Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | Apr. 28, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | MLM | |
Entity Registrant Name | MARTIN MARIETTA MATERIALS, INC. | |
Entity Central Index Key | 0000916076 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Title of 12(b) Security | Common Stock (Par Value $0.01) | |
Security Exchange Name | NYSE | |
Entity File Number | 1-12744 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Incorporation, State or Country Code | NC | |
Entity Tax Identification Number | 56-1848578 | |
Entity Address, Address Line One | 4123 Parklake Avenue | |
Entity Address, City or Town | Raleigh | |
Entity Address, State or Province | NC | |
Entity Address, Postal Zip Code | 27612 | |
City Area Code | 919 | |
Local Phone Number | 781-4550 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Common Stock, Shares Outstanding | 61,968,757 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Current Assets: | ||
Cash and cash equivalents | $ 229.4 | $ 358 |
Restricted cash | 0.1 | 0.8 |
Restricted investments | 702.3 | 704.6 |
Accounts receivable, net | 796.7 | 785.9 |
Inventories, net | 948.7 | 873.7 |
Current assets held for sale | 60.1 | 73.2 |
Other current assets | 75.4 | 80.7 |
Total Current Assets | 2,812.7 | 2,876.9 |
Property, plant and equipment | 10,721 | 10,661 |
Allowances for depreciation, depletion and amortization | (4,441.5) | (4,344.3) |
Net property, plant and equipment | 6,279.5 | 6,316.7 |
Goodwill | 3,649.5 | 3,649.5 |
Other intangibles, net | 840.8 | 847.8 |
Operating lease right-of-use assets, net | 382.9 | 383.5 |
Noncurrent assets held for sale | 374.6 | 372.5 |
Other noncurrent assets | 550.9 | 546.7 |
Total Assets | 14,890.9 | 14,993.6 |
Current Liabilities: | ||
Accounts payable | 302.6 | 385 |
Accrued salaries, benefits and payroll taxes | 37.9 | 71.6 |
Accrued other taxes | 51.9 | 55.4 |
Accrued interest | 41.2 | 42.8 |
Current maturities of discharged long-term debt | 699.6 | 699.1 |
Operating lease liabilities | 53.3 | 52.1 |
Current liabilities held for sale | 4.2 | 4.5 |
Other current liabilities | 137.3 | 135.1 |
Total Current Liabilities | 1,328 | 1,445.6 |
Long-term debt | 4,342 | 4,340.9 |
Deferred income taxes, net | 921 | 914.3 |
Noncurrent operating lease liabilities | 337.3 | 335.9 |
Noncurrent liabilities held for sale | 21.2 | 21.8 |
Other noncurrent liabilities | 763.9 | 762.3 |
Total Liabilities | 7,713.4 | 7,820.8 |
Equity: | ||
Common stock, par value $0.01 per share (62.0 shares and 62.1 shares outstanding at March 31, 2023 and December 31, 2022, respectively) | 0.6 | 0.6 |
Preferred stock, par value $0.01 per share | 0 | 0 |
Additional paid-in capital | 3,487.2 | 3,489 |
Accumulated other comprehensive loss | (37.4) | (38.5) |
Retained earnings | 3,724.6 | 3,719.4 |
Total Shareholders' Equity | 7,175 | 7,170.5 |
Noncontrolling interests | 2.5 | 2.3 |
Total Equity | 7,177.5 | 7,172.8 |
Total Liabilities and Equity | $ 14,890.9 | $ 14,993.6 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares outstanding | 62,000,000 | 62,100,000 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Consolidated Statements of Earn
Consolidated Statements of Earnings and Comprehensive Earnings (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Total Revenues | $ 1,354.1 | $ 1,230.8 |
Total Cost of Revenues | 1,051.3 | 1,074.7 |
Gross Profit | 302.8 | 156.1 |
Selling, general and administrative expenses | 104.3 | 97.1 |
Acquisition and integration expenses | 0.8 | 1.4 |
Other operating expense (income), net | 1.6 | (2.3) |
Earnings from Operations | 196.1 | 59.9 |
Interest expense | 42.2 | 40.5 |
Other nonoperating income, net | (16.1) | (10.8) |
Earnings from continuing operations before income tax expense | 170 | 30.2 |
Income tax expense | 35.5 | 5.8 |
Earnings from continuing operations | 134.5 | 24.4 |
Loss from discontinued operations, net of income tax benefit | (12.9) | (3.1) |
Consolidated net earnings | 121.6 | 21.3 |
Less: Net earnings (loss) attributable to noncontrolling interests | 0.2 | (0.1) |
Net Earnings Attributable to Martin Marietta | 121.4 | 21.4 |
Consolidated Comprehensive Earnings (Loss) : | ||
Consolidated comprehensive earnings (loss) attributable to Martin Marietta | 122.5 | (10.2) |
Earnings (Loss) attributable to noncontrolling interests | 0.2 | (0.1) |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $ 122.7 | $ (10.3) |
Net Earnings (Loss) Attributable to Martin Marietta Per Common Share: | ||
Basic from continuing operations attributable to common shareholders | $ 2.17 | $ 0.39 |
Basic from discontinued operations attributable to common shareholders | (0.21) | (0.05) |
Basic attributable to common shareholders | 1.96 | 0.34 |
Diluted from continuing operations attributable to common shareholders | 2.16 | 0.39 |
Diluted from discontinued operations attributable to common shareholders | (0.21) | (0.05) |
Diluted attributable to common shareholders | $ 1.95 | $ 0.34 |
Weighted-Average Common Shares Outstanding: | ||
Basic | 62.1 | 62.4 |
Diluted | 62.2 | 62.6 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash Flows from Operating Activities: | ||
Consolidated net earnings | $ 121.6 | $ 21.3 |
Adjustments to reconcile consolidated net earnings to net cash provided by operating activities: | ||
Depreciation, depletion and amortization | 123.6 | 128.2 |
Stock-based compensation expense | 13.7 | 12 |
Gains on sales of assets | (1) | (2.9) |
Deferred income taxes, net | 6.3 | 5.2 |
Other items, net | (1.7) | (0.9) |
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures: | ||
Accounts receivable, net | (13.7) | 14.8 |
Inventories, net | (82.4) | (28.9) |
Accounts payable | 17.8 | 95.5 |
Other assets and liabilities, net | (23.7) | (74.4) |
Net Cash Provided by Operating Activities | 160.5 | 169.9 |
Cash Flows from Investing Activities: | ||
Additions to property, plant and equipment | (173.9) | (139.8) |
Acquisitions, net of cash acquired | 0 | 18.8 |
Proceeds from sales of assets | 22.3 | 1 |
Investments in life insurance contracts, net | 3.1 | 0 |
Other investing activities, net | (3.9) | (3) |
Net Cash Used for Investing Activities | (152.4) | (123) |
Cash Flows from Financing Activities: | ||
Payments on finance lease obligations | (4.3) | (3.7) |
Dividends paid | (41.6) | (38.9) |
Repurchases of common stock | (75) | (50) |
Proceeds from exercise of stock options | 0.2 | 0.6 |
Shares withheld for employees' income tax obligations | (16.7) | (24.2) |
Net Cash Used for Financing Activities | (137.4) | (116.2) |
Net Decrease in Cash, Cash Equivalents and Restricted Cash | (129.3) | (69.3) |
Cash, Cash Equivalents and Restricted Cash, beginning of period | 358.8 | 258.9 |
Cash, Cash Equivalents and Restricted Cash, end of period | $ 229.5 | $ 189.6 |
Consolidated Statements of Tota
Consolidated Statements of Total Equity (Unaudited) - USD ($) $ in Millions | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Retained Earnings | Total Shareholders' Equity | Noncontrolling Interests |
Beginning Balance, Total Equity at Dec. 31, 2021 | $ 6,537.6 | $ 0.6 | $ 3,470.4 | $ (97.6) | $ 3,161.9 | $ 6,535.3 | $ 2.3 |
Beginning Balance (in shares) at Dec. 31, 2021 | 62,400,000 | ||||||
Consolidated net earnings (loss) | 21.3 | 21.4 | 21.4 | (0.1) | |||
Other comprehensive earnings / loss, net of tax | (31.6) | (31.6) | (31.6) | ||||
Dividends declared | (38.4) | (38.4) | (38.4) | ||||
Issuances of common stock for stock award plans | 4.6 | 4.6 | 4.6 | ||||
Issuances of common stock for stock award plans (in shares) | 100,000 | ||||||
Shares withheld for employees' income tax obligations | (24.4) | (24.4) | (24.4) | ||||
Repurchases of common stock, Shares | (100,000) | ||||||
Repurchases of common stock | (50) | (50) | (50) | ||||
Stock-based compensation expense | 12 | 12 | 12 | ||||
Ending Balance, Total Equity at Mar. 31, 2022 | 6,431.1 | $ 0.6 | 3,462.6 | (129.2) | 3,094.9 | 6,428.9 | 2.2 |
Ending Balance (in shares) at Mar. 31, 2022 | 62,400,000 | ||||||
Beginning Balance, Total Equity at Dec. 31, 2022 | $ 7,172.8 | $ 0.6 | 3,489 | (38.5) | 3,719.4 | 7,170.5 | 2.3 |
Beginning Balance (in shares) at Dec. 31, 2022 | 62,100,000 | 62,100,000 | |||||
Consolidated net earnings (loss) | $ 121.6 | 121.4 | 121.4 | 0.2 | |||
Other comprehensive earnings / loss, net of tax | 1.1 | 1.1 | 1.1 | ||||
Dividends declared | (41.2) | (41.2) | (41.2) | ||||
Issuances of common stock for stock award plans | 1.3 | 1.3 | 1.3 | ||||
Issuances of common stock for stock award plans (in shares) | 100,000 | ||||||
Shares withheld for employees' income tax obligations | (16.8) | (16.8) | (16.8) | ||||
Repurchases of common stock, Shares | (200,000) | ||||||
Repurchases of common stock | (75) | (75) | (75) | ||||
Stock-based compensation expense | 13.7 | 13.7 | 13.7 | ||||
Ending Balance, Total Equity at Mar. 31, 2023 | $ 7,177.5 | $ 0.6 | $ 3,487.2 | $ (37.4) | $ 3,724.6 | $ 7,175 | $ 2.5 |
Ending Balance (in shares) at Mar. 31, 2023 | 62,000,000 | 62,000,000 |
Consolidated Statements of To_2
Consolidated Statements of Total Equity (Parenthetical) (Unaudited) - $ / shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||
Dividends declared | $ 0.66 | $ 0.61 |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 1. Significant Accounting Policies Organization Martin Marietta Materials, Inc. (the Company or Martin Marietta) is a natural resource-based building materials company. As of March 31, 2023, the Company supplies aggregates (crushed stone, sand and gravel) through its network of approximately 350 q uarries, mines and distribution yards in 28 states, Canada and The Bahamas. Martin Marietta also provides cement and downstream products and services, namely, ready mixed concrete, asphalt and paving, in vertically-integrated structured markets where the Company also has a leading aggregates position. In addition, the Company has one cement plant, related cement distribution terminals, cement import operations and ready mixed concrete operations in California that are classified as assets held for sale and reported as discontinued operations as of and for the three months ended March 31, 2023 and 2022 and as of December 31, 2022. The Company’s heavy-side building materials are used in infrastructure, nonresidential and residential construction projects. Aggregates are also used in agricultural, utility and environmental applications and as railroad ballast. The aggregates, cement, ready mixed concrete, asphalt and paving product lines are reported collectively as the “Building Materials” business. The Company’s Building Materials business includes two reportable segments: the East Group and the West Group. BUILDING MATERIALS BUSINESS (continuing operations only) Reportable Segments East Group West Group Operating Locations Alabama, Florida, Georgia, Indiana, Arizona, Arkansas, California, Colorado, Louisiana, Oklahoma, Texas, Utah, Product Lines Aggregates and Asphalt Aggregates, Cement, Ready Mixed Concrete, Asphalt and Paving The Company’s Magnesia Specialties business, which represents a separate reportable segment, has manufacturing facilities in Manistee, Michigan, and Woodville, Ohio. The Magnesia Specialties business produces magnesia-based chemicals products used in industrial, agricultural and environmental applications, and dolomitic lime sold primarily to customers for steel production and soil stabilization. Basis of Presentation and Use of Estimates The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) for interim financial information and with the instructions to the Quarterly Report on Form 10-Q and in Article 10 of Regulation S-X. The Company has continued to follow the accounting policies set forth in the audited consolidated financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. In the opinion of management, the interim consolidated financial information provided herein reflects all adjustments, consisting of normal recurring accruals, necessary for a fair statement of the results of operations, financial position and cash flows for the interim periods. The consolidated results of operations for the three months ended March 31, 2023 are not necessarily indicative of the results expected for other interim periods or the full year. The consolidated balance sheet at December 31, 2022 has been derived from the audited consolidated financial statements at that date but does not include all of the information and notes required by U.S. GAAP for complete financial statements. