Document and Entity Information - shares |
9 Months Ended | |
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Sep. 30, 2018 |
Oct. 29, 2018 |
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Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2018 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | VMC | |
Entity Registrant Name | Vulcan Materials CO | |
Entity Central Index Key | 0001396009 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 132,047,816 | |
Entity Emerging Growth Company | false | |
Entity Small Business | false |
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares |
Sep. 30, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
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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 | 132,045,000 | 132,324,000 | 132,281,000 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
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Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | ||||
Total revenues | $ 1,240,197 | $ 1,094,715 | $ 3,294,822 | $ 2,912,806 |
Cost of revenues | 897,055 | 790,957 | 2,469,161 | 2,160,810 |
Gross profit | 343,142 | 303,758 | 825,661 | 751,996 |
Selling, administrative and general expenses | 81,606 | 73,612 | 248,989 | 239,051 |
Gain on sale of property, plant & equipment and businesses | 2,104 | 1,488 | 8,374 | 4,630 |
Other operating expense, net | (14,456) | (4,156) | (23,822) | (27,733) |
Operating earnings | 249,184 | 227,478 | 561,224 | 489,842 |
Other nonoperating income, net | 4,890 | 3,793 | 12,708 | 11,709 |
Interest expense, net | 33,547 | 82,041 | 104,566 | 154,572 |
Earnings from continuing operations before income taxes | 220,527 | 149,230 | 469,366 | 346,979 |
Income tax expense | 40,663 | 39,080 | 75,805 | 81,557 |
Earnings from continuing operations | 179,864 | 110,150 | 393,561 | 265,422 |
Earnings (loss) on discontinued operations, net of tax | (713) | (1,571) | (1,778) | 8,217 |
Net earnings | 179,151 | 108,579 | 391,783 | 273,639 |
Other comprehensive income, net of tax | ||||
Deferred gain on interest rate derivative | 0 | 0 | 2,496 | 0 |
Amortization of prior interest rate derivative loss | 53 | 1,188 | 171 | 1,836 |
Amortization of actuarial loss and prior service cost for benefit plans | 1,091 | 427 | 3,274 | 1,281 |
Other comprehensive income | 1,144 | 1,615 | 5,941 | 3,117 |
Comprehensive income | $ 180,295 | $ 110,194 | $ 397,724 | $ 276,756 |
Basic earnings (loss) per share | ||||
Continuing operations | $ 1.36 | $ 0.83 | $ 2.97 | $ 2.00 |
Discontinued operations | (0.01) | (0.01) | (0.01) | 0.07 |
Net earnings | 1.35 | 0.82 | 2.96 | 2.07 |
Diluted earnings (loss) per share | ||||
Continuing operations | 1.34 | 0.82 | 2.94 | 1.97 |
Discontinued operations | 0.00 | (0.01) | (0.02) | 0.06 |
Net earnings | $ 1.34 | $ 0.81 | $ 2.92 | $ 2.03 |
Weighted-average common shares outstanding | ||||
Basic | 132,392 | 132,484 | 132,505 | 132,510 |
Assuming dilution | 133,894 | 134,765 | 134,079 | 134,853 |
Depreciation, depletion, accretion and amortization | $ 89,390 | $ 79,636 | $ 256,463 | $ 227,974 |
Effective tax rate from continuing operations | 18.40% | 26.20% | 16.20% | 23.50% |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
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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 and the Bahamas. 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, mid-Atlantic, Southwestern, Tennessee and Western 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, 2017 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. Operating results for the three and nine month periods ended September 30, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018. For further information, refer to the consolidated financial statements and footnotes included in our most recent Annual Report on Form 10-K. Due to the 2005 sale of our Chemicals business as described in Note 2, the results of the Chemicals business are presented as discontinued operations in the accompanying Condensed Consolidated Statements of Comprehensive Income. RECLASSIFICATIONS Certain items previously reported in specific financial statement captions have been reclassified to conform to the 2018 presentation including Accounting Standards Update (ASU) 2017-07, “Improving the Presentation of Net Periodic Benefit Cost and Net Periodic Postretirement Benefit Cost,” which resulted in the reclassification of certain benefit costs from operating income to nonoperating income as described in Note 17. 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.
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:
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:
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DISCONTINUED OPERATIONS |
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DISCONTINUED OPERATIONS [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DISCONTINUED OPERATIONS | 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. There were no revenues from discontinued operations for the periods presented. Results from discontinued operations are as follows:
Our discontinued operations include charges related to general and product liability costs, including legal defense costs, and environmental remediation costs associated with our former Chemicals business. The 2017 results noted above primarily reflect charges and related insurance recoveries, including those associated with the Texas Brine matter as discussed in Note 8.
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INCOME TAXES |
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INCOME TAXES [Abstract] | |||||||||||||
INCOME TAXES | Note 3: Income Taxes The Tax Cuts and Jobs Act (TCJA) was enacted in December 2017. The TCJA, among other changes, (1) reduces the U.S. federal corporate income tax rate from 35% to 21%, (2) allows for the immediate 100% deductibility of certain capital investments, (3) eliminates the alternative minimum tax (though allows for the future use of previously generated alternative minimum tax credits), (4) repeals the domestic production deduction, (5) requires a one-time “transition tax” on earnings of certain foreign subsidiaries that were previously tax deferred, (6) limits the deductibility of interest expense, (7) further limits the deductibility of certain executive compensation and (8) taxes global intangible low taxed income. The SEC staff issued Staff Accounting Bulletin (SAB) 118 to provide guidance for companies that have not completed their accounting for the income tax effects of the TCJA in the period of enactment. SAB 118 provides a one-year measurement period from the TCJA enactment date for companies to complete their income tax accounting. In accordance with SAB 118, a company must reflect the income tax effects of those elements of the TCJA for which the income tax accounting is complete. To the extent that a company’s accounting for certain elements of the TCJA is incomplete but for which it is able to determine a reasonable estimate, it must record a provisional estimate in the financial statements. If a company is unable to determine a provisional estimate, it should account for its income taxes on the basis of the provisions of the tax laws that were in effect immediately before the enactment of the TCJA. Our accounting for certain elements of the TCJA is incomplete. As we disclosed in our Annual Report on Form 10-K for the year ended December 31, 2017, we were able to make reasonable estimates, and therefore, recorded provisional estimates for the following elements. We have not recorded any measurement-period adjustments related to these items during the first nine months of 2018.
Our accounting for certain other elements of the TCJA is incomplete. As we disclosed in our Annual Report on Form 10-K for the year ended December 31, 2017, we were not yet able to make reasonable estimates of the effects. Therefore, no provisional estimates were recorded. We have not recorded any measurement-period adjustments related to these items during the first nine months of 2018.
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 third quarter of 2018, we recorded income tax expense from continuing operations of $40,663,000 compared to income tax expense from continuing operations of $39,080,000 in the third quarter of 2017. The small increase in income tax expense on a significant increase in pretax earnings was due to the lower tax rate from the TCJA and the recognition of $7,157,000 of previously unrecognized tax benefits due to the expiration of statute of limitations. For the first nine months of 2018, we recorded income tax expense from continuing operations of $75,805,000 compared to income tax expense from continuing operations of $81,557,000 for the first nine months of 2017. The decrease in income tax expense was largely due to the lower rate resulting from the TCJA. 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. Each quarter we analyze the likelihood that our deferred tax assets will be realized. A valuation allowance is recorded if, based on the weight of all available positive and negative evidence, it is more likely than not (a likelihood of more than 50%) that some portion, or all, of a deferred tax asset will not be realized. At December 31, 2018, we project state net operating loss carryforward deferred tax assets of $72,160,000 ($67,688,000 relates to Alabama), against which we project to have a valuation allowance of $29,696,000 ($29,182,000 relates to Alabama). The Alabama net operating loss carryforward, if not utilized, would expire in years 2023 – 2033. 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. A summary of our deferred tax assets is included in Note 9 “Income Taxes” in our Annual Report on Form 10-K for the year ended December 31, 2017.
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REVENUES |
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REVENUES [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
REVENUES | Note 4: revenueS There have been no significant changes to the amount or timing of our revenue recognition as a result of our adoption of Accounting Standards Update (ASU) 2014-09, “Revenue from Contracts with Customers” (Accounting Standards Codification Topic 606). Revenues are measured as the amount of consideration we expect to receive in exchange for transferring goods or providing services. Sales and other taxes we collect are excluded from revenues. Costs to obtain and fulfill contracts (primarily asphalt construction paving contracts) are immaterial and are expensed as incurred when the expected amortization period is one year or less. Total revenues are primarily derived from our product sales of aggregates, 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 other service revenues, such as landfill tipping fees, related to our aggregates business. Our total service revenues were as follows: $70,385,000 and $35,628,000 for the three months ended September 30, 2018 and 2017, respectively, and $145,127,000 and $81,212,000 for the nine months ended September 30, 2018 and 2017, respectively. The increased service revenues resulted from acquisitions that included asphalt construction paving businesses in Alabama and Texas (see Note 16).
