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Item 1. Financial Statements

ITEM 1 
 FINANCIAL STATEMENTS 
 

 
 VULCAN MATERIALS COMPANY AND SUBSIDIARY COMPANIES 
 CONDENSED CONSOLIDATED BALANCE SHEETS 
 
 Unaudited September 30
2025 December 31
2024 September 30
2024 
 in millions 
 Assets 
 Cash and cash equivalents $ 191.3 $ 559.7 $ 433.2 
 Restricted cash 3.9 41.1 1.1 
 Accounts and notes receivable, gross 1,197.1 905.5 1,030.9 
 Allowance for credit losses ( 12.3 ) ( 13.2 ) ( 13.5 ) 
 Accounts and notes receivable, net 1,184.8 892.3 1,017.4 
 Inventories 687.1 681.8 647.7 
 Other current assets 104.0 90.8 113.5 
 Assets held for sale 97.3 0.0 0.0 
 Total current assets 2,268.4 2,265.7 2,212.9 
 Investments and long-term receivables 33.6 31.3 31.4 
 Property, plant & equipment, cost 14,641.6 14,516.8 12,350.5 
 Allowances for depreciation, depletion & amortization ( 6,288.9 ) ( 6,055.3 ) ( 5,937.0 ) 
 Property, plant & equipment, net 8,352.7 8,461.5 6,413.5 
 Operating lease right-of-use assets, net 522.0 526.4 508.3 
 Goodwill 3,839.5 3,788.1 3,450.0 
 Other intangible assets, net 1,796.0 1,883.0 1,609.1 
 Other noncurrent assets 166.3 148.8 126.7 
 Total assets $ 16,978.5 $ 17,104.8 $ 14,351.9 
 Liabilities 
 Current maturities of long-term debt $ 0.4 $ 400.5 $ 0.5 
 
 Trade payables and accruals 422.6 407.0 352.6 
 Other current liabilities 556.2 431.6 421.0 
 Liabilities held for sale 37.6 0.0 0.0 
 Total current liabilities 1,016.8 1,239.1 774.1 
 Long-term debt 4,360.4 4,906.9 3,329.2 
 Deferred income taxes, net 1,391.9 1,336.5 1,000.3 
 Deferred revenue 132.3 137.8 139.4 
 Noncurrent operating lease liabilities 506.2 521.4 503.5 
 Other noncurrent liabilities 813.8 820.6 712.3 
 Total liabilities $ 8,221.4 $ 8,962.3 $ 6,458.8 
 Other commitments and contingencies (Note 8) 
 Equity 
 Common stock, $ 1 par value, Authorized 480.0 shares, 
 Outstanding 132.0 , 132.1 and 132.1 shares, respectively 
 $ 132.0 $ 132.1 $ 132.1 
 Capital in excess of par value 2,920.2 2,900.1 2,895.0 
 Retained earnings 5,805.1 5,213.8 4,980.7 
 Accumulated other comprehensive loss ( 123.1 ) ( 127.4 ) ( 138.8 ) 
 Total shareholders' equity 8,734.2 8,118.6 7,869.0 
 Noncontrolling interest 22.9 23.9 24.1 
 Total equity $ 8,757.1 $ 8,142.5 $ 7,893.1 
 Total liabilities and equity $ 16,978.5 $ 17,104.8 $ 14,351.9 

 The accompanying Notes to the Condensed Consolidated Financial Statements are an integral part of these statements. 
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 VULCAN MATERIALS COMPANY AND SUBSIDIARY COMPANIES 
 CONDENSED CONSOLIDATED STATEMENTS OF 
 COMPREHENSIVE INCOME 
 
 Unaudited Three Months Ended
September 30 Nine Months Ended
September 30 
 in millions, except per share data 2025 2024 2025 2024 
 Total revenues $ 2,291.5 $ 2,003.9 $ 6,028.5 $ 5,564.0 
 Cost of revenues ( 1,594.3 ) ( 1,438.7 ) ( 4,340.8 ) ( 4,101.6 ) 
 Gross profit 697.2 565.2 1,687.7 1,462.4 
 Selling, administrative and general expenses ( 145.3 ) ( 129.1 ) ( 428.0 ) ( 393.0 ) 
 Gain on sale of property, plant & equipment and businesses 0.6 0.2 9.2 4.6 
 Loss on impairments 0.0 ( 86.6 ) 0.0 ( 86.6 ) 
 Other operating expense, net ( 9.3 ) ( 12.6 ) ( 28.2 ) ( 23.9 ) 
 Operating earnings 543.2 337.1 1,240.7 963.5 
 Other nonoperating income (expense), net 
 0.7 ( 3.8 ) 0.4 ( 12.7 ) 
 Interest expense, net ( 55.3 ) ( 38.4 ) ( 174.2 ) ( 117.7 ) 
 Earnings from continuing operations before income taxes 
 488.6 294.9 1,066.9 833.1 
 Income tax expense ( 112.4 ) ( 85.2 ) ( 237.4 ) ( 208.5 ) 
 Earnings from continuing operations 376.2 209.7 829.5 624.6 
 Loss on discontinued operations, net of tax ( 1.2 ) ( 1.3 ) ( 4.2 ) ( 5.0 ) 
 Net earnings 375.0 208.4 825.3 619.6 
 Earnings attributable to noncontrolling interest ( 0.1 ) ( 0.8 ) ( 0.6 ) ( 1.4 ) 
 Net earnings attributable to Vulcan $ 374.9 $ 207.6 $ 824.7 $ 618.2 
 Other comprehensive income, net of tax 
 Amortization of accumulated cash flow hedge losses 0.4 0.4 1.3 1.2 
 Amortization of accumulated benefit plan costs 1.1 1.4 3.0 3.8 
 Other comprehensive income 1.5 1.8 4.3 5.0 
 Comprehensive income 376.5 210.2 829.6 624.6 
 Comprehensive earnings attributable to noncontrolling interest 
 ( 0.1 ) ( 0.8 ) ( 0.6 ) ( 1.4 ) 
 Comprehensive income attributable to Vulcan $ 376.4 $ 209.4 $ 829.0 $ 623.2 
 Basic earnings (loss) per share attributable to Vulcan 
 Continuing operations $ 2.85 $ 1.58 $ 6.27 $ 4.71 
 Discontinued operations ( 0.01 ) ( 0.01 ) ( 0.03 ) ( 0.04 ) 
 Net earnings $ 2.84 $ 1.57 $ 6.24 $ 4.67 
 Diluted earnings (loss) per share attributable to Vulcan 
 Continuing operations $ 2.83 $ 1.57 $ 6.24 $ 4.68 
 Discontinued operations ( 0.01 ) ( 0.01 ) ( 0.03 ) ( 0.03 ) 
 Net earnings $ 2.82 $ 1.56 $ 6.21 $ 4.65 
 Weighted-average common shares outstanding 
 Basic 132.1 132.2 132.2 132.3 
 Assuming dilution 132.9 133.0 132.9 133.1 
 Effective tax rate from continuing operations 23.0 % 28.9 % 22.3 % 25.0 % 

 The accompanying Notes to the Condensed Consolidated Financial Statements are an integral part of these statements. 
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 VULCAN MATERIALS COMPANY AND SUBSIDIARY COMPANIES 
 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 
 
 Unaudited Nine Months Ended
September 30 
 in millions 2025 2024 
 Operating Activities 
 Net earnings $ 825.3 $ 619.6 
 Adjustments to reconcile net earnings to net cash provided by operating activities 
 Depreciation, depletion, accretion and amortization 563.2 468.4 
 Noncash operating lease expense 40.1 38.6 
 Net gain on sale of property, plant & equipment and businesses ( 9.2 ) ( 4.6 ) 
 Loss on impairments 0.0 86.6 
 Contributions to pension plans ( 13.8 ) ( 7.1 ) 
 Share-based compensation expense 49.9 39.9 
 Deferred income taxes, net 56.5 ( 30.3 ) 
 Changes in assets and liabilities before initial effects of business acquisitions and dispositions ( 256.3 ) ( 246.5 ) 
 Other, net 14.3 4.9 
 Net cash provided by operating activities $ 1,270.0 $ 969.5 
 Investing Activities 
 Purchases of property, plant & equipment ( 492.9 ) ( 441.0 ) 
 Proceeds from sale of property, plant & equipment 23.0 5.6 
 Proceeds from sale of businesses 19.0 0.2 
 Payment for businesses acquired, net of acquired cash and adjustments 
 ( 8.5 ) ( 206.4 ) 
 Other, net 8.5 ( 0.2 ) 
 Net cash used for investing activities $ ( 450.9 ) $ ( 641.8 ) 
 Financing Activities 
 Proceeds from short-term debt 0.0 8.1 
 Payment of short-term debt ( 550.0 ) ( 8.0 ) 
 Payment of current maturities and long-term debt ( 400.5 ) ( 550.5 ) 
 
 Debt issuance and exchange costs 0.0 ( 3.5 ) 
 Payment of finance leases ( 8.5 ) ( 10.0 ) 
 Purchases of common stock ( 38.1 ) ( 68.8 ) 
 Dividends paid ( 195.4 ) ( 183.6 ) 
 Share-based compensation, shares withheld for taxes ( 30.5 ) ( 24.5 ) 
 Distribution to noncontrolling interest ( 1.5 ) ( 1.8 ) 
 Other, net ( 0.2 ) 0.0 
 Net cash used for financing activities $ ( 1,224.7 ) $ ( 842.6 ) 
 Net decrease in cash and cash equivalents and restricted cash 
 ( 405.6 ) ( 514.9 ) 
 Cash and cash equivalents and restricted cash at beginning of year 600.8 949.2 
 Cash and cash equivalents and restricted cash at end of period $ 195.2 $ 434.3 

 The accompanying Notes to the Condensed Consolidated Financial Statements are an integral part of these statements. 
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 NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 
 
 NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 
 NATURE OF OPERATIONS 
 Vulcan Materials Company (the “Company,” “Vulcan,” “we,” “our”), a New Jersey corporation, is the nation’s largest supplier of construction aggregates (primarily crushed stone, sand and gravel) and a major producer of aggregates-intensive downstream products such as asphalt mix and ready-mixed concrete. 
 We operate primarily in the United States, and our principal product — aggregates — is used in most types of public and private construction projects and in the production of asphalt mix and ready-mixed concrete. Our primary focus is serving metropolitan markets in the United States that are expected to experience the most significant growth in population, households and employment. These three demographic factors are significant drivers of demand for aggregates. While aggregates is our focus and primary business, we produce and sell aggregates-intensive asphalt mix and/or ready-mixed concrete products in certain markets. 
 BASIS OF PRESENTATION 
 Our accompanying unaudited condensed consolidated financial statements were prepared in compliance with the instructions to Form 10-Q and Article 10 of Regulation S-X and thus do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America (GAAP) for complete financial statements. We prepared the accompanying condensed consolidated financial statements on the same basis as our annual financial statements, except for the adoption of new accounting standards, if any, as described in Note 17 . Our Condensed Consolidated Balance Sheet as of December 31, 2024 was derived from the audited financial statement, but it does not include all disclosures required by GAAP. In the opinion of our management, the statements reflect all adjustments, including those of a normal recurring nature, necessary to present fairly the results of the reported interim periods. For further information, refer to the consolidated financial statements and footnotes included in our most recent Annual Report on Form 10-K. 
 Operating results for the three and nine month periods ended September 30, 2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025. 
 Our condensed consolidated financial statements reflect estimates and assumptions made by management that affect the reported amounts of assets, liabilities, revenues and expenses. The most significant estimates and assumptions included in the preparation of these financial statements are related to goodwill and long-lived asset impairments, business combinations and purchase price allocation, pension and other postretirement benefits, environmental compliance, claims and litigation including self-insurance, and income taxes (refer to the Critical Accounting Policies included in Item 7 of our most recent Annual Report on Form 10-K). Events that relate to conditions arising after September 30, 2025 will be reflected in management’s estimates for future periods. 
 NONCONTROLLING INTEREST 
 We own an 88 % controlling interest in the Orca Sand and Gravel Limited Partnership (Orca) which was formed to develop the Orca quarry in British Columbia, Canada. The remaining 12 % noncontrolling interest is held by the Namgis First Nation (Namgis). This noncontrolling interest consists of the Namgis’ share of the fair value equity in the partnership. Our condensed consolidated financial statements recognize the full fair value of all of the subsidiary’s assets and liabilities offset by the noncontrolling interest in total equity. 
 RESTRICTED CASH 
 Restricted cash primarily consists of cash proceeds from the sale of property held in escrow for the acquisition of replacement property under like-kind exchange agreements. The escrow accounts are administered by an intermediary. Cash restricted pursuant to like-kind exchange agreements remains restricted for a maximum of 180 days from the date of the property sale pending the acquisition of replacement property. Restricted cash may also include cash reserved by other contractual agreements (such as asset purchase agreements) for a specified purpose and therefore is not available for use for other purposes. Restricted cash is included with cash and cash equivalents in the accompanying Condensed Consolidated Statements of Cash Flows. 
 INVENTORIES 
 Inventories and supplies are stated at the lower of cost or net realizable value. Inventories are as follows: 
 
 in millions September 30
2025 December 31
2024 September 30
2024 
 Finished products $ 545.0 $ 534.6 $ 505.9 
 Raw materials 47.6 69.7 62.2 
 Products in process 12.3 9.0 11.1 
 Operating supplies and other 82.2 68.5 68.5 
 Total inventories $ 687.1 $ 681.8 $ 647.7 

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 DISCONTINUED OPERATIONS 
 In 2005, we sold substantially all the assets of our Chemicals business to a subsidiary of Occidental Chemical Corporation. The financial results of the Chemicals business are classified as discontinued operations in the accompanying Condensed Consolidated Statements of Comprehensive Income for all periods presented. Results from discontinued operations are as follows: 
 
 Three Months Ended
September 30 Nine Months Ended
September 30 
 in millions 2025 2024 2025 2024 
 Pretax loss $ ( 1.6 ) $ ( 1.8 ) $ ( 5.7 ) $ ( 6.8 ) 
 Income tax benefit 0.4 0.5 1.5 1.8 
 Loss on discontinued operations, net of tax $ ( 1.2 ) $ ( 1.3 ) $ ( 4.2 ) $ ( 5.0 ) 

 Our discontinued operations include charges related to general and product liability costs, including legal defense costs, and environmental remediation costs associated with our former Chemicals business (including certain matters as discussed in Note 8 ). There were no revenues from discontinued operations for the periods presented. 
 EARNINGS PER SHARE (EPS) 
 Earnings per share are computed by dividing net earnings by the weighted-average common shares outstanding (basic EPS) or weighted-average common shares outstanding assuming dilution (diluted EPS) , as set forth below: 
 
 Three Months Ended
September 30 Nine Months Ended
September 30 
 in millions 2025 2024 2025 2024 
 Weighted-average common shares outstanding 132.1 132.2 132.2 132.3 
 Dilutive effect of 
 Stock-Only Stock Appreciation Rights 0.1 0.2 0.1 0.2 
 Other stock compensation awards 0.7 0.6 0.6 0.6 
 Weighted-average common shares outstanding, assuming dilution 132.9 133.0 132.9 133.1 

 All dilutive common stock equivalents are reflected in our earnings per share calculations. In periods of loss, shares that otherwise would have been included in our diluted weighted-average common shares outstanding computation would be excluded. 
 Antidilutive common stock equivalents are not included in our earnings per share calculations. The number of antidilutive common stock equivalents for which the exercise price exceeds the weighted-average market price is as follows: 
 
 Three Months Ended
September 30 Nine Months Ended
September 30 
 in millions 2025 2024 2025 2024 
 Antidilutive common stock equivalents 0.1 0.1 0.1 0.1 

 RECLASSIFICATIONS 
 Capitalized quarry development costs of $ 160.8 million and $ 168.3 million at September 30, 2024 and December 31, 2024, respectively, were reclassified from Other noncurrent assets to Other intangible assets, net in our Condensed Consolidated Balance Sheet to conform to our current presentation. 
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 NOTE 2: LEASES 
 Our portfolio of nonmineral leases is composed of leases for real estate (including office buildings, aggregates sales yards and terminals, and concrete and asphalt sites) and equipment (including railcars and rail track, barges, and office, plant and mobile equipment). 
 Lease right-of-use (ROU) assets and liabilities and the weighted-average lease terms and discount rates are as follows: 
 
 dollars in millions Classification on the Balance Sheet September 30
2025 December 31
2024 September 30
2024 
 Assets 1 
 
 Operating lease ROU assets $ 706.6 $ 673.2 $ 651.4 
 Accumulated amortization ( 157.6 ) ( 146.8 ) ( 143.1 ) 
 Operating leases, net Operating lease right-of-use assets, net 549.0 526.4 508.3 
 Finance lease ROU assets 44.3 54.7 55.8 
 Accumulated depreciation ( 21.6 ) ( 24.3 ) ( 23.2 ) 
 Finance leases, net Property, plant & equipment, net 22.7 30.4 32.6 
 Total lease assets $ 571.7 $ 556.8 $ 540.9 
 Liabilities 1 
 
 Current 
 Operating Other current liabilities $ 49.4 $ 49.3 $ 48.7 
 Finance Other current liabilities 8.2 10.7 11.4 
 Noncurrent 
 Operating Noncurrent operating lease liabilities 540.1 521.4 503.5 
 Finance Other noncurrent liabilities 5.3 9.7 11.8 
 Total lease liabilities $ 603.0 $ 591.1 $ 575.4 
 Lease Term and Discount Rate 
 Weighted-average remaining lease term (years) 
 Operating leases 18.9 18.9 19.1 
 Finance leases 2.1 2.2 2.3 
 Weighted-average discount rate 
 Operating leases 4.8 % 4.5 % 4.4 % 
 Finance leases 3.8 % 3.2 % 3.1 % 

 1 Balances at September 30, 2025 include lease assets and liabilities classified as held for sale as detailed in Note 16 . 
 Our lease agreements do not contain material residual value guarantees, restrictive covenants or early termination options. In addition to the lease assets and liabilities presented in the table above, we entered into an agreement to lease a terminal in California and expect to have all permits in place associated with all lease commencement options by the end of the current year. 
 The components of lease expense are as follows: 
 
 Three Months Ended
September 30 Nine Months Ended
September 30 
 in millions 2025 2024 2025 2024 
 Finance lease cost 
 Depreciation of right-of-use assets $ 2.0 $ 2.3 $ 6.2 $ 7.2 
 Interest on lease liabilities 0.1 0.2 0.4 0.5 
 Operating lease cost 20.3 19.0 60.9 56.6 
 Short-term lease cost 1 
 12.6 12.2 36.7 34.9 
 Variable lease cost 5.8 5.5 14.4 15.1 
 Sublease income ( 0.8 ) ( 0.7 ) ( 2.4 ) ( 2.0 ) 
 Sale and leaseback gain 0.0 0.0 ( 4.6 ) 0.0 
 Total lease expense $ 40.0 $ 38.5 $ 111.6 $ 112.3 

 1 Includes the cost of leases with an initial term of one year or less (including those with terms of one month or less). 
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 Cash paid for operating leases was $ 60.9 million and $ 55.3 million for the nine months ended September 30, 2025 and 2024, respectively. Cash paid for finance leases (principal and interest) was $ 8.9 million and $ 10.5 million for the nine months ended September 30, 2025 and 2024, respectively. 
 
 NOTE 3: INCOME TAXES 
 Our estimated annual effective tax rate (EAETR) is based on full-year expectations of pretax earnings, statutory tax rates and permanent differences between book and tax accounting such as percentage depletion. For interim financial reporting, we calculate our quarterly income tax provision in accordance with the EAETR. Each quarter, we update our EAETR based on our revised full-year expectation of pretax earnings and calculate the income tax provision so that the year-to-date income tax provision reflects the EAETR. Significant judgment is required in determining our EAETR. Certain taxes may be computed outside of the EAETR and recognized when the event occurs, such as payments of share-based awards and significant, unusual, or infrequently occurring events. 
 In the third quarter of 2025, we recorded income tax expense from continuing operations of $ 112.4 million compared to $ 85.2 million in the third quarter of 2024. The increase in tax expense was primarily due to the increase in pretax earnings, partially offset by the nondeductible portion of the loss on impairment recorded in the third quarter of 2024. 
 
 For the first nine months of 2025, we recorded income tax expense from continuing operations of $ 237.4 million compared to $ 208.5 million for the first nine months of 2024. The increase in tax expense was primarily due to the increase in pretax earnings, partially offset by the nondeductible portion of the loss on impairment recorded in the third quarter of 2024. The increase was further offset by an increase in the statutory depletion deduction and the release of a valuation allowance against deferred tax assets of a Canadian subsidiary in 2025. 
 
