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BENEFIT PLANS
9 Months Ended
Sep. 30, 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 BENEFITSThree Months Ended Nine Months Ended September 30 September 30in thousands2021 2020 2021 2020 Components of Net Periodic Benefit Cost Service cost$        1,193  $        1,331  $        3,580  $        3,993  Interest cost 4,879  7,531  14,638  22,593  Expected return on plan assets (11,375) (12,485) (34,125) (37,454) Amortization of prior service cost 337  335  1,010  1,005  Amortization of actuarial loss 2,178  3,140  6,535  9,419  Net periodic pension benefit credit$       (2,788) $          (148) $       (8,362) $          (444) Pretax reclassifications from AOCI included in net periodic pension benefit cost$        2,515  $        3,475  $        7,545  $      10,424  The contributions to pension plans for the nine months ended September 30, 2021 and 2020, as reflected on the Condensed Consolidated Statements of Cash Flows, pertain to benefit payments under nonqualified plans for both periods. Subsequent to September 30, 2021, we purchased (using pension plan assets) an irrevocable group annuity contract from an insurance company to transfer $87,660,000 of our outstanding defined pension benefit obligations (PBO), representing approximately 10% of the total PBO as of the purchase date. As a result of this transaction, we were relieved of all responsibility for these pension obligations and the insurance company is now required to pay and administer the retirement benefits owed to 2,764 U.S. retirees and beneficiaries (representing approximately 50% of retirees currently in payment status), with no change to the amount, timing or form of monthly retirement benefit payments. POSTRETIREMENT PLANS In addition to pension benefits, we provide certain healthcare and life insurance benefits for some retired employees. In 2012, we amended our postretirement healthcare plan to cap our portion of the medical coverage cost at the 2015 level. Substantially all our salaried employees and, where applicable, certain of our hourly employees may become eligible for these benefits if they reach a qualifying age and meet certain service requirements. Generally, Company-provided healthcare benefits end when covered individuals become eligible for Medicare benefits, become eligible for other group insurance coverage or reach age 65, whichever occurs first. The following table sets forth the components of net periodic other postretirement benefit cost: OTHER POSTRETIREMENT BENEFITSThree Months Ended Nine Months Ended September 30 September 30in thousands2021 2020 2021 2020 Components of Net Periodic Benefit Cost Service cost$           265  $           380  $           795  $        1,140  Interest cost 107  242  319  727  Amortization of prior service credit (476) (980) (1,429) (2,939) Amortization of actuarial gain (367) (201) (1,101) (604) Net periodic postretirement benefit credit$          (471) $          (559) $       (1,416) $       (1,676) Pretax reclassifications from AOCI included in net periodic postretirement benefit credit$          (843) $       (1,181) $       (2,530) $       (3,543) DEFINED CONTRIBUTION PLANS In addition to our pension and postretirement plans, we sponsor five defined contribution plans including three plans related to the U.S. Concrete acquisition. 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 $14,877,000 and $13,707,000 for the three months ended September 30, 2021 and 2020, respectively, and totaled $49,899,000 and $37,574,000 for the nine months ended September 30, 2021 and 2020, respectively.