CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares |
Mar. 31, 2020 |
Dec. 31, 2019 |
Mar. 31, 2019 |
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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 | 132,433,000 | 132,371,000 | 132,069,000 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands |
3 Months Ended | |
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Mar. 31, 2020 |
Mar. 31, 2019 |
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Operating Activities | ||
Net earnings | $ 60,258 | $ 63,299 |
Adjustments to reconcile net earnings to net cash provided by operating activities | ||
Depreciation, depletion, accretion and amortization | 95,480 | 89,181 |
Noncash operating lease expense | 8,851 | 8,717 |
Net gain on sale of property, plant & equipment and businesses | (999) | (7,297) |
Contributions to pension plans | (2,144) | (2,320) |
Share-based compensation expense | 6,716 | 5,724 |
Deferred tax expense (benefit) | 19,671 | 774 |
Changes in assets and liabilities before initial effects of business acquisitions and dispositions | (99,597) | (47,733) |
Other, net | (5,761) | 5,819 |
Net cash provided by operating activities | 82,475 | 116,164 |
Investing Activities | ||
Purchases of property, plant & equipment | (142,650) | (122,019) |
Proceeds from sale of property, plant & equipment | 2,536 | 6,512 |
Proceeds from sale of businesses | 0 | 1,744 |
Payment for businesses acquired, net of acquired cash | 0 | 1,122 |
Other, net | 9,872 | (7,237) |
Net cash used for investing activities | (130,242) | (119,878) |
Financing Activities | ||
Proceeds from short-term debt | 0 | 196,200 |
Payment of short-term debt | 0 | (150,700) |
Payment of current maturities and long-term debt | (6) | (6) |
Settlements of interest rate derivatives | (19,863) | 0 |
Purchases of common stock | (26,132) | 0 |
Dividends paid | (45,100) | (40,939) |
Share-based compensation, shares withheld for taxes | (15,365) | (14,137) |
Net cash used for financing activities | (106,466) | (9,582) |
Net decrease in cash and cash equivalents and restricted cash | (154,233) | (13,296) |
Cash and cash equivalents and restricted cash at beginning of year | 274,506 | 44,404 |
Cash and cash equivalents and restricted cash at end of period | $ 120,273 | $ 31,108 |
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. Our primary focus is serving metropolitan markets in the United States that are expected to experience the most significant growth in population, households and employment. These three demographic factors are significant drivers of demand for aggregates. While aggregates is our focus and primary business, we produce and sell asphalt mix and/or ready-mixed concrete in our Alabama, Arizona, California, Maryland, New Mexico, Tennessee, Texas, Virginia and Washington D.C. markets.
BASIS OF PRESENTATION
Our accompanying unaudited condensed consolidated financial statements were prepared in compliance with the instructions to Form 10-Q and Article 10 of Regulation S-X and thus do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America (GAAP) for complete financial statements. We prepared the accompanying condensed consolidated financial statements on the same basis as our annual financial statements, except for the adoption of new accounting standards as described in Note 17. Our Condensed Consolidated Balance Sheet as of December 31, 2019 was derived from the audited financial statement, but it does not include all disclosures required by GAAP. In the opinion of our management, the statements reflect all adjustments, including those of a normal recurring nature, necessary to present fairly the results of the reported interim periods. For further information, refer to the consolidated financial statements and footnotes included in our most recent Annual Report on Form 10-K. Operating results for the three month period ended March 31, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020, particularly in light of the uncertainty over the economic and operational impacts of the current novel coronavirus (COVID-19) pandemic.
We are operating as an essential business and while the COVID-19 pandemic has not yet materially impacted our business, operations, or financial results, it may have far-reaching impacts on many aspects of our operations, directly and indirectly, including with respect to its impacts on customer behaviors, business and manufacturing operations, our employees, and the market generally. Our condensed consolidated financial statements reflect estimates and assumptions made by management that affect the reported amounts of assets, liabilities, revenues and expenses. Such estimates and assumptions affect, among other things, our goodwill and long-lived asset valuations; inventory valuation; assessment of the annual effective tax rate; valuation of deferred income taxes; allowance for doubtful accounts; measurement of cash bonus plans; and pension plan assumptions. Events and changes in circumstances arising after March 31, 2020, including those resulting from the impacts of COVID-19, will be reflected in management’s estimates for future periods.
Due to the 2005 sale of our Chemicals business as described within this Note under the caption Discontinued Operations, the results of the Chemicals business are presented as discontinued operations in the accompanying Condensed Consolidated Statements of Comprehensive Income.
RESTRICTED CASH
Restricted cash consists of cash proceeds from the sale of property held in escrow for the acquisition of replacement property under like-kind exchange agreements and cash reserved by other contractual agreements (such as asset purchase agreements) for a specified purpose and therefore is not available for use for other purposes. The escrow accounts are administered by an intermediary. Cash restricted pursuant to like-kind exchange agreements remains restricted for a maximum of 180 days from the date of the property sale pending the acquisition of replacement property. Restricted cash is included with cash and cash equivalents in the accompanying Condensed Consolidated Statements of Cash Flows.
LEASES
Our nonmineral leases with initial terms in excess of one year are recognized on the balance sheet as right-of-use (ROU) assets and lease liabilities. Mineral leases are exempt from balance sheet recognition.
ROU assets represent our right to use an underlying asset for the lease term, and lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. ROU assets are adjusted for any prepaid lease payments and lease incentives. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. The non-lease components of our lease agreements are not separated from the lease components.
For additional information about leases see Note 2.
DISCONTINUED OPERATIONS
In 2005, we sold substantially all the assets of our Chemicals business to Basic Chemicals, a subsidiary of Occidental Chemical Corporation. The financial results of the Chemicals business are classified as discontinued operations in the accompanying Condensed Consolidated Statements of Comprehensive Income for all periods presented. Results from discontinued operations are as follows:
Our discontinued operations include charges/credits related to general and product liability costs, including legal defense costs, and environmental remediation costs associated with our former Chemicals business (including certain matters as discussed in Note 8). There were no revenues from discontinued operations for the periods presented.
EARNINGS PER SHARE (EPS)
Earnings per share are computed by dividing net earnings by the weighted-average common shares outstanding (basic EPS) or weighted-average common shares outstanding assuming dilution (diluted EPS), as set forth below:
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:
RECLASSIFICATIONS
Certain items previously reported in specific financial statement captions have been reclassified to conform to the 2020 presentation. |
LEASES |
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LEASES [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LEASES | Note 2: Leases
Our portfolio of nonmineral leases is composed almost entirely of operating leases (we do not have any material finance leases) for real estate (including office buildings, aggregates sales yards, and concrete and asphalt sites) and equipment (including railcars and rail track, barges, office equipment and plant equipment).
Operating lease ROU assets and liabilities and the weighted-average lease term and discount rate are as follows:
Our lease agreements do not contain residual value guarantees, restrictive covenants or early termination options that we deem material.
Lease expense for operating leases is recognized on a straight-line basis over the lease term. The components of operating lease expense are as follows:
Cash paid for operating leases was $13,328,000 and $13,333,000 for the three months ended March 31, 2020 and 2019, respectively, and was reflected as reductions to operating cash flows.
Maturity analysis on an undiscounted basis of our operating lease liabilities as of March 31, 2020 is as follows:
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INCOME TAXES |
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INCOME TAXES [Abstract] | |
INCOME TAXES | Note 3: Income Taxes
In response to COVID-19, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law on March 27, 2020. The CARES Act provides numerous tax relief provisions and stimulus measures. A temporary favorable change to the prior year and current year limitations on interest deductions and a temporary suspension of certain payment requirements for the employer portion of Social Security taxes are the relief provisions that are expected to provide us the greatest benefit. In the first quarter of 2020 (i.e., the period of enactment), an expected cash tax benefit of $13,301,000 was recorded to account for the favorable change to the prior year limitation on interest deductions.
Our estimated annual effective tax rate (EAETR) is based on full-year expectations of pretax earnings, statutory tax rates, permanent differences between book and tax accounting such as percentage depletion, and tax planning alternatives available in the various jurisdictions in which we operate. For interim financial reporting, we calculate our quarterly income tax provision in accordance with the EAETR. Each quarter, we update our EAETR based on our revised full-year expectation of pretax earnings and calculate the income tax provision so that the year-to-date income tax provision reflects the EAETR. Significant judgment is required in determining our EAETR.
In the first quarter of 2020, we recorded income tax expense from continuing operations of $12,194,000 compared to income tax expense from continuing operations of $10,693,000 in the first quarter of 2019. The increase in tax expense was primarily related to lower excess tax benefits from share-based compensation quarter over quarter.
We recognize deferred tax assets and liabilities (which reflect our best assessment of the future taxes we will pay) based on the differences between the book basis and tax basis of assets and liabilities. Deferred tax assets represent items to be used as a tax deduction or credit in future tax returns while deferred tax liabilities represent items that will result in additional tax in future tax returns. A summary of our deferred tax assets and liabilities is included in Note 9 “Income Taxes” in our Annual Report on Form 10-K for the year ended December 31, 2019.
Each quarter we analyze the likelihood that our deferred tax assets will be realized. A valuation allowance is recorded if, based on the weight of all available positive and negative evidence, it is more likely than not (a likelihood of more than 50%) that some portion, or all, of a deferred tax asset will not be realized. At December 31, 2020, we project Alabama state net operating loss (NOL) carryforward deferred tax assets of $63,384,000 against which we project to have a valuation allowance of $29,183,000. At this time, we do not expect any future adjustment to this valuation allowance. The Alabama NOL carryforward, if not utilized, would expire between 2023 and 2032.
We recognize a tax benefit associated with a tax position when, in our judgment, it is more likely than not that the position will be sustained based upon the technical merits of the position. For a tax position that meets the more likely than not recognition threshold, we measure the income tax benefit as the largest amount that we judge to have a greater than 50% likelihood of being realized. A liability is established for the unrecognized portion of any tax benefit. Our liability for unrecognized tax benefits is adjusted periodically due to changing circumstances, such as the progress of tax audits, case law developments and new or emerging legislation.
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REVENUES |
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REVENUES | Note 4: revenueS
Revenues are measured as the amount of consideration we expect to receive in exchange for transferring goods or providing services. Sales and other taxes we collect are excluded from revenues. Costs to obtain and fulfill contracts (primarily asphalt construction paving contracts) are immaterial and are expensed as incurred when the expected amortization period is one year or less.
