Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 19, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2023 | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity File Number | 1-12744 | ||
Entity Registrant Name | MARTIN MARIETTA MATERIALS, INC. | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | MLM | ||
Entity Central Index Key | 0000916076 | ||
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 | ||
Title of 12(b) Security | Common Stock (par value $.01 per share) | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 61,822,465 | ||
Entity Public Float | $ 25,108,651,455 | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Current Fiscal Year End Date | --12-31 | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Auditor Name | PricewaterhouseCoopers LLP | ||
Auditor Firm ID | 238 | ||
Auditor Location | Raleigh, North Carolina, United States | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Document Parts Into Which Incorporated Proxy Statement for the Annual Meeting of Shareholders to be held May 16, 2024 (Proxy Statement) Part III |
Consolidated Statements of Earn
Consolidated Statements of Earnings - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Total Revenues | $ 6,777.2 | $ 6,160.7 | $ 5,414 |
Total cost of revenues | 4,754.6 | 4,737.4 | 4,065.6 |
Gross Profit | 2,022.6 | 1,423.3 | 1,348.4 |
Selling, general and administrative expenses | 442.8 | 396.7 | 351 |
Acquisition, divestiture and integration expenses | 12.2 | 9.1 | 57.9 |
Other operating income, net | (28.4) | (189.2) | (34.3) |
Earnings from Operations | 1,596 | 1,206.7 | 973.8 |
Interest expense | 165.3 | 169 | 142.7 |
Other nonoperating income, net | (62.1) | (53.4) | (24.4) |
Consolidated earnings from continuing operations before income tax expense | 1,492.8 | 1,091.1 | 855.5 |
Income tax expense | 292.5 | 234.8 | 153.2 |
Earnings from continuing operations | 1,200.3 | 856.3 | 702.3 |
(Loss) Earnings from discontinued operations, net of income tax (benefit) expense | (30.9) | 10.5 | 0.5 |
Consolidated net earnings | 1,169.4 | 866.8 | 702.8 |
Less: Net earnings attributable to noncontrolling interests | 0.5 | 0 | 0.3 |
Net Earnings Attributable to Martin Marietta | $ 1,168.9 | $ 866.8 | $ 702.5 |
Net Earnings (Loss) Attributable to Martin Marietta Per Common Share (see Note A) | |||
Basic earnings per share from continuing operations attributable to common shareholders | $ 19.38 | $ 13.74 | $ 11.25 |
Basic earnings per share from discontinued operations attributable to common shareholders | (0.5) | 0.17 | 0.01 |
Basic attributable to common shareholders | 18.88 | 13.91 | 11.26 |
Diluted earnings per share from continuing operations attributable to common shareholders | 19.32 | 13.7 | 11.21 |
Diluted earnings per share from discontinued operations attributable to common shareholders | (0.5) | 0.17 | 0.01 |
Diluted attributable to common shareholders | $ 18.82 | $ 13.87 | $ 11.22 |
Weighted-Average Common Shares Outstanding | |||
Basic | 61.9 | 62.3 | 62.4 |
Diluted | 62.1 | 62.5 | 62.6 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Earnings - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Consolidated net earnings | $ 1,169.4 | $ 866.8 | $ 702.8 |
Defined benefit pension and postretirement plans: | |||
Net (loss) gain arising during period, net of tax of $(5.1), $28.6 and $16.8, respectively | (15.7) | 87.9 | 51.3 |
Prior service cost arising during period, net of tax of $0.0, $(11.8) and $0.0, respectively | (36.3) | ||
Amortization of prior service cost, net of tax of $1.4, $0.9 and $0.0, respectively | 4.2 | 3.1 | |
Amortization of actuarial loss, net of tax of $0.0, $0.8 and $2.9, respectively | 2.9 | 9.2 | |
Amount recognized in net periodic pension cost due to settlement, net of tax of $0.0, $1.1 and $0.0, respectively | 3.5 | ||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | (11.5) | 61.1 | 60.5 |
Foreign currency translation gain (loss) | 0.8 | (2) | 0.3 |
Other Comprehensive Income (Loss), Net of Tax | (10.7) | 59.1 | 60.8 |
Consolidated comprehensive earnings | 1,158.7 | 925.9 | 763.6 |
Less: Comprehensive earnings attributable to noncontrolling interests | 0.3 | ||
Comprehensive Earnings Attributable to Martin Marietta | $ 1,158.7 | $ 925.9 | $ 763.3 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Earnings (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net (loss) gain arising during period, tax | $ (5.1) | $ 28.6 | $ (16.8) |
Prior service cost arising during period, net of tax | 0 | (11.8) | 0 |
Amortization of prior service cost, tax | 1.4 | 0.9 | 0 |
Amortization of actuarial loss, tax | 0 | 0.8 | 2.9 |
Amount recognized in net periodic pension cost due to settlement, tax | $ 0 | $ 1.1 | $ 0 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Current Assets: | ||
Cash and cash equivalents | $ 1,271,800,000 | $ 358,000,000 |
Restricted cash | 10,500,000 | 800,000 |
Restricted investments | 0 | 704,600,000 |
Accounts receivable, net | 753,300,000 | 785,900,000 |
Inventories, net | 988,600,000 | 873,700,000 |
Current assets held for sale | 807,100,000 | 73,200,000 |
Other current assets | 87,600,000 | 80,700,000 |
Total Current Assets | 3,918,900,000 | 2,876,900,000 |
Property, plant and equipment, net | 6,185,900,000 | 6,316,700,000 |
Goodwill | 3,389,500,000 | 3,649,500,000 |
Other intangibles, net | 697,700,000 | 847,800,000 |
Operating lease right-of-use assets, net | 371,600,000 | 383,500,000 |
Noncurrent assets held for sale | 0 | 372,500,000 |
Other noncurrent assets | 561,300,000 | 546,700,000 |
Total Assets | 15,124,900,000 | 14,993,600,000 |
Current Liabilities: | ||
Accounts payable | 343,300,000 | 385,000,000 |
Accrued salaries, benefits and payroll taxes | 102,300,000 | 71,600,000 |
Accrued other taxes | 53,300,000 | 55,400,000 |
Accrued interest | 40,500,000 | 42,800,000 |
Current maturities of long-term debt, including discharged debt | 399,600,000 | 699,100,000 |
Current operating lease liabilities | 53,300,000 | 52,100,000 |
Current liabilities held for sale | 18,200,000 | 4,500,000 |
Other current liabilities | 159,700,000 | 135,100,000 |
Total Current Liabilities | 1,170,200,000 | 1,445,600,000 |
Long-term debt | 3,945,600,000 | 4,340,900,000 |
Deferred income taxes, net | 874,600,000 | 914,300,000 |
Noncurrent operating lease liabilities | 326,700,000 | 335,900,000 |
Noncurrent liabilities held for sale | 0 | 21,800,000 |
Noncurrent asset retirement obligations | 383,100,000 | 377,700,000 |
Other noncurrent liabilities | 389,100,000 | 384,600,000 |
Total Liabilities | 7,089,300,000 | 7,820,800,000 |
Equity: | ||
Common stock, par value $0.01 per share; 100,000,000 shares authorized; 61,821,421 shares and 62,102,353 shares outstanding at December 31, 2023 and 2022, respectively) | 600,000 | 600,000 |
Preferred stock ($0.01 par value; 10,000,000 shares authorized; no shares outstanding) | 0 | 0 |
Additional paid-in capital | 3,519,200,000 | 3,489,000,000 |
Accumulated other comprehensive loss | (49,200,000) | (38,500,000) |
Retained earnings | 4,562,600,000 | 3,719,400,000 |
Total Shareholders’ Equity | 8,033,200,000 | 7,170,500,000 |
Noncontrolling interests | 2,400,000 | 2,300,000 |
Total Equity | 8,035,600,000 | 7,172,800,000 |
Total Liabilities and Equity | $ 15,124,900,000 | $ 14,993,600,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares outstanding | 61,821,421 | 62,102,353 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash Flows from Operating Activities: | |||
Consolidated net earnings | $ 1,169.4 | $ 866.8 | $ 702.8 |
Adjustments to reconcile consolidated net earnings to net cash provided by operating activities: | |||
Depreciation, depletion and amortization | 513.2 | 506 | 451.7 |
Stock-based compensation expense | 50 | 42.7 | 43 |
Net gains on divestitures, sales of assets and extinguishment of debt | (1.9) | (195.7) | (21.7) |