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. The preparation of the Company’s consolidated financial statements requires management to make certain estimates and assumptions about future events. As future events and their effects cannot be fully determined with precision, actual results could differ significantly from estimates. Changes in estimates are reflected in the consolidated financial statements in the period in which the change in estimate occurs. Revenue Recognition Total revenues include sales of products and services to customers, net of discounts or allowances, if any, and freight and delivery costs billed to customers. Product revenues are recognized when control of the promised good is transferred to unaffiliated customers, typically when finished products are shipped. Intersegment and interproduct revenues are eliminated in consolidation. Service revenues are derived from the paving business and are recognized using the percentage-of-completion method under the cost-to-cost approach. When the Company arranges third-party freight to deliver products to customers, the Company has elected the delivery to be a fulfillment activity rather than a separate performance obligation. Further, the Company acts as a principal in the delivery arrangements and, as required by Accounting Standards Codification (ASC) 606, the related revenues and costs are presented gross in the consolidated statements of earnings and are recognized consistently with the timing of the product revenues. Restricted Cash At March 31, 2023 and December 31, 2022, the Company had restricted cash of $ 0.1 million and $ 0.8 million , respectively, which was invested in an account designated for the purchase of like-kind exchange replacement assets under Section 1031 of the Internal Revenue Code and related IRS procedures (Section 1031). The Company is restricted from utilizing the cash for purposes other than the purchase of qualified assets for 180 days from receipt of the proceeds from the sale of the exchanged property. Any unused cash at the end of the 180 days is transferred to unrestricted accounts of the Company and used for general corporate purposes. The statements of cash flows reflect cash flow changes and balances for cash, cash equivalents and restricted cash on an aggregated basis. 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: March 31, December 31, 2023 2022 (Dollars in Millions) Cash and cash equivalents $ 229.4 $ 358.0 Restricted cash 0.1 0.8 Total cash, cash equivalents and restricted cash $ 229.5 $ 358.8 Restricted Investments At March 31, 2023 and December 31, 2022, the Company had $ 702.3 million and $ 704.6 million , respectively, of restricted investments, representing assets irrevocably transferred to an escrow trust account to satisfy and discharge the Company’s $ 700.0 million of 0.650 % Senior Notes due 2023 (the 2023 Notes) (see Note 4). The assets in the escrow trust account may not be used for any purpose other than to satisfy the remaining interest payments and to repay the principal amount of the 2023 Notes on the maturity date of July 15, 2023. The assets transferred to the escrow trust account are invested in a U.S. Treasury securities fund (see Note 5) and investment returns on those trust assets are for the account of the Company (after satisfaction of all amounts payable in connection with the 2023 Notes). The Company consolidated the trust account on its balance sheets at March 31, 2023 and December 31, 2022 . Consolidated Comprehensive Earnings (Loss) and Accumulated Other Comprehensive Loss Consolidated comprehensive earnings (loss) consist of consolidated net earnings, adjustments for the funded status of pension and postretirement benefit plans and foreign currency translation adjustments, and are presented in the Company’s consolidated statements of earnings and comprehensive earnings. Consolidated comprehensive earnings (loss) attributable to Martin Marietta is as follows: Three Months Ended March 31, 2023 2022 (Dollars in Millions) Net earnings attributable to Martin Marietta $ 121.4 $ 21.4 Other comprehensive earnings (loss), net of tax 1.1 ( 31.6 ) Consolidated comprehensive earnings (loss) attributable to $ 122.5 $ ( 10.2 ) Accumulated other comprehensive loss consists of unrecognized gains and losses related to the funded status of the pension and postretirement benefit plans and foreign currency translation and is presented on the Company’s consolidated balance sheets. The components of the changes in accumulated other comprehensive loss, net of tax, are as follows: (Dollars in Millions) Pension and Foreign Currency Accumulated Three Months Ended March 31, 2023 Balance at beginning of period $ ( 36.5 ) $ ( 2.0 ) $ ( 38.5 ) Other comprehensive earnings before reclassifications, — 0.1 0.1 Amounts reclassified from accumulated other 1.0 — 1.0 Other comprehensive earnings, net of tax 1.0 0.1 1.1 Balance at end of period $ ( 35.5 ) $ ( 1.9 ) $ ( 37.4 ) Three Months Ended March 31, 2022 Balance at beginning of period $ ( 97.6 ) $ — $ ( 97.6 ) Other comprehensive (loss) earnings before reclassifications, ( 33.3 ) 0.4 ( 32.9 ) Amounts reclassified from accumulated other 1.3 — 1.3 Other comprehensive (loss) earnings, net of tax ( 32.0 ) 0.4 ( 31.6 ) Balance at end of period $ ( 129.6 ) $ 0.4 $ ( 129.2 ) The $ 33.3 million, net of tax, other comprehensive loss before reclassifications in the Pension and Postretirement Benefit Plans for the three months ended March 31, 2022 was driven by the remeasurement of the funded status of the Company’s qualified pension plan, required as a result of a plan amendment that provided an enhanced benefit for eligible hourly employees. Changes in net noncurrent deferred tax assets related to accumulated other comprehensive loss are as follows: Pension and Postretirement Benefit Plans Three Months Ended March 31, 2023 2022 (Dollars in Millions) Balance at beginning of period $ 50.1 $ 69.7 Tax effect of other comprehensive (earnings) loss ( 0.3 ) 10.5 Balance at end of period $ 49.8 $ 80.2 Reclassifications out of accumulated other comprehensive loss are as follows: Three Months Ended Affected line items in the March 31, consolidated statements of earnings 2023 2022 and comprehensive earnings (Dollars in Millions) Pension and postretirement Amortization of: Prior service cost $ 1.3 $ 1.0 Actuarial loss — 0.8 1.3 1.8 Other nonoperating income, net Tax effect ( 0.3 ) ( 0.5 ) Income tax expense Total $ 1.0 $ 1.3 Earnings per Common Share The numerator for basic and diluted earnings per common share is net earnings attributable to Martin Marietta, reduced by dividends and undistributed earnings attributable to certain of the Company’s stock-based compensation arrangements. If there is a net loss, no amount of the undistributed loss is attributed to unvested participating securities. The denominator for basic earnings per common share is the weighted-average number of common shares outstanding during the period. Diluted earnings per common share is computed assuming that the weighted-average number of common shares is increased by the conversion, using the treasury stock method, of awards to be issued to employees and nonemployee members of the Company’s Board of Directors under certain stock-based compensation arrangements if the conversion is dilutive. For the three months ended March 31, 2023 and 2022, the diluted per-share computations reflect the number of common shares outstanding including the number of additional shares that would have been outstanding if the potentially dilutive common shares had been issued. The following table reconciles the denominator for basic and diluted earnings from continuing operations per common share: Three Months Ended March 31, 2023 2022 (In Millions) Basic weighted-average common shares outstanding 62.1 62.4 Effect of dilutive employee and director awards 0.1 0.2 Diluted weighted-average common shares outstanding 62.2 62.6 Reclassifications As of March 31, 2023, the Company combined products and services revenues and freight revenues into total revenues, and combined cost of revenues - products and services and cost of revenues - freight into total cost of revenues on the Company's consolidated statements of earnings and comprehensive earnings. Prior-year information has been reclassified to conform to the current-year presentation. The reclassifications had no impact on the Company’s previously reported results of operations, financial position or cash flows. |
Discontinued Operations and Ass
Discontinued Operations and Assets and Liabilities Held for Sale | 3 Months Ended |
Mar. 31, 2023 | |
Business Combinations [Abstract] | |
