| Goodwill
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
As of June 30, 2010 | ||||||||||||
As | As | |||||||||||
in thousands | Reported | Correction | Restated | |||||||||
Balance Sheet
|
||||||||||||
Assets
|
||||||||||||
Current deferred income taxes
|
$59,525 | ($1,950 | ) | $57,575 | ||||||||
Prepaid expenses
|
42,422 | (8,450 | ) | 33,972 | ||||||||
Total current assets
|
867,303 | (10,400 | ) | 856,903 | ||||||||
Goodwill
|
3,093,979 | 2,321 | 3,096,300 | |||||||||
Total assets
|
$8,495,044 | ($8,079 | ) | $8,486,965 | ||||||||
Liabilities
|
||||||||||||
Noncurrent deferred income taxes
|
$836,702 | $6,706 | $843,408 | |||||||||
Total liabilities
|
4,450,940 | 6,706 | 4,457,646 | |||||||||
Equity
|
||||||||||||
Retained earnings
|
1,625,620 | (14,785 | ) | 1,610,835 | ||||||||
Total equity
|
4,044,104 | (14,785 | ) | 4,029,319 | ||||||||
Total liabilities and equity
|
$8,495,044 | ($8,079 | ) | $8,486,965 | ||||||||
|
Three Months Ended | Six Months Ended | |||||||||||||||
June 30 | June 30 | |||||||||||||||
in thousands | 2011 | 2010 | 2011 | 2010 | ||||||||||||
Discontinued Operations
|
||||||||||||||||
Pretax earnings (loss) from results
|
($1,719 | ) | ($1,821 | ) | $3,587 | ($860 | ) | |||||||||
Gain on disposal, net of transaction bonus
|
0 | (2 | ) | 11,056 | 7,912 | |||||||||||
Income tax (provision) benefit
|
682 | 346 | (5,791 | ) | (2,802 | ) | ||||||||||
|
||||||||||||||||
Earnings (loss) on discontinued operations,
net of tax |
($1,037 | ) | ($1,477 | ) | $8,852 | $4,250 | ||||||||||
|
|
|
|
|
||||||||||||||||
Fair Value1 | ||||||||||||||||
June 30 | December 31 | June 30 | ||||||||||||||
in thousands | Balance Sheet Location | 2011 | 2010 | 2010 | ||||||||||||
|
||||||||||||||||
Liabilities
|
||||||||||||||||
Interest rate swaps
|
Other current liabilities | $0 | $0 | $5,614 | ||||||||||||
Interest rate swaps
|
Other noncurrent liabilities | 7,419 | 0 | 0 | ||||||||||||
|
||||||||||||||||
Total hedging instrument liabilities
|
$7,419 | $0 | $5,614 | |||||||||||||
|
1 | See Note 7 for further discussion of the fair value determination. |
|
||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||
Location on | June 30 | June 30 | ||||||||||||||||||
in thousands | Statements | 2011 | 2010 | 2011 | 2010 | |||||||||||||||
|
||||||||||||||||||||
Cash Flow Hedges
|
||||||||||||||||||||
Gain (loss) recognized in OCI (effective portion) |
OCI | $0 | $234 | $0 | ($574 | ) | ||||||||||||||
|
||||||||||||||||||||
Gain (loss) reclassified from
|
||||||||||||||||||||
Accumulated OCI
|
Interest | |||||||||||||||||||
(effective portion)
|
expense | (6,678 | ) | (4,997 | ) | (8,672 | ) | (9,895) | ||||||||||||
|
|
||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||
Location on | June 30 | June 30 | ||||||||||||||||||
in thousands | Statements | 2011 | 2010 | 2011 | 2010 | |||||||||||||||
|
||||||||||||||||||||
Fair Value Hedges
|
||||||||||||||||||||
Gain (loss) recognized in income
|
Interest | |||||||||||||||||||
- Interest rate swaps
|
expense | ($7,419 | ) | $0 | ($7,419 | ) | $0 | |||||||||||||
|
||||||||||||||||||||
Gain (loss) recognized in income
|
Interest | |||||||||||||||||||
- Fixed rate debt
|
expense | 7,419 | 0 | 7,419 | 0 | |||||||||||||||
|
|
|
||||||||||||
Level 1 | ||||||||||||
June 30 | December 31 | June 30 | ||||||||||
in thousands | 2011 | 2010 | 2010 | |||||||||
|
||||||||||||
Fair Value Recurring
|
||||||||||||
Rabbi Trust
|
||||||||||||
Mutual funds
|
$14,836 | $13,960 | $10,787 | |||||||||
Equities
|
8,413 | 9,336 | 7,236 | |||||||||
|
||||||||||||
Total asset
|
$23,249 | $23,296 | $18,023 | |||||||||
|
|
||||||||||||
Level 2 | ||||||||||||
June 30 | December 31 | June 30 | ||||||||||
in thousands | 2011 | 2010 | 2010 | |||||||||
|
||||||||||||
Fair Value Recurring
|
||||||||||||
Medium-term investments
|
$0 | $0 | $3,910 | |||||||||
Interest rate swaps
|
(7,419 | ) | 0 | (5,614 | ) | |||||||
Rabbi Trust
|
||||||||||||
Common/collective trust funds
|
1,368 | 2,431 | 3,185 | |||||||||
|
||||||||||||
Net asset (liability)
|
($6,051 | ) | $2,431 | $1,481 | ||||||||
|
|
||||||||
As of December 31, 2010 | ||||||||
Impairment | ||||||||
in thousands | Level 3 | Charges | ||||||
Fair Value Nonrecurring
|
||||||||
Property, plant & equipment
|
$1,536 | $2,500 | ||||||
Assets held for sale
|
9,625 | 1,436 | ||||||
Totals
|
$11,161 | $3,936 | ||||||
|
|
||||||||||||||||
June 30 | December 31 | June 30 | ||||||||||||||
in thousands | 2011 | 2010 | 2010 | |||||||||||||
Accumulated Other Comprehensive Loss
|
||||||||||||||||
Cash flow hedges
|
($33,685 | ) | ($39,137 | ) | ($44,187 | ) | ||||||||||
Pension and postretirement plans
|
(134,044 | ) | (138,202 | ) | (143,271 | ) | ||||||||||
|
||||||||||||||||
Total
|
($167,729 | ) | ($177,339 | ) | ($187,458 | ) | ||||||||||
|
|
||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30 | June 30 | |||||||||||||||
in thousands | 2011 | 2010 | 2011 | 2010 | ||||||||||||
Reclassification Adjustment for Cash Flow Hedges |
||||||||||||||||
Interest expense, net
|
$6,658 | $4,977 | $8,632 | $9,855 | ||||||||||||
Benefit from income taxes
|
($2,655 | ) | ($2,332 | ) | ($3,179 | ) | ($4,357 | ) | ||||||||
|
||||||||||||||||
Total
|
