VULCAN MATERIALS CO, 10-Q filed on 8/5/2020
Quarterly Report
v3.20.2
Document and Entity Information - shares
 6 Months Ended
Jun. 30, 2020
Jul. 23, 2020
Document and Entity Information [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2020  
Document Transition Report false  
Document Fiscal Year Focus 2020  
Entity File Number 001-33841  
Document Fiscal Period Focus Q2  
Entity Registrant Name VULCAN MATERIALS COMPANY  
Entity Central Index Key 0001396009  
Current Fiscal Year End Date --12-31  
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, $1 par value  
Trading Symbol VMC  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   132,448,129
v3.20.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2020
Dec. 31, 2019
Jun. 30, 2019
Assets      
Cash and cash equivalents $ 816,765 $ 271,589 $ 26,031
Restricted cash 434 2,917 491
Accounts and notes receivable      
Accounts and notes receivable, gross 699,320 573,241 700,175
Allowance for doubtful accounts (3,460) (3,125) (2,844)
Accounts and notes receivable, net 695,860 570,116 697,331
Inventories      
Finished products 383,483 391,666 377,578
Raw materials 33,178 31,318 31,137
Products in process 5,116 5,604 6,332
Operating supplies and other 29,703 29,720 26,376
Inventories 451,480 458,308 441,423
Other current assets 65,571 76,396 89,739
Total current assets 2,030,110 1,379,326 1,255,015
Investments and long-term receivables 43,849 60,709 51,667
Property, plant & equipment      
Property, plant & equipment, cost 8,921,990 8,749,217 8,613,500
Allowances for depreciation, depletion & amortization (4,538,980) (4,433,179) (4,322,818)
Property, plant & equipment, net 4,383,010 4,316,038 4,290,682
Operating lease right-of-use assets, net 426,618 408,189 418,896
Goodwill 3,172,112 3,167,061 3,167,061
Other intangible assets, net 1,114,592 1,091,475 1,076,986
Other noncurrent assets 228,433 225,995 220,457
Total assets 11,398,724 10,648,793 10,480,764
Liabilities      
Current maturities of long-term debt 500,026 25 24
Short-term debt 0 0 137,000
Trade payables and accruals 278,102 265,159 284,875
Other current liabilities 260,621 270,379 241,689
Total current liabilities 1,038,749 535,563 663,588
Long-term debt 2,785,646 2,784,315 2,781,826
Deferred income taxes, net 671,097 633,039 601,189
Deferred revenue 177,534 179,880 182,666
Operating lease liabilities 405,578 388,042 396,952
Other noncurrent liabilities 555,969 506,097 483,096
Total liabilities 5,634,573 5,026,936 5,109,317
Other commitments and contingencies (Note 8)
Equity      
Common stock, $1 par value, Authorized 480,000 shares, Outstanding 132,446, 132,371 and 132,231 shares, respectively 132,446 132,371 132,231
Capital in excess of par value 2,789,801 2,791,353 2,787,002
Retained earnings 3,049,943 2,895,871 2,623,747
Accumulated other comprehensive loss (208,039) (197,738) (171,533)
Total equity 5,764,151 5,621,857 5,371,447
Total liabilities and equity $ 11,398,724 $ 10,648,793 $ 10,480,764
v3.20.2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Jun. 30, 2020
Dec. 31, 2019
Jun. 30, 2019
CONDENSED CONSOLIDATED BALANCE SHEETS [Abstract]      
Common stock, par value $ 1 $ 1 $ 1
Common stock, shares authorized 480,000,000 480,000,000 480,000,000
Common stock, shares outstanding 132,446,000 132,371,000 132,231,000
v3.20.2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract]        
Total revenues [1] $ 1,322,575 $ 1,327,682 $ 2,371,817 $ 2,324,193
Cost of revenues 926,056 957,180 1,773,575 1,762,016
Gross profit 396,519 370,502 598,242 562,177
Selling, administrative and general expenses 91,205 95,689 177,635 185,957
Gain (loss) on sale of property, plant & businesses (258) 3,451 741 10,748
Other operating expense, net (6,160) (2,190) (10,151) (6,461)
Operating earnings 298,896 276,074 411,197 380,507
Other nonoperating income (expense), net 7,367 2,466 (1,969) 5,595
Interest expense, net 33,954 33,035 64,727 65,969
Earnings from continuing operations before income taxes 272,309 245,505 344,501 320,133
Income tax expense 61,352 47,598 73,546 58,291
Earnings from continuing operations 210,957 197,907 270,955 261,842
Loss on discontinued operations, net of tax (1,041) (349) (781) (985)
Net earnings 209,916 197,558 270,174 260,857
Other comprehensive income, net of tax        
Deferred loss on interest rate derivative 0 0 (14,679) 0
Amortization of prior interest rate derivative loss 194 56 988 111
Amortization of actuarial loss and prior service cost for benefit plans 1,695 336 3,390 571
Other comprehensive income (loss) 1,889 392 (10,301) 682
Comprehensive income $ 211,805 $ 197,950 $ 259,873 $ 261,539
Basic earnings (loss) per share        
Continuing operations $ 1.59 $ 1.50 $ 2.04 $ 1.98
Discontinued operations (0.01) (0.01) 0.00 (0.01)
Net earnings 1.58 1.49 2.04 1.97
Diluted earnings (loss) per share        
Continuing operations 1.58 1.48 2.03 1.97
Discontinued operations 0.00 0.00 0.00 (0.01)
Net earnings $ 1.58 $ 1.48 $ 2.03 $ 1.96
Weighted-average common shares outstanding        
Basic 132,552 132,269 132,560 132,157
Assuming dilution 133,115 133,354 133,154 133,199
Depreciation, depletion, accretion and amortization $ 99,470 $ 93,497 $ 194,951 $ 182,677
Effective tax rate from continuing operations 22.50% 19.40% 21.30% 18.20%
[1]

1

The geographic markets are defined by states/countries 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

v3.20.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Operating Activities    
Net earnings $ 270,174 $ 260,857
Adjustments to reconcile net earnings to net cash provided by operating activities    
Depreciation, depletion, accretion and amortization 194,951 182,677
Noncash operating lease expense 17,977 17,549
Net gain on sale of property, plant & equipment and businesses (741) (10,748)
Contributions to pension plans (4,409) (4,638)
Share-based compensation expense 15,220 14,370
Deferred tax expense (benefit) 36,644 34,816
Changes in assets and liabilities before initial effects of business acquisitions and dispositions (101,271) (201,256)
Other, net (2,954) 8,289
Net cash provided by operating activities 425,591 301,916
Investing Activities    
Purchases of property, plant & equipment (223,147) (225,837)
Proceeds from sale of property, plant & equipment 3,063 11,200
Proceeds from sale of businesses 651 1,744
Payment for businesses acquired, net of acquired cash (5,668) 1,122
Other, net 5,575 (4,577)
Net cash used for investing activities (219,526) (216,348)
Financing Activities    
Proceeds from short-term debt 0 360,100
Payment of short-term debt 0 (356,100)
Payment of current maturities and long-term debt (250,012) (11)
Proceeds from issuance of long-term debt 750,000 0
Debt issuance and exchange costs (10,762) 0
Settlements of interest rate derivatives (19,863) 0
Purchases of common stock (26,132) 0
Dividends paid (90,128) (81,927)
Share-based compensation, shares withheld for taxes (15,830) (25,508)
Other, net (645) (4)
Net cash provided by (used for) financing activities 336,628 (103,450)
Net increase (decrease) in cash and cash equivalents and restricted cash 542,693 (17,882)
Cash and cash equivalents and restricted cash at beginning of year 274,506 44,404
Cash and cash equivalents and restricted cash at end of period $ 817,199 $ 26,522
v3.20.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 6 Months Ended
Jun. 30, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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.

BASIS OF PRESENTATION

Our accompanying unaudited condensed consolidated financial statements were prepared in compliance with the instructions to Form 10-Q and Article 10 of Regulation S-X and thus do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America (GAAP) for complete financial statements. We prepared the accompanying condensed consolidated financial statements on the same basis as our annual financial statements, except for the adoption of new accounting standards as described in Note 17. Our Condensed Consolidated Balance Sheet as of December 31, 2019 was derived from the audited financial statement, but it does not include all disclosures required by GAAP. In the opinion of our management, the statements reflect all adjustments, including those of a normal recurring nature, necessary to present fairly the results of the reported interim periods. For further information, refer to the consolidated financial statements and footnotes included in our most recent Annual Report on Form 10-K. Operating results for the three and six month periods ended June 30, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020, particularly in light of the uncertainty over the economic and operational impacts of the current novel coronavirus (COVID-19) pandemic.

We are operating as an essential business and while the COVID-19 pandemic has not yet materially impacted our business, operations, or financial results, 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. Our condensed consolidated financial statements reflect estimates and assumptions made by management that affect the reported amounts of assets, liabilities, revenues and expenses. Such estimates and assumptions affect, among other things, our goodwill and long-lived asset valuations; inventory valuation; assessment of the annual effective tax rate; valuation of deferred income taxes; allowance for doubtful accounts; measurement of cash bonus plans; and pension plan assumptions. Events and changes in circumstances arising after June 30, 2020, including those resulting from the impacts of COVID-19, will be reflected in management’s estimates for future periods.

Due to the 2005 sale of our Chemicals business as described within this Note under the caption Discontinued Operations, the results of the Chemicals business are presented as discontinued operations in the accompanying Condensed Consolidated Statements of Comprehensive Income.

RESTRICTED CASH

Restricted cash 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 is 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 Condensed Consolidated Statements of Cash Flows.

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 lease. ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. 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. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. The non-lease components of our lease agreements are not separated from the lease components.

For additional information about leases see Note 2.

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 Condensed Consolidated Statements of Comprehensive Income for all periods presented. Results from discontinued operations are as follows:

Three Months Ended

Six Months Ended

June 30

June 30

in thousands

2020

2019

2020

2019

Discontinued Operations

Pretax loss

$       (1,412)

$          (701)

$       (1,058)

$       (1,339)

Income tax benefit

371 

352 

277 

354 

Loss on discontinued operations,

net of tax

$       (1,041)

$          (349)

$          (781)

$          (985)

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 8). There were no revenues from discontinued operations for the periods presented.

EARNINGS PER SHARE (EPS)

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

Three Months Ended

Six Months Ended

June 30

June 30

in thousands

2020

2019

2020

2019

Weighted-average common shares

outstanding

132,552 

132,269 

132,560 

132,157 

Dilutive effect of

Stock-Only Stock Appreciation Rights

271 

723 

307 

723 

Other stock compensation plans

292 

362 

287 

319 

Weighted-average common shares

outstanding, assuming dilution

133,115 

133,354 

133,154 

133,199 

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

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

Three Months Ended

Six Months Ended

June 30

June 30

in thousands

2020

2019

2020

2019

Antidilutive common stock equivalents

296 

192 

275 

220 

 

RECLASSIFICATIONS

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

 
v3.20.2
LEASES
 6 Months Ended
Jun. 30, 2020
LEASES [Abstract]  
LEASES Note 2: Leases

Our portfolio of nonmineral leases is composed almost entirely of operating leases (we do not have any material finance 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).

Operating lease ROU assets and liabilities and the weighted-average lease term and discount rate are as follows:

June 30

December 31

June 30

in thousands

Classification on the Balance Sheet

2020

2019

2019

Assets

Operating lease ROU assets

$     472,003 

$     441,656 

$     435,672 

Accumulated amortization

(45,385)

(33,467)

(16,776)

Total lease assets

Operating lease right-of-use assets, net

$     426,618 

$     408,189 

$     418,896 

Liabilities

Current

Operating

Other current liabilities

$       32,645 

$       29,971 

$       31,357 

Noncurrent

Operating

Operating lease liabilities

405,578 

388,042 

396,952 

Total lease liabilities

$     438,223 

$     418,013 

$     428,309 

Lease Term and Discount Rate

Weighted-average remaining lease term (years)

Operating leases

10.4 

9.9 

10.0 

Weighted-average discount rate

Operating leases

4.1%

4.3%

4.4%

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.

Lease expense for operating leases is recognized on a straight-line basis over the lease term. The components of operating lease expense are as follows:

Three Months Ended

Six Months Ended

June 30

June 30

in thousands

2020

2019

2020

2019

Lease Cost

Operating lease cost

$       14,234 

$       14,167 

$       28,340 

$       28,294 

Short-term lease cost 1

8,070 

7,922 

17,441 

16,623 

Variable lease cost

3,773 

3,489 

6,905 

6,557 

Sublease income

(721)

(807)

(1,456)

(1,418)

Total lease cost

$       25,356 

$       24,771 

$       51,230 

$       50,056 

1

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

Cash paid for operating leases was $26,559,000 and $25,513,000 for the six months ended June 30, 2020 and 2019, respectively, and was reflected as reductions to operating cash flows.

 

 
v3.20.2
INCOME TAXES
 6 Months Ended
Jun. 30, 2020
INCOME TAXES [Abstract]  
INCOME TAXES Note 3: Income Taxes

In response to the COVID-19 pandemic, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law on March 27, 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 (i.e., the period of enactment), 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.

Our estimated annual effective tax rate (EAETR) is based on full-year expectations of pretax earnings, statutory tax rates, permanent differences between book and tax accounting such as percentage depletion, and tax planning alternatives available in the various jurisdictions in which we operate. For interim financial reporting, we calculate our quarterly income tax provision in accordance with the EAETR. Each quarter, we update our EAETR based on our revised full-year expectation of pretax earnings and calculate the income tax provision so that the year-to-date income tax provision reflects the EAETR. Significant judgment is required in determining our EAETR.

