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Significant Accounting Policies (Tables) | 9 Months Ended
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Sep. 30, 2020
Significant Accounting Policies [Line Items] |
Changes in Accumulated Other Comprehensive Loss Net of Tax | Changes in accumulated other comprehensive loss, net of tax, are as follows:
|  | (Dollars in Millions) |
|  | Pension and Postretirement Benefit Plans |  |  | Foreign Currency |  |  | Accumulated Other Comprehensive Loss |
|  | Three Months Ended September 30, 2020 |
Balance at beginning of period |  | $ | (140.0 | ) |  | $ | (2.2 | ) |  | $ | (142.2 | )
Other comprehensive earnings before reclassifications, net of tax |  |  | — |  |  |  | 0.5 |  |  |  | 0.5 |
Amounts reclassified from accumulated other comprehensive earnings, net of tax |  |  | 3.1 |  |  |  | — |  |  |  | 3.1 |
Other comprehensive earnings, net of tax |  |  | 3.1 |  |  |  | 0.5 |  |  |  | 3.6 |
Balance at end of period |  | $ | (136.9 | ) |  | $ | (1.7 | ) |  | $ | (138.6 | )
|  | Three Months Ended September 30, 2019 |
Balance at beginning of period |  | $ | (136.0 | ) |  | $ | (1.3 | ) |  | $ | (137.3 | )
Other comprehensive loss before reclassifications, net of tax |  |  | — |  |  |  | (0.2 | ) |  |  | (0.2 | )
Amounts reclassified from accumulated other comprehensive loss, net of tax |  |  | 2.7 |  |  |  | — |  |  |  | 2.7 |
Other comprehensive earnings (loss), net of tax |  |  | 2.7 |  |  |  | (0.2 | ) |  |  | 2.5 |
Balance at end of period |  | $ | (133.3 | ) |  | $ | (1.5 | ) |  | $ | (134.8 | )
|  | (Dollars in Millions) |
|  | Pension and Postretirement Benefit Plans |  |  | Foreign Currency |  |  | Accumulated Other Comprehensive Loss |
|  | Nine Months Ended September 30, 2020 |
Balance at beginning of period |  | $ | (144.9 | ) |  | $ | (0.9 | ) |  | $ | (145.8 | )
Other comprehensive loss before reclassifications, net of tax |  |  | — |  |  |  | (0.8 | ) |  |  | (0.8 | )
Amounts reclassified from accumulated other comprehensive loss, net of tax |  |  | 8.0 |  |  |  | — |  |  |  | 8.0 |
Other comprehensive earnings (loss), net of tax |  |  | 8.0 |  |  |  | (0.8 | ) |  |  | 7.2 |
Balance at end of period |  | $ | (136.9 | ) |  | $ | (1.7 | ) |  | $ | (138.6 | )
|  | Nine Months Ended September 30, 2019 |
Balance at beginning of period |  | $ | (141.5 | ) |  | $ | (2.1 | ) |  | $ | (143.6 | )
Other comprehensive earnings before reclassifications, net of tax |  |  | — |  |  |  | 0.6 |  |  |  | 0.6 |
Amounts reclassified from accumulated other comprehensive earnings, net of tax |  |  | 8.2 |  |  |  | — |  |  |  | 8.2 |
Other comprehensive earnings, net of tax |  |  | 8.2 |  |  |  | 0.6 |  |  |  | 8.8 |
Balance at end of period |  | $ | (133.3 | ) |  | $ | (1.5 | ) |  | $ | (134.8 | )
Noncurrent Deferred Tax Assets Recorded In Accumulated Other Comprehensive Loss | Changes in net noncurrent deferred tax assets related to accumulated other comprehensive loss are as follows:
|  | Pension and Postretirement Benefit Plans |
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
|  | (Dollars in Millions) |
Balance at beginning of period |  | $ | 83.6 |  |  | $ | 82.4 |  |  | $ | 85.2 |  |  | $ | 84.2 |
Tax effect of other comprehensive earnings |  |  | (1.1 | ) |  |  | (0.9 | ) |  |  | (2.7 | ) |  |  | (2.7 | )
Balance at end of period |  | $ | 82.5 |  |  | $ | 81.5 |  |  | $ | 82.5 |  |  | $ | 81.5 |
