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Significant Accounting Policies (Tables) | 6 Months Ended
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Jun. 30, 2022
Significant Accounting Policies [Line Items] |
Comprehensive Earnings (Loss) | Comprehensive earnings (loss) attributable to Martin Marietta is as follows:
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
|  | (Dollars in Millions) |
Net earnings attributable to Martin Marietta |  | $ | 366.5 |  |  | $ | 225.8 |  |  | $ | 387.9 |  |  | $ | 291.1 |
Other comprehensive earnings (loss), net of tax |  |  | 1.2 |  |  |  | 2.6 |  |  |  | (30.5 | ) |  |  | 5.4 |
Comprehensive earnings attributable to Martin Marietta |  | $ | 367.7 |  |  | $ | 228.4 |  |  | $ | 357.4 |  |  | $ | 296.5 |
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 June 30, 2022 |
Balance at beginning of period |  | $ | (129.7 | ) |  | $ | 0.4 |  |  | $ | (129.3 | )
Other comprehensive earnings (loss) before reclassifications, net of tax |  |  | 0.4 |  |  |  | (0.9 | ) |  |  | (0.5 | )
Amounts reclassified from accumulated other comprehensive loss, net of tax |  |  | 1.7 |  |  |  | — |  |  |  | 1.7 |
Other comprehensive earnings (loss), net of tax |  |  | 2.1 |  |  |  | (0.9 | ) |  |  | 1.2 |
Balance at end of period |  | $ | (127.6 | ) |  | $ | (0.5 | ) |  | $ | (128.1 | )
|  | Three Months Ended June 30, 2021 |
Balance at beginning of period |  | $ | (155.6 | ) |  | $ | — |  |  | $ | (155.6 | )
Other comprehensive earnings before reclassifications, net of tax |  |  | — |  |  |  | 0.5 |  |  |  | 0.5 |
Amounts reclassified from accumulated other comprehensive loss, net of tax |  |  | 2.1 |  |  |  | — |  |  |  | 2.1 |
Other comprehensive earnings, net of tax |  |  | 2.1 |  |  |  | 0.5 |  |  |  | 2.6 |
Balance at end of period |  | $ | (153.5 | ) |  | $ | 0.5 |  |  | $ | (153.0 | )
|  | (Dollars in Millions) |
|  | Pension and Postretirement Benefit Plans |  |  | Foreign Currency |  |  | Accumulated Other Comprehensive Loss |
|  | Six Months Ended June 30, 2022 |
Balance at beginning of period |  | $ | (97.6 | ) |  | $ | — |  |  | $ | (97.6 | )
Other comprehensive loss before reclassifications, net of tax |  |  | (33.0 | ) |  |  | (0.5 | ) |  |  | (33.5 | )
Amounts reclassified from accumulated other comprehensive loss, net of tax |  |  | 3.0 |  |  |  | — |  |  |  | 3.0 |
Other comprehensive loss, net of tax |  |  | (30.0 | ) |  |  | (0.5 | ) |  |  | (30.5 | )
Balance at end of period |  | $ | (127.6 | ) |  | $ | (0.5 | ) |  | $ | (128.1 | )
|  | Six Months Ended June 30, 2021 |
Balance at beginning of period |  | $ | (158.1 | ) |  | $ | (0.3 | ) |  | $ | (158.4 | )
Other comprehensive earnings before reclassifications, net of tax |  |  | — |  |  |  | 0.8 |  |  |  | 0.8 |
Amounts reclassified from accumulated other comprehensive loss, net of tax |  |  | 4.6 |  |  |  | — |  |  |  | 4.6 |
Other comprehensive earnings, net of tax |  |  | 4.6 |  |  |  | 0.8 |  |  |  | 5.4 |
Balance at end of period |  | $ | (153.5 | ) |  | $ | 0.5 |  |  | $ | (153.0 | )
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 |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
|  | (Dollars in Millions) |
Balance at beginning of period |  | $ | 80.2 |  |  | $ | 88.7 |  |  | $ | 69.7 |  |  | $ | 89.4 |
Tax effect of other comprehensive (earnings) loss |  |  | (0.7 | ) |  |  | (0.8 | ) |  |  | 9.8 |  |  |  | (1.5 | )
Balance at end of period |  | $ | 79.5 |  |  | $ | 87.9 |  |  | $ | 79.5 |  |  | $ | 87.9 |
Reclassification Out of Accumulated Other Comprehensive Loss | Reclassifications out of accumulated other comprehensive loss are as follows:
|  | Three Months Ended |  |  | Six Months Ended |  |  | Affected line items in the
|  | June 30, |  |  | June 30, |  |  | consolidated statements of earnings
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |  |  | and comprehensive earnings
|  | (Dollars in Millions) |  |  |
Pension and postretirement benefit plans |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Prior service cost |  | $ | 1.2 |  |  | $ | 0.1 |  |  | $ | 2.1 |  |  | $ | — |  |  |
Actuarial loss |  |  | 1.1 |  |  |  | 2.8 |  |  |  | 1.9 |  |  |  | 6.1 |  |  |
|  |  | 2.3 |  |  |  | 2.9 |  |  |  | 4.0 |  |  |  | 6.1 |  |  | Other nonoperating income, net
Tax benefit |  |  | (0.6 | ) |  |  | (0.8 | ) |  |  | (1.0 | ) |  |  | (1.5 | ) |  | Income tax expense
|  | $ | 1.7 |  |  | $ | 2.1 |  |  | $ | 3.0 |  |  | $ | 4.6 |  |  |
Basic and Diluted Earnings from Continuing Operations Per Common Share | The following table reconciles the numerator and denominator for basic and diluted earnings from continuing operations per common share:
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
|  | (In Millions) |
Net earnings from continuing operations attributable to Martin Marietta |  | $ | 353.2 |  |  | $ | 225.8 |  |  | $ | 377.7 |  |  | $ | 291.1 |
Less: Distributed and undistributed earnings attributable to unvested awards |  |  | — |  |  |  | 0.2 |  |  |  | — |  |  |  | 0.2 |
Basic and diluted net earnings from continuing operations available to common shareholders attributable to Martin Marietta |  | $ | 353.2 |  |  | $ | 225.6 |  |  | $ | 377.7 |  |  | $ | 290.9 |
Basic weighted-average common shares outstanding |  |  | 62.4 |  |  |  | 62.4 |  |  |  | 62.4 |  |  |  | 62.4 |
Effect of dilutive employee and director awards |  |  | 0.1 |  |  |  | 0.1 |  |  |  | 0.2 |  |  |  | 0.1 |
Diluted weighted-average common shares outstanding |  |  | 62.5 |  |  |  | 62.5 |  |  |  | 62.6 |  |  |  | 62.5 |
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:
|  | June 30, |  |  | December 31, |
|  | 2022 |  |  | 2021 |
|  | (Dollars in Millions) |
Cash and cash equivalents |  | $ | 772.1 |  |  | $ | 258.4 |
Restricted cash |  |  | — |  |  |  | 0.5 |
Total cash, cash equivalents and restricted cash presented in the consolidated statements of cash flows |  | $ | 772.1 |  |  | $ | 258.9 |

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