XML 29 R17.htm IDEA: XBRL DOCUMENT v3.21.2
EQUITY
9 Months Ended
Sep. 30, 2021
EQUITY [Abstract]  
EQUITY Note 12: Equity Our capital stock consists solely of common stock, par value $1.00 per share, of which 480,000,000 shares may be issued. Holders of our common stock are entitled to one vote per share. We may also issue 5,000,000 shares of preferred stock, but no shares have been issued. The terms and provisions of such shares will be determined by our Board of Directors upon any issuance of preferred shares in accordance with our Certificate of Incorporation. There were no shares held in treasury as of September 30, 2021, December 31, 2020 and September 30, 2020. Our common stock purchases (all of which were open market purchases) and subsequent retirements for the year-to-date periods ended are as follows: September 30 December 31 September 30in thousands, except average cost2021 2020 2020Shares Purchased and Retired Number 0  214  214  Total purchase price$                0  $       26,132  $       26,132  Average cost per share$           0.00  $       121.92  $       121.92  As of September 30, 2021, 8,064,851 shares may be purchased under the current authorization of our Board of Directors. Changes in total shareholders’ equity are summarized below: Three Months Ended Nine Months Ended September 30 September 30in thousands, except per share data 2021 2020 2021 2020 Total Shareholders' Equity Balance at beginning of period $    6,293,113  $    5,764,151  $    6,027,330  $    5,621,857  Net earnings attributable to Vulcan 176,906  199,788  532,865  469,962  Common stock issued Share-based compensation plans, net of shares withheld for taxes (3,938) (617) (16,815) (17,157) Purchase and retirement of common stock 0  0  0  (26,132) Share-based compensation expense 7,512  8,019  25,200  23,239  Cash dividends on common stock ($0.37/$0.34/$1.11/$1.02 per share, respectively) (49,094) (45,034) (147,267) (135,161) Other comprehensive income (expense) 1,599  2,045  4,785  (8,256) Balance at end of period $    6,426,098  $    5,928,352  $    6,426,098  $    5,928,352  Total equity as presented in the Condensed Consolidated Balance Sheet for the period ending September 30, 2021 includes a noncontrolling interest of $23,041,000 representing the unowned portion of subsidiaries. In August 2021, we obtained (via the U.S. Concrete acquisition, see Note 16) the controlling interest in a subsidiary. Through our ownership of Polaris Materials Corp. (Polaris), we hold an 88% interest in the Orca Sand and Gravel Limited Partnership (Orca). Orca was formed to develop the Orca quarry in British Columbia, Canada, with the remaining 12% noncontrolling interest held by the Namgis First Nation (Namgis). Noncontrolling interest consists of the Namgis’s share of the fair value equity in the partnership offset by capital contributions loaned to the Namgis by Polaris. Our condensed consolidated financial statements recognize the full fair value of all of the subsidiary’s assets and liabilities offset by the noncontrolling interest in total equity.