VULCAN MATERIALS CO, 10-Q filed on 4/30/2025
Quarterly Report
v3.25.1
Cover Page - shares
 3 Months Ended
Mar. 31, 2025
Apr. 22, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2025  
Document Transition Report false  
Entity File Number 001-33841  
Entity Registrant Name VULCAN MATERIALS COMPANY  
Entity Incorporation, State or Country Code NJ  
Entity Tax Identification Number 20-8579133  
Entity Address, Address Line One 1200 Urban Center Drive  
Entity Address, City or Town Birmingham  
Entity Address, State or Province AL  
Entity Address, Postal Zip Code 35242  
City Area Code 205  
Local Phone Number 298-3000  
Title of 12(b) Security Common Stock, $1 par value  
Trading Symbol VMC  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   132,103,516
Current Fiscal Year End Date --12-31  
Amendment Flag false  
Entity Central Index Key 0001396009  
Document Fiscal Period Focus Q1  
Document Fiscal Year Focus 2025  
v3.25.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
shares in Millions, $ in Millions
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Assets      
Cash and cash equivalents $ 181.3 $ 559.7 $ 292.4
Restricted cash 11.6 41.1 7.7
Accounts and notes receivable, gross 941.9 905.5 900.4
Allowance for credit losses (13.0) (13.2) (14.3)
Accounts and notes receivable, net 928.9 892.3 886.1
Inventories 721.0 681.8 647.2
Other current assets 83.1 90.8 74.2
Total current assets 1,925.9 2,265.7 1,907.6
Investments and long-term receivables 31.3 31.3 31.4
Property, plant & equipment, cost 14,534.2 14,516.8 11,949.3
Allowances for depreciation, depletion & amortization (6,152.9) (6,055.3) (5,740.0)
Property, plant & equipment, net 8,381.3 8,461.5 6,209.3
Operating lease right-of-use assets, net 566.0 526.4 512.4
Goodwill 3,815.0 3,788.1 3,531.7
Other intangible assets, net 1,846.3 1,883.0 1,604.5
Other noncurrent assets 146.3 148.8 114.0
Total assets 16,712.1 17,104.8 13,910.9
Liabilities      
Current maturities of long-term debt 0.5 400.5 0.5
Trade payables and accruals 354.7 407.0 320.9
Other current liabilities 441.7 431.6 374.8
Total current liabilities 796.9 1,239.1 696.2
Long-term debt 4,907.9 4,906.9 3,330.7
Deferred income taxes, net 1,331.4 1,336.5 1,027.3
Deferred revenue 136.2 137.8 143.6
Operating 556.1 521.4 508.2
Other noncurrent liabilities 825.1 820.6 688.3
Total liabilities 8,553.6 8,962.3 6,394.3
Other commitments and contingencies (Note 8)
Common stock, outstanding (in shares) 132.1 132.1 132.3
Equity      
Common stock, $1 par value, Authorized 480.0 shares, Outstanding 132.1, 132.1 and 132.3 shares, respectively $ 132.1 $ 132.1 $ 132.3
Capital in excess of par value 2,889.2 2,900.1 2,865.0
Retained earnings 5,238.8 5,213.8 4,636.7
Accumulated other comprehensive loss (126.0) (127.4) (142.1)
Total shareholders' equity 8,134.1 8,118.6 7,491.9
Noncontrolling interest 24.4 23.9 24.7
Total equity 8,158.5 8,142.5 7,516.6
Total liabilities and equity $ 16,712.1 $ 17,104.8 $ 13,910.9
v3.25.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Statement of Financial Position [Abstract]      
Common stock, par value (in usd per share) $ 1 $ 1 $ 1
Common stock, authorized (in shares) 480,000,000 480,000,000.0 480,000,000.0
Common stock, outstanding (in shares) 132,100,000 132,100,000 132,300,000
v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Income Statement [Abstract]    
Total revenues $ 1,634.6 $ 1,545.7
Cost of revenues (1,269.3) (1,240.8)
Gross Profit 365.3 304.9
Selling, administrative and general expenses (138.3) (129.7)
Gain on sale of property, plant & equipment and businesses 7.4 0.6
Other operating expense, net (8.0) (2.9)
Operating earnings 226.4 172.9
Other nonoperating expense, net (2.6) (0.3)
Interest expense, net (59.7) (39.1)
Earnings from continuing operations before income taxes 164.1 133.5
Income tax expense (33.8) (28.9)
Earnings from continuing operations 130.3 104.6
Loss on discontinued operations, net of tax (0.9) (1.7)
Net earnings 129.4 102.9
Earnings attributable to noncontrolling interest (0.5) (0.2)
Net earnings attributable to Vulcan 128.9 102.7
Other comprehensive income, net of tax    
Amortization of accumulated cash flow hedge losses 0.4 0.4
Amortization of accumulated benefit plan costs 1.0 1.3
Other comprehensive income 1.4 1.7
Comprehensive income 130.8 104.6
Comprehensive earnings attributable to noncontrolling interest (0.5) (0.2)
Comprehensive income attributable to Vulcan $ 130.3 $ 104.4
Basic earnings (loss) per share attributable to Vulcan    
Continuing operations (in usd per share) $ 0.98 $ 0.79
Discontinued operations (in usd per share) (0.01) (0.01)
Net earnings (in usd per share) 0.97 0.78
Diluted earnings (loss) per share attributable to Vulcan    
Continuing operations (in usd per share) 0.98 0.78
Discontinued operations (in usd per share) (0.01) (0.01)
Net earnings (in usd per share) $ 0.97 $ 0.77
Weighted-average common shares outstanding    
Basic (in shares) 132.4 132.4
Assuming dilution (in shares) 133.0 133.1
Effective tax rate from continuing operations 20.60% 21.60%
v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Operating Activities    
Net earnings $ 129.4 $ 102.9
Adjustments to reconcile net earnings to net cash provided by operating activities    
Depreciation, depletion, accretion and amortization 186.4 150.9
Noncash operating lease expense 13.5 12.9
Net gain on sale of property, plant & equipment and businesses (7.4) (0.6)
Contributions to pension plans (1.2) (1.7)
Share-based compensation expense 13.9 9.1
Deferred income taxes, net (1.8) (2.1)
Changes in assets and liabilities before initial effects of business acquisitions and dispositions (85.2) (102.2)
Other, net 3.9 4.2
Net cash provided by operating activities 251.5 173.4
Investing Activities    
Purchases of property, plant & equipment (168.0) (152.8)
Proceeds from sale of property, plant & equipment 17.7 1.4
Proceeds from sale of businesses 19.0 0.0
Payment for businesses acquired, net of acquired cash and adjustments 4.7 (12.3)
Other, net 0.1 (0.1)
Net cash used for investing activities (126.5) (163.8)
Financing Activities    
Payment of current maturities and long-term debt (400.4) (550.4)
Payment of finance leases (2.9) (3.6)
Purchases of common stock (38.1) (18.8)
Dividends paid (66.0) (62.0)
Share-based compensation, shares withheld for taxes (25.4) (23.8)
Other, net (0.1) (0.1)
Net cash used for financing activities (532.9) (658.7)
Net decrease in cash and cash equivalents and restricted cash (407.9) (649.1)
Cash and cash equivalents and restricted cash at beginning of year 600.8 949.2
Cash and cash equivalents and restricted cash at end of period $ 192.9 $ 300.1
v3.25.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 3 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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 aggregates-intensive downstream products such as asphalt mix and ready-mixed concrete.
We operate primarily in the United States, and our principal product — aggregates — is used in most types of public and private construction projects and in the production of asphalt mix and ready-mixed concrete. 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 aggregates-intensive asphalt mix and/or ready-mixed concrete products in certain 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, if any, as described in Note 17. Our Condensed Consolidated Balance Sheet as of December 31, 2024 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, 2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025.
Our condensed consolidated financial statements reflect estimates and assumptions made by management that affect the reported amounts of assets, liabilities, revenues and expenses. The most significant estimates and assumptions included in the preparation of these financial statements are related to goodwill and long-lived asset impairments, business combinations and purchase price allocation, pension and other postretirement benefits, environmental compliance, claims and litigation including self-insurance, and income taxes (refer to the Critical Accounting Policies included in Item 7 of our most recent Annual Report on Form 10-K). Events that relate to conditions arising after March 31, 2025 will be reflected in management’s estimates for future periods.
NONCONTROLLING INTEREST
We own an 88% controlling interest in the Orca Sand and Gravel Limited Partnership (Orca) which was formed to develop the Orca quarry in British Columbia, Canada. The remaining 12% noncontrolling interest is held by the Namgis First Nation (Namgis). This noncontrolling interest consists of the Namgis’ share of the fair value equity in the partnership. Our condensed consolidated financial statements recognize the full fair value of all of the subsidiary’s assets and liabilities offset by the noncontrolling interest in total equity.
RESTRICTED CASH
Restricted cash primarily consists of cash proceeds from the sale of property held in escrow for the acquisition of replacement property under like-kind exchange agreements. 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 may also include 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. Restricted cash is included with cash and cash equivalents in the accompanying Condensed Consolidated Statements of Cash Flows.
INVENTORIES
Inventories and supplies are stated at the lower of cost or net realizable value. Inventories are as follows:
in millionsMarch 31
2025		December 31
2024		March 31
2024
Finished products$570.3 $534.6 $512.7 
Raw materials65.7 69.7 58.7 
Products in process10.3 9.0 6.8 
Operating supplies and other74.7 68.5 69.0 
Total inventories$721.0 $681.8 $647.2 
DISCONTINUED OPERATIONS
In 2005, we sold substantially all the assets of our Chemicals business to a subsidiary of Occidental Chemical Corporation. The financial results of the Chemicals business are classified as discontinued operations in the accompanying Condensed Consolidated Statements of Comprehensive Income for all periods presented. Results from discontinued operations are as follows:
in millionsThree Months Ended
March 31
20252024
Pretax loss$(1.3)$(2.3)
Income tax benefit 0.4 0.6 
Loss on discontinued operations, net of tax$(0.9)$(1.7)
Our discontinued operations include charges related to general and product liability costs, including legal defense costs, and environmental remediation costs associated with our former Chemicals business (including certain matters as discussed in Note 8). There were no revenues from discontinued operations for the periods presented.
EARNINGS PER SHARE (EPS)
Earnings per share are computed by dividing net earnings by the weighted-average common shares outstanding (basic EPS) or weighted-average common shares outstanding assuming dilution (diluted EPS), as set forth below:
Three Months Ended
March 31
in millions20252024
Weighted-average common shares outstanding132.4132.4
Dilutive effect of
Stock-Only Stock Appreciation Rights0.10.2
Other stock compensation awards0.50.5
Weighted-average common shares outstanding, assuming dilution133.0133.1
All dilutive common stock equivalents are reflected in our earnings per share calculations. In periods of loss, shares that otherwise would have been included in our diluted weighted-average common shares outstanding computation would be excluded.
Antidilutive common stock equivalents are not included in our earnings per share calculations. The number of antidilutive common stock equivalents for which the exercise price exceeds the weighted-average market price is as follows:
Three Months Ended
March 31
in millions20252024
Antidilutive common stock equivalents0.10.1
RECLASSIFICATIONS
Capitalized quarry development costs of $158.7 million and $168.3 million at March 31, 2024 and December 31, 2024, respectively, were reclassified from Other noncurrent assets to Other intangible assets, net in our Condensed Consolidated Balance Sheet to conform to our current presentation.
v3.25.1
LEASES
 3 Months Ended
Mar. 31, 2025
Leases [Abstract]  
LEASES LEASES
Our portfolio of nonmineral leases is composed of leases for real estate (including office buildings, aggregates sales yards and terminals, and concrete and asphalt sites) and equipment (including railcars and rail track, barges, and office, plant and mobile equipment).
Lease right-of-use (ROU) assets and liabilities and the weighted-average lease terms and discount rates are as follows:
dollars in millionsClassification on the Balance SheetMarch 31
2025		December 31
2024		March 31
2024
Assets
Operating lease ROU assets$711.9 $673.2 $641.8 
Accumulated amortization(145.9)(146.8)(129.4)
Operating leases, netOperating lease right-of-use assets, net566.0 526.4 512.4 
Finance lease ROU assets52.2 54.7 60.4 
Accumulated depreciation(23.8)(24.3)(21.5)
Finance leases, netProperty, plant & equipment, net28.4 30.4 38.9 
Total lease assets$594.4 $556.8 $551.3 
Liabilities
Current
OperatingOther current liabilities$51.2 $49.3 $47.3 
FinanceOther current liabilities10.7 10.7 11.7 
Noncurrent
Operating Noncurrent operating lease liabilities556.1 521.4 508.2 
FinanceOther noncurrent liabilities6.9 9.7 14.6 
Total lease liabilities$624.9 $591.1 $581.8 
Lease Term and Discount Rate
Weighted-average remaining lease term (years)
Operating leases18.718.919.4
Finance leases2.12.22.5
Weighted-average discount rate
Operating leases4.7 %4.5 %4.4 %
Finance leases3.4 %3.2 %2.6 %
Our lease agreements do not contain material residual value guarantees, restrictive covenants or early termination options. In addition to the lease assets and liabilities presented in the table above, we entered into an agreement to lease a terminal in California and expect to have all permits in place associated with all lease commencement options by the end of the current year.
The components of lease expense are as follows:
Three Months Ended
March 31
in millions20252024
Finance lease cost
Depreciation of right-of-use assets$2.1 $2.5 
Interest on lease liabilities0.2 0.2 
Operating lease cost20.4 18.8 
Short-term lease cost 1
12.1 11.1 
Variable lease cost4.0 5.3 
Sublease income(0.9)(0.8)
Sale and leaseback gain(4.6)0.0 
Total lease expense$33.3 $37.1 
1Includes the cost of leases with an initial term of one year or less (including those with terms of one month or less).
Cash paid for operating leases was $20.0 million and $18.4 million for the three months ended March 31, 2025 and 2024, respectively. Cash paid for finance leases (principal and interest) was $3.1 million and $3.7 million for the three months ended March 31, 2025 and 2024, respectively.
LEASES LEASES
Our portfolio of nonmineral leases is composed of leases for real estate (including office buildings, aggregates sales yards and terminals, and concrete and asphalt sites) and equipment (including railcars and rail track, barges, and office, plant and mobile equipment).
Lease right-of-use (ROU) assets and liabilities and the weighted-average lease terms and discount rates are as follows:
dollars in millionsClassification on the Balance SheetMarch 31
2025		December 31
2024		March 31
2024
Assets
Operating lease ROU assets$711.9 $673.2 $641.8 
Accumulated amortization(145.9)(146.8)(129.4)
Operating leases, netOperating lease right-of-use assets, net566.0 526.4 512.4 
Finance lease ROU assets52.2 54.7 60.4 
Accumulated depreciation(23.8)(24.3)(21.5)
Finance leases, netProperty, plant & equipment, net28.4 30.4 38.9 
Total lease assets$594.4 $556.8 $551.3 
Liabilities
Current
OperatingOther current liabilities$51.2 $49.3 $47.3 
FinanceOther current liabilities10.7 10.7 11.7 
Noncurrent
Operating Noncurrent operating lease liabilities556.1 521.4 508.2 
FinanceOther noncurrent liabilities6.9 9.7 14.6 
Total lease liabilities$624.9 $591.1 $581.8 
Lease Term and Discount Rate
Weighted-average remaining lease term (years)
Operating leases18.718.919.4
Finance leases2.12.22.5
Weighted-average discount rate
Operating leases4.7 %4.5 %4.4 %
Finance leases3.4 %3.2 %2.6 %
Our lease agreements do not contain material residual value guarantees, restrictive covenants or early termination options. In addition to the lease assets and liabilities presented in the table above, we entered into an agreement to lease a terminal in California and expect to have all permits in place associated with all lease commencement options by the end of the current year.
