CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) shares in Millions, $ in Millions |
12 Months Ended | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
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| CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | ||||||||||||||||
| Total revenues | [1] | $ 5,552.2 | $ 4,856.8 | $ 4,929.1 | ||||||||||||
| Cost of revenues | 4,178.8 | 3,575.3 | 3,673.2 | |||||||||||||
| Gross profit | 1,373.4 | 1,281.5 | 1,255.9 | |||||||||||||
| Selling, administrative and general expenses | 417.6 | 359.8 | 370.5 | |||||||||||||
| Gain on sale of property, plant & equipment and businesses | 120.1 | 4.0 | 23.8 | |||||||||||||
| Other operating expense, net | (65.1) | (30.0) | (31.7) | |||||||||||||
| Operating earnings | 1,010.8 | 895.7 | 877.5 | |||||||||||||
| Other nonoperating income (expense), net | 10.7 | (17.5) | 9.2 | |||||||||||||
| Interest income | 1.6 | 1.6 | 1.2 | |||||||||||||
| Interest expense | 149.3 | 136.0 | 130.2 | |||||||||||||
| Earnings from continuing operations before income taxes | 873.8 | 743.8 | 757.7 | |||||||||||||
| Current | 133.5 | 93.9 | 58.9 | |||||||||||||
| Deferred | 66.6 | 61.9 | 76.3 | |||||||||||||
| Total income tax expense | 200.1 | 155.8 | 135.2 | |||||||||||||
| Earnings from continuing operations | 673.7 | 588.0 | 622.5 | |||||||||||||
| Loss on discontinued operations, net of tax | (3.3) | (3.5) | (4.8) | |||||||||||||
| Net earnings | 670.4 | 584.5 | 617.7 | |||||||||||||
| Loss attributable to noncontrolling interest | 0.4 | (0.0) | (0.0) | |||||||||||||
| Net earnings attributable to Vulcan | 670.8 | 584.5 | 617.7 | |||||||||||||
| Other comprehensive income (loss), net of tax | ||||||||||||||||
| Deferred loss on interest rate derivative | 0.0 | (14.7) | 0.0 | |||||||||||||
| Amortization of prior interest rate derivative loss | 1.5 | 1.7 | 0.2 | |||||||||||||
| Adjustment for funded status of benefit plans | 13.4 | 6.4 | (26.9) | |||||||||||||
| Amortization of actuarial loss and prior service cost for benefit plans | 13.7 | 23.0 | 1.2 | |||||||||||||
| Other comprehensive income (loss) | 28.6 | 16.4 | (25.5) | |||||||||||||
| Comprehensive income | 699.0 | 600.9 | 592.2 | |||||||||||||
| Comprehensive loss attributable to noncontrolling interest | 0.4 | (0.0) | (0.0) | |||||||||||||
| Comprehensive income attributable to Vulcan | $ 699.4 | $ 600.9 | $ 592.2 | |||||||||||||
| Basic earnings (loss) per share attributable to Vulcan | ||||||||||||||||
| Continuing operations | $ 5.08 | $ 4.44 | $ 4.71 | |||||||||||||
| Discontinued operations | (0.03) | (0.03) | (0.04) | |||||||||||||
| Net earnings | 5.05 | 4.41 | 4.67 | |||||||||||||
| Diluted earnings (loss) per share attributable to Vulcan | ||||||||||||||||
| Continuing operations | 5.05 | 4.41 | 4.67 | |||||||||||||
| Discontinued operations | (0.03) | (0.02) | (0.04) | |||||||||||||
| Net earnings | $ 5.02 | $ 4.39 | $ 4.63 | |||||||||||||
| Weighted-average common shares outstanding | ||||||||||||||||
| Basic | 132.8 | 132.6 | 132.3 | |||||||||||||
| Assuming dilution | 133.5 | 133.2 | 133.4 | |||||||||||||
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CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions |
Dec. 31, 2021 |
Dec. 31, 2020 |
|---|---|---|
| CONSOLIDATED BALANCE SHEETS [Abstract] | ||
| Customers, allowance for credit losses | $ 10.3 | $ 2.6 |
| Common stock, par value | $ 1 | $ 1 |
| Common stock, shares authorized | 480,000,000.0 | 480,000,000.0 |
| Common stock, shares outstanding | 132,700,000 | 132,500,000 |
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Millions, $ in Millions |
Common Stock [Member] |
Capital In Excess Of Par Value [Member] |
Retained Earnings [Member] |
Accumulated Other Comprehensive Income (Loss) [Member] |
Total Shareholders' Equity [Member] |
Non-controlling Interest [Member] |
Total |
|---|---|---|---|---|---|---|---|
| Beginning balance, shares at Dec. 31, 2018 | 131.8 | ||||||
| Beginning Balance at Dec. 31, 2018 | $ 131.8 | $ 2,798.4 | $ 2,444.9 | $ (172.2) | $ 5,202.9 | $ 0.0 | $ 5,202.9 |
| Net earnings | $ 0.0 | 0.0 | 617.7 | 0.0 | 617.7 | 0.0 | 617.7 |
| Share-based compensation plans, net of shares withheld for taxes, shares | 0.6 | ||||||
| Share-based compensation plans, net of shares withheld for taxes | $ 0.6 | (39.0) | 0.0 | 0.0 | (38.4) | 0.0 | (38.4) |
| Purchase and retirement of common stock, shares | (0.0) | ||||||
| Purchase and retirement of common stock | $ (0.0) | (0.0) | (2.6) | (0.0) | (2.6) | (0.0) | (2.6) |
| Share-based compensation expense | 0.0 | 31.8 | 0.0 | 0.0 | 31.8 | 0.0 | 31.8 |
| Cash dividends on common stock | (0.0) | (0.0) | (164.0) | (0.0) | (164.0) | (0.0) | (164.0) |
| Other comprehensive income | 0.0 | 0.0 | 0.0 | (25.5) | (25.5) | 0.0 | (25.5) |
| Other | $ 0.0 | 0.1 | (0.1) | 0.0 | 0.0 | 0.0 | 0.0 |
| Ending balance, shares at Dec. 31, 2019 | 132.4 | ||||||
| Ending Balance at Dec. 31, 2019 | $ 132.4 | 2,791.3 | 2,895.9 | (197.7) | 5,621.9 | 0.0 | 5,621.9 |
| Net earnings | $ 0.0 | 0.0 | 584.5 | 0.0 | 584.5 | 0.0 | 584.5 |
| Share-based compensation plans, net of shares withheld for taxes, shares | 0.3 | ||||||
| Share-based compensation plans, net of shares withheld for taxes | $ 0.3 | (22.4) | 0.0 | 0.0 | (22.1) | 0.0 | (22.1) |
| Purchase and retirement of common stock, shares | (0.2) | ||||||
| Purchase and retirement of common stock | $ (0.2) | (0.0) | (25.9) | (0.0) | (26.1) | (0.0) | (26.1) |
| Share-based compensation expense | 0.0 | 33.0 | 0.0 | 0.0 | 33.0 | 0.0 | 33.0 |
| Cash dividends on common stock | (0.0) | (0.0) | (180.2) | (0.0) | (180.2) | (0.0) | (180.2) |
| Other comprehensive income | 0.0 | 0.0 | 0.0 | 16.4 | 16.4 | 0.0 | 16.4 |
| Other | $ 0.0 | 0.1 | (0.2) | 0.0 | (0.1) | 0.0 | (0.1) |
| Ending balance, shares at Dec. 31, 2020 | 132.5 | ||||||
| Ending Balance at Dec. 31, 2020 | $ 132.5 | 2,802.0 | 3,274.1 | (181.3) | 6,027.3 | 0.0 | 6,027.3 |
| Net earnings | $ 0.0 | 0.0 | 670.8 | 0.0 | 670.8 | (0.4) | 670.4 |
| Share-based compensation plans, net of shares withheld for taxes, shares | 0.2 | ||||||
| Share-based compensation plans, net of shares withheld for taxes | $ 0.2 | (20.3) | 0.0 | 0.0 | (20.1) | 0.0 | (20.1) |
| Share-based compensation expense | 0.0 | 34.7 | 0.0 | 0.0 | 34.7 | 0.0 | 34.7 |
| Cash dividends on common stock | (0.0) | (0.0) | (196.4) | (0.0) | (196.4) | (0.0) | (196.4) |
| Other comprehensive income | 0.0 | 0.0 | 0.0 | 28.6 | 28.6 | 0.0 | 28.6 |
| Acquisition of noncontrolling interests | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 23.1 | 23.1 |
| Other | $ 0.0 | 0.1 | 0.0 | 0.0 | 0.1 | 0.0 | 0.1 |
| Ending balance, shares at Dec. 31, 2021 | 132.7 | ||||||
| Ending Balance at Dec. 31, 2021 | $ 132.7 | $ 2,816.5 | $ 3,748.5 | $ (152.7) | $ 6,545.0 | $ 22.7 | $ 6,567.7 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
12 Months Ended |
|---|---|
Dec. 31, 2021 | |
| SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
| SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTES TO CONSOLIDATED FINANCIAL STATEMENTSNOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESNATURE OF OPERATIONSVulcan 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), a major producer of asphalt mix and ready-mixed concrete, and a supplier of construction paving services.We operate primarily in the United States and our principal product — aggregates — is used in virtually all types of public and private construction projects and in the production of asphalt mix and ready-mixed concrete. We serve aggregates markets in twenty-two states, the U.S. Virgin Islands, Washington D.C., and the local markets surrounding our operations in Quintana Roo, Mexico and British Columbia, Canada. Our primary focus is serving metropolitan markets in the United States that are expected to experience the most significant growth in population, households and employment. These three demographic factors are significant drivers of demand for aggregates. While aggregates is our focus and primary business, we produce and sell asphalt mix and/or ready-mixed concrete in our Alabama, Arizona, California, Maryland, New Jersey, New Mexico, New York, Oklahoma, Pennsylvania, Tennessee, Texas, Virginia, the U.S. Virgin Islands, Washington D.C., and the Bahamas markets.Year-over-year comparisons are significantly impacted by our August 2021 acquisition of U.S. Concrete (see Note 19).Due to the 2005 sale of our Chemicals business as described below, the results of the Chemicals business are presented as discontinued operations in the accompanying Consolidated Statements of Comprehensive Income.DISCONTINUED OPERATIONSIn 2005, we sold substantially all the assets of our Chemicals business to Basic Chemicals, a subsidiary of Occidental Chemical Corporation. The financial results of the Chemicals business are classified as discontinued operations in the accompanying Consolidated Statements of Comprehensive Income for all periods presented. Results from discontinued operations are as follows: in millions2021 2020 2019 Discontinued Operations Pretax loss$ (4.5) $ (4.7) $ (6.5) Income tax benefit 1.2 1.2 1.7 Loss on discontinued operations, net of tax$ (3.3) $ (3.5) $ (4.8) 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 12). There were no revenues from discontinued operations for the years presented.PRINCIPLES OF CONSOLIDATIONThe consolidated financial statements include the accounts of Vulcan Materials Company and all our majority orwholly-owned subsidiary companies. Partially-owned affiliates are either consolidated or accounted for at cost or as equity investments depending on the level of ownership interest or our ability to exercise control over the affiliates’ operations. All intercompany transactions and accounts have been eliminated in consolidation.NONCONTROLLING INTERESTIn August 2021, we obtained (via the U.S. Concrete acquisition, see Note 19) an 88% controlling interest in the Orca Sand and Gravel Limited Partnership (Orca). Orca was formed to develop the Orca quarry in British Columbia, Canada, with the remaining 12% noncontrolling interest held by the Namgis First Nation (Namgis). Noncontrolling interest consists of the Namgis’ share of the fair value equity in the partnership offset by capital contributions loaned to the Namgis by us. Our 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. USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTSThe preparation of these financial statements in conformity with accounting principles generally accepted (GAAP) in the United States of America requires us to make estimates and judgments that affect reported amounts of assets, liabilities, revenues and expenses, and the related disclosures of contingent assets and contingent liabilities at the date of the financial statements. We evaluate these estimates and judgments on an ongoing basis and base our estimates on historical experience, current conditions and various other assumptions that are believed to be reasonable under the circumstances. The results of these estimates form the basis for our judgments about the carrying values of assets and liabilities as well as identifying and assessing the accounting treatment with respect to commitments and contingencies. Actual results may differ materially from these estimates. The most significant estimates included in the preparation of these financial statements are related to goodwill and long-lived asset impairments, business combinations and purchase price allocation (see Note 19 for our 2021 acquisition of U.S. Concrete), pension and other postretirement benefits, environmental compliance, claims and litigation including self-insurance, and income taxes. Events and changes in circumstances arising after December 31, 2021, including those resulting from the impacts of the COVID-19 pandemic as construction activity continues to be impacted by capacity constraints (supply chain bottlenecks, labor shortages and transportation availability) and cost inflation, will be reflected in management’s estimates for future periods.BUSINESS COMBINATIONSWe account for business combinations under the acquisition method of accounting. The purchase price of an acquisition is allocated to the underlying identifiable assets acquired and liabilities assumed based on their respective fair values. The purchase price is determined based on the fair value of consideration transferred to and liabilities assumed from the seller as of the date of acquisition. We allocate the purchase price to the fair values of the tangible and identifiable intangible assets acquired and liabilities assumed as of the date of acquisition. Goodwill is recorded for the excess of the purchase price over the net fair value of the identifiable assets acquired and liabilities assumed.Determining the fair values of assets acquired and liabilities assumed requires judgment and often involves the use of significant estimates and assumptions. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction, and therefore represents an exit price. A fair value measurement assumes the highest and best use of the asset by market participants.We may adjust the amounts recognized in an acquisition during a measurement period after the acquisition date. Any such adjustments are the result of subsequently obtaining additional information that existed at the acquisition date regarding the assets acquired or the liabilities assumed. Measurement period adjustments are generally recorded as increases or decreases to goodwill, if any, recognized in the transaction. The cumulative impact of measurement period adjustments on depreciation, amortization and other income statement items are recognized in the period the adjustment is determined.In August 2021, we acquired a material business, U.S. Concrete, Inc., as presented in Note 19.FOREIGN CURRENCY TRANSACTIONSThe U.S. dollar is the functional currency for all of our operations, as the primary economic environment in which we transact business is the United States. For our non-U.S. subsidiaries, local currency inventories and long-term assets such as property, plant & equipment and intangibles are remeasured into U.S. dollars at approximate rates prevailing when acquired; all other assets and liabilities are remeasured at year-end exchange rates. Inventories charged to cost of sales and depreciation are remeasured at historical rates; all other income and expense items are remeasured at average exchange rates prevailing during the year. Gains and losses which result from remeasurement are included in other nonoperating income/expense in the accompanying Consolidated Statements of Comprehensive Income and are not material for the years presented.CASH EQUIVALENTSWe classify as cash equivalents all highly liquid securities with a maturity of three months or less at the time of purchase. The carrying amount of these securities approximates fair value due to their short-term maturities.RESTRICTED CASHRestricted 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 Consolidated Statements of Cash Flows.ACCOUNTS AND NOTES RECEIVABLEAccounts and notes receivable from customers result from our extending credit to trade customers for the purchase of our products. The terms generally provide for payment within 15 days of the month following invoice. On occasion, when necessary to conform to regional industry practices, we sell product under extended payment terms, which may result in either secured or unsecured short-term notes; or, on occasion, notes with durations of less than one year are taken in settlement of existing accounts receivable. Other accounts and notes receivable result from short-term transactions (less than one year) other than the sale of our products, such as interest receivable, insurance claims, freight claims, bid deposits or rents receivable.Allowance for credit losses is based on our assessment of the collectability of customer accounts. We regularly review the allowance by considering factors such as historical experience, credit quality, the age of the accounts receivable balances, and current economic conditions that may affect a customer’s ability to pay. Bad debt expense (included in selling, administrative and general expense) for the years ended December 31 was as follows: 2021 — $1.3 million, 2020 — $1.1 million and 2019 — $1.4 million. INVENTORIESInventories and supplies are stated at the lower of cost or net realizable value. We use the last-in, first-out (LIFO) method of valuation for most of our inventories because it results in a better matching of costs with revenues. Such costs include fuel, parts and supplies, raw materials, direct labor and production overhead. An actual valuation of inventory under the LIFO method can be made only at the end of each year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations are based on our estimates of expected year-end inventory levels and costs and are subject to the final year-end LIFO inventory valuation. Substantially all operating supplies inventory is carried at average cost.For additional information about inventories see Note 3.PROPERTY, PLANT & EQUIPMENTProperty, plant & equipment are carried at cost less accumulated depreciation, depletion and amortization.For assets sold or otherwise disposed of, the cost and related accumulated depreciation are removed, and any related gain or loss is reflected in income.For additional information about our property, plant & equipment see Note 4.REPAIR AND MAINTENANCERepair and maintenance costs generally are charged to operating expense as incurred. Renewals and betterments that add materially to the utility or useful lives of property, plant & equipment are capitalized and subsequently depreciated. Actual costs for planned major maintenance activities, related primarily to periodic overhauls on our aircrafts and oceangoing vessels, are capitalized and amortized to the next overhaul.LEASESOur nonmineral leases with initial terms in excess of one year are recognized on the balance sheet as right-of-use (ROU) assets and lease liabilities. Mineral leases are exempt from balance sheet recognition.ROU assets represent our right to use an underlying asset for the lease term, and lease liabilities represent our obligation to make lease payments arising from the leases. ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. The lease term only includes options to extend or terminate the lease when it is reasonably certain that we will exercise that option. As our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. ROU assets are adjusted for any prepaid lease payments and lease incentives. Except for equipment with monthly monitoring service where the service component accounts for a majority of the lease cost, the non-lease components of our lease agreements are not separated from the lease components.For additional information about leases see Note 7.DEPRECIATION, DEPLETION, ACCRETION AND AMORTIZATIONDepreciation is generally computed by the straight-line method at rates based on the estimated service lives of the various classes of assets, which include machinery and equipment (3 to 35 years), buildings (7 to 20 years) and land improvements (3 to 20 years). Finance leases are amortized over varying periods not in excess of applicable lease terms or estimated useful lives. Capitalized software costs are included in machinery and equipment and are depreciated on a straight-line basis beginning when the software project is substantially complete.Cost depletion on depletable land is computed by the unit-of-sales method based on estimated recoverable units.Accretion reflects the period-to-period increase in the carrying amount of the liability for asset retirement obligations. It is computed using the same credit-adjusted, risk-free rate used to initially measure the liability at fair value.Leaseholds are amortized over varying periods not in excess of applicable lease terms or estimated useful lives.Amortization of intangible assets subject to amortization is computed based on the estimated life of the intangible assets.A significant portion of our intangible assets is contractual rights in place associated with zoning, permitting and other rights to access and extract aggregates reserves. Contractual rights in place associated with aggregates reserves are amortized using the unit-of-sales method based on estimated recoverable units. Other intangible assets are amortized principally by the straight-line method.Depreciation, depletion, accretion and amortization expense for the years ended December 31 is outlined below: in millions2021 2020 2019 Depreciation, Depletion, Accretion and Amortization Depreciation$ 343.4 $ 315.2 $ 300.6 Depletion 31.2 21.0 22.4 Accretion 13.1 12.4 11.0 Amortization of finance leases 7.1 1.6 0.1 Amortization of intangibles 68.2 46.6 40.5 Total$ 463.0 $ 396.8 $ 374.6 DERIVATIVE INSTRUMENTSDuring the normal course of operations, we are exposed to market risks including interest rates, foreign currency exchange rates and commodity prices. From time to time, and consistent with our risk management policies, we use derivative instruments to balance the cost and risk of such expenses. We do not use derivative instruments for trading or other speculative purposes. The accounting for gains and losses that result from changes in the fair value of derivative instruments depends on whether the derivatives have been designated and qualify as hedging instruments and the type of hedging relationship. Changes in the fair value of interest rate swap fair value hedges are recorded as interest expense consistent with the change in the fair value of the hedged item attributable to the risk being hedged. Changes in the fair value of interest rate swap cash flow hedges are recorded in accumulated other comprehensive income (AOCI) and are reclassified into interest expense in the same period the hedged items affect earnings. We may also enter into contracts that qualify for the normal purchases and normal sales (NPNS) exception. When a contract meets the criteria to qualify as NPNS, we apply such exception. Income recognition and realization related to NPNS contracts generally coincide with the physical delivery of the commodity. For contracts qualifying for the NPNS exception, no recognition of the contract’s fair value in the consolidated financial statements is required until settlement of the contract as long as the transaction remains probable of occurring. For additional information about derivative instruments see Note 5.FAIR VALUE MEASUREMENTSFair 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 liabilitiesLevel 2: Inputs that are derived principally from or corroborated by observable market dataLevel 3: Inputs that are unobservable and significant to the overall fair value measurementOur assets at December 31 subject to fair value measurement on a recurring basis are summarized below: Level 1 Fair Valuein millions2021 2020 Fair Value Recurring Rabbi Trust Mutual funds$ 34.7 $ 28.1 Total$ 34.7 $ 28.1 Level 2 Fair Valuein millions2021 2020 Fair Value Recurring Rabbi Trust Money market mutual fund$ 0.6 $ 0.8 Total$ 0.6 $ 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 $6.1 million, $4.5 million and $4.0 million for the years ended December 31, 2021, 2020 and 2019, respectively. The portions of the net gains related to investments still held by the Rabbi Trusts at December 31, 2021, 2020 and 2019 were $5.3 million, $4.1 million and $3.7 million, respectively.Interest rate swaps are measured at fair value using quoted market prices or pricing models that use prevailing market interest rates as of the measurement date. These interest rate swaps are more fully described in Note 5.The carrying values of our cash equivalents, restricted cash, accounts and notes receivable, short-term debt, trade payables and accruals, and all other current liabilities approximate their fair values because of the short-term nature of these instruments. Additional disclosures for derivative instruments and interest-bearing debt are presented in Notes 5 and 6, respectively.GOODWILL IMPAIRMENTGoodwill represents the excess of the cost of net assets acquired in business combinations over the fair value of the identifiable tangible and intangible assets acquired and liabilities assumed in a business combination. Goodwill impairment exists when the fair value of a reporting unit is less than its carrying amount. As of December 31, 2021, goodwill totaled $3,696.7 million as compared to $3,172.1 million at December 31, 2020. Goodwill represents 27% of total assets at December 31, 2021 and 27% at December 31, 2020.Goodwill is tested for impairment annually, as of November 1, or more frequently whenever events or changes in circumstances would more likely than not reduce the fair value of a reporting unit below its carrying amount. Goodwill is tested for impairment at the reporting unit level, one level below our operating segments. We have four operating segments organized around our principal product lines: Aggregates, Asphalt, Concrete and Calcium. Within these four operating segments, we have identified 19 reporting units (of which 11 carry goodwill) based primarily on geographic location. We have the option of either assessing qualitative factors to determine whether it is more likely than not that the carrying value of our reporting units exceeds their respective fair value or proceeding directly to a quantitative test. We elected to perform the quantitative impairment test for all years presented.The quantitative impairment test compares the fair value of a reporting unit to its carrying value, including goodwill. If the fair value exceeds its carrying value, the goodwill of the reporting unit is not considered impaired. However, if the carrying value of a reporting unit exceeds its fair value, we recognize an impairment loss equal to that excess.The results of the annual impairment tests performed as of November 1, 2021, 2020 and 2019 indicated that the fair values of all reporting units with goodwill substantially exceeded their carrying values. Accordingly, there were no charges for goodwill impairment in the years ended December 31, 2021, 2020 or 2019. Allocation of the purchase price for the U.S. Concrete acquisition (see Note 19) has not been finalized and therefore these operations were excluded from our goodwill impairment tests. We estimate the fair values of the reporting units using both an income approach (which involves discounting estimated future cash flows) and a market approach (which involves the application of revenue and EBITDA multiples of comparable companies). Determining the fair value of our reporting units involves the use of significant estimates and assumptions and considerable management judgment. We base our fair value estimates on assumptions we believe to be reasonable at the time, but such assumptions are subject to inherent uncertainty and actual results may differ. Changes in key assumptions or management judgment with respect to a reporting unit or its prospects, which may result from a change in market conditions, market trends, interest rates or other factors outside of our control, or underperformance relative to historical or projected operating results, could result in a significantly different estimate of the fair value of our reporting units, which could result in an impairment charge in the future.For additional information about goodwill see Note 18.IMPAIRMENT OF LONG-LIVED ASSETS EXCLUDING GOODWILLWe evaluate the carrying value of long-lived assets, including intangible assets subject to amortization, when events and circumstances indicate that the carrying value may not be recoverable. The carrying value of long-lived assets is considered impaired when the estimated undiscounted cash flows from such assets are less than their carrying value. In that event, we recognize a loss equal to the amount by which the carrying value exceeds the fair value. Fair value is determined primarily by using a discounted cash flow methodology that requires considerable judgment and assumptions. Our estimate of net future cash flows is based on historical experience and assumptions of future trends, which may be different from actual results. We periodically review the appropriateness of the estimated useful lives of our long-lived assets.We test long-lived assets for impairment at the a significantly lower level than the level at which we test goodwill for impairment. In markets where we do not produce downstream products (e.g., asphalt mix and ready-mixed concrete), the lowest level of largely independent identifiable cash flows is at the individual aggregates operation or a group of aggregates operations collectively serving a local market. Conversely, in vertically integrated markets, the cash flows of our downstream and upstream businesses are not largely independently identifiable as the selling price of the upstream products (aggregates) determines the profitability of the downstream business.As of December 31, 2021, net property, plant & equipment represents 41% of total assets, while net other intangible assets represents 13% of total assets. During 2021, 2020 and 2019, we recorded no material losses on impairment of long-lived assets. For additional information about long-lived assets and intangible assets see Notes 4 and 18, respectively.REVENUES AND REVENUE RECOGNITIONTotal revenues include sales of product and services to customers, net of any discounts and taxes, and freight and delivery revenues billed to customers. Freight and delivery generally represent pass-through transportation we incur (including our administrative costs) and pay to third-party carriers to deliver our products to customers. The cost related to freight and delivery is included in cost of revenues.Revenues for product sales are recognized when control passes to the customer (typically occurs when finished products are shipped/delivered). Construction paving revenues are recognized using the percentage-of-completion method.For additional information regarding revenues and revenue recognition see Note 2.STRIPPING COSTSIn the mining industry, the costs of removing overburden and waste materials to access mineral deposits are referred to as stripping costs.Stripping costs incurred during the production phase are considered costs of extracted minerals under our inventory costing system, inventoried, and recognized in cost of sales in the same period as the revenue from the sale of the inventory. The production stage is deemed to begin when the activities, including removal of overburden and waste material that may contain incidental saleable material, required to access the saleable product are complete. Stripping costs considered as production costs and included in the costs of inventory produced were $90.7 million in 2021, $90.4 million in 2020 and $86.1 million in 2019.Conversely, stripping costs incurred during the development stage of a mine (pre-production stripping) are excluded from our inventory cost. Pre-production stripping costs are capitalized and reported within other noncurrent assets in our accompanying Consolidated Balance Sheets. Capitalized pre-production stripping costs are expensed over the productive life of the mine using the unit-of-sales method. Pre-production stripping costs included in other noncurrent assets were $95.6 million as of December 31, 2021 and $92.9 million as of December 31, 2020.RECLAMATION COSTSReclamation costs resulting from normal use of long-lived assets are recognized over the period the asset is in use when there is a legal obligation to incur these costs upon retirement of the assets. Additionally, reclamation costs resulting from normal use under a mineral lease are recognized over the lease term when there is a legal obligation to incur these costs upon expiration of the lease. The obligation, which cannot be reduced by estimated offsetting cash flows, is recorded at fair value as a liability at the obligating event date and is accreted through charges to operating expenses. This fair value is also capitalized as part of the carrying amount of the underlying asset and depreciated over the estimated useful life of the asset. If the obligation is settled for other than the carrying amount of the liability, a gain or loss is recognized on settlement.To determine the fair value of the obligation, we estimate the cost (including a reasonable profit margin) for a third party to perform the legally required reclamation tasks. This cost is then increased for both future estimated inflation and an estimated market risk premium related to the estimated years to settlement. Once calculated, this cost is discounted to fair value using present value techniques with a credit-adjusted, risk-free rate commensurate with the estimated years to settlement.In estimating the settlement date, we evaluate the current facts and conditions to determine the most likely settlement date. If this evaluation identifies alternative estimated settlement dates, we use a weighted-average settlement date considering the probabilities of each alternative.We review reclamation obligations at least annually for a revision to the cost or a change in the estimated settlement date. Additionally, reclamation obligations are reviewed in the period that a triggering event occurs that would result in either a revision to the cost or a change in the estimated settlement date. Examples of events that would trigger a change in the cost include a new reclamation law or amendment of an existing mineral lease. Examples of events that would trigger a change in the estimated settlement date include the acquisition of additional reserves or the closure of a facility.The carrying value of these obligations was $315.2 million as of December 31, 2021 and $283.2 million as of December 31, 2020. For additional information about reclamation obligations (referred to in our financial statements as asset retirement obligations) see Note 17.ENVIRONMENTAL COMPLIANCEOur environmental compliance costs are undiscounted and include the cost of ongoing monitoring programs, the cost of remediation efforts and other similar costs. We accrue costs for environmental assessment and remediation efforts when we determine that a liability is probable and we can reasonably estimate the cost. At the early stages of a remediation effort, environmental remediation liabilities are not easily quantified due to the uncertainties of various factors. The range of an estimated remediation liability is defined and redefined as events in the remediation effort occur, but generally liabilities are recognized no later than the completion of the remedial feasibility study.When we can estimate a range of probable loss, we accrue the most likely amount. If no amount in the range of probable loss is considered most likely, the minimum loss in the range is accrued. As of December 31, 2021, the spread between the amount accrued and the maximum loss in the range for all sites for which a range can be reasonably estimated was $3.1 million — this amount does not represent our maximum exposure to loss for all environmental remediation obligations as it excludes those sites for which a range of loss cannot be reasonably estimated at this time. Accrual amounts may be based on technical cost estimations or the professional judgment of experienced environmental managers. Our Safety, Health and Environmental Affairs Management Committee routinely reviews cost estimates and key assumptions in response to new information, such as the kinds and quantities of hazardous substances, available technologies and changes to the parties participating in the remediation efforts. However, a number of factors, including adverse agency rulings and encountering unanticipated conditions as remediation efforts progress, may cause actual results to differ materially from accrued costs.For additional information about environmental compliance costs see Note 8.CLAIMS AND LITIGATION INCLUDING SELF-INSURANCEWe are involved with claims and litigation, including items covered under our self-insurance program. We are self-insured for losses related to workers' compensation up to $2.0 million per occurrence and automotive and general/product liability up to $10.0 million per occurrence. We have excess coverage on a per occurrence basis beyond these retention levels. Under our self-insurance program, we aggregate certain claims and litigation costs that are reasonably predictable based on our historical loss experience and accrue losses, including future legal defense costs, based on actuarial studies. Certain claims and litigation costs, due to their unique nature, are not included in our actuarial studies. We use both internal and outside legal counsel to assess the probability of loss and establish an accrual when the claims and litigation represent a probable loss and the cost can be reasonably estimated. For matters not included in our actuarial studies, legal defense costs are accrued when incurred. The following table outlines our self-insurance program at December 31: dollars in millions2021 2020 Self-insurance Program Self-insured liabilities (undiscounted)$ 137.7 $ 75.6 Insured liabilities (undiscounted) 3.6 3.7 Discount rate1.10% 0.30% Amounts Recognized in Consolidated Balance Sheets Other accounts and notes receivable$ 0.0 $ 0.6 Investments and long-term receivables 3.4 3.6 Other current liabilities (50.7) (20.7) Other noncurrent liabilities (83.2) (57.6) Net insurance liabilities (discounted)$ (130.5) $ (74.1) The significant increases presented in the table above are primarily due to the acquisition of U.S. Concrete (see Note 19). Estimated payments (undiscounted and excluding the impact of related receivables) under our self-insurance program for the five years subsequent to December 31, 2021 are as follows: in millions Estimated Payments under Self-insurance Program 2022$ 51.7 2023 32.6 2024 26.8 2025 7.0 2026 3.8 Significant judgment is used in determining the timing and amount of the accruals for probable losses, and the actual liability could differ materially from the accrued amounts.For additional information about claims and litigation, see Note 12 under the caption Litigation and Environmental Matters.SHARE-BASED COMPENSATIONAll of our share-based compensation awards are classified as equity awards. We measure share-based compensation awards using fair-value-based measurement methods. This results in the recognition of compensation expense for all share-based compensation awards based on their fair value as of the grant date with adjustments for performance, as applicable. Compensation cost is recognized over the requisite service period. Forfeitures are recognized as they occur.A summary of the estimated future compensation cost (unrecognized compensation expense) as of December 31, 2021 related to share-based awards granted to employees under our long-term incentive plans is presented below: Unrecognized Expected Compensation Weighted-average dollars in millionsExpense Recognition (Years) Share-based Compensation SOSARs 1$ 1.2 1.3 Performance shares 10.5 1.7 Restricted shares 8.5 1.7 Total/weighted-average$ 20.2 1.7 1Stock-Only Stock Appreciation Rights (SOSARs) Pretax compensation expense related to our employee share-based compensation awards and related income tax benefits for the years ended December 31 are summarized below: in millions2021 2020 2019 Employee Share-based Compensation Awards Pretax compensation expense$ 32.5 $ 31.4 $ 30.1 Income tax benefits 4.7 5.0 7.7 We receive an income tax deduction for share-based compensation equal to the excess of the market value of our common stock on the date of exercise or issuance over the exercise price. Tax benefits resulting from tax deductions in excess of the compensation cost recognized (excess tax benefits) are reflected as discrete income tax benefits in the period of exercise or issuance.For additional information about share-based compensation, see Note 11 under the caption Share-based Compensation Plans.PENSION AND OTHER POSTRETIREMENT BENEFITSAccounting for pension and other postretirement benefits requires that we use assumptions for the valuation of projected benefit obligations (PBO) and the performance of plan assets. Each year, we review our assumptions for discount rates (used for PBO, service cost, and interest cost calculations) and the expected return on plan assets. Due to