BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2013

Combined Funded Status of Plans and their Reconciliation with Related Amounts Recognized in Consolidated Financial Statements



in thousands	2013	2012
Change in Benefit Obligation
Projected benefit obligation at beginning of year	$ 991,338	$ 867,374
Service cost	21,904	22,349
Interest cost	40,995	43,194
Plan amendments 1, 2	(39,443)	1,286
Actuarial (gain) loss	(61,548)	96,222
Benefits paid	(41,546)	(39,087)
Projected benefit obligation at end of year	$ 911,700	$ 991,338
Change in Fair Value of Plan Assets
Fair value of assets at beginning of year	$ 683,091	$ 636,648
Actual return on plan assets	110,224	81,021
Employer contribution	4,855	4,509
Benefits paid	(41,546)	(39,087)
Fair value of assets at end of year	$ 756,624	$ 683,091
Funded status	(155,076)	(308,247)
Net amount recognized	$ (155,076)	$ (308,247)
Amounts Recognized in the Consolidated
Balance Sheets
Noncurrent assets	$ 3,056	$ 0
Current liabilities	(11,398)	(5,211)
Noncurrent liabilities	(146,734)	(303,036)
Net amount recognized	$ (155,076)	$ (308,247)
Amounts Recognized in Accumulated
Other Comprehensive Income
Net actuarial loss	$ 142,173	$ 325,807
Prior service cost (credit)	(168)	1,609
Total amount recognized	$ 142,005	$ 327,416


1	The 2013 amendment eliminated future accruals for salaried pension participants effective December 31, 2013.
2	The 2012 amendment to the salaried plan was necessary to maintain compliance with IRS nondiscrimination requirements.

Components of Net Periodic Benefit Cost, Amounts Recognized in Other Comprehensive Income, Weighted-Average Assumptions



dollars in thousands	2013	2012	2011
Components of Net Periodic Pension
Benefit Cost
Service cost	$ 21,904	$ 22,349	$ 20,762
Interest cost	40,995	43,194	42,383
Expected return on plan assets	(47,425)	(48,780)	(49,480)
Curtailment loss	855	0	0
Amortization of prior service cost	339	274	340
Amortization of actuarial loss	20,429	19,526	11,670
Net periodic pension benefit cost	$ 37,097	$ 36,563	$ 25,675
Changes in Plan Assets and Benefit
Obligations Recognized in Other
Comprehensive Income
Net actuarial loss (gain)	$ (163,205)	$ 63,981	$ 90,886
Prior service cost (credit)	(583)	1,286	0
Reclassification of actuarial loss to net
periodic pension benefit cost	(20,429)	(19,526)	(11,670)
Reclassification of prior service cost to net
periodic pension benefit cost	(1,194)	(274)	(340)
Amount recognized in other comprehensive
income	$ (185,411)	$ 45,467	$ 78,876
Amount recognized in net periodic pension
benefit cost and other comprehensive
income	$ (148,314)	$ 82,030	$ 104,551
Assumptions
Weighted-average assumptions used to
determine net periodic benefit cost for
years ended December 31
Discount rate	4.33%	4.96%	5.49%
Expected return on plan assets	7.50%	8.00%	8.00%
Rate of compensation increase
(for salary-related plans)	3.50%	3.50%	3.50%
Weighted-average assumptions used to
determine benefit obligation at
December 31
Discount rate	4.91%	4.19%	4.96%
Rate of compensation increase
(for salary-related plans)	3.50%	3.50%	3.50%

Fair values of Pension Plan Assets

Fair Value Measurements at December 31, 2013



in thousands	Level 1 1	Level 2 1	Level 3 1	Total
Asset Category
Debt securities	$ 0	$ 137,034	$ 0	$ 137,034
Investment funds
Commodity funds	0	23,773	0	23,773
Equity funds	602	490,355	0	490,957
Short-term funds	0	16,378	0	16,378
Venture capital and partnerships	0	0	88,482	88,482
Total pension plan assets	$ 602	$ 667,540	$ 88,482	$ 756,624