The components of lease expense are as follows:
Three Months Ended
March 31
in millions20252024
Finance lease cost
Depreciation of right-of-use assets$2.1 $2.5 
Interest on lease liabilities0.2 0.2 
Operating lease cost20.4 18.8 
Short-term lease cost 1
12.1 11.1 
Variable lease cost4.0 5.3 
Sublease income(0.9)(0.8)
Sale and leaseback gain(4.6)0.0 
Total lease expense$33.3 $37.1 
1Includes the cost of leases with an initial term of one year or less (including those with terms of one month or less).
Cash paid for operating leases was $20.0 million and $18.4 million for the three months ended March 31, 2025 and 2024, respectively. Cash paid for finance leases (principal and interest) was $3.1 million and $3.7 million for the three months ended March 31, 2025 and 2024, respectively.
v3.25.1
INCOME TAXES
 3 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
Our estimated annual effective tax rate (EAETR) is based on full-year expectations of pretax earnings, statutory tax rates and permanent differences between book and tax accounting such as percentage depletion. 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. Certain taxes may be computed outside of the EAETR and recognized when the event occurs, such as payments of share-based awards and significant, unusual, or infrequently occurring events.
In the first quarter of 2025, we recorded income tax expense from continuing operations of $33.8 million compared to $28.9 million in the first quarter of 2024. The increase in tax expense was primarily due to an increase in pretax earnings.
As discussed in Note 8, in May 2022, Mexican government officials unexpectedly and arbitrarily shut down our Calica operations in Mexico. In 2024, Calica had deferred tax assets (including net operating losses) of $27.5 million against which we have a full valuation allowance recorded. In 2025, we project a $6.7 million increase in deferred tax assets against which we have recorded a valuation allowance. A majority of the deferred tax assets relate to a net operating loss (NOL) carryforward which would expire between 2032 and 2035 if not utilized. Should the Mexican government lift the shutdown and/or if we are successful in our North American Free Trade Agreement (NAFTA) claim, we will reevaluate the need for a valuation allowance against the deferred tax assets.
We project Alabama NOL carryforward deferred tax assets at December 31, 2025 of $57.6 million against which we have a valuation allowance of $42.7 million. We expect $7.0 million of the Alabama NOL carryforward to expire in 2025 resulting in a tax benefit of $1.0 million (recorded as a component of the EAETR) over the previous amount of valuation allowance recorded. Almost all of the Alabama NOL carryforward would expire between 2025 and 2029 if not utilized.
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, 2024.
v3.25.1
REVENUES
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
REVENUES REVENUES
Revenues are measured as the amount of consideration we expect to receive in exchange for transferring goods or providing services. Sales taxes and other taxes we collect are recorded as liabilities until remitted and thus are excluded from revenues. Costs to obtain and fulfill contracts (primarily asphalt construction paving contracts) are immaterial and are expensed as incurred when the expected amortization period is one year or less.
Our segment total revenues by geographic market for the three month periods ended March 31, 2025 and 2024 are disaggregated as follows:
Three Months Ended March 31, 2025
in millionsAggregatesAsphaltConcreteTotal
East revenues$395.9 $24.3 $70.3 $490.5 
Gulf Coast revenues738.6 52.4 1.6 792.6 
West revenues201.4 132.0 105.1 438.5 
Segment sales$1,335.9 $208.7 $177.0 $1,721.6 
Intersegment sales(87.0)0.0 0.0 (87.0)
Total revenues 1
$1,248.9 $208.7 $177.0 $1,634.6 
Three Months Ended March 31, 2024
in millionsAggregatesAsphaltConcreteTotal
East revenues$339.0 $22.7 $75.9 $437.6 
Gulf Coast revenues756.3 42.5 2.1 800.9 
West revenues196.0 121.0 70.3 387.3 
Segment sales$1,291.3 $186.2 $148.3 $1,625.8 
Intersegment sales(80.1)0.0 0.0 (80.1)
Total revenues 1
$1,211.2 $186.2 $148.3 $1,545.7 
The geographic markets are defined by states/countries as follows:
East market — Arkansas, Delaware, Illinois, Kentucky, Maryland, New Jersey, New York, North Carolina, Pennsylvania, Tennessee, Virginia and Washington D.C.
Gulf Coast market — Alabama, Florida, Georgia, Louisiana, Mississippi, Oklahoma, South Carolina, Texas, U.S. Virgin Islands, Freeport (Bahamas), Puerto Cortés (Honduras) and Quintana Roo (Mexico)
West market — Arizona, California, Hawaii, New Mexico and British Columbia (Canada)
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 $44.8 million (2.7% of total revenues) and $36.5 million (2.4% of total revenues) for the three months ended March 31, 2025 and 2024, respectively.
Our products typically are sold to private industry and not directly to governmental entities. Although approximately 40% to 55% of our aggregates shipments have historically been used in publicly funded construction (such as highways, airports and government buildings), a relatively small portion of our 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 business is not directly subject to renegotiation of profits or termination of contracts with local, state or federal governments.
PRODUCT REVENUES
Revenue is recognized when obligations under the terms of a contract with our customer are satisfied; generally, this occurs at a point in time when our aggregates, asphalt mix and ready-mixed concrete are shipped/delivered and control passes to the customer. Revenue for our products is recorded at the fixed invoice amount, and payment is due by the 15th day of the following month. We do not offer discounts for early payment.
Freight & delivery generally represents pass-through transportation costs we incur (including our administrative costs) and pay to third-party carriers to deliver our products to customers and are accounted for as a fulfillment activity. Likewise, the costs related to freight & delivery are included in cost of revenues.
Freight & delivery revenues are as follows:
Three Months Ended
March 31
in millions20252024
Total revenues$1,634.6 $1,545.7 
Freight & delivery revenues 1
(219.8)(221.8)
Total revenues excluding freight & delivery$1,414.8 $1,323.9 
1Includes freight & delivery to remote distribution sites.
CONSTRUCTION PAVING SERVICE REVENUES
Revenue from our asphalt construction paving business is recognized over time using the percentage-of-completion method under the cost approach. The percentage of completion is determined by costs incurred to date as a percentage of total costs estimated for the project. Under this approach, recognized contract revenue equals the total estimated contract revenue multiplied by the percentage of completion. Future revenues from unsatisfied performance obligations (including contracts with an expected duration of 1 year or less) at March 31, 2025 and 2024 were $229.9 million and $158.6 million, respectively. The remaining period to complete the obligations at March 31, 2025 ranged from 1 month to 45 months.
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 $226.9 million. These transactions, structured as volumetric production payments (VPPs):
▪relate to eight quarries in Georgia and South Carolina
▪provide the purchaser solely with a nonoperating percentage interest in the subject quarries’ future aggregates production
▪contain no minimum annual or cumulative guarantees by us for production or sales volume, nor minimum sales price
▪are both volume and time limited
We 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.
Changes in our deferred revenue balances (current and noncurrent) are as follows:
Three Months Ended
March 31
in millions20252024
Deferred revenue balance at beginning of period$145.3 $152.8 
Revenue recognized from deferred revenue(1.6)(1.7)
Deferred revenue balance at end of period$143.7 $151.1 
Based on expected sales from the specified quarries, we expect to recognize $7.5 million of VPP deferred revenue as income during the twelve-month period ending March 31, 2026 (reflected in other current liabilities in our March 31, 2025 Condensed Consolidated Balance Sheet).
v3.25.1
FAIR VALUE MEASUREMENTS
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels as described below:
Level 1: Quoted prices in active markets for identical assets or liabilities
Level 2: Inputs that are derived principally from or corroborated by observable market data
Level 3: Inputs that are unobservable and significant to the overall fair value measurement
Our assets subject to fair value measurement on a recurring basis are summarized below:
in millionsMarch 31
2025		December 31
2024		March 31
2024
Level 1 Fair Value
Rabbi Trust
Mutual funds$36.2 $31.1 $31.1 
Total$36.2 $31.1 $31.1 
Level 2 Fair Value
Rabbi Trust
Money market mutual fund$3.6 $0.3 $0.8 
Total$3.6 $0.3 $0.8 
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 (high-quality, short-term, U.S. dollar-denominated money market instruments).
Net gains of the Rabbi Trusts’ investments were $0.3 million and $2.4 million for the three months ended March 31, 2025 and 2024, respectively. The portions of the net gains related to investments still held by the Rabbi Trusts at March 31, 2025 and 2024 were a loss of $3.1 million and a gain of $2.3 million, respectively.
The carrying values of our cash equivalents, restricted cash, accounts and notes receivable, short-term debt, trade payables and accruals, and all other current liabilities approximate their fair values because of the short-term nature of these instruments. Additional disclosures for derivative instruments and interest-bearing debt are presented in Note 6 and Note 7, respectively.
v3.25.1
DERIVATIVE INSTRUMENTS
 3 Months Ended
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE INSTRUMENTS DERIVATIVE INSTRUMENTS
During the normal course of operations, we are exposed to market risks including interest rates, foreign currency exchange rates and commodity prices. From time to time, we use derivative instruments to balance the cost and risk of such expenses. We do not use derivative instruments for trading or other speculative purposes.
In prior periods, we entered into interest rate locks of future debt issuances to hedge the risk of higher interest rates. These interest rate locks were designated as cash flow hedges. The gain/loss upon settlement of these cash flow hedges is deferred (recorded in accumulated other comprehensive income (AOCI)) and amortized to interest expense over the term of the related debt.
This amortization was reflected in the accompanying Condensed Consolidated Statements of Comprehensive Income as follows:
in millionsIncome Statement
Location		Three Months Ended
March 31
20252024
Cash Flow Hedges
Loss reclassified from AOCIInterest expense$(0.6)$(0.5)
For the twelve-month period ending March 31, 2026, we estimate that $2.4 million of the $17.3 million net of tax loss in AOCI will be reclassified to interest expense.
v3.25.1
DEBT
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
DEBT DEBT
Debt is detailed as follows:
in millionsEffective
Interest Rates		March 31
2025		December 31
2024		March 31
2024
Bank line of credit expires 2029 1
$0.0 $0.0 $0.0 
Commercial paper expires 2029 1
0.0 0.0 0.0 
Total short-term debt$0.0 $0.0 $0.0 
Bank line of credit expires 2029 1
$0.0 $0.0 $0.0 
Commercial paper expires 2029 1
550.0 550.0 550.0 
4.50% notes due 2025
0.0 400.0 400.0 
3.90% notes due 2027
4.00%400.0 400.0 400.0 
4.95% notes due 2029
5.17%500.0 500.0 0.0 
3.50% notes due 2030
3.94%750.0 750.0 750.0 
5.35% notes due 2034
5.48%750.0 750.0 0.0 
7.15% notes due 2037
8.05%129.2 129.2 129.2 
4.50% notes due 2047
4.59%700.0 700.0 700.0 
4.70% notes due 2048
5.42%460.9 460.9 460.9 
5.70% notes due 2054
5.82%750.0 750.0 0.0 
Other notes0.6 1.0 1.0 
Total long-term debt - face value$4,990.7 $5,391.1 $3,391.1 
Unamortized discounts and debt issuance costs(82.3)(83.7)(59.9)
Total long-term debt - book value$4,908.4 $5,307.4 $3,331.2 
Current maturities(0.5)(400.5)(0.5)
Total long-term debt - reported value$4,907.9 $4,906.9 $3,330.7 
Estimated fair value of long-term debt$4,794.5 $4,762.6 $3,205.2 
1Borrowings on the bank line of credit and commercial paper are classified as short-term if we intend to repay within twelve months and as long-term if we have the intent and ability to extend payment beyond twelve months.
Discounts and debt issuance costs are amortized using the effective interest method over the terms of the respective notes resulting in $1.4 million and $3.5 million of net interest expense for these items for the three months ended March 31, 2025 and 2024, respectively.
LINE OF CREDIT AND COMMERCIAL PAPER PROGRAM
Our $1,600.0 million commercial paper program was established in August 2022 and matures in November 2029. Commercial paper borrowings bear interest at rates determined at the time of borrowing and as agreed between us and the commercial paper investors. As of March 31, 2025, we had $550.0 million in long-term commercial paper borrowings with a 4.69% effective interest rate.
Our $1,600.0 million unsecured line of credit was amended in November 2024 to extend the maturity date from August 2027 to November 2029. Our line of credit contains covenants customary for an unsecured investment-grade facility. As of March 31, 2025, we were in compliance with the line of credit covenants. Borrowings on the line of credit bear interest, at our option, at either SOFR plus a margin or Truist Bank’s base rate plus a margin. The margins are 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 margin for SOFR borrowings plus 0.175%. We also pay a commitment fee on the daily average unused amount of the line of credit that ranges from 0.090% to 0.225% determined by our credit ratings. As of March 31, 2025, the margin for SOFR borrowings was 1.125%, the margin for base rate borrowings was 0.125% and the commitment fee for the unused amount was 0.100%.
As of March 31, 2025, our available borrowing capacity under the line of credit was $1,576.1 million. Utilization of the borrowing capacity was as follows:
▪None was borrowed
▪$23.9 million was used to support standby letters of credit
TERM DEBT
All of our $4,990.7 million (face value) of term debt (which includes $550.0 million of commercial paper) is unsecured. All of the covenants in the debt agreements are customary for investment-grade facilities. As of March 31, 2025, we were in compliance with all term debt covenants.
In November 2024, we issued $500.0 million of 4.95% senior notes due 2029, $750.0 million of 5.35% senior notes due 2034 and $750.0 million of 5.70% senior notes due 2054. Total proceeds of $1,975.0 million (net of discounts and transaction costs), together with cash on hand, were used to provide liquidity for acquisitions in 2024 and debt maturing in 2025.
In March 2025, we redeemed the $400.0 million senior notes due April 2025 using cash on hand.
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, renew automatically and can only be modified or canceled with the approval of the beneficiary. Except for $9.6 million of letters of credit related to acquisitions completed in 2024, our standby letters of credit are issued by banks that participate in our $1,600.0 million line of credit and reduce the borrowing capacity thereunder. Our standby letters of credit as of March 31, 2025 are summarized by purpose in the table below:
in millions 
Risk management insurance$10.1 
Reclamation/restoration requirements23.4 
Total standby letters of credit$33.5 
v3.25.1
COMMITMENTS AND CONTINGENCIES
 3 Months Ended
Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES 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 operating interest, we have responsibility to bear the cost of mining and producing the reserves attributable to this nonoperating interest.
As stated in Note 2, our lease liabilities totaled $624.9 million as of March 31, 2025.
As summarized by purpose in Note 7, our standby letters of credit totaled $33.5 million as of March 31, 2025.
As described in Note 9, our asset retirement obligations totaled $429.5 million as of March 31, 2025.
LITIGATION AND ENVIRONMENTAL MATTERS
We are subject to occasional governmental proceedings and orders pertaining to occupational safety and health or to protection of the environment, such as proceedings or orders relating to noise abatement, air emissions or water discharges. As part of our continuing program of stewardship in safety, health and environmental matters, we have been able to resolve such proceedings and to comply with such orders without any material adverse effects on our business.
We have received notices from the United States Environmental Protection Agency (EPA) or similar state or local agencies that we are considered a potentially responsible party (PRP) at a limited number of sites under the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA or Superfund) or similar state and local environmental laws. Generally, we share the cost of remediation at these sites with other PRPs or alleged PRPs in accordance with negotiated or prescribed allocations. There is inherent uncertainty in determining the potential cost of remediating a given site and in determining any individual party's share in that cost. As a result, estimates can change substantially as additional information becomes available regarding the nature or extent of site contamination, remediation methods, other PRPs and their probable level of involvement, and actions by or against governmental agencies or private parties.
