Exhibit 99.1
February 16, 2024
FOR IMMEDIATE RELEASE
Investor Contact: Mark Warren (205) 298-3220
Media Contact: Jack Bonnikson (205) 298-3220
VULCAN REPORTS FOURTH QUARTER AND FULL YEAR 2023 RESULTS
Strong Earnings and Margin Expansion Underpinned by
Uniquely Positioned Aggregates Business
Fourth Quarter Earnings per Share Increased 89% and Gross Profit Margin Expanded 550 bps
Earnings Growth Expected Again in 2024
Birmingham, Alabama – February 16, 2024 – Vulcan Materials Company (NYSE: VMC), the nation’s largest producer of construction aggregates, today announced results for the quarter and year ended December 31, 2023.
Financial Highlights Include:
|
|
|
Fourth Quarter
|
|
|
Full Year
|
|
|
Amounts in millions, except per unit data
|
|
2023
|
|
|
2022
|
|
|
2023
|
|
|
2022
|
|
|
Total revenues
|
|
$
|
1,834
|
|
|
$
|
1,732
|
|
|
$
|
7,782
|
|
|
$
|
7,315
|
|
|
Gross profit
|
|
$
|
472
|
|
|
$
|
350
|
|
|
$
|
1,949
|
|
|
$
|
1,558
|
|
|
Selling, Administrative and General (SAG)
|
|
$
|
142
|
|
|
$
|
126
|
|
|
$
|
543
|
|
|
$
|
515
|
|
|
As % of Total revenues
|
|
|
7.8
|
%
|
|
|
7.3
|
%
|
|
|
7.0
|
%
|
|
|
7.0
|
%
|
|
Net earnings attributable to Vulcan
|
|
$
|
227
|
|
|
$
|
119
|
|
|
$
|
933
|
|
|
$
|
576
|
|
|
Adjusted EBITDA
|
|
$
|
476
|
|
|
$
|
375
|
|
|
$
|
2,011
|
|
|
$
|
1,626
|
|
|
Earnings attributable to Vulcan from continuing operations per diluted share
|
|
$
|
1.72
|
|
|
$
|
0.91
|
|
|
$
|
7.06
|
|
|
$
|
4.45
|
|
|
Adjusted earnings attributable to Vulcan from continuing operations per diluted share
|
|
$
|
1.46
|
|
|
$
|
1.08
|
|
|
$
|
7.00
|
|
|
$
|
5.11
|
|
|
Aggregates segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shipments (tons)
|
|
|
55.3
|
|
|
|
54.2
|
|
|
|
234.3
|
|
|
|
236.3
|
|
|
Freight-adjusted sales price per ton
|
|
$
|
19.32
|
|
|
$
|
16.96
|
|
|
$
|
19.00
|
|
|
$
|
16.40
|
|
|
Gross profit per ton
|
|
$
|
7.67
|
|
|
$
|
6.04
|
|
|
$
|
7.40
|
|
|
$
|
5.96
|
|
|
Cash gross profit per ton
|
|
$
|
9.92
|
|
|
$
|
8.19
|
|
|
$
|
9.46
|
|
|
$
|
7.83
|
|
Tom Hill, Vulcan Materials’ Chairman and Chief Executive Officer, said, “2023 was an exceptional year for Vulcan Materials. We generated over $2 billion in Adjusted
EBITDA, a 24 percent increase over the prior year, expanded EBITDA margin by 360 basis points and generated $1.5 billion of operating cash flow that can be deployed to grow our business. Our industry leading aggregates cash gross profit per ton
increased each quarter on a year-over-year basis and was $9.46 per ton for the full year, a 21 percent improvement over the prior year. Six consecutive years of unit profitability improvement during a continuously shifting macro backdrop
demonstrates the durability of our uniquely positioned aggregates-led business. We carry momentum into 2024, and our focus is the same - compounding unit margins through all parts of the cycle and creating value for our shareholders through
improving returns on capital.”
Fourth Quarter Segment Results
Aggregates
Fourth quarter segment gross profit increased 30 percent to $424 million ($7.67 per ton), and gross profit margin expanded 400 basis points. Cash gross profit improved
to $9.92 per ton resulting from continued pricing momentum, solid execution and moderating inflationary pressures. Improvements in unit profitability were widespread across the Company’s footprint and marked the seventh consecutive quarter of
year-over-year growth.
As compared to the prior year, fourth quarter aggregates shipments increased 2 percent. Shipments in the prior year were disrupted by abnormally wet and cold weather
across the majority of the Company’s footprint. Certain markets in the Southeast continued to benefit from industrial-related nonresidential project activity.
The pricing environment remained positive with all markets realizing year-over-year improvement in the fourth quarter. Freight-adjusted selling prices increased 14
percent versus the prior year. Freight-adjusted unit cash cost of sales increased 7 percent, marking the third consecutive quarter of unit cost deceleration on a trailing-twelve months basis. Unit cost benefited from lower diesel prices and
moderating inflationary pressures on certain parts and supplies.
Asphalt, Concrete and Calcium
Fourth quarter Asphalt segment gross profit was $36 million, an increase of $19 million over the prior year, and gross profit margin expanded 550 basis points to 13
percent. Shipments increased 20 percent, and price improved 2 percent. Cash gross profit was $45 million in the fourth quarter, an increase of 73 percent versus the prior year. Fourth quarter Concrete segment gross profit was $11 million versus
$5 million in the prior year. Cash gross profit was $24 million, and unit cash gross profit improved 53 percent despite lower volumes. Both the current and prior year included results from now divested concrete assets. Calcium segment gross
profit was $0.6 million compared to $1.1 million in the prior year’s fourth quarter.
Financial Position, Liquidity and Capital Allocation
In 2023, cash provided by operating activities was $1.5 billion, a 34 percent increase over the prior year.
Capital expenditures for maintenance and growth projects were $243 million in the fourth quarter and $625 million for the full year. The Company expects to spend $625 to
$675 million for maintenance and growth projects in 2024.