plan changes made in 2013, annual pay increases do not materially impact plan obligations.DISCOUNT RATES — We use a high-quality bond full yield curve approach (specific spot rates for each annual expected cash flow) to establish the discount rates at each measurement date.EXPECTED RETURN ON PLAN ASSETS — Our expected return on plan assets is: (1) a long-term view based on our current asset allocation, and (2) a judgment informed by consultation with our retirement plans’ consultant and our pension plans’ actuary.RATE OF INCREASE IN THE PER CAPITA COST OF COVERED HEALTHCARE BENEFITS — We project the expected increases in the cost of covered healthcare benefits.Accounting standards provide for the delayed recognition of differences between actual results and expected or estimated results. This delayed recognition of actual results allows for a smoothed recognition in earnings of changes in benefit obligations and asset performance. The differences between actual results and expected or estimated results are recognized in full in other comprehensive income. Amounts recognized in other comprehensive income are reclassified to earnings in a systematic manner over the average remaining service period of participants for our active plans or the average remaining lifetime of participants for our inactive plans.We present the service cost component of net periodic benefit cost in cost of revenues and selling, administrative and general expense consistent with employee compensation costs. The other components of net periodic benefit cost are reported within other nonoperating income in our accompanying Consolidated Statements of Comprehensive Income.For additional information about pension and other postretirement benefits see Note 10.INCOME TAXESWe file federal, state and foreign income tax returns and account for the current and deferred tax effects of such returns using the asset and liability method. We recognize deferred tax assets and liabilities (which reflect our best assessment of the future taxes we will pay) based on the differences between the book basis and tax basis of assets and liabilities. Deferred tax assets represent items to be used as a tax deduction or credit in future tax returns while deferred tax liabilities represent items that will result in additional tax in future tax returns.Significant judgments and estimates are required in determining our deferred tax assets and liabilities. These estimates are updated throughout the year to consider income tax return filings, our geographic mix of earnings, legislative changes and other relevant items. We are required to account for the effects of changes in income tax rates on deferred tax balances in the period in which the legislation is enacted.Each quarter we analyze the likelihood that our deferred tax assets will be realized. Realization of the deferred tax assets ultimately depends on the existence of sufficient taxable income of the appropriate character in either the carryback or carryforward period. A valuation allowance is recorded if, based on the weight of all available positive and negative evidence, it is more likely than not (a likelihood of more than 50%) that some portion, or all, of a deferred tax asset will not be realized. A summary of our deferred tax assets is included in Note 9. We recognize a tax benefit associated with a tax position when, in our judgment, it is more likely than not that the position will be sustained based upon the technical merits of the position. For a tax position that meets the more likely than not recognition threshold, we measure the income tax benefit as the largest amount that we judge to have a greater than 50% likelihood of being realized. A liability is established for the unrecognized portion of any tax position. Our liability for unrecognized tax benefits is adjusted periodically due to changing circumstances, such as the progress of tax audits, case law developments and new or emerging legislation.Generally, we are not subject to significant changes in income taxes by any taxing jurisdiction for the years before 2018. While it is often difficult to predict the final outcome or the timing of resolution of any particular tax matter, we believe our liability for unrecognized tax benefits is appropriate.We consider a tax position to be resolved at the earlier of the issue being “effectively settled,” settlement of an examination, or the expiration of the statute of limitations. Upon resolution of a tax position, any liability for unrecognized tax benefits will be released.Our liability for unrecognized tax benefits is generally presented as noncurrent. However, if we anticipate paying cash within one year to settle an uncertain tax position, the liability is presented as current. We classify interest and penalties associated with our liability for unrecognized tax benefits as income tax expense.Our largest permanent item in computing both our taxable income and effective tax rate is the deduction allowed for statutory depletion. The impact of statutory depletion on the effective tax rate is presented in Note 9. The deduction for statutory depletion does not necessarily change proportionately to changes in pretax earnings.COMPREHENSIVE INCOMEWe report comprehensive income in our Consolidated Statements of Comprehensive Income and Consolidated Statements of Equity. Comprehensive income comprises two subsets: net earnings and other comprehensive income (OCI). OCI includes adjustments to cash flow hedges, as well as actuarial gains or losses and prior service costs related to pension and postretirement benefit plans.For additional information about comprehensive income see Note 14.EARNINGS PER SHARE (EPS)Earnings per share are computed by dividing net earnings by the weighted-average common shares outstanding (basic EPS) or weighted-average common shares outstanding assuming dilution (diluted EPS), as set forth below: in millions2021 2020 2019 Weighted-average common shares outstanding 132.8 132.6 132.3 Dilutive effect of SOSARs 0.3 0.3 0.6 Other stock compensation plans 0.4 0.3 0.5 Weighted-average common shares outstanding, assuming dilution 133.5 133.2 133.4 All dilutive common stock equivalents are reflected in our earnings per share calculations. In periods of loss, shares that otherwise would have been included in our diluted weighted-average common shares outstanding computation would be excluded.Antidilutive common stock equivalents are not included in our earnings per share calculations. The number of antidilutive common stock equivalents for which the exercise price exceeds the weighted-average market price for the years ended December 31 is as follows: in millions2021 2020 2019 Antidilutive common stock equivalents 0.0 0.1 0.1 RECLASSIFICATIONSCertain items previously reported in specific financial statement captions have been reclassified to conform to the 2021 presentation. Such reclassifications had no impact on our prior results of operations, financial position or cash flows.NEW ACCOUNTING STANDARDSACCOUNTING STANDARDS RECENTLY ADOPTEDINCOME TAXES During the first quarter of 2021, we adopted Accounting Standards Update (ASU) 2019-12, “Simplifying the Accounting for Income Taxes,” which added new guidance to simplify the accounting for income taxes and changed the accounting for certain income tax transactions. The adoption of this standard did not materially impact our consolidated financial statements.CONVERTIBLE INSTRUMENTS During the first quarter of 2021, we adopted ASU 2020-06, “Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity.” This ASU reduced the number of models used to account for convertible instruments and modified the diluted earnings per share calculations for convertible instruments. This ASU also amended the accounting for certain contracts in an entity’s own equity that are currently accounted for as derivatives. The adoption of this standard did not materially impact our consolidated financial statements.ACCOUNTING STANDARDS PENDING ADOPTIONNone |
REVENUES |
12 Months Ended |
|---|---|
Dec. 31, 2021 | |
| REVENUES [Abstract] | |
| REVENUES | NOTE 2: REVENUESRevenues are measured as the amount of consideration we expect to receive in exchange for transferring goods or providing services. Sales and other taxes we collect are 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.Total revenues are primarily derived from our product sales of aggregates (crushed stone, sand and gravel, sand and other aggregates), asphalt mix and ready-mixed concrete, and include freight & delivery costs that we pass along to our customers to deliver these products. We also generate service revenues from our asphalt construction paving business and service revenues related to our aggregates business, such as landfill tipping fees. Our total service revenues were as follows: 2021 — $221.4 million (4.0% of total revenues), 2020 — $214.3 million (4.4% of total revenues) and 2019 — $234.1 million (4.7% of total revenues).Our products typically are sold to private industry and not directly to governmental entities. Although approximately 45% to 55% of our aggregates shipments have historically been used in publicly-funded construction, such as highways, airports and government buildings, relatively insignificant sales are made directly to federal, state, county or municipal governments/agencies. Therefore, although reductions in state and federal funding can curtail publicly-funded construction, the vast majority of our aggregates business is not directly subject to renegotiation of profits or termination of contracts with state or federal governments. Our segment total revenues by geographic market (excluding the U.S. Concrete acquisition which is only presented by segment) for the years ended December 31, 2021, 2020 and 2019 are disaggregated as follows: For the Year Ended December 31, 2021 in millionsAggregates Asphalt Concrete Calcium Total Total Revenues by Geographic Market 1 East$ 1,283.7 $ 142.4 $ 243.4 $ 0.0 $ 1,669.5 Gulf Coast 2,350.5 179.6 75.4 6.9 2,612.4 West 597.8 455.8 47.0 0.0 1,100.6 U.S. Concrete 113.0 0.0 401.0 0.0 514.0 Segment sales$ 4,345.0 $ 777.8 $ 766.8 $ 6.9 $ 5,896.5 Intersegment sales (344.3) 0.0 0.0 0.0 (344.3) Total revenues$ 4,000.7 $ 777.8 $ 766.8 $ 6.9 $ 5,552.2 For the Year Ended December 31, 2020 in millionsAggregates Asphalt Concrete Calcium Total Total Revenues by Geographic Market 1 East$ 1,198.1 $ 142.2 $ 263.7 $ 0.0 $ 1,604.0 Gulf Coast 2,165.2 178.5 71.1 7.7 2,422.5 West 581.0 471.9 48.8 0.0 1,101.7 Segment sales$ 3,944.3 $ 792.6 $ 383.6 $ 7.7 $ 5,128.2 Intersegment sales (271.4) 0.0 0.0 0.0 (271.4) Total revenues$ 3,672.9 $ 792.6 $ 383.6 $ 7.7 $ 4,856.8 For the Year Ended December 31, 2019 in millionsAggregates Asphalt Concrete Calcium Total Total Revenues by Geographic Market 1 East$ 1,254.8 $ 166.5 $ 261.2 $ 0.0 $ 1,682.5 Gulf Coast 2,117.5 194.4 66.6 8.2 2,386.7 West 618.0 494.9 67.8 0.0 1,180.7 Segment sales$ 3,990.3 $ 855.8 $ 395.6 $ 8.2 $ 5,249.9 Intersegment sales (320.8) 0.0 0.0 0.0 (320.8) Total revenues$ 3,669.5 $ 855.8 $ 395.6 $ 8.2 $ 4,929.1 1The geographic markets are defined by states as follows: East market — Arkansas, Delaware, Illinois, Kentucky, Maryland, North Carolina, Pennsylvania, Tennessee, Virginia, and Washington D.C.Gulf Coast market — Alabama, Florida, Georgia, Louisiana, Mississippi, Oklahoma, Quintana Roo (Mexico), South Carolina and TexasWest market — Arizona, California and New MexicoU.S. Concrete — British Columbia (Canada), California, Hawaii, New Jersey, New York, Oklahoma, Pennsylvania, Texas, the U.S. Virgin Islands and Washington D.C. PRODUCT REVENUESRevenue is recognized when obligations under the terms of a contract with our customer are satisfied; generally this occurs at a point in time when our aggregates, asphalt mix and ready-mixed concrete are shipped/delivered and control passes to the customer. Revenue for our products is recorded at the fixed invoice amount and payment is due by the 15th day of the following month — we do not offer discounts for early payment.Freight & delivery generally represents pass-through transportation we incur (including our administrative costs) and pay to third-party carriers to deliver our products to customers and are accounted for as a fulfillment activity. Likewise, the cost related to freight & delivery are included in cost of revenues. Freight & delivery revenues are as follows: in millions2021 2020 2019 Freight & Delivery Revenues Total revenues$ 5,552.2 $ 4,856.8 $ 4,929.1 Freight & delivery revenues 1 (768.3) (738.5) (747.9) Total revenues excluding freight & delivery$ 4,783.9 $ 4,118.3 $ 4,181.2 1Includes freight & delivery to remote distribution sites. CONSTRUCTION PAVING SERVICE REVENUESRevenue from our asphalt construction paving business is recognized over time using the percentage-of-completion method under the cost approach. The percentage of completion is determined by costs incurred to date as a percentage of total costs estimated for the project. Under this approach, recognized contract revenue equals the total estimated contract revenue multiplied by the percentage of completion. Our construction contracts are unit priced, and an account receivable is recorded for amounts invoiced based on actual units produced. Contract assets for estimated earnings in excess of billings, contract assets related to retainage provisions and contract liabilities for billings in excess of costs are immaterial. Variable consideration in our construction paving contracts is immaterial and consists of incentives and penalties based on the quality of work performed. Our construction paving contracts may contain warranty provisions covering defects in equipment, materials, design or workmanship that generally run from nine months to one year after project completion. Due to the nature of our construction paving projects, including contract owner inspections of the work during construction and prior to acceptance, we have not experienced material warranty costs for these short-term warranties.VOLUMETRIC PRODUCTION PAYMENT DEFERRED REVENUESIn 2013 and 2012, we sold a percentage interest in certain future aggregates production for net cash proceeds of $226.9 million. These transactions, structured as volumetric production payments (VPPs): relate to eight quarries in Georgia and South Carolinaprovide the purchaser solely with a nonoperating percentage interest in the subject quarries’ future aggregates productioncontain no minimum annual or cumulative guarantees by us for production or sales volume, nor minimum sales priceare both volume and time limited (we expect the transactions will last approximately 25 years, limited by volume rather than time)We are the exclusive sales agent for, and transmit quarterly to the purchaser the proceeds from the sale of, the purchaser’s share of aggregates production. Our consolidated total revenues exclude the revenue from the sale of the purchaser’s share of aggregates.The proceeds we received from the sale of the percentage interest were recorded as deferred revenue on the balance sheet. We recognize revenue on a unit-of-sales basis (as we sell the purchaser’s share of production) relative to the volume limitations of the transactions. Given the nature of the risks and potential rewards assumed by the buyer, the transactions do not reflect financing activities.Reconciliation of the VPP deferred revenue balances (current and noncurrent) is as follows: in millions2021 2020 2019 Deferred Revenue Balance at beginning of year$ 178.0 $ 185.3 $ 192.8 Revenue recognized from deferred revenue (7.9) (7.3) (7.5) Balance at end of year$ 170.1 $ 178.0 $ 185.3 Based on expected sales from the specified quarries, we expect to recognize $7.5 million of VPP deferred revenue as income in 2022 (reflected in other current liabilities in our December 31, 2021 Consolidated Balance Sheet). |
INVENTORIES |
12 Months Ended |
|---|---|
Dec. 31, 2021 | |
| INVENTORIES [Abstract] | |
| INVENTORIES | NOTE 3: INVENTORIESInventories at December 31 are as follows: in millions2021 2020 Inventories Finished products 1$ 418.0 $ 378.4 Raw materials 59.9 33.8 Products in process 4.2 4.5 Operating supplies and other 39.2 31.9 Total$ 521.3 $ 448.6 1Includes inventories encumbered by volumetric production payments (see Note 2), as follows: December 31, 2021 — $2.8 million and December 31, 2020 — $2.4 million. In addition to the inventory balances presented above, as of December 31, 2021 and December 31, 2020, we have $8.5 million and $11.0 million, respectively, of inventory classified as long-term assets (other noncurrent assets) as we do not expect to sell the inventory within one year of their respective balance sheet dates.We use the LIFO method of valuation for most of our inventories as it results in a better matching of costs with revenues. Inventories valued under the LIFO method total $290.2 million at December 31, 2021 and $307.7 million at December 31, 2020. During 2021, 2020 and 2019, inventory reductions resulted in liquidations of LIFO inventory layers carried at costs prevailing in prior years as compared to current-year costs. The effect of the LIFO liquidation on 2021 results was to decrease cost of revenues by $0.6 million and increase net earnings by $0.4 million. The effect of the LIFO liquidation on 2020 results was to decrease cost of revenues by $0.9 million and increase net earnings by $0.6 million. The effect of the LIFO liquidation on 2019 results was to decrease cost of revenues by $1.1 million and increase net earnings by $0.9 million.Estimated current cost exceeded LIFO cost at December 31, 2021 and 2020 by $199.7 million and $193.0 million, respectively. In periods of increasing costs, LIFO generally results in higher cost of revenues than under FIFO. In periods of decreasing costs, the results are generally the opposite. We provide supplemental income disclosures to facilitate comparisons with companies not on LIFO. The supplemental income calculation is derived by tax-affecting the change in the LIFO reserve for the periods presented. If all inventories valued at LIFO cost had been valued under first-in, first-out (FIFO) method, the approximate effect on net earnings would have been an increase of $5.3 million in 2021, an increase of $7.3 million in 2020 and an increase of $5.5 million in 2019. |
PROPERTY, PLANT & EQUIPMENT |
12 Months Ended |
|---|---|
Dec. 31, 2021 | |
| PROPERTY, PLANT & EQUIPMENT [Abstract] | |
| PROPERTY, PLANT & EQUIPMENT | NOTE 4: PROPERTY, PLANT & EQUIPMENTBalances of major classes of assets and allowances for depreciation, depletion and amortization at December 31 are as follows: in millions2021 2020 Property, Plant & Equipment Land and land improvements 1$ 3,631.7 $ 3,013.3 Buildings 182.9 145.4 Machinery and equipment 6,109.2 5,517.9 Finance leases (see Note 7) 36.3 7.8 Deferred asset retirement costs (see Note 17) 2 182.5 240.8 Construction in progress 301.8 176.9 Total, gross$ 10,444.4 $ 9,102.1 Less allowances for depreciation, depletion and amortization 4,897.6 4,676.1 Total, net$ 5,546.8 $ 4,426.0 1Includes depletable land as follows: December 31, 2021 — $2,238.4 million and December 31, 2020 — $1,712.1 million. 2This significant decrease is due to the write-off of assets with a corresponding write-off of allowances for depreciation. Capitalized interest costs with respect to qualifying construction projects and total interest costs incurred before recognition of the capitalized amount for the years ended December 31 are as follows: in millions2021 2020 2019 Capitalized interest cost$ 4.2 $ 3.5 $ 3.9 Total interest cost incurred before recognition of the capitalized amount 153.5 139.5 134.1 Capitalized software costs of $14.7 million (including $13.2 million of capitalized software obtained via the U.S. Concrete acquisition) and $2.1 million are reflected in net property, plant & equipment as of December 31, 2021 and 2020, respectively. We capitalized software costs for the years ended December 31 as follows: 2021 — $2.7 million, 2020 — $1.1 million and 2019 — $1.5 million. |
DERIVATIVE INSTRUMENTS |
12 Months Ended |
|---|---|
Dec. 31, 2021 | |
| DERIVATIVE INSTRUMENTS [Abstract] | |
| DERIVATIVE INSTRUMENTS | NOTE 5: DERIVATIVE INSTRUMENTSDuring 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 2007, 2018 and 2020, 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 Consolidated Statements of Comprehensive Income for the years ended December 31 as follows: in millionsLocation on Statement 2021 2020 2019 Cash Flow Hedges Loss reclassified from AOCIInterest expense $ (2.0) $ (2.3) $ (0.3) For the 12-month period ending December 31, 2022, we estimate that $2.1 million of the $22.5 million net of tax loss in AOCI will be reclassified to interest expense. |
DEBT |
12 Months Ended |
|---|---|
Dec. 31, 2021 | |
| DEBT [Abstract] | |
| DEBT | NOTE 6: DEBTDebt at December 31 is detailed as follows: Effective in millionsInterest Rates 2021 2020 Short-term Debt Bank line of credit expires 2025 1 $ 0.0 $ 0.0 Total short-term debt $ 0.0 $ 0.0 Long-term Debt Bank line of credit expires 2025 1 $ 0.0 $ 0.0 Delayed draw term loan expires 20241.22% 1,100.0 0.0 Floating-rate notes due 2021 0.0 500.0 8.85% notes due 2021 0.0 6.0 4.50% notes due 20254.65% 400.0 400.0 3.90% notes due 20274.00% 400.0 400.0 3.50% notes due 20303.94% 750.0 750.0 7.15% notes due 20378.05% 129.2 129.2 4.50% notes due 20474.59% 700.0 700.0 4.70% notes due 20485.42% 460.9 460.9 Other notes2.35% 9.5 11.7 Total long-term debt - face value $ 3,949.6 $ 3,357.8 Unamortized discounts and debt issuance costs (69.6) (70.2) Total long-term debt - book value $ 3,880.0 $ 3,287.6 Less current maturities 5.2 515.4 Total long-term debt - reported value $ 3,874.8 $ 2,772.2 Estimated fair value of long-term debt $ 4,418.5 $ 3,443.2 1Borrowings on the bank line of credit are classified as short-term if we intend to repay within twelve months and as long-term if we have the intent and ability to extend payment beyond twelve months. Discounts and debt issuance costs are amortized using the effective interest method over the terms of the respective notes resulting in $13.9 million and $7.2 million, respectively, of net interest expense for these items for 2021 and 2020.BRIDGE FACILITY, DELAYED DRAW TERM LOAN AND LINE OF CREDITIn June 2021, concurrent with the announcement of the pending acquisition of U.S. Concrete (see Note 19 for additional information), we obtained a $2,200.0 million bridge facility commitment from Truist Bank. Later, in June 2021, we entered into a $1,600.0 million delayed draw term loan with a subset of the banks that provide our line of credit and terminated the bridge facility commitment. The delayed draw term loan was drawn in August 2021 for $1,600.0 million upon the acquisition of U.S. Concrete and was paid down to $1,100.0 million in September 2021. Amounts repaid are no longer available for borrowing and outstanding borrowings are due August 2024. The delayed draw term loan contains covenants customary for an unsecured investment-grade facility and mirror those in our line of credit. As of December 31, 2021, we were in compliance with the delayed draw term loan covenants.Financing costs for the bridge facility commitment and the delayed draw term loan totaled $13.3 million, $9.4 million of which was recognized as interest expense in 2021. Borrowings on the delayed draw term loan bear interest, at our option, at either LIBOR plus a credit margin ranging from 0.875% to 1.375%, or Truist Bank’s base rate (generally, its prime rate) plus a credit margin ranging from 0.000% to 0.375%. The credit margins and commitment fee are determined by our credit ratings. As of December 31, 2021, the credit margin for LIBOR borrowings was 1.000% and the credit margin for base rate borrowings was 0.000%. In September 2020, we executed a new five-year unsecured line of credit of $1,000.0 million, incurring $4.6 million of transaction costs. The line of credit contains covenants customary for an unsecured investment-grade facility. As of December 31, 2021, we were in compliance with the line of credit covenants.Borrowings on the line of credit bear interest, at our option, at either LIBOR plus a credit margin ranging from 1.000% to 1.625%, or Truist Bank’s base rate (generally, its prime rate) plus a credit margin ranging from 0.000% to 0.625%. The credit margin for both LIBOR and base rate borrowings is determined by our credit ratings. Standby letters of credit, which are issued under the line of credit and reduce availability, are charged a fee equal to the credit margin for LIBOR borrowings plus 0.175%. We also pay a commitment fee on the daily average unused amount of the line of credit that ranges from 0.090% to 0.225% determined by our credit ratings. As of December 31, 2021, the credit margin for LIBOR borrowings was 1.125%, the credit margin for base rate borrowings was 0.125%, and the commitment fee for the unused amount was 0.100%.As of December 31, 2021, our available borrowing capacity under the line of credit was $940.4 million. Utilization of the borrowing capacity was as follows:none was borrowed$59.6 million was used to provide support for outstanding standby letters of creditTERM DEBTEssentially all of our $3,949.6 million (face value) of term debt (which includes the $1,100.0 million delayed draw term loan) is unsecured. $2,840.2 million of such debt is governed by two essentially identical indentures that contain customary investment-grade type covenants. As of December 31, 2021, we were in compliance with all term debt covenants.In August 2021, we assumed $434.5 million (fair value) of senior notes due 2029 in connection with the acquisition of U.S. Concrete and retired these notes in September 2021.In May 2020, we issued $750.0 million of 3.50% senior notes due 2030. Total proceeds were $741.4 million (net of discounts and transaction costs). $250.0 million of the proceeds were used to retire the $250.0 million floating rate notes due June 2020. The remainder of the proceeds, together with cash on hand, were used to retire the $500.0 million floating rate notes due March 2021.The total scheduled (principal and interest) debt payments, excluding the line of credit, for the five years subsequent to December 31, 2021 are as follows: in millionsTotal Principal Interest Scheduled Debt Payments (excluding the line of credit) 2022$ 145.3 $ 5.2 $ 140.1 2023 151.5 2.3 149.2 2024 1,243.3 1,100.9 142.4 2025 513.8 400.5 113.3 2026 104.7 0.4 104.3 STANDBY LETTERS OF CREDITWe provide, in the normal course of business, certain third-party beneficiaries with standby letters of credit to support our obligations to pay or perform according to the requirements of an underlying agreement. Such letters of credit typically have an initial term of one year, typically renew automatically, and can only be modified or canceled with the approval of the beneficiary. Except for $24.8 million of risk management insurance letters of credit that expire in July 2022, our standby letters of credit are issued by banks that participate in our $1,000.0 million line of credit and reduce the borrowing capacity thereunder. Our standby letters of credit as of December 31, 2021 are summarized by purpose in the table below: in millions Standby Letters of Credit Risk management insurance$ 76.0 Reclamation/restoration requirements 8.4 Total$ 84.4 |
LEASES |
12 Months Ended |
|---|---|
Dec. 31, 2021 | |
| LEASES [Abstract] | |
| LEASES | NOTE 7: LEASESOur 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 reflected on our December 31 balance sheets and the weighted-average lease term and discount rate are as follows: dollars in millionsClassification on the Balance Sheet2021 2020 Assets Operating lease ROU assets $ 771.1 $ 482.5 Accumulated amortization (79.7) (59.4) Operating leases, netOperating lease right-of-use assets, net 691.4 423.1 Finance lease assets 129.2 7.8 Accumulated amortization (8.8) (1.6) Finance leases, netProperty, plant & equipment, net 120.4 6.2 Total lease assets $ 811.8 $ 429.3 Liabilities Current OperatingOther current liabilities$ 49.2 $ 37.0 FinanceOther current liabilities 35.4 2.0 Noncurrent Operating Noncurrent operating lease liabilities 642.5 399.6 FinanceOther noncurrent liabilities 60.5 4.1 Total lease liabilities $ 787.6 $ 442.7 Lease Term and Discount Rate Weighted-average remaining lease term (years) Operating leases 21.0 9.5 Finance leases 3.3 4.2 Weighted-average discount rate Operating leases3.8% 3.6% Finance leases1.3% 1.4% The increases in ROU assets and liabilities presented above primarily relate to the acquisition of U.S. Concrete (see Note 19 for additional information). Our lease agreements do not contain residual value guarantees, restrictive covenants or early termination options that we deem material. We have not sought or been granted any material lease concessions as a result of the COVID-19 pandemic.Our building leases have remaining noncancelable periods of 0 - 17 years and lease terms (including options to extend) of 0 - 25 years. Key factors in determining the certainty of lease renewals include the location of the building, the value of leasehold improvements and the cost to relocate. Rental payments for certain of our building leases are periodically adjusted for inflation, and this variable component is recognized as expense when incurred. Many of our building leases contain common area maintenance charges which we include in the calculation of our lease liability (the lease consideration is not allocated between the lease and non-lease components).Our aggregates sales yard leases have remaining noncancelable periods of 0 - 27 years and lease terms of 0 - 77 years. The key factor in determining the certainty of lease renewals is the financial impact of extending the lease, including the reserve life of the sourcing aggregates quarry. Certain aggregates sales yard lease agreements include rental payments based on a percentage of sales over contractual levels or the number of shipments received into the sales yard. Variable payments for these sales yards comprise a majority of the overall variable lease cost presented in the table below.Our concrete and asphalt site leases have remaining noncancelable periods of 0 - 18 years and lease terms of 0 - 77 years. The key factor in determining the certainty of lease renewals is the financial impact of extending the lease, including the reserve life of the sourcing aggregates quarry. Rental payments are generally fixed for our concrete and asphalt sites. Our rail (car and track) leases have remaining noncancelable periods of 0 - 4 years and lease terms of 0 - 63 years. Key factors in determining the certainty of lease renewals include the market rental rate for comparable assets and, in some cases, the cost incurred to restore the asset. Rental payments are fixed for our rail leases. The majority of our rail leases contain substitution rights that allow the supplier to replace damaged equipment. Because these rights are generally limited to either replacing railcars or moving our placement on rail track for purposes of repair or maintenance, we do not consider these substitution rights to be substantive and have recorded a lease liability and ROU asset for all leased rail.Our barge leases have remaining noncancelable periods of 0 - 6 years and lease terms of 0 - 13 years. Key factors in determining the certainty of lease renewals include the market rental rate for comparable assets and, in some cases, the cost incurred to restore the asset. Rental payments are fixed. Like our rail leases, our barge leases contain non-substantive substitution rights that are limited to replacing barges in need of repair or maintenance.Office, plant and mobile equipment leases have remaining noncancelable periods of 0 - 5 years and lease terms of 0 - 5 years. The key factor in determining the certainty of lease renewals is the market rental rate for comparable assets. Rental payments are generally fixed for our equipment leases with terms greater than 1 year. The significant majority of our short-term lease cost presented in the table below is derived from office and plant equipment leases with terms of 1 year or less.The components of lease expense for the years ended December 31, 2021, 2020 and 2019 are as follows: in millions2021 2020 2019 Lease Cost Finance lease cost Amortization of right-of-use assets$ 7.1 $ 1.6 $ 0.1 Interest on lease liabilities 0.6 (0.1) 0.0 Operating lease cost 71.0 58.5 56.5 Short-term lease cost 1 27.3 30.5 35.4 Variable lease cost 10.6 12.9 13.7 Sublease income (3.1) (2.7) (3.0) Total lease cost$ 113.5 $ 100.7 $ 102.7 1Our short-term lease cost includes the cost of leases with an initial term of one month or less. Cash paid for operating leases was $64.4 million for 2021 and $54.9 million for 2020. Cash paid for finance leases was $14.0 million for 2021 and $1.7 million for 2020.Maturity analysis on an undiscounted basis of our lease liabilities (see Note 12 for mineral lease payments) as of December 31, 2021 is as follows: Operating Finance in millionsLeases Leases Maturity of Lease Liabilities 2022$ 72.5 $ 33.9 2023 66.0 27.1 2024 63.3 19.7 2025 61.0 12.2 2026 56.3 5.3 Thereafter 797.2 0.0 Total minimum lease payments$ 1,116.3 $ 98.2 Less: Lease payments representing interest 424.6 2.3 Present value of future minimum lease payments$ 691.7 $ 95.9 Less: Current obligations under leases 49.2 35.4 Long-term lease obligations$ 642.5 $ 60.5 |
ACCRUED ENVIRONMENTAL REMEDIATION COSTS |
12 Months Ended |
|---|---|
Dec. 31, 2021 | |
| ACCRUED ENVIRONMENTAL REMEDIATION COSTS [Abstract] | |
| ACCRUED ENVIRONMENTAL REMEDIATION COSTS | NOTE 8: ACCRUED ENVIRONMENTAL REMEDIATION COSTSOur Consolidated Balance Sheets as of December 31 include accrued environmental remediation costs (measured on an undiscounted basis) as follows: in millions2021 2020 Accrued Environmental Remediation Costs Continuing operations$ 23.2 $ 25.5 Retained from former Chemicals business 10.7 11.0 Total$ 33.9 $ 36.5 The long-term portion of the accruals noted above is included in other noncurrent liabilities in the accompanying Consolidated Balance Sheets and amounted to $15.9 million at December 31, 2021 and $12.9 million at December 31, 2020. The short-term portion of these accruals is included in other current liabilities in the accompanying Consolidated Balance Sheets.The accrued environmental remediation costs in continuing operations relate primarily to the former Florida Rock, Tarmac, and CalMat facilities acquired in 2007, 2000 and 1999, respectively. The balances noted above for the former Chemicals business relate to retained environmental remediation costs from the 2003 sale of the Performance Chemicals business and the 2005 sale of the Chloralkali business. Refer to Note 12 for additional discussion of contingent environmental matters. |
INCOME TAXES |
12 Months Ended |
|---|---|
Dec. 31, 2021 | |
| INCOME TAXES [Abstract] | |
| INCOME TAXES | NOTE 9: INCOME TAXESThe components of earnings from continuing operations before income taxes are as follows: in millions2021 2020 2019 Earnings from Continuing Operations before Income Taxes Domestic$ 871.6 $ 733.0 $ 734.0 Foreign 2.2 10.8 23.7 Total$ 873.8 $ 743.8 $ 757.7 Income tax expense (benefit) from continuing operations consists of the following: in millions2021 2020 2019 Income Tax Expense (Benefit) from Continuing Operations Current Federal$ 103.9 $ 69.2 $ 31.2 State and local 34.6 23.8 24.4 Foreign (5.0) 0.9 3.3 Total$ 133.5 $ 93.9 $ 58.9 Deferred Federal$ 39.2 $ 50.9 $ 67.8 State and local 26.5 10.8 8.7 Foreign 0.9 0.2 (0.2) Total$ 66.6 $ 61.9 $ 76.3 Total expense$ 200.1 $ 155.8 $ 135.2 Income tax expense (benefit) differs from the amount computed by applying the federal statutory income tax rate to earnings from continuing operations before income taxes. The sources and tax effects of the differences are as follows: dollars in millions2021 2020 2019 Income tax expense at the federal statutory tax rate$ 183.5 21.0% $ 156.2 21.0% $ 159.1 21.0% Expense (Benefit) from Income Tax Differences Statutory depletion (28.3)-3.2% (24.7)-3.3% (23.0)-3.0% State and local income taxes, net of federal income tax benefit 34.7 4.0% 27.4 3.7% 26.1 3.4% Share-based compensation (6.1)-0.7% (6.9)-0.9% (17.2)-2.3% Uncertain tax positions 2.5 0.3% 1.4 0.2% 1.8 0.2% AL NOL valuation allowance 13.7 1.6% 0.0 0.0% 0.0 0.0% Research and development credit (2.7)-0.3% (2.7)-0.4% (9.5)-1.3% Other, net 2.8 0.2% 5.1 0.6% (2.1)-0.2% Total income tax expense/ Effective tax rate$ 200.1 22.9% $ 155.8 20.9% $ 135.2 17.8% Deferred taxes on the balance sheet result from temporary differences between the amount of assets and liabilities recognized for financial reporting and tax purposes. The components of the net deferred income tax liability at December 31 are as follows: in millions2021 2020 Deferred Tax Assets Related to Employee benefits$ 11.8 $ 21.9 Incentive compensation 62.5 58.2 Asset retirement obligations & other reserves 77.9 58.3 State net operating losses 75.0 67.7 Other 59.1 25.4 Total gross deferred tax assets$ 286.3 $ 231.5 Valuation allowance (53.3) (32.5) Total net deferred tax asset$ 233.0 $ 199.0 Deferred Tax Liabilities Related to Property, plant & equipment$ 794.3 $ 622.9 Goodwill/other intangible assets 380.2 252.2 Other 64.4 30.0 Total deferred tax liabilities$ 1,238.9 $ 905.1 Net deferred tax liability$ 1,005.9 $ 706.1 As of December 31, 2021 and 2020, we have gross deferred tax assets of $176.7 million and $111.5 million, respectively, related to operating lease liabilities, and gross deferred tax liabilities of $176.7 million and $108.1 million, respectively, related to ROU assets. These amounts are presented net in Other deferred tax assets.In February 2021, the Alabama Business Competitiveness Act (ABC Act) was signed into law. The ABC Act contained a provision requiring most taxpayers to change from a three-factor, double-weighted sales method to a single-sales factor method to apportion income to Alabama. This provision had the effect of significantly reducing our apportionment of income to Alabama, thereby further inhibiting our ability to utilize our Alabama net operating loss (NOL) carryforward. As a result, we recorded a charge in the first quarter of 2021 to increase the valuation allowance by $13.7 million. No other material tax impacts resulted from the enactment of the ABC Act. Each quarter we analyze the likelihood that our deferred tax assets will be realized. A valuation allowance is recorded if, based on the weight of all available positive and negative evidence, it is more likely than not (a likelihood of more than 50%) that some portion, or all, of a deferred tax asset will not be realized. At December 31, 2021, we have Alabama state NOL carryforward deferred tax assets of $63.2 million, against which we have a valuation allowance of $42.9 million (after considering the ABC Act above). Almost all of the Alabama NOL carryforward would expire between 2023 and 2029 if not utilized.Changes in our liability for unrecognized tax benefits for the years ended December 31 are as follows: in millions2021 2020 2019 Unrecognized tax benefits as of January 1$ 6.8 $ 5.4 $ 3.7 Increases for tax positions related to Prior years 0.5 0.4 0.2 Current year 3.9 1.9 3.2 Decreases for tax positions related to Prior years 0.0 0.0 0.0 Expiration of applicable statute of limitations (0.4) (0.9) (1.7) Unrecognized tax benefits as of December 31$ 10.8 $ 6.8 $ 5.4 We classify interest and penalties recognized on the liability for unrecognized tax benefits as income tax expense. Interest and penalties recognized as income tax expense were $0.2 million in 2021, $0.0 million in 2020 and $0.0 million in 2019. The balance of accrued interest and penalties included in our liability for unrecognized tax benefits as of December 31 was $0.8 million in 2021, $0.3 million in 2020 and $0.3 million in 2019. Our liability for unrecognized tax benefits at December 31 in the table above includes $10.3 million in 2021, $6.6 million in 2020 and $5.3 million in 2019 that would affect the effective tax rate if recognized. We anticipate no single tax position generating a significant increase or decrease in our liability for unrecognized tax benefits within 12 months of this reporting date.As of December 31, 2021, income tax receivables of $5.0 million and $0.6 million are included in other accounts and notes receivable and other current assets, respectively, in the accompanying Consolidated Balance Sheet. There were similar receivables of $5.3 million and $0.9 million recorded in other accounts and notes receivable and other current assets, respectively, as of December 31, 2020. |