$4,003 | $2,645 | $5,453 | $5,498 | ||||||||||||
|
||||||||||||||||
Amortization of Pension and Postretirement Plan Actuarial Loss and Prior Service Cost |
||||||||||||||||
Cost of goods sold
|
$2,454 | $1,273 | $4,697 | $2,376 | ||||||||||||
Selling, administrative and general expense
|
761 | 422 | 1,545 | 810 | ||||||||||||
Benefit from income taxes
|
(1,274 | ) | (872 | ) | (2,084 | ) | (1,464 | ) | ||||||||
|
||||||||||||||||
Total
|
$1,941 | $823 | $4,158 | $1,722 | ||||||||||||
|
||||||||||||||||
Total reclassifications from OCI to net loss
|
$5,944 | $3,468 | $9,611 | $7,220 | ||||||||||||
|
|
|
||||||||||||||||
PENSION BENEFITS | Three Months Ended | Six Months Ended | ||||||||||||||
June 30 | June 30 | |||||||||||||||
in thousands | 2011 | 2010 | 2011 | 2010 | ||||||||||||
Components of Net Periodic Benefit Cost
|
||||||||||||||||
Service cost
|
$5,191 | $4,800 | $10,381 | $9,608 | ||||||||||||
Interest cost
|
10,650 | 10,406 | 21,192 | 20,811 | ||||||||||||
Expected return on plan assets
|
(12,370 | ) | (12,526 | ) | (24,740 | ) | (25,061 | ) | ||||||||
Amortization of prior service cost
|
85 | 115 | 170 | 230 | ||||||||||||
Amortization of actuarial loss
|
3,011 | 1,540 | 5,835 | 2,876 | ||||||||||||
|
||||||||||||||||
Net periodic pension benefit cost
|
$6,567 | $4,335 | $12,838 | $8,464 | ||||||||||||
|
||||||||||||||||
Pretax reclassification from OCI included in
net periodic pension benefit cost
|
$3,096 | $1,655 | $6,005 | $3,106 | ||||||||||||
|
|
||||||||||||||||
OTHER POSTRETIREMENT BENEFITS | Three Months Ended | Six Months Ended | ||||||||||||||
June 30 | June 30 | |||||||||||||||
in thousands | 2011 | 2010 | 2011 | 2010 | ||||||||||||
Components of Net Periodic Benefit Cost
|
||||||||||||||||
Service cost
|
$1,198 | $1,067 | $2,395 | $2,133 | ||||||||||||
Interest cost
|
1,612 | 1,662 | 3,225 | 3,325 | ||||||||||||
Amortization of prior service credit
|
(168 | ) | (182 | ) | (337 | ) | (364 | ) | ||||||||
Amortization of actuarial loss
|
287 | 222 | 574 | 444 | ||||||||||||
|
||||||||||||||||
Net periodic postretirement benefit cost
|
$2,929 | $2,769 | $5,857 | $5,538 | ||||||||||||
|
||||||||||||||||
Pretax reclassification from OCI included in
net periodic postretirement benefit cost
|
$119 | $40 | $237 | $80 | ||||||||||||
|
|
|
||||||||||||
June 30 | December 31 | June 30 | ||||||||||
dollars in thousands | 2011 | 2010 | 2010 | |||||||||
Short-term Borrowings
|
||||||||||||
Bank borrowings
|
$100,000 | $285,500 | $0 | |||||||||
Commercial paper
|
0 | 0 | 320,000 | |||||||||
|
||||||||||||
Total
|
$100,000 | $285,500 | $320,000 | |||||||||
|
||||||||||||
Bank Borrowings
|
||||||||||||
Maturity
|
15 days | 3 - 74 days | n/a | |||||||||
Weighted-average interest rate
|
0.53 % | 0.59 % | n/a | |||||||||
|
||||||||||||
Commercial Paper
|
||||||||||||
Maturity
|
n/a | n/a | 1 - 2 days | |||||||||
Weighted-average interest rate
|
n/a | n/a | 0.70% | |||||||||
|
§ | repay and terminate our $450,000,000 5-year floating-rate term loan, | |
§ | fund the purchase of $165,443,000 of our outstanding 5.60% 5-year notes issued in 2007 and $109,556,000 of our outstanding 6.30% 5-year notes issued in 2008 through a tender offer, | |
§ | repay $275,000,000 outstanding under our revolving credit facility, | |
§ | and for general corporate purposes. |
June 30 | December 31 | June 30 | ||||||||||
in thousands | 2011 | 2010 | 2010 | |||||||||
|
||||||||||||
Long-term Debt
|
||||||||||||
6.50% 5.5-year notes issued 20111
|
$500,000 | $0 | $0 | |||||||||
7.50% 10-year notes issued 20112
|
600,000 | 0 | 0 | |||||||||
5-year floating-rate term loan issued 2010
|
0 | 450,000 | 0 | |||||||||
10.125% 7-year notes issued 20093
|
149,628 | 149,597 | 149,567 | |||||||||
10.375% 10-year notes issued 20094
|
248,457 | 248,391 | 248,329 | |||||||||
3-year floating-rate term loan issued 2008
|
0 | 0 | 100,000 | |||||||||
6.30% 5-year notes issued 20085
|
140,322 | 249,729 | 249,680 | |||||||||
7.00% 10-year notes issued 20086
|
399,675 | 399,658 | 399,641 | |||||||||
3-year floating-rate notes issued 2007
|
0 | 0 | 325,000 | |||||||||
5.60% 5-year notes issued 20077
|
134,483 | 299,773 | 299,719 | |||||||||
6.40% 10-year notes issued 20078
|
349,861 | 349,852 | 349,844 | |||||||||
7.15% 30-year notes issued 20079
|
239,717 | 249,324 | 249,321 | |||||||||
Private placement notes
|
0 | 0 | 15,181 | |||||||||
Medium-term notes
|
21,000 | 21,000 | 21,000 | |||||||||
Industrial revenue bonds
|
14,000 | 14,000 | 17,550 | |||||||||
Other notes
|
1,349 | 1,438 | 1,648 | |||||||||
Fair value adjustments 10
|
(7,419 | ) | 0 | 0 | ||||||||
|
||||||||||||
Total debt excluding short-term borrowings
|
$2,791,073 | $2,432,762 | $2,426,480 | |||||||||
|
||||||||||||
Less current maturities of long-term debt
|
5,230 | 5,246 | 425,300 | |||||||||
|
||||||||||||
Total long-term debt
|
$2,785,843 | $2,427,516 | $2,001,180 | |||||||||
|
||||||||||||
Estimated fair value of total long-term debt
|
$2,857,684 | $2,559,059 | $2,240,447 | |||||||||
|
1 | The effective interest rate for these notes is 6.85% , excluding the impact of the interest rate swap described in Note 6. | |
2 | The effective interest rate for these notes is 7.73% . | |
