VMC
#I think that, to start with your first question, I think it's a combination of operating leverages and improved volumes and operating efficiencies on the variable side.
So it's a combination of both of them.
There is a lot of volume leverage in that, but it's a combination of the two.
No.
And then, <UNK> ---+ I think one of the things, timing of stripping, <UNK>, I would say maybe had some benefit of it that will ---+ that's always comes in fits and starts, but it's not a whole lot.
And, <UNK>, for the full-year outlook, we will see ---+ we are very focused, as <UNK> mentioned, on continuing to drive these operating efficiencies to control what we can control, to use <UNK>'s words, and to leverage our cost of sales where we can.
We will see how we come out.
There are a lot of moving pieces in a business like ours, but it's something we're very, very focused on.
First of all, I wish we were running two shifts everywhere.
I'm an old operating guy, and life is good if that happens.
But it's on a market-by-market, plant-by-plant basis.
So, for example, you go to Texas, you've got plants that are running two shifts already.
You go to some markets in some of our Atlanta operations, they are not even running a full shift.
So it's such a local business and that is market by market, so there's not a broad-based statement.
But overall, we will do that a little bit at a time, but we are nowhere close in most markets to adding shifts.
It's really adding hours or even adding a full shift on a full plant.
But we would love to have those problems.
We also, <UNK>, back to <UNK>'s point, we are probably getting ---+ with the breadth of the recovery, we're probably getting to a point where we have enough volume in more of our key facilities to begin to realize a little more operating leverage.
Leverage of fixed costs.
Now we're a long ways away ---+ and, <UNK>, we discussed it, from any kind of operating sweet spot and we are even further away from production capacity.
But one of the benefits to us of getting more volume in more places is that it helps on the fixed-cost leverage.
I'd break it into two pieces for you.
I think about of the $275 million of operating and maintenance CapEx, for many of those investments we begin to see operating efficiencies pretty darn quick if we are improving or right-sizing mobile equipment fleet, if we're replacing screens or otherwise improving our production processes at a plant level.
We try and work those as best we can to have pretty quick return periods on those investments.
For the $125 million for the course of the year that we may spend on growth related PP&E, it's really going to depend on the nature of the investment.
These aren't long-term payoff things, these aren't things where you invest one year and you get the benefit 10 years down the road.
But it's highly variable, whether it's a new railyard or incremental reserve capacity at a quarry or whether it's a new ship.
It's hard to say on the growth capital.
Thank you.
Thank you.
Thank you very much for your interest in Vulcan Materials Company and we look forward to speaking to you throughout the quarter.