We have reviewed the nature and extent of our involvement at each Superfund site, as well as potential obligations arising under other federal, state and local environmental laws. While ultimate resolution and financial liability is uncertain at a number of the sites, in our opinion, based on information currently available, the ultimate resolution of claims and assessments related to these sites will not have a material effect on our consolidated results of operations, financial position or cash flows, although amounts recorded in a given period could be material to our results of operations or cash flows for that period. Amounts accrued for environmental matters (measured on an undiscounted basis) are presented below:
in millionsMarch 31
2025		December 31
2024		March 31
2024
Continuing operations$47.7 $47.9 $33.2 
Retained from former Chemicals business8.3 8.3 8.3 
Total accrued environmental remediation costs$56.0 $56.2 $41.5 
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.
Efforts to investigate and 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 to include 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.
In August 2017, the EPA informed certain members of the CPG, including Vulcan and others, 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 identified in the ROD. This voluntary allocation process established an impartial third-party expert recommendation for use by the government and the participants as the basis of possible settlements, including settlements related to future remediation actions. The final allocation recommendations, which are subject to confidentiality provisions, were submitted to the EPA for its review and consideration in late December 2020. Certain PRPs, including Vulcan, thereafter received a joint confidential settlement demand from the EPA/Department of Justice (DOJ). Vulcan and certain of the other PRPs that received the joint confidential settlement demand (the Settling Defendants) reached an agreement to settle with the EPA/DOJ and negotiated a Consent Decree. The court granted the motion to enter the Consent Decree in December 2024. Occidental thereafter filed an appeal challenging the entry of the Consent Decree. The appeal remains pending. Vulcan’s portion of the settlement is within the immaterial loss recorded for this matter in 2015.
In July 2018, Vulcan, along with more than 100 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 for costs related to the River. This lawsuit is currently stayed. In another related proceeding, Occidental filed a lawsuit in March 2023 against Vulcan and 39 other defendants in United States District Court for the District of New Jersey, Newark Vicinage seeking cost recovery and contribution under CERCLA for costs related to the upper 9 miles of the River. It is unknown at this time how the settlement and approval of the Consent Decree with the EPA/DOJ would affect the Occidental lawsuits.
▪TEXAS BRINE MATTER (DISCONTINUED OPERATIONS) — During operation of its former Chemicals Division, Vulcan leased the right to mine salt out of an underground salt dome formation in Assumption Parish, Louisiana from 1976 - 2005. Throughout that period, Texas Brine Company (Texas Brine) was the operator contracted by Vulcan to mine and deliver the salt as brine. 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 Chemical Company (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. Numerous lawsuits were filed thereafter in state court in Assumption Parish, Louisiana. Other lawsuits, including class action litigation, were filed in the United States District Court for the Eastern District of Louisiana in New Orleans.
In these lawsuits, the main plaintiffs sued numerous defendants, including Texas Brine, Occidental and Vulcan, alleging various damages including, but not limited to, property damages; a claim by the State of Louisiana for response costs and civil penalties; physical damages to oil and gas pipelines and storage facilities (pipelines); and business interruption losses. All such claims have been settled except for the claims by the State of Louisiana. Our insurers to date have funded these settlements in excess of our self-insured retention amount.
Additionally, Texas Brine, Occidental and Vulcan sued each other in various state and federal court forums. Vulcan and Occidental have since dismissed all of their claims against one another; Texas Brine and Occidental have settled their claims against each other; and Texas Brine’s and Vulcan’s claims against each other are pending in state and federal court. In general, Texas Brine alleges that the sinkhole was caused, in whole or in part, by our negligent or fraudulent actions or failure to act; that we breached the salt lease with Occidental, as well as an operating agreement and related contracts with Texas Brine; that we were strictly liable for certain property damages in our capacity as a former lessee of the salt lease; and that we violated the agreement under which we sold our Chemicals Division to Occidental. Texas Brine’s claims against Vulcan include claims for past and future response costs, lost profits and investment costs, indemnity payments, attorneys’ fees, other litigation costs, and judicial interests. Texas Brine also recently filed a lawsuit against Vulcan seeking indemnity for potential exposure Texas Brine may have to Occidental in the related arbitration, the State of Louisiana, and for ongoing and future Louisiana regulatory matters. In August 2022, we removed the lawsuit to federal court.
The state court held a joint bench trial (judge only) in 2017 in three cases brought by pipeline companies claiming damages to their facilities as a result of the sinkhole. This “Phase 1” trial was limited in scope to comparative fault and liability for causing the sinkhole. In December 2017, the trial court issued a ruling allocating fault as follows: Occidental 50%, Texas Brine (and its wholly-owned subsidiary) 35% and Vulcan 15%. In December 2020, the Louisiana Court of Appeal, First Circuit reversed the judgment in part in one of the three jointly tried cases, allocating 55% of the fault to Texas Brine (and its wholly-owned subsidiary); 30% to Occidental; and affirming the 15% fault allocation to Vulcan. In May 2021 and April 2022, the Court of Appeal issued judgments in the other two pipeline cases, adopting the same fault allocation. The Louisiana Supreme Court has declined to review the judgments, resulting in final judgments regarding fault allocations in those matters.
In the second quarter of 2022, we recorded an immaterial loss related to the claims brought by Texas Brine. In August 2022, Vulcan and Texas Brine commenced a joint “Phase 2” bench trial in the same three pipeline cases where fault was allocated. Prior to trial, the trial court granted various motions by Vulcan seeking dismissal of Texas Brine’s contract-based claims and hundreds of millions of dollars in alleged damages. Thus, the Phase 2 trial addressed the claims that remained pending between Texas Brine and Vulcan after that motion practice. During the Phase 2 trial, Texas Brine and Vulcan reached a negotiated joint stipulation as to the amount of Texas Brine’s damages for its surviving tort claims at issue in the trial. After applying Vulcan’s 15% fault allocation, Vulcan’s stipulated financial responsibility for the damages at issue in the trial is within the immaterial loss recorded during the second quarter of 2022. In December 2022, the trial court entered a judgment in the pipeline cases reflecting this stipulation. Texas Brine moved to assess all trial costs against Vulcan. Texas Brine and Vulcan thereafter reached a settlement, wherein Vulcan agreed to pay a portion of Texas Brine's trial costs, the amount of which was within the remaining immaterial loss recorded in the second quarter of 2022.
The December 2022 Phase 2 judgment did not address numerous of Texas Brine’s claims seeking hundreds of millions of dollars in damages that were dismissed prior to trial. Texas Brine appealed those judgments. In December 2024, the Court of Appeal affirmed the dismissal of most of those damage claims but remanded the dispute to the District Court for further adjudication of an indemnity claim under one of the agreements. Vulcan and Texas Brine have each sought discretionary review of the Court of Appeal's December 2024 rulings. We cannot at this time reasonably estimate the range of liability, if any, that could result from Texas Brine's indemnity claim or should the Louisiana Supreme Court exercise jurisdiction to review any of the December 2024 appellate court rulings. At this time, we also cannot reasonably estimate a range of liability pertaining to the claims brought by the State of Louisiana.
▪1,1,1-TRICHLOROETHANE LITIGATION (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. Vulcan faces liabilities related to 1,1,1-trichloroethane stabilized with 1,4-dioxane ("TCA"). We are one of the defendants in cases filed in both state and federal courts, including one case filed by the State of New Jersey. According to the various complaints, the plaintiffs seek damages including, but not limited to, unspecified compensatory damages associated with the remediation of water wells allegedly contaminated with 1,4-dioxane, natural resource damages, disgorgement of profits from the sale of TCA, punitive damages, as well as penalties and attorney's fees under various statutes. We will vigorously defend these cases on substantive and procedural grounds. At this time, we cannot determine the likelihood of loss, or reasonably estimate a range of loss, if any, pertaining to the above-referenced 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 Calmat Co., a Vulcan subsidiary (hereinafter "Vulcan") to assess, monitor, cleanup, and abate wastes that have been discharged to soil, soil vapor, and/or groundwater at the former Hewitt Landfill in Los Angeles.
Following an onsite and offsite investigation and pilot scale testing, the RWQCB approved a corrective action under a Cleanup and Abatement Order (CAO) to include 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 treatment system is fully operational. In October 2024, the RWQCB made a request under the CAO for a work plan to install additional monitoring wells and optimize and expand the existing on-site remediation system. This request complements expansion discussions with the EPA and other stakeholders, as part of the Alternative Design Work Plan (ADWP) which was submitted in January 2025. Currently-anticipated costs of these on-site source control activities, including those associated with this work plan, have been fully accrued.
We are also engaged in an ongoing dialogue with the EPA, Honeywell, and the Los Angeles Department of Water and Power (LADWP) regarding the potential contribution of the Hewitt Landfill to groundwater contamination in the North Hollywood Operable Unit (NHOU) of the San Fernando Valley Superfund Site.
The EPA and Vulcan entered into an AOC and Statement of Work having an effective date of September 2017 for the design of two extraction wells south of the Hewitt Landfill to protect the North Hollywood West (NHW) well field located within the NHOU. In November 2017, we submitted a Pre-Design Investigation (PDI) Work Plan to the EPA, which sets forth the activities and schedule for collection of data in support of our evaluation of the need for an offsite remedy. In addition, this evaluation was expanded as part of the PDI to include the evaluation of a remedy in light of LADWP’s Rinaldi-Toluca (RT) wellfield project. PDI investigative activities were completed between the first and third quarters of 2018, and in December 2018 we submitted a Draft PDI Evaluation Report to the EPA. The Draft PDI Evaluation Report summarizes data collection activities conducted pursuant to the Draft PDI Work Plan and provides model updates and evaluation of remediation alternatives for offsite areas. The EPA provided a final set of comments to the Draft PDI Evaluation Report in October 2020. The final set of comments included a request that Vulcan revise and develop a final PDI Evaluation Report. The final comments further provided a proposal for an alternative approach for offsite remediation (as opposed to installation of offsite extraction wells) and development of a Supplemental PDI Evaluation Report (Supplemental Report) that would require the EPA to modify the remedy in the record of decision as it relates to the Hewitt Landfill. In December 2020, we submitted the Final PDI Evaluation Report, which included responses to the EPA’s comments.
At the EPA's request, we submitted a draft Supplemental Report in March 2023 and a draft ADWP in May 2023. Similar to the PDI Evaluation Report, the draft Supplemental Report and draft ADWP identified expansion of the onsite Hewitt remedy in conjunction with the offsite treatment being performed by LADWP as the preferred option for addressing contamination in offsite areas, instead of the two wells proposed by the EPA. In conjunction with its review of the draft Supplemental Report, the EPA held an initial meeting with stakeholders, including LADWP, in November 2023. Since that time, Vulcan has participated in several additional meetings and responded to several rounds of comments. After receiving final comments from the LADWP, EPA and the RWQCB, Vulcan submitted a final Supplemental Report to the EPA in April 2025.
In December 2019, Honeywell agreed with LADWP to build a water treatment system (often referred to as the Cooperative Containment Concept or CCC or the second interim remedy) that will provide treated groundwater in the NHOU to LADWP for public water supply purposes. Honeywell contends that some of the contamination to be remediated by the treatment system it is building originated from the Hewitt Landfill and that Vulcan should fund some portion of the costs that Honeywell has incurred and will incur in developing and implementing the second interim remedy. During the fourth quarter of 2021, we completed a partial settlement with Honeywell related to certain costs that Honeywell has incurred for an immaterial amount. In March 2023, Honeywell filed a lawsuit against Vulcan and a third party alleging that Honeywell has incurred more than $11 million in costs to resolve its liability to the EPA and that it estimates that it will spend in excess of $100 million to construct and operate its water treatment system. Honeywell seeks an "equitable share of necessary response costs" from Vulcan and the third party, which claims indemnity from Vulcan. Discussions are ongoing with Honeywell regarding the reasonable costs Honeywell has incurred. We are also gathering and analyzing data and developing technical information to determine the extent of possible contribution by the Hewitt Landfill to the groundwater contamination in the area. Based on this technical information and recent settlement discussions, we have accrued an immaterial amount for our contribution of costs anticipated to be incurred by Honeywell. This work is also intended to assist in identification of other PRPs that may have contributed to groundwater contamination in the area.
Further, LADWP is constructing two new production and treatment facilities at city wellfields located near the Hewitt Landfill — the NHW wellfield and the RT wellfield (also referred to as the NHW treatment system and North Hollywood Central (NHC) treatment system, respectively). LADWP has alleged that the Hewitt Landfill is one of the primary sources of contamination at the NHW treatment system and one of the sources of contamination at the NHC treatment system. According to information available on the California State Water Resources Control Board (SWRCB) website, the capital cost of the NHW treatment system is estimated at $92 million, and the capital cost of the NHC treatment system is estimated at $245 million. The NHW system commenced operation in late 2024, and the NHC system is expected to commence operation in 2025. Both systems will incur costs for operation and maintenance. LADWP has applied for and received substantial funding to contribute to both treatment systems from grants of Proposition 1 bond funding from the SWRCB. According to information available on the SWRCB website, the bond money obtained for the NHW treatment system is $46 million, and the bond money obtained for the NHC treatment system is $95 million.
We anticipate continued discussions with LADWP regarding its potential claims. In conjunction with those discussions, we are engaging in further efforts to gather and analyze records and data in order to assess the extent of possible contribution by the Hewitt Landfill to the groundwater contamination in the area, consistent with the parallel request by the EPA, and the reasonableness of LADWP’s remediation efforts. This work is also intended to assist in identification of other PRPs that may have contributed to groundwater contamination in the area of the NHW and RT wellfields. Together, these efforts will allow us to analyze our anticipated equitable contribution to LADWP’s remediation efforts. Among other factors, we anticipate that any equitable contribution should take into account the on-site source control and other measures implemented by Vulcan at the former Hewitt Landfill, the relative contribution and duration of any contaminants originating from the Hewitt Landfill to the LADWP systems, and the cost effectiveness of the LADWP systems. At this time, we cannot reasonably estimate a range of a loss to Vulcan pertaining to LADWP’s potential contribution claim.
▪NAFTA ARBITRATION — In September 2018, our subsidiary Legacy Vulcan, LLC (Legacy Vulcan), on its own behalf, and on behalf of our Mexican subsidiary Calizas Industriales del Carmen, S.A. de C.V. (Calica), served the United Mexican States (Mexico) a Notice of Intent to Submit a Claim to Arbitration under Chapter 11 of the North American Free Trade Agreement (NAFTA). This NAFTA claim relates to the treatment of a portion of our quarrying operations in Quintana Roo, 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 with the International Centre for Settlement of Investment Disputes (ICSID) in December 2018. In January 2019, ICSID registered our Request for Arbitration.
A hearing on the merits took place in July 2021. While we awaited the final resolution from the tribunal, we continued to engage with government officials to pursue an amicable resolution of the dispute. On May 5, 2022, Mexican government officials unexpectedly and arbitrarily shut down Calica’s remaining operations in Mexico. On May 8, 2022, Legacy Vulcan filed an application in the NAFTA arbitration seeking provisional measures and leave to file an ancillary claim in connection with this latest shutdown (see Part I, Item 2 "Management’s Discussion and Analysis of Financial Condition and Results of Operations" under the caption "Known Trends or Uncertainties"). In July 2022, the NAFTA arbitration tribunal granted Legacy Vulcan’s application and ordered Mexico not to take any action that might further aggravate the dispute between the parties or render the resolution of the dispute potentially more difficult. A hearing on the merits of the ancillary claim took place in August 2023. We expect that the NAFTA arbitration tribunal will issue a decision on the claim and ancillary claim during 2025.
At this time, there can be no assurance whether we will be successful in our NAFTA claim and ancillary claim, and we cannot quantify the amount we may recover, if any, under this arbitration proceeding if we are successful.