As planned, the Company deployed $204 million of capital for opportunistic purchases of strategic reserves in California, North Carolina and Texas in the second half of
the year. Additionally, we completed the disposition of our concrete operations in Texas during the fourth quarter. The sale generated cash proceeds of $485 million that is available to redeploy into our aggregates-led franchise. During the
quarter, the Company also sold real estate in Northern Virginia for cash proceeds of $66 million.
During the year, the Company returned $428 million to shareholders through $200 million of common stock repurchases and $228 million of dividends. At December 31, 2023,
the ratio of total debt to Adjusted EBITDA was 1.9 times, or 1.5 times on a net debt basis, reflecting over $900 million of cash on hand. The Company’s weighted-average debt maturity was 10 years, and the effective weighted average interest rate
was 4.9 percent. On a trailing-twelve months basis, return on average invested capital improved 280 basis points to 16.3 percent through a combination of solid operating earnings and disciplined capital management.
Outlook
Regarding the Company’s outlook, Mr. Hill said, “We are well positioned to deliver another year of earnings growth and strong cash generation in 2024. The pricing
environment remains positive, and we expect pricing momentum and operational execution will lead to attractive expansion in aggregates unit profitability, regardless of the macro demand environment.”
Management expectations for 2024 include:
|
• |
Continued improvement in Aggregates segment cash gross profit per ton ($9.46 in 2023)
|
|
o |
Total shipments flat to down 4 percent (234.3 million tons in 2023)
|
|
o |
Freight-adjusted price improvement of 10 to 12 percent ($19.00 in 2023)
|
|
o |
Mid-single digit increase in freight-adjusted cash cost (freight-adjusted price less segment cash gross profit per ton; $9.54 in 2023)
|
|
• |
Total Asphalt, Concrete and Calcium segment cash gross profit of approximately $275 million ($323 million in 2023; which included approximately 4 million cubic yards from concrete operations
divested in late 2023)
|
|
o |
Relative contribution of approximately 70 percent asphalt and 30 percent concrete
|
|
• |
Selling, Administrative and General expenses of $550 to $560 million ($543 million in 2023)
|
|
• |
Interest expense of approximately $155 million
|
|
• |
Depreciation, depletion, accretion and amortization expense of approximately $610 million
|
|
• |
An effective tax rate of 22 to 23 percent
|
|
• |
Net earnings attributable to Vulcan of $1.07 to $1.19 billion
|
|
• |
Adjusted EBITDA between $2.15 and $2.30 billion
|
Conference Call
Vulcan will host a conference call at 9:00 a.m. CT on February 16, 2024. A webcast will be available via the Company’s website at www.vulcanmaterials.com. Investors and
other interested parties may access the teleconference live by calling 800-274-8461, or 203-518-9814 if outside the U.S. The conference ID is 4460325. The conference call will be recorded and available for replay at the Company’s website
approximately two hours after the call.
About Vulcan Materials Company
Vulcan Materials Company, a member of the S&P 500 Index with headquarters in Birmingham, Alabama, is the nation's largest supplier of construction aggregates –
primarily crushed stone, sand and gravel – and a major producer of aggregates-based construction materials, including asphalt and ready-mixed concrete. For additional information about Vulcan, go to www.vulcanmaterials.com.
Non-GAAP Financial Measures
Because GAAP financial measures on a forward-looking basis are not accessible, and reconciling information is not available without unreasonable effort, we have not
provided reconciliations for forward-looking non-GAAP measures, other than the reconciliation of Projected Adjusted EBITDA as included in Appendix 2 hereto. For the same reasons, we are unable to address the probable significance of the unavailable
information, which could be material to future results.
FORWARD-LOOKING STATEMENT DISCLAIMER
This document contains forward-looking statements. Statements that are not historical fact, including statements about Vulcan's beliefs and expectations, are
forward-looking statements. Generally, these statements relate to future financial performance, results of operations, business plans or strategies, projected or anticipated revenues, expenses, earnings (including EBITDA and other measures),
dividend policy, shipment volumes, pricing, levels of capital expenditures, intended cost reductions and cost savings, anticipated profit improvements and/or planned divestitures and asset sales. These forward-looking statements are sometimes
identified by the use of terms and phrases such as “believe,” “should,” “would,” “expect,” “project,” “estimate,” “anticipate,” “intend,” “plan,” “will,” “can,” “may” or similar expressions elsewhere in this document. These statements are subject
to numerous risks, uncertainties, and assumptions, including but not limited to general business conditions, competitive factors, pricing, energy costs, and other risks and uncertainties discussed in the reports Vulcan periodically files with the
SEC.
Forward-looking statements are not guarantees of future performance and actual results, developments, and business decisions may vary significantly from those expressed
in or implied by the forward-looking statements. The following risks related to Vulcan's business, among others, could cause actual results to differ materially from those described in the forward-looking statements: general economic and business
conditions; domestic and global political, economic or diplomatic developments; a pandemic, epidemic or other public health emergency; Vulcan’s dependence on the construction industry, which is subject to economic cycles; the timing and amount of
federal, state and local funding for infrastructure; changes in the level of spending for private residential and private nonresidential construction; changes in Vulcan’s effective tax rate; the increasing reliance on information technology
infrastructure, including the risks that the infrastructure does not work as intended, experiences technical difficulties or is subjected to cyber-attacks; the impact of the state of the global economy on Vulcan’s businesses and financial condition
and access to capital markets; international business operations and relationships, including recent actions taken by the Mexican government with respect to Vulcan’s property and operations in that country; the highly competitive nature of the construction industry; the impact of future regulatory or legislative actions, including those relating to climate change, biodiversity, land use, wetlands, greenhouse gas emissions, the
definition of minerals, tax policy and domestic and international trade; the outcome of pending legal proceedings; pricing of Vulcan's products; weather and other natural phenomena, including the impact of climate change and availability of water;
availability and cost of trucks, railcars, barges and ships as well as their licensed operators for transport of Vulcan’s materials; energy costs; costs of hydrocarbon-based raw materials; healthcare costs; labor relations, shortages and
constraints; the amount of long-term debt and interest expense incurred by Vulcan; changes in interest rates; volatility in pension plan asset values and liabilities, which may require cash contributions to the pension plans; the impact of
environmental cleanup costs and other liabilities relating to existing and/or divested businesses; Vulcan's ability to secure and permit aggregates reserves in strategically located areas; Vulcan’s ability to manage and successfully integrate
acquisitions; the effect of changes in tax laws, guidance and interpretations; significant downturn in the construction industry may result in the impairment of goodwill or long-lived assets; changes in technologies, which could disrupt the way
Vulcan does business and how Vulcan’s products are distributed; the risks of open pit and underground mining; expectations relating to environmental, social and governance considerations; claims that our products do not meet regulatory requirements
or contractual specifications; and other assumptions, risks and uncertainties detailed from time to time in the reports filed by Vulcan with the SEC. All forward-looking statements in this communication are qualified in their entirety by this
cautionary statement. Vulcan disclaims and does not undertake any obligation to update or revise any forward-looking statement in this document except as required by law.