3 | Includes decreases for unamortized discounts, as follows: June 30, 2011 — $372 thousand, December 31, 2010 — $403 thousand and June 30, 2010 — $433 thousand. The effective interest rate for these notes is 10.31% , excluding the impact of the interest rate swap described in Note 6. | |
4 | Includes decreases for unamortized discounts, as follows: June 30, 2011 — $1,543 thousand, December 31, 2010 — $1,609 thousand and June 30, 2010 — $1,671 thousand. The effective interest rate for these notes is 10.58%. | |
5 | Includes decreases for unamortized discounts, as follows: June 30, 2011 — $122 thousand, December 31, 2010 — $271 thousand and June 30, 2010 — $320 thousand. The effective interest rate for these notes is 7.46%. | |
6 | Includes decreases for unamortized discounts, as follows: June 30, 2011 — $325 thousand, December 31, 2010 — $342 thousand and June 30, 2010 — $359 thousand. The effective interest rate for these notes is 7.86%. | |
7 | Includes decreases for unamortized discounts, as follows: June 30, 2011 — $74 thousand, December 31, 2010 — $227 thousand and June 30, 2010 — $281 thousand. The effective interest rate for these notes is 6.55%. | |
8 | Includes decreases for unamortized discounts, as follows: June 30, 2011 — $139 thousand, December 31, 2010 — $148 thousand and June 30, 2010 — $156 thousand. The effective interest rate for these notes is 7.39%. | |
9 | Includes decreases for unamortized discounts, as follows: June 30, 2011 — $646 thousand, December 31, 2010 — $676 thousand and June 30, 2010 — $679 thousand. The effective interest rate for these notes is 8.04%. | |
10 | See Note 6 for additional information about our fair value hedging strategy. |
|
Three Months Ended | Six Months Ended | |||||||||||||||
June 30 | June 30 | |||||||||||||||
in thousands | 2011 | 2010 | 2011 | 2010 | ||||||||||||
|
||||||||||||||||
ARO Operating Costs
|
||||||||||||||||
Accretion
|
$2,124 | $2,255 | $4,296 | $4,444 | ||||||||||||
Depreciation
|
1,853 | 3,157 | 3,395 | 6,340 | ||||||||||||
|
||||||||||||||||
Total
|
$3,977 | $5,412 | $7,691 | $10,784 | ||||||||||||
|
Three Months Ended | Six Months Ended | |||||||||||||||
June 30 | June 30 | |||||||||||||||
in thousands | 2011 | 2010 | 2011 | 2010 | ||||||||||||
|
||||||||||||||||
Asset Retirement Obligations
|
||||||||||||||||
Balance at beginning of period
|
$162,591 | $163,931 | $162,730 | $167,757 | ||||||||||||
Liabilities incurred
|
278 | 1,441 | 278 | 1,441 | ||||||||||||
Liabilities settled
|
(3,632 | ) | (1,740 | ) | (5,964 | ) | (4,117 | ) | ||||||||
Accretion expense
|
2,124 | 2,255 | 4,296 | 4,444 | ||||||||||||
Revisions up (down)
|
(628 | ) | (3,719 | ) | (607 | ) | (7,357 | ) | ||||||||
|
||||||||||||||||
Balance at end of period
|
$160,733 | $162,168 | $160,733 | $162,168 | ||||||||||||
|
|
June 30 | |||||||||||||||||||||||||||||||||||||||||||||||||
in thousands | 2011 | ||||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||
Standby Letters of Credit
|
|||||||||||||||||||||||||||||||||||||||||||||||||
Risk management requirement for insurance claims
|
$41,083 | ||||||||||||||||||||||||||||||||||||||||||||||||
Payment surety required by utilities
|
133 | ||||||||||||||||||||||||||||||||||||||||||||||||
Contractual reclamation/restoration requirements
|
8,468 | ||||||||||||||||||||||||||||||||||||||||||||||||
Financial requirement for industrial revenue bond
|
14,230 | ||||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||
Total
|
$63,914 | ||||||||||||||||||||||||||||||||||||||||||||||||
|
|
December 31 | June 30 | |||||||
in thousands | 2010 | 2010 | ||||||
|
||||||||
Held for Sale
|
||||||||
Current assets
|
$3,460 | $3,695 | ||||||
Property, plant & equipment, net
|
9,625 | 11,016 | ||||||
Other assets
|
122 | 153 | ||||||
|
||||||||
Total assets held for sale
|
$13,207 | $14,864 | ||||||
|
||||||||
Current liabilities
|
$116 | $409 | ||||||
|
||||||||
Total liabilities of assets held for sale
|
$116 | $409 | ||||||
|
|
GOODWILL | ||||||||||||||||||||
in thousands | Aggregates | Concrete | Asphalt mix | Cement | Total | |||||||||||||||
|
||||||||||||||||||||
Gross Carrying Amount
|
||||||||||||||||||||
Total as of December 31, 2010
|
$3,005,383 | $0 | $91,633 | $252,664 | $3,349,680 | |||||||||||||||
|
||||||||||||||||||||
Goodwill of acquired businesses
|
0 | 0 | 0 | 0 | 0 | |||||||||||||||
|
||||||||||||||||||||
Total as of June 30, 2011
|
$3,005,383 | $0 | $91,633 | $252,664 | $3,349,680 | |||||||||||||||
|
||||||||||||||||||||
Accumulated Impairment Losses
|
||||||||||||||||||||
Total as of December 31, 2010
|
$0 | $0 | $0 | ($252,664 | ) | ($252,664 | ) | |||||||||||||
|
||||||||||||||||||||
Goodwill impairment loss
|
0 | 0 | 0 | 0 | 0 | |||||||||||||||
|
||||||||||||||||||||
Total as of June 30, 2011
|
$0 | $0 | $0 | ($252,664 | ) | ($252,664 | ) | |||||||||||||
|
||||||||||||||||||||
Goodwill, net of Accumulated Impairment Losses |
||||||||||||||||||||
Total as of December 31, 2010
|
$3,005,383 | $0 | $91,633 | $0 | $3,097,016 | |||||||||||||||
|
||||||||||||||||||||
Total as of June 30, 2011
|
$3,005,383 | $0 | $91,633 | $0 | $3,097,016 | |||||||||||||||
|
|
|
Three Months Ended | Six Months Ended | |||||||||||||||
June 30 | June 30 | |||||||||||||||
