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Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2023
Accounting Policies [Abstract] |
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:
December 31 (in millions) |  | 2023 |  |  | 2022 |  |  | 2021 |
Cash and cash equivalents |  | $ | 1,271.8 |  |  | $ | 358.0 |  |  | $ | 258.4 |
Restricted cash |  |  | 10.5 |  |  |  | 0.8 |  |  |  | 0.5 |
Total cash, cash equivalents and restricted cash presented in the consolidated statements of cash flows |  | $ | 1,282.3 |  |  | $ | 358.8 |  |  | $ | 258.9 |
Estimated Service Lives for Property Plant and Equipment | The estimated service lives for property, plant and equipment are as follows:
Class of Assets |  | Range of Service Lives
Buildings |  | 5 to 30 years
Machinery & Equipment |  | 2 to 20 years
Land Improvements |  | 5 to 60 years
Components of Changes in Accumulated Other Comprehensive Loss and Related Cumulative Noncurrent Deferred Tax Assets | The components of the changes in accumulated other comprehensive loss and related cumulative noncurrent deferred tax assets are as follows:
years ended December 31 |  | Pension and Postretirement Benefit Plans |  |  | Foreign Currency |  |  | Total |
(in millions) |  | 2023 |
Accumulated other comprehensive loss at beginning of period |  | $ | (36.5 | ) |  | $ | (2.0 | ) |  | $ | (38.5 | )
Other comprehensive (loss) earnings before reclassifications, net of tax |  |  | (15.7 | ) |  |  | 0.8 |  |  |  | (14.9 | )
Amounts reclassified from accumulated other comprehensive loss, net of tax |  |  | 4.2 |  |  |  | — |  |  |  | 4.2 |
Other comprehensive (loss) earnings, net of tax |  |  | (11.5 | ) |  |  | 0.8 |  |  |  | (10.7 | )
Accumulated other comprehensive loss at end of period |  | $ | (48.0 | ) |  | $ | (1.2 | ) |  | $ | (49.2 | )
Cumulative noncurrent deferred tax assets at end of period |  | $ | 53.8 |  |  | $ | — |  |  | $ | 53.8 |
|  | 2022 |
Accumulated other comprehensive loss at beginning of period |  | $ | (97.6 | ) |  | $ | — |  |  | $ | (97.6 | )
Other comprehensive earnings (loss) before reclassifications, net of tax |  |  | 51.6 |  |  |  | (2.0 | ) |  |  | 49.6 |
Amounts reclassified from accumulated other comprehensive loss, net of tax |  |  | 9.5 |  |  |  | — |  |  |  | 9.5 |
Other comprehensive earnings (loss), net of tax |  |  | 61.1 |  |  |  | (2.0 | ) |  |  | 59.1 |
Accumulated other comprehensive loss at end of period |  | $ | (36.5 | ) |  | $ | (2.0 | ) |  | $ | (38.5 | )
Cumulative noncurrent deferred tax assets at end of period |  | $ | 50.1 |  |  | $ | — |  |  | $ | 50.1 |
|  | 2021 |
Accumulated other comprehensive loss at beginning of period |  | $ | (158.1 | ) |  | $ | (0.3 | ) |  | $ | (158.4 | )
Other comprehensive earnings before reclassifications, net of tax |  |  | 51.3 |  |  |  | 0.3 |  |  |  | 51.6 |
Amounts reclassified from accumulated other comprehensive loss, net of tax |  |  | 9.2 |  |  |  | — |  |  |  | 9.2 |
Other comprehensive earnings, net of tax |  |  | 60.5 |  |  |  | 0.3 |  |  |  | 60.8 |
Accumulated other comprehensive loss at end of period |  | $ | (97.6 | ) |  | $ | — |  |  | $ | (97.6 | )
Cumulative noncurrent deferred tax assets at end of period |  | $ | 69.7 |  |  | $ | — |  |  | $ | 69.7 |
Reclassification Out of Accumulated Other Comprehensive Loss | Reclassifications out of accumulated other comprehensive loss are as follows:
years ended December 31 (in millions) |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | Affected line items in the consolidated statements of earnings
Pension and postretirement benefit plans: |  |  |  |  |  |  |  |  |  |  |
Settlement charge |  | $ | — |  |  | $ | 4.6 |  |  | $ | — |  |  |
Amortization of: |  |  |  |  |  |  |  |  |  |  |
Prior service cost |  |  | 5.6 |  |  |  | 4.0 |  |  |  | — |  |  |
Actuarial loss |  |  | — |  |  |  | 3.7 |  |  |  | 12.1 |  |  |
|  |  | 5.6 |  |  |  | 12.3 |  |  |  | 12.1 |  |  | Other nonoperating income, net
Tax effect |  |  | (1.4 | ) |  |  | (2.8 | ) |  |  | (2.9 | ) |  | Income tax expense
Total |  | $ | 4.2 |  |  | $ | 9.5 |  |  | $ | 9.2 |  |  |
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:
years ended December 31 (in millions) |  | 2023 |  |  | 2022 |  |  | 2021 |
Net earnings from continuing operations attributable to Martin Marietta |  | $ | 1,199.8 |  |  | $ | 856.3 |  |  | $ | 702.0 |
Less: distributed and undistributed earnings attributable to unvested participating securities |  |  | — |  |  |  | — |  |  |  | 0.2 |
Basic and diluted net earnings from continuing operations attributable to common shareholders attributable to Martin Marietta |  | $ | 1,199.8 |  |  | $ | 856.3 |  |  | $ | 701.8 |
Basic weighted-average common shares outstanding |  |  | 61.9 |  |  |  | 62.3 |  |  |  | 62.4 |
Effect of dilutive employee and director awards |  |  | 0.2 |  |  |  | 0.2 |  |  |  | 0.2 |
Diluted weighted-average common shares outstanding |  |  | 62.1 |  |  |  | 62.5 |  |  |  | 62.6 |

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