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, our aggregates business is not directly subject to renegotiation of profits or termination of contracts with state or federal governments. Our segment total revenues by geographic market for the three and nine month periods ended September 30, 2018 and 2017 are disaggregated as follows:
PRODUCT AND SERVICE 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 and services is recorded at the fixed invoice amount and 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:
CONSTRUCTION PAVING 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 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):
We are the exclusive sales agent for, and transmit quarterly to the purchaser the proceeds from the sale of, the purchaser’s share of future 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 future 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 deferred revenue balances (current and noncurrent) is as follows:
Based on expected sales from the specified quarries, we expect to recognize $7,470,000 of deferred revenue as income during the 12-month period ending September 30, 2019 (reflected in other current liabilities in our September 30, 2018 Condensed Consolidated Balance Sheet).
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FAIR VALUE MEASUREMENTS |
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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:
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 and equity securities 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 $(222,000) and $1,950,000 for the nine months ended September 30, 2018 and 2017, respectively. The portions of the net gains (losses) related to investments still held by the Rabbi Trusts at September 30, 2018 and 2017 were $(214,000) and $1,424,000, respectively.
The carrying values of our cash equivalents, restricted cash, accounts and notes receivable, short-term debt, trade payables and accruals, and 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.
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DERIVATIVE INSTRUMENTS |
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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. The interest rate locks described below were designated as cash flow hedges. The changes in fair value of our 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. In 2007 and 2018, we entered into interest rate locks of future debt issuances to hedge the risk of higher interest rates. The gain/loss upon settlement of the 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:
The 2017 loss reclassified from AOCI includes the acceleration of deferred losses in the amount of $1,405,000 referable to the July 2017 debt purchases as described in Note 7. For the 12-month period ending September 30, 2019, we estimate that $302,000 of the pretax loss in AOCI will be reclassified to interest expense.
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DEBT |
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DEBT [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DEBT | Note 7: Debt Debt is detailed as follows:
Discounts and debt issuance costs are amortized using the effective interest method over the terms of the respective notes resulting in $3,927,000 and $4,473,000 of net interest expense for these items for the nine months ended September 30, 2018 and 2017, respectively. LINE OF CREDIT 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 September 30, 2018, we were in compliance with the line of credit covenants.
Borrowings on our line of credit are classified as short-term debt if we intend to repay within twelve months and as long-term debt 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 SunTrust 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 September 30, 2018, 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%. As of September 30, 2018, our available borrowing capacity was $505,021,000. Utilization of the borrowing capacity was as follows:
TERM DEBT All of our $2,846,402,000 of term debt is unsecured. $2,846,188,000 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 September 30, 2018, we were in compliance with all term debt covenants. In March 2018, we early retired via exchange offer $110,949,000 of the $240,188,000 7.15% senior notes due 2037 for: (1) a like amount of notes due 2048 (these notes are a further issuance of, and form a single series with, the $350,000,000 of notes due 2048 issued in February 2018 as described below) and (2) $38,164,000 of cash. The cash payment primarily reflects the trading price of the retired notes relative to par and will be amortized to interest expense over the term of the notes due 2048. We recognized transaction costs of $1,314,000 with this early retirement. In February 2018, we issued $350,000,000 of 4.70% senior notes due 2048 (these notes now total $460,949,000 including the $110,949,000 issued in March as described above) and $500,000,000 of floating-rate senior notes due 2021. Total proceeds of $846,029,000 (net of discounts, transaction costs and an interest rate derivative settlement gain), together with cash on hand, were used to retire/repay without penalty or premium: (1) the $350,000,000 term loan due 2018, (2) the $250,000,000 term loan due 2021, and (3) the $250,000,000 bank line of credit borrowings. We recognized net noncash expense of $203,000 with the acceleration of unamortized deferred transaction costs. In January 2018, we early retired via redemption the remaining $35,111,000 of the 7.50% senior notes due 2021 at a cost of $40,719,000 including a premium of $5,608,000. Additionally, we recognized net noncash expense of $263,000 with the acceleration of unamortized deferred transaction costs. As a result of the first quarter 2018 early debt retirements described above, we recognized premiums of $5,608,000, transaction costs of $1,314,000 and noncash expense (acceleration of unamortized deferred transaction costs) of $466,000. The combined charge of $7,388,000 was a component of interest expense for the first quarter of 2018. In December 2017, we early retired via tender offer, $564,889,000 of the $600,000,000 7.50% senior notes due 2021 at a cost of $662,613,000 including a premium of $96,167,000 and transaction costs of $1,558,000. Additionally, we recognized net noncash expense of $4,228,000 with the acceleration of unamortized deferred transaction costs. Also in December 2017, we entered into a 6-month $350,000,000 unsecured term loan with one of the banks that provides our line of credit. Proceeds were used for general corporate purposes. This term loan was prepaid, as described above, in February 2018 with the proceeds of the 4.70% senior notes due 2048. In July 2017, we early retired via redemption: (1) the $272,512,000 7.00% senior notes due 2018 and (2) the $250,000,000 10.375% senior notes due 2018 (neither of which now appear in the table above) — at a combined cost of $565,560,000 including a premium of $43,020,000 and transaction costs of $28,000. Additionally, we recognized net noncash expense of $3,029,000 with the acceleration of unamortized deferred discounts, transaction costs and interest rate derivative settlement losses. Such redemptions were partially funded with the proceeds of the senior notes issued in June 2017 as described below.
In June 2017, we issued $1,000,000,000 of debt composed of three issuances as follows: (1) $700,000,000 of 4.50% senior notes due 2047, (2) $50,000,000 of 3.90% senior notes due 2027 (these notes are a further issuance of, and form a single series with, the 3.90% notes issued in March 2017), and (3) $250,000,000 of floating-rate senior notes due 2020. Total proceeds of $989,512,000 (net of discounts/premiums and transaction costs) were used to partially finance an acquisition and to early retire the notes due in 2018 as described above. In June 2017, we drew the full $250,000,000 on the unsecured delayed draw term loan due 2021. These funds were used to repay the $235,000,000 line of credit borrowings and for general corporate purposes. This term loan was prepaid, as described above, in February 2018 with proceeds of the floating-rate senior notes due 2021. In March 2017, we issued $350,000,000 of 3.90% senior notes due 2027. Proceeds of $345,450,000 (net of discounts and transaction costs) were used for general corporate purposes. This series of notes now totals $400,000,000 including the additional $50,000,000 issued in June as described above. As a result of the 2017 early debt retirements described above, we recognized premiums of $139,187,000, transaction costs of $1,586,000 and net noncash expense (acceleration of unamortized deferred transaction costs) of $7,257,000. The combined charge of $148,030,000 was a component of interest expense for the year ended December 31, 2017 with $46,077,000 recognized in the three and nine months ended September 30, 2017. 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 cancelled 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 September 30, 2018 are summarized by purpose in the table below:
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COMMITMENTS AND CONTINGENCIES |
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COMMITMENTS AND CONTINGENCIES | Note 8: Commitments and Contingencies As summarized by purpose directly above in Note 7, our standby letters of credit totaled $44,979,000 as of September 30, 2018. As described in Note 9, our asset retirement obligations totaled $226,084,000 as of September 30, 2018. 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: 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 have begun participating in this voluntary allocation process, which is likely to take several years. 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 nine miles of the River. This directive is focused on dioxin. 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.
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 have 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 but two outstanding cases and our insurers 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.
Operation of the on-site pilot-scale treatment system began in January 2017, and was completed in April 2017. With completion of the pilot testing and other investigative work, we submitted an amendment to the IRAP (AIRAP) to RWQCB in August 2017 proposing the use of a pump, treat and reinjection system. In December 2017, we submitted an addendum to the AIRAP, incorporating new data acquired since the prior submission. Based on the preliminary design of the system and ongoing costs such as groundwater monitoring, we accrued an initial $15,239,000 in 2017 (of which $14,216,000 was recorded to other operating expense in the second quarter of 2017). In February 2018, the AIRAP was approved by RWQCB. As a result of this approval, we have begun to implement the on-site source control activities described in the AIRAP, including additional bench scale testing of the treatment system, which indicated that additional pre and post treatment of the water would be required. Due to the anticipated additional treatment costs, we accrued an additional $8,640,000 of other operating expense this quarter, bringing the total accrual for the on-site system to $23,879,000. 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 well field. In November 2017, we submitted a Pre-Design Investigation Work Plan to the EPA, which sets forth the activities and schedule for our evaluation of the need for a two-well remedy. Estimated costs to comply with this AOC are immaterial and have been accrued. Until the remedial design work and evaluation of the two-well remedy is complete, and a comprehensive remedial action for the NHOU is identified, we cannot reasonably estimate a loss pertaining to this matter. 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.