BENEFIT PLANS |
12 Months Ended |
|---|---|
Dec. 31, 2021 | |
| BENEFIT PLANS [Abstract] | |
| BENEFIT PLANS | NOTE 10: BENEFIT PLANSPENSION PLANSWe 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 2013 for salaried participants. The CMG Pension Plan is closed to new entrants other than through one small union, and benefits continue to accrue equal to a flat dollar amount for each year of service. In addition to these qualified plans, we sponsor three unfunded, nonqualified pension plans. The projected benefit obligation (PBO) presented in the table below includes $59.2 million and $67.2 million related to these unfunded, nonqualified pension plans for 2021 and 2020, respectively.During October 2021, we purchased (using pension plan assets) an irrevocable group annuity contract from an insurance company to transfer $87.2 million of our outstanding PBO, representing approximately 10% of the total PBO as of the purchase date (remeasured at October 31). As a result of this transaction: 1) we incurred a settlement charge of $12.1 million, 2) we were relieved of all responsibility for these pension obligations, and 3) the insurance company is now required to pay and administer the retirement benefits owed to 2,764 U.S. retirees and beneficiaries (representing approximately 50% of retirees currently in payment status), with no change to the amount, timing or form of retirement benefit payments.At November 30, 2020, the plans were remeasured to reflect settlement accounting for the CMG Pension Plan and the VMC Pension Plan as a result of voluntary lump sum distributions to certain fully vested plan participants (resulting in a $22.7 million settlement charge). The following table sets forth the combined funded status of the plans and their reconciliation with the related amounts recognized in our consolidated financial statements at December 31: in millions2021 2020 Change in Benefit Obligation Projected benefit obligation at beginning of year$ 1,059.5 $ 1,090.9 Service cost 4.8 4.9 Interest cost 19.7 29.3 Actuarial (loss) gain (25.0) 89.1 Benefits paid (56.4) (154.7) Annuity purchase (87.2) 0.0 Projected benefit obligation at end of year$ 915.4 $ 1,059.5 Change in Fair Value of Plan Assets Fair value of assets at beginning of year$ 944.2 $ 949.0 Actual return on plan assets 51.9 141.1 Employer contribution 8.0 8.8 Benefits paid (56.4) (154.7) Annuity purchase (87.2) 0.0 Fair value of assets at end of year$ 860.5 $ 944.2 Funded status (54.9) (115.3) Net amount recognized$ (54.9) $ (115.3) Amounts Recognized in the Consolidated Balance Sheets Noncurrent assets$ 18.2 $ 0.0 Current liabilities (8.2) (8.1) Noncurrent liabilities (64.9) (107.2) Net amount recognized$ (54.9) $ (115.3) Amounts Recognized in Accumulated Other Comprehensive Income Net actuarial loss$ 176.4 $ 230.5 Prior service cost 3.8 5.1 Total amount recognized$ 180.2 $ 235.6 The decrease in actuarial loss as of December 31, 2021 was primarily attributable to an increase in the discount rates for the plans (approximately 0.3 to 0.6 percentage points) compared with the prior year. The following table sets forth the pension plans for which their accumulated benefit obligation (ABO) or projected benefit obligation (PBO) exceeds the fair value of their respective plan assets at December 31: in millions2021 2020 Pension plans with ABO in excess of plan assets Accumulated benefit obligation$ 249.2 $ 1,058.6 Fair value of assets 176.6 944.3 Pension plans with PBO in excess of plan assets Projected benefit obligation$ 249.7 $ 1,059.5 Fair value of assets 176.6 944.3 The following table sets forth the components of net periodic benefit cost, amounts recognized in other comprehensive income and weighted-average assumptions of the plans at December 31: dollars in millions2021 2020 2019 Components of Net Periodic Pension Benefit Cost Service cost$ 4.8 $ 4.9 $ 5.0 Interest cost 19.7 29.3 37.6 Expected return on plan assets (42.8) (48.6) (47.7) Settlement charge 12.1 22.7 0.0 Amortization of prior service cost 1.3 1.4 1.4 Amortization of actuarial loss 8.0 11.9 5.4 Net periodic pension benefit cost$ 3.1 $ 21.6 $ 1.7 Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income Net actuarial loss (gain)$ (34.0) $ (3.4) $ 33.7 Reclassification of prior service cost (1.3) (1.4) (1.4) Reclassification of actuarial loss (20.1) (34.6) (5.4) Amount recognized in other comprehensive income$ (55.4) $ (39.4) $ 26.9 Amount recognized in net periodic pension benefit cost and other comprehensive income$ (52.3) $ (17.8) $ 28.6 Assumptions Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31 Discount rate — PBO2.63% 3.22% 4.39% Discount rate — service cost 12.94% / 3.21% 3.49% / 2.89% 4.59% Discount rate — interest cost1.90% 2.78% 4.02% Expected return on plan assets 25.25% / 3.75% 5.75% / 5.25% 5.75% Weighted-average assumptions used to determine benefit obligation at December 31 Discount rate2.91% 2.57% 3.28% 1As a result of remeasurements, the 2021 service cost discount rates were revised from 2.94% at 12/31/2020 to 3.21% at 10/31/2021 and the 2020 service cost discount rates were revised from 3.49% at 12/31/2019 to 2.89% at 11/30/2020.2As a result of remeasurements, the 2021 expected return on plan assets were revised from 5.25% at 12/31/2020 to 3.75% at 10/31/2021 and the 2020 expected return on plan assets were revised from 5.75% at 12/31/2019 to 5.25% at 11/30/2020. Plan assets are invested according to an investment policy that allocates investments to return seeking assets and liability hedging assets based on the plans’ funded ratio (fair value of assets/PBO). At December 31, 2021 and 2020, the total pension asset allocation was approximately 20% return seeking and 80% liability hedging. Return seeking assets include index and actively managed mutual funds and collective investment trusts that hold public equity securities (less than 1% of the plans’ assets are in private equity and debt securities via private partnerships). Liability hedging assets include money market securities, inflation linked debt securities, public corporate debt securities, and government debt securities that are actively managed to match the duration of the plans’ liabilities.At each measurement date, we estimate the net asset values and fair values of our pension assets using various valuation techniques. For certain investments, we use the net asset value (NAV) as a practical expedient to estimating fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels as described below:Level 1: Quoted prices in active markets for identical assets or liabilitiesLevel 2: Inputs that are derived principally from or corroborated by observable market dataLevel 3: Inputs that are unobservable and significant to the overall fair value measurementThe fair values and net asset values of our pension plan assets at December 31, 2021 and 2020 are in the tables below. The assets in the common/collective trusts and in the private partnerships consist of both return seeking and liability hedging investments.Fair Value Measurements at December 31, 2021 in millionsLevel 1 Level 2 Level 3 Total Asset Category Debt funds$ 0.0 $ 662.9 $ 0.0 $ 662.9 Equity funds 0.1 59.0 0.0 59.1 Investments in the fair value hierarchy$ 0.1 $ 721.9 $ 0.0 $ 722.0 Interest in common/collective trusts (at NAV) 134.3 Private partnerships (at NAV) 4.2 Total pension plan assets $ 860.5 Fair Value Measurements at December 31, 2020 in millionsLevel 1 Level 2 Level 3 Total Asset Category Debt funds$ 0.0 $ 456.2 $ 0.0 $ 456.2 Equity funds 0.0 115.8 0.0 115.8 Investments in the fair value hierarchy$ 0.0 $ 572.0 $ 0.0 $ 572.0 Interest in common/collective trusts (at NAV) 367.1 Private partnerships (at NAV) 5.1 Total pension plan assets $ 944.2 The following describes the types of investments included in each asset category listed in the tables above and the valuation techniques we used to determine the fair values or net asset values as of December 31, 2021 and 2020.The debt funds category consists of U.S. federal, state and local government debt securities, corporate debt securities, foreign government debt securities, and asset-backed securities. The fair values of U.S. government and corporate debt securities are based on current market rates and credit spreads for debt securities with similar maturities. The fair values of debt securities issued by foreign governments are based on prices obtained from broker/dealers and international indices. The fair values of asset-backed securities are priced using prepayment speed and spread inputs that are sourced from the new issue market.The equity funds category consists primarily of a mutual fund investing in non-domestic equities. For investment funds publicly traded on a national securities exchange, the fair value is based on quoted market prices. For investment funds not traded on an exchange, the total fair value of the underlying securities is used to determine the net asset value for each unit of the fund held by the pension fund. The estimated fair values of the underlying securities are generally valued based on quoted market prices. For securities without quoted market prices, other observable market inputs are used to determine the fair value.Common/collective trust fund investments consist of index funds for domestic equities, an actively managed fund for international equities, and a short-term investment fund for highly liquid, short-term debt securities. Investments are valued at the NAV of units of a bank collective trust. The NAV is based on the fair value of the underlying investments held by the fund less its liabilities. This practical expedient is not used when it is determined to be probable that the fund will sell the investment for an amount different than the reported NAV.The private partnerships category consists of various venture capital funds, mezzanine debt funds and leveraged buyout funds. The NAV of these investments has been estimated based on methods employed by the general partners, including reference to third-party transactions and valuations of comparable companies.Total employer contributions to the pension plans are presented below: in millionsPension Employer Contributions 2019$ 8.9 2020 8.8 2021 8.0 2022 (estimated) 8.2 For our qualified pension plans, we made no contributions during 2021, 2020 and 2019. We do not anticipate making contributions to our qualified pension plans in 2022. For our nonqualified pension plans, we contributed $8.0 million, $8.8 million and $8.9 million during 2021, 2020 and 2019, respectively, and expect to contribute $8.2 million during 2022. The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: in millionsPension Estimated Future Benefit Payments 2022$ 49.9 2023 50.5 2024 51.3 2025 49.0 2026 49.7 2027-2031 251.5 We contribute to a number of multiemployer defined benefit pension plans under the terms of collective-bargaining agreements for union-represented employees. The risks of participating in multiemployer plans differ from single employer plans as follows:assets contributed to a multiemployer plan by one employer may be used to provide benefits to employees of other participating employersif a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employersif we cease to have an obligation to contribute to one or more of the multiemployer plans to which we contribute, we may be required to pay those plans an amount based on the underfunded status of the plan, referred to as a withdrawal liabilityNone of the multiemployer pension plans that we participate in are individually significant. Our contributions to individual multiemployer pension plans did not exceed 5% of the plans’ total contributions in the three years ended December 31, 2021, 2020 and 2019. Total contributions to multiemployer pension plans were $16.9 million in 2021, $10.3 million in 2020 and $10.4 million in 2019.As of December 31, 2021, a total of 16.2% of our domestic hourly labor force was covered by collective-bargaining agreements. Of such employees covered by collective-bargaining agreements, 47.8% were covered by agreements that expire in 2022. We also employed 325 union employees in Mexico who are covered by a collective-bargaining agreement that will expire in 2022. None of our union employees in Mexico participate in multiemployer pension plans.In addition to the pension plans noted above, we had one unfunded supplemental retirement plan as of December 31, 2021 and 2020. The accrued costs for the supplemental retirement plan were $1.1 million at December 31, 2021 and $2.5 million at December 31, 2020. POSTRETIREMENT PLANSIn addition to pension benefits, we provide certain healthcare and life insurance benefits for some retired employees. In 2021, we amended our postretirement healthcare plan to increase our employer contribution rate from the previously capped level to a higher level effective 2022. This will serve as a cost reduction for retirees in 2022 that will carry forward as we use this new benchmark for future employer contributions. Previously (in 2012), we amended our postretirement healthcare plan to cap our employer portion of the medical coverage cost at the 2015 level.Substantially all our salaried employees and, where applicable, certain of our hourly employees may become eligible for these benefits if they reach a qualifying age and meet certain service requirements. Generally, Company-provided healthcare benefits end when covered individuals become eligible for Medicare benefits, become eligible for other group insurance coverage or reach age 65, whichever occurs first.The following table sets forth the combined funded status of the plans and their reconciliation with the related amounts recognized in our consolidated financial statements at December 31: in millions2021 2020 Change in Benefit Obligation Projected benefit obligation at beginning of year$ 33.9 $ 41.2 Service cost 1.3 1.5 Interest cost 0.5 1.0 Plan amendments 14.9 0.0 Actuarial (gain) loss 0.9 (5.1) Benefits paid (5.5) (4.7) Projected benefit obligation at end of year$ 46.0 $ 33.9 Change in Fair Value of Plan Assets Fair value of assets at beginning of year$ 0.0 $ 0.0 Actual return on plan assets 0.0 0.0 Fair value of assets at end of year$ 0.0 $ 0.0 Funded status$ (46.0) $ (33.9) Net amount recognized$ (46.0) $ (33.9) Amounts Recognized in the Consolidated Balance Sheets Current liabilities$ (4.6) $ (4.5) Noncurrent liabilities (41.4) (29.4) Net amount recognized$ (46.0) $ (33.9) Amounts Recognized in Accumulated Other Comprehensive Income Net actuarial gain$ (16.7) $ (19.0) Prior service cost (credit) 12.8 (3.7) Total amount recognized$ (3.9) $ (22.7) The decrease in actuarial gain as of December 31, 2021 was primarily attributable to less favorable demographic experience and higher benefit payments than expected compared with the prior year. The following table sets forth the components of net periodic benefit cost, amounts recognized in other comprehensive income, weighted-average assumptions and assumed trend rates of the plans at December 31: dollars in millions2021 2020 2019 Components of Net Periodic Postretirement Benefit Cost Service cost$ 1.2 $ 1.5 $ 1.3 Interest cost 0.5 1.0 1.4 Amortization of prior service credit (1.5) (3.9) (3.9) Amortization of actuarial gain (1.4) (0.8) (1.3) Net periodic postretirement benefit credit$ (1.2) $ (2.2) $ (2.5) Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income Net actuarial (gain) loss$ 0.9 $ (5.1) $ 2.7 Prior service cost 14.9 0.0 0.0 Reclassification of prior service credit 1.5 3.9 3.9 Reclassification of actuarial gain 1.4 0.8 1.3 Amount recognized in other comprehensive income$ 18.7 $ (0.4) $ 7.9 Amount recognized in net periodic postretirement benefit cost and other comprehensive income$ 17.5 $ (2.6) $ 5.4 Assumptions Assumed Healthcare Cost Trend Rates at December 31 Healthcare cost trend rate assumed for next year (Pre-65/Post-65)6.60% / 6.50% n/a n/a Rate to which the cost trend rate gradually declines4.50% n/a n/a Year that the rate reaches the rate it is assumed to maintain2028 n/a n/a Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31 Discount rate — PBO2.19% 2.84% 4.01% Discount rate — service cost 12.45% / 2.84% 3.09% 4.23% Discount rate — interest cost1.60% 2.42% 3.63% Weighted-average assumptions used to determine benefit obligation at December 31 Discount rate2.59% 2.09% 2.84% 1As a result of remeasurements, the 2021 service cost discount rates were revised from 2.45% at 12/31/2020 to 2.84% at 9/30/2021. Total employer contributions to the postretirement plans are presented below: in millionsPostretirement Employer Contributions 2019$ 5.0 2020 4.7 2021 5.5 2022 (estimated) 4.6 The employer contributions shown above are equal to the cost of benefits during the year. The plans are not funded and are not subject to any regulatory funding requirements.The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: in millionsPostretirement Estimated Future Benefit Payments 2022$ 4.6 2023 4.7 2024 4.5 2025 4.5 2026 4.2 2027–2031 17.7 Contributions by participants to the postretirement benefit plans for the years ended December 31 are as follows: in millionsPostretirement Participants Contributions 2019$ 2.2 2020 2.6 2021 2.3 PENSION AND OTHER POSTRETIREMENT BENEFITS ASSUMPTIONSEach year, we review our assumptions for discount rates (used for PBO, service cost, and interest cost calculations), the per capita cost of healthcare benefits and the expected return on plan assets. Due to plan changes made in 2013, annual pay increases do not materially impact plan obligations.We use a high-quality bond full yield curve approach (specific spot rates for each annual expected cash flow) to establish the discount rates at each measurement date. At December 31, 2021, the discount rates used were as follows:PBO for various plans – ranged from 2.09% to 3.07% (December 31, 2020 ranged from 1.55% to 2.72%)Service cost – weighted average of 2.99% and 2.55%, respectively, for our pension plans and our other postretirement plans (2020 figures were 2.92% and 3.09%, respectively)Interest cost – weighted average of 1.90% and 1.60%, respectively, for our pension plans and our other postretirement plans (2020 figures were 2.78% and 2.42%, respectively)In selecting the rate of increase in the per capita cost of covered healthcare benefits, we consider past performance and forecast of future healthcare cost trends. At December 31, 2021, our assumed rate of increase in the per capita cost of covered healthcare benefits was 6.60% for pre-65 coverage and 6.50% for post-65 coverage for 2022, with both rates decreasing each year until reaching 4.50% in 2028 and remaining level thereafter.Our expected return on plan assets is: (1) a long-term view based on our current asset allocation, and (2) a judgment informed by consultation with our retirement plans’ consultant and our pension plans’ actuary. As a result of remeasurements, the 2021 expected return on plan assets was revised from 5.25% at 12/31/2020 to 3.75% at 10/31/2021 and the 2020 expected return on plan assets was revised from 5.75% at 12/31/2019 to 5.25% at 11/30/2020. For 2022, we set the expected return on plan assets to 4.00%.DEFINED CONTRIBUTION PLANSIn addition to our pension and postretirement plans, we sponsor five defined contribution plans including three plans related to the U.S. Concrete acquisition. Substantially all salaried and nonunion hourly employees are eligible to be covered by one of these plans. Under these plans, we match employees’ eligible contributions at established rates. Expense recognized in connection with these matching obligations totaled $67.5 million in 2021, $50.8 million in 2020 and $53.9 million in 2019. |
INCENTIVE PLANS |
12 Months Ended |
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Dec. 31, 2021 | |
| INCENTIVE PLANS [Abstract] | |
| INCENTIVE PLANS | NOTE 11: INCENTIVE PLANSSHARE-BASED COMPENSATION PLANSOur 2016 Omnibus Long-term Incentive Plan (Plan) authorizes the granting of performance shares, restricted shares, Stock-Only Stock Appreciation Rights (SOSARs) and other types of share-based awards to key salaried employees and nonemployee directors. The maximum number of shares that may be issued under the Plan is 8,000,000, of which 5,935,934 shares remain under this authorization as of December 31, 2021.PERFORMANCE SHARES — Each performance share unit is equal to and paid in one share of our common stock, but carries no voting rights. The number of units ultimately paid for performance share awards may range from 0% to 200% of the number of units awarded on the date of grant. Payment is based upon the outcome of performance and/or market conditions. Awards vest on December 31 of the third year after date of grant. Vesting is accelerated upon death, disability, or change of control and the awards become non-forfeitable upon reaching retirement age — all as defined in the award agreement. Nonvested units are forfeited upon termination for any other reason. Expense provisions referable to performance share awards amounted to $18.2 million in 2021, $17.8 million in 2020 and $18.2 million in 2019.The fair value of performance shares is estimated as of the date of grant using a Monte Carlo simulation model. The following table summarizes the activity for nonvested performance share units during the year ended December 31, 2021: Target Weighted-average Number Grant Date of Shares Fair Value Performance Shares Nonvested at January 1, 2021 243,859 $ 121.53 Granted 112,070 164.38 Vested (125,551) 110.41 Canceled/forfeited (9,390) 136.81 Nonvested at December 31, 2021 220,988 $ 148.93 During 2020 and 2019, the weighted-average grant date fair value of performance shares granted was $133.95 and $110.39, respectively.The aggregate values for distributed performance share awards are based on the closing price of our common stock as of the distribution date. The aggregate values of distributed performance shares for the years ended December 31 are as follows: in millions2021 2020 2019 Aggregate value of distributed performance shares$ 19.6 $ 38.8 $ 33.2 RESTRICTED SHARES — Each restricted share unit is equal to and paid in one share of our common stock, but carries no voting rights. Awards vest on the third anniversary of the grant date. Vesting is accelerated upon reaching retirement age, death, disability, or change of control, all as defined in the award agreement. Nonvested units are forfeited upon termination for any other reason. Expense provisions referable to restricted share awards amounted to $10.4 million in 2021, $9.8 million in 2020 and $7.8 million in 2019.The fair value of restricted shares is estimated as of the date of grant based on the stock price adjusted for dividends foregone. The following table summarizes the activity for nonvested restricted share units during the year ended December 31, 2021: Weighted-average Number Grant Date of Shares Fair Value Restricted Stock Units Nonvested at January 1, 2021 200,153 $ 121.11 Granted 68,980 164.38 Vested (57,230) 120.70 Canceled/forfeited (6,623) 136.70 Nonvested at December 31, 2021 205,280 $ 135.26 During 2020 and 2019, the weighted-average grant date fair value of restricted shares granted was $133.95 and $110.39, respectively.The aggregate values for distributed restricted share awards are based on the closing price of our common stock as of the distribution date. The aggregate values of distributed restricted shares for the years ended December 31 are as follows: in millions2021 2020 2019 Aggregate value of distributed restricted shares$ 9.0 $ 12.2 $ 2.4 STOCK-ONLY STOCK APPRECIATION RIGHTS (SOSARs) — SOSARs granted have an exercise price equal to the market value of our underlying common stock on the date of grant. The SOSARs vest ratably over 3 years and expire 10 years subsequent to the date of grant. Vesting is accelerated upon reaching retirement age, death, disability, or change of control, all as defined in the award agreement. Nonvested awards are forfeited upon termination for any other reason.The fair value of SOSARs is estimated as of the date of grant using the Black-Scholes option pricing model. Compensation cost for SOSARs is based on this grant date fair value and is recognized for awards that ultimately vest. The following table presents the weighted-average fair value and the weighted-average assumptions used in estimating the fair value of grants during the years ended December 31: 2021 2020 2019 SOSARs Fair value$ 52.19 $ 40.91 $ 38.90 Risk-free interest rate1.18% 1.50% 2.62% Dividend yield0.62% 0.71% 0.87% Volatility27.33% 25.74% 27.23% Expected term (years)9.00 9.00 9.00 The risk-free interest rate is based on the yield at the date of grant of a U.S. Treasury security with a maturity period approximating the SOSARs expected term. The dividend yield assumption is based on our historical dividend payouts adjusted for current expectations of future payouts. The volatility assumption is based on the historical volatility and expectations about future volatility of our common stock over a period equal to the SOSARs expected term. The expected term is based on historical experience and expectations about future exercises and represents the period of time that SOSARs granted are expected to be outstanding. A summary of our SOSAR activity as of December 31, 2021 and changes during the year are presented below: Weighted-average Remaining Aggregate Number Weighted-average Contractual Intrinsic Value of Shares Exercise Price Life (Years) (in millions) SOSARs Outstanding at January 1, 2021 788,436 $ 90.72 Granted 68,700 164.38 Exercised (229,809) 71.99 Forfeited or expired (3,183) 147.41 Outstanding at December 31, 2021 624,144 $ 105.43 5.17 $ 63.2 Exercisable at December 31, 2021 484,140 $ 94.00 4.22 $ 54.5 The aggregate intrinsic values in the table above represent the total pretax intrinsic value (the difference between our stock price on the last trading day of 2021 and the exercise price, multiplied by the number of in-the-money SOSARs) that would have been received by the option holders had all SOSARs been exercised on December 31, 2021. These values change based on the fair market value of our common stock. The aggregate intrinsic values of SOSARs exercised for the years ended December 31 are as follows: in millions2021 2020 2019 Aggregate intrinsic value of SOSARs exercised$ 24.9 $ 22.3 $ 74.8 The following table presents cash and stock consideration received and tax benefit realized from SOSAR exercises and compensation cost recorded referable to SOSARs for the years ended December 31: in millions2021 2020 2019 SOSARs Cash and stock consideration received from exercises$ 0.0 $ 0.0 $ 0.0 Tax benefit from exercises 6.3 5.7 29.0 Compensation cost 3.9 3.9 4.0 NONEMPLOYEE DIRECTOR AWARDS — In addition to the share-based compensation plans for employees discussed above, we issue a limited number of stock units to our nonemployee directors annually. Expense provisions referable to nonemployee director stock units amounted to $2.2 million in 2021, $1.6 million in 2020 and $1.8 million in 2019.CASH-BASED COMPENSATION PLANSWe have incentive plans under which cash awards may be made annually. Expense provisions under these plans referable to awards to officers and certain employees amounted to $42.2 million in 2021, $42.1 million in 2020 and $40.8 million in 2019. |
COMMITMENTS AND CONTINGENCIES |
12 Months Ended |
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Dec. 31, 2021 | |
| COMMITMENTS AND CONTINGENCIES [Abstract] | |
| COMMITMENTS AND CONTINGENCIES | NOTE 12: COMMITMENTS AND CONTINGENCIESWe have commitments in the form of unconditional purchase obligations as of December 31, 2021. These include commitments for the purchase of property, plant & equipment of $18.2 million and commitments for noncapital purchases of $67.5 million. These commitments are due as follows: Unconditional Purchase in millionsObligations Property, Plant & Equipment 2022$ 18.2 Thereafter 0.0 Total$ 18.2 Noncapital (primarily transportation and electricity contracts) 2022$ 22.1 2023–2024 32.2 2025–2026 3.2 Thereafter 10.0 Total$ 67.5 Expenditures for noncapital purchases totaled $53.4 million in 2021, $87.4 million in 2020 and $87.0 million in 2019.We have commitments in the form of minimum royalties under mineral leases as of December 31, 2021 in the amount of $253.8 million, due as follows: Mineral in millionsLeases Minimum Royalties 2022$ 26.2 2023–2024 39.2 2025–2026 26.2 Thereafter 162.2 Total$ 253.8 Expenditures for royalties under mineral leases totaled $90.4 million in 2021, $81.5 million in 2020 and $84.8 million in 2019.Certain of our aggregates reserves are burdened by volumetric production payments (nonoperating interest) as described in Note 2. As the holder of the working interest, we have responsibility to bear the cost of mining and producing the reserves attributable to this nonoperating interest.As described in Note 1 under the caption Claims and Litigation Including Self-Insurance, our net liabilities for our self-insurance program totaled $130.5 million as of December 31, 2021.As summarized by purpose in Note 6, our standby letters of credit totaled $84.4 million as of December 31, 2021.As outlined in Note 7, our present value of future minimum (nonmineral) lease payments totaled $787.6 million as of December 31, 2021.As described in Note 9, our liability for unrecognized tax benefits is $10.8 million as of December 31, 2021.As described in Note 17, our asset retirement obligations totaled $315.2 million as of December 31, 2021. LITIGATION AND ENVIRONMENTAL MATTERSWe are subject to occasional governmental proceedings and orders pertaining to occupational safety and health or to protection of the environment, such as proceedings or orders relating to noise abatement, air emissions or water discharges. As part of our continuing program of stewardship in safety, health and environmental matters, we have been able to resolve such proceedings and to comply with such orders without any material adverse effects on our business.We have received notices from the United States Environmental Protection Agency (EPA) or similar state or local agencies that we are considered a potentially responsible party (PRP) at a limited number of sites under the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA or Superfund) or similar state and local environmental laws. Generally we share the cost of remediation at these sites with other PRPs or alleged PRPs in accordance with negotiated or prescribed allocations. There is inherent uncertainty in determining the potential cost of remediating a given site and in determining any individual party's share in that cost. As a result, estimates can change substantially as additional information becomes available regarding the nature or extent of site contamination, remediation methods, other PRPs and their probable level of involvement, and actions by or against governmental agencies or private parties.We have reviewed the nature and extent of our involvement at each Superfund site, as well as potential obligations arising under other federal, state and local environmental laws. While ultimate resolution and financial liability is uncertain at a number of the sites, in our opinion based on information currently available, the ultimate resolution of claims and assessments related to these sites will not have a material effect on our consolidated results of operations, financial position or cash flows, although amounts recorded in a given period could be material to our results of operations or cash flows for that period. Amounts accrued for environmental matters are presented in Note 8.We are a defendant in various lawsuits in the ordinary course of business. It is not possible to determine with precision the outcome, or the amount of liability, if any, under these lawsuits, especially where the cases involve possible jury trials with as yet undetermined jury panels.In addition to these lawsuits in which we are involved in the ordinary course of business, certain other material legal proceedings are specifically described below.■ LOWER PASSAIC RIVER STUDY AREA (DISCONTINUED OPERATIONS and SUPERFUND SITE) — The Lower Passaic River Study Area is part of the Diamond Shamrock Superfund Site in New Jersey. Vulcan and approximately 70 other companies are parties (collectively the Cooperating Parties Group, CPG) to a May 2007 Administrative Order on Consent (AOC) with the EPA to perform a Remedial Investigation/Feasibility Study (draft RI/FS) of the lower 17 miles of the Passaic River (River). The draft RI/FS was submitted recommending a targeted hot spot remedy; however, the EPA issued a record of decision (ROD) in March 2016 that calls for a bank-to-bank dredging remedy for the lower 8 miles of the River. The EPA estimates that the cost of implementing this proposal is $1.38 billion. In September 2016, the EPA entered into an Administrative Settlement Agreement and Order on Consent with Occidental Chemical Corporation (Occidental) in which Occidental agreed to undertake the remedial design for this bank-to-bank dredging remedy and to reimburse the United States for certain response costs.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 for 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). In early February 2022, Vulcan and certain of the other PRPs that received the joint confidential settlement demand (the Settling Defendants) reached an agreement in principle with the EPA/DOJ. The Settling Defendants and the governmental agencies intend to negotiate a consent decree. If the consent decree is approved by the court, Vulcan’s portion of the settlement would be within the immaterial loss recorded for this matter in 2015. In July 2018, Vulcan, along with more than one hundred other defendants, was sued by Occidental in United States District Court for the District of New Jersey, Newark Vicinage. Occidental is seeking cost recovery and contribution under CERCLA. It is unknown at this time how the proposed settlement with the EPA/DOJ would affect the Occidental lawsuit.■ TEXAS BRINE MATTER (DISCONTINUED OPERATIONS) — During the operation of its former Chemicals Division, Vulcan secured the right to mine salt out of an underground salt dome formation in Assumption Parish, Louisiana from 1976 - 2005. Throughout that period, the Texas Brine Company (Texas Brine) was the operator contracted by Vulcan (and later Occidental Chemical Company (Occidental)) to mine and deliver the salt. We sold our Chemicals Division in 2005 and transferred our rights and interest related to the salt and mining operations to the purchaser, a subsidiary of Occidental, and we have had no association with the leased premises or Texas Brine since that time. In August 2012, a sinkhole developed in the vicinity of the Texas Brine mining operations, and numerous lawsuits were filed in state court in Assumption Parish, Louisiana. Other lawsuits, including class action litigation, were also filed in federal court before the Eastern District of Louisiana in New Orleans.There have been numerous defendants, including Texas Brine and Occidental, to the litigation in state and federal court. Vulcan was first brought into the litigation as a third-party defendant in August 2013 by Texas Brine. We have since been added as a direct and third-party defendant by other parties, including a direct claim by the state of Louisiana. Damage categories encompassed within the litigation include, but are not limited to, individual plaintiffs’ claims for property damage; a claim by the state of Louisiana for response costs and civil penalties; claims by Texas Brine for past and future response costs, lost profits and investment costs, indemnity payments, attorneys’ fees, other litigation costs and judicial interests; claims for physical damages to nearby oil and gas pipelines and storage facilities (pipelines); and business interruption claims.In addition to the plaintiffs’ claims, we were also sued for contractual indemnity and comparative fault by both Texas Brine and Occidental. It is alleged that the sinkhole was caused, in whole or in part, by our negligent or fraudulent actions or failure to act. It is also alleged that we breached the salt lease with Occidental, as well as an operating agreement and related contracts with Texas Brine; that we were strictly liable for certain property damages in our capacity as a former lessee of the salt lease; and that we violated certain covenants and conditions in the agreement under which we sold our Chemicals Division to Occidental. We likewise made claims for contractual indemnity and on a basis of comparative fault against Texas Brine and Occidental. Vulcan and Occidental have since dismissed all of their claims against one another. Texas Brine has claims that remain pending against Vulcan and against Occidental.A joint bench trial (judge only) began in September 2017 and ended in October 2017 in the pipeline cases. The trial was limited in scope to the allocation of comparative fault or liability for causing the sinkhole, with a second trial phase addressed to contract and damages to be held at a later date. In December 2017, the judge issued a ruling on the allocation of fault among the three defendants as follows: Occidental 50%, Texas Brine 35% (and its wholly-owned subsidiary) and Vulcan 15%. This ruling was appealed by the parties in each of the pipeline cases. In December 2020, the Louisiana Court of Appeal, First Circuit issued its Notice of Judgment and Disposition in one of the pipeline cases reversing in part and amending the trial court judgment to reallocate 20% of the fault from Occidental to Texas Brine, with the result that 30% of the fault is now allocated to Occidental and 55% of the fault is now allocated to Texas Brine (and its wholly-owned subsidiary). The Court of Appeal affirmed the 15% fault allocation to Vulcan. The Court of Appeal made various other findings, including findings related to the arbitrability of certain claims between Occidental and Texas Brine. In May 2021, the Court of Appeal issued a judgment in a second pipeline case, assigning the same allocation of fault between the parties. Vulcan and Texas Brine applied to the Louisiana Supreme Court seeking review of these judgments. Those applications were denied, resulting in final judgments regarding fault allocations in two of the three pipeline cases. The appeal in the third pipeline case remains pending.We have settled claims by all plaintiffs except in two outstanding cases, and our insurers to date have funded these settlements in excess of our self-insured retention amount. The remaining cases involve Texas Brine and the State of Louisiana. Discovery remains ongoing, and we cannot reasonably estimate a range of liability pertaining to these open cases at this time.■ NEW YORK WATER DISTRICT CASES (DISCONTINUED OPERATIONS) — During the operation of our former Chemicals Division, which was divested to Occidental in 2005, Vulcan manufactured a chlorinated solvent known as 1,1,1-trichloroethane. We are a defendant in 27 cases allegedly involving 1,1,1-trichloroethane. All of the cases are filed in the United States District Court for the Eastern District of New York. According to the various complaints, the plaintiffs are public drinking water providers who serve customers in seven New York counties (Nassau, Orange, Putnam, Sullivan, Ulster, Washington and Westchester). It is alleged that our 1,1,1-trichloroethane was stabilized with 1,4-dioxane and that various water wells of the plaintiffs are contaminated with 1,4-dioxane. The plaintiffs are seeking unspecified compensatory and punitive damages. We will vigorously defend the cases. At this time we cannot determine the likelihood, or reasonably estimate a range of loss, if any, pertaining to the cases.