Sentences and paragraphs of MLM's Risk Factors and MD&A, 10-K 2026-02-19 against 10-K 2025-02-21.
Each links to the text at sec.gov.
RemovedRisk Factors
Economic and political uncertainty can impede growth in the markets in which we operate. Demand for our products, particularly in the private nonresidential and residential construction markets, could decline if companies and consumers are unable to obtain credit for construction projects or if an economic slowdown causes delays or cancellations of capital projects. State and federal budget issues sometimes undermine the funding available for infrastructure spending. The lack of available credit may limit the ability of states to issue bonds to finance construction projects. As a result of these issues, several of our top revenue-generating states, from time to time, stop bidding or slow bid projects in their transportation departments.
Read it in 10-K 2025-02-21 at sec.gov ↗
RemovedRisk Factors
Our businesses have many competitors, some of which are larger and have more resources than we do. Some of our competitors operate on a worldwide basis. Our results are affected by the number of competitors in a market, the production capacity that a particular market can accommodate, the pricing practices of other competitors and the entry of new competitors in a market. We also face competition for some of our products from alternative products. For example, our Magnesia Specialties business competes with other chemical products that could be used instead of our magnesia-based products. In addition, our aggregates, ready mixed concrete, asphalt and paving businesses compete with recycled asphalt and concrete products that could be used in certain applications instead of new products and our cement operations compete with
Read it in 10-K 2025-02-21 at sec.gov ↗
RemovedRisk Factors
We expect to continue to grow, in part, by acquiring other businesses. In the past, we have made acquisitions to strengthen our existing locations, expand our operations and enter new geographic markets. We will continue to pursue selective acquisitions, joint ventures or other business arrangements we believe will help our Company grow. However, the continued success of our acquisition program will depend on our ability to find and buy other attractive businesses at an appropriate price and our ability to integrate acquired businesses into our existing operations. We cannot assume there will continue to be attractive acquisition opportunities for sale at reasonable prices that we can successfully integrate into our operations.
Read it in 10-K 2025-02-21 at sec.gov ↗
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RemovedRisk Factors
If our cement or Magnesia Specialties businesses becomes and/or remains capacity-constrained, we may be unable to timely satisfy the demand for some of our products, and any resulting changes in customers would introduce volatility to the earnings of these segments. We can address capacity needs by enhancing our manufacturing productivity, increasing the operational availability of equipment, reducing machinery down time and extending machinery useful life. Future demand for our products may require us to expand our manufacturing capacity further, particularly through the purchase of additional manufacturing equipment. However, we may not be able to increase our capacity in time to satisfy increases in demand that may occur from time to time. Our Texas cement operation is capacity constrained from time to time, which may prevent us from satisfying customer orders and result in a loss of sales to competitors that are not capacity-constrained. In August 2024, we completed a finishing capacity expansion project at our Midlothian cement facility that added 0.45 million tons of annual incremental cement production capacity. However, we may suffer excess capacity if we increase our capacity to meet actual or anticipated demand and that demand decreases or does not materialize in a timely manner or at all.
Read it in 10-K 2025-02-21 at sec.gov ↗
RemovedRisk Factors
Our cement business could suffer if cement or clinker imports from other countries significantly increase or are sold in the United States in violation of U.S. fair trade laws.
Read it in 10-K 2025-02-21 at sec.gov ↗
RemovedRisk Factors
In the past, the U.S. cement industry has benefited from antidumping orders imposing duties on imports of cement and clinker from other countries that violated U.S. fair trade laws. Cement operators with import facilities can purchase cement from other countries, such as those in Latin America and Asia, which could compete with domestic producers. In addition, if environmental regulations increase the costs of domestic producers compared to foreign producers that are not subject to similar regulations, imported cement could achieve a significant cost advantage over domestically produced cement. An influx of cement or clinker products from countries not subject to antidumping orders, or sales of imported cement or clinker in violation of U.S. fair trade laws, could adversely affect our cement product line.
Read it in 10-K 2025-02-21 at sec.gov ↗
RemovedRisk Factors
Various states where we have operations have enacted or are considering climate change initiatives as well, and we have been and may continue to be subject to state regulations in addition to any federal laws and rules that are passed. For example, California has had a cap-and-trade program for emissions rights since 2012. In addition, in October 2023, California adopted its California Climate Accountability Package which includes annual reporting of Scope 1, Scope 2 and Scope 3 emissions on a
Read it in 10-K 2025-02-21 at sec.gov ↗
RemovedMD&A
The Company operates a Magnesia Specialties business with production facilities in Michigan and Ohio. The Magnesia Specialties business produces magnesia-based chemicals products used in industrial, agricultural and environmental applications. It also produces dolomitic lime sold primarily to customers for steel production and soil stabilization. Magnesia Specialties’ products are shipped to customers domestically and worldwide.
