10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C.  20549

FORM 10-Q

(Mark One)
☒	QUARTERLY REPORT PURSUANTTO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period endedJune 30, 2015
OR
☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                 to

Commission File Number 001-33841

VULCAN MATERIALS COMPANY
(Exact name of registrant as specified in its charter)

New Jersey (State or other jurisdiction of incorporation)		20-8579133 (I.R.S. Employer Identification No.)
1200 Urban Center Drive, Birmingham, Alabama (Address of principal executive offices)			35242 (zip code)
(205) 298-3000(Registrant's telephone number including area code)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes ☒ No☐ Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).  Yes ☒ No ☐ Indicate by check mark whether registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer ☒	Accelerated filer☐
Non-accelerated filer☐ (Do not check if a smaller reporting company)	Smaller reporting company ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes ☐  No ☒
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date:
Class                   Common Stock, $1 Par Value				Shares outstanding       at July  31, 2015 133,186,371

VULCAN MATERIALS COMPANY FORM 10-Q QUARTER ENDED JUNE 30, 2015 Contents
			Page
PART I	FINANCIAL INFORMATION
	Item 1.	Financial Statements Condensed Consolidated Balance Sheets Condensed Consolidated Statements of Comprehensive Income Condensed Consolidated Statements of Cash Flows Notes to Condensed Consolidated Financial Statements	2  3  4  5
	Item 2.	Management’s Discussion and Analysis of Financial    Condition and Results of Operations	24
	Item 3.	Quantitative and Qualitative Disclosures About    Market Risk	43
	Item 4.	Controls and Procedures	43
PART II	OTHER INFORMATION
	Item 1.	Legal Proceedings	44
	Item 1A.	Risk Factors	44
	Item 4.	Mine Safety Disclosures	44
	Item 6.	Exhibits	45
		Signatures	46
Unless otherwise stated or the context otherwise requires, references in this report to “Vulcan,” the “Company,” “we,” “our,” or “us” refer to Vulcan Materials Company and its consolidated subsidiaries.

1

part I   financial information

ITEM 1

FINANCIAL STATEMENTS

VULCAN MATERIALS COMPANY AND SUBSIDIARY COMPANIES

CONDENSED CONSOLIDATED BALANCE SHEETS

Unaudited, except for December 31	June 30	December 31	June 30
in thousands, except per share data	2015	2014	2014
Assets
Cash and cash equivalents	$         74,736	$       141,273	$       227,684
Restricted cash	0	0	62,087
Accounts and notes receivable
Accounts and notes receivable, gross	495,781	378,947	439,938
Less: Allowance for doubtful accounts	(5,370)	(5,105)	(5,606)
Accounts and notes receivable, net	490,411	373,842	434,332
Inventories
Finished products	292,932	275,172	260,111
Raw materials	21,610	19,741	20,458
Products in process	1,461	1,250	1,104
Operating supplies and other	25,825	25,641	28,041
Inventories	341,828	321,804	309,714
Current deferred income taxes	39,562	39,726	40,858
Prepaid expenses	75,663	28,640	27,309
Assets held for sale	0	15,184	0
Total current assets	1,022,200	920,469	1,101,984
Investments and long-term receivables	41,603	41,650	42,128
Property, plant & equipment
Property, plant & equipment, cost	6,752,916	6,608,842	6,396,658
Reserve for depreciation, depletion & amortization	(3,637,392)	(3,537,212)	(3,494,896)
Property, plant & equipment, net	3,115,524	3,071,630	2,901,762
Goodwill	3,094,824	3,094,824	3,081,521
Other intangible assets, net	767,995	758,243	633,442
Other noncurrent assets	153,737	154,281	150,001
Total assets	$    8,195,883	$    8,041,097	$    7,910,838
Liabilities
Current maturities of long-term debt	14,124	150,137	158
Short-term debt (line of credit)	138,500	0	0
Trade payables and accruals	190,904	145,148	178,239
Other current liabilities	163,112	156,073	171,008
Liabilities of assets held for sale	0	520	0
Total current liabilities	506,640	451,878	349,405
Long-term debt	1,893,737	1,834,642	1,983,319
Noncurrent deferred income taxes	686,171	691,137	704,544
Deferred revenue	211,429	213,968	217,589
Other noncurrent liabilities	670,949	672,773	569,794
Total liabilities	$    3,968,926	$    3,864,398	$    3,824,651
Other commitments and contingencies (Note 8)
Equity
Common stock, $1 par value, Authorized 480,000 shares,
Issued 132,984, 131,907 and 130,910 shares, respectively	132,984	131,907	130,910
Capital in excess of par value	2,791,232	2,734,661	2,665,793
Retained earnings	1,453,752	1,471,845	1,382,711
Accumulated other comprehensive loss	(151,011)	(161,714)	(93,227)
Total equity	$    4,226,957	$    4,176,699	$    4,086,187
Total liabilities and equity	$    8,195,883	$    8,041,097	$    7,910,838
The accompanying Notes to the Condensed Consolidated Financial Statements are an integral part of these statements.

2

VULCAN MATERIALS COMPANY AND SUBSIDIARY COMPANIES

CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME

	Three Months Ended		Six Months Ended
Unaudited		June 30		June 30
in thousands, except per share data	2015	2014	2015	2014
Total revenues	$       895,143	$       791,143	$    1,526,436	$    1,365,563
Cost of revenues	660,694	616,355	1,214,122	1,156,682
Gross profit	234,449	174,788	312,314	208,881
Selling, administrative and general expenses	69,197	67,615	135,960	133,733
Gain on sale of property, plant & equipment
and businesses, net	249	1,162	6,624	237,526
Restructuring charges	(1,280)	0	(4,098)	0
Other operating expense, net	(10,445)	(5,089)	(14,346)	(14,758)
Operating earnings	153,776	103,246	164,534	297,916
Other nonoperating income (expense), net	(439)	1,798	542	4,622
Interest expense, net	83,651	40,551	146,132	160,639
Earnings from continuing operations
before income taxes	69,686	64,493	18,944	141,899
Provision for income taxes	19,867	17,982	5,791	40,882
Earnings from continuing operations	49,819	46,511	13,153	101,017
Loss on discontinued operations, net of tax	(1,657)	(544)	(4,669)	(1,054)
Net earnings	$         48,162	$         45,967	$           8,484	$         99,963
Other comprehensive income, net of tax
Reclassification adjustment for cash flow hedges	3,077	584	5,325	3,569
Adjustment for funded status of benefit plans	0	0	0	2,943
Amortization of actuarial loss and prior service
cost for benefit plans	2,697	1,115	5,378	(108)
Other comprehensive income	5,774	1,699	10,703	6,404
Comprehensive income	$         53,936	$         47,666	$         19,187	$       106,367
Basic earnings (loss) per share
Continuing operations	$             0.37	$             0.35	$             0.10	$             0.77
Discontinued operations	(0.01)	0.00	(0.04)	(0.01)
Net earnings	$             0.36	$             0.35	$             0.06	$             0.76
Diluted earnings (loss) per share
Continuing operations	$             0.37	$             0.35	$             0.10	$             0.76
Discontinued operations	(0.01)	0.00	(0.04)	(0.01)
Net earnings	$             0.36	$             0.35	$             0.06	$             0.75
Weighted-average common shares outstanding
Basic	133,103	131,149	132,882	130,980
Assuming dilution	135,234	132,876	134,689	132,468
Cash dividends per share of common stock	$             0.10	$             0.05	$             0.20	$             0.10
Depreciation, depletion, accretion and amortization	$         68,384	$         68,323	$       135,108	$       137,702
Effective tax rate from continuing operations	28.5%	27.9%	30.6%	28.8%
The accompanying Notes to the Condensed Consolidated Financial Statements are an integral part of these statements.

3

VULCAN MATERIALS COMPANY AND SUBSIDIARY COMPANIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

	Six Months Ended
Unaudited		June 30
in thousands	2015	2014
Operating Activities
Net earnings	$          8,484	$        99,963
Adjustments to reconcile net earnings to net cash provided by operating activities
Depreciation, depletion, accretion and amortization	135,108	137,702
Net gain on sale of property, plant & equipment and businesses	(6,624)	(237,526)
Contributions to pension plans	(2,822)	(2,791)
Share-based compensation	9,679	11,928
Excess tax benefits from share-based compensation	(11,457)	(3,242)
Deferred tax provision (benefit)	(11,656)	24
Cost of debt purchase	67,075	72,949
Changes in assets and liabilities before initial effects of business acquisitions
and dispositions	(109,790)	(59,893)
Other, net	(13,360)	3,786
Net cash provided by operating activities	$        64,637	$        22,900
Investing Activities
Purchases of property, plant & equipment	(148,721)	(116,312)
Proceeds from sale of property, plant & equipment	3,419	20,454
Proceeds from sale of businesses, net of transaction costs	0	719,089
Payment for businesses acquired, net of acquired cash	(21,387)	(207)
Increase in restricted cash	0	(62,087)
Other, net	(334)	0
Net cash provided by (used for) investing activities	$    (167,023)	$      560,937
Financing Activities
Proceeds from line of credit	284,000	0
Payment of current maturities, long-term debt and line of credit	(676,445)	(579,694)
Proceeds from issuance of long-term debt	400,000	0
Debt and line of credit issuance costs	(7,382)	0
Proceeds from issuance of common stock	0	27,539
Dividends paid	(26,549)	(13,074)
Proceeds from exercise of stock options	50,769	12,095
Excess tax benefits from share-based compensation	11,457	3,242
Other, net	(1)	1
Net cash provided by (used for) financing activities	$        35,849	$    (549,891)
Net increase (decrease) in cash and cash equivalents	(66,537)	33,946
Cash and cash equivalents at beginning of year	141,273	193,738
Cash and cash equivalents at end of period	$        74,736	$      227,684
The accompanying Notes to the Condensed Consolidated Financial Statements are an integral part of the statements.

4

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 producer of construction aggregates (primarily crushed stone, sand and gravel) and a major producer of asphalt mix and ready-mixed concrete.

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 for complete financial statements. Our Condensed Consolidated Balance Sheet as of December 31, 2014 was derived from the audited financial statement at that date. 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. Operating results for the three and six month periods ended June 30, 2015 are not necessarily indicative of the results that may be expected for the year ended December 31, 2015. For further information, refer to the consolidated financial statements and footnotes included in our most recent Annual Report on Form 10-K.

Due to the 2005 sale of our Chemicals business as presented in Note 2, the operating results of the Chemicals business are presented as discontinued operations in the accompanying Condensed Consolidated Statements of Comprehensive Income.

RECLASSIFICATIONS

Certain items previously reported in specific financial statement captions have been reclassified to conform with the 2015 presentation. During the quarter ended June 30, 2015, we early adopted Accounting Standards Update (ASU) No. 2015-03, “Simplifying the Presentation of Debt Issuance Costs,” resulting in adjustments to our prior financial statements. See Note 17for additional information.

RESTRICTED CASH

Restricted cash 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. Pursuant to the like-kind exchange agreements, the cash remains restricted for a maximum of 180 days from the date of the property sale pending the acquisition of replacement property. Changes in restricted cash balances are reflected as an investment activity in the accompanying Condensed Consolidated Statements of Cash Flows.

RESTRUCTURING CHARGES

In 2014, we announced changes to our executive management team, and a new divisional organization structure that was effective January 1, 2015. During the three and six months ended June 30, 2015, we incurred $1,280,000 and $4,098,000, respectively, of costs related to these initiatives. Future related charges for these initiatives are estimated to be less than $2,000,000.

5

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		Six Months Ended
	June 30			June 30
in thousands	2015	2014		2015	2014
Weighted-average common shares
outstanding	133,103	131,149		132,882	130,980
Dilutive effect of
Stock options/SOSARs	991	663		996	677
Other stock compensation plans	1,140	1,064		811	811
Weighted-average common shares
outstanding, assuming dilution	135,234	132,876		134,689	132,468

All dilutive common stock equivalents are reflected in our earnings per share calculations. Antidilutive common stock equivalents are not included 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 are excluded. There were no excluded shares for the periods presented.

The number of antidilutive common stock equivalents for which the exercise price exceeds the weighted-average market price is as follows:

	Three Months Ended		Six Months Ended
	June 30			June 30
in thousands	2015	2014		2015	2014
Antidilutive common stock equivalents	556	2,356		556	2,356

Note 2: Discontinued Operations

In 2005, we sold substantially all the assets of our Chemicals business to Basic Chemicals, 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. There were no revenues from discontinued operations for the periods presented. Results from discontinued operations are as follows:

	Three Months Ended		Six Months Ended
	June 30			June 30
in thousands	2015	2014		2015	2014
Discontinued Operations
Pretax loss	$       (2,671)	$          (897)		$       (7,653)	$       (1,739)
Income tax benefit	1,014	353		2,984	685
Loss on discontinued operations,
net of income taxes	$       (1,657)	$          (544)		$       (4,669)	$       (1,054)

The losses from discontinued operations noted above were due primarily to general and product liability costs, including legal defense costs, and environmental remediation costs associated with our former Chemicals business.

6

Note 3: Income Taxes

Our estimated annual effective tax rate (EAETR) is based on full year expectations of pretax book earnings, statutory tax rates, permanent differences between book and tax accounting such as percentage depletion, and tax planning alternatives available in the various jurisdictions in which we operate. For interim financial reporting, except in circumstances as described in the following paragraph, 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 book 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.

When expected pretax book earnings for the full year are at or near breakeven, the EAETR can distort the income tax provision for an interim period due to the size and nature of our permanent differences. In these circumstances, we calculate the interim income tax provision using the year-to-date effective tax rate. This method results in an income tax provision based solely on the year-to-date pretax book earnings as adjusted for permanent differences on a pro rata basis. In the second quarters of 2015 and 2014, income taxes were calculated based on the EAETR.

We recorded an income tax provision from continuing operations of $19,867,000 in the second quarter of 2015 compared to an income tax provision from continuing operations of $17,982,000 in the second quarter of 2014. The change in our income tax provision resulted largely from applying the statutory rate to the increase in our pretax book earnings.

We recorded an income tax provision from continuing operations of $5,791,000 for the six months ended June 30, 2015 compared to an income tax provision from continuing operations of $40,882,000 for the six months ended June 30, 2014. The change in our income tax provision for the year resulted largely from applying the statutory rate to the decrease in our pretax book earnings.

We recognize deferred tax assets and liabilities based on the differences between the financial statement carrying amounts of assets and liabilities and the amounts used for income tax purposes. Deferred tax assets represent items to be used as a tax deduction or credit in future tax returns. Realization of the deferred tax assets ultimately depends on the existence of sufficient taxable income of the appropriate character in either the carryback or carryforward period.

Each quarter we analyze the likelihood that our deferred tax assets will be realized. A valuation allowance is recorded if, based on the weight of all available positive and negative evidence, it is more likely than not (a likelihood of more than 50%) that some portion, or all, of a deferred tax asset will not be realized.

Based on our second quarter 2015 analysis, we believe it is more likely than not that we will realize the benefit of all our deferred tax assets with the exception of the state net operating loss carryforwards for which a valuation allowance has been recorded. For 2015, we currently project a valuation allowance of $60,920,000 against our state net operating loss carryforwards, an increase of $4,053,000from the prior year end. This change in the valuation allowance is reflected as a component of our income tax provision.

Of the $60,920,000 valuation allowance, $59,781,000 relates to our Alabama net operating loss carryforward. During the second quarter of 2015, we restructured our legal entities. This restructuring, among other expected benefits, may allow for utilization of some or all of our Alabama net operating loss carryforward prior to its expiration. At this time, based on the weight of all available positive and negative evidence, we have concluded that it is more likely than not that the deferred tax asset will not be realized. Each quarter, we will reassess the positive and negative evidence to determine the likelihood of utilizing the Alabama net operating loss carryforward, and therefore, the appropriate amount of the valuation allowance.

We recognize a tax benefit associated with a tax position when, in our judgment, it is more likely than not that the position will be sustained based upon the technical merits of the position. For a tax position that meets the more likely than not recognition threshold, we measure the income tax benefit as the largest amount that we judge to have a greater than 50% likelihood of being realized. A liability is established for the unrecognized portion of any tax benefit. Our liability for unrecognized tax benefits is adjusted periodically due to changing circumstances, such as the progress of tax audits, case law developments and new or emerging legislation.

A summary of our deferred tax assets is included in Note 9 “Income Taxes” in our Annual Report on Form 10-K for the year ended December 31, 2014.

7

Note 4: deferred revenue

We entered into two transactions (September 2013 and December 2012) through which we sold a percentage of the future production from aggregates reserves at eight quarries (seven owned and one leased). These sales were structured as volumetric production payments (VPPs). We received net cash proceeds of $153,282,000 and $73,644,000 for the 2013 and 2012 transactions, respectively. These proceeds were recorded as deferred revenue on the balance sheet and are amortized on a unit-of-sales basis to revenue over the terms of the VPPs. Concurrently, we entered into marketing agreements with the purchaser through which we are designated the exclusive sales agent for the purchaser’s percentage of future production. Acting as the purchaser’s agent, our consolidated total revenues exclude these sales.

The common key terms of both VPP transactions are:

§ the purchaser has a nonoperating interest in future production entitling them to a percentage of future production

§ there is no minimum annual or cumulative production or sales volume, nor any minimum sales price guarantee

§ the purchaser has the right to take its percentage of future production in physical product, or receive the cash proceeds from the sale of its percentage of future production under the terms of the aforementioned marketing agreement

§ the purchaser's percentage of future production is conveyed free and clear of all future costs

§ we retain full operational and marketing control of the specified quarries

§ we retain fee simple interest in the land as well as any residual values that may be realized upon the conclusion of mining

The key terms specific to the 2013 VPP transaction are:

§ terminates at the earlier to occur of September 30, 2051 or the sale of 250.8 million tons of aggregates from the specified quarries; based on historical and projected volumes from the specified quarries, it is expected that 250.8 million tons will be sold prior to September 30, 2051

§ the purchaser's percentage of the maximum 250.8 million tons of future production is estimated to be 11.5% (approximately 29 million tons); the actual percentage may vary

The key terms specific to the 2012 VPP transaction are:

§ terminates at the earlier to occur of December 31, 2052 or the sale of 143.2 million tons of aggregates from the specified quarries; based on historical and projected volumes from the specified quarries, it is expected that 143.2 million tons will be sold prior to December 31, 2052

§ the purchaser's percentage of the maximum 143.2 million tons of future production is estimated to be 10.5% (approximately 15 million tons); the actual percentage may vary

Reconciliation of the deferred revenue balances (current and noncurrent) is as follows:

	Three Months Ended		Six Months Ended
	June 30			June 30
in thousands	2015	2014		2015	2014
Deferred Revenue
Balance at beginning of period	$     218,987	$     223,946		$     219,968	$     224,743
Cash received and revenue deferred	0	0		0	187
Amortization of deferred revenue	(1,558)	(1,357)		(2,539)	(2,341)
Balance at end of period	$     217,429	$     222,589		$     217,429	$     222,589

Based on expected aggregates sales from the specified quarries, we anticipate recognizing an estimated $6,000,000 of deferred revenue (reflected in other current liabilities in our 2015 Condensed Consolidated Balance Sheet) during the 12-month period ending June 30, 2016.

8

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:

	Level 1
	June 30	December 31	June 30
in thousands	2015	2014	2014
Fair Value Recurring
Rabbi Trust
Mutual funds	$       14,488	$       15,532	$       14,365
Equities	12,274	11,248	14,052
Total	$       26,762	$       26,780	$       28,417

	Level 2
	June 30	December 31	June 30
in thousands	2015	2014	2014
Fair Value Recurring
Rabbi Trust
Common/collective trust funds	$        1,355	$        1,415	$        1,349
Total	$        1,355	$        1,415	$        1,349

We have established 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 and equity securities for which quoted prices in active markets are available. Level 2 investments are stated at estimated fair value based on the underlying investments in those funds (short-term, highly liquid assets in commercial paper, short-term bonds and certificates of deposit).

Net trading gains of the Rabbi Trust investments were $184,000 and $3,428,000 for the six months ended June 30, 2015 and 2014, respectively. The portions of the net trading gains related to investments still held by the Rabbi Trusts at June 30, 2015 and 2014 were $22,000 and $1,480,000, respectively.

The carrying values of our cash equivalents, restricted cash, accounts and notes receivable, short-term debt, trade payables and accruals, and 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 Notes 6 and 7, respectively.

Assets that were subject to fair value measurement on a nonrecurring basis are summarized below:

	Period ending June 30, 2015		Period ending June 30, 2014
		Impairment		Impairment
in thousands	Level 2	Charges	Level 2	Charges
Fair Value Nonrecurring
Property, plant & equipment, net	$              0	$       2,176	$       2,280	$       2,987
Other intangible assets, net	0	2,858	0	0
Other assets	0	156	0	0
Total	$              0	$       5,190	$       2,280	$       2,987

9

We recorded $5,190,000and $2,987,000 of losses on impairment of long-lived assets for the six months ended June 30, 2015 and 2014, respectively, reducing the carrying value of these assets to their estimated fair values of $0and $2,280,000. Fair value was estimated using a market approach (observed transactions involving comparable assets in similar locations).

Note 6: Derivative Instruments

During the normal course of operations, we are exposed to market risks including fluctuations in interest rates, foreign currency exchange rates and commodity pricing. From time to time, and consistent with our risk management policies, we use derivative instruments to hedge against these market risks. We do not utilize derivative instruments for trading or other speculative purposes.

The accounting for gains and losses that result from changes in the fair value of derivative instruments depends on whether the derivatives have been designated and qualify as hedging instruments and the type of hedging relationship. The interest rate swap agreements described below were designated as either cash flow hedges or fair value hedges. The changes in fair value of our interest rate swap cash flow hedges are recorded in accumulated other comprehensive income (AOCI) and are reclassified into interest expense in the same period the hedged items affect earnings. The changes in fair value of our interest rate swap fair value hedges are recorded as interest expense consistent with the change in the fair value of the hedged items attributable to the risk being hedged.

CASH FLOW HEDGES

We have used interest rate swap agreements designated as cash flow hedges to minimize the variability in cash flows of liabilities or forecasted transactions caused by fluctuations in interest rates. During 2007, we entered into fifteen forward starting interest rate swap agreements for a total stated amount of $1,500,000,000. Upon the 2007 and 2008 issuances of the related fixed-rate debt, we terminated and settled these forward starting swaps for cash payments of $89,777,000. Amounts in AOCI are being 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:

		Three Months Ended		Six Months Ended
	Location on	June 30			June 30
in thousands	Statement	2015	2014		2015	2014
Cash Flow Hedges
Loss reclassified from AOCI	Interest
(effective portion)	expense	$       (5,094)	$          (969)		$       (8,815)	$       (5,903)

The loss reclassified from AOCI for the six months ended June 30, 2015 and 2014 includes the acceleration of a proportional amount of the deferred loss in the amount of $7,208,000 and $3,762,000, respectively, referable to the debt purchases as disclosed in Note 7.

For the 12-month period ending June 30, 2016, we estimate that $2,008,000 of the pretax loss in AOCI will be reclassified to earnings.

FAIR VALUE HEDGES

We have used interest rate swap agreements designated as fair value hedges to minimize exposure to changes in the fair value of fixed-rate debt that results from fluctuations in the benchmark interest rates for such debt. In June 2011, we issued $500,000,000 of 6.50% fixed-rate notes due in 2016. Concurrently, we entered into interest rate swap agreements in the stated amount of $500,000,000. Under these agreements, we paid 6-month London Interbank Offered Rate (LIBOR) plus a spread of 4.05% and received a fixed interest rate of 6.50%. Additionally, in June 2011, we entered into interest rate swap agreements on our $150,000,00010.125% fixed-rate notes due in 2015. Under these agreements, we paid 6-month LIBOR plus a spread of 8.03% and received a fixed interest rate of 10.125%. In August 2011, we terminated and settled these interest rate swap agreements for $25,382,000 of cash proceeds. The $23,387,000 forward component of the settlement (cash proceeds less $1,995,000 of accrued interest) was added to the carrying value of the related debt and is being amortized as a reduction to interest expense over the remaining lives of the related debt using the effective interest method.

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This amortization was reflected in the accompanying Condensed Consolidated Statements of Comprehensive Income as follows:

	Three Months Ended		Six Months Ended
	June 30			June 30
in thousands	2015	2014		2015	2014
Deferred Gain on Settlement
Amortized to earnings as a reduction
to interest expense	$        2,000	$           484		$        2,513	$        9,678

The amortized deferred gain for the six months ended June 30, 2015 and 2014 includes the acceleration of a proportional amount of the deferred gain in the amount of $1,642,000 and $8,032,000, respectively, referable to the debt purchases as disclosed in Note 7.

Note 7: Debt

Debt is summarized as follows:

	Effective	June 30	December 31	June 30
in thousands	Interest Rate	2015	2014	2014
Short-term Debt
Bank line of credit (expires 2020) 1	1.75%	$        138,500	$                0	$                0
Total short-term debt		$        138,500	$                0	$                0
Long-term Debt
10.125% notes due 2015 2	9.575%	$        150,000	$     150,000	$     150,000
6.50% notes due 2016	n/a	0	125,001	125,001
6.40% notes due 2017	n/a	0	218,633	218,633
7.00% notes due 2018	7.87%	272,512	400,000	400,000
10.375% notes due 2018	10.625%	250,000	250,000	250,000
7.50% notes due 2021	7.75%	600,000	600,000	600,000
8.85% notes due 2021	8.88%	6,000	6,000	6,000
Industrial revenue bond due 2022 3	0.14%	14,000	14,000	14,000
4.50% notes due 2025	4.65%	400,000	0	0
7.15% notes due 2037	8.05%	240,188	240,188	240,188
Other notes 4	6.21%	613	637	769
Unamortized discounts and debt issuance costs	n/a	(25,975)	(22,716)	(25,146)
Unamortized deferred interest rate swap gain 5	n/a	523	3,036	4,032
Total long-term debt including current maturities 6		$     1,907,861	$  1,984,779	$  1,983,477
Less current maturities		14,124	150,137	158
Total long-term debt		$     1,893,737	$  1,834,642	$  1,983,319
Estimated fair value of long-term debt		$     2,140,942	$  2,092,673	$  2,289,118

1	Borrowings are shown as short-term due to our intent to repay within twelve months.The effective interest rate reflects the margin added to LIBOR for LIBOR-based borrowings. We also pay fees for unused borrowing capacity and standby letters of credit.
2	The 10.125% notes due 2015 are classified as long-term debt (not current maturities) as of June 30, 2015 due to our intent and ability to refinance these notes at maturity using our line of credit.
3	As of June 30, 2015, we had initiated prepayment; as such, this debt is classified as current maturities of long-term debt.
4	Non-publicly traded debt.
5	The unamortized deferred gain was realized upon the August 2011 settlement of interest rate swaps as discussed in Note 6.
6	The debt balances as of December 31, 2014 and June 30, 2014 have been adjusted to reflect our early adoption of ASU 2015-03 and related election as disclosed in Note 17.

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Our total debt is presented in the table above net of unamortized discounts from par, unamortized deferred debt issuance costs and unamortized deferred interest rate swap settlement gains from fair value hedges. Discounts, deferred debt issuance costs and deferred swap settlement gains are amortized using the effective interest method over the terms of the respective notes resulting in $2,067,000 of net interest expense for these items for the six months ended June 30, 2015.

The estimated fair value of our debt presented in the table above was determined by: (1) averaging several asking price quotes for the publicly traded notes and (2) assuming par value for the remainder of the debt. The fair value estimates for the publicly traded notes were based on Level 2 information (as defined in Note 5) as of their respective balance sheet dates.

LINE OF CREDIT

In June 2015, we cancelled our secured $500,000,000 line of credit and entered into an unsecured $750,000,000 line of credit that expires in June 2020.

The line of credit contains affirmative, negative and financial covenants customary for an unsecured facility. The primary negative covenant limits our ability to incur secured debt. The financial covenants are: (1) a maximum ratio of debt to EBITDA of 3.5:1 through September 2016 and 3.25:1 thereafter,  and (2) a minimum ratio of EBITDA to net cash interest expense of 3.0:1. As of June 30, 2015, we were in compliance with the line of credit covenants.

Borrowings bear interest at either LIBOR plus a credit margin ranging from 1.00% to 2.00%, or SunTrust Bank’s base rate (generally, its prime rate) plus a credit margin ranging from 0.00% to 1.00%. The credit margin for both LIBOR and base rate borrowings is determined by our ratio of debt to EBITDA. Standby letters of credit, which are issued under the line of credit and reduce availability, are charged a fee equal to the credit margin for LIBOR borrowings plus 0.175%. We also pay a commitment fee on the daily average unused amount of the line of credit that ranges from 0.10% to 0.35% based on our ratio of debt to EBITDA. As of June 30, 2015, the credit margin for LIBOR borrowings was 1.75%, the credit margin for base rate borrowings was 0.75% and the commitment fee was 0.25%.

As of June 30, 2015, our available borrowing capacity was $558,281,000 and usage was as follows:

§ $138,500,000 was borrowed

§ $53,219,000 was used to provide support for outstanding standby letters of credit

The current borrowings on our line of credit are shown as short-term due to our intent to repay within twelve months.

TERM DEBT

All of our term debt is unsecured. All such debt, other than the $14,000,000 industrial revenue bond and the $613,000 of other notes, is governed by two essentially identical indentures that contain customary investment-grade type covenants. The primary covenant in both indentures limits the amount of secured debt we may incur without ratably securing such debt.As of June 30, 2015, we were in compliance with all of the term debt covenants.

The industrial revenue bond is supported by a standby letter of credit issued under our line of credit. As such, the primary covenants pertaining to the industrial revenue bond are those contained in our line of credit agreement. In June 2015 we issued a notice of our intent to repay the debt in August 2015 (such repayment will not incur any prepayment penalties). As such, the industrial revenue bond is classified as current maturities of long-term debt in the accompanying Condensed Consolidated Balance Sheet as of June 30, 2015.

In March 2015, we issued $400,000,000 of 4.50% senior notes due 2025. Proceeds (net of underwriter fees and other transaction costs) of $395,207,000 were partially used to fund the March 30, 2015 purchase, via tender offer, of $127,303,000 principal amount (32%) of the 7.00% notes due 2018. The March 2015 debt purchase cost $145,899,000, including an $18,140,000 premium above the principal amount of the notes and transaction costs of $456,000. The premium primarily reflects the trading price of the notes relative to par prior to the tender offer commencement. Additionally, we recognized $3,138,000 of non-cash costs associated with the acceleration of a proportional amount of unamortized discounts, deferred debt issuance costs, anddeferred interest rate swap settlement gains and losses. The combined first quarter charge of $21,734,000 is presented in the accompanying Condensed Consolidated Statement of Comprehensive Income as a component of interest expense for the six month period ended June 30, 2015.