■ HEWITT LANDFILL MATTER (SUPERFUND SITE) — In September 2015, the Los Angeles Regional Water Quality Control Board (RWQCB) issued a Cleanup and Abatement Order directing Vulcan to assess, monitor, cleanup and abate wastes that have been discharged to soil, soil vapor, and/or groundwater at the former Hewitt Landfill in Los Angeles.Following an onsite and offsite investigation and pilot scale testing, the RWQCB approved a corrective action that includes leachate recovery, storm water capture and conveyance improvements, and a groundwater pump, treat and reinjection system. Certain on-site source control measures have been implemented, and the new treatment system is fully operational. Currently-anticipated costs of these on-site source control activities have been fully accrued.We are also engaged in an ongoing dialogue with the EPA, Honeywell, and the Los Angeles Department of Water and Power (LADWP) regarding the potential contribution of the Hewitt Landfill to groundwater contamination in the North Hollywood Operable Unit (NHOU) of the San Fernando Valley Superfund Site. The EPA and Vulcan entered into an AOC and Statement of Work having an effective date of September 2017 for the design of two extraction wells south of the Hewitt Landfill to protect the North Hollywood West (NHW) well field located within the NHOU. In November 2017, we submitted a Pre-Design Investigation (PDI) Work Plan to the EPA, which sets forth the activities and schedule for collection of data in support of our evaluation of the need for an offsite remedy. In addition, this evaluation was expanded as part of the PDI to include the evaluation of a remedy in light of a new project by LADWP at the Rinaldi-Toluca (RT) wellfield. PDI investigative activities were completed between the first and third quarters of 2018, and in December 2018 we submitted a Draft PDI Evaluation Report to the EPA. The PDI Evaluation Report summarizes data collection activities conducted pursuant to the Draft PDI Work Plan and provides model updates and evaluation of remediation alternatives for offsite areas. The EPA provided an initial set of comments on the Draft PDI Evaluation Report in May 2019 and a final set of comments in October 2020. The final set of comments includes a request for Vulcan to revise and develop a Final PDI Evaluation Report. The final comments further provide, if Vulcan agrees, a proposal for an alternative approach for offsite remediation (as opposed to installation of offsite extraction wells) and development of a Supplemental PDI Evaluation Report that would require the EPA to modify the remedy in the 2009 ROD as it relates to the Hewitt Landfill. In December 2020, Vulcan submitted the Final PDI Evaluation Report, which includes edits to the Draft PDI Evaluation Report and responses to the EPA’s comments. Until the EPA’s review and approval of the Final PDI Evaluation Report and any Supplemental PDI Evaluation Report on remedial alternative(s) is complete and an effective remedy has been selected by the EPA or agreed upon, we cannot identify any further remedial action that may be required. Given the various stakeholders involved and the uncertainties relating to remediation alternatives, we cannot reasonably estimate a loss pertaining to Vulcan’s responsibility for future remedial action required by the EPA.In December 2019, Honeywell agreed with LADWP to build a water treatment system (often referred to as the Cooperative Containment Concept or CCC or the second interim remedy) that will provide treated groundwater in the NHOU to LADWP for public water supply purposes. Honeywell contends that some of the contamination to be remediated by the system it will build originated from the Hewitt Landfill, and that Vulcan should fund some portion of the costs that Honeywell has incurred and will incur in developing the second interim remedy. During the fourth quarter of 2021, Vulcan completed a partial settlement with Honeywell related to certain of the costs that Honeywell has incurred for an immaterial amount. We are also gathering and analyzing data and developing technical information to determine the extent of possible contribution by the Hewitt Landfill to the groundwater contamination in the area. This work is also intended to assist in identification of other PRPs that may have contributed to groundwater contamination in the area. At this time, we cannot reasonably estimate a range of an additional loss to Vulcan pertaining to this contribution claim. Further, LADWP has announced plans to install new treatment capabilities at two City wellfields located near the Hewitt Landfill — the NHW wellfield and the RT wellfield. LADWP has alleged that the Hewitt Landfill is one of the primary PRPs for the contamination at the NHW wellfield and is one of many PRPs for the contamination at the RT wellfield. We are gathering and analyzing data and developing technical information to determine the extent of possible contribution by the Hewitt Landfill to the groundwater contamination in the area, consistent with the parallel request by the EPA. This work is also intended to assist in identification of other PRPs that may have contributed to groundwater contamination in the area. Vulcan is also seeking access to LADWP’s list of PRPs. At this time, we cannot reasonably estimate a range of a loss to Vulcan pertaining to this contribution claim.■ NAFTA ARBITRATION — In September 2018, our subsidiary Legacy Vulcan, LLC (Legacy Vulcan), on its own behalf, and on behalf of our Mexican subsidiary Calizas Industriales del Carmen, S.A. de C.V. (Calica), served the United Mexican States (Mexico) a Notice of Intent to Submit a Claim to Arbitration under Chapter 11 of the North American Free Trade Agreement (NAFTA). Our NAFTA claim relates to the treatment of a portion of our quarrying operations in Playa del Carmen (Cancun), Mexico, arising from, among other measures, Mexico’s failure to comply with a legally binding zoning agreement and relates to other unfair, arbitrary and capricious actions by Mexico’s environmental enforcement agency. We assert that these actions are in breach of Mexico’s international obligations under NAFTA and international law.As required by Article 1118 of NAFTA, we sought to settle this dispute with Mexico through consultations. Notwithstanding our good faith efforts to resolve the dispute amicably, we were unable to do so and filed a Request for Arbitration 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, and we expect that the NAFTA arbitration tribunal will issue a decision in the second half of 2022. While we await the final resolution from the tribunal, we have continued to engage with government officials to pursue an amicable resolution of the dispute. Recently, however, the Mexican government has taken additional actions that adversely affect our operations in that country, including delays in issuing a historically routine three-year customs permit for our deep-water port. Mexico has issued a short-term customs permit that must be renewed after two months. Failure by the Mexican government to issue the customary three-year customs permit or its taking of other measures that force us to cease or that otherwise impede our operations in Mexico would have an adverse effect on our ability to supply customers.At this time, there can be no assurance whether we will be successful in our NAFTA claim, and we cannot quantify the amount we may recover, if any, under this arbitration proceeding if we are successful. We continue to negotiate with the Mexican authorities to reach a mutually agreeable and beneficial solution. It is not possible to predict with certainty the ultimate outcome of these and other legal proceedings in which we are involved, and a number of factors, including developments in ongoing discovery or adverse rulings, or the verdict of a particular jury, could cause actual losses to differ materially from accrued costs. No liability was recorded for claims and litigation for which a loss was determined to be only reasonably possible or for which a loss could not be reasonably estimated. Legal costs incurred in defense of lawsuits are expensed as incurred. In addition, losses on certain claims and litigation described above may be subject to limitations on a per occurrence basis by excess insurance, as described in Note 1 under the caption Claims and Litigation Including Self-insurance. |
EQUITY |
12 Months Ended |
|---|---|
Dec. 31, 2021 | |
| EQUITY [Abstract] | |
| EQUITY | NOTE 13: EQUITYOur capital stock consists solely of common stock, par value $1.00 per share, of which 480,000,000 shares may be issued. Holders of our common stock are entitled to one vote per share. We may also issue 5,000,000 shares of preferred stock, but no shares have been issued. The terms and provisions of such shares will be determined by our Board of Directors upon any issuance of preferred shares in accordance with our Certificate of Incorporation.There were no shares held in treasury as of December 31, 2021, 2020 and 2019.Our common stock purchases (all of which were open market purchases) and subsequent retirements for the years ended December 31 are summarized below: in millions, except average cost2021 2020 2019 Shares Purchased and Retired Number 0.0 0.2 0.0 Total purchase price$ 0.0 $ 26.1 $ 2.6 Average cost per share$ 0.00 $ 121.92 $ 139.90 As of December 31, 2021, 8,064,851 shares may be purchased under the current authorization of our Board of Directors.Dividends for the years ended December 31 were as follows: in millions, except per share data2021 2020 2019 Dividends Cash dividends$ 196.4 $ 180.2 $ 164.0 Cash dividends per share$ 1.48 $ 1.36 $ 1.24 Total equity as presented in the consolidated financial statements for the year ended December 31, 2021 includes a noncontrolling interest of $22.7 million, representing the unowned portion of a subsidiary. See Note 1 under the heading “Noncontrolling Interest” for additional discussion. |
OTHER COMPREHENSIVE INCOME |
12 Months Ended |
|---|---|
Dec. 31, 2021 | |
| OTHER COMPREHENSIVE INCOME [Abstract] | |
| OTHER COMPREHENSIVE INCOME | NOTE 14: OTHER COMPREHENSIVE INCOMEComprehensive income comprises two subsets: net earnings and other comprehensive income (OCI). The components of OCI are presented in the accompanying Consolidated Statements of Comprehensive Income and Consolidated Statements of Equity, net of applicable taxes.Amounts in accumulated other comprehensive income (AOCI), net of tax, at December 31, are as follows: in millions2021 2020 2019 AOCI Interest rate hedges$ (22.5) $ (24.0) $ (11.0) Pension and postretirement plans (130.2) (157.3) (186.7) Total$ (152.7) $ (181.3) $ (197.7) Changes in AOCI, net of tax, for the three years ended December 31, 2021 are as follows: Pension and Interest Rate Postretirement in millionsHedges Benefit Plans Total AOCI Balances at December 31, 2018$ (11.2) $ (161.0) $ (172.2) Other comprehensive income (loss) before reclassifications 0.0 (26.9) (26.9) Amounts reclassified from AOCI 0.2 1.2 1.4 Net OCI changes 0.2 (25.7) (25.5) Balances at December 31, 2019$ (11.0) $ (186.7) $ (197.7) Other comprehensive income (loss) before reclassifications (14.7) 6.4 (8.3) Amounts reclassified from AOCI 1.7 23.0 24.7 Net OCI changes (13.0) 29.4 16.4 Balances at December 31, 2020$ (24.0) $ (157.3) $ (181.3) Other comprehensive income (loss) before reclassifications 0.0 13.4 13.4 Amounts reclassified from AOCI 1.5 13.7 15.2 Net OCI changes 1.5 27.1 28.6 Balances at December 31, 2021$ (22.5) $ (130.2) $ (152.7) Amounts reclassified from AOCI to earnings are as follows: in millions2021 2020 2019 Amortization of Interest Rate Hedge Losses Interest expense$ 2.0 $ 2.3 $ 0.3 Benefit from income taxes (0.5) (0.6) (0.1) Total$ 1.5 $ 1.7 $ 0.2 Amortization of Pension and Postretirement Plan Actuarial Loss and Prior Service Cost Other nonoperating expense$ 18.5 $ 31.2 $ 1.6 Benefit from income taxes (4.8) (8.2) (0.4) Total$ 13.7 $ 23.0 $ 1.2 Total reclassifications from AOCI to earnings$ 15.2 $ 24.7 $ 1.4 |
SEGMENT REPORTING |
12 Months Ended |
|---|---|
Dec. 31, 2021 | |
| SEGMENT REPORTING [Abstract] | |
| SEGMENT REPORTING | NOTE 15: SEGMENT REPORTINGWe have four operating (and reportable) segments organized around our principal product lines: Aggregates, Asphalt, Concrete and Calcium. Management reviews earnings from these reporting segments principally at the gross profit level.The Aggregates segment produces and sells aggregates (crushed stone, sand and gravel, sand, and other aggregates) and related products and services. During 2021, the Aggregates segment principally served markets in twenty-two states, the U.S. Virgin Islands, Washington D.C., the Bahamas, British Columbia (Canada) and Quintana Roo (Mexico) with a full line of aggregates, and eleven additional states with railroad ballast. The 2021 acquisition of U.S. Concrete expanded our full line aggregates markets by two states (New Jersey and New York), the U.S. Virgin Islands, British Columbia, Canada, and direct shipments to Hawaii. Customers use aggregates primarily in the construction and maintenance of highways, streets and other public works and in the construction of housing and commercial, industrial and other nonresidential facilities. Customers are served by truck, rail and water distribution networks from our production facilities and sales yards. Due to the high weight-to-value ratio of aggregates, markets generally are local in nature. Quarries located on waterways and rail lines allow us to serve remote markets where local aggregates reserves may not be available. The Asphalt segment produces and sells asphalt mix in six states: Alabama, Arizona, California, New Mexico, Tennessee and Texas, and includes asphalt construction paving in three states: Alabama, Tennessee and Texas.The Concrete segment produces and sells ready-mixed concrete in eight states: California, Maryland, New Jersey, New York, Oklahoma, Pennsylvania, Texas and Virginia, in addition to the U.S. Virgin Islands and Washington D.C. In 2021, through our acquisition of U.S. Concrete, we entered the New Jersey, New York, Oklahoma, Pennsylvania and U.S. Virgin Islands concrete markets and expanded our existing markets in California, Texas and Washington D.C. In 2020, we exited the New Mexico ready-mixed concrete market through a divestiture (see Note 19).The Calcium segment consists of a Florida facility that mines, produces and sells calcium products.Aggregates comprise approximately 95% of asphalt mix by weight and 80% of ready-mixed concrete by weight. Our Asphalt and Concrete segments are primarily supplied with their aggregates requirements from our Aggregates segment. These intersegment sales are made at local market prices for the particular grade and quality of product used in the production of asphalt mix and ready-mixed concrete and are excluded from total revenues. Customers for our Asphalt and Concrete segments are generally served locally at our production facilities or by truck. Because asphalt mix and ready-mixed concrete harden rapidly, delivery is time constrained and generally confined to a radius of approximately 20 to 25 miles from the producing facility.The vast majority of our activities are domestic. We sell a relatively small amount of construction aggregates outside the United States. Total domestic revenues were $5,532.0 million in 2021, $4,845.9 million in 2020 and $4,913.0 million in 2019. Nondomestic Aggregates segment revenues were $20.2 million in 2021, $11.0 million in 2020 and $16.1 million in 2019; there were no significant nondomestic revenues in our Asphalt, Concrete or Calcium segments. Long-lived assets outside the United States, which consist primarily of property, plant & equipment, were $459.5 million in 2021, $261.6 million in 2020 and $274.4 million in 2019. Equity method investments of $26.5 million in 2021, $26.5 million in 2020 and $50.6 million in 2019 are included below in the identifiable assets for the Aggregates segment and in investments and long-term receivables on the accompanying Consolidated Balance Sheets. SEGMENT FINANCIAL DISCLOSURE in millions2021 2020 2019 Total Revenues Aggregates 1$ 4,345.0 $ 3,944.3 $ 3,990.3 Asphalt 2 777.8 792.6 855.8 Concrete 766.8 383.6 395.6 Calcium 6.9 7.7 8.2 Segment sales$ 5,896.5 $ 5,128.2 $ 5,249.9 Aggregates intersegment sales (344.3) (271.4) (320.8) Total revenues$ 5,552.2 $ 4,856.8 $ 4,929.1 Gross Profit Aggregates$ 1,295.7 $ 1,159.2 $ 1,146.6 Asphalt 21.2 75.2 63.0 Concrete 54.3 44.2 43.2 Calcium 2.2 2.9 3.1 Total $ 1,373.4 $ 1,281.5 $ 1,255.9 Depreciation, Depletion, Accretion & Amortization (DDA&A) Aggregates$ 360.4 $ 321.1 $ 305.1 Asphalt 36.0 35.0 35.2 Concrete 41.5 16.0 13.6 Calcium 0.2 0.2 0.2 Other 24.9 24.5 20.5 Total$ 463.0 $ 396.8 $ 374.6 Capital Expenditures 3 Aggregates$ 423.1 $ 331.9 $ 383.4 Asphalt 9.3 19.8 9.1 Concrete 18.1 11.7 11.6 Calcium 0.0 0.0 0.0 Corporate 0.0 0.0 0.2 Total$ 450.5 $ 363.4 $ 404.3 Identifiable Assets 4, 5 Aggregates$ 10,917.8 $ 9,459.2 $ 9,334.2 Asphalt 602.0 573.1 558.4 Concrete 1,680.2 305.5 325.1 Calcium 4.0 3.3 3.7 Total identifiable assets$ 13,204.0 $ 10,341.1 $ 10,221.4 General corporate 237.1 147.8 152.9 Cash and cash equivalents and restricted cash 241.5 1,198.0 274.5 Total assets$ 13,682.6 $ 11,686.9 $ 10,648.8 1Includes product sales, as well as freight & delivery costs that we pass along to our customers, and service revenues (see Note 2) related to aggregates.2Includes product sales, as well as service revenues (see Note 2) from our asphalt construction paving business. 3Capital expenditures include capitalized replacements of and additions to property, plant & equipment, including renewals and betterments. Capital expenditures exclude property, plant & equipment obtained by business acquisitions.4Certain 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.5The 2021 increases in Aggregates, Concrete and General corporate Identifiable Assets are largely attributable to the U.S. Concrete acquisition (see Note 19). |
SUPPLEMENTAL CASH FLOW INFORMATION |
12 Months Ended |
|---|---|
Dec. 31, 2021 | |
| SUPPLEMENTAL CASH FLOW INFORMATION [Abstract] | |
| SUPPLEMENTAL CASH FLOW INFORMATION | NOTE 16: SUPPLEMENTAL CASH FLOW INFORMATIONSupplemental information referable to the Consolidated Statements of Cash Flows is summarized below: in millions2021 2020 2019 Cash Payments Interest (exclusive of amount capitalized)$ 138.0 $ 129.2 $ 129.2 Income taxes 127.9 95.9 56.8 Noncash Investing and Financing Activities Accrued liabilities for purchases of property, plant & equipment$ 71.4 $ 55.9 $ 57.3 Recognition of new and revised asset retirement obligations (AROs) 1 17.1 73.2 (13.9) Recognition of new and revised right-of-use (ROU) assets for 1 Operating lease liabilities 106.9 49.6 444.5 Finance lease liabilities 13.3 6.6 1.2 Amounts referable to business acquisitions Debt assumed 443.7 0.0 0.0 Other liabilities assumed 243.8 5.9 4.4 Consideration payable to seller 0.0 9.0 0.0 Fair value of noncash assets and liabilities exchanged 0.0 21.2 0.0 Debt issued for purchases of property, plant & equipment 0.0 2.6 0.0 1Excludes amounts acquired in business acquisitions. Additionally, the 2019 lease amount includes the initial right-of-use assets resulting from our adoption of ASU 2016-02, “Leases.” |
ASSET RETIREMENT OBLIGATIONS |
12 Months Ended |
|---|---|
Dec. 31, 2021 | |
| ASSET RETIREMENT OBLIGATIONS [Abstract] | |
| ASSET RETIREMENT OBLIGATIONS | NOTE 17: ASSET RETIREMENT OBLIGATIONSAsset 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 liability is accreted through charges to operating expenses. If the ARO is settled for other than the carrying amount of the liability, we recognize a gain or loss on settlement.For the years ended December 31, ARO operating costs related to accretion of the liabilities and depreciation of the assets are as follows: in millions2021 2020 2019 ARO Operating Costs Accretion$ 13.1 $ 12.4 $ 11.0 Depreciation 10.6 8.6 7.1 Total$ 23.7 $ 21.0 $ 18.1 ARO operating costs are reported in cost of revenues. AROs are reported within other noncurrent liabilities in our accompanying Consolidated Balance Sheets. Reconciliations of the carrying amounts of our AROs for the years ended December 31 are as follows: in millions2021 2020 Asset Retirement Obligations Balance at beginning of year$ 283.2 $ 210.3 Liabilities incurred 19.2 0.4 Liabilities settled (11.0) (12.8) Accretion expense 13.1 12.4 Revisions, net 10.7 72.9 Balance at end of year$ 315.2 $ 283.2 ARO liabilities incurred during 2021 primarily relate to those assumed in the acquisition of U.S. Concrete (see Note 19). ARO revisions during 2020 primarily include increases in estimated costs at two aggregates locations, including reclamation activities required under a development agreement at an aggregates site on owned property in Southern California. The reclamation required under the development agreement will result in the restoration of previously mined property to conditions suitable for retail and commercial development. |
GOODWILL AND INTANGIBLE ASSETS |
12 Months Ended |
|---|---|
Dec. 31, 2021 | |
| GOODWILL AND INTANGIBLE ASSETS [Abstract] | |
| GOODWILL AND INTANGIBLE ASSETS | NOTE 18: GOODWILL AND INTANGIBLE ASSETSAcquired identifiable intangible assets are classified into three categories: (1) goodwill, (2) intangible assets with finite lives subject to amortization and (3) intangible assets with indefinite lives. Goodwill and intangible assets with indefinite lives are not amortized; rather, they are reviewed for impairment at least annually.GOODWILLGoodwill is recognized when the consideration paid for a business exceeds the fair value of the tangible and identifiable intangible assets acquired. Goodwill is allocated to reporting units for purposes of testing goodwill for impairment. There were no charges for goodwill impairment in the years ended December 31, 2021, 2020 and 2019. Accumulated goodwill impairment losses amount to $252.7 million (year 2008) in our former Cement segment.We have four reportable segments organized around our principal product lines: Aggregates, Asphalt, Concrete and Calcium. Changes in the carrying amount of goodwill by reportable segment for the three years ended December 31, 2021 are shown below: in millionsAggregates Asphalt Concrete Calcium Total Goodwill Totals at December 31, 2019$ 3,075.4 $ 91.6 $ 0.0 $ 0.0 $ 3,167.0 Goodwill of acquired businesses 1 5.1 0.0 0.0 0.0 5.1 Totals at December 31, 2020$ 3,080.5 $ 91.6 $ 0.0 $ 0.0 $ 3,172.1 Goodwill of acquired businesses 1 236.1 0.0 288.5 0.0 524.6 Totals at December 31, 2021$ 3,316.6 $ 91.6 $ 288.5 $ 0.0 $ 3,696.7 1See Note 19 for a summary of recent acquisitions. We test goodwill for impairment on an annual basis or more frequently if events or circumstances change in a manner that would more likely than not reduce the fair value of a reporting unit below its carrying value. A decrease in the estimated fair value of one or more of our reporting units could result in the recognition of a material, noncash write-down of goodwill. INTANGIBLE ASSETSIntangible assets consist of contractual rights in place (primarily permitting and zoning rights), noncompetition agreements, customer relationships and trade names and trademarks. Intangible assets acquired in business combinations are stated at their fair value determined as of the date of acquisition. Intangible assets acquired individually or otherwise obtained outside a business combination consist primarily of permitting, permitting compliance and zoning rights and are stated at their historical cost less accumulated amortization. Costs incurred to renew or extend the life of existing intangible assets are capitalized. These capitalized renewal/extension costs were immaterial for the years presented.See Note 19 for the details of the intangible assets acquired in business acquisitions during 2021, 2020 and 2019. Amortization of finite-lived intangible assets is computed based on the estimated life of the intangible assets. Contractual rights in place associated with aggregates reserves are amortized using the unit-of-sales method based on estimated recoverable units. Other intangible assets are amortized principally by the straight-line method. Intangible assets are reviewed for impairment when events or circumstances indicate that the carrying amount may not be recoverable. There were no material charges for impairment of intangible assets in 2021, 2020 and 2019.The gross carrying amount and accumulated amortization by major intangible asset class for the years ended December 31 are summarized below: in millions2021 2020 Gross Carrying Amount Contractual rights in place $ 1,765.0 $ 1,159.0 Permitting, permitting compliance and zoning rights 156.5 138.9 Other 1 115.0 57.6 Total gross carrying amount$ 2,036.5 $ 1,355.5 Accumulated Amortization Contractual rights in place $ (230.9) $ (188.9) Permitting, permitting compliance and zoning rights (39.1) (30.2) Other 1 (17.5) (12.9) Total accumulated amortization$ (287.5) $ (232.0) Total Intangible Assets Subject to Amortization, net$ 1,749.0 $ 1,123.5 Intangible Assets with Indefinite Lives 0.0 0.0 Total Intangible Assets, net 1,749.0 1,123.5 Amortization Expense for the Year$ 68.2 $ 46.6 1Includes noncompetition agreements, patents, customer relationships, tradenames and trademarks. Estimated amortization expense for the five years subsequent to December 31, 2021 is as follows: in millions Estimated Amortization Expense for Five Subsequent Years 2022$ 79.5 2023 77.7 2024 75.9 2025 75.6 2026 75.1 |
ACQUISITIONS AND DIVESTITURES |
12 Months Ended |
|---|---|
Dec. 31, 2021 | |
| ACQUISITIONS AND DIVESTITURES [Abstract] | |
| ACQUISITIONS AND DIVESTITURES | NOTE 19: ACQUISITIONS AND DIVESTITURESBUSINESS ACQUISITIONS2021 business acquisitions — On August 26, 2021, we purchased the following operations in connection with the acquisition of U.S. Concrete, Inc. for total consideration of $1,634.5 million, net of cash acquired:British Columbia, Canada — aggregates and aggregates blue-water transportation operationsCalifornia — aggregates distribution terminals and concrete operationsNew Jersey — aggregates and concrete operationsNew York — aggregates and concrete operationsOklahoma — aggregates and concrete operationsPennsylvania — concrete operationsTexas — aggregates and concrete operationsU.S. Virgin Islands — aggregates and concrete operationsWashington, D.C. — concrete operationsThe amounts of total revenues and net earnings attributable to Vulcan from the U.S. Concrete acquisition are included in our Consolidated Statement of Comprehensive Income for the year ended December 31, 2021 as follows: in millions2021 Actual Results Total revenues $ 466.3 Net loss attributable to Vulcan (19.7) The unaudited pro forma financial information in the table below summarizes the results of operations for Vulcan and U.S. Concrete as if they were combined as of January 1, 2020. The pro forma financial information does not reflect any cost savings, operating efficiencies or synergies as a result of this combination. Consistent with the assumed acquisition date of January 1, 2020, the pro forma information excludes transactions between Vulcan and U.S. Concrete. The following pro forma information also includes: 1) charges directly attributable to the acquisition, including acquisition related expenses of $22.0 million, 2) cost of sales related to the sale of acquired inventory marked up to fair value, 3) depreciation, depletion, amortization & accretion expense related to the mark up to fair value of acquired assets, and 4) interest expense and debt retirement costs reflecting the new debt structure: in millions2021 2020 Supplemental Pro Forma Results Total revenues$ 6,361.5 $ 6,182.8 Net earnings attributable to Vulcan 688.6 551.9 The unaudited pro forma results above may not be indicative of the results that would have been obtained had this acquisition occurred at the beginning of 2020, nor does it intend to be a projection of future results. The fair value of consideration transferred for the U.S. Concrete acquisition and the preliminary amounts (pending final appraisals of intangible assets and property, plant & equipment and related deferred taxes) of assets acquired and liabilities assumed are summarized below: December 31 in millions2021 Fair Value of Purchase Consideration Cash 1 $ 1,634.5 Total fair value of purchase consideration $ 1,634.5 Identifiable Assets Acquired and Liabilities Assumed Accounts and notes receivable, net $ 240.4 Inventories 80.6 Other current assets 8.6 Property, plant & equipment 1,105.3 Operating lease right-of-use assets 215.9 Intangible assets Contractual rights in place 616.0 Other intangibles 57.9 Other noncurrent assets 5.3 Deferred income taxes, net (222.8) Debt assumed (443.7) Other liabilities assumed (531.3) Noncontrolling interest (22.3) Net identifiable assets acquired $ 1,109.9 Goodwill $ 524.6 1Includes $1,268.5 million paid to acquire all issued and outstanding shares of U.S. Concrete common stock and $384.4 million of U.S. Concrete obligations paid on the acquisition date, less $18.4 million of cash acquired. Additionally, during 2021 we purchased concrete operations in California for total consideration of $4.9 million.As a collective result of the 2021 acquisitions, we recognized $676.6 million of amortizable intangible assets and $524.6 million of goodwill. The amortizable intangible assets will be amortized against earnings over a weighted-average period in excess of 15 years. The $524.6 million of goodwill recognized represents deferred tax liabilities generated from carrying over the seller’s tax basis in the assets acquired and synergies expected to be realized from acquiring an established business 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, $115.6 million will be deductible for income tax purposes. 2020 business acquisitions — During 2020, we purchased the following operations for total consideration of $73.4 million ($43.2 million cash and $30.2 million noncash):business to support our aggregates operations across most of our footprintTexas — asphalt mix and recycle operationsThe 2020 acquisitions listed above are reported in our consolidated financial statements as of their respective acquisition dates. None of these acquisitions were material to our results of operations or financial position either individually or collectively. As a result of the 2020 acquisitions, we recognized $65.5 million of amortizable intangible assets and $5.1 million of goodwill. The amortizable intangible assets will be amortized against earnings ($65.5 million - straight-line basis over a weighted-average 20.0 years) and $25.7 million will be deductible for income tax purposes over 15 years. The goodwill represents the balance of deferred tax liabilities generated from carrying over the seller’s tax basis in the assets acquired and is not deductible for income tax purposes. 2019 business acquisitions — During 2019, we purchased the following operations for total cash consideration of $45.3 million:Tennessee — aggregates operationsVirginia — ready-mixed concrete operationsThe 2019 acquisitions listed above are reported in our consolidated financial statements as of their respective acquisition dates. None of these acquisitions were material to our results of operations or financial position either individually or collectively. As a result of the 2019 acquisitions, we recognized $25.4 million of amortizable intangible assets (contractual rights in place). The contractual rights in place will be amortized against earnings on a straight-line basis over a weighted-average 19.5 years and will be deductible for income tax purposes over 15 years.DIVESTITURES AND PENDING DIVESTITURESIn 2021, we sold:First quarter — a reclaimed quarry in Southern California resulting in a pretax gain of $114.7 million (net of a $12.9 million contingency and other directly related obligations)In 2020, we sold:Fourth quarter — a Virginia ready-mixed concrete business, resulting in an immaterial loss. We retained all real property which is being leased to the buyer and obtained a 20-year aggregates supply agreementSecond quarter — our New Mexico ready-mixed concrete business, resulting in an immaterial gain. We retained the concrete plants and mobile fleet and are leasing those assets to the buyer. Additionally, we obtained a 20-year aggregates supply agreementIn 2019, we sold:First quarter — two aggregates operations in Georgia and reversed a contingent payable related to the fourth quarter 2017 Department of Justice required divestiture of former Aggregates USA operations, resulting in a pretax gain of $4.1 millionNo material assets met the criteria for held for sale at December 31, 2021, 2020 or 2019. |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) |
12 Months Ended |
|---|---|
Dec. 31, 2021 | |
| SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
| NATURE OF OPERATIONS | NATURE OF OPERATIONSVulcan 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), a major producer of asphalt mix and ready-mixed concrete, and a supplier of construction paving services.We operate primarily in the United States and our principal product — aggregates — is used in virtually all types of public and private construction projects and in the production of asphalt mix and ready-mixed concrete. We serve aggregates markets in twenty-two states, the U.S. Virgin Islands, Washington D.C., and the local markets surrounding our operations in Quintana Roo, Mexico and British Columbia, Canada. Our primary focus is serving metropolitan markets in the United States that are expected to experience the most significant growth in population, households and employment. These three demographic factors are significant drivers of demand for aggregates. While aggregates is our focus and primary business, we produce and sell asphalt mix and/or ready-mixed concrete in our Alabama, Arizona, California, Maryland, New Jersey, New Mexico, New York, Oklahoma, Pennsylvania, Tennessee, Texas, Virginia, the U.S. Virgin Islands, Washington D.C., and the Bahamas markets.Year-over-year comparisons are significantly impacted by our August 2021 acquisition of U.S. Concrete (see Note 19).Due to the 2005 sale of our Chemicals business as described below, the results of the Chemicals business are presented as discontinued operations in the accompanying Consolidated Statements of Comprehensive Income. |
| DISCONTINUED OPERATIONS | DISCONTINUED OPERATIONSIn 2005, we sold substantially all the assets of our Chemicals business to Basic Chemicals, a subsidiary of Occidental Chemical Corporation. The financial results of the Chemicals business are classified as discontinued operations in the accompanying Consolidated Statements of Comprehensive Income for all periods presented. Results from discontinued operations are as follows: in millions2021 2020 2019 Discontinued Operations Pretax loss$ (4.5) $ (4.7) $ (6.5) Income tax benefit 1.2 1.2 1.7 Loss on discontinued operations, net of tax$ (3.3) $ (3.5) $ (4.8) 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 12). There were no revenues from discontinued operations for the years presented. |
| PRINCIPLES OF CONSOLIDATION | PRINCIPLES OF CONSOLIDATIONThe consolidated financial statements include the accounts of Vulcan Materials Company and all our majority orwholly-owned subsidiary companies. Partially-owned affiliates are either consolidated or accounted for at cost or as equity investments depending on the level of ownership interest or our ability to exercise control over the affiliates’ operations. All intercompany transactions and accounts have been eliminated in consolidation. |
| NONCONTROLLING INTEREST | NONCONTROLLING INTERESTIn August 2021, we obtained (via the U.S. Concrete acquisition, see Note 19) an 88% controlling interest in the Orca Sand and Gravel Limited Partnership (Orca). Orca was formed to develop the Orca quarry in British Columbia, Canada, with the remaining 12% noncontrolling interest held by the Namgis First Nation (Namgis). Noncontrolling interest consists of the Namgis’ share of the fair value equity in the partnership offset by capital contributions loaned to the Namgis by us. Our 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. |
| USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS | USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTSThe preparation of these financial statements in conformity with accounting principles generally accepted (GAAP) in the United States of America requires us to make estimates and judgments that affect reported amounts of assets, liabilities, revenues and expenses, and the related disclosures of contingent assets and contingent liabilities at the date of the financial statements. We evaluate these estimates and judgments on an ongoing basis and base our estimates on historical experience, current conditions and various other assumptions that are believed to be reasonable under the circumstances. The results of these estimates form the basis for our judgments about the carrying values of assets and liabilities as well as identifying and assessing the accounting treatment with respect to commitments and contingencies. Actual results may differ materially from these estimates. The most significant estimates included in the preparation of these financial statements are related to goodwill and long-lived asset impairments, business combinations and purchase price allocation (see Note 19 for our 2021 acquisition of U.S. Concrete), pension and other postretirement benefits, environmental compliance, claims and litigation including self-insurance, and income taxes. Events and changes in circumstances arising after December 31, 2021, including those resulting from the impacts of the COVID-19 pandemic as construction activity continues to be impacted by capacity constraints (supply chain bottlenecks, labor shortages and transportation availability) and cost inflation, will be reflected in management’s estimates for future periods. |
| BUSINESS COMBINATIONS | BUSINESS COMBINATIONSWe account for business combinations under the acquisition method of accounting. The purchase price of an acquisition is allocated to the underlying identifiable assets acquired and liabilities assumed based on their respective fair values. The purchase price is determined based on the fair value of consideration transferred to and liabilities assumed from the seller as of the date of acquisition. We allocate the purchase price to the fair values of the tangible and identifiable intangible assets acquired and liabilities assumed as of the date of acquisition. Goodwill is recorded for the excess of the purchase price over the net fair value of the identifiable assets acquired and liabilities assumed.Determining the fair values of assets acquired and liabilities assumed requires judgment and often involves the use of significant estimates and assumptions. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction, and therefore represents an exit price. A fair value measurement assumes the highest and best use of the asset by market participants.We may adjust the amounts recognized in an acquisition during a measurement period after the acquisition date. Any such adjustments are the result of subsequently obtaining additional information that existed at the acquisition date regarding the assets acquired or the liabilities assumed. Measurement period adjustments are generally recorded as increases or decreases to goodwill, if any, recognized in the transaction. The cumulative impact of measurement period adjustments on depreciation, amortization and other income statement items are recognized in the period the adjustment is determined.In August 2021, we acquired a material business, U.S. Concrete, Inc., as presented in Note 19. |
| FOREIGN CURRENCY TRANSACTIONS | FOREIGN CURRENCY TRANSACTIONSThe U.S. dollar is the functional currency for all of our operations, as the primary economic environment in which we transact business is the United States. For our non-U.S. subsidiaries, local currency inventories and long-term assets such as property, plant & equipment and intangibles are remeasured into U.S. dollars at approximate rates prevailing when acquired; all other assets and liabilities are remeasured at year-end exchange rates. Inventories charged to cost of sales and depreciation are remeasured at historical rates; all other income and expense items are remeasured at average exchange rates prevailing during the year. Gains and losses which result from remeasurement are included in other nonoperating income/expense in the accompanying Consolidated Statements of Comprehensive Income and are not material for the years presented. |
