Vulcan Materials Company
(NYSE:VMC)

Vulcan Materials Company produces and supplies construction aggregate primarily in the United States. It operates through four segments: Aggregates, Asphalt, Concrete, and Calcium. The Aggregates segment provides crushed stones, sand and gravel, sand, and other aggregates; and related products and s...

Website: http://www.vulcanmaterials.com

Founded: 1909

Full Time Employees: 9,173

Sector: Basic Materials

Industry: Building Materials

Materials Construction Materials

Share this website to your friends

• Market Cap:

• Exchange:

• Shs Outstanding:

• Employees:

• Beta:

• Return on Equity (ROE) ttm:

• Return on Assets (ROA) ttm:

• EPS ttm:

• Book value per Share:

• Cash per Share:

• Current ast per Share:

• P/E ttm:

• P/E forward:

• P/E ttm high:

• P/E ttm low:

• P/S ttm:

• P/B ttm:

• P/FCF ttm:

• PEG ratio:

• Cash Ratio ttm:

• Quick Ratio ttm:

• Current Ratio ttm:

• Gross Mgn ttm:

• EBITDA Mgn ttm:

• Operating Mgn ttm:

• Net Income Mgn ttm:

• Trailing Div yield:

• Forward Div yield:

• Payout Ratio ttm:

• Ex-Dividend date:

• Target Price High:

• Target Price Low:

• Target Price Mean:

• Number of Analysts:

• Debt Ratio ttm:

• Debt to Equity ttm:

• Total Net Debt:

At a glance:

Bull Thesis:

Bear Thesis:

Main Competitors:

Moat:

Income Statements:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31

total revenues	1,755,900,000	1,912,600,000	2,291,500,000	2,102,400,000	1,634,600,000	1,853,700,000	2,003,900,000	2,014,400,000	1,545,700,000	-5,947,592,218.1	2,185,800,000	2,112,900,000	1,649,000,000	-5,583,292,684.8	2,088,300,000	1,954,300,000	1,540,700,000	-3,945,891,447.8	1,516,506,000	1,361,047,000	1,068,344,000	-3,676,850,174	1,309,890,000	1,322,575,000	1,049,242,000	-3,738,021,897	1,418,758,000	1,327,682,000	996,511,000	-3,290,439,131	1,240,197,000	1,200,151,000	854,474,000	-2,908,915,704	1,094,715,000	1,030,763,000	787,328,000	-2,716,100,333	1,008,140,000	956,825,000	754,728,000	-2,561,473,819	1,038,460,000	895,143,000	631,293,000	-2,236,147,831	873,579,000	791,143,000	574,420,000	813,568,000	738,733,000	538,162,000				535,882,000	-1,947,358,450	760,752,000	701,971,000	487,200,000	743,204,000	736,152	493,264,000	-2,097,655,510	778,192,000	721,859,000	600,294,000	799,199,000	1,013,349,000	1,021,551,000	817,339,000
yoy	7.42%	3.18%	14.35%	4.37%	5.75%	-131.17%	-8.32%	-4.66%	-6.26%	6.52%	4.67%	8.12%	7.03%	41.50%	37.70%	43.59%	44.21%	7.32%	15.77%	2.91%	1.82%	-1.64%	-7.67%	-0.38%	5.29%	13.60%	14.40%	10.63%	16.62%	13.12%	13.29%	16.43%	8.53%	7.10%	8.59%	7.73%	4.32%	6.04%	-2.92%	6.89%	19.55%	14.55%	18.87%	13.15%	9.90%	-374.86%	18.25%	47.01%				0.43%				9.99%	-362.02%	103241.70%	42.31%	-123.23%	-4.50%	-99.90%	-17.83%	-362.47%	-23.21%	-29.34%	-26.56%
qoq	-8.19%	-16.54%	8.99%	28.62%	-11.82%	-7.50%	-0.52%	30.32%	-125.99%	-372.10%	3.45%	28.13%	-129.53%	-367.36%	6.86%	26.84%	-139.05%	-360.20%	11.42%	27.40%	-129.06%	-380.70%	-0.96%	26.05%	-128.07%	-363.47%	6.86%	33.23%	-130.29%	-365.32%	3.34%	40.45%	-129.37%	-365.72%	6.20%	30.92%	-128.99%	-369.42%	5.36%	26.78%	-129.46%	-346.66%	16.01%	41.80%	-128.23%	-355.98%	10.42%	37.73%	-29.39%	10.13%	37.27%					-127.52%	-355.98%	8.37%	44.08%	-34.45%	100857.95%	-99.85%	-123.52%	-369.56%	7.80%	20.25%	-24.89%	-21.13%	-0.80%	24.98%
cost of revenues	-1,333,200,000	-1,425,700,000	-1,594,300,000	-1,477,200,000	-1,269,300,000	-1,316,500,000	-1,438,700,000	-1,422,200,000	-1,240,800,000	4,471,294,166.6	-1,594,800,000	-1,529,600,000	-1,347,000,000	-4,375,494,242.5	1,595,400,000	1,508,100,000	1,271,900,000	-2,924,201,821.2	1,122,445,000	962,683,000	839,077,000	-2,699,391,655	929,392,000	926,056,000	847,519,000	-2,776,457,798	1,018,115,000	957,180,000	804,836,000	-2,465,879,076	897,055,000	876,967,000	695,140,000	-2,152,646,265	789,199,000	738,988,000	627,349,000	-1,955,989,150	703,931,000	664,641,000	590,010,000	-1,958,727,352	747,170,000	660,694,000	553,428,000	-1,818,813,413	664,537,000	616,355,000	540,328,000	654,585,000	605,838,000	520,507,000				513,924,000	-1,738,128,319	644,972,000	601,131,000	494,306,000	616,457,000	613,817	492,370,000	-1,720,180,472	623,712,000	576,025,000	522,687,000	650,009,000	812,503,000	776,325,000	662,889,000
gross profit	422,700,000	486,900,000	697,200,000	625,200,000	365,300,000	537,200,000	565,200,000	592,200,000	304,900,000	-1,476,298,051.5	591,000,000	583,300,000	302,000,000	-1,207,798,442.3	492,900,000	446,200,000	268,800,000	-1,021,689,626.6	394,061,000	398,364,000	229,267,000	-977,458,519	380,498,000	396,519,000	201,723,000	-961,564,099	400,643,000	370,502,000	191,675,000	-824,560,055	343,142,000	323,184,000	159,334,000	-756,269,439	305,516,000	291,775,000	159,979,000	-760,111,183	304,209,000	292,184,000	164,718,000	-602,746,467	291,290,000	234,449,000	77,865,000	-417,334,418	209,042,000	174,788,000	34,092,000	158,983,000	132,895,000	17,655,000	-254,465,974	126,900,000	105,900,000	21,958,000	-209,230,131	115,780,000	100,840,000	-7,106,000	126,747,000	122,335	894,000	-377,475,038	154,480,000	145,834,000	77,607,000	149,190,000	200,846,000	245,226,000	154,450,000
yoy	15.71%	-9.36%	23.35%	5.57%	19.81%	-136.39%	-4.37%	1.53%	0.96%	22.23%	19.90%	30.73%	12.35%	18.22%	25.08%	12.01%	17.24%	4.53%	3.56%	0.47%	13.65%	1.65%	-5.03%	7.02%	5.24%	16.62%	16.76%	14.64%	20.30%	9.03%	12.32%	10.76%	-0.40%	-0.51%	0.43%	-0.14%	-2.88%	26.11%	4.44%	24.63%	111.54%	44.43%	39.35%	34.13%	128.40%	-362.50%	57.30%	890.02%	-113.40%	25.28%	25.49%	-19.60%	21.62%	9.60%	5.02%	-409.01%	-265.08%	94541.76%	11179.64%	-98.12%	-17.95%	-99.92%	-98.85%	-353.02%	-23.09%	-40.53%	-49.75%
qoq	-13.19%	-30.16%	11.52%	71.15%	-32.00%	-4.95%	-4.56%	94.23%	-120.65%	-349.80%	1.32%	93.15%	-125.00%	-345.04%	10.47%	66.00%	-126.31%	-359.27%	-1.08%	73.76%	-123.46%	-356.89%	-4.04%	96.57%	-120.98%	-340.01%	8.14%	93.30%	-123.25%	-340.30%	6.18%	102.83%	-121.07%	-347.54%	4.71%	82.38%	-121.05%	-349.86%	4.12%	77.38%	-127.33%	-306.92%	24.24%	201.10%	-118.66%	-299.64%	19.60%	412.70%	-78.56%	19.63%	652.73%	-106.94%	-300.52%	19.83%	382.28%	-110.49%	-280.71%	14.82%	-1519.08%	-105.61%	103506.49%	-86.32%	-100.24%	-344.35%	5.93%	87.91%	-47.98%	-25.72%	-18.10%	58.77%
gross margin %	24.07%	25.46%	30.43%	29.74%	22.35%	28.98%	28.21%	29.40%	19.73%	24.82%	27.04%	27.61%	18.31%	21.63%	23.60%	22.83%	17.45%	25.89%	25.98%	29.27%	21.46%	26.58%	29.05%	29.98%	19.23%	25.72%	28.24%	27.91%	19.23%	25.06%	27.67%	26.93%	18.65%	26.00%	27.91%	28.31%	20.32%	27.99%	30.18%	30.54%	21.82%	23.53%	28.05%	26.19%	12.33%	18.66%	23.93%	22.09%	5.94%	19.54%	17.99%	3.28%	-Infinity%	Infinity%	Infinity%	4.10%	10.74%	15.22%	14.37%	-1.46%	17.05%	16.62%	0.18%	18.00%	19.85%	20.20%	12.93%	18.67%	19.82%	24.01%	18.90%
selling, administrative and general expenses	-135,700,000	-136,100,000	-145,300,000	-144,500,000	-138,300,000	-138,100,000	-129,100,000	-134,100,000	-129,700,000	400,399,457.2	-143,900,000	-139,100,000	-117,300,000	-388,699,484.9	135,300,000	134,400,000	119,000,000	-293,051,582.4	103,792,000	100,667,000	88,593,000	-260,786,228	83,511,000	91,205,000	86,430,000	-274,376,452	88,789,000	95,689,000	90,268,000	-248,655,629	81,606,000	89,043,000	78,340,000	-237,939,082	73,350,000	82,793,000	82,120,000	-235,145,014	76,311,000	82,681,000	76,468,000	-207,063,156	71,390,000	69,197,000	66,763,000	-199,535,712	66,074,000	67,615,000	66,119,000	65,854,000	64,902,000	64,655,000				64,912,000	-220,977,007	67,859,000	75,893,000	77,516,000	77,560,000	83,376	86,495,000	-238,307,392	79,558,000	79,353,000	79,717,000	88,863,000	76,364,000	84,781,000	92,576,000
gain on sale of property, plant & equipment and businesses	-300,000	43,200,000	600,000	1,200,000	7,400,000	47,700,000	200,000	3,800,000	600,000																																											4,110,000				6,526,000	-44,783,248	41,457,000		454,000	476,000	1,362	48,371,000	-10,625,896	7,496,000	654,000	2,503,000	7,537,000	2,247,000	80,498,000
other operating expense	-21,300,000	-15,100,000	-9,300,000	-10,900,000	-8,000,000	-45,800,000	-12,600,000	-8,300,000		13,099,973.6	-4,200,000	-9,800,000		19,799,966	-8,200,000	-6,200,000	-5,400,000	49,540,934.9	-30,843,000	-10,372,000	-8,326,000	20,580,025	-10,459,000	-6,160,000	-3,991,000	15,141,353	-8,712,000	-2,190,000	-4,271,000	23,787,195	-14,456,000	-5,994,000	-3,975,000	27,715,638	-4,167,000	-17,768,000	-5,828,000	23,606,174	-3,535,000	-6,175,000	-13,918,000	22,365,150	-8,045,000	-10,445,000	-3,900,000	17,624,930	-2,889,000	-5,089,000	-9,668,000	-2,712,000																				2,613,000
operating earnings	265,400,000	378,900,000	543,200,000	471,000,000	226,400,000	401,000,000	337,100,000	453,600,000	172,900,000	-1,057,298,572.6	418,900,000	451,100,000	187,200,000	-759,899,048.6	305,400,000	307,600,000	147,000,000	-799,412,989.2	262,366,000	287,536,000	249,513,000	-698,405,269	288,104,000	298,896,000	112,301,000	-683,004,542	303,376,000	276,074,000	104,433,000	-560,476,287	249,184,000	230,253,000	81,183,000	-495,226,892	229,487,000	193,987,000	72,400,000	-505,103,418	227,076,000	213,786,000	64,921,000	-376,190,222	212,206,000	153,776,000	10,759,000	-437,707,862	140,331,000	103,246,000	194,669,000	99,767,000	86,866,000		-29,115,219	55,900,000	19,700,000		-68,909,556	106,668,000	23,488,000		50,432,000	1,210		-146,911,548	82,704,000	65,684,000	-1,326,000	-184,429,000	128,303,000	238,469,000	66,758,000
other nonoperating income	1,400,000	100,000	700,000	2,400,000				-8,700,000	-300,000	5,299,997.3	-6,400,000	-100,000	1,400,000	1,700,005.1	1,300,000	-4,700,000	1,500,000	-17,287,989.3	3,152,000	8,223,000	5,913,000	-3,835,540	5,787,000	7,367,000	-9,336,000	-5,944,757	359,000	2,466,000	3,129,000	-12,695,000	4,890,000	3,339,000	5,083,000	-5,671,707	1,784,000	1,869,000	2,024,000	-324,056	990,000	29,000	-694,000	2,275,322	-2,818,000	-439,000	979,000	-4,026,893	-593,000	1,798,000	2,825,000	2,310,000	286,000	2,373,000				3,098,000	2,384,002	-3,745,000	-20,000	1,382,000
interest expense	-53,900,000	-65,500,000	-55,300,000	-59,200,000	-59,700,000	-73,500,000	-38,400,000	-40,200,000	-39,100,000	142,199,803.9	-46,600,000	-46,700,000	-49,000,000	-120,799,830.8	46,100,000	38,700,000	35,900,000	-111,588,850.7	36,776,000	41,696,000	33,118,000	-100,373,040	35,782,000	33,954,000	30,773,000	-98,034,845	32,197,000	33,035,000	32,934,000	-104,428,023	33,547,000	33,244,000	37,774,000	-154,276,478	82,041,000	38,455,000	34,076,000	-100,057,924	33,126,000	33,333,000	33,732,000	-183,710,412	37,800,000	83,651,000	62,480,000	-201,287,633	40,891,000	40,551,000	120,089,000	49,134,000	50,873,000	52,752,000				52,266,000	-163,618,372	50,678,000	70,911,000	42,250,000	47,526,000	44,204	43,783,000	-131,767,738	43,952,000	44,073,000	43,919,000	46,583,000	44,579,000	38,193,000	43,458,000
earnings from continuing operations before income taxes	212,900,000	323,200,000	488,600,000	414,200,000	164,100,000	339,000,000	294,900,000	404,700,000	133,500,000																																												-31,400,000	4,600,000			-24,312,500	52,245,000			4,543,000	-43,746		-21,628,221	41,941,000	25,193,000	-45,525,000	-231,833,000	80,854,000	204,717,000	21,320,000
income tax expense	-45,900,000	-59,350,000	-112,400,000	-91,300,000	-33,800,000	-52,125,000	-85,200,000	-94,400,000	-28,900,000	-48,600,000	-85,800,000	-92,000,000	-16,600,000	41,150,000	82,300,000	63,700,000	18,700,000	42,423,000	51,770,000	57,283,000	60,638,000	32,632,500	56,984,000	61,352,000	12,194,000	27,941,000	53,472,000	47,598,000		18,951,250	40,663,000	40,046,000		20,389,250	39,080,000	45,652,000
earnings from continuing operations	167,000,000	253,100,000	376,200,000	322,900,000	130,300,000	296,100,000	209,700,000	310,300,000	104,600,000	-715,399,054.3	280,100,000	312,300,000	123,000,000	-472,799,404.9	178,300,000	200,500,000	93,900,000	-535,420,326.3	176,972,000	196,780,000	161,670,000	-471,492,005	201,125,000	210,957,000	59,998,000	-479,284,497	218,066,000	197,907,000	63,935,000	-393,043,159	179,864,000	160,302,000	53,395,000	-264,828,609	110,150,000	111,749,000	43,523,000	-289,467,594	142,878,000	126,282,000	20,731,000	-139,122,086	126,202,000	49,819,000	-36,667,000	-168,590,854	67,781,000	46,511,000	54,505,000	42,150,000	30,128,000		-14,600,000	15,600,000			49,236,745	22,412,000			10,591,000	-22,515		-31,211,352	47,924,000	15,561,000	-32,255,000	-217,192,000	59,816,000	141,225,000	14,485,000
loss on discontinued operations, net of tax	-1,000,000	-300,000	-1,200,000	-2,100,000	-900,000	-2,600,000	-1,300,000	-2,000,000	-1,700,000	8,599,989.2	-2,800,000	-3,700,000	-2,100,000	16,099,981.4	-1,200,000	-13,100,000	-1,800,000	2,701,996.7	-212,000	-1,436,000		2,114,485	-1,337,000	-1,041,000		-834,500	-2,353,000	-349,000	-636,000									7,448,085	-3,113,000	-2,532,000	-1,807,000	-1,766,500	-2,397,000	-1,657,000	-3,011,000																						-525,000	-447,000	-766,000	-470,000	-552,000
net earnings	166,000,000	252,800,000	375,000,000	320,800,000	129,400,000	293,500,000	208,400,000	308,300,000	102,900,000	-706,799,065.1	277,300,000	308,600,000	120,900,000	-456,699,423.5	177,100,000	187,400,000	92,100,000	-532,718,329.6	176,760,000	195,344,000	160,614,000	-469,377,520	199,788,000	209,916,000	60,258,000	-475,951,338	215,713,000	197,558,000	63,299,000	-391,267,195	179,151,000	159,652,000	52,979,000	-273,037,815	108,579,000	120,139,000	44,921,000	-282,019,509	139,765,000	123,750,000	18,924,000	-132,067,823	123,805,000	48,162,000	-39,678,000	-166,697,077	66,939,000	45,967,000	53,995,000	41,363,000	28,772,000		-14,025,000	14,300,000			42,842,222	19,959,000			13,246,000	-23,992		-43,632,686	54,232,000	22,212,000	-32,780,000	-217,853,000	59,050,000	140,755,000	13,933,000
yoy	28.28%	-13.87%	79.94%	4.05%	25.75%	-141.53%	-24.85%	-0.10%	-14.89%	54.76%	56.58%	64.67%	31.27%	-14.27%	0.19%	-4.07%	-42.66%	13.49%	-11.53%	-6.94%	166.54%	-1.38%	-7.38%	6.26%	-4.80%	21.64%	20.41%	23.74%	19.48%	43.30%	65.00%	32.89%	17.94%	-3.18%	-22.31%	-2.92%	137.38%	113.54%	12.89%	156.95%	-147.69%	-20.77%	84.95%	4.78%	-173.48%	-503.01%	132.65%		-484.99%	189.25%			-132.74%	-28.35%			223.44%	-83290.23%			-75.58%	-100.11%		-79.97%	-8.16%	-84.22%	-335.27%
qoq	-34.34%	-32.59%	16.90%	147.91%	-55.91%	40.83%	-32.40%	199.61%	-114.56%	-354.89%	-10.14%	155.25%	-126.47%	-357.88%	-5.50%	103.47%	-117.29%	-401.38%	-9.51%	21.62%	-134.22%	-334.94%	-4.82%	248.36%	-112.66%	-320.64%	9.19%	212.10%	-116.18%	-318.40%	12.21%	201.35%	-119.40%	-351.46%	-9.62%	167.45%	-115.93%	-301.78%	12.94%	553.93%	-114.33%	-206.67%	157.06%	-221.38%	-76.20%	-349.03%	45.62%	-14.87%	30.54%	43.76%			-198.08%				114.65%				-55310.07%			-180.46%	144.16%	-167.76%	-84.95%	-468.93%	-58.05%	910.23%
net income margin %	9.45%	13.22%	16.36%	15.26%	7.92%	15.83%	10.40%	15.30%	6.66%	11.88%	12.69%	14.61%	7.33%	8.18%	8.48%	9.59%	5.98%	13.50%	11.66%	14.35%	15.03%	12.77%	15.25%	15.87%	5.74%	12.73%	15.20%	14.88%	6.35%	11.89%	14.45%	13.30%	6.20%	9.39%	9.92%	11.66%	5.71%	10.38%	13.86%	12.93%	2.51%	5.16%	11.92%	5.38%	-6.29%	7.45%	7.66%	5.81%	9.40%	5.08%	3.89%	0%	-Infinity%	Infinity%	NaN%	0%	-2.20%	2.62%	0%	0%	1.78%	-3.26%	0%	2.08%	6.97%	3.08%	-5.46%	-27.26%	5.83%	13.78%	1.70%
earnings attributable to noncontrolling interest	-500,000	-800,000	-100,000		-500,000	200,000	-800,000	-300,000	-200,000	-250,000	-800,000		-200,000
net earnings attributable to vulcan	165,500,000	252,000,000	374,900,000	320,900,000	128,900,000	293,700,000	207,600,000	308,000,000	102,700,000	-705,799,066.8	276,500,000	308,600,000	120,700,000	-456,199,424.4	177,100,000	187,300,000	91,800,000	-532,864,329.2	176,906,000
other comprehensive income, net of tax
amortization of accumulated cash flow hedge losses	500,000	400,000	400,000	400,000	400,000	500,000	400,000	400,000
amortization of accumulated benefit plan costs	900,000	1,000,000	1,100,000	1,100,000	1,000,000	1,200,000	1,400,000	1,200,000
other comprehensive income	1,400,000	-2,500,000	1,500,000	1,500,000	1,400,000	11,400,000	1,800,000	1,600,000	1,700,000	-4,999,989.1	1,700,000	1,700,000	1,700,000	-3,300,002	1,100,000	1,100,000	1,100,000	-4,784,971.4	1,599,000	1,595,000	1,591,000	8,272,433	2,045,000	1,889,000	-12,191,000	-1,050,523	343,000	392,000	290,000	-5,934,120	1,144,000	1,144,000	3,653,000	-3,127,090	1,615,000	755,000	747,000	-982,307	327,000	321,000	314,000	-14,826,355	4,165,000	5,774,000	4,929,000	-8,178,083	1,712,000	1,699,000	4,705,000	2,790,000	64,565,000	4,286,000				4,022,000	-12,435,505	2,785,000	5,944,000	3,667,000
comprehensive income	167,400,000	250,300,000	376,500,000	322,300,000	130,800,000	304,900,000	210,200,000	309,900,000	104,600,000	-711,799,054.2	279,000,000	310,300,000	122,600,000	-459,999,425.5	178,200,000	188,500,000	93,200,000	-537,503,301	178,359,000	196,939,000	162,205,000	-461,105,087	201,833,000	211,805,000	48,067,000	-477,001,861	216,056,000	197,950,000	63,589,000	-397,201,315	180,295,000	160,796,000	56,632,000	-276,164,905	110,194,000	120,894,000	45,668,000	-283,001,816	140,092,000	124,071,000	19,238,000	-146,894,178	127,970,000	53,936,000	-34,749,000	-174,875,160	68,651,000	47,666,000	58,700,000	44,153,000	93,337,000	-50,550,000					30,406,717	22,744,000
comprehensive earnings attributable to noncontrolling interest	-500,000	-800,000	-100,000		-500,000	200,000	-800,000	-300,000	-200,000
comprehensive income attributable to vulcan	166,900,000	249,500,000	376,400,000	322,400,000	130,300,000	305,100,000	209,400,000	309,600,000	104,400,000	-710,799,055.9	278,200,000	310,300,000	122,400,000	-459,499,426.4	178,200,000	188,400,000	92,900,000	-537,649,300.6	178,505,000
basic earnings per share attributable to vulcan