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The remaining net proceeds from the March 2015 debt issuance, together with cash on hand and borrowings under our line of credit, funded: (1) the April 2015 redemption of $218,633,000 principal amount (100%) of the 6.40% notes due 2017, (2) the April 2015 redemption of $125,001,000 principal amount (100%) of the 6.50% notes due 2016 and (3) the April 2015 purchase, via the tender offer commenced in March 2015 of  $185,000 principal amount (less than 1%) of the 7.00% notes due 2018. The April 2015 debt purchases cost $385,024,000, including a $41,153,000 premium above the principal amount of the notes and transaction costs of $52,000. The premium primarily reflects the make-whole value of the 2016 notes and the 2017 notes. Additionally, we recognized $4,136,000 of non-cash costs associated with the acceleration of unamortized discounts, deferred debt issuance costs, and deferred interest rate swap settlement gains and losses. The combined second quarter charge of $45,341,000 is presented in the accompanying Condensed Consolidated Statement of Comprehensive Income as a component of interest expense for the six month period ended June 30, 2015.

Consistent with our intent and ability to refinance the 10.125% notes due 2015 via borrowing on our line of credit, such notes are classified as long-term debt in the accompanying Condensed Consolidated Balance Sheet as of June 30, 2015.

In March 2014, we purchased $506,366,000 principal amount of debt through a tender offer as follows: $374,999,000 of 6.50% notes due in 2016 and $131,367,000 of 6.40% notes due in 2017. This debt purchase was funded by the sale of our cement and concrete businesses in the Florida area as described in Note 16. The March 2014 debt purchases cost $579,659,000, including a $71,829,000 premium above the principal amount of the notes and transaction costs of $1,464,000. The premium primarily reflects the trading price of the notes relative to par prior to the tender offer commencement. Additionally, we recognized a net benefit of $344,000 associated with the acceleration of a proportional amount of unamortized discounts, deferred debt issuance costs, and deferred interest rate swap settlement gains and losses. The combined charge of $72,949,000 is presented in the accompanying Condensed Consolidated Statement of Comprehensive Income as a component of interest expense for the six month period ended June 30, 2014.

Note 8: Commitments and Contingencies

STANDBY LETTERS OF CREDIT

We provide, in the normal course of business, certain third party beneficiaries 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, typically renew automatically, and can only be modified or cancelled with the approval of the beneficiary. All of our standby letters of credit are issued by banks that participate in our $750,000,000 line of credit, and reduce the borrowing capacity thereunder. Our standby letters of credit as of June 30, 2015 are summarized by purpose in the table below:

in thousands
Standby Letters of Credit
Risk management insurance	$       33,111
Industrial revenue bond	14,230
Reclamation/restoration requirements	5,878
Total	$       53,219

LITIGATION AND ENVIRONMENTAL MATTERS

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.

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§ Lower Passaic River Study Area (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”) to a May 2007 Administrative Order on Consent (AOC) with the U.S. Environmental Protection Agency (EPA) to perform a Remedial Investigation/Feasibility Study (RI/FS) of the lower 17 miles of the Passaic River (River). On April 11, 2014, the EPA issued a proposed Focused Feasibility Study (FFS) 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 approximately $950 million to $1.73 billion. The period for public comment on the proposed FFS is closedand it is anticipated that the EPA will issue its final record of decision sometime in 2015. The Cooperating Parties Group RI/FS estimates the preferred remedial action presented therein to cost in the range of approximately $475 million to $725 million (including $93 million in operations and maintenance costs for a 30 year period).

The AOC does not obligate us to fund or perform the remedial action contemplated by either the RI/FS or the FFS. Vulcan formerly owned a chemicals operation near River Mile 0.1, which was sold in 1974. The Company has found no evidence that its former chemicals operation contributed any of the primary contaminants of concern to the River.

Neither the ultimate remedial approach, nor the parties who will participate in funding the remediation and their respective allocations, have been determined. However, we recorded an immaterial loss for this matter in the first quarter of 2015 based on the cost estimate of the preferred remedial action supported by the Cooperating Parties Group’s RI/FS.

§ TEXAS BRINE MATTER — During the operation of its former Chemicals Division, Vulcan was the lessee to a salt lease from 1976 – 2005 in an underground salt dome formation in Assumption Parish, Louisiana. The Texas Brine Company (Texas Brine) operated this salt mine for the account of Vulcan. Vulcan sold its Chemicals Division in 2005 and assigned the lease to the purchaser, and Vulcan has had no association with the leased premises or Texas Brine since that time. In August 2012, a sinkhole developed near the salt dome and numerous lawsuits were filed in state court in Assumption Parish, Louisiana. Other lawsuits, including class action litigation, were also filed in August 2012 in federal court in the Eastern District of Louisiana in New Orleans.

There are numerous defendants to the litigation in state and federal court. Vulcan was first brought into the litigation as a third-party defendant in August 2013 by Texas Brine. Vulcan has since been added as a direct and third-party defendant by other parties, including a direct claim by the state of Louisiana. The damages alleged in the litigationrange from individual plaintiffs’ claims for property damage, to the state of Louisiana’s claim for response costs, to claims for physical damages to oil pipelines, to business interruption claims. In addition to the plaintiffs’ claims, Vulcan has also been sued for contractual indemnity and comparative fault by both Texas Brineand Occidental Chemical Co. (Occidental).  The total amount of damages claimed is in excess of $500 million. It is alleged that the sinkhole was caused, in whole or in part, by Vulcan’s negligent actions or failure to act. It is also alleged that Vulcan breached the salt lease, as well as an operating agreement and a drilling agreement with Texas Brine; and that Vulcan is strictly liable for certain property damages in its capacity as a former assignee of the salt lease; and that Vulcan violated certain covenants and conditions in the agreement under which it sold its Chemicals Division in 2005. Vulcan has made claims for contractual indemnity, comparative fault, and breach of contract against Texas Brine, as well as claims for contractual indemnity and comparative fault against Occidental. Discovery is ongoing and the first trial date in any of these cases has been set for April 2016.At this time, we cannot reasonably estimate a range of liability pertaining to this matter.

§ HEWITT LANDFILL MATTER— Vulcan is engaged in an ongoing dialogue with the U.S. Environmental Protection Agency, the Los Angeles Department of Water and Power, and other stakeholders regarding groundwater contamination in the San Fernando Valley in California. Vulcan’s former Hewitt Landfill in Los Angeles is within one of the areas of concern. We are gathering and analyzing data and developing groundwater models and other technical information to determine the extent of possible contribution by the Hewitt Landfill to the groundwater contamination in the area. This work is also intended to assist in identification of other sources of contamination. At this time, we cannot reasonably estimate a range of liability pertaining to this matter.

It is not possible to predict with certainty 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.

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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.

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 liability is accreted through charges to operating expenses. If the ARO is settled for other than the carrying amount of the liability, we recognize a gain or loss on settlement.

We record all AROs for which we have legal obligations for land reclamation at estimated fair value. Essentially all these AROs relate to our underlying land parcels, including both owned properties and mineral leases. For the three and six month periods ended June 30, we recognized ARO operating costs related to accretion of the liabilities and depreciation of the assets as follows:

	Three Months Ended		Six Months Ended
	June 30			June 30
in thousands	2015	2014		2015	2014
ARO Operating Costs
Accretion	$        2,936	$        2,913		$        5,787	$        5,852
Depreciation	1,568	983		3,001	1,980
Total	$        4,504	$        3,896		$        8,788	$        7,832

ARO operating costs are reported in cost of revenues. AROs are reported within other noncurrent liabilities in our accompanying Condensed Consolidated Balance Sheets.

Reconciliations of the carrying amounts of our AROs are as follows:

	Three Months Ended		Six Months Ended
	June 30			June 30
in thousands	2015	2014		2015	2014
Asset Retirement Obligations
Balance at beginning of period	$     238,689	$     225,831		$     226,565	$     228,234
Liabilities incurred	4,339	0		6,159	0
Liabilities settled	(1,270)	(7,593)		(8,000)	(12,843)
Accretion expense	2,936	2,913		5,787	5,852
Revisions up (down), net	(9,775)	3,966		4,408	3,874
Balance at end of period	$     234,919	$     225,117		$     234,919	$     225,117

The 2015 revisions relate to revised cost estimates and spending patterns for several quarries located primarily in California.

Note 10: Benefit Plans

We sponsor three funded, noncontributory defined benefit pension plans. These plans cover substantially all employees hired prior to July 15, 2007, other than those covered by union-administered plans. Normal retirement age is 65, but the plans contain provisions for earlier retirement. Benefits for the Salaried Plan and the Chemicals Hourly Plan are generally based on salaries or wages and years of service; the Construction Materials Hourly Plan provides benefits equal to a flat dollar amount for each year of service. In addition to these qualified plans, we sponsor three unfunded, nonqualified pension plans.

Effective July 15, 2007, we amended our defined benefit pension plans to no longer accept new participants. In December 2013, we amended our defined benefit pension plans so that future service accruals for salaried pension participants ceased effective December 31, 2013. This change included a special transition provision which will allow covered compensation through December 31, 2015 to be considered in the participants’ benefit calculations.

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The following table sets forth the components of net periodic pension benefit cost:

PENSION BENEFITS	Three Months Ended		Six Months Ended
	June 30			June 30
in thousands	2015	2014		2015	2014
Components of Net Periodic Benefit Cost
Service cost	$        1,212	$        1,040		$        2,425	$        2,079
Interest cost	11,036	11,098		22,073	22,196
Expected return on plan assets	(13,684)	(12,700)		(27,368)	(25,401)
Amortization of prior service cost	12	47		24	94
Amortization of actuarial loss	5,455	2,805		10,909	5,610
Net periodic pension benefit cost	$        4,031	$        2,290		$        8,063	$        4,578
Pretax reclassification from AOCI included in
net periodic pension benefit cost	$        5,467	$        2,852		$      10,933	$        5,704

Prior contributions, along with the existing funding credits, are sufficient to cover required contributions to the qualified plans through 2015.

In addition to pension benefits, we provide certain healthcare and life insurance benefits for some retired employees. In 2012, we amended our postretirement healthcare plan to cap our portion of the medical coverage cost at the 2015 level. Substantially all our salaried employees and where applicable, hourly employees may become eligible for these benefits if they reach a qualifying age and meet certain service requirements. Generally, Company-provided healthcare benefits terminate when covered individuals become eligible for Medicare benefits, become eligible for other group insurance coverage or reach age 65, whichever occurs first.

The March 2014 sale of our cement and concrete businesses in the Florida area (see Note 16) significantly reduced total expected future service of our postretirement plans resulting in a one-time curtailment gain of $3,832,000. This gain was reflected within gain on sale of property, plant & equipment, net in our accompanying Condensed Consolidated Statement of Comprehensive Income for the six months ended June 30, 2014.

The following table sets forth the components of net periodic postretirement benefit cost:

OTHER POSTRETIREMENT BENEFITS	Three Months Ended		Six Months Ended
	June 30			June 30
in thousands	2015	2014		2015	2014
Components of Net Periodic Benefit Cost
Service cost	$           474	$           537		$           947	$        1,073
Interest cost	626	825		1,243	1,649
Curtailment gain	0	0		0	(3,832)
Amortization of prior service credit	(1,058)	(1,082)		(2,116)	(2,164)
Amortization of actuarial loss	23	56		19	113
Net periodic postretirement benefit cost (credit)	$             65	$           336		$             93	$       (3,161)
Pretax reclassification from AOCI included in
net periodic postretirement benefit credit	$       (1,035)	$       (1,026)		$       (2,097)	$       (5,883)

The reclassifications from AOCI noted in the tables above are related to curtailment gains, amortization of prior service costs or credits and actuarial losses as shown in Note 11.

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Note 11: other Comprehensive Income

Comprehensive income comprises two subsets: net earnings and other comprehensive income (OCI). The components of other comprehensive income are presented in the accompanying Condensed Consolidated Statements of Comprehensive Income, net of applicable taxes.

Amounts in accumulated other comprehensive income (AOCI), net of tax, are as follows:

	June 30	December 31	June 30
in thousands	2015	2014	2014
AOCI
Cash flow hedges	$       (14,997)	$       (20,322)	$       (21,609)
Pension and postretirement benefit plans	(136,014)	(141,392)	(71,618)
Total	$     (151,011)	$     (161,714)	$       (93,227)

Changes in AOCI, net of tax, for the six months ended June 30, 2015 are as follows:

		Pension and
	Cash Flow	Postretirement
in thousands	Hedges	Benefit Plans	Total
AOCI
Balance as of December 31, 2014	$       (20,322)	$     (141,392)	$     (161,714)
Other comprehensive income
before reclassifications	0	0	0
Amounts reclassified from AOCI	5,325	5,378	10,703
Net current period OCI changes	5,325	5,378	10,703
Balance as of June 30, 2015	$       (14,997)	$     (136,014)	$     (151,011)

Amounts reclassified from AOCI to earnings, are as follows:

	Three Months Ended		Six Months Ended
	June 30			June 30
in thousands	2015	2014		2015	2014
Reclassification Adjustment for Cash Flow
Hedge Losses
Interest expense	$          5,094	$             969		$          8,815	$          5,903
Benefit from income taxes	(2,017)	(385)		(3,490)	(2,334)
Total	$          3,077	$             584		$          5,325	$          3,569
Amortization of Pension and Postretirement
Plan Actuarial Loss and Prior Service Cost
Cost of revenues	$          3,643	$          1,445		$          7,175	$            (141)
Selling, administrative and general expenses	788	382		1,660	(36)
(Benefit from) provision for income taxes	(1,734)	(712)		(3,457)	69
Total 1	$          2,697	$          1,115		$          5,378	$            (108)
Total reclassifications from AOCI to earnings	$          5,774	$          1,699		$        10,703	$          3,461

1  Six months ended June 30, 2014 includes a one-time curtailment gain (see Note 10) resulting from the sale of our cement and concrete businesses in the Florida area (see Note 16).

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Note 12: Equity

Our capital stock consists solely of common stock, par value $1.00 per share. Holders of our common stock are entitled to one vote per share. Our Certificate of Incorporation also authorizes preferred stock of which 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.

Under a program that was discontinued in the fourth quarter of 2014, we occasionally sold shares of common stock to the trustee of our 401(k) retirement plans to satisfy the plan participants’ elections to invest in our common stock. Under this arrangement, the stock issuances and resulting cash proceeds were as follows:

§ twelve months ended December 31, 2014— issued 485,306 shares for cash proceeds of $30,620,000

§ six months ended June 30, 2014— issued 435,655 shares for cash proceeds of $27,539,000

Changes in total equity for the six months ended June 30, 2015 are summarized below:

	Total
in thousands	Equity
Balance at December 31, 2014	$    4,176,699
Net earnings	8,484
Common stock issued
Share-based compensation plans	36,485
Share-based compensation expense	9,679
Excess tax benefits from share-based compensation	11,457
Cash dividends on common stock ($0.20 per share)	(26,549)
Other comprehensive income	10,703
Other	(1)
Balance at June 30, 2015	$    4,226,957

There were no shares held in treasury as of June 30, 2015, December 31, 2014 and June 30, 2014. As of June 30, 2015, 3,411,416 shares may be repurchased under the current purchase authorization of our Board of Directors.

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Note 13: Segment Reporting

We have four operating (and reportable) segments organized around our principal product lines: Aggregates, Asphalt Mix, Concrete and Calcium. The vast majority of our activities are domestic. We sell a relatively small amount of construction aggregates outside the United States. Intersegment sales are made at local market prices for the particular grade and quality of product utilized in the production of asphalt mix and ready-mixed concrete. Management reviews earnings from the product line reporting segments principally at the gross profit level.

segment financial disclosure

	Three Months Ended		Six Months Ended
	June 30			June 30
in millions	2015	2014		2015	2014
Total Revenues
Aggregates 1	$        733.4	$        628.9		$     1,236.9	$     1,057.6
Asphalt Mix 2	129.0	109.3		232.1	193.6
Concrete 2, 3	78.6	93.8		138.4	189.8
Calcium 4	2.4	2.2		4.2	20.3
Segment sales	943.4	834.2		1,611.6	1,461.3
Aggregates intersegment sales	(48.3)	(43.1)		(85.2)	(86.5)
Calcium intersegment sales	0.0	0.0		0.0	(9.2)
Total revenues	$        895.1	$        791.1		$     1,526.4	$     1,365.6
Gross Profit
Aggregates	$        207.3	$        161.7		$        275.0	$        200.2
Asphalt Mix 2	21.1	9.0		29.9	13.7
Concrete 2, 3	4.9	3.2		5.7	(6.0)
Calcium 4	1.1	0.9		1.7	1.0
Total	$        234.4	$        174.8		$        312.3	$        208.9
Depreciation, Depletion, Accretion
and Amortization (DDA&A)
Aggregates	$          57.0	$          56.3		$        112.5	$        111.0
Asphalt Mix 2	4.1	2.4		8.0	4.8
Concrete 2, 3	2.8	4.8		5.5	10.8
Calcium 4	0.2	0.2		0.3	1.2
Other	4.3	4.6		8.8	9.9
Total	$          68.4	$          68.3		$        135.1	$        137.7
Identifiable Assets 5
Aggregates				$     7,497.2	$     7,126.4
Asphalt Mix 2				319.3	224.9
Concrete 2, 3				185.5	238.7
Calcium 4				5.5	6.0
Total identifiable assets				$     8,007.5	$     7,596.0
General corporate assets				113.7	87.1
Cash items				74.7	227.7
Total				$     8,195.9	$     7,910.8

1	Includes crushed stone, sand and gravel, sand, other aggregates, as well as freight, delivery and transportation revenues, and other revenues related to services.
2	In January 2015, we exchanged our California ready-mixed concrete operations for 13 asphalt mix plants, primarily in Arizona (see Note 16).
3	Includes ready-mixed concrete. In March 2014, we sold our concrete business in the Florida area (see Note 16) which in addition to ready-mixed concrete, included concrete block, precast concrete, as well as building materials purchased for resale.
4	Includes cement and calcium products. In March 2014, we sold our cement business (see Note 16).
5	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.

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Note 14: Supplemental Cash Flow Information

Supplemental information referable to our Condensed Consolidated Statements of Cash Flows is summarized below:

	Six Months Ended
	June 30
in thousands	2015	2014
Cash Payments
Interest (exclusive of amount capitalized)	$     134,215	$     162,110
Income taxes	31,755	13,867
Noncash Investing and Financing Activities
Accrued liabilities for purchases of property, plant & equipment	$       13,651	$       12,482
Amounts referable to business acquisitions
Liabilities assumed	2,426	755
Fair value of noncash assets and liabilities exchanged	20,000	0
Fair value of equity consideration	0	1,094

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. There were no charges for goodwill impairment in the six month periods ended June 30, 2015 and 2014.

We have four reportable segments organized around our principal product lines: Aggregates, Asphalt Mix, Concrete and Calcium. The changes in the carrying amount of goodwill by reportable segment from December 31, 2014 to June 30, 2015 as summarized below:

GOODWILL

in thousands	Aggregates	Asphalt Mix	Concrete	Calcium	Total
Goodwill
Total as of December 31, 2014	$  3,003,191	$     91,633	$              0	$              0	$    3,094,824
Goodwill of acquired businesses	0	0	0	0	0
Goodwill of divested businesses	0	0	0	0	0
Total as of June 30, 2015	$  3,003,191	$     91,633	$              0	$              0	$    3,094,824

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. A decrease in the estimated fair value of one or more of our reporting units could result in the recognition of a material, noncash write-down of goodwill.

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Note 16: Acquisitions and Divestitures

ACQUISITIONS

Through the six months ended June 30, 2015, we purchased the following for $41,387,000 of consideration ($21,387,000cash and $20,000,000 exchanges of real property and businesses (twelve California ready-mixed concrete operations)):

§ three aggregates facilities and seven ready-mixed concrete operations in Arizona and New Mexico

§ thirteen asphalt mix plants, primarily in Arizona

As a result, we recognized $16,543,000of amortizable intangible assets (contractual rights in place). The contractual rights in place will be amortized against earnings ($7,168,000 - straight-line over20 years and $9,375,000 - units of production over an estimated 50 years) and deductible for income tax purposes over 15 years. The purchase price allocation is preliminary pending appraisals of contractual rights in place and property, plant & equipment.

For the full year 2014, we purchased the following for total consideration of $331,836,000  ($284,237,000 cash; $2,414,000 exchanges of real property and businesses; and $45,185,000 Vulcan Materials Company common stock (715,004 shares)):

§ two portable asphalt plants and an aggregates facility in southern California

§ five aggregates facilities and associated downstream assets in Arizona and New Mexico

§ two aggregates facilities in Delaware, serving northern Virginia and Washington, D.C.

§ four aggregates facilities in the San Francisco Bay Area

§ a rail-connected aggregates operation and two distribution yards that serve the greater Dallas/Fort Worth market

§ a permitted aggregates quarry in Alabama

DIVESTITURES AND PENDING DIVESTITURES

As noted above, in the first quarter of 2015, we exchanged twelve ready-mixed concrete operations in California (representing all of our California concrete operations) for thirteen asphalt mix plants (primarily in Arizona) resulting in a pretax gain of $5,886,000.

For the full year 2014, we sold:

§ First quarter — our cement and concrete businesses in the Florida area for net pretax cash proceeds of $721,359,000 resulting in a pretax gain of $227,910,000. We retained all of our Florida aggregates operations, our former Cement segment’s calcium operation in Brooksville, Florida and real estate associated with certain former ready-mixed concrete facilities. Under a separate supply agreement, we will continue to provide aggregates to the divested concrete facilities, at market prices, for a period of 20 years. As a result of the continuing cash flows (generated via the supply agreement and the retained operation and assets), the disposition is not reported as discontinued operations

§ First quarter — a previously mined and subsequently reclaimed tract of land in Maryland (Aggregates segment) for net pretax cash proceeds of $10,727,000 resulting in a pretax gain of $168,000

§ First quarter — unimproved land in Tennessee previously containing a sales yard (Aggregates segment) for net pretax cash proceeds of $5,820,000 resulting in a pretax gain of $5,790,000

Effective land management is both a business strategy and a social responsibility. We strive to achieve value through our mining activities as well as incremental value through effective post-mining land management. Our land management strategy includes routinely reclaiming and selling our previously mined land. Additionally, this strategy includes developing conservation banks by preserving land as a suitable habitat for endangered or sensitive species. These conservation banks have received approval from the United States Fish and Wildlife Service to offer mitigation credits for sale to third parties who may be required to compensate for the loss of habitats of endangered or sensitive species.

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No assets met the criteria for held for sale at June 30, 2015 or 2014. As of December 31, 2014, twelve ready-mixed concrete facilities in California are presented in the accompanying Condensed Consolidated Balance Sheet as assets held for sale and liabilities of assets held for sale. During the first quarter of 2015, we swapped these ready mixed concrete facilities for thirteen asphalt mix operations, primarily in Arizona (as noted above). The major classes of assets and liabilities of assets classified as held for sale are as follows:

	June 30	December 31		June 30
in thousands	2015		2014		2014
Held for Sale
Current assets	$              0		$       1,773		$              0
Property, plant & equipment, net	0		12,764		0
Other intangible assets, net	0		647		0
Total assets held for sale	$              0		$     15,184		$              0
Asset retirement obligations	$              0		$          520		$              0
Total liabilities of assets held for sale	$              0		$          520		$              0

Note 17: New Accounting Standards

ACCOUNTING STANDARDS RECENTLY ADOPTED

DEBT ISSUANCE COSTS  As of and for the interim period ended June 30, 2015, we early adopted Accounting Standards Update (ASU) 2015-03, “Simplifying the Presentation of Debt Issuance Costs.” Under ASU 2015-03, debt issuance costs related to a note are presented in the balance sheet as a deduction from the related debt liability rather than as a prepaid expense(the amortization of such costs continues to be reported as interest expense).  However, this ASU did not address the balance sheet presentation of debt issuance cost: (1) incurred before a debt liability is recognized or (2) associated with revolving debt arrangements, such as our line of credit. Accordingly, we elected an accounting policy to present these debt issuance costs as a deduction from the total debt liability. This ASU and related election are retrospectively applied to the beginning of the earliest period presented in the financial statements. As a result of the retrospective application of this change in accounting principle, we adjusted our Condensed Consolidated Balance Sheets for all prior periods presented. Debt issuance costs of $20,805,000 and $23,060,000 previously reported as other noncurrent assets on the Condensed Consolidated Balance Sheets as of December 31, 2014 and June 30, 2014, respectively, have been reclassified as a deduction from the principal amount of the total debt liability.

SHARE-BASED AWARDS  As of and for the interim period ended March 31, 2015, we adopted ASU 2014-12, “Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved After the Requisite Service Period.” This ASU clarified the proper method of accounting for share-based awards when the terms of an award provide that a performance target could be achieved after the requisite service period. Under prior guidance, there was a lack of consistency in the measurement of the grant-date fair values of awards with these types of performance targets. Under ASU 2014-12, a performance target that affects vesting and could be achieved after completion of the service period should be treated as a performance condition and, as a result, should not be included in the estimation of the grant-date fair value. Rather, an entity should recognize compensation cost for the award when it becomes probable that the performance target will be achieved. Previously, we accounted for share-based awards with these types of performance targets in accordance with ASU 2014-12. Our adoption of this standard had no material impact on our financial position, results of operations or liquidity.

DISCONTINUED OPERATIONS REPORTING  As of and for the interim period ended March 31, 2015, we adopted ASU 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” This ASU changed the definition of and expanded the disclosure requirements for discontinued operations. Under the new definition, discontinued operations reporting is limited to disposals of components of an entity that represent strategic shifts that have (or will have) a major effect on an entity’s operations and financial results. The expanded disclosures for discontinued operations are meant to provide users of financial statements with more information about the assets, liabilities, revenues, and expenses of discontinued operations. Additionally, this ASU requires an entity to disclose the pretax profit or loss of an individually significant component of an entity that does not qualify for discontinued operations reporting. Our adoption of this standard had no material impact on our financial position, results of operations or liquidity.

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ACCOUNTING STANDARDS PENDING ADOPTION

NET ASSET VALUE PER SHARE INVESTMENTS  In May 2015, the Financial Accounting Standards Board (FASB) issued ASU 2015-07, “Disclosures for Investment in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent),” which removes the requirement to categorize investments within the fair value hierarchy when their fair value is measured using the net asset value per share practical expedient. This ASU also removes the requirement to make certain disclosures for investments that are eligible to be measured at fair value using the net asset value per share practical expedient. Rather, those disclosures would be limited to investments for which the entity has elected to measure the fair value using that practical expedient. This ASU is effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period. This ASU is to be applied retrospectively to all periods presented. Early adoption is permitted. We will adopt this standard as of and for the interim period ending March 31, 2016. While we are still evaluating the impact of ASU 2015-07, it will not impact our consolidated financial statements as it only affects disclosure. Thus, it will impact the notes to our consolidated financial statements, specifically, our pension plan fair value disclosures.

CONSOLIDATION  In February 2015, the FASB issued ASU 2015-02, “Amendments to the Consolidation Analysis,” which amends existing consolidation guidance for reporting entities that are required to evaluate whether they should consolidate certain legal entities. This ASU is effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period. Early adoption is permitted. We will adopt this standard as of and for the interim period ending March 31, 2016. We do not expect the adoption of this standard to have a material impact on our consolidated financial statements.

GOING CONCERN  In August 2014, the FASB issued ASU 2014-15, “Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern,” which requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern (meet its obligations as they become due) within one year after the date that the financial statements are issued. If conditions or events raise substantial doubt about the entity’s ability to continue as a going concern, certain disclosures are required. This ASU is effective for annual reporting periods ending after December 15, 2016, and interim reporting periods thereafter. Early adoption is permitted. We will adopt this standard as of and for the annual period ending December 31, 2016. We do not expect the adoption of this standard to have a material impact on our consolidated financial statements.

REVENUE RECOGNITION  In May 2014, the FASB issued ASU 2014-09, “Revenue From Contracts With Customers,” which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. This ASU provides a more robust framework for addressing revenue issues and expands required revenue recognition disclosures. This ASU is effective for annual reporting periods beginning after December 15, 2016, and interim reporting periods within those annual reporting periods. Early adoption is not permitted. We are currently evaluating the impact of adoption of this ASU on our consolidated financial statements.

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ITEM 2

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

GENERAL COMMENTS

Overview

Vulcan provides the basic materials for the infrastructure needed to expand the U.S. economy. We are the nation's largest producer of construction aggregates  (primarily crushed stone, sand and gravel) and a  major producer of asphalt mix and ready-mixed concrete.

Demand for our products is dependent on construction activity and correlates positively with changes in population growth, household formation and employment. The primary end uses include public construction, such as highways, bridges, airports, schools and prisons, as well as private nonresidential (e.g., manufacturing, retail, offices, industrial and institutional) and private residential construction (e.g., single-family houses, duplexes, apartment buildings and condominiums). Customers for our products include heavy construction and paving contractors; commercial building contractors; concrete products manufacturers; residential building contractors; state, county and municipal governments; railroads and electric utilities.

We operate primarily in the United States and our principal product — aggregates — is used in virtually all types of public and private construction projects and in the production of asphalt mix and ready-mixed concrete. Aggregates have a high weight-to-value ratio and, in most cases, must be produced near where they are used; if not, transportation can cost more than the materials, rendering them uncompetitive compared to locally produced materials. Exceptions to this typical market structure include areas along the U.S. Gulf Coast and the Eastern Seaboard where there are limited supplies of locally available high quality aggregates. We serve these markets from quarries that have access to long-haul transportation — shipping by barge and rail — and from our quarry on Mexico's Yucatan Peninsula. We transport aggregates from Mexico to the U.S. principally on our three Panamax-class, self-unloading ships.

There are practically no substitutes for quality aggregates. Because of barriers to entry created in many metropolitan markets by zoning and permitting regulation and because of high transportation costs relative to the value of the product, the location of reserves is a critical factor to our long-term success.

While aggregates is our focus and primary business, we believe vertical integration between aggregates and downstream products, such as asphalt mix and concrete, can be managed effectively in certain markets to generate acceptable financial returns. We produce and sell asphalt mix and/or ready-mixed concrete primarily in our mid-Atlantic, Georgia,  southwestern and western markets. Aggregates comprise approximately 95% of asphalt mix by weight and 78% of ready-mixed concrete by weight. In all of these downstream businesses, aggregates are primarily supplied from our own operations.

Seasonality and cyclical nature of our business

Almost all our products are produced and consumed outdoors. Seasonal changes and other weather-related conditions can affect the production and sales volumes of our products. Therefore, the financial results for any quarter do not necessarily indicate the results expected for the year. Normally, the highest sales and earnings are in the third quarter and the lowest are in the first quarter. Furthermore, our sales and earnings are sensitive to national, regional and local economic conditions and particularly to cyclical swings in construction spending, primarily in the private sector. The levels of construction spending are affected by changing interest rates and demographic and population fluctuations.

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EXECUTIVE SUMMARY

Financial highlights for SECOND Quarter 2015

Our second quarter results reflect thecontinuation of strong margin expansion and improvement in our industry-leading unit profitability in aggregates. Despite extremely wet weather in many of our markets, second quarter revenues increased 13% and gross profit increased 34% from the second quarter of 2014, with gross profit and gross profit margins improving in all segments. Same-store aggregates shipments rose 5% and same-store aggregates pricing (freight-adjusted) increased 6%. Underlying demand recovery and pricing momentum remain strong. Incremental Aggregates segment grossprofit as a percentage of freight-adjusted revenues was 61% for the quarter and 74% on a same-store basis. Although weather impacts in the second quarter and first half may result in full-year volumes below plan, pricing and margin improvements lead us to reconfirm our full-year EBITDA guidance.