| CASH EQUIVALENTS | CASH EQUIVALENTSWe classify as cash equivalents all highly liquid securities with a maturity of three months or less at the time of purchase. The carrying amount of these securities approximates fair value due to their short-term maturities. |
| RESTRICTED CASH | RESTRICTED CASHRestricted 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 Consolidated Statements of Cash Flows. |
| ACCOUNTS AND NOTES RECEIVABLE | ACCOUNTS AND NOTES RECEIVABLEAccounts and notes receivable from customers result from our extending credit to trade customers for the purchase of our products. The terms generally provide for payment within 15 days of the month following invoice. On occasion, when necessary to conform to regional industry practices, we sell product under extended payment terms, which may result in either secured or unsecured short-term notes; or, on occasion, notes with durations of less than one year are taken in settlement of existing accounts receivable. Other accounts and notes receivable result from short-term transactions (less than one year) other than the sale of our products, such as interest receivable, insurance claims, freight claims, bid deposits or rents receivable.Allowance for credit losses is based on our assessment of the collectability of customer accounts. We regularly review the allowance by considering factors such as historical experience, credit quality, the age of the accounts receivable balances, and current economic conditions that may affect a customer’s ability to pay. Bad debt expense (included in selling, administrative and general expense) for the years ended December 31 was as follows: 2021 — $1.3 million, 2020 — $1.1 million and 2019 — $1.4 million. |
| INVENTORIES | INVENTORIESInventories and supplies are stated at the lower of cost or net realizable value. We use the last-in, first-out (LIFO) method of valuation for most of our inventories because it results in a better matching of costs with revenues. Such costs include fuel, parts and supplies, raw materials, direct labor and production overhead. An actual valuation of inventory under the LIFO method can be made only at the end of each year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations are based on our estimates of expected year-end inventory levels and costs and are subject to the final year-end LIFO inventory valuation. Substantially all operating supplies inventory is carried at average cost.For additional information about inventories see Note 3. |
| PROPERTY, PLANT & EQUIPMENT | PROPERTY, PLANT & EQUIPMENTProperty, plant & equipment are carried at cost less accumulated depreciation, depletion and amortization.For assets sold or otherwise disposed of, the cost and related accumulated depreciation are removed, and any related gain or loss is reflected in income.For additional information about our property, plant & equipment see Note 4. |
| REPAIR AND MAINTENANCE | REPAIR AND MAINTENANCERepair and maintenance costs generally are charged to operating expense as incurred. Renewals and betterments that add materially to the utility or useful lives of property, plant & equipment are capitalized and subsequently depreciated. Actual costs for planned major maintenance activities, related primarily to periodic overhauls on our aircrafts and oceangoing vessels, are capitalized and amortized to the next overhaul. |
| LEASES | LEASESOur nonmineral leases with initial terms in excess of one year are recognized on the balance sheet as right-of-use (ROU) assets and lease liabilities. Mineral leases are exempt from balance sheet recognition.ROU assets represent our right to use an underlying asset for the lease term, and lease liabilities represent our obligation to make lease payments arising from the leases. ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. The lease term only includes options to extend or terminate the lease when it is reasonably certain that we will exercise that option. As our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. ROU assets are adjusted for any prepaid lease payments and lease incentives. Except for equipment with monthly monitoring service where the service component accounts for a majority of the lease cost, the non-lease components of our lease agreements are not separated from the lease components.For additional information about leases see Note 7. |
| DEPRECIATION, DEPLETION, ACCRETION AND AMORTIZATION | DEPRECIATION, DEPLETION, ACCRETION AND AMORTIZATIONDepreciation is generally computed by the straight-line method at rates based on the estimated service lives of the various classes of assets, which include machinery and equipment (3 to 35 years), buildings (7 to 20 years) and land improvements (3 to 20 years). Finance leases are amortized over varying periods not in excess of applicable lease terms or estimated useful lives. Capitalized software costs are included in machinery and equipment and are depreciated on a straight-line basis beginning when the software project is substantially complete.Cost depletion on depletable land is computed by the unit-of-sales method based on estimated recoverable units.Accretion reflects the period-to-period increase in the carrying amount of the liability for asset retirement obligations. It is computed using the same credit-adjusted, risk-free rate used to initially measure the liability at fair value.Leaseholds are amortized over varying periods not in excess of applicable lease terms or estimated useful lives.Amortization of intangible assets subject to amortization is computed based on the estimated life of the intangible assets.A significant portion of our intangible assets is contractual rights in place associated with zoning, permitting and other rights to access and extract aggregates reserves. Contractual rights in place associated with aggregates reserves are amortized using the unit-of-sales method based on estimated recoverable units. Other intangible assets are amortized principally by the straight-line method.Depreciation, depletion, accretion and amortization expense for the years ended December 31 is outlined below: in millions2021 2020 2019 Depreciation, Depletion, Accretion and Amortization Depreciation$ 343.4 $ 315.2 $ 300.6 Depletion 31.2 21.0 22.4 Accretion 13.1 12.4 11.0 Amortization of finance leases 7.1 1.6 0.1 Amortization of intangibles 68.2 46.6 40.5 Total$ 463.0 $ 396.8 $ 374.6 |
| DERIVATIVE INSTRUMENTS | DERIVATIVE INSTRUMENTSDuring the normal course of operations, we are exposed to market risks including interest rates, foreign currency exchange rates and commodity prices. From time to time, and consistent with our risk management policies, we use derivative instruments to balance the cost and risk of such expenses. We do not use derivative instruments for trading or other speculative purposes. The accounting for gains and losses that result from changes in the fair value of derivative instruments depends on whether the derivatives have been designated and qualify as hedging instruments and the type of hedging relationship. Changes in the fair value of interest rate swap fair value hedges are recorded as interest expense consistent with the change in the fair value of the hedged item attributable to the risk being hedged. Changes in the fair value of interest rate swap cash flow hedges are recorded in accumulated other comprehensive income (AOCI) and are reclassified into interest expense in the same period the hedged items affect earnings. We may also enter into contracts that qualify for the normal purchases and normal sales (NPNS) exception. When a contract meets the criteria to qualify as NPNS, we apply such exception. Income recognition and realization related to NPNS contracts generally coincide with the physical delivery of the commodity. For contracts qualifying for the NPNS exception, no recognition of the contract’s fair value in the consolidated financial statements is required until settlement of the contract as long as the transaction remains probable of occurring. For additional information about derivative instruments see Note 5. |
| FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTSFair 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 liabilitiesLevel 2: Inputs that are derived principally from or corroborated by observable market dataLevel 3: Inputs that are unobservable and significant to the overall fair value measurementOur assets at December 31 subject to fair value measurement on a recurring basis are summarized below: Level 1 Fair Valuein millions2021 2020 Fair Value Recurring Rabbi Trust Mutual funds$ 34.7 $ 28.1 Total$ 34.7 $ 28.1 Level 2 Fair Valuein millions2021 2020 Fair Value Recurring Rabbi Trust Money market mutual fund$ 0.6 $ 0.8 Total$ 0.6 $ 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 $6.1 million, $4.5 million and $4.0 million for the years ended December 31, 2021, 2020 and 2019, respectively. The portions of the net gains related to investments still held by the Rabbi Trusts at December 31, 2021, 2020 and 2019 were $5.3 million, $4.1 million and $3.7 million, respectively.Interest rate swaps are measured at fair value using quoted market prices or pricing models that use prevailing market interest rates as of the measurement date. These interest rate swaps are more fully described in Note 5.The carrying values of our cash equivalents, restricted cash, accounts and notes receivable, short-term debt, trade payables and accruals, and all other current liabilities approximate their fair values because of the short-term nature of these instruments. Additional disclosures for derivative instruments and interest-bearing debt are presented in Notes 5 and 6, respectively. |
| GOODWILL IMPAIRMENT | GOODWILL IMPAIRMENTGoodwill represents the excess of the cost of net assets acquired in business combinations over the fair value of the identifiable tangible and intangible assets acquired and liabilities assumed in a business combination. Goodwill impairment exists when the fair value of a reporting unit is less than its carrying amount. As of December 31, 2021, goodwill totaled $3,696.7 million as compared to $3,172.1 million at December 31, 2020. Goodwill represents 27% of total assets at December 31, 2021 and 27% at December 31, 2020.Goodwill is tested for impairment annually, as of November 1, or more frequently whenever events or changes in circumstances would more likely than not reduce the fair value of a reporting unit below its carrying amount. Goodwill is tested for impairment at the reporting unit level, one level below our operating segments. We have four operating segments organized around our principal product lines: Aggregates, Asphalt, Concrete and Calcium. Within these four operating segments, we have identified 19 reporting units (of which 11 carry goodwill) based primarily on geographic location. We have the option of either assessing qualitative factors to determine whether it is more likely than not that the carrying value of our reporting units exceeds their respective fair value or proceeding directly to a quantitative test. We elected to perform the quantitative impairment test for all years presented.The quantitative impairment test compares the fair value of a reporting unit to its carrying value, including goodwill. If the fair value exceeds its carrying value, the goodwill of the reporting unit is not considered impaired. However, if the carrying value of a reporting unit exceeds its fair value, we recognize an impairment loss equal to that excess.The results of the annual impairment tests performed as of November 1, 2021, 2020 and 2019 indicated that the fair values of all reporting units with goodwill substantially exceeded their carrying values. Accordingly, there were no charges for goodwill impairment in the years ended December 31, 2021, 2020 or 2019. Allocation of the purchase price for the U.S. Concrete acquisition (see Note 19) has not been finalized and therefore these operations were excluded from our goodwill impairment tests. We estimate the fair values of the reporting units using both an income approach (which involves discounting estimated future cash flows) and a market approach (which involves the application of revenue and EBITDA multiples of comparable companies). Determining the fair value of our reporting units involves the use of significant estimates and assumptions and considerable management judgment. We base our fair value estimates on assumptions we believe to be reasonable at the time, but such assumptions are subject to inherent uncertainty and actual results may differ. Changes in key assumptions or management judgment with respect to a reporting unit or its prospects, which may result from a change in market conditions, market trends, interest rates or other factors outside of our control, or underperformance relative to historical or projected operating results, could result in a significantly different estimate of the fair value of our reporting units, which could result in an impairment charge in the future.For additional information about goodwill see Note 18. |
| IMPAIRMENT OF LONG-LIVED ASSETS EXCLUDING GOODWILL | IMPAIRMENT OF LONG-LIVED ASSETS EXCLUDING GOODWILLWe evaluate the carrying value of long-lived assets, including intangible assets subject to amortization, when events and circumstances indicate that the carrying value may not be recoverable. The carrying value of long-lived assets is considered impaired when the estimated undiscounted cash flows from such assets are less than their carrying value. In that event, we recognize a loss equal to the amount by which the carrying value exceeds the fair value. Fair value is determined primarily by using a discounted cash flow methodology that requires considerable judgment and assumptions. Our estimate of net future cash flows is based on historical experience and assumptions of future trends, which may be different from actual results. We periodically review the appropriateness of the estimated useful lives of our long-lived assets.We test long-lived assets for impairment at the a significantly lower level than the level at which we test goodwill for impairment. In markets where we do not produce downstream products (e.g., asphalt mix and ready-mixed concrete), the lowest level of largely independent identifiable cash flows is at the individual aggregates operation or a group of aggregates operations collectively serving a local market. Conversely, in vertically integrated markets, the cash flows of our downstream and upstream businesses are not largely independently identifiable as the selling price of the upstream products (aggregates) determines the profitability of the downstream business.As of December 31, 2021, net property, plant & equipment represents 41% of total assets, while net other intangible assets represents 13% of total assets. During 2021, 2020 and 2019, we recorded no material losses on impairment of long-lived assets. For additional information about long-lived assets and intangible assets see Notes 4 and 18, respectively. |
| REVENUES AND REVENUE RECOGNITION | REVENUES AND REVENUE RECOGNITIONTotal revenues include sales of product and services to customers, net of any discounts and taxes, and freight and delivery revenues billed to customers. Freight and delivery generally represent pass-through transportation we incur (including our administrative costs) and pay to third-party carriers to deliver our products to customers. The cost related to freight and delivery is included in cost of revenues.Revenues for product sales are recognized when control passes to the customer (typically occurs when finished products are shipped/delivered). Construction paving revenues are recognized using the percentage-of-completion method.For additional information regarding revenues and revenue recognition see Note 2. |
| STRIPPING COSTS | STRIPPING COSTSIn the mining industry, the costs of removing overburden and waste materials to access mineral deposits are referred to as stripping costs.Stripping costs incurred during the production phase are considered costs of extracted minerals under our inventory costing system, inventoried, and recognized in cost of sales in the same period as the revenue from the sale of the inventory. The production stage is deemed to begin when the activities, including removal of overburden and waste material that may contain incidental saleable material, required to access the saleable product are complete. Stripping costs considered as production costs and included in the costs of inventory produced were $90.7 million in 2021, $90.4 million in 2020 and $86.1 million in 2019.Conversely, stripping costs incurred during the development stage of a mine (pre-production stripping) are excluded from our inventory cost. Pre-production stripping costs are capitalized and reported within other noncurrent assets in our accompanying Consolidated Balance Sheets. Capitalized pre-production stripping costs are expensed over the productive life of the mine using the unit-of-sales method. Pre-production stripping costs included in other noncurrent assets were $95.6 million as of December 31, 2021 and $92.9 million as of December 31, 2020. |
| RECLAMATION COSTS | RECLAMATION COSTSReclamation costs resulting from normal use of long-lived assets are recognized over the period the asset is in use when there is a legal obligation to incur these costs upon retirement of the assets. Additionally, reclamation costs resulting from normal use under a mineral lease are recognized over the lease term when there is a legal obligation to incur these costs upon expiration of the lease. The obligation, which cannot be reduced by estimated offsetting cash flows, is recorded at fair value as a liability at the obligating event date and is accreted through charges to operating expenses. This fair value is also capitalized as part of the carrying amount of the underlying asset and depreciated over the estimated useful life of the asset. If the obligation is settled for other than the carrying amount of the liability, a gain or loss is recognized on settlement.To determine the fair value of the obligation, we estimate the cost (including a reasonable profit margin) for a third party to perform the legally required reclamation tasks. This cost is then increased for both future estimated inflation and an estimated market risk premium related to the estimated years to settlement. Once calculated, this cost is discounted to fair value using present value techniques with a credit-adjusted, risk-free rate commensurate with the estimated years to settlement.In estimating the settlement date, we evaluate the current facts and conditions to determine the most likely settlement date. If this evaluation identifies alternative estimated settlement dates, we use a weighted-average settlement date considering the probabilities of each alternative.We review reclamation obligations at least annually for a revision to the cost or a change in the estimated settlement date. Additionally, reclamation obligations are reviewed in the period that a triggering event occurs that would result in either a revision to the cost or a change in the estimated settlement date. Examples of events that would trigger a change in the cost include a new reclamation law or amendment of an existing mineral lease. Examples of events that would trigger a change in the estimated settlement date include the acquisition of additional reserves or the closure of a facility.The carrying value of these obligations was $315.2 million as of December 31, 2021 and $283.2 million as of December 31, 2020. For additional information about reclamation obligations (referred to in our financial statements as asset retirement obligations) see Note 17. |
| ENVIRONMENTAL COMPLIANCE | ENVIRONMENTAL COMPLIANCEOur environmental compliance costs are undiscounted and include the cost of ongoing monitoring programs, the cost of remediation efforts and other similar costs. We accrue costs for environmental assessment and remediation efforts when we determine that a liability is probable and we can reasonably estimate the cost. At the early stages of a remediation effort, environmental remediation liabilities are not easily quantified due to the uncertainties of various factors. The range of an estimated remediation liability is defined and redefined as events in the remediation effort occur, but generally liabilities are recognized no later than the completion of the remedial feasibility study.When we can estimate a range of probable loss, we accrue the most likely amount. If no amount in the range of probable loss is considered most likely, the minimum loss in the range is accrued. As of December 31, 2021, the spread between the amount accrued and the maximum loss in the range for all sites for which a range can be reasonably estimated was $3.1 million — this amount does not represent our maximum exposure to loss for all environmental remediation obligations as it excludes those sites for which a range of loss cannot be reasonably estimated at this time. Accrual amounts may be based on technical cost estimations or the professional judgment of experienced environmental managers. Our Safety, Health and Environmental Affairs Management Committee routinely reviews cost estimates and key assumptions in response to new information, such as the kinds and quantities of hazardous substances, available technologies and changes to the parties participating in the remediation efforts. However, a number of factors, including adverse agency rulings and encountering unanticipated conditions as remediation efforts progress, may cause actual results to differ materially from accrued costs.For additional information about environmental compliance costs see Note 8. |
| CLAIMS AND LITIGATION INCLUDING SELF-INSURANCE | CLAIMS AND LITIGATION INCLUDING SELF-INSURANCEWe are involved with claims and litigation, including items covered under our self-insurance program. We are self-insured for losses related to workers' compensation up to $2.0 million per occurrence and automotive and general/product liability up to $10.0 million per occurrence. We have excess coverage on a per occurrence basis beyond these retention levels. Under our self-insurance program, we aggregate certain claims and litigation costs that are reasonably predictable based on our historical loss experience and accrue losses, including future legal defense costs, based on actuarial studies. Certain claims and litigation costs, due to their unique nature, are not included in our actuarial studies. We use both internal and outside legal counsel to assess the probability of loss and establish an accrual when the claims and litigation represent a probable loss and the cost can be reasonably estimated. For matters not included in our actuarial studies, legal defense costs are accrued when incurred. The following table outlines our self-insurance program at December 31: dollars in millions2021 2020 Self-insurance Program Self-insured liabilities (undiscounted)$ 137.7 $ 75.6 Insured liabilities (undiscounted) 3.6 3.7 Discount rate1.10% 0.30% Amounts Recognized in Consolidated Balance Sheets Other accounts and notes receivable$ 0.0 $ 0.6 Investments and long-term receivables 3.4 3.6 Other current liabilities (50.7) (20.7) Other noncurrent liabilities (83.2) (57.6) Net insurance liabilities (discounted)$ (130.5) $ (74.1) The significant increases presented in the table above are primarily due to the acquisition of U.S. Concrete (see Note 19). Estimated payments (undiscounted and excluding the impact of related receivables) under our self-insurance program for the five years subsequent to December 31, 2021 are as follows: in millions Estimated Payments under Self-insurance Program 2022$ 51.7 2023 32.6 2024 26.8 2025 7.0 2026 3.8 Significant judgment is used in determining the timing and amount of the accruals for probable losses, and the actual liability could differ materially from the accrued amounts.For additional information about claims and litigation, see Note 12 under the caption Litigation and Environmental Matters. |
| SHARE-BASED COMPENSATION | SHARE-BASED COMPENSATIONAll of our share-based compensation awards are classified as equity awards. We measure share-based compensation awards using fair-value-based measurement methods. This results in the recognition of compensation expense for all share-based compensation awards based on their fair value as of the grant date with adjustments for performance, as applicable. Compensation cost is recognized over the requisite service period. Forfeitures are recognized as they occur.A summary of the estimated future compensation cost (unrecognized compensation expense) as of December 31, 2021 related to share-based awards granted to employees under our long-term incentive plans is presented below: Unrecognized Expected Compensation Weighted-average dollars in millionsExpense Recognition (Years) Share-based Compensation SOSARs 1$ 1.2 1.3 Performance shares 10.5 1.7 Restricted shares 8.5 1.7 Total/weighted-average$ 20.2 1.7 1Stock-Only Stock Appreciation Rights (SOSARs) Pretax compensation expense related to our employee share-based compensation awards and related income tax benefits for the years ended December 31 are summarized below: in millions2021 2020 2019 Employee Share-based Compensation Awards Pretax compensation expense$ 32.5 $ 31.4 $ 30.1 Income tax benefits 4.7 5.0 7.7 We receive an income tax deduction for share-based compensation equal to the excess of the market value of our common stock on the date of exercise or issuance over the exercise price. Tax benefits resulting from tax deductions in excess of the compensation cost recognized (excess tax benefits) are reflected as discrete income tax benefits in the period of exercise or issuance.For additional information about share-based compensation, see Note 11 under the caption Share-based Compensation Plans. |
| PENSION AND OTHER POSTRETIREMENT BENEFITS | PENSION AND OTHER POSTRETIREMENT BENEFITSAccounting for pension and other postretirement benefits requires that we use assumptions for the valuation of projected benefit obligations (PBO) and the performance of plan assets. Each year, we review our assumptions for discount rates (used for PBO, service cost, and interest cost calculations) and the expected return on plan assets. Due to plan changes made in 2013, annual pay increases do not materially impact plan obligations.DISCOUNT RATES — We use a high-quality bond full yield curve approach (specific spot rates for each annual expected cash flow) to establish the discount rates at each measurement date.EXPECTED RETURN ON PLAN ASSETS — Our expected return on plan assets is: (1) a long-term view based on our current asset allocation, and (2) a judgment informed by consultation with our retirement plans’ consultant and our pension plans’ actuary.RATE OF INCREASE IN THE PER CAPITA COST OF COVERED HEALTHCARE BENEFITS — We project the expected increases in the cost of covered healthcare benefits.Accounting standards provide for the delayed recognition of differences between actual results and expected or estimated results. This delayed recognition of actual results allows for a smoothed recognition in earnings of changes in benefit obligations and asset performance. The differences between actual results and expected or estimated results are recognized in full in other comprehensive income. Amounts recognized in other comprehensive income are reclassified to earnings in a systematic manner over the average remaining service period of participants for our active plans or the average remaining lifetime of participants for our inactive plans.We present the service cost component of net periodic benefit cost in cost of revenues and selling, administrative and general expense consistent with employee compensation costs. The other components of net periodic benefit cost are reported within other nonoperating income in our accompanying Consolidated Statements of Comprehensive Income.For additional information about pension and other postretirement benefits see Note 10. |
| INCOME TAXES | INCOME TAXESWe file federal, state and foreign income tax returns and account for the current and deferred tax effects of such returns using the asset and liability method. We recognize deferred tax assets and liabilities (which reflect our best assessment of the future taxes we will pay) based on the differences between the book basis and tax basis of assets and liabilities. Deferred tax assets represent items to be used as a tax deduction or credit in future tax returns while deferred tax liabilities represent items that will result in additional tax in future tax returns.Significant judgments and estimates are required in determining our deferred tax assets and liabilities. These estimates are updated throughout the year to consider income tax return filings, our geographic mix of earnings, legislative changes and other relevant items. We are required to account for the effects of changes in income tax rates on deferred tax balances in the period in which the legislation is enacted.Each quarter we analyze the likelihood that our deferred tax assets will be realized. Realization of the deferred tax assets ultimately depends on the existence of sufficient taxable income of the appropriate character in either the carryback or carryforward period. A valuation allowance is recorded if, based on the weight of all available positive and negative evidence, it is more likely than not (a likelihood of more than 50%) that some portion, or all, of a deferred tax asset will not be realized. A summary of our deferred tax assets is included in Note 9. We recognize a tax benefit associated with a tax position when, in our judgment, it is more likely than not that the position will be sustained based upon the technical merits of the position. For a tax position that meets the more likely than not recognition threshold, we measure the income tax benefit as the largest amount that we judge to have a greater than 50% likelihood of being realized. A liability is established for the unrecognized portion of any tax position. Our liability for unrecognized tax benefits is adjusted periodically due to changing circumstances, such as the progress of tax audits, case law developments and new or emerging legislation.Generally, we are not subject to significant changes in income taxes by any taxing jurisdiction for the years before 2018. While it is often difficult to predict the final outcome or the timing of resolution of any particular tax matter, we believe our liability for unrecognized tax benefits is appropriate.We consider a tax position to be resolved at the earlier of the issue being “effectively settled,” settlement of an examination, or the expiration of the statute of limitations. Upon resolution of a tax position, any liability for unrecognized tax benefits will be released.Our liability for unrecognized tax benefits is generally presented as noncurrent. However, if we anticipate paying cash within one year to settle an uncertain tax position, the liability is presented as current. We classify interest and penalties associated with our liability for unrecognized tax benefits as income tax expense.Our largest permanent item in computing both our taxable income and effective tax rate is the deduction allowed for statutory depletion. The impact of statutory depletion on the effective tax rate is presented in Note 9. The deduction for statutory depletion does not necessarily change proportionately to changes in pretax earnings. |
| COMPREHENSIVE INCOME | COMPREHENSIVE INCOMEWe report comprehensive income in our Consolidated Statements of Comprehensive Income and Consolidated Statements of Equity. Comprehensive income comprises two subsets: net earnings and other comprehensive income (OCI). OCI includes adjustments to cash flow hedges, as well as actuarial gains or losses and prior service costs related to pension and postretirement benefit plans.For additional information about comprehensive income see Note 14. |
| EARNINGS PER SHARE (EPS) | EARNINGS PER SHARE (EPS)Earnings per share are computed by dividing net earnings by the weighted-average common shares outstanding (basic EPS) or weighted-average common shares outstanding assuming dilution (diluted EPS), as set forth below: in millions2021 2020 2019 Weighted-average common shares outstanding 132.8 132.6 132.3 Dilutive effect of SOSARs 0.3 0.3 0.6 Other stock compensation plans 0.4 0.3 0.5 Weighted-average common shares outstanding, assuming dilution 133.5 133.2 133.4 All dilutive common stock equivalents are reflected in our earnings per share calculations. In periods of loss, shares that otherwise would have been included in our diluted weighted-average common shares outstanding computation would be excluded.Antidilutive common stock equivalents are not included in our earnings per share calculations. The number of antidilutive common stock equivalents for which the exercise price exceeds the weighted-average market price for the years ended December 31 is as follows: in millions2021 2020 2019 Antidilutive common stock equivalents 0.0 0.1 0.1 |
| RECLASSIFICATIONS | RECLASSIFICATIONSCertain items previously reported in specific financial statement captions have been reclassified to conform to the 2021 presentation. Such reclassifications had no impact on our prior results of operations, financial position or cash flows. |
| NEW ACCOUNTING STANDARDS | NEW ACCOUNTING STANDARDSACCOUNTING STANDARDS RECENTLY ADOPTEDINCOME TAXES During the first quarter of 2021, we adopted Accounting Standards Update (ASU) 2019-12, “Simplifying the Accounting for Income Taxes,” which added new guidance to simplify the accounting for income taxes and changed the accounting for certain income tax transactions. The adoption of this standard did not materially impact our consolidated financial statements.CONVERTIBLE INSTRUMENTS During the first quarter of 2021, we adopted ASU 2020-06, “Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity.” This ASU reduced the number of models used to account for convertible instruments and modified the diluted earnings per share calculations for convertible instruments. This ASU also amended the accounting for certain contracts in an entity’s own equity that are currently accounted for as derivatives. The adoption of this standard did not materially impact our consolidated financial statements.ACCOUNTING STANDARDS PENDING ADOPTIONNone |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) |
12 Months Ended |
|---|---|
Dec. 31, 2021 | |
| SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
| Results from Discontinued Operations | in millions2021 2020 2019 Discontinued Operations Pretax loss$ (4.5) $ (4.7) $ (6.5) Income tax benefit 1.2 1.2 1.7 Loss on discontinued operations, net of tax$ (3.3) $ (3.5) $ (4.8) |
| Depreciation, Depletion, Accretion and Amortization Expense | in millions2021 2020 2019 Depreciation, Depletion, Accretion and Amortization Depreciation$ 343.4 $ 315.2 $ 300.6 Depletion 31.2 21.0 22.4 Accretion 13.1 12.4 11.0 Amortization of finance leases 7.1 1.6 0.1 Amortization of intangibles 68.2 46.6 40.5 Total$ 463.0 $ 396.8 $ 374.6 |
| Fair Value Measurement on Recurring Basis | Level 1 Fair Valuein millions2021 2020 Fair Value Recurring Rabbi Trust Mutual funds$ 34.7 $ 28.1 Total$ 34.7 $ 28.1 Level 2 Fair Valuein millions2021 2020 Fair Value Recurring Rabbi Trust Money market mutual fund$ 0.6 $ 0.8 Total$ 0.6 $ 0.8 |
| Liabilities Under Self-Insurance Program | dollars in millions2021 2020 Self-insurance Program Self-insured liabilities (undiscounted)$ 137.7 $ 75.6 Insured liabilities (undiscounted) 3.6 3.7 Discount rate1.10% 0.30% Amounts Recognized in Consolidated Balance Sheets Other accounts and notes receivable$ 0.0 $ 0.6 Investments and long-term receivables 3.4 3.6 Other current liabilities (50.7) (20.7) Other noncurrent liabilities (83.2) (57.6) Net insurance liabilities (discounted)$ (130.5) $ (74.1) |
| Estimated Payments (Undiscounted) Under Self-Insurance Program | in millions Estimated Payments under Self-insurance Program 2022$ 51.7 2023 32.6 2024 26.8 2025 7.0 2026 3.8 |
| Unrecognized Compensation Expense | Unrecognized Expected Compensation Weighted-average dollars in millionsExpense Recognition (Years) Share-based Compensation SOSARs 1$ 1.2 1.3 Performance shares 10.5 1.7 Restricted shares 8.5 1.7 Total/weighted-average$ 20.2 1.7 1Stock-Only Stock Appreciation Rights (SOSARs) |
| Pretax Compensation Expense | in millions2021 2020 2019 Employee Share-based Compensation Awards Pretax compensation expense$ 32.5 $ 31.4 $ 30.1 Income tax benefits 4.7 5.0 7.7 |
| Weighted-Average Common Shares Outstanding Assuming Dilution | in millions2021 2020 2019 Weighted-average common shares outstanding 132.8 132.6 132.3 Dilutive effect of SOSARs 0.3 0.3 0.6 Other stock compensation plans 0.4 0.3 0.5 Weighted-average common shares outstanding, assuming dilution 133.5 133.2 133.4 |
| Antidilutive Common Stock Equivalents | in millions2021 2020 2019 Antidilutive common stock equivalents 0.0 0.1 0.1 |
REVENUES (Tables) |
12 Months Ended |
|---|---|
Dec. 31, 2021 | |
| REVENUES [Abstract] | |
| Revenues by Geographic Market | For the Year Ended December 31, 2021 in millionsAggregates Asphalt Concrete Calcium Total Total Revenues by Geographic Market 1 East$ 1,283.7 $ 142.4 $ 243.4 $ 0.0 $ 1,669.5 Gulf Coast 2,350.5 179.6 75.4 6.9 2,612.4 West 597.8 455.8 47.0 0.0 1,100.6 U.S. Concrete 113.0 0.0 401.0 0.0 514.0 Segment sales$ 4,345.0 $ 777.8 $ 766.8 $ 6.9 $ 5,896.5 Intersegment sales (344.3) 0.0 0.0 0.0 (344.3) Total revenues$ 4,000.7 $ 777.8 $ 766.8 $ 6.9 $ 5,552.2 For the Year Ended December 31, 2020 in millionsAggregates Asphalt Concrete Calcium Total Total Revenues by Geographic Market 1 East$ 1,198.1 $ 142.2 $ 263.7 $ 0.0 $ 1,604.0 Gulf Coast 2,165.2 178.5 71.1 7.7 2,422.5 West 581.0 471.9 48.8 0.0 1,101.7 Segment sales$ 3,944.3 $ 792.6 $ 383.6 $ 7.7 $ 5,128.2 Intersegment sales (271.4) 0.0 0.0 0.0 (271.4) Total revenues$ 3,672.9 $ 792.6 $ 383.6 $ 7.7 $ 4,856.8 For the Year Ended December 31, 2019 in millionsAggregates Asphalt Concrete Calcium Total Total Revenues by Geographic Market 1 East$ 1,254.8 $ 166.5 $ 261.2 $ 0.0 $ 1,682.5 Gulf Coast 2,117.5 194.4 66.6 8.2 2,386.7 West 618.0 494.9 67.8 0.0 1,180.7 Segment sales$ 3,990.3 $ 855.8 $ 395.6 $ 8.2 $ 5,249.9 Intersegment sales (320.8) 0.0 0.0 0.0 (320.8) Total revenues$ 3,669.5 $ 855.8 $ 395.6 $ 8.2 $ 4,929.1 1The geographic markets are defined by states as follows: East market — Arkansas, Delaware, Illinois, Kentucky, Maryland, North Carolina, Pennsylvania, Tennessee, Virginia, and Washington D.C.Gulf Coast market — Alabama, Florida, Georgia, Louisiana, Mississippi, Oklahoma, Quintana Roo (Mexico), South Carolina and TexasWest market — Arizona, California and New MexicoU.S. Concrete — British Columbia (Canada), California, Hawaii, New Jersey, New York, Oklahoma, Pennsylvania, Texas, the U.S. Virgin Islands and Washington D.C. |
| Freight & Delivery Revenues | in millions2021 2020 2019 Freight & Delivery Revenues Total revenues$ 5,552.2 $ 4,856.8 $ 4,929.1 Freight & delivery revenues 1 (768.3) (738.5) (747.9) Total revenues excluding freight & delivery$ 4,783.9 $ 4,118.3 $ 4,181.2 1Includes freight & delivery to remote distribution sites. |
| Reconciliation of Deferred Revenue Balances | in millions2021 2020 2019 Deferred Revenue Balance at beginning of year$ 178.0 $ 185.3 $ 192.8 Revenue recognized from deferred revenue (7.9) (7.3) (7.5) Balance at end of year$ 170.1 $ 178.0 $ 185.3 |
INVENTORIES (Tables) |
12 Months Ended |
|---|---|
Dec. 31, 2021 | |
| INVENTORIES [Abstract] | |
| Inventories | in millions2021 2020 Inventories Finished products 1$ 418.0 $ 378.4 Raw materials 59.9 33.8 Products in process 4.2 4.5 Operating supplies and other 39.2 31.9 Total$ 521.3 $ 448.6 1Includes inventories encumbered by volumetric production payments (see Note 2), as follows: December 31, 2021 — $2.8 million and December 31, 2020 — $2.4 million. |
PROPERTY, PLANT & EQUIPMENT (Tables) |
12 Months Ended |
|---|---|
Dec. 31, 2021 | |
| PROPERTY, PLANT & EQUIPMENT [Abstract] | |