Source: Vulcan Materials Company
| |
Table A
|
|
Vulcan Materials Company and Subsidiary Companies
|
|
| |
|
|
(in millions, except per share data)
|
| |
|
|
|
|
Three Months Ended
|
|
|
|
|
|
|
|
|
Twelve Months Ended
|
|
|
Consolidated Statements of Earnings
|
|
|
|
|
December 31
|
|
|
|
|
|
|
|
|
December 31
|
|
|
(Condensed and unaudited)
|
|
2023
|
|
|
2022
|
|
|
2023
|
|
|
|
|
|
2022
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues
|
|
$
|
1,834.3
|
|
|
$
|
1,731.9
|
|
|
$
|
7,781.9
|
|
|
|
|
|
$
|
7,315.2
|
|
|
Cost of revenues
|
|
|
(1,362.1
|
)
|
|
|
(1,382.0
|
)
|
|
|
(5,833.4
|
)
|
|
|
|
|
|
(5,757.5
|
)
|
|
Gross profit
|
|
|
472.2
|
|
|
|
349.9
|
|
|
|
1,948.5
|
|
|
|
|
|
|
1,557.7
|
|
|
Selling, administrative and general expenses
|
|
|
(142.4
|
)
|
|
|
(126.4
|
)
|
|
|
(542.8
|
)
|
|
|
|
|
|
(515.1
|
)
|
Gain (loss) on sale of property, plant & equipment and businesses
|
|
|
53.7
|
|
|
|
(17.7
|
)
|
|
|
76.4
|
|
|
|
|
|
|
10.7
|
|
|
Loss on impairments
|
|
|
0.0
|
|
|
|
(0.1
|
)
|
|
|
(28.3
|
)
|
|
|
|
|
|
(67.9
|
)
|
|
Other operating expense, net
|
|
|
(13.4
|
)
|
|
|
(14.2
|
)
|
|
|
(26.4
|
)
|
|
|
|
|
|
(34.0
|
)
|
|
Operating earnings
|
|
|
370.1
|
|
|
|
191.5
|
|
|
|
1,427.4
|
|
|
|
|
|
|
951.4
|
|
|
Other nonoperating income (expense), net
|
|
|
2.6
|
|
|
|
6.9
|
|
|
|
(2.7
|
)
|
|
|
|
|
|
5.1
|
|
|
Interest expense, net
|
|
|
(37.4
|
)
|
|
|
(47.6
|
)
|
|
|
(179.6
|
)
|
|
|
|
|
|
(168.4
|
)
|
|
Earnings from continuing operations before income taxes
|
|
|
335.3
|
|
|
|
150.8
|
|
|
|
1,245.1
|
|
|
|
|
|
|
788.1
|
|
|
Income tax expense
|
|
|
(105.0
|
)
|
|
|
(28.5
|
)
|
|
|
(299.4
|
)
|
|
|
|
|
|
(193.0
|
)
|
|
Earnings from continuing operations
|
|
|
230.3
|
|
|
|
122.3
|
|
|
|
945.7
|
|
|
|
|
|
|
595.1
|
|
|
Loss on discontinued operations, net of tax
|
|
|
(2.2
|
)
|
|
|
(2.5
|
)
|
|
|
(10.8
|
)
|
|
|
|
|
|
(18.6
|
)
|
|
Net earnings
|
|
|
228.1
|
|
|
|
119.8
|
|
|
|
934.9
|
|
|
|
|
|
|
576.5
|
|
|
Earnings attributable to noncontrolling interest
|
|
|
(0.6
|
)
|
|
|
(0.4
|
)
|
|
|
(1.7
|
)
|
|
|
|
|
|
(0.9
|
)
|
|
Net earnings attributable to Vulcan
|
|
$
|
227.5
|
|
|
$
|
119.4
|
|
|
$
|
933.2
|
|
|
|
|
|
$
|
575.6
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings (loss) per share attributable to Vulcan
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations
|
|
$
|
1.73
|
|
|
$
|
0.92
|
|
|
$
|
7.10
|
|
|
|
|
|
|
$
|
4.47
|
|
|
Discontinued operations
|
|
$
|
(0.02
|
)
|
|
$
|
(0.02
|
)
|
|
$
|
(0.08
|
)
|
|
|
|
|
|
$
|
(0.14
|
)
|
|
Net earnings
|
|
$
|
1.71
|
|
|
$
|
0.90
|
|
|
$
|
7.02
|
|
|
|
|
|
|
$
|
4.33
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings (loss) per share attributable to Vulcan
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations
|
|
$
|
1.72
|
|
|
$
|
0.91
|
|
|
$
|
7.06
|
|
|
|
|
|
|
$
|
4.45
|
|
|
Discontinued operations
|
|
$
|
(0.02
|
)
|
|
$
|
(0.02
|
)
|
|
$
|
(0.08
|
)
|
|
|
|
|
|
$
|
(0.14
|
)
|
|
Net earnings
|
|
$
|
1.70
|
|
|
$
|
0.89
|
|
|
$
|
6.98
|
|
|
|
|
|
|
$
|
4.31
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average common shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
132.7
|
|
|
|
133.0
|
|
|
|
133.0
|
|
|
|
|
|
|
|
133.0
|
|
|
Assuming dilution
|
|
|
133.5
|
|
|
|
133.7
|
|
|
|
133.7
|
|
|
|
|
|
|
|
133.6
|
|
|
Effective tax rate from continuing operations
|
|
|
31.3
|
%
|
|
|
18.9
|
%
|
|
|
24.0
|
%
|
|
|
|
|
|
|
24.5
|
%
|
| |
|
|
|
|
|
Table B
|
|
Vulcan Materials Company
|
|
|
|
|
|
and Subsidiary Companies
|
|
|
|
|
|
|
|
|
|
|
|
(in millions)
|
|
Consolidated Balance Sheets
|
|
December 31
|
|
|
December 31
|
|
|
(Condensed and unaudited)
|
|
2023
|
|
|
2022
|
|
|
Assets
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
931.1
