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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C.  20549

FORM 10-Q

(Mark One)

þ

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


For the quarterly period ended September 30, 2022


OR

o

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


For the transition period from                 to


Commission File Number 001-33841


VULCAN MATERIALS COMPANY
(Exact name of registrant as specified in its charter)


 New Jersey 
(State or other jurisdiction of incorporation)


20-8579133
(I.R.S. Employer Identification No.)


1200 Urban Center Drive, Birmingham, Alabama
(Address of principal executive offices)  


35242
(zip code)


(205) 298-3000
(Registrant's telephone number including area code)


Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:


Title of each class


Trading Symbol

Name of each exchange on
which registered

 Common Stock, $1 par value 

VMC

 New York Stock Exchange 


Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes þ No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer þ


Accelerated filer o


Smaller reporting company o


Non-accelerated filer o


Emerging growth company o


If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o


Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No þ


Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date:


                    Class                    

Shares outstanding
      at October 24, 2022      

Common Stock, $1 Par Value

132,906,866

 


9

VULCAN MATERIALS COMPANY

FORM 10-Q

QUARTER ENDED SEPTEMBER 30, 2022

Contents

Page

PART I

FINANCIAL INFORMATION

Item 1.

Financial Statements

Condensed Consolidated Balance Sheets

Condensed Consolidated Statements of Comprehensive Income

Condensed Consolidated Statements of Cash Flows

Notes to Condensed Consolidated Financial Statements

 2

 3

 4

 5

Item 2.

Management’s Discussion and Analysis of Financial

   Condition and Results of Operations

30

Item 3.

Quantitative and Qualitative Disclosures About

   Market Risk

52

Item 4.

Controls and Procedures

52

PART II

OTHER INFORMATION

Item 1.

Legal Proceedings

53

Item 1A.

Risk Factors

53

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

53

Item 4.

Mine Safety Disclosures

54

Item 6.

Exhibits

54

Signatures

55

Unless otherwise stated or the context otherwise requires, references in this report to “Vulcan,” the “Company,” “we,” “our,” or “us” refer to Vulcan Materials Company and its consolidated subsidiaries.

 

 


1


part I financial information

  ITEM 1

FINANCIAL STATEMENTS

VULCAN MATERIALS COMPANY AND SUBSIDIARY COMPANIES

CONDENSED CONSOLIDATED BALANCE SHEETS

Unaudited

September 30

December 31

September 30

in millions

2022

2021

2021

Assets

Cash and cash equivalents

$         122.4 

$         235.0 

$         135.7 

Restricted cash

24.5 

6.5 

0.7 

Accounts and notes receivable

Accounts and notes receivable, gross

1,223.6 

849.0 

948.3 

Allowance for credit losses

(11.0)

(10.3)

(10.1)

Accounts and notes receivable, net

1,212.6 

838.7 

938.2 

Inventories

Finished products

403.3 

418.0 

411.9 

Raw materials

64.9 

59.9 

58.2 

Products in process

5.6 

4.2 

3.8 

Operating supplies and other

68.2 

39.2 

38.3 

Inventories

542.0 

521.3 

512.2 

Other current assets

140.8 

95.1 

131.6 

Assets held for sale

291.1 

0.0 

0.0 

Total current assets

2,333.4 

1,696.6 

1,718.4 

Investments and long-term receivables

33.1 

34.1 

34.1 

Property, plant & equipment

Property, plant & equipment, cost

11,133.6 

10,444.4 

10,362.8 

Allowances for depreciation, depletion & amortization

(5,148.3)

(4,897.6)

(4,815.9)