| Property, Plant and Equipment | in millions2021 2020 Property, Plant & Equipment Land and land improvements 1$ 3,631.7 $ 3,013.3 Buildings 182.9 145.4 Machinery and equipment 6,109.2 5,517.9 Finance leases (see Note 7) 36.3 7.8 Deferred asset retirement costs (see Note 17) 2 182.5 240.8 Construction in progress 301.8 176.9 Total, gross$ 10,444.4 $ 9,102.1 Less allowances for depreciation, depletion and amortization 4,897.6 4,676.1 Total, net$ 5,546.8 $ 4,426.0 1Includes depletable land as follows: December 31, 2021 — $2,238.4 million and December 31, 2020 — $1,712.1 million. 2This significant decrease is due to the write-off of assets with a corresponding write-off of allowances for depreciation. |
| Capitalized Interest Costs and Total Interest Costs Incurred | in millions2021 2020 2019 Capitalized interest cost$ 4.2 $ 3.5 $ 3.9 Total interest cost incurred before recognition of the capitalized amount 153.5 139.5 134.1 |
DERIVATIVE INSTRUMENTS (Tables) |
12 Months Ended |
|---|---|
Dec. 31, 2021 | |
| DERIVATIVE INSTRUMENTS [Abstract] | |
| Effects of Changes in Fair Values of Derivatives Designated as Cash Flow Hedges | in millionsLocation on Statement 2021 2020 2019 Cash Flow Hedges Loss reclassified from AOCIInterest expense $ (2.0) $ (2.3) $ (0.3) |
DEBT (Tables) |
12 Months Ended |
|---|---|
Dec. 31, 2021 | |
| DEBT [Abstract] | |
| Debt | Effective in millionsInterest Rates 2021 2020 Short-term Debt Bank line of credit expires 2025 1 $ 0.0 $ 0.0 Total short-term debt $ 0.0 $ 0.0 Long-term Debt Bank line of credit expires 2025 1 $ 0.0 $ 0.0 Delayed draw term loan expires 20241.22% 1,100.0 0.0 Floating-rate notes due 2021 0.0 500.0 8.85% notes due 2021 0.0 6.0 4.50% notes due 20254.65% 400.0 400.0 3.90% notes due 20274.00% 400.0 400.0 3.50% notes due 20303.94% 750.0 750.0 7.15% notes due 20378.05% 129.2 129.2 4.50% notes due 20474.59% 700.0 700.0 4.70% notes due 20485.42% 460.9 460.9 Other notes2.35% 9.5 11.7 Total long-term debt - face value $ 3,949.6 $ 3,357.8 Unamortized discounts and debt issuance costs (69.6) (70.2) Total long-term debt - book value $ 3,880.0 $ 3,287.6 Less current maturities 5.2 515.4 Total long-term debt - reported value $ 3,874.8 $ 2,772.2 Estimated fair value of long-term debt $ 4,418.5 $ 3,443.2 1Borrowings on the bank line of credit are classified as short-term if we intend to repay within twelve months and as long-term if we have the intent and ability to extend payment beyond twelve months. |
| Schedule of Principal and Interest Debt Payments | in millionsTotal Principal Interest Scheduled Debt Payments (excluding the line of credit) 2022$ 145.3 $ 5.2 $ 140.1 2023 151.5 2.3 149.2 2024 1,243.3 1,100.9 142.4 2025 513.8 400.5 113.3 2026 104.7 0.4 104.3 |
| Standby Letters of Credit | in millions Standby Letters of Credit Risk management insurance$ 76.0 Reclamation/restoration requirements 8.4 Total$ 84.4 |
LEASES (Tables) |
12 Months Ended |
|---|---|
Dec. 31, 2021 | |
| LEASES [Abstract] | |
| Schedule of Lease Assets and Liabilities, Weighted-Average Lease Term and Discount Rate | dollars in millionsClassification on the Balance Sheet2021 2020 Assets Operating lease ROU assets $ 771.1 $ 482.5 Accumulated amortization (79.7) (59.4) Operating leases, netOperating lease right-of-use assets, net 691.4 423.1 Finance lease assets 129.2 7.8 Accumulated amortization (8.8) (1.6) Finance leases, netProperty, plant & equipment, net 120.4 6.2 Total lease assets $ 811.8 $ 429.3 Liabilities Current OperatingOther current liabilities$ 49.2 $ 37.0 FinanceOther current liabilities 35.4 2.0 Noncurrent Operating Noncurrent operating lease liabilities 642.5 399.6 FinanceOther noncurrent liabilities 60.5 4.1 Total lease liabilities $ 787.6 $ 442.7 Lease Term and Discount Rate Weighted-average remaining lease term (years) Operating leases 21.0 9.5 Finance leases 3.3 4.2 Weighted-average discount rate Operating leases3.8% 3.6% Finance leases1.3% 1.4% |
| Components of Lease Expense | in millions2021 2020 2019 Lease Cost Finance lease cost Amortization of right-of-use assets$ 7.1 $ 1.6 $ 0.1 Interest on lease liabilities 0.6 (0.1) 0.0 Operating lease cost 71.0 58.5 56.5 Short-term lease cost 1 27.3 30.5 35.4 Variable lease cost 10.6 12.9 13.7 Sublease income (3.1) (2.7) (3.0) Total lease cost$ 113.5 $ 100.7 $ 102.7 1Our short-term lease cost includes the cost of leases with an initial term of one month or less. |
| Maturity Analysis on an Undiscounted Basis | Operating Finance in millionsLeases Leases Maturity of Lease Liabilities 2022$ 72.5 $ 33.9 2023 66.0 27.1 2024 63.3 19.7 2025 61.0 12.2 2026 56.3 5.3 Thereafter 797.2 0.0 Total minimum lease payments$ 1,116.3 $ 98.2 Less: Lease payments representing interest 424.6 2.3 Present value of future minimum lease payments$ 691.7 $ 95.9 Less: Current obligations under leases 49.2 35.4 Long-term lease obligations$ 642.5 $ 60.5 |
ACCRUED ENVIRONMENTAL REMEDIATION COSTS (Tables) |
12 Months Ended |
|---|---|
Dec. 31, 2021 | |
| ACCRUED ENVIRONMENTAL REMEDIATION COSTS [Abstract] | |
| Accrued Environmental Remediation Costs | in millions2021 2020 Accrued Environmental Remediation Costs Continuing operations$ 23.2 $ 25.5 Retained from former Chemicals business 10.7 11.0 Total$ 33.9 $ 36.5 |
INCOME TAXES (Tables) |
12 Months Ended |
|---|---|
Dec. 31, 2021 | |
| INCOME TAXES [Abstract] | |
| Components of Earnings From Continuing Operations before Income Taxes | in millions2021 2020 2019 Earnings from Continuing Operations before Income Taxes Domestic$ 871.6 $ 733.0 $ 734.0 Foreign 2.2 10.8 23.7 Total$ 873.8 $ 743.8 $ 757.7 |
| Provision (Benefit) For Income Taxes from Continuing Operations | in millions2021 2020 2019 Income Tax Expense (Benefit) from Continuing Operations Current Federal$ 103.9 $ 69.2 $ 31.2 State and local 34.6 23.8 24.4 Foreign (5.0) 0.9 3.3 Total$ 133.5 $ 93.9 $ 58.9 Deferred Federal$ 39.2 $ 50.9 $ 67.8 State and local 26.5 10.8 8.7 Foreign 0.9 0.2 (0.2) Total$ 66.6 $ 61.9 $ 76.3 Total expense$ 200.1 $ 155.8 $ 135.2 |
| Sources and Tax Effects of Differences Between Benefit from Income Taxes and Amount Computed by Applying Federal Statutory Income Tax Rate to Earnings from Continuing Operations before Income Taxes | dollars in millions2021 2020 2019 Income tax expense at the federal statutory tax rate$ 183.5 21.0% $ 156.2 21.0% $ 159.1 21.0% Expense (Benefit) from Income Tax Differences Statutory depletion (28.3)-3.2% (24.7)-3.3% (23.0)-3.0% State and local income taxes, net of federal income tax benefit 34.7 4.0% 27.4 3.7% 26.1 3.4% Share-based compensation (6.1)-0.7% (6.9)-0.9% (17.2)-2.3% Uncertain tax positions 2.5 0.3% 1.4 0.2% 1.8 0.2% AL NOL valuation allowance 13.7 1.6% 0.0 0.0% 0.0 0.0% Research and development credit (2.7)-0.3% (2.7)-0.4% (9.5)-1.3% Other, net 2.8 0.2% 5.1 0.6% (2.1)-0.2% Total income tax expense/ Effective tax rate$ 200.1 22.9% $ 155.8 20.9% $ 135.2 17.8% |
| Components of Net Deferred Income Tax Liability | in millions2021 2020 Deferred Tax Assets Related to Employee benefits$ 11.8 $ 21.9 Incentive compensation 62.5 58.2 Asset retirement obligations & other reserves 77.9 58.3 State net operating losses 75.0 67.7 Other 59.1 25.4 Total gross deferred tax assets$ 286.3 $ 231.5 Valuation allowance (53.3) (32.5) Total net deferred tax asset$ 233.0 $ 199.0 Deferred Tax Liabilities Related to Property, plant & equipment$ 794.3 $ 622.9 Goodwill/other intangible assets 380.2 252.2 Other 64.4 30.0 Total deferred tax liabilities$ 1,238.9 $ 905.1 Net deferred tax liability$ 1,005.9 $ 706.1 |
| Changes in Unrecognized Income Tax Benefits | in millions2021 2020 2019 Unrecognized tax benefits as of January 1$ 6.8 $ 5.4 $ 3.7 Increases for tax positions related to Prior years 0.5 0.4 0.2 Current year 3.9 1.9 3.2 Decreases for tax positions related to Prior years 0.0 0.0 0.0 Expiration of applicable statute of limitations (0.4) (0.9) (1.7) Unrecognized tax benefits as of December 31$ 10.8 $ 6.8 $ 5.4 |
BENEFIT PLANS (Tables) |
12 Months Ended |
|---|---|
Dec. 31, 2021 | |
| Defined Benefit Plan Disclosure [Line Items] | |
| Schedule of Pension Plans for ABO or PBO That Exceed the Fair Value Of Plan Assets | in millions2021 2020 Pension plans with ABO in excess of plan assets Accumulated benefit obligation$ 249.2 $ 1,058.6 Fair value of assets 176.6 944.3 Pension plans with PBO in excess of plan assets Projected benefit obligation$ 249.7 $ 1,059.5 Fair value of assets 176.6 944.3 |
| Pension Plans, Defined Benefit [Member] | |
| Defined Benefit Plan Disclosure [Line Items] | |
| Combined Funded Status of Plans and their Reconciliation with Related Amounts Recognized in Consolidated Financial Statements | in millions2021 2020 Change in Benefit Obligation Projected benefit obligation at beginning of year$ 1,059.5 $ 1,090.9 Service cost 4.8 4.9 Interest cost 19.7 29.3 Actuarial (loss) gain (25.0) 89.1 Benefits paid (56.4) (154.7) Annuity purchase (87.2) 0.0 Projected benefit obligation at end of year$ 915.4 $ 1,059.5 Change in Fair Value of Plan Assets Fair value of assets at beginning of year$ 944.2 $ 949.0 Actual return on plan assets 51.9 141.1 Employer contribution 8.0 8.8 Benefits paid (56.4) (154.7) Annuity purchase (87.2) 0.0 Fair value of assets at end of year$ 860.5 $ 944.2 Funded status (54.9) (115.3) Net amount recognized$ (54.9) $ (115.3) Amounts Recognized in the Consolidated Balance Sheets Noncurrent assets$ 18.2 $ 0.0 Current liabilities (8.2) (8.1) Noncurrent liabilities (64.9) (107.2) Net amount recognized$ (54.9) $ (115.3) Amounts Recognized in Accumulated Other Comprehensive Income Net actuarial loss$ 176.4 $ 230.5 Prior service cost 3.8 5.1 Total amount recognized$ 180.2 $ 235.6 |
| Components of Net Periodic Benefit Cost Amounts Recognized in Other Comprehensive Income, Assumed Healthcare Trend Costs and Weighted Average Assumptions of Plans | dollars in millions2021 2020 2019 Components of Net Periodic Pension Benefit Cost Service cost$ 4.8 $ 4.9 $ 5.0 Interest cost 19.7 29.3 37.6 Expected return on plan assets (42.8) (48.6) (47.7) Settlement charge 12.1 22.7 0.0 Amortization of prior service cost 1.3 1.4 1.4 Amortization of actuarial loss 8.0 11.9 5.4 Net periodic pension benefit cost$ 3.1 $ 21.6 $ 1.7 Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income Net actuarial loss (gain)$ (34.0) $ (3.4) $ 33.7 Reclassification of prior service cost (1.3) (1.4) (1.4) Reclassification of actuarial loss (20.1) (34.6) (5.4) Amount recognized in other comprehensive income$ (55.4) $ (39.4) $ 26.9 Amount recognized in net periodic pension benefit cost and other comprehensive income$ (52.3) $ (17.8) $ 28.6 Assumptions Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31 Discount rate — PBO2.63% 3.22% 4.39% Discount rate — service cost 12.94% / 3.21% 3.49% / 2.89% 4.59% Discount rate — interest cost1.90% 2.78% 4.02% Expected return on plan assets 25.25% / 3.75% 5.75% / 5.25% 5.75% Weighted-average assumptions used to determine benefit obligation at December 31 Discount rate2.91% 2.57% 3.28% 1As a result of remeasurements, the 2021 service cost discount rates were revised from 2.94% at 12/31/2020 to 3.21% at 10/31/2021 and the 2020 service cost discount rates were revised from 3.49% at 12/31/2019 to 2.89% at 11/30/2020.2As a result of remeasurements, the 2021 expected return on plan assets were revised from 5.25% at 12/31/2020 to 3.75% at 10/31/2021 and the 2020 expected return on plan assets were revised from 5.75% at 12/31/2019 to 5.25% at 11/30/2020. |
| Fair values of Pension Plan Assets | Fair Value Measurements at December 31, 2021 in millionsLevel 1 Level 2 Level 3 Total Asset Category Debt funds$ 0.0 $ 662.9 $ 0.0 $ 662.9 Equity funds 0.1 59.0 0.0 59.1 Investments in the fair value hierarchy$ 0.1 $ 721.9 $ 0.0 $ 722.0 Interest in common/collective trusts (at NAV) 134.3 Private partnerships (at NAV) 4.2 Total pension plan assets $ 860.5 Fair Value Measurements at December 31, 2020 in millionsLevel 1 Level 2 Level 3 Total Asset Category Debt funds$ 0.0 $ 456.2 $ 0.0 $ 456.2 Equity funds 0.0 115.8 0.0 115.8 Investments in the fair value hierarchy$ 0.0 $ 572.0 $ 0.0 $ 572.0 Interest in common/collective trusts (at NAV) 367.1 Private partnerships (at NAV) 5.1 Total pension plan assets $ 944.2 |
| Employer Contributions for Plan | in millionsPension Employer Contributions 2019$ 8.9 2020 8.8 2021 8.0 2022 (estimated) 8.2 |
| Benefit Payments Which Reflect Expected Future Service, Expected to be Paid | in millionsPension Estimated Future Benefit Payments 2022$ 49.9 2023 50.5 2024 51.3 2025 49.0 2026 49.7 2027-2031 251.5 |
| Other Postretirement Benefit Plans, Defined Benefit [Member] | |
| Defined Benefit Plan Disclosure [Line Items] | |
| Combined Funded Status of Plans and their Reconciliation with Related Amounts Recognized in Consolidated Financial Statements | in millions2021 2020 Change in Benefit Obligation Projected benefit obligation at beginning of year$ 33.9 $ 41.2 Service cost 1.3 1.5 Interest cost 0.5 1.0 Plan amendments 14.9 0.0 Actuarial (gain) loss 0.9 (5.1) Benefits paid (5.5) (4.7) Projected benefit obligation at end of year$ 46.0 $ 33.9 Change in Fair Value of Plan Assets Fair value of assets at beginning of year$ 0.0 $ 0.0 Actual return on plan assets 0.0 0.0 Fair value of assets at end of year$ 0.0 $ 0.0 Funded status$ (46.0) $ (33.9) Net amount recognized$ (46.0) $ (33.9) Amounts Recognized in the Consolidated Balance Sheets Current liabilities$ (4.6) $ (4.5) Noncurrent liabilities (41.4) (29.4) Net amount recognized$ (46.0) $ (33.9) Amounts Recognized in Accumulated Other Comprehensive Income Net actuarial gain$ (16.7) $ (19.0) Prior service cost (credit) 12.8 (3.7) Total amount recognized$ (3.9) $ (22.7) |
| Components of Net Periodic Benefit Cost Amounts Recognized in Other Comprehensive Income, Assumed Healthcare Trend Costs and Weighted Average Assumptions of Plans | dollars in millions2021 2020 2019 Components of Net Periodic Postretirement Benefit Cost Service cost$ 1.2 $ 1.5 $ 1.3 Interest cost 0.5 1.0 1.4 Amortization of prior service credit (1.5) (3.9) (3.9) Amortization of actuarial gain (1.4) (0.8) (1.3) Net periodic postretirement benefit credit$ (1.2) $ (2.2) $ (2.5) Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income Net actuarial (gain) loss$ 0.9 $ (5.1) $ 2.7 Prior service cost 14.9 0.0 0.0 Reclassification of prior service credit 1.5 3.9 3.9 Reclassification of actuarial gain 1.4 0.8 1.3 Amount recognized in other comprehensive income$ 18.7 $ (0.4) $ 7.9 Amount recognized in net periodic postretirement benefit cost and other comprehensive income$ 17.5 $ (2.6) $ 5.4 Assumptions Assumed Healthcare Cost Trend Rates at December 31 Healthcare cost trend rate assumed for next year (Pre-65/Post-65)6.60% / 6.50% n/a n/a Rate to which the cost trend rate gradually declines4.50% n/a n/a Year that the rate reaches the rate it is assumed to maintain2028 n/a n/a Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31 Discount rate — PBO2.19% 2.84% 4.01% Discount rate — service cost 12.45% / 2.84% 3.09% 4.23% Discount rate — interest cost1.60% 2.42% 3.63% Weighted-average assumptions used to determine benefit obligation at December 31 Discount rate2.59% 2.09% 2.84% 1As a result of remeasurements, the 2021 service cost discount rates were revised from 2.45% at 12/31/2020 to 2.84% at 9/30/2021. |
| Employer Contributions for Plan | in millionsPostretirement Employer Contributions 2019$ 5.0 2020 4.7 2021 5.5 2022 (estimated) 4.6 |
| Benefit Payments Which Reflect Expected Future Service, Expected to be Paid | in millionsPostretirement Estimated Future Benefit Payments 2022$ 4.6 2023 4.7 2024 4.5 2025 4.5 2026 4.2 2027–2031 17.7 |
| Contributions by Participants to Postretirement Benefit Plans | in millionsPostretirement Participants Contributions 2019$ 2.2 2020 2.6 2021 2.3 |
INCENTIVE PLANS (Tables) |
12 Months Ended |
|---|---|
Dec. 31, 2021 | |
| Aggregate Values for Distributed Restricted Share Awards | in millions2021 2020 2019 Aggregate value of distributed restricted shares$ 9.0 $ 12.2 $ 2.4 |
| Weighted-Average Fair Value and Weighted-Average Assumptions Used in Estimating Fair Value of Grants | 2021 2020 2019 SOSARs Fair value$ 52.19 $ 40.91 $ 38.90 Risk-free interest rate1.18% 1.50% 2.62% Dividend yield0.62% 0.71% 0.87% Volatility27.33% 25.74% 27.23% Expected term (years)9.00 9.00 9.00 |
| Aggregate Intrinsic Values of Options Exercised | in millions2021 2020 2019 Aggregate intrinsic value of SOSARs exercised$ 24.9 $ 22.3 $ 74.8 |
| Performance Shares [Member] | |
| Summary of Activity For Nonvested Performance Share Units | Target Weighted-average Number Grant Date of Shares Fair Value Performance Shares Nonvested at January 1, 2021 243,859 $ 121.53 Granted 112,070 164.38 Vested (125,551) 110.41 Canceled/forfeited (9,390) 136.81 Nonvested at December 31, 2021 220,988 $ 148.93 |
| Aggregate Value of Performance Shares | in millions2021 2020 2019 Aggregate value of distributed performance shares$ 19.6 $ 38.8 $ 33.2 |
| Restricted Shares [Member] | |
| Summary of Restricted Stock Units | Weighted-average Number Grant Date of Shares Fair Value Restricted Stock Units Nonvested at January 1, 2021 200,153 $ 121.11 Granted 68,980 164.38 Vested (57,230) 120.70 Canceled/forfeited (6,623) 136.70 Nonvested at December 31, 2021 205,280 $ 135.26 |
| SOSARs [Member] | |
| Summary of Our SOSAR Activity | Weighted-average Remaining Aggregate Number Weighted-average Contractual Intrinsic Value of Shares Exercise Price Life (Years) (in millions) SOSARs Outstanding at January 1, 2021 788,436 $ 90.72 Granted 68,700 164.38 Exercised (229,809) 71.99 Forfeited or expired (3,183) 147.41 Outstanding at December 31, 2021 624,144 $ 105.43 5.17 $ 63.2 Exercisable at December 31, 2021 484,140 $ 94.00 4.22 $ 54.5 |
| Cash and Stock Consideration Received and Tax Benefit Realized from SOSAR Exercises and Compensation Cost Recorded | in millions2021 2020 2019 SOSARs Cash and stock consideration received from exercises$ 0.0 $ 0.0 $ 0.0 Tax benefit from exercises 6.3 5.7 29.0 Compensation cost 3.9 3.9 4.0 |
COMMITMENTS AND CONTINGENCIES (Tables) |
12 Months Ended |
|---|---|
Dec. 31, 2021 | |
| COMMITMENTS AND CONTINGENCIES [Abstract] | |
| Commitments Due | Unconditional Purchase in millionsObligations Property, Plant & Equipment 2022$ 18.2 Thereafter 0.0 Total$ 18.2 Noncapital (primarily transportation and electricity contracts) 2022$ 22.1 2023–2024 32.2 2025–2026 3.2 Thereafter 10.0 Total$ 67.5 |
| Minimum Royalties Under Mineral Leases | Mineral in millionsLeases Minimum Royalties 2022$ 26.2 2023–2024 39.2 2025–2026 26.2 Thereafter 162.2 Total$ 253.8 |
EQUITY (Tables) |
12 Months Ended |
|---|---|
Dec. 31, 2021 | |
| EQUITY [Abstract] | |
| Shares Purchased and Retired | in millions, except average cost2021 2020 2019 Shares Purchased and Retired Number 0.0 0.2 0.0 Total purchase price$ 0.0 $ 26.1 $ 2.6 Average cost per share$ 0.00 $ 121.92 $ 139.90 |
| Cash Dividends Per Share of Common Stock | in millions, except per share data2021 2020 2019 Dividends Cash dividends$ 196.4 $ 180.2 $ 164.0 Cash dividends per share$ 1.48 $ 1.36 $ 1.24 |
OTHER COMPREHENSIVE INCOME (Tables) |
12 Months Ended |
|---|---|
Dec. 31, 2021 | |
| OTHER COMPREHENSIVE INCOME [Abstract] | |
| Accumulated Other Comprehensive Income, Net of Tax | in millions2021 2020 2019 AOCI Interest rate hedges$ (22.5) $ (24.0) $ (11.0) Pension and postretirement plans (130.2) (157.3) (186.7) Total$ (152.7) $ (181.3) $ (197.7) |
| Changes in Accumulated Other Comprehensive Income, Net of Tax | Pension and Interest Rate Postretirement in millionsHedges Benefit Plans Total AOCI Balances at December 31, 2018$ (11.2) $ (161.0) $ (172.2) Other comprehensive income (loss) before reclassifications 0.0 (26.9) (26.9) Amounts reclassified from AOCI 0.2 1.2 1.4 Net OCI changes 0.2 (25.7) (25.5) Balances at December 31, 2019$ (11.0) $ (186.7) $ (197.7) Other comprehensive income (loss) before reclassifications (14.7) 6.4 (8.3) Amounts reclassified from AOCI 1.7 23.0 24.7 Net OCI changes (13.0) 29.4 16.4 Balances at December 31, 2020$ (24.0) $ (157.3) $ (181.3) Other comprehensive income (loss) before reclassifications 0.0 13.4 13.4 Amounts reclassified from AOCI 1.5 13.7 15.2 Net OCI changes 1.5 27.1 28.6 Balances at December 31, 2021$ (22.5) $ (130.2) $ (152.7) |
| Amounts Reclassified from Accumulated Other Comprehensive Income to Earnings | in millions2021 2020 2019 Amortization of Interest Rate Hedge Losses Interest expense$ 2.0 $ 2.3 $ 0.3 Benefit from income taxes (0.5) (0.6) (0.1) Total$ 1.5 $ 1.7 $ 0.2 Amortization of Pension and Postretirement Plan Actuarial Loss and Prior Service Cost Other nonoperating expense$ 18.5 $ 31.2 $ 1.6 Benefit from income taxes (4.8) (8.2) (0.4) Total$ 13.7 $ 23.0 $ 1.2 Total reclassifications from AOCI to earnings$ 15.2 $ 24.7 $ 1.4 |
SEGMENT REPORTING (Tables) |
12 Months Ended |
|---|---|
Dec. 31, 2021 | |
| SEGMENT REPORTING [Abstract] | |
| Segment Financial Disclosure | in millions2021 2020 2019 Total Revenues Aggregates 1$ 4,345.0 $ 3,944.3 $ 3,990.3 Asphalt 2 777.8 792.6 855.8 Concrete 766.8 383.6 395.6 Calcium 6.9 7.7 8.2 Segment sales$ 5,896.5 $ 5,128.2 $ 5,249.9 Aggregates intersegment sales (344.3) (271.4) (320.8) Total revenues$ 5,552.2 $ 4,856.8 $ 4,929.1 Gross Profit Aggregates$ 1,295.7 $ 1,159.2 $ 1,146.6 Asphalt 21.2 75.2 63.0 Concrete 54.3 44.2 43.2 Calcium 2.2 2.9 3.1 Total $ 1,373.4 $ 1,281.5 $ 1,255.9 Depreciation, Depletion, Accretion & Amortization (DDA&A) Aggregates$ 360.4 $ 321.1 $ 305.1 Asphalt 36.0 35.0 35.2 Concrete 41.5 16.0 13.6 Calcium 0.2 0.2 0.2 Other 24.9 24.5 20.5 Total$ 463.0 $ 396.8 $ 374.6 Capital Expenditures 3 Aggregates$ 423.1 $ 331.9 $ 383.4 Asphalt 9.3 19.8 9.1 Concrete 18.1 11.7 11.6 Calcium 0.0 0.0 0.0 Corporate 0.0 0.0 0.2 Total$ 450.5 $ 363.4 $ 404.3 Identifiable Assets 4, 5 Aggregates$ 10,917.8 $ 9,459.2 $ 9,334.2 Asphalt 602.0 573.1 558.4 Concrete 1,680.2 305.5 325.1 Calcium 4.0 3.3 3.7 Total identifiable assets$ 13,204.0 $ 10,341.1 $ 10,221.4 General corporate 237.1 147.8 152.9 Cash and cash equivalents and restricted cash 241.5 1,198.0 274.5 Total assets$ 13,682.6 $ 11,686.9 $ 10,648.8 1Includes product sales, as well as freight & delivery costs that we pass along to our customers, and service revenues (see Note 2) related to aggregates.2Includes product sales, as well as service revenues (see Note 2) from our asphalt construction paving business. 3Capital expenditures include capitalized replacements of and additions to property, plant & equipment, including renewals and betterments. Capital expenditures exclude property, plant & equipment obtained by business acquisitions.4Certain 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.5The 2021 increases in Aggregates, Concrete and General corporate Identifiable Assets are largely attributable to the U.S. Concrete acquisition (see Note 19). |
SUPPLEMENTAL CASH FLOW INFORMATION (Tables) |
12 Months Ended |
|---|---|
Dec. 31, 2021 | |
| SUPPLEMENTAL CASH FLOW INFORMATION [Abstract] | |
| Supplemental Information Referable to Condensed Consolidated Statements of Cash Flows | in millions2021 2020 2019 Cash Payments Interest (exclusive of amount capitalized)$ 138.0 $ 129.2 $ 129.2 Income taxes 127.9 95.9 56.8 Noncash Investing and Financing Activities Accrued liabilities for purchases of property, plant & equipment$ 71.4 $ 55.9 $ 57.3 Recognition of new and revised asset retirement obligations (AROs) 1 17.1 73.2 (13.9) Recognition of new and revised right-of-use (ROU) assets for 1 Operating lease liabilities 106.9 49.6 444.5 Finance lease liabilities 13.3 6.6 1.2 Amounts referable to business acquisitions Debt assumed 443.7 0.0 0.0 Other liabilities assumed 243.8 5.9 4.4 Consideration payable to seller 0.0 9.0 0.0 Fair value of noncash assets and liabilities exchanged 0.0 21.2 0.0 Debt issued for purchases of property, plant & equipment 0.0 2.6 0.0 1Excludes amounts acquired in business acquisitions. Additionally, the 2019 lease amount includes the initial right-of-use assets resulting from our adoption of ASU 2016-02, “Leases.” |
ASSET RETIREMENT OBLIGATIONS (Tables) |
12 Months Ended |
|---|---|
Dec. 31, 2021 | |
| ASSET RETIREMENT OBLIGATIONS [Abstract] | |
| Asset Retirement Obligations Operating Costs | in millions2021 2020 2019 ARO Operating Costs Accretion$ 13.1 $ 12.4 $ 11.0 Depreciation 10.6 8.6 7.1 Total$ 23.7 $ 21.0 $ 18.1 |
| Reconciliations of Asset Retirement Obligations | in millions2021 2020 Asset Retirement Obligations Balance at beginning of year$ 283.2 $ 210.3 Liabilities incurred 19.2 0.4 Liabilities settled (11.0) (12.8) Accretion expense 13.1 12.4 Revisions, net 10.7 72.9 Balance at end of year$ 315.2 $ 283.2 |
GOODWILL AND INTANGIBLE ASSETS (Tables) |
12 Months Ended |
|---|---|
Dec. 31, 2021 | |
| GOODWILL AND INTANGIBLE ASSETS [Abstract] | |
| Changes in Carrying Amount of Goodwill by Reportable Segment | in millionsAggregates Asphalt Concrete Calcium Total Goodwill Totals at December 31, 2019$ 3,075.4 $ 91.6 $ 0.0 $ 0.0 $ 3,167.0 Goodwill of acquired businesses 1 5.1 0.0 0.0 0.0 5.1 Totals at December 31, 2020$ 3,080.5 $ 91.6 $ 0.0 $ 0.0 $ 3,172.1 Goodwill of acquired businesses 1 236.1 0.0 288.5 0.0 524.6 Totals at December 31, 2021$ 3,316.6 $ 91.6 $ 288.5 $ 0.0 $ 3,696.7 1See Note 19 for a summary of recent acquisitions. |
| Gross Carrying Amount and Accumulated Amortization by Major Intangible Asset Class | in millions2021 2020 Gross Carrying Amount Contractual rights in place $ 1,765.0 $ 1,159.0 Permitting, permitting compliance and zoning rights 156.5 138.9 Other 1 115.0 57.6 Total gross carrying amount$ 2,036.5 $ 1,355.5 Accumulated Amortization Contractual rights in place $ (230.9) $ (188.9) Permitting, permitting compliance and zoning rights (39.1) (30.2) Other 1 (17.5) (12.9) Total accumulated amortization$ (287.5) $ (232.0) Total Intangible Assets Subject to Amortization, net$ 1,749.0 $ 1,123.5 Intangible Assets with Indefinite Lives 0.0 0.0 Total Intangible Assets, net 1,749.0 1,123.5 Amortization Expense for the Year$ 68.2 $ 46.6 1Includes noncompetition agreements, patents, customer relationships, tradenames and trademarks. |
| Estimated Amortization Expense | in millions Estimated Amortization Expense for Five Subsequent Years 2022$ 79.5 2023 77.7 2024 75.9 2025 75.6 2026 75.1 |
ACQUISITIONS AND DIVESTITURES (Tables) |
12 Months Ended |
|---|---|
Dec. 31, 2021 | |
| ACQUISITIONS AND DIVESTITURES [Abstract] | |
| Comprehensive Income Actual Results | in millions2021 Actual Results Total revenues $ 466.3 Net loss attributable to Vulcan (19.7) |
| Supplemental Pro Forma Results | in millions2021 2020 Supplemental Pro Forma Results Total revenues$ 6,361.5 $ 6,182.8 Net earnings attributable to Vulcan 688.6 551.9 |
| Schedule of Business Acquisitions | December 31 in millions2021 Fair Value of Purchase Consideration Cash 1 $ 1,634.5 Total fair value of purchase consideration $ 1,634.5 Identifiable Assets Acquired and Liabilities Assumed Accounts and notes receivable, net $ 240.4 Inventories 80.6 Other current assets 8.6 Property, plant & equipment 1,105.3 Operating lease right-of-use assets 215.9 Intangible assets Contractual rights in place 616.0 Other intangibles 57.9 Other noncurrent assets 5.3 Deferred income taxes, net (222.8) Debt assumed (443.7) Other liabilities assumed (531.3) Noncontrolling interest (22.3) Net identifiable assets acquired $ 1,109.9 Goodwill $ 524.6 1Includes $1,268.5 million paid to acquire all issued and outstanding shares of U.S. Concrete common stock and $384.4 million of U.S. Concrete obligations paid on the acquisition date, less $18.4 million of cash acquired. |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Results from Discontinued Operations) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |||
| Pretax loss | $ (4.5) | $ (4.7) | $ (6.5) |
| Income tax benefit | 1.2 | 1.2 | 1.7 |
| Loss on discontinued operations, net of tax | $ (3.3) | $ (3.5) | $ (4.8) |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Depreciation, Depletion, Accretion and Amortization Expense) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |||
| Depreciation | $ 343.4 | $ 315.2 | $ 300.6 |
| Depletion | 31.2 | 21.0 | 22.4 |
| Accretion | 13.1 | 12.4 | 11.0 |
| Amortization of right-of-use assets | 7.1 | 1.6 | 0.1 |
| Amortization of intangibles | 68.2 | 46.6 | 40.5 |
| Total | $ 463.0 | $ 396.8 | $ 374.6 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Fair Value Measurement on Recurring Basis) (Details) - Recurring [Member] - USD ($) $ in Millions |
Dec. 31, 2021 |
Dec. 31, 2020 |
|---|---|---|
| Fair Value, Inputs, Level 1 [Member] | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Total | $ 34.7 | $ 28.1 |
| Fair Value, Inputs, Level 1 [Member] | Mutual Funds [Member] | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Total | 34.7 | 28.1 |
| Fair Value, Inputs, Level 2 [Member] | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Total | 0.6 | 0.8 |
| Fair Value, Inputs, Level 2 [Member] | Money Market Mutual Fund [Member] | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Total | $ 0.6 | $ 0.8 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Liabilities Under Self-Insurance Program) (Details) - USD ($) $ in Millions |
Dec. 31, 2021 |
Dec. 31, 2020 |
|---|---|---|
| SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ||
| Self-insured liabilities (undiscounted) | $ 137.7 | $ 75.6 |
| Insured liabilities (undiscounted) | $ 3.6 | $ 3.7 |
| Discount rate | 1.10% | 0.30% |
| Other accounts and notes receivables | $ 0.0 | $ 0.6 |
| Investments and long-term receivables | 3.4 | 3.6 |
| Other current liabilities | (50.7) | (20.7) |
| Other noncurrent liabilities | (83.2) | (57.6) |
| Net insurance liabilities (discounted) | $ (130.5) | $ (74.1) |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Estimated Payments (Undiscounted) Under Self-Insurance Program) (Details) $ in Millions |
Dec. 31, 2021
USD ($)
|
|---|---|
| SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
| 2022 | $ 51.7 |
| 2023 | 32.6 |
| 2024 | 26.8 |
| 2025 | 7.0 |
| 2026 | $ 3.8 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Pretax Compensation Expense) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Income tax benefits | $ 4.7 | $ 5.0 | $ 7.7 |
| Performance Shares, Restricted Stock Units, And Stock Options [Member] | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Pretax compensation expense | $ 32.5 | $ 31.4 | $ 30.1 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Weighted-Average Common Shares Outstanding Assuming Dilution) (Details) - shares shares in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |||
| Weighted-average common shares outstanding | 132.8 | 132.6 | 132.3 |
| Dilutive effect of Stock-Only Stock Appreciation Rights | 0.3 | 0.3 | 0.6 |
| Dilutive effect of Other stock compensation plans | 0.4 | 0.3 | 0.5 |
| Weighted-average common shares outstanding, assuming dilution | 133.5 | 133.2 | 133.4 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Antidilutive Common Stock Equivalents) (Details) - shares shares in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |||
| Antidilutive common stock equivalents | 0.0 | 0.1 | 0.1 |
REVENUES (Narrative) (Details) $ in Millions |
12 Months Ended | 24 Months Ended | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Dec. 31, 2021
USD ($)
item
|
Dec. 31, 2020
USD ($)
|
Dec. 31, 2019
USD ($)
|
Dec. 31, 2013
USD ($)
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2018
USD ($)
|
||||||||||||||
| Revenue Recognition [Line Items] | |||||||||||||||||||
| Proceeds from sale of future production | $ 226.9 | ||||||||||||||||||
| Revenues | [1] | $ 5,552.2 | $ 4,856.8 | $ 4,929.1 | |||||||||||||||
| Number of quarries | item | 8 | ||||||||||||||||||
| Term of the VPPs | 25 years | ||||||||||||||||||
| Estimated deferred revenue to be recognized in the next 12 months | $ 170.1 | $ 178.0 | $ 185.3 | $ 192.8 | |||||||||||||||
| Service [Member] | |||||||||||||||||||
| Revenue Recognition [Line Items] | |||||||||||||||||||
| Percent of total revenues | 4.00% | 4.40% | 4.70% | ||||||||||||||||
| Revenues | $ 221.4 | $ 214.3 | $ 234.1 | ||||||||||||||||
| Minimum [Member] | |||||||||||||||||||
| Revenue Recognition [Line Items] | |||||||||||||||||||
| Coverage of warranty provisions | 9 months | ||||||||||||||||||
| Maximum [Member] | |||||||||||||||||||
| Revenue Recognition [Line Items] | |||||||||||||||||||
| Coverage of warranty provisions | 1 year | ||||||||||||||||||
| Maximum [Member] | Construction Paving [Member] | |||||||||||||||||||
| Revenue Recognition [Line Items] | |||||||||||||||||||
| Costs for paving contracts expense, expected amortization period | 1 year | ||||||||||||||||||
| Forecast [Member] | |||||||||||||||||||
| Revenue Recognition [Line Items] | |||||||||||||||||||
| Estimated deferred revenue to be recognized in the next 12 months | $ 7.5 | ||||||||||||||||||
| Aggregates [Member] | |||||||||||||||||||
| Revenue Recognition [Line Items] | |||||||||||||||||||
| Revenues | [1] | $ 4,000.7 | $ 3,672.9 | $ 3,669.5 | |||||||||||||||
| Aggregates [Member] | Minimum [Member] | |||||||||||||||||||
| Revenue Recognition [Line Items] | |||||||||||||||||||
| Percent of shipments used for publicly funded construction | 45.00% | ||||||||||||||||||
| Aggregates [Member] | Maximum [Member] | |||||||||||||||||||
| Revenue Recognition [Line Items] | |||||||||||||||||||
| Percent of shipments used for publicly funded construction | 55.00% | ||||||||||||||||||
| |||||||||||||||||||
REVENUES (Revenues by Geographic Market) (Details) - USD ($) $ in Millions |
12 Months Ended | |||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
||||||||||||||||||
| Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||||||||||
| Total revenues | [1] | $ 5,552.2 | $ 4,856.8 | $ 4,929.1 | ||||||||||||||||
| Operating Segments [Member] | ||||||||||||||||||||
| Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||||||||||
| Total revenues | [1] | 5,896.5 | 5,128.2 | 5,249.9 | ||||||||||||||||
| Intersegment Sales [Member] | ||||||||||||||||||||
| Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||||||||||
| Total revenues | [1] | (344.3) | (271.4) | (320.8) | ||||||||||||||||
| U.S. Concrete, Inc. [Member] | ||||||||||||||||||||
| Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||||||||||
| Total revenues | [1] | 514.0 | ||||||||||||||||||
| East [Member] | ||||||||||||||||||||
| Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||||||||||
| Total revenues | [1] | 1,669.5 | 1,604.0 | 1,682.5 | ||||||||||||||||
| Gulf Coast [Member] | ||||||||||||||||||||
| Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||||||||||
| Total revenues | [1] | 2,612.4 | 2,422.5 | 2,386.7 | ||||||||||||||||
| West [Member] | ||||||||||||||||||||
| Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||||||||||
| Total revenues | [1] | 1,100.6 | 1,101.7 | 1,180.7 | ||||||||||||||||
| Aggregates [Member] | ||||||||||||||||||||
| Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||||||||||
| Total revenues | [1] | 4,000.7 | 3,672.9 | 3,669.5 | ||||||||||||||||
| Aggregates [Member] | Operating Segments [Member] | ||||||||||||||||||||
| Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||||||||||
| Total revenues | [1],[2] | 4,345.0 | 3,944.3 | 3,990.3 | ||||||||||||||||
| Aggregates [Member] | Intersegment Sales [Member] | ||||||||||||||||||||
| Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||||||||||
| Total revenues | [1] | (344.3) | (271.4) | (320.8) | ||||||||||||||||
| Aggregates [Member] | U.S. Concrete, Inc. [Member] | ||||||||||||||||||||
| Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||||||||||
| Total revenues | [1] | 113.0 | ||||||||||||||||||
| Aggregates [Member] | East [Member] | ||||||||||||||||||||
| Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||||||||||
| Total revenues | [1] | 1,283.7 | 1,198.1 | 1,254.8 | ||||||||||||||||
| Aggregates [Member] | Gulf Coast [Member] | ||||||||||||||||||||
| Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||||||||||
| Total revenues | [1] | 2,350.5 | 2,165.2 | 2,117.5 | ||||||||||||||||
| Aggregates [Member] | West [Member] | ||||||||||||||||||||
| Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||||||||||
| Total revenues | [1] | 597.8 | 581.0 | 618.0 | ||||||||||||||||
| Asphalt [Member] | ||||||||||||||||||||
| Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||||||||||
| Total revenues | [1] | 777.8 | 792.6 | 855.8 | ||||||||||||||||
| Asphalt [Member] | Operating Segments [Member] | ||||||||||||||||||||
| Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||||||||||
| Total revenues | [1],[3] | 777.8 | 792.6 | 855.8 | ||||||||||||||||
| Asphalt [Member] | Intersegment Sales [Member] | ||||||||||||||||||||
| Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||||||||||
| Total revenues | [1] | 0.0 | 0.0 | 0.0 | ||||||||||||||||
| Asphalt [Member] | U.S. Concrete, Inc. [Member] | ||||||||||||||||||||
| Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||||||||||
| Total revenues | [1] | 0.0 | ||||||||||||||||||
| Asphalt [Member] | East [Member] | ||||||||||||||||||||
| Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||||||||||
| Total revenues | [1] | 142.4 | 142.2 | 166.5 | ||||||||||||||||
| Asphalt [Member] | Gulf Coast [Member] | ||||||||||||||||||||
| Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||||||||||
| Total revenues | [1] | 179.6 | 178.5 | 194.4 | ||||||||||||||||
| Asphalt [Member] | West [Member] | ||||||||||||||||||||
| Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||||||||||
| Total revenues | [1] | 455.8 | 471.9 | 494.9 | ||||||||||||||||
| Concrete [Member] | ||||||||||||||||||||
| Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||||||||||
| Total revenues | [1] | 766.8 | 383.6 | 395.6 | ||||||||||||||||
| Concrete [Member] | Operating Segments [Member] | ||||||||||||||||||||
| Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||||||||||
| Total revenues | [1] | 766.8 | 383.6 | 395.6 | ||||||||||||||||
| Concrete [Member] | Intersegment Sales [Member] | ||||||||||||||||||||
| Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||||||||||
| Total revenues | [1] | 0.0 | 0.0 | 0.0 | ||||||||||||||||
| Concrete [Member] | U.S. Concrete, Inc. [Member] | ||||||||||||||||||||
| Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||||||||||
| Total revenues | [1] | 401.0 | ||||||||||||||||||
| Concrete [Member] | East [Member] | ||||||||||||||||||||
| Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||||||||||
| Total revenues | [1] | 243.4 | 263.7 | 261.2 | ||||||||||||||||
| Concrete [Member] | Gulf Coast [Member] | ||||||||||||||||||||
| Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||||||||||
| Total revenues | [1] | 75.4 | 71.1 | 66.6 | ||||||||||||||||
| Concrete [Member] | West [Member] | ||||||||||||||||||||
| Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||||||||||
| Total revenues | [1] | 47.0 | 48.8 | 67.8 | ||||||||||||||||
| Calcium [Member] | ||||||||||||||||||||
| Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||||||||||
| Total revenues | [1] | 6.9 | 7.7 | 8.2 | ||||||||||||||||
| Calcium [Member] | Operating Segments [Member] | ||||||||||||||||||||
| Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||||||||||
| Total revenues | [1] | 6.9 | 7.7 | 8.2 | ||||||||||||||||
| Calcium [Member] | Intersegment Sales [Member] | ||||||||||||||||||||
| Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||||||||||
| Total revenues | [1] | 0.0 | 0.0 | 0.0 | ||||||||||||||||
| Calcium [Member] | U.S. Concrete, Inc. [Member] | ||||||||||||||||||||
| Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||||||||||
| Total revenues | [1] | 0.0 | ||||||||||||||||||
| Calcium [Member] | East [Member] | ||||||||||||||||||||
| Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||||||||||
| Total revenues | [1] | 0.0 | 0.0 | 0.0 | ||||||||||||||||
| Calcium [Member] | Gulf Coast [Member] | ||||||||||||||||||||
| Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||||||||||
| Total revenues | [1] | 6.9 | 7.7 | 8.2 | ||||||||||||||||
| Calcium [Member] | West [Member] | ||||||||||||||||||||
| Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||||||||||
| Total revenues | [1] | $ 0.0 | $ 0.0 | $ 0.0 | ||||||||||||||||
| ||||||||||||||||||||
REVENUES (Freight & Delivery Revenues) (Details) - USD ($) $ in Millions |
12 Months Ended | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
||||||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||||||||
| Total revenues | [1] | $ 5,552.2 | $ 4,856.8 | $ 4,929.1 | ||||||||||||||
