                      
Total revenues [2]                 (738,482) (747,862) (641,815)
Total Revenues Excluding Freight & Delivery [Member]                      
Disaggregation of Revenue [Line Items]                      
Total revenues                 $ 4,118,344 $ 4,181,241 $ 3,741,054
[1]

1

The geographic markets are defined by states as follows:

East market — Arkansas, Delaware, Illinois, Kentucky, Maryland, North Carolina, Pennsylvania, Tennessee, Virginia, and Washington D.C.

Gulf Coast market — Alabama, Florida, Georgia, Louisiana, Mexico, Mississippi, Oklahoma, South Carolina and Texas

West market — Arizona, California and New Mexico

[2] Includes freight & delivery to remote distribution sites.
v3.20.4
REVENUES (Reconciliation of Deferred Revenue Balances) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
REVENUES [Abstract]      
Balance at beginning of year $ 185,339 $ 192,783 $ 199,556
Revenue recognized from deferred revenue (7,377) (7,444) (6,773)
Balance at end of year $ 177,962 $ 185,339 $ 192,783
v3.20.4
INVENTORIES (Narrative) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
INVENTORIES [Abstract]      
Inventory classified as long-term assets (other noncurrent assets) $ 10,978 $ 7,557  
Inventories valued under the LIFO method 307,656 309,429  
Increase (decrease) in cost of revenues due to the effect of the LIFO liquidation (867) (1,147) $ 132
Increase (decrease) in net earnings due to the effect of the LIFO liquidation 646 854 (99)
Excess of estimated current cost over LIFO cost 192,974 183,181  
Approximate effect on net earnings due to the adoption of the LIFO method $ 7,292 $ 5,462 $ 5,223
v3.20.4
INVENTORIES (Inventories) (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
INVENTORIES [Abstract]    
Finished products [1] $ 378,389 $ 391,666
Raw materials 33,780 31,318
Products in process 4,555 5,604
Operating supplies and other 31,861 29,720
Inventories 448,585 458,308
Encumbered inventories $ 2,416 $ 2,861
[1] Includes inventories encumbered by volumetric production payments (see Note 2), as follows: December 31, 2020 — $2,416 thousand and December 31, 2019 — $2,861 thousand.
v3.20.4
PROPERTY, PLANT & EQUIPMENT (Property, Plant and Equipment) (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Property, Plant and Equipment [Line Items]    
Total, gross $ 9,102,086 $ 8,749,218
Less allowances for depreciation, depletion and amortization 4,676,087 4,433,180
Total, net 4,425,999 4,316,038
Land and Land Improvements [Member]    
Property, Plant and Equipment [Line Items]    
Total, gross [1] 3,013,327 2,920,963
Buildings [Member]    
Property, Plant and Equipment [Line Items]    
Total, gross 145,418 141,898
Machinery and Equipment [Member]    
Property, Plant and Equipment [Line Items]    
Total, gross 5,517,897 5,362,279
Finance Leases [Member]    
Property, Plant and Equipment [Line Items]    
Total, gross 7,796 1,677
Deferred Asset Retirement Costs [Member]    
Property, Plant and Equipment [Line Items]    
Total, gross 240,743 167,484
Construction in Progress [Member]    
Property, Plant and Equipment [Line Items]    
Total, gross 176,905 154,917
Depletable Land [Member]    
Property, Plant and Equipment [Line Items]    
Total, gross $ 1,712,059 $ 1,667,642
[1] Includes depletable land as follows: December 31, 2020 — $1,712,059 thousand and December 31, 2019 — $1,667,642 thousand.
v3.20.4
PROPERTY, PLANT & EQUIPMENT (Capitalized Interest Costs and Total Interest Costs Incurred) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
PROPERTY, PLANT & EQUIPMENT [Abstract]      
Capitalized interest cost $ 3,487 $ 3,896 $ 3,674
Total interest cost incurred before recognition of the capitalized amount $ 139,447 $ 134,051 $ 141,651
v3.20.4
DERIVATIVE INSTRUMENTS (Narrative) (Details) - USD ($)
 1 Months Ended
May 31, 2020
Mar. 31, 2020
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Derivative [Line Items]          
Estimated amount of pretax loss in AOCI reclassified to earnings for the next 12-month period     $ 1,959,000    
Interest rate hedges     (23,943,000) $ (10,953,000) $ (11,180,000)
Total long-term debt - face value     3,357,899,000 2,846,373,000  
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Interest Rate Swap [Member]          
Derivative [Line Items]          
Cash payments for interest rate swap agreements   $ 19,863,000      
Interest rate reclassified to interest expense, ineffective portion   $ 993,000      
Notes [Member]          
Derivative [Line Items]          
Total long-term debt - face value     3,357,899,000    
Notes [Member] | 3.50% notes due 2030 [Member]          
Derivative [Line Items]          
Period of debt 10 years        
Total long-term debt - face value $ 750,000,000   $ 750,000,000 $ 0  
Interest rate 3.50%   3.50%    
v3.20.4
DERIVATIVE INSTRUMENTS (Effects of Changes in Fair Values of Derivatives Designated as Cash Flow Hedges) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member]      
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]      
Loss reclassified from AOCI (effective portion) $ (2,286) $ (307) $ (306)
v3.20.4
DEBT (Narrative) (Details)
 1 Months Ended 3 Months Ended 12 Months Ended
Jun. 30, 2020
USD ($)
May 31, 2020
USD ($)
Sep. 30, 2020
USD ($)
Jun. 30, 2020
USD ($)
Dec. 31, 2020
USD ($)
item
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Apr. 30, 2020
USD ($)
Debt Instrument [Line Items]                
Discounts and debt issuance costs         $ 7,203,000 $ 4,983,000    
Total long-term debt - face value         3,357,899,000 2,846,373,000    
Net proceeds   $ 741,417,000            
Net noncash expense             $ 466,000  
Repayment of long-term debt         250,025,000 23,000 892,055,000  
Premium for repayments of debt             5,608,000  
Transaction costs for repayments of debt             1,314,000  
Combined charge, component of interest expense             7,388,000  
Short-term debt         0 0    
Proceeds from issuance of long-term debt         $ 750,000,000 0 $ 850,000,000  
Term Loan Due April 2021 [Member] | Term Loan Due [Member]                
Debt Instrument [Line Items]                
Available borrowing capacity $ 500,000,000     $ 500,000,000        
Repayments of debt       $ 250,000,000        
Investment-Grade Type Covenants Governed [Member]                
Debt Instrument [Line Items]                
Number of indentures with customary investment-grade type covenants | item         3      
Line of Credit [Member]                
Debt Instrument [Line Items]                
Transaction fees     $ 4,632,000          
Maximum borrowing capacity     $ 1,000,000,000   $ 1,000,000,000      
Commitment fee         0.15%      
Available borrowing capacity         $ 943,920,000      
Borrowings         $ 0      
Debt issued, term     5 years          
Line of Credit [Member] | LIBOR [Member]                
Debt Instrument [Line Items]                
Applicable margin on borrowing rate         1.25%      
Line of Credit [Member] | Base Rate [Member]                
Debt Instrument [Line Items]                
Applicable margin on borrowing rate         0.25%      
Line of Credit [Member] | Maximum, Upon Certain Acquisitions [Member]                
Debt Instrument [Line Items]                
Debt to EBITDA ratio         3.75      
Standby Letters of Credit [Member]                
Debt Instrument [Line Items]                
Outstanding standby letters of credit         $ 56,080,000      
Period of standby letters of credit         1 year      
Standby Letters of Credit [Member] | LIBOR [Member]                
Debt Instrument [Line Items]                
Applicable margin on borrowing rate         0.175%      
Maximum [Member] | Term Loan Due April 2021 [Member] | Term Loan Due [Member]                
Debt Instrument [Line Items]                
Short-term debt               $ 750,000,000
Maximum [Member] | Line of Credit [Member]                
Debt Instrument [Line Items]                
Debt to EBITDA ratio         3.50      
Commitment fee         0.275%      
Maximum [Member] | Line of Credit [Member] | LIBOR [Member]                
Debt Instrument [Line Items]                
Applicable margin on borrowing rate         1.875%      
Maximum [Member] | Line of Credit [Member] | Base Rate [Member]                
Debt Instrument [Line Items]                
Applicable margin on borrowing rate         0.875%      
Minimum [Member] | Line of Credit [Member]                
Debt Instrument [Line Items]                
Commitment fee         0.125%      
Minimum [Member] | Line of Credit [Member] | LIBOR [Member]                
Debt Instrument [Line Items]                
Applicable margin on borrowing rate         1.125%      
Minimum [Member] | Line of Credit [Member] | Base Rate [Member]                
Debt Instrument [Line Items]                
Applicable margin on borrowing rate         0.125%      
Notes [Member]                
Debt Instrument [Line Items]                
Total long-term debt - face value         $ 3,357,899,000      
Notes [Member] | Investment-Grade Type Covenants Governed [Member]                
Debt Instrument [Line Items]                
Total long-term debt - face value         3,346,188,000      
Notes [Member] | 3.50% notes due 2030 [Member]                
Debt Instrument [Line Items]                
Total long-term debt - face value   $ 750,000,000     $ 750,000,000 0    
Maturity year   2030     2030      
Interest rate   3.50%     3.50%      
Notes [Member] | Floating-Rate Notes Due 2020 [Member]                
Debt Instrument [Line Items]                
Total long-term debt - face value   $ 250,000,000     $ 0 250,000,000    
