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Business Combinations, Divestitures, Discontinued Operations and Assets and Liabilities Held for Sale (Tables) | 12 Months Ended
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Dec. 31, 2022
Business Combinations [Abstract] |
Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed | T he following is a summary of the fair values of the assets acquired and the liabilities assumed as of the acquisition date:
(in millions) |  |  |
Assets: |  |  |
Inventories |  | $ | 90.9 |
Property, plant and equipment 1 |  |  | 847.5 |
Intangible assets, other than goodwill |  |  | 431.5 |
Goodwill |  |  | 1,222.3 |
Other assets |  |  | 54.4 |
Total Assets |  |  | 2,646.6 |
Liabilities: |  |  |
Asset retirement obligations |  |  | 247.5 |
Operating and finance lease liabilities |  |  | 57.5 |
Other liabilities |  |  | 77.0 |
Total Liabilities |  |  | 382.0 |
Total Consideration |  | $ | 2,264.6 |
1. Includes mineral reserves of $332.0 million.
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 | iscontinued operations were as follows:
years ended December 31 (in millions) |  | 2022 |  |  | 2021 |
Total revenues |  | $ | 308.6 |  |  | $ | 79.2 |
Pretax earnings from operations |  | $ | 16.2 |  |  | $ | 6.6 |
Pretax loss on divestiture |  |  | (0.7 | ) |  |  | (6.0 | )
Pretax earnings |  |  | 15.5 |  |  |  | 0.6 |
Income tax expense |  |  | 5.0 |  |  |  | 0.1 |
Earnings from discontinued operations, net of income tax expense |  | $ | 10.5 |  |  | $ | 0.5 |
Assets and liabilities held for sale were as follows:
|  | 2022 |  |  | 2021 |
December 31 (in millions) |  | Continuing Operations |  |  | Discontinued Operations |  |  | Total |  |  | Continuing Operations |  |  | Discontinued Operations |  |  | Total |
Inventories, net |  | $ | — |  |  | $ | 31.3 |  |  | $ | 31.3 |  |  | $ | — |  |  | $ | 53.1 |  |  | $ | 53.1 |
Investment land |  |  | 40.6 |  |  |  | — |  |  |  | 40.6 |  |  |  | 32.7 |  |  |  | — |  |  |  | 32.7 |
Other assets |  |  | — |  |  |  | 1.3 |  |  |  | 1.3 |  |  |  | — |  |  |  | 16.4 |  |  |  | 16.4 |
Total current assets held for sale |  | $ | 40.6 |  |  | $ | 32.6 |  |  | $ | 73.2 |  |  | $ | 32.7 |  |  | $ | 69.5 |  |  | $ | 102.2 |
Property, plant and equipment |  | $ | — |  |  | $ | 124.5 |  |  | $ | 124.5 |  |  | $ | — |  |  | $ | 226.0 |  |  | $ | 226.0 |
Intangible assets, excluding goodwill |  |  | — |  |  |  | 208.5 |  |  |  | 208.5 |  |  |  | — |  |  |  | 264.9 |  |  |  | 264.9 |
Operating lease right-of-use assets |  |  | — |  |  |  | 12.1 |  |  |  | 12.1 |  |  |  | — |  |  |  | 18.1 |  |  |  | 18.1 |
Goodwill |  |  | — |  |  |  | 31.9 |  |  |  | 31.9 |  |  |  | — |  |  |  | 109.3 |  |  |  | 109.3 |
Other assets |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4.6 |  |  |  | 4.6 |
Valuation allowance for loss on sale |  |  | — |  |  |  | (4.5 | ) |  |  | (4.5 | ) |  |  | — |  |  |  | (6.0 | ) |  |  | (6.0 | )
Total noncurrent assets held for sale |  | $ | — |  |  | $ | 372.5 |  |  | $ | 372.5 |  |  | $ | — |  |  | $ | 616.9 |  |  | $ | 616.9 |
Lease obligations |  | $ | — |  |  | $ | (4.5 | ) |  | $ | (4.5 | ) |  | $ | — |  |  | $ | (7.5 | ) |  | $ | (7.5 | )
Total current liabilities held for sale |  | $ | — |  |  | $ | (4.5 | ) |  | $ | (4.5 | ) |  | $ | — |  |  | $ | (7.5 | ) |  | $ | (7.5 | )
Lease obligations |  | $ | — |  |  | $ | (4.1 | ) |  | $ | (4.1 | ) |  | $ | — |  |  | $ | (22.0 | ) |  | $ | (22.0 | )
Asset retirement obligations |  |  | — |  |  |  | (17.7 | ) |  |  | (17.7 | ) |  |  | — |  |  |  | (31.5 | ) |  |  | (31.5 | )
Total noncurrent liabilities held for sale |  | $ | — |  |  | $ | (21.8 | ) |  | $ | (21.8 | ) |  | $ | — |  |  | $ | (53.5 | ) |  | $ | (53.5 | )

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