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ASSET RETIREMENT OBLIGATIONS |
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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. Essentially all these AROs relate to our underlying land, including both owned properties and mineral leases. For the three and nine month periods ended September 30, we recognized ARO operating costs related to accretion of the liabilities and depreciation of the assets as follows:
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:
ARO liabilities settled during the first nine months of 2018 and 2017 include $6,108,000 and $8,117,000, 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 reclamation agreement will result in the restoration and development of 90 acres of previously mined property suitable for retail and commercial development.
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BENEFIT PLANS |
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BENEFIT PLANS [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BENEFIT PLANS | Note 10: Benefit 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. Effective July 2007, we amended our defined benefit pension plans to no longer accept new participants. Future benefit accruals for participants in our salaried defined benefit pension plans ceased on December 31, 2013, while 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:
The contributions to pension plans for the nine months ended September 30, 2018 and 2017, as reflected on the Condensed Consolidated Statements of Cash Flows, pertain to benefit payments under nonqualified plans and discretionary qualified plan contributions of $100,000,000 for the first quarter of 2018 and $10,600,000 for the third quarter of 2017. 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:
We present the service cost component of net periodic benefit cost in cost of revenues and selling, administrative and general expense consistent with employee compensation costs. The other components of net periodic benefit cost (credit) are reported within other nonoperating income in our accompanying Condensed Consolidated Statements of Comprehensive Income.
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OTHER COMPREHENSIVE INCOME |
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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:
Changes in AOCI, net of tax, for the nine months ended September 30, 2018 are as follows:
Amounts reclassified from AOCI to earnings, are as follows:
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EQUITY |
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EQUITY [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EQUITY | Note 12: Equity Our capital stock consists solely of common stock, par value $1.00 per share. Holders of our common stock are entitled to one vote per share. Our Certificate of Incorporation also authorizes 5,000,000 shares of preferred stock of which 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 September 30, 2018, December 31, 2017 and September 30, 2017. Our common stock purchases (all of which were open market purchases) and subsequent retirements are summarized below:
As of September 30, 2018, 8,623,227 shares may be purchased under the current purchase authorization of our Board of Directors. Changes in total equity are summarized below:
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SEGMENT REPORTING |
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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
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SUPPLEMENTAL CASH FLOW INFORMATION |
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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:
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GOODWILL |
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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 nine month periods ended September 30, 2018 and 2017. 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, 2017 to September 30, 2018 are summarized below:
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.
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ACQUISITIONS AND DIVESTITURES |
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ACQUISITIONS AND DIVESTITURES [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACQUISITIONS AND DIVESTITURES | Note 16: Acquisitions and Divestitures BUSINESS ACQUISITIONS 2018 BUSINESS ACQUISITIONS — Through the nine months ended September 30, 2018, we purchased the following operations for total consideration of $216,581,000:
The 2018 acquisitions listed above are reported in our condensed consolidated financial statements as of their respective acquisition dates. None of these acquisitions are material to our results of operations or financial position either individually or collectively. The fair value of consideration transferred for these acquisitions and the preliminary amounts (pending appraisals for intangible assets and property, plant & equipment) of assets acquired and liabilities assumed, are summarized below:
As a result of the 2018 acquisitions, we recognized $41,497,000 of amortizable intangible assets (contractual rights in place). The contractual rights in place will be amortized against earnings ($40,417,000 – straight-line over a weighted-average 20 years and $1,080,000 – units of sales over an excess of 30 years) of which $4,720,000 will be deductible for income tax purposes over 15 years. Of the $46,302,000 of goodwill noted above (none of which will be deductible for income tax purposes), $34,808,000 represents the balance of deferred tax liabilities generated from carrying over the seller’s tax basis in the assets acquired.
2017 BUSINESS ACQUISITIONS — For the full year 2017, we purchased the following operations for total consideration of $842,013,000 ($822,432,000 cash, $9,681,000 payable, $9,900,000 fair value of assets swapped), less $287,292,000 cash received for assets divested immediately upon acquisition as required by the Department of Justice:
The fair value of consideration transferred for the 2017 acquisitions considered to be material, and the preliminary amounts at December 31, 2017 (immaterial adjustments were recorded in the first and second quarters of 2018 including an increase to goodwill of $992,000) of assets acquired and liabilities assumed, are summarized below:
As a result of the 2017 acquisitions, we recognized $309,112,000 of amortizable intangible assets ($309,012,000 contractual rights in place and $100,000 other intangibles). The contractual rights in place will be amortized against earnings ($73,879,000 – straight-line over a weighted-average 19.3 years and $235,133,000 – units of sales over an estimated 54.7 years) and deductible for income tax purposes over 15 years. DIVESTITURES AND PENDING DIVESTITURES In the first quarter of 2018, we sold:
In 2017, we sold:
No assets met the criteria for held for sale at September 30, 2018, December 31, 2017 or September 30, 2017.
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NEW ACCOUNTING STANDARDS |
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NEW ACCOUNTING STANDARDS [Abstract] | |
NEW ACCOUNTING STANDARDS | Note 17: New Accounting Standards ACCOUNTING STANDARDS RECENTLY ADOPTED PRESENTATION OF BENEFIT PLAN COSTS During the first quarter of 2018, we adopted Accounting Standards Update (ASU) 2017-07, “Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost,” on a retrospective basis as required. This ASU changed the presentation of the net benefit cost in the income statement and limits benefit costs eligible for inventory capitalization to the service cost component (benefit costs capitalized in inventory are immaterial to our financial statements). We continue to present the service cost component of net benefit cost in cost of revenues and selling, administrative and general expenses consistent with employee compensation costs. The other components of net benefit cost (credit) are now included in other nonoperating income. These other components were a net credit for all periods presented resulting in a decrease in operating earnings and an increase in other nonoperating income, as follows: three months ended September 30, 2018 of $4,135,000; three months ended September 30, 2017 of $2,021,000; nine months ended September 30, 2018 of $12,404,000; and nine months ended September 30, 2017 of $6,062,000. ACCOUNTING STANDARDS PENDING ADOPTION defined benefit plans In August 2018, the Financial Accounting Standards Board (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, 2021 and is to be applied retrospectively. Early adoption is permitted. While we are still evaluating the impact of ASU 2018-14 and whether we will early adopt, it will not impact our consolidated financial statements as it only affects disclosure. RELEASING STRANDED TAX EFFECTS In February 2018, the FASB issued ASU 2018-02, “Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income,” which allows for the reclassification from accumulated other comprehensive income (AOCI) to retained earnings of stranded tax effects resulting from the TCJA enacted in December 2017. This ASU also requires entities to disclose their accounting policy for releasing income tax effects from AOCI. ASU 2018-02 is effective for fiscal years beginning after December 15, 2018. We expect to early adopt this standard in the fourth quarter of 2018 effective as of the beginning of the year. While we are still evaluating the impact of ASU 2018-02, we do not expect the adoption of this standard to have a material impact on our consolidated financial statements. CREDIT LOSSES In June 2016, the FASB issued ASU 2016-13, “Measurement of Credit Losses on Financial Instruments,” which amends 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. ASU 2016-13 is effective for annual reporting periods beginning after December 15, 2019, and interim reporting periods within those annual reporting periods. Early adoption is permitted for annual reporting periods beginning after December 15, 2018. While we are still evaluating the impact of ASU 2016-13, we do not expect the adoption of this standard to have a material impact on our consolidated financial statements. LEASE ACCOUNTING In February 2016, the FASB issued ASU 2016-02, “Leases,” which amends existing accounting standards for lease accounting and adds additional disclosures about leasing arrangements. Under the new guidance, lessees are required to recognize lease assets and lease liabilities on the balance sheet for all leases (excluding mineral leases) with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement and presentation of cash flow in the statement of cash flows. This ASU is effective for annual reporting periods beginning after December 15, 2018, and interim reporting periods within those annual reporting periods. We will adopt this standard in the first quarter of 2019 and will elect not to recast comparative periods presented. We continue to evaluate the impact of this standard on our consolidated financial statements. The majority of our leases are for real property (land and buildings), which we have determined will be treated as operating leases under this ASU. As a result, we anticipate recording a right-of-use asset and related lease liability for these leases, but we do not expect our expense recognition pattern to change. Therefore, we do not anticipate a material change to our statements of comprehensive income or cash flows as a result of adopting this standard.