Maturity year         2020      
Repayment of long-term debt $ 250,000,000              
Notes [Member] | Floating-Rate Notes Due 2021 [Member]                
Debt Instrument [Line Items]                
Total long-term debt - face value         $ 500,000,000 $ 500,000,000    
Maturity year         2021      
v3.20.4
DEBT (Debt) (Details) - USD ($)
 1 Months Ended 12 Months Ended
May 31, 2020
Dec. 31, 2020
Sep. 30, 2020
Apr. 30, 2020
Dec. 31, 2019
Debt Instrument [Line Items]          
Total short-term debt   $ 0     $ 0
Total long-term debt - face value   3,357,899,000     2,846,373,000
Unamortized discounts and debt issuance costs   (70,224,000)     (62,033,000)
Total long-term debt - book value   3,287,675,000     2,784,340,000
Less current maturities   515,435,000     25,000
Total long-term debt - reported value   2,772,240,000     2,784,315,000
Estimated fair value of long-term debt   $ 3,443,225,000     3,073,693,000
Term Loan Due [Member] | Term Loan Due April 2021 [Member] | Maximum [Member]          
Debt Instrument [Line Items]          
Total short-term debt       $ 750,000,000  
Line of Credit [Member] | Bank Line Of Credit Due 2021 [Member]          
Debt Instrument [Line Items]          
Maturity year   2025      
Line of Credit [Member] | Bank Line Of Credit Due 2025 [Member]          
Debt Instrument [Line Items]          
Total short-term debt [1]   $ 0     0
Line of Credit [Member] | Bank Line Of Credit Due 2025 [Member]          
Debt Instrument [Line Items]          
Total long-term debt - face value [1]   0     0
Notes [Member]          
Debt Instrument [Line Items]          
Total long-term debt - face value   $ 3,357,899,000      
Notes [Member] | Bank Line Of Credit Due 2021 [Member]          
Debt Instrument [Line Items]          
Maturity year   2025      
Notes [Member] | Floating-Rate Notes Due 2020 [Member]          
Debt Instrument [Line Items]          
Total long-term debt - face value $ 250,000,000 $ 0     250,000,000
Maturity year   2020      
Notes [Member] | Floating-Rate Notes Due 2021 [Member]          
Debt Instrument [Line Items]          
Total long-term debt - face value   $ 500,000,000     500,000,000
Maturity year   2021      
Effective interest rate   1.11%      
Notes [Member] | 8.85% notes due 2021 [Member]          
Debt Instrument [Line Items]          
Total long-term debt - face value   $ 6,000,000     6,000,000
Interest rate   8.85%      
Maturity year   2021      
Effective interest rate   8.88%      
Notes [Member] | 4.50% notes due 2025 [Member]          
Debt Instrument [Line Items]          
Total long-term debt - face value   $ 400,000,000     400,000,000
Interest rate   4.50%      
Maturity year   2025      
Effective interest rate   4.65%      
Notes [Member] | 3.90% notes due 2027 [Member]          
Debt Instrument [Line Items]          
Total long-term debt - face value   $ 400,000,000     400,000,000
Interest rate   3.90%      
Maturity year   2027      
Effective interest rate   4.00%      
Notes [Member] | 3.50% notes due 2030 [Member]          
Debt Instrument [Line Items]          
Total long-term debt - face value $ 750,000,000 $ 750,000,000     0
Interest rate 3.50% 3.50%      
Maturity year 2030 2030      
Effective interest rate   3.94%      
Notes [Member] | 7.15% notes due 2037 [Member]          
Debt Instrument [Line Items]          
Total long-term debt - face value   $ 129,239,000     129,239,000
Interest rate   7.15%      
Maturity year   2037      
Effective interest rate   8.05%      
Notes [Member] | 4.50% notes due 2047 [Member]          
Debt Instrument [Line Items]          
Total long-term debt - face value   $ 700,000,000     700,000,000
Interest rate   4.50%      
Maturity year   2047      
Effective interest rate   4.59%      
Notes [Member] | 4.70% notes due 2048 [Member]          
Debt Instrument [Line Items]          
Total long-term debt - face value   $ 460,949,000     460,949,000
Interest rate   4.70%      
Maturity year   2048      
Effective interest rate   5.42%      
Other Notes [Member]          
Debt Instrument [Line Items]          
Total long-term debt - face value   $ 11,711,000     $ 185,000
Effective interest rate   0.77%      
Line of Credit [Member]          
Debt Instrument [Line Items]          
Maximum borrowing capacity   $ 1,000,000,000 $ 1,000,000,000    
[1] Borrowings on the bank line of credit are classified as short-term if we intend to repay within twelve months and as long-term if we have the intent and ability to extend payment beyond twelve months.
v3.20.4
DEBT (Schedule of Principal and Interest Debt Payments) (Details)
$ in Thousands
Dec. 31, 2020
USD ($)
DEBT [Abstract]  
2021, Total $ 639,303
2022, Total 122,720
2023, Total 122,720
2024, Total 122,720
2025, Total 513,720
2021, Principal 515,435
2022, Principal 457
2023, Principal 459
2024, Principal 461
2025, Principal 400,463
2021, Interest 123,868
2022, Interest 122,263
2023, Interest 122,261
2024, Interest 122,259
2025, Interest $ 113,257
v3.20.4
DEBT (Standby Letters of Credit) (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Line of Credit Facility [Line Items]      
Risk management insurance $ 75,570 $ 69,069  
Reclamation/restoration requirements 283,163 $ 210,323 $ 225,726
Standby Letters of Credit [Member]      
Line of Credit Facility [Line Items]      
Risk management insurance 48,982    
Reclamation/restoration requirements 7,098    
Total $ 56,080    
v3.20.4
LEASES (Narrative) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Operating Leased Assets [Line Items]    
Cash paid for operating leases $ 54,871 $ 52,660
Cash paid for finance leases 102 $ 4
Finance leases $ 6,186  
Minimum [Member] | Buildings [Member]    
Operating Leased Assets [Line Items]    
Noncancelable lease period 0 years  
Term of contract 0 years  
Minimum [Member] | Aggregate Sales Yard [Member]    
Operating Leased Assets [Line Items]    
Noncancelable lease period 0 years  
Term of contract 0 years  
Minimum [Member] | Concrete And Asphalt Site [Member]    
Operating Leased Assets [Line Items]    
Noncancelable lease period 0 years  
Term of contract 1 year  
Minimum [Member] | Rail [Member]    
Operating Leased Assets [Line Items]    
Noncancelable lease period 0 years  
Term of contract 2 years  
Minimum [Member] | Barge [Member]    
Operating Leased Assets [Line Items]    
Noncancelable lease period 0 years  
Term of contract 0 years  
Minimum [Member] | Office And Plant Equipment [Member]    
Operating Leased Assets [Line Items]    
Noncancelable lease period 0 years  
Term of contract 0 years  
Minimum [Member] | Office And Plant Equipment, Short-term Lease [Member]    
Operating Leased Assets [Line Items]    
Term of contract 1 year  
Maximum [Member] | Buildings [Member]    
Operating Leased Assets [Line Items]    
Noncancelable lease period 7 years  
Term of contract 26 years  
Maximum [Member] | Aggregate Sales Yard [Member]    
Operating Leased Assets [Line Items]    
Noncancelable lease period 28 years  
Term of contract 78 years  
Maximum [Member] | Concrete And Asphalt Site [Member]    
Operating Leased Assets [Line Items]    
Noncancelable lease period 19 years  
Term of contract 78 years  
Maximum [Member] | Rail [Member]    
Operating Leased Assets [Line Items]    
Noncancelable lease period 4 years  
Term of contract 64 years  
Maximum [Member] | Barge [Member]    
Operating Leased Assets [Line Items]    
Noncancelable lease period 1 year  
Term of contract 14 years  
Maximum [Member] | Office And Plant Equipment [Member]    
Operating Leased Assets [Line Items]    
Noncancelable lease period 5 years  
Term of contract 5 years  
Maximum [Member] | Equipment [Member]    
Operating Leased Assets [Line Items]    
Term of contract 1 year  
v3.20.4
LEASES (Schedule of Lease Assets and Liabilities, Weighted-Average Lease Term and Discount Rate) (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
LEASES [Abstract]    
Operating lease ROU assets $ 482,513 $ 441,656
Accumulated amortization (59,385) (33,467)
Finance lease assets 7,796 1,226
Accumulated amortization (1,640) (65)
Total lease assets 429,284 409,350
Current operating lease liabilities 36,969 29,971
Current finance lease liabilities 2,047 430
Noncurrent operating liabilities 399,582 388,042
Noncurrent finance lease liabilities 4,139 733
Total lease liabilities $ 442,737 $ 419,176
Weighted-average remaining lease term, Operating leases 9 years 6 months 9 years 10 months 24 days
Weighted-average remaining lease term, Finance leases 4 years 2 months 12 days 2 years 9 months 18 days
Weighted-average discount rate, Operating leases 3.60% 4.30%
Weighted-average discount rate, Finance leases 1.40% 3.00%
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] Other Liabilities Current Other Liabilities Current
v3.20.4
LEASES (Components of Lease Expense) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
LEASES [Abstract]      
Amortization of right-of-use assets $ 1,616 $ 64  
Interest on lease liabilities (102) (4)  
Operating lease cost 58,489 56,546  
Short-term lease cost [1] 30,508 35,427  
Variable lease cost 12,885 13,739  
Sublease income (2,682) (3,108)  
Total lease cost $ 100,714 $ 102,664 $ 131,015
[1] Our short-term leases cost includes the cost of leases with an initial term of one month or less.
v3.20.4
LEASES (Maturity Analysis on an Undiscounted Basis) (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Lessee, Operating Lease, Liability, Payment, Due [Abstract]    
2021 $ 54,733  
2022 48,225  
2023 41,206  
2024 36,141  
2025 36,375  
Thereafter 565,042  
Total minimum lease payments 781,722  