In the second quarter of 2020, we recorded income tax expense from continuing operations of $61,352,000 compared to $47,598,000 in the second quarter of 2019. The increase in tax expense was primarily related to an increase in earnings along with a decrease in share-based compensation excess tax benefits quarter over quarter.

For the first six months of 2020, we recorded income tax expense from continuing operations of $73,546,000 compared to $58,291,000 for the first six months of 2019. The increase in tax expense was primarily related to an increase in earnings along with a decrease in share-based compensation excess tax benefits as compared to the same period in 2019.

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. A summary of our deferred tax assets and liabilities is included in Note 9 “Income Taxes” in our Annual Report on Form 10-K for the year ended December 31, 2019.

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. We project Alabama state net operating loss (NOL) carryforward deferred tax assets at December 31, 2020 of $63,380,000 against which we project to have a valuation allowance of $29,236,000. At this time, we do not expect any future adjustment to this valuation allowance. The Alabama NOL carryforward, if not utilized, would expire between 2023 and 2032.

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 benefit. 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.

 

 
v3.20.2
REVENUES
 6 Months Ended
Jun. 30, 2020
REVENUES [Abstract]  
REVENUES Note 4: 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.

Our segment total revenues by geographic market for the three and six month periods ended June 30, 2020 and 2019 are disaggregated as follows:

Three Months Ended June 30, 2020

in thousands

Aggregates

Asphalt

Concrete

Calcium

Total

Total Revenues by Geographic Market 1

East

$     350,238 

$     37,956 

$     71,653 

$              0 

$      459,847 

Gulf Coast

567,811 

50,503 

17,946 

1,889 

638,149 

West

152,547 

134,491 

11,084 

0 

298,122 

Segment sales

$  1,070,596 

$   222,950 

$   100,683 

$       1,889 

$   1,396,118 

Intersegment sales

(73,543)

0 

0 

0 

(73,543)

Total revenues

$     997,053 

$   222,950 

$   100,683 

$       1,889 

$   1,322,575 

Three Months Ended June 30, 2019

in thousands

Aggregates

Asphalt

Concrete

Calcium

Total

Total Revenues by Geographic Market 1

East

$     339,351 

$     46,392 

$     70,871 

$              0 

$      456,614 

Gulf Coast

553,746 

56,727 

14,865 

2,003 

627,341 

West

168,964 

144,044 

18,032 

0 

331,040 

Segment sales

$  1,062,061 

$   247,163 

$   103,768 

$       2,003 

$   1,414,995 

Intersegment sales

(87,313)

0 

0 

0 

(87,313)

Total revenues

$     974,748 

$   247,163 

$   103,768 

$       2,003 

$   1,327,682 

Six Months Ended June 30, 2020

in thousands

Aggregates

Asphalt

Concrete

Calcium

Total

Total Revenues by Geographic Market 1

East

$     590,106 

$     55,839 

$   133,772 

$              0 

$      779,717 

Gulf Coast

1,061,107 

84,358 

34,911 

3,915 

1,184,291 

West

287,609 

222,542 

26,765 

0 

536,916 

Segment sales

$  1,938,822 

$   362,739 

$   195,448 

$       3,915 

$   2,500,924 

Intersegment sales

(129,107)

0 

0 

0 

(129,107)

Total revenues

$  1,809,715 

$   362,739 

$   195,448 

$       3,915 

$   2,371,817 

Six Months Ended June 30, 2019

in thousands

Aggregates

Asphalt

Concrete

Calcium

Total

Total Revenues by Geographic Market 1

East

$     564,253 

$     64,608 

$   125,587 

$              0 

$      754,448 

Gulf Coast

1,050,381 

93,779 

31,370 

3,954 

1,179,484 

West

282,392 

220,866 

30,448 

0 

533,706 

Segment sales

$  1,897,026 

$   379,253 

$   187,405 

$       3,954 

$   2,467,638 

Intersegment sales

(143,445)

0 

0 

0 

(143,445)

Total revenues

$  1,753,581 

$   379,253 

$   187,405 

$       3,954 

$   2,324,193 

1

The geographic markets are defined by states/countries 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

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 $57,374,000 and $65,257,000 for the three months ended June 30, 2020 and 2019, respectively, and $96,938,000 and $99,772,000 for the six months ended June 30, 2020 and 2019, respectively.

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.

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 costs related to freight & delivery are included in cost of revenues.

Freight & delivery revenues are as follows:

Three Months Ended

Six Months Ended

June 30

June 30

in thousands

2020

2019

2020

2019

Freight & Delivery Revenues

Total revenues

$  1,322,575 

$  1,327,682 

$  2,371,817 

$  2,324,193 

Freight & delivery revenues 1

(202,855)

(196,796)

(379,223)

(359,401)

Total revenues excluding freight & delivery

$  1,119,720 

$  1,130,886 

$  1,992,594 

$  1,964,792 

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’ 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:

Three Months Ended

Six Months Ended

June 30

June 30

in thousands

2020

2019

2020

2019

Deferred Revenue

Balance at beginning of period

$     183,997 

$     191,131 

$     185,339 

$     192,783 

Revenue recognized from deferred revenue

(2,034)

(2,079)

(3,376)

(3,731)

Balance at end of period

$     181,963 

$     189,052 

$     181,963 

$     189,052 

Based on expected sales from the specified quarries, we expect to recognize $7,500,000 of VPP deferred revenue as income during the 12-month period ending June 30, 2021 (reflected in other current liabilities in our June 30, 2020 Condensed Consolidated Balance Sheet).

 

 
v3.20.2
FAIR VALUE MEASUREMENTS
 6 Months Ended
Jun. 30, 2020
FAIR VALUE MEASUREMENTS [Abstract]  
FAIR VALUE MEASUREMENTS Note 5: Fair Value Measurements

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

Level 1: Quoted prices in active markets for identical assets or liabilities

Level 2: Inputs that are derived principally from or corroborated by observable market data

Level 3: Inputs that are unobservable and significant to the overall fair value measurement

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

Level 1 Fair Value

June 30

December 31

June 30

in thousands

2020

2019

2019

Fair Value Recurring

Rabbi Trust

Mutual funds

$       21,994 

$       22,883 

$       23,382 

Total

$       21,994 

$       22,883 

$       23,382 

Level 2 Fair Value

June 30

December 31

June 30

in thousands

2020

2019

2019

Fair Value Recurring

Rabbi Trust

Money market mutual fund

$        1,738 

$        1,340 

$           398 

Total

$        1,738 

$        1,340 

$           398 

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 Trust investments were $(998,000) and $2,844,000 for the six months ended June 30, 2020 and 2019, respectively. The portions of the net gains (losses) related to investments still held by the Rabbi Trusts at June 30, 2020 and 2019 were $(990,000) and $2,885,000, 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 6 and 7, respectively.

 

 
v3.20.2
DERIVATIVE INSTRUMENTS
 6 Months Ended
Jun. 30, 2020
DERIVATIVE INSTRUMENTS [Abstract]  
DERIVATIVE INSTRUMENTS Note 6: Derivative Instruments

During the normal course of operations, we are exposed to market risks including interest rates, foreign currency exchange rates and commodity prices. From time to time, and consistent with our risk management policies, we use derivative instruments to balance the cost and risk of such exposure. 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 sale (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.

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 Condensed Consolidated Statements of Comprehensive Income as follows:

Three Months Ended

Six Months Ended

Location on

June 30

June 30

in thousands

Statement

2020

2019

2020

2019

Interest Rate Hedges

Loss reclassified from AOCI

Interest

(effective portion)

expense

$          (263)

$            (76)

$       (1,337)

$          (151)

For the 12-month period ending June 30, 2021, we estimate that $1,894,000 of the $24,644,000 net of tax loss in AOCI will be reclassified to interest expense.

 

 
v3.20.2
DEBT
 6 Months Ended
Jun. 30, 2020
DEBT [Abstract]  
DEBT Note 7: Debt

Debt is detailed as follows:

Effective

June 30

December 31

June 30

in thousands

Interest Rates

2020

2019

2019

Short-term Debt

Delayed draw term loan expires 2021

$                  0 

$                0 

$                0 

Bank line of credit expires 2021 1

0 

0 

137,000 

Total short-term debt

$                  0 

$                0 

$     137,000 

Long-term Debt

Bank line of credit expires 2021 1

$                  0 

$                0 

$                0 

Floating-rate notes due 2020

0 

250,000 

250,000 

Floating-rate notes due 2021

1.21%

500,000 

500,000 

500,000 

8.85% notes due 2021

8.88%

6,000 

6,000 

6,000 

4.50% notes due 2025

4.65%

400,000 

400,000 

400,000 

3.90% notes due 2027

4.00%

400,000 

400,000 

400,000 

3.50% notes due 2030

3.91%

750,000 

0 

0 

7.15% notes due 2037

8.05%

129,239 

129,239 

129,239 

4.50% notes due 2047

4.59%

700,000 

700,000 

700,000 

4.70% notes due 2048

5.42%

460,949 

460,949 

460,949 

Other notes

1.10%

9,153 

185 

197 

Total long-term debt - face value

$    3,355,341 

$  2,846,373 

$  2,846,385 

Unamortized discounts and debt issuance costs

(69,669)

(62,033)

(64,535)

Total long-term debt - book value

$    3,285,672 

$  2,784,340 

$  2,781,850 

Less current maturities

500,026 

25 

24 

Total long-term debt - reported value

$    2,785,646 

$  2,784,315 

$  2,781,826 

Estimated fair value of long-term debt

$    3,225,468 

$  3,073,693 

$  2,898,283 

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 $3,126,000 and $2,482,000 of net interest expense for these items for the six months ended June 30, 2020 and 2019, respectively.

LINE OF CREDIT AND DELAYED DRAW TERM LOAN

Our unsecured $750,000,000 line of credit matures December 2021 and contains affirmative, negative and financial covenants customary for an unsecured investment-grade facility. The primary negative covenant limits our ability to incur secured debt. The financial covenants are: (1) a maximum ratio of debt to EBITDA of 3.5:1 (upon certain acquisitions, the maximum ratio can be 3.75:1 for three quarters), and (2) a minimum ratio of EBITDA to net cash interest expense of 3.0:1. As of June 30, 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 1.00% to 1.75%, or Truist Bank’s base rate (generally, its prime rate) plus a credit margin ranging from 0.00% to 0.75%. 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 0.10% to 0.25% determined by our credit ratings. As of June 30, 2020, the credit margin for LIBOR borrowings was 1.25%, the credit margin for base rate borrowings was 0.25%, and the commitment fee for the unused amount was 0.15%.

In April 2020, we executed a $750,000,000 364-day delayed draw term loan with a subset of the banks that provide our line of credit. This facility provides for up to two draws through October 2020 and all borrowings are due April 2021. Borrowings may be repaid prior to maturity, but once repaid may not be borrowed again. During the second quarter, we borrowed and repaid $250,000,000 on this delayed draw term loan leaving $500,000,000 available for future borrowings.

All terms and conditions of the delayed draw term loan are consistent with those of the line of credit except for the interest rate on borrowings and the commitment fee. Borrowings bear interest, at our option, at either LIBOR plus a credit margin ranging from 1.375% to 2.125%, or Truist Bank’s base rate (generally, its prime rate) plus a credit margin ranging from 0.375% to 1.125%. The credit margin for both LIBOR and base rate borrowings is determined by our credit ratings. The commitment fee, paid on the daily average unused amount of the facility, ranges from 0.125% to 0.25% and is determined by our credit ratings. As of June 30, 2020, we were in compliance with the delayed draw term loan covenants, the credit margin for LIBOR borrowings was 1.625%, the credit margin for base rate borrowings was 0.625%, and the commitment fee for the unused amount was 0.175%.

As of June 30, 2020, our available borrowing capacity was $1,195,871,000. Utilization of the borrowing capacity was as follows:

none was borrowed

$54,129,000 was used to provide support for outstanding standby letters of credit

TERM DEBT

All of our $3,355,341,000 (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 June 30, 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. 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.

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 $750,000,000 line of credit, and reduce the borrowing capacity thereunder. Our standby letters of credit as of June 30, 2020 are summarized by purpose in the table below:

in thousands

Standby Letters of Credit

Risk management insurance

$       47,031 

Reclamation/restoration requirements

7,098 

Total

$       54,129 

 

 
v3.20.2
COMMITMENTS AND CONTINGENCIES
 6 Months Ended
Jun. 30, 2020
COMMITMENTS AND CONTINGENCIES [Abstract]  
COMMITMENTS AND CONTINGENCIES Note 8: Commitments and Contingencies

Certain of our aggregates reserves are burdened by volumetric production payments (nonoperating interest) as described in Note 4. As the holder of the working interest, we have responsibility to bear the cost of mining and producing the reserves attributable to this nonoperating interest.

As described in Note 2, our present value of future minimum (nonmineral) lease payments totaled $438,223,000 as of June 30, 2020.

As summarized by purpose in Note 7, our standby letters of credit totaled $54,129,000 as of June 30, 2020.

As described in Note 9, our asset retirement obligations totaled $263,748,000 as of June 30, 2020.

Amounts accrued for environmental remediation costs (measured on an undiscounted basis) were as follows:

June 30

December 31

June 30

in thousands

2020

2019

2019

Accrued Environmental Remediation Costs

Continuing operations

$        22,743 

$        30,429 

$        35,218 

Retained from former Chemicals business

10,846 

10,972 

10,726 

Total

$        33,589 

$        41,401 

$        45,944 

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.