It is not possible to predict the ultimate outcome of these and other legal proceedings in which we are involved, and a number of factors, including developments in ongoing discovery or adverse rulings, or the verdict of a particular jury, could cause actual losses to differ materially from accrued costs. No liability was recorded for claims and litigation for which a loss was determined to be only reasonably possible or for which a loss could not be reasonably estimated. Legal costs incurred in defense of lawsuits are expensed as incurred. In addition, losses on certain claims and litigation described above may be subject to limitations on a per occurrence basis by excess insurance, as described in our most recent Annual Report on Form 10-K.
v3.25.1
ASSET RETIREMENT OBLIGATIONS
 3 Months Ended
Mar. 31, 2025
Asset Retirement Obligation Disclosure [Abstract]  
ASSET RETIREMENT OBLIGATIONS 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, including legal obligations for land reclamation. 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 ARO liability is accreted through charges to operating expenses. If the ARO liability is settled for a value other than the carrying amount of the liability, we recognize a gain or loss on settlement.
ARO operating costs related to accretion of the liabilities and depreciation of the assets are as follows:
Three Months Ended
March 31
in millions20252024
Accretion$4.3 $3.5 
Depreciation3.9 2.4 
Total ARO operating costs$8.2 $5.9 
ARO operating costs are reported in cost of revenues. ARO liabilities are reported within other noncurrent liabilities in our accompanying Condensed Consolidated Balance Sheets.
Reconciliations of the carrying amounts of our ARO liabilities are as follows:
Three Months Ended
March 31
in millions20252024
ARO liability balance at beginning of period$427.4 $324.1 
Liabilities incurred0.0 0.0 
Liabilities settled(5.9)(1.8)
Accretion expense4.3 3.5 
Revisions, net3.7 (0.1)
ARO liability balance at end of period$429.5 $325.7 
The increase in ARO liabilities from the prior year primarily relates to acquisitions completed in 2024 (see Note 16) and cost adjustments for a number of aggregates properties in California that are being reclaimed for alternative uses post mining.
v3.25.1
BENEFIT PLANS
 3 Months Ended
Mar. 31, 2025
Retirement Benefits [Abstract]  
BENEFIT PLANS BENEFIT PLANS
PENSION PLANS
We sponsor two qualified, noncontributory defined benefit pension plans, the Vulcan Materials Company Pension Plan (VMC Pension Plan) and the CMG Hourly Pension Plan (CMG Pension Plan). The VMC Pension Plan has been closed to new entrants since 2007, and benefit accruals ceased in 2005 for hourly participants and in 2013 for salaried participants. The CMG Pension Plan is closed to new entrants other than through one small union, and benefits continue to accrue equal to a flat dollar amount for each year of service. In addition to these qualified plans, we sponsor three unfunded, nonqualified pension plans.
The following table sets forth the components of net periodic pension benefit cost:
Three Months Ended
March 31
in millions20252024
Service cost$0.5 $0.7 
Interest cost8.3 8.2 
Expected return on plan assets(7.8)(7.1)
Amortization of prior service cost0.0 0.3 
Amortization of actuarial loss1.2 1.2 
Net periodic pension benefit cost$2.2 $3.3 
Pretax amortization from AOCI$1.2 $1.5 
The contributions to pension plans for the three months ended March 31, 2025 and 2024, 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. Substantially all of 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:
Three Months Ended
March 31
in millions20252024
Service cost$0.6 $0.6 
Interest cost0.5 0.5 
Amortization of prior service cost0.4 0.4 
Amortization of actuarial gain(0.3)(0.2)
Net periodic postretirement benefit cost $1.2 $1.3 
Pretax amortization from AOCI
$0.1 $0.2 
DEFINED CONTRIBUTION PLANS
In addition to our pension and postretirement plans, we sponsor seven defined contribution plans. Substantially all salaried and non-union 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 $17.0 million and $30.4 million for the three months ended March 31, 2025 and 2024, respectively.
v3.25.1
OTHER COMPREHENSIVE INCOME
 3 Months Ended
Mar. 31, 2025
Stockholders' Equity Note [Abstract]  
OTHER COMPREHENSIVE INCOME OTHER COMPREHENSIVE INCOME
Comprehensive income comprises two subsets: net earnings and other comprehensive income (OCI). The components of OCI are presented in the accompanying Condensed Consolidated Statements of Comprehensive Income, net of applicable taxes.
Amounts in accumulated other comprehensive income (loss) (AOCI), net of tax, are as follows:
in millionsMarch 31
2025		December 31
2024		March 31
2024
Cash flow hedges$(17.3)$(17.7)$(19.0)
Pension and postretirement plans(108.7)(109.7)(123.1)
Total AOCI$(126.0)$(127.4)$(142.1)
Changes in AOCI, net of tax, for the three months ended March 31, 2025 are as follows:
in millionsCash Flow
Hedges 		Pension and
Postretirement
Benefit Plans		Total
AOCI Balances as of December 31, 2024$(17.7)$(109.7)$(127.4)
Amounts reclassified from AOCI0.4 1.0 1.4 
AOCI Balances as of March 31, 2025$(17.3)$(108.7)$(126.0)
Amounts reclassified from AOCI to earnings are as follows:
Three Months Ended
March 31
in millions20252024
Amortization of Accumulated Cash Flow Hedge Losses
Interest expense$0.6 $0.5 
Benefit from income taxes(0.2)(0.1)
Total$0.4 $0.4 
Amortization of Accumulated Benefit Plan Costs
Other nonoperating expense$1.3 $1.7 
Benefit from income taxes(0.3)(0.4)
Total$1.0 $1.3 
Total reclassifications from AOCI to earnings$1.4 $1.7 
v3.25.1
EQUITY
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
EQUITY EQUITY
Our capital stock consists solely of common stock, par value $1.00 per share, of which 480,000,000 shares may be issued. Holders of our common stock are entitled to one vote per share. We may also issue 5,000,000 shares of preferred stock, but no shares have been issued. The terms and provisions of such shares will be determined by our Board of Directors upon any issuance of preferred shares in accordance with our Certificate of Incorporation.
There were no shares held in treasury as of March 31, 2025, December 31, 2024 and March 31, 2024.
Our common stock purchases (all of which were open market purchases) and subsequent retirements for the year-to-date periods ended are as follows:
in millions, except average priceMarch 31
2025		December 31
2024		March 31
2024
Number of shares purchased and retired0.2 0.3 0.1 
Total purchase price 1
$38.1 $68.8 $18.8 
Average price per share$224.36 $254.71 $265.44 
1The amount paid to purchase shares in excess of the par value and related excise taxes are recorded in retained earnings.
As of March 31, 2025, 6,647,118 shares may be purchased under the current authorization of our Board of Directors.
Changes in total equity are summarized below:
Three Months Ended
March 31
in millions, except per share data20252024
Total Shareholders' Equity
Balance at beginning of period$8,118.6 $7,483.4 
Net earnings attributable to Vulcan128.9 102.7 
Share-based compensation plans, net of shares withheld for taxes(24.6)(24.2)
Purchase and retirement of common stock(38.1)(18.8)
Share-based compensation expense13.9 9.1 
Cash dividends on common stock
($0.49/$0.46 per share, respectively)
(66.0)(62.0)
Other comprehensive income1.4 1.7 
Balance at end of period$8,134.1 $7,491.9 
Noncontrolling Interest
Balance at beginning of period$23.9 $24.5 
Earnings attributable to noncontrolling interest0.5 0.2 
Balance at end of period$24.4 $24.7 
Total Equity
Balance at end of period$8,158.5 $7,516.6 
v3.25.1
SEGMENT REPORTING
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
SEGMENT REPORTING SEGMENT REPORTING
Our operating segments are based on our internal management reporting structure. Our chief operating decision maker, the Chairman and Chief Executive Officer, evaluates our operating results through reportable segment gross profit. This financial metric is used to review operating trends, perform analytical comparisons between periods and monitor budget-to-actual variances on a monthly basis in order to assess performance and allocate resources.
We have three operating (and reportable) segments organized around our principal product lines: Aggregates, Asphalt and Concrete. 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 and are excluded from total revenues.
SEGMENT FINANCIAL DISCLOSURE
Three Months Ended
March 31
in millions20252024
Total Revenues
Aggregates 1
$1,335.9 $1,291.3 
Asphalt 2
208.7 186.2 
Concrete177.0 148.3 
Segment sales$1,721.6 $1,625.8 
Aggregates intersegment sales(87.0)(80.1)
Total$1,634.6 $1,545.7 
Cost of Revenues
Aggregates$(891.6)$(907.9)
Asphalt(203.9)(181.5)
Concrete(173.8)(151.4)
Total$(1,269.3)$(1,240.8)
Gross Profit
Aggregates$357.3 $303.3 
Asphalt4.8 4.7 
Concrete3.2 (3.1)
Total $365.3 $304.9 
Reconciliation to Pretax Earnings
Selling, administrative and general expenses$(138.3)$(129.7)
Other operating income (expense), net(0.6)(2.3)
Other nonoperating income (expense), net(2.6)(0.3)
Interest expense, net(59.7)(39.1)
Earnings from continuing operations before income taxes$164.1 $133.5 
1Includes product sales (crushed stone, sand and gravel, sand and other aggregates), freight & delivery costs that we pass along to our customers, and service revenues (see Note 4) related to our aggregates business.
2Includes product sales as well as service revenues (see Note 4) from our asphalt construction paving business.
Three Months Ended
March 31
in millions20252024
Depreciation, Depletion, Accretion and Amortization 1
Aggregates$150.4 $123.5 
Asphalt12.0 8.9 
Concrete15.4 12.3 
Other8.6 6.2 
Total$186.4 $150.9 
Capital Expenditures 2
Aggregates$91.2 $99.5 
Asphalt5.1 6.1 
Concrete6.8 2.1 
Corporate2.2 0.1 
Total$105.3 $107.8 
Identifiable Assets 3
Aggregates$14,351.9 $11,816.8 
Asphalt815.0 630.6 
Concrete1,043.3 896.4 
Total identifiable assets 4
$16,210.2 $13,343.8 
General corporate assets309.0 267.0 
Cash and cash equivalents and restricted cash192.9 300.1 
Total$16,712.1 $13,910.9 
1Depreciation, Depletion, Accretion & Amortization (DDA&A) for each segment is included in cost of revenues.
2Capital expenditures include changes in accruals for purchases of property, plant & equipment. Capital expenditures exclude property, plant & equipment obtained by business acquisitions.
3Certain temporarily idled assets are included within a segment's Identifiable Assets, but the associated DDA&A is shown within Other in the DDA&A section above as the related DDA&A is excluded from segment gross profit.
4The increase in total identifiable assets is primarily due to acquisitions completed in 2024 (see Note 16 for additional information).
v3.25.1
SUPPLEMENTAL CASH FLOW INFORMATION
 3 Months Ended
Mar. 31, 2025
Supplemental Cash Flow Elements [Abstract]  
SUPPLEMENTAL CASH FLOW INFORMATION SUPPLEMENTAL CASH FLOW INFORMATION
Supplemental information referable to our Condensed Consolidated Statements of Cash Flows is summarized below:
Three Months Ended
March 31
in millions20252024
Cash Payments 1
Interest (exclusive of amount capitalized)$27.9 $38.8 
Income taxes1.7 2.6 
Noncash Investing and Financing Activities
Accruals for purchases of property, plant & equipment$33.2 $18.9 
Recognition of new and revised lease obligations:
Operating lease right-of-use assets54.0 13.8 
Finance lease right-of-use assets2.7 0.9 
Consideration payable to seller in business acquisitions6.7 0.0 
1Excludes changes in accruals.
v3.25.1
GOODWILL
 3 Months Ended
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL 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. 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.
There were no charges for goodwill impairment in the three-month periods ended March 31, 2025 and 2024. Accumulated goodwill impairment losses amount to $390.2 million ($252.7 million in our former Cement segment and $137.5 million in our Concrete segment).
Changes in the carrying amount of goodwill by reportable segment from December 31, 2024 to March 31, 2025 are shown below:
in millionsAggregatesAsphaltConcreteTotal
Goodwill at December 31, 2024$3,673.2 $91.6 $23.3 $3,788.1 
Goodwill of acquired businesses 1
27.5 0.0 0.0 27.5 
Goodwill of divested businesses 1
(0.6)0.0 0.0 (0.6)
Goodwill at March 31, 2025 $3,700.1 $91.6 $23.3 $3,815.0 
1See Note 16 for acquisitions and divestitures.
v3.25.1
ACQUISITIONS AND DIVESTITURES
 3 Months Ended
Mar. 31, 2025
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
ACQUISITIONS AND DIVESTITURES ACQUISITIONS AND DIVESTITURES
BUSINESS ACQUISITIONS
2025 BUSINESS ACQUISITIONS — Through the three months ended March 31, 2025, we completed no business acquisitions.
2024 BUSINESS ACQUISITIONS — Through the three months ended March 31, 2024, we acquired operations in North Carolina for cash consideration of $12.3 million. For the full year 2024, including adjustments made in the current year, we acquired the following operations for total consideration of $2,299.0 million ($2,261.4 million cash and $37.6 million noncash):
▪Alabama — aggregates, asphalt mix and construction paving operations
▪California — aggregates, asphalt and ready-mixed concrete operations
▪North Carolina — aggregates operations
▪South Carolina — aggregates operations
▪Texas — asphalt mix and construction paving operations
While none of these acquisitions were individually material, our fourth quarter acquisitions of Wake Stone Corporation (Wake Stone) and Superior Ready Mix, L.P. (Superior) were collectively material. The unaudited pro forma financial information in the table below summarizes the results of operations for Vulcan, Wake Stone and Superior as if they were combined as of January 1, 2023. The pro forma financial information does not reflect any cost savings, operating efficiencies or synergies as a result of these acquisitions. Consistent with the assumed acquisition date of January 1, 2023, the pro forma information excludes transactions between Vulcan, Wake Stone and Superior. The following pro forma information also includes: 1) charges directly attributable to the acquisitions, including acquisition related expenses; 2) cost of sales related to the sale of acquired inventory marked up to fair value; 3) depreciation, depletion, amortization & accretion expense related to the mark up to fair value of acquired assets; 4) interest expense reflecting the new debt structure; and 5) tax effects of the business combination:
in millionsThree Months Ended
March 31, 2024
Supplemental Pro Forma Results
Total revenues$1,644.0 
Net earnings attributable to Vulcan77.0 
The unaudited pro forma results above may not be indicative of the results that would have been obtained had these acquisitions occurred at the beginning of 2023, nor does it intend to be a projection of future results.
The fair value of consideration transferred for the Wake Stone and Superior acquisitions and the preliminary amounts (pending final appraisals of intangible assets and property, plant & equipment as well as working capital adjustments) of assets acquired and liabilities assumed are summarized below:
in millionsMarch 31
2025
Fair Value of Purchase Consideration  
Cash$2,054.6 
Payable to seller37.6 
Total fair value of purchase consideration $2,092.2 
Identifiable Assets Acquired and Liabilities Assumed
Inventories$35.0 
Property, plant & equipment1,915.5 
Identifiable intangible assets248.8 
Other assets62.2 
Asset retirement obligations(46.5)
Deferred tax liabilities(310.5)
Other liabilities(173.7)
Net identifiable assets acquired$1,730.8 
Goodwill$361.4 
As a collective result of the Wake Stone and Superior acquisitions, as well as other immaterial acquisitions completed in 2024, we recognized $279.7 million of amortizable intangible assets and $370.4 million of goodwill. The amortizable intangible assets will be amortized against earnings over a weighted-average of approximately 20 years and will be deductible for income tax purposes over 15 years. The $370.4 million of goodwill primarily represents deferred tax liabilities generated from carrying over the seller's tax basis in the assets acquired as well as synergies expected to be realized from acquiring established businesses with assets that have been assembled over a long period of time; the collection of those assets combined with our assets can earn a higher rate of return than either individually. Of the total goodwill recognized, $60.0 million will be deductible for income tax purposes.