Total revenues are primarily derived from our product sales of aggregates (crushed stone, sand and gravel, sand and other aggregates), asphalt mix and ready-mixed concrete, and include freight & delivery costs that we pass along to our customers to deliver these products. We also generate service revenues from our asphalt construction paving business and service revenues related to our aggregates business, such as landfill tipping fees. Our total service revenues were $39,564,000 and $34,515,000 for the three months ended March 31, 2020 and 2019, respectively.
Our products typically are sold to private industry and not directly to governmental entities. Although approximately 45% to 55% of our aggregates shipments have historically been used in publicly-funded construction, such as highways, airports and government buildings, relatively insignificant sales are made directly to federal, state, county or municipal governments/agencies. Therefore, although reductions in state and federal funding can curtail publicly-funded construction, the vast majority of our aggregates business is not directly subject to renegotiation of profits or termination of contracts with state or federal governments.
Our segment total revenues by geographic market for the three month periods ended March 31, 2020 and 2019 are disaggregated as follows:
PRODUCT REVENUES
Revenue is recognized when obligations under the terms of a contract with our customer are satisfied; generally this occurs at a point in time when our aggregates, asphalt mix and ready-mixed concrete are shipped/delivered and control passes to the customer. Revenue for our products is recorded at the fixed invoice amount and payment is due by the 15th day of the following month — we do not offer discounts for early payment.
Freight & delivery generally represents pass-through transportation we incur (including our administrative costs) and pay to third-party carriers to deliver our products to customers and are accounted for as a fulfillment activity. Likewise, the costs related to freight & delivery are included in cost of revenues.
Freight & delivery revenues are as follows:
CONSTRUCTION PAVING SERVICE REVENUES
Revenue from our asphalt construction paving business is recognized over time using the percentage-of-completion method under the cost approach. The percentage of completion is determined by costs incurred to date as a percentage of total costs estimated for the project. Under this approach, recognized contract revenue equals the total estimated contract revenue multiplied by the percentage of completion. Our construction contracts are unit priced, and an account receivable is recorded for amounts invoiced based on actual units produced. Contract assets for estimated earnings in excess of billings, contract assets related to retainage provisions and contract liabilities for billings in excess of costs are immaterial. Variable consideration in our construction paving contracts is immaterial and consists of incentives and penalties based on the quality of work performed. Our construction paving contracts may contain warranty provisions covering defects in equipment, materials, design or workmanship that generally run from nine months to one year after project completion. Due to the nature of our construction paving projects, including contract owner inspections of the work during construction and prior to acceptance, we have not experienced material warranty costs for these short-term warranties.
VOLUMETRIC PRODUCTION PAYMENT DEFERRED REVENUES
In 2013 and 2012, we sold a percentage interest in certain future aggregates production for net cash proceeds of $226,926,000. These transactions, structured as volumetric production payments (VPPs):
relate to eight quarries in Georgia and South Carolina provide the purchaser solely with a nonoperating percentage interest in the subject quarries’ aggregates production contain no minimum annual or cumulative guarantees by us for production or sales volume, nor minimum sales price are both volume and time limited (we expect the transactions will last approximately 25 years, limited by volume rather than time)
We are the exclusive sales agent for, and transmit quarterly to the purchaser the proceeds from the sale of, the purchaser’s share of aggregates production. Our consolidated total revenues exclude the revenue from the sale of the purchaser’s share of aggregates.
The proceeds we received from the sale of the percentage interest were recorded as deferred revenue on the balance sheet. We recognize revenue on a unit-of-sales basis (as we sell the purchaser’s share of production) relative to the volume limitations of the transactions. Given the nature of the risks and potential rewards assumed by the buyer, the transactions do not reflect financing activities.
Reconciliation of the VPP deferred revenue balances (current and noncurrent) is as follows:
Based on expected sales from the specified quarries, we expect to recognize $7,500,000 of VPP deferred revenue as income during the 12-month period ending March 31, 2021 (reflected in other current liabilities in our March 31, 2020 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 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 $(5,060,000) and $1,863,000 for the three months ended March 31, 2020 and 2019, respectively. The portions of the net gains (losses) related to investments still held by the Rabbi Trusts at March 31, 2020 and 2019 were $(5,060,000) and $1,905,000, respectively.
The carrying values of our cash equivalents, restricted cash, accounts and notes receivable, short-term debt, trade payables and accruals, and all other current liabilities approximate their fair values because of the short-term nature of these instruments. Additional disclosures for derivative instruments and interest-bearing debt are presented in Notes 6 and 7, respectively.
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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. Changes in the fair value of interest rate swap cash flow hedges are recorded in accumulated other comprehensive income (AOCI) and are reclassified into interest expense in the same period the hedged items affect earnings. We may also enter into contracts that qualify for the normal purchases and normal sale (NPNS) exception. When a contract meets the criteria to qualify as NPNS, we apply such exception. Income recognition and realization related to NPNS contracts generally coincide with the physical delivery of the commodity. For contracts qualifying for the NPNS exception, no recognition of the contract’s fair value in the consolidated financial statements is required until settlement of the contract as long as the transaction remains probable of occurring.
In February 2020, we entered into interest rate locks, designated as cash flow hedges on the related interest payments, totaling $300,000,000 to hedge the risk of higher interest rates prior to an anticipated debt issuance. We terminated and settled the interest rate locks in March 2020 for a cash payment of $19,863,000. While the related debt issuance remains probable of occurring in the near term, the timing is uncertain. As such, at least 1/20th of the hedge is deemed ineffective and $993,000 of the settlement has been recorded to interest expense in the first quarter. The remainder of the settlement was deferred and recorded in accumulated other comprehensive income (AOCI) and is anticipated to be amortized to interest expense over the term of the related debt.
In 2007 and 2018, we entered into interest rate locks of future debt issuances to hedge the risk of higher interest rates. These interest rate locks were designated as cash flow hedges. The gain/loss upon settlement of these interest rate hedges is deferred (recorded in AOCI) and amortized to interest expense over the term of the related debt.
This amortization was reflected in the accompanying Condensed Consolidated Statements of Comprehensive Income as follows:
For the 12-month period ending March 31, 2021, we estimate that $2,324,000 of the $24,839,000 net of tax loss in AOCI will be reclassified to interest expense.
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DEBT |
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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 $1,258,000 and $1,239,000 of net interest expense for these items for the three months ended March 31, 2020 and 2019, 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 March 31, 2020, we were in compliance with the line of credit covenants.
Borrowings on our line of credit are classified as short-term if we intend to repay within twelve months and as long-term if we have the intent and ability to extend repayment beyond twelve months. Borrowings bear interest, at our option, at either LIBOR plus a credit margin ranging from 1.00% to 1.75%, or Truist Bank’s base rate (generally, its prime rate) plus a credit margin ranging from 0.00% to 0.75%. The credit margin for both LIBOR and base rate borrowings is determined by our credit ratings. Standby letters of credit, which are issued under the line of credit and reduce availability, are charged a fee equal to the credit margin for LIBOR borrowings plus 0.175%. We also pay a commitment fee on the daily average unused amount of the line of credit that ranges from 0.10% to 0.25% determined by our credit ratings. As of March 31, 2020, the credit margin for LIBOR borrowings was 1.25%, the credit margin for base rate borrowings was 0.25%, and the commitment fee for the unused amount was 0.15%.
As of March 31, 2020, our available borrowing capacity was $695,871,000. Utilization of the borrowing capacity was as follows:
none was borrowed $54,129,000 was used to provide support for outstanding standby letters of credit
TERM DEBT
All of our $2,846,367,000 (face value) 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 March 31, 2020, we were in compliance with all term debt covenants.
SUBSEQUENT EVENT
Subsequent to quarter-end, we executed a $750,000,000 364-day delayed draw term loan with a subset of the banks that provide our line of credit. This facility provides for up to two draws through October 2020 and all borrowings are due April 2021. Borrowings may be repaid prior to maturity, but once repaid may not be borrowed again.
All terms and conditions of the delayed draw term loan are consistent with those of the line of credit except for the interest rate on borrowings and the commitment fee. Borrowings bear interest, at our option, at either LIBOR plus a credit margin ranging from 1.375% to 2.125%, or Truist Bank’s base rate (generally, its prime rate) plus a credit margin ranging from 0.375% to 1.125%. The credit margin for both LIBOR and base rate borrowings is determined by our credit ratings. The commitment fee, paid on the unused amount of the daily average unused amount of the facility, ranges from 0.125% to 0.25% and is determined by our credit ratings.
STANDBY LETTERS OF CREDIT
We provide, in the normal course of business, certain third-party beneficiaries with standby letters of credit to support our obligations to pay or perform according to the requirements of an underlying agreement. Such letters of credit typically have an initial term of one year, typically renew automatically, and can only be modified or canceled with the approval of the beneficiary. All of our standby letters of credit are issued by banks that participate in our $750,000,000 line of credit, and reduce the borrowing capacity thereunder. Our standby letters of credit as of March 31, 2020 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
Certain of our aggregates reserves are burdened by volumetric production payments (nonoperating interest) as described in Note 4. As the holder of the working interest, we have responsibility to bear the cost of mining and producing the reserves attributable to this nonoperating interest.
As described in Note 2, our present value of future minimum (nonmineral) lease payments totaled $431,534,000 as of March 31, 2020.
As summarized by purpose in Note 7, our standby letters of credit totaled $54,129,000 as of March 31, 2020.
As described in Note 9, our asset retirement obligations totaled $263,445,000 as of March 31, 2020.
Amounts accrued for environmental remediation costs (measured on an undiscounted basis) were as follows:
LITIGATION AND ENVIRONMENTAL MATTERS
We are subject to occasional governmental proceedings and orders pertaining to occupational safety and health or to protection of the environment, such as proceedings or orders relating to noise abatement, air emissions or water discharges. As part of our continuing program of stewardship in safety, health and environmental matters, we have been able to resolve such proceedings and to comply with such orders without any material adverse effects on our business.
We have received notices from the United States Environmental Protection Agency (EPA) or similar state or local agencies that we are considered a potentially responsible party (PRP) at a limited number of sites under the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA or Superfund) or similar state and local environmental laws. Generally, we share the cost of remediation at these sites with other PRPs or alleged PRPs in accordance with negotiated or prescribed allocations. There is inherent uncertainty in determining the potential cost of remediating a given site and in determining any individual party's share in that cost. As a result, estimates can change substantially as additional information becomes available regarding the nature or extent of site contamination, remediation methods, other PRPs and their probable level of involvement, and actions by or against governmental agencies or private parties.