 As discussed in Note 8 , in May 2022, Mexican government officials unexpectedly and arbitrarily shut down our Calica operations in Mexico. In 2024, Calica had deferred tax assets (including net operating losses) of $ 27.5 million against which we have a full valuation allowance recorded. In 2025, we project a $ 7.6 million increase in deferred tax assets against which we have recorded a valuation allowance. A majority of the deferred tax assets relate to a net operating loss (NOL) carryforward which would expire between 2032 and 2035 if not utilized. Should the Mexican government lift the shutdown and/or if we are successful in our North American Free Trade Agreement (NAFTA) claim, we will reevaluate the need for a valuation allowance against the deferred tax assets. 
 We project Alabama NOL carryforward deferred tax assets at December 31, 2025 of $ 57.6 million against which we have a valuation allowance of $ 42.7 million. We expect $ 8.7 million of the Alabama NOL carryforward to expire in 2025 resulting in a tax expense of $ 0.7 million (recorded as a component of the EAETR) over the previous amount of valuation allowance recorded. Almost all of the Alabama NOL carryforward would expire between 2025 and 2029 if not utilized. 
 In July 2025, President Trump signed into law H.R.1 - One Big Beautiful Bill Act ("OBBBA"). The OBBBA makes permanent key elements of the Tax Cuts and Jobs Act, including 100% bonus depreciation, domestic research cost expensing and an increased business interest expense limitation, as well as certain modifications to the international tax framework. Changes in tax rates and laws on deferred tax balances are recognized in the period in which the legislation is enacted. Consequently, we have evaluated our deferred tax balances and incorporated all applicable changes required into our financial statements as a result of the OBBBA for the quarter ended September 30, 2025. The results include an increase to our deferred tax liability and a reduction to income taxes payable related to the provisions for 100% bonus depreciation and full expensing of domestic research expenditures. No material changes to our effective tax rate resulted from the OBBBA. 
 A summary of our deferred tax assets and liabilities is included in Note 9 “Income Taxes” in our Annual Report on Form 10-K for the year ended December 31, 2024. 
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 NOTE 4: REVENUES 
 Revenues are measured as the amount of consideration we expect to receive in exchange for transferring goods or providing services. Sales taxes and other taxes we collect are recorded as liabilities until remitted and thus are excluded from revenues. Costs to obtain and fulfill contracts (primarily asphalt construction paving contracts) are immaterial and are expensed as incurred when the expected amortization period is one year or less. 
 Our segment total revenues by geographic market for the three and nine month periods ended September 30, 2025 and 2024 are disaggregated as follows: 
 
 Three Months Ended September 30, 2025 
 in millions Aggregates Asphalt Concrete Total 
 East revenues $ 567.7 $ 68.1 $ 91.8 $ 727.6 
 Gulf Coast revenues 943.0 107.7 2.6 1,053.3 
 West revenues 281.4 240.3 143.1 664.8 
 Segment sales $ 1,792.1 $ 416.1 $ 237.5 $ 2,445.7 
 Intersegment sales ( 154.2 ) 0.0 0.0 ( 154.2 ) 
 Total revenues 1 
 $ 1,637.9 $ 416.1 $ 237.5 $ 2,291.5 

 
 Three Months Ended September 30, 2024 
 in millions Aggregates Asphalt Concrete Total 
 East revenues $ 466.7 $ 64.0 $ 88.4 $ 619.1 
 Gulf Coast revenues 842.7 90.9 2.6 936.2 
 West revenues 263.0 226.2 83.4 572.6 
 Segment sales $ 1,572.4 $ 381.1 $ 174.4 $ 2,127.9 
 Intersegment sales ( 124.0 ) 0.0 0.0 ( 124.0 ) 
 Total revenues 1 
 $ 1,448.4 $ 381.1 $ 174.4 $ 2,003.9 

 
 
 Nine Months Ended September 30, 2025 
 in millions Aggregates Asphalt Concrete Total 
 East revenues $ 1,457.3 $ 150.8 $ 246.4 $ 1,854.5 
 Gulf Coast revenues 2,566.1 251.0 6.0 2,823.1 
 West revenues 754.1 591.9 382.8 1,728.8 
 Segment sales $ 4,777.5 $ 993.7 $ 635.2 $ 6,406.4 
 Intersegment sales ( 377.9 ) 0.0 0.0 ( 377.9 ) 
 Total revenues 1 
 $ 4,399.6 $ 993.7 $ 635.2 $ 6,028.5 

 
 Nine Months Ended September 30, 2024 
 in millions Aggregates Asphalt Concrete Total 
 East revenues $ 1,267.3 $ 149.7 $ 246.6 $ 1,663.6 
 Gulf Coast revenues 2,484.7 198.0 7.1 2,689.8 
 West revenues 725.3 570.8 236.2 1,532.3 
 Segment sales $ 4,477.3 $ 918.5 $ 489.9 $ 5,885.7 
 Intersegment sales ( 321.7 ) 0.0 0.0 ( 321.7 ) 
 Total revenues 1 
 $ 4,155.6 $ 918.5 $ 489.9 $ 5,564.0 

 
 1 The geographic markets are defined by states/countries as follows: 
 East market — Arkansas, Delaware, Illinois, Kentucky, Maryland, New Jersey, New York, North Carolina, Pennsylvania, Tennessee, Virginia and Washington D.C. 
 Gulf Coast market — Alabama, Florida, Georgia, Louisiana, Mississippi, Oklahoma, South Carolina, Texas, U.S. Virgin Islands, Freeport (Bahamas), Puerto Cortés (Honduras) and Quintana Roo (Mexico) 
 West market — Arizona, California, Hawaii, New Mexico and British Columbia (Canada) 
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 Total revenues are primarily derived from our p roduct sales of aggregates (crushed stone, sand and gravel, sand and other aggregates), asphalt mix and ready-mixed concrete, and include freight & delivery costs that we pass along to our customers to deliver these products. We also generate service revenues from our asphalt construction paving business and service revenues related to our aggregates business, such as landfill tipping fees. Our total service revenues were $ 104.7 million ( 4.6 % of total revenues) and $ 88.2 million ( 4.4 % of total revenues) for the three months ended September 30, 2025 and 2024, respectively, and $ 237.4 million ( 3.9 % of total revenues) and $ 195.0 million ( 3.5 % of total revenues) for the nine months ended September 30, 2025 and 2024, respectively. 
 Our products typically are sold to private industry and not directly to governmental entities. Although approximately 40 % to 55 % of our aggregates shipments have historically been used in publicly funded construction (such as highways, airports and government buildings), a relatively small portion of our sales are made directly to federal, state, county or municipal governments/agencies. Therefore, although reductions in state and federal funding can curtail publicly funded construction, the vast majority of our business is not directly subject to renegotiation of profits or termination of contracts with local, state or federal governments. 
 PRODUCT REVENUES 
 Revenue is recognized when obligations under the terms of a contract with our customer are satisfied; generally, this occurs at a point in time when our aggregates, asphalt mix and ready-mixed concrete are shipped/delivered and control passes to the customer. Revenue for our products is recorded at the fixed invoice amount, and payment is due by the 15 th day of the following month. We do not offer discounts for early payment. 
 Freight & delivery generally represents pass-through transportation costs we incur (including our administrative costs) and pay to third-party carriers to deliver our products to customers and are accounted for as a fulfillment activity. Likewise, the costs related to freight & delivery are included in cost of revenues. 
 Freight & delivery revenues are as follows: 
 
 Three Months Ended
September 30 Nine Months Ended
September 30 
 in millions 2025 2024 2025 2024 
 Total revenues $ 2,291.5 $ 2,003.9 $ 6,028.5 $ 5,564.0 
 Freight & delivery revenues 1 
 ( 283.3 ) ( 261.4 ) ( 763.3 ) ( 741.7 ) 
 Total revenues excluding freight & delivery $ 2,008.2 $ 1,742.5 $ 5,265.2 $ 4,822.3 

 1 Includes freight & delivery to remote distribution sites. 
 CONSTRUCTION PAVING SERVICE REVENUES 
 Revenue from our asphalt construction paving business is recognized over time using the percentage-of-completion method under the cost approach. The percentage of completion is determined by costs incurred to date as a percentage of total costs estimated for the project. Under this approach, recognized contract revenue equals the total estimated contract revenue multiplied by the percentage of completion. Future revenues from unsatisfied performance obligations (including contracts with an expected duration of 1 year or less) at September 30, 2025 and 2024 were $ 293.8 million and $ 206.5 million, respectively. The remaining period to complete the obligations at September 30, 2025 ranged from 0 months to 46 months. 
 Our construction contracts are unit priced, and an account receivable is recorded for amounts invoiced based on actual units produced. Contract assets for estimated earnings in excess of billings, contract assets related to retainage provisions and contract liabilities for billings in excess of costs are immaterial. Variable consideration in our construction paving contracts is immaterial and consists of incentives and penalties based on the quality of work performed. Our construction paving contracts may contain warranty provisions covering defects in equipment, materials, design or workmanship that generally run from nine months to one year after project completion. Due to the nature of our construction paving projects, including contract owner inspections of the work during construction and prior to acceptance, we have not experienced material warranty costs for these short-term warranties. 
 VOLUMETRIC PRODUCTION PAYMENT DEFERRED REVENUES 
 In 2013 and 2012, we sold a percentage interest in certain future aggregates production for net cash proceeds of $ 226.9 million. These transactions, structured as volumetric production payments (VPPs): 
 ▪ relate to eight quarries in Georgia and South Carolina 
 ▪ provide the purchaser solely with a nonoperating percentage interest in the subject quarries’ future aggregates production 
 ▪ contain no minimum annual or cumulative guarantees by us for production or sales volume, nor minimum sales price 
 ▪ are both volume and time limited 
 We are the exclusive sales agent for, and transmit quarterly to the purchaser the proceeds from the sale of, the purchaser’s share of aggregates production. Our consolidated total revenues exclude the revenue from the sale of the purchaser’s share of aggregates. 
 The proceeds we received from the sale of the percentage interest were recorded as deferred revenue on the balance sheet. We recognize revenue on a unit-of-sales basis (as we sell the purchaser’s share of production) relative to the volume limitations of the transactions. Given the nature of the risks and potential rewards assumed by the buyer, the transactions do not reflect financing activities. 
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 Changes in our deferred revenue balances (current and noncurrent) are as follows: 
 
 Three Months Ended
September 30 Nine Months Ended
September 30 
 in millions 2025 2024 2025 2024 
 Deferred revenue balance at beginning of period $ 141.8 $ 148.9 $ 145.3 $ 152.8 
 Revenue recognized from deferred revenue ( 2.0 ) ( 2.0 ) ( 5.5 ) ( 5.9 ) 
 Deferred revenue balance at end of period $ 139.8 $ 146.9 $ 139.8 $ 146.9 

 Based on expected sales from the specified quarries, we expect to recognize $ 7.5 million of VPP deferred revenue as income during the twelve-month period ending September 30, 2026 (reflected in other current liabilities in our September 30, 2025 Condensed Consolidated Balance Sheet). 
 