|
|
|
$
|
161.4
|
|
|
Restricted cash
|
|
|
18.1
|
|
|
|
0.1
|
|
|
Accounts and notes receivable
|
|
|
|
|
|
|
|
|
|
Accounts and notes receivable, gross
|
|
|
903.3
|
|
|
|
1,056.2
|
|
|
Allowance for credit losses
|
|
|
(13.6
|
)
|
|
|
(10.9
|
)
|
|
Accounts and notes receivable, net
|
|
|
889.7
|
|
|
|
1,045.3
|
|
|
Inventories
|
|
|
|
|
|
|
|
|
|
Finished products
|
|
|
494.4
|
|
|
|
439.3
|
|
|
Raw materials
|
|
|
51.2
|
|
|
|
63.4
|
|
|
Products in process
|
|
|
6.5
|
|
|
|
6.0
|
|
|
Operating supplies and other
|
|
|
63.5
|
|
|
|
70.6
|
|
|
Inventories
|
|
|
615.6
|
|
|
|
579.3
|
|
|
Other current assets
|
|
|
70.4
|
|
|
|
115.9
|
|
|
Total current assets
|
|
|
2,524.9
|
|
|
|
1,902.0
|
|
|
Investments and long-term receivables
|
|
|
31.3
|
|
|
|
31.8
|
|
|
Property, plant & equipment
|
|
|
|
|
|
|
|
|
|
Property, plant & equipment, cost
|
|
|
11,835.5
|
|
|
|
11,306.4
|
|
|
Allowances for depreciation, depletion & amortization
|
|
|
(5,617.8
|
)
|
|
|
(5,255.1
|
)
|
|
Property, plant & equipment, net
|
|
|
6,217.7
|
|
|
|
6,051.3
|
|
|
Operating lease right-of-use assets, net
|
|
|
511.7
|
|
|
|
572.6
|
|
|
Goodwill
|
|
|
3,531.7
|
|
|
|
3,689.6
|
|
|
Other intangible assets, net
|
|
|
1,460.7
|
|
|
|
1,702.1
|
|
|
Other noncurrent assets
|
|
|
267.7
|
|
|
|
285.2
|
|
|
Total assets
|
|
$
|
14,545.7
|
|
|
$
|
14,234.6
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
Current maturities of long-term debt
|
|
|
0.5
|
|
|
|
0.5
|
|
|
Short-term debt
|
|
|
0.0
|
|
|
|
100.0
|
|
|
Trade payables and accruals
|
|
|
390.4
|
|
|
|
454.5
|
|
|
Other current liabilities
|
|
|
406.7
|
|
|
|
401.6
|
|
|
Total current liabilities
|
|
|
797.6
|
|
|
|
956.6
|
|
|
Long-term debt
|
|
|
3,877.3
|
|
|
|
3,875.2
|
|
|
Deferred income taxes, net
|
|
|
1,028.9
|
|
|
|
1,072.8
|
|
|
Deferred revenue
|
|
|
145.3
|
|
|
|
159.8
|
|
|
Noncurrent operating lease liabilities
|
|
|
507.4
|
|
|
|
548.4
|
|
|
Other noncurrent liabilities
|
|
|
681.3
|
|
|
|
669.6
|
|
|
Total liabilities
|
|
$
|
7,037.8
|
|
|
$
|
7,282.4
|
|
|
Equity
|
|
|
|
|
|
|
|
|
|
Common stock, $1 par value
|
|
|
132.1
|
|
|
|
132.9
|
|
|
Capital in excess of par value
|
|
|
2,880.1
|
|
|
|
2,839.0
|
|
|
Retained earnings
|
|
|
4,615.0
|
|
|
|
4,111.4
|
|
|
Accumulated other comprehensive loss
|
|
|
(143.8
|
)
|
|
|
(154.7
|
)
|
|
Total shareholder's equity
|
|
|
7,483.4
|
|
|
|
6,928.6
|
|
|
Noncontrolling interest
|
|
|
24.5
|
|
|
|
23.6
|
|
|
Total equity
|
|
$
|
7,507.9
|
|
|
$
|
6,952.2
|
|
|
Total liabilities and equity
|
|
$
|
14,545.7
|
|
|
$
|
14,234.6
|
|
| |
|
|
|
|
|
|
Table C
|
|
Vulcan Materials Company
|
|
|
|
|
|
and Subsidiary Companies
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions)
|
| |
|
|
|
|
Twelve Months Ended
|
|
|
Consolidated Statements of Cash Flows
|
|
|
|
|
December 31
|
|
|
(Condensed and unaudited)
|
|
2023
|
|
|
2022
|
|
|
Operating Activities
|
|
|
|
|
|
|
|
Net earnings
|
|
$
|
934.9
|
|
|
$
|
576.5
|
|
|
Adjustments to reconcile net earnings to net cash provided by operating activities
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion, accretion and amortization
|
|
|
617.0
|
|
|
|
587.5
|
|
|
Noncash operating lease expense
|
|
|
53.9
|
|
|
|
60.3
|
|
|
Net gain on sale of property, plant & equipment and businesses
|
|
|
(76.4
|
)
|
|
|
(10.7
|
)
|
|
Loss on impairments
|
|
|
28.3
|
|
|
|
67.9
|
|
|
Contributions to pension plans
|
|
|
(7.4
|
)
|
|
|
(7.8
|
)
|
|
Share-based compensation expense
|
|
|
63.2
|
|
|
|
41.1
|
|
|
Deferred income taxes, net
|
|
|
(43.3
|
)
|
|
|
57.7
|
|
|
Changes in assets and liabilities before initial effects of business acquisitions and dispositions
|
|
|
(47.3
|
)
|
|
|
(248.5
|
)
|
|
Other, net
|
|
|
13.9
|
|
|
|
24.2
|