Compared to second quarter 2014:

§ Total revenues increased $104.0 million, or 13%, to $895.1 million

§ Gross profit increased $59.7 million, or 34%, to $234.4 million

§ Aggregates freight-adjusted revenues increased $74.8 million, or 15%, to $558.4 million

§ Aggregates shipments increased 9%, or 3.8 million tons, to 47.5 million tons

§ Same-store shipments increased 5%, or 2.4 million tons

§ Aggregates segment gross profit increased $45.6 million, or 28%, to $207.3 million

§ Incremental gross profit as a percentage of freight-adjusted revenues was 61%

§ On a same–store basis, this metric was 74%

§ Average freight-adjusted sales price increased 6% (on both total aggregates and same-store basis)

§ Asphalt Mix, Concrete and Calcium segment gross profit improved $14.0 million, collectively

§ Selling, Administrative and General (SAG) remained in line with expectations and declined as a percentage of total revenues (7.7% versus 8.5%)

§ Earnings from continuing operations were $49.8 million, or $0.37 per diluted share, compared to earnings of $46.5 million, or $0.35 per diluted share, in the second quarter of 2014.

§ Discrete items in the second quarter of 2015 include:

§ a pretax charge of $2.6 million associated with acquisitions and divestitures

§ a pretax loss on impairment of $5.2 million

§ a pretax charge of $1.3 million for restructuring, and

§ a pretax charge for debt purchase of $45.3 million

§ Discrete items in the second quarter of 2014 include:

§ a pretax loss of $0.7 million (net of $1.8 million of charges associated with acquisitions and divestitures) related to the sale of real estate and businesses

§ Adjusted EBITDA was $229.2 million, an increase of $56.5 million, or 33%

The continuing recovery in construction activity across most of our markets was masked by extremely wet weather, particularly in April and May. Despite deferred shipments and operating cost challenges due to these weather conditions, our local teams delivered another quarter of significant margin improvements – a pattern of performance sustained since the gradual recovery in shipments began eight quarters ago. Customer confidence and the overall demand outlook continue to improve, and, as expected, pricing momentum continues to strengthen. Looking forward, we remain well positioned to serve our customers and to achieve strong earnings growth in 2015 and beyond.

Severe weather in the first half of the year, particularly in the second quarter, masked improving fundamentals in construction activity. Underlying demand remains strong and we are encouraged by the accelerating momentum in aggregates pricing throughout our markets. As a result, we are reaffirming our expectation for Adjusted EBITDA of $775 to $825 million, driven by strong growth in Aggregates segment gross profit per ton, earnings improvement in our non-aggregates businesses and continuing leverage of our SAG expenses. Through the first half of 2015, same-store aggregates volumes are up 7% and total aggregates pricing is up 5%. We expect a higher rate of pricing growth in the second half. With respect to second half shipments, a key factor will be the ability of our customers to recover weather-delayed volume from the first half, which can be a challenge in a growing market where scheduled work is compressed into a shorter time period.

Our performance in the first half of this year directly reflects the great efforts of our people at all levels of the organization and the geographic diversification of our operational footprint. Revenue growth is translating into earnings leverage,

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expanding margins and higher unit profitability – and we intend to keep pushing for additional improvement. We believe executing our sales and operating plans will achieve significant future earnings growth while delivering quality products and services to our customers safely and efficiently. We remain focused on the execution of those plans.

During March and April, we completed major components of the refinancing plan announced during our February 25, 2015 Investor Day. Refinancing expenses (reported as a part of interest expense), including the acceleration of previously deferred financing costs,were $67.1 million in total, of which $45.3 million was incurred in the second quarter. The remainder ($21.7 million) was reported as part of interest expense in the first quarter.

In June, we closed on a new $750.0 million unsecured credit facility. As previously noted, we intend to use this credit facility to refinance the $150.0 million note due December 2015.

In total, the operations we acquired since the first half of 2014 contributed $10.5 million of EBITDA in the second quarter. These results were slightly below management expectations, reflecting the impact of weather and marginally higher costs associated with increasing production capacity and efficiency at certain operations.

We continue to pursue attractive bolt-on acquisitions. In the second quarter, we acquired three aggregates facilities and seven ready-mixed concrete operations in Arizona and New Mexicofor approximately $21.4 million.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

Gross profit  margin excluding freight and delivery revenues is not a Generally Accepted Accounting Principle (GAAP) measure. We present this metric as it is consistent with the basis by which we review our operating results. Likewise, we believe that this presentation is consistent with the basis by which investors analyze our operating results considering that freight and delivery services represent pass-through activities. Reconciliation of this metric to its nearest GAAP measure is presented below:

gross profit margin in accordance with gaap

	Three Months Ended		Six Months Ended
	June 30			June 30
dollars in millions	2015	2014		2015	2014
Gross profit	$        234.4	$        174.8		$        312.3	$        208.9
Total revenues	$        895.1	$        791.1		$     1,526.4	$     1,365.6
Gross profit margin	26.2%	22.1%		20.5%	15.3%

gross profit margin excluding freight and delivery revenues

	Three Months Ended		Six Months Ended
	June 30			June 30
dollars in millions		2014		2015	2014
Gross profit	$        234.4	$        174.8		$        312.3	$        208.9
Total revenues	$        895.1	$        791.1		$     1,526.4	$     1,365.6
Freight and delivery revenues 1	136.5	126.8		242.9	215.8
Total revenues excluding freight and delivery revenues	$        758.6	$        664.3		$     1,283.5	$     1,149.8
Gross profit margin excluding
freight and delivery revenues	30.9%	26.3%		24.3%	18.2%

1  Includes freight to remote distribution sites.

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Aggregates segment gross profit as a percentage of freight-adjusted revenues is not a GAAP measure. We present this metric as it is consistent with the basis by which we review our operating results. We believe that this presentation is more meaningful to our investors as it excludes freight, delivery and transportation revenues which are pass-through activities. It also excludes immaterial other revenues related to services, such as landfill tipping fees, that are derived from our aggregates business.Incremental gross profit as a percentage of freight-adjusted revenues represents the year-over-year change in gross profit divided by the year-over-year change in freight-adjusted revenues. Reconciliations of these metrics to their nearest GAAP measures are presented below:

Aggregates segment gross profit margin in accordance with gaap

	Three Months Ended		Six Months Ended
	June 30			June 30
dollars in millions	2015	2014		2015	2014
Aggregates segment
Gross profit	$        207.3	$        161.7		$        275.0	$        200.2
Segment sales	733.4	628.9		1,236.9	1,057.6
Gross profit margin	28.3%	25.7%		22.2%	18.9%
Incremental gross profit margin	43.6%			41.7%

Aggregates segment gross profit as a percentage of
freight-adjusted revenues

	Three Months Ended		Six Months Ended
	June 30			June 30
dollars in millions	2015	2014		2015	2014
Aggregates segment
Gross profit	$        207.3	$        161.7		$        275.0	$        200.2
Segment sales	$        733.4	$        628.9		$     1,236.9	$     1,057.6
Excluding
Freight, delivery and transportation revenues 1	170.5	139.2		287.9	239.8
Other revenues	4.5	6.1		10.7	10.3
Freight-adjusted revenues	$        558.4	$        483.6		$        938.3	$        807.5
Gross profit as a percentage of
freight-adjusted revenues	37.1%	33.4%		29.3%	24.8%
Incremental gross profit as a percentage of
freight-adjusted revenues	61.0%			57.2%

1  At the segment level, freight, delivery and transportation revenues include intersegment freight & delivery revenues, which are eliminated at the consolidated level.

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GAAP does not define “free cash flow,” "cash gross profit" and “Earnings Before Interest, Taxes, Depreciation and Amortization” (EBITDA). Thus, free cash flow should not be considered as an alternative to net cash provided by operating activities or any other liquidity measure defined by GAAP. Likewise, cash gross profit and EBITDA should not be considered as alternatives to earnings measures defined by GAAP. We present these metrics for the convenience of investment professionals who use such metrics in their analysesand for shareholders who need to understand the metrics we use to assess performance and to monitor our cash and liquidity positions. The investment community often uses these metrics as indicators of a company's ability to incur and service debt and to assess the operating performance of a company’s businesses. We use free cash flow, cash gross profit, EBITDA and other such measures to assess liquidity and the operating performance of our various business units and the consolidated company. Additionally, we adjust EBITDA for certain items to provide a more consistent comparison of performance from period to period.  We do not use these metrics as a measure to allocate resources. Reconciliations of these metrics to their nearest GAAP measures are presented below:

free cash flow

Free cash flow deducts purchases of property, plant & equipment from net cash provided by operating activities.

	Six Months Ended
	June 30
in millions	2015	2014
Net cash provided by operating activities	$          64.6	$          22.9
Purchases of property, plant & equipment	(148.7)	(116.3)
Free cash flow	$         (84.1)	$         (93.4)

cash gross profit

Cash gross profit adds back noncash charges for depreciation, depletion, accretion and amortization (DDA&A) to gross profit. Cash gross profit per ton is computed by dividing cash gross profit by tons shipped.

	Three Months Ended		Six Months Ended
	June 30			June 30
in millions, except per ton data	2015	2014		2015	2014
Aggregates segment
Gross profit	$        207.3	$        161.7		$        275.0	$        200.2
DDA&A	57.0	56.3		112.5	111.0
Aggregates segment cash gross profit	$        264.3	$        218.0		$        387.5	$        311.2
Unit shipments - tons	47.5	43.6		81.0	73.3
Aggregates segment cash gross profit per ton	$          5.57	$          5.00		$          4.79	$          4.25
Asphalt Mix segment
Gross profit	$          21.1	$            9.0		$          29.9	$          13.7
DDA&A	4.1	2.4		8.0	4.8
Asphalt Mix segment cash gross profit	$          25.2	$          11.4		$          37.9	$          18.5
Concrete segment
Gross profit	$            4.9	$            3.2		$            5.7	$           (6.0)
DDA&A	2.8	4.8		5.5	10.8
Concrete segment cash gross profit	$            7.7	$            8.0		$          11.2	$            4.8
Calcium segment
Gross profit	$            1.1	$            0.9		$            1.7	$            1.0
DDA&A	0.2	0.2		0.3	1.2
Calcium segment cash gross profit	$            1.3	$            1.1		$            2.0	$            2.2

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EBITDA and adjusted ebitda

EBITDA is an acronym for Earnings Before Interest, Taxes, Depreciation and Amortizationand excludes discontinued operations.We adjust EBITDA for certain items to provide a more consistent comparison of performance from period to period.

	Three Months Ended		Six Months Ended
	June 30			June 30
in millions	2015	2014		2015	2014
Net earnings	$          48.2	$          46.0		$            8.5	$        100.0
Provision for income taxes	19.9	18.0		5.8	40.9
Interest expense, net	83.7	40.6		146.1	160.6
Loss on discontinued operations, net of taxes	1.7	0.5		4.7	1.1
Depreciation, depletion, accretion and amortization	68.2	68.3		135.1	137.6
EBITDA	$        221.7	$        173.4		$        300.2	$        440.2
Gain on sale of real estate and businesses	$            0.0	$           (1.1)		$           (5.9)	$       (237.1)
Charges associated with acquisitions and divestitures	2.6	1.8		5.0	10.9
Asset impairment	5.2	0.0		5.2	0.0
Amortization of deferred revenue	(1.6)	(1.4)		(2.5)	(2.3)
Restructuring charges	1.3	0.0		4.1	0.0
Adjusted EBITDA	$        229.2	$        172.7		$        306.1	$        211.7

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RESULTS OF OPERATIONS

Total revenues include sales of products to customers, net of any discounts and taxes, and freight and delivery revenues billed to customers. Related freight and delivery costs are included in cost of revenues. This presentation is consistent with the basis on which we review our consolidated results of operations. We discuss separately our discontinued operations, which consist of our former Chemicals business.

The following table highlights significant components of our consolidated operating results including  EBITDA and Adjusted EBITDA.

consolidated operating Result highlights

	Three Months Ended		Six Months Ended
	June 30			June 30
in millions, except per share data	2015	2014		2015	2014
Total revenues	$        895.1	$        791.1		$     1,526.4	$     1,365.6
Cost of revenues	660.7	616.3		1,214.1	1,156.7
Gross profit	$        234.4	$        174.8		$        312.3	$        208.9
Selling, administrative and general expenses	$          69.2	$          67.6		$        136.0	$        133.7
Gain on sale of property, plant & equipment
and businesses, net	$            0.2	$            1.2		$            6.6	$        237.5
Operating earnings	$        153.8	$        103.2		$        164.5	$        297.9
Interest expense, net	$          83.7	$          40.6		$        146.1	$        160.6
Earnings from continuing operations
before income taxes	$          69.7	$          64.5		$          18.9	$        141.9
Earnings from continuing operations	$          49.8	$          46.5		$          13.2	$        101.0
Loss on discontinued operations,
net of taxes	(1.6)	(0.5)		(4.7)	(1.0)
Net earnings	$          48.2	$          46.0		$            8.5	$        100.0
Basic earnings (loss) per share
Continuing operations	$          0.37	$          0.35		$          0.10	$          0.77
Discontinued operations	(0.01)	0.00		(0.04)	(0.01)
Basic net earnings per share	$          0.36	$          0.35		$          0.06	$          0.76
Diluted earnings (loss) per share
Continuing operations	$          0.37	$          0.35		$          0.10	$          0.76
Discontinued operations	(0.01)	0.00		(0.04)	(0.01)
Diluted net earnings per share	$          0.36	$          0.35		$          0.06	$          0.75
EBITDA	$        221.7	$        173.4		$        300.2	$        440.2
Adjusted EBITDA	$        229.2	$        172.7		$        306.1	$        211.7

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ADJUSTED CONCRETE AND Calcium SEGMENT FINANCIAL DATA

Comparative financial data adjusted for both the January 2015 exchange of our California concrete business and the March 2014 sale of our concrete and cement businesses in the Florida area is summarized below:

	Three Months Ended		Six Months Ended
	June 30			June 30
in millions	2015	2014		2015	2014
Concrete Segment
Segment sales
As reported	$          78.6	$          93.8		$        138.4	$        189.8
Adjusted	$          78.6	$          74.4		$        133.3	$        122.5
Total revenues
As reported	$          78.6	$          93.8		$        138.4	$        189.8
Adjusted	$          78.6	$          74.4		$        133.3	$        122.5
Gross profit
As reported	$            4.9	$            3.2		$            5.7	$           (6.0)
Adjusted	$            4.9	$            4.9		$            6.5	$            0.6
DDA&A
As reported	$            2.8	$            4.8		$            5.5	$          10.8
Adjusted	$            2.8	$            3.9		$            5.4	$            7.8
Shipments - cubic yards
As reported	0.7	0.9		1.3	1.9
Adjusted	0.7	0.7		1.3	1.2
Calcium Segment
Segment sales
As reported	$            2.4	$            2.2		$            4.2	$          20.3
Adjusted	$            2.4	$            2.2		$            4.2	$            4.3
Total revenues
As reported	$            2.4	$            2.2		$            4.2	$          11.1
Adjusted	$            2.4	$            2.2		$            4.2	$            4.3
Gross profit
As reported	$            1.1	$            0.9		$            1.7	$            1.0
Adjusted	$            1.1	$            0.9		$            1.7	$            1.3
DDA&A
As reported	$            0.2	$            0.2		$            0.3	$            1.2
Adjusted	$            0.2	$            0.2		$            0.3	$            0.3

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second quarter 2015 Compared to second Quarter 2014

Second quarter 2015 total revenues were $895.1 million, up13% from the second quarter of 2014. Shipments increased in aggregates (+9%) and asphalt mix (+34%) while they declined in ready-mixed concrete (-22%). The reduction in ready-mixed concrete shipments resulted primarily from our exiting the concrete business in Florida and California; on a same-store basis, ready-mixed concrete shipments were down 5%.  Diesel fuel expenditures were approximately $10.8 million lower, with most of the benefit realized in the Aggregates segment.

Net earnings for the second quarter of 2015 were$48.2 million, or $0.36per diluted share, compared to $46.0 million, or $0.35 per diluted share, in the second quarter of 2014. Each period’s results were impacted by discrete items, as follows:

§ The second quarter of 2015 results include pretax charges of $2.6 million associated with acquisitions and divestitures, $5.2 million related to an asset impairment loss, $1.3 million referable to restructuring, and  $45.3 million for debt purchase presented as a component of interest expense (see Note 7 to the condensed consolidated financial statements)

§ The second quarter of 2014 results include a pretax loss of $0.7 million (net of $1.8 million of charges associated with acquisitions and divestitures) related to the sale of real estate and businesses

Continuing Operations — Changes in earnings from continuing operations before income taxes for the second quarter of 2015 versus the second quarter of 2014 are summarized below:

earnings from continuing operations before income taxes

in millions
Second quarter 2014	$       64.5
Higher aggregates gross profit	45.6
Higher asphalt mix gross profit	12.1
Higher concrete gross profit	1.7
Higher calcium gross profit	0.2
Higher selling, administrative and general expense	(1.6)
Lower gain on sale of property, plant & equipment and businesses	(0.9)
Higher restructuring charges	(1.3)
Higher interest expense, net	(43.1)
All other	(7.5)
Second quarter 2015	$       69.7

Aggregates freight-adjusted revenues were $558.4 million, up 15% from the prior year’s second quarter. On a same-store basis, aggregates shipments increased 5% from the prior yeardespite being hampered by adverse weather. Overall, second quarter total aggregates shipments increased 9%, or 3.8 million tons, compared to the second quarter of 2014.

Severe wet weather disrupted shipments across many of our key markets. Same-store shipment growth of 5% in the quarter fell below both our plan and recent trends. A monthly breakdown of shipping trends illustrates the weather impacts in the quarter. On a same-store basis, aggregates shipments in April and May (when record rainfall was reported in several of our markets) increased 5% and 2%, respectively, versus the prior year. In contrast, June same-store aggregates shipments increased 9% versus the prior year. Despite weather limiting available construction days in several markets, the second quarter marked the eighth consecutive quarter of growth in trailing twelve month shipments.  For the quarter just ended, trailingtwelvemonth shipments grew 9% over the prior yearperiod on a same-store basis. Both public and private demand for aggregates continue  to recover across most of our markets; however, current consumption levels remain well below historic trends.

Freight-adjusted average sales price for aggregates increased 6% on a same-store basis, or $0.71 per ton, versus the prior year’s second quarter, with most markets realizing accelerating price improvement. Product mix muted the impact of reported price increases in some key markets, including Virginia, where large shipments of lower-priced fines product contributed to an approximately 1% decline in that state’s quarterly average selling price over the prior year. In most markets, announced price increases have been well accepted. Given these and other indicators, we expect overall aggregates pricing to continue to rise throughout the year, with a higher rate of increase in the second half.

Overall, aggregates operating costs approximated the prior year’s second quarter. Several markets experienced higher than expected costs pertaining to repair and maintenance activities and overtime labor, with weather conditions also negatively impacting production efficiencies. Despite lower than planned shipments in the second quarter, we moved ahead with stripping and other expenditures geared toward meeting rising customer demand. Diesel related cost-savings mostly offset

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these higher costs in the quarter. Compared to last year’s second quarter, our cost of revenues for the Aggregates segment benefitted by approximately $9.1 million from lower diesel fuel expenditures.

During the second quarter, same store unit margins continued to expand faster than unit pricing. Same-store Aggregates segment gross profit per ton increased $0.76, or 21%, from the prior year. This reflects our continued commitment tohigh customer service levels as well as plant-level cost controls and operating disciplines.

For the quarter, Aggregates segment same-store freight-adjusted revenues increased $58.8 million, while same-store gross profit increased $43.6 million, a flow-through rate of 74%. Because quarterly results can be volatile due to seasonality and other factors, we encourage investors to also consider longer-term trends. On a trailing-twelve-month basis, this same-store flow-through rate has consistently exceeded our stated goal of 60% since volumes began to recover in the second half of 2013.

Asphalt Mix segment gross profit was $21.1 million versus $9.0 million in the prior year. This  year-over-year improvement resulted from higher volumes, effective management of materials margins, and earnings from acquisitions completed since the first half of last year. Same-store asphalt volumes increased 8%.

Concrete segment gross profit was $4.9 million versus $3.2 million in the prior year’s second quarter. Last year’s second quarter results included our California concrete business that was divested via an asset swap in January 2015. On a same-store basis, sales volumes decreased 5% versus the prior year due to unusually wet weather in Texas and Virginia. Pricing and unit profitability improved while same-store gross profit was flat with the prior year due to the negative volume impact of wet weather.

Our Calcium segment reported gross profit of $1.1 million, an improvement over the prior year’s $0.9 million.

Overall SAG expenses remain in line with expectations and largely flat with the prior year. In the second quarter, legal and outside services expenses, primarily associated with business development activities, were  higher than the prior year. Although we continue to invest in sales-related staff and support, overall headcount-related costs were lower year-over-year.SAG costs as a percentage of total revenues were 0.8 percentage points (80 basis points) lower than the prior year.  We intend to further leverage SAG expenses to revenues as volumes recover.

Gain on sale of property, plant & equipment and businesses was $0.2 million in the second quarter of 2015 compared to $1.2 million in the second quarter of 2014.

Restructuring chargeswere $1.3million in the second quarter of 2015 compared to none in the second quarter of 2014. See Note 1 to the condensed consolidated financial statements for an explanation of these costs.

Other operating expense in the second quarter was $10.4 million versus $5.1 million in the second quarter of 2014. The year-over-year increase resulted from a land parcel in California where the lease was not renewed. As a result, the associated reclamation obligation was expensed in the second quarter as an asset impairment loss of $5.2 million.

Net interest expense was $83.7 million in the second quarter of 2015 compared to $40.6 million in 2014.The increased interest expense resulted from the aforementioned $45.3 million pretax charge for debt purchase. See Note 7 to the condensed consolidated financial statements for an explanation of this charge.

We recorded an income tax provision from continuing operations of $19.9million in the second quarter of 2015 compared to $18.0 million in the second quarter of 2014.  For both quarters, income taxes were calculated based on the EAETR.The EAETR method for calculating income taxes is discussed in Note 3 to the condensed consolidated financial statements. The change in our income tax provision resulted largely from applying the statutory rate to the increase in our pretax book earnings.

Earningsfrom continuing operations were $0.37 per diluted share compared to $0.35 per diluted share in the second quarter of 2014.

Discontinued Operations — Second quarter pretax loss from discontinued operations was $2.7 million in 2015 and $0.9 million in 2014. Both periods include charges related to general and product liability costs, including legal defense costs, and environmental remediation costs associated with our former Chemicals business. For additional details, see Note 2 to the condensed consolidated financial statements.

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YEAR-TO-DATE JUNE 30, 2015 Compared to YEAR-TO-DATE JUNE 30, 2014

First half 2015total revenues were $1,526.4 million, an increase of 12% versus the $1,365.6 million in the first half of 2014. Shipments were higher in aggregates (+10%) and asphalt mix (+29%) while they declined in ready-mixed concrete (-31%). The reduction in ready-mixed concrete shipments resulted primarily from our exiting the concrete businesses in Florida and California; on a same-store basis, ready-mixed concrete shipments were down 4%.Diesel fuel expenditureswere approximately $20.5 million lower, with most of the benefit realized in the Aggregates segment.

Net earnings for first six months of 2015 were $8.5 million, or $0.06 per diluted share, compared to $100.0 million, or $0.75 per diluted share, for the first half of 2014. Each period’s results were impacted by discrete items, as follows:

§ Net earnings for first half of 2015 include a pretax gain of $1.0 million (net of $4.9 million of charges associated with acquisitions and divestitures) related to the sale of real estate and businesses, a $4.1 million charge for restructuring, a $5.2 million asset impairment loss, and a pretax loss on debt purchase of $67.1 million presented as a component of interest expense (see Note 7 to the condensed consolidated financial statements)

§ Net earnings for first half of 2014 includea pretax gain of $226.2 million (net of $10.9 million of charges associated with acquisitions and divestitures)  related to the sale of real estate and businesses including our cement and concrete businesses in the Florida area, and a pretax loss on debt purchase of $72.9 million presented as a component of interest expense (see Note 7 to the condensed consolidated financial statements)

Continuing Operations — Changes in earnings from continuing operations before income taxes for year-to-date June 30, 2015 versus year-to-date June 30, 2014 are summarized below:

earnings from continuing operations before income taxes

in millions
Year-to-date June 30, 2014	$     141.9
Higher aggregates gross profit	74.8
Higher asphalt mix gross profit	16.2
Higher concrete gross profit	11.7
Higher calcium gross profit	0.7
Higher selling, administrative and general expenses	(2.2)
Lower gain on sale of property, plant & equipment and businesses	(230.9)
Higher restructuring charges	(4.1)
Lower interest expense, net	14.5
All other	(3.7)
Year-to-date June 30, 2015	$       18.9

Gross profit for the Aggregates segment was $275.0 million for the first six months of 2014 versus $200.2 million in 2014.  Lower diesel fuel expenditures favorably impacted Aggregates segment gross profit by approximately $15.6 million. Aggregates freight-adjusted revenues were $938.3 million, up 16% from the first half of 2014. On a same-store basis, aggregates shipments increased 7% from the prior year; the level of increase was muted by adverse weather conditions in many of our markets during the first half of 2015. Overall, first half aggregates shipments increased 10%, or 7.7 million tons, compared to the prior year. Freight-adjusted average sale price for aggregates increased 5%, or $0.57 per ton ($0.60 per ton on a same-store basis), versus the first half of 2014, with most markets realizing price improvement. Same-store unit margins continued to expand faster than unit pricing. Aggregates segment same-store gross profit per ton increased $0.76, or 28%, from the first half of 2014.

Asphalt Mix segment gross profit of $29.9 million was up $16.2 million above the first half 2014 level. This improvement was due to improved margins and higher volumes. Same-store asphalt volumes increased 7% due to strong growth in Texas and California.

Concrete segment gross profit was $5.7 million for the first six months of 2015, an improvement of $11.7 million from the prior year. Ready-mixed concrete unit materials margin increased 18% while shipments decreased 31%. Last year’s results include our Florida concrete business (sold in the first quarter of 2014) and as well as our California concrete business (divested in January 2015). On a same-store basis ready-mixed concrete shipments were down 4%.

As previously noted, we sold our cement business in March of 2014. We retained our calcium products business, which is now reported separately as a segment. The Calcium segment reported first half gross profit of $1.7 million versus the $1.0 million in the first six months of 2014.

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In total, the year-to-date gross profit contribution of the non-aggregates segments has exceeded plan. Margin improvements resulting from both core operating disciplines and changes to our asset portfolio have offset lower than anticipated volumes in certain markets.

SAG  expenses in the first half of 2015 were up $2.2 million, or 2%, from the prior year. However, as a percentage of total revenues, SAG expenses declined 0.9 percentage points (or 90 basis points).

Gain on sale of property, plant & equipment and businesses was $6.6 million in the first six months of 2014 compared to $237.5 million in the first half of 2014. The 2015 gain includes the first quarter exchange (we exited the ready-mixed concrete business in California and added thirteen asphalt plant locations, primarily in Arizona) which resulted in a pretax gain of $5.9 million. The 2014 gain includes the sale of our cement and concrete businesses in Florida to Cementos Argos for a $229.1 million pretax gain and the sale of two reclaimed operating sites for a $6.0 million pretax gain.

Restructuring charges were $4.1 million in the first half of 2015 compared to none in the first six months of 2014. See Note 1 to the condensed consolidated financial statements for an explanation of these costs.

Net interest expense was $146.1 million in the first half of 2015 compared to $160.6 million in the first six months of 2014. The lower interest expense resulted  primarily from the lower ($67.1 million first half of 2015 vs. $72.9 million first half of 2014) pretax  charge for debt purchase. See Note 7 to the condensed consolidated financial statements for an explanation of the debt purchase charges.

We recorded an income tax provision from continuing operations of $5.8 million for the six months ended June 30, 2015 compared to $40.9 million for the six months ended June 30, 2014. For both  six month periods, income taxes were calculated based on the EAETR.The EAETR method for calculating income taxes is discussed in Note 3 to the condensed consolidated financial statements. The change in our income tax provision resulted largely from applying the statutory rate to the decrease in our pretax book earnings.

Earnings from continuing operations were $0.06 per diluted share compared to $0.76 per diluted share in the first half of 2014.

Discontinued Operations — Year to-date June pretax loss from discontinued operations was $7.7 million in 2015 compared to $1.7 million in 2014. Both periods include charges related to general and product liability costs, including legal defense costs, and environmental remediation costs associated with our former Chemicals business.For additional details, see Note 2 to the condensed consolidated financial statements.

LIQUIDITY AND FINANCIAL RESOURCES

Our primary sources of liquidity are cash provided by our operating activities, a bank line of credit and access to the capital markets.Additional sources of liquidity include the sale of reclaimed and surplus real estate, and dispositions of non-strategic operating assets. We believe these liquidity and financial resources are sufficient to fund our future business requirements, including:

§ cash contractual obligations

§ capital expenditures

§ debt service obligations

§ dividend payments

§ potential share repurchases

§ potential future acquisitions

We actively manage our capital structure and resources in order to minimize the cost of capital while properly managing financial risk. We seek to meet these objectives by adhering to the following principles:

§ maintain substantial bank line of credit borrowing capacity

§ proactively manage our long-term debt maturity schedule such that repayment/refinancing risk in any single year is low

§ minimize financial and other covenants that limit our operating and financial flexibility

§ opportunistically access the capital markets when conditions and terms are favorable

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Cash

Included in our June 30, 2015cash and cash equivalents balance of $74.7million is $49.8 million of cash held at one of our foreign subsidiaries. A majority of this $49.8 million of cash relates to earnings prior to January 1, 2012that are permanently reinvested offshore. Use of this permanently reinvested cash is currently limited to our foreign operations.

cash from operating activities

	Six Months Ended
	June 30
in millions	2015	2014
Net earnings	$             8.5	$         100.0
Depreciation, depletion, accretion and amortization (DDA&A)	135.1	137.7
Net earnings before noncash deductions for DDA&A	$         143.6	$         237.7
Net gain on sale of property, plant & equipment and businesses	(6.6)	(237.5)
Cost of debt purchase	67.1	72.9
Other operating cash flows, net 1	(139.5)	(50.2)
Net cash provided by operating activities	$           64.6	$           22.9

1  Primarily reflects changes to working capital balances.

Net cash provided by operating activities was $64.6 million during the first half of 2015, a $41.7 million increase compared to the same period of 2014. As noted in the table above, net earnings before noncash deduction for DDA&A decreased $94.1 million during the first half of 2015 to $143.6 million. Included in net earnings for the first half of 2014 is a pretax gain of $229.1 million (see Note 16 to the condensed consolidated financial statements) from the March 2014 sale of our cement and concrete businesses in the Florida area. Cash received associated with gain on sale of property, plant & equipment and businesses is presented as a component of investing activities. In the first half of 2015, we purchased $471.1 million principal amount of outstanding debt and incurred charges of $67.1 million. In the first half of 2014, we purchased $506.4 million principal amount of outstanding debt and incurred charges of $72.9 million (see Note 7 to the condensed consolidated financial statements). Cash paid for the debt purchases is presented as a component of financing activities.

cash flows from investing activities

Net cash used for investing activities was $167.0 million during the first half of 2015, a $728.0 million decrease in cash flows compared to the net cash provided during the same period of 2014. This decrease resulted from a $736.1 million decrease in proceeds from the sale of property, plant & equipment and businesses. During the first half of 2014, we sold: a previously mined and subsequently reclaimed tract of land for $10.7 million, land previously containing a sales yard for $5.8 million, and our cement and concrete businesses in the Florida area for $719.1 million. Conversely, $62.1 million of the cash proceeds from these prior year sales of property was placed into an escrow account (restricted cash) that was available for the acquisition of replacement property under like-kind exchange agreements. Furthermore, we increased investments in our existing operations by $32.4 million during the first half of 2015 as reflected in the increased purchases of property, plant & equipment.

cash flows from financing activities

Net cash provided by financing activities of $35.8 million increased $585.7 million in the first six months of 2015 compared with the same period of 2014. This increase in cash provided by financing activities is attributable to the prior year’s $579.7 million of debt payments and purchases. In the current year, we refinanced our debt portfolio through the issuance of $400.0 million of long-term debt and $284.0 million gross draws on our line of credit offset by debt payments of $676.4 million. Total debt financing costs (including premiums and transaction costs) were $530.9 million and $579.7 million in 2015 and 2014, respectively. Additionally, in 2014 we issued 435,655 shares of our common stock to the trustee of our 401(k) savings and retirement plans for cash proceeds of $27.5 million. Proceeds from the exercise of stock options increased $38.7 million reflecting increased exercises as a result of our improved stock price.