Deferred income taxes, net | (36.1) | (0.6) | 92.2 |
Other items, net | (16.5) | (11.7) | (14.9) |
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures: | |||
Accounts receivable, net | 31.4 | (12.1) | (194.4) |
Inventories, net | (188.7) | (131.7) | 73.2 |
Accounts payable | (17) | (31.2) | 109.8 |
Other assets and liabilities, net | 24.6 | (41.3) | (104) |
Net Cash Provided by Operating Activities | 1,528.4 | 991.2 | 1,137.7 |
Cash Flows from Investing Activities: | |||
Additions to property, plant and equipment | (650.3) | (481.8) | (423.1) |
Acquisitions, net of cash acquired | 0 | 11 | (3,109.2) |
Proceeds from divestitures and sales of assets | 426.5 | 687.1 | 42.8 |
Proceeds from sale of restricted investments to discharge long term debt | 700 | 0 | 0 |
Purchase of restricted investments to discharge long-term debt | 0 | (704.6) | 0 |
Repayment of note receivable from affiliate | 6 | 0 | 0 |
Investments in life insurance contracts, net | 7.4 | 7.5 | 14.9 |
Investments in limited liability company | (27) | 0 | 0 |
Other investing activities, net | (3.9) | (3) | 0 |
Net Cash Provided by (Used for) Investing Activities | 458.7 | (483.8) | (3,474.6) |
Cash Flows from Financing Activities: | |||
Borrowings of long-term debt | 0 | 0 | 2,896.7 |
Repayments of long-term debt | (700) | (54.5) | (420.1) |
Debt issuance and extinguishment costs | (0.7) | (0.7) | (7.5) |
Payments on finance lease obligations | (17.6) | (15) | (11.1) |
Dividends paid | (174) | (159.1) | (147.8) |
Repurchases of common stock | (150) | (150) | 0 |
Contributions by noncontrolling interest to joint venture | 0.1 | 0 | 0 |
Distributions to owners of noncontrolling interest | (0.5) | 0 | (0.6) |
Proceeds from exercise of stock options | 1.2 | 0.6 | 1.3 |
Shares withheld for employees’ income tax obligations | (22.1) | (28.8) | (19.5) |
Net Cash (Used for) Provided by Financing Activities | (1,063.6) | (407.5) | 2,291.4 |
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | 923.5 | 99.9 | (45.5) |
Cash, Cash Equivalents and Restricted Cash, beginning of year | 358.8 | 258.9 | 304.4 |
Cash, Cash Equivalents and Restricted Cash, end of year | $ 1,282.3 | $ 358.8 | $ 258.9 |
Consolidated Statements of Tota
Consolidated Statements of Total Equity - USD ($) $ in Millions | Total | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Loss | Retained Earnings | Total Shareholders' Equity | Noncontrolling Interests |
Beginning Balance at Dec. 31, 2020 | $ 5,893.3 | $ 0.6 | $ 3,440.8 | $ (158.4) | $ 2,607.7 | $ 5,890.7 | $ 2.6 |
Beginning Balance (in shares) at Dec. 31, 2020 | 62,288,613 | ||||||
Consolidated net earnings | 702.8 | 702.5 | 702.5 | 0.3 | |||
Other comprehensive loss / earnings | 60.8 | 60.8 | 60.8 | ||||
Dividends declared | (148.3) | (148.3) | (148.3) | ||||
Issuances of common stock for stock award plans | 6.1 | 6.1 | 6.1 | ||||
Issuances of common stock for stock award plans (in shares) | 105,377 | ||||||
Shares withheld for employees’ income tax obligations | $ (19.5) | (19.5) | (19.5) | ||||
Repurchases of common stock, Shares | 0 | ||||||
Stock-based compensation expense | $ 43 | 43 | 43 | ||||
Distribution to owners of noncontrolling interest | (0.6) | (0.6) | |||||
Ending Balance at Dec. 31, 2021 | 6,537.6 | $ 0.6 | 3,470.4 | (97.6) | 3,161.9 | 6,535.3 | 2.3 |
Ending Balance (in shares) at Dec. 31, 2021 | 62,393,990 | ||||||
Consolidated net earnings | 866.8 | 866.8 | 866.8 | ||||
Other comprehensive loss / earnings | 59.1 | 59.1 | 59.1 | ||||
Dividends declared | (159.3) | (159.3) | (159.3) | ||||
Issuances of common stock for stock award plans | 4.7 | 4.7 | 4.7 | ||||
Issuances of common stock for stock award plans (in shares) | 126,699 | ||||||
Shares withheld for employees’ income tax obligations | (28.8) | (28.8) | (28.8) | ||||
Repurchases of common stock | $ (150) | (150) | (150) | ||||
Repurchases of common stock, Shares | (400,000) | (418,336) | |||||
Stock-based compensation expense | $ 42.7 | 42.7 | 42.7 | ||||
Ending Balance at Dec. 31, 2022 | $ 7,172.8 | $ 0.6 | 3,489 | (38.5) | 3,719.4 | 7,170.5 | 2.3 |
Ending Balance (in shares) at Dec. 31, 2022 | 62,102,353 | 62,102,353 | |||||
Consolidated net earnings | $ 1,169.4 | 1,168.9 | 1,168.9 | 0.5 | |||
Other comprehensive loss / earnings | (10.7) | (10.7) | (10.7) | ||||
Dividends declared | (174.5) | (174.5) | (174.5) | ||||
Issuances of common stock for stock award plans | 2.3 | 2.3 | 2.3 | ||||
Issuances of common stock for stock award plans (in shares) | 100,588 | ||||||
Shares withheld for employees’ income tax obligations | (22.1) | (22.1) | (22.1) | ||||
Repurchases of common stock | $ (151.2) | (151.2) | (151.2) | ||||
Repurchases of common stock, Shares | (400,000) | (381,520) | |||||
Stock-based compensation expense | $ 50 | 50 | 50 | ||||
Distribution to owners of noncontrolling interest | (0.5) | (0.5) | |||||
Contribution from owners of noncontrolling interest | 0.1 | 0.1 | |||||
Ending Balance at Dec. 31, 2023 | $ 8,035.6 | $ 0.6 | $ 3,519.2 | $ (49.2) | $ 4,562.6 | $ 8,033.2 | $ 2.4 |
Ending Balance (in shares) at Dec. 31, 2023 | 61,821,421 | 61,821,421 |
Consolidated Statements of To_2
Consolidated Statements of Total Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends declared | $ 2.8 | $ 2.54 | $ 2.36 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||
Net Income (Loss) | $ 1,168.9 | $ 866.8 | $ 702.5 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Accounting Policies
Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Accounting Policies | Note A: Accou nting Policies Organization. Martin Marietta is a natural resource-based building materials company. The Company supplies aggregates (crushed stone, sand and gravel) through its network of approximately 360 quarries, 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. Specifically, the Company has two cement plants and several cement distribution facilities in Texas; ready mixed concrete plants in Arizona and Texas; and asphalt plants in Arizona, California, Colorado and Minnesota. Paving services are located in California and Colorado. As of December 31, 2023 , the Company's South Texas cement business and 20 ready mixed concrete operations that serve the Austin and San Antonio region are classified as assets held for sale. 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 and asphalt and paving product lines are reported collectively as the Building Materials business. As of December 31, 2023, the Building Materials business includes two reportable segments: East Group and West Group. The East Group consists of the East and Central divisions and operates in Alabama, Florida, Georgia, Indiana, Iowa, Kansas, Kentucky, Maryland, Minnesota, Missouri, Nebraska, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Virginia, West Virginia, Nova Scotia and The Bahamas. The West Group is comprised of the Southwest and West divisions and operates in Arizona, Arkansas, California, Colorado, Louisiana, Oklahoma, Texas, Utah, Washington and Wyoming. The following states accounted for 82 % of the Building Materials business’ 2023 total revenues: Texas, North Carolina, Colorado, California, Georgia, Minnesota, Arizona, Iowa, Florida and Indiana. The Company also operates a Magnesia Specialties business , which represents a separate reportable segment. The Magnesia Specialties business produces magnesia-based chemical products used in industrial, agricultural and environmental applications, and dolomitic lime sold primarily to customers for steel production and soil stabilization. Magnesia Specialties’ production facilities are located in Ohio and Michigan, and products are shipped to customers domestically and worldwide. Basis of Presentation and Use of Estimates. The Company’s consolidated financial