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 and the Bahamas. 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, mid-Atlantic, Southwestern, Tennessee and Western markets.
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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, 2017 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. Operating results for the three and nine month periods ended September 30, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018. For further information, refer to the consolidated financial statements and footnotes included in our most recent Annual Report on Form 10-K. Due to the 2005 sale of our Chemicals business as described in Note 2, the results of the Chemicals business are presented as discontinued operations in the accompanying Condensed Consolidated Statements of Comprehensive Income.
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RECLASSIFICATIONS | RECLASSIFICATIONS Certain items previously reported in specific financial statement captions have been reclassified to conform to the 2018 presentation including Accounting Standards Update (ASU) 2017-07, “Improving the Presentation of Net Periodic Benefit Cost and Net Periodic Postretirement Benefit Cost,” which resulted in the reclassification of certain benefit costs from operating income to nonoperating income as described in Note 17.
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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.
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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:
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:
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted-Average Common Shares Outstanding Assuming Dilution |
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Antidilutive Common Stock Equivalents |
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DISCONTINUED OPERATIONS (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DISCONTINUED OPERATIONS [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Results from Discontinued Operations |
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REVENUES (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
REVENUES [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues by Geographic Market | Our segment total revenues by geographic market for the three and nine month periods ended September 30, 2018 and 2017 are disaggregated as follows:
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Freight & Delivery Revenues |
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Reconciliation of Deferred Revenue Balances |
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FAIR VALUE MEASUREMENTS (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE MEASUREMENTS [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurement on Recurring Basis |
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DERIVATIVE INSTRUMENTS (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DERIVATIVE INSTRUMENTS [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effects of Changes in Fair Values of Derivatives Designated as Cash Flow Hedges |
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DEBT (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DEBT [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt |
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Standby Letters of Credit |
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ASSET RETIREMENT OBLIGATIONS (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ASSET RETIREMENT OBLIGATIONS [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset Retirement Obligations Operating Costs |
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Reconciliations of Asset Retirement Obligations |
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BENEFIT PLANS (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension Benefits [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Net Periodic Benefit Cost |
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Components of Net Periodic Benefit Cost |
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OTHER COMPREHENSIVE INCOME (Tables) |
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OTHER COMPREHENSIVE INCOME [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income, Net of Tax |
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Changes in Accumulated Other Comprehensive Income, Net of Tax |
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Amounts Reclassified from Accumulated Other Comprehensive Income to Earnings |
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EQUITY (Tables) |
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EQUITY [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares Purchased And Retired |
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Changes in Total Equity |
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SEGMENT REPORTING (Tables) |
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SEGMENT REPORTING [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Financial Disclosure |
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SUPPLEMENTAL CASH FLOW INFORMATION (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SUPPLEMENTAL CASH FLOW INFORMATION [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Information Referable to Condensed Consolidated Statements of Cash Flows |
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GOODWILL (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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GOODWILL [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in Carrying Amount of Goodwill by Reportable Segment |
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ACQUISITIONS AND DIVESTITURES (Tables) |
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions 2018 [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Significant Acquisitions And Disposals [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Business Acquisitions |
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Acquisitions 2017 [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Significant Acquisitions And Disposals [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Business Acquisitions |
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) |
9 Months Ended |
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Sep. 30, 2018
state
factor
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
State of incorporation | New Jersey |
Number of states | state | 20 |
Number of demographic factors | factor | 3 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Weighted-Average Common Shares Outstanding Assuming Dilution) (Details) - shares shares in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ||||
Weighted-average common shares outstanding | 132,392 | 132,484 | 132,505 | 132,510 |
Dilutive effect of Stock-Only Stock Appreciation Rights | 905 | 1,249 | 1,021 | 1,305 |
Dilutive effect of Other stock compensation plans | 597 | 1,032 | 553 | 1,038 |
Weighted-average common shares outstanding, assuming dilution | 133,894 | 134,765 | 134,079 | 134,853 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Antidilutive Common Stock Equivalents) (Details) - shares shares in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ||||
Antidilutive common stock equivalents | 162 | 79 | 161 | 79 |
DISCONTINUED OPERATIONS (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
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DISCONTINUED OPERATIONS [Abstract] | ||||
Revenues from discontinued operations | $ 0 | $ 0 | $ 0 | $ 0 |
DISCONTINUED OPERATIONS (Results from Discontinued Operations) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
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DISCONTINUED OPERATIONS [Abstract] | ||||
Pretax earnings (loss) | $ (969) | $ (1,282) | $ (2,417) | $ 13,614 |
Income tax (expense) benefit | 256 | (289) | 639 | (5,397) |
Earnings (loss) on discontinued operations, net of tax | $ (713) | $ (1,571) | $ (1,778) | $ 8,217 |
REVENUES (Freight & Delivery Revenues) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
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Disaggregation of Revenue [Line Items] | ||||||
Total revenues | $ 1,240,197 | $ 1,094,715 | $ 3,294,822 | $ 2,912,806 | ||
Freight & Delivery Revenues [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Total revenues | [1] | (175,194) | (143,664) | (476,491) | (397,934) | |
Total Revenues Excluding Freight & Delivery [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Total revenues | $ 1,065,003 | $ 951,051 | $ 2,818,331 | $ 2,514,872 | ||