Discontinued Operations and Assets and Liabilities Held for Sale | 2. Discontinued Operations and Assets and Liabilities Held for Sale Discontinued Operations For the three months ended March 31, 2023 and 2022, discontinued operations included the Company's Tehachapi, California cement plant, related cement distribution terminals, California cement import operations and California ready mixed concrete businesses. Discontinued operations as of March 31, 2022 also included the Company's Redding, California cement plant, related cement distribution terminals and 14 California ready mix operations that were sold in June 2022 (hereinafter, the Redding transaction). Financial results for the Company's discontinued operations are as follows: Three Months Ended March 31, 2023 2022 (Dollars in Millions) Total revenues $ 24.6 $ 94.7 Pretax loss $ ( 17.1 ) $ ( 4.1 ) Income tax benefit ( 4.2 ) ( 1.0 ) Loss from discontinued operations, net of income tax benefit $ ( 12.9 ) $ ( 3.1 ) Total cash used for operating and investing activities for discontinued operations was $ 5.4 million for the three months ended March 31, 2023 , which included $ 1.6 million of cash used for capital expenditures. Total cash used for operating and investing activities for the three months ended March 31, 2022 was $ 14.0 million, which included $ 8.6 million of cash used for capital expenditures. Assets and Liabilities Held for Sale Assets and liabilities held for sale at March 31, 2023 and December 31, 2022 included a cement plant in Tehachapi, California; related cement distribution terminals; the California cement import operations; the California ready mixed concrete plants not sold as part of the Redding transaction; and certain investment properties. Assets and liabilities held for sale are as follows: March 31, 2023 December 31, 2022 Continuing Operations Discontinued Operations Total Continuing Operations Discontinued Operations Total (Dollars in Millions) Inventories, net $ — $ 38.6 $ 38.6 $ — $ 31.3 $ 31.3 Investment land 20.6 — 20.6 40.6 — 40.6 Other assets — 0.9 0.9 — 1.3 1.3 Total current assets held for sale $ 20.6 $ 39.5 $ 60.1 $ 40.6 $ 32.6 $ 73.2 Property, plant and equipment $ — $ 126.8 $ 126.8 $ — $ 124.5 $ 124.5 Intangible assets, excluding goodwill — 208.5 208.5 — 208.5 208.5 Operating lease right-of-use assets — 11.9 11.9 — 12.1 12.1 Goodwill — 31.9 31.9 — 31.9 31.9 Valuation allowance for loss on sale — ( 4.5 ) ( 4.5 ) — ( 4.5 ) ( 4.5 ) Total noncurrent assets held for sale $ — $ 374.6 $ 374.6 $ — $ 372.5 $ 372.5 Lease obligations $ — $ ( 4.2 ) $ ( 4.2 ) $ — $ ( 4.5 ) $ ( 4.5 ) Total current liabilities held for sale $ — $ ( 4.2 ) $ ( 4.2 ) $ — $ ( 4.5 ) $ ( 4.5 ) Lease obligations $ — $ ( 3.3 ) $ ( 3.3 ) $ — $ ( 4.1 ) $ ( 4.1 ) Asset retirement obligations — ( 17.9 ) ( 17.9 ) — ( 17.7 ) ( 17.7 ) Total noncurrent liabilities held for sale $ — $ ( 21.2 ) $ ( 21.2 ) $ — $ ( 21.8 ) $ ( 21.8 ) |
Inventories, Net
Inventories, Net | 3 Months Ended |
Mar. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories, Net | 3. Inventories, Net March 31, December 31, 2023 2022 (Dollars in Millions) Finished products $ 1,023.8 $ 932.4 Products in process 21.5 24.8 Raw materials 93.5 71.7 Supplies and expendable parts 158.5 153.1 Total inventories 1,297.3 1,182.0 Less: Allowances ( 348.6 ) ( 308.3 ) Inventories, net $ 948.7 $ 873.7 |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 4. Long-Term Debt March 31, December 31, 2023 2022 (Dollars in Millions) 0.650 % Senior Notes, due 2023 (discharged) $ 699.6 $ 699.1 4.250 % Senior Notes, due 2024 399.1 398.9 7 % Debentures, due 2025 124.7 124.7 3.450 % Senior Notes, due 2027 298.4 298.3 3.500 % Senior Notes, due 2027 491.7 491.5 2.500 % Senior Notes, due 2030 470.8 470.5 2.400 % Senior Notes, due 2031 888.8 888.6 6.25 % Senior Notes, due 2037 228.4 228.4 4.250 % Senior Notes, due 2047 590.2 590.2 3.200 % Senior Notes, due 2051 849.9 849.8 Total debt 5,041.6 5,040.0 Less: current maturities ( 699.6 ) ( 699.1 ) Long-term debt $ 4,342.0 $ 4,340.9 On September 29, 2022, the Company satisfied and discharged the 2023 Notes. In connection with the satisfaction and discharge, the Company irrevocably deposited funds with Regions Bank, as trustee under the indenture governing the 2023 Notes, in an amount sufficient to satisfy all remaining principal and interest payments on the 2023 Notes. Holders of the 2023 Notes will receive payment of principal on the scheduled maturity date of the 2023 Notes and payment of interest at the per annum rate (and on the dates) set forth in the 2023 Notes indenture. The Company utilized existing cash resources to fund the satisfaction and discharge. As a result of the satisfaction and discharge of the 2023 Notes, the obligations of the Company under the indenture with respect to the 2023 Notes have been terminated, except those provisions of the indenture that, by their terms, survive the satisfaction and discharge. Because the discharge did not represent a legal defeasance, the 2023 Notes remain on the Company’s consolidated balance sheets at March 31, 2023 and December 31, 2022 and will continue to accrete to their par value over the period until maturity in July 2023. Additionally, the related trust assets are included in Restricted investments (to satisfy discharged debt and related interest) on the Company’s consolidated balance sheets at March 31, 2023 and December 31, 2022. The Company has a credit agreement with JPMorgan Chase Bank, N.A., as Administrative Agent, Deutsche Bank Securities, Inc., PNC Bank, Truist Bank and Wells Fargo Bank, N.A., as Syndication Agents, and the lenders party thereto (the Credit Agreement), which provides for a $ 800.0 million five-year senior unsecured revolving facility (the Revolving Facility) with a maturity date of December 21, 2027 . Borrowings under the Revolving Facility bear interest, at the Company’s option, at rates based upon the Secured Overnight Financing Rate (SOFR) or a base rate, plus, for each rate, a margin determined in accordance with a ratings-based pricing grid. There were no borrowings outstanding under the Credit Agreement as of March 31, 2023 and December 31, 2022. Any outstanding principal amounts, together with interest accrued thereon, are due in full on that maturity date. Available borrowings under the Revolving Facility are reduced by any outstanding letters of credit issued by the Company under the Revolving Facility. At March 31, 2023 and December 31, 2022, the Company had $ 2.6 million of outstanding letters of credit issued under the Revolving Facility. The Credit Agreement requires the Company’s ratio of consolidated net debt-to-consolidated earnings before interest, taxes, depreciation, depletion and amortization (EBITDA), as defined by the Revolving Facility, for the trailing-twelve months (the Ratio) to not exceed 3.50 x as of the end of any fiscal quarter, provided that the Company may exclude from the Ratio any debt incurred in connection with certain acquisitions during the quarter or three preceding quarters so long as the Ratio calculated without such exclusion does not exceed 4.00 x. Additionally, if no amounts are outstanding under the Revolving Facility or the Company's trade receivable securitization facility (discussed below), consolidated debt, as defined, which includes debt for which the Company is a guarantor (see Note 8), shall be reduced in an amount equal to the lesser of $ 500.0 million or the sum of the Company’s unrestricted cash and temporary investments, for purposes of the covenant calculation. The Company was in compliance with the Ratio at March 31, 2023. The Company, through a wholly-owned special-purpose subsidiary, has a $ 400 million trade receivable securitization facility (the Trade Receivable Facility), that matures on September 20, 2023 . The Trade Receivable Facility, with Truist Bank, Regions Bank, PNC Bank, N.A., MUFG Bank, Ltd., New York Branch, and certain other lenders that may become a party to the facility from time to time, is backed by eligible trade receivables, as defined. Borrowings are limited to the lesser of the facility limit or the borrowing base, as defined. These receivables are originated by the Company and then sold or contributed to the wholly-owned special-purpose subsidiary. The Company continues to be responsible for the servicing and administration of the receivables purchased by the wholly-owned special-purpose subsidiary. Borrowings under the Trade Receivable Facility bear interest at a rate equal to asset-backed commercial paper costs of conduit lenders plus 0.65 % for borrowings funded by conduit lenders and Adjusted Term Secured Overnight Financing Rate (Adjusted Term SOFR), as defined, plus 0.7 %, subject to change in the event that this rate no longer reflects the lender’s cost of lending, for borrowings funded by all other lenders. The Trade Receivable Facility contains a cross-default provision to the Company’s other debt agreements. Subject to certain conditions, including lenders providing the requisite commitments, the Trade Receivable Facility may be increased to a borrowing base not to exceed $ 500 million. There were no borrowings outstanding under the Trade Receivable Facility at March 31, 2023 and December 31, 2022 . |
Financial Instruments
Financial Instruments | 3 Months Ended |
Mar. 31, 2023 | |
Financial Instruments Disclosure [Abstract] | |
Financial Instruments | 5. Financial Instruments The Company’s financial instruments include temporary cash investments, restricted cash, restricted investments, accounts receivable, notes receivable, accounts payable, publicly-registered long-term notes, debentures and other long-term debt. Temporary cash investments are placed primarily in money market funds, money market demand deposit accounts and Eurodollar time deposit accounts with financial institutions. The Company’s cash equivalents have maturities of less than three months. Due to the short maturity of these investments, they are carried on the consolidated balance sheets at cost, which approximates fair value. Restricted cash is held in a trust account with a third-party intermediary. Due to the short-term nature of this account, the carrying value of restricted cash approximates its fair value. Restricted investments are held in a fund that invests solely in U.S. Treasury securities. The estimated fair value of the fund is valued at net asset value, which the fund seeks to maintain at one dollar per share. As such, the carrying value of the restricted investments approximates its fair value. The Company is restricted from accessing the investments, which will be used to settle the 2023 Notes and related interest payments. Investment returns on those trust assets are for the account of the Company if there are any after satisfaction of all amounts payable in connection with the 2023 Notes. Accounts receivable are due from a large number of customers, primarily in the construction industry, and are dispersed across wide geographic and economic regions. No single customer accounted for 10 % or more of consolidated accounts receivable at March 31, 2023 and December 31, 2022. The carrying values of accounts receivable approximate their fair values. Notes receivable are primarily promissory notes with customers and are not publicly traded. Management estimates that the carrying value of notes receivable approximates its fair value. Accounts payable represent amounts owed to suppliers and vendors. The estimated carrying value of accounts payable approximates its fair value due to the short-term nature of the payables . The carrying values and fair values of the Company’s long-term debt were $ 5.04 billion and $ 4.46 billion, respectively, at March 31, 2023 and $ 5.04 billion and $ 4.36 billion, respectively, at December 31, 2022. The estimated fair value of the Company’s publicly-registered long-term debt was estimated based on Level 1 of the fair value hierarchy using quoted market prices. The carrying values of other borrowings, which primarily represent variable-rate debt, approximate their fair value as the interest rates reset periodically . |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 6. Income Taxes The effective income tax rate reflects the effect of federal and state income taxes on earnings and the impact of differences in book and tax accounting arising primarily from the permanent tax benefits associated with the statutory depletion deduction for mineral reserves. The effective income tax rates for continuing operations were 20.9 % and 19.3 % for the three months ended March 31, 2023 and 2022 , respectively. |