 NOTE 5: FAIR VALUE MEASUREMENTS 
 Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels as described below: 
 Level 1: Quoted prices in active markets for identical assets or liabilities 
 Level 2: Inputs that are derived principally from or corroborated by observable market data 
 Level 3: Inputs that are unobservable and significant to the overall fair value measurement 
 Our assets subject to fair value measurement on a recurring basis are summarized below: 
 
 in millions September 30
2025 December 31
2024 September 30
2024 
 Level 1 Fair Value 
 Rabbi Trust 
 Mutual funds $ 41.4 $ 31.1 $ 34.7 
 Total $ 41.4 $ 31.1 $ 34.7 
 Level 2 Fair Value 
 
 Rabbi Trust 
 Money market mutual fund $ 2.1 $ 0.3 $ 0.3 
 Total $ 2.1 $ 0.3 $ 0.3 

 We have two Rabbi Trusts for the purpose of providing a level of security for the employee nonqualified retirement and deferred compensation plans and for the directors' nonqualified deferred compensation plans. The fair values of these investments are estimated using a market approach. The Level 1 investments include mutual funds for which quoted prices in active markets are available. Level 2 investments are stated at estimated fair value based on the underlying investments in the fund (high-quality, short-term money market instruments). 
 Net gains of the Rabbi Trusts’ investments were $ 3.9 million and $ 3.8 million for the nine months ended September 30, 2025 and 2024, respectively. The portions of the net gains related to investments still held by the Rabbi Trusts at September 30, 2025 and 2024 were $ 1.5 million and $ 3.7 million, respectively. 
 
 The carrying values of our cash equivalents, restricted cash, accounts and notes receivable, short-term debt, trade payables and accruals, and all other current liabilities approximate their fair values because of the short-term nature of these instruments. Additional disclosures for derivative instruments and interest-bearing debt are presented in Note 6 and Note 7 , respectively. 
 11 

 
 
 

 NOTE 6: DERIVATIVE INSTRUMENTS 
 During the normal course of operations, we are exposed to market risks including interest rates, foreign currency exchange rates and commodity prices. From time to time, we use derivative instruments to balance the cost and risk of such expenses. We do not use derivative instruments for trading or other speculative purposes. 
 
 In prior periods, we entered into interest rate locks of future debt issuances to hedge the risk of higher interest rates. These interest rate locks were designated as cash flow hedges. The gain/loss upon settlement of these cash flow hedges is deferred (recorded in accumulated other comprehensive income (AOCI)) and amortized to interest expense over the term of the related debt. 
 This amortization was reflected in the accompanying Condensed Consolidated Statements of Comprehensive Income as follows: 
 
 in millions Income Statement
Location Three Months Ended
September 30 Nine Months Ended
September 30 
 2025 2024 2025 2024 
 
 Loss reclassified from AOCI Interest expense $ ( 0.6 ) $ ( 0.6 ) $ ( 1.8 ) $ ( 1.7 ) 

 For the twelve-month period ending September 30, 2026, we estimate that $ 2.4 million of the $ 16.4 million net of tax loss in AOCI will be reclassified to interest expense. 
 
 NOTE 7: DEBT 
 Debt is detailed as follows: 
 
 in millions Effective
Interest Rates September 30
2025 December 31
2024 September 30
2024 
 Bank line of credit expires 2029 
 $ 0.0 $ 0.0 $ 0.0 
 Commercial paper expires 2029 
 0.0 0.0 0.0 
 Total short-term debt $ 0.0 $ 0.0 $ 0.0 
 Bank line of credit expires 2029 1 
 $ 0.0 $ 0.0 $ 0.0 
 Commercial paper expires 2029 1 
 0.0 550.0 550.0 
 4.50 % notes due 2025 
 0.0 400.0 400.0 
 3.90 % notes due 2027 
 4.00 % 400.0 400.0 400.0 
 4.95 % notes due 2029 
 5.17 % 500.0 500.0 0.0 
 3.50 % notes due 2030 
 3.94 % 750.0 750.0 750.0 
 5.35 % notes due 2034 
 5.48 % 750.0 750.0 0.0 
 7.15 % notes due 2037 
 8.05 % 129.2 129.2 129.2 
 4.50 % notes due 2047 
 4.59 % 700.0 700.0 700.0 
 4.70 % notes due 2048 
 5.42 % 460.9 460.9 460.9 
 5.70 % notes due 2054 
 5.82 % 750.0 750.0 0.0 
 Other notes 0.4 1.0 1.0 
 Total long-term debt - face value $ 4,440.5 $ 5,391.1 $ 3,391.1 
 Unamortized discounts and debt issuance costs ( 79.7 ) ( 83.7 ) ( 61.4 ) 
 
 Total long-term debt - book value $ 4,360.8 $ 5,307.4 $ 3,329.7 
 Current maturities ( 0.4 ) ( 400.5 ) ( 0.5 ) 
 Total long-term debt - reported value $ 4,360.4 $ 4,906.9 $ 3,329.2 
 Estimated fair value of long-term debt $ 4,354.8 $ 4,762.6 $ 3,286.9 

 
 1 Borrowings on the bank line of credit and commercial paper are classified as long-term if we have the intent and ability to extend payment beyond twelve months. 
 Discounts and debt issuance costs are amortized using the effective interest method over the terms of the respective notes resulting in $ 4.0 million and $ 5.5 million of net interest expense for these items for the nine months ended September 30, 2025 and 2024, respectively. 
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 LINE OF CREDIT AND COMMERCIAL PAPER PROGRAM 
 Our $ 1,600.0 million unsecured commercial paper program was established in August 2022 and matures in November 2029. Our commercial paper is fully back-stopped by our line of credit and contains covenants customary for an unsecured investment-grade facility. As of September 30, 2025, we were in compliance with the commercial paper covenants. Commercial paper borrowings bear interest at rates determined at the time of borrowing and as agreed between us and the commercial paper investors. As of September 30, 2025, there were no outstanding commercial paper borrowings. 
 Our $ 1,600.0 million unsecured line of credit was amended in November 2024 to extend the maturity date from August 2027 to November 2029. Our line of credit contains covenants customary for an unsecured investment-grade facility. As of September 30, 2025, we were in compliance with the line of credit covenants. Borrowings on the line of credit bear interest, at our option, at either SOFR plus a margin or Truist Bank’s base rate plus a margin. The margins are determined by our credit ratings. Standby letters of credit, which are issued under the line of credit and reduce availability, are charged a fee equal to the margin for SOFR borrowings plus 0.175 %. We also pay a commitment fee on the daily average unused amount of the line of credit that ranges from 0.090 % to 0.225 % determined by our credit ratings. As of September 30, 2025, the margin for SOFR borrowings was 1.125 %, the margin for base rate borrowings was 0.125 % and the commitment fee for the unused amount was 0.100 %. 
 As of September 30, 2025, our available borrowing capacity under the line of credit was $ 1,576.7 million. Utilization of the borrowing capacity was as follows: 
 ▪ No ne was borrowed 
 ▪ $ 23.3 million was used to support standby letters of credit 
 TERM DEBT 
 All of our $ 4,440.5 million (face value) of term debt is unsecured. All of the covenants in the debt agreements are customary for investment-grade facilities. As of September 30, 2025, we were in compliance with all term debt covenants. 
 In November 2024, we issued $ 500.0 million of 4.95 % senior notes due 2029, $ 750.0 million of 5.35 % senior notes due 2034 and $ 750.0 million of 5.70 % senior notes due 2054. Total proceeds of $ 1,975.0 million (net of discounts and transaction costs), together with cash on hand, were used to provide liquidity for acquisitions in 2024 and debt maturing in 2025. 
 In March 2025, we redeemed the $ 400.0 million senior notes due April 2025 using cash on hand . 
 STANDBY LETTERS OF CREDIT 
 We provide, in the normal course of business, certain third-party beneficiaries with standby letters of credit to support our obligations to pay or perform according to the requirements of an underlying agreement. Such letters of credit typically have an initial term of one year , renew automatically and can only be modified or canceled with the approval of the beneficiary. Except for $ 5.2 million of letters of credit related to acquisitions completed in 2024, our standby letters of credit are issued by banks that participate in our $ 1,600.0 million line of credit and reduce the borrowing capacity thereunder. Our standby letters of credit as of September 30, 2025 are summarized by purpose in the table below: 
 
 in millions 
 Risk management insurance $ 9.8 
 Reclamation/restoration requirements 18.7 
 Total standby letters of credit $ 28.5 

 
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 NOTE 8: COMMITMENTS AND CONTINGENCIES 
 Certain of our aggregates reserves are burdened by volumetric production payments (nonoperating interest) as described in Note 4 . As the holder of the operating interest, we have responsibility to bear the cost of mining and producing the reserves attributable to this nonoperating interest. 
 As stated in Note 2 , our lease liabilities totaled $ 603.0 million as of September 30, 2025. 
 As summarized by purpose in Note 7 , our standby letters of credit totaled $ 28.5 million as of September 30, 2025. 
 As described in Note 9 , our asset retirement obligations totaled $ 446.1 million as of September 30, 2025. 
 LITIGATION AND ENVIRONMENTAL MATTERS 
 We are subject to occasional governmental proceedings and orders pertaining to occupational safety and health or to protection of the environment, such as proceedings or orders relating to noise abatement, air emissions or water discharges. As part of our continuing program of stewardship in safety, health and environmental matters, we have been able to resolve such proceedings and to comply with such orders without any material adverse effects on our business. 
 We have received notices from the United States Environmental Protection Agency (EPA) or similar state or local agencies that we are considered a potentially responsible party (PRP) at a limited number of sites under the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA or Superfund) or similar state and local environmental laws. Generally, we share the cost of remediation at these sites with other PRPs or alleged PRPs in accordance with negotiated or prescribed allocations. There is inherent uncertainty in determining the potential cost of remediating a given site and in determining any individual party's share in that cost. As a result, estimates can change substantially as additional information becomes available regarding the nature or extent of site contamination, remediation methods, other PRPs and their probable level of involvement, and actions by or against governmental agencies or private parties. 
 We have reviewed the nature and extent of our involvement at each Superfund site, as well as potential obligations arising under other federal, state and local environmental laws. While ultimate resolution and financial liability is uncertain at a number of the sites, in our opinion, based on information currently available, the ultimate resolution of claims and assessments related to these sites will not have a material effect on our consolidated results of operations, financial position or cash flows, although amounts recorded in a given period could be material to our results of operations or cash flows for that period. Amounts accrued for environmental matters (measured on an undiscounted basis) are presented below: 
 
 in millions September 30
2025 December 31
2024 September 30
2024 
 Continuing operations $ 46.3 $ 47.9 $ 33.4 
 Retained from former Chemicals business 8.3 8.3 8.2 
 Total accrued environmental remediation costs $ 54.6 $ 56.2 $ 41.6 