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REVENUES (Reconciliation of Deferred Revenue Balances) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
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REVENUES [Abstract] | ||||
Balance at beginning of period | $ 196,296 | $ 203,100 | $ 199,556 | $ 206,468 |
Revenue recognized from deferred revenue | (1,997) | (1,903) | (5,257) | (5,271) |
Balance at end of period | $ 194,299 | $ 201,197 | $ 194,299 | $ 201,197 |
FAIR VALUE MEASUREMENTS (Narrative) (Details) |
9 Months Ended | |
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Sep. 30, 2018
USD ($)
item
|
Sep. 30, 2017
USD ($)
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FAIR VALUE MEASUREMENTS [Abstract] | ||
Number of Rabbi Trusts established | item | 2 | |
Net gains (losses) of the Rabbi Trust investments | $ (222,000) | $ 1,950,000 |
Unrealized net gains (losses) of the Rabbi Trust investments | $ (214,000) | $ 1,424,000 |
FAIR VALUE MEASUREMENTS (Fair Value Measurement on Recurring Basis) (Details) - Recurring [Member] - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
---|---|---|---|
Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets fair value, recurring | $ 21,504 | $ 20,348 | $ 20,256 |
Level 1 [Member] | Mutual Funds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets fair value, recurring | 21,504 | 20,348 | 7,431 |
Level 1 [Member] | Equities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets fair value, recurring | 0 | 0 | 12,825 |
Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets fair value, recurring | 1,332 | 1,203 | 386 |
Level 2 [Member] | Money Market Mutual Fund [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets fair value, recurring | $ 1,332 | $ 1,203 | $ 386 |
DERIVATIVE INSTRUMENTS (Narrative) (Details) - Designated as Hedging Instrument [Member] - Cash Flow Hedges [Member] - Interest Rate Swap [Member] - USD ($) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
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Derivative [Line Items] | ||||
Loss reclassified from AOCI | $ (72,000) | $ (1,955,000) | $ (232,000) | $ (3,022,000) |
Estimated amount of pretax loss in AOCI reclassified to earnings for the next 12-month period | $ 302,000 | $ 302,000 | ||
Debt [Member] | ||||
Derivative [Line Items] | ||||
Loss reclassified from AOCI | $ 1,405,000 |
DERIVATIVE INSTRUMENTS (Effects of Changes in Fair Values of Derivatives Designated as Cash Flow Hedges) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
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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) | $ (72) | $ (1,955) | $ (232) | $ (3,022) |
DEBT (Narrative) (Details) |
1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||||
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Mar. 31, 2018
USD ($)
|
Feb. 28, 2018
USD ($)
|
Jan. 31, 2018
USD ($)
|
Dec. 31, 2017
USD ($)
|
Jul. 31, 2017
USD ($)
|
Jun. 30, 2017
USD ($)
|
Mar. 31, 2017
USD ($)
|
Mar. 31, 2018
USD ($)
|
Sep. 30, 2017
USD ($)
|
Sep. 30, 2018
USD ($)
item
|
Sep. 30, 2017
USD ($)
|
Dec. 31, 2017
USD ($)
|
||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Discounts and debt issuance costs | $ 3,927,000 | $ 4,473,000 | |||||||||||||||||||
Total long-term debt - face value | $ 2,881,529,000 | $ 2,846,541,000 | 2,846,402,000 | 2,846,541,000 | $ 2,881,529,000 | ||||||||||||||||
Repayments of long term debt | $ 565,560,000 | $ 892,049,000 | 800,572,000 | ||||||||||||||||||
Net proceeds | $ 846,029,000 | ||||||||||||||||||||
Net noncash expense | 3,029,000 | $ 466,000 | 7,257,000 | ||||||||||||||||||
Premium for repayments of debt | 43,020,000 | 5,608,000 | 139,187,000 | ||||||||||||||||||
Transaction costs for repayments of debt | $ 28,000 | 1,314,000 | 1,586,000 | ||||||||||||||||||
Combined charge, component of interest expense | 7,388,000 | 46,077,000 | 46,077,000 | 148,030,000 | |||||||||||||||||
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 | $ 750,000,000 | ||||||||||||||||||||
Commitment fee | 0.15% | ||||||||||||||||||||
Available borrowing capacity | $ 505,021,000 | ||||||||||||||||||||
Borrowings | $ 200,000,000 | ||||||||||||||||||||
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] | 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 | $ 44,979,000 | ||||||||||||||||||||
Period of standby letters of credit | 1 year | ||||||||||||||||||||
Standby Letters of Credit [Member] | LIBOR [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Applicable margin on borrowing rate | 0.175% | ||||||||||||||||||||
Maximum [Member] | 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] | 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% | ||||||||||||||||||||
Term Loan Due 2018 [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Total long-term debt - face value | [1] | 350,000,000 | 0 | $ 0 | 0 | 350,000,000 | |||||||||||||||
Maturity year | 2018 | ||||||||||||||||||||
Debt issued, term | 6 months | ||||||||||||||||||||
Notes [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Face value | $ 1,000,000,000 | ||||||||||||||||||||
Net proceeds | 989,512,000 | ||||||||||||||||||||
Notes [Member] | 3.90% notes due 2027 [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Total long-term debt - face value | 400,000,000 | 400,000,000 | $ 400,000,000 | 400,000,000 | 400,000,000 | ||||||||||||||||
Maturity year | 2027 | ||||||||||||||||||||
Face value | $ 400,000,000 | ||||||||||||||||||||
Interest rate | 3.90% | 3.90% | 3.90% | ||||||||||||||||||
Net proceeds | $ 345,450,000 | ||||||||||||||||||||
Notes [Member] | 3.90% notes due 2027 [Member] | June 2017 Issuance [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Face value | $ 50,000,000 | ||||||||||||||||||||
Notes [Member] | 3.90% notes due 2027 [Member] | March 2017 Issuance [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Face value | 350,000,000 | ||||||||||||||||||||
Notes [Member] | Term loan due 2021 [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Total long-term debt - face value | 250,000,000 | 250,000,000 | 250,000,000 | $ 0 | 250,000,000 | 250,000,000 | |||||||||||||||
Maturity year | 2021 | ||||||||||||||||||||
Notes [Member] | Investment-Grade Type Covenants Governed [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Total long-term debt - face value | $ 2,846,188,000 | ||||||||||||||||||||
Notes [Member] | 4.50% notes due 2047 [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Total long-term debt - face value | 700,000,000 | 700,000,000 | $ 700,000,000 | 700,000,000 | 700,000,000 | ||||||||||||||||
Maturity year | 2047 | ||||||||||||||||||||
Face value | $ 700,000,000 | ||||||||||||||||||||
Interest rate | 4.50% | 4.50% | |||||||||||||||||||
Notes [Member] | 4.50% notes due 2025 [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Total long-term debt - face value | 400,000,000 | 400,000,000 | $ 400,000,000 | 400,000,000 | 400,000,000 | ||||||||||||||||
Maturity year | 2025 | ||||||||||||||||||||
Interest rate | 4.50% | ||||||||||||||||||||
Notes [Member] | Floating-Rate Notes Due 2020 [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Total long-term debt - face value | 250,000,000 | 250,000,000 | $ 250,000,000 | 250,000,000 | 250,000,000 | ||||||||||||||||
Maturity year | 2020 | ||||||||||||||||||||
Face value | $ 250,000,000 | ||||||||||||||||||||
Notes [Member] | 10.375% notes due 2018 [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Total long-term debt - face value | 250,000,000 | ||||||||||||||||||||
Maturity year | 2018 | ||||||||||||||||||||
Interest rate | 10.375% | ||||||||||||||||||||
Notes [Member] | 7.00% notes due 2018 [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Total long-term debt - face value | $ 272,512,000 | ||||||||||||||||||||
Maturity year | 2018 | ||||||||||||||||||||
Interest rate | 7.00% | ||||||||||||||||||||
Notes [Member] | 7.50% notes due 2021 [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Total long-term debt - face value | 35,111,000 | 0 | $ 0 | 0 | 35,111,000 | ||||||||||||||||
Maturity year | 2021 | ||||||||||||||||||||
Face value | $ 35,111,000 | 564,889,000 | 564,889,000 | ||||||||||||||||||
Interest rate | 7.50% | ||||||||||||||||||||
Net noncash expense | 263,000 | 4,228,000 | |||||||||||||||||||
Repayments of debt | 40,719,000 | 662,613,000 | |||||||||||||||||||
Premium for repayments of debt | $ 5,608,000 | 96,167,000 | |||||||||||||||||||
Transaction costs for repayments of debt | 1,558,000 | ||||||||||||||||||||