We have reviewed the nature and extent of our involvement at each Superfund site, as well as potential obligations arising under other federal, state and local environmental laws. While ultimate resolution and financial liability is uncertain at a number of the sites, in our opinion based on information currently available, the ultimate resolution of claims and assessments related to these sites will not have a material effect on our consolidated results of operations, financial position or cash flows, although amounts recorded in a given period could be material to our results of operations or cash flows for that period.
We are a defendant in various lawsuits in the ordinary course of business. It is not possible to determine with precision the outcome, or the amount of liability, if any, under these lawsuits, especially where the cases involve possible jury trials with as yet undetermined jury panels.
In addition to these lawsuits in which we are involved in the ordinary course of business, certain other material legal proceedings are more specifically described below:
■ Lower Passaic River Study Area (DISCONTINUED OPERATIONS and superfund site) — The Lower Passaic River Study Area is part of the Diamond Shamrock Superfund Site in New Jersey. Vulcan and approximately 70 other companies are parties (collectively the Cooperating Parties Group, CPG) to a May 2007 Administrative Order on Consent (AOC) with the EPA to perform a Remedial Investigation/Feasibility Study (draft RI/FS) of the lower 17 miles of the Passaic River (River). The draft RI/FS was submitted recommending a targeted hot spot remedy; however, the EPA issued a record of decision (ROD) in March 2016 that calls for a bank-to-bank dredging remedy for the lower 8 miles of the River. The EPA estimates that the cost of implementing this proposal is $1.38 billion. In September 2016, the EPA entered into an Administrative Settlement Agreement and Order on Consent with Occidental Chemical Corporation (Occidental) in which Occidental agreed to undertake the remedial design for this bank-to-bank dredging remedy and to reimburse the United States for certain response costs.
In August 2017, the EPA informed certain members of the CPG, including Vulcan, that it planned to use the services of a third-party allocator with the expectation of offering cash-out settlements to some parties in connection with the bank-to-bank remedy. This voluntary allocation process is intended to establish an impartial third-party expert recommendation that may be considered by the government and the participants as the basis of possible settlements. We are a participant in the voluntary allocation process, which is likely to extend beyond 2020.
In July 2018, Vulcan, along with more than one hundred other defendants, was sued by Occidental in United States District Court for the District of New Jersey, Newark Vicinage. Occidental is seeking cost recovery and contribution under CERCLA. It is unknown at this time whether the filing of the Occidental lawsuit will impact the EPA allocation process.
In October 2018, the EPA ordered the CPG to prepare a streamlined feasibility study specifically for the upper 9 miles of the River. This directive is focused on dioxin and covers the remaining portion of the River not included in the EPA’s March 2016 ROD.
Efforts to remediate the River have been underway for many years and have involved hundreds of entities that have had operations on or near the River at some point during the past several decades. We formerly owned a chemicals operation near the mouth of the River, which was sold in 1974. The major risk drivers in the River have been identified as dioxins, PCBs, DDx and mercury. We did not manufacture any of these risk drivers and have no evidence that any of these were discharged into the River by Vulcan.
The AOC does not obligate us to fund or perform the remedial action contemplated by either the draft RI/FS or the ROD. Furthermore, the parties who will participate in funding the remediation and their respective allocations have not been determined. We do not agree that a bank-to-bank remedy is warranted, and we are not obligated to fund any of the remedial action at this time; nevertheless, we previously estimated the cost to be incurred by us as a potential participant in a bank-to-bank dredging remedy and recorded an immaterial loss for this matter in 2015.
■ TEXAS BRINE MATTER (DISCONTINUED OPERATIONS) — During the operation of its former Chemicals Division, Vulcan secured the right to mine salt out of an underground salt dome formation in Assumption Parish, Louisiana from 1976 - 2005. Throughout that period and for all times thereafter, the Texas Brine Company (Texas Brine) was the operator contracted by Vulcan (and later Occidental) to mine and deliver the salt. We sold our Chemicals Division in 2005 and transferred our rights and interests related to the salt and mining operations to the purchaser, a subsidiary of Occidental, and we have had no association with the leased premises or Texas Brine since that time. In August 2012, a sinkhole developed in the vicinity of the Texas Brine mining operations, and numerous lawsuits were filed in state court in Assumption Parish, Louisiana. Other lawsuits, including class action litigation, were also filed in federal court before the Eastern District of Louisiana in New Orleans.
There are numerous defendants, including Texas Brine and Occidental, to the litigation in state and federal court. Vulcan was first brought into the litigation as a third-party defendant in August 2013 by Texas Brine. We have since been added as a direct and third-party defendant by other parties, including a direct claim by the state of Louisiana. Damage categories encompassed within the litigation include individual plaintiffs’ claims for property damage, a claim by the state of Louisiana for response costs and civil penalties, claims by Texas Brine for response costs and lost profits, claims for physical damages to nearby oil and gas pipelines and storage facilities (pipelines), and business interruption claims.
In addition to the plaintiffs’ claims, we were also sued for contractual indemnity and comparative fault by both Texas Brine and Occidental. It is alleged that the sinkhole was caused, in whole or in part, by our negligent actions or failure to act. It is also alleged that we breached the salt lease with Occidental, as well as an operating agreement and related contracts with Texas Brine; that we are strictly liable for certain property damages in our capacity as a former lessee of the salt lease; and that we violated certain covenants and conditions in the agreement under which we sold our Chemicals Division to Occidental. We likewise made claims for contractual indemnity and on a basis of comparative fault against Texas Brine and Occidental. Vulcan and Occidental have since dismissed all of their claims against one another. Texas Brine has claims that remain pending against Vulcan and against Occidental.
A bench trial (judge only) began in September 2017 and ended in October 2017 in the pipeline cases. The trial was limited in scope to the allocation of comparative fault or liability for causing the sinkhole, with a damages phase of the trial to be held at a later date. In December 2017, the judge issued a ruling on the allocation of fault among the three defendants as follows: Occidental 50%, Texas Brine 35% and Vulcan 15%. This ruling has been appealed by the parties.
We have settled all except two outstanding cases, and our insurers to date have funded these settlements in excess of our self-insured retention amount. The remaining cases involve Texas Brine and the state of Louisiana. Discovery remains ongoing and we cannot reasonably estimate a range of liability pertaining to these open cases at this time.
■ NEW YORK WATER DISTRICT CASES (DISCONTINUED OPERATIONS) — During the operation of our former Chemicals Division, which was divested to Occidental in 2005, Vulcan manufactured a chlorinated solvent known as 1,1,1-trichloroethane. We are a defendant in 27 cases allegedly involving 1,1,1-trichloroethane. All of the cases are filed in the United States District Court for the Eastern District of New York. According to the various complaints, the plaintiffs are public drinking water providers who serve customers in seven New York counties (Nassau, Orange, Putnam, Sullivan, Ulster, Washington and Westchester). It is alleged that our 1,1,1-trichloroethane was stabilized with 1,4-dioxane and that various water wells of the plaintiffs are contaminated with 1,4-dioxane. The plaintiffs are seeking unspecified compensatory and punitive damages. We will vigorously defend the cases. At this time we cannot determine the likelihood or reasonably estimate a range of loss, if any, pertaining to the cases.
■ HEWITT LANDFILL MATTER (SUPERFUND SITE) — In September 2015, the Los Angeles Regional Water Quality Control Board (RWQCB) issued a Cleanup and Abatement Order directing Vulcan to assess, monitor, cleanup and abate wastes that have been discharged to soil, soil vapor, and/or groundwater at the former Hewitt Landfill in Los Angeles.
Following a thorough investigation and pilot scale testing, the RWQCB approved a corrective action that includes leachate recovery, storm water capture and conveyance improvements, and a groundwater pump, treat and reinjection system. Certain on-site source control measures have been implemented and the groundwater treatment system is expected to be operating in mid-2020. The currently-anticipated costs of these on-site source control activities have been fully accrued.
We are also engaged in an ongoing dialogue with the EPA, the Los Angeles Department of Water and Power, and other stakeholders regarding the potential contribution of the Hewitt Landfill to groundwater contamination in the North Hollywood Operable Unit (NHOU) of the San Fernando Valley Superfund Site. We are gathering and analyzing data and developing technical information to determine the extent of possible contribution by the Hewitt Landfill to the groundwater contamination in the area. This work is also intended to assist in identification of other PRPs that may have contributed to groundwater contamination in the area.
The EPA and Vulcan entered into an AOC and Statement of Work having an effective date of September 2017 for the design of two extraction wells south of the Hewitt Site to protect the North Hollywood West (NHW) well field located within the NHOU. In November 2017, we submitted a Pre-Design Investigation (PDI) Work Plan to the EPA, which sets forth the activities and schedule for our evaluation of the need for a two-well remedy. These activities were completed between the first and third quarters of 2018, and in December 2018 we submitted a PDI Evaluation Report to the EPA. The PDI Evaluation Report summarizes data collection activities conducted pursuant to the PDI Work Plan and provides model updates and evaluation of remediation alternatives. In May 2019, the EPA provided an initial set of comments on the PDI Evaluation Report but has not yet provided additional, final comments. Until the EPA’s review of the PDI Evaluation Report is complete and an effective remedy can be agreed upon, we cannot identify an appropriate remedial action. Given the various stakeholders involved and the uncertainties relating to issues such as testing, monitoring, and remediation alternatives, we cannot reasonably estimate a loss pertaining to this matter.
■ NAFTA ARBITRATION — In September 2018, our subsidiary Legacy Vulcan, LLC (Legacy Vulcan), on its own behalf, and on behalf of our Mexican subsidiary Calizas Industriales del Carmen, S.A. de C.V. (Calica), served the United Mexican States (Mexico) a Notice of Intent to Submit a Claim to Arbitration under Chapter 11 of the North American Free Trade Agreement (NAFTA). Our NAFTA claim relates to the treatment of a portion of our quarrying operations in Playa del Carmen (Cancun), Mexico, arising from, among other measures, Mexico’s failure to comply with a legally binding zoning agreement and relates to other unfair, arbitrary and capricious actions by Mexico’s environmental enforcement agency. We assert that these actions are in breach of Mexico’s international obligations under NAFTA and international law.
As required by Article 1118 of NAFTA, we sought to settle this dispute with Mexico through consultations. Notwithstanding our good faith efforts to resolve the dispute amicably, we were unable to do so and filed a Request for Arbitration, which we filed with the International Centre for Settlement of Investment Disputes (ICSID) in December 2018. In January 2019, ICSID registered our Request for Arbitration.