 We are a defendant in various lawsuits in the ordinary course of business. It is not possible to determine with precision the outcome, or the amount of liability, if any, under these lawsuits, especially where the cases involve possible jury trials with as yet undetermined jury panels. 
 In addition to these lawsuits in which we are involved in the ordinary course of business, certain other material legal proceedings are more specifically described below: 
 ▪ LOWER PASSAIC RIVER STUDY AREA (DISCONTINUED OPERATIONS and SUPERFUND SITE) — The Lower Passaic River Study Area is part of the Diamond Shamrock Superfund Site in New Jersey. Vulcan and approximately 70 other companies are parties (collectively the Cooperating Parties Group, CPG) to a May 2007 Administrative Order on Consent (AOC) with the EPA to perform a Remedial Investigation/Feasibility Study (draft RI/FS) of the lower 17 miles of the Passaic River (River). The draft RI/FS was submitted recommending a targeted hot spot remedy; however, the EPA issued a record of decision (ROD) in March 2016 that calls for a bank-to-bank dredging remedy for the lower 8 miles of the River. The EPA estimates that the cost of implementing this proposal is $ 1.38 billion. In September 2016, the EPA entered into an Administrative Settlement Agreement and Order on Consent with Occidental Chemical Corporation (Occidental) in which Occidental agreed to undertake the remedial design for this bank-to-bank dredging remedy and to reimburse the United States for certain response costs. 
 Efforts to investigate and remediate the River have been underway for many years and have involved hundreds of entities that have had operations on or near the River at some point during the past several decades. We formerly owned a chemicals operation near the mouth of the River, which was sold in 1974. The major risk drivers in the River have been identified to include dioxins, PCBs, DDx and mercury. We did not manufacture any of these risk drivers and have no evidence that any of these were discharged into the River by Vulcan. 
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 In August 2017, the EPA informed certain members of the CPG, including Vulcan and others, that it planned to use the services of a third-party allocator with the expectation of offering cash-out settlements to some parties in connection with the bank-to-bank remedy identified in the ROD. This voluntary allocation process established an impartial third-party expert recommendation for use by the government and the participants as the basis of possible settlements, including settlements related to future remediation actions. The final allocation recommendations, which are subject to confidentiality provisions, were submitted to the EPA for its review and consideration in December 2020. Certain PRPs, including Vulcan, thereafter received a joint confidential settlement demand from the EPA/Department of Justice (DOJ). Vulcan and certain of the other PRPs that received the joint confidential settlement demand (the Settling Defendants) reached an agreement to settle with the EPA/DOJ and negotiated a Consent Decree. The court granted the motion to enter the Consent Decree in December 2024. Occidental thereafter filed an appeal challenging the entry of the Consent Decree. The appeal remains pending. Vulcan’s portion of the settlement is within the immaterial loss recorded for this matter in 2015. 
 In July 2018, Vulcan, along with more than 100 other defendants, was sued by Occidental in United States District Court for the District of New Jersey, Newark Vicinage. Occidental is seeking cost recovery and contribution under CERCLA for costs related to the River. This lawsuit is currently stayed. In another related proceeding, Occidental filed a lawsuit in March 2023 against Vulcan and 39 other defendants in United States District Court for the District of New Jersey, Newark Vicinage seeking cost recovery and contribution under CERCLA for costs related to the upper 9 miles of the River. It is unknown at this time how the settlement and approval of the Consent Decree with the EPA/DOJ would affect the Occidental lawsuits. 
 ▪ TEXAS BRINE MATTER (DISCONTINUED OPERATIONS) — During operation of its former Chemicals Division, Vulcan leased the right to mine salt out of an underground salt dome formation in Assumption Parish, Louisiana from 1976 - 2005. Throughout that period, Texas Brine Company (Texas Brine) was the operator contracted by Vulcan to mine and deliver the salt as brine. We sold our Chemicals Division in 2005 and transferred our rights and interests related to the salt and mining operations to the purchaser, a subsidiary of Occidental Chemical Company (Occidental), and we have had no association with the leased premises or Texas Brine since that time. In August 2012, a sinkhole developed in the vicinity of the Texas Brine mining operations. Numerous lawsuits were filed thereafter in state court in Assumption Parish, Louisiana. Other lawsuits, including class action litigation, were filed in the United States District Court for the Eastern District of Louisiana in New Orleans. 
 In these lawsuits, the main plaintiffs sued numerous defendants, including Texas Brine, Occidental and Vulcan, alleging various damages including, but not limited to, property damages; a claim by the State of Louisiana for response costs and civil penalties; physical damages to oil and gas pipelines and storage facilities (pipelines); and business interruption losses. All such claims have been settled except for the claims by the State of Louisiana. Our insurers to date have funded these settlements in excess of our self-insured retention amount. 
 Additionally, Texas Brine, Occidental and Vulcan sued each other in various state and federal court forums. Vulcan and Occidental dismissed all of their claims against one another in 2017. Texas Brine's and Vulcan's claims against each other remained pending in state and federal court until the third quarter of 2025. In general, Texas Brine alleged that the sinkhole was caused, in whole or in part, by our negligent or fraudulent actions or failure to act; that we breached the salt lease with Occidental, as well as an operating agreement and related contracts with Texas Brine; that we were strictly liable for certain property damages in our capacity as a former lessee of the salt lease; and that we violated the agreement under which we sold our Chemicals Division to Occidental. Texas Brine’s claims against Vulcan included claims for past and future response costs, lost profits and investment costs, indemnity payments, attorneys’ fees, other litigation costs, and judicial interests. Texas Brine also filed a lawsuit against Vulcan seeking indemnity for potential exposure Texas Brine was subject to in its related arbitration with Occidental, to the State of Louisiana, and for ongoing and future Louisiana regulatory matters. In the second quarter of 2022, we recorded an immaterial loss related to these claims brought by Texas Brine. 
 During the third quarter of 2025, Vulcan and Texas Brine settled all disputed matters remaining between them, with Vulcan paying an amount within the range of the immaterial loss recorded in the second quarter of 2022. With the dispute between Vulcan, Occidental and Texas Brine concluded, the only remaining liability related to this matter concerns claims by the State of Louisiana. The claims from the State of Louisiana as defined by their pleadings and discovery responses present an immaterial liability within the range of the remaining loss recorded in the second quarter of 2022. 
 ▪ 1,1,1-TRICHLOROETHANE LITIGATION (DISCONTINUED OPERATIONS) — During the operation of our former Chemicals Division, which was divested to Occidental in 2005, Vulcan manufactured a chlorinated solvent known as 1,1,1-trichloroethane. Vulcan faces liabilities related to 1,1,1-trichloroethane stabilized with 1,4-dioxane ("TCA"). We are one of the defendants in cases filed in both state and federal courts, including one case filed by the State of New Jersey. According to the various complaints, the plaintiffs seek damages including, but not limited to, unspecified compensatory damages associated with the remediation of water wells allegedly contaminated with 1,4-dioxane, natural resource damages, disgorgement of profits from the sale of TCA, punitive damages, as well as penalties and attorney's fees under various statutes. Our first-layer insurance carrier has funded all settlements to date. We will vigorously defend the remaining cases on substantive and procedural grounds. At this time, we cannot determine the likelihood of loss, or reasonably estimate a range of loss, if any, pertaining to the above-referenced cases. 
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 ▪ HEWITT LANDFILL MATTER (SUPERFUND SITE) — In 2015, the Los Angeles Regional Water Quality Control Board (RWQCB) issued a Cleanup and Abatement Order (CAO) directing Calmat Co., a Vulcan subsidiary (hereinafter Vulcan) to assess, monitor, cleanup, and abate wastes that have been discharged to soil, soil vapor, and/or groundwater at the former Hewitt Landfill in Los Angeles. 
 Following an extensive investigation and pilot scale testing, Vulcan implemented an onsite corrective action plan approved by RWQCB that includes a groundwater pump, treat and reinjection system. In 2024, the RWQCB made a request under the CAO for a work plan to install additional monitoring wells and optimize and expand the existing on-site remediation system. This request complements expansion discussions with the EPA and other stakeholders as part of an Alternative Design Plan (ADP). Currently-anticipated costs of these on-site source control activities have been fully accrued. 
 We are also engaged in an ongoing dialogue with the EPA and the Los Angeles Department of Water and Power (LADWP) regarding the potential contribution of the Hewitt Landfill to groundwater contamination in the North Hollywood Operable Unit (NHOU) of the San Fernando Valley Superfund Site. 
 The EPA and Vulcan entered into a 2017 Administrative Order on Consent (AOC) for the design of two extraction wells south of the Hewitt Landfill to protect the North Hollywood West (NHW) well field. Thereafter, LADWP proposed and ultimately constructed two water production and well head treatment facilities—the NHW system and the North Hollywood Central (NHC) system—at LADWP wellfields located near the Hewitt Landfill. After significant evaluation of the likely effect of LADWP’s water production facilities on other previously-feasible remediation options and the exchange of numerous workplans and evaluation reports, Vulcan submitted an ADP to the EPA in August 2025. The ADP relies upon the RWQCB-approved expansion of the onsite Hewitt remedy and, necessarily, the two well head treatment systems operated by LADWP as the preferred method to address the off-site impacts that were the target of the 2017 AOC. The ADP further contemplates an agreement on the coordination of the operation of the onsite Hewitt remedy and LADWP’s well head treatment systems. The EPA, Vulcan, and LADWP continue to engage in a dialogue regarding the coordination of the systems. At this time, we cannot reasonably estimate a range of a loss pertaining to potential work completed at the direction of the EPA. 
 Additionally, Vulcan is in a dispute with LADWP regarding the cost and necessity of LADWP's construction of the two well head treatment facilities and Vulcan's relative contribution to their construction and operation. LADWP has alleged that the Hewitt Landfill is one of the primary sources of contamination at the NHW system and one of the sources of contamination at the NHC system. According to information available on the California State Water Resources Control Board (SWRCB) website, the capital cost of the NHW system is estimated at $ 92 million, and the capital cost of the NHC system is estimated at $ 245 million. LADWP's actual cost is likely to be in excess of these publicly-reported estimates. Additionally, both systems will incur costs for operation and maintenance. Both treatment systems received substantial grants of Proposition 1 bond funding from the SWRCB. According to information available on the SWRCB website, the bond money obtained for the NHW system is $ 46 million, and the bond money obtained for the NHC system is $ 95 million. LADWP has also indicated that it may assert claims related to the historical inability to use water in the vicinity of its well fields. 
 We anticipate continued discussions with LADWP regarding its potential claims. In conjunction with those discussions, we are engaging in further efforts to gather and analyze records and data in order to assess the extent of possible contribution by the Hewitt Landfill to the groundwater contamination in the area, consistent with the parallel request by the EPA, and the reasonableness of LADWP’s efforts. This work is also intended to assist in identification of other PRPs that may have contributed to groundwater contamination in the area of the NHW and NHC systems. Together, these efforts will allow us to analyze our anticipated equitable contribution to LADWP’s treatment systems. Among other factors, we anticipate that any contribution should take into account the on-site source control and other measures implemented by Vulcan at the former Hewitt Landfill, the relative contribution and duration of any contaminants originating from the Hewitt Landfill to the LADWP systems, and the cost-effectiveness of the LADWP systems. At this time, we cannot reasonably estimate a range of a loss pertaining to LADWP’s potential contribution claim. 
 Finally, Honeywell operated a facility within the NHOU footprint that is responsible for groundwater contamination and, under an EPA agreement, will construct and operate a water treatment system. Honeywell’s system is often referred to by EPA as the second interim remedy (2IR). Honeywell alleges that some of the contamination to be remediated by the 2IR originated from the Hewitt Landfill and that Vulcan should fund some portion of the costs that Honeywell has incurred and will incur in developing and implementing the remedy. In 2021, an immaterial settlement was reached with Honeywell related to certain past costs incurred. 
 In a 2023 lawsuit against Vulcan and a third party, Honeywell stated it has incurred more than $ 11 million to resolve its liability to the EPA and estimated that it will spend in excess of $ 100 million to construct and operate its water treatment system. Through the lawsuit, Honeywell seeks an "equitable share of necessary response costs" from Vulcan and a third party, which claims indemnity from Vulcan. Vulcan has filed its answer to the lawsuit and remains in discussions with Honeywell regarding the reasonable costs Honeywell has incurred and Vulcan’s share of the same. We are also gathering and analyzing data and developing technical information to determine the extent of possible contribution by the Hewitt Landfill to groundwater contamination in the area of Honeywell’s system. Based on this technical information and recent settlement discussions, we have accrued an immaterial amount for our liability to Honeywell. 
 ▪ NAFTA ARBITRATION — In September 2018, our subsidiary Legacy Vulcan, LLC (Legacy Vulcan), on its own behalf, and on behalf of our Mexican subsidiary Calizas Industriales del Carmen, S.A. de C.V. (Calica), served the United Mexican States (Mexico) a Notice of Intent to Submit a Claim to Arbitration under Chapter 11 of the North American Free Trade Agreement (NAFTA). This NAFTA claim relates to the treatment of a portion of our quarrying operations in Quintana Roo, Mexico arising from, among other measures, Mexico’s failure to comply with a legally binding zoning agreement and relates to other unfair, arbitrary and capricious actions by Mexico’s environmental enforcement agency. We assert that these actions are in breach of Mexico’s international obligations under NAFTA and international law. 
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 As required by Article 1118 of NAFTA, we sought to settle this dispute with Mexico through consultations. Notwithstanding our good faith efforts to resolve the dispute amicably, we were unable to do so and filed a Request for Arbitration with the International Centre for Settlement of Investment Disputes (ICSID) in December 2018. In January 2019, ICSID registered our Request for Arbitration. 
 A hearing on the merits took place in July 2021. While we awaited the final resolution from the tribunal, we continued to engage with government officials to pursue an amicable resolution of the dispute. On May 5, 2022, Mexican government officials unexpectedly and arbitrarily shut down Calica’s remaining operations in Mexico. On May 8, 2022, Legacy Vulcan filed an application in the NAFTA arbitration seeking provisional measures and leave to file an ancillary claim in connection with this latest shutdown (see Part I, Item 2 "Management’s Discussion and Analysis of Financial Condition and Results of Operations" under the caption "Known Trends or Uncertainties"). In July 2022, the NAFTA arbitration tribunal granted Legacy Vulcan’s application and ordered Mexico not to take any action that might further aggravate the dispute between the parties or render the resolution of the dispute potentially more difficult. A hearing on the merits of the ancillary claim took place in August 2023. We expect that the NAFTA arbitration tribunal will issue a decision on the claim and ancillary claim during 2025. 
 At this time, there can be no assurance whether we will be successful in our NAFTA claim and ancillary claim, and we cannot quantify the amount we may recover, if any, under this arbitration proceeding if we are successful. 
 It is not possible to predict the ultimate outcome of these and other legal proceedings in which we are involved, and a number of factors, including developments in ongoing discovery or adverse rulings, or the verdict of a particular jury, could cause actual losses to differ materially from accrued costs. No liability was recorded for claims and litigation for which a loss was determined to be only reasonably possible or for which a loss could not be reasonably estimated. Legal costs incurred in defense of lawsuits are expensed as incurred. In addition, losses on certain claims and litigation described above may be subject to limitations on a per occurrence basis by excess insurance, as described in our most recent Annual Report on Form 10-K. 
 