Pension and Postretirement Bene
Pension and Postretirement Benefits | 9 Months Ended |
Sep. 30, 2022 | |
Retirement Benefits [Abstract] | |
Pension and Postretirement Benefits | 7. Pension and Postretirement Benefits The net periodic benefit cost (credit) for pension and postretirement benefits includes the following components: Pension Postretirement Benefits Three Months Ended March 31, 2023 2022 2023 2022 (Dollars in Millions) Service cost $ 7.7 $ 11.5 $ — $ — Interest cost 12.7 10.2 0.1 0.1 Expected return on assets ( 17.8 ) ( 19.4 ) — — Amortization of: Prior service cost (credit) 1.4 1.2 ( 0.1 ) ( 0.2 ) Actuarial loss (gain) 0.1 0.9 ( 0.1 ) ( 0.1 ) Net periodic benefit cost (credit) $ 4.1 $ 4.4 $ ( 0.1 ) $ ( 0.2 ) The components of net periodic benefit cost (credit), other than service cost, are included in the line item Other nonoperating income, net , in the consolidated statements of earnings and comprehensive earnings. Based on the roles of the employees, service cost is included in Cost of revenues or Selling , general and administrative expenses line items in the consolidated statements of earnings and comprehensive earnings . |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 8. Commitments and Contingencies Legal and Administrative Proceedings The Company is engaged in certain legal and administrative proceedings incidental to its normal business activities, including matters relating to environmental protection. The Company considers various factors in assessing the probable outcome of each matter, including but not limited to the nature of existing legal proceedings and claims, the asserted or possible damages, the jurisdiction and venue of the case and whether it is a jury trial, the progress of the case, existing law and precedent, the opinions or views of legal counsel and other advisers, the Company’s experience in similar cases and the experience of other companies, the facts available to the Company at the time of assessment, and how the Company intends to respond to the proceeding or claim. The Company’s assessment of these factors may change over time as proceedings or claims progress. The Company believes the probability is remote that the outcome of any currently pending legal or administrative proceeding will result in a material loss to the Company as a whole, based on currently available facts. Letters of Credit In the normal course of business, the Company provides certain third parties with standby letter of credit agreements guaranteeing its payment for certain insurance claims, contract performance and permit requirements. At March 31, 2023, the Company was contingently liable fo r $ 26.8 m illion in letters of credit. Borrowing Arrangements with Affiliate The Company is a guarantor with an unconsolidated affiliate for a $ 15.0 million revolving line of credit agreement with Truist Bank that has a maturity date of March 2024 , of which $ 2.4 millio n was outstanding at March 31, 2023. The affiliate has agreed to reimburse and indemnify the Company for any payments and expenses the Company may incur from this agreement. The Company holds a lien on the affiliate’s membership interest in a joint venture as collateral for payment under the revolving line of credit. In addition, the Company has a $ 6.0 million interest-only loan receivable, due December 31, 2024 , outstanding from this unconsolidated affiliate at March 31, 2023 and December 31, 2022 . The interest rate is one-month LIBOR plus a current spread of 1.63 %. |
Segments
Segments | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Segments | 9. Segments The Building Materials business contains two reportable segments: the East Group and the West Group. The Company also has a Magnesia Specialties segment. The Company’s evaluation of performance and allocation of resources are based primarily on earnings from operations. Consolidated earnings from operations include total revenues less cost of revenues; selling, general and administrative expenses; acquisition and integration expenses; other operating income and expenses, net; and exclude interest expense; other nonoperating income and expenses, net; and income tax expense. Corporate loss from operations primarily includes depreciation; expenses for corporate administrative functions; acquisition and integration expenses; and other nonrecurring income and expenses not attributable to operations of the Company's other operating segments. All long-term debt and related interest expense are held at Corporate. The following table displays selected financial data for the Company’s reportable segments. Total revenues, as presented on the consolidated statements of earnings and comprehensive earnings, reflect the elimination of intersegment revenues, which represent sales from one segment to another segment. Total revenues and earnings (loss) from operations reflect continuing operations only. Three Months Ended March 31, 2023 2022 (Dollars in Millions) Total revenues: East Group $ 529.6 $ 418.8 West Group 741.1 735.0 Total Building Materials business 1,270.7 1,153.8 Magnesia Specialties 83.4 77.0 Total $ 1,354.1 $ 1,230.8 Earnings (Loss) from operations: East Group $ 108.9 $ 28.0 West Group 94.7 43.0 Total Building Materials business 203.6 71.0 Magnesia Specialties 20.6 21.5 Corporate ( 28.1 ) ( 32.6 ) Total $ 196.1 $ 59.9 |
Revenues and Gross Profit
Revenues and Gross Profit | 3 Months Ended |
Mar. 31, 2023 | |
Revenues And Gross Profit [Abstract] | |
Revenues and Gross Profit | 10. Revenues and Gross Profit Performance Obligations. Performance obligations are contractual promises to transfer or provide a distinct good or service for a stated price. The Company’s product sales agreements are single-performance obligations that are satisfied at a point in time. Performance obligations within paving service agreements are satisfied over time, primarily ranging from one day to two years . For product and freight revenues, customer payment terms are generally 30 days from invoice date. Customer payments for the paving operations are based on a contractual billing schedule and are due 30 days from invoice date. Future revenues from unsatisfied performance obligations at March 31, 2023 and 2022 were $ 241.0 million and $ 213.9 million, respectively, where the remaining periods to complete these obligations ranged from less than one month to 30 months a nd one month to 25 months , respectively. Service Revenues. Service revenues, which include paving services located in California and Colorado, were $ 26.3 million and $ 18.3 million for the three months ended March 31, 2023 and 2022, respectively, and are reported in the West Group. Contract Balances. Costs in excess of billings relate to the conditional right to consideration for completed contractual performance and are contract assets on the consolidated balance sheets. Costs in excess of billings are reclassified to accounts receivable when the right to consideration becomes unconditional. Billings in excess of costs relate to customers invoiced in advance of contractual performance and are contract liabilities on the consolidated balance sheets. The following table presents information about the Company’s contract balances: March 31, 2023 December 31, 2022 (Dollars in Millions) Costs in excess of billings $ 4.9 $ 5.1 Billings in excess of costs $ 7.5 $ 10.5 Revenues recognized from the beginning balance of contract liabilities for the three months ended March 31, 2023 and 2022 were $ 5.2 m illion and $ 3.5 million, respectively. Retainage, which primarily relates to the paving services, represents amounts that have been billed to customers but payment withheld until final acceptance of the performance obligation by the customer. Retainage, which is included in Other current assets on the Company’s consolidated balance sheets, was $ 10.0 million and $ 13.4 million at March 31, 2023 and December 31, 2022, respectively. The following table, which is reconciled to consolidated amounts, provides total revenues and gross profit (loss) by line of business: Building Materials (further divided by product line) and Magnesia Specialties. Interproduct revenues represent sales from the aggregates product line to the ready mixed concrete and asphalt and paving product lines and sales from the cement product line to the ready mixed concrete product line. Total revenues and gross profit (loss) reflect continuing operations only. Three Months Ended March 31, 2023 2022 (Dollars in Millions) Total revenues: Building Materials business: Aggregates $ 911.9 $ 756.6 Cement 168.6 138.3 Ready mixed concrete 220.0 291.1 Asphalt and paving services 58.0 56.8 Less: interproduct revenues ( 87.8 ) ( 89.0 ) Total Building Materials business 1,270.7 1,153.8 Magnesia Specialties 83.4 77.0 Total $ 1,354.1 $ 1,230.8 Gross profit (loss): Building Materials business: Aggregates $ 238.1 $ 102.8 Cement 47.1 26.9 Ready mixed concrete 11.2 21.9 Asphalt and paving services ( 20.5 ) ( 13.2 ) Total Building Materials business 275.9 138.4 Magnesia Specialties 25.0 25.6 Corporate 1.9 ( 7.9 ) Total $ 302.8 $ 156.1 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 3 Months Ended |