Less: Lease payments representing interest 345,171  
Present value of future minimum lease payments 436,551  
Less: Current obligations under leases 36,969 $ 29,971
Long-term lease obligations 399,582 388,042
Finance Lease, Liability, Payment, Due [Abstract]    
2021 2,134  
2022 1,986  
2023 1,058  
2024 779  
2025 349  
Thereafter 50  
Total minimum lease payments 6,356  
Less: Lease payments representing interest 170  
Present value of future minimum lease payments 6,186  
Less: Current obligations under leases 2,047 430
Long-term lease obligations $ 4,139 $ 733
v3.20.4
ACCRUED ENVIRONMENTAL REMEDIATION COSTS (Narrative) (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
ACCRUED ENVIRONMENTAL REMEDIATION COSTS [Abstract]    
Long-term portion of accrued environmental remediation costs $ 12,943 $ 13,567
v3.20.4
ACCRUED ENVIRONMENTAL REMEDIATION COSTS (Accrued Environmental Remediation Costs) (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Loss Contingencies [Line Items]    
Accrued Environmental Remediation Costs $ 36,515 $ 41,401
Continuing Operations [Member]    
Loss Contingencies [Line Items]    
Accrued Environmental Remediation Costs 25,544 30,429
Retained From Former Chemicals Business [Member]    
Loss Contingencies [Line Items]    
Accrued Environmental Remediation Costs $ 10,971 $ 10,972
v3.20.4
INCOME TAXES (Narrative) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Operating Loss Carryforwards [Line Items]      
U.S. federal corporate income tax rate 21.00% 21.00% 21.00%
State net operating loss carryforwards $ 67,756 $ 67,354  
Interest and penalties recognized as income tax expense (benefit) 36 (11) $ (1,477)
Balance of accrued interest and penalties included in liability for unrecognized income tax benefits 336 301 312
Unrecognized income tax benefits that would affect the effective tax rate if recognized $ 6,641 5,292 $ 3,481
Income tax benefit recognition threshold more likely than not 50.00%    
Other Accounts And Notes Receivable [Member]      
Operating Loss Carryforwards [Line Items]      
Income tax receivables $ 5,314    
Other Current Assets [Member]      
Operating Loss Carryforwards [Line Items]      
Income tax receivables 938 $ 299  
Alabama [Member]      
Operating Loss Carryforwards [Line Items]      
State net operating loss carryforwards 64,307    
Alabama [Member] | State [Member]      
Operating Loss Carryforwards [Line Items]      
Net operating loss carryforwards, valuation allowance $ 29,236    
Alabama [Member] | State [Member] | Earliest Tax Year [Member]      
Operating Loss Carryforwards [Line Items]      
Net operating loss carryforwards expiration year 2023    
Alabama [Member] | State [Member] | Latest Tax Year [Member]      
Operating Loss Carryforwards [Line Items]      
Net operating loss carryforwards expiration year 2029    
v3.20.4
INCOME TAXES (Components of Earnings from Continuing Operations before Income Taxes) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
INCOME TAXES [Abstract]      
Domestic $ 732,971 $ 734,025 $ 593,446
Foreign 10,827 23,676 29,844
Earnings from continuing operations before income taxes $ 743,798 $ 757,701 $ 623,290
v3.20.4
INCOME TAXES (Provision (Benefit) for Income Taxes from Continuing Operations) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
INCOME TAXES [Abstract]      
Current, Federal $ 69,180 $ 31,234 $ 21,111
Current, State and local 23,826 24,403 15,127
Current, Foreign 942 3,304 4,278
Current, Total 93,948 58,941 40,516
Deferred, Federal 50,890 67,810 59,216
Deferred, State and local 10,798 8,660 8,369
Deferred, Foreign 167 (213) (2,652)
Deferred, Total 61,855 76,257 64,933
Total income tax expense $ 155,803 $ 135,198 $ 105,449
v3.20.4
INCOME TAXES (Sources and Tax Effects of Differences Between Benefit from Income Taxes and Amount Computed by Applying Federal Statutory Income Tax Rate to Losses from Continuing Operations before Income Taxes) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
INCOME TAXES [Abstract]      
Income tax expense at the federal statutory tax rate $ 156,198 $ 159,117 $ 130,891
Statutory depletion (24,728) (23,006) (21,733)
State and local income taxes, net of federal income tax benefit 27,352 26,119 18,562
Share-based compensation (6,877) (17,277) (16,551)
Uncertain tax positions 1,380 1,822 (6,402)
Transition tax 0 0 595
Research and development credit (2,650) (9,490) 0
Other, net 5,128 (2,087) 87
Total income tax expense $ 155,803 $ 135,198 $ 105,449
Income tax expense at the federal statutory tax rate 21.00% 21.00% 21.00%
Statutory depletion, Rate (3.30%) (3.00%) (3.50%)
State and local income taxes, net of federal income tax benefit, Rate 3.70% 3.40% 3.00%
Share-based compensation, Rate (0.90%) (2.30%) (2.70%)
Uncertain tax positions, Rate 0.20% 0.20% (1.00%)
Transition tax, Rate 0.00% 0.00% 0.10%
Research and development credit, Rate (0.40%) (1.30%) 0.00%
Other, net, Rate 0.60% (0.20%) 0.00%
Effective tax rate 20.90% 17.80% 16.90%
v3.20.4
INCOME TAXES (Components of Net Deferred Income Tax Liability) (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
INCOME TAXES [Abstract]    
Employee benefits $ 21,874 $ 29,996
Incentive compensation 58,194 66,488
Asset retirement obligations & other reserves 58,327 55,033
State net operating losses 67,756 67,354
Other 25,362 44,169
Total gross deferred tax assets 231,513 263,040
Valuation allowance (32,512) (29,650)
Total net deferred tax asset 199,001 233,390
Property, plant & equipment 622,897 590,075
Goodwill/other intangible assets 252,209 238,712
Other 29,945 37,642
Total deferred tax liabilities 905,051 866,429
Net deferred tax liability $ 706,050 $ 633,039
v3.20.4
INCOME TAXES (Changes in Unrecognized Income Tax Benefits) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
INCOME TAXES [Abstract]      
Unrecognized tax benefits as of January 1 $ 5,442 $ 3,661 $ 11,643
Increases for tax positions related to Prior years 353 273 0
Increases for tax positions related to Current year 1,884 3,224 698
Decreases for tax positions related to Prior years 0 0 (655)
Expiration of applicable statute of limitations (862) (1,716) (8,025)
Unrecognized tax benefits as of December 31 $ 6,817 $ 5,442 $ 3,661
v3.20.4
BENEFIT PLANS (Narrative) (Details)
$ in Thousands
 1 Months Ended 11 Months Ended 12 Months Ended
Dec. 31, 2020
USD ($)
employee
ShareBasedCompensationPlan
Nov. 30, 2020
Dec. 31, 2021
Dec. 31, 2020
USD ($)
employee
ShareBasedCompensationPlan
item
Dec. 31, 2019
USD ($)
item
Dec. 31, 2018
USD ($)
Defined Benefit Plan Disclosure [Line Items]            
Number of defined contribution plans | ShareBasedCompensationPlan 2     2    
Expected return on plan assets 5.25% 5.75%     5.75%  
Contributions to multiemployer pension plans       $ 10,277 $ 10,385 $ 10,081
Percentage of contributions to individual multiemployer pension funds       5.00% 5.00% 5.00%
Percentage of domestic hourly labor force covered by collective bargaining agreements expiring in 2021       14.00%    
Number of unfunded supplemental retirement plans | item       1 1  
Accrued costs for supplemental retirement plan $ 2,525     $ 2,525 $ 1,069  
Expense recognized related to defined contribution plans       $ 50,772 53,853 $ 40,718
Percentage of domestic hourly labor force covered by collective bargaining agreements       8.20%    
Mexico [Member]            
Defined Benefit Plan Disclosure [Line Items]            
Number of employees | employee 339     339    
Number of employess that participate in multiemployer pension plans | employee       0    
Forecast [Member]            
Defined Benefit Plan Disclosure [Line Items]            
Expected return on plan assets     5.25%      
Pension Plans, Defined Benefit [Member]            
Defined Benefit Plan Disclosure [Line Items]            
Number of funded, noncontributory defined benefit pension plans | ShareBasedCompensationPlan       2    
Projected benefit obligation $ 1,059,545     $ 1,059,545 $ 1,090,893 $ 958,936
Expected return on plan assets 5.25% 5.75%     5.75% 7.00%
Employer contributions       8,819 $ 8,882 $ 109,631
Estimated employer contribution in 2021 $ 8,060     $ 8,060    
Discount rate 2.57%     2.57% 3.28% 4.39%
Estimated weighted-average discount rate to measure service cost       2.92% 4.59%  
Estimated weighted-average discount rate to measure interest cost       2.78% 4.02%  
Pension Plans, Defined Benefit [Member] | Qualified Plan [Member]            
Defined Benefit Plan Disclosure [Line Items]            
Discretionary qualified plan contribution           $ 100,000
Employer contributions       $ 0 $ 0  
Pension Plans, Defined Benefit [Member] | Nonqualified Plan [Member]            
Defined Benefit Plan Disclosure [Line Items]            
Number of unfunded, nonqualified pension plans | ShareBasedCompensationPlan       3    
Projected benefit obligation $ 67,241     $ 67,241 70,298  
Employer contributions       8,819 $ 8,882 9,631
Estimated employer contribution in 2021 $ 8,060     $ 8,060    
Pension Plans, Defined Benefit [Member] | Return Seeking [Member]            
Defined Benefit Plan Disclosure [Line Items]            
Target allocation ranges for plan assets 50.00%     50.00% 50.00%  
Pension Plans, Defined Benefit [Member] | Liability Hedge [Member]            
Defined Benefit Plan Disclosure [Line Items]            
Target allocation ranges for plan assets 50.00%     50.00% 50.00%  
Other Postretirement Benefit Plans, Defined Benefit [Member]            
Defined Benefit Plan Disclosure [Line Items]            
Normal retirement age       65 years    
Projected benefit obligation $ 33,883     $ 33,883 $ 41,187 $ 40,834
Estimated employer contribution in 2021 $ 4,471     $ 4,471    
