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v3.23.2

Significant Accounting Policies (Tables) | 6 Months Ended
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Jun. 30, 2023
Significant Accounting Policies [Line Items] |
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, |
|  | 2023 |  |  | 2022 |
|  | (Dollars in Millions) |
Cash and cash equivalents |  | $ | 421.5 |  |  | $ | 358.0 |
Restricted cash |  |  | — |  |  |  | 0.8 |
Total cash, cash equivalents and restricted cash presented in the consolidated statements of cash flows |  | $ | 421.5 |  |  | $ | 358.8 |
Consolidated Comprehensive Earnings (Loss) | Consolidated comprehensive earnings (loss) attributable to Martin Marietta is as follows:
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
|  | (Dollars in Millions) |
Net earnings attributable to Martin Marietta |  | $ | 348.3 |  |  | $ | 366.5 |  |  | $ | 469.7 |  |  | $ | 387.9 |
Other comprehensive earnings (loss), net of tax |  |  | 1.7 |  |  |  | 1.2 |  |  |  | 2.8 |  |  |  | (30.5 | )
Consolidated comprehensive earnings attributable to Martin Marietta |  | $ | 350.0 |  |  | $ | 367.7 |  |  | $ | 472.5 |  |  | $ | 357.4 |
Changes in Accumulated Other Comprehensive Loss Net of Tax | The components of the 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, 2023 |
Balance at beginning of period |  | $ | (35.5 | ) |  | $ | (1.9 | ) |  | $ | (37.4 | )
Other comprehensive earnings before reclassifications, net of tax |  |  | — |  |  |  | 0.5 |  |  |  | 0.5 |
Amounts reclassified from accumulated other comprehensive loss, net of tax |  |  | 1.2 |  |  |  | — |  |  |  | 1.2 |
Other comprehensive earnings, net of tax |  |  | 1.2 |  |  |  | 0.5 |  |  |  | 1.7 |
Balance at end of period |  | $ | (34.3 | ) |  | $ | (1.4 | ) |  | $ | (35.7 | )
|  | 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 | )
|  | (Dollars in Millions) |
|  | Pension and Postretirement Benefit Plans |  |  | Foreign Currency |  |  | Accumulated Other Comprehensive Loss |
|  | Six Months Ended June 30, 2023 |
Balance at beginning of period |  | $ | (36.5 | ) |  | $ | (2.0 | ) |  | $ | (38.5 | )
Other comprehensive earnings before reclassifications, net of tax |  |  | 0.1 |  |  |  | 0.6 |  |  |  | 0.7 |
Amounts reclassified from accumulated other comprehensive loss, net of tax |  |  | 2.1 |  |  |  | — |  |  |  | 2.1 |
Other comprehensive earnings, net of tax |  |  | 2.2 |  |  |  | 0.6 |  |  |  | 2.8 |
Balance at end of period |  | $ | (34.3 | ) |  | $ | (1.4 | ) |  | $ | (35.7 | )
|  | 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 | )
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, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
|  | (Dollars in Millions) |
Balance at beginning of period |  | $ | 49.8 |  |  | $ | 80.2 |  |  | $ | 50.1 |  |  | $ | 69.7 |
Tax effect of other comprehensive (earnings) loss |  |  | (0.4 | ) |  |  | (0.7 | ) |  |  | (0.7 | ) |  |  | 9.8 |
Balance at end of period |  | $ | 49.4 |  |  | $ | 79.5 |  |  | $ | 49.4 |  |  | $ | 79.5 |
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 consolidated
|  | June 30, |  |  | June 30, |  |  | statements of earnings
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |  |  | and comprehensive earnings
|  | (Dollars in Millions) |  |  |
Pension and postretirement benefit plans |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Prior service cost |  | $ | 1.6 |  |  | $ | 1.2 |  |  | $ | 2.8 |  |  | $ | 2.1 |  |  |
Actuarial loss |  |  | — |  |  |  | 1.1 |  |  |  | — |  |  |  | 1.9 |  |  |
|  |  | 1.6 |  |  |  | 2.3 |  |  |  | 2.8 |  |  |  | 4.0 |  |  | Other nonoperating income, net
Tax effect |  |  | (0.4 | ) |  |  | (0.6 | ) |  |  | (0.7 | ) |  |  | (1.0 | ) |  | Income tax expense
Total |  | $ | 1.2 |  |  | $ | 1.7 |  |  | $ | 2.1 |  |  | $ | 3.0 |  |  |
Basic and Diluted Earnings from Continuing Operations Per Common Share | The following table reconciles the denominator for basic and diluted earnings from continuing operations per common share:
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
|  | (In Millions) |
Basic weighted-average common shares outstanding |  |  | 61.9 |  |  |  | 62.4 |  |  |  | 62.0 |  |  |  | 62.4 |
Effect of dilutive employee and director awards |  |  | 0.2 |  |  |  | 0.1 |  |  |  | 0.2 |  |  |  | 0.2 |
Diluted weighted-average common shares outstanding |  |  | 62.1 |  |  |  | 62.5 |  |  |  | 62.2 |  |  |  | 62.6 |

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