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

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

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

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. We are a participant in the voluntary allocation process, which is likely to extend beyond 2020.

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 interests 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 are 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 has been appealed by the parties.

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 a thorough investigation and pilot scale testing, the RWQCB approved a corrective action that includes leachate recovery, storm water capture and conveyance improvements, and a groundwater pump, treat and reinjection system. Certain on-site source control measures have been implemented and the groundwater treatment system is expected to be operating in mid-2020. The 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, the Los Angeles Department of Water and Power, and other stakeholders 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. 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. This work is also intended to assist in identification of other PRPs that may have contributed to groundwater contamination in the area.

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 Site 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 our evaluation of the need for a two-well remedy. These activities were completed between the first and third quarters of 2018, and in December 2018 we submitted a PDI Evaluation Report to the EPA. The PDI Evaluation Report summarizes data collection activities conducted pursuant to the PDI Work Plan and provides model updates and evaluation of remediation alternatives. In May 2019, the EPA provided an initial set of comments on the PDI Evaluation Report but has not yet provided additional, final comments. Until the EPA’s review of the PDI Evaluation Report is complete and an effective remedy can be agreed upon, we cannot identify an appropriate remedial action. Given the various stakeholders involved and the uncertainties relating to issues such as testing, monitoring, and remediation alternatives, we cannot reasonably estimate a loss pertaining to this matter.

■ 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.

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 our most recent Annual Report on Form 10-K.

 

 
v3.20.2
ASSET RETIREMENT OBLIGATIONS
 6 Months Ended
Jun. 30, 2020
ASSET RETIREMENT OBLIGATIONS [Abstract]  
ASSET RETIREMENT OBLIGATIONS Note 9: Asset Retirement Obligations

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

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. ARO operating costs related to accretion of the liabilities and depreciation of the assets are as follows:

Three Months Ended

Six Months Ended

June 30

June 30

in thousands

2020

2019

2020

2019

ARO Operating Costs

Accretion

$        3,247 

$        2,717 

$        6,155 

$        5,450 

Depreciation

2,063 

1,800 

3,899 

3,641 

Total

$        5,310 

$        4,517 

$      10,054 

$        9,091 

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

Reconciliations of the carrying amounts of our AROs are as follows:

Three Months Ended

Six Months Ended

June 30

June 30

in thousands

2020

2019

2020

2019

Asset Retirement Obligations

Balance at beginning of period

$     263,445 

$     225,186 

$     210,323 

$     225,726 

Liabilities incurred

0 

263 

0 

263 

Liabilities settled

(3,354)

(3,388)

(8,588)

(6,966)

Accretion expense

3,247 

2,717 

6,155 

5,450 

Revisions, net

410 

(1,281)

55,858 

(976)

Balance at end of period

$     263,748 

$     223,497 

$     263,748 

$     223,497 

ARO liabilities settled during the first six months of 2020 and 2019 include $2,152,000 and $2,015,000, 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 retail and commercial development.

ARO revisions during the first six months of 2020 primarily include increases in estimated costs at three 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.

 

 
v3.20.2
BENEFIT PLANS
 6 Months Ended
Jun. 30, 2020
BENEFIT PLANS [Abstract]  
BENEFIT PLANS Note 10: Benefit Plans

PENSION PLANS

We sponsor three qualified, noncontributory defined benefit pension plans. These plans cover substantially all employees hired before July 2007, other than those covered by union-administered plans. Normal retirement age is 65, but the plans contain provisions for earlier retirement. Benefits for the Salaried Plan and the Chemicals Hourly Plan are generally based on salaries or wages and years of service; the Construction Materials Hourly Plan provides benefits equal to a flat dollar amount for each year of service. In addition to these qualified plans, we sponsor three unfunded, nonqualified pension plans.

In 2005, benefit accruals for our Chemicals Hourly Plan participants ceased upon the sale of our Chemicals business. Effective July 2007, we amended our defined benefit pension plans to no longer accept new participants with the exception of two unions that continue to add new participants. Future benefit accruals for participants in our salaried defined benefit pension plans ceased on December 31, 2013, while salaried participants’ earnings considered for benefit calculations were frozen on December 31, 2015.

The following table sets forth the components of net periodic pension benefit cost:

PENSION BENEFITS

Three Months Ended

Six Months Ended

June 30

June 30

in thousands

2020

2019

2020

2019

Components of Net Periodic Benefit Cost

Service cost

$        1,331 

$        1,249 

$        2,662 

$        2,498 

Interest cost

7,531 

9,410 

15,062 

18,820 

Expected return on plan assets

(12,485)

(11,937)

(24,969)

(23,875)

Amortization of prior service cost

335 

335 

670 

670 

Amortization of actuarial loss

3,140 

1,358 

6,279 

2,716 

Net periodic pension benefit cost (credit)

$          (148)

$           415 

$          (296)

$           829 

Pretax reclassifications from AOCI included in

net periodic pension benefit cost

$        3,475 

$        1,693 

$        6,949 

$        3,386 

The contributions to pension plans for the six months ended June 30, 2020 and 2019, as reflected on the Condensed Consolidated Statements of Cash Flows, pertain to benefit payments under nonqualified plans for both periods.

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. 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 components of net periodic other postretirement benefit cost:

OTHER POSTRETIREMENT BENEFITS

Three Months Ended

Six Months Ended

June 30

June 30

in thousands

2020

2019

2020

2019

Components of Net Periodic Benefit Cost

Service cost

$           380 

$           330 

$           760 

$           659 

Interest cost

242 

347 

485 

694 

Amortization of prior service credit

(980)

(979)

(1,959)

(1,959)

Amortization of actuarial gain

(201)

(327)

(403)

(654)

Net periodic postretirement benefit credit

$          (559)

$          (629)

$       (1,117)

$       (1,260)

Pretax reclassifications from AOCI included in

net periodic postretirement benefit credit

$       (1,181)

$       (1,306)

$       (2,362)

$       (2,613)

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 $12,810,000 and $13,681,000 for the three months ended June 30, 2020 and 2019, respectively, and totaled $23,867,000 and $27,600,000 for the six months ended June 30, 2020 and 2019, respectively.

 

 
v3.20.2
OTHER COMPREHENSIVE INCOME
 6 Months Ended
Jun. 30, 2020
OTHER COMPREHENSIVE INCOME [Abstract]  
OTHER COMPREHENSIVE INCOME Note 11: 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 Condensed Consolidated Statements of Comprehensive Income, net of applicable taxes.

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

June 30

December 31

June 30

in thousands

2020

2019

2019

AOCI

Interest rate hedges

$       (24,644)

$       (10,953)

$       (11,069)

Pension and postretirement plans

(183,395)

(186,785)

(160,464)

Total

$     (208,039)

$     (197,738)

$     (171,533)

Changes in AOCI, net of tax, for the six months ended June 30, 2020 are as follows:

Pension and

Interest Rate

Postretirement

in thousands

Hedges

Benefit Plans

Total

AOCI

Balances as of December 31, 2019

$       (10,953)

$     (186,785)

$     (197,738)

Other comprehensive income (loss)

before reclassifications

(14,679)

0 

(14,679)

Amounts reclassified from AOCI

988 

3,390 

4,378 

Net current period OCI changes

(13,691)

3,390 

(10,301)

Balances as of June 30, 2020

$       (24,644)

$     (183,395)

$     (208,039)

Amounts reclassified from AOCI to earnings, are as follows:

Three Months Ended

Six Months Ended

June 30

June 30

in thousands

2020

2019

2020

2019

Amortization of Interest Rate Hedge Losses

Interest expense

$            263 

$              76 

$         1,337 

$            151 

Benefit from income taxes

(69)

(20)

(349)

(40)

Total

$            194 

$              56 

$            988 

$            111 

Amortization of Pension and Postretirement

Plan Actuarial Loss and Prior Service Cost

Other nonoperating expense

$         2,294 

$            386 

$         4,587 

$            772 

Benefit from income taxes

(599)

(50)

(1,197)

(201)

Total

$         1,695 

$            336 

$         3,390 

$            571 

Total reclassifications from AOCI to earnings

$         1,889 

$            392 

$         4,378 

$            682 

 

 
v3.20.2
EQUITY
 6 Months Ended
Jun. 30, 2020
EQUITY [Abstract]  
EQUITY Note 12: Equity

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

There were no shares held in treasury as of June 30, 2020, December 31, 2019 and June 30, 2019.

Our common stock purchases (all of which were open market purchases) and subsequent retirements for the year-to-date periods ended are as follows:

June 30

December 31

June 30

in thousands, except average cost

2020

2019

2019

Shares Purchased and Retired

Number

214 

19 

0 

Total purchase price

$        26,132 

$          2,602 

$                 0 

Average cost per share

$        121.92 

$        139.90 

$            0.00 

As of June 30, 2020, 8,064,851 shares may be purchased under the current authorization of our Board of Directors.

Changes in total equity are summarized below:

Three Months Ended

Six Months Ended

June 30

June 30

in thousands, except per share data

2020

2019

2020

2019

Total Equity

Balance at beginning of period

$    5,590,326 

$    5,217,209 

$    5,621,857 

$    5,202,903 

Net earnings

209,916 

197,558 

270,174 

260,857 

Common stock issued

Share-based compensation plans, net of shares

withheld for taxes

(1,456)

(11,370)

(16,539)

(25,438)

Purchase and retirement of common stock

0 

0 

(26,132)

0 

Share-based compensation expense

8,504 

8,646 

15,220 

14,370 

Cash dividends on common stock

($0.34/$0.31/$0.68/$0.62 per share, respectively)

(45,028)

(40,988)

(90,128)

(81,927)

Other comprehensive income (expense)

1,889 

392 

(10,301)

682 

Balance at end of period

$    5,764,151 

$    5,371,447 

$    5,764,151 

$    5,371,447 

 

 
v3.20.2
SEGMENT REPORTING
 6 Months Ended
Jun. 30, 2020
SEGMENT REPORTING [Abstract]  
SEGMENT REPORTING Note 13: Segment Reporting

We have four operating (and reportable) segments organized around our principal product lines: Aggregates, Asphalt, Concrete and Calcium. The vast majority of our activities are domestic. We sell a relatively small amount of construction aggregates outside the United States. Our Asphalt and Concrete segments are primarily supplied with their aggregates requirements from our Aggregates segment. These intersegment sales are made at local market prices for the particular grade and quality of product used in the production of asphalt mix and ready-mixed concrete. Management reviews earnings from the product line reporting segments principally at the gross profit level.

segment financial disclosure

Three Months Ended

Six Months Ended

June 30

June 30

in thousands

2020

2019

2020

2019

Total Revenues

Aggregates 1

$      1,070,596 

$    1,062,061 

$      1,938,822 

$    1,897,026 

Asphalt 2

222,950 

247,163 

362,739 

379,253 

Concrete

100,683 

103,768 

195,448 

187,405 

Calcium

1,889 

2,003 

3,915 

3,954 

Segment sales

$      1,396,118 

$    1,414,995 

$      2,500,924 

$    2,467,638 

Aggregates intersegment sales

(73,543)

(87,313)

(129,107)

(143,445)

Total revenues

$      1,322,575 

$    1,327,682 

$      2,371,817 

$    2,324,193 

Gross Profit

Aggregates

$         351,162 

$       329,215 

$         545,293 

$       514,931 

Asphalt

30,464 

27,583 

28,029 

24,311 

Concrete

14,227 

12,887 

23,440 

21,450 

Calcium

666 

817 

1,480 

1,485 

Total

$         396,519 

$       370,502 

$         598,242 

$       562,177 

Depreciation, Depletion, Accretion

and Amortization (DDA&A)

Aggregates

$           80,747 

$         75,760 

$         157,883 

$       148,281 

Asphalt

8,668 

8,884 

17,402 

17,434 

Concrete

4,001 

3,327 

8,083 

6,291 

Calcium

48 

58 

97 

118 

Other

6,006 

5,468 

11,486 

10,553 

Total

$           99,470 

$         93,497 

$         194,951 

$       182,677 

Identifiable Assets 3

Aggregates

$      9,545,787 

$    9,385,444 

Asphalt

583,902 

597,328 

Concrete

321,304 

299,729 

Calcium

3,718 

4,042 

Total identifiable assets

$    10,454,711 

$  10,286,543 

General corporate assets

126,814 

167,699 

Cash and cash equivalents and restricted cash

817,199 

26,522 

Total assets

$    11,398,724 

$  10,480,764 

1

Includes product sales (crushed stone, sand and gravel, sand, and other aggregates), as well as freight & delivery costs that we pass along to our customers, and service revenues (see Note 4) related to aggregates.

2

Includes product sales, as well as service revenues (see Note 4) from our asphalt construction paving business.

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.