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debt

Certain debt measures are outlined below:

	June 30		December 31		June 30
dollars in millions		2015		2014		2014
Debt
Current maturities of long-term debt		$          14.1		$        150.1		$            0.2
Short-term debt (line of credit) 1		138.5		0.0		0.0
Long-term debt		1,893.7		1,834.6		1,983.3
Total debt 2		$     2,046.3		$     1,984.7		$     1,983.5
Capital
Total debt 2		$     2,046.3		$     1,984.7		$     1,983.5
Equity		4,227.0		4,176.7		4,086.2
Total capital		$     6,273.3		$     6,161.4		$     6,069.7
Total Debt as a Percentage of Total Capital		32.6%		32.2%		32.7%
Weighted-average Effective Interest Rates
Bank line of credit 3		1.75%		1.50%		N/A
Long-term debt		7.62%		8.10%		8.10%
Fixed versus Floating Interest Rate Debt
Fixed-rate debt		92.6%		99.3%		99.3%
Floating-rate debt		7.4%		0.7%		0.7%

1	Reflects borrowings under our line of credit that matures in June 2020. Borrowings are shown as short-term due to our intent to repay within twelve months.
2	The debt balances as of December 31, 2014 and June 30, 2014 have been adjusted to reflect our early adoption of ASU 2015-03 and related election as disclosed in Note 17 to the condensed consolidated financial statements.
3	Reflects the margin above LIBOR for LIBOR-based borrowings; we also pay fees for unused borrowing capacity and standby letters of credit.

Line of credit

In June 2015, we cancelled our secured $500.0 million line of credit and entered into an unsecured $750.0 million line of credit that expires in June 2020. The expanded borrowing capacity is consistent with the refinancing plans (the 2015 refinancing plans) disclosed at our February 25, 2015 Investor Day, and is intended to be consistently used to, among other objectives, maintain total debt at approximately $2 billion at year end 2015 (consistent with year end 2014). Borrowings at June 30, 2015 consisted partially of funds used to complete the April 2015 debt retirements described in Note 7 to the condensed consolidated financial statements, and partially to fund working capital needs. We expect to use the line of credit to refinance at maturity the 10.125% notes ($150.0 million) due December 2015.

The line of credit agreement contains affirmative, negative and financial covenants customary for an unsecured facility (none of which materially impact our ability to execute our strategic, operating and financial plans). The financial covenants are: (1) a maximum ratio of debt to EBITDA of 3.5:1 through September 2016 and 3.25:1 thereafter, and (2) a minimum ratio of EBITDA to net cash interest expense of 3.0:1. As of June 30, 2015, we werein compliance with the line of credit covenants.

Borrowings and other cost ranges and details are described in Note 7 to the condensed consolidated financial statements. As of June 30, 2015, the credit margin for London Interbank Offered Rate (LIBOR) borrowings was 1.75%, the credit margin for base rate borrowings was 0.75% and the commitment fee was 0.25%.

As of June 30, 2015, our available borrowing capacity under the line of credit was $558.3 million. Utilization of the borrowing capacity was as follows:

§ $138.5 million was borrowed

§ $53.2 million was used to provide support for outstanding standby letters of credit

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TERM DEBT

All of our  term debt is unsecured.  All such debt, other than the $14.0 million industrial revenue bond and the $0.6 million of other notes, is governed by two, essentially identical indentures that contain customary investment-grade type covenants. The primary covenant in both indentures limits the amount of secured debt we may incur without ratably securing such debt.  As of June 30, 2015, we were in compliance with all of the term debt covenants.

In March and April of 2015, we completed the refinancing of $471.1 million principal amount of debt due between December 2016 and June 2018 as described in Note 7 to the condensed consolidated financial statements. We plan to refinance at maturity (December 2015) the 10.125% notes via borrowings on our line of credit. These refinancing actions are consistent with the aforementioned 2015 refinancing plans, will result in total debt of approximately $2.0 billion at year end 2015 (consistent with year end 2014) and have the following benefits, among others: (1) eliminate $621.1 million of debt maturities in 2015 – 2018, (2) extend the weighted-average life of our debt portfolio, and (3) lower our weighted-average coupon rate.

The refinancing actions resulted in charges totaling $67.1 million in the first and second quarters. Such charges are detailed in Note 7 to the condensed consolidated financial statements and are presented in the accompanying Condensed Consolidated Statement of Comprehensive Income as a component of interest expense for the six month period ended June 30, 2015.

In March 2014, we purchased $506.4 million principal amount of debt through a tender offer as described in Note 7 to the condensed consolidated financial statements. This debt purchase was funded by the aforementioned sale of our cement and concrete businesses in the Florida area.

CURRENT MATURITIES of long-term debt

The  $14.1million of current maturities of long-term debt as of June 30, 2015includes all long-term debt  that we intend to pay within twelve months, as described above, and is due as follows:

	Current
in millions	Maturities
Third quarter 2015	$ 14.0
Fourth quarter 2015	0.1
First quarter 2016	0.0
Second quarter 2016	0.0

We expect to retire debt maturities using existing cash, cash generated from operations or by drawing on our bank line of credit.

debt ratings

Our debt ratings and outlooks as of June 30, 2015 are summarized below:

	Rating/Outlook	Date	Description
Senior Unsecured 1
Fitch	BB+/stable	5/11/2015	initial coverage
Moody's 2	Ba3/positive	2/18/2015	outlook changed from stable to positive
Standard & Poor's	BB+/positive	3/16/2015	outlook changed from stable to positive

1	Not all of our long-term debt is rated.
2	Rating and outlook were affirmed on March 16, 2015.

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Equity

Our common stock issuances are summarized below:

June 30		December 31		June 30
in thousands	2015		2014		2014
Common stock shares at beginning of year,
issued and outstanding	131,907		130,200		130,200
Common Stock Issuances
Acquisitions	0		715		17
401(k) retirement plans	0		485		436
Share-based compensation plans	1,077		507		257
Common stock shares at end of period,
issued and outstanding	132,984		131,907		130,910

During 2014, we issued 715.0 thousand shares of our common stock in connection with business acquisitions as described in Note 16 to the condensed consolidated financial statements.

Under a program that was discontinued in the fourth quarter of 2014, we occasionally sold shares of our common stock to the trustee of our 401(k) retirement plans to satisfy the plan participants’ elections to invest in our common stock. Under this arrangement, the stock issuances and resulting cash proceeds were as follows:

§ twelve months ended December 31, 2014—  issued 485.3 thousand shares for cash proceeds of $30.6 million

§ six months ended June 30, 2014—  issued 435.7 thousandshares for cash proceeds of $27.5 million

There were no shares held in treasury as of June 30, 2015, December 31, 2014 and June 30, 2014. There were 3,411,416shares remaining under the current purchase authorization of the Board of Directors as of June 30, 2015.

off-balance sheet arrangements

We have no off-balance sheet arrangements, such as financing or unconsolidated variable interest entities, that either have or are reasonably likely to have a current or future material effect on our:

§ results of operations andfinancial position

§ capital expenditures

§ liquidity and capital resources

Standby Letters of Credit

For a discussion of our standby letters of credit, seeNote 8 to the condensed consolidated financial statements.

39

Cash Contractual Obligations

Our obligation to make future payments under contracts is presented in our most recent Annual Report on Form 10-K.  Changes resulting from our March 2015 debtissuance and  purchase  and the April 2015 debt restructuringas described in Note 7to the condensed consolidated financial statements are outlined in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2015.

In addition, during 2015, we entered into contractual agreements for the construction and purchase of two Panamax-class, self-unloading, bulk cargo vessels. Both vessels are scheduled to be completed in 2017 and will be used to transport aggregates from our Sac Tun quarry on Mexico’s Yucatan Peninsula. As a result of these contracts, our obligations to make future payments under contracts increasedas follows:

	Payments Due by Year
in millions	2015	2016-2017	2018-2019	Thereafter	Total
Cash Contractual Obligations
Unconditional purchase obligations
Capital	$      36.5	$         85.3	$           0.0	$           0.0	$       121.8
Total	$      36.5	$         85.3	$           0.0	$           0.0	$       121.8

CRITICAL ACCOUNTING POLICIES

We follow certain significant accounting policies when preparing our consolidated financial statements. A summary of these policies is included in our Annual Report on Form 10-K for the year ended December 31, 2014 (Form 10-K).

We prepare these financial statements to conform with accounting principles generally accepted in the United States of America. These principles require us to make estimates and judgments that affect our reported amounts of assets, liabilities, revenues and expenses, and the related disclosures of contingent assets and contingent liabilities at the date of the financial statements. We base our estimates on historical experience, current conditions and various other assumptions we believe reasonable under existing circumstances and evaluate these estimates and judgments on an ongoing basis. The results of these estimates form the basis for our judgments about the carrying values of assets and liabilities as well as identifying and assessing the accounting treatment with respect to commitments and contingencies. Our actual results may materially differ from these estimates.

We believe that the accounting policies described in the “Management's Discussion and Analysis of Financial Condition and Results of Operations” section of our Form 10-K require the most significant judgments and estimates used in the preparation of our financial statements, so we consider these to be our critical accounting policies. There have been no changes to our critical accounting policies during the six months ended June 30, 2015.

new Accounting standards

For a discussion of the accounting standards recently adopted or pending adoption and the effect such accounting changes will have on our results of operations, financial position or liquidity, see Note 17 to the condensed consolidated financial statements.

40

FORWARD-LOOKING STATEMENTS

Certain matters discussed in this report, including expectations regarding future performance, contain forward-looking statements that are subject to assumptions, risks and uncertainties that could cause actual results to differ materially from those projected. These assumptions, risks and uncertainties include, but are not limited to:

§ general economic and business conditions

§ the timing and amount of federal, state and local funding for infrastructure

§ changes in our effective tax rate that can adversely impact results

§ the increasing reliance on information technology infrastructure for our ticketing, procurement, financial statements and other processes could adversely affect operations in the event that the infrastructure does not work as intended or experiences technical difficulties or is subjected to cyber attacks

§ the impact of the state of the global economy on our businesses and financial condition and access to capital markets

§ changes in the level of spending for private residential and private nonresidential construction

§ the highly competitive nature of the construction materials industry

§ the impact of future regulatory or legislative actions

§ the outcome of pending legal proceedings

§ pricing of our products

§ weather and other natural phenomena

§ energy costs

§ costs of hydrocarbon-based raw materials

§ healthcare costs

§ the amount of long-term debt and interest expense we incur

§ changes in interest rates

§ the impact of our below investment grade debt rating on our cost of capital

§ volatility in pension plan asset values and liabilities which may require cash contributions to the pension plans

§ the impact of environmental clean-up costs and other liabilities relating to previously divested businesses

§ our ability to secure and permit aggregates reserves in strategically located areas

§ our ability to successfully implement our new divisional structure and changes in our management team

§ our ability to manage and successfully integrate acquisitions

§ the potential of goodwill or long-lived asset impairment

§ the potential impact of future legislation or regulations relating to climate change or greenhouse gas emissions or the definition of minerals

§ other assumptions, risks and uncertainties detailed from time to time in our periodic reports

All forward-looking statements are made as of the date of filing. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. Investors are cautioned not to rely unduly on such forward-looking statements when evaluating the information presented in our filings, and are advised to consult any of our future disclosures in filings made with the Securities and Exchange Commission and our press releases with regard to our business and consolidated financial position, results of operations and cash flows.

41

INVESTOR information

We make available on our website, www.vulcanmaterials.com, free of charge, copies of our:

§ Annual Report on Form 10-K

§ Quarterly Reports on Form 10-Q

§ Current Reports on Form 8-K

We also provide amendments to those reports filed with or furnished to the Securities and Exchange Commission (SEC) pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 as well as all Forms 3, 4 and 5 filed with the SEC by our executive officers and directors, as soon as the filings are made publicly available by the SEC on its EDGAR database (www.sec.gov).

The public may read and copy materials filed with the SEC at the Public Reference Room of the SEC at 100 F Street, NE, Washington, D. C. 20549. The public may obtain information on the operation of the Public Reference Room by calling the SEC at 1-800-732-0330. In addition to accessing copies of our reports online, you may request a copy of our Annual Report on Form 10-K, including financial statements, by writing to Jerry F. Perkins Jr., Secretary, Vulcan Materials Company, 1200 Urban Center Drive, Birmingham, Alabama 35242.

We have a:

§ Business Conduct Policy applicable to all employees and directors

§ Code of Ethics for the CEO and Senior Financial Officers

Copies of the Business Conduct Policy and the Code of Ethics are available on our website under the heading “Corporate Governance.” If we make any amendment to, or waiver of, any provision of the Code of Ethics, we will disclose such information on our website as well as through filings with the SEC.

Our Board of Directors has also adopted:

§ Corporate Governance Guidelines

§ Charters for its Audit, Compensation, Executive, Finance, Governance and Safety, Health & Environmental AffairsCommittees

These documents meet all applicable SEC and New York Stock Exchange regulatory requirements.

The Audit, Compensation and Governance Charters are available on our website under the heading, “Corporate Governance,” or you may request a copy of any of these documents by writing to Jerry F. Perkins Jr., Secretary, Vulcan Materials Company, 1200 Urban Center Drive, Birmingham, Alabama 35242.

42

ITEM 3

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

MARKET RISK

We are exposed to certain market risks arising from transactions that are entered into in the normal course of business. In order to manage or reduce these market risks, we may utilize derivative financial instruments. We do not enter into derivative financial instruments for speculative or trading purposes.

We are exposed to interest rate risk due to our various credit facilities and long-term debt instruments. At times, we use interest rate swap agreements to manage this risk.

AtJune 30, 2015, the estimated fair value of our long-term debt instruments including current maturities was $2,155.1 million compared to a book value of $1,907.9 million. The estimated fair value was determined by averaging several asking price quotes for publicly traded notes and assuming par value for the remainder of the debt. The fair value estimate is based on information available as of the measurement date. Although we are not aware of any factors that would significantly affect the estimated fair value amount, it has not been comprehensively revalued since the measurement date. The effect of a decline in interest rates of one percentage point would increase the fair value of our liability by $120.6 million.

We are exposed to certain economic risks related to the costs of our pension and other postretirement benefit plans. These economic risks include changes in the discount rate for high-quality bonds, the expected return on plan assets and the rate of increase in the per capita cost of covered healthcare benefits. The impact of a change in these assumptions on our annual pension and other postretirement benefits costs is discussed in our most recent Annual Report on Form 10-K.

ITEM 4

controls and procedures

disclosure controls and procedures

We maintain a system of controls and procedures designed to ensure that information required to be disclosed in reports we file with the SEC is recorded, processed, summarized and reported within the time periods specified by the SEC's rules and forms. These disclosure controls and procedures (as defined in the Securities and Exchange Act of 1934 Rules 13a - 15(e) or 15d - 15(e)), include, without limitation, controls and procedures designed to ensure that information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure. Our Chief Executive Officer and Chief Financial Officer, with the participation of other management officials, evaluated the effectiveness of the design and operation of the disclosure controls and procedures as of June 30, 2015. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures are effective.

Nomaterial changes were made during the second quarter of 2015 to our internal controls over financial reporting, nor have there been other factors that materially affect these controls.

43

part Ii   other information

ITEM 1

legal proceedings

Certain legal proceedings in which we are involved are discussed in Note 12 to the consolidated financial statements and Part I, Item 3 of our Annual Report on Form 10-K for the year ended December 31, 2014, and in Note 8 to the condensed consolidated financial statements and Part II, Item 1 of our Quarterly Report on Form 10-Q for the quarter ended March 31, 2015. See Note 8 to the condensed consolidated financial statements of this Form 10-Q for a discussion of certain recent developments concerning our legal proceedings.

ITEM 1A

risk factors

There were no material changes to the risk factors disclosed in Item 1A of Part I in our Form 10-K for the year ended December 31, 2014.

ITEM 4

MINE SAfETY DISCLOSURES

The information concerning mine safety violations or other regulatory matters required by Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 104 of Regulation S-K is included in Exhibit 95 of this report.

44

ITEM 6

exhibits

Exhibit 4(a)	Supplemental Indenture No. 2, dated as of June 30, 2015, between Legacy Vulcan, LLC and The Bank of New York Mellon Trust Company, N.A., as Trustee
Exhibit 31(a)	Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
Exhibit 31(b)	Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
Exhibit 32(a)	Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
Exhibit 32(b)	Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
Exhibit 95	MSHA Citations and Litigation
Exhibit 101.INS	XBRL Instance Document
Exhibit 101.SCH	XBRL Taxonomy Extension Schema Document
Exhibit 101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document
Exhibit 101.LAB	XBRL Taxonomy Extension Label Linkbase Document
Exhibit 101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document
Exhibit 101.DEF	XBRL Taxonomy Extension Definition Linkbase Document

45

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	VULCAN MATERIALS COMPANY
Date       August 5, 2015	/s/ Ejaz A. Khan Ejaz A. Khan Vice President, Controller and Chief Information Officer (Principal Accounting Officer)
Date       August 5, 2015	/s/ John R. McPherson John R. McPherson Executive Vice President and Chief Financial and Strategy Officer (Principal Financial Officer)

46

EX-4.A

Exhibit 4(a)

LEGACY VULCAN, LLC (as successor by merger to Legacy Vulcan Corp.)

and

The Bank of New York Mellon Trust Company, N.A.,

as Trustee

SUPPLEMENTAL INDENTURE No. 2

Dated as of June 30, 2015

to

INDENTURE

Dated as of May 1, 1991

-1-

This SUPPLEMENTAL INDENTURE NO. 2 is dated as of June 30, 2015 (this “Supplemental Indenture”), between Legacy Vulcan, LLC (as successor by merger to Legacy Vulcan Corp. (“Existing Company”), formerly known as Vulcan Materials Company), a limited liability company duly organized and existing under the laws of the State of Delaware, having its principal office at 1200 Urban Center Drive, Birmingham, Alabama 35242 (the “Company”), and The Bank of New York Mellon Trust Company, N.A., as successor trustee (together with its successors in trust, the “Trustee”) under the Indenture (as hereinafter defined).

WHEREAS, Existing Company and Trustee (as successor to Morgan Guaranty Trust Company of New York and The Bank of New York) are parties to an Indenture, dated as of May 1, 1991 (as heretofore supplemented, the “Indenture”), which provided for the issuance of the Existing Company’s notes or other evidences of indebtedness, to be issued in one or more series, including without limitation the $6 million 8.85% medium term notes due 2021.

WHEREAS, the Existing Company and the Trustee entered into that certain Supplemental Indenture No. 1 dated as of November 16, 2007;

WHEREAS, immediately prior to the execution of this Supplemental Indenture Existing Company merged into the Company (which is a wholly-owned subsidiary of Existing Company’s parent), with the Company being the survivor of such merger (the “Merger”);

WHEREAS, Section 801 of the Indenture requires that, in order for Existing Company to merge with the Company, the Company must expressly assume, by a supplemental indenture executed and delivered to the Trustee, the obligations of Existing Company for the due and punctual payment of the principal of and any premium and interest on all the Securities and the performance or observance of every covenant of the Indenture on the part of Existing Company to be performed or observed (collectively, the “Existing Company Obligations”);

WHEREAS, Section 801 of the Indenture expressly permits the merger of Existing Company into “a corporation, partnership or trust” but does not expressly include a limited liability company;

WHEREAS, Section 901(9) of the Indenture allows the Trustee, without the consent of any Holders, to enter into supplemental indentures in order to “cure any ambiguity” in the Indenture so long as such supplemental indentures do not “adversely affect the interests of the Holders of Securities of any series in any material respect”;

WHEREAS, in order to permit the merger of Existing Company into Company, Existing Company has requested that Trustee enter into this Supplemental Indenture with Company pursuant to Section 901(9) of the Indenture to cure the ambiguity in Section 801;

WHEREAS, the amendments herein do not adversely affect the interests of the Holders of Securities of any series in any material respect;

WHEREAS, Company desires to assume the Existing Company Obligations pursuant to this Indenture and become the “Company” as defined in the Indenture;

1

WHEREAS, the Board of Directors of the Existing Company and the Managers of Company have duly adopted resolutions, and through such resolutions have duly authorized (i) this Suppmental Indenture, (ii) the Merger and (iii) the proper officers of the Company to execute any and all appropriate documents necessary or appropriate to effect transactions;

WHEREAS, this Supplemental Indenture is being entered into pursuant to the provisions of Sections 801 and Section 901(9) of the Indenture;

WHEREAS, all things necessary to make this Supplemental Indenture a valid agreement of the Company, in accordance with its terms, when executed by the Company and the Trustee, and legally binding, have been performed, and the execution and delivery of this Supplemental Indenture by the Company have been duly authorized in all respects;

NOW THEREFORE, in consideration of the premises contained herein, the Company covenants and agrees, with the Trustee, as follows:

ARTICLE One
DEFINITIONS

Definition of Terms

.

Unless the context otherwise requires:

(a) each other term defined in the Indenture has the same meaning when used in this Supplemental Indenture;

(b) the singular includes the plural and vice versa; and

(c) headings are for convenience of reference only and do not affect interpretation.

ARTICLE Two
MERGER

Merger

.

Company hereby assumes the Existing Company Obligations and agrees to become the “Company” under and as defined in the Indenture. 

Merger Deliverables

.

In connection with the Merger and this Supplemental Indenture, Trustee acknowledges and agrees that Company has delivered an Officers’ Certificate and Opinion of Counsel meeting the requirements of Sections 102, 801 and 903 of the Indenture.

ARTICLE Three
MISCELLANEOUS

2

Section 301.  On the date hereof, the Indenture shall be supplemented and amended in accordance herewith, and this Supplemental Indenture shall form part of the Indenture for all purposes, and the Holder of every Security heretofore or hereafter authenticated and delivered under the Indenture shall be bound thereby. The Trustee accepts the trusts created by the Indenture, as amended and supplemented by this Supplemental Indenture, and agrees to perform the same upon the terms and conditions of the Indenture, as amended and supplemented by this Supplemental Indenture.

Section 302.ThisSupplemental Indenture shall become effective as of the date hereof at such time as executed counterparts of this Supplemental Indenture have been delivered by each party hereto to the other party thereto.

Section 303.All provisions of this Supplemental Indenture shall be deemed to be incorporated in, and made a part of, the Indenture. The Indenture, as amended and supplemented by this Supplemental Indenture, shall be read, taken and construed as one and the same instrument and all provisions in the Indenture and the Securities shall remain in full force and effect.

Section 304.In case any one or more of the provisions contained in this Supplemental Indenture shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this Supplemental Indenture, but this Supplemental Indenture shall be construed as if such invalid, illegal or unenforceable provision had never been contained herein.

Section 305.The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. One signed copy is enough to prove this Supplemental Indenture.

Section 306.The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity and sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which are made solely by the Company.

Section 307.In entering into this Supplemental Indenture, the Trustee shall be entitled to the benefit of every provision of the Indenture and the Securities relating to the conduct or affecting the liability of or affording protection to the Trustee, whether or not elsewhere herein so provided.

Section 308.All covenants and agreements in this Supplemental Indenture by the Company and the Trustee shall bind their respective successors and assigns. Nothing in this Supplemental Indenture, express or implied, shall give to any person, other than the parties hereto and their successors under the Indenture and the Holders of the Securities, any benefit of any legal or equitable right, remedy or claim under the Indenture.

Section 309.This Supplemental Indenture shall be governed by, and construed in accordance with, the laws of the State of New York.

3

Section 310.The Trustee shall not be liable for any action taken, suffered, or omitted to be taken by it in good faith and reasonably believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Supplemental Indenture.  In no event shall the Trustee be responsible or liable for special, indirect, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action.

The Trustee agrees to accept and act upon instructions or directions pursuant to this Supplemental Indenture sent by unsecured e-mail, pdf, facsimile transmission or other similar unsecured electronic methods, provided, however, that the Trustee shall have received an incumbency certificate listing persons designated to give such instructions or directions and containing specimen signatures of such designated persons, which such incumbency certificate shall be amended and replaced whenever a person is to be added or deleted from the listing.  If the Company elects to give the Trustee e-mail or facsimile instructions (or instructions by a similar electronic method) and the Trustee in its discretion elects to act upon such instructions, the Trustee’s understanding of such instructions shall be deemed controlling. The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance with such instructions notwithstanding such instructions conflict or are inconsistent with a subsequent written instruction. The Company agrees to assume all risks arising out of the use of such electronic methods to submit instructions and directions to the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions, and the risk or interception and misuse by third parties.

EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS SUPPLEMENTAL INDENTURE OR THE TRANSACTIONS CONTEMPLATED HEREBY.

In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances.

[Remainder of page intentionally left blank]

4

IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed, all as of the day and year first above written.

LEGACY VULCAN, LLC (as successor by merger to Legacy Vulcan Corp.)

By:/s/ C. Wes Burton, Jr.

Name:C. Wes Burton, Jr.

Title:Vice President and Treasurer

The Bank of New York Mellon Trust Company, N.A.,
as Trustee

By:/s/ Teresa Petta

Name:Teresa Petta

Title:Vice President

Signature page to Supplemental Indenture

EX-31

exhibit 31(a)

certification of chief executive officer

I, J. Thomas Hill, certify that:
1.	I have reviewed this quarterly report on Form 10-Q of Vulcan Materials Company;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for the periods presented in this report;
4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
	a)	Designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision to ensure that material information relating to the registrant including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
	b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
	c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
	d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
	a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
	b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date       August 5, 2015
			/s/ J. Thomas Hill J. Thomas Hill President and Chief Executive Officer

Exhibit 31(a)

exhibit 31(b)

certification of chief financial officer

I, John R. McPherson, certify that:
1.	I have reviewed this quarterly report on Form 10-Q of Vulcan Materials Company;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for the periods presented in this report;
4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
	a)	Designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision to ensure that material information relating to the registrant including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
	b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
	c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
	d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
	a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
	b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date       August 5, 2015
			/s/ John R. McPherson John R. McPherson, Executive Vice President and Chief Financial and Strategy Officer

Exhibit 31(b)

EX-32

Exhibit 32(a)

certification of chief executive officer

of

vulcan materials company
Pursuant to 18 U.s.c. Section 1350
as adopted pursuant to section 906 of the sarbanes oxley act of 2002

I, J. Thomas Hill,President and Chief Executive Officer of Vulcan Materials Company, certify that the Quarterly Report on Form 10-Q (the “report”) for the quarter ended June 30, 2015, filed with the Securities and Exchange Commission on the date hereof:
	(i)	fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and
	(ii)	the information contained in the report fairly presents, in all material respects, the financial condition and results of operations of Vulcan Materials Company.
			/s/ J. Thomas Hill J. Thomas Hill President and Chief Executive Officer August 5, 2015
A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Vulcan Materials Company and will be retained by Vulcan Materials Company and furnished to the Securities and Exchange Commission or its staff upon request.

Exhibit 32(a)

exhibit 32(b)

certification of chief financial officer

of

vulcan materials company
Pursuant to 18 U.s.c. Section 1350
as adopted pursuant to section 906 of the sarbanes oxley act of 2002

I, John R. McPherson, Executive Vice President and Chief Financial and Strategy Officer of Vulcan Materials Company, certify that the Quarterly Report on Form 10-Q (the “report”) for the quarter endedJune 30, 2015, filed with the Securities and Exchange Commission on the date hereof:
	(i)	fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and
	(ii)	the information contained in the report fairly presents, in all material respects, the financial condition and results of operations of Vulcan Materials Company.
			/s/ John R. McPherson John R. McPherson, Executive Vice President and Chief Financial and Strategy Officer August 5, 2015
A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Vulcan Materials Company and will be retained by Vulcan Materials Company and furnished to the Securities and Exchange Commission or its staff upon request.

Exhibit 32(b)

EX-95

exhibit 95

msha citations and litigation

On July 21, 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act) was enacted. Section 1503 of the Dodd-Frank Act requires companies that are “operators” (as such term is defined in the Federal Mine Safety and Health Act of 1977 (the Mine Act)) to disclose certain mine safety information in each periodic report to the Securities and Exchange Commission. This information is related to the enforcement of the Mine Act by the Mine Safety and Health Administration (MSHA).

The Dodd-Frank Act and the subsequent implementing regulation issued by the SEC require disclosure of the following categories of violations, orders and citations: (1) Section 104 S&S Citations, which are citations issued for violations of mandatory health or safety standards that could significantly and substantially contribute to the cause and effect of a mine safety or health hazard; (2) Section 104(b) Orders, which are orders issued upon a follow up inspection where the inspector finds the violation previously cited has not been totally abated in the prescribed time period; (3) Section 104(d) Citations and Orders, which are issued upon violations of mandatory health or safety standards caused by an unwarrantable failure of the operator to comply with the standards; (4) Section 110(b)(2) Violations, which result from the reckless and repeated failure to eliminate a known violation; (5) Section 107(a) Orders, which are given when MSHA determines that an imminent danger exists and results in an order of immediate withdrawal from the area of the mine affected by the condition; and (6) written notices from MSHA of a pattern of violations of mandatory health or safety standards that are of such nature as could have significantly and substantially contributed to the cause and effect of mine health or safety hazards under Section 104(e). In addition, the Dodd-Frank Act requires the disclosure of the total dollar value of proposed assessments from MSHA under the Mine Act and the total number of mining related fatalities.

The following disclosures are made pursuant to Section 1503.