|
|
Net cash provided by operating activities
|
|
$
|
1,536.8
|
|
|
$
|
1,148.2
|
|
|
Investing Activities
|
|
|
|
|
|
|
|
|
|
Purchases of property, plant & equipment
|
|
|
(872.6
|
)
|
|
|
(612.6
|
)
|
|
Proceeds from sale of property, plant & equipment
|
|
|
94.6
|
|
|
|
38.7
|
|
|
Proceeds from sale of businesses
|
|
|
613.6
|
|
|
|
50.0
|
|
|
Payment for businesses acquired, net of acquired cash and adjustments
|
|
|
0.9
|
|
|
|
(529.2
|
)
|
|
Other, net
|
|
|
0.0
|
|
|
|
0.1
|
|
|
Net cash used for investing activities
|
|
$
|
(163.5
|
)
|
|
$
|
(1,053.0
|
)
|
|
Financing Activities
|
|
|
|
|
|
|
|
|
|
Proceeds from short-term debt
|
|
|
166.1
|
|
|
|
1,361.0
|
|
|
Payment of short-term debt
|
|
|
(266.1
|
)
|
|
|
(1,261.0
|
)
|
|
Payment of current maturities and long-term debt
|
|
|
(550.5
|
)
|
|
|
(557.7
|
)
|
|
Proceeds from issuance of long-term debt
|
|
|
550.0
|
|
|
|
550.0
|
|
|
Debt issuance and exchange costs
|
|
|
(3.4
|
)
|
|
|
(2.8
|
)
|
|
Payment of finance leases
|
|
|
(30.8
|
)
|
|
|
(33.8
|
)
|
|
Purchases of common stock
|
|
|
(200.0
|
)
|
|
|
0.0
|
|
|
Dividends paid
|
|
|
(228.4
|
)
|
|
|
(212.6
|
)
|
|
Share-based compensation, shares withheld for taxes
|
|
|
(21.9
|
)
|
|
|
(18.5
|
)
|
|
Distribution to noncontrolling interest
|
|
|
(0.8
|
)
|
|
|
0.0
|
|
|
Other, net
|
|
|
0.2
|
|
|
|
0.2
|
|
|
Net cash used for financing activities
|
|
$
|
(585.6
|
)
|
|
$
|
(175.2
|
)
|
|
Net increase (decrease) in cash and cash equivalents and restricted cash
|
|
|
787.7
|
|
|
|
(80.0
|
)
|
|
Cash and cash equivalents and restricted cash at beginning of year
|
|
|
161.5
|
|
|
|
241.5
|
|
|
Cash and cash equivalents and restricted cash at end of year
|
|
$
|
949.2
|
|
|
$
|
161.5
|
|
| |
|
|
|
|
|
|
|
|
|
|
Table D
|
|
Segment Financial Data and Unit Shipments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions, except per unit data)
|
| |
|
|
|
|
|
|
Three Months Ended
|
|
|
|
Twelve Months Ended
|
| |
|
|
|
|
|
|
December 31
|
|
|
|
December 31
|
|
|
|
|
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
Total Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aggregates 1
|
|
$
|
1,411.0
|
|
|
$
|
1,259.3
|
|
|
$
|
5,909.9
|
|
|
$
|
5,272.8
|
|
|
Asphalt 2
|
|
|
286.4
|
|
|
|
238.1
|
|
|
|
1,140.7
|
|
|
|
990.2
|
|
|
Concrete
|
|
|
256.0
|
|
|
|
360.5
|
|
|
|
1,249.3
|
|
|
|
1,593.9
|
|
|
Calcium
|
|
|
2.0
|
|
|
|
2.4
|
|
|
|
9.0
|
|
|
|
7.8
|
|
|
Segment sales
|
|
$
|
1,955.4
|
|
|
$
|
1,860.3
|
|
|
$
|
8,308.9
|
|
|
$
|
7,864.7
|
|
|
Aggregates intersegment sales
|
|
|
(121.1
|
)
|
|
|
(128.4
|
)
|
|
|
(527.0
|
)
|
|
|
(549.5
|
)
|
|
Total revenues
|
|
$
|
1,834.3
|
|
|
$
|
1,731.9
|
|
|
$
|
7,781.9
|
|
|
$
|
7,315.2
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aggregates
|
|
$
|
423.9
|
|
|
$
|
327.1
|
|
|
$
|
1,733.6
|
|
|
$
|
1,408.5
|
|
|
Asphalt
|
|
|
36.3
|
|
|
|
17.1
|
|
|
|
149.6
|
|
|
|
57.3
|
|
|
Concrete
|
|
|
11.4
|
|
|
|
4.6
|
|
|
|
62.1
|
|
|
|
89.3
|
|
|
Calcium
|
|
|
0.6
|
|
|
|
1.1
|
|
|
|
3.2
|
|
|
|
2.6
|
|
|
Total
|
|
$
|
472.2
|
|
|
$
|
349.9
|
|
|
$
|
1,948.5
|
|
|
$
|
1,557.7
|
|
| |
|
|
|
|
|
|
|
|
|
|
Depreciation, Depletion, Accretion and Amortization
|
|
|
|
|
|
|
|
|
|
|
Aggregates
|
|
$
|
124.7
|
|
|
$
|
116.7
|
|
|
$
|
482.2
|
|
|
$
|
441.1
|
|
|
Asphalt
|
|
|
8.9
|
|
|
|
9.1
|
|
|
|
35.6
|
|
|
|
35.1
|
|
|
Concrete
|
|
|
12.4
|
|
|
|
19.6
|
|
|
|
72.8
|
|
|
|
83.1
|
|
|
Calcium
|
|
|
0.1
|
|
|
|
0.1
|
|
|
|
0.2
|
|
|
|
0.2
|
|
|
Other
|
|
|
6.4
|
|
|
|
7.0
|
|
|
|
26.2
|
|
|
|
28.0
|
|
|
Total
|
|
$
|
152.5
|
|
|
$
|
152.5
|
|
|
$
|
617.0
|
|
|
$
|
587.5
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Unit Sales Price and Unit Shipments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aggregates