Discount rate 2.09%     2.09% 2.84% 4.01%
Estimated weighted-average discount rate to measure service cost       3.09% 4.23%  
Estimated weighted-average discount rate to measure interest cost       2.42% 3.63%  
Minimum [Member]            
Defined Benefit Plan Disclosure [Line Items]            
Discount rate 1.55%     1.55% 2.67%  
Minimum [Member] | Pension Plans, Defined Benefit [Member]            
Defined Benefit Plan Disclosure [Line Items]            
Percent of the plans’ assets are in private equity and debt securities via private partnerships       1.00%    
Maximum [Member]            
Defined Benefit Plan Disclosure [Line Items]            
Discount rate 2.72%     2.72% 3.37%  
v3.20.4
BENEFIT PLANS (Combined Funded Status of Plans and their Reconciliation with Related Amounts Recognized in Consolidated Financial Statements - Pension Benefits) (Details) - Pension Plans, Defined Benefit [Member] - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Change in Benefit Obligation      
Projected benefit obligation at beginning of year $ 1,090,893 $ 958,936  
Service cost 4,899 4,995 $ 5,716
Interest cost 29,335 37,640 35,503
Actuarial (gain) loss 89,109 141,922  
Benefits paid (154,691) (52,600)  
Projected benefit obligation at end of year 1,059,545 1,090,893 958,936
Change in Fair Value of Plan Assets      
Fair value of assets at beginning of year 949,007 836,770  
Actual return on plan assets 141,155 155,955  
Employer contributions 8,819 8,882 109,631
Benefits paid (154,691) (52,600)  
Fair value of assets at end of year 944,290 949,007 $ 836,770
Funded status (115,255) (141,886)  
Amounts Recognized in the Consolidated Balance Sheets      
Noncurrent assets 0 9,056  
Current liabilities (8,060) (8,579)  
Noncurrent liabilities (107,195) (142,363)  
Net amount recognized (115,255) (141,886)  
Amounts Recognized in Accumulated Other Comprehensive Income      
Net actuarial loss 230,452 268,483  
Prior service cost 5,148 6,488  
Total amount recognized $ 235,600 $ 274,971  
v3.20.4
BENEFIT PLANS (Combined Funded Status of Plans and their Reconciliation with Related Amounts Recognized in Consolidated Financial Statements - Postretirement Benefits) (Details) - Other Postretirement Benefit Plans, Defined Benefit [Member] - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Change in Benefit Obligation      
Projected benefit obligation at beginning of year $ 41,187 $ 40,834  
Service cost 1,520 1,317 $ 1,358
Interest cost 969 1,388 1,240
Actuarial loss (5,111) 2,677  
Benefits paid (4,682) (5,029) (6,099)
Projected benefit obligation at end of year 33,883 41,187 40,834
Change in Fair Value of Plan Assets      
Fair value of assets at beginning of year 0 0  
Actual return on plan assets 0 0  
Fair value of assets at end of year 0 0 $ 0
Funded status (33,883) (41,187)  
Amounts Recognized in the Consolidated Balance Sheets      
Current liabilities (4,471) (5,339)  
Noncurrent liabilities (29,412) (35,848)  
Net amount recognized (33,883) (41,187)  
Amounts Recognized in Accumulated Other Comprehensive Income      
Net actuarial gain (19,003) (14,642)  
Prior service credit (3,656) (7,575)  
Total amount recognized $ (22,659) $ (22,217)  
v3.20.4
BENEFIT PLANS (Schedule of Pension Plans for ABO or PBO That Exceed the Fair Value Of Plan Assets) (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Pension plans with ABO in excess of plan assets    
Accumulated benefit obligation $ 1,058,645 $ 1,009,224
Fair value of assets 944,290 858,936
Pension plans with PBO in excess of plan assets    
Projected benefit obligation 1,059,545 1,009,877
Fair value of assets $ 944,290 $ 858,936
v3.20.4
BENEFIT PLANS (Components of Net Periodic Benefit Cost- Pension Benefits) (Details) - USD ($)
$ in Thousands
 1 Months Ended 11 Months Ended 12 Months Ended
Dec. 31, 2020
Nov. 30, 2020
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31          
Expected return on plan assets 5.25% 5.75%   5.75%  
Pension Plans, Defined Benefit [Member]          
Components of Net Periodic Benefit Cost          
Service cost     $ 4,899 $ 4,995 $ 5,716
Interest cost     29,335 37,640 35,503
Expected return on plan assets     (48,599) (47,751) (59,188)
Settlement charge     22,740 0 0
Amortization of prior service cost     1,340 1,340 1,340
Amortization of actuarial loss     11,845 5,433 9,826
Net periodic benefit cost (credit)     21,560 1,657 (6,803)
Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income          
Net actuarial loss (gain)     (3,446) 33,717 (555)
Prior service cost     0 0 0
Reclassification of prior service (cost) credit     (1,340) (1,340) (1,340)
Reclassification of actuarial loss     (34,585) (5,433) (9,826)
Amount recognized in other comprehensive income     (39,371) 26,944 (11,721)
Amount recognized in net periodic pension benefit cost and other comprehensive income     $ (17,811) $ 28,601 $ (18,524)
Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31          
Discount rate — PBO     3.22% 4.39% 3.72%
Discount rate — service cost 2.89% 3.49%   4.59% 3.90%
Discount rate — interest cost     2.78% 4.02% 3.35%
Expected return on plan assets 5.25% 5.75%   5.75% 7.00%
Weighted-average assumptions used to determine benefit obligation at December 31          
Discount rate 2.57%   2.57% 3.28% 4.39%
v3.20.4
BENEFIT PLANS (Components of Net Periodic Benefit Cost- Other Postretirement Benefits) (Details) - Other Postretirement Benefit Plans, Defined Benefit [Member] - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Components of Net Periodic Benefit Cost      
Service cost $ 1,520 $ 1,317 $ 1,358
Service cost 1,521 1,317  
Interest cost 969 1,388 1,240
Amortization of prior service credit (3,919) (3,919) (3,962)
Amortization of actuarial gain (806) (1,309) (1,298)
Net periodic benefit cost (credit) (2,235) (2,523) (2,662)
Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income      
Net actuarial loss (gain) (5,168) 2,673 835
Reclassification of prior service credit 3,919 3,919 3,962
Reclassification of actuarial gain 806 1,309 1,298
Amount recognized in other comprehensive income (443) 7,901 6,095
Amount recognized in net periodic pension benefit cost and other comprehensive income $ (2,678) $ 5,378 $ 3,433
Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31      
Discount rate — PBO 2.84% 4.01% 3.34%
Discount rate — service cost 3.09% 4.23% 3.56%
Discount rate — interest cost 2.42% 3.63% 2.90%
Weighted-average assumptions used to determine benefit obligation at December 31      
Discount rate 2.09% 2.84% 4.01%
v3.20.4
BENEFIT PLANS (Fair Values of Pension Plan Assets) (Details) - Pension Plans, Defined Benefit [Member] - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Debt Funds [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Total pension plan assets $ 456,238 $ 435,692
Equity Funds [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Total pension plan assets 115,795 120,802
Investments In The Fair Value Hierarchy [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Total pension plan assets 572,033 556,494
Interest In Common/Collective Trusts [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Total pension plan assets 367,105 387,785
Private Partnerships [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Total pension plan assets 5,152 4,728
Total [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Total pension plan assets 944,290 949,007
Fair Value, Inputs, Level 1 [Member] | Debt Funds [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Total pension plan assets 0 0
Fair Value, Inputs, Level 1 [Member] | Equity Funds [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Total pension plan assets 16 549
Fair Value, Inputs, Level 1 [Member] | Investments In The Fair Value Hierarchy [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Total pension plan assets 16 549
Fair Value, Inputs, Level 2 [Member] | Debt Funds [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Total pension plan assets 456,238 435,692
Fair Value, Inputs, Level 2 [Member] | Equity Funds [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Total pension plan assets 115,779 120,253
Fair Value, Inputs, Level 2 [Member] | Investments In The Fair Value Hierarchy [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Total pension plan assets 572,017 555,945
Fair Value, Inputs, Level 3 [Member] | Debt Funds [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Total pension plan assets 0 0
Fair Value, Inputs, Level 3 [Member] | Equity Funds [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Total pension plan assets 0 0
Fair Value, Inputs, Level 3 [Member] | Investments In The Fair Value Hierarchy [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Total pension plan assets $ 0 $ 0
v3.20.4
BENEFIT PLANS (Employer Contributions for Plan) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Other Postretirement Benefit Plans, Defined Benefit [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Employer contributions $ 4,682 $ 5,029 $ 6,099
2021 (estimated) 4,471    
Pension Plans, Defined Benefit [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Employer contributions 8,819 8,882 $ 109,631
Employer contributions 154,691 $ 52,600  
2021 (estimated) $ 8,060    
v3.20.4
BENEFIT PLANS (Benefit Payments Which Reflect Expected Future Service, Expected to be Paid) (Details)
$ in Thousands
Dec. 31, 2020
USD ($)
Pension Plans, Defined Benefit [Member]  
Defined Benefit Plan Disclosure [Line Items]  
2021 $ 55,333
2022 56,968
2023 57,558
2024 58,019
2025 56,217
2026-2030 279,537
Other Postretirement Benefit Plans, Defined Benefit [Member]  
Defined Benefit Plan Disclosure [Line Items]  