| Freight & Delivery Revenues [Member] | ||||||||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||||||||
| Total revenues | [2] | (768.3) | (738.5) | (747.9) | ||||||||||||||
| Total Revenues Excluding Freight & Delivery [Member] | ||||||||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||||||||
| Total revenues | $ 4,783.9 | $ 4,118.3 | $ 4,181.2 | |||||||||||||||
| ||||||||||||||||||
REVENUES (Reconciliation of Deferred Revenue Balances) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| REVENUES [Abstract] | |||
| Balance at beginning of year | $ 178.0 | $ 185.3 | $ 192.8 |
| Revenue recognized from deferred revenue | (7.9) | (7.3) | (7.5) |
| Balance at end of year | $ 170.1 | $ 178.0 | $ 185.3 |
INVENTORIES (Narrative) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| INVENTORIES [Abstract] | |||
| Inventory classified as long-term assets (other noncurrent assets) | $ 8.5 | $ 11.0 | |
| Inventories valued under the LIFO method | 290.2 | 307.7 | |
| Increase (decrease) in cost of revenues due to the effect of the LIFO liquidation | (0.6) | (0.9) | $ (1.1) |
| Increase (decrease) in net earnings due to the effect of the LIFO liquidation | 0.4 | 0.6 | 0.9 |
| Excess of estimated current cost over LIFO cost | 199.7 | 193.0 | |
| Approximate effect on net earnings due to the adoption of the LIFO method | $ 5.3 | $ 7.3 | $ 5.5 |
INVENTORIES (Inventories) (Details) - USD ($) $ in Millions |
Dec. 31, 2021 |
Dec. 31, 2020 |
||
|---|---|---|---|---|
| INVENTORIES [Abstract] | ||||
| Finished products | [1] | $ 418.0 | $ 378.4 | |
| Raw materials | 59.9 | 33.8 | ||
| Products in process | 4.2 | 4.5 | ||
| Operating supplies and other | 39.2 | 31.9 | ||
| Inventories | 521.3 | 448.6 | ||
| Encumbered inventories | $ 2.8 | $ 2.4 | ||
| ||||
PROPERTY, PLANT & EQUIPMENT (Narrative) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| Property, Plant and Equipment [Line Items] | |||
| Capitalized software costs | $ 14.7 | $ 2.1 | |
| Capitalized software costs during the year | 2.7 | $ 1.1 | $ 1.5 |
| U.S. Concrete, Inc. [Member] | |||
| Property, Plant and Equipment [Line Items] | |||
| Capitalized software costs | $ 13.2 | ||
PROPERTY, PLANT & EQUIPMENT (Property, Plant and Equipment) (Details) - USD ($) $ in Millions |
Dec. 31, 2021 |
Dec. 31, 2020 |
||||
|---|---|---|---|---|---|---|
| Property, Plant and Equipment [Line Items] | ||||||
| Total, gross | $ 10,444.4 | $ 9,102.1 | ||||
| Less allowances for depreciation, depletion and amortization | 4,897.6 | 4,676.1 | ||||
| Property, plant & equipment, net | 5,546.8 | 4,426.0 | ||||
| Land and Land Improvements [Member] | ||||||
| Property, Plant and Equipment [Line Items] | ||||||
| Total, gross | [1] | 3,631.7 | 3,013.3 | |||
| Buildings [Member] | ||||||
| Property, Plant and Equipment [Line Items] | ||||||
| Total, gross | 182.9 | 145.4 | ||||
| Machinery and Equipment [Member] | ||||||
| Property, Plant and Equipment [Line Items] | ||||||
| Total, gross | 6,109.2 | 5,517.9 | ||||
| Finance Leases [Member] | ||||||
| Property, Plant and Equipment [Line Items] | ||||||
| Total, gross | 36.3 | 7.8 | ||||
| Deferred Asset Retirement Costs [Member] | ||||||
| Property, Plant and Equipment [Line Items] | ||||||
| Total, gross | [2] | 182.5 | 240.8 | |||
| Construction in Progress [Member] | ||||||
| Property, Plant and Equipment [Line Items] | ||||||
| Total, gross | 301.8 | 176.9 | ||||
| Depletable Land [Member] | ||||||
| Property, Plant and Equipment [Line Items] | ||||||
| Total, gross | $ 2,238.4 | $ 1,712.1 | ||||
| ||||||
PROPERTY, PLANT & EQUIPMENT (Capitalized Interest Costs and Total Interest Costs Incurred) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| PROPERTY, PLANT & EQUIPMENT [Abstract] | |||
| Capitalized interest cost | $ 4.2 | $ 3.5 | $ 3.9 |
| Total interest cost incurred before recognition of the capitalized amount | $ 153.5 | $ 139.5 | $ 134.1 |
DERIVATIVE INSTRUMENTS (Narrative) (Details) - USD ($) $ in Millions |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|---|---|---|---|
| DERIVATIVE INSTRUMENTS [Abstract] | |||
| Estimated amount of pretax loss in AOCI reclassified to earnings for the next 12-month period | $ 2.1 | ||
| Interest rate hedges | $ (22.5) | $ (24.0) | $ (11.0) |
DERIVATIVE INSTRUMENTS (Effects of Changes in Fair Values of Derivatives Designated as Cash Flow Hedges) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | |||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
| Loss reclassified from AOCI (effective portion) | $ (2.0) | $ (2.3) | $ (0.3) |
DEBT (Narrative) (Details) $ in Millions |
1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
|---|---|---|---|---|---|---|---|---|---|
|
Sep. 30, 2021
USD ($)
|
Aug. 31, 2021
USD ($)
|
Jun. 30, 2020
USD ($)
|
May 31, 2020
USD ($)
|
Sep. 30, 2020
USD ($)
|
Dec. 31, 2021
USD ($)
item
|
Dec. 31, 2020
USD ($)
|
Dec. 31, 2019
USD ($)
|
Jun. 30, 2021
USD ($)
|
|
| Debt Instrument [Line Items] | |||||||||
| Discounts and debt issuance costs | $ 13.9 | $ 7.2 | |||||||
| Total long-term debt - face value | 3,949.6 | 3,357.8 | |||||||
| Financing costs | 69.6 | 70.2 | |||||||
| Net proceeds | $ 741.4 | ||||||||
| Repayment of long-term debt | 1,451.7 | 250.0 | $ 0.0 | ||||||
| Short-term debt | 0.0 | 0.0 | |||||||
| Self Insurance Reserve | $ 137.7 | 75.6 | |||||||
| Delayed Draw Term Loan Expires 2024 [Member] | |||||||||
| Debt Instrument [Line Items] | |||||||||
| Maximum borrowing capacity | $ 1,600.0 | ||||||||
| Borrowings | $ 1,100.0 | ||||||||
| Proceeds from line of credit | $ 1,600.0 | ||||||||
| Delayed Draw Term Loan Expires 2024 [Member] | LIBOR [Member] | |||||||||
| Debt Instrument [Line Items] | |||||||||
| Applicable margin on borrowing rate | 1.00% | ||||||||
| Delayed Draw Term Loan Expires 2024 [Member] | Base Rate [Member] | |||||||||
| Debt Instrument [Line Items] | |||||||||
| Applicable margin on borrowing rate | 0.00% | ||||||||
| Letters Of Credit, Expire July 2022 [Member] | |||||||||
| Debt Instrument [Line Items] | |||||||||
| Self Insurance Reserve | $ 24.8 | ||||||||
| Supported By Line Of Credit [Member] | |||||||||
| Debt Instrument [Line Items] | |||||||||
| Outstanding standby letters of credit | $ 59.6 | ||||||||
| Investment-Grade Type Covenants Governed [Member] | |||||||||
| Debt Instrument [Line Items] | |||||||||
| Number of indentures with customary investment-grade type covenants | item | 2 | ||||||||
| Bridge Facility And Delayed Draw Term Loan [Member] | |||||||||
| Debt Instrument [Line Items] | |||||||||
| Discounts and debt issuance costs | $ 9.4 | ||||||||
| Financing costs | 13.3 | ||||||||
| Line of Credit [Member] | |||||||||
| Debt Instrument [Line Items] | |||||||||
| Transaction fees | $ 4.6 | ||||||||
| Maximum borrowing capacity | $ 1,000.0 | $ 1,000.0 | |||||||
| Commitment fee | 0.10% | ||||||||
| Available borrowing capacity | $ 940.4 | ||||||||
| Borrowings | $ 0.0 | ||||||||
| Debt issued, term | 5 years | ||||||||
| Line of Credit [Member] | LIBOR [Member] | |||||||||
| Debt Instrument [Line Items] | |||||||||
| Applicable margin on borrowing rate | 1.125% | ||||||||
| Line of Credit [Member] | Base Rate [Member] | |||||||||
| Debt Instrument [Line Items] | |||||||||
| Applicable margin on borrowing rate | 0.125% | ||||||||
| Bridge Facility [Member] | |||||||||
| Debt Instrument [Line Items] | |||||||||
| Face value | $ 2,200.0 | ||||||||
| Standby Letters of Credit [Member] | |||||||||
| Debt Instrument [Line Items] | |||||||||
| Outstanding standby letters of credit | $ 84.4 | ||||||||
| Period of standby letters of credit | 1 year | ||||||||
| Self Insurance Reserve | $ 76.0 | ||||||||
| Standby Letters of Credit [Member] | LIBOR [Member] | |||||||||
| Debt Instrument [Line Items] | |||||||||
| Applicable margin on borrowing rate | 0.175% | ||||||||
| Maximum [Member] | Delayed Draw Term Loan Expires 2024 [Member] | LIBOR [Member] | |||||||||
| Debt Instrument [Line Items] | |||||||||
| Applicable margin on borrowing rate | 1.375% | ||||||||
| Maximum [Member] | Delayed Draw Term Loan Expires 2024 [Member] | Base Rate [Member] | |||||||||
| Debt Instrument [Line Items] | |||||||||
| Applicable margin on borrowing rate | 0.375% | ||||||||
| Maximum [Member] | Line of Credit [Member] | |||||||||
| Debt Instrument [Line Items] | |||||||||
| Commitment fee | 0.225% | ||||||||
| Maximum [Member] | Line of Credit [Member] | LIBOR [Member] | |||||||||
| Debt Instrument [Line Items] | |||||||||
| Applicable margin on borrowing rate | 1.625% | ||||||||
| Maximum [Member] | Line of Credit [Member] | Base Rate [Member] | |||||||||
| Debt Instrument [Line Items] | |||||||||
| Applicable margin on borrowing rate | 0.625% | ||||||||
| Minimum [Member] | Delayed Draw Term Loan Expires 2024 [Member] | LIBOR [Member] | |||||||||
| Debt Instrument [Line Items] | |||||||||
| Applicable margin on borrowing rate | 0.875% | ||||||||
| Minimum [Member] | Delayed Draw Term Loan Expires 2024 [Member] | Base Rate [Member] | |||||||||
| Debt Instrument [Line Items] | |||||||||
| Applicable margin on borrowing rate | 0.00% | ||||||||
| Minimum [Member] | Line of Credit [Member] | |||||||||
| Debt Instrument [Line Items] | |||||||||
| Commitment fee | 0.09% | ||||||||
| Minimum [Member] | Line of Credit [Member] | LIBOR [Member] | |||||||||
| Debt Instrument [Line Items] | |||||||||
| Applicable margin on borrowing rate | 1.00% | ||||||||
| Minimum [Member] | Line of Credit [Member] | Base Rate [Member] | |||||||||
| Debt Instrument [Line Items] | |||||||||
| Applicable margin on borrowing rate | 0.00% | ||||||||
| Term Loan Due [Member] | Delayed Draw Term Loan Expires 2024 [Member] | |||||||||
| Debt Instrument [Line Items] | |||||||||
| Total long-term debt - face value | $ 1,100.0 | $ 0.0 | |||||||
| Maturity year | 2024 | 2024 | |||||||
| Notes [Member] | |||||||||
| Debt Instrument [Line Items] | |||||||||
| Total long-term debt - face value | $ 3,949.6 | ||||||||
| Notes [Member] | Delayed Draw Term Loan Expires 2024 [Member] | |||||||||
| Debt Instrument [Line Items] | |||||||||
| Total long-term debt - face value | 1,100.0 | ||||||||
| Notes [Member] | Investment-Grade Type Covenants Governed [Member] | |||||||||
| Debt Instrument [Line Items] | |||||||||
| Total long-term debt - face value | 2,840.2 | ||||||||
| Notes [Member] | 3.50% notes due 2030 [Member] | |||||||||
| Debt Instrument [Line Items] | |||||||||
| Total long-term debt - face value | $ 750.0 | $ 750.0 | $ 750.0 | ||||||
| Maturity year | 2030 | 2030 | |||||||
| Interest rate | 3.50% | 3.50% | |||||||
| Notes [Member] | Floating-Rate Notes Due 2020 [Member] | |||||||||
| Debt Instrument [Line Items] | |||||||||
| Total long-term debt - face value | $ 250.0 | ||||||||
| Maturity year | 2020 | ||||||||
| Repayment of long-term debt | $ 250.0 | ||||||||
| Notes [Member] | Floating-Rate Notes Due 2021 [Member] | |||||||||
| Debt Instrument [Line Items] | |||||||||
| Total long-term debt - face value | $ 0.0 | $ 500.0 | |||||||
| Maturity year | 2021 | ||||||||
| Face value | $ 500.0 | ||||||||
| U.S. Concrete, Inc. [Member] | Senior Notes Due 2029 [Member] | |||||||||
| Debt Instrument [Line Items] | |||||||||
| Repayments of debt | $ 434.5 | ||||||||
| Debt assumed in acquisition | $ 434.5 | ||||||||
DEBT (Debt) (Details) - USD ($) $ in Millions |
1 Months Ended | 12 Months Ended | |||||
|---|---|---|---|---|---|---|---|
May 31, 2020 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Jun. 30, 2021 |
Sep. 30, 2020 |
|||
| Debt Instrument [Line Items] | |||||||
| Total short-term debt | $ 0.0 | $ 0.0 | |||||
| Total long-term debt - face value | 3,949.6 | 3,357.8 | |||||
| Unamortized discounts and debt issuance costs | (69.6) | (70.2) | |||||
| Total long-term debt - book value | 3,880.0 | 3,287.6 | |||||
| Less current maturities | 5.2 | 515.4 | |||||
| Total long-term debt - reported value | 3,874.8 | 2,772.2 | |||||
| Estimated fair value of long-term debt | 4,418.5 | 3,443.2 | |||||
| Delayed Draw Term Loan Expires 2024 [Member] | |||||||
| Debt Instrument [Line Items] | |||||||
| Maximum borrowing capacity | $ 1,600.0 | ||||||
| Line of Credit [Member] | Bank Line Of Credit Due 2025 [Member] | |||||||
| Debt Instrument [Line Items] | |||||||
| Total short-term debt | [1] | $ 0.0 | 0.0 | ||||
| Maturity year | 2025 | ||||||
| Line of Credit [Member] | Bank Line Of Credit Due 2025 [Member] | |||||||
| Debt Instrument [Line Items] | |||||||
| Total long-term debt - face value | [1] | $ 0.0 | 0.0 | ||||
| Term Loan Due [Member] | Delayed Draw Term Loan Expires 2024 [Member] | |||||||
| Debt Instrument [Line Items] | |||||||
| Total long-term debt - face value | $ 1,100.0 | $ 0.0 | |||||
| Maturity year | 2024 | 2024 | |||||
| Effective interest rate | 1.22% | ||||||
| Notes [Member] | |||||||
| Debt Instrument [Line Items] | |||||||
| Total long-term debt - face value | $ 3,949.6 | ||||||
| Notes [Member] | Bank Line Of Credit Due 2025 [Member] | |||||||
| Debt Instrument [Line Items] | |||||||
| Maturity year | 2025 | ||||||
| Notes [Member] | Delayed Draw Term Loan Expires 2024 [Member] | |||||||
| Debt Instrument [Line Items] | |||||||
| Total long-term debt - face value | $ 1,100.0 | ||||||
| Notes [Member] | Floating-Rate Notes Due 2021 [Member] | |||||||
| Debt Instrument [Line Items] | |||||||
| Total long-term debt - face value | $ 0.0 | $ 500.0 | |||||
| Maturity year | 2021 | ||||||
| Notes [Member] | 8.85% notes due 2021 [Member] | |||||||
| Debt Instrument [Line Items] | |||||||
| Total long-term debt - face value | $ 0.0 | 6.0 | |||||
| Interest rate | 8.85% | ||||||
| Maturity year | 2021 | ||||||
| Notes [Member] | 4.50% notes due 2025 [Member] | |||||||
| Debt Instrument [Line Items] | |||||||
| Total long-term debt - face value | $ 400.0 | 400.0 | |||||
| Interest rate | 4.50% | ||||||
| Maturity year | 2025 | ||||||
| Effective interest rate | 4.65% | ||||||
| Notes [Member] | 3.90% notes due 2027 [Member] | |||||||
| Debt Instrument [Line Items] | |||||||
| Total long-term debt - face value | $ 400.0 | 400.0 | |||||
| Interest rate | 3.90% | ||||||
| Maturity year | 2027 | ||||||
| Effective interest rate | 4.00% | ||||||
| Notes [Member] | 3.50% notes due 2030 [Member] | |||||||
| Debt Instrument [Line Items] | |||||||
| Total long-term debt - face value | $ 750.0 | $ 750.0 | 750.0 | ||||
| Interest rate | 3.50% | 3.50% | |||||
| Maturity year | 2030 | 2030 | |||||
| Effective interest rate | 3.94% | ||||||
| Notes [Member] | 7.15% notes due 2037 [Member] | |||||||
| Debt Instrument [Line Items] | |||||||
| Total long-term debt - face value | $ 129.2 | 129.2 | |||||
| Interest rate | 7.15% | ||||||
| Maturity year | 2037 | ||||||
| Effective interest rate | 8.05% | ||||||
| Notes [Member] | 4.50% notes due 2047 [Member] | |||||||
| Debt Instrument [Line Items] | |||||||
| Total long-term debt - face value | $ 700.0 | 700.0 | |||||
| Interest rate | 4.50% | ||||||
| Maturity year | 2047 | ||||||
| Effective interest rate | 4.59% | ||||||
| Notes [Member] | 4.70% notes due 2048 [Member] | |||||||
| Debt Instrument [Line Items] | |||||||
| Total long-term debt - face value | $ 460.9 | 460.9 | |||||
| Interest rate | 4.70% | ||||||
| Maturity year | 2048 | ||||||
| Effective interest rate | 5.42% | ||||||
| Other Notes [Member] | |||||||
| Debt Instrument [Line Items] | |||||||
| Total long-term debt - face value | $ 9.5 | $ 11.7 | |||||
| Effective interest rate | 2.35% | ||||||
| Line of Credit [Member] | |||||||
| Debt Instrument [Line Items] | |||||||
| Maximum borrowing capacity | $ 1,000.0 | $ 1,000.0 | |||||
| |||||||
DEBT (Schedule of Principal and Interest Debt Payments) (Details) $ in Millions |
Dec. 31, 2021
USD ($)
|
|---|---|
| DEBT [Abstract] | |
| 2022, Total | $ 145.3 |
| 2023, Total | 151.5 |
| 2024, Total | 1,243.3 |
| 2025, Total | 513.8 |
| 2026, Total | 104.7 |
| 2022, Principal | 5.2 |
| 2023, Principal | 2.3 |
| 2024, Principal | 1,100.9 |
| 2025, Principal | 400.5 |
| 2026, Principal | 0.4 |
| 2022, Interest | 140.1 |
| 2023, Interest | 149.2 |
| 2024, Interest | 142.4 |
| 2025, Interest | 113.3 |
| 2026, Interest | $ 104.3 |
DEBT (Standby Letters of Credit) (Details) - USD ($) $ in Millions |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|---|---|---|---|
| Line of Credit Facility [Line Items] | |||
| Risk management insurance | $ 137.7 | $ 75.6 | |
| Reclamation/restoration requirements | 315.2 | $ 283.2 | $ 210.3 |
| Standby Letters of Credit [Member] | |||
| Line of Credit Facility [Line Items] | |||
| Risk management insurance | 76.0 | ||
| Reclamation/restoration requirements | 8.4 | ||
| Total | $ 84.4 |
LEASES (Narrative) (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Operating Leased Assets [Line Items] | ||
| Cash paid for operating leases | $ 64.4 | $ 54.9 |
| Total cash paid for finance leases | $ 14.0 | $ 1.7 |
| Minimum [Member] | Buildings [Member] | ||
| Operating Leased Assets [Line Items] | ||
| Noncancelable lease period | 0 years | |
| Term of contract | 0 years | |
| Minimum [Member] | Aggregate Sales Yard [Member] | ||
| Operating Leased Assets [Line Items] | ||
| Noncancelable lease period | 0 years | |
| Term of contract | 0 years | |
| Minimum [Member] | Concrete And Asphalt Site [Member] | ||
| Operating Leased Assets [Line Items] | ||
| Noncancelable lease period | 0 years | |
| Term of contract | 0 years | |
| Minimum [Member] | Rail [Member] | ||
| Operating Leased Assets [Line Items] | ||
| Noncancelable lease period | 0 years | |
| Term of contract | 0 years | |
| Minimum [Member] | Barge [Member] | ||
| Operating Leased Assets [Line Items] | ||
| Noncancelable lease period | 0 years | |
| Term of contract | 0 years | |
| Minimum [Member] | Office, Plant And Mobile Equipment [Member] | ||
| Operating Leased Assets [Line Items] | ||
| Noncancelable lease period | 0 years | |
| Term of contract | 0 years | |
| Minimum [Member] | Office And Plant Equipment, Short-term Lease [Member] | ||
| Operating Leased Assets [Line Items] | ||
| Term of contract | 1 year | |
| Maximum [Member] | Buildings [Member] | ||
| Operating Leased Assets [Line Items] | ||
| Noncancelable lease period | 17 years | |
| Term of contract | 25 years | |
| Maximum [Member] | Aggregate Sales Yard [Member] | ||
| Operating Leased Assets [Line Items] | ||
| Noncancelable lease period | 27 years | |
| Term of contract | 77 years | |
| Maximum [Member] | Concrete And Asphalt Site [Member] | ||
| Operating Leased Assets [Line Items] | ||
| Noncancelable lease period | 18 years | |
| Term of contract | 77 years | |
| Maximum [Member] | Rail [Member] | ||
| Operating Leased Assets [Line Items] | ||
| Noncancelable lease period | 4 years | |
| Term of contract | 63 years | |
| Maximum [Member] | Barge [Member] | ||
| Operating Leased Assets [Line Items] | ||
| Noncancelable lease period | 6 years | |
| Term of contract | 13 years | |
| Maximum [Member] | Office, Plant And Mobile Equipment [Member] | ||
| Operating Leased Assets [Line Items] | ||
| Noncancelable lease period | 5 years | |
| Term of contract | 5 years | |
| Maximum [Member] | Equipment [Member] | ||
| Operating Leased Assets [Line Items] | ||
| Term of contract | 1 year | |
LEASES (Schedule of Lease Assets and Liabilities, Weighted-Average Lease Term and Discount Rate) (Details) - USD ($) $ in Millions |
Dec. 31, 2021 |
Dec. 31, 2020 |
|---|---|---|
| LEASES [Abstract] | ||
| Operating lease ROU assets | $ 771.1 | $ 482.5 |
| Accumulated amortization | (79.7) | (59.4) |
| Operating leases, net | 691.4 | 423.1 |
| Finance lease assets | 129.2 | 7.8 |
| Accumulated amortization | (8.8) | (1.6) |
| Finance leases, net | 120.4 | 6.2 |
| Total lease assets | 811.8 | 429.3 |
| Current operating lease liabilities | 49.2 | 37.0 |
| Current finance lease liabilities | 35.4 | 2.0 |
| Noncurrent operating lease liabilities | $ 642.5 | 399.6 |
| Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Noncurrent operating lease liabilities | |
| Noncurrent finance lease liabilities | $ 60.5 | 4.1 |
| Total lease liabilities | $ 787.6 | $ 442.7 |
| Weighted-average remaining lease term, Operating leases | 21 years | 9 years 6 months |
| Weighted-average remaining lease term, Finance leases | 3 years 3 months 18 days | 4 years 2 months 12 days |
| Weighted-average discount rate, Operating leases | 3.80% | 3.60% |
| Weighted-average discount rate, Finance leases | 1.30% | 1.40% |
LEASES (Components of Lease Expense) (Details) - USD ($) $ in Millions |
12 Months Ended | ||||
|---|---|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|||
| LEASES [Abstract] | |||||
| Amortization of right-of-use assets | $ 7.1 | $ 1.6 | $ 0.1 | ||
| Interest on lease liabilities | 0.6 | (0.1) | 0.0 | ||
| Operating lease cost | 71.0 | 58.5 | 56.5 | ||
| Short-term lease cost | [1] | 27.3 | 30.5 | 35.4 | |
| Variable lease cost | 10.6 | 12.9 | 13.7 | ||
| Sublease income | (3.1) | (2.7) | (3.0) | ||
| Total lease cost | $ 113.5 | $ 100.7 | $ 102.7 | ||
| |||||
LEASES (Maturity Analysis on an Undiscounted Basis) (Details) - USD ($) $ in Millions |
Dec. 31, 2021 |
Dec. 31, 2020 |
|---|---|---|
| Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
| 2022 | $ 72.5 | |
| 2023 | 66.0 | |
| 2024 | 63.3 | |
| 2025 | 61.0 | |
| 2026 | 56.3 | |
| Thereafter | 797.2 | |
| Total minimum lease payments | 1,116.3 | |
| Less: Lease payments representing interest | 424.6 | |
| Present value of future minimum lease payments | 691.7 | |
| Less: Current obligations under leases | 49.2 | $ 37.0 |
| Long-term lease obligations | 642.5 | 399.6 |
| Finance Lease, Liability, Payment, Due [Abstract] | ||
| 2022 | 33.9 | |
| 2023 | 27.1 | |
| 2024 | 19.7 | |
| 2025 | 12.2 | |
| 2026 | 5.3 | |
| Thereafter | 0.0 | |
| Total minimum lease payments | 98.2 | |
| Less: Lease payments representing interest | 2.3 | |
| Present value of future minimum lease payments | 95.9 | |
| Less: Current obligations under leases | 35.4 | 2.0 |
| Long-term lease obligations | $ 60.5 | $ 4.1 |
ACCRUED ENVIRONMENTAL REMEDIATION COSTS (Narrative) (Details) - USD ($) $ in Millions |
Dec. 31, 2021 |
Dec. 31, 2020 |
|---|---|---|
| ACCRUED ENVIRONMENTAL REMEDIATION COSTS [Abstract] | ||
| Long-term portion of accrued environmental remediation costs | $ 15.9 | $ 12.9 |
ACCRUED ENVIRONMENTAL REMEDIATION COSTS (Accrued Environmental Remediation Costs) (Details) - USD ($) $ in Millions |
Dec. 31, 2021 |
Dec. 31, 2020 |
|---|---|---|
| Loss Contingencies [Line Items] | ||
| Accrued Environmental Remediation Costs | $ 33.9 | $ 36.5 |
| Continuing Operations [Member] | ||
| Loss Contingencies [Line Items] | ||
| Accrued Environmental Remediation Costs | 23.2 | 25.5 |
| Retained From Former Chemicals Business [Member] | ||
| Loss Contingencies [Line Items] | ||
| Accrued Environmental Remediation Costs | $ 10.7 | $ 11.0 |
INCOME TAXES (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|
Mar. 31, 2021 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| Operating Loss Carryforwards [Line Items] | ||||
| Deferred tax assets, operating lease liabilities | $ 176.7 | $ 111.5 | ||
| Deferred tax liabilities, ROU assets | 176.7 | 108.1 | ||
| State net operating loss carryforwards | 75.0 | 67.7 | ||
| Interest and penalties recognized as income tax expense (benefit) | 0.2 | 0.0 | $ 0.0 | |
| Balance of accrued interest and penalties included in liability for unrecognized income tax benefits | 0.8 | 0.3 | 0.3 | |
| Unrecognized income tax benefits that would affect the effective tax rate if recognized | $ 10.3 | 6.6 | $ 5.3 | |
| Income tax benefit recognition threshold more likely than not | 50.00% | |||
| Other Accounts And Notes Receivable [Member] | ||||
| Operating Loss Carryforwards [Line Items] | ||||
| Income tax receivables | $ 5.0 | 5.3 | ||
| Other Current Assets [Member] | ||||
| Operating Loss Carryforwards [Line Items] | ||||
| Income tax receivables | 0.6 | $ 0.9 | ||
| Alabama [Member] | ||||
| Operating Loss Carryforwards [Line Items] | ||||
| State net operating loss carryforwards | 63.2 | |||
| Increase in valuation allowance | $ 13.7 | |||
| Alabama [Member] | State [Member] | ||||
| Operating Loss Carryforwards [Line Items] | ||||
| Net operating loss carryforwards, valuation allowance | $ 42.9 | |||
| Alabama [Member] | State [Member] | Earliest Tax Year [Member] | ||||
| Operating Loss Carryforwards [Line Items] | ||||
| Net operating loss carryforwards expiration year | 2023 | |||
| Alabama [Member] | State [Member] | Latest Tax Year [Member] | ||||
| Operating Loss Carryforwards [Line Items] | ||||
| Net operating loss carryforwards expiration year | 2029 | |||
INCOME TAXES (Components of Earnings from Continuing Operations before Income Taxes) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| INCOME TAXES [Abstract] | |||
| Domestic | $ 871.6 | $ 733.0 | $ 734.0 |
| Foreign | 2.2 | 10.8 | 23.7 |
| Earnings from continuing operations before income taxes | $ 873.8 | $ 743.8 | $ 757.7 |
INCOME TAXES (Provision (Benefit) for Income Taxes from Continuing Operations) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| INCOME TAXES [Abstract] | |||
| Current, Federal | $ 103.9 | $ 69.2 | $ 31.2 |
| Current, State and local | 34.6 | 23.8 | 24.4 |
| Current, Foreign | (5.0) | 0.9 | 3.3 |
| Current, Total | 133.5 | 93.9 | 58.9 |
| Deferred, Federal | 39.2 | 50.9 | 67.8 |
| Deferred, State and local | 26.5 | 10.8 | 8.7 |
| Deferred, Foreign | 0.9 | 0.2 | (0.2) |
| Deferred, Total | 66.6 | 61.9 | 76.3 |
| Total income tax expense | $ 200.1 | $ 155.8 | $ 135.2 |
INCOME TAXES (Sources and Tax Effects of Differences Between Benefit from Income Taxes and Amount Computed by Applying Federal Statutory Income Tax Rate to Losses from Continuing Operations before Income Taxes) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| INCOME TAXES [Abstract] | |||
| Income tax expense at the federal statutory tax rate | $ 183.5 | $ 156.2 | $ 159.1 |
| Statutory depletion | (28.3) | (24.7) | (23.0) |
| State and local income taxes, net of federal income tax benefit | 34.7 | 27.4 | 26.1 |
| Share-based compensation | (6.1) | (6.9) | (17.2) |
| Uncertain tax positions | 2.5 | 1.4 | 1.8 |
| AL NOL valuation allowance | 13.7 | 0.0 | 0.0 |
| Research and development credit | (2.7) | (2.7) | (9.5) |
| Other, net | 2.8 | 5.1 | (2.1) |
| Total income tax expense | $ 200.1 | $ 155.8 | $ 135.2 |
| Income tax expense at the federal statutory tax rate | 21.00% | 21.00% | 21.00% |
| Statutory depletion, Rate | (3.20%) | (3.30%) | (3.00%) |
| State and local income taxes, net of federal income tax benefit, Rate | 4.00% | 3.70% | 3.40% |
| Share-based compensation, Rate | (0.70%) | (0.90%) | (2.30%) |
| Uncertain tax positions, Rate | 0.30% | 0.20% | 0.20% |
| AL NOL valuation allowance, Rate | 1.60% | 0.00% | 0.00% |
| Research and development credit, Rate | (0.30%) | (0.40%) | (1.30%) |
| Other, net, Rate | 0.20% | 0.60% | (0.20%) |
| Effective tax rate | 22.90% | 20.90% | 17.80% |
INCOME TAXES (Components of Net Deferred Income Tax Liability) (Details) - USD ($) $ in Millions |
Dec. 31, 2021 |
Dec. 31, 2020 |
|---|---|---|
| INCOME TAXES [Abstract] | ||
| Employee benefits | $ 11.8 | $ 21.9 |
| Incentive compensation | 62.5 | 58.2 |
| Asset retirement obligations & other reserves | 77.9 | 58.3 |
| State net operating losses | 75.0 | 67.7 |
| Other | 59.1 | 25.4 |
| Total gross deferred tax assets | 286.3 | 231.5 |
| Valuation allowance | (53.3) | (32.5) |
| Total net deferred tax asset | 233.0 | 199.0 |
| Property, plant & equipment | 794.3 | 622.9 |
| Goodwill/other intangible assets | 380.2 | 252.2 |
| Other | 64.4 | 30.0 |
| Total deferred tax liabilities | 1,238.9 | 905.1 |
| Net deferred tax liability | $ 1,005.9 | $ 706.1 |
INCOME TAXES (Changes in Unrecognized Income Tax Benefits) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| INCOME TAXES [Abstract] | |||
| Unrecognized tax benefits as of January 1 | $ 6.8 | $ 5.4 | $ 3.7 |
| Increases for tax positions related to Prior years | 0.5 | 0.4 | 0.2 |
| Increases for tax positions related to Current year | 3.9 | 1.9 | 3.2 |
| Decreases for tax positions related to Prior years | (0.0) | (0.0) | (0.0) |
| Expiration of applicable statute of limitations | (0.4) | (0.9) | (1.7) |
| Unrecognized tax benefits as of December 31 | $ 10.8 | $ 6.8 | $ 5.4 |
BENEFIT PLANS (Narrative) (Details) |
1 Months Ended | 2 Months Ended | 10 Months Ended | 11 Months Ended | 12 Months Ended | |||||
|---|---|---|---|---|---|---|---|---|---|---|
|
Nov. 30, 2020
USD ($)
|
Oct. 31, 2021
USD ($)
item
|
Dec. 31, 2020
USD ($)
|
Dec. 31, 2021
USD ($)
employee
ShareBasedCompensationPlan
|
Oct. 31, 2021 |
Nov. 30, 2020 |
Dec. 31, 2022 |
Dec. 31, 2021
USD ($)
employee
ShareBasedCompensationPlan
item
|
Dec. 31, 2020
USD ($)
item
|
Dec. 31, 2019
USD ($)
|
|
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||
| Number of defined contribution plans | ShareBasedCompensationPlan | 5 | 5 | ||||||||
| Purchase of irrevocable group annuity contract | $ 87,200,000 | |||||||||
| Percent of outstanding defined benefit pension obligation transferred | 10.00% | |||||||||
| Number of U.S. retirees and beneficiaries which insurance company is required to pay | item | 2,764 | |||||||||
| Percent of retirees currently in payment status transferred to insurance company | 50.00% | |||||||||
| Contributions to multiemployer pension plans | $ 16,900,000 | $ 10,300,000 | $ 10,400,000 | |||||||
| Percentage of contributions to individual multiemployer pension funds | 5.00% | 5.00% | 5.00% | |||||||
| Percentage of domestic hourly labor force covered by collective bargaining agreements expiring in 2021 | 47.80% | |||||||||
| Number of unfunded supplemental retirement plans | item | 1 | 1 | ||||||||
| Accrued costs for supplemental retirement plan | $ 2,500,000 | $ 1,100,000 | $ 1,100,000 | $ 2,500,000 | ||||||
| Expense recognized related to defined contribution plans | $ 67,500,000 | 50,800,000 | $ 53,900,000 | |||||||
| Percentage of domestic hourly labor force covered by collective bargaining agreements | 16.20% | |||||||||
| Annuity Contract [Member] | ||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||
| Settlement charge | $ 12,100,000 | |||||||||
| Mexico [Member] | ||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||
| Number of employees | employee | 325 | 325 | ||||||||
| Number of employess that participate in multiemployer pension plans | employee | 0 | |||||||||
| Forecast [Member] | ||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||
| Expected return on plan assets | 4.00% | |||||||||
| Pension Plans, Defined Benefit [Member] | ||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||
| Number of funded, noncontributory defined benefit pension plans | ShareBasedCompensationPlan | 2 | |||||||||
| Settlement charge | $ 22,700,000 | $ (12,100,000) | (22,700,000) | 0.0 | ||||||
| Projected benefit obligation | $ 1,059,500,000 | $ 915,400,000 | 915,400,000 | 1,059,500,000 | $ 1,090,900,000 | |||||
| Expected return on plan assets | 5.25% | 5.25% | 3.75% | 5.25% | 5.75% | 5.75% | ||||
| Employer contributions | 8,000,000.0 | $ 8,800,000 | $ 8,900,000 | |||||||
| Estimated employer contribution in 2022 | $ 8,200,000 | $ 8,200,000 | ||||||||
| Discount rate | 2.57% | 2.91% | 2.91% | 2.57% | 3.28% | |||||
| Estimated weighted-average discount rate to measure service cost | 2.99% | 2.92% | ||||||||
| Estimated weighted-average discount rate to measure interest cost | 1.90% | 2.78% | ||||||||
| Pension Plans, Defined Benefit [Member] | Qualified Plan [Member] | ||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||
| Employer contributions | $ 0 | $ 0 | $ 0 | |||||||
| Pension Plans, Defined Benefit [Member] | Nonqualified Plan [Member] | ||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||
| Number of unfunded, nonqualified pension plans | ShareBasedCompensationPlan | 3 | |||||||||
| Projected benefit obligation | $ 67,200,000 | $ 59,200,000 | $ 59,200,000 | 67,200,000 | ||||||
| Employer contributions | 8,000,000.0 | $ 8,800,000 | 8,900,000 | |||||||
| Estimated employer contribution in 2022 | $ 8,200,000 | $ 8,200,000 | ||||||||
| Pension Plans, Defined Benefit [Member] | Return Seeking [Member] | ||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||
| Target allocation ranges for plan assets | 20.00% | 20.00% | 20.00% | 20.00% | ||||||
| Pension Plans, Defined Benefit [Member] | Liability Hedge [Member] | ||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||
| Target allocation ranges for plan assets | 80.00% | 80.00% | 80.00% | 80.00% | ||||||
| Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||
| Normal retirement age | 65 years | |||||||||
| Projected benefit obligation | $ 33,900,000 | $ 46,000,000.0 | $ 46,000,000.0 | $ 33,900,000 | 41,200,000 | |||||
| Employer contributions | 5,500,000 | $ 4,700,000 | $ 5,000,000.0 | |||||||
| Estimated employer contribution in 2022 | $ 4,600,000 | $ 4,600,000 | ||||||||
| Discount rate | 2.09% | 2.59% | 2.59% | 2.09% | 2.84% | |||||
| Estimated weighted-average discount rate to measure service cost | 2.55% | 3.09% | ||||||||
| Estimated weighted-average discount rate to measure interest cost | 1.60% | 2.42% | ||||||||
| Future percent of per capita cost of covered healthcare benefits | 4.50% | 4.50% | ||||||||
| Rate to which the cost trend rate gradually declines | 4.50% | 4.50% | ||||||||
| Year that the rate reaches the rate it is assumed to maintain | 2028 | |||||||||
| Minimum [Member] | ||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||
| Discount rate | 1.55% | 2.09% | 2.09% | 1.55% | ||||||
| Increase in plan discount rates | 0.30% | |||||||||
| Minimum [Member] | Pension Plans, Defined Benefit [Member] | ||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||
| Percent of the plans’ assets are in private equity and debt securities via private partnerships | 1.00% | |||||||||
| Maximum [Member] | ||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||
| Discount rate | 2.72% | 3.07% | 3.07% | 2.72% | ||||||
| Increase in plan discount rates | 0.60% | |||||||||
| Pre-65 [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||
| Healthcare cost trend rate assumed for next year | 6.60% | 6.60% | ||||||||
| Post-65 [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||
| Healthcare cost trend rate assumed for next year | 6.50% | 6.50% | ||||||||
BENEFIT PLANS (Combined Funded Status of Plans and their Reconciliation with Related Amounts Recognized in Consolidated Financial Statements - Pension Benefits) (Details) - Pension Plans, Defined Benefit [Member] - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| Change in Benefit Obligation | |||
| Projected benefit obligation at beginning of year | $ 1,059.5 | $ 1,090.9 | |
| Service cost | 4.8 | 4.9 | $ 5.0 |
| Interest cost | 19.7 | 29.3 | 37.6 |
| Actuarial (loss) gain | (25.0) | 89.1 | |
| Benefits paid | (56.4) | (154.7) | |
| Annuity purchase | (87.2) | (0.0) | |
| Projected benefit obligation at end of year | 915.4 | 1,059.5 | 1,090.9 |
| Change in Fair Value of Plan Assets | |||
| Fair value of assets at beginning of year | 944.2 | 949.0 | |
| Actual return on plan assets | 51.9 | 141.1 | |
| Employer contributions | 8.0 | 8.8 | 8.9 |
| Benefits paid | (56.4) | (154.7) | |
| Annuity purchase | (87.2) | (0.0) | |
| Fair value of assets at end of year | 860.5 | 944.2 | $ 949.0 |
| Funded status | (54.9) | (115.3) | |
| Amounts Recognized in the Consolidated Balance Sheets | |||
| Noncurrent assets | 18.2 | 0.0 | |
| Current liabilities | (8.2) | (8.1) | |
| Noncurrent liabilities | (64.9) | (107.2) | |
| Net amount recognized | (54.9) | (115.3) | |
| Amounts Recognized in Accumulated Other Comprehensive Income | |||
| Net actuarial loss | 176.4 | 230.5 | |
| Prior service cost | 3.8 | 5.1 | |
| Total amount recognized | $ 180.2 | $ 235.6 | |
BENEFIT PLANS (Combined Funded Status of Plans and their Reconciliation with Related Amounts Recognized in Consolidated Financial Statements - Postretirement Benefits) (Details) - Other Postretirement Benefit Plans, Defined Benefit [Member] - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| Change in Benefit Obligation | |||
| Projected benefit obligation at beginning of year | $ 33.9 | $ 41.2 | |
| Service cost | 1.3 | 1.5 | $ 1.3 |
| Interest cost | 0.5 | 1.0 | 1.4 |
| Plan amendments | 14.9 | 0.0 | |
| Actuarial (gain) loss | 0.9 | (5.1) | |
| Benefits paid | (5.5) | (4.7) | |
| Projected benefit obligation at end of year | 46.0 | 33.9 | 41.2 |
| Change in Fair Value of Plan Assets | |||
| Fair value of assets at beginning of year | 0.0 | 0.0 | |
| Actual return on plan assets | 0.0 | 0.0 | |
| Fair value of assets at end of year | 0.0 | 0.0 | $ 0.0 |
| Funded status | (46.0) | (33.9) | |
| Amounts Recognized in the Consolidated Balance Sheets | |||
| Current liabilities | (4.6) | (4.5) | |
| Noncurrent liabilities | (41.4) | (29.4) | |
| Net amount recognized | (46.0) | (33.9) | |
| Amounts Recognized in Accumulated Other Comprehensive Income | |||
| Net actuarial gain | (16.7) | (19.0) | |
| Prior service credit | 12.8 | (3.7) | |
| Total amount recognized | $ (3.9) | $ (22.7) | |
BENEFIT PLANS (Schedule of Pension Plans for ABO or PBO That Exceed the Fair Value Of Plan Assets) (Details) - USD ($) $ in Millions |
Dec. 31, 2021 |
Dec. 31, 2020 |
|---|---|---|
| Pension plans with ABO in excess of plan assets | ||
| Accumulated benefit obligation | $ 249.2 | $ 1,058.6 |
| Fair value of assets | 176.6 | 944.3 |
| Pension plans with PBO in excess of plan assets | ||
| Projected benefit obligation | 249.7 | 1,059.5 |
| Fair value of assets | $ 176.6 | $ 944.3 |
BENEFIT PLANS (Components of Net Periodic Benefit Cost - Pension Benefits) (Details) - Pension Plans, Defined Benefit [Member] - USD ($) $ in Millions |
1 Months Ended | 2 Months Ended | 10 Months Ended | 11 Months Ended | 12 Months Ended | |||
|---|---|---|---|---|---|---|---|---|
Nov. 30, 2020 |
Dec. 31, 2020 |
Dec. 31, 2021 |
Oct. 31, 2021 |
Nov. 30, 2020 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| Components of Net Periodic Benefit Cost | ||||||||
| Service cost | $ 4.8 | $ 4.9 | $ 5.0 | |||||
| Interest cost | 19.7 | 29.3 | 37.6 | |||||
| Expected return on plan assets | (42.8) | (48.6) | (47.7) | |||||
| Settlement charge | $ (22.7) | 12.1 | 22.7 | (0.0) | ||||
| Amortization of prior service cost | 1.3 | 1.4 | 1.4 | |||||
| Amortization of actuarial loss | 8.0 | 11.9 | 5.4 | |||||
| Net periodic pension benefit cost (credit) | 3.1 | 21.6 | 1.7 | |||||
| Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income | ||||||||
| Net actuarial loss (gain) | (34.0) | (3.4) | 33.7 | |||||
| Reclassification of prior service (cost) credit | (1.3) | (1.4) | (1.4) | |||||
| Reclassification of actuarial loss | (20.1) | (34.6) | (5.4) | |||||
| Amount recognized in other comprehensive income | (55.4) | (39.4) | 26.9 | |||||
| Amount recognized in net periodic pension benefit cost and other comprehensive income | $ (52.3) | $ (17.8) | $ 28.6 | |||||
| Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31 | ||||||||
| Discount rate — PBO | 2.63% | 3.22% | 4.39% | |||||
| Discount rate — service cost | 2.89% | 3.21% | 2.94% | 3.49% | 4.59% | |||
| Discount rate — interest cost | 1.90% | 2.78% | 4.02% | |||||
| Expected return on plan assets | 5.25% | 5.25% | 3.75% | 5.25% | 5.75% | 5.75% | ||
| Weighted-average assumptions used to determine benefit obligation at December 31 | ||||||||
| Discount rate | 2.57% | 2.91% | 2.91% | 2.57% | 3.28% | |||
BENEFIT PLANS (Components of Net Periodic Benefit Cost- Other Postretirement Benefits) (Details) - Other Postretirement Benefit Plans, Defined Benefit [Member] - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|---|
Dec. 31, 2021 |
Sep. 30, 2021 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| Components of Net Periodic Benefit Cost | |||||
| Service cost | $ 1.3 | $ 1.5 | $ 1.3 | ||
| Service cost | 1.2 | ||||
| Interest cost | 0.5 | 1.0 | 1.4 | ||
| Amortization of prior service credit | (1.5) | (3.9) | (3.9) | ||
| Amortization of actuarial gain | (1.4) | (0.8) | (1.3) | ||
| Net periodic pension benefit cost (credit) | (1.2) | (2.2) | (2.5) | ||
| Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income | |||||
| Net actuarial loss (gain) | 0.9 | (5.1) | 2.7 | ||
| Prior service cost | 14.9 | 0.0 | 0.0 | ||
| Reclassification of prior service credit | 1.5 | 3.9 | 3.9 | ||
| Reclassification of actuarial gain | 1.4 | 0.8 | 1.3 | ||
| Amount recognized in other comprehensive income | 18.7 | (0.4) | 7.9 | ||
