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Business Combinations and Discontinued Operations (Tables) | 12 Months Ended
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Dec. 31, 2021
Business Combinations [Abstract] |
Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed | The following is a summary of the estimated fair values of the assets acquired and the liabilities assumed as of October 1, 2021:
(in millions) |  |  |  |
Assets: |  |  |  |
Inventories |  | $ | 95.5 |
Property, plant and equipment1 |  |  | 859.5 |
Intangible assets, other than goodwill |  |  | 551.0 |
Goodwill |  |  | 989.2 |
Other assets |  |  | 54.6 |
Total Assets |  |  | 2,549.8 |
Liabilities: |  |  |  |
Asset retirement obligations |  |  | 168.9 |
Operating and finance lease liabilities |  |  | 57.5 |
Other liabilities |  |  | 39.9 |
Total Liabilities |  |  | 266.3 |
Total Consideration |  | $ | 2,283.5 |
1 | Includes mineral reserves of $332.0 million.
Summary of Intangible Assets Acquired | The acquired intangible assets consist of the following:
(in millions, except year data) |  | Amount |  |  | Weighted-average amortization period
Subject to amortization: |  |  |  |  |  |
Customer relationships |  | $ | 112.6 |  |  | 27 years
Operating permits |  |  | 173.5 |  |  | 40 years
Total subject to amortization |  |  | 286.1 |  |  | 35 years
Classified as held for sale and not subject to amortization: |  |  |  |  |  |
Customer relationships |  |  | 27.9 |  |  |
Operating permits |  |  | 237.0 |  |  |
Total classified as held for sale |  |  | 264.9 |  |  |
Total |  | $ | 551.0 |  |  |
Summary of Unaudited Pro Forma Financial Information | The following pro forma financial information is for informational purposes only and is not indicative of the results of operations that would have been achieved if the acquisition had taken place as of January 1, 2020:
years ended December 31 |  |  |  |  |  |  |  |  |
(in millions, except for per share data) |  | 2021 |  |  | 2020 |  |
Total revenues |  | $ | 5,755.1 |  |  | $ | 5,184.9 |  |
Net earnings from continuing operations attributable to Martin Marietta |  | $ | 737.3 |  |  | $ | 642.4 |  |
Diluted net earnings from continuing operations per share |  | $ | 11.78 |  |  | $ | 10.30 |  |
Summary of Discontinued Operations and Assets and Liabilities Held for Sale | Discontinued operations for the year ended December 31, 2021 include the following:
(in millions) |  |  |  |
Total revenues |  | $ | 79.2 |
Earnings from operations |  | $ | 6.6 |
Loss on sale |  |  | (6.0 | )
Pretax earnings |  |  | 0.6 |
Income tax expense |  |  | 0.1 |
Net earnings |  | $ | 0.5 |
Assets Held for Sale. Assets and liabilities held for sale as of December 31 were as follows:
(in millions) |  | 2021 |  |  | 2020 |
Inventories, net |  | $ | 53.1 |  |  | $ | 2.3 |
Property, plant and equipment |  |  | — |  |  |  | 4.8 |
Intangible assets, excluding goodwill |  |  | — |  |  |  | 0.2 |
Goodwill |  |  | — |  |  |  | 0.5 |
Other assets |  |  | 49.1 |  |  |  | 2.0 |
Total current assets held for sale |  | $ | 102.2 |  |  | $ | 9.8 |
Property, plant and equipment |  | $ | 226.0 |  |  | $ | — |
Intangible assets, excluding goodwill |  |  | 264.9 |  |  |  | — |
Operating lease right-of-use assets |  |  | 18.1 |  |  |  | — |
Goodwill |  |  | 109.3 |  |  |  | — |
Other assets |  |  | 4.6 |  |  |  | — |
Valuation allowance for loss on sale |  |  | (6.0 | ) |  |  | — |
Total noncurrent assets held for sale |  | $ | 616.9 |  |  | $ | — |
Asset retirement obligations |  | $ | — |  |  | $ | (0.3 | )
Lease obligations |  |  | (7.5 | ) |  |  | — |
Total current liabilities held for sale |  | $ | (7.5 | ) |  | $ | (0.3 | )
Asset retirement obligations |  | $ | (31.5 | ) |  | $ | — |
Lease obligations |  |  | (22.0 | ) |  |  | — |
Total noncurrent liabilities held for sale |  | $ | (53.5 | ) |  | $ | — |

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