2021 4,471
2022 3,951
2023 3,688
2024 3,358
2025 3,054
2026-2030 $ 11,023
v3.20.4
BENEFIT PLANS (Contributions by Participants to Postretirement Benefit Plans) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Other Postretirement Benefit Plans, Defined Benefit [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Participants Contributions $ 2,553 $ 2,239 $ 1,984
v3.20.4
INCENTIVE PLANS (Narrative) (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of authorized shares remaining 6,331,687    
Officers And Key Employees [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expense provision under cash-based compensation plans $ 42,138 $ 40,847 $ 36,969
Performance Shares [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Pretax compensation expense $ 17,798 $ 18,236 $ 13,656
Weighted-average Grant Date Fair Value, Granted $ 133.95 $ 110.39 $ 117.20
Share-based compensation plans vesting period (in years) 3 years    
SOSARs [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Pretax compensation expense $ 3,855 $ 4,042 $ 4,763
Share-based compensation plans vesting period (in years) 3 years    
Share-based compensation plans expiration period (in years) 10 years    
Restricted Shares [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Pretax compensation expense $ 9,766 $ 7,789 $ 4,831
Weighted-average Grant Date Fair Value, Granted $ 133.95 $ 110.39 $ 117.20
Share-based compensation plans vesting period (in years) 3 years    
Deferred Stock Units [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Pretax compensation expense $ 1,572 $ 1,776 $ 1,965
Minimum [Member] | Performance Shares [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Units paid target range 0.00%    
Maximum [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of shares that may be issued 8,000,000    
Maximum [Member] | Performance Shares [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Units paid target range 200.00%    
v3.20.4
INCENTIVE PLANS (Summary of Activity for Nonvested Performance/Restricted Share Units) (Details) - $ / shares
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Performance Shares [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Target Number of Shares, Beginning Balance 244,904    
Target Number of Shares, Granted 117,740    
Target Number of Shares, Vested (112,302)    
Target Number of Shares, Canceled/forfeited (6,483)    
Target Number of Shares, Ending Balance 243,859 244,904  
Weighted-average Grant Date Fair Value, Beginning Balance $ 113.55    
Weighted-average Grant Date Fair Value, Granted 133.95 $ 110.39 $ 117.20
Weighted-average Grant Date Fair Value, Vested 117.19    
Weighted-average Grant Date Fair Value, Canceled/forfeited 120.66    
Weighted-average Grant Date Fair Value, Ending Balance $ 121.53 $ 113.55  
Restricted Shares [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Target Number of Shares, Beginning Balance 211,930    
Target Number of Shares, Granted 82,271    
Target Number of Shares, Vested (86,302)    
Target Number of Shares, Canceled/forfeited (7,746)    
Target Number of Shares, Ending Balance 200,153 211,930  
Weighted-average Grant Date Fair Value, Beginning Balance $ 108.34    
Weighted-average Grant Date Fair Value, Granted 133.95 $ 110.39 $ 117.20
Weighted-average Grant Date Fair Value, Vested 102.12    
Weighted-average Grant Date Fair Value, Canceled/forfeited 119.63    
Weighted-average Grant Date Fair Value, Ending Balance $ 121.11 $ 108.34  
v3.20.4
INCENTIVE PLANS (Aggregate Value of Performance Shares) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Performance Shares [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Aggregate value of distributed awards $ 38,841 $ 33,169 $ 53,721
Restricted Shares [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Aggregate value of distributed awards $ 12,210 $ 2,417 $ 1,345
v3.20.4
INCENTIVE PLANS (Weighted-Average Fair Value and Weighted-Average Assumptions Used in Estimating Fair Value of Grants) (Details) - SOSARs [Member] - $ / shares
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Fair value $ 40.91 $ 38.90 $ 43.72
Risk-free interest rate 1.50% 2.62% 2.90%
Dividend yield 0.71% 0.87% 1.39%
Volatility 25.74% 27.23% 31.49%
Expected term (years) 9 years 9 years 9 years
v3.20.4
INCENTIVE PLANS (Summary of Our SOSAR Activity) (Details) - SOSARs [Member]
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2020
USD ($)
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Number of Shares, Outstanding at January 1, 2020 | shares 944,599
Number of Shares, Granted | shares 75,300
Number of Shares, Exercised | shares (229,993)
Number of Shares, Forfeited or expired | shares (1,470)
Number of Shares, Outstanding at December 31, 2020 | shares 788,436
Number of Shares, Exercisable at December 31, 2020 | shares 641,613
Weighted-average Exercise Price, Outstanding at January 1, 2020 | $ / shares $ 76.84
Weighted-average Exercise Price, Granted | $ / shares 133.95
Weighted-average Exercise Price, Exercised | $ / shares 48.16
Weighted-average Exercise Price, Forfeited or expired | $ / shares 43.05
Weighted-average Exercise Price, Outstanding at December 31, 2020 | $ / shares 90.72
Weighted-average Exercise Price, Exercisable at December 31, 2020 | $ / shares $ 82.84
Weighted-average Remaining Contractual Life (Years), Outstanding 5 years 10 days
Weighted-average Remaining Contractual Life (Years), Exercisable at December 31, 2020 4 years 2 months 23 days
Aggregate Intrinsic Value, Outstanding at December 31, 2020 | $ $ 44,106
Aggregate Intrinsic Value, Exercisable at December 31, 2020 | $ $ 40,949
v3.20.4
INCENTIVE PLANS (Aggregate Intrinsic Values of Options Exercised) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
SOSARs [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Aggregate intrinsic value of SOSARs exercised $ 22,273 $ 74,838 $ 49,248
v3.20.4
INCENTIVE PLANS (Cash and Stock Consideration Received and Tax Benefit Realized from SOSAR Exercises and Compensation Cost Recorded) (Details) - SOSARs [Member] - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Cash and stock consideration received from exercises $ 0 $ 0 $ 0
Tax benefit from exercises 5,693 29,000 19,083
Compensation cost $ 3,855 $ 4,042 $ 4,763
v3.20.4
COMMITMENTS AND CONTINGENCIES (Narrative) (Details)
$ in Thousands
 1 Months Ended 12 Months Ended
Dec. 30, 2020
Nov. 09, 2020
USD ($)
Nov. 08, 2020
USD ($)
Nov. 30, 2020
USD ($)
Oct. 31, 2018
mi
Dec. 31, 2017
Sep. 30, 2017
item
Mar. 31, 2016
mi
May 31, 2007
entity
mi
Dec. 31, 2020
USD ($)
item
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Loss Contingencies [Line Items]                        
Expenditures under the noncapital purchase commitments                   $ 87,438 $ 87,044 $ 56,674
Commitments of minimum royalties under mineral leases                   265,560    
Expenditures for mineral royalties under mineral leases                   81,549 84,782 76,761
Asset retirement obligations                   283,163 210,323 $ 225,726
Number of other companies to perform a Remedial Investigation/ Feasibility Study related to the Lower Passaic River Clean-Up lawsuit | entity                 70      
Number of miles of the River used in the Remedial Investigation/Feasibility Study | mi                 17      
Judge ruled allocation of fault among defendants, percentage 15.00%                      
Net liabilities                   74,135 65,259  
Lease liabilities                   442,737 $ 419,176  
Parent Company [Member]                        
Loss Contingencies [Line Items]                        
Judge ruled allocation of fault among defendants, percentage           15.00%            
Property, Plant and Equipment [Member]                        
Loss Contingencies [Line Items]                        
Unconditional purchase obligations                   6,947    
Recorded unconditional purchase obligation in 2018                   6,947    
Noncapital [Member]                        
Loss Contingencies [Line Items]                        
Unconditional purchase obligations                   46,165    
Recorded unconditional purchase obligation in 2018                   $ 16,005    
New York Water District Cases [Member]                        
Loss Contingencies [Line Items]                        
Number of cases | item                   27    
NAFTA Arbitration [Member]                        
Loss Contingencies [Line Items]                        
Contingency loss                   $ 0    
EPA Administrative Order [Member]                        
Loss Contingencies [Line Items]                        
Amount of damages paid       $ 68                
Cooperating Parties Group [Member]                        
Loss Contingencies [Line Items]                        
Number of miles for bank-to-bank dredging remedy | mi         9     8        
Texas Brine and Occidental Chemical Co [Member]                        
Loss Contingencies [Line Items]                        
Judge ruled allocation of fault among defendants, percentage 20.00%                      
Occidental Chemical Co [Member]                        
Loss Contingencies [Line Items]                        
Judge ruled allocation of fault among defendants, percentage 30.00%         50.00%            
Texas Brine [Member]                        
Loss Contingencies [Line Items]                        
Judge ruled allocation of fault among defendants, percentage 55.00%         35.00%            
Number of cases | item                   2    
LADWP [Member]                        
Loss Contingencies [Line Items]                        
Number of planned new treatment capabilities | item                   2    
