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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 June 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 July 25, 2022      

Common Stock, $1 Par Value

132,900,968

 


9

VULCAN MATERIALS COMPANY

FORM 10-Q

QUARTER ENDED JUNE 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

28

Item 3.

Quantitative and Qualitative Disclosures About

   Market Risk

50

Item 4.

Controls and Procedures

50

PART II

OTHER INFORMATION

Item 1.

Legal Proceedings

51

Item 1A.

Risk Factors

51

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

51

Item 4.

Mine Safety Disclosures

52

Item 6.

Exhibits

52

Signatures

53

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

June 30

December 31

June 30

in millions

2022

2021

2021

Assets

Cash and cash equivalents

$         120.7 

$         235.0 

$         857.6 

Restricted cash

3.0 

6.5 

110.8 

Accounts and notes receivable

Accounts and notes receivable, gross

1,121.6 

849.0 

689.6 

Allowance for credit losses

(10.0)

(10.3)

(2.7)

Accounts and notes receivable, net

1,111.6 

838.7 

686.9 

Inventories

Finished products

405.2 

418.0 

373.7 

Raw materials

63.5 

59.9 

37.9 

Products in process

4.8 

4.2 

5.1 

Operating supplies and other

50.7 

39.2 

33.9 

Inventories

524.2 

521.3 

450.6 

Other current assets

140.0 

95.1 

94.5 

Total current assets

1,899.5 

1,696.6 

2,200.4 

Investments and long-term receivables

33.1 

34.1 

34.3 

Property, plant & equipment

Property, plant & equipment, cost

10,831.1 

10,444.4 

9,094.7 

Allowances for depreciation, depletion & amortization

(5,087.9)

(4,897.6)

(4,729.5)

Property, plant & equipment, net

5,743.2 

5,546.8 

4,365.2 

Operating lease right-of-use assets, net

692.6 

691.4 

464.8 

Goodwill

3,742.4 

3,696.7 

3,172.1 

Other intangible assets, net

1,776.0 

1,749.0 

1,103.1 

Other noncurrent assets

294.7 

268.0 

231.1 

Total assets

$    14,181.5 

$    13,682.6 

$    11,571.0 

Liabilities

Current maturities of long-term debt

0.5 

5.2 

15.4 

Short-term debt

176.0 

0.0 

0.0 

Trade payables and accruals

441.0 

365.5 

300.1 

Other current liabilities

411.8 

398.6 

283.7 

Total current liabilities

1,029.3 

769.3 

599.2 

Long-term debt

3,873.7 

3,874.8 

2,769.9 

Deferred income taxes, net

1,036.1 

1,005.9 

748.3 

Deferred revenue

163.9 

167.1 

170.2 

Noncurrent operating lease liabilities

645.1 

642.5 

443.1 

Other noncurrent liabilities

689.2 

655.3 

547.2 

Total liabilities

$      7,437.3 

$      7,114.9 

$      5,277.9 

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

2,817.3 

2,816.5 

2,806.7 

Retained earnings

3,921.4 

3,748.5 

3,531.8 

Accumulated other comprehensive loss

(150.5)

(152.7)

(178.1)

Total shareholders' equity

6,721.1 

6,545.0 

6,293.1 

Noncontrolling interest

23.1 

22.7 

0.0 

Total equity

$      6,744.2 

$      6,567.7 

$      6,293.1 

Total liabilities and equity

$    14,181.5 

$    13,682.6 

$    11,571.0 

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

Six Months Ended

Unaudited

June 30

June 30

in millions, except per share data

2022

2021

2022

2021

Total revenues

$      1,954.3 

$      1,361.0 

$      3,495.0 

$      2,429.4 

Cost of revenues

1,508.1 

962.6 

2,780.1 

1,801.8 

Gross profit

446.2 

398.4 

714.9 

627.6 

Selling, administrative and general expenses

134.4 

100.7 

253.4 

189.3 

Gain on sale of property, plant & equipment

and businesses

2.0 

0.2 

4.6 

117.4 

Other operating expense, net

(6.2)

(10.4)

(11.6)

(18.7)

Operating earnings

307.6 

287.5 

454.5 

537.0 

Other nonoperating income (expense), net

(4.7)

8.3 

(3.0)

14.2 

Interest expense, net

38.7 

41.7 

74.7 

74.8 

Earnings from continuing operations

before income taxes

264.2 

254.1 

376.8 

476.4 

Income tax expense

63.7 

57.3 

82.4 

118.0 

Earnings from continuing operations

200.5 

196.8 

294.4 

358.4 

Loss on discontinued operations, net of tax

(13.1)

(1.5)

(14.9)

(2.4)

Net earnings

187.4 

195.3 

279.5 

356.0 

(Earnings) loss attributable to noncontrolling interest

(0.1)

0.0 

(0.4)

0.0 

Net earnings attributable to Vulcan

$         187.3 

$         195.3 

$         279.1 

$         356.0 

Other comprehensive income (loss), net of tax

Amortization of prior cash flow hedge loss

0.4 

0.4 

0.7 

0.7 

Amortization of actuarial loss and prior service

cost for benefit plans

0.7 

1.2 

1.5 

2.5 

Other comprehensive income

1.1 

1.6 

2.2 

3.2 

Comprehensive income

188.5 

196.9 

281.7 

359.2 

Comprehensive (earnings) loss attributable to

noncontrolling interest

(0.1)

0.0 

(0.4)

0.0 

Comprehensive income attributable to Vulcan

$         188.4 

$         196.9 

$         281.3 

$         359.2 

Basic earnings (loss) per share attributable to Vulcan

Continuing operations

$           1.51 

$           1.48 

$           2.21 

$           2.70 

Discontinued operations

(0.10)

(0.01)

(0.11)

(0.02)

Net earnings

$           1.41