DIVESTITURES AND PENDING DIVESTITURES
In 2025, we sold:
▪First quarter — non-strategic aggregates locations in rural West Texas with limited reserves resulting in an immaterial gain
We had no significant divestitures through the three months ended March 31, 2024.
No material assets met the criteria for held for sale at March 31, 2025, December 31, 2024 or March 31, 2024.
v3.25.1
NEW ACCOUNTING STANDARDS
 3 Months Ended
Mar. 31, 2025
Accounting Changes and Error Corrections [Abstract]  
NEW ACCOUNTING STANDARDS NEW ACCOUNTING STANDARDS
ACCOUNTING STANDARDS RECENTLY ADOPTED
None
ACCOUNTING STANDARDS PENDING ADOPTION
In December 2023, the Financial Accounting Standards Board (FASB) issued ASU 2023-09, “Income Taxes – Improvements to Income Tax Disclosures,” which requires disclosure of specific categories and disaggregation of information in the rate reconciliation table and expands disclosures related to income taxes paid. The new standard is effective for fiscal years beginning after December 15, 2024 and is to be applied prospectively. We are assessing the effect of this ASU on our disclosures that will be included in our Form 10-K for the year ending December 31, 2025.
In November 2024, the FASB issued ASU 2024-03, "Disaggregation of Income Statement Expenses," which requires disaggregated disclosure of prescribed expense categories within relevant income statement captions. The new standard is effective for fiscal years beginning after December 15, 2026 and is to be applied prospectively. We are assessing the effect of this ASU on our consolidated financial statements and related disclosures.
v3.25.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Pay vs Performance Disclosure    
Net earnings attributable to Vulcan $ 128.9 $ 102.7
v3.25.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 3 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
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, if any, as described in Note 17. Our Condensed Consolidated Balance Sheet as of December 31, 2024 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, 2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025.
Our condensed consolidated financial statements reflect estimates and assumptions made by management that affect the reported amounts of assets, liabilities, revenues and expenses. The most significant estimates and assumptions included in the preparation of these financial statements are related to goodwill and long-lived asset impairments, business combinations and purchase price allocation, pension and other postretirement benefits, environmental compliance, claims and litigation including self-insurance, and income taxes (refer to the Critical Accounting Policies included in Item 7 of our most recent Annual Report on Form 10-K). Events that relate to conditions arising after March 31, 2025 will be reflected in management’s estimates for future periods.
NONCONTROLLING INTEREST
NONCONTROLLING INTEREST
Our condensed consolidated financial statements recognize the full fair value of all of the subsidiary’s assets and liabilities offset by the noncontrolling interest in total equity.
RESTRICTED CASH
RESTRICTED CASH
Restricted cash primarily consists of cash proceeds from the sale of property held in escrow for the acquisition of replacement property under like-kind exchange agreements. 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 may also include 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. Restricted cash is included with cash and cash equivalents in the accompanying Condensed Consolidated Statements of Cash Flows.
INVENTORIES
INVENTORIES
Inventories and supplies are stated at the lower of cost or net realizable value.
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS
In 2005, we sold substantially all the assets of our Chemicals business to 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:
in millionsThree Months Ended
March 31
20252024
Pretax loss$(1.3)$(2.3)
Income tax benefit 0.4 0.6 
Loss on discontinued operations, net of tax$(0.9)$(1.7)
Our discontinued operations include charges related to general and product liability costs, including legal defense costs, and environmental remediation costs associated with our former Chemicals business (including certain matters as discussed in Note 8). There were no revenues from discontinued operations for the periods presented.
EARNINGS PER SHARE (EPS)
EARNINGS PER SHARE (EPS)
Earnings per share are computed by dividing net earnings by the weighted-average common shares outstanding (basic EPS) or weighted-average common shares outstanding assuming dilution (diluted EPS)
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.
RECLASSIFICATIONS
RECLASSIFICATIONS
Capitalized quarry development costs of $158.7 million and $168.3 million at March 31, 2024 and December 31, 2024, respectively, were reclassified from Other noncurrent assets to Other intangible assets, net in our Condensed Consolidated Balance Sheet to conform to our current presentation.
v3.25.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 3 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
Schedule of Inventory, Current
Inventories and supplies are stated at the lower of cost or net realizable value. Inventories are as follows:
in millionsMarch 31
2025		December 31
2024		March 31
2024
Finished products$570.3 $534.6 $512.7 
Raw materials65.7 69.7 58.7 
Products in process10.3 9.0 6.8 
Operating supplies and other74.7 68.5 69.0 
Total inventories$721.0 $681.8 $647.2 
Schedule of Results from Discontinued Operations Results from discontinued operations are as follows:
in millionsThree Months Ended
March 31
20252024
Pretax loss$(1.3)$(2.3)
Income tax benefit 0.4 0.6 
Loss on discontinued operations, net of tax$(0.9)$(1.7)
Schedule of Weighted-Average Common Shares Outstanding Assuming Dilution
Earnings per share are computed by dividing net earnings by the weighted-average common shares outstanding (basic EPS) or weighted-average common shares outstanding assuming dilution (diluted EPS), as set forth below:
Three Months Ended
March 31
in millions20252024
Weighted-average common shares outstanding132.4132.4
Dilutive effect of
Stock-Only Stock Appreciation Rights0.10.2
Other stock compensation awards0.50.5
Weighted-average common shares outstanding, assuming dilution133.0133.1
Schedule of Antidilutive Common Stock Equivalents The number of antidilutive common stock equivalents for which the exercise price exceeds the weighted-average market price is as follows:
Three Months Ended
March 31
in millions20252024
Antidilutive common stock equivalents0.10.1
v3.25.1
LEASES (Tables)
 3 Months Ended
Mar. 31, 2025
Leases [Abstract]  
Schedule of Lease Assets and Liabilities, Weighted-Average Lease Term and Discount Rate
Lease right-of-use (ROU) assets and liabilities and the weighted-average lease terms and discount rates are as follows:
dollars in millionsClassification on the Balance SheetMarch 31
2025		December 31
2024		March 31
2024
Assets
Operating lease ROU assets$711.9 $673.2 $641.8 
Accumulated amortization(145.9)(146.8)(129.4)
Operating leases, netOperating lease right-of-use assets, net566.0 526.4 512.4 
Finance lease ROU assets52.2 54.7 60.4 
Accumulated depreciation(23.8)(24.3)(21.5)
Finance leases, netProperty, plant & equipment, net28.4 30.4 38.9 
Total lease assets$594.4 $556.8 $551.3 
Liabilities
Current
OperatingOther current liabilities$51.2 $49.3 $47.3 
FinanceOther current liabilities10.7 10.7 11.7 
Noncurrent
Operating Noncurrent operating lease liabilities556.1 521.4 508.2 
FinanceOther noncurrent liabilities6.9 9.7 14.6 
Total lease liabilities$624.9 $591.1 $581.8 
Lease Term and Discount Rate
Weighted-average remaining lease term (years)
Operating leases18.718.919.4
Finance leases2.12.22.5
Weighted-average discount rate
Operating leases4.7 %4.5 %4.4 %
Finance leases3.4 %3.2 %2.6 %
Schedule of Components of Lease Expense
The components of lease expense are as follows:
Three Months Ended
March 31
in millions20252024
Finance lease cost
Depreciation of right-of-use assets$2.1 $2.5 
Interest on lease liabilities0.2 0.2 
Operating lease cost20.4 18.8 
Short-term lease cost 1
12.1 11.1 
Variable lease cost4.0 5.3 
Sublease income(0.9)(0.8)
Sale and leaseback gain(4.6)0.0 
Total lease expense$33.3 $37.1 
1Includes the cost of leases with an initial term of one year or less (including those with terms of one month or less).
v3.25.1
REVENUES (Tables)
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Revenues by Geographic Market
Our segment total revenues by geographic market for the three month periods ended March 31, 2025 and 2024 are disaggregated as follows:
Three Months Ended March 31, 2025
in millionsAggregatesAsphaltConcreteTotal
East revenues$395.9 $24.3 $70.3 $490.5 
Gulf Coast revenues738.6 52.4 1.6 792.6 
West revenues201.4 132.0 105.1 438.5 
Segment sales$1,335.9 $208.7 $177.0 $1,721.6 
Intersegment sales(87.0)0.0 0.0 (87.0)
Total revenues 1
$1,248.9 $208.7 $177.0 $1,634.6 
Three Months Ended March 31, 2024
in millionsAggregatesAsphaltConcreteTotal
East revenues$339.0 $22.7 $75.9 $437.6 
Gulf Coast revenues756.3 42.5 2.1 800.9 
West revenues196.0 121.0 70.3 387.3 
Segment sales$1,291.3 $186.2 $148.3 $1,625.8 
Intersegment sales(80.1)0.0 0.0 (80.1)
Total revenues 1
$1,211.2 $186.2 $148.3 $1,545.7 
The geographic markets are defined by states/countries as follows:
East market — Arkansas, Delaware, Illinois, Kentucky, Maryland, New Jersey, New York, North Carolina, Pennsylvania, Tennessee, Virginia and Washington D.C.
Gulf Coast market — Alabama, Florida, Georgia, Louisiana, Mississippi, Oklahoma, South Carolina, Texas, U.S. Virgin Islands, Freeport (Bahamas), Puerto Cortés (Honduras) and Quintana Roo (Mexico)
West market — Arizona, California, Hawaii, New Mexico and British Columbia (Canada)
Schedule of Freight & Delivery Revenues
Freight & delivery revenues are as follows:
Three Months Ended
March 31
in millions20252024
Total revenues$1,634.6 $1,545.7 
Freight & delivery revenues 1
(219.8)(221.8)
Total revenues excluding freight & delivery$1,414.8 $1,323.9 
1Includes freight & delivery to remote distribution sites.
Schedule of Reconciliation of Deferred Revenue Balances
Changes in our deferred revenue balances (current and noncurrent) are as follows:
Three Months Ended
March 31
in millions20252024
Deferred revenue balance at beginning of period$145.3 $152.8 
Revenue recognized from deferred revenue(1.6)(1.7)
Deferred revenue balance at end of period$143.7 $151.1 
v3.25.1
FAIR VALUE MEASUREMENTS (Tables)
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Measurement on Recurring Basis
Our assets subject to fair value measurement on a recurring basis are summarized below:
in millionsMarch 31
2025		December 31
2024		March 31
2024
Level 1 Fair Value
Rabbi Trust
Mutual funds$36.2 $31.1 $31.1 
Total$36.2 $31.1 $31.1 
Level 2 Fair Value
Rabbi Trust
Money market mutual fund$3.6 $0.3 $0.8 
Total$3.6 $0.3 $0.8 
v3.25.1
DERIVATIVE INSTRUMENTS (Tables)
 3 Months Ended
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Effects of Changes in Fair Values of Derivatives Designated as Cash Flow Hedges
This amortization was reflected in the accompanying Condensed Consolidated Statements of Comprehensive Income as follows:
in millionsIncome Statement
Location		Three Months Ended
March 31
20252024
Cash Flow Hedges
Loss reclassified from AOCIInterest expense$(0.6)$(0.5)
v3.25.1
DEBT (Tables)
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Debt
Debt is detailed as follows:
in millionsEffective
Interest Rates		March 31
2025		December 31
2024		March 31
2024
Bank line of credit expires 2029 1
$0.0 $0.0 $0.0 
Commercial paper expires 2029 1
0.0 0.0 0.0 
Total short-term debt$0.0 $0.0 $0.0 
Bank line of credit expires 2029 1
$0.0 $0.0 $0.0 
Commercial paper expires 2029 1
550.0 550.0 550.0 
4.50% notes due 2025
0.0 400.0 400.0 
3.90% notes due 2027
4.00%400.0 400.0 400.0 
4.95% notes due 2029
5.17%500.0 500.0 0.0 
3.50% notes due 2030
3.94%750.0 750.0 750.0 
5.35% notes due 2034
5.48%750.0 750.0 0.0 
7.15% notes due 2037
8.05%129.2 129.2 129.2 
4.50% notes due 2047
4.59%700.0 700.0 700.0 
4.70% notes due 2048
5.42%460.9 460.9 460.9 
5.70% notes due 2054
5.82%750.0 750.0 0.0 
Other notes0.6 1.0 1.0 
Total long-term debt - face value$4,990.7 $5,391.1 $3,391.1 
Unamortized discounts and debt issuance costs(82.3)(83.7)(59.9)
Total long-term debt - book value$4,908.4 $5,307.4 $3,331.2 
Current maturities(0.5)(400.5)(0.5)
Total long-term debt - reported value$4,907.9 $4,906.9 $3,330.7 
Estimated fair value of long-term debt$4,794.5 $4,762.6 $3,205.2 
1Borrowings on the bank line of credit and commercial paper are classified as short-term if we intend to repay within twelve months and as long-term if we have the intent and ability to extend payment beyond twelve months.
Schedule of Standby Letters of Credit Our standby letters of credit as of March 31, 2025 are summarized by purpose in the table below:
in millions 
Risk management insurance$10.1 
Reclamation/restoration requirements23.4 
Total standby letters of credit$33.5 
v3.25.1
COMMITMENTS AND CONTINGENCIES (Tables)
 3 Months Ended
Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Accrued Environmental Remediation Costs Amounts accrued for environmental matters (measured on an undiscounted basis) are presented below:
in millionsMarch 31
2025		December 31
2024		March 31
2024
Continuing operations$47.7 $47.9 $33.2 
Retained from former Chemicals business8.3 8.3 8.3 
Total accrued environmental remediation costs$56.0 $56.2 $41.5 
v3.25.1
ASSET RETIREMENT OBLIGATIONS (Tables)
 3 Months Ended
Mar. 31, 2025
Asset Retirement Obligation Disclosure [Abstract]  
Schedule of Asset Retirement Obligations Operating Costs
ARO operating costs related to accretion of the liabilities and depreciation of the assets are as follows:
Three Months Ended
March 31
in millions20252024
Accretion$4.3 $3.5 
Depreciation3.9 2.4 
Total ARO operating costs$8.2 $5.9 
Schedule of Reconciliations of Asset Retirement Obligations
Reconciliations of the carrying amounts of our ARO liabilities are as follows:
Three Months Ended
March 31
in millions20252024
ARO liability balance at beginning of period$427.4 $324.1 
Liabilities incurred0.0 0.0 
Liabilities settled(5.9)(1.8)
Accretion expense4.3 3.5 
Revisions, net3.7 (0.1)
ARO liability balance at end of period$429.5 $325.7 
v3.25.1
BENEFIT PLANS (Tables)
 3 Months Ended
Mar. 31, 2025
Retirement Benefits [Abstract]  
Schedule of Components of Net Periodic Benefit Cost
The following table sets forth the components of net periodic pension benefit cost:
Three Months Ended
March 31
in millions20252024
Service cost$0.5 $0.7 
Interest cost8.3 8.2 
Expected return on plan assets(7.8)(7.1)
Amortization of prior service cost0.0 0.3 
Amortization of actuarial loss1.2 1.2 
Net periodic pension benefit cost$2.2 $3.3 
Pretax amortization from AOCI$1.2 $1.5 
The following table sets forth the components of net periodic other postretirement benefit cost:
Three Months Ended
March 31
in millions20252024
Service cost$0.6 $0.6 
Interest cost0.5 0.5 
Amortization of prior service cost0.4 0.4 
Amortization of actuarial gain(0.3)(0.2)
Net periodic postretirement benefit cost $1.2 $1.3 
Pretax amortization from AOCI
$0.1 $0.2 
v3.25.1
OTHER COMPREHENSIVE INCOME (Tables)
 3 Months Ended
Mar. 31, 2025
Stockholders' Equity Note [Abstract]  
Schedule of Accumulated Other Comprehensive Income, Net of Tax
Amounts in accumulated other comprehensive income (loss) (AOCI), net of tax, are as follows:
in millionsMarch 31
2025		December 31
2024		March 31
2024
Cash flow hedges$(17.3)$(17.7)$(19.0)
Pension and postretirement plans(108.7)(109.7)(123.1)
Total AOCI$(126.0)$(127.4)$(142.1)
Schedule of Changes in Accumulated Other Comprehensive Income, Net of Tax
Changes in AOCI, net of tax, for the three months ended March 31, 2025 are as follows:
in millionsCash Flow
Hedges 		Pension and
Postretirement
Benefit Plans		Total
AOCI Balances as of December 31, 2024$(17.7)$(109.7)$(127.4)
Amounts reclassified from AOCI0.4 1.0 1.4 
AOCI Balances as of March 31, 2025$(17.3)$(108.7)$(126.0)
Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income to Earnings
Amounts reclassified from AOCI to earnings are as follows:
Three Months Ended
March 31
in millions20252024
Amortization of Accumulated Cash Flow Hedge Losses
Interest expense$0.6 $0.5 
Benefit from income taxes(0.2)(0.1)
Total$0.4 $0.4 
Amortization of Accumulated Benefit Plan Costs
Other nonoperating expense$1.3 $1.7 
Benefit from income taxes(0.3)(0.4)
Total$1.0 $1.3 
Total reclassifications from AOCI to earnings$1.4 $1.7 
v3.25.1
EQUITY (Tables)
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Schedule of Shares Purchased and Retired
Our common stock purchases (all of which were open market purchases) and subsequent retirements for the year-to-date periods ended are as follows:
in millions, except average priceMarch 31
2025		December 31
2024		March 31
2024
Number of shares purchased and retired0.2 0.3 0.1 
Total purchase price 1
$38.1 $68.8 $18.8 
Average price per share$224.36 $254.71 $265.44 
1The amount paid to purchase shares in excess of the par value and related excise taxes are recorded in retained earnings.