Property, plant & equipment, net

5,985.3 

5,546.8 

5,546.9 

Operating lease right-of-use assets, net

574.2 

691.4 

656.9 

Goodwill

3,704.5 

3,696.7 

3,674.8 

Other intangible assets, net

1,708.3 

1,749.0 

1,819.8 

Other noncurrent assets

277.0 

268.0 

237.1 

Total assets

$    14,615.8 

$    13,682.6 

$    13,688.0 

Liabilities

Current maturities of long-term debt

0.5 

5.2 

12.2 

Short-term debt

312.0 

0.0 

0.0 

Trade payables and accruals

484.2 

365.5 

410.3 

Other current liabilities

454.7 

398.6 

454.2 

Liabilities held for sale

111.1 

0.0 

0.0 

Total current liabilities

1,362.5 

769.3 

876.7 

Long-term debt

3,874.2 

3,874.8 

3,874.1 

Deferred income taxes, net

1,073.0 

1,005.9 

1,053.4 

Deferred revenue

161.7 

167.1 

168.1 

Noncurrent operating lease liabilities

549.8 

642.5 

622.3 

Other noncurrent liabilities

715.7 

655.3 

644.3 

Total liabilities

$      7,736.9 

$      7,114.9 

$      7,238.9 

Other commitments and contingencies (Note 8)

 

 

 

Equity

Common stock, $1 par value, Authorized 480.0 shares,

Outstanding 132.9, 132.7 and 132.7 shares, respectively

132.9 

132.7 

132.7 

Capital in excess of par value

2,826.9 

2,816.5 

2,810.3 

Retained earnings

4,045.3 

3,748.5 

3,659.6 

Accumulated other comprehensive loss

(149.4)

(152.7)

(176.5)

Total shareholders' equity

6,855.7 

6,545.0 

6,426.1 

Noncontrolling interest

23.2 

22.7 

23.0 

Total equity

$      6,878.9 

$      6,567.7 

$      6,449.1 

Total liabilities and equity

$    14,615.8 

$    13,682.6 

$    13,688.0 

The accompanying Notes to the Condensed Consolidated Financial Statements are an integral part of these statements.


2


VULCAN MATERIALS COMPANY AND SUBSIDIARY COMPANIES

CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME

Three Months Ended

Nine Months Ended

Unaudited

September 30

September 30

in millions, except per share data

2022

2021

2022

2021

Total revenues

$      2,088.3 

$      1,516.5 

$      5,583.3 

$      3,945.9 

Cost of revenues

1,595.4 

1,122.4 

4,375.5 

2,924.2 

Gross profit

492.9 

394.1 

1,207.8 

1,021.7 

Selling, administrative and general expenses

135.3 

103.8 

388.7 

293.1 

Gain on sale of property, plant & equipment

and businesses

23.8 

2.9 

28.4 

120.3 

Loss on impairments

(67.8)

0.0 

(67.8)

(4.6)

Other operating expense, net

(8.2)

(30.8)

(19.8)

(44.9)

Operating earnings

305.4 

262.4 

759.9 

799.4 

Other nonoperating income (expense), net

1.3 

3.1 

(1.7)

17.3 

Interest expense, net

46.1 

36.8 

120.8 

111.6 

Earnings from continuing operations

before income taxes

260.6 

228.7 

637.4 

705.1 

Income tax expense

82.3 

51.7 

164.6 

169.7 

Earnings from continuing operations

178.3 

177.0 

472.8 

535.4 

Loss on discontinued operations, net of tax

(1.2)

(0.2)

(16.1)

(2.7)

Net earnings

177.1 

176.8 

456.7 

532.7 

(Earnings) loss attributable to noncontrolling interest

0.0 

0.1 

(0.5)

0.2 

Net earnings attributable to Vulcan

$         177.1 

$         176.9 

$         456.2 

$         532.9 

Other comprehensive income (loss), net of tax

Amortization of prior cash flow hedge loss

0.4 

0.4 

1.1 

1.1 

Amortization of actuarial loss and prior service

cost for benefit plans

0.7 

1.2 

2.2 

3.7 

Other comprehensive income

1.1 

1.6 

3.3 

4.8 

Comprehensive income

178.2 

178.4 

460.0 

537.5 

Comprehensive (earnings) loss attributable to

noncontrolling interest

0.0 

0.1 

(0.5)