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Business Combinations, Divestitures, Discontinued Operations and Assets and Liabilities Held for Sale (Tables) | 6 Months Ended
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Jun. 30, 2024
Business Combinations [Abstract] |
Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed | The following is a summary of the preliminary estimated fair values of the assets acquired and liabilities assumed as of April 5, 2024 (dollars in millions):
Assets: |  |  |
Inventories |  | $ | 50 |
Property, plant and equipment 1 |  |  | 1,961 |
Intangible assets, other than goodwill |  |  | 19 |
Other assets |  |  | 1 |
Total assets |  |  | 2,031 |
Liabilities: |  |  |
Deferred income taxes |  |  | 233 |
Asset retirement obligations |  |  | 3 |
Other liabilities |  |  | 90 |
Total liabilities |  |  | 326 |
Net identifiable assets acquired |  |  | 1,705 |
Goodwill |  |  | 345 |
Total consideration |  | $ | 2,050 |
1 Includes mineral reserves of $1.8 billion.
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, 2023:
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
|  | (Dollars in Millions) |
Revenues |  | $ | 1,764 |  |  | $ | 1,876 |  |  | $ | 3,067 |  |  | $ | 3,277 |
Net earnings from continuing operations attributable to Martin Marietta |  | $ | 324 |  |  | $ | 342 |  |  | $ | 1,373 |  |  | $ | 420 |
Summary of Discontinued Operations and Assets and Liabilities Held for Sale | Financial results for the Company's discontinued operations are as follows:
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, 2023 |
|  | (Dollars in Millions) |
Revenues |  | $ | 35 |  |  | $ | 59 |
Pretax loss from operations |  | $ | (1 | ) |  | $ | (18 | )
Pretax gain on divestitures and sales of assets |  |  | 2 |  |  |  | 2 |
Pretax earnings (loss) |  |  | 1 |  |  |  | (16 | )
Income tax benefit |  |  | — |  |  |  | (4 | )
Earnings (loss) from discontinued operations, net of income tax benefit |  | $ | 1 |  |  | $ | (12 | )
Cash flow information for the Company's discontinued operations is as follows:
|  | Six Months Ended |
|  | June 30, 2023 |
|  | (Dollars in Millions) |
Net cash used for operating activities |  | $ | (11 | )
Additions to property, plant and equipment |  | $ | (4 | )
Proceeds from divestitures and sales of assets |  |  | 57 |
Net cash provided by investing activities |  | $ | 53 |
Assets and liabilities held for sale are as follows:
|  | June 30, 2024 |  |  | December 31, 2023 |
|  | Continuing Operations |
|  | (Dollars in Millions) |
Inventories, net |  | $ | — |  |  | $ | 61 |
Investment land |  |  | 10 |  |  |  | 18 |
Other assets |  |  | — |  |  |  | 4 |
Property, plant and equipment |  |  | — |  |  |  | 327 |
Intangible assets, excluding goodwill |  |  | — |  |  |  | 122 |
Operating lease right-of-use assets |  |  | — |  |  |  | 15 |
Goodwill |  |  | — |  |  |  | 260 |
Total current assets held for sale |  | $ | 10 |  |  | $ | 807 |
Lease obligations |  | $ | — |  |  | $ | (16 | )
Asset retirement obligations |  |  | — |  |  |  | (2 | )
Total current liabilities held for sale |  | $ | — |  |  | $ | (18 | )

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