We expect that the NAFTA arbitration will take at least two years to be concluded. At this time, there can be no assurance whether we will be successful in our NAFTA claim, and we cannot quantify the amount we may recover, if any, under this arbitration proceeding if we were successful.
It is not possible to predict with certainty the ultimate outcome of these and other legal proceedings in which we are involved, and a number of factors, including developments in ongoing discovery or adverse rulings, or the verdict of a particular jury, could cause actual losses to differ materially from accrued costs. No liability was recorded for claims and litigation for which a loss was determined to be only reasonably possible or for which a loss could not be reasonably estimated. Legal costs incurred in defense of lawsuits are expensed as incurred. In addition, losses on certain claims and litigation described above may be subject to limitations on a per occurrence basis by excess insurance, as described in our most recent Annual Report on Form 10-K.
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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. These AROs relate to our underlying land parcels, including both owned properties and mineral leases. ARO operating costs related to accretion of the liabilities and depreciation of the assets are as follows:
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 three months of 2020 and 2019 include $722,000 and $1,266,000, respectively, of reclamation activities required under a development agreement and conditional use permits at two adjacent aggregates sites on owned property in Southern California. The reclamation required under the development agreement will result in the restoration of 90 acres of previously mined property to conditions suitable for retail and commercial development.
ARO revisions during the first three months of 2020 primarily include increases in estimated costs at three aggregates locations, including reclamation activities required under a development agreement at an aggregates site on owned property in Southern California. The reclamation required under the development agreement will result in the restoration of previously mined property to conditions suitable for retail and commercial development.
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BENEFIT PLANS |
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BENEFIT PLANS | Note 10: Benefit Plans
PENSION PLANS
We sponsor three qualified, noncontributory defined benefit pension plans. These plans cover substantially all employees hired before July 2007, other than those covered by union-administered plans. Normal retirement age is 65, but the plans contain provisions for earlier retirement. Benefits for the Salaried Plan and the Chemicals Hourly Plan are generally based on salaries or wages and years of service; the Construction Materials Hourly Plan provides benefits equal to a flat dollar amount for each year of service. In addition to these qualified plans, we sponsor three unfunded, nonqualified pension plans.
In 2005, benefit accruals for our Chemicals Hourly Plan participants ceased upon the sale of our Chemicals business. Effective July 2007, we amended our defined benefit pension plans to no longer accept new participants with the exception of two unions that continue to add new participants. Future benefit accruals for participants in our salaried defined benefit pension plans ceased on December 31, 2013, while salaried participants’ earnings considered for benefit calculations were frozen on December 31, 2015.
The following table sets forth the components of net periodic pension benefit cost:
The contributions to pension plans for the three months ended March 31, 2020 and 2019, as reflected on the Condensed Consolidated Statements of Cash Flows, pertain to benefit payments under nonqualified plans for both periods.
POSTRETIREMENT PLANS
In addition to pension benefits, we provide certain healthcare and life insurance benefits for some retired employees. In 2012, we amended our postretirement healthcare plan to cap our portion of the medical coverage cost at the 2015 level. Substantially all our salaried employees and, where applicable, certain of our hourly employees may become eligible for these benefits if they reach a qualifying age and meet certain service requirements. Generally, Company-provided healthcare benefits end when covered individuals become eligible for Medicare benefits, become eligible for other group insurance coverage or reach age 65, whichever occurs first.
The following table sets forth the components of net periodic other postretirement benefit cost:
DEFINED CONTRIBUTION PLANS
In addition to our pension and postretirement plans, we sponsor two defined contribution plans. Substantially all salaried and nonunion hourly employees are eligible to be covered by one of these plans. Under these plans, we match employees’ eligible contributions at established rates. Expense recognized in connection with these matching obligations totaled $11,057,000 and $13,919,000 for the three months ended March 31, 2020 and 2019, respectively.
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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 three months ended March 31, 2020 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, of which 480,000,000 shares may be issued. Holders of our common stock are entitled to one vote per share. We may also issue 5,000,000 shares of preferred stock, but no shares have been issued. The terms and provisions of such shares will be determined by our Board of Directors upon any issuance in accordance with our Certificate of Incorporation.
There were no shares held in treasury as of March 31, 2020, December 31, 2019 and March 31, 2019.
Our common stock purchases (all of which were open market purchases) and subsequent retirements for the year-to-date periods ended are as follows:
As of March 31, 2020, 8,064,851 shares may be purchased under the current 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 | 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 | 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 three month periods ended March 31, 2020 and 2019. Accumulated goodwill impairment losses amount to $252,664,000 in the Calcium segment.
We have four reportable segments organized around our principal product lines: Aggregates, Asphalt, Concrete and Calcium. There were no changes in the carrying amount of goodwill by reportable segment from December 31, 2019 to March 31, 2020 as shown 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
2020 BUSINESS ACQUISITIONS — We had no acquisitions through the three months ended March 31, 2020.
2019 BUSINESS ACQUISITIONS — For the full year 2019, we purchased the following operations, none of which were material to our results of operations or financial position either individually or collectively, for total cash consideration of $45,273,000:
Tennessee — aggregates operations Virginia — ready-mixed concrete operations
The 2019 acquisitions listed above are reported in our consolidated financial statements as of their respective acquisition dates. Purchase price allocations have not been finalized due to pending appraisals for intangible assets and property, plant & equipment.
As a result of the 2019 acquisitions, we recognized $25,443,000 of amortizable intangible assets (contractual rights in place). The contractual rights in place will be amortized against earnings on a straight-line basis over a weighted-average 19.5 years and will be deductible for income tax purposes over 15 years.
DIVESTITURES AND PENDING DIVESTITURES
We had no divestitures through the three months ended March 31, 2020.
In 2019, we sold: First quarter — two aggregates operations in Georgia and reversed a contingent payable related to the fourth quarter 2017 Department of Justice required divestiture of former Aggregates USA operations, resulting in a pretax gain of $4,064,000
No assets met the criteria for held for sale at March 31, 2020, December 31, 2019 or March 31, 2019.
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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
CREDIT LOSSES During the first quarter of 2020, we adopted Accounting Standards Update (ASU) 2016-13, “Measurement of Credit Losses on Financial Instruments.” This ASU amended prior guidance on the impairment of financial instruments. The new guidance estimates credit losses based on expected losses, modifies the impairment model for available-for-sale debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration. The adoption of this standard did not materially impact our consolidated financial statements.
ACCOUNTING STANDARDS PENDING ADOPTION
In March 2020, the Financial Accounting Standards Board (FASB) issued ASU 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting," which provides optional expedients and exceptions for applying GAAP to contract modifications and hedging relationships that reference LIBOR or another reference rate expected to be discontinued. The ASU is effective immediately for all entities and will apply through December 31, 2022. For additional information, see our LIBOR transition disclosure in Item 2, "Management's Discussion and Analysis of Financial Condition and Results of Operations" under "Liquidity and Financial Resources - Debt." We continue to evaluate the effect that discontinuance of LIBOR will have on our contracts.
InCOME tAXES In December 2019, the FASB issued ASU 2019-12, “Simplifying the Accounting for Income Taxes,” which adds new guidance to simplify the accounting for income taxes and changes the accounting for certain income tax transactions. The new standard is effective as of January 1, 2021, and early adoption is permitted. We do not expect this standard to have a material impact on our consolidated financial statements.
defined benefit plans In August 2018, the FASB issued ASU 2018-14, “Changes to the Disclosure Requirements for Defined Benefit Plans,” which adds, removes and clarifies the disclosure requirements for employers that sponsor defined benefit pension and other postretirement benefit plans. ASU 2018-14 is effective for fiscal years ending after December 15, 2020 and is to be applied retrospectively. The adoption of this standard will have a minor impact on the notes to our consolidated financial statements, specifically, our benefit plans note.
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) |
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NATURE OF OPERATIONS | NATURE OF OPERATIONS
Vulcan Materials Company (the “Company,” “Vulcan,” “we,” “our”), a New Jersey corporation, is the nation's largest supplier of construction aggregates (primarily crushed stone, sand and gravel) and a major producer of asphalt mix and ready-mixed concrete.
We operate primarily in the United States and our principal product — aggregates — is used in virtually all types of public and private construction projects and in the production of asphalt mix and ready-mixed concrete. We serve markets in twenty states, Washington D.C., and the local markets surrounding our operations in Mexico. Our primary focus is serving metropolitan markets in the United States that are expected to experience the most significant growth in population, households and employment. These three demographic factors are significant drivers of demand for aggregates. While aggregates is our focus and primary business, we produce and sell asphalt mix and/or ready-mixed concrete in our Alabama, Arizona, California, Maryland, New Mexico, Tennessee, Texas, Virginia and Washington D.C. markets. |
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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, 2019 was derived from the audited financial statement, but it does not include all disclosures required by GAAP. In the opinion of our management, the statements reflect all adjustments, including those of a normal recurring nature, necessary to present fairly the results of the reported interim periods. For further information, refer to the consolidated financial statements and footnotes included in our most recent Annual Report on Form 10-K. Operating results for the three month period ended March 31, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020, particularly in light of the uncertainty over the economic and operational impacts of the current novel coronavirus (COVID-19) pandemic.
We are operating as an essential business and while the COVID-19 pandemic has not yet materially impacted our business, operations, or financial results, it may have far-reaching impacts on many aspects of our operations, directly and indirectly, including with respect to its impacts on customer behaviors, business and manufacturing operations, our employees, and the market generally. Our condensed consolidated financial statements reflect estimates and assumptions made by management that affect the reported amounts of assets, liabilities, revenues and expenses. Such estimates and assumptions affect, among other things, our goodwill and long-lived asset valuations; inventory valuation; assessment of the annual effective tax rate; valuation of deferred income taxes; allowance for doubtful accounts; measurement of cash bonus plans; and pension plan assumptions. Events and changes in circumstances arising after March 31, 2020, including those resulting from the impacts of COVID-19, will be reflected in management’s estimates for future periods.
Due to the 2005 sale of our Chemicals business as described within this Note under the caption Discontinued Operations, the results of the Chemicals business are presented as discontinued operations in the accompanying Condensed Consolidated Statements of Comprehensive Income. |
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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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LEASES | LEASES
Our nonmineral leases with initial terms in excess of one year are recognized on the balance sheet as right-of-use (ROU) assets and lease liabilities. Mineral leases are exempt from balance sheet recognition.