in millions | 2011 | 2010 | 2011 | 2010 | ||||||||||||
|
||||||||||||||||
|
||||||||||||||||
Total Revenues
|
||||||||||||||||
Aggregates 1
|
||||||||||||||||
Segment revenues
|
$478.4 | $513.9 | $810.1 | $855.2 | ||||||||||||
Intersegment sales
|
(39.5 | ) | (42.4 | ) | (69.3 | ) | (74.5 | ) | ||||||||
|
||||||||||||||||
Net sales
|
438.9 | 471.5 | 740.8 | 780.7 | ||||||||||||
|
||||||||||||||||
Concrete 2
|
||||||||||||||||
Segment revenues
|
98.2 | 105.0 | 180.4 | 188.0 | ||||||||||||
Intersegment sales
|
0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||
|
||||||||||||||||
Net sales
|
98.2 | 105.0 | 180.4 | 188.0 | ||||||||||||
|
||||||||||||||||
Asphalt mix
|
||||||||||||||||
Segment revenues
|
110.9 | 103.5 | 175.5 | 166.5 | ||||||||||||
Intersegment sales
|
0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||
|
||||||||||||||||
Net sales
|
110.9 | 103.5 | 175.5 | 166.5 | ||||||||||||
|
||||||||||||||||
Cement 3
|
||||||||||||||||
Segment revenues
|
16.8 | 22.9 | 33.4 | 40.8 | ||||||||||||
Intersegment sales
|
(7.3 | ) | (10.1 | ) | (16.3 | ) | (18.7 | ) | ||||||||
|
||||||||||||||||
Net sales
|
9.5 | 12.8 | 17.1 | 22.1 | ||||||||||||
|
||||||||||||||||
Total
|
||||||||||||||||
Net sales
|
657.5 | 692.8 | 1,113.8 | 1,157.3 | ||||||||||||
Delivery revenues
|
44.5 | 43.4 | 75.4 | 72.1 | ||||||||||||
|
||||||||||||||||
Total revenues
|
$702.0 | $736.2 | $1,189.2 | $1,229.4 | ||||||||||||
|
||||||||||||||||
|
||||||||||||||||
Gross Profit
|
||||||||||||||||
Aggregates
|
$102.8 | $122.0 | $113.6 | $137.4 | ||||||||||||
Concrete
|
(9.0 | ) | (5.6 | ) | (23.4 | ) | (21.7 | ) | ||||||||
Asphalt mix
|
8.3 | 7.3 | 8.1 | 8.3 | ||||||||||||
Cement
|
(1.3 | ) | (1.4 | ) | (4.6 | ) | (0.8 | ) | ||||||||
|
||||||||||||||||
Total
|
$100.8 | $122.3 | $93.7 | $123.2 | ||||||||||||
|
||||||||||||||||
|
||||||||||||||||
Depreciation, Depletion, Accretion and Amortization |
||||||||||||||||
Aggregates
|
$71.1 | $74.9 | $141.2 | $148.1 | ||||||||||||
Concrete
|
13.2 | 13.4 | 26.2 | 26.4 | ||||||||||||
Asphalt mix
|
2.0 | 2.3 | 3.9 | 4.5 | ||||||||||||
Cement
|
4.7 | 5.2 | 9.1 | 9.6 | ||||||||||||
Corporate and other unallocated
|
1.1 | 1.5 | 2.3 | 2.9 | ||||||||||||
|
||||||||||||||||
Total
|
$92.1 | $97.3 | $182.7 | $191.5 | ||||||||||||
|
1 | Includes crushed stone, sand and gravel, sand, other aggregates, as well as transportation and service revenues associated with the aggregates business. | |
2 | Includes ready-mixed concrete, concrete block, precast concrete, as well as building materials purchased for resale. | |
3 | Includes cement and calcium products. |
|
Six Months Ended | ||||||||
June 30 | ||||||||
in thousands | 2011 | 2010 | ||||||
|
||||||||
Cash Payments (Refunds)
|
||||||||
Interest (exclusive of amount capitalized)
|
$102,984 | $90,942 | ||||||
Income taxes
|
(33,070 | ) | 1,130 | |||||
|
||||||||
Noncash Investing and Financing Activities
|
||||||||
Accrued liabilities for purchases of property, plant
& equipment
|
6,414 | 5,165 | ||||||
Stock issued for pension contribution (Note 9)
|
0 | 53,864 | ||||||
Proceeds receivable from issuance of common stock
|
0 | 1,453 | ||||||
Amounts referable to business acquisition (Note 14)
|
||||||||
Liabilities assumed
|
13,774 | 0 | ||||||
Fair value of equity consideration
|
18,529 | 0 | ||||||
|
|
§ | CALIFORNIA WATER SERVICE COMPANY — On June 6, 2008, we were served in an action styled California Water Service Company v. Dow, et al., now pending in the San Mateo County Superior Court, California. According to the complaint, California Water Service Company “owns and/or operates public drinking water systems, and supplies drinking water to hundreds of thousands of residents and businesses throughout California.” The complaint alleges that water systems in a number of communities have been contaminated with perc. The plaintiff is seeking compensatory damages and punitive damages. Discovery is ongoing. | |
§ | CITY OF SUNNYVALE CALIFORNIA — On January 6, 2009, we were served in an action styled City of Sunnyvale v. Legacy Vulcan Corporation, f/k/a Vulcan Materials Company, filed in the San Mateo County Superior Court, California. The plaintiffs are seeking cost recovery and other damages for alleged environmental contamination from perc and its breakdown products at the Sunnyvale Town Center Redevelopment Project. Discovery is ongoing. Trial is scheduled for September 2012. | |
§ | SUFFOLK COUNTY WATER AUTHORITY — On July 29, 2010, we were served in an action styled Suffolk County Water Authority v. The Dow Chemical Company, et al., in the Supreme Court for Suffolk County, State of New York. The complaint alleges that the plaintiff “owns and/or operates drinking water systems and supplies drinking water to thousands of residents and businesses, in Suffolk County, New York.” The complaint alleges that perc and its breakdown products “have been and are contaminating and damaging Plaintiff’s drinking water supply wells.” The plaintiff is seeking compensatory and punitive damages. Discovery is ongoing. |