statements are presented in conformity with accounting principles generally accepted in the United States, which require management to make certain estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities and reported amounts of revenues and expenses. Such estimates include the valuation of investments, accounts receivable, inventories, goodwill, other intangible assets and other long-lived assets, as well as assumptions used in the calculation of income tax expense, retirement and postemployment benefits, stock-based compensation, the allocation of the purchase price to the fair values of assets acquired and liabilities assumed as part of business combinations and revenue recognition for service contracts. These estimates and assumptions are based on management’s judgment. Management evaluates estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, and adjusts such estimates and assumptions when facts and circumstances dictate. Changes in credit, equity and energy markets and changes in construction activity increase the uncertainty inherent in certain estimates and assumptions. As future events and their effects cannot be determined with precision, actual results could differ significantly from estimates. Changes in estimates, including those resulting from changes in the economic environment, are reflected in the consolidated financial statements for the period in which the change in estimate occurs. Basis of Consolidation . The consolidated financial statements include the accounts of the Company and its wholly-owned and majority-owned subsidiaries. Partially-owned affiliates are either consolidated or accounted for using the cost method or the equity method, depending on the level of ownership interest or the Company’s ability to exercise control over the affiliates’ operations. Intercompany balances and transactions between subsidiaries have been eliminated in consolidation. Revenue Recognition . Total revenues include sales of products and services provided 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. Under the cost-to-cost approach, recognized contract revenue is determined by multiplying the total estimated contract revenue by the estimated percentage of completion. Contract costs are recognized as incurred. The percentage of completion is determined on a contract-by-contract basis using project costs incurred to date as a percentage of total estimated project costs. The Company believes the cost-to-cost approach is appropriate, as the use of asphalt in a paving contract is relatively consistent with the performance of the related paving services. 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 606, Revenues from Contracts with Customers (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. Cash, Cash Equivalents and Restricted Cash . Cash equivalents are comprised of highly-liquid instruments with original maturities of three months or less from the date of purchase. As of December 31, 2023 and 2022, the Company had $ 10.5 million and $ 0.8 million, respectively, of restricted cash, 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: December 31 (in millions) 2023 2022 2021 Cash and cash equivalents $ 1,271.8 $ 358.0 $ 258.4 Restricted cash 10.5 0.8 0.5 Total cash, cash equivalents and restricted cash $ 1,282.3 $ 358.8 $ 258.9 Restricted Investments. At December 31, 2022, the Company had $ 704.6 million o f restricted investments, representing assets irrevocably transferred to an escrow trust account during 2022 to satisfy and discharge the Company's $ 700.0 million of 0.650 % Senior Notes due 2023 (the 0.650% Senior Notes) (see Note G). The assets in the escrow trust account could not be used for any purpose other than to satisfy the remaining interest payments and to repay the principal amount of the 0.650% Senior Notes that matured on July 15, 2023. The assets transferred to the escrow trust account were invested in a U.S. Treasury securities fund (see Note H) and investment returns on those trust assets were for the account of the Company (after satisfaction of all amounts payable in connection with the 0.650% Senior Notes). The Company consolidated the trust account on its consolidated balance sheet at December 31, 2022. On July 17, 2023, funds in the escrow trust account were applied to satisfy the remaining principal and interest payments and the 0.650% Senior Notes have been paid in full. There were no restricted investments at December 31, 2023 . Accounts Receivable. Accounts receivable are stated at cost. The Company does not typically charge interest on customer accounts receivable. The Company records an allowance for credit losses, which includes a provision for probable losses based on historical write-offs, adjusted for current conditions as deemed necessary, and a specific reserve for accounts deemed at risk. The allowance is the Company’s estimate for receivables as of the balance sheet date that ultimately will not be collected. Any changes in the allowance are reflected in earnings in the period in which the change occurs. The Company writes-off accounts receivable when it becomes probable, based upon customer facts and circumstances, that such amounts will not be collected. Inventories Valuation . Finished products and in-process inventories are stated at the lower of cost or net realizable value using standard costs, which approximate the first-in, first-out method. Carrying value for parts and supplies are determined by the weighted-average cost method. The Company records an allowance for finished product inventories based on an analysis of future demand and inventory on hand in excess of one year 's sales using an average of the last two years of sales. The Company also establishes an allowance for parts over five years old and supplies over a year old. Post-production stripping costs, which represent costs of removing overburden and waste materials to access mineral deposits, are a component of inventory production costs and recognized as incurred. Property, Plant and Equipment . Property, plant and equipment are stated at cost. The estimated service lives for property, plant and equipment are as follows: Class of Assets Range of Service Lives Buildings 5 to 30 years Machinery & Equipment 2 to 20 years Land Improvements 5 to 60 years The Company begins capitalizing quarry development costs at a point when reserves are determined to be proven or probable, economically mineable and when demand supports investment in the market. Capitalization of these costs ceases when production commences. Capitalized quarry development costs are classified as land improvements and depreciated over the life of the reserves. The Company reviews relevant facts and circumstances to determine whether to capitalize or expense pre-production stripping costs when additional pits are developed at an existing quarry. If the additional pit operates in a separate and distinct area of the quarry, these costs are capitalized as quarry development costs and depreciated over the life of the uncovered reserves. Additionally, a separate asset retirement obligation is created for additional pits when the liability is incurred. Once a pit enters the production phase, all post-production stripping costs are charged to inventory production costs as incurred. Mineral reserves and mineral interests acquired in connection with a business combination are valued using an income approach for the estimated life of the reserves. The Company’s aggregates reserves average approximately 75 years based on the 2023 annual production level. Depreciation is computed based on estimated service lives using the straight-line method. Depletion of mineral reserves is calculated based on proven and probable reserves using the units-of-production method on a quarry-by-quarry