ROU assets represent our right to use an underlying asset for the lease term, and lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. ROU assets are adjusted for any prepaid lease payments and lease incentives. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. The non-lease components of our lease agreements are not separated from the lease components.
For additional information about leases see Note 2. |
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DISCONTINUED OPERATIONS | DISCONTINUED OPERATIONS
In 2005, we sold substantially all the assets of our Chemicals business to Basic Chemicals, a subsidiary of Occidental Chemical Corporation. The financial results of the Chemicals business are classified as discontinued operations in the accompanying Condensed Consolidated Statements of Comprehensive Income for all periods presented. Results from discontinued operations are as follows:
Our discontinued operations include charges/credits related to general and product liability costs, including legal defense costs, and environmental remediation costs associated with our former Chemicals business (including certain matters as discussed in Note 8). There were no revenues from discontinued operations for the periods presented. |
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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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RECLASSIFICATIONS | RECLASSIFICATIONS
Certain items previously reported in specific financial statement captions have been reclassified to conform to the 2020 presentation. |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) |
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Results from Discontinued Operations |
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Antidilutive Common Stock Equivalents |
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LEASES (Tables) |
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LEASES [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Lease Assets and Liabilities, Weighted-Average Lease Term and Discount Rate |
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Maturity Analysis on an Undiscounted Basis |
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REVENUES (Tables) |
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REVENUES [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues by Geographic Market |
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Freight & Delivery Revenues |
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Reconciliation of Deferred Revenue Balances |
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FAIR VALUE MEASUREMENTS (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE MEASUREMENTS [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurement on Recurring Basis |
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DERIVATIVE INSTRUMENTS (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DERIVATIVE INSTRUMENTS [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effects of Changes in Fair Values of Derivatives Designated as Cash Flow Hedges |
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DEBT (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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DEBT [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt |
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Standby Letters of Credit |
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COMMITMENTS AND CONTINGENCIES (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
COMMITMENTS AND CONTINGENCIES [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued Environmental Remediation Costs |
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ASSET RETIREMENT OBLIGATIONS (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension Benefits [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Net Periodic Benefit Cost |
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Postretirement Benefits [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Net Periodic Benefit Cost |
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OTHER COMPREHENSIVE INCOME (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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SEGMENT REPORTING [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Financial Disclosure |
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SUPPLEMENTAL CASH FLOW INFORMATION (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SUPPLEMENTAL CASH FLOW INFORMATION [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Information Referable to Condensed Consolidated Statements of Cash Flows |
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GOODWILL (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GOODWILL [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in Carrying Amount of Goodwill by Reportable Segment |
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2020
USD ($)
state
factor
|
Mar. 31, 2019
USD ($)
|
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ||
State of incorporation | NJ | |
Number of states | state | 20 | |
Number of demographic factors | factor | 3 | |
Revenues from discontinued operations | $ | $ 0 | $ 0 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Results from Discontinued Operations) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ||
Pretax gain (loss) | $ 354 | $ (638) |
Income tax (expense) benefit | (94) | 2 |
Earnings (loss) on discontinued operations, net of tax | $ 260 | $ (636) |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Weighted-Average Common Shares Outstanding Assuming Dilution) (Details) - shares shares in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ||
Weighted-average common shares outstanding | 132,567 | 132,043 |
Dilutive effect of Stock-Only Stock Appreciation Rights | 345 | 742 |
Dilutive effect of Other stock compensation plans | 347 | 269 |
Weighted-average common shares outstanding, assuming dilution | 133,259 | 133,054 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Antidilutive Common Stock Equivalents) (Details) - shares shares in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ||
Antidilutive common stock equivalents | 174 | 220 |
LEASES (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
|
LEASES [Abstract] | ||
Cash paid for operating leases | $ 13,328 | $ 13,333 |
Finance leases | $ 0 |
LEASES (Schedule of Lease Assets and Liabilities, Weighted-Average Lease Term and Discount Rate) (Details) - USD ($) $ in Thousands |
Mar. 31, 2020 |
Dec. 31, 2019 |
Mar. 31, 2019 |
---|---|---|---|
LEASES [Abstract] | |||
Operating lease ROU assets | $ 461,712 | $ 441,656 | $ 434,970 |
Accumulated amortization | (40,782) | (33,467) | (8,589) |
Total lease assets | 420,930 | 408,189 | 426,381 |
Current obligations under leases | 32,045 | 29,971 | 31,255 |
Noncurrent operating liabilities | 399,489 | 388,042 | 403,426 |
Total lease liabilities | $ 431,534 | $ 418,013 | $ 434,681 |
Weighted-average remaining lease term, Operating leases | 10 years 1 month 6 days | 9 years 10 months 24 days | 10 years 3 months 18 days |
Weighted-average discount rate, Operating leases | 4.20% | 4.30% | 4.40% |
LEASES (Components of Operating Lease Expense) (Details) - USD ($) $ in Thousands |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
|||
LEASES [Abstract] | ||||
Operating lease cost | $ 14,106 | $ 14,127 | ||
Short-term lease cost | [1] | 9,385 | 8,700 | |
Variable lease cost | 3,132 | 3,068 | ||
Sublease income | (734) | (610) | ||
Total lease cost | $ 25,889 | $ 25,285 | ||
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LEASES (Maturity Analysis on an Undiscounted Basis) (Details) - USD ($) $ in Thousands |
Mar. 31, 2020 |
Dec. 31, 2019 |
Mar. 31, 2019 |
---|---|---|---|
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |||
2020 (remainder) | $ 39,045 | ||
2021 | 49,240 | ||
2022 | 44,481 | ||
2023 | 39,295 | ||
2024 | 35,634 | ||
Thereafter | 593,029 | ||
Total minimum lease payments | 800,724 | ||
Less: Lease payments representing interest | 369,190 | ||
Present value of future minimum lease payments | 431,534 | $ 418,013 | $ 434,681 |
Less: Current obligations under leases | 32,045 | 29,971 | 31,255 |
Long-term lease obligations | $ 399,489 | $ 388,042 | $ 403,426 |
INCOME TAXES (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
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Mar. 31, 2020 |
Mar. 31, 2019 |
Dec. 31, 2020 |
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Operating Loss Carryforwards [Line Items] | |||
Income tax benefit recognition threshold more likely than not | 50.00% | ||
Income tax expense | $ 12,194 | $ 10,693 | |
Cash tax benefit | $ 13,301 | ||
Alabama [Member] | State [Member] | Earliest Tax Year [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carryforwards expiration year | 2023 | ||
Alabama [Member] | State [Member] | Latest Tax Year [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carryforwards expiration year | 2032 | ||
Alabama [Member] | Forecast [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
State net operating loss carryforwards | $ 63,384 | ||
Net operating loss carryforwards, valuation allowance | $ 29,183 |
REVENUES (Narrative) (Details) $ in Thousands |
3 Months Ended | 12 Months Ended | ||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2020
USD ($)
item
|
Mar. 31, 2019
USD ($)
|
Dec. 31, 2013
USD ($)
|
Dec. 31, 2012
USD ($)
|
Mar. 31, 2021
USD ($)
|
Dec. 31, 2019
USD ($)
|
Dec. 31, 2018
USD ($)
|
||||||||||||
Revenue Recognition [Line Items] | ||||||||||||||||||
Revenues | [1] | $ 1,049,242 | $ 996,511 | |||||||||||||||
Number of quarries | item | 8 | |||||||||||||||||
Proceeds from sale of future production | $ 226,926 | $ 226,926 | ||||||||||||||||
Term of the VPPs | 25 years | |||||||||||||||||
Estimated deferred revenue to be recognized in the next 12 months | $ 183,997 | 191,131 | $ 185,339 | $ 192,783 | ||||||||||||||
Service [Member] | ||||||||||||||||||
Revenue Recognition [Line Items] | ||||||||||||||||||
Revenues | $ 39,564 | 34,515 | ||||||||||||||||
Minimum [Member] | ||||||||||||||||||
Revenue Recognition [Line Items] | ||||||||||||||||||
Coverage of warranty provisions | 9 months | |||||||||||||||||
Maximum [Member] | ||||||||||||||||||
Revenue Recognition [Line Items] | ||||||||||||||||||
Coverage of warranty provisions | 1 year | |||||||||||||||||
Maximum [Member] | Construction Paving [Member] | ||||||||||||||||||
Revenue Recognition [Line Items] | ||||||||||||||||||
Costs for paving contracts expense, expected amortization period | 1 year | |||||||||||||||||
Forecast [Member] | ||||||||||||||||||
Revenue Recognition [Line Items] | ||||||||||||||||||
Estimated deferred revenue to be recognized in the next 12 months | $ 7,500 | |||||||||||||||||
Aggregates [Member] | ||||||||||||||||||
Revenue Recognition [Line Items] | ||||||||||||||||||
Revenues | [1] | $ 812,662 | $ 778,833 | |||||||||||||||
Aggregates [Member] | Minimum [Member] | ||||||||||||||||||