continuing operations	1.27	1.92	2.85	2.44	0.98	2.24	1.58	2.34	0.79	1.73	2.1	2.34	0.92	0.92	1.34	1.51	0.7	1.05	1.33	1.48	1.22	0.88	1.52	1.59	0.45	1.08	1.65	1.5	0.48	0.94	1.36	1.21	0.4	2.48	0.83	0.84	0.33	1	1.07	0.95	0.15	0.7	0.95	0.37	-0.28	0.29	0.51	0.35	0.42	0.32	0.23	-0.47	0.03	0.12	-0.13	-0.44	-0.2	0.17	-0.05	-0.5	0.08	-0.18	-0.35	-0.11	0.38	0.14	-0.29
discontinued operations	-0.01		-0.01	-0.01	-0.01	-0.02	-0.01	-0.01	-0.01	-0.01	-0.02	-0.02	-0.01	-0.02	-0.01	-0.1	-0.01	-0.01	-0.01	-0.01	-0.01	-0.02	-0.01	-0.01		-0.01	-0.02	-0.01			-0.01	-0.01	-0.01	-0.01	-0.01	0.07	0.01	0.03	-0.02	-0.02	-0.01	-0.03	-0.02	-0.01	-0.02		-0.01		-0.01	-0.01	-0.01	0.05	-0.01	-0.01	-0.01	0.04	-0.02	-0.02	-0.01	0.08	0.02	-0.01	0.04	-0.01	0.05	0.06	-0.01		-0.01
diluted earnings per share attributable to vulcan
weighted-average common shares outstanding																																																																118,891				109,774
basic	130.7	132	132.1	132.2	132.4	132.3	132.2	132.4	132.4	133	133	133.2	133.2	133	133	133	133	132.8	132,810	132,781	132,749	132,578	132,573	132,552	132,567	132,300	132,414	132,269	132,043	132,393	132,392	132,437	132,690	132,513	132,484	132,413	132,636	133,205	133,019	133,419	133,821	133,210	133,474	133,103	132,659	131,461	131,797	131,149	130,810	130,266	130,250	130,186	129,745			129,593	129,381	129,493	129,446	129,078	128,602	128,168	126,692		125,361	113,477	110,598		110,114	109,922	108,644
assuming dilution	131.2	-0.2	132.9	132.9	133		133	133.1	133.1		133.7	133.8	133.7		133.6	133.5	133.6	-133,346.5	133,544	133,507	133,415	53	133,268	133,115	133,259	112	133,375	133,354	133,054	-153	133,894	134,051	134,359	25	134,765	134,735	134,968	598	135,033	135,395	135,452	151	135,558	135,234	132,659	232	133,369	132,876	132,314	131,320	131,332	130,186				129,593	40	129,768	129,446	129,078	128,910	128,168	126,692	29,261.75	125,859	113,829	110,598	27,709.25	111,270	111,117	109,898
effective tax rate from continuing operations	21.6	5.575	23	22	20.6	6.25	28.9	23.3	21.6	5.35	23.4	22.8	11.9	6.45	31.6	24.1	16.6	6.025	22.6	22.5	27.3	5.425	22.1	22.5	16.9	4.725	19.7	19.4	14.3	4.05	18.4	20	-10.1	5.875	26.2	29	-7.9	7.15	26.7	30	32	6.725	26.5	28.5	27.7	7.475	31.4	27.9	29.6	20.4	17	38.6				40.2	12.325	57.1	85	36.7	-133.1	48.5	43.5	-11.125	-14.3	38.2	29.1	7.45	26	31	32.1
loss on impairments							-86,600,000			28,299,971.7	-28,300,000			67,799,932.1	-67,800,000
(earnings) loss attributable to noncontrolling interest				100,000										499,999.1		-100,000	-300,000
comprehensive (earnings) loss attributable to noncontrolling interest				100,000
other nonoperating expense					-2,600,000	-3,175,000	-3,800,000
other operating income									-2,900,000				800,000																																						-4,537,000	-5,659,000				214,000	-2,627,250	-3,567,000	-4,378,000	-2,562,000	769,000	889	460,000	2,881,994	286,000	1,451,000	1,719,000	-654,000	-1,574,000		-796,000
amortization of prior cash flow hedge loss									400,000	-1,199,998.4	400,000	400,000	400,000	-1,099,998.5	400,000	400,000
amortization of actuarial loss and prior service cost for benefit plans									1,300,000
gain on sale of property, plant & equipment
and businesses										5,700,000	4,300,000	16,700,000	1,700,000	7,100,000	23,800,000	2,000,000	2,600,000	30,079,000	2,940,000	211,000	117,165,000	579,250	1,576,000	-258,000	999,000	2,745,500	234,000	3,451,000	7,297,000	2,093,500	2,104,000	2,106,000	4,164,000	1,157,500	1,488,000	2,773,000	369,000	733,500	2,023,000	356,000	555,000	1,855,750	799,000	249,000	6,375,000	59,631,750	1,002,000	1,162,000	236,364,000	9,350,000	23,410,000								2,919,000
before income taxes										227,450,000	365,900,000	404,300,000	139,600,000	159,350,000	260,600,000	264,200,000	112,600,000	176,278,250	228,742,000	254,063,000	222,308,000	150,652,500	258,109,000	272,309,000	72,192,000	147,917,750	271,538,000	245,505,000	74,628,000	117,341,500	220,527,000	200,348,000	48,492,000	86,744,750	149,230,000	157,401,000	40,348,000	101,479,000	194,940,000	180,482,000	30,495,000	47,633,000	171,588,000	69,686,000	-50,742,000	60,186,250	98,847,000	64,493,000	77,405,000	52,943,000	36,279,000								-47,443,000
amortization of actuarial loss and prior service
cost for benefit plans										950,000	1,300,000	1,300,000	1,300,000	550,000	700,000	700,000	700,000	926,250	1,235,000	1,235,000	1,235,000	1,271,250	1,695,000	1,695,000	1,695,000	214,000	286,000	336,000	235,000	818,500	1,091,000	1,092,000	1,091,000	320,250	427,000	427,000	427,000	15,250	20,000	20,000	20,000	2,315,250	3,883,000	2,697,000	2,681,000	251,500	1,114,000	1,115,000
comprehensive earnings attributable to
noncontrolling interest										-250,000	-800,000		-200,000	-125,000		-100,000	-300,000	36,500	146,000
the accompanying notes to the condensed consolidated financial statements are an integral part of these statements.
comprehensive (earnings) loss attributable to
deferred loss on interest rate derivative																						-3,669,750			-14,680,000
amortization of prior interest rate derivative loss																	400,000	-1,079,998.5	364,000	360,000	356,000	-1,336,311	350,000	194,000	794,000	-168,773	57,000	56,000	55,000	-170,774	53,000	52,000	66,000
loss attributable to noncontrolling interest																		-145,999.6	146,000
comprehensive loss attributable to
basic earnings per share
diluted earnings per share
earnings on discontinued operations, net of tax																					-1,056,000				260,000					1,775,964	-713,000	-650,000	-416,000	-8,209,206	-1,571,000	8,390,000	1,398,000									-474,000	-842,000	-544,000	-510,000	-787,000	-1,356,000	6,783,000				4,997,000	1,599,750	-2,453,000	-1,037,000	9,889,000	2,655,000	-1,477	5,727,000	3,108,250	6,308,000	6,651,000
depreciation, depletion, accretion and amortization																						73,978	100,962	99,470	95,480	69,731.25	96,247	93,497	89,181	64,115.75	89,390	85,633	81,439	56,993.5	79,636	76,775	71,563	53,340.5	72,049	71,908	69,406	51,192.5	69,662	68,384	66,723	52,214.5	71,157	68,323	69,378	78,320	76,961	75,597				85,167	68,417.75	90,948	92,137	90,586	97,697	97,280	94,197
deferred gain on interest rate derivative																														-2,493,504			2,496,000
income tax benefit																													10,693,000				-4,903,000				-3,175,000																															417,000	511,000	314,000	368,000
cash dividends per share of common stock																																0.28	0.28	0.188	0.25	0.25	0.25	0.15	0.2	0.2	0.2	0.075	0.1	0.1	0.1	0.04	0.06	0.05	0.05	0.01	0.01
business interruption claims recovery																																						-11,640,348	690,000	10,962,000
impairment of long-lived assets																																						10,495,494		-860,000	-9,646,000
reclassification adjustment for cash flow hedges																																		-1,834,138	1,188,000	328,000	320,000	-900,806	307,000	301,000	294,000	-5,601,172	282,000	3,077,000	2,248,000	-4,162,144	598,000	584,000	2,985,000	679,000	835,000	854,000				938,000	-6,345,849	900,000	4,003,000
restructuring charges																																						-80,000			-320,000	4,541,012	-448,000	-1,280,000	-2,818,000	748,692	-750,000					-1,509,000
benefit from income taxes																																						29,006,500	52,062,000	54,200,000	9,764,000	12,794,250	45,386,000	19,867,000	-14,075,000	17,986,750	31,066,000	17,982,000	22,900,000	10,793,000	6,151,000	-38,818,000				-38,397,000			-40,341,000	-37,430,000	-6,048,000		-34,212,000					22,841,250	21,038,000	63,492,000	6,835,000
adjustment for funded status of benefit plans																																														-3,012,051
net sales																																																756,289,000	548,496,000	775,183,000	696,078,000	504,554,000	-1,833,988,757	687,600,000	648,900,000	499,851,000	-1,826,313,091	714,947,000	657,457,000	456,316,000	699,792,000	692,758	464,534,000	-1,985,395,293	738,664,000	681,380,000	567,895,000	756,523,000	958,839,000	965,957,000	771,762,000
delivery revenues																																																34,854,000	25,924,000	38,385,000	42,655,000	33,608,000				36,031,000	-121,045,359	45,805,000	44,514,000	30,884,000	43,412,000	43,394	28,730,000	-112,260,217	39,528,000	40,479,000	32,399,000	42,676,000	54,510,000	55,594,000	45,577,000
cost of goods sold																																																581,501,000	514,404,000	616,200,000	563,183,000	486,899,000	-1,579,522,783	560,700,000	543,000,000	477,893,000	-1,617,082,960	599,167,000	556,617,000	463,422,000	573,045,000	570,423	463,640,000	-1,607,920,255	584,184,000	535,546,000	490,288,000	607,333,000	757,993,000	720,731,000	617,312,000
delivery costs																																																34,854,000	25,924,000	38,385,000	42,655,000	33,608,000				36,031,000	-121,045,359	45,805,000	44,514,000	30,884,000	43,412,000	43,394	28,730,000	-112,260,217	39,528,000	40,479,000	32,399,000	42,676,000	54,510,000	55,594,000	45,577,000
adjustment for remeasurement of postretirement obligation																																																	2,942,000
amortization of pension and postretirement benefit
plans actuarial loss and prior service cost																																																	-1,222,000	2,111,000	3,431,000
exchange offer costs																																																								-10,065,000
adjustment for funded status of pension plans																																																			60,299,000
net earnings per share																																																			0.22	-0.42					-0.22	0.15			0.1	-0.19		-0.12	0.43	0.2	-0.3	-1.99	0.54	1.28	0.13
operating income																																																				-50,058,000				-46,279,000				-61,184,000			-36,770,000
yoy																																																				8.17%				-24.36%
qoq
operating margin %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	-9.30%	NaN%	NaN%	NaN%	-8.64%	0%	0%	0%	-12.56%	0%	0%	-7.45%	0%	0%	0%	0%	0%	0%	0%	0%
income from continuing operations before income taxes																																																				-100,437,000			-34,700,000	-95,447,000				-102,052,000			-78,686,000
income from continuing operations																																																				-61,619,000			-17,000,000	-57,050,000			-7,102,000	-64,622,000			-44,474,000
net income																																																				-54,836,000			-18,300,000	-52,053,000			-8,139,000	-54,733,000			-38,747,000
amortization of pension and postretirement benefit plans actuarial loss and prior service cost																																																				3,432,000
dividends declared per share																																																				0.01
earnings on discontinued operations, net of taxes																																																					575,000	-1,300,000	-1,300,000
basic net earnings per share																																																					-0.108	0.11
ebitda																																																					71.7	141.8	103.1
adjusted ebitda																																																					80.225	146	127.3
in millions
third quarter 2011																																																						52.2
higher aggregates gross profit due to
higher selling prices																																																						15.4	1
lower costs and other items																																																						14.5	11.1
lower volumes																																																						-18.4	-3.1
higher concrete gross profit																																																						0.4
lower asphalt mix gross profit																																																						-1.3
higher cement gross profit																																																						0.6
lower selling, administrative and general expense																																																						1.6
lower gain on sale of property, plant & equipment and businesses																																																						-39.4
legal settlement recovery - 2011																																																						-20.9
higher restructuring charges																																																						-2.2	-2.7
exchange offer costs - 2012																																																						-1.2	-32.1
higher interest expense																																																						-2.4
all other																																																						5.7	2.9
third quarter 2012																																																						4.6
basic net income per share																																																							-0.14
diluted net income per share																																																							-0.14
second quarter 2011																																																							-47.4
higher aggregates earnings due to
steady concrete earnings
lower asphalt mix earnings																																																							-3.2
lower cement earnings																																																							-0.7
lower selling, administrative and general expenses																																																							12.1
higher gain on sale of property, plant & equipment and businesses																																																							10.2
lower interest expense																																																							17.2
second quarter 2012																																																							-34.7
recovery from legal settlement																																																												25,546,000
amortization of pension and postretirement plan actuarial loss and prior service cost																																																								3,084,000	1,510,750	1,885,000		2,217,000
comprehensive loss																																																								-48,031,000			-2,195,000	-51,066,000
net income per share																																																								-0.4			-0.06	-0.42			-0.31
cash dividends declared per share of common stock																																																								0.01	0.188	0.25	0.25	0.25	0.25	0.25	0.25	0.308	0.25	0.49	0.49	0.368	0.49	0.49	0.49
recovery																																																									11,601,000	20,857,000
benefit for income taxes																																																									-11,984,500	29,833,000				-21,231		-2,405,250	-5,983,000	9,632,000	-13,270,000
fair value adjustments to cash flow hedges
amortization of pension and postretirement plan
actuarial loss and prior service cost																																																											1,941,000
reclassification adjustment for cash flow hedges included in net income																																																												1,450,000
charge for legal settlement																																																														40,000
other income																																																													1,637,000	-1,233	1,378,000	-4,572,693	2,756,000	2,895,000	-1,075,000	-1,323,000	-3,825,000	3,444,000	-2,651,000
amounts and shares in thousands, except per share data
interest income																																																														481	489,000	-1,911,718	433,000	687,000	795,000	502,000	955,000	997,000	671,000
depreciation, depletion, accretion and amortization from continuing operations																																																																74,539.5	99,243	99,600	99,315	72,872.75	98,716	96,919	95,856
minority interest in losses of a consolidated subsidiary																																																																				70,750		139,000	-143,000
income from results of discontinued operations																																																																				-1,078,000	-1,277,000	-784,000	-920,000
basic earnings per share:
diluted earnings per share:
weighted-average common shares outstanding:
basic	130.7	132	132.1	132.2	132.4	132.3	132.2	132.4	132.4	133	133	133.2	133.2	133	133	133	133	132.8	132,810	132,781	132,749	132,578	132,573	132,552	132,567	132,300	132,414	132,269	132,043	132,393	132,392	132,437	132,690	132,513	132,484	132,413	132,636	133,205	133,019	133,419	133,821	133,210	133,474	133,103	132,659	131,461	131,797	131,149	130,810	130,266	130,250	130,186	129,745			129,593	129,381	129,493	129,446	129,078	128,602	128,168	126,692		125,361	113,477	110,598		110,114	109,922	108,644
gain on sale of property, plant and equipment																																																																							3,945,000