§ | ADDAIR — This is a purported class action case for medical monitoring and personal injury damages styled Addair et al. v. Processing Company, LLC, et al., pending in the Circuit Court of Wyoming County, West Virginia. The plaintiffs allege various personal injuries from exposure to perc used in coal sink labs. The perc manufacturing defendants, including Vulcan, have filed a motion for summary judgment. The Court has yet to rule on the motion but in the interim has stayed the litigation. As such, there has been no activity on this matter pending the Court’s ruling. | |
§ | WEST VIRGINIA COAL SINK LAB LITIGATION — This is a mass tort action consisting of over 100 cases filed in 17 different counties in West Virginia from September 1 to October 13, 2010, for medical monitoring and personal injury damages for exposure to perc used in coal sink labs. The West Virginia Supreme Court of Appeals, in an order entered January 19, 2011, transferred all of these cases (referred to as Jeffrey Blount v. Arkema, Inc., et al.) to the West Virginia Mass Litigation Panel. Discovery is ongoing. Trial is scheduled for September 2012. | |
§ | SANTARSIERO — This is a case styled Robert Santarsiero v. R.V. Davies, et al., pending in Supreme Court, New York County, New York. We were brought in as a third-party defendant by original defendant R.V. Davies. We have learned that the plaintiff, who was alleging perc exposure, is now deceased. The case has been stayed pending further information about this development. | |
§ | R.R. STREET INDEMNITY — Street, a former distributor of perc manufactured by us, alleges that we owe Street, and its insurer (National Union), a defense and indemnity in several of these litigation matters, as well as some prior litigation which we have now settled. National Union alleges that we are obligated to contribute to National Union’s share of defense fees, costs and any indemnity payments made on Street’s behalf. We have had discussions with Street about the nature and extent of indemnity obligations, if any, and to date there has been no resolution of these issues. |
|
|
As of June 30, 2010 | ||||||||||||
As | As | |||||||||||
in thousands | Reported | Correction | Restated | |||||||||
Balance Sheet
|
||||||||||||
Assets
|
||||||||||||
Current deferred income taxes
|
$59,525 | ($1,950 | ) | $57,575 | ||||||||
Prepaid expenses
|
42,422 | (8,450 | ) | 33,972 | ||||||||
Total current assets
|
867,303 | (10,400 | ) | 856,903 | ||||||||
Goodwill
|
3,093,979 | 2,321 | 3,096,300 | |||||||||
Total assets
|
$8,495,044 | ($8,079 | ) | $8,486,965 | ||||||||
Liabilities
|
||||||||||||
Noncurrent deferred income taxes
|
$836,702 | $6,706 | $843,408 | |||||||||
Total liabilities
|
4,450,940 | 6,706 | 4,457,646 | |||||||||
Equity
|
||||||||||||
Retained earnings
|
1,625,620 | (14,785 | ) | 1,610,835 | ||||||||
Total equity
|
4,044,104 | (14,785 | ) | 4,029,319 | ||||||||
Total liabilities and equity
|
$8,495,044 | ($8,079 | ) | $8,486,965 | ||||||||
|
Three Months Ended | Six Months Ended | |||||||||||||||
June 30 | June 30 | |||||||||||||||
in thousands | 2011 | 2010 | 2011 | 2010 | ||||||||||||
Discontinued Operations
|
||||||||||||||||
Pretax earnings (loss) from results
|
($1,719 | ) | ($1,821 | ) | $3,587 | ($860 | ) | |||||||||
Gain on disposal, net of transaction bonus
|
0 | (2 | ) | 11,056 | 7,912 | |||||||||||
Income tax (provision) benefit
|
682 | 346 | (5,791 | ) | (2,802 | ) | ||||||||||
|
||||||||||||||||
Earnings (loss) on discontinued operations,
net of tax |
($1,037 | ) | ($1,477 | ) | $8,852 | $4,250 | ||||||||||
|
|
|
||||||||||||||||
Fair Value1 | ||||||||||||||||
June 30 | December 31 | June 30 | ||||||||||||||
in thousands | Balance Sheet Location | 2011 | 2010 | 2010 | ||||||||||||
|
||||||||||||||||
Liabilities
|
||||||||||||||||
Interest rate swaps
|
Other current liabilities | $0 | $0 | $5,614 | ||||||||||||
Interest rate swaps
|
Other noncurrent liabilities | 7,419 | 0 | 0 | ||||||||||||
|
||||||||||||||||
Total hedging instrument liabilities
|
$7,419 | $0 | $5,614 | |||||||||||||
|
1 | See Note 7 for further discussion of the fair value determination. |
|
||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||
Location on | June 30 | June 30 | ||||||||||||||||||
in thousands | Statements | 2011 | 2010 | 2011 | 2010 | |||||||||||||||
|
||||||||||||||||||||
Cash Flow Hedges
|
||||||||||||||||||||
Gain (loss) recognized in OCI (effective portion) |
OCI | $0 | $234 | $0 | ($574 | ) | ||||||||||||||
|
||||||||||||||||||||
Gain (loss) reclassified from
|
||||||||||||||||||||
Accumulated OCI
|
Interest | |||||||||||||||||||
(effective portion)
|
expense | (6,678 | ) | (4,997 | ) | (8,672 | ) | (9,895) | ||||||||||||
|
|
||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||
Location on | June 30 | June 30 | ||||||||||||||||||
in thousands | Statements | 2011 | 2010 | 2011 | 2010 | |||||||||||||||
|
||||||||||||||||||||
Fair Value Hedges
|
||||||||||||||||||||
Gain (loss) recognized in income
|
Interest | |||||||||||||||||||
- Interest rate swaps
|
expense | ($7,419 | ) | $0 | ($7,419 | ) | $0 | |||||||||||||
|
||||||||||||||||||||
Gain (loss) recognized in income
|
Interest | |||||||||||||||||||
- Fixed rate debt
|
expense | 7,419 | 0 | 7,419 | 0 | |||||||||||||||
|
|
|
||||||||||||
Level 1 | ||||||||||||
June 30 | December 31 | June 30 | ||||||||||