Revenue Recognition [Line Items] | ||||||||||||||||||
Percent of shipments used for publicly funded construction | 45.00% | |||||||||||||||||
Aggregates [Member] | Maximum [Member] | ||||||||||||||||||
Revenue Recognition [Line Items] | ||||||||||||||||||
Percent of shipments used for publicly funded construction | 55.00% | |||||||||||||||||
|
REVENUES (Revenues by Geographic Market) (Details) - USD ($) $ in Thousands |
3 Months Ended | ||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
||||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||||||||
Total revenues | [1] | $ 1,049,242 | $ 996,511 | ||||||||||||||
Operating Segments [Member] | |||||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||||||||
Total revenues | [1] | 1,104,806 | 1,052,643 | ||||||||||||||
Intersegment Sales [Member] | |||||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||||||||
Total revenues | [1] | (55,564) | (56,132) | ||||||||||||||
East [Member] | |||||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||||||||
Total revenues | [1] | 319,872 | 297,834 | ||||||||||||||
Gulf Coast [Member] | |||||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||||||||
Total revenues | [1] | 546,144 | 552,142 | ||||||||||||||
West [Member] | |||||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||||||||
Total revenues | [1] | 238,790 | 202,667 | ||||||||||||||
Aggregates [Member] | |||||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||||||||
Total revenues | [1] | 812,662 | 778,833 | ||||||||||||||
Aggregates [Member] | Operating Segments [Member] | |||||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||||||||
Total revenues | [1],[2] | 868,226 | 834,965 | ||||||||||||||
Aggregates [Member] | Intersegment Sales [Member] | |||||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||||||||
Total revenues | [1] | (55,564) | (56,132) | ||||||||||||||
Aggregates [Member] | East [Member] | |||||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||||||||
Total revenues | [1] | 239,869 | 224,902 | ||||||||||||||
Aggregates [Member] | Gulf Coast [Member] | |||||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||||||||
Total revenues | [1] | 493,297 | 496,633 | ||||||||||||||
Aggregates [Member] | West [Member] | |||||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||||||||
Total revenues | [1] | 135,060 | 113,430 | ||||||||||||||
Asphalt [Member] | |||||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||||||||
Total revenues | [1] | 139,789 | 132,090 | ||||||||||||||
Asphalt [Member] | Operating Segments [Member] | |||||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||||||||
Total revenues | [1],[3] | 139,789 | 132,090 | ||||||||||||||
Asphalt [Member] | Intersegment Sales [Member] | |||||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||||||||
Total revenues | [1] | 0 | 0 | ||||||||||||||
Asphalt [Member] | East [Member] | |||||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||||||||
Total revenues | [1] | 17,883 | 18,216 | ||||||||||||||
Asphalt [Member] | Gulf Coast [Member] | |||||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||||||||
Total revenues | [1] | 33,856 | 37,053 | ||||||||||||||
Asphalt [Member] | West [Member] | |||||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||||||||
Total revenues | [1] | 88,050 | 76,821 | ||||||||||||||
Concrete [Member] | |||||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||||||||
Total revenues | [1] | 94,765 | 83,637 | ||||||||||||||
Concrete [Member] | Operating Segments [Member] | |||||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||||||||
Total revenues | [1] | 94,765 | 83,637 | ||||||||||||||
Concrete [Member] | Intersegment Sales [Member] | |||||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||||||||
Total revenues | [1] | 0 | 0 | ||||||||||||||
Concrete [Member] | East [Member] | |||||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||||||||
Total revenues | [1] | 62,120 | 54,716 | ||||||||||||||
Concrete [Member] | Gulf Coast [Member] | |||||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||||||||
Total revenues | [1] | 16,965 | 16,505 | ||||||||||||||
Concrete [Member] | West [Member] | |||||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||||||||
Total revenues | [1] | 15,680 | 12,416 | ||||||||||||||
Calcium [Member] | |||||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||||||||
Total revenues | [1] | 2,026 | 1,951 | ||||||||||||||
Calcium [Member] | Operating Segments [Member] | |||||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||||||||
Total revenues | [1] | 2,026 | 1,951 | ||||||||||||||
Calcium [Member] | Intersegment Sales [Member] | |||||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||||||||
Total revenues | [1] | 0 | 0 | ||||||||||||||
Calcium [Member] | East [Member] | |||||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||||||||
Total revenues | [1] | 0 | 0 | ||||||||||||||
Calcium [Member] | Gulf Coast [Member] | |||||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||||||||
Total revenues | [1] | 2,026 | 1,951 | ||||||||||||||
Calcium [Member] | West [Member] | |||||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||||||||
Total revenues | [1] | $ 0 | $ 0 | ||||||||||||||
|
REVENUES (Freight & Delivery Revenues) (Details) - USD ($) $ in Thousands |
3 Months Ended | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||
Total revenues | [1] | $ 1,049,242 | $ 996,511 | ||||||||||||
Freight & Delivery Revenues [Member] | |||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||
Total revenues | [2] | (113,961) | (162,605) | ||||||||||||
Total Revenues Excluding Freight & Delivery [Member] | |||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||
Total revenues | $ 935,281 | $ 833,906 | |||||||||||||
|
REVENUES (Reconciliation of Deferred Revenue Balances) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
|
REVENUES [Abstract] | ||
Balance at beginning of year | $ 185,339 | $ 192,783 |
Revenue recognized from deferred revenue | (1,342) | (1,652) |
Balance at end of period | $ 183,997 | $ 191,131 |
FAIR VALUE MEASUREMENTS (Narrative) (Details) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2020
USD ($)
item
|
Mar. 31, 2019
USD ($)
|
|
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Number of Rabbi Trusts established | item | 2 | |
Net gains (losses) of the Rabbi Trust investments | $ (5,060) | $ 1,863 |
Unrealized net gains (losses) of the Rabbi Trust investments | $ (5,060) | $ 1,905 |
FAIR VALUE MEASUREMENTS (Fair Value Measurement on Recurring Basis) (Details) - Recurring [Member] - USD ($) $ in Thousands |
Mar. 31, 2020 |
Dec. 31, 2019 |
Mar. 31, 2019 |
---|---|---|---|
Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total | $ 19,001 | $ 22,883 | $ 20,953 |
Level 1 [Member] | Mutual Funds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total | 19,001 | 22,883 | 20,953 |
Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total | 520 | 1,340 | 490 |
Level 2 [Member] | Money Market Mutual Fund [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total | $ 520 | $ 1,340 | $ 490 |
DERIVATIVE INSTRUMENTS (Narrative) (Details) - USD ($) $ in Thousands |
1 Months Ended | 3 Months Ended | |||
---|---|---|---|---|---|
Mar. 31, 2020 |
Mar. 31, 2020 |
Feb. 29, 2020 |
Dec. 31, 2019 |
Mar. 31, 2019 |
|
Derivative [Line Items] | |||||
Interest rate hedges | $ (24,839) | $ (24,839) | $ (10,953) | $ (11,125) | |
Designated as Hedging Instrument [Member] | Cash Flow Hedges [Member] | Interest Rate Swap [Member] | |||||
Derivative [Line Items] | |||||
Notional amount of interest rate swap agreements | $ 300,000 | ||||
Cash payments for interest rate swap agreements | 19,863 | ||||
Estimated amount of pretax loss in AOCI reclassified to earnings for the next 12-month period | $ (2,324) | (2,324) | |||
Interest rate reclassified to interest expense, ineffective portion | $ 993 |
DERIVATIVE INSTRUMENTS (Effects of Changes in Fair Values of Derivatives Designated as Cash Flow Hedges) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
|
Interest Rate Swap [Member] | Cash Flow Hedges [Member] | Designated as Hedging Instrument [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Loss reclassified from AOCI (effective portion) | $ (1,074) | $ (75) |
DEBT (Narrative) (Details) $ in Thousands |
3 Months Ended | |||||
---|---|---|---|---|---|---|
Apr. 10, 2020
USD ($)
item
|
Mar. 31, 2020
USD ($)
item
|
Mar. 31, 2019
USD ($)
|
Dec. 31, 2019
USD ($)
|
|||
Debt Instrument [Line Items] | ||||||
Discounts and debt issuance costs | $ 1,258 | $ 1,239 | ||||
Total long-term debt - face value | 2,846,367 | 2,846,390 | $ 2,846,373 | |||
Short-term debt | $ 0 | 178,500 | 0 | |||
Term Loan Due April 2021 [Member] | Subsequent Event [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Number of draws | item | 2 | |||||
Maturity year | 2021 | |||||
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 | |||||
Commitment fee | 0.15% | |||||
Available borrowing capacity | $ 695,871 | |||||
Maturity year | 2021 | |||||
Borrowings | $ 0 | |||||
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 | $ 54,129 | |||||
Period of standby letters of credit | 1 year | |||||
Standby Letters of Credit [Member] | LIBOR [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Applicable margin on borrowing rate | 0.175% | |||||
Maximum [Member] | Term Loan Due April 2021 [Member] | Subsequent Event [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Commitment fee | 0.25% | |||||
Short-term debt | $ 750,000 | |||||
Maximum [Member] | Term Loan Due April 2021 [Member] | LIBOR [Member] | Subsequent Event [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Applicable margin on borrowing rate | 2.125% | |||||
Maximum [Member] | Term Loan Due April 2021 [Member] | Base Rate [Member] | Subsequent Event [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Applicable margin on borrowing rate | 1.125% | |||||
Maximum [Member] | Bank Line of Credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt to EBITDA ratio | 3.5 | |||||
Commitment fee | 0.25% | |||||
Maximum [Member] | Bank Line of Credit [Member] | LIBOR [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Applicable margin on borrowing rate | 1.75% | |||||
Maximum [Member] | Bank Line of Credit [Member] | Base Rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Applicable margin on borrowing rate | 0.75% | |||||
Minimum [Member] | Term Loan Due April 2021 [Member] | Subsequent Event [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Commitment fee | 0.125% | |||||
Minimum [Member] | Term Loan Due April 2021 [Member] | LIBOR [Member] | Subsequent Event [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Applicable margin on borrowing rate | 1.375% | |||||
Minimum [Member] | Term Loan Due April 2021 [Member] | Base Rate [Member] | Subsequent Event [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Applicable margin on borrowing rate | 0.375% | |||||