During the three months ended June 30, 2015,  noneof our operations: (i) received any orders under Section 104(b), which are issued upon a follow up inspection where the inspector finds the violation previously cited has not been totally abated in the prescribed time period; (ii) received any 104(d) citations and orders, which are issued upon violations of mandatory health or safety standards caused by an unwarrantable failure of the operator to comply with the standards; (iii) had any flagrant violations under Section 110(b)(2); (iv) received any Section 107(a) Orders, which are given when MSHA determines than an imminent danger exists and results in an order of immediate withdrawal from the area of the mine affected by the condition; (v) received notice from MSHA of a pattern of violations of mandatory health or safety standards under Section 104(e); or (vi) had any mining-related fatalities.

Exhibit 95 – Page 1

SECOND Quarter 2015

The table below sets forth, by mine, the total number of citations and/or orders issued by MSHA during the period covered by this report under the indicated provisions of the Mine Act, together with the total dollar value of proposed assessments, if any, from MSHA, received during the three months ended June 30, 2015.  Of our 242 active MSHA-regulated facilities during the quarter, we received 131 federal mine safety inspections at 124facilities during the reporting period. Of our inspected facilities,  108 did not receive any reportable citations or orders.

Name of Operation	Number of Inspections	Total Number of S&S Citations	Mine Act § 104(b) Orders	Mine Act § 104(d) Citations and Orders	Mine Act § 110(b)(2) Violations	Mine Act § 107(a) Orders	Total Dollar Value of Proposed MSHA Assessments (dollars in thousands)	Total Number of Mining Related Fatalities	Received Written Notice under Mine Act § 104(e) (yes/no)
BARTLETT UG BLUFF CITY, IL	1	4	0	0	0	0	0	0	No
BLAIR QUARRY, SC	1	2	0	0	0	0	0	0	No
BOLINGBROOK STONE, IL	1	11	0	0	0	0	0	0	No
BROWNWOOD STONE, TX	2	2	0	0	0	0	0	0	No
COOKEVILLE QUARRY, TN	1	2	0	0	0	0	0.5	0	No
DAHLONEGA QUARRY, GA	1	1	0	0	0	0	0.7	0	No
HELENA, AL	1	2	0	0	0	0	0	0	No
INA S&G, AZ	1	2	0	0	0	0	0	0	No
LOS BANOS S&G, CA	1	1	0	0	0	0	0	0	No
MCCOOK, IL	1	1	0	0	0	0	0.5	0	No
NORTH TROY QUARRY, OK	1	1	0	0	0	0	0.3	0	No
PILARCITOS QUARRY, CA	1	1	0	0	0	0	0	0	No
RICHMOND RD QUARRY, KY	1	1	0	0	0	0	0.2	0	No
SANTA ANA S&G, NM	1	1	0	0	0	0	0	0	No
ST ROSE S&G,	1	1	0	0	0	0	0	0	No
WEST BROADWAY S&G, AZ	1	2	0	0	0	0	0	0	No
OTHER OPERATIONS - 108	114	0	0	0	0	0	0	0	No
Total	131	35	0	0	0	0	2.2	0

The total dollar value of proposed assessments received during the three months ended June 30, 2015 for all other citations, as well as proposed assessments received during the reporting period for citations previously issued, is  $10,400.

The table below sets forth, by mine, category of legal action and number of legal actions pending before the Federal Mine Safety and Health Review Commission as of June 30, 2015.

	Number of Legal Actions
Name of Operation	Contest Penalty	Contest Citations	Complaint of Discharge, Discrimination
BLACKSBURG QUARRY, SC	1	0	0
FRANKLIN QUARRY, TN	1	0	0
GURLEY QUARRY, AL	1	0	0
HOUSTON SALES YARD, TX	1	0	0
KANKAKEE QUARRY, IL	1	0	0
MCCOOK QUARRY, IL	2	0	0

Exhibit 95 – Page 2

The table below sets forth, by mine, category of legal action and number of legal actions filed before the Federal Mine Safety and Health Review Commission during the three months ended June 30, 2015.

	Number of Legal Actions
Name of Operation	Contest Penalty	Contest Citations	Complaint of Discharge, Discrimination
LIBERTY QUARRY, SC	1	0	0
lITHIA SPRINGS QUARRY, GA	1	0	0

The table below sets forth, by mine, category of legal action and number of legal actions resolved (disposed) by the Federal Mine Safety and Health Review Commission during the three months ended June 30, 2015.

	Number of Legal Actions
Name of Operation	Contest Penalty	Contest Citations	Complaint of Discharge, Discrimination
BROWNWOOD QUARRY, TX	1	0	0
cENTRAL SERVICE, NC	1	0	0
CHILDERSBURG, AL	1	0	0
EAST FORSYTH, NC	1	0	0
lITHIA sPRINGS QUARRY, GA	1	0	0
MACON QUARRY, GA	1	0	0
pUDDLE DOCK SAND AND GRAVEL, VA	1	0	0
RICHMOND ROAD, TN	1	0	0
SEVIERVILLE QUARRY, TN	1	0	0
WEIRSDALE SAND PLANT, FL	1	0	0

Exhibit 95 – Page 3

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Restructuring charges	$ 1,280,000	$ 0	$ 4,098,000	$ 0
Restructuring charges, expected costs remaining	$ 2,000,000		$ 2,000,000
Antidilutive weighted-average common stock equivalents			0

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DEBT (Summary of Debt Additional Information) (Details)		1 Months Ended	3 Months Ended		6 Months Ended
		Apr. 30, 2015	Mar. 31, 2015	Mar. 31, 2014	Jun. 30, 2015	Jun. 30, 2011
10.125% notes due 2015 [Member]
Debt Instrument [Line Items]
Interest rate					10.125%	10.125%
Maturity year					2015
Effective interest rate	[1]				9.575%
6.50% notes due 2016 [Member]
Debt Instrument [Line Items]
Interest rate		6.50%		6.50%	6.50%	6.50%
Maturity year		2016		2016	2016
6.40% notes due 2017 [Member]
Debt Instrument [Line Items]
Interest rate		6.40%		6.40%	6.40%
Maturity year		2017		2017	2017
7.00% notes due 2018 [Member]
Debt Instrument [Line Items]
Interest rate		7.00%			7.00%
Maturity year		2018	2018		2018
Effective interest rate					7.87%
10.375% notes due 2018 [Member]
Debt Instrument [Line Items]
Interest rate					10.375%
Maturity year					2018
Effective interest rate					10.625%
7.50% notes due 2021 [Member]
Debt Instrument [Line Items]
Interest rate					7.50%
Maturity year					2021
Effective interest rate					7.75%
8.85% notes due 2021 [Member]
Debt Instrument [Line Items]
Interest rate					8.85%
Maturity year					2021
Effective interest rate					8.88%
4.50% notes due 2025 [Member]
Debt Instrument [Line Items]
Interest rate			4.50%		4.50%
Maturity year			2025		2025
Effective interest rate					4.65%
7.15% notes due 2037 [Member]
Debt Instrument [Line Items]
Interest rate					7.15%
Maturity year					2037
Effective interest rate					8.05%
Other Notes
Debt Instrument [Line Items]
Effective interest rate	[2]				6.21%
Industrial revenue bonds [Member]
Debt Instrument [Line Items]
Maturity year					2022
Effective interest rate	[3]				0.14%
Bank line of Credit [Member]
Debt Instrument [Line Items]
Effective interest rate	[4]				1.75%

[1] The 10.125% notes due 2015 are classified as long-term debt (not current maturities) as of June 30, 2015 due to our intent and ability to refinance these notes at maturity using our line of credit.

[2] Non-publicly traded debt.

[3] As of June 30, 2015, we had initiated prepayment; as such, this debt is classified as current maturities of long-term debt.

[4] Borrowings are shown as short-term due to our intent to repay within twelve months. The effective interest rate reflects the margin added to LIBOR for LIBOR-based borrowings. We also pay fees for unused borrowing capacity and standby letters of credit.

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FAIR VALUE MEASUREMENTS (Assets Subject to Fair Value Measurement on Nonrecurring Basis) (Details) - Fair Value, Measurements, Nonrecurring [Member] - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Fair Value Nonrecurring
Property, plant & equipment, Impairment Charges	$ 2,176,000	$ 2,987,000
Other intangible assets net, Impairment Charges	2,858,000	0
Other Asset Impairment Charges	156,000	0
Loss on impairment of long-lived assets	5,190,000	2,987,000
Fair Value, Inputs, Level 2 [Member]
Fair Value Nonrecurring
Property, plant & equipment	0	2,280,000
Other Intangible Assets, Net	0	0
Other Assets, Fair Value Disclosure	0	0
Total	$ 0	$ 2,280,000

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GOODWILL (Changes in Carrying Amount of Goodwill by Reportable Segment) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Goodwill [Line Items]
Goodwill, gross carrying amount	$ 3,094,824	$ 3,094,824
Goodwill of acquired businesses	0
Goodwill of divested businesses	0
Aggregates [Member]
Goodwill [Line Items]
Goodwill, gross carrying amount	3,003,191	3,003,191
Goodwill of acquired businesses	0
Goodwill of divested businesses	0
Asphalt Mix [Member]
Goodwill [Line Items]
Goodwill, gross carrying amount	91,633	91,633
Goodwill of acquired businesses	0
Goodwill of divested businesses	0
Concrete [Member]
Goodwill [Line Items]
Goodwill, gross carrying amount	0	0
Goodwill of acquired businesses	0
Goodwill of divested businesses	0
Calcium [Member]
Goodwill [Line Items]
Goodwill, gross carrying amount	0	$ 0
Goodwill of acquired businesses	0
Goodwill of divested businesses	$ 0

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COMMITMENTS AND CONTINGENCIES (Narrative) (Details)	1 Months Ended	6 Months Ended
	May. 31, 2007 entity mi	Jun. 30, 2015 USD ($)
Commitments And Contingencies Disclosure [Line Items]
Period of letters of credit		1 year
Number of other companies to perform a Remedial Investigation/ Feasibility Study related to the Lower Passaic River Clean-Up lawsuit | entity	70
Number of miles of the River used in the Remedial Investigation/Feasibility Study | mi	17
Texas Brine and Occidental Chemical Co [Member]
Commitments And Contingencies Disclosure [Line Items]
Total amount of damages claimed		$ 500,000,000
Cooperating Parties Group [Member]
Commitments And Contingencies Disclosure [Line Items]
Estimated operation and maintenance costs		$ 93,000,000
Estimated operation and maintenance costs, Period		30 years
Minimum [Member] | EPA [Member]
Commitments And Contingencies Disclosure [Line Items]
Estimated implementation costs		$ 950,000,000
Minimum [Member] | Cooperating Parties Group [Member]
Commitments And Contingencies Disclosure [Line Items]
Estimated implementation costs		475,000,000
Maximum [Member] | EPA [Member]
Commitments And Contingencies Disclosure [Line Items]
Estimated implementation costs		1,730,000,000
Maximum [Member] | Cooperating Parties Group [Member]
Commitments And Contingencies Disclosure [Line Items]
Estimated implementation costs		725,000,000
Bank line of Credit [Member]
Commitments And Contingencies Disclosure [Line Items]
Line of credit		$ 750,000,000

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FAIR VALUE MEASUREMENTS (Narrative) (Details)	6 Months Ended
	Jun. 30, 2015 USD ($) item	Jun. 30, 2014 USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Number of Rabbi Trust established | item	2
Total gain of the Rabbi Trust investment	$ 184,000	$ 3,428,000
Unrealized gains (losses)	22,000	1,480,000
Fair Value, Measurements, Nonrecurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loss on impairment of long-lived assets	5,190,000	2,987,000
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets subject to fair value measurement on a nonrecurring basis	$ 0	$ 2,280,000

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OTHER COMPREHENSIVE INCOME (Tables)

6 Months Ended

Jun. 30, 2015

EQUITY [Abstract]

Accumulated Other Comprehensive Income (Loss) Net Of Tax

	June 30	December 31	June 30
in thousands	2015	2014	2014
AOCI
Cash flow hedges	$       (14,997)	$       (20,322)	$       (21,609)
Pension and postretirement benefit plans	(136,014)	(141,392)	(71,618)
Total	$     (151,011)	$     (161,714)	$       (93,227)

Changes In Accumulated Other Comprehensive Income (Loss)

		Pension and
	Cash Flow	Postretirement
in thousands	Hedges	Benefit Plans	Total
AOCI
Balance as of December 31, 2014	$       (20,322)	$     (141,392)	$     (161,714)
Other comprehensive income
before reclassifications	0	0	0
Amounts reclassified from AOCI	5,325	5,378	10,703
Net current period OCI changes	5,325	5,378	10,703
Balance as of June 30, 2015	$       (14,997)	$     (136,014)	$     (151,011)

Reclassification of Amounts from Other Comprehensive Income Loss to Earnings

	Three Months Ended		Six Months Ended
	June 30			June 30
in thousands	2015	2014		2015	2014
Reclassification Adjustment for Cash Flow
Hedge Losses
Interest expense	$          5,094	$             969		$          8,815	$          5,903
Benefit from income taxes	(2,017)	(385)		(3,490)	(2,334)
Total	$          3,077	$             584		$          5,325	$          3,569
Amortization of Pension and Postretirement
Plan Actuarial Loss and Prior Service Cost
Cost of revenues	$          3,643	$          1,445		$          7,175	$            (141)
Selling, administrative and general expenses	788	382		1,660	(36)
(Benefit from) provision for income taxes	(1,734)	(712)		(3,457)	69
Total 1	$          2,697	$          1,115		$          5,378	$            (108)
Total reclassifications from AOCI to earnings	$          5,774	$          1,699		$        10,703	$          3,461

1  Six months ended June 30, 2014 includes a one-time curtailment gain (see Note 10) resulting from the sale of our cement and concrete businesses in the Florida area (see Note 16).

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NEW ACCOUNTING STANDARDS (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2014	Dec. 31, 2014
NEW ACCOUNTING STANDARDS [Abstract]
Debt Issuance Cost	$ 23,060	$ 20,805

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ASSET RETIREMENT OBLIGATIONS (Asset Retirement Obligations Operating Costs) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
ARO Operating Costs
Accretion	$ 2,936	$ 2,913	$ 5,787	$ 5,852
Depreciation	1,568	983	3,001	1,980
Total	$ 4,504	$ 3,896	$ 8,788	$ 7,832

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ACQUISITIONS AND DIVESTITURES (Narrative) (Details)	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2015 USD ($)	Jun. 30, 2014 USD ($)	Mar. 31, 2014 USD ($)	Jun. 30, 2015 USD ($) property	Jun. 30, 2014 USD ($)	Dec. 31, 2014 USD ($) item property shares
Significant Acquisitions and Disposals [Line Items]
Proceeds from sale of property, plant & equipment				$ 3,419,000	$ 20,454,000
Total consideration						$ 331,836,000
Payment for acquisition of businesses				21,387,000	207,000	284,237,000
Exchanges of real property and businesses						2,414,000
Gain on sale of properties and businesses	$ 249,000	$ 1,162,000		$ 6,624,000	237,526,000
Supply agreement period				20 years
Purchases of property, plant & equipment				$ 148,721,000	$ 116,312,000
Consideration transferred, common stock						$ 45,185,000
Common stock issued in connection with business acquisitions | shares						715,004
Dallas/Fort Worth [Member]
Significant Acquisitions and Disposals [Line Items]
Number of distribution yard acquired | property						2
Aggregates [Member]
Significant Acquisitions and Disposals [Line Items]
Proceeds from sale of property, plant & equipment			$ 5,820,000
Gain on sale of properties and businesses			5,790,000
Aggregates [Member] | ARIZONA AND NEW MEXICO [Member]
Significant Acquisitions and Disposals [Line Items]
Number of facilities acquired | property				3		5
Concrete [Member] | ARIZONA AND NEW MEXICO [Member]
Significant Acquisitions and Disposals [Line Items]
Number of facilities acquired | property				7
Asphalt Mix [Member] | ARIZONA [Member]
Significant Acquisitions and Disposals [Line Items]
Number of facilities acquired | property				13
Cement And Concrete [Member]
Significant Acquisitions and Disposals [Line Items]
Gain on sale of properties and businesses			227,910,000
Total consideration			721,359,000
Previously mined and subsequently reclaimed tract of land [Member] | Aggregates [Member]
Significant Acquisitions and Disposals [Line Items]
Proceeds from sale of property, plant & equipment			10,727,000
Gain on sale of properties and businesses			$ 168,000
California ready-mixed concrete operations [Member]
Significant Acquisitions and Disposals [Line Items]
Amortizable intangible assets recognized				$ 16,543,000
Intangible assets amortization period, tax purposes				15 years
California ready-mixed concrete operations [Member] | CALIFORNIA [Member]
Significant Acquisitions and Disposals [Line Items]
Total consideration				$ 41,387,000
Payment for acquisition of businesses				21,387,000
Exchanges of real property and businesses				20,000,000
Gain on sale of properties and businesses				$ 5,886,000
Number of facilities divested | property				12
California ready-mixed concrete operations [Member] | Straight Line Method [Member]
Significant Acquisitions and Disposals [Line Items]
Amortizable intangible assets recognized				$ 7,168,000
Estimated weighted-average amortization period of intangible assets				20 years
California ready-mixed concrete operations [Member] | Unit Of Production Method [Member]
Significant Acquisitions and Disposals [Line Items]
Amortizable intangible assets recognized				$ 9,375,000
Estimated weighted-average amortization period of intangible assets				50 years
Asphalt plants and Aggregates facilities [Member] | Asphalt And Aggregates [Member] | CALIFORNIA [Member]
Significant Acquisitions and Disposals [Line Items]
Number of facilities acquired | property						2
Asphalt plants and Aggregates facilities [Member] | Aggregates [Member] | CALIFORNIA [Member]
Significant Acquisitions and Disposals [Line Items]
Number of facilities acquired | property						4
Asphalt plants and Aggregates facilities [Member] | Aggregates [Member] | DELAWARE [Member]
Significant Acquisitions and Disposals [Line Items]
Number of facilities acquired | property						2
Rail-connected aggregates operation [Member] | Dallas/Fort Worth [Member]
Significant Acquisitions and Disposals [Line Items]
Number of facilities acquired | item						1
Permitted aggregates quarry [Member] | Alabama [Member]
Significant Acquisitions and Disposals [Line Items]
Number of facilities acquired | item						1

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DISCONTINUED OPERATIONS (Tables)

6 Months Ended

Jun. 30, 2015

DISCONTINUED OPERATIONS [Abstract]

Results from Discontinued Operations

	Three Months Ended		Six Months Ended
	June 30			June 30
in thousands	2015	2014		2015	2014
Discontinued Operations
Pretax loss	$       (2,671)	$          (897)		$       (7,653)	$       (1,739)
Income tax benefit	1,014	353		2,984	685
Loss on discontinued operations,
net of income taxes	$       (1,657)	$          (544)		$       (4,669)	$       (1,054)

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DERIVATIVE INSTRUMENTS (Effects Of Changes In Fair Values Of Derivatives Designated As Cash Flow Hedges) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Derivative Instruments, Gain (Loss) [Line Items]
Loss reclassified from AOCI (effective portion)			$ (7,208,000)	$ (3,762,000)
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Interest Expense [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Loss reclassified from AOCI (effective portion)	$ (5,094,000)	$ (969,000)	$ (8,815,000)	$ (5,903,000)

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DISCONTINUED OPERATIONS (Results from Discontinued Operations) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Discontinued Operations
Pretax loss	$ (2,671)	$ (897)	$ (7,653)	$ (1,739)
Income tax benefit	1,014	353	2,984	685
Loss on discontinued operations, net of income taxes	$ (1,657)	$ (544)	$ (4,669)	$ (1,054)

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GOODWILL (Tables)

6 Months Ended

Jun. 30, 2015

GOODWILL [Abstract]

Changes in Carrying Amount of Goodwill by Reportable Segment

in thousands	Aggregates	Asphalt Mix	Concrete	Calcium	Total
Goodwill
Total as of December 31, 2014	$  3,003,191	$     91,633	$              0	$              0	$    3,094,824
Goodwill of acquired businesses	0	0	0	0	0
Goodwill of divested businesses	0	0	0	0	0
Total as of June 30, 2015	$  3,003,191	$     91,633	$              0	$              0	$    3,094,824

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DEBT (Narrative) (Details)		1 Months Ended				3 Months Ended			6 Months Ended
		Oct. 31, 2016	Apr. 30, 2015 USD ($)	Mar. 31, 2015 USD ($)	Mar. 31, 2014 USD ($)	Jun. 30, 2015 USD ($)	Mar. 31, 2015 USD ($)	Mar. 31, 2014 USD ($)	Jun. 30, 2015 USD ($)	Jun. 30, 2014 USD ($)	Dec. 31, 2014 USD ($)	Jun. 30, 2011 USD ($)
Debt Instrument [Line Items]
Interest Expense, Long-term Debt									$ 2,067,000
Debt purchased, amount					$ 506,366,000			$ 506,366,000
Total consideration paid for debt					579,659,000	$ 385,024,000			676,445,000	$ 579,694,000
Premium paid for purchase of debt					$ 71,829,000	41,153,000		71,829,000	41,153,000
Transaction cost related to termination of debt						52,000		1,464,000
Other cost (benefit) related to debt purchase						4,136,000		(344,000)
Cost of debt purchase						45,341,000		$ 72,949,000	$ 67,075,000	72,949,000
Debt to EBITDA ratio									3.5
EBITDA to net cash interest expense ratio									3.0
Short-term debt (line of credit)						138,500,000			$ 138,500,000	0	$ 0
Long term debt	[1]					$ 1,907,861,000			$ 1,907,861,000	1,983,477,000	1,984,779,000
4.50% notes due 2025 [Member]
Debt Instrument [Line Items]
Debt issued, amount				$ 400,000,000			$ 400,000,000
Interest rate				4.50%		4.50%	4.50%		4.50%
Debt issued, net proceeds				$ 395,207,000
Maturity year							2025		2025
Long term debt						$ 400,000,000			$ 400,000,000	0	0
7.00% notes due 2018 [Member]
Debt Instrument [Line Items]
Interest rate			7.00%			7.00%			7.00%
Maturity year			2018				2018		2018
Debt purchased, amount			$ 185,000	127,303,000			$ 127,303,000
Total consideration paid for debt				145,899,000
Premium paid for purchase of debt				18,140,000			18,140,000
Transaction cost related to termination of debt				456,000
Other cost (benefit) related to debt purchase				$ 3,138,000
Cost of debt purchase							$ 21,734,000
Long term debt						$ 272,512,000			$ 272,512,000	400,000,000	400,000,000
Principal amount, percentage									32.00%
6.40% notes due 2017 [Member]
Debt Instrument [Line Items]
Interest rate			6.40%		6.40%	6.40%		6.40%	6.40%
Maturity year			2017					2017	2017
Debt purchased, amount			$ 218,633,000		$ 131,367,000			$ 131,367,000
Long term debt						$ 0			$ 0	218,633,000	218,633,000
Principal amount, percentage									100.00%
6.50% notes due 2016 [Member]
Debt Instrument [Line Items]
Debt issued, amount												$ 500,000,000
Interest rate			6.50%		6.50%	6.50%		6.50%	6.50%			6.50%
Debt purchased, redemption date									Apr. 01, 2015
Maturity year			2016					2016	2016
Debt purchased, amount			$ 125,001,000		$ 374,999,000			$ 374,999,000
Long term debt						$ 0			$ 0	125,001,000	125,001,000
Principal amount, percentage									100.00%
8.85% notes due 2021 [Member]
Debt Instrument [Line Items]
Interest rate						8.85%			8.85%
Maturity year									2021
Long term debt						$ 6,000,000			$ 6,000,000	6,000,000	6,000,000
10.125% notes due 2015 [Member]
Debt Instrument [Line Items]
Interest rate						10.125%			10.125%			10.125%
Maturity year									2015
Long term debt	[2]					$ 150,000,000			$ 150,000,000	150,000,000	150,000,000
Other Notes
Debt Instrument [Line Items]
Long term debt	[3]					613,000			$ 613,000	769,000	637,000
Standby Letters of Credit [Member]
Debt Instrument [Line Items]
Applicable margin on borrowing rate									0.175%
Commitment fee									0.25%
Scenario, Forecast [Member]
Debt Instrument [Line Items]
Debt to EBITDA ratio		3.25
Minimum [Member] | Standby Letters of Credit [Member]
Debt Instrument [Line Items]
Commitment fee									0.10%
Maximum [Member] | Standby Letters of Credit [Member]
Debt Instrument [Line Items]
Commitment fee									0.35%
Industrial revenue bonds [Member]
Debt Instrument [Line Items]
Maturity year									2022
Long term debt	[4]					14,000,000			$ 14,000,000	14,000,000	14,000,000
Subsequent Event [Member] | 6.40% notes due 2017 [Member]
Debt Instrument [Line Items]
Debt purchased, redemption date									Apr. 01, 2015
Bank line of Credit [Member]
Debt Instrument [Line Items]
Facility expiration date									Jun. 01, 2020
Borrowing capacity						558,281,000			$ 558,281,000
Line Of Credit Facility Maximum Borrowing Capacity						750,000,000			750,000,000
Short-term debt (line of credit)	[5]					138,500,000			$ 138,500,000	$ 0	$ 0
Applicable margin on borrowing rate									1.75%
Bank line of Credit [Member] | Cancelled line of Credit [Member]
Debt Instrument [Line Items]
Line Of Credit Facility Maximum Borrowing Capacity						500,000,000			$ 500,000,000
Bank line of Credit [Member] | New line of Credit [Member]
Debt Instrument [Line Items]
Line Of Credit Facility Maximum Borrowing Capacity						$ 750,000,000			$ 750,000,000
Bank line of Credit [Member] | SunTrust Bank [Member]
Debt Instrument [Line Items]
Applicable margin on borrowing rate									0.75%
Bank line of Credit [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Applicable margin on borrowing rate									1.00%
Bank line of Credit [Member] | Minimum [Member] | SunTrust Bank [Member]
Debt Instrument [Line Items]
Applicable margin on borrowing rate									0.00%
Bank line of Credit [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Applicable margin on borrowing rate									2.00%
Bank line of Credit [Member] | Maximum [Member] | SunTrust Bank [Member]
Debt Instrument [Line Items]
Applicable margin on borrowing rate									1.00%

[1] The debt balances as of December 31, 2014 and June 30, 2014 have been adjusted to reflect our early adoption of ASU 2015-03 and related election as disclosed in Note 17.

[2] The 10.125% notes due 2015 are classified as long-term debt (not current maturities) as of June 30, 2015 due to our intent and ability to refinance these notes at maturity using our line of credit.

[3] Non-publicly traded debt.

[4] As of June 30, 2015, we had initiated prepayment; as such, this debt is classified as current maturities of long-term debt.

[5] Borrowings are shown as short-term due to our intent to repay within twelve months. The effective interest rate reflects the margin added to LIBOR for LIBOR-based borrowings. We also pay fees for unused borrowing capacity and standby letters of credit.

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SEGMENT REPORTING (Segment Financial Disclosure) (Details) $ in Thousands		1 Months Ended	3 Months Ended		6 Months Ended
		Jan. 31, 2015 property	Jun. 30, 2015 USD ($)	Jun. 30, 2014 USD ($)	Jun. 30, 2015 USD ($)	Jun. 30, 2014 USD ($)	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)
Segment Reporting Information [Line Items]
Total revenues			$ 895,143	$ 791,143	$ 1,526,436	$ 1,365,563
Gross profit			234,449	174,788	312,314	208,881
Depreciation, depletion, accretion and amortization			68,384	68,323	135,108	137,702
Cash items			74,736	227,684	74,736	227,684	$ 141,273	$ 193,738
Total assets			8,195,883	7,910,838	8,195,883	7,910,838	$ 8,041,097
Number of asphalt mix plants | property		13
Identifiable assets [Member]
Segment Reporting Information [Line Items]
Total assets	[1]		8,007,500	7,596,000	8,007,500	7,596,000
Segment sales [Member]
Segment Reporting Information [Line Items]
Total revenues			943,400	834,200	1,611,600	1,461,300
Aggregates [Member]
Segment Reporting Information [Line Items]
Gross profit	[2]		207,300	161,700	275,000	200,200
Depreciation, depletion, accretion and amortization	[2]		57,000	56,300	112,500	111,000
Aggregates [Member] | Identifiable assets [Member]
Segment Reporting Information [Line Items]
Total assets	[1],[2]		7,497,200	7,126,400	7,497,200	7,126,400
Aggregates [Member] | Segment sales [Member]
Segment Reporting Information [Line Items]
Total revenues	[2]		733,400	628,900	1,236,900	1,057,600
Aggregates [Member] | Intersegment sales [Member]
Segment Reporting Information [Line Items]
Total revenues			(48,300)	(43,100)	(85,200)	(86,500)
Asphalt Mix [Member]
Segment Reporting Information [Line Items]
Gross profit	[3]		21,100	9,000	29,900	13,700
Depreciation, depletion, accretion and amortization	[3]		4,100	2,400	8,000	4,800
Asphalt Mix [Member] | Identifiable assets [Member]
Segment Reporting Information [Line Items]
Total assets	[1],[3]		319,300	224,900	319,300	224,900
Asphalt Mix [Member] | Segment sales [Member]
Segment Reporting Information [Line Items]
Total revenues	[3]		129,000	109,300	232,100	193,600
Concrete [Member]
Segment Reporting Information [Line Items]
Gross profit	[3],[4]		4,900	3,200	5,700	(6,000)
Depreciation, depletion, accretion and amortization	[3],[4]		2,800	4,800	5,500	10,800
Concrete [Member] | Identifiable assets [Member]
Segment Reporting Information [Line Items]
Total assets	[1],[3],[4]		185,500	238,700	185,500	238,700
Concrete [Member] | Segment sales [Member]
Segment Reporting Information [Line Items]
Total revenues	[3],[4]		78,600	93,800	138,400	189,800
Calcium [Member]
Segment Reporting Information [Line Items]
Gross profit	[5]		1,100	900	1,700	1,000
Depreciation, depletion, accretion and amortization	[5]		200	200	300	1,200
Calcium [Member] | Identifiable assets [Member]
Segment Reporting Information [Line Items]
Total assets	[1],[5]		5,500	6,000	5,500	6,000
Calcium [Member] | Segment sales [Member]
Segment Reporting Information [Line Items]
Total revenues	[5]		2,400	2,200	4,200	20,300
Calcium [Member] | Intersegment sales [Member]
Segment Reporting Information [Line Items]
Total revenues			0	0	0	(9,200)
Other [Member]
Segment Reporting Information [Line Items]
Depreciation, depletion, accretion and amortization			4,300	4,600	8,800	9,900
Corporate [Member]
Segment Reporting Information [Line Items]
Total assets			$ 113,700	$ 87,100	$ 113,700	$ 87,100

[1] 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.

[2] Includes crushed stone, sand and gravel, sand, other aggregates, as well as freight, delivery and transportation revenues, and other revenues related to services.

[3] In January 2015, we exchanged our California ready-mixed concrete operations for 13 asphalt mix plants, primarily in Arizona (see Note 16).