 

 
v3.20.2
SUPPLEMENTAL CASH FLOW INFORMATION
 6 Months Ended
Jun. 30, 2020
SUPPLEMENTAL CASH FLOW INFORMATION [Abstract]  
SUPPLEMENTAL CASH FLOW INFORMATION Note 14: Supplemental Cash Flow Information

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

Six Months Ended

June 30

in thousands

2020

2019

Cash Payments

Interest (exclusive of amount capitalized)

$       60,741 

$       66,414 

Income taxes

9,055 

34,297 

Noncash Investing and Financing Activities

Accrued liabilities for purchases of property, plant & equipment

$       10,994 

$       30,259 

Recognition of new asset retirement obligations

0 

263 

Right-of-use assets obtained in exchange for new operating lease liabilities 1

25,083 

435,678 

Amounts referable to business acquisitions

Liabilities assumed

5,637 

3,525 

Consideration payable to seller

8,980 

0 

Fair value of noncash assets and liabilities exchanged

21,214 

0 

1

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

 
v3.20.2
GOODWILL
 6 Months Ended
Jun. 30, 2020
GOODWILL [Abstract]  
GOODWILL Note 15: Goodwill

Goodwill is recognized when the consideration paid for a business exceeds the fair value of the tangible and identifiable intangible assets acquired. Goodwill is allocated to reporting units for purposes of testing goodwill for impairment. There were no charges for goodwill impairment in the six month periods ended June 30, 2020 and 2019. 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 from December 31, 2019 to June 30, 2020 are shown below:

in thousands

Aggregates

Asphalt

Concrete

Calcium

Total

Goodwill

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 June 30, 2020

$    3,080,479 

$     91,633 

$              0 

$              0 

$    3,172,112 

1

See Note 16 for 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.

 
v3.20.2
ACQUISITIONS AND DIVESTITURES
 6 Months Ended
Jun. 30, 2020
ACQUISITIONS AND DIVESTITURES [Abstract]  
ACQUISITIONS AND DIVESTITURES Note 16: Acquisitions and Divestitures

BUSINESS ACQUISITIONS

2020 BUSINESS ACQUISITIONS — Through the six months ended June 30, 2020, we purchased businesses that support our aggregates operations for total consideration of $35,862,000.

The 2020 acquisitions are reported in our consolidated financial statements as of the acquisition dates and are not material to our results of operations or financial position. The purchase price allocations have been finalized.

As a result of these 2020 acquisitions, we recognized $39,833,000 of amortizable intangible assets and $5,051,000 of goodwill. The amortizable intangible assets will be amortized against earnings on a straight-line basis over a weighted-average 20 years and will not be deductible for income tax purposes. The goodwill represents the balance of deferred tax liabilities generated from carrying over the tax basis in the assets acquired and is not deductible for income tax purposes.

2019 BUSINESS ACQUISITIONS — For the full year 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:

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. Purchase price allocations have not been finalized due to pending appraisals for intangible assets and property, plant & equipment.

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.

DIVESTITURES AND PENDING DIVESTITURES

In 2020, we sold:

Second quarter — exited our New Mexico ready-mixed concrete business, resulting in an immaterial gain. We retained the concrete plants and mobile fleet and are leasing these 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

No assets met the criteria for held for sale at June 30, 2020, December 31, 2019 or June 30, 2019.

 

 
v3.20.2
NEW ACCOUNTING STANDARDS
 6 Months Ended
Jun. 30, 2020
NEW ACCOUNTING STANDARDS [Abstract]  
NEW ACCOUNTING STANDARDS Note 17: New Accounting Standards

ACCOUNTING STANDARDS RECENTLY ADOPTED

CREDIT LOSSES During the first quarter of 2020, we adopted Accounting Standards Update (ASU) 2016-13, “Measurement of Credit Losses on Financial Instruments.” 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.

ACCOUNTING STANDARDS PENDING ADOPTION

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 provides 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 is effective immediately for all entities and will apply through December 31, 2022. For additional information, see our LIBOR transition disclosure in Item 2, "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.

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.

defined benefit plans In August 2018, the FASB issued ASU 2018-14, “Changes to the Disclosure Requirements for Defined Benefit Plans,” which adds, removes and clarifies the disclosure requirements for employers that sponsor defined benefit pension and other postretirement benefit plans. ASU 2018-14 is effective for fiscal years ending after December 15, 2020 and is to be applied retrospectively. The adoption of this standard will have a minor impact on the notes to our consolidated financial statements, specifically, our benefit plans note.

  

 
v3.20.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 6 Months Ended
Jun. 30, 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.
BASIS OF PRESENTATION BASIS OF PRESENTATION

Our accompanying unaudited condensed consolidated financial statements were prepared in compliance with the instructions to Form 10-Q and Article 10 of Regulation S-X and thus do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America (GAAP) for complete financial statements. We prepared the accompanying condensed consolidated financial statements on the same basis as our annual financial statements, except for the adoption of new accounting standards as described in Note 17. Our Condensed Consolidated Balance Sheet as of December 31, 2019 was derived from the audited financial statement, but it does not include all disclosures required by GAAP. In the opinion of our management, the statements reflect all adjustments, including those of a normal recurring nature, necessary to present fairly the results of the reported interim periods. For further information, refer to the consolidated financial statements and footnotes included in our most recent Annual Report on Form 10-K. Operating results for the three and six month periods ended June 30, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020, particularly in light of the uncertainty over the economic and operational impacts of the current novel coronavirus (COVID-19) pandemic.

We are operating as an essential business and while the COVID-19 pandemic has not yet materially impacted our business, operations, or financial results, 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. Our condensed consolidated financial statements reflect estimates and assumptions made by management that affect the reported amounts of assets, liabilities, revenues and expenses. Such estimates and assumptions affect, among other things, our goodwill and long-lived asset valuations; inventory valuation; assessment of the annual effective tax rate; valuation of deferred income taxes; allowance for doubtful accounts; measurement of cash bonus plans; and pension plan assumptions. Events and changes in circumstances arising after June 30, 2020, including those resulting from the impacts of COVID-19, will be reflected in management’s estimates for future periods.

Due to the 2005 sale of our Chemicals business as described within this Note under the caption Discontinued Operations, the results of the Chemicals business are presented as discontinued operations in the accompanying Condensed Consolidated Statements of Comprehensive Income.
RESTRICTED CASH RESTRICTED CASH

Restricted cash 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 is 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 Condensed Consolidated Statements of Cash Flows.
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 lease. ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. 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. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. The non-lease components of our lease agreements are not separated from the lease components.

For additional information about leases see Note 2.
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 Condensed Consolidated Statements of Comprehensive Income for all periods presented. Results from discontinued operations are as follows:

Three Months Ended

Six Months Ended

June 30

June 30

in thousands

2020

2019

2020

2019

Discontinued Operations

Pretax loss

$       (1,412)

$          (701)

$       (1,058)

$       (1,339)

Income tax benefit

371 

352 

277 

354 

Loss on discontinued operations,

net of tax

$       (1,041)

$          (349)

$          (781)

$          (985)

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 8). There were no revenues from discontinued operations for the periods presented.
EARNINGS PER SHARE (EPS) EARNINGS PER SHARE (EPS)

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

Three Months Ended

Six Months Ended

June 30

June 30

in thousands

2020

2019

2020

2019

Weighted-average common shares

outstanding

132,552 

132,269 

132,560 

132,157 

Dilutive effect of

Stock-Only Stock Appreciation Rights

271 

723 

307 

723 

Other stock compensation plans

292 

362 

287 

319 

Weighted-average common shares

outstanding, assuming dilution

133,115 

133,354 

133,154 

133,199 

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

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

Three Months Ended

Six Months Ended

June 30

June 30

in thousands

2020

2019

2020

2019

Antidilutive common stock equivalents

296 

192 

275 

220 
RECLASSIFICATIONS RECLASSIFICATIONS

Certain items previously reported in specific financial statement captions have been reclassified to conform to the 2020 presentation.
v3.20.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 6 Months Ended
Jun. 30, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]  
Results from Discontinued Operations

Three Months Ended

Six Months Ended

June 30

June 30

in thousands

2020

2019

2020

2019

Discontinued Operations

Pretax loss

$       (1,412)

$          (701)

$       (1,058)

$       (1,339)

Income tax benefit

371 

352 

277 

354 

Loss on discontinued operations,

net of tax

$       (1,041)

$          (349)

$          (781)

$          (985)
Weighted-Average Common Shares Outstanding Assuming Dilution

Three Months Ended

Six Months Ended

June 30

June 30

in thousands

2020

2019

2020

2019

Weighted-average common shares

outstanding

132,552 

132,269 

132,560 

132,157 

Dilutive effect of

Stock-Only Stock Appreciation Rights

271 

723 

307 

723 

Other stock compensation plans

292 

362 

287 

319 

Weighted-average common shares

outstanding, assuming dilution

133,115 

133,354 

133,154 

133,199 
Antidilutive Common Stock Equivalents

Three Months Ended

Six Months Ended

June 30

June 30

in thousands

2020

2019

2020

2019

Antidilutive common stock equivalents

296 

192 

275 

220 
v3.20.2
LEASES (Tables)
 6 Months Ended
Jun. 30, 2020
LEASES [Abstract]  
Schedule of Lease Assets and Liabilities, Weighted-Average Lease Term and Discount Rate

June 30

December 31

June 30

in thousands

Classification on the Balance Sheet

2020

2019

2019

Assets

Operating lease ROU assets

$     472,003 

$     441,656 

$     435,672 

Accumulated amortization

(45,385)

(33,467)

(16,776)

Total lease assets

Operating lease right-of-use assets, net

$     426,618 

$     408,189 

$     418,896 

Liabilities

Current

Operating

Other current liabilities

$       32,645 

$       29,971 

$       31,357 

Noncurrent

Operating

Operating lease liabilities

405,578 

388,042 

396,952 

Total lease liabilities

$     438,223 

$     418,013 

$     428,309 

Lease Term and Discount Rate

Weighted-average remaining lease term (years)

Operating leases

10.4 

9.9 

10.0 

Weighted-average discount rate

Operating leases

4.1%

4.3%

4.4%
Components of Operating Lease Expense

Three Months Ended

Six Months Ended

June 30

June 30

in thousands

2020

2019

2020

2019

Lease Cost

Operating lease cost

$       14,234 

$       14,167 

$       28,340 

$       28,294 

Short-term lease cost 1

8,070 

7,922 

17,441 

16,623 

Variable lease cost

3,773 

3,489 

6,905 

6,557 

Sublease income

(721)

(807)

(1,456)

(1,418)

Total lease cost

$       25,356 

$       24,771 

$       51,230 

$       50,056 

1

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

v3.20.2
REVENUES (Tables)
 6 Months Ended
Jun. 30, 2020
REVENUES [Abstract]  
Revenues by Geographic Market

Three Months Ended June 30, 2020

in thousands

Aggregates

Asphalt

Concrete

Calcium

Total

Total Revenues by Geographic Market 1

East

$     350,238 

$     37,956 

$     71,653 

$              0 

$      459,847 

Gulf Coast

567,811 

50,503 

17,946 

1,889 

638,149 

West

152,547 

134,491 

11,084 

0 

298,122 

Segment sales

$  1,070,596 

$   222,950 

$   100,683 

$       1,889 

$   1,396,118 

Intersegment sales

(73,543)

0 

0 

0 

(73,543)

Total revenues

$     997,053 

$   222,950 

$   100,683 

$       1,889 

$   1,322,575 

Three Months Ended June 30, 2019

in thousands

Aggregates

Asphalt

Concrete

Calcium

Total

Total Revenues by Geographic Market 1

East

$     339,351 

$     46,392 

$     70,871 

$              0 

$      456,614 

Gulf Coast

553,746 

56,727 

14,865 

2,003 

627,341 

West

168,964 

144,044 

18,032 

0 

331,040 

Segment sales

$  1,062,061 

$   247,163 

$   103,768 

$       2,003 

$   1,414,995 

Intersegment sales

(87,313)

0 

0 

0 

(87,313)

Total revenues

$     974,748 

$   247,163 

$   103,768 

$       2,003 

$   1,327,682 

Six Months Ended June 30, 2020

in thousands

Aggregates

Asphalt

Concrete

Calcium

Total

Total Revenues by Geographic Market 1

East

$     590,106 

$     55,839 

$   133,772 

$              0 

$      779,717 

Gulf Coast

1,061,107 

84,358 

34,911 

3,915 

1,184,291 

West

287,609 

222,542 

26,765 

0 

536,916 

Segment sales

$  1,938,822 

$   362,739 

$   195,448 

$       3,915 

$   2,500,924 

Intersegment sales

(129,107)

0 

0 

0 

(129,107)

Total revenues

$  1,809,715 

$   362,739 

$   195,448 

$       3,915 

$   2,371,817 

Six Months Ended June 30, 2019

in thousands

Aggregates

Asphalt

Concrete

Calcium

Total

Total Revenues by Geographic Market 1

East

$     564,253 

$     64,608 

$   125,587 

$              0 

$      754,448 

Gulf Coast

1,050,381 

93,779 

31,370 

3,954 

1,179,484 

West

282,392 

220,866 

30,448 

0 

533,706 

Segment sales

$  1,897,026 

$   379,253 

$   187,405 

$       3,954 

$   2,467,638 

Intersegment sales

(143,445)

0 

0 

0 

(143,445)

Total revenues

$  1,753,581 

$   379,253 

$   187,405 

$       3,954 

$   2,324,193 

1

The geographic markets are defined by states/countries 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

Three Months Ended

Six Months Ended

June 30

June 30

in thousands

2020

2019

2020

2019

Freight & Delivery Revenues

Total revenues

$  1,322,575 

$  1,327,682 

$  2,371,817 

$  2,324,193 

Freight & delivery revenues 1

(202,855)

(196,796)

(379,223)

(359,401)

Total revenues excluding freight & delivery

$  1,119,720 

$  1,130,886 

$  1,992,594 

$  1,964,792 

1

Includes freight & delivery to remote distribution sites.
Reconciliation of Deferred Revenue Balances

Three Months Ended

Six Months Ended

June 30

June 30

in thousands

2020

2019

2020

2019

Deferred Revenue

Balance at beginning of period

$     183,997 

$     191,131 

$     185,339 

$     192,783 

Revenue recognized from deferred revenue

(2,034)