Notes [Member] | 4.70% notes due 2048 [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Total long-term debt - face value | 0 | 0 | $ 460,949,000 | 0 | 0 | ||||||||||||||||
Maturity year | 2048 | ||||||||||||||||||||
Face value | $ 460,949,000 | $ 350,000,000 | $ 460,949,000 | ||||||||||||||||||
Interest rate | 4.70% | 4.70% | |||||||||||||||||||
Net noncash expense | $ 203,000 | ||||||||||||||||||||
Premium for repayments of debt | 38,164,000 | ||||||||||||||||||||
Notes [Member] | Floating-Rate Notes Due 2021 [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Total long-term debt - face value | 0 | 600,000,000 | $ 500,000,000 | 600,000,000 | 0 | ||||||||||||||||
Maturity year | 2021 | ||||||||||||||||||||
Face value | $ 500,000,000 | ||||||||||||||||||||
Notes [Member] | 7.15% notes due 2037 [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Total long-term debt - face value | $ 240,188,000 | 240,188,000 | $ 129,239,000 | 240,188,000 | $ 240,188,000 | ||||||||||||||||
Maturity year | 2037 | ||||||||||||||||||||
Repayments of long term debt | 110,949,000 | ||||||||||||||||||||
Interest rate | 7.15% | 7.15% | 7.15% | ||||||||||||||||||
Transaction costs for repayments of debt | $ 1,314,000 | ||||||||||||||||||||
Bank Line of Credit [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Maturity date | Dec. 31, 2021 | ||||||||||||||||||||
Total long-term debt - face value | $ 250,000,000 | [2] | $ 235,000,000 | $ 0 | [2] | $ 0 | [2] | $ 0 | [2] | $ 250,000,000 | [2] | ||||||||||
|
DEBT (Debt) (Details) - USD ($) $ in Thousands |
9 Months Ended | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 |
Feb. 28, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
|||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Total short-term debt | $ 200,000 | $ 0 | $ 0 | |||||||||||||
Total long-term debt - face value | 2,846,402 | 2,881,529 | 2,846,541 | |||||||||||||
Unamortized discounts and debt issuance costs | (68,250) | (26,664) | (31,748) | |||||||||||||
Total long-term debt - book value | 2,778,152 | 2,854,865 | 2,814,793 | |||||||||||||
Less current maturities | 23 | 41,383 | 4,827 | |||||||||||||
Total long-term debt - reported value | 2,778,129 | 2,813,482 | 2,809,966 | |||||||||||||
Estimated fair value of long-term debt | 2,743,429 | 2,983,419 | 3,068,236 | |||||||||||||
Bank Line of Credit [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Total short-term debt | [1],[2] | $ 200,000 | 0 | 0 | ||||||||||||
Maturity date | Dec. 31, 2021 | |||||||||||||||
Effective interest rate | [1],[2] | 1.25% | ||||||||||||||
Bank Line of Credit [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Total long-term debt - face value | $ 0 | [1] | 250,000 | [1] | 0 | [1] | $ 235,000 | |||||||||
Maturity date | Dec. 31, 2021 | |||||||||||||||
Term Loan Due 2018 [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Total long-term debt - face value | [3] | $ 0 | 350,000 | 0 | ||||||||||||
Maturity year | 2018 | |||||||||||||||
Notes [Member] | Floating-Rate Notes Due 2020 [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Total long-term debt - face value | $ 250,000 | 250,000 | 250,000 | |||||||||||||
Maturity year | 2020 | |||||||||||||||
Effective interest rate | 3.21% | |||||||||||||||
Notes [Member] | Floating-Rate Notes Due 2021 [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Total long-term debt - face value | $ 500,000 | 0 | 600,000 | |||||||||||||
Maturity year | 2021 | |||||||||||||||
Effective interest rate | 3.23% | |||||||||||||||
Notes [Member] | 7.50% notes due 2021 [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Total long-term debt - face value | $ 0 | 35,111 | 0 | |||||||||||||
Interest rate | 7.50% | |||||||||||||||
Maturity year | 2021 | |||||||||||||||
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] | Term loan due 2021 [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Total long-term debt - face value | $ 0 | 250,000 | 250,000 | $ 250,000 | ||||||||||||
Maturity year | 2021 | |||||||||||||||
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% | 3.90% | 3.90% | |||||||||||||
Maturity year | 2027 | |||||||||||||||
Effective interest rate | 4.00% | |||||||||||||||
Notes [Member] | 7.15% notes due 2037 [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Total long-term debt - face value | $ 129,239 | $ 240,188 | 240,188 | |||||||||||||
Interest rate | 7.15% | 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% | 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 | 0 | 0 | |||||||||||||
Interest rate | 4.70% | 4.70% | ||||||||||||||
Maturity year | 2048 | |||||||||||||||
Effective interest rate | 5.42% | |||||||||||||||
Other Notes [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Total long-term debt - face value | [3] | $ 214 | $ 230 | $ 353 | ||||||||||||
Effective interest rate | [3] | 6.46% | ||||||||||||||
|
DEBT (Standby Letters of Credit) (Details) - USD ($) |
Sep. 30, 2018 |
Jun. 30, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Dec. 31, 2016 |
---|---|---|---|---|---|---|
Line of Credit Facility [Line Items] | ||||||
Reclamation/restoration requirements | $ 226,084,000 | $ 215,421,000 | $ 218,117,000 | $ 222,888,000 | $ 223,953,000 | $ 223,872,000 |
Standby Letters of Credit [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Risk management insurance | 38,111,000 | |||||
Reclamation/restoration requirements | 6,868,000 | |||||
Total | $ 44,979,000 |
COMMITMENTS AND CONTINGENCIES (Narrative) (Details) |
1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 21 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017
USD ($)
|
Sep. 30, 2017
USD ($)
item
|
Mar. 31, 2016
mi
|
May 31, 2007
entity
mi
|
Sep. 30, 2018
USD ($)
|
Jun. 30, 2017
USD ($)
|
Sep. 30, 2018
USD ($)
|
Dec. 31, 2017
USD ($)
|
Sep. 30, 2018
USD ($)
|
Jun. 30, 2018
USD ($)
|
Dec. 31, 2016
USD ($)
|
|
Loss Contingencies [Line Items] | |||||||||||
Asset Retirement Obligation | $ 218,117,000 | $ 222,888,000 | $ 226,084,000 | $ 223,953,000 | $ 226,084,000 | $ 218,117,000 | $ 226,084,000 | $ 215,421,000 | $ 223,872,000 | ||
Number of groundwater extraction wells | item | 2 | ||||||||||
Parent Company [Member] | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Judge ruled allocation of fault among defendants, percentage | 15.00% | ||||||||||
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 | 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% | ||||||||||
Maximum [Member] | EPA [Member] | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Estimated implementation costs | 1,380,000,000 | ||||||||||
Standby Letters of Credit [Member] | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Outstanding standby letters of credit | 44,979,000 | $ 44,979,000 | 44,979,000 | ||||||||
Hewitt Landfill Matter [Member] | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Increase in accrual of liability for claims and litigation | $ 8,640,000 | $ 14,216,000 | $ 15,239,000 | $ 23,879,000 |
ASSET RETIREMENT OBLIGATIONS (Narrative) (Details) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018
USD ($)
|
Sep. 30, 2017
USD ($)
|
Sep. 30, 2018
USD ($)
a
property
|
Sep. 30, 2017
USD ($)
|
|
Reclamation activities | $ 2,649 | $ 5,263 | $ 10,476 | $ 15,739 |
California [Member] | ||||
Reclamation activities | $ 6,108 | $ 8,117 | ||
Adjacent aggregates sites | property | 2 | |||
Property, acres | a | 90 |
ASSET RETIREMENT OBLIGATIONS (Asset Retirement Obligations Operating Costs) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
ASSET RETIREMENT OBLIGATIONS [Abstract] | ||||
Accretion | $ 2,684 | $ 2,857 | $ 8,036 | $ 8,620 |
Depreciation | 1,512 | 1,494 | 4,192 | 4,741 |
Total | $ 4,196 | $ 4,351 | $ 12,228 | $ 13,361 |
ASSET RETIREMENT OBLIGATIONS (Reconciliations of Asset Retirement Obligations) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
ASSET RETIREMENT OBLIGATIONS [Abstract] | ||||
Balance at beginning of period | $ 215,421 | $ 223,953 | $ 218,117 | $ 223,872 |
Liabilities incurred | 0 | 731 | 0 | 1,066 |
Liabilities settled | (2,649) | (5,263) | (10,476) | (15,739) |
Accretion expense | 2,684 | 2,857 | 8,036 | 8,620 |
Revisions, net | 10,628 | 610 | 10,407 | 5,069 |
Balance at end of period | $ 226,084 | $ 222,888 | $ 226,084 | $ 222,888 |
BENEFIT PLANS (Narrative) (Details) |
3 Months Ended | 9 Months Ended | |
---|---|---|---|
Mar. 31, 2018
USD ($)
|
Sep. 30, 2017
USD ($)
|
Sep. 30, 2018
entity
|
|
Defined Benefit Plan Disclosure [Line Items] | |||
Number of funded, noncontributory defined benefit pension plans | 3 | ||
Number of unfunded, nonqualified pension plans | 3 | ||
Normal retirement age | 65 years | ||