basis. Property, plant and equipment are reviewed for impairment whenever facts and circumstances indicate that the carrying amount of an asset group may not be recoverable. An impairment loss is recognized if expected future undiscounted cash flows over the estimated remaining service life of the related asset group are less than the asset group’s carrying value. Repair and Maintenance Costs. Repair and maintenance costs that do not substantially extend the life of the Company’s plant and equipment are expensed as incurred. Leases. Pursuant to Accounting Standards Codification 842, Leases (ASC 842), if the Company determines a contract is or contains a lease at the inception of an agreement, the Company records a right-of-use (ROU) asset, which represents the Company’s right to use an underlying leased asset, and a lease liability, which represents the Company’s obligation to make lease payments. The ROU asset and lease liability are recorded on the consolidated balance sheets at the present value of the future lease payments over the lease term at commencement date. The Company determines the present value of lease payments based on the implicit interest rate, which may be explicitly stated in the lease, if available, or may be the Company’s estimated collateralized incremental borrowing rate based on the term of the lease. Initial ROU assets also include any lease payments made at or before commencement date and any initial direct costs incurred and are reduced by lease incentives. Certain of the Company’s leases contain renewal and/or termination options. The Company recognizes renewal or termination options as part of its ROU assets and lease liabilities when the Company has the unilateral right to renew or terminate and it is reasonably certain these options will be exercised. Some leases require the Company to pay non-lease components, which may include taxes, maintenance, insurance and certain other expenses applicable to the leased property, and are primarily variable costs. The Company accounts for lease and non-lease components as a single amount, with the exception of railcar, fleet vehicle and pipeline leases, for which the Company separately accounts for the lease and non-lease components. Leases are evaluated and determined to be either finance leases or operating leases. The lease is a finance lease if it transfers ownership to the underlying asset by the end of the lease term; includes a purchase option that is reasonably certain to be exercised; has a lease term for the major part of the remaining economic life of the underlying asset; has a present value of the sum of the lease payments (including renewal options) that equals or exceeds substantially all of the fair value of the underlying asset; or is for an underlying asset that is of a specialized nature and is expected to have no alternative use to the lessor at the end of the lease term. If none of these terms exist, the lease is an operating lease. Leases with an initial lease term of one year or less are not recorded on the consolidated balance sheets. Costs for these leases are expensed as incurred. In the consolidated statements of earnings, operating lease expense, which is recognized on a straight-line basis over the lease term, and the amortization of finance lease ROU assets are included in the Total cost of revenues or Selling, general and administrative expenses line items in the consolidated statements of earnings . Accretion on the liabilities for finance leases is included in interest expense. Goodwill and Other Intangible Assets. Goodwill represents the excess purchase price paid for acquired businesses over the estimated fair value of identifiable assets and liabilities. Other intangible assets represent amounts assigned principally to contractual agreements and are either amortized ratably over the useful lives to the Company or not amortized if deemed to have an indefinite useful life. The Company’s reporting units, which represent the level at which goodwill is tested for impairment, are based on the operating segments of the Building Materials business. Goodwill is assigned to the respective reporting unit(s) based on the location of acquisitions at the time of consummation. If subsequent organizational changes result in operations being transferred to a different reporting unit, a proportionate amount of goodwill is transferred from the former to the new reporting unit. For divestitures, goodwill is allocated on a proportional basis based on the relative fair values of the portion of the reporting unit being disposed of and the portion of the reporting unit remaining. Goodwill is tested for impairment by comparing each reporting unit’s fair value to its carrying value, which represents a Step-1 approach. However, prior to Step 1, the Company may perform a qualitative assessment and evaluate macroeconomic conditions, industry and market conditions, cost factors, overall financial performance and other business or reporting unit-specific events that contribute to the fair value of a reporting unit. If the Company concludes, based on its qualitative assessment, it is more-likely-than-not ( i.e ., a likelihood of more than 50%) that a reporting unit’s fair value is higher than its carrying value, the Company is not required to perform any further goodwill impairment testing for that reporting unit. Otherwise, the Company proceeds to Step 1, and if a reporting unit’s fair value exceeds its carrying value, there is no impairment. A reporting unit with a carrying value in excess of its fair value results in an impairment charge equal to the difference. The carrying values of goodwill and other indefinite-lived intangible assets are reviewed for impairment annually, as of October 1. An interim review is performed between annual tests if facts and circumstances indicate potential impairment. The carrying value of other amortizable intangible assets is reviewed if facts and circumstances indicate potential impairment. If a review indicates the carrying value is impaired, a charge is recorded equal to the amount by which the carrying value exceeds the fair value. Retirement Plans and Postretirement Benefits. The Company sponsors defined benefit retirement plans and also provides other postretirement benefits. The Company recognizes the funded status, defined as the difference between the fair value of plan assets and the benefit obligation, of its pension plans and other postretirement benefits as an asset or liability on the consolidated balance sheets. Actuarial gains or losses that arise during the year are recognized as a component of accumulated other comprehensive earnings or loss. Those amounts are amortized over the participants’ average remaining service period and recognized as a component of net periodic benefit cost. The amount amortized is determined on a plan-by-plan basis using a corridor approach and represents the excess over 10 % of the greater of the projected benefit obligation or pension plan assets. Insurance Reserves. The Company has insurance coverage with large deductibles for workers’ compensation, automobile liability, marine liability and general liability claims, and is also self-insured for health claims. The Company records insurance reserves based on an actuarial-determined analysis, which calculates development factors that are applied to total case reserves within the insurance programs. While the Company believes the assumptions used to calculate these liabilities are appropriate, significant differences in actual experience and/or significant changes in these assumptions may materially affect insurance costs. Stock-Based Compensation. The Company has stock-based compensation plans for employees and its Board of Directors. The Company recognizes all forms