Read it in 10-K 2025-02-21 at sec.gov ↗
RemovedMD&A
The nonresidential construction market accounted for 35% of the Company’s aggregates shipments in 2024. Large industrial projects of scale led by energy and domestic manufacturing continue to lead the segment, accounting for the majority of total nonresidential shipments. The Company expects enhanced federal investments will further support and accelerate growth trends in this end use, with a renewed focus on data centers for artificial intelligence infrastructure. While light nonresidential demand remained resilient through 2024, despite higher interest rates, high office vacancy rates and tighter commercial lending conditions, the Company expects 2025 demand in this segment to moderate, as it generally follows single-family residential development with a lag.
Read it in 10-K 2025-02-21 at sec.gov ↗
RemovedMD&A
Cement production is a capital-intensive operation with high fixed costs requiring plants to operate continuously, except during maintenance shutdowns. Maintenance of kiln and finishing mills typically necessitates a temporary plant shut-down for repairs. The Company adjusts production levels in anticipation of these planned maintenance periods.
Read it in 10-K 2025-02-21 at sec.gov ↗
RemovedMD&A
The Magnesia Specialties business manufactures magnesia-based chemicals products for industrial, agricultural and environmental applications at its Manistee, Michigan facility. The chemical products business focuses on higher-margin specialty chemicals that can be produced at volumes that support efficient operations. The Magnesia Specialties business also produces and sells dolomitic lime from its Woodville, Ohio facility. Dolomitic lime products sold to external customers are primarily used by the domestic steel industry, while the remaining lime shipments are used internally as a raw material for the manufacturing of chemical products.
Read it in 10-K 2025-02-21 at sec.gov ↗
RemovedMD&A
Mix-adjusted average selling price (mix-adjusted ASP) is a non-GAAP measure that excludes the impact of period-over-period product, geographic and other mix on the Company's average selling price. Mix-adjusted ASP is calculated by comparing current-period shipments to like-for-like shipments in the comparable prior period. Management uses this metric to evaluate the realization of pricing changes and believes this information is useful to investors because it provides same-on-same pricing trends.
Read it in 10-K 2025-02-21 at sec.gov ↗
RemovedMD&A
The following reconciles reported average selling price per ton to organic mix-adjusted ASP and corresponding variances:
Read it in 10-K 2025-02-21 at sec.gov ↗
RemovedMD&A
years ended December 31 2024 2023 Aggregates: Reported average selling price $ 21.80 $19.84 Adjustment for impact of acquisitions 0.22 — Organic average selling price $ 22.02 $19.84 Adjustment for impact of product, geographic and other mix (0.07) Organic mix-adjusted ASP $ 21.95 Reported average selling price variance 9.9% Organic average selling price variance 11.0% Organic mix-adjusted ASP variance 10.7%
Read it in 10-K 2025-02-21 at sec.gov ↗
RemovedMD&A
Building Materials. Shipment data and volume variances by product line for the Building Materials business are as follows:
Read it in 10-K 2025-02-21 at sec.gov ↗
RemovedMD&A
years ended December 31 2024 2023 % Change (in millions) Aggregates tons 191.1 198.8 (3.8 Cement tons 2.3 4.0 (43.5 Ready mixed concrete cubic yards 5.0 6.5 (24.2 Asphalt tons 8.8 9.4 (5.9
Read it in 10-K 2025-02-21 at sec.gov ↗
RemovedMD&A
Cement shipments and ready mixed concrete shipments decreased 43.5% and 24.2%, respectively, versus prior year, primarily due to the Divestiture and significant precipitation in Texas in 2024 relative to 2023.
Read it in 10-K 2025-02-21 at sec.gov ↗
RemovedMD&A
The Company does not anticipate that the tax law changes due to Pillar Two will have a material impact on its estimated effective income tax rate.
Read it in 10-K 2025-02-21 at sec.gov ↗
RemovedMD&A
2025. As permitted, short-term leases are excluded from Accounting Standards Codification 842, Leases (ASC 842) requirements and future noncancelable obligations for these leases as of December 31, 2024 are immaterial.
Read it in 10-K 2025-02-21 at sec.gov ↗