| Amount recognized in net periodic pension benefit cost and other comprehensive income | $ 17.5 | $ (2.6) | $ 5.4 | ||
| Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract] | |||||
| Rate to which the cost trend rate gradually declines | 4.50% | 4.50% | |||
| Year that the rate reaches the rate it is assumed to maintain | 2028 | ||||
| Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31 | |||||
| Discount rate — PBO | 2.19% | 2.84% | 4.01% | ||
| Discount rate — service cost | 2.84% | 2.45% | 3.09% | 4.23% | |
| Discount rate — interest cost | 1.60% | 2.42% | 3.63% | ||
| Weighted-average assumptions used to determine benefit obligation at December 31 | |||||
| Discount rate | 2.59% | 2.59% | 2.09% | 2.84% | |
| Pre-65 [Member] | |||||
| Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract] | |||||
| Healthcare cost trend rate assumed for next year | 6.60% | 6.60% | |||
| Post-65 [Member] | |||||
| Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract] | |||||
| Healthcare cost trend rate assumed for next year | 6.50% | 6.50% | |||
BENEFIT PLANS (Fair Values of Pension Plan Assets) (Details) - Pension Plans, Defined Benefit [Member] - USD ($) $ in Millions |
Dec. 31, 2021 |
Dec. 31, 2020 |
|---|---|---|
| Debt Funds [Member] | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Total pension plan assets | $ 662.9 | $ 456.2 |
| Equity Funds [Member] | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Total pension plan assets | 59.1 | 115.8 |
| Investments In The Fair Value Hierarchy [Member] | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Total pension plan assets | 722.0 | 572.0 |
| Interest In Common/Collective Trusts [Member] | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Total pension plan assets | 134.3 | 367.1 |
| Private Partnerships [Member] | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Total pension plan assets | 4.2 | 5.1 |
| Total [Member] | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Total pension plan assets | 860.5 | 944.2 |
| Fair Value, Inputs, Level 1 [Member] | Debt Funds [Member] | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Total pension plan assets | 0.0 | 0.0 |
| Fair Value, Inputs, Level 1 [Member] | Equity Funds [Member] | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Total pension plan assets | 0.1 | 0.0 |
| Fair Value, Inputs, Level 1 [Member] | Investments In The Fair Value Hierarchy [Member] | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Total pension plan assets | 0.1 | 0.0 |
| Fair Value, Inputs, Level 2 [Member] | Debt Funds [Member] | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Total pension plan assets | 662.9 | 456.2 |
| Fair Value, Inputs, Level 2 [Member] | Equity Funds [Member] | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Total pension plan assets | 59.0 | 115.8 |
| Fair Value, Inputs, Level 2 [Member] | Investments In The Fair Value Hierarchy [Member] | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Total pension plan assets | 721.9 | 572.0 |
| Fair Value, Inputs, Level 3 [Member] | Debt Funds [Member] | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Total pension plan assets | 0.0 | 0.0 |
| Fair Value, Inputs, Level 3 [Member] | Equity Funds [Member] | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Total pension plan assets | 0.0 | 0.0 |
| Fair Value, Inputs, Level 3 [Member] | Investments In The Fair Value Hierarchy [Member] | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Total pension plan assets | $ 0.0 | $ 0.0 |
BENEFIT PLANS (Employer Contributions for Plan) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Employer contributions | $ 5.5 | $ 4.7 | $ 5.0 |
| 2022 (estimated) | 4.6 | ||
| Pension Plans, Defined Benefit [Member] | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Employer contributions | 8.0 | $ 8.8 | $ 8.9 |
| 2022 (estimated) | $ 8.2 | ||
BENEFIT PLANS (Benefit Payments Which Reflect Expected Future Service, Expected to be Paid) (Details) $ in Millions |
Dec. 31, 2021
USD ($)
|
|---|---|
| Pension Plans, Defined Benefit [Member] | |
| Defined Benefit Plan Disclosure [Line Items] | |
| 2022 | $ 49.9 |
| 2023 | 50.5 |
| 2024 | 51.3 |
| 2025 | 49.0 |
| 2026 | 49.7 |
| 2027-2031 | 251.5 |
| Other Postretirement Benefit Plans, Defined Benefit [Member] | |
| Defined Benefit Plan Disclosure [Line Items] | |
| 2022 | 4.6 |
| 2023 | 4.7 |
| 2024 | 4.5 |
| 2025 | 4.5 |
| 2026 | 4.2 |
| 2027-2031 | $ 17.7 |
BENEFIT PLANS (Contributions by Participants to Postretirement Benefit Plans) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Participants Contributions | $ 2.3 | $ 2.6 | $ 2.2 |
INCENTIVE PLANS (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Number of authorized shares remaining | 5,935,934 | ||
| Officers And Key Employees [Member] | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Expense provision under cash-based compensation plans | $ 42.2 | $ 42.1 | $ 40.8 |
| Performance Shares [Member] | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Pretax compensation expense | $ 18.2 | $ 17.8 | $ 18.2 |
| Weighted-average Grant Date Fair Value, Granted | $ 164.38 | $ 133.95 | $ 110.39 |
| Share-based compensation plans vesting period (in years) | 3 years | ||
| SOSARs [Member] | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Pretax compensation expense | $ 3.9 | $ 3.9 | $ 4.0 |
| Share-based compensation plans vesting period (in years) | 3 years | ||
| Share-based compensation plans expiration period (in years) | 10 years | ||
| Restricted Shares [Member] | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Pretax compensation expense | $ 10.4 | $ 9.8 | $ 7.8 |
| Weighted-average Grant Date Fair Value, Granted | $ 164.38 | $ 133.95 | $ 110.39 |
| Share-based compensation plans vesting period (in years) | 3 years | ||
| Deferred Stock Units [Member] | Share-based Payment Arrangement, Nonemployee [Member] | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Pretax compensation expense | $ 2.2 | $ 1.6 | $ 1.8 |
| Minimum [Member] | Performance Shares [Member] | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Units paid target range | 0.00% | ||
| Maximum [Member] | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Number of shares that may be issued | 8,000,000 | ||
| Maximum [Member] | Performance Shares [Member] | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Units paid target range | 200.00% | ||
INCENTIVE PLANS (Summary of Activity for Nonvested Performance/Restricted Share Units) (Details) - $ / shares |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| Performance Shares [Member] | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Target Number of Shares, Beginning Balance | 243,859 | ||
| Target Number of Shares, Granted | 112,070 | ||
| Target Number of Shares, Vested | (125,551) | ||
| Target Number of Shares, Canceled/forfeited | (9,390) | ||
| Target Number of Shares, Ending Balance | 220,988 | 243,859 | |
| Weighted-average Grant Date Fair Value, Beginning Balance | $ 121.53 | ||
| Weighted-average Grant Date Fair Value, Granted | 164.38 | $ 133.95 | $ 110.39 |
| Weighted-average Grant Date Fair Value, Vested | 110.41 | ||
| Weighted-average Grant Date Fair Value, Canceled/forfeited | 136.81 | ||
| Weighted-average Grant Date Fair Value, Ending Balance | $ 148.93 | $ 121.53 | |
| Restricted Shares [Member] | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Target Number of Shares, Beginning Balance | 200,153 | ||
| Target Number of Shares, Granted | 68,980 | ||
| Target Number of Shares, Vested | (57,230) | ||
| Target Number of Shares, Canceled/forfeited | (6,623) | ||
| Target Number of Shares, Ending Balance | 205,280 | 200,153 | |
| Weighted-average Grant Date Fair Value, Beginning Balance | $ 121.11 | ||
| Weighted-average Grant Date Fair Value, Granted | 164.38 | $ 133.95 | $ 110.39 |
| Weighted-average Grant Date Fair Value, Vested | 120.70 | ||
| Weighted-average Grant Date Fair Value, Canceled/forfeited | 136.70 | ||
| Weighted-average Grant Date Fair Value, Ending Balance | $ 135.26 | $ 121.11 | |
INCENTIVE PLANS (Aggregate Value of Performance Shares) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| Performance Shares [Member] | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Aggregate value of distributed awards | $ 19.6 | $ 38.8 | $ 33.2 |
| Restricted Shares [Member] | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Aggregate value of distributed awards | $ 9.0 | $ 12.2 | $ 2.4 |
INCENTIVE PLANS (Weighted-Average Fair Value and Weighted-Average Assumptions Used in Estimating Fair Value of Grants) (Details) - SOSARs [Member] - $ / shares |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Fair value | $ 52.19 | $ 40.91 | $ 38.90 |
| Risk-free interest rate | 1.18% | 1.50% | 2.62% |
| Dividend yield | 0.62% | 0.71% | 0.87% |
| Volatility | 27.33% | 25.74% | 27.23% |
| Expected term (years) | 9 years | 9 years | 9 years |
INCENTIVE PLANS (Summary of Our SOSAR Activity) (Details) - SOSARs [Member] $ / shares in Units, $ in Millions |
12 Months Ended |
|---|---|
|
Dec. 31, 2021
USD ($)
$ / shares
shares
| |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
| Number of Shares, Outstanding at January 1, 2020 | shares | 788,436 |
| Number of Shares, Granted | shares | 68,700 |
| Number of Shares, Exercised | shares | (229,809) |
| Number of Shares, Forfeited or expired | shares | (3,183) |
| Number of Shares, Outstanding at December 31, 2020 | shares | 624,144 |
| Number of Shares, Exercisable at December 31, 2020 | shares | 484,140 |
| Weighted-average Exercise Price, Outstanding at January 1, 2020 | $ / shares | $ 90.72 |
| Weighted-average Exercise Price, Granted | $ / shares | 164.38 |
| Weighted-average Exercise Price, Exercised | $ / shares | 71.99 |
| Weighted-average Exercise Price, Forfeited or expired | $ / shares | 147.41 |
| Weighted-average Exercise Price, Outstanding at December 31, 2020 | $ / shares | 105.43 |
| Weighted-average Exercise Price, Exercisable at December 31, 2020 | $ / shares | $ 94.00 |
| Weighted-average Remaining Contractual Life (Years), Outstanding | 5 years 2 months 1 day |
| Weighted-average Remaining Contractual Life (Years), Exercisable at December 31, 2020 | 4 years 2 months 19 days |
| Aggregate Intrinsic Value, Outstanding at December 31, 2020 | $ | $ 63.2 |
| Aggregate Intrinsic Value, Exercisable at December 31, 2020 | $ | $ 54.5 |
INCENTIVE PLANS (Aggregate Intrinsic Values of Options Exercised) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| SOSARs [Member] | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Aggregate intrinsic value of SOSARs exercised | $ 24.9 | $ 22.3 | $ 74.8 |
INCENTIVE PLANS (Cash and Stock Consideration Received and Tax Benefit Realized from SOSAR Exercises and Compensation Cost Recorded) (Details) - SOSARs [Member] - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Cash and stock consideration received from exercises | $ 0.0 | $ 0.0 | $ 0.0 |
| Tax benefit from exercises | 6.3 | 5.7 | 29.0 |
| Compensation cost | $ 3.9 | $ 3.9 | $ 4.0 |
COMMITMENTS AND CONTINGENCIES (Narrative) (Details) |
1 Months Ended | 12 Months Ended | |||||||
|---|---|---|---|---|---|---|---|---|---|
Dec. 30, 2020 |
Dec. 31, 2017 |
Sep. 30, 2017
item
|
Mar. 31, 2016
mi
|
May 31, 2007
entity
mi
|
Dec. 31, 2021
USD ($)
item
|
Dec. 31, 2020
USD ($)
|
Dec. 31, 2019
USD ($)
|
Dec. 31, 2018
USD ($)
|
|
| Loss Contingencies [Line Items] | |||||||||
| Expenditures under the noncapital purchase commitments | $ 53,400,000 | $ 87,400,000 | $ 87,000,000.0 | ||||||
| Commitments of minimum royalties under mineral leases | 253,800,000 | ||||||||
| Expenditures for mineral royalties under mineral leases | 90,400,000 | 81,500,000 | 84,800,000 | ||||||
| Asset retirement obligations | 315,200,000 | 283,200,000 | 210,300,000 | ||||||
| Number of other companies to perform a Remedial Investigation/ Feasibility Study related to the Lower Passaic River Clean-Up lawsuit | entity | 70 | ||||||||
| Number of miles of the River used in the Remedial Investigation/Feasibility Study | mi | 17 | ||||||||
| Judge ruled allocation of fault among defendants, percentage | 15.00% | ||||||||
| Contingency loss | 0 | ||||||||
| Net insurance liabilities | 130,500,000 | 74,100,000 | |||||||
| Unrecognized tax benefits | 10,800,000 | 6,800,000 | $ 5,400,000 | $ 3,700,000 | |||||
| Lease liabilities | 787,600,000 | $ 442,700,000 | |||||||
| Vulcan Material [Member] | |||||||||
| Loss Contingencies [Line Items] | |||||||||
| Judge ruled allocation of fault among defendants, percentage | 15.00% | ||||||||
| Property, Plant and Equipment [Member] | |||||||||
| Loss Contingencies [Line Items] | |||||||||
| Unconditional purchase obligations | 18,200,000 | ||||||||
| Noncapital [Member] | |||||||||
| Loss Contingencies [Line Items] | |||||||||
| Unconditional purchase obligations | $ 67,500,000 | ||||||||
| New York Water District Cases [Member] | |||||||||
| Loss Contingencies [Line Items] | |||||||||
| Number of cases | item | 27 | ||||||||
| Cooperating Parties Group [Member] | |||||||||
| Loss Contingencies [Line Items] | |||||||||
| Number of miles for bank-to-bank dredging remedy | mi | 8 | ||||||||
| Texas Brine and Occidental Chemical Co [Member] | |||||||||
| Loss Contingencies [Line Items] | |||||||||
| Judge ruled allocation of fault among defendants, percentage | 20.00% | ||||||||
| Occidental Chemical Co [Member] | |||||||||
| Loss Contingencies [Line Items] | |||||||||
| Judge ruled allocation of fault among defendants, percentage | 30.00% | 50.00% | |||||||
| Texas Brine [Member] | |||||||||
| Loss Contingencies [Line Items] | |||||||||
| Judge ruled allocation of fault among defendants, percentage | 55.00% | 35.00% | |||||||
| LADWP [Member] | |||||||||
| Loss Contingencies [Line Items] | |||||||||
| Number of planned new treatment capabilities | item | 2 | ||||||||
| Maximum [Member] | EPA [Member] | |||||||||
| Loss Contingencies [Line Items] | |||||||||
| Estimated implementation costs | $ 1,380,000,000 | ||||||||
| Standby Letters of Credit [Member] | |||||||||
| Loss Contingencies [Line Items] | |||||||||
| Outstanding standby letters of credit | $ 84,400,000 | ||||||||
| Hewitt Landfill Matter [Member] | |||||||||
| Loss Contingencies [Line Items] | |||||||||
| Number of groundwater extraction wells | item | 2 | ||||||||
COMMITMENTS AND CONTINGENCIES (Commitments Due) (Details) $ in Millions |
Dec. 31, 2021
USD ($)
|
|---|---|
| Property, Plant and Equipment [Member] | |
| Recorded Unconditional Purchase Obligation [Line Items] | |
| 2022 | $ 18.2 |
| Thereafter | 0.0 |
| Total | 18.2 |
| Noncapital [Member] | |
| Recorded Unconditional Purchase Obligation [Line Items] | |
| 2022 | 22.1 |
| 2023-2024 | 32.2 |
| 2025–2026 | 3.2 |
| Thereafter | 10.0 |
| Total | $ 67.5 |
COMMITMENTS AND CONTINGENCIES (Minimum Royalties Under Mineral Leases) (Details) $ in Millions |
Dec. 31, 2021
USD ($)
|
|---|---|
| COMMITMENTS AND CONTINGENCIES [Abstract] | |
| 2022 | $ 26.2 |
| 2023-2024 | 39.2 |
| 2025-2026 | 26.2 |
| Thereafter | 162.2 |
| Total | $ 253.8 |
EQUITY (Narrative) (Details) $ / shares in Units, $ in Millions |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2021
USD ($)
item
$ / shares
shares
|
Dec. 31, 2020
USD ($)
$ / shares
shares
|
Dec. 31, 2019
shares
|
|
| EQUITY [Abstract] | |||
| Common stock, par value | $ / shares | $ 1 | $ 1 | |
| Common stock, shares authorized | 480,000,000.0 | 480,000,000.0 | |
| Number of votes per common stock | item | 1 | ||
| Preferred stock, shares authorized | 5,000,000 | ||
| Preferred stock issued | 0 | ||
| Treasury Stock Shares | 0 | 0 | 0 |
| Shares remaining under the current authorization repurchase program | 8,064,851 | ||
| Noncontrolling interest | $ | $ 22.7 | $ 0.0 |
EQUITY (Shares Purchased and Retired) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| EQUITY [Abstract] | |||
| Shares Purchased and Retired, Number | 0.0 | 0.2 | 0.0 |
| Shares Purchased and Retired, Total purchase price | $ 0.0 | $ 26.1 | $ 2.6 |
| Shares Purchased and Retired, Average cost per share | $ 0.00 | $ 121.92 | $ 139.90 |
EQUITY (Cash Dividends Per Share of Common Stock) (Details) - USD ($) $ / shares in Units, $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| EQUITY [Abstract] | |||
| Cash dividends | $ 196.4 | $ 180.2 | $ 164.0 |
| Cash dividends per share | $ 1.48 | $ 1.36 | $ 1.24 |
OTHER COMPREHENSIVE INCOME (Accumulated Other Comprehensive Income, Net of Tax) (Details) - USD ($) $ in Millions |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|---|---|---|---|
| OTHER COMPREHENSIVE INCOME [Abstract] | |||
| Interest rate hedges | $ (22.5) | $ (24.0) | $ (11.0) |
| Pension and postretirement plans | (130.2) | (157.3) | (186.7) |
| Total | $ (152.7) | $ (181.3) | $ (197.7) |
OTHER COMPREHENSIVE INCOME (Changes in Accumulated Other Comprehensive Income, Net of Tax) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
| AOCI, Beginning balance | $ (181.3) | $ (197.7) | |
| Other comprehensive income (loss) before reclassifications | 13.4 | (8.3) | $ (26.9) |
| Amounts reclassified from AOCI | 15.2 | 24.7 | 1.4 |
| Net current period OCI changes | 28.6 | 16.4 | (25.5) |
| AOCI, Ending balance | (152.7) | (181.3) | (197.7) |
| Amortization of Interest Rate Hedges Losses [Member] | |||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
| AOCI, Beginning balance | (24.0) | (11.0) | |
| Other comprehensive income (loss) before reclassifications | 0.0 | (14.7) | 0.0 |
| Amounts reclassified from AOCI | 1.5 | 1.7 | 0.2 |
| Net current period OCI changes | 1.5 | (13.0) | 0.2 |
| AOCI, Ending balance | (22.5) | (24.0) | (11.0) |
| Amortization of Pension and Postretirement Plan Actuarial Loss and Prior Service Cost [Member] | |||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
| AOCI, Beginning balance | (157.3) | (186.7) | |
| Other comprehensive income (loss) before reclassifications | 13.4 | 6.4 | (26.9) |
| Amounts reclassified from AOCI | 13.7 | 23.0 | 1.2 |
| Net current period OCI changes | 27.1 | 29.4 | (25.7) |
| AOCI, Ending balance | $ (130.2) | $ (157.3) | (186.7) |
| Scenario, Previously Reported [Member] | |||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
| AOCI, Beginning balance | (172.2) | ||
| Scenario, Previously Reported [Member] | Amortization of Interest Rate Hedges Losses [Member] | |||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
| AOCI, Beginning balance | (11.2) | ||
| Scenario, Previously Reported [Member] | Amortization of Pension and Postretirement Plan Actuarial Loss and Prior Service Cost [Member] | |||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
| AOCI, Beginning balance | $ (161.0) | ||
OTHER COMPREHENSIVE INCOME (Amounts Reclassified from Accumulated Other Comprehensive Income to Earnings) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
| Interest expense | $ 149.3 | $ 136.0 | $ 130.2 |
| Other nonoperating expense | 10.7 | (17.5) | 9.2 |
| Benefit from income taxes | 200.1 | 155.8 | 135.2 |
| Total | 670.8 | 584.5 | 617.7 |
| Reclassification From AOCI [Member] | |||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
| Total | 15.2 | 24.7 | 1.4 |
| Amortization of Interest Rate Hedges Losses [Member] | Reclassification From AOCI [Member] | |||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
| Interest expense | 2.0 | 2.3 | 0.3 |
| Benefit from income taxes | (0.5) | (0.6) | (0.1) |
| Total | 1.5 | 1.7 | 0.2 |
| Amortization of Pension and Postretirement Plan Actuarial Loss and Prior Service Cost [Member] | Reclassification From AOCI [Member] | |||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
| Other nonoperating expense | 18.5 | 31.2 | 1.6 |
| Benefit from income taxes | (4.8) | (8.2) | (0.4) |
| Total | $ 13.7 | $ 23.0 | $ 1.2 |
SEGMENT REPORTING (Narrative) (Details) |
12 Months Ended | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Dec. 31, 2021
USD ($)
state
segment
mi
|
Dec. 31, 2020
USD ($)
|
Dec. 31, 2019
USD ($)
|
||||||||||||||
| Number of operating segments | segment | 4 | |||||||||||||||
| Number of reportable segments | segment | 4 | |||||||||||||||
| Revenues | [1] | $ 5,552,200,000 | $ 4,856,800,000 | $ 4,929,100,000 | ||||||||||||
| Radius for Delivering Product Maximum | mi | 25 | |||||||||||||||
| Radius for Delivering Product Minimum | mi | 20 | |||||||||||||||
| Concrete [Member] | ||||||||||||||||
| Revenues | [1] | $ 766,800,000 | 383,600,000 | 395,600,000 | ||||||||||||
| Percentage of product weight attributable to Aggregates | 80.00% | |||||||||||||||
| Number of states in which segments serve | state | 8 | |||||||||||||||
| Aggregates [Member] | ||||||||||||||||
| Revenues | [1] | $ 4,000,700,000 | 3,672,900,000 | 3,669,500,000 | ||||||||||||
| Equity method investments | $ 26,500,000 | 26,500,000 | 50,600,000 | |||||||||||||
| Number of states in which segments serve | state | 22 | |||||||||||||||
| Number of additional states served | state | 11 | |||||||||||||||
| Asphalt [Member] | ||||||||||||||||
| Revenues | [1] | $ 777,800,000 | 792,600,000 | 855,800,000 | ||||||||||||
| Percentage of product weight attributable to Aggregates | 95.00% | |||||||||||||||
| Number of states in which segments serve | state | 6 | |||||||||||||||
| Asphalt [Member] | Asphalt Construction Paving [Member] | ||||||||||||||||
| Number of states in which segments serve | state | 3 | |||||||||||||||
| United States [Member] | ||||||||||||||||
| Revenues | $ 5,532,000,000.0 | 4,845,900,000 | 4,913,000,000.0 | |||||||||||||
| Nondomestic [Member] | ||||||||||||||||
| Long-lived assets | 459,500,000 | 261,600,000 | 274,400,000 | |||||||||||||
| Nondomestic [Member] | Aggregates [Member] | ||||||||||||||||
| Revenues | 20,200,000 | 11,000,000.0 | 16,100,000 | |||||||||||||
| Nondomestic [Member] | Asphalt, Concrete And Calcium [Member] | ||||||||||||||||
| Revenues | $ 0 | $ 0 | $ 0 | |||||||||||||
| U.S. Concrete, Inc. [Member] | ||||||||||||||||
| Number of additional states served | state | 2 | |||||||||||||||
| ||||||||||||||||
SEGMENT REPORTING (Segment Financial Disclosure) (Details) - USD ($) $ in Millions |
12 Months Ended | ||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
||||||||||||||||||||||||
| Segment Reporting Information [Line Items] | |||||||||||||||||||||||||||
| Total revenues | [1] | $ 5,552.2 | $ 4,856.8 | $ 4,929.1 | |||||||||||||||||||||||
| Gross profit | 1,373.4 | 1,281.5 | 1,255.9 | ||||||||||||||||||||||||
| Depreciation, Depletion, Accretion & Amortization (DDA&A) | 463.0 | 396.8 | 374.6 | ||||||||||||||||||||||||
| Capital Expenditures | [2] | 450.5 | 363.4 | 404.3 | |||||||||||||||||||||||
| Cash and cash equivalents and restricted cash | 241.5 | 1,198.0 | 274.5 | $ 44.4 | |||||||||||||||||||||||
| Total assets | 13,682.6 | 11,686.9 | 10,648.8 | ||||||||||||||||||||||||
| Operating Segments [Member] | |||||||||||||||||||||||||||
| Segment Reporting Information [Line Items] | |||||||||||||||||||||||||||
| Total revenues | [1] | 5,896.5 | 5,128.2 | 5,249.9 | |||||||||||||||||||||||
| Total assets | [3],[4] | 13,204.0 | 10,341.1 | 10,221.4 | |||||||||||||||||||||||
| Intersegment Sales [Member] | |||||||||||||||||||||||||||
| Segment Reporting Information [Line Items] | |||||||||||||||||||||||||||
| Total revenues | [1] | (344.3) | (271.4) | (320.8) | |||||||||||||||||||||||
| Aggregates [Member] | |||||||||||||||||||||||||||
| Segment Reporting Information [Line Items] | |||||||||||||||||||||||||||
| Total revenues | [1] | 4,000.7 | 3,672.9 | 3,669.5 | |||||||||||||||||||||||
| Aggregates [Member] | Operating Segments [Member] | |||||||||||||||||||||||||||
| Segment Reporting Information [Line Items] | |||||||||||||||||||||||||||
| Total revenues | [1],[5] | 4,345.0 | 3,944.3 | 3,990.3 | |||||||||||||||||||||||
| Gross profit | 1,295.7 | 1,159.2 | 1,146.6 | ||||||||||||||||||||||||
| Depreciation, Depletion, Accretion & Amortization (DDA&A) | 360.4 | 321.1 | 305.1 | ||||||||||||||||||||||||
| Capital Expenditures | [2] | 423.1 | 331.9 | 383.4 | |||||||||||||||||||||||
| Total assets | [3],[4] | 10,917.8 | 9,459.2 | 9,334.2 | |||||||||||||||||||||||
| Aggregates [Member] | Intersegment Sales [Member] | |||||||||||||||||||||||||||
| Segment Reporting Information [Line Items] | |||||||||||||||||||||||||||
| Total revenues | [1] | (344.3) | (271.4) | (320.8) | |||||||||||||||||||||||
| Asphalt [Member] | |||||||||||||||||||||||||||
| Segment Reporting Information [Line Items] | |||||||||||||||||||||||||||
| Total revenues | [1] | 777.8 | 792.6 | 855.8 | |||||||||||||||||||||||
| Asphalt [Member] | Operating Segments [Member] | |||||||||||||||||||||||||||
| Segment Reporting Information [Line Items] | |||||||||||||||||||||||||||
| Total revenues | [1],[6] | 777.8 | 792.6 | 855.8 | |||||||||||||||||||||||
| Gross profit | 21.2 | 75.2 | 63.0 | ||||||||||||||||||||||||
| Depreciation, Depletion, Accretion & Amortization (DDA&A) | 36.0 | 35.0 | 35.2 | ||||||||||||||||||||||||
| Capital Expenditures | [2] | 9.3 | 19.8 | 9.1 | |||||||||||||||||||||||
| Total assets | [3],[4] | 602.0 | 573.1 | 558.4 | |||||||||||||||||||||||
| Asphalt [Member] | Intersegment Sales [Member] | |||||||||||||||||||||||||||
| Segment Reporting Information [Line Items] | |||||||||||||||||||||||||||
| Total revenues | [1] | 0.0 | 0.0 | 0.0 | |||||||||||||||||||||||
| Concrete [Member] | |||||||||||||||||||||||||||
| Segment Reporting Information [Line Items] | |||||||||||||||||||||||||||
| Total revenues | [1] | 766.8 | 383.6 | 395.6 | |||||||||||||||||||||||
| Concrete [Member] | Operating Segments [Member] | |||||||||||||||||||||||||||
| Segment Reporting Information [Line Items] | |||||||||||||||||||||||||||
| Total revenues | [1] | 766.8 | 383.6 | 395.6 | |||||||||||||||||||||||
| Gross profit | 54.3 | 44.2 | 43.2 | ||||||||||||||||||||||||
| Depreciation, Depletion, Accretion & Amortization (DDA&A) | 41.5 | 16.0 | 13.6 | ||||||||||||||||||||||||
| Capital Expenditures | [2] | 18.1 | 11.7 | 11.6 | |||||||||||||||||||||||
| Total assets | [3],[4] | 1,680.2 | 305.5 | 325.1 | |||||||||||||||||||||||
| Concrete [Member] | Intersegment Sales [Member] | |||||||||||||||||||||||||||
| Segment Reporting Information [Line Items] | |||||||||||||||||||||||||||
| Total revenues | [1] | 0.0 | 0.0 | 0.0 | |||||||||||||||||||||||
| Calcium [Member] | |||||||||||||||||||||||||||
| Segment Reporting Information [Line Items] | |||||||||||||||||||||||||||
| Total revenues | [1] | 6.9 | 7.7 | 8.2 | |||||||||||||||||||||||
| Calcium [Member] | Operating Segments [Member] | |||||||||||||||||||||||||||
| Segment Reporting Information [Line Items] | |||||||||||||||||||||||||||
| Total revenues | [1] | 6.9 | 7.7 | 8.2 | |||||||||||||||||||||||
| Gross profit | 2.2 | 2.9 | 3.1 | ||||||||||||||||||||||||
| Depreciation, Depletion, Accretion & Amortization (DDA&A) | 0.2 | 0.2 | 0.2 | ||||||||||||||||||||||||
| Capital Expenditures | [2] | 0.0 | 0.0 | 0.0 | |||||||||||||||||||||||
| Total assets | [3],[4] | 4.0 | 3.3 | 3.7 | |||||||||||||||||||||||
| Calcium [Member] | Intersegment Sales [Member] | |||||||||||||||||||||||||||
| Segment Reporting Information [Line Items] | |||||||||||||||||||||||||||
| Total revenues | [1] | 0.0 | 0.0 | 0.0 | |||||||||||||||||||||||
| Other Segments [Member] | Operating Segments [Member] | |||||||||||||||||||||||||||
| Segment Reporting Information [Line Items] | |||||||||||||||||||||||||||
| Depreciation, Depletion, Accretion & Amortization (DDA&A) | 24.9 | 24.5 | 20.5 | ||||||||||||||||||||||||
| Corporate [Member] | |||||||||||||||||||||||||||
| Segment Reporting Information [Line Items] | |||||||||||||||||||||||||||
| Capital Expenditures | [2] | 0.0 | 0.0 | 0.2 | |||||||||||||||||||||||
| Total assets | $ 237.1 | $ 147.8 | $ 152.9 | ||||||||||||||||||||||||
| |||||||||||||||||||||||||||
SUPPLEMENTAL CASH FLOW INFORMATION (Supplemental Information Referable to Condensed Consolidated Statements of Cash Flows) (Details) - USD ($) $ in Millions |
12 Months Ended | ||||
|---|---|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|||
| SUPPLEMENTAL CASH FLOW INFORMATION [Abstract] | |||||
| Interest (exclusive of amount capitalized) | $ 138.0 | $ 129.2 | $ 129.2 | ||
| Income taxes | 127.9 | 95.9 | 56.8 | ||
| Accrued liabilities for purchases of property, plant & equipment | 71.4 | 55.9 | 57.3 | ||
| Recognition of new and revised asset retirement obligations (AROs) | 17.1 | 73.2 | (13.9) | ||
| Recognition of new and revised right-of-use (ROU) assets for: Operating lease liabilities | [1] | 106.9 | 49.6 | 444.5 | |
| Recognition of new and revised right-of-use (ROU) assets for: Finance lease liabilities | [1] | 13.3 | 6.6 | 1.2 | |
| Amounts referable to business acquisitions, Debt assumed | 443.7 | 0.0 | 0.0 | ||
| Amounts referable to business acquisitions,Other liabilities assumed | 243.8 | 5.9 | 4.4 | ||
| Amounts referable to business acquisitions, Consideration payable to seller | 0.0 | 9.0 | 0.0 | ||
| Amounts referable to business acquisitions, Fair value of noncash assets and liabilities exchanged | 0.0 | 21.2 | 0.0 | ||
| Debt issued for purchases of property, plant & equipment | $ 0.0 | $ 2.6 | $ 0.0 | ||
| |||||
ASSET RETIREMENT OBLIGATIONS (Narrative) (Details) |
12 Months Ended |
|---|---|
|
Dec. 31, 2021
item
| |
| California [Member] | |
| Asset Retirement Obligations [Line Items] | |
| Number of aggregates locations | 2 |
ASSET RETIREMENT OBLIGATIONS (Asset Retirement Obligations Operating Costs) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| ASSET RETIREMENT OBLIGATIONS [Abstract] | |||
| Accretion | $ 13.1 | $ 12.4 | $ 11.0 |
| Depreciation | 10.6 | 8.6 | 7.1 |
| Total | $ 23.7 | $ 21.0 | $ 18.1 |
ASSET RETIREMENT OBLIGATIONS (Reconciliations of Asset Retirement Obligations) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| ASSET RETIREMENT OBLIGATIONS [Abstract] | |||
| Balance at beginning of year | $ 283.2 | $ 210.3 | |
| Liabilities incurred | 19.2 | 0.4 | |
| Liabilities settled | (11.0) | (12.8) | |
| Accretion expense | 13.1 | 12.4 | $ 11.0 |
| Revisions, net | 10.7 | 72.9 | |
| Balance at end of year | $ 315.2 | $ 283.2 | $ 210.3 |
GOODWILL AND INTANGIBLE ASSETS (Narrative) (Details) |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2021
USD ($)
segment
|
Dec. 31, 2020
USD ($)
|
Dec. 31, 2019
USD ($)
|
|
| Goodwill [Line Items] | |||
| Goodwill impairment charges | $ 0 | $ 0 | $ 0 |
| Number of reportable segments | segment | 4 | ||
| Other intangible assets, net, Impairment Charges | $ 0 | $ 0 | $ 0 |
| Calcium [Member] | |||
| Goodwill [Line Items] | |||
| Goodwill, accumulated impairment losses | $ 252,700,000 | ||
GOODWILL AND INTANGIBLE ASSETS (Changes in Carrying Amount of Goodwill by Reportable Segment) (Details) - USD ($) $ in Millions |
12 Months Ended | |||
|---|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|||
| Goodwill [Line Items] | ||||
| Goodwill, Beginning balance | $ 3,172.1 | $ 3,167.0 | ||
| Goodwill of acquired businesses | [1] | 524.6 | 5.1 | |
| Goodwill, Ending balance | 3,696.7 | 3,172.1 | ||
| Aggregates [Member] | ||||
| Goodwill [Line Items] | ||||
| Goodwill, Beginning balance | 3,080.5 | 3,075.4 | ||
| Goodwill of acquired businesses | [1] | 236.1 | 5.1 | |
| Goodwill, Ending balance | 3,316.6 | 3,080.5 | ||
| Asphalt [Member] | ||||
| Goodwill [Line Items] | ||||
| Goodwill, Beginning balance | 91.6 | 91.6 | ||
| Goodwill of acquired businesses | [1] | 0.0 | 0.0 | |
| Goodwill, Ending balance | 91.6 | 91.6 | ||
| Concrete [Member] | ||||
| Goodwill [Line Items] | ||||
| Goodwill, Beginning balance | 0.0 | 0.0 | ||
| Goodwill of acquired businesses | [1] | 288.5 | 0.0 | |
| Goodwill, Ending balance | 288.5 | 0.0 | ||
| Calcium [Member] | ||||
| Goodwill [Line Items] | ||||
| Goodwill, Beginning balance | 0.0 | 0.0 | ||
| Goodwill of acquired businesses | [1] | 0.0 | 0.0 | |
| Goodwill, Ending balance | $ 0.0 | $ 0.0 | ||
| ||||
GOODWILL AND INTANGIBLE ASSETS (Gross Carrying Amount and Accumulated Amortization by Major Intangible Asset Class) (Details) - USD ($) $ in Millions |
12 Months Ended | ||||
|---|---|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|||
| Finite-Lived Intangible Assets [Line Items] | |||||
| Gross carrying amount | $ 2,036.5 | $ 1,355.5 | |||
| Accumulated amortization | (287.5) | (232.0) | |||
| Total Intangible Assets Subject to Amortization, net | 1,749.0 | 1,123.5 | |||
| Intangible Assets with Indefinite Lives | 0.0 | 0.0 | |||
| Total Intangible Assets, net | 1,749.0 | 1,123.5 | |||
| Amortization Expense for the Year | 68.2 | 46.6 | $ 40.5 | ||
| Contractual Rights In Place [Member] | |||||
| Finite-Lived Intangible Assets [Line Items] | |||||
| Gross carrying amount | 1,765.0 | 1,159.0 | |||
| Accumulated amortization | (230.9) | (188.9) | |||
| Permitting, Permitting Compliance And Zoning Rights [Member] | |||||
| Finite-Lived Intangible Assets [Line Items] | |||||
| Gross carrying amount | 156.5 | 138.9 | |||
| Accumulated amortization | (39.1) | (30.2) | |||
| Other Intangibles [Member] | |||||
| Finite-Lived Intangible Assets [Line Items] | |||||
| Gross carrying amount | [1] | 115.0 | 57.6 | ||
| Accumulated amortization | [1] | $ (17.5) | $ (12.9) | ||
| |||||
GOODWILL AND INTANGIBLE ASSETS (Estimated Amortization Expense) (Details) $ in Millions |
Dec. 31, 2021
USD ($)
|
|---|---|
| GOODWILL AND INTANGIBLE ASSETS [Abstract] | |
| 2022 | $ 79.5 |
| 2023 | 77.7 |
| 2024 | 75.9 |
| 2025 | 75.6 |
| 2026 | $ 75.1 |
ACQUISITIONS AND DIVESTITURES (Narrative) (Details) |
3 Months Ended | 12 Months Ended | ||||||
|---|---|---|---|---|---|---|---|---|
|
Aug. 26, 2021
USD ($)
|
Mar. 31, 2021
USD ($)
|
Mar. 31, 2019
USD ($)
|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
|
Dec. 31, 2019
USD ($)
item
|
|||
| Significant Acquisitions and Disposals [Line Items] | ||||||||
| Cash | $ 1,639,400,000 | $ 43,200,000 | $ 44,200,000 | |||||
| Goodwill | [1] | 524,600,000 | 5,100,000 | |||||
| Gain on sale of property, plant & equipment and businesses | $ 4,100,000 | 120,100,000 | 4,000,000.0 | 23,800,000 | ||||
| Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | ||||||||
| Significant Acquisitions and Disposals [Line Items] | ||||||||
| Assets held for sale | 0 | 0 | 0 | |||||
| Acquisitions 2021 [Member] | ||||||||
| Significant Acquisitions and Disposals [Line Items] | ||||||||
| Amortizable intangible assets recognized | 676,600,000 | |||||||
| Goodwill | 524,600,000 | |||||||
| Goodwill, deductible for income tax purposes | 115,600,000 | |||||||
| Acquisitions 2020 [Member] | ||||||||
| Significant Acquisitions and Disposals [Line Items] | ||||||||
| Total consideration | 73,400,000 | |||||||
| Cash | 43,200,000 | |||||||
| Consideration payable amount | 30,200,000 | |||||||
| Amortizable intangible assets recognized | $ 65,500,000 | |||||||
| Intangible assets amortization period, tax purposes | 15 years | |||||||
| Goodwill | $ 5,100,000 | |||||||
| Intangible assets, not deductible for income tax purposes | $ 25,700,000 | |||||||
| Acquisitions 2019 [Member] | ||||||||
| Significant Acquisitions and Disposals [Line Items] | ||||||||
| Total consideration | 45,300,000 | |||||||
| Amortizable intangible assets recognized | $ 25,400,000 | |||||||
| Intangible assets amortization period, tax purposes | 15 years | |||||||
| Immaterial Business Acquisitions [Member] | ||||||||
| Significant Acquisitions and Disposals [Line Items] | ||||||||
| Total consideration | 4,900,000 | |||||||
| U.S. Concrete, Inc. [Member] | ||||||||
| Significant Acquisitions and Disposals [Line Items] | ||||||||
| Total consideration | $ 1,634,500,000 | 1,634,500,000 | ||||||
| Cash | $ 1,268,500,000 | |||||||
| Cash | 1,634,500,000 | |||||||
| Goodwill | 524,600,000 | |||||||
| Deferred income taxes, net | 222,800,000 | |||||||
| U.S. Concrete, Inc. [Member] | Acquisition-Related Costs [Member] | ||||||||
| Significant Acquisitions and Disposals [Line Items] | ||||||||
| Supplemental Pro Forma Results, Net earnings attributable to Vulcan | 22,000,000.0 | |||||||
| California [Member] | ||||||||
| Significant Acquisitions and Disposals [Line Items] | ||||||||
| Consideration transferred, net of assets divested | $ 12,900,000 | |||||||
| Gain on sale of property, plant & equipment and businesses | $ 114,700,000 | |||||||
| New Mexico [Member] | ||||||||
| Significant Acquisitions and Disposals [Line Items] | ||||||||
| Supply agreement period | 20 years | |||||||
| Virginia [Member] | ||||||||
| Significant Acquisitions and Disposals [Line Items] | ||||||||
| Supply agreement period | 20 years | |||||||
| Aggregates [Member] | ||||||||
| Significant Acquisitions and Disposals [Line Items] | ||||||||
| Goodwill | [1] | $ 236,100,000 | $ 5,100,000 | |||||
| Aggregates [Member] | Georgia [Member] | ||||||||
| Significant Acquisitions and Disposals [Line Items] | ||||||||
| Number of facilities divested | item | 2 | |||||||
| Contractual Rights - Straight-Line Method [Member] | Acquisitions 2019 [Member] | ||||||||
| Significant Acquisitions and Disposals [Line Items] | ||||||||
| Estimated weighted-average amortization period of intangible assets | 19 years 6 months | |||||||
| Amortizable Intangible Asset Straight-Line Method [Member] | Acquisitions 2021 [Member] | ||||||||
| Significant Acquisitions and Disposals [Line Items] | ||||||||
| Estimated weighted-average amortization period of intangible assets | 15 years | |||||||
| Amortizable Intangible Asset Straight-Line Method [Member] | Acquisitions 2020 [Member] | ||||||||
| Significant Acquisitions and Disposals [Line Items] | ||||||||
| Amortizable intangible assets recognized | $ 65,500,000 | |||||||
| Estimated weighted-average amortization period of intangible assets | 20 years | |||||||
| ||||||||
ACQUISITIONS AND DIVESTITURES (Comprehensive Income Actual Results) (Details) - U.S. Concrete, Inc. [Member] $ in Millions |
12 Months Ended |
|---|---|
|
Dec. 31, 2021
USD ($)
| |
| Significant Acquisitions And Disposals [Line Items] | |
| Total revenues | $ 466.3 |
| Vulcan [Member] | |
| Significant Acquisitions And Disposals [Line Items] | |
| Net loss attributable to Vulcan | $ (19.7) |
ACQUISITIONS AND DIVESTITURES (Supplemental Pro Forma Results) (Details) - U.S. Concrete, Inc. [Member] - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Significant Acquisitions And Disposals [Line Items] | ||
| Supplemental Pro Forma Results, Total revenues | $ 6,361.5 | $ 6,182.8 |
| Vulcan [Member] | ||
| Significant Acquisitions And Disposals [Line Items] | ||
| Supplemental Pro Forma Results, Net earnings attributable to Vulcan | $ 688.6 | $ 551.9 |
ACQUISITIONS AND DIVESTITURES (Schedule of Business Acquisitions) (Details) - USD ($) $ in Millions |
12 Months Ended | |||||
|---|---|---|---|---|---|---|
Aug. 26, 2021 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|||
| Significant Acquisitions And Disposals [Line Items] | ||||||
| Noncontrolling interest | $ (22.7) | $ (0.0) | ||||
| Goodwill | [1] | 524.6 | 5.1 | |||
| Cash | 1,639.4 | 43.2 | $ 44.2 | |||
| Acquisitions 2020 [Member] | ||||||
| Significant Acquisitions And Disposals [Line Items] | ||||||
| Total fair value of purchase consideration | 73.4 | |||||
| Goodwill | 5.1 | |||||
| Cash | $ 43.2 | |||||
| Acquisitions 2019 [Member] | ||||||
| Significant Acquisitions And Disposals [Line Items] | ||||||
| Total fair value of purchase consideration | $ 45.3 | |||||
| U.S. Concrete, Inc. [Member] | ||||||
| Significant Acquisitions And Disposals [Line Items] | ||||||
| Cash consideration | 1,634.5 | |||||
| Total fair value of purchase consideration | $ 1,634.5 | 1,634.5 | ||||
| Accounts and notes receivable, net | 240.4 | |||||
| Inventories | 80.6 | |||||
| Other current assets | 8.6 | |||||
| Property, plant & equipment | 1,105.3 | |||||
| Operating lease right-of-use assets | 215.9 | |||||
| Other noncurrent assets | 5.3 | |||||
| Deferred income taxes, net | (222.8) | |||||
| Debt assumed | (443.7) | |||||
| Other liabilities assumed | (531.3) | |||||
| Noncontrolling interest | (22.3) | |||||
| Net identifiable assets acquired | 1,109.9 | |||||
| Goodwill | 524.6 | |||||
| Cash | 1,268.5 | |||||
| Obligations paid on acquisition date | 384.4 | |||||
| Cash acquired | $ 18.4 | |||||
| U.S. Concrete, Inc. [Member] | Contractual Rights In Place [Member] | ||||||
| Significant Acquisitions And Disposals [Line Items] | ||||||
| Intangible assets | 616.0 | |||||
| U.S. Concrete, Inc. [Member] | Other Intangibles [Member] | ||||||
| Significant Acquisitions And Disposals [Line Items] | ||||||
| Intangible assets | $ 57.9 | |||||
| ||||||