(2,079)

(3,376)

(3,731)

Balance at end of period

$     181,963 

$     189,052 

$     181,963 

$     189,052 
v3.20.2
FAIR VALUE MEASUREMENTS (Tables)
 6 Months Ended
Jun. 30, 2020
FAIR VALUE MEASUREMENTS [Abstract]  
Fair Value Measurement on Recurring Basis

Level 1 Fair Value

June 30

December 31

June 30

in thousands

2020

2019

2019

Fair Value Recurring

Rabbi Trust

Mutual funds

$       21,994 

$       22,883 

$       23,382 

Total

$       21,994 

$       22,883 

$       23,382 

Level 2 Fair Value

June 30

December 31

June 30

in thousands

2020

2019

2019

Fair Value Recurring

Rabbi Trust

Money market mutual fund

$        1,738 

$        1,340 

$           398 

Total

$        1,738 

$        1,340 

$           398 
v3.20.2
DERIVATIVE INSTRUMENTS (Tables)
 6 Months Ended
Jun. 30, 2020
DERIVATIVE INSTRUMENTS [Abstract]  
Effects of Changes in Fair Values of Derivatives Designated as Cash Flow Hedges

Three Months Ended

Six Months Ended

Location on

June 30

June 30

in thousands

Statement

2020

2019

2020

2019

Interest Rate Hedges

Loss reclassified from AOCI

Interest

(effective portion)

expense

$          (263)

$            (76)

$       (1,337)

$          (151)
v3.20.2
DEBT (Tables)
 6 Months Ended
Jun. 30, 2020
DEBT [Abstract]  
Debt

Effective

June 30

December 31

June 30

in thousands

Interest Rates

2020

2019

2019

Short-term Debt

Delayed draw term loan expires 2021

$                  0 

$                0 

$                0 

Bank line of credit expires 2021 1

0 

0 

137,000 

Total short-term debt

$                  0 

$                0 

$     137,000 

Long-term Debt

Bank line of credit expires 2021 1

$                  0 

$                0 

$                0 

Floating-rate notes due 2020

0 

250,000 

250,000 

Floating-rate notes due 2021

1.21%

500,000 

500,000 

500,000 

8.85% notes due 2021

8.88%

6,000 

6,000 

6,000 

4.50% notes due 2025

4.65%

400,000 

400,000 

400,000 

3.90% notes due 2027

4.00%

400,000 

400,000 

400,000 

3.50% notes due 2030

3.91%

750,000 

0 

0 

7.15% notes due 2037

8.05%

129,239 

129,239 

129,239 

4.50% notes due 2047

4.59%

700,000 

700,000 

700,000 

4.70% notes due 2048

5.42%

460,949 

460,949 

460,949 

Other notes

1.10%

9,153 

185 

197 

Total long-term debt - face value

$    3,355,341 

$  2,846,373 

$  2,846,385 

Unamortized discounts and debt issuance costs

(69,669)

(62,033)

(64,535)

Total long-term debt - book value

$    3,285,672 

$  2,784,340 

$  2,781,850 

Less current maturities

500,026 

25 

24 

Total long-term debt - reported value

$    2,785,646 

$  2,784,315 

$  2,781,826 

Estimated fair value of long-term debt

$    3,225,468 

$  3,073,693 

$  2,898,283 

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.
Standby Letters of Credit

in thousands

Standby Letters of Credit

Risk management insurance

$       47,031 

Reclamation/restoration requirements

7,098 

Total

$       54,129 
v3.20.2
COMMITMENTS AND CONTINGENCIES (Tables)
 6 Months Ended
Jun. 30, 2020
COMMITMENTS AND CONTINGENCIES [Abstract]  
Accrued Environmental Remediation Costs

June 30

December 31

June 30

in thousands

2020

2019

2019

Accrued Environmental Remediation Costs

Continuing operations

$        22,743 

$        30,429 

$        35,218 

Retained from former Chemicals business

10,846 

10,972 

10,726 

Total

$        33,589 

$        41,401 

$        45,944 
v3.20.2
ASSET RETIREMENT OBLIGATIONS (Tables)
 6 Months Ended
Jun. 30, 2020
ASSET RETIREMENT OBLIGATIONS [Abstract]  
Asset Retirement Obligations Operating Costs

Three Months Ended

Six Months Ended

June 30

June 30

in thousands

2020

2019

2020

2019

ARO Operating Costs

Accretion

$        3,247 

$        2,717 

$        6,155 

$        5,450 

Depreciation

2,063 

1,800 

3,899 

3,641 

Total

$        5,310 

$        4,517 

$      10,054 

$        9,091 
Reconciliations of Asset Retirement Obligations

Three Months Ended

Six Months Ended

June 30

June 30

in thousands

2020

2019

2020

2019

Asset Retirement Obligations

Balance at beginning of period

$     263,445 

$     225,186 

$     210,323 

$     225,726 

Liabilities incurred

0 

263 

0 

263 

Liabilities settled

(3,354)

(3,388)

(8,588)

(6,966)

Accretion expense

3,247 

2,717 

6,155 

5,450 

Revisions, net

410 

(1,281)

55,858 

(976)

Balance at end of period

$     263,748 

$     223,497 

$     263,748 

$     223,497 
v3.20.2
BENEFIT PLANS (Tables)
 6 Months Ended
Jun. 30, 2020
Pension Benefits [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Components of Net Periodic Benefit Cost

PENSION BENEFITS

Three Months Ended

Six Months Ended

June 30

June 30

in thousands

2020

2019

2020

2019

Components of Net Periodic Benefit Cost

Service cost

$        1,331 

$        1,249 

$        2,662 

$        2,498 

Interest cost

7,531 

9,410 

15,062 

18,820 

Expected return on plan assets

(12,485)

(11,937)

(24,969)

(23,875)

Amortization of prior service cost

335 

335 

670 

670 

Amortization of actuarial loss

3,140 

1,358 

6,279 

2,716 

Net periodic pension benefit cost (credit)

$          (148)

$           415 

$          (296)

$           829 

Pretax reclassifications from AOCI included in

net periodic pension benefit cost

$        3,475 

$        1,693 

$        6,949 

$        3,386 
Postretirement Benefits [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Components of Net Periodic Benefit Cost

OTHER POSTRETIREMENT BENEFITS

Three Months Ended

Six Months Ended

June 30

June 30

in thousands

2020

2019

2020

2019

Components of Net Periodic Benefit Cost

Service cost

$           380 

$           330 

$           760 

$           659 

Interest cost

242 

347 

485 

694 

Amortization of prior service credit

(980)

(979)

(1,959)

(1,959)

Amortization of actuarial gain

(201)

(327)

(403)

(654)

Net periodic postretirement benefit credit

$          (559)

$          (629)

$       (1,117)

$       (1,260)

Pretax reclassifications from AOCI included in

net periodic postretirement benefit credit

$       (1,181)

$       (1,306)

$       (2,362)

$       (2,613)
v3.20.2
OTHER COMPREHENSIVE INCOME (Tables)
 6 Months Ended
Jun. 30, 2020
OTHER COMPREHENSIVE INCOME [Abstract]  
Accumulated Other Comprehensive Income, Net of Tax

June 30

December 31

June 30

in thousands

2020

2019

2019

AOCI

Interest rate hedges

$       (24,644)

$       (10,953)

$       (11,069)

Pension and postretirement plans

(183,395)

(186,785)

(160,464)

Total

$     (208,039)

$     (197,738)

$     (171,533)
Changes in Accumulated Other Comprehensive Income, Net of Tax

Pension and

Interest Rate

Postretirement

in thousands

Hedges

Benefit Plans

Total

AOCI

Balances as of December 31, 2019

$       (10,953)

$     (186,785)

$     (197,738)

Other comprehensive income (loss)

before reclassifications

(14,679)

0 

(14,679)

Amounts reclassified from AOCI

988 

3,390 

4,378 

Net current period OCI changes

(13,691)

3,390 

(10,301)

Balances as of June 30, 2020

$       (24,644)

$     (183,395)

$     (208,039)
Amounts Reclassified from Accumulated Other Comprehensive Income to Earnings

Three Months Ended

Six Months Ended

June 30

June 30

in thousands

2020

2019

2020

2019

Amortization of Interest Rate Hedge Losses

Interest expense

$            263 

$              76 

$         1,337 

$            151 

Benefit from income taxes

(69)

(20)

(349)

(40)

Total

$            194 

$              56 

$            988 

$            111 

Amortization of Pension and Postretirement

Plan Actuarial Loss and Prior Service Cost

Other nonoperating expense

$         2,294 

$            386 

$         4,587 

$            772 

Benefit from income taxes

(599)

(50)

(1,197)

(201)

Total

$         1,695 

$            336 

$         3,390 

$            571 

Total reclassifications from AOCI to earnings

$         1,889 

$            392 

$         4,378 

$            682 

 
v3.20.2
EQUITY (Tables)
 6 Months Ended
Jun. 30, 2020
EQUITY [Abstract]  
Shares Purchased and Retired

June 30

December 31

June 30

in thousands, except average cost

2020

2019

2019

Shares Purchased and Retired

Number

214 

19 

0 

Total purchase price

$        26,132 

$          2,602 

$                 0 

Average cost per share

$        121.92 

$        139.90 

$            0.00 
Changes in Total Equity

Three Months Ended

Six Months Ended

June 30

June 30

in thousands, except per share data

2020

2019

2020

2019

Total Equity

Balance at beginning of period

$    5,590,326 

$    5,217,209 

$    5,621,857 

$    5,202,903 

Net earnings

209,916 

197,558 

270,174 

260,857 

Common stock issued

Share-based compensation plans, net of shares

withheld for taxes

(1,456)

(11,370)

(16,539)

(25,438)

Purchase and retirement of common stock

0 

0 

(26,132)

0 

Share-based compensation expense

8,504 

8,646 

15,220 

14,370 

Cash dividends on common stock

($0.34/$0.31/$0.68/$0.62 per share, respectively)

(45,028)

(40,988)

(90,128)

(81,927)

Other comprehensive income (expense)

1,889 

392 

(10,301)

682 

Balance at end of period

$    5,764,151 

$    5,371,447 

$    5,764,151 

$    5,371,447 
v3.20.2
SEGMENT REPORTING (Tables)
 6 Months Ended
Jun. 30, 2020
SEGMENT REPORTING [Abstract]  
Segment Financial Disclosure

Three Months Ended

Six Months Ended

June 30

June 30

in thousands

2020

2019

2020

2019

Total Revenues

Aggregates 1

$      1,070,596 

$    1,062,061 

$      1,938,822 

$    1,897,026 

Asphalt 2

222,950 

247,163 

362,739 

379,253 

Concrete

100,683 

103,768 

195,448 

187,405 

Calcium

1,889 

2,003 

3,915 

3,954 

Segment sales

$      1,396,118 

$    1,414,995 

$      2,500,924 

$    2,467,638 

Aggregates intersegment sales

(73,543)

(87,313)

(129,107)

(143,445)

Total revenues

$      1,322,575 

$    1,327,682 

$      2,371,817 

$    2,324,193 

Gross Profit

Aggregates

$         351,162 

$       329,215 

$         545,293 

$       514,931 

Asphalt

30,464 

27,583 

28,029 

24,311 

Concrete

14,227 

12,887 

23,440 

21,450 

Calcium

666 

817 

1,480 

1,485 

Total

$         396,519 

$       370,502 

$         598,242 

$       562,177 

Depreciation, Depletion, Accretion

and Amortization (DDA&A)

Aggregates

$           80,747 

$         75,760 

$         157,883 

$       148,281 

Asphalt

8,668 

8,884 

17,402 

17,434 

Concrete

4,001 

3,327 

8,083 

6,291 

Calcium

48 

58 

97 

118 

Other

6,006 

5,468 

11,486 

10,553 

Total

$           99,470 

$         93,497 

$         194,951 

$       182,677 

Identifiable Assets 3

Aggregates

$      9,545,787 

$    9,385,444 

Asphalt

583,902 

597,328 

Concrete

321,304 

299,729 

Calcium

3,718 

4,042 

Total identifiable assets

$    10,454,711 

$  10,286,543 

General corporate assets

126,814 

167,699 

Cash and cash equivalents and restricted cash

817,199 

26,522 

Total assets

$    11,398,724 

$  10,480,764 

1

Includes product sales (crushed stone, sand and gravel, sand, and other aggregates), as well as freight & delivery costs that we pass along to our customers, and service revenues (see Note 4) related to aggregates.

2

Includes product sales, as well as service revenues (see Note 4) from our asphalt construction paving business.