Mar. 31, 2023 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | 11. Supplemental Cash Flow Information Noncash investing and financing activities are as follows: Three Months Ended March 31, 2023 2022 (Dollars in Millions) Accrued liabilities for purchases of property, plant and equipment $ 39.8 $ 24.5 Remeasurement of operating lease right-of-use assets $ 0.5 $ 0.3 Remeasurement of finance lease right-of-use assets $ — $ 0.4 Right-of-use assets obtained in exchange for new $ 13.8 $ 6.1 Right-of-use assets obtained in exchange for $ 5.4 $ 3.6 Acquisition of assets through asset exchange $ 5.2 $ — Supplemental disclosures of cash flow information are as follows: Three Months Ended March 31, 2023 2022 (Dollars in Millions) Cash paid for interest, net of capitalized amount $ 41.4 $ 44.8 Cash paid for income taxes, net of refunds $ 4.1 $ 0.8 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | 12. Subsequent Events On April 26, 2023, the Company terminated its agreement with CalPortland Company regarding the sale of the Company’s Tehachapi, California cement plant and related distribution terminals to CalPortland in light of the parties being unable to timely obtain the necessary approval by the U.S. Federal Trade Commission. The Company intends to explore the potential sale of Tehachapi to other buyers. On May 3, 2023, the Company divested its cement import operations in California. Since October 1, 2021, these cement businesses have been classified as assets held for sale on the Company’s consolidated balance sheet; the associated financial results have been reported as discontinued operations on the consolidated statement of earnings. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Organization | Organization Martin Marietta Materials, Inc. (the Company or Martin Marietta) is a natural resource-based building materials company. As of March 31, 2023, the Company supplies aggregates (crushed stone, sand and gravel) through its network of approximately 350 q uarries, mines and distribution yards in 28 states, Canada and The Bahamas. Martin Marietta also provides cement and downstream products and services, namely, ready mixed concrete, asphalt and paving, in vertically-integrated structured markets where the Company also has a leading aggregates position. In addition, the Company has one cement plant, related cement distribution terminals, cement import operations and ready mixed concrete operations in California that are classified as assets held for sale and reported as discontinued operations as of and for the three months ended March 31, 2023 and 2022 and as of December 31, 2022. The Company’s heavy-side building materials are used in infrastructure, nonresidential and residential construction projects. Aggregates are also used in agricultural, utility and environmental applications and as railroad ballast. The aggregates, cement, ready mixed concrete, asphalt and paving product lines are reported collectively as the “Building Materials” business. The Company’s Building Materials business includes two reportable segments: the East Group and the West Group. BUILDING MATERIALS BUSINESS (continuing operations only) Reportable Segments East Group West Group Operating Locations Alabama, Florida, Georgia, Indiana, Arizona, Arkansas, California, Colorado, Louisiana, Oklahoma, Texas, Utah, Product Lines Aggregates and Asphalt Aggregates, Cement, Ready Mixed Concrete, Asphalt and Paving The Company’s Magnesia Specialties business, which represents a separate reportable segment, has manufacturing facilities in Manistee, Michigan, and Woodville, Ohio. The Magnesia Specialties business produces magnesia-based chemicals products used in industrial, agricultural and environmental applications, and dolomitic lime sold primarily to customers for steel production and soil stabilization. |
Basis of Presentation and Use of Estimates | Basis of Presentation and Use of Estimates The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) for interim financial information and with the instructions to the Quarterly Report on Form 10-Q and in Article 10 of Regulation S-X. The Company has continued to follow the accounting policies set forth in the audited consolidated financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. In the opinion of management, the interim consolidated financial information provided herein reflects all adjustments, consisting of normal recurring accruals, necessary for a fair statement of the results of operations, financial position and cash flows for the interim periods. The consolidated results of operations for the three months ended March 31, 2023 are not necessarily indicative of the results expected for other interim periods or the full year. The consolidated balance sheet at December 31, 2022 has been derived from the audited consolidated financial statements at that date but does not include all of the information and notes required by U.S. GAAP for complete financial statements. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. The preparation of the Company’s consolidated financial statements requires management to make certain estimates and assumptions about future events. As future events and their effects cannot be fully determined with precision, actual results could differ significantly from estimates. Changes in estimates are reflected in the consolidated financial statements in the period in which the change in estimate occurs. |
Revenue Recognition | Revenue Recognition Total revenues include sales of products and services to customers, net of discounts or allowances, if any, and freight and delivery costs billed to customers. Product revenues are recognized when control of the promised good is transferred to unaffiliated customers, typically when finished products are shipped. Intersegment and interproduct revenues are eliminated in consolidation. Service revenues are derived from the paving business and are recognized using the percentage-of-completion method under the cost-to-cost approach. When the Company arranges third-party freight to deliver products to customers, the Company has elected the delivery to be a fulfillment activity rather than a separate performance obligation. Further, the Company acts as a principal in the delivery arrangements and, as required by Accounting Standards Codification (ASC) 606, the related revenues and costs are presented gross in the consolidated statements of earnings and are recognized consistently with the timing of the product revenues. |
Restricted Cash | Restricted Cash At March 31, 2023 and December 31, 2022, the Company had restricted cash of $ 0.1 million and $ 0.8 million , respectively, which was invested in an account designated for the purchase of like-kind exchange replacement assets under Section 1031 of the Internal Revenue Code and related IRS procedures (Section 1031). The Company is restricted from utilizing the cash for purposes other than the purchase of qualified assets for 180 days from receipt of the proceeds from the sale of the exchanged property. Any unused cash at the end of the 180 days is transferred to unrestricted accounts of the Company and used for general corporate purposes. The statements of cash flows reflect cash flow changes and balances for cash, cash equivalents and restricted cash on an aggregated basis. 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: March 31, December 31, 2023 2022 (Dollars in Millions) Cash and cash equivalents $ 229.4 $ 358.0 Restricted cash 0.1 0.8 Total cash, cash equivalents and restricted cash $ 229.5 $ 358.8 |
Restricted Investments | Restricted Investments At March 31, 2023 and December 31, 2022, the Company had $ 702.3 million and $ 704.6 million , respectively, of restricted investments, representing assets irrevocably transferred to an escrow trust account to satisfy and discharge the Company’s $ 700.0 million of 0.650 % Senior Notes due 2023 (the 2023 Notes) (see Note 4). The assets in the escrow trust account may not be used for any purpose other than to satisfy the remaining interest payments and to repay the principal amount of the 2023 Notes on the maturity date of July 15, 2023. The assets transferred to the escrow trust account are invested in a U.S. Treasury securities fund (see Note 5) and investment returns on those trust assets are for the account of the Company (after satisfaction of all amounts payable in connection with the 2023 Notes). The Company consolidated the trust account on its balance sheets at March 31, 2023 and December 31, 2022 . |
Consolidated Comprehensive Earnings (Loss) and Accumulated Other Comprehensive Loss | Consolidated Comprehensive Earnings (Loss) and Accumulated Other Comprehensive Loss Consolidated comprehensive earnings (loss) consist of consolidated net earnings, adjustments for the funded status of pension and postretirement benefit plans and foreign currency translation adjustments, and are presented in the Company’s consolidated statements of earnings and comprehensive earnings. Consolidated comprehensive earnings (loss) attributable to Martin Marietta is as follows: Three Months Ended March 31, 2023 2022 (Dollars in Millions) Net earnings attributable to Martin Marietta $ 121.4 $ 21.4 Other comprehensive earnings (loss), net of tax 1.1 ( 31.6 ) Consolidated comprehensive earnings (loss) attributable to $ 122.5 $ ( 10.2 ) Accumulated other comprehensive loss consists of unrecognized gains and losses related to the funded status of the pension and postretirement benefit plans and foreign currency translation and is presented on the Company’s consolidated balance sheets. The components of the changes in accumulated other comprehensive loss, net of tax, are as follows: (Dollars in Millions) Pension and Foreign Currency Accumulated Three Months Ended March 31, 2023 Balance at beginning of period $ ( 36.5 ) $ ( 2.0 ) $ ( 38.5 ) Other comprehensive earnings before reclassifications, — 0.1 0.1 Amounts reclassified from accumulated other 1.0 — 1.0 Other comprehensive earnings, net of tax 1.0 0.1 1.1 Balance at end of period $ ( 35.5 ) $ ( 1.9 ) $ ( 37.4 ) Three Months Ended March 31, 2022 Balance at beginning of period $ ( 97.6 ) $ — $ ( 97.6 ) Other comprehensive (loss) earnings before reclassifications, ( 33.3 ) 0.4 ( 32.9 ) Amounts reclassified from accumulated other 1.3 — 1.3 Other comprehensive (loss) earnings, net of tax ( 32.0 ) 0.4 ( 31.6 ) Balance at end of period $ ( 129.6 ) $ 0.4 $ ( 129.2 ) The $ 33.3 million, net of tax, other comprehensive loss before reclassifications in the Pension and Postretirement Benefit Plans for the three months ended March 31, 2022 was driven by the remeasurement of the funded status of the Company’s qualified pension plan, required as a result of a plan amendment that provided an enhanced benefit for eligible hourly employees. Changes in net noncurrent deferred tax assets related to accumulated other comprehensive loss are as follows: Pension and Postretirement Benefit Plans Three Months Ended March 31, 2023 2022 (Dollars in Millions) Balance at beginning of period $ 50.1 $ 69.7 Tax effect of other comprehensive (earnings) loss ( 0.3 ) 10.5 Balance at end of period $ 49.8 $ 80.2 Reclassifications out of accumulated other comprehensive loss are as follows: Three Months Ended Affected line items in the March 31, consolidated statements of earnings 2023 2022 and comprehensive earnings (Dollars in Millions) Pension and postretirement Amortization of: Prior service cost $ 1.3 $ 1.0 Actuarial loss — 0.8 1.3 1.8 Other nonoperating income, net Tax effect ( 0.3 ) ( 0.5 ) Income tax expense Total $ 1.0 $ 1.3 |