1	See Note 1 under the caption Fair Value Measurements for a description of the fair value hierarchy.

Fair Value Measurements at December 31, 2012



in thousands	Level 1 1	Level 2 1	Level 3 1	Total
Asset Category
Debt securities	$ 0	$ 155,874	$ 0	$ 155,874
Investment funds
Commodity funds	0	27,906	0	27,906
Equity funds	4,503	388,499	0	393,002
Short-term funds	8,298	0	0	8,298
Venture capital and partnerships	0	0	98,011	98,011
Total pension plan assets	$ 12,801	$ 572,279	$ 98,011	$ 683,091


1	See Note 1 under the caption Fair Value Measurements for a description of the fair value hierarchy.

Reconciliation of Fair Value Measurements of Pension Plan Assets Using Significant Unobservable Inputs ( Level 3)



			Venture
			Capital and
in thousands			Partnerships
Balance at December 31, 2011			$ 106,801
Total gains (losses) for the period			(6,858)
Purchases, sales and settlements, net			15,356
Transfers in (out) of Level 3			(17,288)
Balance at December 31, 2012			$ 98,011
Total gains (losses) for the period			10,581
Purchases, sales and settlements, net			(20,110)
Transfers in (out) of Level 3			0
Balance at December 31, 2013			$ 88,482

Employer Contributions for Plan



in thousands			Pension
Employer Contributions
2011			$ 4,906
2012			4,509
2013			4,855
2014 (estimated)			15,539

Benefit Payments Which Reflect Expected Future Service, Expected to be Paid



in thousands			Pension
Estimated Future Benefit Payments
2014			$ 50,147
2015			48,500
2016			50,158
2017			51,407
2018			54,405
2019-2023			286,320

Summary of Each Multiemployer Pension Plan For Which We Participate

FIP/RP

Pension Protection

Status

Expiration

Pension

EIN/Pension

Act Zone Status 1

Pending/

Vulcan Contributions in thousands

Surcharge

Date/Range of

Fund

Plan Number

2013

2012

Implemented

2013

2012

2011

Imposed

CBAs

36-6042061-001

Red

$ 137

$ 147

$ 162

Yes

5/31/2013

5/31/2015 -

36-6052390-001

Green

227

418

408

1/31/2016

5/31/2013 -

36-6044243-001

Red

183

302

276

Yes

1/31/2016

51-6031295-002

Green

3/31/2014

94-6277608-001

Yellow

Implemented

252

232

177

7/15/2016

7/31/2014 -

52-6074345-001

Red

Implemented

1,018

887

840

1/31/2016

51-6067400-001

Green

201

211

166

4/30/2014

36-6140097-001

Yellow

Green

1,381

1,392

1,543

4/30/2014

7/15/2016 -

94-6090764-001

Red

Orange

Implemented

2,489

2,082

1,737

9/17/2016

95-6032478-001

Red

Implemented

427

391

313

9/30/2015

36-6155778-001

Red

217

216

198

4/30/2013

L 2

51-6051034-001

Green

Yellow

3/27/2014 -

91-6145047-001

Green

968

885

882

4/8/2017

Total contributions

$ 7,580

$ 7,227

$ 6,778


A	Automobile Mechanics Local No. 701 Pension Fund	H	Midwest Operating Engineers Pension Trust Fund
B	Central Pension Fund of the IUOE and Participating Employers	I	Operating Engineers Trust Funds - Local 3
C	Central States Southeast and Southwest Areas Pension Plan	J	Operating Engineers Pension Trust Funds - Local 12
D	IAM National Pension Fund	K	Suburban Teamsters of Northern Illinois Pension Plan
E	Laborers Trust Funds for Northern California	L	Teamsters Union No 142 Pension Trust Fund
F	LIUNA National Industrial Pension Fund	M	Western Conference of Teamsters Pension Trust Fund
G	Local 786 Building Material Pension Trust
EIN	Employer Identification Number
FIP	Funding Improvement Plan
RP	Rehabilitation Plan
CBA	Collective Bargaining Agreement
1	The Pension Protection Act of 2006 defines the zone status as follows: Green - healthy, Yellow - endangered, Orange - seriously endangered and Red - critical.
2	All employees covered under this plan were located at operations divested on 9/30/2011.
3	This plan is currently operating under a contract extension.