[4] Includes ready-mixed concrete. In March 2014, we sold our concrete business in the Florida area (see Note 16) which in addition to ready-mixed concrete, included concrete block, precast concrete, as well as building materials purchased for resale.

[5] Includes cement and calcium products. In March 2014, we sold our cement business (see Note 16).

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OTHER COMPREHENSIVE INCOME (Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014
AOCI
Cash flow hedges	$ (14,997)	$ (20,322)	$ (21,609)
Pension and postretirement benefit plans	(136,014)	(141,392)	(71,618)
Total	$ (151,011)	$ (161,714)	$ (93,227)

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FAIR VALUE MEASUREMENTS (Fair Value Measurement of Assets on Recurring Basis) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets fair value, recurring	$ 26,762	$ 26,780	$ 28,417
Fair Value, Inputs, Level 1 [Member] | Mutual Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets fair value, recurring	14,488	15,532	14,365
Fair Value, Inputs, Level 1 [Member] | Equities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets fair value, recurring	12,274	11,248	14,052
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets fair value, recurring	1,355	1,415	1,349
Fair Value, Inputs, Level 2 [Member] | Common/Collective Trust Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets fair value, recurring	$ 1,355	$ 1,415	$ 1,349

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DEFERRED REVENUE

6 Months Ended

Jun. 30, 2015

DEFERRED REVENUE [Abstract]

DEFERRED REVENUE

Note 4: deferred revenue

We entered into two transactions (September 2013 and December 2012) through which we sold a percentage of the future production from aggregates reserves at eight quarries (seven owned and one leased). These sales were structured as volumetric production payments (VPPs). We received net cash proceeds of $153,282,000 and $73,644,000 for the 2013 and 2012 transactions, respectively. These proceeds were recorded as deferred revenue on the balance sheet and are amortized on a unit-of-sales basis to revenue over the terms of the VPPs. Concurrently, we entered into marketing agreements with the purchaser through which we are designated the exclusive sales agent for the purchaser’s percentage of future production. Acting as the purchaser’s agent, our consolidated total revenues exclude these sales.

The common key terms of both VPP transactions are:

§ the purchaser has a nonoperating interest in future production entitling them to a percentage of future production

§ there is no minimum annual or cumulative production or sales volume, nor any minimum sales price guarantee

§ the purchaser has the right to take its percentage of future production in physical product, or receive the cash proceeds from the sale of its percentage of future production under the terms of the aforementioned marketing agreement

§ the purchaser's percentage of future production is conveyed free and clear of all future costs

§ we retain full operational and marketing control of the specified quarries

§ we retain fee simple interest in the land as well as any residual values that may be realized upon the conclusion of mining

The key terms specific to the 2013 VPP transaction are:

§ terminates at the earlier to occur of September 30, 2051 or the sale of 250.8 million tons of aggregates from the specified quarries; based on historical and projected volumes from the specified quarries, it is expected that 250.8 million tons will be sold prior to September 30, 2051

§ the purchaser's percentage of the maximum 250.8 million tons of future production is estimated to be 11.5% (approximately 29 million tons); the actual percentage may vary

The key terms specific to the 2012 VPP transaction are:

§ terminates at the earlier to occur of December 31, 2052 or the sale of 143.2 million tons of aggregates from the specified quarries; based on historical and projected volumes from the specified quarries, it is expected that 143.2 million tons will be sold prior to December 31, 2052

§ the purchaser's percentage of the maximum 143.2 million tons of future production is estimated to be 10.5% (approximately 15 million tons); the actual percentage may vary

Reconciliation of the deferred revenue balances (current and noncurrent) is as follows:

	Three Months Ended		Six Months Ended
	June 30			June 30
in thousands	2015	2014		2015	2014
Deferred Revenue
Balance at beginning of period	$     218,987	$     223,946		$     219,968	$     224,743
Cash received and revenue deferred	0	0		0	187
Amortization of deferred revenue	(1,558)	(1,357)		(2,539)	(2,341)
Balance at end of period	$     217,429	$     222,589		$     217,429	$     222,589

Based on expected aggregates sales from the specified quarries, we anticipate recognizing an estimated $6,000,000 of deferred revenue (reflected in other current liabilities in our 2015 Condensed Consolidated Balance Sheet) during the 12-month period ending June 30, 2016.

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OTHER COMPREHENSIVE INCOME (Changes In AOCI Net Of Tax) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Accumulated Other Comprehensive Income (Loss) [Line Items]
AOCI, Net of Tax, Beginning Balance			$ (161,714)
Other comprehensive income before reclassifications			0
Amounts reclassified from AOCI			10,703
Other comprehensive income	$ 5,774	$ 1,699	10,703	$ 6,404
AOCI, Net of Tax, Ending Balance	(151,011)	$ (93,227)	(151,011)	$ (93,227)
Reclassification Adjustment for Cash Flow Hedges [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
AOCI, Net of Tax, Beginning Balance			(20,322)
Other comprehensive income before reclassifications			0
Amounts reclassified from AOCI			5,325
Other comprehensive income			5,325
AOCI, Net of Tax, Ending Balance	(14,997)		(14,997)
Amortization of Pension and Postretirement Plan Actuarial Loss and Prior Service Cost [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
AOCI, Net of Tax, Beginning Balance			(141,392)
Other comprehensive income before reclassifications			0
Amounts reclassified from AOCI			5,378
Other comprehensive income			5,378
AOCI, Net of Tax, Ending Balance	$ (136,014)		$ (136,014)

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INCOME TAXES (Narrative) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Taxes [Line Items]
Provision for income taxes	$ 19,867,000	$ 17,982,000	$ 5,791,000	$ 40,882,000
Valuation allowance	60,920,000		60,920,000
Increase in valuation allowance			4,053,000
Alabama [Member]
Income Taxes [Line Items]
Valuation allowance	$ 59,781,000		$ 59,781,000

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DEBT (Tables)

6 Months Ended

Jun. 30, 2015

DEBT [Abstract]

Summary of Debt

	Effective	June 30	December 31	June 30
in thousands	Interest Rate	2015	2014	2014
Short-term Debt
Bank line of credit (expires 2020) 1	1.75%	$        138,500	$                0	$                0
Total short-term debt		$        138,500	$                0	$                0
Long-term Debt
10.125% notes due 20152	9.575%	$        150,000	$     150,000	$     150,000
6.50% notes due 2016	n/a	0	125,001	125,001
6.40% notes due 2017	n/a	0	218,633	218,633
7.00% notes due 2018	7.87%	272,512	400,000	400,000
10.375% notes due 2018	10.625%	250,000	250,000	250,000
7.50% notes due 2021	7.75%	600,000	600,000	600,000
8.85% notes due 2021	8.88%	6,000	6,000	6,000
Industrial revenue bond due 20223	0.14%	14,000	14,000	14,000
4.50% notes due 2025	4.65%	400,000	0	0
7.15% notes due 2037	8.05%	240,188	240,188	240,188
Other notes 4	6.21%	613	637	769
Unamortized discounts and debt issuance costs	n/a	(25,975)	(22,716)	(25,146)
Unamortized deferred interest rate swap gain 5	n/a	523	3,036	4,032
Total long-term debt including current maturities 6		$     1,907,861	$  1,984,779	$  1,983,477
Less current maturities		14,124	150,137	158
Total long-term debt		$     1,893,737	$  1,834,642	$  1,983,319
Estimated fair value of long-term debt		$     2,140,942	$  2,092,673	$  2,289,118

1	Borrowings are shown as short-term due to our intent to repay within twelve months.The effective interest rate reflects the margin added to LIBOR for LIBOR-based borrowings. We also pay fees for unused borrowing capacity and standby letters of credit.
2	The 10.125% notes due 2015 are classified as long-term debt (not current maturities) as of June 30, 2015 due to our intent and ability to refinance these notes at maturity using our line of credit.
3	As of June 30, 2015, we had initiated prepayment; as such, this debt is classified as current maturities of long-term debt.
4	Non-publicly traded debt.
5	The unamortized deferred gain was realized upon the August 2011 settlement of interest rate swaps as discussed in Note 6.
6	The debt balances as of December 31, 2014 and June 30, 2014 have been adjusted to reflect our early adoption of ASU 2015-03 and related election as disclosed in Note 17.

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DERIVATIVE INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2015

DERIVATIVE INSTRUMENTS [Abstract]

Effects of Changes in Fair Values of Derivatives Designated as Cash Flow Hedges

		Three Months Ended		Six Months Ended
	Location on	June 30			June 30
in thousands	Statement	2015	2014		2015	2014
Cash Flow Hedges
Loss reclassified from AOCI	Interest
(effective portion)	expense	$       (5,094)	$          (969)		$       (8,815)	$       (5,903)

Amortization Table

	Three Months Ended		Six Months Ended
	June 30			June 30
in thousands	2015	2014		2015	2014
Deferred Gain on Settlement
Amortized to earnings as a reduction
to interest expense	$        2,000	$           484		$        2,513	$        9,678

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COMMITMENTS AND CONTINGENCIES (Summary Of Standby Letters Of Credit) (Details) - USD ($) $ in Thousands		Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013
Standby Letters of Credit
Long term debt	[1]	$ 1,907,861		$ 1,984,779	$ 1,983,477
Reclamation/restoration requirements		234,919	$ 238,689	$ 226,565	$ 225,117	$ 225,831	$ 228,234
Standby Letters of Credit [Member]
Standby Letters of Credit
Risk management insurance		33,111
Reclamation/restoration requirements		5,878
Total		53,219
Industrial revenue bonds [Member] | Standby Letters of Credit [Member]
Standby Letters of Credit
Long term debt		$ 14,230

[1] The debt balances as of December 31, 2014 and June 30, 2014 have been adjusted to reflect our early adoption of ASU 2015-03 and related election as disclosed in Note 17.

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DEFERRED REVENUE (Narrative) (Details) T in Millions	1 Months Ended		3 Months Ended		6 Months Ended
	Sep. 30, 2013 USD ($) T	Dec. 31, 2012 USD ($) T	Jun. 30, 2015 USD ($)	Jun. 30, 2014 USD ($)	Jun. 30, 2015 USD ($) property agreement	Jun. 30, 2014 USD ($)	Jun. 30, 2016 USD ($)
Deferred Revenue Arrangement [Line Items]
Number of volumetric production payment transactions | agreement					2
Number of facilities					8
Owned quarries					7
Leased quarries					1
Purchaser's proceeds from sale of production | $	$ 153,282,000	$ 73,644,000	$ 0	$ 0	$ 0	$ 187,000
Volumetric production payment termination date	Sep. 30, 2051	Dec. 31, 2052
Volumetric production payment estimated percentage sold	11.50%	10.50%
Volumetric production payment estimated tons to be delivered | T	29.0	15.0
Maximum [Member]
Deferred Revenue Arrangement [Line Items]
Tons subject to volumetric production payment | T	250.8	143.2
Scenario, Forecast [Member]
Deferred Revenue Arrangement [Line Items]
Estimated deferred revenue to be recognized in the next 12 months | $							$ 6,000,000

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COMMITMENTS AND CONTINGENCIES (Tables)

6 Months Ended

Jun. 30, 2015

COMMITMENTS AND CONTINGENCIES [Abstract]

Summary of Standby Letters of Credit

in thousands
Standby Letters of Credit
Risk management insurance	$       33,111
Industrial revenue bond	14,230
Reclamation/restoration requirements	5,878
Total	$       53,219

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ASSET RETIREMENT OBLIGATIONS (Tables)

6 Months Ended

Jun. 30, 2015

ASSET RETIREMENT OBLIGATIONS [Abstract]

Asset Retirement Obligations Operating Costs

	Three Months Ended		Six Months Ended
	June 30			June 30
in thousands	2015	2014		2015	2014
ARO Operating Costs
Accretion	$        2,936	$        2,913		$        5,787	$        5,852
Depreciation	1,568	983		3,001	1,980
Total	$        4,504	$        3,896		$        8,788	$        7,832

Reconciliations of Asset Retirement Obligations

	Three Months Ended		Six Months Ended
	June 30			June 30
in thousands	2015	2014		2015	2014
Asset Retirement Obligations
Balance at beginning of period	$     238,689	$     225,831		$     226,565	$     228,234
Liabilities incurred	4,339	0		6,159	0
Liabilities settled	(1,270)	(7,593)		(8,000)	(12,843)
Accretion expense	2,936	2,913		5,787	5,852
Revisions up (down), net	(9,775)	3,966		4,408	3,874
Balance at end of period	$     234,919	$     225,117		$     234,919	$     225,117

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INCOME TAXES

6 Months Ended

Jun. 30, 2015

INCOME TAXES [Abstract]

INCOME TAXES

Note 3: Income Taxes

Our estimated annual effective tax rate (EAETR) is based on full year expectations of pretax book earnings, statutory tax rates, permanent differences between book and tax accounting such as percentage depletion, and tax planning alternatives available in the various jurisdictions in which we operate. For interim financial reporting, except in circumstances as described in the following paragraph, 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 book 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.

When expected pretax book earnings for the full year are at or near breakeven, the EAETR can distort the income tax provision for an interim period due to the size and nature of our permanent differences. In these circumstances, we calculate the interim income tax provision using the year-to-date effective tax rate. This method results in an income tax provision based solely on the year-to-date pretax book earnings as adjusted for permanent differences on a pro rata basis. In the second quarters of 2015 and 2014, income taxes were calculated based on the EAETR.

We recorded an income tax provision from continuing operations of $19,867,000 in the second quarter of 2015 compared to an income tax provision from continuing operations of $17,982,000 in the second quarter of 2014. The change in our income tax provision resulted largely from applying the statutory rate to the increase in our pretax book earnings.

We recorded an income tax provision from continuing operations of $5,791,000 for the six months ended June 30, 2015 compared to an income tax provision from continuing operations of $40,882,000 for the six months ended June 30, 2014. The change in our income tax provision for the year resulted largely from applying the statutory rate to the decrease in our pretax book earnings.

We recognize deferred tax assets and liabilities based on the differences between the financial statement carrying amounts of assets and liabilities and the amounts used for income tax purposes. Deferred tax assets represent items to be used as a tax deduction or credit in future tax returns. Realization of the deferred tax assets ultimately depends on the existence of sufficient taxable income of the appropriate character in either the carryback or carryforward period.

Each quarter we analyze the likelihood that our deferred tax assets will be realized. A valuation allowance is recorded if, based on the weight of all available positive and negative evidence, it is more likely than not (a likelihood of more than 50%) that some portion, or all, of a deferred tax asset will not be realized.

Based on our second quarter 2015 analysis, we believe it is more likely than not that we will realize the benefit of all our deferred tax assets with the exception of the state net operating loss carryforwards for which a valuation allowance has been recorded. For 2015, we currently project a valuation allowance of $60,920,000 against our state net operating loss carryforwards, an increase of $4,053,000from the prior year end. This change in the valuation allowance is reflected as a component of our income tax provision.

Of the $60,920,000 valuation allowance, $59,781,000 relates to our Alabama net operating loss carryforward. During the second quarter of 2015, we restructured our legal entities. This restructuring, among other expected benefits, may allow for utilization of some or all of our Alabama net operating loss carryforward prior to its expiration. At this time, based on the weight of all available positive and negative evidence, we have concluded that it is more likely than not that the deferred tax asset will not be realized. Each quarter, we will reassess the positive and negative evidence to determine the likelihood of utilizing the Alabama net operating loss carryforward, and therefore, the appropriate amount of the valuation allowance.

We recognize a tax benefit associated with a tax position when, in our judgment, it is more likely than not that the position will be sustained based upon the technical merits of the position. For a tax position that meets the more likely than not recognition threshold, we measure the income tax benefit as the largest amount that we judge to have a greater than 50% likelihood of being realized. A liability is established for the unrecognized portion of any tax benefit. Our liability for unrecognized tax benefits is adjusted periodically due to changing circumstances, such as the progress of tax audits, case law developments and new or emerging legislation.

A summary of our deferred tax assets is included in Note 9 “Income Taxes” in our Annual Report on Form 10-K for the year ended December 31, 2014.

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BENEFIT PLANS (Tables)

6 Months Ended

Jun. 30, 2015

Pension Plans, Defined Benefit [Member]

Defined Benefit Plan Disclosure [Line Items]

Components of Net Periodic Benefit Cost

PENSION BENEFITS	Three Months Ended		Six Months Ended
	June 30			June 30
in thousands	2015	2014		2015	2014
Components of Net Periodic Benefit Cost
Service cost	$        1,212	$        1,040		$        2,425	$        2,079
Interest cost	11,036	11,098		22,073	22,196
Expected return on plan assets	(13,684)	(12,700)		(27,368)	(25,401)
Amortization of prior service cost	12	47		24	94
Amortization of actuarial loss	5,455	2,805		10,909	5,610
Net periodic pension benefit cost	$        4,031	$        2,290		$        8,063	$        4,578
Pretax reclassification from AOCI included in
net periodic pension benefit cost	$        5,467	$        2,852		$      10,933	$        5,704

Other Postretirement Benefit Plans, Defined Benefit [Member]

Defined Benefit Plan Disclosure [Line Items]

Components of Net Periodic Benefit Cost

OTHER POSTRETIREMENT BENEFITS	Three Months Ended		Six Months Ended
	June 30			June 30
in thousands	2015	2014		2015	2014
Components of Net Periodic Benefit Cost
Service cost	$           474	$           537		$           947	$        1,073
Interest cost	626	825		1,243	1,649
Curtailment gain	0	0		0	(3,832)
Amortization of prior service credit	(1,058)	(1,082)		(2,116)	(2,164)
Amortization of actuarial loss	23	56		19	113
Net periodic postretirement benefit cost (credit)	$             65	$           336		$             93	$       (3,161)
Pretax reclassification from AOCI included in
net periodic postretirement benefit credit	$       (1,035)	$       (1,026)		$       (2,097)	$       (5,883)

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Weighted-Average Common Shares Outstanding) (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Weighted Average Number Of Shares Outstanding
Weighted-average common shares outstanding	133,103	131,149	132,882	130,980
Dilutive effect of
Stock options/SOSARs	991	663	996	677
Other stock compensation plans	1,140	1,064	811	811
Weighted-average common shares outstanding, assuming dilution	135,234	132,876	134,689	132,468

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DEBT (Summary of Debt) (Details) - USD ($) $ in Thousands		Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014
Short-term Debt [Abstract]
Total short-term debt		$ 138,500	$ 0	$ 0
Long Term Debt
Total long-term debt including current maturities	[1]	1,907,861	1,984,779	1,983,477
Unamortized discounts and debt issuance cost		(25,975)	(22,716)	(25,146)
Less current maturities		14,124	150,137	158
Total long-term debt		1,893,737	1,834,642	1,983,319
Estimated fair value of long-term debt		2,140,942	2,092,673	2,289,118
10.125% notes due 2015 [Member]
Long Term Debt
Total long-term debt including current maturities	[2]	150,000	150,000	150,000
6.50% notes due 2016 [Member]
Long Term Debt
Total long-term debt including current maturities		0	125,001	125,001
6.40% notes due 2017 [Member]
Long Term Debt
Total long-term debt including current maturities		0	218,633	218,633
7.00% notes due 2018 [Member]
Long Term Debt
Total long-term debt including current maturities		272,512	400,000	400,000
10.375% notes due 2018 [Member]
Long Term Debt
Total long-term debt including current maturities		250,000	250,000	250,000
7.50% notes due 2021 [Member]
Long Term Debt
Total long-term debt including current maturities		600,000	600,000	600,000
8.85% notes due 2021 [Member]
Long Term Debt
Total long-term debt including current maturities		6,000	6,000	6,000
4.50% notes due 2025 [Member]
Long Term Debt
Total long-term debt including current maturities		400,000	0	0
7.15% notes due 2037 [Member]
Long Term Debt
Total long-term debt including current maturities		240,188	240,188	240,188
Other Notes
Long Term Debt
Total long-term debt including current maturities	[3]	613	637	769
10.125% notes due 2015 and 6.50% notes due 2016 [Member]
Long Term Debt
Unamortized deferred interest rate swap gain	[4]	523	3,036	4,032
Bank line of Credit [Member]
Short-term Debt [Abstract]
Total short-term debt	[5]	138,500	0	0
Industrial revenue bonds [Member]
Long Term Debt
Total long-term debt including current maturities	[6]	$ 14,000	$ 14,000	$ 14,000

[1] The debt balances as of December 31, 2014 and June 30, 2014 have been adjusted to reflect our early adoption of ASU 2015-03 and related election as disclosed in Note 17.

[2] The 10.125% notes due 2015 are classified as long-term debt (not current maturities) as of June 30, 2015 due to our intent and ability to refinance these notes at maturity using our line of credit.

[3] Non-publicly traded debt.

[4] The unamortized deferred gain was realized upon the August 2011 settlement of interest rate swaps as discussed in Note 6.

[5] Borrowings are shown as short-term due to our intent to repay within twelve months. The effective interest rate reflects the margin added to LIBOR for LIBOR-based borrowings. We also pay fees for unused borrowing capacity and standby letters of credit.

[6] As of June 30, 2015, we had initiated prepayment; as such, this debt is classified as current maturities of long-term debt.

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ACQUISITIONS AND DIVESTITURES (Classification Of Assets And Liabilities Held For Sale) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014
ACQUISITIONS AND DIVESTITURES [Abstract]
Current assets	$ 0	$ 1,773	$ 0
Property, plant & equipment, net	0	12,764	0
Other intangible assets, net	0	647	0
Total assets held for sale	0	15,184	0
Asset retirement obligations	0	520	0
Total liabilities of assets held for sale	$ 0	$ 520	$ 0

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014
Assets
Cash and cash equivalents	$ 74,736	$ 141,273	$ 227,684
Restricted cash	0	0	62,087
Accounts and notes receivable
Accounts and notes receivable, gross	495,781	378,947	439,938
Less: Allowance for doubtful accounts	(5,370)	(5,105)	(5,606)
Accounts and notes receivable, net	490,411	373,842	434,332
Inventories
Finished products	292,932	275,172	260,111
Raw materials	21,610	19,741	20,458
Products in process	1,461	1,250	1,104
Operating supplies and other	25,825	25,641	28,041
Inventories	341,828	321,804	309,714
Current deferred income taxes	39,562	39,726	40,858
Prepaid expenses	75,663	28,640	27,309
Assets held for sale	0	15,184	0
Total current assets	1,022,200	920,469	1,101,984
Investments and long-term receivables	41,603	41,650	42,128
Property, plant & equipment
Property, plant & equipment, cost	6,752,916	6,608,842	6,396,658
Reserve for depreciation, depletion & amortization	(3,637,392)	(3,537,212)	(3,494,896)
Property, plant & equipment, net	3,115,524	3,071,630	2,901,762
Goodwill	3,094,824	3,094,824	3,081,521
Other intangible assets, net	767,995	758,243	633,442
Other noncurrent assets	153,737	154,281	150,001
Total assets	8,195,883	8,041,097	7,910,838
Liabilities
Current maturities of long-term debt	14,124	150,137	158
Short-term debt (line of credit)	138,500	0	0
Trade payables and accruals	190,904	145,148	178,239
Other current liabilities	163,112	156,073	171,008
Liabilities of assets held for sale	0	520	0
Total current liabilities	506,640	451,878	349,405
Long-term debt	1,893,737	1,834,642	1,983,319
Noncurrent deferred income taxes	686,171	691,137	704,544
Deferred revenue	211,429	213,968	217,589
Other noncurrent liabilities	670,949	672,773	569,794
Total liabilities	$ 3,968,926	$ 3,864,398	$ 3,824,651
Other commitments and contingencies (Note 8)
Equity
Common stock, $1 par value, Authorized 480,000 shares, Issued 132,984, 131,907 and 130,910 shares, respectively	$ 132,984	$ 131,907	$ 130,910
Capital in excess of par value	2,791,232	2,734,661	2,665,793
Retained earnings	1,453,752	1,471,845	1,382,711
Accumulated other comprehensive loss	(151,011)	(161,714)	(93,227)
Total equity	4,226,957	4,176,699	4,086,187
Total liabilities and equity	$ 8,195,883	$ 8,041,097	$ 7,910,838

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DEFERRED REVENUE (Summary Of Recognized Deferred Revenue) (Details) - USD ($)	1 Months Ended		3 Months Ended		6 Months Ended
	Sep. 30, 2013	Dec. 31, 2012	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
DEFERRED REVENUE [Abstract]
Balance at beginning of period			$ 218,987,000	$ 223,946,000	$ 219,968,000	$ 224,743,000
Cash received and revenue deferred	$ 153,282,000	$ 73,644,000	0	0	0	187,000
Amortization of deferred revenue			(1,558,000)	(1,357,000)	(2,539,000)	(2,341,000)
Balance at end of period			$ 217,429,000	$ 222,589,000	$ 217,429,000	$ 222,589,000

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

6 Months Ended

Jun. 30, 2015

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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 producer of construction aggregates (primarily crushed stone, sand and gravel) and a major producer of asphalt mix and ready-mixed concrete.

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 for complete financial statements. Our Condensed Consolidated Balance Sheet as of December 31, 2014 was derived from the audited financial statement at that date. 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. Operating results for the three and six month periods ended June 30, 2015 are not necessarily indicative of the results that may be expected for the year ended December 31, 2015. For further information, refer to the consolidated financial statements and footnotes included in our most recent Annual Report on Form 10-K.

Due to the 2005 sale of our Chemicals business as presented in Note 2, the operating results of the Chemicals business are presented as discontinued operations in the accompanying Condensed Consolidated Statements of Comprehensive Income.

RECLASSIFICATIONS

Certain items previously reported in specific financial statement captions have been reclassified to conform with the 2015 presentation. During the quarter ended June 30, 2015, we early adopted Accounting Standards Update (ASU) No. 2015-03, “Simplifying the Presentation of Debt Issuance Costs,” resulting in adjustments to our prior financial statements. See Note 17for additional information.

RESTRICTED CASH

Restricted cash 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. Pursuant to the like-kind exchange agreements, the cash remains restricted for a maximum of 180 days from the date of the property sale pending the acquisition of replacement property. Changes in restricted cash balances are reflected as an investment activity in the accompanying Condensed Consolidated Statements of Cash Flows.

RESTRUCTURING CHARGES

In 2014, we announced changes to our executive management team, and a new divisional organization structure that was effective January 1, 2015. During the three and six months ended June 30, 2015, we incurred $1,280,000 and $4,098,000, respectively, of costs related to these initiatives. Future related charges for these initiatives are estimated to be less than $2,000,000.

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		Six Months Ended
	June 30			June 30
in thousands	2015	2014		2015	2014
Weighted-average common shares
outstanding	133,103	131,149		132,882	130,980
Dilutive effect of
Stock options/SOSARs	991	663		996	677
Other stock compensation plans	1,140	1,064		811	811
Weighted-average common shares
outstanding, assuming dilution	135,234	132,876		134,689	132,468

All dilutive common stock equivalents are reflected in our earnings per share calculations. Antidilutive common stock equivalents are not included 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 are excluded. There were no excluded shares for the periods presented.

The number of antidilutive common stock equivalents for which the exercise price exceeds the weighted-average market price is as follows:

	Three Months Ended		Six Months Ended
	June 30			June 30
in thousands	2015	2014		2015	2014
Antidilutive common stock equivalents	556	2,356		556	2,356

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BENEFIT PLANS (Narrative) (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015 USD ($) entity	Jun. 30, 2014 USD ($)	Jun. 30, 2015 USD ($) entity item	Jun. 30, 2014 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Number of funded, noncontributory defined benefit pension plans	3		3
Number of unfunded, nonqualified pension plans			3
Normal retirement age | item			65
Other Postretirement Benefit Plans, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
One-time curtailment gain | $	$ 0	$ 0	$ 0	$ 3,832

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SEGMENT REPORTING (Tables)

6 Months Ended

Jun. 30, 2015

SEGMENT REPORTING [Abstract]

Segment Financial Disclosure

	Three Months Ended		Six Months Ended
	June 30			June 30
in millions	2015	2014		2015	2014
Total Revenues
Aggregates 1	$        733.4	$        628.9		$     1,236.9	$     1,057.6
Asphalt Mix 2	129.0	109.3		232.1	193.6
Concrete 2, 3	78.6	93.8		138.4	189.8
Calcium 4	2.4	2.2		4.2	20.3
Segment sales	943.4	834.2		1,611.6	1,461.3
Aggregates intersegment sales	(48.3)	(43.1)		(85.2)	(86.5)
Calcium intersegment sales	0.0	0.0		0.0	(9.2)
Total revenues	$        895.1	$        791.1		$     1,526.4	$     1,365.6
Gross Profit
Aggregates	$        207.3	$        161.7		$        275.0	$        200.2
Asphalt Mix 2	21.1	9.0		29.9	13.7
Concrete 2, 3	4.9	3.2		5.7	(6.0)
Calcium 4	1.1	0.9		1.7	1.0
Total	$        234.4	$        174.8		$        312.3	$        208.9
Depreciation, Depletion, Accretion
and Amortization (DDA&A)
Aggregates	$          57.0	$          56.3		$        112.5	$        111.0
Asphalt Mix 2	4.1	2.4		8.0	4.8
Concrete 2, 3	2.8	4.8		5.5	10.8
Calcium 4	0.2	0.2		0.3	1.2
Other	4.3	4.6		8.8	9.9
Total	$          68.4	$          68.3		$        135.1	$        137.7
Identifiable Assets 5
Aggregates				$     7,497.2	$     7,126.4
Asphalt Mix 2				319.3	224.9
Concrete 2, 3				185.5	238.7
Calcium 4				5.5	6.0
Total identifiable assets				$     8,007.5	$     7,596.0
General corporate assets				113.7	87.1
Cash items				74.7	227.7
Total				$     8,195.9	$     7,910.8

1	Includes crushed stone, sand and gravel, sand, other aggregates, as well as freight, delivery and transportation revenues, and other revenues related to services.
2	In January 2015, we exchanged our California ready-mixed concrete operations for 13 asphalt mix plants, primarily in Arizona (see Note 16).
3	Includes ready-mixed concrete. In March 2014, we sold our concrete business in the Florida area (see Note 16) which in addition to ready-mixed concrete, included concrete block, precast concrete, as well as building materials purchased for resale.
4	Includes cement and calcium products. In March 2014, we sold our cement business (see Note 16).
5	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.