Minimum [Member] | Bank Line of Credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
EBITDA to net cash interest expense ratio | 3.0 | |||||
Commitment fee | 0.10% | |||||
Minimum [Member] | Bank Line of Credit [Member] | LIBOR [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Applicable margin on borrowing rate | 1.00% | |||||
Minimum [Member] | Bank Line of Credit [Member] | Base Rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Applicable margin on borrowing rate | 0.00% | |||||
Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total long-term debt - face value | $ 2,846,367 | |||||
Notes [Member] | Investment-Grade Type Covenants Governed [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total long-term debt - face value | 2,846,188 | |||||
Bank Line of Credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total long-term debt - face value | [1] | $ 0 | $ 0 | $ 0 | ||
Maturity year | [1] | 2021 | ||||
|
DEBT (Debt) (Details) - USD ($) $ in Thousands |
3 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Apr. 10, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
Mar. 31, 2019 |
|||||
Debt Instrument [Line Items] | ||||||||
Total short-term debt | $ 0 | $ 0 | $ 178,500 | |||||
Total long-term debt - face value | 2,846,367 | 2,846,373 | 2,846,390 | |||||
Unamortized discounts and debt issuance costs | (60,776) | (62,033) | (65,777) | |||||
Total long-term debt - book value | 2,785,591 | 2,784,340 | 2,780,613 | |||||
Less current maturities | 25 | 25 | 24 | |||||
Total long-term debt - reported value | 2,785,566 | 2,784,315 | 2,780,589 | |||||
Estimated fair value of long-term debt | 2,926,140 | 3,073,693 | 2,775,511 | |||||
Bank Line of Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Total short-term debt | [1] | $ 0 | 0 | 178,500 | ||||
Maturity year | [1] | 2021 | ||||||
Bank Line of Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Total long-term debt - face value | [1] | $ 0 | 0 | 0 | ||||
Maturity year | [1] | 2021 | ||||||
Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Total long-term debt - face value | $ 2,846,367 | |||||||
Notes [Member] | Floating-Rate Notes Due 2020 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Total long-term debt - face value | [2] | $ 250,000 | 250,000 | 250,000 | ||||
Maturity year | [2] | 2020 | ||||||
Effective interest rate | [2] | 2.13% | ||||||
Notes [Member] | Floating-Rate Notes Due 2021 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Total long-term debt - face value | [2] | $ 500,000 | 500,000 | 500,000 | ||||
Maturity year | [2] | 2021 | ||||||
Effective interest rate | [2] | 2.51% | ||||||
Notes [Member] | 8.85% notes due 2021 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Total long-term debt - face value | $ 6,000 | 6,000 | 6,000 | |||||
Interest rate | 8.85% | |||||||
Maturity year | 2021 | |||||||
Effective interest rate | 8.88% | |||||||
Notes [Member] | 4.50% notes due 2025 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Total long-term debt - face value | $ 400,000 | 400,000 | 400,000 | |||||
Interest rate | 4.50% | |||||||
Maturity year | 2025 | |||||||
Effective interest rate | 4.65% | |||||||
Notes [Member] | 3.90% notes due 2027 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Total long-term debt - face value | $ 400,000 | 400,000 | 400,000 | |||||
Interest rate | 3.90% | |||||||
Maturity year | 2027 | |||||||
Effective interest rate | 4.00% | |||||||
Notes [Member] | 7.15% notes due 2037 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Total long-term debt - face value | $ 129,239 | 129,239 | 129,239 | |||||
Interest rate | 7.15% | |||||||
Maturity year | 2037 | |||||||
Effective interest rate | 8.05% | |||||||
Notes [Member] | 4.50% notes due 2047 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Total long-term debt - face value | $ 700,000 | 700,000 | 700,000 | |||||
Interest rate | 4.50% | |||||||
Maturity year | 2047 | |||||||
Effective interest rate | 4.59% | |||||||
Notes [Member] | 4.70% notes due 2048 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Total long-term debt - face value | $ 460,949 | 460,949 | 460,949 | |||||
Interest rate | 4.70% | |||||||
Maturity year | 2048 | |||||||
Effective interest rate | 5.42% | |||||||
Other Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Total long-term debt - face value | $ 179 | $ 185 | $ 202 | |||||
Effective interest rate | 6.46% | |||||||
Subsequent Event [Member] | Term Loan Due April 2021 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Maturity year | 2021 | |||||||
Subsequent Event [Member] | Term Loan Due April 2021 [Member] | Maximum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Total short-term debt | $ 750,000 | |||||||
|
DEBT (Standby Letters of Credit) (Details) - USD ($) $ in Thousands |
Mar. 31, 2020 |
Dec. 31, 2019 |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|---|---|
Line of Credit Facility [Line Items] | ||||
Reclamation/restoration requirements | $ 263,445 | $ 210,323 | $ 225,186 | $ 225,726 |
Standby Letters of Credit [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Risk management insurance | 47,031 | |||
Reclamation/restoration requirements | 7,098 | |||
Total | $ 54,129 |
COMMITMENTS AND CONTINGENCIES (Narrative) (Details) $ in Thousands |
1 Months Ended | 3 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Oct. 31, 2018
mi
|
Dec. 31, 2017 |
Sep. 30, 2017
item
|
Mar. 31, 2016
mi
|
May 31, 2007
entity
mi
|
Mar. 31, 2020
USD ($)
item
|
Dec. 31, 2019
USD ($)
|
Mar. 31, 2019
USD ($)
|
Dec. 31, 2018
USD ($)
|
|
Loss Contingencies [Line Items] | |||||||||
Asset retirement obligations | $ 263,445 | $ 210,323 | $ 225,186 | $ 225,726 | |||||
Number of groundwater extraction wells | item | 2 | ||||||||
Contingency loss | 0 | ||||||||
Operating lease liabilities | $ 431,534 | $ 418,013 | $ 434,681 | ||||||
Parent Company [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Judge ruled allocation of fault among defendants, percentage | 15.00% | ||||||||
New York Water District Cases [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Number of cases | item | 27 | ||||||||
Cooperating Parties Group [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Number of other companies to perform a Remedial Investigation/ Feasibility Study related to the Lower Passaic River Clean-Up lawsuit | entity | 70 | ||||||||
Number of miles of the River used in the Remedial Investigation/Feasibility Study | mi | 17 | ||||||||
Number of miles for bank-to-bank dredging remedy | mi | 9 | 8 | |||||||
Occidental Chemical Co [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Judge ruled allocation of fault among defendants, percentage | 50.00% | ||||||||
Texas Brine [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Judge ruled allocation of fault among defendants, percentage | 35.00% | ||||||||
Number of cases | item | 2 | ||||||||
Minimum [Member] | NAFTA Arbitration [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Arbitration period | 2 years | ||||||||
Maximum [Member] | EPA [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Estimated implementation costs | $ 1,380,000 | ||||||||
Standby Letters of Credit [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Outstanding standby letters of credit | $ 54,129 |
COMMITMENTS AND CONTINGENCIES (Accrued Environmental Remediation Costs) (Details) - USD ($) $ in Thousands |
Mar. 31, 2020 |
Dec. 31, 2019 |
Mar. 31, 2019 |
---|---|---|---|
Loss Contingencies [Line Items] | |||
Accrued Environmental Remediation Costs | $ 36,819 | $ 41,401 | $ 48,404 |
Continuing Operations [Member] | |||
Loss Contingencies [Line Items] | |||
Accrued Environmental Remediation Costs | 25,837 | 30,429 | 37,590 |
Retained From Former Chemicals Business [Member] | |||
Loss Contingencies [Line Items] | |||
Accrued Environmental Remediation Costs | $ 10,982 | $ 10,972 | $ 10,814 |
ASSET RETIREMENT OBLIGATIONS (Narrative) (Details) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2020
USD ($)
a
item
property
|
Mar. 31, 2019
USD ($)
|
|
Asset Retirement Obligations [Line Items] | ||
Reclamation activities | $ 5,234 | $ 3,578 |
California [Member] | ||
Asset Retirement Obligations [Line Items] | ||
Reclamation activities | $ 722 | $ 1,266 |
Adjacent aggregates sites | property | 2 | |
Property, acres | a | 90 | |
Number of aggregates locations | item | 3 |
ASSET RETIREMENT OBLIGATIONS (Asset Retirement Obligations Operating Costs) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
|
ASSET RETIREMENT OBLIGATIONS [Abstract] | ||
Accretion | $ 2,908 | $ 2,733 |
Depreciation | 1,836 | 1,841 |
Total | $ 4,744 | $ 4,574 |
ASSET RETIREMENT OBLIGATIONS (Reconciliations of Asset Retirement Obligations) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
|
ASSET RETIREMENT OBLIGATIONS [Abstract] | ||
Balance at beginning of year | $ 210,323 | $ 225,726 |
Liabilities incurred | 0 | 0 |
Liabilities settled | (5,234) | (3,578) |
Accretion expense | 2,908 | 2,733 |
Revisions, net | 55,448 | 305 |
Balance at end of period | $ 263,445 | $ 225,186 |
BENEFIT PLANS (Narrative) (Details) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2020
USD ($)
entity
|
Mar. 31, 2019
USD ($)
|
|
BENEFIT PLANS [Abstract] | ||
Number of funded, noncontributory defined benefit pension plans | 3 | |
Number of unfunded, nonqualified pension plans | 3 | |
Number of defined contribution plans | 2 | |
Normal retirement age | 65 years | |
Expense recognized related to defined contribution plans | $ | $ 11,057 | $ 13,919 |
BENEFIT PLANS (Components of Net Periodic Benefit Cost- Pension Benefits) (Details) - Pension Benefits [Member] - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
|
Components of Net Periodic Benefit Cost | ||
Service cost | $ 1,331 | $ 1,249 |
Interest cost | 7,531 | 9,410 |
Expected return on plan assets | (12,485) | (11,938) |
Amortization of prior service cost | 335 | 335 |
Amortization of actuarial loss | 3,140 | 1,358 |
Net periodic benefit cost (credit) | (148) | 414 |
Pretax reclassification from AOCI included in net periodic pension benefit cost | $ 3,475 | $ 1,693 |
BENEFIT PLANS (Components of Net Periodic Benefit Cost- Other Postretirement Benefits) (Details) - Postretirement Benefits [Member] - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
|
Components of Net Periodic Benefit Cost | ||
Service cost | $ 380 | $ 329 |
Interest cost | 242 | 347 |
Amortization of prior service credit | (980) | (980) |
Amortization of actuarial gain | (201) | (327) |
Net periodic benefit cost (credit) | (559) | (631) |
Pretax reclassifications from AOCI included in net periodic postretirement benefit credit | $ (1,181) | $ (1,307) |
OTHER COMPREHENSIVE INCOME (Accumulated Other Comprehensive Income, Net of Tax) (Details) - USD ($) $ in Thousands |
Mar. 31, 2020 |
Dec. 31, 2019 |
Mar. 31, 2019 |
---|---|---|---|
OTHER COMPREHENSIVE INCOME [Abstract] | |||
Interest rate hedges | $ (24,839) | $ (10,953) | $ (11,125) |
Pension and postretirement plans | (185,090) | (186,785) | (160,800) |
Total | $ (209,929) | $ (197,738) | $ (171,925) |