Balance Sheets:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31

in millions
assets
cash and cash equivalents	140,200,000	183,300,000	191,300,000	347,400,000	181,300,000	559,700,000	433,200,000	111,000,000	292,400,000	931,100,000	340,000,000	166,000,000	139,600,000	161,400,000	122,400,000	120,700,000	123,100,000	235,000,000	135,683,000	857,555,000	722,344,000	1,197,068,000	1,084,100,000	816,765,000	120,041,000	271,589,000	90,411,000	26,031,000	30,838,000	40,037,000	38,026,000	286,957,000	258,986,000	284,060,000	227,684,000	245,813,000	191,172,000	155,839,000	152,379,000	106,744,000	63,164,000	82,496,000	42,173,000	35,940,000	22,265,000	46,547,000	43,711,000	47,446,000	10,194,000	90,969,000	151,210,000	51,023,000
restricted cash	3,500,000	6,100,000	3,900,000	3,600,000	11,600,000	41,100,000	1,100,000	600,000	7,700,000	18,100,000	5,000,000	2,200,000	400,000	100,000	24,500,000	3,000,000	9,900,000	6,500,000	747,000	110,851,000	168,595,000	945,000	630,000	434,000	232,000	2,917,000	691,000	491,000	270,000	4,367,000	5,043,000		9,033,000	1,150,000	62,087,000			81,000	81,000	109,000	109,000	531,000	3,746,000	3,643,000
accounts and notes receivable	965,600,000	887,700,000	1,197,100,000	1,092,200,000	941,900,000	892,300,000	1,030,900,000	1,075,500,000	900,400,000	889,700,000	1,199,200,000	1,174,600,000	988,100,000		1,223,600,000	1,121,600,000	928,600,000		948,347,000	689,591,000	596,006,000		647,362,000	699,320,000	601,182,000		727,900,000	700,175,000	563,084,000		648,009,000	471,590,000			439,938,000	450,642,000	325,383,000		437,754,000	397,423,000	285,644,000	414,316,000	398,613,000	300,648,000		408,407,000	394,938,000	339,197,000		526,933,000	530,759,000	444,406,000
inventories	695,800,000	680,500,000	687,100,000	725,500,000	721,000,000	681,800,000	647,700,000	650,300,000	647,200,000	615,600,000	570,600,000	594,600,000	585,600,000	579,300,000	542,000,000	524,200,000	524,500,000	521,300,000	512,230,000	450,643,000	441,329,000	448,585,000	455,461,000	451,480,000	470,747,000	458,308,000	429,660,000	441,423,000	429,397,000	429,330,000	408,652,000	363,399,000	345,616,000	347,073,000	309,714,000	328,179,000	341,333,000	327,657,000	317,777,000	329,265,000	329,187,000	316,244,000	311,340,000	307,601,000	325,033,000	331,695,000	363,583,000	361,820,000	364,311,000	372,081,000	383,500,000	384,836,000
other current assets	79,100,000	101,800,000	104,000,000	88,100,000	83,100,000	90,800,000	113,500,000	153,400,000	74,200,000	70,400,000	106,000,000	120,500,000	91,900,000	115,900,000	140,800,000	140,000,000	87,200,000	95,100,000	131,567,000	94,524,000	67,612,000	74,270,000	80,935,000	65,571,000	88,095,000	76,396,000	78,540,000	89,739,000	62,816,000	64,633,000	78,476,000
assets held for sale	698,200,000	708,500,000	97,300,000								495,100,000				291,100,000																					10,559,000			26,883,000		13,281,000	14,582,000	14,864,000	14,839,000	15,072,000							148,727,000
total current assets	2,582,400,000	2,567,900,000	2,268,400,000	2,243,500,000	1,925,900,000	2,265,700,000	2,212,900,000	1,976,500,000	1,907,600,000	2,524,900,000	2,701,200,000	2,043,700,000	1,792,500,000	1,902,000,000	2,333,400,000	1,899,500,000	1,662,600,000	1,696,600,000	1,718,416,000	2,200,425,000	1,993,008,000	2,277,165,000	2,265,333,000	2,030,110,000	1,276,780,000	1,379,326,000	1,324,242,000	1,255,015,000	1,083,851,000	1,079,145,000	1,175,912,000	1,157,762,000	1,137,182,000	1,084,591,000	1,101,984,000	1,100,961,000	918,649,000	863,100,000	1,002,066,000	892,353,000	765,250,000	932,144,000	867,303,000	766,072,000	743,289,000	885,491,000	927,055,000	882,141,000	893,890,000	1,125,545,000	1,139,479,000	1,159,920,000
investments and long-term receivables	33,700,000	33,700,000	33,600,000	32,900,000	31,300,000	31,300,000	31,400,000	31,400,000	31,400,000	31,300,000	31,200,000	31,200,000	31,300,000	31,800,000	33,100,000	33,100,000	36,500,000	34,100,000	34,108,000	34,264,000	34,265,000	34,301,000	41,778,000	43,849,000	57,987,000	60,709,000	57,059,000	51,667,000	50,952,000	44,615,000	42,944,000	34,311,000	39,226,000	40,558,000	42,128,000	43,275,000	29,172,000	29,004,000	28,917,000	37,251,000	37,271,000	33,808,000	34,078,000	33,298,000	33,283,000	31,424,000	30,614,000	28,011,000	27,998,000	25,003,000	24,265,000	24,743,000
property, plant & equipment	8,100,300,000	8,148,600,000	8,352,700,000	8,336,800,000	8,381,300,000	8,461,500,000	6,413,500,000	6,415,800,000	6,209,300,000	6,217,700,000	6,112,000,000	6,105,800,000	6,044,900,000	6,051,300,000	5,985,300,000	5,743,200,000	5,725,600,000	5,546,800,000	5,546,949,000	4,365,233,000	4,363,340,000	4,425,999,000	4,343,799,000	4,383,010,000	4,401,088,000	4,316,038,000	4,287,345,000	4,290,682,000	4,275,338,000	4,237,307,000	4,188,723,000	3,451,821,000	3,261,438,000	3,156,290,000	2,901,762,000	3,214,460,000	3,349,694,000	3,418,179,000	3,443,468,000	3,542,745,000	3,592,830,000	3,668,965,000	3,717,015,000	3,793,041,000	3,874,671,000	3,965,260,000	4,028,248,000	4,089,668,000	4,155,812,000
operating lease right-of-use assets	525,900,000	521,500,000	522,000,000	546,100,000	566,000,000	526,400,000	508,300,000	511,800,000	512,400,000	511,700,000	521,500,000	558,400,000	569,500,000	572,600,000	574,200,000	692,600,000	679,700,000	691,400,000	656,881,000	464,765,000	421,625,000	423,128,000	431,227,000	426,618,000	420,930,000	408,189,000	410,833,000	418,896,000	426,381,000
goodwill	3,780,900,000	3,780,900,000	3,839,500,000	3,831,800,000	3,815,000,000	3,788,100,000	3,450,000,000	3,536,600,000	3,531,700,000	3,531,700,000	3,531,700,000	3,689,500,000	3,689,600,000	3,689,600,000	3,704,500,000	3,742,400,000	3,709,200,000	3,696,700,000	3,674,763,000	3,172,112,000	3,172,112,000	3,172,112,000	3,172,112,000	3,172,112,000	3,167,061,000	3,167,061,000	3,167,061,000	3,167,061,000	3,161,842,000	3,165,396,000	3,169,615,000	3,101,241,000	3,094,824,000	3,094,824,000	3,081,521,000	3,081,521,000	3,086,716,000	3,086,716,000	3,086,716,000	3,097,016,000	3,097,016,000	3,093,979,000	3,093,979,000	3,093,979,000	3,093,979,000	3,093,979,000	3,091,524,000	3,082,467,000	3,083,013,000	3,899,517,000	3,895,267,000	3,900,360,000
other intangible assets	1,478,800,000	1,489,000,000	1,796,000,000	1,831,600,000	1,846,300,000	1,714,700,000	1,448,300,000	1,462,700,000	1,445,800,000	1,460,700,000	1,471,800,000	1,653,100,000	1,679,200,000	1,702,100,000	1,708,300,000	1,776,000,000	1,751,900,000	1,749,000,000	1,819,778,000	1,103,079,000	1,114,617,000	1,123,544,000	1,107,091,000	1,114,592,000	1,083,515,000	1,091,475,000	1,071,330,000	1,076,986,000	1,085,398,000	1,095,378,000	1,099,354,000	829,114,000	769,052,000	766,579,000	633,442,000	697,655,000	695,852,000	697,502,000	698,703,000	694,509,000	701,046,000	693,779,000	681,059,000	681,872,000	682,643,000	681,087,000	683,092,000	672,871,000	673,792,000
other noncurrent assets	170,900,000	158,800,000	166,300,000	152,000,000	146,300,000	317,100,000	287,500,000	281,600,000	272,700,000	267,700,000	251,100,000	251,900,000	269,900,000	285,200,000	277,000,000	294,700,000	295,300,000	268,000,000	237,107,000	231,149,000	233,793,000	230,656,000	229,193,000	228,433,000	222,021,000	225,995,000	221,803,000	220,457,000	213,090,000	210,289,000	199,087,000	170,075,000	169,753,000	158,790,000	173,061,000	172,184,000	135,956,000	134,813,000	122,011,000	121,736,000	105,378,000
total assets	16,672,900,000	16,700,400,000	16,978,500,000	16,974,700,000	16,712,100,000	17,104,800,000	14,351,900,000	14,216,400,000	13,910,900,000	14,545,700,000	14,620,500,000	14,333,600,000	14,076,900,000	14,234,600,000	14,615,800,000	14,181,500,000	13,860,800,000	13,682,600,000	13,688,002,000	11,571,027,000	11,332,760,000	11,686,905,000	11,590,533,000	11,398,724,000	10,629,382,000	10,648,793,000	10,539,673,000	10,480,764,000	10,296,852,000	9,832,130,000	9,875,635,000	8,744,324,000	8,471,475,000	8,301,632,000	7,933,898,000	8,310,056,000	8,216,039,000	8,229,314,000	8,381,881,000	8,385,610,000	8,298,791,000	8,529,597,000	8,495,044,000	8,474,882,000	8,532,950,000	8,763,168,000	8,847,872,000	8,835,564,000	8,914,169,000	9,127,120,000	9,134,482,000	9,060,005,000
liabilities
current maturities of long-term debt		400,000	400,000	500,000	500,000	400,500,000	500,000	500,000	500,000	500,000	500,000	500,000	500,000	500,000	500,000	500,000	3,900,000	5,200,000	12,228,000	15,436,000	15,436,000	515,435,000	509,435,000	500,026,000	25,000	25,000	24,000	24,000	24,000	23,000	23,000	139,000	138,000	130,000	158,000	163,000	144,706,000	134,762,000	5,215,000	5,230,000	5,238,000	325,249,000	425,300,000	325,344,000	385,381,000	60,421,000	60,417,000	311,689,000	311,685,000	344,753,000	330,081,000	34,834,000
short-term debt	197,000,000			550,000,000				95,000,000						100,000,000	312,000,000	176,000,000	100,000,000											137,000,000	178,500,000	133,000,000	200,000,000
trade payables and accruals	398,800,000	438,500,000	422,600,000	383,500,000	354,700,000	407,000,000	352,600,000	326,600,000	320,900,000	390,400,000	412,800,000	402,100,000	370,300,000	454,500,000	484,200,000	441,000,000	390,100,000	365,500,000	410,340,000	300,109,000	255,624,000	273,080,000	263,296,000	278,102,000	243,019,000	265,159,000	265,012,000	284,875,000	248,119,000	216,473,000	233,885,000	175,906,000	145,042,000	175,729,000	178,239,000	154,451,000	125,101,000	103,931,000	134,853,000	153,729,000	119,702,000	138,462,000	168,269,000	128,974,000	121,324,000	141,884,000	145,744,000	138,939,000	147,104,000	217,596,000	215,835,000	197,529,000
other current liabilities	374,000,000	332,800,000	556,200,000	407,900,000	441,700,000	276,200,000	421,000,000	374,700,000	374,800,000	238,100,000	440,800,000	390,700,000	386,100,000	268,900,000	454,700,000	411,800,000	398,700,000	258,500,000	454,125,000	283,700,000	294,797,000	147,779,000	297,162,000	260,621,000	232,632,000	153,984,000	270,248,000	241,689,000	232,964,000	141,463,000	256,507,000	184,853,000	125,858,000		171,008,000	204,029,000	211,286,000		222,762,000	162,001,000	192,986,000	207,085,000	160,151,000	154,479,000		187,171,000	130,103,000	154,432,000		176,974,000	178,775,000	183,778,000
liabilities held for sale	27,500,000	29,300,000	37,600,000								10,100,000				111,100,000
total current liabilities	997,300,000	956,100,000	1,016,800,000	1,341,900,000	796,900,000	1,239,100,000	774,100,000	796,800,000	696,200,000	797,600,000	864,200,000	793,300,000	756,900,000	956,600,000	1,362,500,000	1,029,300,000	892,700,000	769,300,000	876,693,000	599,245,000	565,857,000	1,047,883,000	1,069,893,000	1,038,749,000	475,676,000	535,563,000	535,284,000	663,588,000	659,607,000	602,550,000	690,415,000	360,898,000	372,244,000	353,479,000	349,405,000	358,643,000	481,093,000	406,253,000	364,304,000	420,960,000	618,282,000	671,256,000	1,074,129,000	909,222,000	856,695,000	675,833,000	748,564,000	1,272,060,000	1,663,066,000	1,902,823,000	1,934,191,000	2,615,264,000
long-term debt	4,363,000,000	4,361,700,000	4,360,400,000	4,359,200,000	4,907,900,000	4,906,900,000	3,329,200,000	3,331,700,000	3,330,700,000	3,877,300,000	3,874,300,000	3,873,200,000	3,876,900,000	3,875,200,000	3,874,200,000	3,873,700,000	3,874,500,000	3,874,800,000	3,874,116,000	2,769,892,000	2,772,901,000	2,772,240,000	2,777,072,000	2,785,646,000	2,785,566,000	2,784,315,000	2,783,068,000	2,781,826,000	2,780,589,000	2,779,357,000	2,778,129,000	2,329,248,000	1,982,751,000	1,980,334,000	2,006,379,000	2,523,389,000	2,669,752,000	2,680,677,000	2,816,223,000	2,785,843,000	2,427,596,000	2,432,521,000	2,001,180,000	2,101,147,000	2,116,120,000	2,506,170,000	2,521,190,000	2,536,211,000	2,153,588,000	2,168,807,000	2,183,584,000	1,529,672,000
deferred income taxes	1,362,100,000	1,358,300,000	1,391,900,000	1,323,600,000	1,331,400,000	1,336,500,000	1,000,300,000	1,011,500,000	1,027,300,000	1,028,900,000	1,068,300,000	1,069,800,000	1,060,100,000	1,072,800,000	1,073,000,000	1,036,100,000	1,007,700,000	1,005,900,000	1,053,415,000	748,279,000	733,561,000	706,050,000	685,520,000	671,097,000	648,405,000	633,039,000	628,726,000	601,189,000	568,229,000	567,283,000	581,026,000	703,491,000	702,854,000									66,718,000	59,525,000	56,990,000	57,967,000	67,967,000	69,080,000	70,442,000	71,205,000	63,370,000	62,074,000	68,522,000