Schedule of Changes in Total Equity
Changes in total equity are summarized below:
Three Months Ended
March 31
in millions, except per share data20252024
Total Shareholders' Equity
Balance at beginning of period$8,118.6 $7,483.4 
Net earnings attributable to Vulcan128.9 102.7 
Share-based compensation plans, net of shares withheld for taxes(24.6)(24.2)
Purchase and retirement of common stock(38.1)(18.8)
Share-based compensation expense13.9 9.1 
Cash dividends on common stock
($0.49/$0.46 per share, respectively)
(66.0)(62.0)
Other comprehensive income1.4 1.7 
Balance at end of period$8,134.1 $7,491.9 
Noncontrolling Interest
Balance at beginning of period$23.9 $24.5 
Earnings attributable to noncontrolling interest0.5 0.2 
Balance at end of period$24.4 $24.7 
Total Equity
Balance at end of period$8,158.5 $7,516.6 
v3.25.1
SEGMENT REPORTING (Tables)
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Schedule of Segment Financial Disclosure
SEGMENT FINANCIAL DISCLOSURE
Three Months Ended
March 31
in millions20252024
Total Revenues
Aggregates 1
$1,335.9 $1,291.3 
Asphalt 2
208.7 186.2 
Concrete177.0 148.3 
Segment sales$1,721.6 $1,625.8 
Aggregates intersegment sales(87.0)(80.1)
Total$1,634.6 $1,545.7 
Cost of Revenues
Aggregates$(891.6)$(907.9)
Asphalt(203.9)(181.5)
Concrete(173.8)(151.4)
Total$(1,269.3)$(1,240.8)
Gross Profit
Aggregates$357.3 $303.3 
Asphalt4.8 4.7 
Concrete3.2 (3.1)
Total $365.3 $304.9 
Reconciliation to Pretax Earnings
Selling, administrative and general expenses$(138.3)$(129.7)
Other operating income (expense), net(0.6)(2.3)
Other nonoperating income (expense), net(2.6)(0.3)
Interest expense, net(59.7)(39.1)
Earnings from continuing operations before income taxes$164.1 $133.5 
1Includes product sales (crushed stone, sand and gravel, sand and other aggregates), freight & delivery costs that we pass along to our customers, and service revenues (see Note 4) related to our aggregates business.
2Includes product sales as well as service revenues (see Note 4) from our asphalt construction paving business.
Three Months Ended
March 31
in millions20252024
Depreciation, Depletion, Accretion and Amortization 1
Aggregates$150.4 $123.5 
Asphalt12.0 8.9 
Concrete15.4 12.3 
Other8.6 6.2 
Total$186.4 $150.9 
Capital Expenditures 2
Aggregates$91.2 $99.5 
Asphalt5.1 6.1 
Concrete6.8 2.1 
Corporate2.2 0.1 
Total$105.3 $107.8 
Identifiable Assets 3
Aggregates$14,351.9 $11,816.8 
Asphalt815.0 630.6 
Concrete1,043.3 896.4 
Total identifiable assets 4
$16,210.2 $13,343.8 
General corporate assets309.0 267.0 
Cash and cash equivalents and restricted cash192.9 300.1 
Total$16,712.1 $13,910.9 
1Depreciation, Depletion, Accretion & Amortization (DDA&A) for each segment is included in cost of revenues.
2Capital expenditures include changes in accruals for purchases of property, plant & equipment. Capital expenditures exclude property, plant & equipment obtained by business acquisitions.
3Certain temporarily idled assets are included within a segment's Identifiable Assets, but the associated DDA&A is shown within Other in the DDA&A section above as the related DDA&A is excluded from segment gross profit.
4The increase in total identifiable assets is primarily due to acquisitions completed in 2024 (see Note 16 for additional information).
v3.25.1
SUPPLEMENTAL CASH FLOW INFORMATION (Tables)
 3 Months Ended
Mar. 31, 2025
Supplemental Cash Flow Elements [Abstract]  
Schedule of Supplemental Information Referable to Condensed Consolidated Statements of Cash Flows
Supplemental information referable to our Condensed Consolidated Statements of Cash Flows is summarized below:
Three Months Ended
March 31
in millions20252024
Cash Payments 1
Interest (exclusive of amount capitalized)$27.9 $38.8 
Income taxes1.7 2.6 
Noncash Investing and Financing Activities
Accruals for purchases of property, plant & equipment$33.2 $18.9 
Recognition of new and revised lease obligations:
Operating lease right-of-use assets54.0 13.8 
Finance lease right-of-use assets2.7 0.9 
Consideration payable to seller in business acquisitions6.7 0.0 
1Excludes changes in accruals.
v3.25.1
GOODWILL (Tables)
 3 Months Ended
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Changes in Carrying Amount of Goodwill by Reportable Segment
Changes in the carrying amount of goodwill by reportable segment from December 31, 2024 to March 31, 2025 are shown below:
in millionsAggregatesAsphaltConcreteTotal
Goodwill at December 31, 2024$3,673.2 $91.6 $23.3 $3,788.1 
Goodwill of acquired businesses 1
27.5 0.0 0.0 27.5 
Goodwill of divested businesses 1
(0.6)0.0 0.0 (0.6)
Goodwill at March 31, 2025 $3,700.1 $91.6 $23.3 $3,815.0 
1See Note 16 for acquisitions and divestitures.
v3.25.1
ACQUISITIONS AND DIVESTITURES (Tables)
 3 Months Ended
Mar. 31, 2025
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Schedule of Business Acquisition, Pro Forma Information The following pro forma information also includes: 1) charges directly attributable to the acquisitions, including acquisition related expenses; 2) cost of sales related to the sale of acquired inventory marked up to fair value; 3) depreciation, depletion, amortization & accretion expense related to the mark up to fair value of acquired assets; 4) interest expense reflecting the new debt structure; and 5) tax effects of the business combination:
in millionsThree Months Ended
March 31, 2024
Supplemental Pro Forma Results
Total revenues$1,644.0 
Net earnings attributable to Vulcan77.0 
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed
The fair value of consideration transferred for the Wake Stone and Superior acquisitions and the preliminary amounts (pending final appraisals of intangible assets and property, plant & equipment as well as working capital adjustments) of assets acquired and liabilities assumed are summarized below:
in millionsMarch 31
2025
Fair Value of Purchase Consideration  
Cash$2,054.6 
Payable to seller37.6 
Total fair value of purchase consideration $2,092.2 
Identifiable Assets Acquired and Liabilities Assumed
Inventories$35.0 
Property, plant & equipment1,915.5 
Identifiable intangible assets248.8 
Other assets62.2 
Asset retirement obligations(46.5)
Deferred tax liabilities(310.5)
Other liabilities(173.7)
Net identifiable assets acquired$1,730.8 
Goodwill$361.4 
v3.25.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details)
 3 Months Ended
Mar. 31, 2025
USD ($)
factor
Mar. 31, 2024
USD ($)
Dec. 31, 2024
USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Number of demographic factors | factor 3    
Revenues from discontinued operations $ 0 $ 0  
Other intangible assets, net $ 1,846,300,000 1,604,500,000 $ 1,883,000,000
Capitalized Quarry Development      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Other intangible assets, net   $ 158,700,000 $ 168,300,000
Orca      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Ownership percentage by parent (as percent) 88.00%    
Orca | Namgis      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Ownership percentage by noncontrolling owners (as percent) 12.00%    
v3.25.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Inventories (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Accounting Policies [Abstract]      
Finished products $ 570.3 $ 534.6 $ 512.7
Raw materials 65.7 69.7 58.7
Products in process 10.3 9.0 6.8
Operating supplies and other 74.7 68.5 69.0
Total inventories $ 721.0 $ 681.8 $ 647.2
v3.25.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Results from Discontinued Operations (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Accounting Policies [Abstract]    
Pretax loss $ (1.3) $ (2.3)
Income tax benefit 0.4 0.6
Loss on discontinued operations, net of tax $ (0.9) $ (1.7)
v3.25.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Weighted-Average Common Shares Outstanding Assuming Dilution (Details) - shares
shares in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Accounting Policies [Abstract]    
Weighted-average common shares outstanding (in shares) 132.4 132.4
Dilutive effect of    
Stock-Only Stock Appreciation Rights (in shares) 0.1 0.2
Other stock compensation awards (in shares) 0.5 0.5
Weighted-average common shares outstanding, assuming dilution (in shares) 133.0 133.1
v3.25.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Antidilutive Common Stock Equivalents (Details) - shares
shares in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Accounting Policies [Abstract]    
Antidilutive common stock equivalents (in shares) 0.1 0.1
v3.25.1
LEASES - Schedule of Lease Assets and Liabilities, Weighted-Average Lease Term and Discount Rate (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Assets      
Operating lease ROU assets $ 711.9 $ 673.2 $ 641.8
Accumulated amortization (145.9) (146.8) (129.4)
Operating leases, net 566.0 526.4 512.4
Finance lease ROU assets 52.2 54.7 60.4
Accumulated depreciation $ (23.8) $ (24.3) $ (21.5)
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Property, Plant and Equipment, Net Property, Plant and Equipment, Net Property, Plant and Equipment, Net
Finance leases, net $ 28.4 $ 30.4 $ 38.9
Total lease assets $ 594.4 $ 556.8 $ 551.3
Current      
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Other current liabilities Other current liabilities Other current liabilities
Operating $ 51.2 $ 49.3 $ 47.3
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Other current liabilities Other current liabilities Other current liabilities
Finance $ 10.7 $ 10.7 $ 11.7
Noncurrent      
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Operating Operating Operating
Operating $ 556.1 $ 521.4 $ 508.2
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other noncurrent liabilities Other noncurrent liabilities Other noncurrent liabilities
Finance $ 6.9 $ 9.7 $ 14.6
Total lease liabilities $ 624.9 $ 591.1 $ 581.8
Weighted-average remaining lease term (years)      
Operating leases 18 years 8 months 12 days 18 years 10 months 24 days 19 years 4 months 24 days
Finance leases 2 years 1 month 6 days 2 years 2 months 12 days 2 years 6 months
Weighted-average discount rate      
Operating leases 4.70% 4.50% 4.40%
Finance leases 3.40% 3.20% 2.60%
v3.25.1
LEASES - Schedule of Components of Lease Expense (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Leases [Abstract]    
Depreciation of right-of-use assets $ 2.1 $ 2.5
Interest on lease liabilities 0.2 0.2
Operating lease cost 20.4 18.8
Short-term lease cost 12.1 11.1
Variable lease cost 4.0 5.3
Sublease income (0.9) (0.8)
Sale and leaseback gain (4.6) (0.0)
Total lease expense $ 33.3 $ 37.1
v3.25.1
LEASES - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Leases [Abstract]    
Cash paid for operating leases $ 20.0 $ 18.4
Total cash paid for finance leases $ 3.1 $ 3.7
v3.25.1
INCOME TAXES (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2025
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Operating Loss Carryforwards [Line Items]          
Deferred income taxes, net   $ 33.8 $ 28.9    
MEXICO          
Operating Loss Carryforwards [Line Items]          
Net operating loss carryforwards, valuation allowance         $ 27.5
MEXICO | Forecast          
Operating Loss Carryforwards [Line Items]          
Increase in deferred tax assets       $ 6.7  
Alabama          
Operating Loss Carryforwards [Line Items]          
Net operating loss carryforwards, valuation allowance   42.7      
Expected additional tax expense   $ 1.0      
Alabama | Forecast          
Operating Loss Carryforwards [Line Items]          
State net operating loss carryforwards $ 57.6     $ 57.6  
Operating loss carryforward, to expire $ 7.0        
v3.25.1
REVENUES - Narrative (Details)
$ in Millions
 3 Months Ended 24 Months Ended
Mar. 31, 2025
USD ($)
quarry
Mar. 31, 2024
USD ($)
Dec. 31, 2013
USD ($)
Mar. 31, 2026
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Revenue Recognition [Line Items]            
Total revenues $ 1,634.6 $ 1,545.7        
Proceeds from sale of future production     $ 226.9      
Number of quarries | quarry 8          
Estimated deferred revenue to be recognized in the next 12 months $ 143.7 151.1     $ 145.3 $ 152.8
Forecast            
Revenue Recognition [Line Items]            
Estimated deferred revenue to be recognized in the next 12 months       $ 7.5    
Minimum            
Revenue Recognition [Line Items]            
Coverage of warranty provisions 9 months          
Maximum            
Revenue Recognition [Line Items]            
Coverage of warranty provisions 1 year          
Aggregates            
Revenue Recognition [Line Items]            
Total revenues $ 1,248.9 1,211.2        
Aggregates | Minimum            
Revenue Recognition [Line Items]            
Percent of shipments used for publicly funded construction (as percent) 40.00%          
Aggregates | Maximum            
Revenue Recognition [Line Items]            
Percent of shipments used for publicly funded construction (as percent) 55.00%          
Construction Paving            
Revenue Recognition [Line Items]            
Revenue from unsatisfied performance obligations $ 229.9 158.6        
Construction Paving | Minimum            
Revenue Recognition [Line Items]            
Remaining period to completion 1 month          
Construction Paving | Maximum            
Revenue Recognition [Line Items]            
Costs for paving contracts expense, expected amortization period (in years) 1 year          
Remaining period to completion 45 months          
Service            
Revenue Recognition [Line Items]            
Total revenues $ 44.8 $ 36.5        
Percent of total revenues (as percent) 2.70% 2.40%        
v3.25.1
REVENUES - Schedule of Revenues by Geographic Market (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Segment Reporting, Revenue Reconciling Item [Line Items]    
Total revenues $ 1,634.6 $ 1,545.7
Segment sales    
Segment Reporting, Revenue Reconciling Item [Line Items]    
Total revenues 1,721.6 1,625.8
Intersegment sales    
Segment Reporting, Revenue Reconciling Item [Line Items]    
Total revenues (87.0) (80.1)
East revenues | Segment sales    
Segment Reporting, Revenue Reconciling Item [Line Items]    
Total revenues 490.5 437.6
Gulf Coast revenues | Segment sales    
Segment Reporting, Revenue Reconciling Item [Line Items]    
Total revenues 792.6 800.9
West revenues | Segment sales    
Segment Reporting, Revenue Reconciling Item [Line Items]    
Total revenues 438.5 387.3
Aggregates    
Segment Reporting, Revenue Reconciling Item [Line Items]    
Total revenues 1,248.9 1,211.2
Aggregates | Segment sales    
Segment Reporting, Revenue Reconciling Item [Line Items]    
Total revenues 1,335.9 1,291.3
Aggregates | Intersegment sales    
Segment Reporting, Revenue Reconciling Item [Line Items]    