Discretionary Employer Contribution [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer contributions | $ | $ 100,000,000 | $ 10,600,000 |
BENEFIT PLANS (Components of Net Periodic Benefit Cost- Pension Benefits) (Details) - Pension Benefits [Member] - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Components of Net Periodic Benefit Cost | ||||
Service cost | $ 1,429 | $ 1,653 | $ 4,287 | $ 4,961 |
Interest cost | 8,876 | 9,057 | 26,627 | 27,172 |
Expected return on plan assets | (14,797) | (12,097) | (44,391) | (36,289) |
Amortization of prior service cost | 335 | 335 | 1,005 | 1,005 |
Amortization of actuarial loss | 2,457 | 1,824 | 7,370 | 5,471 |
Net periodic benefit cost (credit) | (1,700) | 772 | (5,102) | 2,320 |
Pretax reclassification from AOCI included in net periodic pension/postretirement benefit cost (credit) | $ 2,792 | $ 2,159 | $ 8,375 | $ 6,476 |
BENEFIT PLANS (Components of Net Periodic Benefit Cost- Other Postretirement Benefits) (Details) - Postretirement Benefits [Member] - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Components of Net Periodic Benefit Cost | ||||
Service cost | $ 339 | $ 292 | $ 1,018 | $ 875 |
Interest cost | 310 | 315 | 930 | 945 |
Amortization of prior service credit | (991) | (1,059) | (2,972) | (3,177) |
Amortization of actuarial gain | (324) | (397) | (973) | (1,190) |
Net periodic benefit cost (credit) | (666) | (849) | (1,997) | (2,547) |
Pretax reclassification from AOCI included in net periodic pension/postretirement benefit cost (credit) | $ (1,315) | $ (1,456) | $ (3,945) | $ (4,367) |
OTHER COMPREHENSIVE INCOME (Accumulated Other Comprehensive Income, Net of Tax) (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
---|---|---|---|
OTHER COMPREHENSIVE INCOME [Abstract] | |||
Interest rate hedges | $ (8,771) | $ (11,438) | $ (11,464) |
Pension and postretirement plans | (134,754) | (138,028) | (124,795) |
Total | $ (143,525) | $ (149,466) | $ (136,259) |
OTHER COMPREHENSIVE INCOME (Changes in Accumulated Other Comprehensive Income, Net of Tax) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
AOCI, Beginning balance | $ (149,466) | |||
Other comprehensive income before reclassifications | 2,496 | |||
Amounts reclassified from AOCI | 3,445 | |||
Other comprehensive income | $ 1,144 | $ 1,615 | 5,941 | $ 3,117 |
AOCI, Ending balance | (143,525) | $ (136,259) | (143,525) | $ (136,259) |
Interest Rate Hedge Losses [Member] | ||||
AOCI, Beginning balance | (11,438) | |||
Other comprehensive income before reclassifications | 2,496 | |||
Amounts reclassified from AOCI | 171 | |||
Other comprehensive income | 2,667 | |||
AOCI, Ending balance | (8,771) | (8,771) | ||
Pension and Postretirement Plan Actuarial Loss and Prior Service Cost [Member] | ||||
AOCI, Beginning balance | (138,028) | |||
Other comprehensive income before reclassifications | 0 | |||
Amounts reclassified from AOCI | 3,274 | |||
Other comprehensive income | 3,274 | |||
AOCI, Ending balance | $ (134,754) | $ (134,754) |
OTHER COMPREHENSIVE INCOME (Amounts Reclassified from Accumulated Other Comprehensive Income to Earnings) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Interest expense | $ (33,547) | $ (82,041) | $ (104,566) | $ (154,572) | ||
Other nonoperating income | 4,890 | 3,793 | 12,708 | 11,709 | ||
Benefit from income taxes | 40,663 | 39,080 | 75,805 | 81,557 | ||
Total | 179,151 | 108,579 | 391,783 | 273,639 | ||
Reclassification From AOCI [Member] | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Total | 1,144 | 1,615 | 3,445 | 3,117 | ||
Interest Rate Hedge Losses [Member] | Reclassification From AOCI [Member] | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Interest expense | 72 | 1,955 | 232 | 3,022 | ||
Benefit from income taxes | (19) | (767) | (61) | (1,186) | ||
Total | [1] | 53 | 1,188 | 171 | 1,836 | |
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 income | 1,477 | 703 | 4,430 | 2,109 | ||
Benefit from income taxes | (386) | (276) | (1,156) | (828) | ||
Total | $ 1,091 | $ 427 | $ 3,274 | $ 1,281 | ||
|
EQUITY (Narrative) (Details) |
9 Months Ended | ||
---|---|---|---|
Sep. 30, 2018
item
$ / shares
shares
|
Dec. 31, 2017
$ / shares
shares
|
Sep. 30, 2017
$ / shares
shares
|
|
EQUITY [Abstract] | |||
Common stock, par value | $ / shares | $ 1 | $ 1 | $ 1 |
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 | 8,623,227 |
EQUITY (Shares Purchased And Retired) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
9 Months Ended | 12 Months Ended | |
---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Dec. 31, 2017 |
|
EQUITY [Abstract] | |||
Shares Purchased and Retired, Number | 866 | 510 | 510 |
Shares Purchased and Retired, Total purchase price | $ 99,916 | $ 60,303 | $ 60,303 |
Shares Purchased and Retired, Average price per share | $ 115.31 | $ 118.18 | $ 118.18 |
EQUITY (Changes in Total Equity) (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
EQUITY [Abstract] | ||||
Balance at beginning of period | $ 5,020,630 | $ 4,602,104 | $ 4,968,893 | $ 4,572,476 |
Net earnings | 179,151 | 108,579 | 391,783 | 273,639 |
Share-based compensation plans, net of shares withheld for taxes | (32) | (377) | (31,370) | (24,485) |
Purchase and retirement of common stock | (24,995) | 0 | (99,916) | (60,303) |
Share-based compensation expense | 6,887 | 6,282 | 21,650 | 19,953 |
Cash dividends on common stock ($0.28/$0.25/$0.84/$0.75 per share, respectively) | (36,996) | (33,069) | (111,192) | (99,263) |
Other comprehensive income | 1,144 | 1,615 | 5,941 | 3,117 |
Balance at end of period | $ 5,145,789 | $ 4,685,134 | $ 5,145,789 | $ 4,685,134 |
Cash dividend on common stock, per share | $ 0.28 | $ 0.25 | $ 0.84 | $ 0.75 |
SEGMENT REPORTING (Narrative) (Details) |
9 Months Ended |
---|---|
Sep. 30, 2018
segment
| |
SEGMENT REPORTING [Abstract] | |
Number of operating segments | 4 |
Number of reportable segments | 4 |
SEGMENT REPORTING (Segment Financial Disclosure) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Dec. 31, 2017 |
Dec. 31, 2016 |
||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Total revenues | $ 1,240,197 | $ 1,094,715 | $ 3,294,822 | $ 2,912,806 | |||||||||||
Gross profit | 343,142 | 303,758 | 825,661 | 751,996 | |||||||||||
Depreciation, depletion, accretion and amortization | 89,390 | 79,636 | 256,463 | 227,974 | |||||||||||
Cash and cash equivalents and restricted cash | 43,069 | 701,163 | 43,069 | 701,163 | $ 146,646 | $ 268,019 | |||||||||
Total assets | 9,875,635 | 9,439,334 | 9,875,635 | 9,439,334 | $ 9,504,891 | ||||||||||
Operating Segments [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Total revenues | 1,319,062 | 1,166,089 | 3,502,556 | 3,103,329 | |||||||||||
Total assets | [1] | 9,724,532 | 8,567,156 | 9,724,532 | 8,567,156 | ||||||||||
Intersegment Sales [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Total revenues | (78,865) | (71,374) | (207,734) | (190,523) | |||||||||||
Aggregates [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Total revenues | 904,866 | 787,325 | 2,431,919 | 2,136,062 | |||||||||||
Aggregates [Member] | Operating Segments [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Total revenues | [2] | 983,731 | 858,699 | 2,639,653 | 2,326,585 | ||||||||||
Gross profit | [3] | 303,787 | 257,751 | 735,484 | 647,961 | ||||||||||
Depreciation, depletion, accretion and amortization | 72,729 | 64,071 | 208,420 | 182,559 | |||||||||||
Total assets | [1] | 8,890,421 | 7,974,915 | 8,890,421 | 7,974,915 | ||||||||||
Aggregates [Member] | Intersegment Sales [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Total revenues | (78,865) | (71,374) | (207,734) | (190,523) | |||||||||||
Asphalt [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Total revenues | 231,700 | 189,940 | 547,363 | 461,474 | |||||||||||
Asphalt [Member] | Operating Segments [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Total revenues | [4] | 231,700 | 189,940 | 547,363 | 461,474 | ||||||||||
Gross profit | [3] | 23,857 | 31,205 | 49,853 | 68,447 | ||||||||||
Depreciation, depletion, accretion and amortization | 8,428 | 6,494 | 22,728 | 18,841 | |||||||||||
Total assets | [1] | 551,336 | 355,171 | 551,336 | 355,171 | ||||||||||
Asphalt [Member] | Intersegment Sales [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Total revenues | 0 | 0 | 0 | 0 | |||||||||||
Concrete [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Total revenues | 101,719 | 115,485 | 309,404 | 309,448 | |||||||||||
Concrete [Member] | Operating Segments [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Total revenues | 101,719 | 115,485 | 309,404 | 309,448 | |||||||||||