deferred revenue	129,000,000	130,600,000	132,300,000	134,300,000	136,200,000	137,800,000	139,400,000	141,400,000	143,600,000	145,300,000	147,400,000	149,900,000	157,800,000	159,800,000	161,700,000	163,900,000	166,800,000	167,100,000	168,138,000	170,160,000	172,377,000	174,045,000	174,488,000	177,534,000	178,568,000	179,880,000	180,541,000	182,666,000	184,744,000	186,397,000	186,829,000	196,739,000	198,388,000	207,660,000	217,589,000	225,863,000
noncurrent operating lease liabilities	525,800,000	522,600,000	506,200,000	536,100,000	556,100,000	521,400,000	503,500,000	507,500,000	508,200,000	507,400,000	516,000,000	537,500,000	545,900,000	548,400,000	549,800,000	645,100,000	631,700,000	642,500,000	622,275,000	443,128,000
other noncurrent liabilities	820,000,000	301,500,000	813,800,000	849,900,000	825,100,000	318,000,000	712,300,000	697,100,000	688,300,000	273,600,000	685,100,000	683,500,000	668,600,000	276,100,000	715,700,000	689,200,000	689,100,000	233,800,000	644,226,000	547,210,000	554,517,000	113,218,000	547,872,000	555,969,000	551,352,000	94,707,000	478,736,000	483,096,000	483,048,000	96,449,000	493,447,000	633,187,000	111,875,000	106,322,000	569,794,000	666,115,000	615,421,000	84,179,000	524,485,000	535,136,000	534,418,000	537,041,000	538,929,000	537,835,000	97,738,000	599,039,000	617,651,000	619,386,000	113,154,000	428,284,000	415,096,000	492,215,000
total liabilities	8,197,200,000	8,151,500,000	8,221,400,000	8,545,000,000	8,553,600,000	8,962,300,000	6,458,800,000	6,486,000,000	6,394,300,000	7,037,800,000	7,155,300,000	7,107,200,000	7,066,200,000	7,282,400,000	7,736,900,000	7,437,300,000	7,262,500,000	7,114,900,000	7,238,863,000	5,277,914,000	5,196,519,000	5,659,575,000	5,662,181,000	5,634,573,000	5,039,056,000	5,026,936,000	4,997,434,000	5,109,317,000	5,079,643,000	4,629,227,000	4,729,846,000	4,223,563,000	3,898,999,000	3,847,444,000	3,847,711,000	4,447,145,000	4,470,432,000	4,437,697,000	4,505,782,000	4,504,345,000	4,393,174,000	4,490,743,000	4,450,940,000	4,411,882,000	4,480,928,000	4,677,640,000	4,844,653,000	5,382,234,000	5,391,433,000	5,184,422,000	5,218,713,000	5,312,986,000
other commitments and contingencies
equity
common stock	130,300,000	130,600,000	132,000,000	132,000,000	132,100,000	132,100,000	132,100,000	132,100,000	132,300,000																												129,389,000	129,245,000	129,233,000	129,224,000	129,107,000	128,391,000	128,270,000	127,693,000	125,912,000	125,401,000	124,989,000	110,556,000	110,270,000	110,146,000	109,834,000	109,441,000
capital in excess of par value	2,907,500,000	2,930,000,000	2,920,200,000	2,904,500,000	2,889,200,000	2,900,100,000	2,895,000,000	2,879,900,000	2,865,000,000	2,880,100,000	2,862,400,000	2,845,400,000	2,832,900,000	2,839,000,000	2,826,900,000	2,817,300,000	2,806,800,000	2,816,500,000	2,810,257,000	2,806,693,000	2,797,687,000	2,802,012,000	2,797,222,000	2,789,801,000	2,782,738,000	2,791,353,000	2,785,245,000	2,787,002,000	2,789,864,000	2,798,486,000	2,795,366,000	2,792,720,000	2,807,995,000	2,822,578,000	2,665,793,000	2,598,744,000	2,547,959,000	2,544,740,000	2,538,987,000	2,534,562,000	2,524,514,000	2,487,538,000	2,477,672,000	2,444,732,000	2,368,228,000	2,342,765,000	2,316,507,000	1,750,688,000	1,734,835,000	1,724,343,000	1,702,946,000	1,671,162,000
retained earnings	5,537,700,000	5,590,100,000	5,805,100,000	5,494,900,000	5,238,800,000	5,213,800,000	4,980,700,000	4,833,900,000	4,636,700,000	4,615,000,000	4,595,000,000	4,375,700,000	4,174,000,000	4,111,400,000	4,045,300,000	3,921,400,000	3,787,200,000	3,748,500,000	3,659,657,000	3,531,861,000	3,385,604,000	3,274,107,000	3,204,671,000	3,049,943,000	2,885,084,000	2,895,871,000	2,795,834,000	2,623,747,000	2,467,201,000	2,444,870,000	2,361,903,000	1,734,448,000	1,771,518,000	1,618,507,000	1,382,711,000	1,288,054,000	1,281,080,000	1,334,476,000	1,372,822,000	1,385,208,000	1,425,668,000	1,606,754,000	1,625,620,000	1,681,624,000	1,752,240,000	1,797,036,000	1,743,097,000	1,775,587,000	1,862,913,000	2,134,748,000	2,129,554,000	2,040,864,000
accumulated other comprehensive loss	-124,200,000	-125,600,000	-123,100,000	-124,500,000	-126,000,000	-127,400,000	-138,800,000	-140,600,000	-142,100,000	-143,800,000	-149,700,000	-151,400,000	-153,100,000	-154,700,000	-149,400,000	-150,500,000	-151,600,000	-152,700,000	-176,520,000	-178,119,000	-179,714,000	-181,305,000	-205,995,000	-208,039,000	-209,929,000	-197,738,000	-171,190,000	-171,533,000	-171,925,000	-172,215,000	-143,525,000	-138,629,000	-139,376,000	-120,069,000	-93,227,000	-153,876,000	-212,821,000	-216,844,000	-164,943,000	-167,729,000	-173,672,000	-183,829,000	-187,458,000	-191,049,000	-194,358,000	-179,674,000	-181,374,000	-183,501,000	-185,282,000	-26,539,000		-74,448,000
total shareholders' equity	8,451,300,000	8,525,100,000	8,734,200,000	8,406,900,000	8,134,100,000	8,118,600,000	7,869,000,000	7,705,300,000	7,491,900,000	7,483,400,000		7,202,600,000	6,986,900,000	6,928,600,000	6,855,700,000	6,721,100,000	6,575,300,000	6,545,000,000	6,426,098,000
noncontrolling interest	24,400,000	23,800,000	22,900,000	22,800,000	24,400,000	23,900,000	24,100,000	25,100,000	24,700,000	24,500,000	24,600,000	23,800,000	23,800,000	23,600,000	23,200,000	23,100,000	23,000,000	22,700,000	23,041,000
total equity	8,475,700,000	8,548,900,000	8,757,100,000	8,429,700,000	8,158,500,000	8,142,500,000	7,893,100,000	7,730,400,000	7,516,600,000	7,507,900,000	7,465,200,000	7,226,400,000	7,010,700,000	6,952,200,000	6,878,900,000	6,744,200,000	6,598,300,000	6,567,700,000	6,449,139,000	6,293,113,000	6,136,241,000	6,027,330,000	5,928,352,000	5,764,151,000	5,590,326,000	5,621,857,000	5,542,239,000	5,371,447,000	5,217,209,000	5,202,903,000	5,145,789,000	4,520,761,000	4,572,476,000	4,454,188,000	4,086,187,000	3,862,911,000	3,745,607,000	3,791,617,000	3,876,099,000	3,881,265,000
total liabilities and equity	16,672,900,000	16,700,400,000	16,978,500,000	16,974,700,000	16,712,100,000	17,104,800,000	14,351,900,000	14,216,400,000	13,910,900,000	14,545,700,000	14,620,500,000	14,333,600,000	14,076,900,000	14,234,600,000	14,615,800,000	14,181,500,000	13,860,800,000	13,682,600,000	13,688,002,000	11,571,027,000	11,332,760,000	11,686,905,000	11,590,533,000	11,398,724,000	10,629,382,000	10,648,793,000	10,539,673,000	10,480,764,000	10,296,852,000	9,832,130,000	9,875,635,000	8,744,324,000	8,471,475,000	8,301,632,000	7,933,898,000	8,310,056,000	8,216,039,000	8,229,314,000	8,381,881,000	8,385,610,000
accrued salaries, wages and management incentives		130,700,000				124,000,000				135,800,000				112,700,000				120,500,000				91,646,000				97,228,000				91,960,000			91,455,000	91,440,000				60,132,000							38,148,000				44,858,000
accrued interest		24,400,000				31,400,000				32,800,000				20,000,000				19,600,000				19,943,000				19,167,000				19,631,000			9,751,000	9,752,000				12,045,000							9,458,000				14,384,000
pension and other postretirement benefits		64,200,000				75,200,000				83,600,000				82,200,000				106,300,000
asset retirement obligations		456,500,000				427,400,000				324,100,000				311,300,000				315,200,000				283,163,000				210,323,000				225,726,000			223,872,000	226,594,000				153,979,000							167,757,000				173,435,000
allowance for credit losses			-12,300,000	-13,300,000	-13,000,000		-13,500,000	-14,300,000	-14,300,000		-14,700,000	-14,200,000	-13,100,000		-11,000,000	-10,000,000	-10,700,000		-10,158,000
property, plant & equipment, cost			14,641,600,000	14,558,800,000	14,534,200,000		12,350,500,000	12,240,800,000	11,949,300,000		11,610,400,000	11,561,500,000	11,413,500,000		11,133,600,000	10,831,100,000	10,724,100,000		10,362,862,000	9,094,689,000	9,110,336,000		8,958,342,000	8,921,990,000	8,907,788,000		8,657,731,000	8,613,500,000	8,559,549,000		8,386,315,000	7,432,388,000			6,396,658,000	6,792,470,000	6,698,952,000		6,665,937,000	6,739,908,000	6,729,220,000	6,656,252,000	6,632,580,000	6,627,203,000		6,678,317,000	6,672,394,000	6,649,867,000
allowances for depreciation, depletion & amortization			-6,288,900,000	-6,222,000,000	-6,152,900,000		-5,937,000,000	-5,825,000,000	-5,740,000,000		-5,498,400,000	-5,455,700,000	-5,368,600,000		-5,148,300,000	-5,087,900,000	-4,998,500,000		-4,815,913,000	-4,729,456,000	-4,746,996,000		-4,614,543,000	-4,538,980,000	-4,506,700,000		-4,370,386,000	-4,322,818,000	-4,284,211,000		-4,197,592,000	-3,980,567,000
as of december 31
outstanding 132.1 and 132.9 shares, respectively										132,100,000
the accompanying notes to consolidated financial statements are an integral part of these statements.
finished products											448,100,000	455,300,000	437,800,000		403,300,000	405,200,000	412,200,000		411,872,000	373,677,000	368,758,000		384,575,000	383,483,000	403,612,000		364,164,000	377,578,000	369,743,000		346,940,000	306,012,000			260,111,000	255,047,000	271,634,000		249,265,000	259,109,000	257,522,000	251,457,000	246,956,000	246,632,000		265,422,000	290,451,000	292,776,000		294,746,000	309,868,000	310,316,000
raw materials											50,500,000	69,100,000	70,600,000		64,900,000	63,500,000	63,200,000		58,223,000	37,967,000	36,095,000		34,562,000	33,178,000	33,676,000		31,250,000	31,137,000	27,951,000		29,078,000	26,213,000			20,458,000	29,480,000	23,819,000		26,284,000	26,300,000	26,570,000	22,924,000	23,114,000	22,430,000		24,565,000	32,035,000	29,023,000		33,147,000	29,009,000	31,872,000
products in process											8,600,000	7,200,000	6,200,000		5,600,000	4,800,000	4,400,000		3,815,000	5,099,000	4,573,000		5,098,000	5,116,000	5,010,000		6,062,000	6,332,000	4,976,000		2,668,000	1,314,000			1,104,000	6,385,000	5,077,000		3,473,000	4,930,000	4,830,000	5,905,000	3,784,000	4,663,000		5,085,000	5,133,000	4,857,000		4,832,000	3,113,000	4,356,000
operating supplies and other											63,400,000	63,000,000	71,000,000		68,200,000	50,700,000	44,700,000		38,320,000	33,900,000	31,903,000		31,226,000	29,703,000	28,449,000		28,184,000	26,376,000	26,727,000		29,966,000	29,860,000			28,041,000	37,267,000	40,803,000		38,755,000	38,926,000	40,265,000	35,958,000	37,486,000	33,876,000		36,623,000	35,964,000	35,164,000		39,356,000	41,510,000	38,292,000
outstanding 132.9, 132.9 and 132.9 shares, respectively											132,900,000	132,900,000
total shareholders’ equity											7,440,600,000																														3,905,617,000				4,052,022,000				3,522,736,000
the accompanying notes to the condensed consolidated financial statements are an integral part of these statements.
outstanding 133.1, 132.9 and 132.9 shares, respectively													133,100,000
customers, less allowance for credit losses
2022 — 10.9; 2021 — 10.3														845,600,000
other														199,700,000				55,500,000				43,352,000				38,104,000				28,499,000			93,333,000	20,737,000				15,727,000							13,271,000				30,773,000
outstanding 132.9 and 132.7 shares, respectively														132,900,000
outstanding 132.9, 132.7 and 132.7 shares, respectively															132,900,000	132,900,000	132,900,000
2021 — 10.3; 2020 — 2.6																		783,200,000
outstanding 132.7 and 132.5 shares, respectively																		132,700,000
outstanding 132,704, 132,516 and 132,454 shares, respectively																			132,704,000
allowance for doubtful accounts																				-2,739,000	-2,878,000		-3,155,000	-3,460,000	-3,517,000		-2,960,000	-2,844,000	-2,554,000
outstanding 132,678, 132,516 and 132,446 shares, respectively																				132,678,000
operating lease liabilities																					397,306,000	399,582,000	407,336,000	405,578,000	399,489,000	388,042,000	391,079,000	396,952,000	403,426,000
outstanding 132,664, 132,516 and 132,433 shares, respectively																					132,664,000
in thousands
customers, less allowance for doubtful accounts
2020 — 2,551; 2019 — 3,125																						512,945,000
deferred management incentive and other compensation																						26,787,000				22,856,000				16,604,000			19,698,000	15,980,000				29,275,000							33,327,000				34,770,000
pension benefits																						107,195,000				142,363,000				119,587,000			247,784,000	233,661,000				225,846,000							212,033,000				198,415,000