OTHER COMPREHENSIVE INCOME (Changes in Accumulated Other Comprehensive Income, Net of Tax) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
AOCI, Beginning balance | $ (197,738) | |
Other comprehensive income (loss) before reclassifications | (14,680) | |
Amounts reclassified from AOCI | 2,489 | |
Net OCI changes | (12,191) | $ 290 |
AOCI, Ending balance | (209,929) | $ (171,925) |
Interest Rate Hedge Losses [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
AOCI, Beginning balance | (10,953) | |
Other comprehensive income (loss) before reclassifications | (14,680) | |
Amounts reclassified from AOCI | 794 | |
Net OCI changes | (13,886) | |
AOCI, Ending balance | (24,839) | |
Pension and Postretirement Plan Actuarial Loss and Prior Service Cost [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
AOCI, Beginning balance | (186,785) | |
Other comprehensive income (loss) before reclassifications | 0 | |
Amounts reclassified from AOCI | 1,695 | |
Net OCI changes | 1,695 | |
AOCI, Ending balance | $ (185,090) |
OTHER COMPREHENSIVE INCOME (Amounts Reclassified from Accumulated Other Comprehensive Income to Earnings) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
|
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Interest expense | $ (30,773) | $ (32,934) |
Other nonoperating expense | (9,336) | 3,129 |
Benefit from income taxes | 12,194 | 10,693 |
Total | 60,258 | 63,299 |
Reclassification From AOCI [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Total | 2,489 | 290 |
Interest Rate Hedge Losses [Member] | Reclassification From AOCI [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Interest expense | 1,074 | 75 |
Benefit from income taxes | (280) | (20) |
Total | 794 | 55 |
Pension and Postretirement Plan Actuarial Loss and Prior Service Cost [Member] | Reclassification From AOCI [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Other nonoperating expense | 2,294 | 386 |
Benefit from income taxes | (599) | (151) |
Total | $ 1,695 | $ 235 |
EQUITY (Narrative) (Details) |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2020
item
$ / shares
shares
|
Dec. 31, 2019
$ / shares
shares
|
Mar. 31, 2019
$ / shares
shares
|
|
EQUITY [Abstract] | |||
Common stock, par value | $ / shares | $ 1 | $ 1 | $ 1 |
Common stock, shares authorized | 480,000,000 | 480,000,000 | 480,000,000 |
Number of votes per common stock | item | 1 | ||
Preferred stock, shares authorized | 5,000,000 | ||
Preferred stock issued | 0 | ||
Number of shares held in treasury | 0 | 0 | 0 |
Shares remaining under the current authorization repurchase program | 8,064,851 |
EQUITY (Shares Purchased and Retired) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
Dec. 31, 2019 |
|
EQUITY [Abstract] | |||
Shares Purchased and Retired, Number | 214 | 0 | 19 |
Shares Purchased and Retired, Total purchase price | $ 26,132 | $ 0 | $ 2,602 |
Shares Purchased and Retired, Average cost per share | $ 121.92 | $ 0.00 | $ 139.90 |
EQUITY (Changes in Total Equity) (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
|
EQUITY [Abstract] | ||
Balance at beginning of year | $ 5,621,857 | $ 5,202,903 |
Net earnings | 60,258 | 63,299 |
Share-based compensation plans, net of shares withheld for taxes | (15,082) | (14,068) |
Purchase and retirement of common stock | (26,132) | 0 |
Share-based compensation expense | 6,716 | 5,724 |
Cash dividends on common stock ($0.34/$0.31 per share, respectively) | (45,100) | (40,939) |
Other comprehensive income | (12,191) | 290 |
Balance at end of period | $ 5,590,326 | $ 5,217,209 |
Cash dividend on common stock, per share | $ 0.34 | $ 0.31 |
SEGMENT REPORTING (Narrative) (Details) $ in Thousands |
3 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2020
USD ($)
segment
|
Mar. 31, 2019
USD ($)
|
||||||||||||
Number of operating segments | segment | 4 | ||||||||||||
Number of reportable segments | segment | 4 | ||||||||||||
Revenues | [1] | $ 1,049,242 | $ 996,511 | ||||||||||
Concrete [Member] | |||||||||||||
Revenues | [1] | 94,765 | 83,637 | ||||||||||
Aggregates [Member] | |||||||||||||
Revenues | [1] | 812,662 | 778,833 | ||||||||||
Asphalt [Member] | |||||||||||||
Revenues | [1] | $ 139,789 | $ 132,090 | ||||||||||
|
SEGMENT REPORTING (Segment Financial Disclosure) (Details) - USD ($) $ in Thousands |
3 Months Ended | ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
Dec. 31, 2019 |
Dec. 31, 2018 |
||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Total revenues | [1] | $ 1,049,242 | $ 996,511 | ||||||||||||||||||
Gross profit | 201,723 | 191,675 | |||||||||||||||||||
Depreciation, Depletion, Accretion and Amortization (DDA&A) | 95,480 | 89,181 | |||||||||||||||||||
Cash and cash equivalents and restricted cash | 120,273 | 31,108 | $ 274,506 | $ 44,404 | |||||||||||||||||
Total assets | 10,629,382 | 10,296,852 | $ 10,648,793 | ||||||||||||||||||
Operating Segments [Member] | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Total revenues | [1] | 1,104,806 | 1,052,643 | ||||||||||||||||||
Total assets | 10,362,404 | 10,132,398 | |||||||||||||||||||
Intersegment Sales [Member] | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Total revenues | [1] | (55,564) | (56,132) | ||||||||||||||||||
Aggregates [Member] | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Total revenues | [1] | 812,662 | 778,833 | ||||||||||||||||||
Aggregates [Member] | Operating Segments [Member] | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Total revenues | [1],[2] | 868,226 | 834,965 | ||||||||||||||||||
Gross profit | 194,131 | 185,716 | |||||||||||||||||||
Depreciation, Depletion, Accretion and Amortization (DDA&A) | 77,136 | 72,521 | |||||||||||||||||||
Total assets | [3] | 9,473,128 | 9,275,593 | ||||||||||||||||||
Aggregates [Member] | Intersegment Sales [Member] | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Total revenues | [1] | (55,564) | (56,132) | ||||||||||||||||||
Asphalt [Member] | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Total revenues | [1] | 139,789 | 132,090 | ||||||||||||||||||
Asphalt [Member] | Operating Segments [Member] | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Total revenues | [1],[4] | 139,789 | 132,090 | ||||||||||||||||||
Gross profit | (2,435) | (3,272) | |||||||||||||||||||
Depreciation, Depletion, Accretion and Amortization (DDA&A) | 8,734 | 8,550 | |||||||||||||||||||
Total assets | [3] | 563,630 | 564,103 | ||||||||||||||||||
Asphalt [Member] | Intersegment Sales [Member] | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Total revenues | [1] | 0 | 0 | ||||||||||||||||||
Concrete [Member] | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Total revenues | [1] | 94,765 | 83,637 | ||||||||||||||||||
Concrete [Member] | Operating Segments [Member] | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Total revenues | [1] | 94,765 | 83,637 | ||||||||||||||||||
Gross profit | 9,213 | 8,563 | |||||||||||||||||||
Depreciation, Depletion, Accretion and Amortization (DDA&A) | 4,082 | 2,964 | |||||||||||||||||||
Total assets | [3] | 322,044 | 288,797 | ||||||||||||||||||
Concrete [Member] | Intersegment Sales [Member] | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Total revenues | [1] | 0 | 0 | ||||||||||||||||||
Calcium [Member] | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Total revenues | [1] | 2,026 | 1,951 | ||||||||||||||||||
Calcium [Member] | Operating Segments [Member] | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Total revenues | [1] | 2,026 | 1,951 | ||||||||||||||||||
Gross profit | 814 | 668 | |||||||||||||||||||
Depreciation, Depletion, Accretion and Amortization (DDA&A) | 49 | 60 | |||||||||||||||||||
Total assets | [3] | 3,602 | 3,905 | ||||||||||||||||||
Calcium [Member] | Intersegment Sales [Member] | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Total revenues | [1] | 0 | 0 | ||||||||||||||||||
Other Segments [Member] | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Depreciation, Depletion, Accretion and Amortization (DDA&A) | 5,479 | 5,086 | |||||||||||||||||||
Corporate [Member] | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Total assets | $ 146,705 | $ 133,346 | |||||||||||||||||||
|
SUPPLEMENTAL CASH FLOW INFORMATION (Supplemental Information Referable to Condensed Consolidated Statements of Cash Flows) (Details) - USD ($) $ in Thousands |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
|||
SUPPLEMENTAL CASH FLOW INFORMATION [Abstract] | ||||
Interest (exclusive of amount capitalized) | $ 17,033 | $ 19,798 | ||
Income taxes | 340 | (364) | ||
Accrued liabilities for purchases of property, plant & equipment | 25,862 | 34,360 | ||
Right-of-use assets obtained in exchange for new operating lease liabilities | [1] | 21,522 | 435,192 | |
Amounts referable to business acquisitions Liabilities assumed | $ 0 | $ (2,720) | ||
|
GOODWILL (Narrative) (Details) $ in Thousands |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2020
USD ($)
segment
|
Mar. 31, 2019
USD ($)
|
Dec. 31, 2019
USD ($)
|
|
Goodwill [Line Items] | |||
Goodwill impairment charges | $ 0 | $ 0 | |
Number of reportable segments | segment | 4 | ||
Goodwill | $ 0 | $ 0 | |
Calcium [Member] | |||
Goodwill [Line Items] | |||
Goodwill, accumulated impairment losses | $ 252,664 |
GOODWILL (Changes in Carrying Amount of Goodwill by Reportable Segment) (Details) - USD ($) $ in Thousands |
Mar. 31, 2020 |
Dec. 31, 2019 |
---|---|---|
Goodwill [Line Items] | ||
Goodwill, Beginning balance | $ 3,167,061 | $ 3,161,842 |
Goodwill, Ending balance | 3,167,061 | 3,167,061 |
Aggregates [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning balance | 3,075,428 | |
Goodwill, Ending balance | 3,075,428 | 3,075,428 |
Asphalt [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning balance | 91,633 | |
Goodwill, Ending balance | 91,633 | 91,633 |
Concrete [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning balance | 0 | |
Goodwill, Ending balance | 0 | 0 |
Calcium [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning balance | 0 | |
Goodwill, Ending balance | $ 0 | $ 0 |
ACQUISITIONS AND DIVESTITURES (Narrative) (Details) $ in Thousands |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2020
USD ($)
item
|
Mar. 31, 2019
USD ($)
|
Dec. 31, 2019
USD ($)
|
|
Significant Acquisitions and Disposals [Line Items] | |||
Amount of assets divested | $ 0 | ||
Cash consideration | $ 0 | $ (1,122) | |
Number of facilities divested | item | 2 | ||
Gain on sale of property, plant & equipment and businesses | $ 999 | 7,297 | |
Acquisitions 2019 [Member] | |||
Significant Acquisitions and Disposals [Line Items] | |||
Total consideration | $ 45,273 | ||
Amortizable intangible assets recognized | $ 25,443 | ||
Estimated weighted-average amortization period of intangible assets | 19 years 6 months | ||
Intangible assets amortization period, tax purposes | 15 years | ||
Georgia [Member] | |||
Significant Acquisitions and Disposals [Line Items] | |||
Gain on sale of property, plant & equipment and businesses | $ 4,064 |