Gross profit | [3] | 14,587 | 14,138 | 38,098 | 33,616 | ||||||||||
Depreciation, depletion, accretion and amortization | 3,041 | 3,591 | 9,504 | 10,286 | |||||||||||
Total assets | [1] | 278,487 | 233,565 | 278,487 | 233,565 | ||||||||||
Concrete [Member] | Intersegment Sales [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Total revenues | 0 | 0 | 0 | 0 | |||||||||||
Calcium [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Total revenues | 1,912 | 1,965 | 6,136 | 5,822 | |||||||||||
Calcium [Member] | Operating Segments [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Total revenues | 1,912 | 1,965 | 6,136 | 5,822 | |||||||||||
Gross profit | 911 | 664 | 2,226 | 1,972 | |||||||||||
Depreciation, depletion, accretion and amortization | 68 | 180 | 207 | 567 | |||||||||||
Total assets | [1] | 4,288 | 3,505 | 4,288 | 3,505 | ||||||||||
Calcium [Member] | Intersegment Sales [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Total revenues | 0 | 0 | 0 | 0 | |||||||||||
Other Segments [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Depreciation, depletion, accretion and amortization | 5,124 | 5,300 | 15,604 | 15,721 | |||||||||||
Corporate [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Total assets | $ 108,034 | $ 171,015 | $ 108,034 | $ 171,015 | |||||||||||
|
SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
|
SUPPLEMENTAL CASH FLOW INFORMATION [Abstract] | ||
Interest (exclusive of amount capitalized) | $ 82,339 | $ 118,157 |
Income taxes | (99,585) | 124,121 |
Accrued liabilities for purchases of property, plant & equipment | 30,588 | 10,602 |
Amounts referable to business acquisitions Liabilities assumed | 5,056 | 1,935 |
Amounts referable to business acquisitions Consideration payable to seller | $ 9,500 | $ 0 |
GOODWILL (Narrative) (Details) |
9 Months Ended | |
---|---|---|
Sep. 30, 2018
USD ($)
segment
|
Sep. 30, 2017
USD ($)
|
|
Goodwill [Line Items] | ||
Goodwill impairment charges | $ 0 | $ 0 |
Number of Reportable Segments | segment | 4 | |
Calcium [Member] | ||
Goodwill [Line Items] | ||
Goodwill, accumulated impairment losses | $ 252,664,000 |
GOODWILL (Changes in Carrying Amount of Goodwill by Reportable Segment) (Details) - USD ($) $ in Thousands |
9 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2018 |
Dec. 31, 2017 |
|||||
Goodwill [Line Items] | ||||||
Goodwill, Beginning balance | $ 3,122,321 | |||||
Goodwill of acquired businesses | 47,294 | [1] | $ 27,497 | |||
Goodwill, Ending balance | 3,169,615 | 3,122,321 | ||||
Aggregates [Member] | ||||||
Goodwill [Line Items] | ||||||
Goodwill, Beginning balance | 3,030,688 | |||||
Goodwill of acquired businesses | [1] | 47,294 | ||||
Goodwill, Ending balance | 3,077,982 | 3,030,688 | ||||
Asphalt [Member] | ||||||
Goodwill [Line Items] | ||||||
Goodwill, Beginning balance | 91,633 | |||||
Goodwill of acquired businesses | [1] | 0 | ||||
Goodwill, Ending balance | 91,633 | 91,633 | ||||
Concrete [Member] | ||||||
Goodwill [Line Items] | ||||||
Goodwill, Beginning balance | 0 | |||||
Goodwill of acquired businesses | [1] | 0 | ||||
Goodwill, Ending balance | 0 | 0 | ||||
Calcium [Member] | ||||||
Goodwill [Line Items] | ||||||
Goodwill, Beginning balance | 0 | |||||
Goodwill of acquired businesses | [1] | 0 | ||||
Goodwill, Ending balance | $ 0 | $ 0 | ||||
|
ACQUISITIONS AND DIVESTITURES (Narrative) (Details) - USD ($) |
3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Dec. 31, 2017 |
||||
Significant Acquisitions and Disposals [Line Items] | ||||||||||
Consideration transferred, net of assets divested | $ 842,013,000 | |||||||||
Total consideration | $ 216,581,000 | 1,080,815,000 | ||||||||
Cash consideration | 213,138,000 | $ 210,562,000 | 822,432,000 | |||||||
Consideration payable amount | 9,681,000 | |||||||||
Assets acquired | $ 9,900,000 | 9,900,000 | ||||||||
Goodwill | 47,294,000 | [1] | 27,497,000 | |||||||
Deferred income taxes, net | $ 34,808,000 | 34,808,000 | ||||||||
Gain on sale of property, plant & equipment and businesses | 2,104,000 | $ 1,488,000 | 8,374,000 | 4,630,000 | ||||||
Assets held for sale | 0 | 0 | $ 0 | 0 | $ 0 | 0 | ||||
Aggregates USA [Member] | ||||||||||
Significant Acquisitions and Disposals [Line Items] | ||||||||||
Amount of assets divested | 287,292,000 | 287,292,000 | ||||||||
Gain on sale of property, plant & equipment and businesses | 0 | |||||||||
Acquisitions 2018 [Member] | ||||||||||
Significant Acquisitions and Disposals [Line Items] | ||||||||||
Amortizable intangible assets recognized | $ 41,497,000 | |||||||||
Intangible assets amortization period, tax purposes | 15 years | |||||||||
Goodwill | $ 46,302,000 | |||||||||
Intangible assets, deductible for income tax purposes | 4,720,000 | 4,720,000 | ||||||||
Goodwill, deductible for income tax purposes | $ 0 | $ 0 | ||||||||
Acquisitions 2017 [Member] | ||||||||||
Significant Acquisitions and Disposals [Line Items] | ||||||||||
Amortizable intangible assets recognized | 309,112,000 | |||||||||
Intangible assets amortization period, tax purposes | 15 years | |||||||||
Goodwill | $ 992,000 | |||||||||
Arizona [Member] | ||||||||||
Significant Acquisitions and Disposals [Line Items] | ||||||||||
Gain on sale of property, plant & equipment and businesses | 8,021,000 | |||||||||
Assets divested, fair value | 9,900,000 | 9,900,000 | ||||||||
Assets held for sale | $ 1,879,000 | 1,879,000 | ||||||||
Georgia [Member] | ||||||||||
Significant Acquisitions and Disposals [Line Items] | ||||||||||
Gain on sale of property, plant & equipment and businesses | $ 2,929,000 | |||||||||
Contractual Rights In Place [Member] | Acquisitions 2017 [Member] | ||||||||||
Significant Acquisitions and Disposals [Line Items] | ||||||||||
Amortizable intangible assets recognized | 309,012,000 | |||||||||
Contractual Rights In Place - Straight-Line Method [Member] | Acquisitions 2018 [Member] | ||||||||||
Significant Acquisitions and Disposals [Line Items] | ||||||||||
Amortizable intangible assets recognized | $ 40,417,000 | |||||||||
Estimated weighted-average amortization period of intangible assets | 20 years | |||||||||
Contractual Rights In Place - Straight-Line Method [Member] | Acquisitions 2017 [Member] | ||||||||||
Significant Acquisitions and Disposals [Line Items] | ||||||||||
Amortizable intangible assets recognized | 73,879,000 | |||||||||
Estimated weighted-average amortization period of intangible assets | 19 years 3 months 18 days | |||||||||
Contractual Rights In Place - Units Of Sales [Member] | Acquisitions 2018 [Member] | ||||||||||
Significant Acquisitions and Disposals [Line Items] | ||||||||||
Amortizable intangible assets recognized | $ 1,080,000 | |||||||||
Estimated weighted-average amortization period of intangible assets | 30 years | |||||||||
Contractual Rights In Place - Units Of Sales [Member] | Acquisitions 2017 [Member] | ||||||||||
Significant Acquisitions and Disposals [Line Items] | ||||||||||
Amortizable intangible assets recognized | 235,133,000 | |||||||||
Estimated weighted-average amortization period of intangible assets | 54 years 8 months 12 days | |||||||||
Other Intangibles [Member] | Acquisitions 2017 [Member] | ||||||||||
Significant Acquisitions and Disposals [Line Items] | ||||||||||
Amortizable intangible assets recognized | $ 100,000 | |||||||||
|
ACQUISITIONS AND DIVESTITURES (Schedule Of Business Acquisitions) (Details) - USD ($) $ in Thousands |
9 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2018 |
Dec. 31, 2017 |
||||
Significant Acquisitions And Disposals [Line Items] | |||||
Cash | $ 207,081 | $ 1,072,978 | |||
Payable to seller | 9,500 | 7,837 | |||
Total fair value of purchase consideration | 216,581 | 1,080,815 | |||
Accounts and notes receivable, net | 16,434 | 14,955 | |||
Inventories | 11,904 | 21,679 | |||
Other current assets | 932 | 608 | |||
Investments | 3,590 | ||||
Property, plant & equipment | 145,935 | 433,606 | |||
Contractual rights in place | 41,497 | 295,482 | |||
Deferred income taxes, net | (34,808) | ||||
Liabilities assumed | (11,615) | (3,894) | |||
Net identifiable assets acquired | 170,279 | 766,026 | |||
Goodwill | 47,294 | [1] | 27,497 | ||
Net Assets Divested Immediately Upon Acquisition | $ 287,292 | ||||
Acquisitions 2018 [Member] | |||||
Significant Acquisitions And Disposals [Line Items] | |||||
Goodwill | $ 46,302 | ||||
|
NEW ACCOUNTING STANDARDS (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
ASU 2017-07 [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
All other components | $ 4,135 | $ 2,021 | $ 12,404 | $ 6,062 |