Total revenues (87.0) (80.1)
Aggregates | East revenues | Segment sales    
Segment Reporting, Revenue Reconciling Item [Line Items]    
Total revenues 395.9 339.0
Aggregates | Gulf Coast revenues | Segment sales    
Segment Reporting, Revenue Reconciling Item [Line Items]    
Total revenues 738.6 756.3
Aggregates | West revenues | Segment sales    
Segment Reporting, Revenue Reconciling Item [Line Items]    
Total revenues 201.4 196.0
Asphalt    
Segment Reporting, Revenue Reconciling Item [Line Items]    
Total revenues 208.7 186.2
Asphalt | Segment sales    
Segment Reporting, Revenue Reconciling Item [Line Items]    
Total revenues 208.7 186.2
Asphalt | Intersegment sales    
Segment Reporting, Revenue Reconciling Item [Line Items]    
Total revenues 0.0 0.0
Asphalt | East revenues | Segment sales    
Segment Reporting, Revenue Reconciling Item [Line Items]    
Total revenues 24.3 22.7
Asphalt | Gulf Coast revenues | Segment sales    
Segment Reporting, Revenue Reconciling Item [Line Items]    
Total revenues 52.4 42.5
Asphalt | West revenues | Segment sales    
Segment Reporting, Revenue Reconciling Item [Line Items]    
Total revenues 132.0 121.0
Concrete    
Segment Reporting, Revenue Reconciling Item [Line Items]    
Total revenues 177.0 148.3
Concrete | Segment sales    
Segment Reporting, Revenue Reconciling Item [Line Items]    
Total revenues 177.0 148.3
Concrete | Intersegment sales    
Segment Reporting, Revenue Reconciling Item [Line Items]    
Total revenues 0.0 0.0
Concrete | East revenues | Segment sales    
Segment Reporting, Revenue Reconciling Item [Line Items]    
Total revenues 70.3 75.9
Concrete | Gulf Coast revenues | Segment sales    
Segment Reporting, Revenue Reconciling Item [Line Items]    
Total revenues 1.6 2.1
Concrete | West revenues | Segment sales    
Segment Reporting, Revenue Reconciling Item [Line Items]    
Total revenues $ 105.1 $ 70.3
v3.25.1
REVENUES - Schedule of Freight & Delivery Revenues (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Disaggregation of Revenue [Line Items]    
Total revenues $ 1,634.6 $ 1,545.7
Freight & Delivery Revenues    
Disaggregation of Revenue [Line Items]    
Total revenues (219.8) (221.8)
Total Revenues Excluding Freight & Delivery    
Disaggregation of Revenue [Line Items]    
Total revenues $ 1,414.8 $ 1,323.9
v3.25.1
REVENUES - Schedule of Reconciliation of Deferred Revenue Balances (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Contract With Customer, Liability [Roll Forward]    
Deferred revenue balance at beginning of period $ 145.3 $ 152.8
Revenue recognized from deferred revenue (1.6) (1.7)
Deferred revenue balance at end of period $ 143.7 $ 151.1
v3.25.1
FAIR VALUE MEASUREMENTS - Narrative (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
trust
Mar. 31, 2024
USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Number of Rabbi Trusts established | trust 2  
Net gains (losses) of the Rabbi Trust investments $ 0.3 $ 2.4
Unrealized net gains (losses) of the Rabbi Trusts' investments $ (3.1) $ 2.3
v3.25.1
FAIR VALUE MEASUREMENTS - Schedule of Fair Value Measurement on Recurring Basis (Details) - Recurring - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Level 1 Fair Value      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Assets, fair value disclosure $ 36.2 $ 31.1 $ 31.1
Level 1 Fair Value | Mutual funds      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Assets, fair value disclosure 36.2 31.1 31.1
Level 2 Fair Value      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Assets, fair value disclosure 3.6 0.3 0.8
Level 2 Fair Value | Money market mutual fund      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Assets, fair value disclosure $ 3.6 $ 0.3 $ 0.8
v3.25.1
DERIVATIVE INSTRUMENTS - Narrative (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Derivative [Line Items]        
Cash flow hedges   $ (17.3) $ (17.7) $ (19.0)
Interest rate swaps | Designated as Hedging Instrument | Cash Flow Hedges | Forecast        
Derivative [Line Items]        
Estimated amount of pretax loss in AOCI reclassified to earnings for the next 12-month period $ 2.4      
v3.25.1
DERIVATIVE INSTRUMENTS - Schedule of Effects of Changes in Fair Values of Derivatives Designated as Cash Flow Hedges (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Interest rate swaps | Designated as Hedging Instrument | Cash Flow Hedges    
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]    
Loss reclassified from AOCI $ (0.6) $ (0.5)
v3.25.1
DEBT - Schedule of Debt (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Nov. 30, 2024
Mar. 31, 2024
Debt Instrument [Line Items]        
Total long-term debt - face value $ 4,990.7 $ 5,391.1   $ 3,391.1
Total short-term debt 0.0 0.0   0.0
Unamortized discounts and debt issuance costs (82.3) (83.7)   (59.9)
Total long-term debt - book value 4,908.4 5,307.4   3,331.2
Current maturities (0.5) (400.5)   (0.5)
Total long-term debt - reported value 4,907.9 4,906.9   3,330.7
Estimated fair value of long-term debt 4,794.5 4,762.6   3,205.2
Notes | 4.50% notes due 2025        
Debt Instrument [Line Items]        
Total long-term debt - face value $ 0.0 400.0   400.0
Interest rate (as percent) 4.50%      
Notes | 3.90% notes due 2027        
Debt Instrument [Line Items]        
Total long-term debt - face value $ 400.0 400.0   400.0
Interest rate (as percent) 3.90%      
Effective interest rate 4.00%      
Notes | 4.95% notes due 2029        
Debt Instrument [Line Items]        
Total long-term debt - face value $ 500.0 500.0 $ 500.0 0.0
Interest rate (as percent) 4.95%   4.95%  
Effective interest rate 5.17%      
Notes | 3.50% notes due 2030        
Debt Instrument [Line Items]        
Total long-term debt - face value $ 750.0 750.0   750.0
Interest rate (as percent) 3.50%      
Effective interest rate 3.94%      
Notes | 5.35% Notes Due2034        
Debt Instrument [Line Items]        
Total long-term debt - face value $ 750.0 750.0 $ 750.0 0.0
Interest rate (as percent) 5.35%   5.35%  
Effective interest rate 5.48%      
Notes | 7.15% notes due 2037        
Debt Instrument [Line Items]        
Total long-term debt - face value $ 129.2 129.2   129.2
Interest rate (as percent) 7.15%      
Effective interest rate 8.05%      
Notes | 4.50% notes due 2047        
Debt Instrument [Line Items]        
Total long-term debt - face value $ 700.0 700.0   700.0
Interest rate (as percent) 4.50%      
Effective interest rate 4.59%      
Notes | 4.70% notes due 2048        
Debt Instrument [Line Items]        
Total long-term debt - face value $ 460.9 460.9   460.9
Interest rate (as percent) 4.70%      
Effective interest rate 5.42%      
Notes | 5.70% Notes Due 2054        
Debt Instrument [Line Items]        
Total long-term debt - face value $ 750.0 750.0 $ 750.0 0.0
Interest rate (as percent) 5.70%   5.70%  
Effective interest rate 5.82%      
Other notes        
Debt Instrument [Line Items]        
Total long-term debt - face value $ 0.6 1.0   1.0
Commercial Paper        
Debt Instrument [Line Items]        
Total long-term debt - face value $ 550.0 550.0   550.0
Effective interest rate 4.69%      
Commercial Paper        
Debt Instrument [Line Items]        
Total short-term debt $ 0.0 0.0   0.0
Line of Credit | Bank line of credit expires 2029        
Debt Instrument [Line Items]        
Total short-term debt 0.0 0.0   0.0
Line of Credit | Bank line of credit expires 2029        
Debt Instrument [Line Items]        
Total long-term debt - face value $ 0.0 $ 0.0   $ 0.0
v3.25.1
DEBT - Narrative (Details) - USD ($)
 1 Months Ended 3 Months Ended
Mar. 31, 2025
Nov. 30, 2024
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Debt Instrument [Line Items]          
Amortization of debt issuance costs and discounts     $ 1,400,000 $ 3,500,000  
Total long-term debt - face value $ 4,990,700,000   4,990,700,000 3,391,100,000 $ 5,391,100,000
Commercial paper 1,600,000,000   1,600,000,000    
Total short-term debt 0.0   0.0 0.0 0.0
Letters of credit outstanding, amount 23,900,000   23,900,000    
Term debt 4,990,700,000   4,990,700,000    
Repayment of long-term debt     400,400,000 550,400,000  
Commercial Paper          
Debt Instrument [Line Items]          
Total short-term debt 0.0   $ 0.0 0.0 0.0
Line of Credit          
Debt Instrument [Line Items]          
Commitment fee (as percent)     0.10%    
Available borrowing capacity 1,576,100,000   $ 1,576,100,000    
Borrowings 0   $ 0    
Line of Credit | Minimum          
Debt Instrument [Line Items]          
Commitment fee (as percent)     0.09%    
Line of Credit | Maximum          
Debt Instrument [Line Items]          
Commitment fee (as percent)     0.225%    
Line of Credit | Secured Overnight Financing Rate (SOFR)          
Debt Instrument [Line Items]          
Applicable margin on borrowing rate (as percent)     1.125%    
Line of Credit | Base Rate          
Debt Instrument [Line Items]          
Applicable margin on borrowing rate (as percent)     0.125%    
Letter of Credit | Acquisitions 2024          
Debt Instrument [Line Items]          
Maximum borrowing capacity 9,600,000   $ 9,600,000    
Standby Letters of Credit          
Debt Instrument [Line Items]          
Letters of credit outstanding, amount 33,500,000   $ 33,500,000    
Period of standby letters of credit (in years)     1 year    
Standby Letters of Credit | Secured Overnight Financing Rate (SOFR)          
Debt Instrument [Line Items]          
Applicable margin on borrowing rate (as percent)     0.175%    
Commercial Paper          
Debt Instrument [Line Items]          
Total long-term debt - face value $ 550,000,000.0   $ 550,000,000.0 550,000,000.0 550,000,000.0
Effective interest rate 4.69%   4.69%    
Term debt $ 550,000,000.0   $ 550,000,000.0    
Notes          
Debt Instrument [Line Items]          
Net proceeds   $ 1,975,000,000      
Unsecured Line of Credit Maturity of November 2029 | Line of Credit          
Debt Instrument [Line Items]          
Maximum borrowing capacity 1,600,000,000   1,600,000,000    
4.95% notes due 2029 | Notes          
Debt Instrument [Line Items]          
Total long-term debt - face value $ 500,000,000.0 $ 500,000,000.0 $ 500,000,000.0 0.0 500,000,000.0
Interest rate (as percent) 4.95% 4.95% 4.95%    
Effective interest rate 5.17%   5.17%    
5.35% Notes Due2034 | Notes          
Debt Instrument [Line Items]          
Total long-term debt - face value $ 750,000,000.0 $ 750,000,000.0 $ 750,000,000.0 0.0 750,000,000.0
Interest rate (as percent) 5.35% 5.35% 5.35%    
Effective interest rate 5.48%   5.48%    
5.70% Notes Due 2054 | Notes          
Debt Instrument [Line Items]          
Total long-term debt - face value $ 750,000,000.0 $ 750,000,000.0 $ 750,000,000.0 0.0 750,000,000.0
Interest rate (as percent) 5.70% 5.70% 5.70%    
Effective interest rate 5.82%   5.82%    
4.50% notes due 2025 | Notes          
Debt Instrument [Line Items]          
Total long-term debt - face value $ 0.0   $ 0.0 $ 400,000,000.0 $ 400,000,000.0
Interest rate (as percent) 4.50%   4.50%    
Repayment of long-term debt $ 400,000,000        
v3.25.1
DEBT - Schedule of Standby Letters of Credit (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Dec. 31, 2023
Line of Credit Facility [Line Items]        
Reclamation/restoration requirements $ 429.5 $ 427.4 $ 325.7 $ 324.1
Total standby letters of credit 23.9      
Standby Letters of Credit        
Line of Credit Facility [Line Items]        
Risk management insurance 10.1      
Reclamation/restoration requirements 23.4      
Total standby letters of credit $ 33.5      
v3.25.1
COMMITMENTS AND CONTINGENCIES - Narrative (Details)
 1 Months Ended 3 Months Ended
Mar. 31, 2023
USD ($)
defendant
Dec. 31, 2020
case
Jul. 31, 2018
defendant
Dec. 31, 2017
Sep. 30, 2017
well
Mar. 31, 2016
mi
May 31, 2007
entity
mi
Mar. 31, 2025
USD ($)
case
facility
Dec. 31, 2022
Dec. 31, 2024
USD ($)
Mar. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Nov. 30, 2017
case
Loss Contingencies [Line Items]                          
Lease liabilities               $ 624,900,000   $ 591,100,000 $ 581,800,000    
Letters of credit outstanding, amount               23,900,000          
Reclamation/restoration requirements               429,500,000   $ 427,400,000 $ 325,700,000 $ 324,100,000  
Number of groundwater extraction wells | well         2                
Contingency loss               0          
Hewitt Landfill Matter | NHW Treatment System                          
Loss Contingencies [Line Items]                          
Estimated capital cost of treatment system               92,000,000          
Bond money obtained for treatment system               46,000,000          
Hewitt Landfill Matter | NHC Treatment System                          
Loss Contingencies [Line Items]                          
Estimated capital cost of treatment system               245,000,000          
Bond money obtained for treatment system               $ 95,000,000          
Vulcan Material                          
Loss Contingencies [Line Items]                          
Judge ruled allocation of fault among defendants, percentage   15.00%   15.00%         15.00%        
Texas Brine                          
Loss Contingencies [Line Items]                          
Number of pending claims | case                         3
Number of cases, reversed judgement | case   1                      
Lawsuit Against CalMat Co                          
Loss Contingencies [Line Items]                          
Charge for litigation matter $ 11,000,000                        
Estimated construction and operation of water treatment system $ 100,000,000                        
Cases Allegedly Involving 1,1,1-Trichloroethane                          
Loss Contingencies [Line Items]                          
Number of cases | case               1          
Cooperating Parties Group                          
Loss Contingencies [Line Items]                          
Number of other companies to perform Remedial Investigation/Feasibility Study | entity             70            
Number of miles of the River used in the Remedial Investigation/Feasibility Study | mi             17            
Number of miles for bank-to-bank dredging remedy | mi           8              
EPA | Maximum                          
Loss Contingencies [Line Items]                          
Estimated implementation costs               $ 1,380,000,000          
Occidental Chemical Co                          
Loss Contingencies [Line Items]                          
Judge ruled allocation of fault among defendants, percentage   30.00%   50.00%                  
Occidental Chemical Co | Lawsuit Filed by Occidental                          