other postretirement benefits																						29,412,000				35,848,000				35,274,000			39,533,000	42,318,000				124,960,000							109,990,000				105,560,000
outstanding 132,516 and 132,371 shares, respectively																						132,516,000
outstanding 132,454, 132,371 and 132,350 shares, respectively																							132,454,000
outstanding 132,446, 132,371 and 132,231 shares, respectively																								132,446,000
outstanding 132,433, 132,371 and 132,069 shares, respectively																									132,433,000
2019 — 3,125; 2018 — 2,090																										532,012,000
outstanding 132,371 and 131,762 shares, respectively																										132,371,000
outstanding 132,350, 131,762 and 132,045 shares, respectively																											132,350,000
outstanding 132,231, 131,762 and 132,268 shares, respectively																												132,231,000
outstanding 132,069, 131,762 and 132,290 shares, respectively																													132,069,000
unaudited
in thousands, except per share data																													2,019,000		2,018,000	2,017,000			2,014,000	2,013,000			2,011,000	2,011,000
total revenues																													996,511,000		1,240,197,000	787,328,000			791,143,000	813,568,000	535,882,000		760,752,000	701,971,000
cost of revenues																													804,836,000		897,055,000	627,349,000			616,355,000	654,585,000	513,924,000		644,972,000	601,131,000
gross profit																													191,675,000		343,142,000	159,979,000			174,788,000	158,983,000	21,958,000		115,780,000	100,840,000
selling, administrative and general expenses																													90,268,000		81,606,000	82,120,000			67,615,000	65,854,000	64,912,000		67,859,000	75,893,000
gain on sale of property, plant & equipment
and businesses																													7,297,000		2,104,000	369,000			1,162,000	9,350,000				2,919,000
other operating expense																													-4,271,000		-14,456,000	-5,828,000			-5,089,000	-2,712,000
operating earnings																													104,433,000		249,184,000	72,400,000			103,246,000	99,767,000			106,668,000	23,488,000
other nonoperating income																													3,129,000		4,890,000	2,024,000			1,798,000	2,310,000	3,098,000		-3,745,000	-20,000
interest expense																													32,934,000		33,547,000	34,076,000			40,551,000	49,134,000	52,266,000		50,678,000	70,911,000
earnings from continuing operations																													63,935,000		179,864,000	43,523,000			46,511,000	42,150,000			22,412,000
before income taxes																													74,628,000		220,527,000	40,348,000			64,493,000	52,943,000				-47,443,000
income tax benefit																													10,693,000			-3,175,000
loss on discontinued operations, net of tax																													-636,000
net earnings																													63,299,000		179,151,000	44,921,000			45,967,000	41,363,000			19,959,000
other comprehensive income, net of tax
deferred gain on interest rate derivative
amortization of prior interest rate derivative loss																													55,000		53,000
amortization of actuarial loss and prior service
cost for benefit plans																													235,000		1,091,000	427,000			1,115,000
other comprehensive income																													290,000		1,144,000	747,000			1,699,000	2,790,000	4,022,000		2,785,000	5,944,000
comprehensive income																													63,589,000		180,295,000	45,668,000			47,666,000	44,153,000			22,744,000
basic earnings per share
continuing operations																													480		1,360	330			350	320	-440		170	-50
discontinued operations																															-10	10				-10	40		-20	-10
diluted earnings per share
weighted-average common shares outstanding
basic																													132,043,000		132,392,000	132,636,000			131,149,000	130,266,000	129,593,000		129,493,000	129,446,000
assuming dilution																													133,054,000		133,894,000	134,968,000			132,876,000	131,320,000	129,593,000		129,768,000	129,446,000
depreciation, depletion, accretion and amortization																													89,181,000		89,390,000	71,563,000			68,323,000	78,320,000	85,167,000		90,948,000	92,137,000
effective tax rate from continuing operations																													14,300		18,400	-7,900			27,900	20,400	40,200		57,100	85,000
2018 — 2,090; 2017 — 2,649																														512,279,000
outstanding 131,762 and 132,324 shares, respectively																														131,762,000
part ii																														65,000			63,000	60,000				57,000
less: allowance for doubtful accounts																															-2,294,000	-2,757,000			-5,606,000	-5,412,000	-7,207,000		-7,715,000	-7,641,000	-7,518,000	-9,382,000	-9,290,000	-9,236,000		-9,394,000	-9,437,000	-9,134,000		-7,738,000	-7,456,000	-7,131,000
outstanding 132,045, 132,324 and 132,281 shares, respectively																															132,045,000
income tax expense																															40,663,000
earnings on discontinued operations, net of tax																															-713,000	1,398,000			-544,000	-787,000	4,997,000		-2,453,000	-1,037,000
prepaid expenses																																38,573,000	31,726,000	34,284,000	27,309,000	31,854,000	24,574,000	21,598,000	27,074,000	21,659,000	24,300,000	42,729,000	42,422,000	51,538,000	50,817,000	33,466,000	58,425,000	60,840,000	54,469,000	42,938,000	19,392,000	69,537,000
outstanding 132,222, 132,339 and 133,348 shares, respectively																																132,222,000
impairment of long-lived assets
reclassification adjustment for cash flow hedges																																320,000			584,000	679,000	938,000		900,000	4,003,000
cash dividends per share of common stock																																250			50	10
2016 — 2,813; 2015 — 5,576																																	398,488,000
outstanding 132,339 and 133,172 shares, respectively																																	132,339,000
2015 — 5,576; 2014 — 5,105																																		397,287,000
current deferred income taxes																																			40,858,000	39,326,000	43,394,000	43,032,000	47,833,000	44,794,000	57,083,000
other accrued liabilities																																		76,428,000				95,383,000							65,503,000				62,535,000
liabilities of assets held for sale																																							1,474,000		356,000	460,000	409,000	425,000	369,000							6,434,000
noncurrent deferred income taxes																																		681,096,000	704,544,000	673,135,000	704,166,000	732,528,000	800,770,000	762,406,000	812,878,000
outstanding 133,172 and 131,907 shares, respectively																																		133,172,000
reserve for depreciation, depletion & amortization																																			-3,494,896,000	-3,578,010,000	-3,349,258,000		-3,222,469,000	-3,197,163,000	-3,136,390,000
issued 130,910, 130,200 and 129,963 shares, respectively																																			130,910,000
net sales																																			756,289,000	775,183,000	499,851,000		714,947,000	657,457,000
delivery revenues																																			34,854,000	38,385,000	36,031,000		45,805,000	44,514,000
cost of goods sold																																			581,501,000	616,200,000	477,893,000		599,167,000	556,617,000
delivery costs																																			34,854,000	38,385,000	36,031,000		45,805,000	44,514,000
restructuring charges
benefit from income taxes																																			17,982,000	10,793,000	-38,397,000			-40,341,000
adjustment for funded status of benefit plans
issued 129,989, 129,721 and 129,596 shares, respectively																																				129,989,000
exchange offer costs																																					-10,065,000
adjustment for funded status of pension plans
amortization of pension and postretirement benefit
plans actuarial loss and prior service cost																																				2,111,000
short-term borrowings																																								100,000,000	300,000,000		320,000,000	300,000,000	236,512,000	286,357,000	412,300,000	667,000,000	1,082,500,000	1,163,500,000	1,209,500,000	2,192,689,000
unaudited in thousands, except per share data
gain on sale of property, plant & equipment and businesses																																					6,526,000		41,457,000
recovery from legal settlement
other operating income																																					214,000		-3,567,000	-4,378,000
operating income																																					-46,279,000
income from continuing operations before income taxes																																					-95,447,000
income from continuing operations																																					-57,050,000			-7,102,000
net income																																					-52,053,000			-8,139,000
amortization of pension and postretirement plan actuarial loss and prior service cost																																					3,084,000		1,885,000
comprehensive loss																																					-48,031,000			-2,195,000
net income per share																																					-400			-60
cash dividends declared per share of common stock																																					10		250	250
as of december 31 in thousands, except per share data
customers, less allowance for doubtful accounts 2011 — 6,498; 2010 — 7,505																																						299,166,000
unaudited, except for december 31
medium-term investments																																										3,910,000	3,910,000	4,109,000	4,111,000	6,803,000	6,755,000	11,530,000	36,734,000	36,992,000
recovery																																							20,857,000
earnings from continuing operations before income taxes																																							52,245,000
benefit for income taxes																																							29,833,000
fair value adjustments to cash flow hedges
net earnings per share																																							150
amortization of pension and postretirement plan
actuarial loss and prior service cost																																								1,941,000
shareholders’ equity																																										4,038,854,000	4,044,104,000	4,063,000,000		4,085,528,000	4,003,219,000	3,453,330,000		3,942,698,000	3,915,769,000	3,747,019,000
total liabilities and shareholders’ equity																																									8,298,791,000	8,529,597,000	8,495,044,000	8,474,882,000	8,532,950,000	8,763,168,000	8,847,872,000	8,835,564,000	8,914,169,000	9,127,120,000	9,134,482,000	9,060,005,000
reserve for depr., depl. & amort.																																										-2,987,287,000	-2,915,565,000	-2,834,162,000
other assets																																										106,922,000	101,610,000	106,620,000	105,085,000	105,927,000	87,339,000	80,406,000	79,664,000	356,970,000	353,587,000	286,162,000
amounts in thousands, except per share data
liabilities and shareholders’ equity
amounts and shares in thousands, except per share data
current assets
customers, less allowance for doubtful accounts 2009 — 8,722; 2008 — 8,711																																													254,753,000
current liabilities
less: reserve for depr., depl. & amort.																																														-2,713,057,000	-2,644,146,000	-2,560,199,000			-2,325,181,000	-2,267,613,000
customers, less allowance for doubtful accounts 2008 — 8,711; 2007 — 6,015; 2006 — 3,355																																																	326,204,000
current portion of income taxes
minority interest																																																	409,000	410,000	410,000	410,000
treasury stock
property, plant and equipment																																																		3,720,085,000	3,721,884,000	3,688,820,000
property, plant and equipment, cost																																																		6,121,159,000	6,047,065,000	5,956,433,000
less: reserve for depr., depl. & amort																																																		-2,401,074,000
inventories:
property, plant and equipment:
shareholders’ equity:
accumulated other comprehensive income																																																			-26,565,000