Other Postretirement Benefit Plans, Defined Benefit

Combined Funded Status of Plans and their Reconciliation with Related Amounts Recognized in Consolidated Financial Statements



in thousands	2013	2012
Change in Benefit Obligation
Projected benefit obligation at beginning of year	$ 113,500	$ 134,926
Service cost	2,830	4,409
Interest cost	3,260	5,851
Plan amendments	0	(38,414)
Actuarial (gain) loss	(20,444)	13,562
Benefits paid	(6,258)	(6,834)
Projected benefit obligation at end of year	$ 92,888	$ 113,500
Change in Fair Value of Plan Assets
Fair value of assets at beginning of year	$ 0	$ 0
Actual return on plan assets	0	0
Fair value of assets at end of year	$ 0	$ 0
Funded status	$ (92,888)	$ (113,500)
Net amount recognized	$ (92,888)	$ (113,500)
Amounts Recognized in the Consolidated
Balance Sheets
Current liabilities	$ (9,431)	$ (10,366)
Noncurrent liabilities	(83,457)	(103,134)
Net amount recognized	$ (92,888)	$ (113,500)
Amounts Recognized in Accumulated
Other Comprehensive Income
Net actuarial loss	$ 16,405	$ 38,221
Prior service credit	(36,319)	(41,182)
Total amount recognized	$ (19,914)	$ (2,961)

Components of Net Periodic Benefit Cost, Amounts Recognized in Other Comprehensive Income, Weighted-Average Assumptions



dollars in thousands	2013	2012	2011
Components of Net Periodic Postretirement
Benefit Cost
Service cost	$ 2,830	$ 4,409	$ 4,789
Interest cost	3,260	5,851	6,450
Amortization of prior service credit	(4,863)	(1,372)	(674)
Amortization of actuarial loss	1,372	1,346	1,149
Net periodic postretirement benefit cost	$ 2,599	$ 10,234	$ 11,714
Changes in Plan Assets and Benefit
Obligations Recognized in Other
Comprehensive Income
Net actuarial (gain) loss	$ (20,444)	$ 13,562	$ (2,853)
Prior service credit	0	(38,414)	0
Reclassification of actuarial loss to net
periodic postretirement benefit cost	(1,372)	(1,346)	(1,149)
Reclassification of prior service credit to net
periodic postretirement benefit cost	4,863	1,372	674
Amount recognized in other comprehensive
income	$ (16,953)	$ (24,826)	$ (3,328)
Amount recognized in net periodic
postretirement benefit cost and other
comprehensive income	$ (14,354)	$ (14,592)	$ 8,386
Assumptions
Assumed Healthcare Cost Trend Rates
at December 31
Healthcare cost trend rate assumed
for next year	7.50%	8.00%	7.50%
Rate to which the cost trend rate gradually
declines	5.00%	5.00%	5.00%
Year that the rate reaches the rate it is
assumed to maintain	2019	2019	2017
Weighted-average assumptions used to
determine net periodic benefit cost for
years ended December 31
Discount rate	3.30%	4.60%	4.95%
Weighted-average assumptions used to
determine benefit obligation at
December 31
Discount rate	4.10%	3.30%	4.60%

Employer Contributions for Plan



in thousands			Postretirement
Employer Contributions
2011			$ 7,176
2012			6,834
2013			6,258
2014 (estimated)			9,431

Benefit Payments Which Reflect Expected Future Service, Expected to be Paid



in thousands			Postretirement
Estimated Future Benefit Payments
2014			$ 9,431
2015			9,662
2016			9,605
2017			9,464
2018			9,417
2019–2023			40,429

Contributions by Participants to Postretirement Benefit Plans



in thousands			Postretirement
Participants Contributions
2011			$ 1,933
2012			1,901
2013			2,022

Effects of One-Percentage-Point Change in Assumed Healthcare Cost Trend Rate



	One-percentage-point		One-percentage-point
in thousands	Increase		Decrease
Effect on total of service and interest cost		$ 1,977		$ (1,905)
Effect on postretirement benefit obligation		175		(170)