Earnings per Common Share | Earnings per Common Share The numerator for basic and diluted earnings per common share is net earnings attributable to Martin Marietta, reduced by dividends and undistributed earnings attributable to certain of the Company’s stock-based compensation arrangements. If there is a net loss, no amount of the undistributed loss is attributed to unvested participating securities. The denominator for basic earnings per common share is the weighted-average number of common shares outstanding during the period. Diluted earnings per common share is computed assuming that the weighted-average number of common shares is increased by the conversion, using the treasury stock method, of awards to be issued to employees and nonemployee members of the Company’s Board of Directors under certain stock-based compensation arrangements if the conversion is dilutive. For the three months ended March 31, 2023 and 2022, the diluted per-share computations reflect the number of common shares outstanding including the number of additional shares that would have been outstanding if the potentially dilutive common shares had been issued. The following table reconciles the denominator for basic and diluted earnings from continuing operations per common share: Three Months Ended March 31, 2023 2022 (In Millions) Basic weighted-average common shares outstanding 62.1 62.4 Effect of dilutive employee and director awards 0.1 0.2 Diluted weighted-average common shares outstanding 62.2 62.6 |
Reclassifications | Reclassifications As of March 31, 2023, the Company combined products and services revenues and freight revenues into total revenues, and combined cost of revenues - products and services and cost of revenues - freight into total cost of revenues on the Company's consolidated statements of earnings and comprehensive earnings. Prior-year information has been reclassified to conform to the current-year presentation. The reclassifications had no impact on the Company’s previously reported results of operations, financial position or cash flows. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 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: March 31, December 31, 2023 2022 (Dollars in Millions) Cash and cash equivalents $ 229.4 $ 358.0 Restricted cash 0.1 0.8 Total cash, cash equivalents and restricted cash $ 229.5 $ 358.8 |
Consolidated Comprehensive Earnings (Loss) | Consolidated comprehensive earnings (loss) attributable to Martin Marietta is as follows: Three Months Ended March 31, 2023 2022 (Dollars in Millions) Net earnings attributable to Martin Marietta $ 121.4 $ 21.4 Other comprehensive earnings (loss), net of tax 1.1 ( 31.6 ) Consolidated comprehensive earnings (loss) attributable to $ 122.5 $ ( 10.2 ) |
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 Foreign Currency Accumulated Three Months Ended March 31, 2023 Balance at beginning of period $ ( 36.5 ) $ ( 2.0 ) $ ( 38.5 ) Other comprehensive earnings before reclassifications, — 0.1 0.1 Amounts reclassified from accumulated other 1.0 — 1.0 Other comprehensive earnings, net of tax 1.0 0.1 1.1 Balance at end of period $ ( 35.5 ) $ ( 1.9 ) $ ( 37.4 ) Three Months Ended March 31, 2022 Balance at beginning of period $ ( 97.6 ) $ — $ ( 97.6 ) Other comprehensive (loss) earnings before reclassifications, ( 33.3 ) 0.4 ( 32.9 ) Amounts reclassified from accumulated other 1.3 — 1.3 Other comprehensive (loss) earnings, net of tax ( 32.0 ) 0.4 ( 31.6 ) Balance at end of period $ ( 129.6 ) $ 0.4 $ ( 129.2 ) |
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 March 31, 2023 2022 (Dollars in Millions) Balance at beginning of period $ 50.1 $ 69.7 Tax effect of other comprehensive (earnings) loss ( 0.3 ) 10.5 Balance at end of period $ 49.8 $ 80.2 |
Reclassification Out of Accumulated Other Comprehensive Loss | Reclassifications out of accumulated other comprehensive loss are as follows: Three Months Ended Affected line items in the March 31, consolidated statements of earnings 2023 2022 and comprehensive earnings (Dollars in Millions) Pension and postretirement Amortization of: Prior service cost $ 1.3 $ 1.0 Actuarial loss — 0.8 1.3 1.8 Other nonoperating income, net Tax effect ( 0.3 ) ( 0.5 ) Income tax expense Total $ 1.0 $ 1.3 |
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 March 31, 2023 2022 (In Millions) Basic weighted-average common shares outstanding 62.1 62.4 Effect of dilutive employee and director awards 0.1 0.2 Diluted weighted-average common shares outstanding 62.2 62.6 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Information About the Company's Contract Balances | The following table presents information about the Company’s contract balances: March 31, 2023 December 31, 2022 (Dollars in Millions) Costs in excess of billings $ 4.9 $ 5.1 Billings in excess of costs $ 7.5 $ 10.5 |
Discontinued Operations and A_2
Discontinued Operations and Assets and Liabilities Held for Sale (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Business Combinations [Abstract] | |
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 March 31, 2023 2022 (Dollars in Millions) Total revenues $ 24.6 $ 94.7 Pretax loss $ ( 17.1 ) $ ( 4.1 ) Income tax benefit ( 4.2 ) ( 1.0 ) Loss from discontinued operations, net of income tax benefit $ ( 12.9 ) $ ( 3.1 ) Assets and liabilities held for sale are as follows: March 31, 2023 December 31, 2022 Continuing Operations Discontinued Operations Total Continuing Operations Discontinued Operations Total (Dollars in Millions) Inventories, net $ — $ 38.6 $ 38.6 $ — $ 31.3 $ 31.3 Investment land 20.6 — 20.6 40.6 — 40.6 Other assets — 0.9 0.9 — 1.3 1.3 Total current assets held for sale $ 20.6 $ 39.5 $ 60.1 $ 40.6 $ 32.6 $ 73.2 Property, plant and equipment $ — $ 126.8 $ 126.8 $ — $ 124.5 $ 124.5 Intangible assets, excluding goodwill — 208.5 208.5 — 208.5 208.5 Operating lease right-of-use assets — 11.9 11.9 — 12.1 12.1 Goodwill — 31.9 31.9 — 31.9 31.9 Valuation allowance for loss on sale — ( 4.5 ) ( 4.5 ) — ( 4.5 ) ( 4.5 ) Total noncurrent assets held for sale $ — $ 374.6 $ 374.6 $ — $ 372.5 $ 372.5 Lease obligations $ — $ ( 4.2 ) $ ( 4.2 ) $ — $ ( 4.5 ) $ ( 4.5 ) Total current liabilities held for sale $ — $ ( 4.2 ) $ ( 4.2 ) $ — $ ( 4.5 ) $ ( 4.5 ) Lease obligations $ — $ ( 3.3 ) $ ( 3.3 ) $ — $ ( 4.1 ) $ ( 4.1 ) Asset retirement obligations — ( 17.9 ) ( 17.9 ) — ( 17.7 ) ( 17.7 ) Total noncurrent liabilities held for sale $ — $ ( 21.2 ) $ ( 21.2 ) $ — $ ( 21.8 ) $ ( 21.8 ) |
Inventories, Net (Tables)
Inventories, Net (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories Net | March 31, December 31, 2023 2022 (Dollars in Millions) Finished products $ 1,023.8 $ 932.4 Products in process 21.5 24.8 Raw materials 93.5 71.7 Supplies and expendable parts 158.5 153.1 Total inventories 1,297.3 1,182.0 Less: Allowances ( 348.6 ) ( 308.3 ) Inventories, net $ 948.7 $ 873.7 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | March 31, December 31, 2023 2022 (Dollars in Millions) 0.650 % Senior Notes, due 2023 (discharged) $ 699.6 $ 699.1 4.250 % Senior Notes, due 2024 399.1 398.9 7 % Debentures, due 2025 124.7 124.7 3.450 % Senior Notes, due 2027 298.4 298.3 3.500 % Senior Notes, due 2027 491.7 491.5 2.500 % Senior Notes, due 2030 470.8 470.5 2.400 % Senior Notes, due 2031 888.8 888.6 6.25 % Senior Notes, due 2037 228.4 228.4 4.250 % Senior Notes, due 2047 590.2 590.2 3.200 % Senior Notes, due 2051 849.9 849.8 Total debt 5,041.6 5,040.0 Less: current maturities ( 699.6 ) ( 699.1 ) Long-term debt $ 4,342.0 $ 4,340.9 |
Pension and Postretirement Be_2
Pension and Postretirement Benefits (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Retirement Benefits [Abstract] | |
Schedule of Components of Net Periodic Benefit Cost (Credit) | The net periodic benefit cost (credit) for pension and postretirement benefits includes the following components: Pension Postretirement Benefits Three Months Ended March 31, 2023 2022 2023 2022 (Dollars in Millions) Service cost $ 7.7 $ 11.5 $ — $ — Interest cost 12.7 10.2 0.1 0.1 Expected return on assets ( 17.8 ) ( 19.4 ) — — Amortization of: Prior service cost (credit) 1.4 1.2 ( 0.1 ) ( 0.2 ) Actuarial loss (gain) 0.1 0.9 ( 0.1 ) ( 0.1 ) Net periodic benefit cost (credit) $ 4.1 $ 4.4 $ ( 0.1 ) $ ( 0.2 ) |
Segments (Tables)
Segments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Financial Data for Continuing Operation for Company's Reportable Business Segments | The following table displays selected financial data for the Company’s reportable segments. Total revenues, as presented on the consolidated statements of earnings and comprehensive earnings, reflect the elimination of intersegment revenues, which represent sales from one segment to another segment. Total revenues and earnings (loss) from operations reflect continuing operations only. Three Months Ended March 31, 2023 2022 (Dollars in Millions) Total revenues: East Group $ 529.6 $ 418.8 West Group 741.1 735.0 Total Building Materials business 1,270.7 1,153.8 Magnesia Specialties 83.4 77.0 Total $ 1,354.1 $ 1,230.8 Earnings (Loss) from operations: East Group $ 108.9 $ 28.0 West Group 94.7 43.0 Total Building Materials business 203.6 71.0 Magnesia Specialties 20.6 21.5 Corporate ( 28.1 ) ( 32.6 ) Total $ 196.1 $ 59.9 |
Revenues and Gross Profit (Tabl
Revenues and Gross Profit (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Revenues And Gross Profit [Abstract] | |
Summary of Information About the Company's Contract Balances | The following table presents information about the Company’s contract balances: March 31, 2023 December 31, 2022 (Dollars in Millions) Costs in excess of billings $ 4.9 $ 5.1 Billings in excess of costs $ 7.5 $ 10.5 |
Total Revenues and Gross Profit (Loss) by Product Line | The following table, which is reconciled to consolidated amounts, provides total revenues and gross profit (loss) by line of business: Building Materials (further divided by product line) and Magnesia Specialties. Interproduct revenues represent sales from the aggregates product line to the ready mixed concrete and asphalt and paving product lines and sales from the cement product line to the ready mixed concrete product line. Total revenues and gross profit (loss) reflect continuing operations only. Three Months Ended March 31, 2023 2022 (Dollars in Millions) Total revenues: Building Materials business: Aggregates $ 911.9 $ 756.6 Cement 168.6 138.3 Ready mixed concrete 220.0 291.1 Asphalt and paving services 58.0 56.8 Less: interproduct revenues ( 87.8 ) ( 89.0 ) Total Building Materials business 1,270.7 1,153.8 Magnesia Specialties 83.4 77.0 Total $ 1,354.1 $ 1,230.8 Gross profit (loss): Building Materials business: Aggregates $ 238.1 $ 102.8 Cement 47.1 26.9 Ready mixed concrete 11.2 21.9 Asphalt and paving services ( 20.5 ) ( 13.2 ) Total Building Materials business 275.9 138.4 Magnesia Specialties 25.0 25.6 Corporate 1.9 ( 7.9 ) Total $ 302.8 $ 156.1 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Noncash Investing and Financing Activities | Noncash investing and financing activities are as follows: Three Months Ended March 31, 2023 2022 (Dollars in Millions) Accrued liabilities for purchases of property, plant and equipment $ 39.8 $ 24.5 Remeasurement of operating lease right-of-use assets $ 0.5 $ 0.3 Remeasurement of finance lease right-of-use assets $ — $ 0.4 Right-of-use assets obtained in exchange for new $ 13.8 $ 6.1 Right-of-use assets obtained in exchange for $ 5.4 $ 3.6 Acquisition of assets through asset exchange $ 5.2 $ — |