Cashflow Statements:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31

operating activities
net earnings	166,000,000	252,800,000	375,100,000	320,800,000	129,400,000	293,500,000	208,400,000	308,300,000	102,900,000	228,100,000	277,300,000	308,600,000	120,900,000	119,800,000	177,200,000	187,400,000	92,100,000	137,681,000	176,761,000	195,344,000	160,614,000	114,518,000	199,788,000	209,916,000	60,258,000	141,093,000	215,712,000	197,558,000	63,299,000	124,022,000	179,152,000	159,652,000	52,979,000	327,546,000	108,579,000	120,139,000	44,921,000	137,052,000	139,765,000	123,750,000	18,924,000	88,888,000	123,805,000	48,162,000	-39,678,000	38,021,000	66,939,000	45,968,000	53,995,000												-46,997,000				-13,349,000	54,232,000	22,211,000	-32,780,000	-217,853,000	59,050,000	140,755,000	13,933,000
adjustments to reconcile net earnings to net cash from operating activities
depreciation, depletion, accretion and amortization	170,300,000	185,300,000	191,400,000	185,400,000	186,400,000	163,800,000	160,700,000	156,800,000	150,900,000	152,600,000	161,100,000	154,900,000	148,400,000	152,500,000	151,000,000	143,000,000	141,000,000	142,008,000	117,517,000	103,107,000	100,368,000	100,894,000	100,961,000	99,471,000	95,480,000	95,671,000	96,248,000	93,496,000	89,181,000	89,783,000	89,391,000	85,633,000	81,439,000	77,991,000	79,635,000	76,776,000	71,563,000	71,578,000	72,048,000	71,908,000	69,406,000	70,053,000	69,662,000	68,385,000	66,723,000	70,639,000	71,156,000	68,324,000	69,378,000	78,320,000	76,960,000	75,597,000	78,568,000	84,108,000	84,116,000	85,167,000	88,048,000	90,948,000	92,137,000	90,586,000	92,919,000	97,698,000	97,279,000	94,197,000	96,454,000	99,243,000	99,600,000	99,315,000	97,569,000	98,716,000	96,919,000	95,856,000
noncash operating lease expense	13,500,000	14,100,000	13,400,000	13,200,000	13,500,000	12,800,000	12,900,000	12,800,000	12,900,000	13,200,000	13,400,000	13,700,000	13,600,000	13,700,000	15,300,000	14,900,000	16,400,000	16,303,000	11,830,000	10,339,000	10,528,000	10,452,000	9,843,000	9,126,000	8,851,000	8,995,000
net loss on sale of property, plant & equipment and businesses	300,000
contributions to pension plans	-800,000	-800,000	-10,400,000	-2,200,000	-1,200,000	-1,600,000	-3,700,000	-1,700,000	-1,700,000	-1,800,000	-1,800,000	-1,900,000	-1,900,000	-2,000,000	-1,900,000	-1,900,000	-2,000,000	-1,968,000	-1,935,000	-1,973,000	-2,124,000	-2,279,000	-2,131,000	-2,265,000	-2,144,000	-2,115,000	-2,129,000	-2,318,000	-2,320,000	-2,429,000	-2,408,000	-2,351,000	-102,443,000	-2,385,000	-12,894,000	-2,370,000	-2,374,000	-2,450,000	-2,389,000	-2,394,000	-2,343,000	-2,710,000	-8,515,000	-1,375,000	-1,447,000	-1,373,000	-1,324,000	-1,436,000	-1,355,000	-1,227,000	-1,176,000	-1,132,000	-1,130,000	-1,131,000	-1,124,000	-1,124,000	-1,130,000	-1,767,000	-982,000	-1,013,000	-1,096,000	-2,325,000	-1,025,000	-20,050,000	-823,000	-24,551,000	-1,111,000	-1,131,000	-708,000	-826,000	-855,000	-738,000
share-based compensation expense	15,500,000	13,200,000	16,900,000	19,100,000	13,900,000	13,500,000	15,400,000	15,400,000	9,100,000	19,700,000	19,200,000	16,100,000	8,200,000	13,200,000	9,700,000	10,700,000	7,500,000	9,500,000	7,512,000	9,819,000	7,869,000	9,752,000	8,019,000	8,504,000	6,716,000	7,028,000	10,445,000	8,646,000	5,724,000	3,565,000	6,887,000	7,969,000	6,794,000	6,682,000	6,282,000	7,183,000	6,488,000	5,025,000
deferred income taxes	3,300,000	-30,400,000	67,800,000	-9,500,000	-1,800,000	20,900,000	-11,800,000	-16,400,000	-2,100,000
changes in assets and liabilities before initial effects of business acquisitions and dispositions	-130,500,000		16,700,000	-187,800,000	-85,200,000		129,300,000	-273,600,000	-102,200,000																																											22,349,000		10,147,000	-65,861,000	45,828,000				68,374,000		-9,232,000				87,695,000	-72,161,000	36,311,000
other	3,500,000	-5,600,000	6,500,000	3,900,000	3,900,000	15,800,000	-2,600,000	3,300,000	4,200,000	2,000,000	4,900,000	4,700,000	2,300,000	15,600,000	5,000,000	3,700,000	-100,000	23,658,000	-2,520,000	16,047,000	-785,000	12,269,000	-997,000	2,807,000	-5,761,000	12,529,000	-9,849,000	13,270,000	12,568,000	3,053,000	2,144,000	-3,339,000	3,641,000	4,280,000	4,902,000	1,999,000	1,839,000	36,879,000	-2,730,000	-3,008,000	-27,450,000	-1,077,000	-1,107,000	-1,449,000	-11,911,000	1,860,000	1,553,000	1,162,000	2,624,000	1,098,000	2,513,000	-2,719,000	2,507,000	-872,000	1,022,000	-1,723,000	1,062,000	2,462,000	5,976,000	461,000	8,552,000	1,892,000	2,414,000	8,753,000	10,741,000	1,678,000	5,276,000	-1,604,000	-15,828,000	9,331,000	-2,389,000	-4,177,000
net cash from operating activities	241,100,000	543,000,000	676,800,000	341,700,000	251,500,000	440,100,000	595,000,000	201,100,000	173,400,000	481,600,000	547,700,000	286,200,000	221,300,000	399,900,000	422,800,000	149,900,000	175,600,000	287,084,000	326,943,000	228,611,000	169,262,000	292,433,000	352,335,000	343,116,000	82,475,000	337,993,000	344,213,000	185,752,000	116,164,000	260,146,000	296,871,000	182,792,000	92,968,000	245,143,000	244,313,000	61,070,000	94,152,000	299,140,000	242,915,000	59,676,000	42,857,000	222,041,000	216,700,000	45,483,000	19,154,000	110,610,000	126,826,000	27,872,000	-4,972,000	305,357,000	-32,478,000	-12,867,000	144,716,000	96,820,000	-32,205,000	29,144,000	47,317,000	114,710,000	-37,034,000	44,050,000	74,879,000	109,171,000	12,217,000	6,439,000	98,213,000	185,420,000	64,304,000	105,098,000	109,574,000	144,189,000	149,127,000	32,295,000
capital expenditures	-176,500,000	-184,800,000	-222,000,000	-102,900,000	-168,000,000	-162,500,000	-96,800,000	-191,400,000	-152,800,000	-206,300,000	-311,700,000	-161,000,000	-193,600,000	-162,200,000	-159,800,000	-130,200,000	-160,400,000	-132,680,000	-126,386,000	-91,584,000	-100,650,000	-93,205,000	-45,842,000	-80,497,000	-142,650,000	-77,201,000	-81,056,000	-103,818,000	-122,019,000	-120,850,000	-101,072,000	-118,478,000	-128,688,000	-92,721,000	-75,811,000	-158,012,000	-133,022,000	-62,708,000	-87,676,000	-91,480,000	-108,284,000	-74,447,000	-66,094,000	-99,110,000	-49,611,000	-55,632,000	-52,908,000	-70,306,000	-46,006,000	-57,269,000	-33,190,000	-26,851,000	-43,939,000	-15,834,000	-14,736,000	-18,848,000	-21,580,000	-25,820,000	-27,305,000	-24,207,000	-24,220,000	-19,946,000	-22,399,000	-19,759,000	-15,564,000	-34,064,000	-34,463,000	-25,638,000	0	-96,227,000	-117,363,000	-128,664,000
free cash flows	64,600,000	358,200,000	454,800,000	238,800,000	83,500,000	277,600,000	498,200,000	9,700,000	20,600,000	275,300,000	236,000,000	125,200,000	27,700,000	237,700,000	263,000,000	19,700,000	15,200,000	154,404,000	200,557,000	137,027,000	68,612,000	199,228,000	306,493,000	262,619,000	-60,175,000	260,792,000	263,157,000	81,934,000	-5,855,000	139,296,000	195,799,000	64,314,000	-35,720,000	152,422,000	168,502,000	-96,942,000	-38,870,000	236,432,000	155,239,000	-31,804,000	-65,427,000	147,594,000	150,606,000	-53,627,000	-30,457,000	54,978,000	73,918,000	-42,434,000	-50,978,000	248,088,000	-65,668,000	-39,718,000	100,777,000	80,986,000	-46,941,000	10,296,000	25,737,000	88,890,000	-64,339,000	19,843,000	50,659,000	89,225,000	-10,182,000	-13,320,000	82,649,000	151,356,000	29,841,000	79,460,000	109,574,000	47,962,000	31,764,000	-96,369,000
investing activities
purchases of property, plant & equipment	-176,500,000	-184,800,000	-222,000,000	-102,900,000	-168,000,000	-162,500,000	-96,800,000	-191,400,000	-152,800,000	-206,300,000	-311,700,000	-161,000,000	-193,600,000	-162,200,000	-159,800,000	-130,200,000	-160,400,000	-132,680,000	-126,386,000	-91,584,000	-100,650,000	-93,205,000	-45,842,000	-80,497,000	-142,650,000	-77,201,000	-81,056,000	-103,818,000	-122,019,000	-120,850,000	-101,072,000	-118,478,000	-128,688,000	-92,721,000	-75,811,000	-158,012,000	-133,022,000	-62,708,000	-87,676,000	-91,480,000	-108,284,000	-74,447,000	-66,094,000	-99,110,000	-49,611,000	-55,632,000	-52,908,000	-70,306,000	-46,006,000	-57,269,000	-33,190,000	-26,851,000	-43,939,000	-15,834,000	-14,736,000	-18,848,000	-21,580,000	-25,820,000	-27,305,000	-24,207,000	-24,220,000	-19,946,000	-22,399,000	-19,759,000	-15,564,000	-34,064,000	-34,463,000	-25,638,000
proceeds from sale of property, plant & equipment	1,600,000	1,100,000	3,800,000	1,500,000	17,700,000	49,100,000	2,000,000	2,200,000	1,400,000	68,400,000	5,700,000	19,100,000	1,400,000	900,000	27,600,000	4,000,000	6,200,000	24,133,000	1,620,000	4,250,000	186,497,000	2,021,000	6,377,000	527,000	2,536,000	10,549,000	912,000	4,688,000	6,512,000	9,372,000	4,315,000	6,822,000	1,701,000	5,353,000	1,873,000	7,291,000	1,239,000	17,453,000	3,438,000	1,341,000	1,086,000	3,754,000	1,045,000	1,065,000	2,354,000	4,708,000	866,000	2,669,000	17,785,000	12,457,000	894,000	1,623,000	51,899,000	2,861,000	15,319,000	10,750,000	1,945,000	5,013,000	6,125,000	592,000	9,594,000	784,000	2,170,000	1,054,000	11,351,000	2,348,000	981,000	3,070,000	8,745,000	3,221,000
proceeds from sale of businesses		108,400,000	0	0	19,000,000	0	0			483,600,000	0	0	130,000,000									317,000	0			0	0	0	1,744,000	0	0	0	11,256,000																																0	4,538,000	0	11,537,000	0	0	208,269,000	17,514,000
payment for businesses acquired, net of acquired cash and adjustments		-5,000,000	-3,300,000	-9,900,000	4,700,000	-2,059,800,000	-13,000,000	-181,100,000	-12,300,000	0	0
net cash from investing activities	-174,900,000	-78,300,000	-214,000,000	-110,400,000	-126,500,000	-2,173,100,000	-108,000,000	-370,000,000	-163,800,000	345,700,000	-306,000,000	-141,500,000	-61,700,000	-112,300,000	-472,000,000	-166,200,000	-302,500,000	-113,516,000	-1,759,112,000	-87,344,000	85,872,000	-127,767,000	-34,221,000	-89,284,000	-130,242,000	-112,580,000	-86,909,000	-96,470,000	-119,878,000	-120,393,000	-92,889,000	-264,585,000	-192,024,000	-711,925,000	-73,938,000	-175,811,000	-307,817,000	-85,529,000	-83,612,000	-89,826,000	-106,110,000	-78,289,000	-64,430,000	-119,432,000	-47,591,000	-64,254,000	-258,352,000	-67,874,000	628,811,000	-46,116,000	-27,291,000	-67,274,000	19,234,000	-13,196,000	601,000	3,760,000	-28,391,000	40,059,000	-20,216,000	-10,931,000	-46,193,000	-50,174,000	-20,696,000	28,687,000	-2,597,000	-27,216,000	-64,797,000	14,608,000	-6,692,000	-129,981,000	74,316,000	-126,683,000
financing activities
proceeds from short-term debt	197,000,000					-100,000	-94,900,000			0	91,100,000	47,000,000	28,000,000	72,800,000	728,400,000	370,800,000	189,000,000									0	6,800,000	163,900,000	196,200,000	225,000,000	8,700,000	254,200,000	252,000,000
payment of short-term debt and other financing obligations	-50,000,000
payment of current maturities and long-term debt	-400,000	0	-100,000	0	-400,400,000	0	-100,000	0	-550,400,000	0	-100,000	0	-550,400,000	-100,000	-550,000,000	-5,300,000	-2,300,000	-7,676,000	-944,011,000	-7,000	-500,006,000	-7,000	-6,000	-250,006,000	-6,000	-6,000	-6,000			-6,000	-5,000	-6,000	-892,038,000	-662,736,000	-565,565,000																-151,461,000	-10,016,000	-134,660,000	-15,000	-15,000	-90,000	-5,123,000	-213,000	-734,680,000	-3,059,000	-325,210,000	-118,806,000	-95,000	-75,093,000
payment of finance leases	-3,300,000	-2,400,000	-2,700,000	-2,900,000	-2,900,000	-3,000,000	-3,000,000	-3,400,000	-3,600,000	-13,600,000	-5,600,000	-5,800,000	-5,800,000	-6,800,000	-8,200,000	-10,300,000	-8,500,000
purchases of common stock	-149,500,000	-400,300,000	0	0	-38,100,000	0	0	-50,000,000	-18,800,000	-150,100,000	0											0	0	0	-26,132,000	0				-34,067,000	-24,995,000	-19,353,000	-55,568,000	0	0	-11,082,000	-49,221,000	0	-92,307,000	-45,723,000	-23,433,000
dividends paid	-67,900,000	-64,400,000	-64,700,000	-64,700,000	-66,000,000	-60,800,000	-60,800,000	-60,800,000	-62,000,000	-56,800,000	-57,200,000	-57,200,000	-57,200,000	-53,100,000	-53,200,000	-53,100,000	-53,200,000	-49,133,000	-49,094,000	-49,088,000	-49,085,000	-45,055,000	-45,033,000	-45,028,000	-45,100,000	-41,030,000	-41,016,000	-40,988,000	-40,939,000	-36,917,000	-36,996,000	-37,020,000	-37,176,000	-33,072,000	-33,069,000	-33,042,000	-33,152,000	-26,468,000	-26,527,000	-26,620,000	-26,718,000	-13,336,000	-13,329,000	-13,296,000	-13,253,000	-7,911,000	-7,899,000	-6,543,000	-6,531,000	-1,292,000	-1,299,000	-1,299,000	-1,298,000	-1,295,000	-1,295,000	-1,295,000	-1,294,000	-32,308,000	-32,305,000	-32,265,000	-32,096,000	-32,096,000	-32,000,000	-31,600,000	-31,420,000	-31,296,000	-54,683,000	-54,069,000	-53,967,000	-53,840,000	-53,799,000	-53,177,000
share-based compensation, shares withheld for taxes	-37,800,000	-3,500,000	-1,200,000	-3,900,000	-25,400,000	-8,500,000	-200,000	-500,000	-23,800,000	-2,000,000	-2,100,000	-3,500,000	-14,300,000	-1,100,000	-200,000	-100,000	-17,100,000	-3,324,000	-2,994,000	-696,000	-12,086,000	-5,841,000	-473,000	-465,000	-15,365,000	-973,000	-12,100,000	-11,375,000	-14,137,000	-428,000	-32,000	-7,227,000	-24,159,000	-715,000	-377,000	-2,807,000	-21,424,000
net cash from financing activities	-111,900,000	-470,500,000	-618,600,000	-73,200,000	-532,900,000	1,899,500,000	-164,300,000	-19,600,000	-658,700,000	-223,100,000	-64,900,000	-116,500,000	-181,100,000	-273,000,000	72,400,000	7,000,000	18,400,000	-68,485,000	600,193,000	-63,800,000	-562,208,000	-51,383,000	-50,583,000	443,094,000	-106,466,000	-42,009,000	-192,724,000	-93,868,000	-9,582,000	-138,418,000	-222,028,000	96,394,000	-1,076,000	-96,768,000	-599,011,000	957,583,000	241,636,000	-89,990,000	-115,840,000	-69,834,000	-28,921,000	-28,373,000	-58,325,000	-243,972,000	279,821,000	3,049,000	-4,290,000	-1,087,000	-548,804,000	-100,407,000	-41,333,000	-7,256,000	-131,598,000	1,201,000	-1,267,000	2,429,000	-15,466,000	-109,134,000	100,830,000	-17,496,000	-63,641,000	-18,674,000	14,712,000	-21,451,000	-119,898,000	-155,368,000	-3,242,000	-82,454,000	-183,657,000	-74,449,000	-123,256,000	110,523,000
