BENEFIT PLANS

3 Months Ended

Mar. 31, 2021

BENEFIT PLANS [Abstract]

BENEFIT PLANS

Note 10: Benefit Plans

PENSION PLANS

We sponsor two qualified, noncontributory defined benefit pension plans, the Vulcan Materials Company Pension Plan (VMC Pension Plan) and the CMG Hourly Pension Plan (CMG Pension Plan). The VMC Pension Plan has been closed to new entrants since 2007 and benefit accruals, based on salaries or wages and years of service, ceased in 2005 for hourly participants and 2013 for salaried participants. The CMG Pension Plan is closed to new entrants other than through one small union and benefits continue to accrue equal to a flat dollar amount for each year of service. In addition to these qualified plans, we sponsor three unfunded, nonqualified pension plans.

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

PENSION BENEFITS	Three Months Ended
	March 31
in thousands	2021	2020
Components of Net Periodic Benefit Cost
Service cost	$        1,193	$        1,331
Interest cost	4,879	7,531
Expected return on plan assets	(11,375)	(12,485)
Amortization of prior service cost	337	335
Amortization of actuarial loss	2,178	3,140
Net periodic pension benefit credit	$       (2,788)	$          (148)
Pretax reclassifications from AOCI included in
net periodic pension benefit cost	$        2,515	$        3,475

The contributions to pension plans for the three months ended March 31, 2021 and 2020, as reflected on the Condensed Consolidated Statements of Cash Flows, pertain to benefit payments under nonqualified plans for both periods.

POSTRETIREMENT PLANS

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, certain of our hourly employees may become eligible for these benefits if they reach a qualifying age and meet certain service requirements. Generally, Company-provided healthcare benefits end when covered individuals become eligible for Medicare benefits, become eligible for other group insurance coverage or reach age 65, whichever occurs first.

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

OTHER POSTRETIREMENT BENEFITS	Three Months Ended
	March 31
in thousands	2021	2020
Components of Net Periodic Benefit Cost
Service cost	$           265	$           380
Interest cost	106	242
Amortization of prior service credit	(476)	(980)
Amortization of actuarial gain	(367)	(201)
Net periodic postretirement benefit credit	$          (472)	$          (559)
Pretax reclassifications from AOCI included in
net periodic postretirement benefit credit	$          (843)	$       (1,181)

DEFINED CONTRIBUTION PLANS

In addition to our pension and postretirement plans, we sponsor two defined contribution plans. Substantially all salaried and nonunion hourly employees are eligible to be covered by one of these plans. Under these plans, we match employees’ eligible contributions at established rates. Expense recognized in connection with these matching obligations totaled $22,137,000 and $11,057,000 for the three months ended March 31, 2021 and 2020, respectively.