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Freight-adjusted revenues 3
|
|
$
|
1,068.6
|
|
|
$
|
918.7
|
|
|
$
|
4,452.3
|
|
|
$
|
3,875.2
|
|
|
Aggregates - tons
|
|
|
55.3
|
|
|
|
54.2
|
|
|
|
234.3
|
|
|
|
236.3
|
|
|
Freight-adjusted sales price 4
|
|
$
|
19.32
|
|
|
$
|
16.96
|
|
|
$
|
19.00
|
|
|
$
|
16.40
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Products
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asphalt Mix - tons
|
|
|
3.3
|
|
|
|
2.8
|
|
|
|
13.4
|
|
|
|
12.2
|
|
|
Asphalt Mix - sales price 5
|
|
$
|
76.92
|
|
|
$
|
75.06
|
|
|
$
|
75.76
|
|
|
$
|
71.29
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ready-mixed concrete - cubic yards
|
|
|
1.5
|
|
|
|
2.3
|
|
|
|
7.5
|
|
|
|
10.5
|
|
|
Ready-mixed concrete - sales price 5
|
|
$
|
173.83
|
|
|
$
|
157.58
|
|
|
$
|
166.95
|
|
|
$
|
150.82
|
|
|
1 Includes product sales (crushed stone, sand and gravel, sand, and other aggregates), as well as freight & delivery
costs that we pass along to our customers, and service revenues related to aggregates.
|
|
2 Includes product sales, as well as service revenues from our asphalt construction paving business.
|
|
3 Freight-adjusted revenues are Aggregates segment sales excluding freight & delivery revenues and other revenues
related to services, such as landfill tipping fees, that are derived from our aggregates business.
|
|
4 Freight-adjusted sales price is calculated as freight-adjusted revenues divided by aggregates unit shipments.
|
|
5 Sales price is calculated by dividing revenues generated from the shipment of product (excluding service revenues
generated by the segments) by total units of the product shipped.
|
| |
|
|
|
|
|
|
|
|
|
|
Appendix 1
|
|
Reconciliation of Non-GAAP Measures
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Aggregates segment freight-adjusted revenues is not a Generally Accepted Accounting Principle (GAAP) measure and should not be considered as an alternative to metrics defined by
GAAP. We present this metric as it is consistent with the basis by which we review our operating results. We believe that this presentation is consistent with our competitors and meaningful to our investors as it excludes revenues
associated with freight & delivery, which are pass-through activities. It also excludes other revenues related to services, such as landfill tipping fees, that are derived from our aggregates business. Additionally, we use this metric
as the basis for calculating the average sales price of our aggregates products. Reconciliation of this metric to its nearest GAAP measure is presented below:
|
|
Aggregates Segment Freight-Adjusted Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions, except per ton data)
|
|
| |
|
|
|
|
Three Months Ended
|
|
|
|
|
|
Twelve Months Ended
|
|
| |
|
|
|
|
December 31
|
|
|
|
|
|
December 31
|
|
|
|
|
2023
|
|
|
2022
|
|
|
2023
|
|
|
2022
|
|
|
Aggregates segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment sales
|
|
$
|
1,411.0
|
|
|
$
|
1,259.3
|
|
|
$
|
5,909.9
|
|
|
$
|
5,272.8
|
|
|
Freight & delivery revenues 1
|
|
|
(309.4
|
)
|
|
|
(318.4
|
)
|
|
|
(1,350.2
|
)
|
|
|
(1,291.3
|
)
|
|
Other revenues
|
|
|
(33.0
|
)
|
|
|
(22.2
|
)
|
|
|
(107.4
|
)
|
|
|
(106.3
|
)
|
|
Freight-adjusted revenues
|
|
$
|
1,068.6
|
|
|
$
|
918.7
|
|
|
$
|
4,452.3
|
|
|
$
|
3,875.2
|
|
|
Unit shipments - tons
|
|
|
55.3
|
|
|
|
54.2
|
|
|
|
234.3
|
|
|
|
236.3
|
|
|
Freight-adjusted sales price
|
|
$
|
19.32
|
|
|
$
|
16.96
|
|
|
$
|
19.00
|
|
|
$
|
16.40
|
|
|
1 At the segment level, freight & delivery revenues include intersegment freight & delivery (which are eliminated at the consolidated level) and freight to
remote
|
|
|
distribution sites.