Supplemental Disclosures of Cash Flow Information | Supplemental disclosures of cash flow information are as follows: Three Months Ended March 31, 2023 2022 (Dollars in Millions) Cash paid for interest, net of capitalized amount $ 41.4 $ 44.8 Cash paid for income taxes, net of refunds $ 4.1 $ 0.8 |
Significant Accounting Polici_4
Significant Accounting Policies - Additional Information (Detail) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 USD ($) Plant State Segment Facility | Mar. 31, 2022 USD ($) Plant | Dec. 31, 2022 USD ($) Plant | |
Significant Accounting Policies [Line Items] | |||
Number of quarries and yards | Facility | 350 | ||
Number of states in which entity operates | State | 28 | ||
Reportable business segments | Segment | 2 | ||
Restricted cash | $ 0.1 | $ 0.8 | |
Number of days restricted from utilizing cash | 180 days | ||
Restricted investments | 702.3 | $ 704.6 | |
0.650% Senior Notes, Due 2023 (discharged) | |||
Significant Accounting Policies [Line Items] | |||
Debt instrument, face amount | $ 700 | $ 700 | |
Interest rate on notes | 0.65% | 0.65% | |
Maturity year | 2023 | 2023 | |
Pension and Postretirement Benefit Plans | |||
Significant Accounting Policies [Line Items] | |||
Other comprehensive loss, before reclassifications, net of tax | $ 33.3 | ||
California | |||
Significant Accounting Policies [Line Items] | |||
Number of cement plants | Plant | 1 | 1 | 1 |
Significant Accounting Polici_5
Significant Accounting Policies - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Restricted Cash and Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 229.4 | $ 358 | ||
Restricted cash | 0.1 | 0.8 | ||
Total cash, cash equivalents and restricted cash presented in the consolidated statements of cash flows | $ 229.5 | $ 358.8 | $ 189.6 | $ 258.9 |
Significant Accounting Polici_6
Significant Accounting Policies - Comprehensive Earnings (Loss) Attributable to Martin Marietta Materials Incorporated (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
Net earnings attributable to Martin Marietta | $ 121.4 | $ 21.4 |
Other comprehensive earnings (loss), net of tax | 1.1 | (31.6) |
Consolidated comprehensive earnings (loss) attributable to Martin Marietta | $ 122.5 | $ (10.2) |
Significant Accounting Polici_7
Significant Accounting Policies - Changes in Accumulated Other Comprehensive Loss Net of Tax (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance, Total Equity | $ 7,172.8 | $ 6,537.6 |
Amounts reclassified from accumulated other comprehensive loss, net of tax | 1 | 1.3 |
Other comprehensive earnings (loss), net of tax | 1.1 | (31.6) |
Ending Balance, Total Equity | 7,177.5 | 6,431.1 |
Pension and Postretirement Benefit Plans | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance, Total Equity | (36.5) | (97.6) |
Other comprehensive (loss) earnings before reclassifications, net of tax | (33.3) | |
Amounts reclassified from accumulated other comprehensive loss, net of tax | 1 | 1.3 |
Other comprehensive earnings (loss), net of tax | 1 | (32) |
Ending Balance, Total Equity | (35.5) | (129.6) |
Foreign Currency | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance, Total Equity | (2) | 0 |
Other comprehensive (loss) earnings before reclassifications, net of tax | 0.1 | 0.4 |
Other comprehensive earnings (loss), net of tax | 0.1 | 0.4 |
Ending Balance, Total Equity | (1.9) | 0.4 |
Accumulated Other Comprehensive Loss | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance, Total Equity | (38.5) | (97.6) |
Other comprehensive (loss) earnings before reclassifications, net of tax | 0.1 | (32.9) |
Amounts reclassified from accumulated other comprehensive loss, net of tax | 1 | 1.3 |
Other comprehensive earnings (loss), net of tax | 1.1 | (31.6) |
Ending Balance, Total Equity | $ (37.4) | $ (129.2) |
Significant Accounting Polici_8
Significant Accounting Policies - Noncurrent Deferred Tax Assets Recorded in Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Equity [Abstract] | ||
Balance at beginning of period | $ 50.1 | $ 69.7 |
Tax effect of other comprehensive (earnings) loss | (0.3) | 10.5 |
Balance at end of period | $ 49.8 | $ 80.2 |
Significant Accounting Polici_9
Significant Accounting Policies - Reclassifications Out of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Tax benefit | $ 35.5 | $ 5.8 |
Earnings from Continuing Operations | (1) | (1.3) |
Pension and Postretirement Benefit Plans | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Earnings from Continuing Operations | (1) | (1.3) |
Reclassification out of Accumulated Other Comprehensive Income | Pension and Postretirement Benefit Plans | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Prior service cost | 1.3 | 1 |
Actuarial loss | 0 | 0.8 |
Tax benefit | (0.3) | (0.5) |
Reclassification out of Accumulated Other Comprehensive Income | Pension and Postretirement Benefit Plans | Other Nonoperating Income, Net | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Total reclassifications out of accumulated other comprehensive loss before taxes | $ 1.3 | $ 1.8 |
Significant Accounting Polic_10
Significant Accounting Policies - Basic and Diluted Earnings from Continuing Operations Per Common Share (Detail) - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Earnings Per Share [Abstract] | ||
Basic weighted-average common shares outstanding | 62.1 | 62.4 |
Effect of dilutive employee and director awards | 0.1 | 0.2 |
Diluted weighted-average common shares outstanding | 62.2 | 62.6 |
Discontinued Operations and A_3
Discontinued Operations and Assets and Liabilities Held for Sale - Additional Information (Detail) $ in Millions | 3 Months Ended | 6 Months Ended | |
Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | Jun. 30, 2022 Plant | |
Business Acquisition [Line Items] | |||
Cash used for operating and investing activities for discontinued operations | $ 5.4 | $ 14 | |
Proceeds from divestitures | $ 1.6 | $ 8.6 | |
Business combination number of California ready mix operations | Plant | 14 |
Discontinued Operations and A_4
Discontinued Operations and Assets and Liabilities Held for Sale - Summary of Discontinued Operations (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | ||
Total revenues | $ 24.6 | $ 94.7 |
Pretax loss | (17.1) | (4.1) |
Income tax expense | (4.2) | (1) |
Loss from discontinued operations, net of income tax benefit | $ (12.9) | $ (3.1) |
Discontinued Operations and A_5
Discontinued Operations and Assets and Liabilities Held for Sale - Summary of Assets and Liabilities Held for Sale (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||
Inventories, net | $ 38.6 | $ 31.3 |
Investment land | 20.6 | 40.6 |
Other assets | 0.9 | 1.3 |
Total current assets held for sale | 60.1 | 73.2 |
Property, plant and equipment | 126.8 | 124.5 |
Intangible assets, excluding goodwill | 208.5 | 208.5 |
Operating lease right-of-use assets | 11.9 | 12.1 |
Goodwill | 31.9 | 31.9 |
Valuation allowance for loss on sale | (4.5) | (4.5) |
Total noncurrent assets held for sale | 374.6 | 372.5 |
Lease obligations | (4.2) | (4.5) |
Total current liabilities held for sale | (4.2) | (4.5) |
Lease obligations | (3.3) | (4.1) |
Asset retirement obligations | (17.9) | (17.7) |
Total noncurrent liabilities held for sale | (21.2) | (21.8) |
Continuing Operations | ||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||
Investment land | 20.6 | 40.6 |
Total current assets held for sale | 20.6 | 40.6 |
Discontinued Operations | ||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||
Inventories, net | 38.6 | 31.3 |
Other assets | 0.9 | 1.3 |
Total current assets held for sale | 39.5 | 32.6 |
Property, plant and equipment | 126.8 | 124.5 |
Intangible assets, excluding goodwill | 208.5 | 208.5 |
Operating lease right-of-use assets | 11.9 | 12.1 |
Goodwill | 31.9 | 31.9 |
Valuation allowance for loss on sale | (4.5) | (4.5) |
Total noncurrent assets held for sale | 374.6 | 372.5 |
Lease obligations | (4.2) | (4.5) |
Total current liabilities held for sale | (4.2) | (4.5) |
Lease obligations | (3.3) | (4.1) |
Asset retirement obligations | (17.9) | (17.7) |
Total noncurrent liabilities held for sale | $ (21.2) | $ (21.8) |
Goodwill - Changes in Goodwill
Goodwill - Changes in Goodwill (Detail) $ in Millions | Mar. 31, 2023 USD ($) |
Goodwill [Line Items] | |
Balance at January 1, 2022 | $ 3,649.5 |
Balance at September 30, 2022 | $ 3,649.5 |
Inventories, Net - Schedule of
Inventories, Net - Schedule of Inventories Net (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Finished products | $ 1,023.8 | $ 932.4 |
Products in process | 21.5 | 24.8 |
Raw materials | 93.5 | 71.7 |
Supplies and expendable parts | 158.5 | 153.1 |
Total inventories | 1,297.3 | 1,182 |
Less: Allowances | (348.6) | (308.3) |
Inventories, net | $ 948.7 | $ 873.7 |
Long-Term Debt - Long-Term Debt
Long-Term Debt - Long-Term Debt (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Total debt | $ 5,041.6 | $ 5,040 |
Less: Current maturities | (699.6) | (699.1) |
Long-term debt | 4,342 | 4,340.9 |
0.650% Senior Notes, Due 2023 (discharged) | ||
Debt Instrument [Line Items] | ||
Total debt | 699.6 | 699.1 |
4.250% Senior Notes, Due 2024 | ||
Debt Instrument [Line Items] | ||
Total debt | 399.1 | 398.9 |
7% Debentures, Due 2025 | ||
Debt Instrument [Line Items] | ||
Total debt | 124.7 | 124.7 |
3.450% Senior Notes, Due 2027 | ||
Debt Instrument [Line Items] | ||
Total debt | 298.4 | 298.3 |
3.500% Senior Notes, Due 2027 | ||
Debt Instrument [Line Items] | ||
Total debt | 491.7 | 491.5 |
2.500% Senior Notes, Due 2030 | ||
Debt Instrument [Line Items] | ||
Total debt | 470.8 | 470.5 |
2.400% Senior Notes, Due 2031 | ||
Debt Instrument [Line Items] | ||
Total debt | 888.8 | 888.6 |
6.25% Senior Notes, Due 2037 | ||
Debt Instrument [Line Items] | ||
Total debt | 228.4 | 228.4 |
4.250% Senior Notes, Due 2047 | ||
Debt Instrument [Line Items] | ||
Total debt | 590.2 | 590.2 |
3.200% Senior Notes, Due 2051 | ||
Debt Instrument [Line Items] | ||
Total debt | $ 849.9 | $ 849.8 |
Long-Term Debt - Long-Term De_2
Long-Term Debt - Long-Term Debt (Parenthetical) (Detail) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
0.650% Senior Notes, Due 2023 (discharged) | ||
Debt Instrument [Line Items] | ||
Maturity year | 2023 | 2023 |
Interest rate on notes | 0.65% | 0.65% |
4.250% Senior Notes, Due 2024 | ||
Debt Instrument [Line Items] | ||
Maturity year | 2024 | |
Interest rate on notes | 4.25% | |
7% Debentures, Due 2025 | ||
Debt Instrument [Line Items] | ||
Maturity year | 2025 | |
Interest rate on notes | 7% | |
3.450% Senior Notes, Due 2027 | ||
