Vulcan Materials Co. Files 2023 Annual Report on Form 10-K

Ticker: VMC · Form: 10-K · Filed: Feb 22, 2024 · CIK: 1396009

Vulcan Materials Co 10-K Filing Summary
FieldDetail
CompanyVulcan Materials Co (VMC)
Form Type10-K
Filed DateFeb 22, 2024
Risk Levelmedium
Pages15
Reading Time18 min
Key Dollar Amounts$1, $1.00, $5.81, $7.40, $7.43
Sentimentneutral

Sentiment: neutral

Topics: Vulcan Materials, 10-K, Annual Report, Aggregates, Financials

TL;DR

Vulcan Materials Co. has submitted its comprehensive 2023 annual report (10-K), detailing its financial performance and operations for the fiscal year ending December 31, 2023.

AI Summary

Vulcan Materials CO (VMC) filed a Annual Report (10-K) with the SEC on February 22, 2024. Vulcan Materials Co. filed its 2023 Form 10-K on February 22, 2024. The filing covers the fiscal year ending December 31, 2023. The company is engaged in the mining and quarrying of nonmetallic minerals. Key business segments include Aggregates, Asphalt, and Concrete. The company's principal executive offices are located in Birmingham, Alabama.

Why It Matters

For investors and stakeholders tracking Vulcan Materials CO, this filing contains several important signals. This 10-K filing provides investors with a detailed overview of Vulcan Materials' financial health, operational strategies, and risk factors for the fiscal year 2023, enabling informed investment decisions. The report includes specific financial data, segment performance, and disclosures on legal and regulatory matters, offering transparency into the company's business activities and potential liabilities.

Risk Assessment

Risk Level: medium — Vulcan Materials CO shows moderate risk based on this filing. The company faces potential risks related to environmental regulations and litigation, as indicated by the mention of various legal cases and natural resources damages cases.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to assess the impact of operational performance and potential legal liabilities on Vulcan Materials' future growth.

Key Numbers

  • 2023-12-31 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
  • 2024-02-22 — Filing Date (FILED AS OF DATE)
  • 192 — Public Document Count (PUBLIC DOCUMENT COUNT)
  • 205-298-3000 — Business Phone (BUSINESS PHONE)

Key Players & Entities

  • Vulcan Materials CO (company) — FILER
  • Virginia Holdco, Inc. (company) — FORMER COMPANY
  • Birmingham (location) — BUSINESS ADDRESS CITY
  • Alabama (location) — BUSINESS ADDRESS STATE
  • New Jersey (location) — STATE OF INCORPORATION
  • U.S. Concrete Inc. (company) — Mentioned in context of cases
  • 111 Trichloroethane (chemical) — Mentioned in context of cases

FAQ

When did Vulcan Materials CO file this 10-K?

Vulcan Materials CO filed this Annual Report (10-K) with the SEC on February 22, 2024.

What is a 10-K filing?

A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by Vulcan Materials CO (VMC).

Where can I read the original 10-K filing from Vulcan Materials CO?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by Vulcan Materials CO.

What are the key takeaways from Vulcan Materials CO's 10-K?

Vulcan Materials CO filed this 10-K on February 22, 2024. Key takeaways: Vulcan Materials Co. filed its 2023 Form 10-K on February 22, 2024.. The filing covers the fiscal year ending December 31, 2023.. The company is engaged in the mining and quarrying of nonmetallic minerals..

Is Vulcan Materials CO a risky investment based on this filing?

Based on this 10-K, Vulcan Materials CO presents a moderate-risk profile. The company faces potential risks related to environmental regulations and litigation, as indicated by the mention of various legal cases and natural resources damages cases.

What should investors do after reading Vulcan Materials CO's 10-K?

Review the detailed financial statements and risk factors in the 10-K to assess the impact of operational performance and potential legal liabilities on Vulcan Materials' future growth. The overall sentiment from this filing is neutral.

How does Vulcan Materials CO compare to its industry peers?

Vulcan Materials operates in the mining and quarrying of nonmetallic minerals sector, primarily focusing on aggregates, asphalt, and concrete, which are essential for construction and infrastructure development.

Are there regulatory concerns for Vulcan Materials CO?

The company's operations are subject to federal, state, and local environmental laws and regulations, including those related to air and water quality, and land reclamation.

Risk Factors

  • Legal Proceedings [medium — legal]: The company is involved in various legal proceedings, including those related to natural resources damages and alleged involvement of 111 Trichloroethane.
  • Environmental Compliance [medium — regulatory]: The company operates in an industry subject to extensive environmental regulations, which could impact operations and costs.

Industry Context

Vulcan Materials operates in the mining and quarrying of nonmetallic minerals sector, primarily focusing on aggregates, asphalt, and concrete, which are essential for construction and infrastructure development.

Regulatory Implications

The company's operations are subject to federal, state, and local environmental laws and regulations, including those related to air and water quality, and land reclamation.

What Investors Should Do

  1. Analyze the financial statements for revenue trends, profitability, and debt levels.
  2. Review the 'Risk Factors' section for potential challenges and their impact on the business.
  3. Examine segment performance (Aggregates, Asphalt, Concrete) to understand key drivers of revenue and profit.

Key Dates

  • 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
  • 2024-02-22: Filing Date — Date Vulcan Materials Co. submitted its 10-K filing.

Year-Over-Year Comparison

This filing represents the annual report for the fiscal year 2023, providing updated financial and operational information compared to previous filings.