|
|
|
|
|
|
|
|
|
|
|
GAAP does not define "Cash gross profit," and it should not be considered as an alternative to earnings measures defined by GAAP. We and the investment community use this metric
to assess the operating performance of our business. Additionally, we present this metric as we believe that it closely correlates to long-term shareholder value. Cash gross profit adds back noncash charges for depreciation, depletion,
accretion and amortization to gross profit. Segment cash gross profit per unit is computed by dividing segment cash gross profit by units shipped. Reconciliation of this metric to its nearest GAAP measure is presented below:
|
|
Cash Gross Profit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions, except per ton data) |
|
| |
|
|
|
|
Three Months Ended
|
|
|
|
|
|
Twelve Months Ended
|
|
| |
|
|
|
|
December 31
|
|
|
|
|
|
December 31
|
|
|
|
|
2023
|
|
|
2022
|
|
|
2023
|
|
|
2022
|
|
|
Aggregates segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
$
|
423.9
|
|
|
$
|
327.1
|
|
|
$
|
1,733.6
|
|
|
$
|
1,408.5
|
|
|
Depreciation, depletion, accretion and amortization
|
|
|
124.7
|
|
|
|
116.7
|
|
|
|
482.2
|
|
|
|
441.1
|
|
|
Aggregates segment cash gross profit
|
|
$
|
548.6
|
|
|
$
|
443.8
|
|
|
$
|
2,215.8
|
|
|
$
|
1,849.6
|
|
|
Unit shipments - tons
|
|
|
55.3
|
|
|
|
54.2
|
|
|
|
234.3
|
|
|
|
236.3
|
|
|
Aggregates segment gross profit per ton
|
|
$
|
7.67
|
|
|
$
|
6.04
|
|
|
$
|
7.40
|
|
|
$
|
5.96
|
|
|
Aggregates segment cash gross profit per ton
|
|
$
|
9.92
|
|
|
$
|
8.19
|
|
|
$
|
9.46
|
|
|
$
|
7.83
|
|
|
Asphalt segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
$
|
36.3
|
|
|
$
|
17.1
|
|
|
$
|
149.6
|
|
|
$
|
57.3
|
|
|
Depreciation, depletion, accretion and amortization
|
|
|
8.9
|
|
|
|
9.1
|
|
|
|
35.6
|
|
|
|
35.1
|
|
|
Asphalt segment cash gross profit
|
|
$
|
45.2
|
|
|
$
|
26.2
|
|
|
$
|
185.2
|
|
|
$
|
92.4
|
|
|
Concrete segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
$
|
11.4
|
|
|
$
|
4.6
|
|
|
$
|
62.1
|
|
|
$
|
89.3
|
|
|
Depreciation, depletion, accretion and amortization
|
|
|
12.4
|
|
|
|
19.6
|
|
|
|
72.8
|
|
|
|
83.1
|
|
|
Concrete segment cash gross profit
|
|
$
|
23.8
|
|
|
$
|
24.2
|
|
|
$
|
134.9
|
|
|
$
|
172.4
|
|
| |
|
|
|
|
|
|
|
|
|
|
Appendix 2
|
|
Reconciliation of Non-GAAP Measures (Continued)
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP does not define "Earnings Before Interest, Taxes, Depreciation and Amortization" (EBITDA), and it should not be considered as an alternative to earnings measures defined by
GAAP. We use this metric to assess the operating performance of our business and as a basis for strategic planning and forecasting as we believe that it closely correlates to long-term shareholder value. We do not use this metric as a
measure to allocate resources. We adjust EBITDA for certain items to provide a more consistent comparison of earnings performance from period to period. Reconciliation of this metric to its nearest GAAP measure is presented below (numbers
may not foot due to rounding):
|
|
EBITDA and Adjusted EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions) |
|
| |
|
|
|
|
Three Months Ended
|
|
|
|
|
|
Twelve Months Ended
|
|
| |
|
|
|
|
December 31
|
|
|
|
|
|
December 31
|
|
|
|
|
2023
|
|
|
2022
|
|
|
2023
|
|
|
2022
|
|
|
Net earnings attributable to Vulcan
|
|
$
|
227.5
|
|
|
$
|
119.4
|
|
|
$
|
933.2
|
|
|
$
|
575.6
|
|
|
Income tax expense, including discontinued operations
|
|
|
104.2
|
|
|
|
27.5
|
|
|
|
295.6
|
|
|
|
186.5
|
|
|
Interest expense, net
|
|
|
37.4
|
|
|
|
47.6
|
|
|
|
179.6
|
|
|
|
168.4
|
|
|
Depreciation, depletion, accretion and amortization
|
|
|
152.5
|
|
|
|
152.5
|
|
|
|
617.0
|
|
|
|
587.5
|
|
|
EBITDA
|
|
$
|
521.6
|
|
|
$
|
346.9
|
|
|
$
|
2,025.4
|
|
|
$
|
1,517.9
|
|
|
Loss on discontinued operations
|
|
$
|
3.0
|
|
|
$
|
3.5
|
|
|
$
|
14.7
|
|
|
$
|
25.2
|
|
|
(Gain) loss on sale of real estate and businesses, net
|
|
|
(51.9
|
)
|
|
|
17.4
|
|
|
|
(67.1
|
)
|
|
|
(6.1
|
)
|
|
Charges associated with divested operations
|
|
|
3.3
|
|
|
|
2.8
|
|
|
|
7.9
|
|
|
|
3.8
|
|
|
Acquisition related charges 1
|
|
|
0.1
|
|
|
|
4.1
|
|
|
|
2.1
|
|
|
|
17.1
|
|
|
Loss on impairments
|
|
|
0.0
|
|
|
|
0.0
|
|
|
|
28.3
|
|
|
|
67.8
|
|
|
Adjusted EBITDA
|
|
$
|
476.1
|
|
|
$
|
374.7
|
|
|
$
|
2,011.3
|
|
|
$
|
1,625.6
|
|
|
1 Represents charges associated with acquisitions requiring clearance under federal antitrust laws. U.S. Concrete acquisition related costs in 2022 include the cost
impact of purchase accounting inventory valuations of $4.1 million and change in control severance and retention charges of $7.2 million.