Reclassification Out of Accumulated Other Comprehensive Loss | Reclassifications out of accumulated other comprehensive loss are as follows:
|  | Three Months Ended |  |  | Nine Months Ended |  |  | Affected line items in the consolidated
|  | September 30, |  |  | September 30, |  |  | statements of earnings and
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |  |  | comprehensive earnings
|  | (Dollars in Millions) |  |  |
Pension and postretirement benefit plans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Prior service credit |  | $ | — |  |  | $ | (0.2 | ) |  | $ | (0.1 | ) |  | $ | (0.6 | ) |  |
Actuarial loss |  |  | 4.2 |  |  |  | 3.8 |  |  |  | 10.8 |  |  |  | 11.5 |  |  |
|  |  | 4.2 |  |  |  | 3.6 |  |  |  | 10.7 |  |  |  | 10.9 |  |  | Other nonoperating (income) and expenses, net
Tax benefit |  |  | (1.1 | ) |  |  | (0.9 | ) |  |  | (2.7 | ) |  |  | (2.7 | ) |  | Income tax expense
|  | $ | 3.1 |  |  | $ | 2.7 |  |  | $ | 8.0 |  |  | $ | 8.2 |  |  |
Basic and Diluted Earnings Per Common Share | The following table reconciles the numerator and denominator for basic and diluted earnings per common share:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
|  | (In Millions) |
Net earnings attributable to Martin Marietta |  | $ | 294.4 |  |  | $ | 248.6 |  |  | $ | 538.0 |  |  | $ | 480.9 |
Less: Distributed and undistributed earnings attributable to unvested awards |  |  | 0.3 |  |  |  | 0.3 |  |  |  | 0.5 |  |  |  | 0.9 |
Basic and diluted net earnings available to common shareholders attributable to Martin Marietta |  | $ | 294.1 |  |  | $ | 248.3 |  |  | $ | 537.5 |  |  | $ | 480.0 |
Basic weighted-average common shares outstanding |  |  | 62.3 |  |  |  | 62.5 |  |  |  | 62.3 |  |  |  | 62.6 |
Effect of dilutive employee and director awards |  |  | 0.1 |  |  |  | 0.2 |  |  |  | 0.1 |  |  |  | 0.1 |
Diluted weighted-average common shares outstanding |  |  | 62.4 |  |  |  | 62.7 |  |  |  | 62.4 |  |  |  | 62.7 |
Reconciliation of Cash, Cash Equivalents and Restricted Cash | The following table reconciles cash, cash equivalents and restricted cash as reported on the consolidated balance sheets to the aggregated amounts presented on the consolidated statements of cash flows:
|  | September 30, |  |  | January 1, |  |  | September 30, |  |  | January 1, |
|  | 2020 |  |  | 2020 |  |  | 2019 |  |  | 2019 |
|  | (Dollars in Millions) |
Cash and cash equivalents |  | $ | 116.6 |  |  | $ | 21.0 |  |  | $ | 49.1 |  |  | $ | 44.9 |
Restricted cash |  |  | 77.1 |  |  |  | — |  |  |  | — |  |  |  | — |
Total cash, cash equivalents and restricted cash presented in the consolidated statements of cash flows |  | $ | 193.7 |  |  | $ | 21.0 |  |  | $ | 49.1 |  |  | $ | 44.9 |
Parent |
Significant Accounting Policies [Line Items] |
Comprehensive Earnings | Comprehensive earnings attributable to Martin Marietta is as follows:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
|  | (Dollars in Millions) |
Net earnings attributable to Martin Marietta |  | $ | 294.4 |  |  | $ | 248.6 |  |  | $ | 538.0 |  |  | $ | 480.9 |
Other comprehensive earnings, net of tax |  |  | 3.6 |  |  |  | 2.5 |  |  |  | 7.2 |  |  |  | 8.8 |
Comprehensive earnings attributable to Martin Marietta |  | $ | 298.0 |  |  | $ | 251.1 |  |  | $ | 545.2 |  |  | $ | 489.7 |

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