in thousands | 2011 | 2010 | 2010 | |||||||||
|
||||||||||||
Fair Value Recurring
|
||||||||||||
Rabbi Trust
|
||||||||||||
Mutual funds
|
$14,836 | $13,960 | $10,787 | |||||||||
Equities
|
8,413 | 9,336 | 7,236 | |||||||||
|
||||||||||||
Total asset
|
$23,249 | $23,296 | $18,023 | |||||||||
|
|
||||||||||||
Level 2 | ||||||||||||
June 30 | December 31 | June 30 | ||||||||||
in thousands | 2011 | 2010 | 2010 | |||||||||
|
||||||||||||
Fair Value Recurring
|
||||||||||||
Medium-term investments
|
$0 | $0 | $3,910 | |||||||||
Interest rate swaps
|
(7,419 | ) | 0 | (5,614 | ) | |||||||
Rabbi Trust
|
||||||||||||
Common/collective trust funds
|
1,368 | 2,431 | 3,185 | |||||||||
|
||||||||||||
Net asset (liability)
|
($6,051 | ) | $2,431 | $1,481 | ||||||||
|
|
||||||||
As of December 31, 2010 | ||||||||
Impairment | ||||||||
in thousands | Level 3 | Charges | ||||||
Fair Value Nonrecurring
|
||||||||
Property, plant & equipment
|
$1,536 | $2,500 | ||||||
Assets held for sale
|
9,625 | 1,436 | ||||||
Totals
|
$11,161 | $3,936 | ||||||
|
|
||||||||||||||||
June 30 | December 31 | June 30 | ||||||||||||||
in thousands | 2011 | 2010 | 2010 | |||||||||||||
Accumulated Other Comprehensive Loss
|
||||||||||||||||
Cash flow hedges
|
($33,685 | ) | ($39,137 | ) | ($44,187 | ) | ||||||||||
Pension and postretirement plans
|
(134,044 | ) | (138,202 | ) | (143,271 | ) | ||||||||||
|
||||||||||||||||
Total
|
($167,729 | ) | ($177,339 | ) | ($187,458 | ) | ||||||||||
|
|
||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30 | June 30 | |||||||||||||||
in thousands | 2011 | 2010 | 2011 | 2010 | ||||||||||||
Reclassification Adjustment for Cash Flow Hedges |
||||||||||||||||
Interest expense, net
|
$6,658 | $4,977 | $8,632 | $9,855 | ||||||||||||
Benefit from income taxes
|
($2,655 | ) | ($2,332 | ) | ($3,179 | ) | ($4,357 | ) | ||||||||
|
||||||||||||||||
Total
|
$4,003 | $2,645 | $5,453 | $5,498 | ||||||||||||
|
||||||||||||||||
Amortization of Pension and Postretirement Plan Actuarial Loss and Prior Service Cost |
||||||||||||||||
Cost of goods sold
|
$2,454 | $1,273 | $4,697 | $2,376 | ||||||||||||
Selling, administrative and general expense
|
761 | 422 | 1,545 | 810 | ||||||||||||
Benefit from income taxes
|
(1,274 | ) | (872 | ) | (2,084 | ) | (1,464 | ) | ||||||||
|
||||||||||||||||
Total
|
$1,941 | $823 | $4,158 | $1,722 | ||||||||||||
|
||||||||||||||||
Total reclassifications from OCI to net loss
|
$5,944 | $3,468 | $9,611 | $7,220 | ||||||||||||
|
|
|
||||||||||||||||
PENSION BENEFITS | Three Months Ended | Six Months Ended | ||||||||||||||
June 30 | June 30 | |||||||||||||||
in thousands | 2011 | 2010 | 2011 | 2010 | ||||||||||||
Components of Net Periodic Benefit Cost
|
||||||||||||||||
Service cost
|
$5,191 | $4,800 | $10,381 | $9,608 | ||||||||||||
Interest cost
|
10,650 | 10,406 | 21,192 | 20,811 | ||||||||||||
Expected return on plan assets
|
(12,370 | ) | (12,526 | ) | (24,740 | ) | (25,061 | ) | ||||||||
Amortization of prior service cost
|
85 | 115 | 170 | 230 | ||||||||||||
Amortization of actuarial loss
|
3,011 | 1,540 | 5,835 | 2,876 | ||||||||||||
|
||||||||||||||||
Net periodic pension benefit cost
|
$6,567 | $4,335 | $12,838 | $8,464 | ||||||||||||
|
||||||||||||||||
Pretax reclassification from OCI included in
net periodic pension benefit cost
|
$3,096 | $1,655 | $6,005 | $3,106 | ||||||||||||
|
|
||||||||||||||||
OTHER POSTRETIREMENT BENEFITS | Three Months Ended | Six Months Ended | ||||||||||||||
June 30 | June 30 | |||||||||||||||
in thousands | 2011 | 2010 | 2011 | 2010 | ||||||||||||
Components of Net Periodic Benefit Cost
|
||||||||||||||||
Service cost
|
$1,198 | $1,067 | $2,395 | $2,133 | ||||||||||||
Interest cost
|
1,612 | 1,662 | 3,225 | 3,325 | ||||||||||||
Amortization of prior service credit
|
(168 | ) | (182 | ) | (337 | ) | (364 | ) | ||||||||
Amortization of actuarial loss
|
287 | 222 | 574 | 444 | ||||||||||||
|
||||||||||||||||
Net periodic postretirement benefit cost
|
$2,929 | $2,769 | $5,857 | $5,538 | ||||||||||||
|
||||||||||||||||
Pretax reclassification from OCI included in
net periodic postretirement benefit cost
|
$119 | $40 | $237 | $80 | ||||||||||||
|
|
|
||||||||||||
June 30 | December 31 | June 30 | ||||||||||
dollars in thousands | 2011 | 2010 | 2010 | |||||||||
Short-term Borrowings
|
||||||||||||
Bank borrowings
|
$100,000 | $285,500 | $0 | |||||||||
Commercial paper
|
0 | 0 | 320,000 | |||||||||
|
||||||||||||
Total
|
$100,000 | $285,500 | $320,000 | |||||||||
|
||||||||||||
Bank Borrowings
|
||||||||||||
Maturity
|
15 days | 3 - 74 days | n/a | |||||||||
Weighted-average interest rate
|
0.53 % | 0.59 % | n/a | |||||||||
|
||||||||||||
Commercial Paper
|
||||||||||||
Maturity
|
n/a | n/a | 1 - 2 days | |||||||||
Weighted-average interest rate
|
n/a | n/a | 0.70% | |||||||||
|
June 30 | December 31 | June 30 | ||||||||||
in thousands | 2011 | 2010 | 2010 | |||||||||
|
||||||||||||
Long-term Debt
|
||||||||||||
6.50% 5.5-year notes issued 20111
|
$500,000 | $0 | $0 | |||||||||
7.50% 10-year notes issued 20112
|
600,000 | 0 | 0 | |||||||||
5-year floating-rate term loan issued 2010
|
0 | 450,000 | 0 | |||||||||
10.125% 7-year notes issued 20093
|