 NOTE 9: ASSET RETIREMENT OBLIGATIONS 
 Asset retirement obligations (AROs) are legal obligations associated with the retirement of long-lived assets resulting from the acquisition, construction, development and/or normal use of the underlying assets, including legal obligations for land reclamation. Recognition of a liability for an ARO is required in the period in which it is incurred at its estimated fair value. The associated asset retirement costs are capitalized as part of the carrying amount of the underlying asset and depreciated over the estimated useful life of the asset. The ARO liability is accreted through charges to operating expenses. If the ARO liability is settled for a value other than the carrying amount of the liability, we recognize a gain or loss on settlement. 
 ARO operating costs related to accretion of the liabilities and depreciation of the assets are as follows: 
 
 Three Months Ended
September 30 Nine Months Ended
September 30 
 in millions 2025 2024 2025 2024 
 Accretion $ 5.0 $ 3.7 $ 14.0 $ 10.8 
 Depreciation 2.4 3.2 10.4 8.4 
 Total ARO operating costs $ 7.4 $ 6.9 $ 24.4 $ 19.2 

 ARO operating costs are reported in cost of revenues. ARO liabilities are reported within other noncurrent liabilities in our accompanying Condensed Consolidated Balance Sheets. 
 Reconciliations of the carrying amounts of our ARO liabilities are as follows: 
 
 Three Months Ended
September 30 Nine Months Ended
September 30 
 in millions 2025 2024 2025 2024 
 ARO liability balance at beginning of period $ 447.8 $ 334.1 $ 427.4 $ 324.1 
 Liabilities incurred 6.0 0.0 29.2 0.8 
 Liabilities settled 1 
 ( 2.7 ) ( 3.5 ) ( 14.4 ) ( 8.3 ) 
 Accretion expense 5.0 3.7 14.0 10.8 
 Revisions, net 
 ( 10.0 ) 12.2 ( 10.1 ) 19.1 
 ARO liability balance at end of period $ 446.1 $ 346.5 $ 446.1 $ 346.5 

 1 Includes $1.0 million of noncash settlements related to business dispositions in 2025. 
 The increase in ARO liabilities from the prior year primarily relates to acquisitions completed in 2024 (see Note 16 ) and cost adjustments for a number of aggregates properties in California that are being reclaimed for alternative uses post mining. 
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 NOTE 10: BENEFIT PLANS 
 PENSION PLANS 
 We sponsor two qualified, noncontributory defined benefit pension plans, the Vulcan Materials Company Pension Plan (VMC Pension Plan) and the CMG Hourly Pension Plan (CMG Pension Plan). The VMC Pension Plan has been closed to new entrants since 2007, and benefit accruals ceased in 2005 for hourly participants and in 2013 for salaried participants. The CMG Pension Plan is closed to new entrants other than through one small union, and benefits continue to accrue equal to a flat dollar amount for each year of service. In addition to these qualified plans, we sponsor three unfunded, nonqualified pension plans. 
 The following table sets forth the components of net periodic pension benefit cost: 
 
 Three Months Ended
September 30 Nine Months Ended
September 30 
 in millions 2025 2024 2025 2024 
 Service cost $ 0.5 $ 0.4 $ 1.4 $ 1.8 
 Interest cost 8.3 8.2 25.0 24.7 
 Expected return on plan assets ( 7.9 ) ( 7.0 ) ( 23.7 ) ( 21.1 ) 
 Amortization of prior service cost 0.0 0.2 0.0 0.7 
 Amortization of actuarial loss 1.2 1.4 3.7 3.8 
 Net periodic pension benefit cost $ 2.1 $ 3.2 $ 6.4 $ 9.9 
 Pretax amortization from AOCI $ 1.2 $ 1.6 $ 3.7 $ 4.5 

 Contributions to pension plans, as reflected on the Condensed Consolidated Statements of Cash Flows, pertain to benefit payments under nonqualified plans and qualified plan contributions of $ 13.8 million and $ 7.1 million for the nine months ended September 30, 2025 and 2024, respectively. 
 POSTRETIREMENT PLANS 
 In addition to pension benefits, we provide certain healthcare and life insurance benefits for some retired employees. Substantially all of our salaried employees and, where applicable, certain of our hourly employees may become eligible for these benefits if they reach a qualifying age and meet certain service requirements. Generally, Company-provided healthcare benefits end when covered individuals become eligible for Medicare benefits, become eligible for other group insurance coverage or reach age 65 (whichever occurs first). 
 The following table sets forth the components of net periodic other postretirement benefit cost: 
 