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.

 
v3.20.2
SUPPLEMENTAL CASH FLOW INFORMATION (Tables)
 6 Months Ended
Jun. 30, 2020
SUPPLEMENTAL CASH FLOW INFORMATION [Abstract]  
Supplemental Information Referable to Condensed Consolidated Statements of Cash Flows

Six Months Ended

June 30

in thousands

2020

2019

Cash Payments

Interest (exclusive of amount capitalized)

$       60,741 

$       66,414 

Income taxes

9,055 

34,297 

Noncash Investing and Financing Activities

Accrued liabilities for purchases of property, plant & equipment

$       10,994 

$       30,259 

Recognition of new asset retirement obligations

0 

263 

Right-of-use assets obtained in exchange for new operating lease liabilities 1

25,083 

435,678 

Amounts referable to business acquisitions

Liabilities assumed

5,637 

3,525 

Consideration payable to seller

8,980 

0 

Fair value of noncash assets and liabilities exchanged

21,214 

0 

1

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

 
v3.20.2
GOODWILL (Tables)
 6 Months Ended
Jun. 30, 2020
GOODWILL [Abstract]  
Changes in Carrying Amount of Goodwill by Reportable Segment

in thousands

Aggregates

Asphalt

Concrete

Calcium

Total

Goodwill

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 June 30, 2020

$    3,080,479 

$     91,633 

$              0 

$              0 

$    3,172,112 

1

See Note 16 for summary of recent acquisitions.

v3.20.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2020
USD ($)
state
Jun. 30, 2019
USD ($)
Jun. 30, 2020
USD ($)
state
factor
Jun. 30, 2019
USD ($)
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]        
State of incorporation     NJ  
Number of states | state 20   20  
Number of demographic factors | factor     3  
Revenues from discontinued operations | $ $ 0 $ 0 $ 0 $ 0
v3.20.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Results from Discontinued Operations) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]        
Pretax loss $ (1,412) $ (701) $ (1,058) $ (1,339)
Income tax benefit 371 352 277 354
Loss on discontinued operations, net of tax $ (1,041) $ (349) $ (781) $ (985)
v3.20.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Weighted-Average Common Shares Outstanding Assuming Dilution) (Details) - shares
shares in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]        
Weighted-average common shares outstanding 132,552 132,269 132,560 132,157
Dilutive effect of Stock-Only Stock Appreciation Rights 271 723 307 723
Dilutive effect of Other stock compensation plans 292 362 287 319
Weighted-average common shares outstanding, assuming dilution 133,115 133,354 133,154 133,199
v3.20.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Antidilutive Common Stock Equivalents) (Details) - shares
shares in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]        
Antidilutive common stock equivalents 296 192 275 220
v3.20.2
LEASES (Narrative) (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
LEASES [Abstract]    
Cash paid for operating leases $ 26,559 $ 25,513
Finance leases $ 0  
v3.20.2
LEASES (Schedule of Lease Assets and Liabilities, Weighted-Average Lease Term and Discount Rate) (Details) - USD ($)
$ in Thousands
Jun. 30, 2020
Dec. 31, 2019
Jun. 30, 2019
LEASES [Abstract]      
Operating lease ROU assets $ 472,003 $ 441,656 $ 435,672
Accumulated amortization (45,385) (33,467) (16,776)
Total lease assets 426,618 408,189 418,896
Current obligations under leases 32,645 29,971 31,357
Noncurrent operating liabilities 405,578 388,042 396,952
Total lease liabilities $ 438,223 $ 418,013 $ 428,309
Weighted-average remaining lease term, Operating leases 10 years 4 months 24 days 9 years 10 months 24 days 10 years
Weighted-average discount rate, Operating leases 4.10% 4.30% 4.40%
v3.20.2
LEASES (Components of Operating Lease Expense) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
LEASES [Abstract]        
Operating lease cost $ 14,234 $ 14,167 $ 28,340 $ 28,294
Short-term lease cost [1] 8,070 7,922 17,441 16,623
Variable lease cost 3,773 3,489 6,905 6,557
Sublease income (721) (807) (1,456) (1,418)
Total lease cost $ 25,356 $ 24,771 $ 51,230 $ 50,056
[1] Our short-term lease cost includes the cost of leases with an initial term of one month or less.
v3.20.2
INCOME TAXES (Narrative) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Mar. 31, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Dec. 31, 2020
Dec. 31, 2019
Operating Loss Carryforwards [Line Items]              
Income tax benefit recognition threshold more likely than not       50.00%      
Retained earnings $ 3,049,943   $ 2,623,747 $ 3,049,943 $ 2,623,747   $ 2,895,871
Income tax expense $ 61,352   $ 47,598 $ 73,546 $ 58,291    
Cash tax benefit   $ 13,301          
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       2032      
Alabama [Member] | Forecast [Member]              
Operating Loss Carryforwards [Line Items]              
State net operating loss carryforwards           $ 63,380  
Net operating loss carryforwards, valuation allowance           $ 29,236  
v3.20.2
REVENUES (Narrative) (Details)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2020
USD ($)
Jun. 30, 2019
USD ($)
Jun. 30, 2020
USD ($)
item
Jun. 30, 2019
USD ($)
Dec. 31, 2013
USD ($)
Dec. 31, 2012
USD ($)
Jun. 30, 2021
USD ($)
Mar. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Mar. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Revenue Recognition [Line Items]                      
Revenues [1] $ 1,322,575 $ 1,327,682 $ 2,371,817 $ 2,324,193              
Number of quarries | item     8                
Proceeds from sale of future production         $ 226,926 $ 226,926          
Term of the VPPs     25 years                
Estimated deferred revenue to be recognized in the next 12 months 181,963 189,052 $ 181,963 189,052       $ 183,997 $ 185,339 $ 191,131 $ 192,783
Service [Member]                      
Revenue Recognition [Line Items]                      
Revenues 57,374 65,257 $ 96,938 99,772              
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] $ 997,053 $ 974,748 $ 1,809,715 $ 1,753,581              
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/countries 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

v3.20.2
REVENUES (Revenues by Geographic Market) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Segment Reporting, Revenue Reconciling Item [Line Items]        
Total revenues [1] $ 1,322,575 $ 1,327,682 $ 2,371,817 $ 2,324,193
Operating Segments [Member]        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Total revenues [1] 1,396,118 1,414,995 2,500,924 2,467,638
Intersegment Sales [Member]        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Total revenues [1] (73,543) (87,313) (129,107) (143,445)
East [Member]        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Total revenues [1] 459,847 456,614 779,717 754,448
Gulf Coast [Member]        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Total revenues [1] 638,149 627,341 1,184,291 1,179,484
West [Member]        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Total revenues [1] 298,122 331,040 536,916 533,706
Aggregates [Member]        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Total revenues [1] 997,053 974,748 1,809,715 1,753,581
Aggregates [Member] | Operating Segments [Member]        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Total revenues [1],[2] 1,070,596 1,062,061 1,938,822 1,897,026
Aggregates [Member] | Intersegment Sales [Member]        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Total revenues [1] (73,543) (87,313) (129,107) (143,445)
Aggregates [Member] | East [Member]        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Total revenues [1] 350,238 339,351 590,106 564,253
Aggregates [Member] | Gulf Coast [Member]        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Total revenues [1] 567,811 553,746 1,061,107 1,050,381
Aggregates [Member] | West [Member]        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Total revenues [1] 152,547 168,964 287,609 282,392
Asphalt [Member]        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Total revenues [1] 222,950 247,163 362,739 379,253
Asphalt [Member] | Operating Segments [Member]        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Total revenues [1],[3] 222,950 247,163 362,739 379,253
Asphalt [Member] | Intersegment Sales [Member]        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Total revenues [1] 0 0 0 0
Asphalt [Member] | East [Member]        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Total revenues [1] 37,956 46,392 55,839 64,608
Asphalt [Member] | Gulf Coast [Member]        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Total revenues [1] 50,503 56,727 84,358 93,779
Asphalt [Member] | West [Member]        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Total revenues [1] 134,491 144,044 222,542 220,866
Concrete [Member]        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Total revenues [1] 100,683 103,768 195,448 187,405
Concrete [Member] | Operating Segments [Member]        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Total revenues [1] 100,683 103,768 195,448 187,405
Concrete [Member] | Intersegment Sales [Member]        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Total revenues [1] 0 0 0 0
Concrete [Member] | East [Member]        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Total revenues [1] 71,653 70,871 133,772 125,587
Concrete [Member] | Gulf Coast [Member]        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Total revenues [1] 17,946 14,865 34,911 31,370
Concrete [Member] | West [Member]        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Total revenues [1] 11,084 18,032 26,765 30,448
Calcium [Member]        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Total revenues [1] 1,889 2,003 3,915 3,954
Calcium [Member] | Operating Segments [Member]        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Total revenues [1] 1,889 2,003 3,915 3,954
Calcium [Member] | Intersegment Sales [Member]        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Total revenues [1] 0 0 0 0
Calcium [Member] | East [Member]        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Total revenues [1] 0 0 0 0
Calcium [Member] | Gulf Coast [Member]        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Total revenues [1] 1,889 2,003 3,915 3,954
Calcium [Member] | West [Member]        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Total revenues [1] $ 0 $ 0 $ 0 $ 0
[1]

1

The geographic markets are defined by states/countries 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 (crushed stone, sand and gravel, sand, and other aggregates), as well as freight & delivery costs that we pass along to our customers, and service revenues (see Note 4) related to aggregates.
[3] Includes product sales, as well as service revenues (see Note 4) from our asphalt construction paving business.
v3.20.2
REVENUES (Freight & Delivery Revenues) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Disaggregation of Revenue [Line Items]        
Total revenues [1] $ 1,322,575 $ 1,327,682 $ 2,371,817 $ 2,324,193
Freight & Delivery Revenues [Member]        
Disaggregation of Revenue [Line Items]        
Total revenues [2] (202,855) (196,796) (379,223) (359,401)
Total Revenues Excluding Freight & Delivery [Member]        
Disaggregation of Revenue [Line Items]        
Total revenues $ 1,119,720 $ 1,130,886 $ 1,992,594 $ 1,964,792
[1]