Minimum [Member] | NAFTA Arbitration [Member]                        
Loss Contingencies [Line Items]                        
Arbitration period                   2 years    
Maximum [Member] | EPA Administrative Order [Member]                        
Loss Contingencies [Line Items]                        
Total amount of damages claimed threshold   $ 300 $ 100                  
Maximum [Member] | EPA [Member]                        
Loss Contingencies [Line Items]                        
Estimated implementation costs                   $ 1,380,000    
Standby Letters of Credit [Member]                        
Loss Contingencies [Line Items]                        
Outstanding standby letters of credit                   56,080    
Hewitt Landfill Matter [Member]                        
Loss Contingencies [Line Items]                        
Number of groundwater extraction wells | item             2          
Surety Bond [Member]                        
Loss Contingencies [Line Items]                        
Contingency liability                   $ 835,819    
Number of surety bonds | item                   522    
Top Five Bonds [Member]                        
Loss Contingencies [Line Items]                        
Contingency liability                   $ 206,015    
Percentage of bonds                   25.00%    
v3.20.4
COMMITMENTS AND CONTINGENCIES (Commitments Due) (Details)
$ in Thousands
Dec. 31, 2020
USD ($)
Property, Plant and Equipment [Member]  
Recorded Unconditional Purchase Obligation [Line Items]  
2021 $ 6,947
Thereafter 0
Total 6,947
Noncapital [Member]  
Recorded Unconditional Purchase Obligation [Line Items]  
2021 16,005
2022-2023 15,106
2024–2025 4,054
Thereafter 11,000
Total $ 46,165
v3.20.4
COMMITMENTS AND CONTINGENCIES (Minimum Royalties Under Mineral Leases) (Details)
$ in Thousands
Dec. 31, 2020
USD ($)
COMMITMENTS AND CONTINGENCIES [Abstract]  
2021 $ 27,210
2022-2023 43,491
2024-2025 27,712
Thereafter 167,147
Total $ 265,560
v3.20.4
EQUITY (Narrative) (Details)
 12 Months Ended
Dec. 31, 2020
item
$ / shares
shares
Dec. 31, 2019
$ / shares
shares
Dec. 31, 2018
shares
EQUITY [Abstract]      
Common stock, par value | $ / shares $ 1 $ 1  
Common stock, shares authorized 480,000,000 480,000,000  
Number of votes per common stock | item 1    
Preferred stock, shares authorized 5,000,000    
Preferred stock issued 0    
Treasury Stock Shares 0 0 0
Shares remaining under the current authorization repurchase program 8,064,851    
v3.20.4
EQUITY (Shares Purchased and Retired) (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
EQUITY [Abstract]      
Shares Purchased and Retired, Number 214 19 1,192
Shares Purchased and Retired, Total purchase price $ 26,132 $ 2,602 $ 133,983
Shares Purchased and Retired, Average cost per share $ 121.92 $ 139.90 $ 112.41
v3.20.4
EQUITY (Cash Dividends Per Share of Common Stock) (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
EQUITY [Abstract]      
Cash dividends $ 180,216 $ 163,973 $ 148,109
Cash dividends per share $ 1.36 $ 1.24 $ 1.12
v3.20.4
OTHER COMPREHENSIVE INCOME (Accumulated Other Comprehensive Income, Net of Tax) (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
OTHER COMPREHENSIVE INCOME [Abstract]        
Interest rate hedges $ (23,943) $ (10,953) $ (11,180)  
Pension and postretirement plans (157,362) (186,785) (161,035)  
Total $ (181,305) $ (197,738) $ (172,215) $ (179,095)
v3.20.4
OTHER COMPREHENSIVE INCOME (Changes in Accumulated Other Comprehensive Income, Net of Tax) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Accumulated Other Comprehensive Income (Loss) [Line Items]      
AOCI, Beginning balance $ (197,738) $ (172,215) $ (179,095)
Other comprehensive income (loss) before reclassifications (8,313) (26,892) 2,289
Amounts reclassified from AOCI 24,746 1,369 4,591
Other comprehensive income (loss) 16,433 (25,523) 6,880
AOCI, Ending balance (181,305) (197,738) (172,215)
Reclassification Adjustment for Cash Flow Hedges [Member]      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
AOCI, Beginning balance (10,953) (11,180) (13,902)
Other comprehensive income (loss) before reclassifications (14,679) 0 2,496
Amounts reclassified from AOCI 1,689 227 226
Other comprehensive income (loss) (12,990) 227 2,722
AOCI, Ending balance (23,943) (10,953) (11,180)
Amortization of Pension and Postretirement Plan Actuarial Loss and Prior Service Cost [Member]      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
AOCI, Beginning balance (186,785) (161,035) (165,193)
Other comprehensive income (loss) before reclassifications 6,366 (26,892) (207)
Amounts reclassified from AOCI 23,057 1,142 4,365
Other comprehensive income (loss) 29,423 (25,750) 4,158
AOCI, Ending balance $ (157,362) $ (186,785) (161,035)
Scenario, Previously Reported [Member]      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
AOCI, Beginning balance     (149,466)
Scenario, Previously Reported [Member] | Reclassification Adjustment for Cash Flow Hedges [Member]      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
AOCI, Beginning balance     (11,438)
Scenario, Previously Reported [Member] | Amortization of Pension and Postretirement Plan Actuarial Loss and Prior Service Cost [Member]      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
AOCI, Beginning balance     (138,028)
Revision of Prior Period, Accounting Standards Update, Adjustment [Member]      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
AOCI, Beginning balance     (29,629)
Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | Reclassification Adjustment for Cash Flow Hedges [Member]      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
AOCI, Beginning balance     (2,464)
Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | Amortization of Pension and Postretirement Plan Actuarial Loss and Prior Service Cost [Member]      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
AOCI, Beginning balance     $ (27,165)
v3.20.4
OTHER COMPREHENSIVE INCOME (Amounts Reclassified from Accumulated Other Comprehensive Income to Earnings) (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2020
Sep. 30, 2020
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]                      
Interest expense                 $ 135,960 $ 130,155 $ 137,977
Other nonoperating expense                 (17,540) 9,243 13,000
Benefit from income taxes                 155,803 135,198 105,449
Total $ 114,518 $ 199,788 $ 209,916 $ 60,258 $ 141,092 $ 215,713 $ 197,558 $ 63,299 584,480 617,662 515,805
Reclassification From AOCI [Member]                      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]                      
Total                 24,746 1,369 4,591
Reclassification Adjustment for Cash Flow Hedges [Member] | Reclassification From AOCI [Member]                      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]                      
Interest expense                 2,286 307 306
Benefit from income taxes                 (597) (80) (80)
Total                 1,689 227 226
Amortization of Pension and Postretirement Plan Actuarial Loss and Prior Service Cost [Member] | Reclassification From AOCI [Member]                      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]                      
Other nonoperating expense                 31,200 1,545 5,906
Benefit from income taxes                 (8,143) (403) (1,541)
Total                 $ 23,057 $ 1,142 $ 4,365
v3.20.4
SEGMENT REPORTING (Narrative) (Details)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2020
USD ($)
Sep. 30, 2020
USD ($)
Jun. 30, 2020
USD ($)
Mar. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Sep. 30, 2019
USD ($)
Jun. 30, 2019
USD ($)
Mar. 31, 2019
USD ($)
Dec. 31, 2020
USD ($)
state
segment
mi
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Number of operating segments | segment                 4    
Number of reportable segments | segment                 4    
Radius for Delivering Product Maximum | mi                 25    
Radius for Delivering Product Minimum | mi                 20    
Revenues $ 1,175,119 $ 1,309,890 $ 1,322,575 $ 1,049,242 $ 1,186,152 $ 1,418,758 $ 1,327,682 $ 996,511 $ 4,856,826 [1] $ 4,929,103 [1] $ 4,382,869 [1]
Concrete [Member]                      
Percentage of product weight attributable to Aggregates                 80.00%    
Number of states in which segments serve | state                 4    
Revenues [1]                 $ 383,617 395,627 401,999
Aggregates [Member]                      
Equity method investments 26,524       50,587       $ 26,524 50,587 39,395
Number of states in which segments serve | state                 20    
Number of additional states served | state                 13    
Revenues [1]                 $ 3,672,884 3,669,464 3,239,578
Asphalt [Member]                      
Percentage of product weight attributable to Aggregates                 95.00%    
Number of states in which segments serve | state                 6    
Revenues [1]                 $ 792,605 855,821 733,182
Asphalt [Member] | Asphalt Construction Paving [Member]                      
Number of states in which segments serve | state                 3    
United States [Member]                      
Revenues                 $ 4,845,863 4,912,972 4,365,309
Nondomestic [Member]                      
Long-lived assets $ 261,574       $ 274,439       261,574 274,439 278,520
Nondomestic [Member] | Aggregates [Member]                      
Revenues                 10,963 16,131 17,560
Nondomestic [Member] | Asphalt, Concrete And Calcium [Member]                      
Revenues                 $ 0 $ 0 $ 0
[1]