149,628 | 149,597 | 149,567 | |||||||||
10.375% 10-year notes issued 20094
|
248,457 | 248,391 | 248,329 | |||||||||
3-year floating-rate term loan issued 2008
|
0 | 0 | 100,000 | |||||||||
6.30% 5-year notes issued 20085
|
140,322 | 249,729 | 249,680 | |||||||||
7.00% 10-year notes issued 20086
|
399,675 | 399,658 | 399,641 | |||||||||
3-year floating-rate notes issued 2007
|
0 | 0 | 325,000 | |||||||||
5.60% 5-year notes issued 20077
|
134,483 | 299,773 | 299,719 | |||||||||
6.40% 10-year notes issued 20078
|
349,861 | 349,852 | 349,844 | |||||||||
7.15% 30-year notes issued 20079
|
239,717 | 249,324 | 249,321 | |||||||||
Private placement notes
|
0 | 0 | 15,181 | |||||||||
Medium-term notes
|
21,000 | 21,000 | 21,000 | |||||||||
Industrial revenue bonds
|
14,000 | 14,000 | 17,550 | |||||||||
Other notes
|
1,349 | 1,438 | 1,648 | |||||||||
Fair value adjustments 10
|
(7,419 | ) | 0 | 0 | ||||||||
|
||||||||||||
Total debt excluding short-term borrowings
|
$2,791,073 | $2,432,762 | $2,426,480 | |||||||||
|
||||||||||||
Less current maturities of long-term debt
|
5,230 | 5,246 | 425,300 | |||||||||
|
||||||||||||
Total long-term debt
|
$2,785,843 | $2,427,516 | $2,001,180 | |||||||||
|
||||||||||||
Estimated fair value of total long-term debt
|
$2,857,684 | $2,559,059 | $2,240,447 | |||||||||
|
1 | The effective interest rate for these notes is 6.85% , excluding the impact of the interest rate swap described in Note 6. | |
2 | The effective interest rate for these notes is 7.73% . | |
3 | Includes decreases for unamortized discounts, as follows: June 30, 2011 — $372 thousand, December 31, 2010 — $403 thousand and June 30, 2010 — $433 thousand. The effective interest rate for these notes is 10.31% , excluding the impact of the interest rate swap described in Note 6. | |
4 | Includes decreases for unamortized discounts, as follows: June 30, 2011 — $1,543 thousand, December 31, 2010 — $1,609 thousand and June 30, 2010 — $1,671 thousand. The effective interest rate for these notes is 10.58%. | |
5 | Includes decreases for unamortized discounts, as follows: June 30, 2011 — $122 thousand, December 31, 2010 — $271 thousand and June 30, 2010 — $320 thousand. The effective interest rate for these notes is 7.46%. | |
6 | Includes decreases for unamortized discounts, as follows: June 30, 2011 — $325 thousand, December 31, 2010 — $342 thousand and June 30, 2010 — $359 thousand. The effective interest rate for these notes is 7.86%. | |
7 | Includes decreases for unamortized discounts, as follows: June 30, 2011 — $74 thousand, December 31, 2010 — $227 thousand and June 30, 2010 — $281 thousand. The effective interest rate for these notes is 6.55%. | |
8 | Includes decreases for unamortized discounts, as follows: June 30, 2011 — $139 thousand, December 31, 2010 — $148 thousand and June 30, 2010 — $156 thousand. The effective interest rate for these notes is 7.39%. | |
9 | Includes decreases for unamortized discounts, as follows: June 30, 2011 — $646 thousand, December 31, 2010 — $676 thousand and June 30, 2010 — $679 thousand. The effective interest rate for these notes is 8.04%. | |
10 | See Note 6 for additional information about our fair value hedging strategy. |
|
Three Months Ended | Six Months Ended | |||||||||||||||
June 30 | June 30 | |||||||||||||||
in thousands | 2011 | 2010 | 2011 | 2010 | ||||||||||||
|
||||||||||||||||
ARO Operating Costs
|
||||||||||||||||
Accretion
|
$2,124 | $2,255 | $4,296 | $4,444 | ||||||||||||
Depreciation
|
1,853 | 3,157 | 3,395 | 6,340 | ||||||||||||
|
||||||||||||||||
Total
|
$3,977 | $5,412 | $7,691 | $10,784 | ||||||||||||
|
Three Months Ended | Six Months Ended | |||||||||||||||
June 30 | June 30 | |||||||||||||||
in thousands | 2011 | 2010 | 2011 | 2010 | ||||||||||||
|
||||||||||||||||
Asset Retirement Obligations
|
||||||||||||||||
Balance at beginning of period
|
$162,591 | $163,931 | $162,730 | $167,757 | ||||||||||||
Liabilities incurred
|
278 | 1,441 | 278 | 1,441 | ||||||||||||
Liabilities settled
|
(3,632 | ) | (1,740 | ) | (5,964 | ) | (4,117 | ) | ||||||||
Accretion expense
|
2,124 | 2,255 | 4,296 | 4,444 | ||||||||||||
Revisions up (down)
|
(628 | ) | (3,719 | ) | (607 | ) | (7,357 | ) | ||||||||
|
||||||||||||||||
Balance at end of period
|
$160,733 | $162,168 | $160,733 | $162,168 | ||||||||||||
|
|
June 30 | |||||||||||||||||||||||||||||||||||||||||||||||||
in thousands | 2011 | ||||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||
Standby Letters of Credit
|
|||||||||||||||||||||||||||||||||||||||||||||||||
Risk management requirement for insurance claims
|
$41,083 | ||||||||||||||||||||||||||||||||||||||||||||||||
Payment surety required by utilities
|
133 | ||||||||||||||||||||||||||||||||||||||||||||||||
Contractual reclamation/restoration requirements
|
8,468 | ||||||||||||||||||||||||||||||||||||||||||||||||
Financial requirement for industrial revenue bond
|
14,230 | ||||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||
Total
|
$63,914 | ||||||||||||||||||||||||||||||||||||||||||||||||
|
|
December 31 | June 30 | |||||||
in thousands | 2010 | 2010 | ||||||
|
||||||||
Held for Sale
|
||||||||
Current assets
|
$3,460 | $3,695 | ||||||
Property, plant & equipment, net
|