Loss Contingencies [Line Items]                          
Number of defendants | defendant 39   100                    
Texas Brine                          
Loss Contingencies [Line Items]                          
Judge ruled allocation of fault among defendants, percentage   55.00%   35.00%                  
LADWP                          
Loss Contingencies [Line Items]                          
Number of planned new treatment capabilities | facility               2          
Standby Letters of Credit                          
Loss Contingencies [Line Items]                          
Letters of credit outstanding, amount               $ 33,500,000          
Reclamation/restoration requirements               $ 23,400,000          
v3.25.1
COMMITMENTS AND CONTINGENCIES - Schedule of Accrued Environmental Remediation Costs (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Loss Contingencies [Line Items]      
Accrued environmental remediation costs $ 56.0 $ 56.2 $ 41.5
Continuing operations      
Loss Contingencies [Line Items]      
Accrued environmental remediation costs 47.7 47.9 33.2
Retained from former Chemicals business      
Loss Contingencies [Line Items]      
Accrued environmental remediation costs $ 8.3 $ 8.3 $ 8.3
v3.25.1
ASSET RETIREMENT OBLIGATIONS - Schedule of Asset Retirement Obligations Operating Costs (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Asset Retirement Obligation Disclosure [Abstract]    
Accretion $ 4.3 $ 3.5
Depreciation 3.9 2.4
Total ARO operating costs $ 8.2 $ 5.9
v3.25.1
ASSET RETIREMENT OBLIGATIONS - Schedule of Reconciliations of Asset Retirement Obligations (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]    
ARO liability balance at beginning of period $ 427.4 $ 324.1
Liabilities incurred 0.0 0.0
Liabilities settled (5.9) (1.8)
Accretion expense 4.3 3.5
Revisions, net 3.7 (0.1)
ARO liability balance at end of period $ 429.5 $ 325.7
v3.25.1
BENEFIT PLANS - Narrative (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
yr
plan
Mar. 31, 2024
USD ($)
Defined Benefit Plan Disclosure [Line Items]    
Number of funded, noncontributory defined benefit pension plans 2  
Number of unfunded, nonqualified pension plans 3  
Normal retirement age | yr 65  
Number of defined contribution plans 7  
Expense recognized related to defined contribution plans | $ $ 17.0 $ 30.4
v3.25.1
BENEFIT PLANS - Schedule of Components of Net Periodic Benefit Cost - Pension Benefits) (Details) - Pension Plans, Defined Benefit - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]    
Service cost $ 0.5 $ 0.7
Interest cost 8.3 8.2
Expected return on plan assets (7.8) (7.1)
Amortization of prior service cost 0.0 0.3
Amortization of actuarial loss 1.2 1.2
Net periodic pension benefit cost 2.2 3.3
Pretax amortization from AOCI $ 1.2 $ 1.5
v3.25.1
BENEFIT PLANS - Schedule of Components of Net Periodic Benefit Cost- Other Postretirement Benefits (Details) - Other Postretirement Benefit Plans, Defined Benefit - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]    
Service cost $ 0.6 $ 0.6
Interest cost 0.5 0.5
Amortization of prior service cost 0.4 0.4
Amortization of actuarial gain (0.3) (0.2)
Net periodic pension benefit cost 1.2 1.3
Pretax amortization from AOCI $ 0.1 $ 0.2
v3.25.1
OTHER COMPREHENSIVE INCOME - Schedule of Accumulated Other Comprehensive Income, Net of Tax (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Stockholders' Equity Note [Abstract]      
Cash flow hedges $ (17.3) $ (17.7) $ (19.0)
Pension and postretirement plans (108.7) (109.7) (123.1)
Total AOCI $ (126.0) $ (127.4) $ (142.1)
v3.25.1
OTHER COMPREHENSIVE INCOME - Schedule of Changes in Accumulated Other Comprehensive Income, Net of Tax (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
AOCI Attributable to Parent, Net of Tax [Roll Forward]  
Balance at beginning of period $ 8,142.5
Balance at end of period 8,158.5
Total  
AOCI Attributable to Parent, Net of Tax [Roll Forward]  
Balance at beginning of period (127.4)
Amounts reclassified from AOCI 1.4
Balance at end of period (126.0)
Cash Flow Hedges  
AOCI Attributable to Parent, Net of Tax [Roll Forward]  
Balance at beginning of period (17.7)
Amounts reclassified from AOCI 0.4
Balance at end of period (17.3)
Pension and Postretirement Benefit Plans  
AOCI Attributable to Parent, Net of Tax [Roll Forward]  
Balance at beginning of period (109.7)
Amounts reclassified from AOCI 1.0
Balance at end of period $ (108.7)
v3.25.1
OTHER COMPREHENSIVE INCOME - Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income to Earnings (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]    
Interest expense $ 59.7 $ 39.1
Benefit from income taxes 33.8 28.9
Other nonoperating expense (2.6) (0.3)
Net earnings attributable to Vulcan 128.9 102.7
Reclassification from AOCI    
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]    
Net earnings attributable to Vulcan 1.4 1.7
Cash Flow Hedges | Reclassification from AOCI    
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]    
Interest expense 0.6 0.5
Benefit from income taxes (0.2) (0.1)
Net earnings attributable to Vulcan 0.4 0.4
Pension and Postretirement Benefit Plans | Reclassification from AOCI    
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]    
Benefit from income taxes (0.3) (0.4)
Other nonoperating expense 1.3 1.7
Net earnings attributable to Vulcan $ 1.0 $ 1.3
v3.25.1
EQUITY - Narrative (Details)
 3 Months Ended
Mar. 31, 2025
vote
$ / shares
shares
Dec. 31, 2024
$ / shares
shares
Mar. 31, 2024
$ / shares
shares
Equity [Abstract]      
Common stock, par value (in usd per share) | $ / shares $ 1 $ 1 $ 1
Common stock, authorized (in shares) 480,000,000 480,000,000.0 480,000,000.0
Number of votes per common stock | vote 1    
Preferred stock, authorized (in shares) 5,000,000    
Preferred stock, issued (in shares) 0    
Treasury stock, common (in shares) 0 0 0
Shares remaining under the current authorization repurchase program (in shares) 6,647,118    
v3.25.1
EQUITY - Schedule of Shares Purchased and Retired (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Equity [Abstract]      
Number of shares purchased and retired (in shares) 0.2 0.1 0.3
Total purchase price $ 38.1 $ 18.8 $ 68.8
Average price per share $ 224.36 $ 265.44 $ 254.71
v3.25.1
EQUITY - Schedule of Changes in Total Equity (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Cash dividend on common stock (in usd per share) $ 0.49 $ 0.46
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Balance at beginning of period $ 8,142.5  
Net earnings attributable to Vulcan 129.4 $ 102.9
Other comprehensive income 1.4 1.7
Balance at end of period 8,158.5 7,516.6
Parent    
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Balance at beginning of period 8,118.6 7,483.4
Net earnings attributable to Vulcan 128.9 102.7
Share-based compensation plans, net of shares withheld for taxes (24.6) (24.2)
Purchase and retirement of common stock (38.1) (18.8)
Share-based compensation expense 13.9 9.1
Cash dividends on common stock ($0.49/$0.46 per share, respectively) (66.0) (62.0)
Other comprehensive income 1.4 1.7
Balance at end of period 8,134.1 7,491.9
Noncontrolling Interest    
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Balance at beginning of period 23.9 24.5
Net earnings attributable to Vulcan 0.5 0.2
Balance at end of period $ 24.4 $ 24.7
v3.25.1
SEGMENT REPORTING - Narrative (Details)
 3 Months Ended
Mar. 31, 2025
segment
Segment Reporting [Abstract]  
Number of operating segments 3
Number of reportable segments 3
v3.25.1
SEGMENT REPORTING - Schedule of Segment Financial Disclosure (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]        
Total revenues $ 1,634.6 $ 1,545.7    
Cost of Revenues (1,269.3) (1,240.8)    
Gross Profit 365.3 304.9    
Selling, administrative and general expenses (138.3) (129.7)    
Other operating income (expense), net (0.6) (2.3)    
Other nonoperating expense, net (2.6) (0.3)    
Interest expense, net (59.7) (39.1)    
Earnings from continuing operations before income taxes 164.1 133.5    
Depreciation, depletion, accretion and amortization 186.4 150.9    
Capital Expenditures 105.3 107.8    
Cash and cash equivalents and restricted cash 192.9 300.1 $ 600.8 $ 949.2
Total 16,712.1 13,910.9 $ 17,104.8  
Segment sales        
Segment Reporting Information [Line Items]        
Total revenues 1,721.6 1,625.8    
Total 16,210.2 13,343.8    
Aggregates intersegment sales        
Segment Reporting Information [Line Items]        
Total revenues (87.0) (80.1)    
Other        
Segment Reporting Information [Line Items]        
Depreciation, depletion, accretion and amortization 8.6 6.2    
General corporate assets        
Segment Reporting Information [Line Items]        
Capital Expenditures 2.2 0.1    
Total 309.0 267.0    
Aggregates        
Segment Reporting Information [Line Items]        
Total revenues 1,248.9 1,211.2    
Aggregates | Segment sales        
Segment Reporting Information [Line Items]        
Total revenues 1,335.9 1,291.3    
Cost of Revenues (891.6) (907.9)    
Gross Profit 357.3 303.3    
Depreciation, depletion, accretion and amortization 150.4 123.5    
Capital Expenditures 91.2 99.5    
Total 14,351.9 11,816.8    
Aggregates | Aggregates intersegment sales        
Segment Reporting Information [Line Items]        
Total revenues (87.0) (80.1)    
Asphalt        
Segment Reporting Information [Line Items]        
Total revenues 208.7 186.2    
Asphalt | Segment sales        
Segment Reporting Information [Line Items]        
Total revenues 208.7 186.2    
Cost of Revenues (203.9) (181.5)    
Gross Profit 4.8 4.7    
Depreciation, depletion, accretion and amortization 12.0 8.9    
Capital Expenditures 5.1 6.1    
Total 815.0 630.6    
Asphalt | Aggregates intersegment sales        
Segment Reporting Information [Line Items]        
Total revenues 0.0 0.0    
Concrete        
Segment Reporting Information [Line Items]        
Total revenues 177.0 148.3    
Concrete | Segment sales        
Segment Reporting Information [Line Items]        
Total revenues 177.0 148.3    
Cost of Revenues (173.8) (151.4)    
Gross Profit 3.2 (3.1)    
Depreciation, depletion, accretion and amortization 15.4 12.3    
Capital Expenditures 6.8 2.1    
Total 1,043.3 896.4    
Concrete | Aggregates intersegment sales        
Segment Reporting Information [Line Items]        
Total revenues $ 0.0 $ 0.0    
v3.25.1
SUPPLEMENTAL CASH FLOW INFORMATION - Schedule of Supplemental Information Referable to Condensed Consolidated Statements of Cash Flows (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash Payments 1    
Interest (exclusive of amount capitalized) $ 27.9 $ 38.8
Income taxes 1.7 2.6
Noncash Investing and Financing Activities    
Accruals for purchases of property, plant & equipment 33.2 18.9
Operating lease right-of-use assets 54.0 13.8
Finance lease right-of-use assets 2.7 0.9
Consideration payable to seller in business acquisitions $ 6.7 $ 0.0
v3.25.1
GOODWILL - Narrative (Details) - USD ($)
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Goodwill [Line Items]    
Goodwill impairment charges $ 0 $ 0
Goodwill, accumulated impairment losses 390,200,000  
Former Cement    
Goodwill [Line Items]    
Goodwill, accumulated impairment losses 252,700,000  
Concrete    
Goodwill [Line Items]    
Goodwill, accumulated impairment losses $ 137,500,000  
v3.25.1
GOODWILL - Schedule of Changes in Carrying Amount of Goodwill by Reportable Segment (Details) - USD ($)
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Goodwill [Roll Forward]    
Goodwill, beginning balance $ 3,788,100,000  
Goodwill of acquired businesses 27,500,000  
Goodwill of divested businesses (600,000)  
Goodwill impairment 0 $ 0
Goodwill, ending balance 3,815,000,000 $ 3,531,700,000
Aggregates    
Goodwill [Roll Forward]    
Goodwill, beginning balance 3,673,200,000  
Goodwill of acquired businesses 27,500,000  
Goodwill of divested businesses (600,000)  
Goodwill, ending balance 3,700,100,000  
Asphalt    
Goodwill [Roll Forward]    
Goodwill, beginning balance 91,600,000  
Goodwill of acquired businesses 0.0  
Goodwill of divested businesses (0.0)  
Goodwill, ending balance 91,600,000  
Concrete    
Goodwill [Roll Forward]    
Goodwill, beginning balance 23,300,000  
Goodwill of acquired businesses 0.0  
Goodwill of divested businesses (0.0)  
Goodwill, ending balance $ 23,300,000  
v3.25.1
ACQUISITIONS AND DIVESTITURES - Narrative (Details)
 3 Months Ended 15 Months Ended
Mar. 31, 2025
USD ($)
business
Mar. 31, 2024
USD ($)
divestiture
Mar. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Significant Acquisitions and Disposals [Line Items]        
Number of businesses acquired | business 0      
Cash, net $ (4,700,000) $ 12,300,000    
Goodwill 3,815,000,000 $ 3,531,700,000 $ 3,815,000,000 $ 3,788,100,000
Number of business divestitures | divestiture   0    
Disposal Group, Held-for-Sale, Not Discontinued Operations        
Significant Acquisitions and Disposals [Line Items]        
Assets held for sale 0 $ 0 0 $ 0
Acquisitions 2024        
Significant Acquisitions and Disposals [Line Items]        
Total consideration     2,299,000,000  
Cash, net     2,261,400,000  
Noncash consideration amount     37,600,000  
Identifiable intangible assets 279,700,000   279,700,000  
Goodwill 370,400,000   $ 370,400,000  
Estimated weighted-average amortization period of intangible assets (in years)     20 years  
Acquired finite-lived intangible assets, useful life for tax purposes, in years     15 years  
Goodwill, deductible for income tax purposes $ 60,000,000   $ 60,000,000  
Acquisitions 2024 | NORTH CAROLINA        
Significant Acquisitions and Disposals [Line Items]        
Total consideration   $ 12,300,000    
v3.25.1
ACQUISITIONS AND DIVESTITURES - Supplemental Pro Forma Results (Details) - Wake Stone and Superior RMC
$ in Millions
 3 Months Ended
Mar. 31, 2024
USD ($)
Significant Acquisitions and Disposals [Line Items]  
Total revenues $ 1,644.0
Net earnings attributable to Vulcan $ 77.0
v3.25.1
ACQUISITIONS AND DIVESTITURES - Schedule of Business Acquisitions (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Significant Acquisitions and Disposals [Line Items]      
Goodwill $ 3,815.0 $ 3,788.1 $ 3,531.7
Wake Stone and Superior RMC      
Significant Acquisitions and Disposals [Line Items]      
Cash 2,054.6    
Payable to seller 37.6    
Total fair value of purchase consideration 2,092.2    
Inventories 35.0    
Property, plant & equipment 1,915.5    
Identifiable intangible assets 248.8    
Other assets 62.2    
Asset retirement obligations (46.5)    
Deferred tax liabilities (310.5)    
Other liabilities 173.7    
Net identifiable assets acquired 1,730.8    
Goodwill $ 361.4