1

The geographic markets are defined by states/countries 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
v3.20.2
REVENUES (Reconciliation of Deferred Revenue Balances) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
REVENUES [Abstract]        
Balance at beginning of period $ 183,997 $ 191,131 $ 185,339 $ 192,783
Revenue recognized from deferred revenue (2,034) (2,079) (3,376) (3,731)
Balance at end of period $ 181,963 $ 189,052 $ 181,963 $ 189,052
v3.20.2
FAIR VALUE MEASUREMENTS (Narrative) (Details)
$ in Thousands
 6 Months Ended
Jun. 30, 2020
USD ($)
item
Jun. 30, 2019
USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Number of Rabbi Trusts established | item 2  
Net gains (losses) of the Rabbi Trust investments $ (998) $ 2,844
Unrealized net gains (losses) of the Rabbi Trust investments $ (990) $ 2,885
v3.20.2
FAIR VALUE MEASUREMENTS (Fair Value Measurement on Recurring Basis) (Details) - Recurring [Member] - USD ($)
$ in Thousands
Jun. 30, 2020
Dec. 31, 2019
Jun. 30, 2019
Level 1 [Member]      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Total $ 21,994 $ 22,883 $ 23,382
Level 1 [Member] | Mutual Funds [Member]      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Total 21,994 22,883 23,382
Level 2 [Member]      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Total 1,738 1,340 398
Level 2 [Member] | Money Market Mutual Fund [Member]      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Total $ 1,738 $ 1,340 $ 398
v3.20.2
DERIVATIVE INSTRUMENTS (Narrative) (Details) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended
May 31, 2020
Mar. 31, 2020
Mar. 31, 2020
Jun. 30, 2020
Dec. 31, 2019
Jun. 30, 2019
Derivative [Line Items]            
Interest rate hedges       $ (24,644) $ (10,953) $ (11,069)
Total long-term debt - face value       3,355,341 2,846,373 2,846,385
3.50% notes due 2030 [Member]            
Derivative [Line Items]            
Period of debt 10 years          
Designated as Hedging Instrument [Member] | Cash Flow Hedges [Member] | Interest Rate Swap [Member]            
Derivative [Line Items]            
Cash payments for interest rate swap agreements   $ 19,863        
Estimated amount of pretax loss in AOCI reclassified to earnings for the next 12-month period       (1,894)    
Interest rate reclassified to interest expense, ineffective portion     $ 993      
Notes [Member]            
Derivative [Line Items]            
Total long-term debt - face value       3,355,341    
Notes [Member] | 3.50% notes due 2030 [Member]            
Derivative [Line Items]            
Total long-term debt - face value $ 750,000     $ 750,000 $ 0 $ 0
Interest rate 3.50%     3.50%    
v3.20.2
DERIVATIVE INSTRUMENTS (Effects of Changes in Fair Values of Derivatives Designated as Cash Flow Hedges) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Interest Rate Swap [Member] | Cash Flow Hedges [Member] | Designated as Hedging Instrument [Member]        
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]        
Loss reclassified from AOCI (effective portion) $ (263) $ (76) $ (1,337) $ (151)
v3.20.2
DEBT (Narrative) (Details)
$ in Thousands
 1 Months Ended 3 Months Ended 6 Months Ended
Jun. 30, 2020
USD ($)
May 31, 2020
USD ($)
Apr. 30, 2020
USD ($)
item
Jun. 30, 2020
USD ($)
Jun. 30, 2020
USD ($)
item
Jun. 30, 2019
USD ($)
Dec. 31, 2019
USD ($)
Debt Instrument [Line Items]              
Discounts and debt issuance costs         $ 3,126 $ 2,482  
Total long-term debt - face value $ 3,355,341     $ 3,355,341 3,355,341 2,846,385 $ 2,846,373
Net proceeds   $ 741,417          
Repayment of long-term debt         250,012 11  
Short-term debt 0     0 0 137,000 0
Proceeds from issuance of long-term debt         $ 750,000 0  
Term Loan Due [Member]              
Debt Instrument [Line Items]              
Maturity year         2021    
Term Loan Due April 2021 [Member]              
Debt Instrument [Line Items]              
Commitment fee         0.175%    
Term Loan Due April 2021 [Member] | Term Loan Due [Member]              
Debt Instrument [Line Items]              
Available borrowing capacity 500,000     500,000 $ 500,000    
Number of draws | item     2        
Maturity year         2021    
Repayments of debt       250,000      
Short-term debt 0     0 $ 0 0 0
Borrowing end date         October 2020    
Term Loan Due April 2021 [Member] | LIBOR [Member] | Term Loan Due [Member]              
Debt Instrument [Line Items]              
Applicable margin on borrowing rate         1.625%    
Term Loan Due April 2021 [Member] | Base Rate [Member] | Term Loan Due [Member]              
Debt Instrument [Line Items]              
Applicable margin on borrowing rate         0.625%    
Investment-Grade Type Covenants Governed [Member]              
Debt Instrument [Line Items]              
Number of indentures with customary investment-grade type covenants | item         3    
Bank Line of Credit [Member]              
Debt Instrument [Line Items]              
Maximum borrowing capacity 750,000     750,000 $ 750,000    
Commitment fee         0.15%    
Maturity year         2021    
Bank Line of Credit [Member] | LIBOR [Member]              
Debt Instrument [Line Items]              
Applicable margin on borrowing rate         1.25%    
Bank Line of Credit [Member] | Base Rate [Member]              
Debt Instrument [Line Items]              
Applicable margin on borrowing rate         0.25%    
Bank Line of Credit [Member] | Delayed Draw Term Loan And Line Of Credit [Member]              
Debt Instrument [Line Items]              
Available borrowing capacity 1,195,871     1,195,871 $ 1,195,871    
Short-term debt 0     0 $ 0    
Bank 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 54,129     54,129 $ 54,129    
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]              
Commitment fee     0.25%        
Short-term debt     $ 750,000        
Maximum [Member] | Term Loan Due April 2021 [Member] | LIBOR [Member] | Term Loan Due [Member]              
Debt Instrument [Line Items]              
Applicable margin on borrowing rate     2.125%        
Maximum [Member] | Term Loan Due April 2021 [Member] | Base Rate [Member] | Term Loan Due [Member]              
Debt Instrument [Line Items]              
Applicable margin on borrowing rate     1.125%        
Maximum [Member] | Bank Line of Credit [Member]              
Debt Instrument [Line Items]              
Debt to EBITDA ratio         3.5    
Commitment fee         0.25%    
Maximum [Member] | Bank Line of Credit [Member] | LIBOR [Member]              
Debt Instrument [Line Items]              
Applicable margin on borrowing rate         1.75%    
Maximum [Member] | Bank Line of Credit [Member] | Base Rate [Member]              
Debt Instrument [Line Items]              
Applicable margin on borrowing rate         0.75%    
Minimum [Member] | Term Loan Due April 2021 [Member] | Term Loan Due [Member]              
Debt Instrument [Line Items]              
Commitment fee     0.125%        
Minimum [Member] | Term Loan Due April 2021 [Member] | LIBOR [Member] | Term Loan Due [Member]              
Debt Instrument [Line Items]              
Applicable margin on borrowing rate     1.375%        
Minimum [Member] | Term Loan Due April 2021 [Member] | Base Rate [Member] | Term Loan Due [Member]              
Debt Instrument [Line Items]              
Applicable margin on borrowing rate     0.375%        
Minimum [Member] | Bank Line of Credit [Member]              
Debt Instrument [Line Items]              
EBITDA to net cash interest expense ratio         3.0    
Commitment fee         0.10%    
Minimum [Member] | Bank Line of Credit [Member] | LIBOR [Member]              
Debt Instrument [Line Items]              
Applicable margin on borrowing rate         1.00%    
Minimum [Member] | Bank Line of Credit [Member] | Base Rate [Member]              
Debt Instrument [Line Items]              
Applicable margin on borrowing rate         0.00%    
Notes [Member]              
Debt Instrument [Line Items]              
Total long-term debt - face value 3,355,341     3,355,341 $ 3,355,341    
Notes [Member] | Investment-Grade Type Covenants Governed [Member]              
Debt Instrument [Line Items]              
Total long-term debt - face value 3,346,188     3,346,188 3,346,188    
Notes [Member] | 3.50% notes due 2030 [Member]              
Debt Instrument [Line Items]              
Total long-term debt - face value $ 750,000 $ 750,000   $ 750,000 $ 750,000 0 0
Maturity year   2030     2030    
Interest rate 3.50% 3.50%   3.50% 3.50%    
Notes [Member] | Floating-Rate Notes Due 2020 [Member]              
Debt Instrument [Line Items]              
Total long-term debt - face value $ 0 $ 250,000   $ 0 $ 0 250,000 250,000
Maturity year         2020    
Repayment of long-term debt 250,000            
Notes [Member] | Floating-Rate Notes Due 2021 [Member]              
Debt Instrument [Line Items]              
Total long-term debt - face value 500,000     500,000 $ 500,000 $ 500,000 $ 500,000
Maturity year         2021    
Face value $ 500,000     $ 500,000 $ 500,000    
Bank Line of Credit [Member]              
Debt Instrument [Line Items]              
Maturity year [1]         2021    
[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.
v3.20.2
DEBT (Debt) (Details) - USD ($)
$ in Thousands
 1 Months Ended 6 Months Ended
May 31, 2020
Jun. 30, 2020
Apr. 30, 2020
Dec. 31, 2019
Jun. 30, 2019
Debt Instrument [Line Items]          
Total short-term debt   $ 0   $ 0 $ 137,000
Total long-term debt - face value   3,355,341   2,846,373 2,846,385
Unamortized discounts and debt issuance costs   (69,669)   (62,033) (64,535)
Total long-term debt - book value   3,285,672   2,784,340 2,781,850
Less current maturities   500,026   25 24
Total long-term debt - reported value   2,785,646   2,784,315 2,781,826
Estimated fair value of long-term debt   $ 3,225,468   3,073,693 2,898,283
Term Loan Due [Member]          
Debt Instrument [Line Items]          
Maturity year   2021      
Term Loan Due [Member] | Term Loan Due April 2021 [Member]          
Debt Instrument [Line Items]          
Total short-term debt   $ 0   0 0
Maturity year   2021      
Term Loan Due [Member] | Term Loan Due April 2021 [Member] | Maximum [Member]          
Debt Instrument [Line Items]          
Total short-term debt     $ 750,000    
Bank Line of Credit [Member]          
Debt Instrument [Line Items]          
Maturity year [1]   2021      
Bank Line of Credit [Member] | Bank Line Of Credit Due 2021 [Member]          
Debt Instrument [Line Items]          
Total short-term debt [1]   $ 0   0 137,000
Bank Line of Credit [Member]          
Debt Instrument [Line Items]          
Maturity year [1]   2021      
Bank Line of Credit [Member] | Bank Line Of Credit Due 2021 [Member]          
Debt Instrument [Line Items]          
Total long-term debt - face value [1]   $ 0   0 0
Notes [Member]          
Debt Instrument [Line Items]          
Total long-term debt - face value   3,355,341      
Notes [Member] | Floating-Rate Notes Due 2020 [Member]          
Debt Instrument [Line Items]          
Total long-term debt - face value $ 250,000 $ 0   250,000 250,000
Maturity year   2020      
Notes [Member] | Floating-Rate Notes Due 2021 [Member]          
Debt Instrument [Line Items]          
Total long-term debt - face value   $ 500,000   500,000 500,000
Maturity year   2021      
Effective interest rate   1.21%      
Notes [Member] | 8.85% notes due 2021 [Member]          
Debt Instrument [Line Items]          
Total long-term debt - face value   $ 6,000   6,000 6,000
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   400,000 400,000
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   400,000 400,000
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 $ 750,000   0 0
Interest rate 3.50% 3.50%      
Maturity year 2030 2030      
Effective interest rate   3.91%      
Notes [Member] | 7.15% notes due 2037 [Member]          
Debt Instrument [Line Items]          
Total long-term debt - face value   $ 129,239   129,239 129,239
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   700,000 700,000
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   460,949 460,949
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   $ 9,153   $ 185 $ 197
Effective interest rate   1.10%      
[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.
v3.20.2
DEBT (Standby Letters of Credit) (Details) - USD ($)
$ in Thousands
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Line of Credit Facility [Line Items]            
Reclamation/restoration requirements $ 263,748 $ 263,445 $ 210,323 $ 223,497 $ 225,186 $ 225,726
Standby Letters of Credit [Member]            
Line of Credit Facility [Line Items]            
Risk management insurance 47,031          
Reclamation/restoration requirements 7,098          
Total $ 54,129          
v3.20.2
COMMITMENTS AND CONTINGENCIES (Narrative) (Details)
$ in Thousands
 1 Months Ended 6 Months Ended
Oct. 31, 2018
mi
Dec. 31, 2017
Sep. 30, 2017
item
Mar. 31, 2016
mi
May 31, 2007
entity
mi
Jun. 30, 2020
USD ($)
item
Mar. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Jun. 30, 2019
USD ($)
Mar. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Loss Contingencies [Line Items]                      
Asset retirement obligations           $ 263,748 $ 263,445 $ 210,323 $ 223,497 $ 225,186 $ 225,726
Number of groundwater extraction wells | item     2                
Contingency loss           0          
Operating lease liabilities           $ 438,223   $ 418,013 $ 428,309    
Parent Company [Member]                      
Loss Contingencies [Line Items]                      
Judge ruled allocation of fault among defendants, percentage   15.00%                  
New York Water District Cases [Member]                      
Loss Contingencies [Line Items]                      
Number of cases | item           27          
Cooperating Parties Group [Member]                      
Loss Contingencies [Line Items]                      
Number of 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            
Number of miles for bank-to-bank dredging remedy | mi 9     8              
Occidental Chemical Co [Member]                      
Loss Contingencies [Line Items]                      
Judge ruled allocation of fault among defendants, percentage   50.00%                  
Texas Brine [Member]                      
Loss Contingencies [Line Items]                      
Judge ruled allocation of fault among defendants, percentage   35.00%                  
Number of cases | item           2          
Minimum [Member] | NAFTA Arbitration [Member]                      
Loss Contingencies [Line Items]                      
Arbitration period           2 years          
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           $ 54,129          
v3.20.2
COMMITMENTS AND CONTINGENCIES (Accrued Environmental Remediation Costs) (Details) - USD ($)
$ in Thousands
Jun. 30, 2020
Dec. 31, 2019
Jun. 30, 2019
Loss Contingencies [Line Items]      
Accrued Environmental Remediation Costs $ 33,589 $ 41,401 $ 45,944
Continuing Operations [Member]      
Loss Contingencies [Line Items]      
Accrued Environmental Remediation Costs 22,743 30,429 35,218
Retained From Former Chemicals Business [Member]      
Loss Contingencies [Line Items]      
Accrued Environmental Remediation Costs $ 10,846 $ 10,972 $ 10,726
v3.20.2
ASSET RETIREMENT OBLIGATIONS (Narrative) (Details)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2020
USD ($)
Jun. 30, 2019
USD ($)
Jun. 30, 2020
USD ($)
a
item
property
Jun. 30, 2019
USD ($)
Asset Retirement Obligations [Line Items]        
Reclamation activities $ 3,354 $ 3,388 $ 8,588 $ 6,966
California [Member]        
Asset Retirement Obligations [Line Items]        
Reclamation activities     $ 2,152 $ 2,015
Adjacent aggregates sites | property     2  
Property, acres | a     90  
Number of aggregates locations | item     3  
v3.20.2
ASSET RETIREMENT OBLIGATIONS (Asset Retirement Obligations Operating Costs) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
ASSET RETIREMENT OBLIGATIONS [Abstract]        
Accretion $ 3,247 $ 2,717 $ 6,155 $ 5,450
Depreciation 2,063 1,800 3,899 3,641
Total $ 5,310 $ 4,517 $ 10,054 $ 9,091
v3.20.2
ASSET RETIREMENT OBLIGATIONS (Reconciliations of Asset Retirement Obligations) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
ASSET RETIREMENT OBLIGATIONS [Abstract]        
Balance at beginning of period $ 263,445 $ 225,186 $ 210,323 $ 225,726
Liabilities incurred 0 263 0 263
Liabilities settled (3,354) (3,388) (8,588) (6,966)
Accretion expense 3,247 2,717 6,155 5,450
Revisions, net 410 (1,281) 55,858 (976)
Balance at end of period $ 263,748 $ 223,497 $ 263,748 $ 223,497
v3.20.2
BENEFIT PLANS (Narrative) (Details)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2020
USD ($)
entity
Jun. 30, 2019
USD ($)
Jun. 30, 2020
USD ($)
entity
Jun. 30, 2019
USD ($)
BENEFIT PLANS [Abstract]        
Number of funded, noncontributory defined benefit pension plans     3  
Number of unfunded, nonqualified pension plans     3  
Number of defined contribution plans 2   2  
Normal retirement age     65 years  
Expense recognized related to defined contribution plans | $ $ 12,810 $ 13,681 $ 23,867 $ 27,600
v3.20.2
BENEFIT PLANS (Components of Net Periodic Benefit Cost- Pension Benefits) (Details) - Pension Benefits [Member] - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Components of Net Periodic Benefit Cost        
Service cost $ 1,331 $ 1,249 $ 2,662 $ 2,498
Interest cost 7,531 9,410 15,062 18,820
Expected return on plan assets (12,485) (11,937) (24,969) (23,875)
Amortization of prior service cost 335 335 670 670
Amortization of actuarial loss 3,140 1,358 6,279 2,716
Net periodic benefit cost (credit) (148) 415 (296) 829
Pretax reclassification from AOCI included in net periodic pension benefit cost $ 3,475 $ 1,693 $ 6,949 $ 3,386
v3.20.2
BENEFIT PLANS (Components of Net Periodic Benefit Cost- Other Postretirement Benefits) (Details) - Postretirement Benefits [Member] - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Components of Net Periodic Benefit Cost        
Service cost $ 380 $ 330 $ 760 $ 659
Interest cost 242 347 485 694
Amortization of prior service credit (980) (979) (1,959) (1,959)
Amortization of actuarial gain (201) (327) (403) (654)
Net periodic benefit cost (credit) (559) (629) (1,117) (1,260)
Pretax reclassifications from AOCI included in net periodic postretirement benefit credit $ (1,181) $ (1,306) $ (2,362) $ (2,613)
v3.20.2
OTHER COMPREHENSIVE INCOME (Accumulated Other Comprehensive Income, Net of Tax) (Details) - USD ($)
$ in Thousands
Jun. 30, 2020
Dec. 31, 2019
Jun. 30, 2019
OTHER COMPREHENSIVE INCOME [Abstract]      
Interest rate hedges $ (24,644) $ (10,953) $ (11,069)
Pension and postretirement plans (183,395) (186,785) (160,464)
Total $ (208,039) $ (197,738) $ (171,533)
v3.20.2
OTHER COMPREHENSIVE INCOME (Changes in Accumulated Other Comprehensive Income, Net of Tax) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Accumulated Other Comprehensive Income (Loss) [Line Items]        
AOCI, Beginning balance     $ (197,738)  
Other comprehensive income (loss) before reclassifications     (14,679)  
Amounts reclassified from AOCI     4,378  
Net current period OCI changes $ 1,889 $ 392 (10,301) $ 682
AOCI, Ending balance (208,039) $ (171,533) (208,039) $ (171,533)
Interest Rate Hedge Losses [Member]        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
AOCI, Beginning balance     (10,953)  
Other comprehensive income (loss) before reclassifications     (14,679)  
Amounts reclassified from AOCI     988  
Net current period OCI changes     (13,691)  
AOCI, Ending balance (24,644)   (24,644)  
Pension and Postretirement Plan Actuarial Loss and Prior Service Cost [Member]        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
AOCI, Beginning balance     (186,785)  
Other comprehensive income (loss) before reclassifications     0  
Amounts reclassified from AOCI     3,390  
Net current period OCI changes     3,390  
AOCI, Ending balance $ (183,395)   $ (183,395)  
v3.20.2
OTHER COMPREHENSIVE INCOME (Amounts Reclassified from Accumulated Other Comprehensive Income to Earnings) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Interest expense $ (33,954) $ (33,035) $ (64,727) $ (65,969)
Other nonoperating expense 7,367 2,466 (1,969) 5,595
Benefit from income taxes 61,352 47,598 73,546 58,291
Total 209,916 197,558 270,174 260,857
Reclassification From AOCI [Member]        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Total 1,889 392 4,378 682
Interest Rate Hedge Losses [Member] | Reclassification From AOCI [Member]        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Interest expense 263 76 1,337 151
Benefit from income taxes (69) (20) (349) (40)
Total 194 56 988 111
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 2,294 386 4,587 772
Benefit from income taxes (599) (50) (1,197) (201)
Total $ 1,695 $ 336 $ 3,390 $ 571
v3.20.2
EQUITY (Narrative) (Details)
 6 Months Ended
Jun. 30, 2020
item
$ / shares
shares
Dec. 31, 2019
$ / shares
shares
Jun. 30, 2019
$ / shares
shares
EQUITY [Abstract]      
Common stock, par value | $ / shares $ 1 $ 1 $ 1
Common stock, shares authorized 480,000,000 480,000,000 480,000,000
Number of votes per common stock | item 1    
Preferred stock, shares authorized 5,000,000    
Preferred stock issued 0    
Number of shares held in treasury 0 0 0
Shares remaining under the current authorization repurchase program 8,064,851    
v3.20.2
EQUITY (Shares Purchased and Retired) (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Dec. 31, 2019
EQUITY [Abstract]      
Shares Purchased and Retired, Number 214 0 19
Shares Purchased and Retired, Total purchase price $ 26,132 $ 0 $ 2,602
Shares Purchased and Retired, Average cost per share $ 121.92 $ 0.00 $ 139.90
v3.20.2
EQUITY (Changes in Total Equity) (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
EQUITY [Abstract]        
Balance at beginning of period $ 5,590,326 $ 5,217,209 $ 5,621,857 $ 5,202,903
Net earnings 209,916 197,558 270,174 260,857
Share-based compensation plans, net of shares withheld for taxes (1,456) (11,370) (16,539) (25,438)
Purchase and retirement of common stock 0 0 (26,132) 0
Share-based compensation expense 8,504 8,646 15,220 14,370
Cash dividends on common stock ($0.34/$0.31/$0.68/$0.62 per share, respectively) (45,028) (40,988) (90,128) (81,927)
Other comprehensive income (expense) 1,889 392 (10,301) 682
Balance at end of period $ 5,764,151 $ 5,371,447 $ 5,764,151 $ 5,371,447
Cash dividend on common stock, per share $ 0.34 $ 0.31 $ 0.68 $ 0.62
v3.20.2
SEGMENT REPORTING (Narrative) (Details)
 6 Months Ended
Jun. 30, 2020
segment
SEGMENT REPORTING [Abstract]  
Number of operating segments 4
Number of reportable segments 4
v3.20.2
SEGMENT REPORTING (Segment Financial Disclosure) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Dec. 31, 2019
Dec. 31, 2018
Segment Reporting Information [Line Items]            
Total revenues [1] $ 1,322,575 $ 1,327,682 $ 2,371,817 $ 2,324,193    
Gross profit 396,519 370,502 598,242 562,177    
Depreciation, Depletion, Accretion and Amortization (DDA&A) 99,470 93,497 194,951 182,677    
Cash and cash equivalents and restricted cash 817,199 26,522 817,199 26,522 $ 274,506 $ 44,404
Total assets 11,398,724 10,480,764 11,398,724 10,480,764 $ 10,648,793  
Operating Segments [Member]            
Segment Reporting Information [Line Items]            
Total revenues [1] 1,396,118 1,414,995 2,500,924 2,467,638    
Total assets 10,454,711 10,286,543 10,454,711 10,286,543    
Intersegment Sales [Member]            
Segment Reporting Information [Line Items]            
Total revenues [1] (73,543) (87,313) (129,107) (143,445)    
Aggregates [Member]            
Segment Reporting Information [Line Items]            
Total revenues [1] 997,053 974,748 1,809,715 1,753,581    
Aggregates [Member] | Operating Segments [Member]            
Segment Reporting Information [Line Items]            
Total revenues [1],[2] 1,070,596 1,062,061 1,938,822 1,897,026    
Gross profit 351,162 329,215 545,293 514,931    
Depreciation, Depletion, Accretion and Amortization (DDA&A) 80,747 75,760 157,883 148,281    
Total assets [3] 9,545,787 9,385,444 9,545,787 9,385,444    
Aggregates [Member] | Intersegment Sales [Member]            
Segment Reporting Information [Line Items]            
Total revenues [1] (73,543) (87,313) (129,107) (143,445)    
Asphalt [Member]            
Segment Reporting Information [Line Items]            
Total revenues [1] 222,950 247,163 362,739 379,253    
Asphalt [Member] | Operating Segments [Member]            
Segment Reporting Information [Line Items]            
Total revenues [1],[4] 222,950 247,163 362,739 379,253    
Gross profit 30,464 27,583 28,029 24,311    
Depreciation, Depletion, Accretion and Amortization (DDA&A) 8,668 8,884 17,402 17,434    
Total assets [3] 583,902 597,328 583,902 597,328    
Asphalt [Member] | Intersegment Sales [Member]            
Segment Reporting Information [Line Items]            
Total revenues [1] 0 0 0 0    
Concrete [Member]            
Segment Reporting Information [Line Items]            
Total revenues [1] 100,683 103,768 195,448 187,405    
Concrete [Member] | Operating Segments [Member]            
Segment Reporting Information [Line Items]            
Total revenues [1] 100,683 103,768 195,448 187,405    
Gross profit 14,227 12,887 23,440 21,450    
Depreciation, Depletion, Accretion and Amortization (DDA&A) 4,001 3,327 8,083 6,291    
Total assets [3] 321,304 299,729 321,304 299,729    
Concrete [Member] | Intersegment Sales [Member]            
Segment Reporting Information [Line Items]            
Total revenues [1] 0 0 0 0    
Calcium [Member]            
Segment Reporting Information [Line Items]            
Total revenues [1] 1,889 2,003 3,915 3,954    
Calcium [Member] | Operating Segments [Member]            
Segment Reporting Information [Line Items]            
Total revenues [1] 1,889 2,003 3,915 3,954    
Gross profit 666 817 1,480 1,485    
Depreciation, Depletion, Accretion and Amortization (DDA&A) 48 58 97 118    
Total assets [3] 3,718 4,042 3,718 4,042    
Calcium [Member] | Intersegment Sales [Member]            
Segment Reporting Information [Line Items]            
Total revenues [1] 0 0 0 0    
Other Segments [Member]            
Segment Reporting Information [Line Items]            
Depreciation, Depletion, Accretion and Amortization (DDA&A) 6,006 5,468 11,486 10,553    
Corporate [Member]            
Segment Reporting Information [Line Items]            
Total assets $ 126,814 $ 167,699 $ 126,814 $ 167,699    
[1]