 Three Months Ended
September 30 Nine Months Ended
September 30 
 in millions 2025 2024 2025 2024 
 Service cost $ 0.6 $ 0.4 $ 1.7 $ 1.6 
 Interest cost 0.6 0.6 1.7 1.7 
 Amortization of prior service cost 0.3 0.3 1.1 1.1 
 Amortization of actuarial gain ( 0.2 ) ( 0.1 ) ( 0.7 ) ( 0.5 ) 
 Net periodic postretirement benefit cost $ 1.3 $ 1.2 $ 3.8 $ 3.9 
 Pretax amortization from AOCI 
 $ 0.1 $ 0.2 $ 0.4 $ 0.6 

 DEFINED CONTRIBUTION PLANS 
 In addition to our pension and postretirement plans, we sponsor six defined contribution plans. Substantially all salaried and non-union hourly employees are eligible to be covered by one of these plans. Under these plans, we match employees’ eligible contributions at established rates. Expense recognized in connection with these matching obligations totaled $ 61.3 million and $ 67.2 million for the nine months ended September 30, 2025 and 2024, respectively. 
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 NOTE 11: OTHER COMPREHENSIVE INCOME 
 Comprehensive income comprises two subsets: net earnings and other comprehensive income (OCI). The components of OCI are presented in the accompanying Condensed Consolidated Statements of Comprehensive Income, net of applicable taxes. 
 Amounts in accumulated other comprehensive income (loss) (AOCI), net of tax, are as follows: 
 
 in millions September 30
2025 December 31
2024 September 30
2024 
 Cash flow hedges $ ( 16.4 ) $ ( 17.7 ) $ ( 18.2 ) 
 Pension and postretirement plans ( 106.7 ) ( 109.7 ) ( 120.6 ) 
 Total AOCI $ ( 123.1 ) $ ( 127.4 ) $ ( 138.8 ) 

 Changes in AOCI, net of tax, for the nine months ended September 30, 2025 are as follows: 
 
 in millions Cash Flow
Hedges Pension and
Postretirement
Benefit Plans Total 
 AOCI Balances as of December 31, 2024 $ ( 17.7 ) $ ( 109.7 ) $ ( 127.4 ) 
 Amounts reclassified from AOCI 1.3 3.0 4.3 
 
 AOCI Balances as of September 30, 2025 $ ( 16.4 ) $ ( 106.7 ) $ ( 123.1 ) 

 Amounts reclassified from AOCI to earnings are as follows: 
 
 Three Months Ended
September 30 Nine Months Ended
September 30 
 in millions 2025 2024 2025 2024 
 Amortization of Accumulated Cash Flow Hedge Losses 
 Interest expense $ 0.6 $ 0.6 $ 1.8 $ 1.7 
 Benefit from income taxes ( 0.2 ) ( 0.2 ) ( 0.5 ) ( 0.5 ) 
 Total $ 0.4 $ 0.4 $ 1.3 $ 1.2 
 Amortization of Accumulated Benefit Plan Costs 
 
 Other nonoperating expense $ 1.3 $ 1.8 $ 4.1 $ 5.1 
 Benefit from income taxes ( 0.2 ) ( 0.4 ) ( 1.1 ) ( 1.3 ) 
 Total $ 1.1 $ 1.4 $ 3.0 $ 3.8 
 Total reclassifications from AOCI to earnings $ 1.5 $ 1.8 $ 4.3 $ 5.0 

 19 

 
 
 

 NOTE 12: EQUITY 
 Our capital stock consists solely of common stock, par value $ 1.00 per share, of which 480,000,000 shares may be issued. Holders of our common stock are entitled to one vote per share. We may also issue 5,000,000 shares of preferred stock, but no shares have been issued. The terms and provisions of such shares will be determined by our Board of Directors upon any issuance of preferred shares in accordance with our Certificate of Incorporation. 
 There were no shares held in treasury as of September 30, 2025, December 31, 2024 and September 30, 2024. 
 Our common stock purchases (all of which were open market purchases) and subsequent retirements for the year-to-date periods ended are as follows: 
 
 in millions, except average price September 30
2025 December 31
2024 September 30
2024 
 Number of shares purchased and retired 0.2 0.3 0.3 
 Total purchase price 1 
 $ 38.1 $ 68.8 $ 68.8 
 Average price per share $ 224.36 $ 254.71 $ 254.71 

 
 1 The amount paid to purchase shares in excess of the par value and related excise taxes are recorded in retained earnings. 
 As of September 30, 2025, 6,647,118 shares may be purchased under the current authorization of our Board of Directors. 
 Changes in total equity are summarized below: 
 
 Three Months Ended
September 30 Nine Months Ended
September 30 
 in millions, except per share data 2025 2024 2025 2024 
 Total Shareholders' Equity 
 Balance at beginning of period $ 8,406.9 $ 7,705.3 $ 8,118.6 $ 7,483.4 
 Net earnings attributable to Vulcan 374.9 207.6 824.7 618.2 
 Share-based compensation plans, net of shares withheld for taxes ( 1.3 ) ( 0.3 ) ( 29.8 ) ( 25.1 ) 
 Purchase and retirement of common stock 0.0 0.0 ( 38.1 ) ( 68.8 ) 
 Share-based compensation expense 16.9 15.4 49.9 39.9 
 Cash dividends on common stock 
 ($ 0.49 /$ 0.46 /$ 1.47 /$ 1.38 per share, respectively) 
 ( 64.7 ) ( 60.8 ) ( 195.4 ) ( 183.6 ) 
 Other comprehensive income 1.5 1.8 4.3 5.0 
 Balance at end of period $ 8,734.2 $ 7,869.0 $ 8,734.2 $ 7,869.0 
 Noncontrolling Interest 
 Balance at beginning of period $ 22.8 $ 25.1 $ 23.9 $ 24.5 
 Distribution to noncontrolling interest 0.0 ( 1.8 ) ( 1.5 ) ( 1.8 ) 
 Earnings attributable to noncontrolling interest 0.1 0.8 0.6 1.4 
 Other noncontrolling interest 
 0.0 0.0 ( 0.1 ) 0.0 
 Balance at end of period $ 22.9 $ 24.1 $ 22.9 $ 24.1 
 Total Equity 
 Balance at end of period $ 8,757.1 $ 7,893.1 $ 8,757.1 $ 7,893.1 

 20 

 
 
 

 NOTE 13: SEGMENT REPORTING 
 Our operating segments are based on our internal management reporting structure. Our chief operating decision maker, the Chairman and Chief Executive Officer, evaluates our operating results through reportable segment gross profit. This financial metric is used to review operating trends, perform analytical comparisons between periods and monitor budget-to-actual variances on a monthly basis in order to assess performance and allocate resources. 
 We have three operating (and reportable) segments organized around our principal product lines: Aggregates, Asphalt and Concrete. The vast majority of our activities are domestic. We sell a relatively small amount of construction aggregates outside the United States. Our Asphalt and Concrete segments are primarily supplied with their aggregates requirements from our Aggregates segment. These intersegment sales are made at local market prices for the particular grade and quality of product used in the production of asphalt mix and ready-mixed concrete and are excluded from total revenues. 
 SEGMENT FINANCIAL DISCLOSURE 
 
 Three Months Ended
September 30 Nine Months Ended
September 30 
 in millions 2025 2024 2025 2024 
 Total Revenues 
 Aggregates 1 
 $ 1,792.1 $ 1,572.4 $ 4,777.5 $ 4,477.3 
 Asphalt 2 
 416.1 381.1 993.7 918.5 
 Concrete 237.5 174.4 635.2 489.9 
 Segment sales $ 2,445.7 $ 2,127.9 $ 6,406.4 $ 5,885.7 
 Aggregates intersegment sales ( 154.2 ) ( 124.0 ) ( 377.9 ) ( 321.7 ) 
 Total $ 2,291.5 $ 2,003.9 $ 6,028.5 $ 5,564.0 
 Cost of Revenues 
 Aggregates $ ( 1,025.8 ) $ ( 949.9 ) $ ( 2,870.6 ) $ ( 2,825.3 ) 
 Asphalt ( 345.1 ) ( 320.9 ) ( 860.8 ) ( 794.6 ) 
 Concrete ( 223.4 ) ( 167.9 ) ( 609.4 ) ( 481.7 ) 
 Total $ ( 1,594.3 ) $ ( 1,438.7 ) $ ( 4,340.8 ) $ ( 4,101.6 ) 
 Gross Profit 
 Aggregates $ 612.1 $ 498.5 $ 1,529.0 $ 1,330.3 
 Asphalt 71.0 60.2 132.9 123.9 
 Concrete 14.1 6.5 25.8 8.2 
 Total $ 697.2 $ 565.2 $ 1,687.7 $ 1,462.4 
 Reconciliation to Pretax Earnings 
 Selling, administrative and general expenses $ ( 145.3 ) $ ( 129.1 ) $ ( 428.0 ) $ ( 393.0 ) 
 Loss on impairments 0.0 ( 86.6 ) 0.0 ( 86.6 ) 
 Other operating income (expense), net ( 8.7 ) ( 12.4 ) ( 19.0 ) ( 19.3 ) 
 Other nonoperating income (expense), net 0.7 ( 3.8 ) 0.4 ( 12.7 ) 
 Interest expense, net ( 55.3 ) ( 38.4 ) ( 174.2 ) ( 117.7 ) 
 Earnings from continuing operations before income taxes $ 488.6 $ 294.9 $ 1,066.9 $ 833.1 

 1 Includes product sales (crushed stone, sand and gravel, sand and other aggregates), freight & delivery costs that we pass along to our customers, and service revenues (see Note 4 ) related to our aggregates business. 
 2 Includes product sales as well as service revenues (see Note 4 ) from our asphalt construction paving business. 
 21 

 
 

 SEGMENT FINANCIAL DISCLOSURE (CONTINUED) 
 
 Three Months Ended
September 30 Nine Months Ended
September 30 
 in millions 2025 2024 2025 2024 
 Depreciation, Depletion, Accretion and Amortization 1 
 
 Aggregates $ 153.6 $ 130.3 $ 448.2 $ 381.8 
 Asphalt 12.9 12.0 39.0 31.9 
 Concrete 16.5 10.9 50.9 34.9 
 Other 8.4 7.5 25.1 19.8 
 Total $ 191.4 $ 160.7 $ 563.2 $ 468.4 
 Capital Expenditures 2 
 
 Aggregates $ 214.9 $ 96.1 $ 394.4 $ 371.0 
 Asphalt 6.5 5.9 20.5 22.8 
 Concrete 0.6 2.0 7.6 7.7 
 Corporate 12.9 0.1 19.3 0.4 
 Total $ 234.9 $ 104.1 $ 441.8 $ 401.9 
 Identifiable Assets 3 
 