Filing Stats: 4,472 words · 18 min read · ~15 pages · Grade level 14.6 · Accepted 2024-02-22 14:36:22

Key Financial Figures

  • $1 — : Title of each class Common Stock, $1 par value Trading Symbol VMC Name
  • $1.00 — 372 Number of shares of common stock, $1.00 par value, outstanding as of February 1
  • $5.81 — gross profit per ton has increased from $5.81 to $7.40 (an increase of 27%), and aggr
  • $7.40 — fit per ton has increased from $5.81 to $7.40 (an increase of 27%), and aggregates ca
  • $7.43 — gross profit per ton has increased from $7.43 to $9.46 (an increase of 27%). Aggregat
  • $9.46 — fit per ton has increased from $7.43 to $9.46 (an increase of 27%). Aggregates cash g
  • $2,233.1 million — growth. From 2021 to 2023, we invested $2,233.1 million in acquisitions as outlined in Note 19
  • $66.1 million — estate in Virginia for net proceeds of $66.1 million resulting in a pretax gain of $65.7 mil
  • $65.7 million — 1 million resulting in a pretax gain of $65.7 million and real estate associated with a forme
  • $16.5 million — acility in Illinois for net proceeds of $16.5 million resulting in a pretax gain of $15.2 mil
  • $15.2 million — 5 million resulting in a pretax gain of $15.2 million. In 2022, we sold excess real estate in
  • $23.6 million — Southern California for net proceeds of $23.6 million resulting in a pretax gain of $23.5 mil
  • $23.5 million — 6 million resulting in a pretax gain of $23.5 million. In 2021, we sold previously mined land
  • $182.3 million — retail development for net proceeds of $182.3 million resulting in a pretax net gain of $114.
  • $114.7 million — llion resulting in a pretax net gain of $114.7 million. Part I 7 Because of the evolving

Filing Documents

Risk Factors

Risk Factors 22 1B Unresolved Staff Comments 26 1C Cybersecurity 26 2

Legal Proceedings

Legal Proceedings 34 4 Mine Safety Disclosures 34 — Information about our Executive Officers 35 II 5 Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 37 6 [ Reserved ] 37 7

Management's Discussion and Analysis of Financial Condition

Management's Discussion and Analysis of Financial Condition and Results of Operations 38 7A

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 73 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 74 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 129 9A

Controls and Procedures

Controls and Procedures 129 9B Other Information 131 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 131 III 10 Directors, Executive Officers and Corporate Governance 132 11

Executive Compensation

Executive Compensation 132 12

Security Ownership of Certain Beneficial Owners and

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 132 13 Certain Relationships and Related Transactions, and Director Independence 132 14 Principal Accountant Fees and Services 132 IV 15 Exhibits and Financial Statement Schedules 133 16 Form 10-K Summary 137 —

Signatures

Signatures 138 Unless otherwise stated or the context otherwise requires, references in this report to "Vulcan," the "Company," "we," "our," or "us" refer to Vulcan Materials Company and its consolidated subsidiaries. Table of Contents i PART I "SAFE HARBOR" STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 Certain of the matters and statements made herein or incorporated by reference into this report constitute forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. All such statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements reflect our intent, belief or current expectation. Often, forward-looking statements can be identified by the use of words, such as "anticipate," "may," "believe," "estimate," "project," "expect," "intend" and words of similar import. In addition to the statements included in this report, we may from time to time make other oral or written forward-looking statements in other filings under the Securities Exchange Act of 1934 or in other public disclosures. Forward-looking statements are not guarantees of future performance, and actual results could differ materially from those indicated by the forward-looking statements. All forward-looking statements involve certain assumptions, risks and uncertainties that could cause actual results to differ materially from those included in or contemplated by the statements. These assumptions, risks and uncertainties include, but are not limited to: general economic and business conditions our dependence on the construction industry, which is subject to economic cycles the timing and amount of federal, state and local funding for infrastructure changes in the level of spending for private residential and private nonresidential construction changes in our effective tax rate domestic and global political, economic or diplomatic developments

BUSINESS

BUSINESS Vulcan Materials Compan y operates primarily in the U.S. and is t he nation's largest supplier of construction aggregates ( primarily crushed stone, san d and gravel ) and a major producer of aggregates-intensive downstream products such as asphalt mix and ready-mixed concrete. We provide the basic materials for the infrastructure needed to maintain and expand the U.S. economy. Delivered by trucks, ships, barges and trains, our products are the indispensable materials building homes, offices, places of worship, schools, hospitals and factories, as well as vital infrastructure including highways, bridges, roads, ports and harbors, water systems, campuses, dams, airports and rail networks. As of December 31, 2023, we had 397 active aggregates facilities as shown below. Production and sales are currently halted at our Calica operations in Mexico. For additional information, see Note 12 "Commitments and Contingencies" in Item 8 "Financial Statements and Supplementary Data." Additionally, w e further serv e our customers through our 66 asphalt facilities and 63 concrete facilities located in Alabama, Arizona, California, Maryland, New Mexico, Tennessee, Texas, Virginia, the U.S. Virgin Islands and Washington D.C. Our top ten revenue producing states accounted for 88% of our 2023 revenues while our top five accounted for 65%. VULCAN'S TOP TEN REVENUE PRODUCING STATES IN 2023 1. Texas 6. Florida 2. California 7. Arizona 3. Georgia 8. Alabama 4. Tennessee 9. South Carolina 5. Virginia 10. North Carolina Part I 3 BUSINESS STRATEGY Our strategy and competitive advantage are based on our strength in aggregates which are used in most types of construction and in the production of asphalt mix and ready-mixed concrete. Our strategy for long-term value creation is built on : ( 1) an aggregates - focus ed business , ( 2) an emphasis on durable growth , ( 3 ) a holistic approach to land management , and (4 ) our comm

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