1

The geographic markets are defined by states as follows:

East market — Arkansas, Delaware, Illinois, Kentucky, Maryland, North Carolina, Pennsylvania, Tennessee, Virginia, and Washington D.C.

Gulf Coast market — Alabama, Florida, Georgia, Louisiana, Mexico, Mississippi, Oklahoma, South Carolina and Texas

West market — Arizona, California and New Mexico

v3.20.4
SEGMENT REPORTING (Segment Financial Disclosure) (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2020
Sep. 30, 2020
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Segment Reporting Information [Line Items]                        
Total revenues $ 1,175,119 $ 1,309,890 $ 1,322,575 $ 1,049,242 $ 1,186,152 $ 1,418,758 $ 1,327,682 $ 996,511 $ 4,856,826 [1] $ 4,929,103 [1] $ 4,382,869 [1]  
Gross profit 302,741 $ 380,498 $ 396,519 $ 201,723 293,081 $ 400,643 $ 370,502 $ 191,675 1,281,481 1,255,901 1,100,945  
Depreciation, Depletion, Accretion & Amortization (DDA&A)                 396,806 374,596 346,246  
Capital Expenditures [2]                 363,360 404,348 475,229  
Cash and cash equivalents and restricted cash 1,198,013       274,506       1,198,013 274,506 44,404 $ 146,646
Total assets 11,686,905       10,648,793       11,686,905 10,648,793 9,832,130  
Operating Segments [Member]                        
Segment Reporting Information [Line Items]                        
Total revenues [1]                 5,128,228 5,249,914 4,656,940  
Total assets [3] 10,341,112       10,221,359       10,341,112 10,221,359 9,685,498  
Intersegment Sales [Member]                        
Segment Reporting Information [Line Items]                        
Total revenues [1]                 (271,402) (320,811) (274,071)  
Aggregates [Member]                        
Segment Reporting Information [Line Items]                        
Total revenues [1]                 3,672,884 3,669,464 3,239,578  
Aggregates [Member] | Operating Segments [Member]                        
Segment Reporting Information [Line Items]                        
Total revenues [1],[4]                 3,944,286 3,990,275 3,513,649  
Gross profit                 1,159,178 1,146,649 991,858  
Depreciation, Depletion, Accretion & Amortization (DDA&A)                 321,127 305,046 281,641  
Capital Expenditures [2]                 331,893 383,406 422,175  
Total assets [3] 9,459,185       9,334,218       9,459,185 9,334,218 8,887,749  
Aggregates [Member] | Intersegment Sales [Member]                        
Segment Reporting Information [Line Items]                        
Total revenues [1]                 (271,402) (320,811) (274,071)  
Asphalt [Member]                        
Segment Reporting Information [Line Items]                        
Total revenues [1]                 792,605 855,821 733,182  
Asphalt [Member] | Operating Segments [Member]                        
Segment Reporting Information [Line Items]                        
Total revenues [1],[5]                 792,605 855,821 733,182  
Gross profit                 75,233 63,023 56,480  
Depreciation, Depletion, Accretion & Amortization (DDA&A)                 34,956 35,199 31,290  
Capital Expenditures [2]                 19,803 9,095 38,154  
Total assets [3] 573,059       558,386       573,059 558,386 527,226  
Asphalt [Member] | Intersegment Sales [Member]                        
Segment Reporting Information [Line Items]                        
Total revenues [1]                 0 0 0  
Concrete [Member]                        
Segment Reporting Information [Line Items]                        
Total revenues [1]                 383,617 395,627 401,999  
Concrete [Member] | Operating Segments [Member]                        
Segment Reporting Information [Line Items]                        
Total revenues [1]                 383,617 395,627 401,999  
Gross profit                 44,159 43,151 49,893  
Depreciation, Depletion, Accretion & Amortization (DDA&A)                 16,010 13,620 12,539  
Capital Expenditures [2]                 11,664 11,641 12,291  
Total assets [3] 305,523       325,102       305,523 325,102 266,581  
Concrete [Member] | Intersegment Sales [Member]                        
Segment Reporting Information [Line Items]                        
Total revenues [1]                 0 0 0  
Calcium [Member]                        
Segment Reporting Information [Line Items]                        
Total revenues [1]                 7,720 8,191 8,110  
Calcium [Member] | Operating Segments [Member]                        
Segment Reporting Information [Line Items]                        
Total revenues [1]                 7,720 8,191 8,110  
Gross profit                 2,911 3,078 2,714  
Depreciation, Depletion, Accretion & Amortization (DDA&A)                 189 232 272  
Capital Expenditures [2]                 0 31 22  
Total assets [3] 3,345       3,653       3,345 3,653 3,942  
Calcium [Member] | Intersegment Sales [Member]                        
Segment Reporting Information [Line Items]                        
Total revenues [1]                 0 0 0  
Other Segments [Member] | Operating Segments [Member]                        
Segment Reporting Information [Line Items]                        
Depreciation, Depletion, Accretion & Amortization (DDA&A)                 24,524 20,499 20,504  
Corporate [Member]                        
Segment Reporting Information [Line Items]                        
Capital Expenditures [2]                 0 175 2,587  
Total assets $ 147,780       $ 152,928       $ 147,780 $ 152,928 $ 102,228  
[1]

1

The geographic markets are defined by states as follows:

East market — Arkansas, Delaware, Illinois, Kentucky, Maryland, North Carolina, Pennsylvania, Tennessee, Virginia, and Washington D.C.

Gulf Coast market — Alabama, Florida, Georgia, Louisiana, Mexico, Mississippi, Oklahoma, South Carolina and Texas