Debt Instrument [Line Items] | ||
Maturity year | 2027 | |
Interest rate on notes | 3.45% | |
3.500% Senior Notes, Due 2027 | ||
Debt Instrument [Line Items] | ||
Maturity year | 2027 | |
Interest rate on notes | 3.50% | |
2.500% Senior Notes, Due 2030 | ||
Debt Instrument [Line Items] | ||
Maturity year | 2030 | |
Interest rate on notes | 2.50% | |
2.400% Senior Notes, Due 2031 | ||
Debt Instrument [Line Items] | ||
Maturity year | 2031 | |
Interest rate on notes | 2.40% | |
6.25% Senior Notes, Due 2037 | ||
Debt Instrument [Line Items] | ||
Maturity year | 2037 | |
Interest rate on notes | 6.25% | |
4.250% Senior Notes, Due 2047 | ||
Debt Instrument [Line Items] | ||
Maturity year | 2047 | |
Interest rate on notes | 4.25% | |
3.200% Senior Notes, Due 2051 | ||
Debt Instrument [Line Items] | ||
Maturity year | 2051 | |
Interest rate on notes | 3.20% |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Debt Instrument [Line Items] | ||
Credit facility commitment | $ 800 | |
Maximum consolidated debt reduction for unrestricted cash and temporary investments | 500 | |
Outstanding letters of credit | $ 26.8 | |
Revolving Facility | ||
Debt Instrument [Line Items] | ||
Debt instrument maturity period | Dec. 21, 2027 | |
Outstanding borrowing under credit facility | $ 0 | $ 0 |
Senior unsecured revolving facility, maturity period | 5 years | |
Outstanding letters of credit | $ 2.6 | 2.6 |
Maximum | Including Acquisition Bridge Debt | ||
Debt Instrument [Line Items] | ||
Debt covenant | 3.50 | |
Maximum | Excluding Acquisition Bridge Debt | ||
Debt Instrument [Line Items] | ||
Debt covenant | 4 | |
Trade Receivable Facility | ||
Debt Instrument [Line Items] | ||
Line of credit, trade receivable securitization facility | $ 400 | |
Debt instrument maturity period | Sep. 20, 2023 | |
Outstanding borrowing under credit facility | $ 0 | $ 0 |
Trade Receivable Facility | Maximum | ||
Debt Instrument [Line Items] | ||
Credit facility commitment | $ 500 | |
Trade Receivable Facility | Conduit Lenders | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 0.65% | |
Trade Receivable Facility | SOFR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 0.70% |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 USD ($) Customer | Dec. 31, 2022 USD ($) Customer | |
Debt Instrument [Line Items] | ||
Long-term debt, carrying values | $ 5,041.6 | $ 5,040 |
Long-term debt, fair values | $ 4,460 | $ 4,360 |
Customer Concentration Risk | Accounts Receivable | ||
Debt Instrument [Line Items] | ||
Number of customer accounted for 10% or more of consolidated accounts receivable | Customer | 0 | 0 |
Customer Concentration Risk | Accounts Receivable | Minimum | ||
Debt Instrument [Line Items] | ||
Percentage of concentration risk | 10% | 10% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Effective income tax rates for continuing operations | 20.90% | 19.30% |
Pension and Postretirement Be_3
Pension and Postretirement Benefits - Schedule of Components of Net Periodic Benefit Cost (Credit) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Pension | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 7.7 | $ 11.5 |
Interest cost | 12.7 | 10.2 |
Expected return on assets | (17.8) | (19.4) |
Prior service cost (credit) | 1.4 | 1.2 |
Actuarial loss (gain) | 0.1 | 0.9 |
Net periodic benefit cost (credit) | 4.1 | 4.4 |
Postretirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 0 | 0 |
Interest cost | 0.1 | 0.1 |
Expected return on assets | 0 | 0 |
Prior service cost (credit) | (0.1) | (0.2) |
Actuarial loss (gain) | (0.1) | (0.1) |
Net periodic benefit cost (credit) | $ (0.1) | $ (0.2) |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Commitments and Contingencies [Line Items] | ||
Guarantee of affiliate's obligations | $ 15 | |
Due from affiliate | $ 2.4 | |
Line of credit maturity period | 2024-03 | |
Outstanding letters of credit | $ 26.8 | |
Revolving Facility | ||
Commitments and Contingencies [Line Items] | ||
Outstanding letters of credit | 2.6 | $ 2.6 |
Interest-only loan receivable | ||
Commitments and Contingencies [Line Items] | ||
Due from affiliate | $ 6 | $ 6 |
Maturity date | Dec. 31, 2024 | |
Interest-only loan receivable | London Interbank Offered Rate(LIBOR) | ||
Commitments and Contingencies [Line Items] | ||
Basis spread on variable rate | 1.63% |
Segments - Additional Informati
Segments - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2023 Segment | |
Segment Reporting Information [Line Items] | |
Reportable business segments | 2 |
Segments - Financial Data for C
Segments - Financial Data for Continuing Operations for Company's Reportable Business Segments (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Segment Reporting Information [Line Items] | ||
Total Revenues | $ 1,354.1 | $ 1,230.8 |
Earnings (Loss) from operations | 196.1 | 59.9 |
Building Materials Business | ||
Segment Reporting Information [Line Items] | ||
Total Revenues | 1,270.7 | 1,153.8 |
Earnings (Loss) from operations | 203.6 | 71 |
Operating Segments | Building Materials Business East Group | ||
Segment Reporting Information [Line Items] | ||
Total Revenues | 529.6 | 418.8 |
Earnings (Loss) from operations | 108.9 | 28 |
Operating Segments | Building Materials Business West Group | ||
Segment Reporting Information [Line Items] | ||
Total Revenues | 741.1 | 735 |
Earnings (Loss) from operations | 94.7 | 43 |
Operating Segments | Magnesia Specialties | ||
Segment Reporting Information [Line Items] | ||
Total Revenues | 83.4 | 77 |
Earnings (Loss) from operations | 20.6 | 21.5 |
Operating Segments | Building Materials Business | ||
Segment Reporting Information [Line Items] | ||
Total Revenues | 1,270.7 | 1,153.8 |
Corporate | ||
Segment Reporting Information [Line Items] | ||
Earnings (Loss) from operations | $ (28.1) | $ (32.6) |
Revenues and Gross Profit - Add
Revenues and Gross Profit - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Revenue Recognition [Line Items] | |||
Performance obligations, description of timing | Performance obligations within paving service agreements are satisfied over time, primarily ranging from one day to two years. For product and freight revenues, customer payment terms are generally 30 days from invoice date. Customer payments for the paving operations are based on a contractual billing schedule and are due 30 days from invoice date. | ||
Product and freight revenues customer payment terms | 30 days | ||
Customer payments terms based on contractual billing | 30 days | ||
Future revenues from unsatisfied performance obligations | $ 241 | $ 213.9 | |
Service revenues | 1,354.1 | 1,230.8 | |
Revenue recognized from contract liabilities | 5.2 | 3.5 | |
Retainage on contracts | 10 | $ 13.4 | |
Service | CALIFORNIA and COLORADO | West Group | |||
Revenue Recognition [Line Items] | |||
Service revenues | $ 26.3 | $ 18.3 | |
Minimum | Service | |||
Revenue Recognition [Line Items] | |||
Performance obligations, period | 1 day | ||
Maximum | Service | |||
Revenue Recognition [Line Items] | |||
Performance obligations, period | 2 years |
Revenues and Gross Profit - A_2
Revenues and Gross Profit - Additional Information (Detail 1) | Mar. 31, 2023 | Mar. 31, 2022 |
Minimum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-04-01 | ||
Revenue Recognition [Line Items] | ||
Performance obligations, customer satisfaction period | 1 month | |
Minimum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-04-01 | ||
Revenue Recognition [Line Items] | ||
Performance obligations, customer satisfaction period | 1 month | |
Maximum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-04-01 | ||
Revenue Recognition [Line Items] | ||
Performance obligations, customer satisfaction period | 25 months | |
Maximum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-04-01 | ||
Revenue Recognition [Line Items] | ||
Performance obligations, customer satisfaction period | 30 months |
Revenues and Gross Profit - Sum
Revenues and Gross Profit - Summary of Information About the Company's Contract Balances (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Revenue from Contract with Customer [Abstract] | ||
Costs in excess of billings | $ 4.9 | $ 5.1 |
Billings in excess of costs | $ 7.5 | $ 10.5 |
Revenues and Gross Profit - Tot
Revenues and Gross Profit - Total Revenues and Gross Profit (Loss) by Product Line (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Product Information [Line Items] | ||
Total Revenues | $ 1,354.1 | $ 1,230.8 |
Gross profit (loss) | 302.8 | 156.1 |
Interproduct Revenues | ||
Product Information [Line Items] | ||
Total Revenues | (87.8) | (89) |
Corporate | ||
Product Information [Line Items] | ||
Gross profit (loss) | 1.9 | (7.9) |
Building Materials Business | ||
Product Information [Line Items] | ||
Total Revenues | 1,270.7 | 1,153.8 |
Building Materials Business | Operating Segments | ||
Product Information [Line Items] | ||
Total Revenues | 1,270.7 | 1,153.8 |
Gross profit (loss) | 275.9 | 138.4 |
Magnesia Specialties | Operating Segments | ||
Product Information [Line Items] | ||
Total Revenues | 83.4 | 77 |
Gross profit (loss) | 25 | 25.6 |
Aggregates | Building Materials Business | Operating Segments | Reportable Subsegments | ||
Product Information [Line Items] | ||
Total Revenues | 911.9 | 756.6 |
Gross profit (loss) | 238.1 | 102.8 |
Cement | Building Materials Business | Operating Segments | Reportable Subsegments | ||
Product Information [Line Items] | ||
Total Revenues | 168.6 | 138.3 |
Gross profit (loss) | 47.1 | 26.9 |
Ready Mixed Concrete | Building Materials Business | Operating Segments | Reportable Subsegments | ||
Product Information [Line Items] | ||
Total Revenues | 220 | 291.1 |
Gross profit (loss) | 11.2 | 21.9 |
Asphalt and Paving | Building Materials Business | Operating Segments | Reportable Subsegments | ||
Product Information [Line Items] | ||
Total Revenues | 58 | 56.8 |
Gross profit (loss) | $ (20.5) | $ (13.2) |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information - Schedule of Noncash Investing and Financing Activities (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Supplemental Cash Flow Elements [Abstract] | ||
Accrued liabilities for purchases of property, plant and equipment | $ 39.8 | $ 24.5 |
Remeasurement of operating lease right-of-use assets | 0.5 | 0.3 |
Remeasurement of finance lease right-of-use assets | 0 | 0.4 |
Right-of-use assets obtained in exchange for new operating lease liabilities | 13.8 | 6.1 |
Right-of-use assets obtained in exchange for new finance lease liabilities | 5.4 | 3.6 |
Acquisition of assets through asset exchange | $ 5.2 | $ 0 |
Supplemental Cash Flow Inform_4
Supplemental Cash Flow Information - Supplemental Disclosures of Cash Flow Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Supplemental Cash Flow Elements [Abstract] | ||
Cash paid for interest, net of capitalized amount | $ 41.4 | $ 44.8 |
Cash paid for income taxes, net of refunds | $ 4.1 | $ 0.8 |