Correction of Prior Period Financial Statement

12 Months Ended

Dec. 31, 2011

Correction of Prior Period Financial Statement [Abstract]

CORRECTION OF PRIOR PERIOD FINANCIAL STATEMENT

NOTE 20: CORRECTION OF PRIOR

PERIOD FINANCIAL STATEMENT

In preparation for an Internal Revenue Service (IRS) exam during 2011, we identified improper deductions and errors in the calculation of taxable income for items primarily associated with the 2007 acquisition of Florida Rock. These items have been voluntarily submitted to the IRS for use in their examination.

The errors arose during periods prior to 2009, did not impact earnings or cash flows for any years presented and are not material to previously issued financial statements. As a result, we did not amend previously filed financial statements but have restated the affected Consolidated Balance Sheet and Consolidated Statements of Equity presented in this Form 10-K. The correction of these errors resulted in adjustments to the following 2008 opening balances:

§ an increase to current deferred income tax assets of $910,000

§ an increase to prepaid income taxes of $735,000

§ an increase to current taxes payable of $16,676,000

§ a decrease to non-current deferred income tax liabilities of $5,849,000

§ a decrease to retained earnings of $9,182,000

	As of December 31, 2010
in thousands	As Reported		Correction			As Restated
Balance Sheet
Assets
Current deferred income taxes		$53,794		$910			$54,704
Prepaid expenses		19,374		735			20,109
Total current assets		772,106		1,645			773,751
Total assets		$8,337,891		$ 1,645			$8,339,536
Liabilities
Other accrued liabilities		$112,408		$16,676			$129,084
Total current liabilities		565,672		16,676			582,348
Noncurrent deferred income taxes		849,448		(5,849	)		843,599
Total liabilities		$4,372,911		$10,827			$4,383,738
Equity
Retained earnings		$1,512,863		($9,182	)		$1,503,681
Total equity		3,964,980		(9,182	)		3,955,798
Total liabilities and equity		$8,337,891		$1,645			$8,339,536