1

The geographic markets are defined by states/countries 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 (crushed stone, sand and gravel, sand, and other aggregates), as well as freight & delivery costs that we pass along to our customers, and service revenues (see Note 4) related to aggregates.
[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 service revenues (see Note 4) from our asphalt construction paving business.
v3.20.2
SUPPLEMENTAL CASH FLOW INFORMATION (Supplemental Information Referable to Condensed Consolidated Statements of Cash Flows) (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
SUPPLEMENTAL CASH FLOW INFORMATION [Abstract]    
Interest (exclusive of amount capitalized) $ 60,741 $ 66,414
Income taxes 9,055 34,297
Accrued liabilities for purchases of property, plant & equipment 10,994 30,259
Recognition of new asset retirement obligations 0 263
Right-of-use assets obtained in exchange for new operating lease liabilities [1] 25,083 435,678
Amounts referable to business acquisitions Liabilities assumed 5,637 3,525
Amounts referable to business acquisitions Consideration payable to seller 8,980 0
Fair value of noncash assets and liabilities exchanged $ 21,214 $ 0
[1] The 2019 amount includes the initial right-of-use assets resulting from our adoption of ASU 2016-02, “Leases.”
v3.20.2
GOODWILL (Narrative) (Details)
$ in Thousands
 6 Months Ended
Jun. 30, 2020
USD ($)
segment
Jun. 30, 2019
USD ($)
Goodwill [Line Items]    
Goodwill impairment charges $ 0 $ 0
Number of reportable segments | segment 4  
Calcium [Member]    
Goodwill [Line Items]    
Goodwill, accumulated impairment losses $ 252,664  
v3.20.2
GOODWILL (Changes in Carrying Amount of Goodwill by Reportable Segment) (Details)
$ in Thousands
 6 Months Ended
Jun. 30, 2020
USD ($)
Goodwill [Line Items]  
Goodwill, Beginning balance $ 3,167,061
Goodwill of acquired businesses 5,051 [1]
Goodwill, Ending balance 3,172,112
Aggregates [Member]  
Goodwill [Line Items]  
Goodwill, Beginning balance 3,075,428
Goodwill of acquired businesses 5,051 [1]
Goodwill, Ending balance 3,080,479
Asphalt [Member]  
Goodwill [Line Items]  
Goodwill, Beginning balance 91,633
Goodwill of acquired businesses 0 [1]
Goodwill, Ending balance 91,633
Concrete [Member]  
Goodwill [Line Items]  
Goodwill, Beginning balance 0
Goodwill of acquired businesses 0 [1]
Goodwill, Ending balance 0
Calcium [Member]  
Goodwill [Line Items]  
Goodwill, Beginning balance 0
Goodwill of acquired businesses 0 [1]
Goodwill, Ending balance $ 0
[1] See Note 16 for summary of recent acquisitions.
v3.20.2
ACQUISITIONS AND DIVESTITURES (Narrative) (Details)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2020
USD ($)
Jun. 30, 2019
USD ($)
Mar. 31, 2019
USD ($)
Jun. 30, 2020
USD ($)
item
Jun. 30, 2019
USD ($)
Dec. 31, 2019
USD ($)
Significant Acquisitions and Disposals [Line Items]            
Cash consideration       $ 5,668 $ (1,122)  
Number of facilities divested | item       2    
Goodwill [1]       $ 5,051    
Gain on sale of property, plant & equipment and businesses $ (258) $ 3,451   741 10,748  
Assets held for sale $ 0 $ 0   0 $ 0 $ 0
Acquisitions 2020 [Member]            
Significant Acquisitions and Disposals [Line Items]            
Total consideration       35,862    
Amortizable intangible assets recognized       $ 39,833    
Estimated weighted-average amortization period of intangible assets       20 years    
Goodwill       $ 5,051    
Acquisitions 2019 [Member]            
Significant Acquisitions and Disposals [Line Items]            
Total consideration           45,273
Amortizable intangible assets recognized           $ 25,443
Estimated weighted-average amortization period of intangible assets       19 years 6 months    
Intangible assets amortization period, tax purposes       15 years    
New Mexico [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     $ 4,064      
[1] See Note 16 for summary of recent acquisitions.