of stock-based awards that vest as compensation expense. The compensation expense is the fair value of the awards at the measurement date and is recognized over the requisite service period. Forfeitures are recognized as they occur. The fair value of restricted stock awards, incentive compensation stock awards and Board of Directors’ fees paid in the form of common stock are based on the closing price of the Company’s common stock on the grant dates. The fair value of performance stock awards as of the grant dates is determined using a Monte Carlo simulation methodology. Environmental Matters. The Company records a liability for an asset retirement obligation at fair value in the period in which it is incurred. The asset retirement obligation is recorded at the acquisition date of a long-lived tangible asset if the fair value can be reasonably estimated. A corresponding amount is capitalized as part of the asset’s carrying amount. The fair value is affected by management’s assumptions regarding the scope of the work, inflation rates and asset retirement dates. Further, the Company records an accrual for other environmental remediation liabilities in the period in which it is probable that a liability has been incurred and the appropriate amounts can be estimated reasonably. Such accruals are adjusted as further information develops or circumstances change. Generally, these costs are not discounted to their present value or offset for potential insurance or other claims or potential gains from future alternative uses for a site. Income Taxes . Deferred income taxes, net, on the consolidated balance sheets reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, and the percentage depletion allowed for tax purposes. Deferred tax liabilities for property, plant and equipment result from accelerated depreciation methods being used for income tax purposes as compared with the straight-line method for financial reporting purposes. Deferred tax liabilities related to goodwill and other intangibles reflect the cessation of goodwill amortization for financial reporting purposes, while amortization continued for income tax purposes. The effect of changes in enacted tax rates on deferred income tax assets and liabilities is charged or credited to income tax expense in the period of enactment. The Company applies the proportional amortization method to equity investments in tax credit programs that meet the following specified criteria: it is probable that the income tax credits allocable to the Company will be available; the Company does not have the ability to exercise significant influence over the operating and financial policies of the underlying project; substantially all of the projected benefits are from income tax credits and other income tax benefits, as determined on a discounted basis; the Company's projected yield based solely on the cash flows from the income tax credits and other income tax benefits is positive; and the Company is a limited liability investor in the limited liability entity for both legal and tax purposes and its liability is limited to its capital investment. Under the proportional amortization method, the equity investment is amortized in proportion to the income tax credits and other income tax benefits received, with the amortization expense and the income tax benefits presented on a net basis in Income tax expense or benefit on the consolidated statements of earnings. Uncertain Tax Positions. The Company recognizes a tax benefit when it is more-likely-than-not, based on the technical merits, that a tax position would be sustained upon examination by a taxing authority. The amount to be recognized is measured as the largest amount of tax benefit that is greater than 50 % likely of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. The Company’s unrecognized tax benefits are recorded in other liabilities on the consolidated balance sheets or as an offset to the deferred tax asset for tax carryforwards where available. The Company records interest accrued in relation to unrecognized tax benefits as income tax expense. Penalties, if incurred, are recorded as operating expenses in the consolidated statements of earnings. Sales Taxes. The Company is deemed to be an agent when collecting sales taxes from customers. Sales taxes collected from customers are recorded as liabilities until remitted to taxing authorities and therefore are not reflected in the consolidated statements of earnings as revenues and expenses. Start-Up Costs. Noncapital start-up costs for new facilities and products are charged to operations as incurred. Consolidated Comprehensive Earnings and Accumulated Other Comprehensive Loss . Consolidated comprehensive earnings 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 comprehensive earnings. 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 and related cumulative noncurrent deferred tax assets are as follows: years ended December 31 Pension and Foreign Total (in millions) 2023 Accumulated other comprehensive loss at beginning of period $ ( 36.5 ) $ ( 2.0 ) $ ( 38.5 ) Other comprehensive (loss) earnings before ( 15.7 ) 0.8 ( 14.9 ) Amounts reclassified from accumulated other 4.2 — 4.2 Other comprehensive (loss) earnings, net of tax ( 11.5 ) 0.8 ( 10.7 ) Accumulated other comprehensive loss at end of period $ ( 48.0 ) $ ( 1.2 ) $ ( 49.2 ) Cumulative noncurrent deferred tax assets at end of period $ 53.8 $ — $ 53.8 2022 Accumulated other comprehensive loss at beginning of period $ ( 97.6 ) $ — $ ( 97.6 ) Other comprehensive earnings (loss) before 51.6 ( 2.0 ) 49.6 Amounts reclassified from accumulated other 9.5 — 9.5 Other comprehensive earnings (loss), net of tax 61.1 ( 2.0 ) 59.1 Accumulated other comprehensive loss at end of period $ ( 36.5 ) $ ( 2.0 ) $ ( 38.5 ) Cumulative noncurrent deferred tax assets at end of period $ 50.1 $ — $ 50.1 2021 Accumulated other comprehensive loss at beginning of period $ ( 158.1 ) $ ( 0.3 ) $ ( 158.4 ) Other comprehensive earnings before reclassifications, 51.3 0.3 51.6 Amounts reclassified from accumulated other 9.2 — 9.2 Other comprehensive earnings, net of tax 60.5 0.3 60.8 Accumulated other comprehensive loss at end of period $ ( 97.6 ) $ — $ ( 97.6 ) Cumulative noncurrent deferred tax assets at end of period $ 69.7 $ — $ 69.7 Reclassifications out of accumulated other comprehensive loss are as follows: years ended December 31 (in millions) 2023 2022 2021 Affected line items in the Pension and postretirement benefit plans: Settlement charge $ — $ 4.6 $ — Amortization of: Prior service cost 5.6 4.0 — Actuarial loss — 3.7 12.1 5.6 12.3 12.1 Other nonoperating income, net Tax effect ( 1.4 ) ( 2.8 ) ( 2.9 ) Income tax expense Total $ 4.2 $ 9.5 $ 9.2 Earnings Per Common Share . The Company computes earnings per common share (EPS) pursuant to the two-class method. The two-class method determines EPS for common stock and participating securities according to dividends or dividend equivalents and their respective participation rights in undistributed earnings. 