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EQUITY (Change In Total Equity) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
EQUITY [Abstract]
Balance at December 31, 2014			$ 4,176,699
Net earnings	$ 48,162	$ 45,967	8,484	$ 99,963
Common stock issued, Share-based compensation plans			36,485
Share-based compensation expense			9,679
Excess tax benefits from share-based compensation			11,457
Cash dividends on common stock			(26,549)
Other comprehensive income	5,774	1,699	10,703	6,404
Other			(1)
Balance at June 30, 2015	$ 4,226,957	$ 4,086,187	$ 4,226,957	$ 4,086,187

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NEW ACCOUNTING STANDARDS

6 Months Ended

Jun. 30, 2015

NEW ACCOUNTING STANDARDS [Abstract]

NEW ACCOUNTING STANDARDS

Note 17: New Accounting Standards

ACCOUNTING STANDARDS RECENTLY ADOPTED

DEBT ISSUANCE COSTS  As of and for the interim period ended June 30, 2015, we early adopted Accounting Standards Update (ASU) 2015-03, “Simplifying the Presentation of Debt Issuance Costs.” Under ASU 2015-03, debt issuance costs related to a note are presented in the balance sheet as a deduction from the related debt liability rather than as a prepaid expense(the amortization of such costs continues to be reported as interest expense).  However, this ASU did not address the balance sheet presentation of debt issuance cost: (1) incurred before a debt liability is recognized or (2) associated with revolving debt arrangements, such as our line of credit. Accordingly, we elected an accounting policy to present these debt issuance costs as a deduction from the total debt liability. This ASU and related election are retrospectively applied to the beginning of the earliest period presented in the financial statements. As a result of the retrospective application of this change in accounting principle, we adjusted our Condensed Consolidated Balance Sheets for all prior periods presented. Debt issuance costs of $20,805,000 and $23,060,000 previously reported as other noncurrent assets on the Condensed Consolidated Balance Sheets as of December 31, 2014 and June 30, 2014, respectively, have been reclassified as a deduction from the principal amount of the total debt liability.

SHARE-BASED AWARDS  As of and for the interim period ended March 31, 2015, we adopted ASU 2014-12, “Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved After the Requisite Service Period.” This ASU clarified the proper method of accounting for share-based awards when the terms of an award provide that a performance target could be achieved after the requisite service period. Under prior guidance, there was a lack of consistency in the measurement of the grant-date fair values of awards with these types of performance targets. Under ASU 2014-12, a performance target that affects vesting and could be achieved after completion of the service period should be treated as a performance condition and, as a result, should not be included in the estimation of the grant-date fair value. Rather, an entity should recognize compensation cost for the award when it becomes probable that the performance target will be achieved. Previously, we accounted for share-based awards with these types of performance targets in accordance with ASU 2014-12. Our adoption of this standard had no material impact on our financial position, results of operations or liquidity.

DISCONTINUED OPERATIONS REPORTING  As of and for the interim period ended March 31, 2015, we adopted ASU 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” This ASU changed the definition of and expanded the disclosure requirements for discontinued operations. Under the new definition, discontinued operations reporting is limited to disposals of components of an entity that represent strategic shifts that have (or will have) a major effect on an entity’s operations and financial results. The expanded disclosures for discontinued operations are meant to provide users of financial statements with more information about the assets, liabilities, revenues, and expenses of discontinued operations. Additionally, this ASU requires an entity to disclose the pretax profit or loss of an individually significant component of an entity that does not qualify for discontinued operations reporting. Our adoption of this standard had no material impact on our financial position, results of operations or liquidity.

ACCOUNTING STANDARDS PENDING ADOPTION

NET ASSET VALUE PER SHARE INVESTMENTS  In May 2015, the Financial Accounting Standards Board (FASB) issued ASU 2015-07, “Disclosures for Investment in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent),” which removes the requirement to categorize investments within the fair value hierarchy when their fair value is measured using the net asset value per share practical expedient. This ASU also removes the requirement to make certain disclosures for investments that are eligible to be measured at fair value using the net asset value per share practical expedient. Rather, those disclosures would be limited to investments for which the entity has elected to measure the fair value using that practical expedient. This ASU is effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period. This ASU is to be applied retrospectively to all periods presented. Early adoption is permitted. We will adopt this standard as of and for the interim period ending March 31, 2016. While we are still evaluating the impact of ASU 2015-07, it will not impact our consolidated financial statements as it only affects disclosure. Thus, it will impact the notes to our consolidated financial statements, specifically, our pension plan fair value disclosures.

CONSOLIDATION  In February 2015, the FASB issued ASU 2015-02, “Amendments to the Consolidation Analysis,” which amends existing consolidation guidance for reporting entities that are required to evaluate whether they should consolidate certain legal entities. This ASU is effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period. Early adoption is permitted. We will adopt this standard as of and for the interim period ending March 31, 2016. We do not expect the adoption of this standard to have a material impact on our consolidated financial statements.

GOING CONCERN  In August 2014, the FASB issued ASU 2014-15, “Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern,” which requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern (meet its obligations as they become due) within one year after the date that the financial statements are issued. If conditions or events raise substantial doubt about the entity’s ability to continue as a going concern, certain disclosures are required. This ASU is effective for annual reporting periods ending after December 15, 2016, and interim reporting periods thereafter. Early adoption is permitted. We will adopt this standard as of and for the annual period ending December 31, 2016. We do not expect the adoption of this standard to have a material impact on our consolidated financial statements.

REVENUE RECOGNITION  In May 2014, the FASB issued ASU 2014-09, “Revenue From Contracts With Customers,” which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. This ASU provides a more robust framework for addressing revenue issues and expands required revenue recognition disclosures. This ASU is effective for annual reporting periods beginning after December 15, 2016, and interim reporting periods within those annual reporting periods. Early adoption is not permitted. We are currently evaluating the impact of adoption of this ASU on our consolidated financial statements.

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SUPPLEMENTAL CASH FLOW INFORMATION (Tables)

6 Months Ended

Jun. 30, 2015

SUPPLEMENTAL CASH FLOW INFORMATION [Abstract]

Supplemental Information Referable to Consolidated Statements of Cash Flows

	Six Months Ended
	June 30
in thousands	2015	2014
Cash Payments
Interest (exclusive of amount capitalized)	$     134,215	$     162,110
Income taxes	31,755	13,867
Noncash Investing and Financing Activities
Accrued liabilities for purchases of property, plant & equipment	$       13,651	$       12,482
Amounts referable to business acquisitions
Liabilities assumed	2,426	755
Fair value of noncash assets and liabilities exchanged	20,000	0
Fair value of equity consideration	0	1,094

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Jun. 30, 2015

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Weighted-Average Common Shares Outstanding

	Three Months Ended		Six Months Ended
	June 30			June 30
in thousands	2015	2014		2015	2014
Weighted-average common shares
outstanding	133,103	131,149		132,882	130,980
Dilutive effect of
Stock options/SOSARs	991	663		996	677
Other stock compensation plans	1,140	1,064		811	811
Weighted-average common shares
outstanding, assuming dilution	135,234	132,876		134,689	132,468

Antidilutive Common Stock Equivalents

	Three Months Ended		Six Months Ended
	June 30			June 30
in thousands	2015	2014		2015	2014
Antidilutive common stock equivalents	556	2,356		556	2,356

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SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
SUPPLEMENTAL CASH FLOW INFORMATION [Abstract]
Interest (exclusive of amount capitalized)	$ 134,215	$ 162,110
Income taxes	31,755	13,867
Accrued liabilities for purchases of property, plant & equipment	13,651	12,482
Liabilities assumed	2,426	755
Fair value of noncash assets and liabilities exchanged	20,000	0
Fair value of equity consideration	$ 0	$ 1,094

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DISCONTINUED OPERATIONS

6 Months Ended

Jun. 30, 2015

DISCONTINUED OPERATIONS [Abstract]

DISCONTINUED OPERATIONS

Note 2: Discontinued Operations

In 2005, we sold substantially all the assets of our Chemicals business to Basic Chemicals, 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. There were no revenues from discontinued operations for the periods presented. Results from discontinued operations are as follows:

	Three Months Ended		Six Months Ended
	June 30			June 30
in thousands	2015	2014		2015	2014
Discontinued Operations
Pretax loss	$       (2,671)	$          (897)		$       (7,653)	$       (1,739)
Income tax benefit	1,014	353		2,984	685
Loss on discontinued operations,
net of income taxes	$       (1,657)	$          (544)		$       (4,669)	$       (1,054)

The losses from discontinued operations noted above were due primarily to general and product liability costs, including legal defense costs, and environmental remediation costs associated with our former Chemicals business.

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CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014
CONDENSED CONSOLIDATED BALANCE SHEETS [Abstract]
Common stock, par value	$ 1	$ 1	$ 1
Common stock, shares authorized	480,000,000	480,000,000	480,000,000
Common stock, shares, issued	132,984,000	131,907,000	130,910,000

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EQUITY

6 Months Ended

Jun. 30, 2015

EQUITY [Abstract]

EQUITY

Note 12: Equity

Our capital stock consists solely of common stock, par value $1.00 per share. Holders of our common stock are entitled to one vote per share. Our Certificate of Incorporation also authorizes preferred stock of which 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.

Under a program that was discontinued in the fourth quarter of 2014, we occasionally sold shares of common stock to the trustee of our 401(k) retirement plans to satisfy the plan participants’ elections to invest in our common stock. Under this arrangement, the stock issuances and resulting cash proceeds were as follows:

§ twelve months ended December 31, 2014— issued 485,306 shares for cash proceeds of $30,620,000

§ six months ended June 30, 2014— issued 435,655 shares for cash proceeds of $27,539,000

Changes in total equity for the six months ended June 30, 2015 are summarized below:

	Total
in thousands	Equity
Balance at December 31, 2014	$    4,176,699
Net earnings	8,484
Common stock issued
Share-based compensation plans	36,485
Share-based compensation expense	9,679
Excess tax benefits from share-based compensation	11,457
Cash dividends on common stock ($0.20 per share)	(26,549)
Other comprehensive income	10,703
Other	(1)
Balance at June 30, 2015	$    4,226,957

There were no shares held in treasury as of June 30, 2015, December 31, 2014 and June 30, 2014. As of June 30, 2015, 3,411,416 shares may be repurchased under the current purchase authorization of our Board of Directors.

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Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 31, 2015
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q2
Trading Symbol	VMC
Entity Registrant Name	Vulcan Materials CO
Entity Central Index Key	0001396009
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		133,186,371

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SEGMENT REPORTING

6 Months Ended

Jun. 30, 2015

SEGMENT REPORTING [Abstract]

SEGMENT REPORTING

Note 13: Segment Reporting

We have four operating (and reportable) segments organized around our principal product lines: Aggregates, Asphalt Mix, Concrete and Calcium. The vast majority of our activities are domestic. We sell a relatively small amount of construction aggregates outside the United States. Intersegment sales are made at local market prices for the particular grade and quality of product utilized in the production of asphalt mix and ready-mixed concrete. Management reviews earnings from the product line reporting segments principally at the gross profit level.

segment financial disclosure

	Three Months Ended		Six Months Ended
	June 30			June 30
in millions	2015	2014		2015	2014
Total Revenues
Aggregates 1	$        733.4	$        628.9		$     1,236.9	$     1,057.6
Asphalt Mix 2	129.0	109.3		232.1	193.6
Concrete 2, 3	78.6	93.8		138.4	189.8
Calcium 4	2.4	2.2		4.2	20.3
Segment sales	943.4	834.2		1,611.6	1,461.3
Aggregates intersegment sales	(48.3)	(43.1)		(85.2)	(86.5)
Calcium intersegment sales	0.0	0.0		0.0	(9.2)
Total revenues	$        895.1	$        791.1		$     1,526.4	$     1,365.6
Gross Profit
Aggregates	$        207.3	$        161.7		$        275.0	$        200.2
Asphalt Mix 2	21.1	9.0		29.9	13.7
Concrete 2, 3	4.9	3.2		5.7	(6.0)
Calcium 4	1.1	0.9		1.7	1.0
Total	$        234.4	$        174.8		$        312.3	$        208.9
Depreciation, Depletion, Accretion
and Amortization (DDA&A)
Aggregates	$          57.0	$          56.3		$        112.5	$        111.0
Asphalt Mix 2	4.1	2.4		8.0	4.8
Concrete 2, 3	2.8	4.8		5.5	10.8
Calcium 4	0.2	0.2		0.3	1.2
Other	4.3	4.6		8.8	9.9
Total	$          68.4	$          68.3		$        135.1	$        137.7
Identifiable Assets 5
Aggregates				$     7,497.2	$     7,126.4
Asphalt Mix 2				319.3	224.9
Concrete 2, 3				185.5	238.7
Calcium 4				5.5	6.0
Total identifiable assets				$     8,007.5	$     7,596.0
General corporate assets				113.7	87.1
Cash items				74.7	227.7
Total				$     8,195.9	$     7,910.8

1	Includes crushed stone, sand and gravel, sand, other aggregates, as well as freight, delivery and transportation revenues, and other revenues related to services.
2	In January 2015, we exchanged our California ready-mixed concrete operations for 13 asphalt mix plants, primarily in Arizona (see Note 16).
3	Includes ready-mixed concrete. In March 2014, we sold our concrete business in the Florida area (see Note 16) which in addition to ready-mixed concrete, included concrete block, precast concrete, as well as building materials purchased for resale.
4	Includes cement and calcium products. In March 2014, we sold our cement business (see Note 16).
5	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.

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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract]
Total revenues	$ 895,143,000	$ 791,143,000	$ 1,526,436,000	$ 1,365,563,000
Cost of revenues	660,694,000	616,355,000	1,214,122,000	1,156,682,000
Gross profit	234,449,000	174,788,000	312,314,000	208,881,000
Selling, administrative and general expenses	69,197,000	67,615,000	135,960,000	133,733,000
Gain on sale of property, plant & equipment and businesses, net	249,000	1,162,000	6,624,000	237,526,000
Restructuring charges	(1,280,000)	0	(4,098,000)	0
Other operating expense, net	(10,445,000)	(5,089,000)	(14,346,000)	(14,758,000)
Operating earnings	153,776,000	103,246,000	164,534,000	297,916,000
Other nonoperating income (expense), net	(439,000)	1,798,000	542,000	4,622,000
Interest expense, net	83,651,000	40,551,000	146,132,000	160,639,000
Earnings from continuing operations before income taxes	69,686,000	64,493,000	18,944,000	141,899,000
Provision for income taxes	19,867,000	17,982,000	5,791,000	40,882,000
Earnings from continuing operations	49,819,000	46,511,000	13,153,000	101,017,000
Loss on discontinued operations, net of tax	(1,657,000)	(544,000)	(4,669,000)	(1,054,000)
Net earnings	48,162,000	45,967,000	8,484,000	99,963,000
Other comprehensive income, net of tax
Reclassification adjustment for cash flow hedges	3,077,000	584,000	5,325,000	3,569,000
Adjustment for funded status of benefit plans	0	0	0	2,943,000
Amortization of actuarial loss and prior service cost for benefit plans	2,697,000	1,115,000	5,378,000	(108,000)
Other comprehensive income	5,774,000	1,699,000	10,703,000	6,404,000
Comprehensive income (loss)	$ 53,936,000	$ 47,666,000	$ 19,187,000	$ 106,367,000
Basic earnings (loss) per share
Continuing operations	$ 0.37	$ 0.35	$ 0.10	$ 0.77
Discontinued operations	(0.01)	0.00	(0.04)	(0.01)
Net earnings	0.36	0.35	0.06	0.76
Diluted earnings (loss) per share
Continuing operations	0.37	0.35	0.10	0.76
Discontinued operations	(0.01)	0.00	(0.04)	(0.01)
Net earnings (loss)	$ 0.36	$ 0.35	$ 0.06	$ 0.75
Weighted-average common shares outstanding
Basic	133,103	131,149	132,882	130,980
Assuming dilution	135,234	132,876	134,689	132,468
Cash dividends per share of common stock	$ 0.10	$ 0.05	$ 0.20	$ 0.10
Depreciation, depletion, accretion and amortization	$ 68,384,000	$ 68,323,000	$ 135,108,000	$ 137,702,000
Effective tax rate from continuing operations	28.50%	27.90%	30.60%	28.80%

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DEBT

6 Months Ended

Jun. 30, 2015

DEBT [Abstract]

DEBT

Note 7: Debt

Debt is summarized as follows:

	Effective	June 30	December 31	June 30
in thousands	Interest Rate	2015	2014	2014
Short-term Debt
Bank line of credit (expires 2020) 1	1.75%	$        138,500	$                0	$                0
Total short-term debt		$        138,500	$                0	$                0
Long-term Debt
10.125% notes due 20152	9.575%	$        150,000	$     150,000	$     150,000
6.50% notes due 2016	n/a	0	125,001	125,001
6.40% notes due 2017	n/a	0	218,633	218,633
7.00% notes due 2018	7.87%	272,512	400,000	400,000
10.375% notes due 2018	10.625%	250,000	250,000	250,000
7.50% notes due 2021	7.75%	600,000	600,000	600,000
8.85% notes due 2021	8.88%	6,000	6,000	6,000
Industrial revenue bond due 20223	0.14%	14,000	14,000	14,000
4.50% notes due 2025	4.65%	400,000	0	0
7.15% notes due 2037	8.05%	240,188	240,188	240,188
Other notes 4	6.21%	613	637	769
Unamortized discounts and debt issuance costs	n/a	(25,975)	(22,716)	(25,146)
Unamortized deferred interest rate swap gain 5	n/a	523	3,036	4,032
Total long-term debt including current maturities 6		$     1,907,861	$  1,984,779	$  1,983,477
Less current maturities		14,124	150,137	158
Total long-term debt		$     1,893,737	$  1,834,642	$  1,983,319
Estimated fair value of long-term debt		$     2,140,942	$  2,092,673	$  2,289,118

1	Borrowings are shown as short-term due to our intent to repay within twelve months.The effective interest rate reflects the margin added to LIBOR for LIBOR-based borrowings. We also pay fees for unused borrowing capacity and standby letters of credit.
2	The 10.125% notes due 2015 are classified as long-term debt (not current maturities) as of June 30, 2015 due to our intent and ability to refinance these notes at maturity using our line of credit.
3	As of June 30, 2015, we had initiated prepayment; as such, this debt is classified as current maturities of long-term debt.
4	Non-publicly traded debt.
5	The unamortized deferred gain was realized upon the August 2011 settlement of interest rate swaps as discussed in Note 6.
6	The debt balances as of December 31, 2014 and June 30, 2014 have been adjusted to reflect our early adoption of ASU 2015-03 and related election as disclosed in Note 17.

Our total debt is presented in the table above net of unamortized discounts from par, unamortized deferred debt issuance costs and unamortized deferred interest rate swap settlement gains from fair value hedges. Discounts, deferred debt issuance costs and deferred swap settlement gains are amortized using the effective interest method over the terms of the respective notes resulting in $2,067,000 of net interest expense for these items for the six months ended June 30, 2015.

The estimated fair value of our debt presented in the table above was determined by: (1) averaging several asking price quotes for the publicly traded notes and (2) assuming par value for the remainder of the debt. The fair value estimates for the publicly traded notes were based on Level 2 information (as defined in Note 5) as of their respective balance sheet dates.

LINE OF CREDIT

In June 2015, we cancelled our secured $500,000,000 line of credit and entered into an unsecured $750,000,000 line of credit that expires in June 2020.

The line of credit contains affirmative, negative and financial covenants customary for an unsecured facility. The primary negative covenant limits our ability to incur secured debt. The financial covenants are: (1) a maximum ratio of debt to EBITDA of 3.5:1 through September 2016 and 3.25:1 thereafter,  and (2) a minimum ratio of EBITDA to net cash interest expense of 3.0:1. As of June 30, 2015, we were in compliance with the line of credit covenants.

Borrowings bear interest at either LIBOR plus a credit margin ranging from 1.00% to 2.00%, or SunTrust Bank’s base rate (generally, its prime rate) plus a credit margin ranging from 0.00% to 1.00%. The credit margin for both LIBOR and base rate borrowings is determined by our ratio of debt to EBITDA. Standby letters of credit, which are issued under the line of credit and reduce availability, are charged a fee equal to the credit margin for LIBOR borrowings plus 0.175%. We also pay a commitment fee on the daily average unused amount of the line of credit that ranges from 0.10% to 0.35% based on our ratio of debt to EBITDA. As of June 30, 2015, the credit margin for LIBOR borrowings was 1.75%, the credit margin for base rate borrowings was 0.75%and the commitment fee was 0.25%.

As of June 30, 2015, our available borrowing capacity was $558,281,000 and usage was as follows:

§ $138,500,000 was borrowed

§ $53,219,000 was used to provide support for outstanding standby letters of credit

The current borrowings on our line of credit are shown as short-term due to our intent to repay within twelve months.

TERM DEBT

All of our term debt is unsecured. All such debt, other than the $14,000,000 industrial revenue bond and the $613,000 of other notes, is governed by two essentially identical indentures that contain customary investment-grade type covenants. The primary covenant in both indentures limits the amount of secured debt we may incur without ratably securing such debt.As of June 30, 2015, we were in compliance with all of the term debt covenants.

The industrial revenue bond is supported by a standby letter of credit issued under our line of credit. As such, the primary covenants pertaining to the industrial revenue bond are those contained in our line of credit agreement. In June 2015 we issued a notice of our intent to repay the debt in August 2015 (such repayment will not incur any prepayment penalties). As such, the industrial revenue bond is classified as current maturities of long-term debt in the accompanying Condensed Consolidated Balance Sheet as of June 30, 2015.

In March 2015, we issued $400,000,000 of 4.50% senior notes due 2025. Proceeds (net of underwriter fees and other transaction costs) of $395,207,000 were partially used to fund the March 30, 2015 purchase, via tender offer, of $127,303,000 principal amount (32%) of the 7.00% notes due 2018. The March 2015 debt purchase cost $145,899,000, including an $18,140,000 premium above the principal amount of the notes and transaction costs of $456,000. The premium primarily reflects the trading price of the notes relative to par prior to the tender offer commencement. Additionally, we recognized $3,138,000 of non-cash costs associated with the acceleration of a proportional amount of unamortized discounts, deferred debt issuance costs, anddeferred interest rate swap settlement gains and losses. The combined first quarter charge of $21,734,000 is presented in the accompanying Condensed Consolidated Statement of Comprehensive Income as a component of interest expense for the six month period ended June 30, 2015.

The remaining net proceeds from the March 2015 debt issuance, together with cash on hand and borrowings under our line of credit, funded: (1) the April 2015 redemption of $218,633,000 principal amount (100%) of the 6.40% notes due 2017, (2) the April 2015 redemption of $125,001,000 principal amount (100%) of the 6.50% notes due 2016 and (3) the April 2015 purchase, via the tender offer commenced in March 2015 of  $185,000 principal amount (less than 1%) of the 7.00% notes due 2018. The April 2015 debt purchases cost $385,024,000, including a $41,153,000 premium above the principal amount of the notes and transaction costs of $52,000. The premium primarily reflects the make-whole value of the 2016 notes and the 2017 notes. Additionally, we recognized $4,136,000 of non-cash costs associated with the acceleration of unamortized discounts, deferred debt issuance costs, and deferred interest rate swap settlement gains and losses. The combined second quarter charge of $45,341,000 is presented in the accompanying Condensed Consolidated Statement of Comprehensive Income as a component of interest expense for the six month period ended June 30, 2015.

Consistent with our intent and ability to refinance the 10.125% notes due 2015 via borrowing on our line of credit, such notes are classified as long-term debt in the accompanying Condensed Consolidated Balance Sheet as of June 30, 2015.

In March 2014, we purchased $506,366,000 principal amount of debt through a tender offer as follows: $374,999,000 of 6.50% notes due in 2016 and $131,367,000 of 6.40% notes due in 2017. This debt purchase was funded by the sale of our cement and concrete businesses in the Florida area as described in Note 16. The March 2014 debt purchases cost $579,659,000, including a $71,829,000 premium above the principal amount of the notes and transaction costs of $1,464,000. The premium primarily reflects the trading price of the notes relative to par prior to the tender offer commencement. Additionally, we recognized a net benefit of $344,000 associated with the acceleration of a proportional amount of unamortized discounts, deferred debt issuance costs, and deferred interest rate swap settlement gains and losses. The combined charge of $72,949,000 is presented in the accompanying Condensed Consolidated Statement of Comprehensive Income as a component of interest expense for the six month period ended June 30, 2014.

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DERIVATIVE INSTRUMENTS

6 Months Ended

Jun. 30, 2015

DERIVATIVE INSTRUMENTS [Abstract]

DERIVATIVE INSTRUMENTS

Note 6: Derivative Instruments

During the normal course of operations, we are exposed to market risks including fluctuations in interest rates, foreign currency exchange rates and commodity pricing. From time to time, and consistent with our risk management policies, we use derivative instruments to hedge against these market risks. We do not utilize derivative instruments for trading or other speculative purposes.

The accounting for gains and losses that result from changes in the fair value of derivative instruments depends on whether the derivatives have been designated and qualify as hedging instruments and the type of hedging relationship. The interest rate swap agreements described below were designated as either cash flow hedges or fair value hedges. The changes in fair value of our interest rate swap cash flow hedges are recorded in accumulated other comprehensive income (AOCI) and are reclassified into interest expense in the same period the hedged items affect earnings. The changes in fair value of our interest rate swap fair value hedges are recorded as interest expense consistent with the change in the fair value of the hedged items attributable to the risk being hedged.

CASH FLOW HEDGES

We have used interest rate swap agreements designated as cash flow hedges to minimize the variability in cash flows of liabilities or forecasted transactions caused by fluctuations in interest rates. During 2007, we entered into fifteen forward starting interest rate swap agreements for a total stated amount of $1,500,000,000. Upon the 2007 and 2008 issuances of the related fixed-rate debt, we terminated and settled these forward starting swaps for cash payments of $89,777,000. Amounts in AOCI are being 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:

		Three Months Ended		Six Months Ended
	Location on	June 30			June 30
in thousands	Statement	2015	2014		2015	2014
Cash Flow Hedges
Loss reclassified from AOCI	Interest
(effective portion)	expense	$       (5,094)	$          (969)		$       (8,815)	$       (5,903)

The loss reclassified from AOCI for the six months ended June 30, 2015 and 2014 includes the acceleration of a proportional amount of the deferred loss in the amount of $7,208,000 and $3,762,000, respectively, referable to the debt purchases as disclosed in Note 7.

For the 12-month period ending June 30, 2016, we estimate that $2,008,000 of the pretax loss in AOCI will be reclassified to earnings.

FAIR VALUE HEDGES

We have used interest rate swap agreements designated as fair value hedges to minimize exposure to changes in the fair value of fixed-rate debt that results from fluctuations in the benchmark interest rates for such debt. In June 2011, we issued $500,000,000 of 6.50% fixed-rate notes due in 2016. Concurrently, we entered into interest rate swap agreements in the stated amount of $500,000,000. Under these agreements, we paid 6-month London Interbank Offered Rate (LIBOR) plus a spread of 4.05% and received a fixed interest rate of 6.50%. Additionally, in June 2011, we entered into interest rate swap agreements on our $150,000,00010.125% fixed-rate notes due in 2015. Under these agreements, we paid 6-month LIBOR plus a spread of 8.03% and received a fixed interest rate of 10.125%. In August 2011, we terminated and settled these interest rate swap agreements for $25,382,000 of cash proceeds. The $23,387,000 forward component of the settlement (cash proceeds less $1,995,000 of accrued interest) was added to the carrying value of the related debt and is being amortized as a reduction to interest expense over the remaining lives of the related debt using the effective interest method.

This amortization was reflected in the accompanying Condensed Consolidated Statements of Comprehensive Income as follows:

	Three Months Ended		Six Months Ended
	June 30			June 30
in thousands	2015	2014		2015	2014
Deferred Gain on Settlement
Amortized to earnings as a reduction
to interest expense	$        2,000	$           484		$        2,513	$        9,678

The amortized deferred gain for the six months ended June 30, 2015 and 2014 includes the acceleration of a proportional amount of the deferred gain in the amount of $1,642,000 and $8,032,000, respectively, referable to the debt purchases as disclosed in Note 7.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policy)

6 Months Ended

Jun. 30, 2015

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

NATURE OF OPERATIONS

NATURE OF OPERATIONS

Vulcan Materials Company (the “Company,” “Vulcan,” “we,” “our”), a New Jersey corporation, is the nation's largest producer of construction aggregates (primarily crushed stone, sand and gravel) and a major producer of asphalt mix and ready-mixed concrete.

BASIS OF PRESENTATION

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 for complete financial statements. Our Condensed Consolidated Balance Sheet as of December 31, 2014 was derived from the audited financial statement at that date. 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. Operating results for the three and six month periods ended June 30, 2015 are not necessarily indicative of the results that may be expected for the year ended December 31, 2015. For further information, refer to the consolidated financial statements and footnotes included in our most recent Annual Report on Form 10-K.

Due to the 2005 sale of our Chemicals business as presented in Note 2, the operating results of the Chemicals business are presented as discontinued operations in the accompanying Condensed Consolidated Statements of Comprehensive Income.

RECLASSIFICATIONS

RECLASSIFICATIONS

Certain items previously reported in specific financial statement captions have been reclassified to conform with the 2015 presentation. During the quarter ended June 30, 2015, we early adopted Accounting Standards Update (ASU) No. 2015-03, “Simplifying the Presentation of Debt Issuance Costs,” resulting in adjustments to our prior financial statements. See Note 17for additional information.

RESTRICTED CASH

RESTRICTED CASH

Restricted cash 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. Pursuant to the like-kind exchange agreements, the cash remains restricted for a maximum of 180 days from the date of the property sale pending the acquisition of replacement property. Changes in restricted cash balances are reflected as an investment activity in the accompanying Condensed Consolidated Statements of Cash Flows.

RESTRUCTURING CHARGES

RESTRUCTURING CHARGES

In 2014, we announced changes to our executive management team, and a new divisional organization structure that was effective January 1, 2015. During the three and six months ended June 30, 2015, we incurred $1,280,000 and $4,098,000, respectively, of costs related to these initiatives. Future related charges for these initiatives are estimated to be less than $2,000,000.

EARNINGS PER SHARE (EPS)

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		Six Months Ended
	June 30			June 30
in thousands	2015	2014		2015	2014
Weighted-average common shares
outstanding	133,103	131,149		132,882	130,980
Dilutive effect of
Stock options/SOSARs	991	663		996	677
Other stock compensation plans	1,140	1,064		811	811
Weighted-average common shares
outstanding, assuming dilution	135,234	132,876		134,689	132,468

All dilutive common stock equivalents are reflected in our earnings per share calculations. Antidilutive common stock equivalents are not included 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 are excluded. There were no excluded shares for the periods presented.

The number of antidilutive common stock equivalents for which the exercise price exceeds the weighted-average market price is as follows:

	Three Months Ended		Six Months Ended
	June 30			June 30
in thousands	2015	2014		2015	2014
Antidilutive common stock equivalents	556	2,356		556	2,356

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SUPPLEMENTAL CASH FLOW INFORMATION

6 Months Ended

Jun. 30, 2015

SUPPLEMENTAL CASH FLOW INFORMATION [Abstract]

SUPPLEMENTAL CASH FLOW INFORMATION

Note 14: Supplemental Cash Flow Information

Supplemental information referable to our Condensed Consolidated Statements of Cash Flows is summarized below:

	Six Months Ended
	June 30
in thousands	2015	2014
Cash Payments
Interest (exclusive of amount capitalized)	$     134,215	$     162,110
Income taxes	31,755	13,867
Noncash Investing and Financing Activities
Accrued liabilities for purchases of property, plant & equipment	$       13,651	$       12,482
Amounts referable to business acquisitions
Liabilities assumed	2,426	755
Fair value of noncash assets and liabilities exchanged	20,000	0
Fair value of equity consideration	0	1,094

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BENEFIT PLANS

6 Months Ended

Jun. 30, 2015

BENEFIT PLANS [Abstract]

BENEFIT PLANS

Note 10: Benefit Plans

We sponsor three funded, noncontributory defined benefit pension plans. These plans cover substantially all employees hired prior to July 15, 2007, other than those covered by union-administered plans. Normal retirement age is 65, but the plans contain provisions for earlier retirement. Benefits for the Salaried Plan and the Chemicals Hourly Plan are generally based on salaries or wages and years of service; the Construction Materials Hourly Plan provides benefits equal to a flat dollar amount for each year of service. In addition to these qualified plans, we sponsor three unfunded, nonqualified pension plans.