West market — Arizona, California and New Mexico

[2] Capital expenditures include capitalized replacements of and additions to property, plant & equipment, including renewals and betterments. Capital expenditures exclude property, plant & equipment obtained by business acquisitions.
[3] Certain temporarily idled assets are included within a segment's Identifiable Assets but the associated DDA&A is shown within Other in the DDA&A section above as the related DDA&A is excluded from segment gross profit.
[4] Includes product sales, as well as freight & delivery costs that we pass along to our customers, and service revenues (see Note 2) related to aggregates.
[5] Includes product sales, as well as service revenues (see Note 2) from our asphalt construction paving business.
v3.20.4
SUPPLEMENTAL CASH FLOW INFORMATION (Supplemental Information Referable to Condensed Consolidated Statements of Cash Flows) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
SUPPLEMENTAL CASH FLOW INFORMATION [Abstract]      
Interest (exclusive of amount capitalized) $ 129,182 $ 129,224 $ 128,217
Income taxes 95,934 56,812 (65,968)
Accrued liabilities for purchases of property, plant & equipment 55,904 57,309 37,116
Recognition of new asset retirement obligations 353 263 20
Right-of-use assets obtained in exchange for new: Operating lease liabilities [1] 49,586 444,547 0
Right-of-use assets obtained in exchange for new: Finance lease liabilities [1] 6,631 1,227 0
Amounts referable to business acquisitions, Liabilities assumed 5,879 4,373 5,405
Amounts referable to business acquisitions, Consideration payable to seller 8,980 0 4,500
Amounts referable to business acquisitions, Fair value of noncash assets and liabilities exchanged 21,213 0 0
Debt issued for purchases of property, plant & equipment $ 2,571 $ 0 $ 0
[1] The 2019 amount includes the initial right-of-use assets resulting from our adoption of ASU 2016-02, “Leases.”
v3.20.4
ASSET RETIREMENT OBLIGATIONS (Narrative) (Details)
 12 Months Ended
Dec. 31, 2020
USD ($)
a
item
property
Dec. 31, 2019
USD ($)
Asset Retirement Obligations [Line Items]    
Reclamation activities $ 12,820,000 $ 12,457,000
California [Member]    
Asset Retirement Obligations [Line Items]    
Reclamation activities $ 2,563,000 $ 3,354,000
Adjacent aggregates sites | property 2  
Property, acres | a 90  
Number of aggregates locations | item 2  
v3.20.4
ASSET RETIREMENT OBLIGATIONS (Asset Retirement Obligations Operating Costs) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
ASSET RETIREMENT OBLIGATIONS [Abstract]      
Accretion $ 12,432 $ 10,992 $ 10,776
Depreciation 8,592 7,075 6,034
Total $ 21,024 $ 18,067 $ 16,810
v3.20.4
ASSET RETIREMENT OBLIGATIONS (Reconciliations of Asset Retirement Obligations) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
ASSET RETIREMENT OBLIGATIONS [Abstract]      
Balance at beginning of year $ 210,323 $ 225,726  
Liabilities incurred 353 263  
Liabilities settled (12,820) (12,457)  
Accretion expense 12,432 10,992 $ 10,776
Revisions, net 72,875 (14,201)  
Balance at end of year $ 283,163 $ 210,323 $ 225,726
v3.20.4
GOODWILL AND INTANGIBLE ASSETS (Narrative) (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
USD ($)
segment
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Goodwill [Line Items]      
Goodwill impairment charges $ 0 $ 0 $ 0
Number of reportable segments | segment 4    
Other intangible assets, net, Impairment Charges $ 0 $ 0 $ 0
Calcium [Member]      
Goodwill [Line Items]      
Goodwill, accumulated impairment losses $ 252,664    
v3.20.4
GOODWILL AND INTANGIBLE ASSETS (Changes in Carrying Amount of Goodwill by Reportable Segment) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Goodwill [Line Items]    
Goodwill, Beginning balance $ 3,167,061 $ 3,165,396
Goodwill of acquired businesses [1] 5,051 1,665
Goodwill, Ending balance 3,172,112 3,167,061
Aggregates [Member]    
Goodwill [Line Items]    
Goodwill, Beginning balance 3,075,428 3,073,763
Goodwill of acquired businesses [1] 5,051 1,665
Goodwill, Ending balance 3,080,479 3,075,428
Asphalt [Member]    
Goodwill [Line Items]    
Goodwill, Beginning balance 91,633 91,633
Goodwill of acquired businesses [1] 0 0
Goodwill, Ending balance 91,633 91,633
Concrete [Member]    
Goodwill [Line Items]    
Goodwill, Beginning balance 0 0
Goodwill of acquired businesses [1] 0 0
Goodwill, Ending balance 0 0
Calcium [Member]    
Goodwill [Line Items]    
Goodwill, Beginning balance 0 0
Goodwill of acquired businesses [1] 0 0
Goodwill, Ending balance $ 0 $ 0
[1] See Note 19 for a summary of recent acquisitions.
v3.20.4
GOODWILL AND INTANGIBLE ASSETS (Gross Carrying Amount and Accumulated Amortization by Major Intangible Asset Class) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]      
Gross carrying amount $ 1,355,518 $ 1,289,222  
Accumulated amortization (231,974) (197,747)  
Total Intangible Assets Subject to Amortization, net 1,123,544 1,091,475  
Intangible Assets with Indefinite Lives 0 0  
Total Intangible Assets, net 1,123,544 1,091,475  
Amortization Expense for the Year 46,611 40,541 $ 34,924
Contractual Rights [Member]      
Finite-Lived Intangible Assets [Line Items]      
Gross carrying amount 1,158,966 1,132,958  
Accumulated amortization (188,953) (155,555)  
Noncompetition Agreements [Member]      
Finite-Lived Intangible Assets [Line Items]      
Gross carrying amount 5,667 7,667  
Accumulated amortization (5,167) (6,126)  
Permitting, Permitting Compliance And Zoning Rights [Member]      
Finite-Lived Intangible Assets [Line Items]      
Gross carrying amount 138,958 136,646  
Accumulated amortization (30,180) (30,545)  
Other Intangibles [Member]      
Finite-Lived Intangible Assets [Line Items]      
Gross carrying amount [1] 51,927 11,951  
Accumulated amortization [1] $ (7,674) $ (5,521)  
[1] Includes patents, customer relationships, tradenames and trademarks.
v3.20.4
GOODWILL AND INTANGIBLE ASSETS (Estimated Amortization Expense) (Details)
$ in Thousands
Dec. 31, 2020
USD ($)
GOODWILL AND INTANGIBLE ASSETS [Abstract]  
2021 $ 40,975
2022 38,200
2023 37,103
2024 35,429
2025 $ 35,041
v3.20.4
ACQUISITIONS AND DIVESTITURES (Narrative) (Details)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2019
USD ($)
Mar. 31, 2018
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
item
Dec. 31, 2018
USD ($)
Significant Acquisitions and Disposals [Line Items]          
Cash consideration     $ 43,223 $ 44,151 $ 221,419
Goodwill [1]     5,051 1,665  
Gain on sale of property, plant & equipment and businesses $ 4,064   3,997 23,752 14,944
Assets held for sale     0 0 0
Acquisitions 2020 [Member]          
Significant Acquisitions and Disposals [Line Items]          
Total consideration     73,416    
Cash consideration     43,223    
Consideration payable amount     30,193    
Amortizable intangible assets recognized     $ 65,545    
Intangible assets amortization period, tax purposes     15 years    
Goodwill     $ 5,051    
Intangible assets, not deductible for income tax purposes     $ 25,712    
Acquisitions 2019 [Member]          
Significant Acquisitions and Disposals [Line Items]          
Total consideration       45,273  
Amortizable intangible assets recognized       25,443  
Intangible assets amortization period, tax purposes     15 years    
Acquisitions 2018 [Member]          
Significant Acquisitions and Disposals [Line Items]          
Total consideration         219,863
Cash consideration         215,363
Consideration payable amount         4,500
Amortizable intangible assets recognized         44,163
Intangible assets amortization period, tax purposes     15 years    
Goodwill         43,990
Intangible assets, deductible for income tax purposes         7,385
Goodwill, deductible for income tax purposes         4,863
Deferred income taxes, net     $ 31,721    
New Mexico [Member]          
Significant Acquisitions and Disposals [Line Items]          
Supply agreement period     20 years    
Virginia [Member]          
Significant Acquisitions and Disposals [Line Items]          
Supply agreement period     20 years    
Georgia [Member]          
Significant Acquisitions and Disposals [Line Items]          
Gain on sale of property, plant & equipment and businesses   $ 2,929      
Aggregates [Member]          
Significant Acquisitions and Disposals [Line Items]          
Goodwill [1]     $ 5,051 $ 1,665  
Aggregates [Member] | Georgia [Member]          
Significant Acquisitions and Disposals [Line Items]          
Number of facilities divested | item       2  
Contractual Rights In Place - Straight-Line Method [Member] | Acquisitions 2020 [Member]          
Significant Acquisitions and Disposals [Line Items]          
Amortizable intangible assets recognized     $ 25,712    
Estimated weighted-average amortization period of intangible assets     20 years    
Contractual Rights In Place - Straight-Line Method [Member] | Acquisitions 2019 [Member]          
Significant Acquisitions and Disposals [Line Items]          
Estimated weighted-average amortization period of intangible assets     19 years 6 months    
Contractual Rights In Place - Straight-Line Method [Member] | Acquisitions 2018 [Member]          
Significant Acquisitions and Disposals [Line Items]          
Amortizable intangible assets recognized         43,072
Estimated weighted-average amortization period of intangible assets     19 years 10 months 24 days    
Contractual Rights In Place - Units Of Sales [Member] | Acquisitions 2018 [Member]          
Significant Acquisitions and Disposals [Line Items]          
Amortizable intangible assets recognized         $ 1,080
Estimated weighted-average amortization period of intangible assets     30 years    
[1] See Note 19 for a summary of recent acquisitions.
v3.20.4
UNAUDITED SUPPLEMENTARY DATA (Summary of Selected Quarterly Financial Information (Unaudited)) (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2020
Sep. 30, 2020
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
UNAUDITED SUPPLEMENTARY DATA [Abstract]                      
Total revenues $ 1,175,119 $ 1,309,890 $ 1,322,575 $ 1,049,242 $ 1,186,152 $ 1,418,758 $ 1,327,682 $ 996,511 $ 4,856,826 [1] $ 4,929,103 [1] $ 4,382,869 [1]
Gross profit 302,741 380,498 396,519 201,723 293,081 400,643 370,502 191,675 1,281,481 1,255,901 1,100,945
Operating earnings 196,430 288,104 298,896 112,301 193,575 303,376 276,074 104,433 895,731 877,458 747,713
Earnings from continuing operations 115,915 201,125 210,957 59,998 142,595 218,066 197,907 63,935 587,995 622,503 517,841
Net earnings $ 114,518 $ 199,788 $ 209,916 $ 60,258 $ 141,092 $ 215,713 $ 197,558 $ 63,299 $ 584,480 $ 617,662 $ 515,805
Basic earnings per share from continuing operations $ 0.87 $ 1.52 $ 1.59 $ 0.45 $ 1.08 $ 1.65 $ 1.50 $ 0.48 $ 4.44 $ 4.71 $ 3.91
Diluted earnings per share from continuing operations 0.87 1.51 1.58 0.45 1.07 1.63 1.48 0.48 4.41 4.67 3.87
Basic net earnings per share 0.86 1.51 1.58 0.45 1.07 1.63 1.49 0.48 4.41 4.67 3.90
Diluted net earnings per share $ 0.86 $ 1.50 $ 1.58 $ 0.45 $ 1.06 $ 1.62 $ 1.48 $ 0.48 $ 4.39 $ 4.63 $ 3.85
[1]

1

The geographic markets are defined by states as follows:

East market — Arkansas, Delaware, Illinois, Kentucky, Maryland, North Carolina, Pennsylvania, Tennessee, Virginia, and Washington D.C.

Gulf Coast market — Alabama, Florida, Georgia, Louisiana, Mexico, Mississippi, Oklahoma, South Carolina and Texas

West market — Arizona, California and New Mexico