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 the Company’s 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 issued to employees and nonemployee members of the Company’s Board of Directors under certain stock-based compensation arrangements if the conversion is dilutive. The following table reconciles the numerator and denominator for basic and diluted earnings from continuing operations per common share: years ended December 31 (in millions) 2023 2022 2021 Net earnings from continuing operations attributable to $ 1,199.8 $ 856.3 $ 702.0 Less: distributed and undistributed earnings attributable to — — 0.2 Basic and diluted net earnings from continuing operations $ 1,199.8 $ 856.3 $ 701.8 Basic weighted-average common shares outstanding 61.9 62.3 62.4 Effect of dilutive employee and director awards 0.2 0.2 0.2 Diluted weighted-average common shares outstanding 62.1 62.5 62.6 Reclassifications. As of December 31, 2023, the Company combined products and services revenues and freight revenues into the Total revenues line item, and combined cost of revenues - products and services and cost of revenues - freight into the Total cost of revenues line item on the Company's consolidated statements of 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. New Accounting Pronouncements. In March 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-02, Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method, which amended the guidance related to accounting for investments in tax credit structures to allow the use of the proportional amortization method if certain conditions are met. The amendments also require certain disclosures in annual and interim reporting periods about an entity's tax credit programs. The Company early adopted ASU 2023-02, which did not have a material impact on the Company's results of operations, cash flows and financial condition, in 2023. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which requires a public entity to disclose significant segment expenses and other segment items on an annual and interim basis and provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. Additionally, it requires a public entity to disclose the title and position of the Chief Operating Decision Maker. The ASU does not change how a public entity identifies its operating segments, aggregates them, or applies the quantitative thresholds to determine its reportable segments. The new standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. This ASU requires companies to apply retrospectively to all prior periods presented in the financial statements. The ASU will impact the Company's disclosures, but will have no impacts to its results of operations, cash flows and financial condition. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which focuses on the rate reconciliation and income taxes paid. ASU 2023-09 requires public entities to disclose, on annual basis, a tabular tax rate reconciliation using both percentages and currency amounts with specific categories, broken out into specified categories with certain reconciling items further broken out by nature and jurisdiction to the extent those items exceed a specified threshold. Additionally, all entities are required to disclose income taxes paid, net of refunds received, disaggregated by federal, state/local, and foreign taxes and by individual jurisdiction if the amount is at least 5 % of total income tax payments, net of refunds received. The ASU also requires additional qualitative disclosures. ASU 2023-09 is effective prospectively for annual periods beginning after December 15, 2024, and early adoption and retrospective application are permitted. The ASU will impact the Company's income tax disclosures, but not its results of operations, cash flows and fina |
Business Combinations, Divestit
Business Combinations, Divestitures, Discontinued Operations and Assets and Liabilities Held for Sale | 12 Months Ended |
Dec. 31, 2023 | |
Business Combinations [Abstract] | |
Business Combinations, Divestitures, Discontinued Operations and Assets and Liabilities Held for Sale | Note B: Business Combinations, Divestitures, Discontinued Operations and Assets and Liabilities Held for Sale Business Combinations On January 12, 2024, the Company wholly acquired Albert Frei & Sons, Inc. (AFS), a leading aggregates producer in Colorado. This acquisition provides more than 60 years (at 2023 production levels) of high-quality, hard rock reserves to better serve new and existing customers and enhances the Company's aggregates platform in the high-growth Denver metropolitan area. On February 11, 2024, the Company entered into a definitive agreement to acquire 20 active aggregates operations in Alabama, South Carolina, South Florida, Tennessee, and Virginia from affiliates of Blue Water Industries LLC (BWI Southeast) for $ 2.05 billion in cash. The BWI Southeast acquisition complements Martin Marietta’s existing geographic footprint in the dynamic southeast region by allowing the Company to expand into new growth platforms in target markets including Nashville and Miami. The transaction is expected to close during 2024, subject to regulatory approvals and other customary closing conditions. Divestitures On November 21, 2023, the Company announced that it entered into a definitive agreement to sell its South Texas cement business and certain of its related ready mixed concrete operations to CRH Americas Materials, Inc., a subsidiary of CRH plc, for $ 2.1 billion in cash. Specifically, the facilities to be divested include the Hunter cement plant in New Braunfels, Texas, related cement distribution terminals and 20 ready mixed concrete plants serving the Austin and San Antonio region. T hese operations are reported in the West Group and classified as assets held for sale as of December 31, 2023. The transaction, which optimizes the Company's product mix portfolio and provides additional balance sheet flexibility to redeploy net proceeds into pure-play aggregates acquisitions, closed on February 9, 2024. On October 31, 2023, the Company completed the sale of its Tehachapi, California cement plant to UNACEM Corp S.A.A. for $ 315.0 million in cash. In connection with the divestiture, the Company recorded a $ 26.3 million pretax loss in discontinued operations. In May 2023, the Company divested its Stockton cement import terminal in California. In June 2022, the Company completed the sale of its Redding, California cement plant, related cement distribution terminals and 14 California ready mix operations for $ 235.0 million in cash. In addition, on July 15, 2022, the Company sold its interest in a joint venture that operates a California cement distribution terminal for $ 15.0 million. In April 2022, the Company divested its Colorado and Central Texas ready mixed concrete operations to Smyrna Ready Mix Concrete LLC. This transaction optimized the Company's aggregates-led portfolio and improved its ability to generate more attractive margins over the long term by reducing both business cyclicality and exposure to raw material cost inflation. The transaction resulted in a pretax gain of $ 151.9 million, which was included in Other operating income, net, on the Company's consolidated statement of earnings for the year ended December 31, 2022 and was inclusive of expenses incurred due to the divestiture. The divested operations and the gain on divestiture were all reported in the West Group. Discontinued Operations Since October 1, 2021 and through their respective divestiture dates, the aforementioned California cement and ready mix operations were part of the Company's West Group and classified as assets held for sale on the Company’s consolidated balance sheets and the associated financial results were reported as discontinued operations on the consolidated statements of earnings. As of December 31, 2023, there were no operations classified as discontinued operations. Financial results for the Company's discontinued operations are as follows: years ended December 31 2023 2022 2021 Total revenues $ 94.2 $ 308.6 $ 79.2 Pretax (loss) earnings from operations $ ( 16.3 ) $ 16.2 $ 6.6 Pretax loss on divestitures and sales of assets ( 24.0 ) ( 0.7 ) ( 6.0 ) Pretax (loss) earnings ( 40.3 ) 15.5 0.6 Income tax (benefit) expense ( 9.4 ) 5.0 0.1 (Loss) Earnings from discontinued operations, net of income tax $ ( 30.9 ) $ 10.5 $ 0.5 Cash flow information for the Company's discontinued operations is as follows: years ended December 31 2023 2022 2021 Net cash provided by (used for) operating activities $ 0.6 $ ( 31.6 ) $ ( 8.2 ) Additions to property, plant and equipment $ ( 3.0 ) $ ( 15.5 ) $ ( 3.7 ) Proceeds from divestitures and sales of assets 372.0 249.9 — Net cash provided by (used for) investing activities $ 369.0 $ 234.4 $ ( 3.7 ) Assets and Liabilities Held for Sale Current assets and current liabilities held for sale at December 31, 2023 included the South Texas cement plant, related cement distribution terminals, 20 ready mixed concrete plants that serve the Austin and San Antonio region and certain nonoperating land. At December 31, 2022, assets and liabilities held for sale included the Tehachapi, California cement plant that was sold in October 2023, the Stockton, California cement terminal that was sold in May 2023 and certain nonoperating land. Assets and liabilities held for sale are as follows: 2023 December 31 Continuing Operations Inventories, net $ 60.6 Investment land 17.9 Other assets 3.7 Property, plant and equipment 327.2 Intangible assets, excluding goodwill 122.3 Operating lease right-of-use assets 15.4 Goodwill 260.0 Total current assets held for sale $ 807.1 Lease obligations $ ( 16.3 ) Asset retirement obligations ( 1.9 ) Total current liabilities held for sale $ ( 18.2 ) 2022 December 31 Continuing Operations Discontinued Operations Total Inventories, net $ — $ 31.3 $ 31.3 Investment land 40.6 — 40.6 Other assets — 1.3 1.3 Total current assets held for sale $ 40.6 $ 32.6 $ 73.2 Property, plant and equipment $ — $ 124.5 $ 124.5 Intangible assets, excluding goodwill — 208.5 208.5 Operating lease right-of-use assets — 12.1 12.1 Goodwill — 31.9 31.9 Valuation allowance for loss on sale — ( 4.5 ) ( 4.5 ) Total noncurrent assets held for sale $ — $ 372.5 $ 372.5 Lease obligations $ — $ ( 4.5 ) $ ( 4.5 ) Total current liabilities held for sale $ — $ ( 4.5 ) $ ( 4.5 ) Lease obligations $ — $ ( 4.1 ) $ ( 4.1 ) Asset retirement obligations — ( 17.7 ) ( 17.7 ) Total noncurrent liabilities held for sale $ — $ ( 21.8 ) $ ( 21.8 ) |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Note C: Goodwill and Other Intangible Assets The following table shows the changes in goodwill by reportable segment and in total: December 31 East West Total (in millions) 2023 Balance at beginning of period $ 764.4 $ 2,885.1 $ 3,649.5 Goodwill allocated to assets held for sale — ( 260.0 ) ( 260.0 ) Balance at end of period $ 764.4 $ 2,625.1 $ 3,389.5 2022 Balance at beginning of period $ 759.4 $ 2,735.0 $ 3,494.4 Acquisitions — 3.7 3.7 Goodwill reclassified from assets held for sale — 8.1 8.1 Divestitures — ( 159.7 ) ( 159.7 ) Measurement period adjustments 5.0 298.0 303.0 Balance at end of period $ 764.4 $ 2,885.1 $ 3,649.5 Intangible assets subject to amortization consist of the following: December 31 Gross Accumulated Net (in millions) 2023 Noncompetition agreements $ 4.1 $ ( 4.1 ) $ — Customer relationships 421.0 ( 79.9 ) 341.1 Operating permits 369.2 ( 55.8 ) 313.4 Use rights and other 14.2 ( 12.5 ) 1.7 Trade names 23.3 ( 15.9 ) 7.4 Total $ 831.8 $ ( 168.2 ) $ 663.6 2022 Noncompetition agreements $ 4.1 $ ( 4.0 ) $ 0.1 Customer relationships 423.7 ( 62.7 ) 361.0 Operating permits 502.2 ( 61.4 ) 440.8 Use rights and other 13.9 ( 12.4 ) 1.5 Trade names 23.3 ( 14.7 ) 8.6 Total $ 967.2 $ ( 155.2 ) $ 812.0 Intangible assets deemed to have an indefinite life that are therefore not amortized consist of the following: December 31 Building Magnesia Total (in millions) 2023 Operating permits $ 6.6 $ — $ 6.6 Use rights 25.0 — 25.0 Trade names — 2.5 2.5 Total $ 31.6 $ 2.5 $ 34.1 2022 Operating permits $ 6.6 $ — $ 6.6 Use rights 26.7 — 26.7 Trade names — 2.5 2.5 Total $ 33.3 $ 2.5 $ 35.8 A mortization expense for intangible assets for the years ended December 31, 2023, 2022 and 2021 was $ 27.8 million, $ 26.6 million and $ 24.0 million, respectively. The intangible assets with finite lives classified as held for sale are not being amortized. The estimated amortization expense for intangible assets for each of the next five years and thereafter is as follows: (in millions) 2024 $ 26.5 2025 26.4 2026 25.1 2027 24.5 2028 24.3 Thereafter 536.8 Total $ 663.6 |
Accounts Receivable, Net
Accounts Receivable, Net | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Accounts Receivable, Net | Note D: Accounts Receivable, Net December 31 (in millions) 2023 2022 Customer receivables $ 746.7 $ 781.0 Other current receivables 18.3 15.9 Total accounts receivable 765.0 796.9 Less: allowance for estimated credit losses ( 11.7 ) ( 11.0 ) Accounts receivable, net $ 753.3 $ 785.9 Of the total accounts receivable, net, balance , $ 4.4 million and $ 3.0 million at December 31, 2023 and 2022 , respectively, was due from unconsolidated affiliates. |
Inventories, Net
Inventories, Net | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories, Net | Note E: Inventories, Net December 31 (in millions) 2023 2022 Finished products $ 1,151.8 $ 932.4 Products in process 25.0 24.8 Raw materials 59.9 71.7 Supplies and expendable parts 154.6 153.1 Total inventories 1,391.3 1,182.0 Less: allowances ( 402.7 ) ( 308.3 ) Inventories, net $ 988.6 $ 873.7 |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, Net | Note F: Property, Plant and Equipment, Net December 31 (in millions) 2023 2022 Land and land improvements $ 1,599.0 $ 1,519.2 Mineral reserves and interests 2,982.4 2,917.8 Buildings 160.3 164.1 Machinery and equipment 5,379.7 5,484.5 Construction in progress 333.0 338.5 Finance lease right-of-use assets 253.5 236.9 Total property, plant and equipment 10,707.9 10,661.0 Less: accumulated depreciation, depletion and amortization ( 4,522.0 ) ( 4,344.3 ) Property, plant and equipment, net $ 6,185.9 $ 6,316.7 Depreciation, depletion and amortization expense related to property, plant and equipment w as $ 479.5 m illion, $ 472.8 million and $ 422.4 million for the years ended December 31, 2023, 2022 and 2021, respectively. Depreciation, depletion and amortization expense includes amortization of right-of-use assets from finance leases. Property, plant and equipment classified as held for sale are not being depreciated. Interest o f $ 5.3 million, $ 2.7 million and $ 5.6 million was capitalized during 2023, 2022 and 2021, respectively. At December 31, 2023 and 2022, $ 39.5 m illion and $ 38.4 million , respectively, of the Building Materials business’ property, plant and equipment, net, were located in foreign countries, namely The Bahamas and Canada. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Note G: Long-Term Debt December 31 2023 2022 0.650 % Senior Notes, due 2023 (discharged) $ — $ 699.1 4.250 % Senior Notes, due 2024 399.6 398.9 7 % Debentures, due 2025 124.8 124.7 3.450 % Senior Notes, due 2027 298.7 298.3 3.500 % Senior Notes, due 2027 492.2 491.5 2.500 % Senior Notes, due 2030 471.5 470.5 2.400 % Senior Notes, due 2031 889.4 888.6 6.25 % Senior Notes, due 2037 228.4 228.4 4.250 % Senior Notes, due 2047 590.4 590.2 3.200 % Senior Notes, due 2051 850.2 849.8 Total debt 4,345.2 5,040.0 Less: current maturities ( 399.6 ) ( 699.1 ) Long-term debt $ 3,945.6 $ 4,340.9 On September 29, 2022, the Company satisfied and discharged the 0.650 % Senior Notes, which were issued in July 2021. In connection with the satisfaction and discharge, the Company irrevocably deposited funds with Regions Bank, as trustee under the indenture governing the 0.650 % Senior Notes, in an amount sufficient to satisfy all remaining principal and interest payments on the 0.650 % Senior Notes. The Company utilized existing cash resources to fund the satisfaction and discharge. As a result of the satisfaction and discharge, the obligations of the Company under the indenture with respect to the 0.650 % Senior Notes were 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 0.650 % Senior Notes remained