Effective July 15, 2007, we amended our defined benefit pension plans to no longer accept new participants. In December 2013, we amended our defined benefit pension plans so that future service accruals for salaried pension participants ceased effective December 31, 2013. This change included a special transition provision which will allow covered compensation through December 31, 2015 to be considered in the participants’ benefit calculations.

The following table sets forth the components of net periodic pension benefit cost:

PENSION BENEFITS	Three Months Ended		Six Months Ended
	June 30			June 30
in thousands	2015	2014		2015	2014
Components of Net Periodic Benefit Cost
Service cost	$        1,212	$        1,040		$        2,425	$        2,079
Interest cost	11,036	11,098		22,073	22,196
Expected return on plan assets	(13,684)	(12,700)		(27,368)	(25,401)
Amortization of prior service cost	12	47		24	94
Amortization of actuarial loss	5,455	2,805		10,909	5,610
Net periodic pension benefit cost	$        4,031	$        2,290		$        8,063	$        4,578
Pretax reclassification from AOCI included in
net periodic pension benefit cost	$        5,467	$        2,852		$      10,933	$        5,704

Prior contributions, along with the existing funding credits, are sufficient to cover required contributions to the qualified plans through 2015.

In addition to pension benefits, we provide certain healthcare and life insurance benefits for some retired employees. In 2012, we amended our postretirement healthcare plan to cap our portion of the medical coverage cost at the 2015 level. Substantially all our salaried employees and where applicable, hourly employees may become eligible for these benefits if they reach a qualifying age and meet certain service requirements. Generally, Company-provided healthcare benefits terminate when covered individuals become eligible for Medicare benefits, become eligible for other group insurance coverage or reach age 65, whichever occurs first.

The March 2014 sale of our cement and concrete businesses in the Florida area (see Note 16) significantly reduced total expected future service of our postretirement plans resulting in a one-time curtailment gain of $3,832,000. This gain was reflected within gain on sale of property, plant & equipment, net in our accompanying Condensed Consolidated Statement of Comprehensive Income for the six months ended June 30, 2014.

The following table sets forth the components of net periodic postretirement benefit cost:

OTHER POSTRETIREMENT BENEFITS	Three Months Ended		Six Months Ended
	June 30			June 30
in thousands	2015	2014		2015	2014
Components of Net Periodic Benefit Cost
Service cost	$           474	$           537		$           947	$        1,073
Interest cost	626	825		1,243	1,649
Curtailment gain	0	0		0	(3,832)
Amortization of prior service credit	(1,058)	(1,082)		(2,116)	(2,164)
Amortization of actuarial loss	23	56		19	113
Net periodic postretirement benefit cost (credit)	$             65	$           336		$             93	$       (3,161)
Pretax reclassification from AOCI included in
net periodic postretirement benefit credit	$       (1,035)	$       (1,026)		$       (2,097)	$       (5,883)

The reclassifications from AOCI noted in the tables above are related to curtailment gains, amortization of prior service costs or credits and actuarial losses as shown in Note 11.

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BENEFIT PLANS (Components of Net Periodic Benefit Cost, Amounts Recognized in Other Comprehensive Income, Weighted-Average Assumptions) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Pension Plans, Defined Benefit [Member]
Components of Net Periodic Benefit Cost
Service cost	$ 1,212	$ 1,040	$ 2,425	$ 2,079
Interest cost	11,036	11,098	22,073	22,196
Expected return on plan assets	(13,684)	(12,700)	(27,368)	(25,401)
Amortization of prior service cost (credit)	12	47	24	94
Amortization of actuarial loss	5,455	2,805	10,909	5,610
Net periodic pension/postretirement benefit cost	4,031	2,290	8,063	4,578
Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income
Pretax reclassification from AOCI included in net periodic postretirement/pension benefit cost	5,467	2,852	10,933	5,704
Other Postretirement Benefit Plans, Defined Benefit [Member]
Components of Net Periodic Benefit Cost
Service cost	474	537	947	1,073
Interest cost	626	825	1,243	1,649
Curtailment gain	0	0	0	(3,832)
Amortization of prior service cost (credit)	(1,058)	(1,082)	(2,116)	(2,164)
Amortization of actuarial loss	23	56	19	113
Net periodic pension/postretirement benefit cost	65	336	93	(3,161)
Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income
Pretax reclassification from AOCI included in net periodic postretirement/pension benefit cost	$ (1,035)	$ (1,026)	$ (2,097)	$ (5,883)

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COMMITMENTS AND CONTINGENCIES

6 Months Ended

Jun. 30, 2015

COMMITMENTS AND CONTINGENCIES [Abstract]

COMMITMENTS AND CONTINGENCIES

Note 8: Commitments and Contingencies

STANDBY LETTERS OF CREDIT

We provide, in the normal course of business, certain third party beneficiaries 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, typically renew automatically, and can only be modified or cancelled with the approval of the beneficiary. All of our standby letters of credit are issued by banks that participate in our $750,000,000 line of credit, and reduce the borrowing capacity thereunder. Our standby letters of credit as of June 30, 2015 are summarized by purpose in the table below:

in thousands
Standby Letters of Credit
Risk management insurance	$       33,111
Industrial revenue bond	14,230
Reclamation/restoration requirements	5,878
Total	$       53,219

LITIGATION AND ENVIRONMENTAL MATTERS

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 (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”) to a May 2007 Administrative Order on Consent (AOC) with the U.S. Environmental Protection Agency (EPA) to perform a Remedial Investigation/Feasibility Study (RI/FS) of the lower 17 miles of the Passaic River (River). On April 11, 2014, the EPA issued a proposed Focused Feasibility Study (FFS) 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 approximately $950 million to $1.73 billion. The period for public comment on the proposed FFS is closedand it is anticipated that the EPA will issue its final record of decision sometime in 2015. The Cooperating Parties Group RI/FS estimates the preferred remedial action presented therein to cost in the range of approximately $475 million to $725 million (including $93 million in operations and maintenance costs for a 30 year period).

The AOC does not obligate us to fund or perform the remedial action contemplated by either the RI/FS or the FFS. Vulcan formerly owned a chemicals operation near River Mile 0.1, which was sold in 1974. The Company has found no evidence that its former chemicals operation contributed any of the primary contaminants of concern to the River.

Neither the ultimate remedial approach, nor the parties who will participate in funding the remediation and their respective allocations, have been determined. However, we recorded an immaterial loss for this matter in the first quarter of 2015 based on the cost estimate of the preferred remedial action supported by the Cooperating Parties Group’s RI/FS.

§ TEXAS BRINE MATTER — During the operation of its former Chemicals Division, Vulcan was the lessee to a salt lease from 1976 – 2005 in an underground salt dome formation in Assumption Parish, Louisiana. The Texas Brine Company (Texas Brine) operated this salt mine for the account of Vulcan. Vulcan sold its Chemicals Division in 2005 and assigned the lease to the purchaser, and Vulcan has had no association with the leased premises or Texas Brine since that time. In August 2012, a sinkhole developed near the salt dome and numerous lawsuits were filed in state court in Assumption Parish, Louisiana. Other lawsuits, including class action litigation, were also filed in August 2012 in federal court in the Eastern District of Louisiana in New Orleans.

There are numerous defendants to the litigation in state and federal court. Vulcan was first brought into the litigation as a third-party defendant in August 2013 by Texas Brine. Vulcan has since been added as a direct and third-party defendant by other parties, including a direct claim by the state of Louisiana. The damages alleged in the litigationrange from individual plaintiffs’ claims for property damage, to the state of Louisiana’s claim for response costs, to claims for physical damages to oil pipelines, to business interruption claims. In addition to the plaintiffs’ claims, Vulcan has also been sued for contractual indemnity and comparative fault by both Texas Brineand Occidental Chemical Co. (Occidental).  The total amount of damages claimed is in excess of $500 million. It is alleged that the sinkhole was caused, in whole or in part, by Vulcan’s negligent actions or failure to act. It is also alleged that Vulcan breached the salt lease, as well as an operating agreement and a drilling agreement with Texas Brine; and that Vulcan is strictly liable for certain property damages in its capacity as a former assignee of the salt lease; and that Vulcan violated certain covenants and conditions in the agreement under which it sold its Chemicals Division in 2005. Vulcan has made claims for contractual indemnity, comparative fault, and breach of contract against Texas Brine, as well as claims for contractual indemnity and comparative fault against Occidental. Discovery is ongoing and the first trial date in any of these cases has been set for April 2016.At this time, we cannot reasonably estimate a range of liability pertaining to this matter.

§ HEWITT LANDFILL MATTER— Vulcan is engaged in an ongoing dialogue with the U.S. Environmental Protection Agency, the Los Angeles Department of Water and Power, and other stakeholders regarding groundwater contamination in the San Fernando Valley in California. Vulcan’s former Hewitt Landfill in Los Angeles is within one of the areas of concern. We are gathering and analyzing data and developing groundwater models and other technical information to determine the extent of possible contribution by the Hewitt Landfill to the groundwater contamination in the area. This work is also intended to assist in identification of other sources of contamination. At this time, we cannot reasonably estimate a range of liability pertaining to this matter.

It is not possible to predict with certainty 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.

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ASSET RETIREMENT OBLIGATIONS

6 Months Ended

Jun. 30, 2015

ASSET RETIREMENT OBLIGATIONS [Abstract]

ASSET RETIREMENT OBLIGATIONS

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.

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 liability is accreted through charges to operating expenses. If the ARO is settled for other than the carrying amount of the liability, we recognize a gain or loss on settlement.

We record all AROs for which we have legal obligations for land reclamation at estimated fair value. Essentially all these AROs relate to our underlying land parcels, including both owned properties and mineral leases. For the three and six month periods ended June 30, we recognized ARO operating costs related to accretion of the liabilities and depreciation of the assets as follows:

	Three Months Ended		Six Months Ended
	June 30			June 30
in thousands	2015	2014		2015	2014
ARO Operating Costs
Accretion	$        2,936	$        2,913		$        5,787	$        5,852
Depreciation	1,568	983		3,001	1,980
Total	$        4,504	$        3,896		$        8,788	$        7,832

ARO operating costs are reported in cost of revenues. AROs are reported within other noncurrent liabilities in our accompanying Condensed Consolidated Balance Sheets.

Reconciliations of the carrying amounts of our AROs are as follows:

	Three Months Ended		Six Months Ended
	June 30			June 30
in thousands	2015	2014		2015	2014
Asset Retirement Obligations
Balance at beginning of period	$     238,689	$     225,831		$     226,565	$     228,234
Liabilities incurred	4,339	0		6,159	0
Liabilities settled	(1,270)	(7,593)		(8,000)	(12,843)
Accretion expense	2,936	2,913		5,787	5,852
Revisions up (down), net	(9,775)	3,966		4,408	3,874
Balance at end of period	$     234,919	$     225,117		$     234,919	$     225,117

The 2015 revisions relate to revised cost estimates and spending patterns for several quarries located primarily in California.

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OTHER COMPREHENSIVE INCOME

6 Months Ended

Jun. 30, 2015

EQUITY [Abstract]

OTHER COMPREHENSIVE INCOME

Note 11: other Comprehensive Income

Comprehensive income comprises two subsets: net earnings and other comprehensive income (OCI). The components of other comprehensive income are presented in the accompanying Condensed Consolidated Statements of Comprehensive Income, net of applicable taxes.

Amounts in accumulated other comprehensive income (AOCI), net of tax, are as follows:

	June 30	December 31	June 30
in thousands	2015	2014	2014
AOCI
Cash flow hedges	$       (14,997)	$       (20,322)	$       (21,609)
Pension and postretirement benefit plans	(136,014)	(141,392)	(71,618)
Total	$     (151,011)	$     (161,714)	$       (93,227)

Changes in AOCI, net of tax, for the six months ended June 30, 2015 are as follows:

		Pension and
	Cash Flow	Postretirement
in thousands	Hedges	Benefit Plans	Total
AOCI
Balance as of December 31, 2014	$       (20,322)	$     (141,392)	$     (161,714)
Other comprehensive income
before reclassifications	0	0	0
Amounts reclassified from AOCI	5,325	5,378	10,703
Net current period OCI changes	5,325	5,378	10,703
Balance as of June 30, 2015	$       (14,997)	$     (136,014)	$     (151,011)

Amounts reclassified from AOCI to earnings, are as follows:

	Three Months Ended		Six Months Ended
	June 30			June 30
in thousands	2015	2014		2015	2014
Reclassification Adjustment for Cash Flow
Hedge Losses
Interest expense	$          5,094	$             969		$          8,815	$          5,903
Benefit from income taxes	(2,017)	(385)		(3,490)	(2,334)
Total	$          3,077	$             584		$          5,325	$          3,569
Amortization of Pension and Postretirement
Plan Actuarial Loss and Prior Service Cost
Cost of revenues	$          3,643	$          1,445		$          7,175	$            (141)
Selling, administrative and general expenses	788	382		1,660	(36)
(Benefit from) provision for income taxes	(1,734)	(712)		(3,457)	69
Total 1	$          2,697	$          1,115		$          5,378	$            (108)
Total reclassifications from AOCI to earnings	$          5,774	$          1,699		$        10,703	$          3,461

1  Six months ended June 30, 2014 includes a one-time curtailment gain (see Note 10) resulting from the sale of our cement and concrete businesses in the Florida area (see Note 16).

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EQUITY (Narrative) (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2014	Dec. 31, 2014	Jun. 30, 2015
EQUITY [Abstract]
Common stock, par value	$ 1	$ 1	$ 1
Preferred stock issued			0
Shares of common stock issued to trustee under 401(k) savings and retirement plan	435,655	485,306
Net proceeds from issuance of common stock to the trustee under 401(k) savings and retirement plan	$ 27,539,000	$ 30,620,000
Number of shares held in treasury	0	0	0
Shares remaining under the current authorization repurchase program			3,411,416

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SEGMENT REPORTING (Narrative) (Details)	6 Months Ended
	Jun. 30, 2015 segment
SEGMENT REPORTING [Abstract]
Number of operating segments	4
Number of reportable segments	4

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OTHER COMPREHENSIVE INCOME (Reclassification Of Amounts From Other Comprehensive Income Loss To Earnings) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense	$ (83,651)	$ (40,551)	$ (146,132)	$ (160,639)
Selling, administrative and general expenses	69,197	67,615	135,960	133,733
Benefit from income taxes	19,867	17,982	5,791	40,882
Net earnings	48,162	45,967	8,484	99,963
Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net earnings	5,774	1,699	10,703	3,461
Reclassification Adjustment for Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense	5,094	969	8,815	5,903
Benefit from income taxes	(2,017)	(385)	(3,490)	(2,334)
Net earnings	3,077	584	5,325	3,569
Amortization of Pension and Postretirement Plan Actuarial Loss and Prior Service Cost [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Cost of revenues	3,643	1,445	7,175	(141)
Selling, administrative and general expenses	788	382	1,660	(36)
Benefit from income taxes	(1,734)	(712)	(3,457)	69
Net earnings	$ 2,697	$ 1,115	$ 5,378	$ (108)

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EQUITY (Tables)

6 Months Ended

Jun. 30, 2015

EQUITY [Abstract]

Change In Total Equity

	Total
in thousands	Equity
Balance at December 31, 2014	$    4,176,699
Net earnings	8,484
Common stock issued
Share-based compensation plans	36,485
Share-based compensation expense	9,679
Excess tax benefits from share-based compensation	11,457
Cash dividends on common stock ($0.20 per share)	(26,549)
Other comprehensive income	10,703
Other	(1)
Balance at June 30, 2015	$    4,226,957

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DERIVATIVE INSTRUMENTS (Reflection of Amortization) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
DERIVATIVE INSTRUMENTS [Abstract]
Amortized to earnings as a reduction to interest expense	$ 2,000	$ 484	$ 2,513	$ 9,678

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ACQUISITIONS AND DIVESTITURES

6 Months Ended

Jun. 30, 2015

ACQUISITIONS AND DIVESTITURES [Abstract]

ACQUISITIONS AND DIVESTITURES

Note 16: Acquisitions and Divestitures

ACQUISITIONS

Through the six months ended June 30, 2015, we purchased the following for $41,387,000 of consideration ($21,387,000cash and $20,000,000 exchanges of real property and businesses (twelve California ready-mixed concrete operations)):

§ three aggregates facilities and seven ready-mixed concrete operations in Arizona and New Mexico

§ thirteen asphalt mix plants, primarily in Arizona

As a result, we recognized $16,543,000of amortizable intangible assets (contractual rights in place). The contractual rights in place will be amortized against earnings ($7,168,000 - straight-line over20 years and $9,375,000 - units of production over an estimated 50 years) and deductible for income tax purposes over 15 years. The purchase price allocation is preliminary pending appraisals of contractual rights in place and property, plant & equipment.

For the full year 2014, we purchased the following for total consideration of $331,836,000  ($284,237,000 cash; $2,414,000 exchanges of real property and businesses; and $45,185,000 Vulcan Materials Company common stock (715,004 shares)):

§ two portable asphalt plants and an aggregates facility in southern California

§ five aggregates facilities and associated downstream assets in Arizona and New Mexico

§ two aggregates facilities in Delaware, serving northern Virginia and Washington, D.C.

§ four aggregates facilities in the San Francisco Bay Area

§ a rail-connected aggregates operation and two distribution yards that serve the greater Dallas/Fort Worth market

§ a permitted aggregates quarry in Alabama

DIVESTITURES AND PENDING DIVESTITURES

As noted above, in the first quarter of 2015, we exchanged twelve ready-mixed concrete operations in California (representing all of our California concrete operations) for thirteen asphalt mix plants (primarily in Arizona) resulting in a pretax gain of $5,886,000.

For the full year 2014, we sold:

§ First quarter — our cement and concrete businesses in the Florida area for net pretax cash proceeds of $721,359,000 resulting in a pretax gain of $227,910,000. We retained all of our Florida aggregates operations, our former Cement segment’s calcium operation in Brooksville, Florida and real estate associated with certain former ready-mixed concrete facilities. Under a separate supply agreement, we will continue to provide aggregates to the divested concrete facilities, at market prices, for a period of 20 years. As a result of the continuing cash flows (generated via the supply agreement and the retained operation and assets), the disposition is not reported as discontinued operations

§ First quarter — a previously mined and subsequently reclaimed tract of land in Maryland (Aggregates segment) for net pretax cash proceeds of $10,727,000 resulting in a pretax gain of $168,000

§ First quarter — unimproved land in Tennessee previously containing a sales yard (Aggregates segment) for net pretax cash proceeds of $5,820,000 resulting in a pretax gain of $5,790,000

Effective land management is both a business strategy and a social responsibility. We strive to achieve value through our mining activities as well as incremental value through effective post-mining land management. Our land management strategy includes routinely reclaiming and selling our previously mined land. Additionally, this strategy includes developing conservation banks by preserving land as a suitable habitat for endangered or sensitive species. These conservation banks have received approval from the United States Fish and Wildlife Service to offer mitigation credits for sale to third parties who may be required to compensate for the loss of habitats of endangered or sensitive species.

No assets met the criteria for held for sale at June 30, 2015 or 2014. As of December 31, 2014, twelve ready-mixed concrete facilities in California are presented in the accompanying Condensed Consolidated Balance Sheet as assets held for sale and liabilities of assets held for sale. During the first quarter of 2015, we swapped these ready mixed concrete facilities for thirteen asphalt mix operations, primarily in Arizona (as noted above). The major classes of assets and liabilities of assets classified as held for sale are as follows:

	June 30	December 31		June 30
in thousands	2015		2014		2014
Held for Sale
Current assets	$              0		$       1,773		$              0
Property, plant & equipment, net	0		12,764		0
Other intangible assets, net	0		647		0
Total assets held for sale	$              0		$     15,184		$              0
Asset retirement obligations	$              0		$          520		$              0
Total liabilities of assets held for sale	$              0		$          520		$              0

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DEFERRED REVENUE (Tables)

6 Months Ended

Jun. 30, 2015

DEFERRED REVENUE [Abstract]

Summary Of Recognized Deferred Revenue

	Three Months Ended		Six Months Ended
	June 30			June 30
in thousands	2015	2014		2015	2014
Deferred Revenue
Balance at beginning of period	$     218,987	$     223,946		$     219,968	$     224,743
Cash received and revenue deferred	0	0		0	187
Amortization of deferred revenue	(1,558)	(1,357)		(2,539)	(2,341)
Balance at end of period	$     217,429	$     222,589		$     217,429	$     222,589

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DERIVATIVE INSTRUMENTS (Narrative) (Details)	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Aug. 31, 2011 USD ($)	Jun. 30, 2015 USD ($)	Jun. 30, 2014 USD ($)	Jun. 30, 2015 USD ($)	Jun. 30, 2014 USD ($)	Dec. 31, 2007 USD ($) agreement	Jun. 30, 2016 USD ($)	Apr. 30, 2015	Mar. 31, 2014	Jun. 30, 2011 USD ($)
Derivative Disclosure [Line Items]
Number of forward starting interest rate swap agreements | agreement						15
Payments for (Proceeds from) settlement of interest rate swap agreements	$ (25,382,000)					$ 89,777,000
Loss reclassified from AOCI				$ 7,208,000	$ 3,762,000
Forward component of the settlement	23,387,000
Accrued interest income	$ 1,995,000
Amortized deferred gain		$ 2,000,000	$ 484,000	$ 2,513,000	9,678,000
6.50% notes due 2016 [Member]
Derivative Disclosure [Line Items]
Long-term notes issued										$ 500,000,000
Interest rate		6.50%		6.50%				6.50%	6.50%	6.50%
10.125% notes due 2015 [Member]
Derivative Disclosure [Line Items]
Interest rate		10.125%		10.125%						10.125%
Interest Rate Swap Agreements [Member]
Derivative Disclosure [Line Items]
Derviative, notional amount						$ 1,500,000,000
Interest Rate Swap Agreement One [Member]
Derivative Disclosure [Line Items]
Derviative, notional amount										$ 500,000,000
Interest rate spread above London Interbank Offered Rate (LIBOR)										4.05%
Fixed interest rate under swap agreement										6.50%
Interest Rate Swap Agreement Two [Member]
Derivative Disclosure [Line Items]
Derviative, notional amount										$ 150,000,000
Interest rate spread above London Interbank Offered Rate (LIBOR)										8.03%
Fixed interest rate under swap agreement										10.125%
Debt [Member]
Derivative Disclosure [Line Items]
Amortized deferred gain				$ 1,642,000	$ 8,032,000
Scenario, Forecast [Member]
Derivative Disclosure [Line Items]
Estimated amount of pretax loss in AOCI related to interest rate swap that would be reclassified to earnings within the next 12 months							$ 2,008,000

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Antidilutive Common Stock Equivalents) (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Antidilutive common stock equivalents	556	2,356	556	2,356

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Operating Activities
Net earnings	$ 8,484,000	$ 99,963,000
Adjustments to reconcile net earnings to net cash provided by operating activities
Depreciation, depletion, accretion and amortization	135,108,000	137,702,000
Net gain on sale of property, plant & equipment and businesses	(6,624,000)	(237,526,000)
Contributions to pension plans	(2,822,000)	(2,791,000)
Share-based compensation	9,679,000	11,928,000
Excess tax benefits from share-based compensation	(11,457,000)	(3,242,000)
Deferred tax provision (benefit)	(11,656,000)	24,000
Cost of debt purchase	67,075,000	72,949,000
Changes in assets and liabilities before initial effects of business acquisitions and dispositions	(109,790,000)	(59,893,000)
Other, net	(13,360,000)	3,786,000
Net cash provided by operating activities	64,637,000	22,900,000
Investing Activities
Purchases of property, plant & equipment	(148,721,000)	(116,312,000)
Proceeds from sale of property, plant & equipment	3,419,000	20,454,000
Proceeds from sale of businesses, net of transaction costs	0	719,089,000
Payment for businesses acquired, net of acquired cash	(21,387,000)	(207,000)
Increase in restricted cash	0	(62,087,000)
Other, net	(334,000)	0
Net cash provided by (used for) investing activities	(167,023,000)	560,937,000
Financing Activities
Proceeds from line of credit	284,000,000	0
Payment of current maturities, long-term debt and line of credit	(676,445,000)	(579,694,000)
Proceeds from issuance of long-term debt	400,000,000	0
Debt and line of credit issuance costs	(7,382,000)	0
Proceeds from issuance of common stock	0	27,539,000
Dividends paid	(26,549,000)	(13,074,000)
Proceeds from exercise of stock options	50,769,000	12,095,000
Excess tax benefits from share-based compensation	11,457,000	3,242,000
Other, net	(1,000)	1,000
Net cash provided by (used for) financing activities	35,849,000	(549,891,000)
Net increase (decrease) in cash and cash equivalents	(66,537,000)	33,946,000
Cash and cash equivalents at beginning of year	141,273,000	193,738,000
Cash and cash equivalents at end of period	$ 74,736,000	$ 227,684,000

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FAIR VALUE MEASUREMENTS

6 Months Ended

Jun. 30, 2015

FAIR VALUE MEASUREMENTS [Abstract]

FAIR VALUE MEASUREMENTS

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:

	Level 1
	June 30	December 31	June 30
in thousands	2015	2014	2014
Fair Value Recurring
Rabbi Trust
Mutual funds	$       14,488	$       15,532	$       14,365
Equities	12,274	11,248	14,052
Total	$       26,762	$       26,780	$       28,417

	Level 2
	June 30	December 31	June 30
in thousands	2015	2014	2014
Fair Value Recurring
Rabbi Trust
Common/collective trust funds	$        1,355	$        1,415	$        1,349
Total	$        1,355	$        1,415	$        1,349

We have established 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 and equity securities for which quoted prices in active markets are available. Level 2 investments are stated at estimated fair value based on the underlying investments in those funds (short-term, highly liquid assets in commercial paper, short-term bonds and certificates of deposit).

Net trading gains of the Rabbi Trust investments were $184,000 and $3,428,000 for the six months ended June 30, 2015 and 2014, respectively. The portions of the net trading gains related to investments still held by the Rabbi Trusts at June 30, 2015 and 2014 were $22,000 and $1,480,000, respectively.

The carrying values of our cash equivalents, restricted cash, accounts and notes receivable, short-term debt, trade payables and accruals, and 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 Notes 6 and 7, respectively.

Assets that were subject to fair value measurement on a nonrecurring basis are summarized below:

	Period ending June 30, 2015		Period ending June 30, 2014
		Impairment		Impairment
in thousands	Level 2	Charges	Level 2	Charges
Fair Value Nonrecurring
Property, plant & equipment, net	$              0	$       2,176	$       2,280	$       2,987
Other intangible assets, net	0	2,858	0	0
Other assets	0	156	0	0
Total	$              0	$       5,190	$       2,280	$       2,987

We recorded $5,190,000and $2,987,000 of losses on impairment of long-lived assets for the six months ended June 30, 2015 and 2014, respectively, reducing the carrying value of these assets to their estimated fair values of $0and $2,280,000. Fair value was estimated using a market approach (observed transactions involving comparable assets in similar locations).

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ASSET RETIREMENT OBLIGATIONS (Reconciliations Of Asset Retirement Obligations) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Asset Retirement Obligations
Balance at beginning of period	$ 238,689	$ 225,831	$ 226,565	$ 228,234
Liabilities incurred	4,339	0	6,159	0
Liabilities settled	(1,270)	(7,593)	(8,000)	(12,843)
Accretion expense	2,936	2,913	5,787	5,852
Revisions up (down), net	(9,775)	3,966	4,408	3,874
Balance at end of period	$ 234,919	$ 225,117	$ 234,919	$ 225,117

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GOODWILL (Narrative) (Details)	6 Months Ended
	Jun. 30, 2015 USD ($) segment	Jun. 30, 2014 USD ($)
GOODWILL [Abstract]
Goodwill impairment charges	$ 0	$ 0
Number of reportable segments | segment	4

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FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2015

FAIR VALUE MEASUREMENTS [Abstract]

Fair Value Measurement on Recurring Basis

	Level 1
	June 30	December 31	June 30
in thousands	2015	2014	2014
Fair Value Recurring
Rabbi Trust
Mutual funds	$       14,488	$       15,532	$       14,365
Equities	12,274	11,248	14,052
Total	$       26,762	$       26,780	$       28,417

	Level 2
	June 30	December 31	June 30
in thousands	2015	2014	2014
Fair Value Recurring
Rabbi Trust
Common/collective trust funds	$        1,355	$        1,415	$        1,349
Total	$        1,355	$        1,415	$        1,349

Assets Subject to Fair Value Measurement on Nonrecurring Basis

	Period ending June 30, 2015		Period ending June 30, 2014
		Impairment		Impairment
in thousands	Level 2	Charges	Level 2	Charges
Fair Value Nonrecurring
Property, plant & equipment, net	$              0	$       2,176	$       2,280	$       2,987
Other intangible assets, net	0	2,858	0	0
Other assets	0	156	0	0
Total	$              0	$       5,190	$       2,280	$       2,987

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ACQUISITIONS AND DIVESTITURES (Tables)

6 Months Ended

Jun. 30, 2015

ACQUISITIONS AND DIVESTITURES [Abstract]

Classification of Assets and Liabilities Held for Sale

	June 30	December 31		June 30
in thousands	2015		2014		2014
Held for Sale
Current assets	$              0		$       1,773		$              0
Property, plant & equipment, net	0		12,764		0
Other intangible assets, net	0		647		0
Total assets held for sale	$              0		$     15,184		$              0
Asset retirement obligations	$              0		$          520		$              0
Total liabilities of assets held for sale	$              0		$          520		$              0

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GOODWILL

6 Months Ended

Jun. 30, 2015

GOODWILL [Abstract]

GOODWILL

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. There were no charges for goodwill impairment in the six month periods ended June 30, 2015 and 2014.

We have fourreportable segments organized around our principal product lines: Aggregates, Asphalt Mix, Concrete and Calcium. The changes in the carrying amount of goodwill by reportable segment from December 31, 2014 to June 30, 2015 as summarized below:

GOODWILL

in thousands	Aggregates	Asphalt Mix	Concrete	Calcium	Total
Goodwill
Total as of December 31, 2014	$  3,003,191	$     91,633	$              0	$              0	$    3,094,824
Goodwill of acquired businesses	0	0	0	0	0
Goodwill of divested businesses	0	0	0	0	0
Total as of June 30, 2015	$  3,003,191	$     91,633	$              0	$              0	$    3,094,824

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. A decrease in the estimated fair value of one or more of our reporting units could result in the recognition of a material, noncash write-down of goodwill.