|
|
Similar to our presentation of Adjusted EBITDA, we present Adjusted diluted earnings per share (EPS) attributable to Vulcan from continuing operations to provide a more consistent
comparison of earnings performance from period to period. This metric is not defined by GAAP and should not be considered as an alternative to earnings measures defined by GAAP. Reconciliation of this metric to its nearest GAAP measure is
presented below:
|
|
Adjusted Diluted EPS attributable to Vulcan from Continuing Operations (Adjusted Diluted EPS)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
Three Months Ended
|
|
|
|
|
|
Twelve Months Ended
|
|
| |
|
|
|
|
December 31
|
|
|
|
|
|
December 31
|
|
|
|
|
2023
|
|
|
2022
|
|
|
2023
|
|
|
2022
|
|
|
Net earnings attributable to Vulcan
|
|
$
|
1.70
|
|
|
$
|
0.89
|
|
|
$
|
6.98
|
|
|
$
|
4.31
|
|
|
Items included in Adjusted EBITDA above, net of tax
|
|
|
(0.25
|
)
|
|
|
0.15
|
|
|
|
(0.08
|
)
|
|
|
0.69
|
|
|
NOL carryforward valuation allowance
|
|
|
0.01
|
|
|
|
0.04
|
|
|
|
0.10
|
|
|
|
0.11
|
|
|
Adjusted diluted EPS attributable to Vulcan from
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
continuing operations
|
|
$
|
1.46
|
|
|
$
|
1.08
|
|
|
$
|
7.00
|
|
|
$
|
5.11
|
|
|
Projected EBITDA is not defined by GAAP and should not be considered as an alternative to earnings measures defined by GAAP. Reconciliation of this metric to its nearest GAAP
measure is presented below:
|
|
2024 Projected EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions)
|
| |
|
Mid-point
|
|
|
Net earnings attributable to Vulcan
|
|
$
|
1,130
|
|
|
Income tax expense, including discontinued operations
|
|
|
330
|
|
|
Interest expense, net of interest income
|
|
|
155
|
|
|
Depreciation, depletion, accretion and amortization
|
|
|
610
|
|
|
Projected EBITDA
|
|
$
|
2,225
|
|
|
Because GAAP financial measures on a forward-looking basis are not accessible, and reconciling information is not available without unreasonable effort, we have not provided
reconciliations for forward-looking non-GAAP measures, other than the reconciliation of Projected EBITDA as noted above. For the same reasons, we are unable to address the probable significance of the unavailable information, which could be
material to future results.
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Appendix 3
|
|
Reconciliation of Non-GAAP Measures (Continued)
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net debt to Adjusted EBITDA is not a GAAP measure and should not be considered as an alternative to metrics defined by GAAP. We, the investment community and credit rating
agencies use this metric to assess our leverage. Net debt subtracts cash and cash equivalents and restricted cash from total debt. Reconciliation of this metric to its nearest GAAP measure is presented below:
|
|
Net Debt to Adjusted EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions)
|
|
| |
|
|
|
|
December 31
|
|
|
|
|
2023
|
|
|
2022
|
|
|
Debt
|
|
|
|
|
|
|
|
Current maturities of long-term debt
|
|
$
|
0.5
|
|
|
$
|
0.5
|
|
|
Short-term debt
|
|
|
0.0
|
|
|
|
100.0
|
|
|
Long-term debt
|
|
|
3,877.3
|
|
|
|
3,875.2
|
|
|
Total debt
|
|
$
|
3,877.8
|
|
|
$
|
3,975.7
|
|
|
Cash and cash equivalents and restricted cash
|
|
|
(949.2
|
)
|
|
|
(161.5
|
)
|
|
Net debt
|
|
$
|
2,928.6
|
|
|
$
|
3,814.2
|
|
|
Trailing-Twelve Months (TTM) Adjusted EBITDA
|
|
$
|
2,011.3
|
|
|
$
|
1,625.6
|
|
|
Total debt to TTM Adjusted EBITDA
|
|
|
1.9
|
x
|
|
|
2.4
|
x
|
|
Net debt to TTM Adjusted EBITDA
|
|
|
1.5
|
x
|
|
|
2.3
|
x
|
|
We define “Return on Invested Capital” (ROIC) as Adjusted EBITDA for the trailing-twelve months divided by average invested capital (as illustrated below) during the trailing
5-quarters. Our calculation of ROIC is considered a non-GAAP financial measure because we calculate ROIC using the non-GAAP metric EBITDA. We believe that our ROIC metric is meaningful because it helps investors assess how effectively we
are deploying our assets. Although ROIC is a standard financial metric, numerous methods exist for calculating a company’s ROIC. As a result, the method we use to calculate our ROIC may differ from the methods used by other companies. This
metric is not defined by GAAP and should not be considered as an alternative to earnings measures defined by GAAP. Reconciliation of this metric to its nearest GAAP measure is presented below (numbers may not foot due to rounding):
|
|
Return on Invested Capital
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in millions)
|
|
|
|
|
Trailing Twelve Months Ended
|
|
| |
|
December 31
|
|
|
December 31
|
|
|
|
|
2023
|
|
|
2022
|
|
|
Adjusted EBITDA
|
|
$
|
2,011.3
|
|
|
$
|
1,625.6
|
|
|
Average invested capital
|
|
|
|
|
|
|
|
|
|
Property, plant & equipment, net
|
|
$
|
6,106.3
|
|
|
$
|
5,810.4
|
|
|
Goodwill
|
|
|
3,626.5
|
|
|
|
3,708.5
|
|
|
Other intangible assets
|
|
|
1,593.4
|
|
|
|
1,737.5
|
|
|
Fixed and intangible assets
|
|
$
|
11,326.2
|
|
|
$
|
11,256.4
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets
|
|
$
|
2,192.9
|
|
|
$
|
1,898.8
|
|
|
Cash and cash equivalents
|
|
|
(352.8
|
)
|
|
|
(161.3
|
)
|
|
Current tax
|
|
|
(32.7
|
)
|
|
|
(47.2
|
)
|
|
Adjusted current assets
|
|
|
1,807.4
|
|
|
|
1,690.3
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
833.7
|
|
|
|
1,002.1
|
|
|
Current maturities of long-term debt
|
|
|
(0.5
|
)
|
|
|
(2.1
|
)
|
|
Short-term debt
|
|
|
(20.0
|
)
|
|
|
(137.6
|
)
|
|
Adjusted current liabilities
|
|
|
813.2
|
|
|
|
862.4
|
|
|
Adjusted net working capital
|
|
$
|
994.2
|
|
|
$
|
827.9
|
|
|
|
|
|
|
|
|
|
|
|
|
Average invested capital
|
|
$
|
12,320.4
|
|
|
$
|
12,084.3
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on invested capital
|
|
|
16.3
|
%
|
|
|
13.5
|
%
|