 Aggregates $ 14,539.4 $ 12,023.1 
 Asphalt 4 
 877.5 748.0 
 Concrete 977.1 794.8 
 Total identifiable assets 5 
 $ 16,394.0 $ 13,565.9 
 General corporate assets 389.3 351.7 
 Cash and cash equivalents and restricted cash 195.2 434.3 
 Total $ 16,978.5 $ 14,351.9 

 1 Depreciation, Depletion, Accretion & Amortization (DDA&A) for each segment is included in cost of revenues. 
 2 Capital expenditures include changes in accruals for purchases of property, plant & equipment. Capital expenditures exclude property, plant & equipment obtained by business acquisitions. 
 3 Certain temporarily idled assets are included within a segment's Identifiable Assets, but the associated DDA&A is shown within Other in the DDA&A section above as the related DDA&A is excluded from segment gross profit. 
 4 Includes assets classified as held for sale (see Note 16 for additional information). 
 5 The increase in total identifiable assets is primarily due to acquisitions completed in 2024 (see Note 16 for additional information). 
 22 

 
 
 

 NOTE 14: SUPPLEMENTAL CASH FLOW INFORMATION 
 Supplemental information referable to our Condensed Consolidated Statements of Cash Flows is summarized below: 
 
 Nine Months Ended
September 30 
 in millions 2025 2024 
 Cash Payments 1 
 
 Interest (exclusive of amount capitalized) $ 150.6 $ 119.8 
 Income taxes 184.5 276.7 
 Noncash Investing and Financing Activities 
 Accruals for purchases of property, plant & equipment $ 47.4 $ 24.9 
 Note received from sale of business 0.0 0.9 
 Recognition of new and revised lease obligations: 
 Operating lease right-of-use assets 67.0 36.6 
 Finance lease right-of-use assets 1.8 4.4 
 Consideration payable to seller in business acquisitions 0.1 0.0 

 1 Excludes changes in accruals. 
 
 NOTE 15: GOODWILL 
 Goodwill is recognized when the consideration paid for a business exceeds the fair value of the tangible and identifiable intangible assets acquired. Goodwill is allocated to reporting units for purposes of testing goodwill for impairment. We test goodwill for impairment on an annual basis or more frequently if events or circumstances change in a manner that would more likely than not reduce the fair value of a reporting unit below its carrying value. 
 During the third quarter of 2024, we determined that a triggering event occurred with respect to a reporting unit that includes concrete operations acquired in 2021. Based on an interim goodwill impairment test, we determined that the estimated fair value of this reporting unit was less than its carrying value. As a result, we recorded an $ 86.6 million noncash impairment charge. There was no charge for goodwill impairment in the nine-month period ended September 30, 2025. Accumulated goodwill impairment losses amount to $ 390.2 million ($ 252.7 million in our former Cement segment and $ 137.5 million in our Concrete segment). 
 Changes in the carrying amount of goodwill by reportable segment from December 31, 2024 to September 30, 2025 are shown below: 
 
 in millions Aggregates Asphalt Concrete Total 
 Goodwill at December 31, 2024 $ 3,673.2 $ 91.6 $ 23.3 $ 3,788.1 
 Goodwill of acquired businesses 1 
 52.0 0.0 0.0 52.0 
 Goodwill of divested businesses 1 
 ( 0.6 ) 0.0 0.0 ( 0.6 ) 
 
 Goodwill at September 30, 2025 $ 3,724.6 $ 91.6 $ 23.3 $ 3,839.5 

 1 See Note 16 for acquisitions and divestitures. 
 23 

 
 
 

 NOTE 16: ACQUISITIONS AND DIVESTITURES 
 BUSINESS ACQUISITIONS 
 2025 BUSINESS ACQUISITIONS — Through the nine months ended September 30, 2025, we completed no business acquisitions. 
 
 2024 BUSINESS ACQUISITIONS — Through the nine months ended September 30, 2024, we acquired operations in Alabama, North Carolina and Texas for total cash consideration of $ 206.4 million. For the full year 2024, including adjustments made in the current year, we acquired the following operations for total consideration of $ 2,305.6 million ($ 2,274.6 million cash and $ 31.0 million noncash): 
 ▪ Alabama — aggregates, asphalt mix and construction paving operations 
 ▪ California — aggregates, asphalt and ready-mixed concrete operations 
 ▪ North Carolina — aggregates operations 
 ▪ South Carolina — aggregates operations 
 ▪ Texas — asphalt mix and construction paving operations 
 While none of these acquisitions were individually material, our fourth quarter acquisitions of Wake Stone Corporation (Wake Stone) and Superior Ready Mix, L.P. (Superior) were collectively material. The unaudited pro forma financial information in the table below summarizes the results of operations for Vulcan, Wake Stone and Superior as if they were combined as of January 1, 2023. The pro forma financial information does not reflect any cost savings, operating efficiencies or synergies as a result of these acquisitions. Consistent with the assumed acquisition date of January 1, 2023, the pro forma information excludes transactions between Vulcan, Wake Stone and Superior. The following pro forma information also includes: 1) charges directly attributable to the acquisitions, including acquisition related expenses; 2) cost of sales related to the sale of acquired inventory marked up to fair value; 3) depreciation, depletion, amortization & accretion expense related to the mark up to fair value of acquired assets; 4) interest expense reflecting the new debt structure; and 5) tax effects of the business combination: 
 
 in millions Three Months Ended
September 30, 2024 Nine Months Ended
September 30, 2024 
 Supplemental Pro Forma Results 
 Total revenues $ 2,106.4 $ 5,875.0 
 Net earnings attributable to Vulcan 189.6 565.6 

 The unaudited pro forma results above may not be indicative of the results that would have been obtained had these acquisitions occurred at the beginning of 2023, nor does it intend to be a projection of future results. 
 The fair value of consideration transferred for the Wake Stone and Superior acquisitions and the preliminary amounts (pending final appraisals of intangible assets and property, plant & equipment) of assets acquired and liabilities assumed are summarized below: 
 
 in millions September 30
 2025 
 Fair Value of Purchase Consideration 
 Cash $ 2,067.8 
 Payable to seller 31.0 
 Total fair value of purchase consideration $ 2,098.8 
 Identifiable Assets Acquired and Liabilities Assumed 
 Inventories $ 35.0 
 Property, plant & equipment 1,929.7 
 Identifiable intangible assets 244.2 
 Other assets 61.9 
 Asset retirement obligations ( 70.7 ) 
 Deferred tax liabilities ( 311.7 ) 
 Other liabilities ( 175.6 ) 
 Net identifiable assets acquired $ 1,712.8 
 Goodwill $ 386.0 

 As a collective result of the Wake Stone and Superior acquisitions, as well as other immaterial acquisitions completed in 2024, we recognized $ 275.0 million of amortizable intangible assets and $ 395.0 million of goodwill. The amortizable intangible assets will be amortized against earnings over a weighted-average of approximately 20 years and will be deductible for income tax purposes over 15 years. The $ 395.0 million of goodwill primarily represents deferred tax liabilities generated from carrying over the seller's tax basis in the assets acquired as well as synergies expected to be realized from acquiring established businesses with assets that have been assembled over a long period of time; the collection of those assets combined with our assets can earn a higher rate of return than either individually. Of the total goodwill recognized, $ 83.3 million will be deductible for income tax purposes. 
 24 

 
 

 DIVESTITURES AND PENDING DIVESTITURES 
 In 2025, we sold: 
 ▪ First quarter — non-strategic aggregates locations in rural West Texas with limited reserves resulting in an immaterial gain 
 We had no significant divestitures through the nine months ended September 30, 2024. 
 
 Certain Texas asphalt and construction paving operations met the criteria for held for sale as of September 30, 2025. The major classes of assets and liabilities classified as held for sale as of September 30 are presented in the table below. Subsequent to quarter end, we completed the sale of these Texas asphalt and construction paving assets. No material assets met the criteria for held for sale at December 31, 2024 and September 30, 2024. 
 
 in millions September 30
2025 December 31
2024 September 30
2024 
 Held for Sale 
 Inventory $ 10.8 $ 0.0 $ 0.0 
 Land and land improvements, net 11.5 0.0 0.0 
 Buildings, machinery and equipment, net 22.2 0.0 0.0 
 Operating leases, net 27.0 0.0 0.0 
 Finance leases, net 0.5 0.0 0.0 
 Amortizable intangible assets, net 24.6 0.0 0.0 
 Other assets, net 
 0.7 0.0 0.0 
 Total assets held for sale $ 97.3 $ 0.0 $ 0.0 
 Current operating lease liabilities $ ( 1.4 ) $ 0.0 $ 0.0 
 Current finance lease liabilities ( 0.2 ) 0.0 0.0 
 Noncurrent operating lease liabilities ( 33.9 ) 0.0 0.0 
 Noncurrent finance lease liabilities ( 0.5 ) 0.0 0.0 
 Other liabilities, net 
 ( 1.6 ) 0.0 0.0 
 Total liabilities held for sale $ ( 37.6 ) $ 0.0 $ 0.0 

 Additionally, on October 28, 2025, we entered into an agreement for the disposition of our ready-mixed concrete businesses in California. Subject to obtaining regulatory approvals and the satisfaction of other customary closing conditions, we expect to close this transaction in the fourth quarter of 2025. These assets did not meet the criteria for classification as held for sale at September 30, 2025. 
 
 NOTE 17: NEW ACCOUNTING STANDARDS 
 ACCOUNTING STANDARDS RECENTLY ADOPTED 
 None 
 ACCOUNTING STANDARDS PENDING ADOPTION 
 In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-09, “Income Taxes – Improvements to Income Tax Disclosures,” which requires disclosure of specific categories and disaggregation of information in the rate reconciliation table and expands disclosures related to income taxes paid. The new standard is effective for fiscal years beginning after December 15, 2024 and is to be applied prospectively. We are assessing the effect of this ASU on our disclosures that will be included in our Form 10-K for the year ending December 31, 2025. 
 In November 2024, the FASB issued ASU 2024-03, "Disaggregation of Income Statement Expenses," which requires disaggregated disclosure of prescribed expense categories within relevant income statement captions. The new standard is effective for fiscal years beginning after December 15, 2026 and is to be applied prospectively. We are assessing the effect of this ASU on our consolidated financial statements and related disclosures. 
 25
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.
Vulcan Materials CO 10-Q

Item 1. Financial Statements