cash and cash equivalents and restricted cash at beginning of year	189,400,000	0	0	0	600,800,000	0	0	0	949,200,000	0	0	0	161,500,000	0	0	0	241,500,000	-13,000	0	0	1,198,013,000	0	0	0	274,506,000	0	0	0	44,404,000	0	0	0	146,646,000
cash and cash equivalents and restricted cash at end of period	143,700,000		-155,800,000	158,100,000	192,900,000		322,700,000	-188,500,000	300,100,000		176,800,000	28,200,000	140,000,000		23,200,000	-9,300,000	133,000,000		-831,976,000	77,467,000	890,939,000		267,531,000	696,926,000	120,273,000		64,580,000	-4,586,000	31,108,000		-18,046,000	14,601,000	46,514,000
net gain on sale of property, plant & equipment and businesses		-43,200,000	-600,000	-1,200,000	-7,400,000	-47,700,000	-200,000	-3,800,000	-600,000	-53,600,000	-4,300,000	-16,800,000	-1,700,000	17,700,000	-23,800,000	-2,000,000	-2,600,000	216,000	-2,940,000	-211,000	-117,165,000	-1,680,000	-1,576,000	258,000	-999,000	-12,770,000	-234,000	-3,451,000	-7,297,000	-6,570,000	-2,104,000	-2,106,000	-4,164,000	-13,197,000	-1,488,000	-2,773,000	-369,000	-12,497,000	-2,023,000	-356,000	-555,000	-2,504,000	-799,000	-249,000	-6,375,000	-5,695,000	-1,001,000	-1,162,000	-236,364,000	-8,047,000	-23,409,000	-17,141,000	-46,768,000	-872,000	-13,152,000	-17,862,000	-2,922,000	-40,229,000	-2,919,000	-12,738,000	-9,091,000	-477,000	-1,362,000	-57,165,000	-16,451,000	-7,585,000	-653,000	-3,227,000	-7,537,000	-2,247,000
loss on impairments						0				0				100,000
accounts and notes receivable
inventories
other assets
increase in liabilities excluding the initial effects of business acquisitions and dispositions
accrued interest and income taxes
trade payables and other accruals
other noncurrent liabilities
payment of short-term debt		0				0	0			0	-91,100,000	-47,000,000	-128,000,000	-284,800,000	-592,400,000	-294,800,000	-89,000,000									0	-143,800,000	-205,400,000	-150,700,000	-292,000,000	-168,700,000	-94,200,000	-52,000,000
proceeds from issuance of long-term debt										0	0	0	550,000,000	0				0				0	0							0	0	0	850,000,000	600,000,000	0	1,250,000,000	350,000,000					0	0	0	400,000,000													0
debt issuance and exchange costs						-28,100,000				0	0	0	-3,400,000	100,000	-2,200,000	0	-700,000	-14,000	0			0	-4,632,000							0	0	0	-45,513,000
distribution to noncontrolling interest		0	0			0
net increase in cash and cash equivalents and restricted cash						166,500,000	322,700,000			604,200,000	176,800,000							105,083,000	-831,976,000			113,283,000	267,531,000			183,404,000					-18,046,000	14,601,000	-100,132,000
cash and cash equivalents and restricted cash at end of year
net decrease in cash and cash equivalents and restricted cash			-155,800,000	158,100,000	-407,900,000				-649,100,000				-21,500,000		23,200,000	-9,300,000	-108,500,000				-307,074,000				-154,233,000			-4,586,000	-13,296,000
decrease in assets excluding the initial effects of business acquisitions and dispositions
for the years ended december 31
in millions
increase in assets excluding the initial effects of business
acquisitions and dispositions
increase in liabilities excluding the initial effects of business
the accompanying notes to consolidated financial statements are an integral part of these statements.
deferred tax provision											-1,300,000	8,600,000	-13,300,000																										22,502,000	20,471,000	-17,879,000	10,709,000	4,016,000	-64,000	-11,592,000	5,220,000	13,134,000	7,672,000	-7,648,000	5,719,000	8,337,000	-39,918,000	-3,636,000	-14,581,000	-20,647,000	-30,966,000	-35,170,000	33,462,000	-41,468,000	-50,563,000	-624,000	3,695,000	-22,386,000	-32,369,000	-17,296,000	-32,148,000	3,052,000	2,619,000
changes in assets and liabilities before initial
effects of business acquisitions and dispositions											50,900,000	-201,700,000	-55,200,000		-6,300,000	-211,400,000	-77,800,000		-9,628,000	-118,015,000	-16,992,000		24,726,000	-1,674,000	-99,597,000		-19,745,000	-155,491,000	-45,765,000
the accompanying notes to the condensed consolidated financial statements are an integral part of the statements.
payment for businesses acquired, net of acquired cash													500,000	-1,200,000	-339,900,000	-39,900,000	-148,200,000	-4,908,000				-37,555,000	0			-45,273,000	0	0	1,122,000	-8,281,000	5,858,000	-142,737,000	-76,259,000	-899,163,000	0	-25,495,000	-185,067,000	-30,926,000	0	0	-1,611,000	-6,397,000	586,000			-15,633,000	-268,397,000			0	-29,739,000	-60,212,000									-35,130,000				0	0			-4,944,000	709,000	-23,937,000	-55,885,000
deferred tax expense														22,300,000	28,800,000	5,500,000	1,100,000	-4,649,000	30,346,000	14,154,000	26,949,000	11,672,000	13,702,000	16,973,000	19,671,000	13,779,000	27,416,000	34,042,000	774,000	-12,140,000	36,230,000	32,581,000	7,968,000	-246,995,000	8,397,000	2,748,000	153,000
prepaid expenses
settlements of interest rate derivatives																						0	0	0	-19,863,000					0	0	0	3,378,000
in thousands
cost of debt purchase																														0	0	0	6,922,000	97,724,000								0	0	45,341,000	21,734,000	0	0	0	72,949,000								0	0
changes in assets and liabilities before initial effects of business acquisitions
and dispositions																																-95,247,000	39,832,000		7,852,000	-142,632,000	-28,069,000		13,927,000	-154,692,000	19,668,000		30,790,000	-114,365,000	4,575,000		-29,995,000	-100,020,000	40,127,000	29,348,000								5,733,000
excess tax benefits from share-based compensation																																							-2,998,000	-2,514,000	-21,235,000	-1,426,000	-5,493,000	-3,882,000	-7,575,000	-89,000	-133,000	-245,000	-2,997,000																-743,000				2,757,000	4,847,000	443,000	3,162,000
proceeds from sale of businesses, net of transaction costs																																														2,270,000	0	-967,000	720,056,000	-1,304,000	34,744,000	18,164,000	10,476,000	-1,137,000	0	11,827,000	1,909,000	60,546,000	0	12,284,000	0	0	-110,000	51,064,000
debt discounts and issuance costs																																		-245,000	0	-10,481,000	-4,565,000
proceeds from exercise of stock options																																										5,083,000	17,119,000	19,353,000	31,416,000	10,989,000	418,000	496,000	11,599,000	893,000	395,000	3,203,000	4,295,000	2,643,000	41,000	3,483,000	383,000	0	120,000	3,112,000	7,905,000	0	2,491,000	10,106,000	6,369,000	7,261,000	942,000	2,755,000	-3,217,000	20,969,000	2,651,000	4,199,000
decrease in restricted cash																																			0	0	9,033,000		0	0	1,150,000
proceeds from line of credit																																			0			0	0			150,000,000	7,000,000			23,000,000				45,000,000
payment of line of credit																																			0
net increase in cash and cash equivalents																																			-428,636,000	842,842,000	27,971,000	123,621,000			-92,174,000	115,379,000	93,945,000	-317,921,000	251,384,000			-41,089,000	75,035,000	158,834,000	-101,102,000	-87,397,000	32,352,000	84,825,000	-32,871,000	35,333,000	3,460,000	45,635,000	43,580,000	15,623,000	-34,955,000	40,323,000	6,233,000	13,675,000	-24,282,000	2,836,000	-3,735,000	37,252,000		-60,241,000	100,187,000	16,135,000
cash and cash equivalents at beginning of year																																			0	0	258,986,000	0	0	0	284,060,000	0	0	0	141,273,000	0	0	0	193,738,000	0	0	275,478,000	0	0	0	155,839,000	0	0	0	47,541,000	0	0	0	22,265,000	0	0	0	10,194,000	0	0	0	34,888,000
cash and cash equivalents at end of period																																			-428,636,000	842,842,000	286,957,000		43,463,000	-99,984,000	191,886,000		93,945,000	-317,921,000	392,657,000		-135,816,000	-41,089,000	268,773,000	158,834,000	-101,102,000	188,081,000		84,825,000	-32,871,000	191,172,000		45,635,000	43,580,000	63,164,000		40,323,000	6,233,000	35,940,000		2,836,000	-3,735,000	47,446,000		-60,241,000	100,187,000	51,023,000
increase in restricted cash																																																937,000	-63,024,000														-103,000	-3,643,000
debt and line of credit issuance costs																																										0	0
proceeds from issuance of common stock																																														0	3,081,000	4,731,000	22,808,000								0	0	4,745,000	191,000	0	6,420,000	24,065,000	11,249,000	19,417,000	8,892,000	571,437,000	6,800,000	0	0	-6,000	55,078,000
cash and cash equivalents at end of year
payments of line of credit
payments of current maturities and long-term debt
share-based compensation																																								6,511,000	4,321,000	4,228,000	4,341,000	4,979,000	4,700,000	5,459,000	6,497,000	7,609,000	4,319,000	5,687,000	6,169,000	4,933,000	8,112,000	5,761,000	1,724,000	1,877,000	5,463,000	4,142,000	5,173,000	3,676,000	5,439,000	4,674,000	5,247,000	5,277,000	1,250,000	7,860,000	8,219,000	5,791,000	4,713,000	5,214,000	4,950,000	4,219,000
net decrease in cash and cash equivalents
proceeds from sale of future production, net of transaction costs
increase in assets before initial effects of business acquisitions
increase in liabilities before initial effects of business acquisitions
payment of current maturities, long-term debt and line of credit																																											-74,611,000	-530,527,000	-145,918,000	-23,118,000	-70,017,000
proceeds from sale of future production, net of transactions costs
payment of current maturities, long-term debt & line of credit																																																	-579,676,000
payment of current maturities of long-term debt & line of credit
net income																																																			28,772,000	-54,836,000	3,483,000	14,260,000	-18,283,000	-52,053,000		19,959,000	-8,139,000	-54,733,000			-23,992,000	-38,747,000
adjustments to reconcile net income to net cash from operating activities
for the years ended december 31 in thousands
increase in assets before initial effects of business acquisitions and dispositions																																																																						-24,827,000	3,170,000	-85,155,000
increase in liabilities before initial effects of business acquisitions and dispositions																																																																						-222,000	-12,925,000	12,302,000
net short-term borrowings																																																											-200,000,000	14,500,000			20,001,000	63,487,000				-417,475,000			-983,189,000	101,189,000
proceeds from issuance of long-term debt, net of discounts																																																													0				0	0	0	397,660,000	0	0
debt issuance costs																																																									-9,522,000	0			0				0	0	0	-3,033,000
proceeds from settlement of interest rate swap agreements																																																									0
net short-term payments																																																																		-125,942,000
reclassification of cash equivalents from medium-term investments
redemption of medium-term investments																																																													1,000	0	0	22,000	2,692,000	0	5,387,000	25,203,000
decrease (increase) in restricted cash																																																										29,000	-1,000	438,000
goodwill impairment
reclassification of cash equivalents (to) from medium-term investments
proceeds from loan on life insurance policies																																																																					0	0
settlements of forward starting interest rate swap agreements
amounts in thousands
changes in assets and liabilities before initial effects of business acquistions and dispositions																																																																46,543,000
reclassification from cash equivalents to medium-term investments																																																																					258,000
payment of short-term debt and current maturities																																																																		-15,094,000	-266,378,000	-15,083,000	-48,229,000	-82,000	-80,000	-403,000
settlements of forward starting swaps																																																																						0
excess tax benefit from share-based compensation																																																																			-129,000	-196,000
withdrawal from nonconsolidated companies																																																																			-50,000	113,000		181,000	-50,000	519,000
net gain on sale of contractual rights
proceeds from sale of contractual rights, net of cash transaction fees
proceeds from sales and maturities of medium-term investments
increase in investments and long-term receivables																																																																					-860,000
payment of long-term debt
purchases of property, plant and equipment																																																																						-96,227,000	-117,363,000	-128,664,000
debt issuance cost																																																																						0	-5,533,000	-100,000
adjustments to reconcile net earnings to net cash from operating activities:
decrease in investments and long-term receivables																																																																							395,000	183,000
net gain on sale of property, plant and equipment																																																																								-3,945,000
proceeds from sale of property, plant and equipment																																																																								6,588,000
proceeds from loan on life insurance polices																																																																								28,646,000

Vulcan Materials Company(NYSE:VMC)

Vulcan Materials Company
(NYSE:VMC)