9,625 | 11,016 | ||||||
Other assets
|
122 | 153 | ||||||
|
||||||||
Total assets held for sale
|
$13,207 | $14,864 | ||||||
|
||||||||
Current liabilities
|
$116 | $409 | ||||||
|
||||||||
Total liabilities of assets held for sale
|
$116 | $409 | ||||||
|
|
GOODWILL | ||||||||||||||||||||
in thousands | Aggregates | Concrete | Asphalt mix | Cement | Total | |||||||||||||||
|
||||||||||||||||||||
Gross Carrying Amount
|
||||||||||||||||||||
Total as of December 31, 2010
|
$3,005,383 | $0 | $91,633 | $252,664 | $3,349,680 | |||||||||||||||
|
||||||||||||||||||||
Goodwill of acquired businesses
|
0 | 0 | 0 | 0 | 0 | |||||||||||||||
|
||||||||||||||||||||
Total as of June 30, 2011
|
$3,005,383 | $0 | $91,633 | $252,664 | $3,349,680 | |||||||||||||||
|
||||||||||||||||||||
Accumulated Impairment Losses
|
||||||||||||||||||||
Total as of December 31, 2010
|
$0 | $0 | $0 | ($252,664 | ) | ($252,664 | ) | |||||||||||||
|
||||||||||||||||||||
Goodwill impairment loss
|
0 | 0 | 0 | 0 | 0 | |||||||||||||||
|
||||||||||||||||||||
Total as of June 30, 2011
|
$0 | $0 | $0 | ($252,664 | ) | ($252,664 | ) | |||||||||||||
|
||||||||||||||||||||
Goodwill, net of Accumulated Impairment Losses |
||||||||||||||||||||
Total as of December 31, 2010
|
$3,005,383 | $0 | $91,633 | $0 | $3,097,016 | |||||||||||||||
|
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Total as of June 30, 2011
|
$3,005,383 | $0 | $91,633 | $0 | $3,097,016 | |||||||||||||||
|
|
Three Months Ended | Six Months Ended | |||||||||||||||
June 30 | June 30 | |||||||||||||||
in millions | 2011 | 2010 | 2011 | 2010 | ||||||||||||
|
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|
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Total Revenues
|
||||||||||||||||
Aggregates 1
|
||||||||||||||||
Segment revenues
|
$478.4 | $513.9 | $810.1 | $855.2 | ||||||||||||
Intersegment sales
|
(39.5 | ) | (42.4 | ) | (69.3 | ) | (74.5 | ) | ||||||||
|
||||||||||||||||
Net sales
|
438.9 | 471.5 | 740.8 | 780.7 | ||||||||||||
|
||||||||||||||||
Concrete 2
|
||||||||||||||||
Segment revenues
|
98.2 | 105.0 | 180.4 | 188.0 | ||||||||||||
Intersegment sales
|
0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||
|
||||||||||||||||
Net sales
|
98.2 | 105.0 | 180.4 | 188.0 | ||||||||||||
|
||||||||||||||||
Asphalt mix
|
||||||||||||||||
Segment revenues
|
110.9 | 103.5 | 175.5 | 166.5 | ||||||||||||
Intersegment sales
|
0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||
|
||||||||||||||||
Net sales
|
110.9 | 103.5 | 175.5 | 166.5 | ||||||||||||
|
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Cement 3
|
||||||||||||||||
Segment revenues
|
16.8 | 22.9 | 33.4 | 40.8 | ||||||||||||
Intersegment sales
|
(7.3 | ) | (10.1 | ) | (16.3 | ) | (18.7 | ) | ||||||||
|
||||||||||||||||
Net sales
|
9.5 | 12.8 | 17.1 | 22.1 | ||||||||||||
|
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Total
|
||||||||||||||||
Net sales
|
657.5 | 692.8 | 1,113.8 | 1,157.3 | ||||||||||||
Delivery revenues
|
44.5 | 43.4 | 75.4 | 72.1 | ||||||||||||
|
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Total revenues
|
$702.0 | $736.2 | $1,189.2 | $1,229.4 | ||||||||||||
|
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|
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Gross Profit
|
||||||||||||||||
Aggregates
|
$102.8 | $122.0 | $113.6 | $137.4 | ||||||||||||
Concrete
|
(9.0 | ) | (5.6 | ) | (23.4 | ) | (21.7 | ) | ||||||||
Asphalt mix
|
8.3 | 7.3 | 8.1 | 8.3 | ||||||||||||
Cement
|
(1.3 | ) | (1.4 | ) | (4.6 | ) | (0.8 | ) | ||||||||
|
||||||||||||||||
Total
|
$100.8 | $122.3 | $93.7 | $123.2 | ||||||||||||
|
||||||||||||||||
|
||||||||||||||||
Depreciation, Depletion, Accretion and Amortization |
||||||||||||||||
Aggregates
|
$71.1 | $74.9 | $141.2 | $148.1 | ||||||||||||
Concrete
|
13.2 | 13.4 | 26.2 | 26.4 | ||||||||||||
Asphalt mix
|
2.0 | 2.3 | 3.9 | 4.5 | ||||||||||||
Cement
|
4.7 | 5.2 | 9.1 | 9.6 | ||||||||||||
Corporate and other unallocated
|
1.1 | 1.5 | 2.3 | 2.9 | ||||||||||||
|
||||||||||||||||
Total
|
$92.1 | $97.3 | $182.7 | $191.5 | ||||||||||||
|
1 | Includes crushed stone, sand and gravel, sand, other aggregates, as well as transportation and service revenues associated with the aggregates business. | |
2 | Includes ready-mixed concrete, concrete block, precast concrete, as well as building materials purchased for resale. | |
3 | Includes cement and calcium products. |
|
Six Months Ended | ||||||||
June 30 | ||||||||
in thousands | 2011 | 2010 | ||||||
|
||||||||
Cash Payments (Refunds)
|
||||||||
Interest (exclusive of amount capitalized)
|
$102,984 | $90,942 | ||||||
Income taxes
|
(33,070 | ) | 1,130 | |||||
|
||||||||
Noncash Investing and Financing Activities
|
||||||||
Accrued liabilities for purchases of property, plant
& equipment
|
6,414 | 5,165 | ||||||
Stock issued for pension contribution (Note 9)
|
0 | 53,864 | ||||||
Proceeds receivable from issuance of common stock
|
0 | 1,453 | ||||||
Amounts referable to business acquisition (Note 14)
|
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Liabilities assumed
|
13,774 | 0 | ||||||
Fair value of equity consideration
|
18,529 | 0 | ||||||
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