on the Company's consolidated balance sheet at December 31, 2022 and continued to accrete to their par value over the period until maturity. Additionally, the related trust assets were included in Restricted investments (to satisfy discharged debt and related interest) on the Company's consolidated balance sheet at December 31, 2022. On July 17, 2023, the deposited funds were applied to satisfy the remaining principal and interest payments and the 0.650 % Senior Notes have been paid in full. The Company’s 4.250 % Senior Notes due 2024 , 7 % Debentures due 2025 , 3.450 % Senior Notes due 2027 , 3.500 % Senior Notes due 2027 , 2.500 % Senior Notes due 2030 , 2.400 % Senior Notes due 2031 , 6.25 % Senior Notes due 2037 , 4.250 % Senior Notes due 2047 and 3.200 % Senior Notes due 2051 (collectively, the Senior Notes) are senior unsecured obligations of the Company, ranking equal in right of payment with the Company’s existing and future unsubordinated indebtedness. The Senior Notes, with the exception of the 7 % Debentures due 2025 and the 6.25 % Senior Notes due 2037 , are redeemable prior to their respective par call dates, as defined, at a make-whole redemption price, and at a price equal to 100 % of the principal amount after their respective par call dates and prior to their respective maturity dates. The 6.25 % Senior Notes due 2037 are redeemable in whole at any time or in part from time to time at a make-whole redemption price. Upon a change-of-control repurchase event and a resulting below-investment-grade credit rating, the Company would be required to make an offer to repurchase all outstanding Senior Notes, with the exception of the 7 % Debentures due 2025 , at a price in cash equal to 101 % of the principal amount of the Senior Notes, plus any accrued and unpaid interest. During the year ended December 31, 2022 , the Company repurchased $ 67.7 million (par value) of its Senior Notes. There were no debt repurchases during the year ended December 31, 2023. The Senior Notes are carried net of original issue discount, which is being amortized by the effective interest method over the life of the issue. The principal amount as of December 31, 2023, effective interest rate and maturity date for the Senior Notes are as follows: Principal (in millions) Effective Maturity Date 4.250% Senior Notes $ 400.0 4.40 % July 2, 2024 7% Debentures $ 125.0 7.05 % December 1, 2025 3.450% Senior Notes $ 300.0 3.55 % June 1, 2027 3.500% Senior Notes $ 494.6 3.61 % December 15, 2027 2.500% Senior Notes $ 478.0 2.71 % March 15, 2030 2.400% Senior Notes $ 895.9 2.48 % July 15, 2031 6.25% Senior Notes $ 230.0 6.32 % May 1, 2037 4.250% Senior Notes $ 597.9 4.32 % December 15, 2047 3.200% Senior Notes $ 865.9 3.29 % July 15, 2051 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, 2028 . 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. Any outstanding principal amounts, together with interest accrued thereon, are due in full on that maturity date. There wer e no borrowings outstanding under the Credit Agreement as of December 31, 2023 and 2022. Available borrowings under the Revolving Facility are reduced by any outstanding letters of credit issued by the Company under the Revolving Facility. At December 31, 2023 and 2022, the Company had $ 2.6 million o f outstanding letters of credit issued and $ 797.4 million available for borrowing under the Revolving Facility. The Company paid the bank group an upfront loan commitment fee that is being amortized over the life of the Revolving Facility. The Revolving Facility includes an annual facility fee. The Credit Agreement requires the Company’s ratio of consolidated net debt-to-consolidated earnings before interest, taxes, depreciation, depletion and amortization, as defined, 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 un der the Revolving Facility or the Company's trade receivable securitization facility (discussed later), consolidated debt, as defined, which includes debt for which the Company is a guarantor, 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 December 31, 2023. The Company, through a wholly-owned special-purpose subsidiary, has a $ 400.0 million trade receivable securitization facility (the Trade Receivable Facility). On September 20, 2023, the Company extended the maturity to September 19, 2024 . The Trade Receivable Facility, with Truist Bank, Regions Bank, First-Citizens Bank & Trust Company, 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 Adjusted Term Secured Overnight Financing Rate (Adjusted Term SOFR), as defined, plus 0.7 %. 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. At December 31, 2023 and 2022 , there were no borrowings outstanding under the Trade Receivable Facility. The Company’s long-term debt maturities for each of the next five years and thereafter are as follows: (in millions) 2024 $ 399.6 2025 124.8 2026 — 2027 790.9 2028 — Thereafter 3,029.9 Total $ 4,345.2 |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Financial Instruments Disclosure [Abstract] | |
Financial Instruments | Note H: 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 at December 31, 2022 were held in a fund that invested solely in U.S. Treasury securities. The estimated fair value of the fund was 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 approximated its fair value. The Company was restricted from accessing the investments, which were used to settle the 0.650 % Senior Notes and related interest payments on the maturity date of July 17, 2023. Accounts receivable are due from a large number of customers, primarily in the construction industry, and are dispersed across wide geographic and economic regions. However, accounts receivable are more heavily concentrated in certain states, namely Texas, North Carolina, Colorado, California, Georgia, Minnesota, Arizona, Iowa, Florida and Indiana. The carrying values of accounts receivable approximate their fair values. The note receivable at December 31, 2022 was a promissory note with an unconsolidated affiliate (see Note N) and was not publicly traded. Management estimated that the carrying value of the note receivable approximated its fair value. This note was repaid in full in 2023. 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 $ 4.35 billion and $ 3.88 billion, respectively, at December 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. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note I: Income Taxes The components of the Company’s income tax expense from continuing operations are as follows: years ended December 31 2023 2022 2021 Federal income taxes: Current $ 264.0 $ 174.9 $ 66.3 Deferred ( 11.4 ) 18.0 61.4 Total federal income taxes 252.6 192.9 127.7 State income taxes: Current 42.7 35.1 18.7 Deferred ( 3.0 ) 5.3 6.5 Total state income taxes 39.7 40.4 25.2 Foreign income taxes: Current 0.2 1.2 — Deferred — 0.3 0.3 Total foreign income taxes 0.2 1.5 0.3 Income tax expense $ 292.5 $ 234.8 $ 153.2 The Company generated foreign pretax earnings of $ 8.1 million, a loss of $ 2.3 million and earnings of $ 7.5 million for the years ended December 31, 2023, 2022 and 2021, respectively. The Company’s effective income tax rate on continuing operations varied from the statutory United States income tax rate because of the following tax differences: years ended December 31 2023 2022 2021 Statutory income tax rate 21.0 % 21.0 % 21.0 % (Reduction) increase resulting from: Effect of statutory depletion ( 2.3 ) ( 2.4 ) ( 3.5 ) State income taxes, net of federal tax benefit 2.1 2.9 2.3 Federal tax credits ( 1.0 ) ( 0.9 ) ( 1.4 ) Other items ( 0.2 ) 0.9 ( 0.5 ) Effective income tax rate 19.6 % 21.5 % 17.9 % The higher 2022 effective tax rate versus 2023 and 2021 was primarily driven by the impact of the divestiture of the Colorado and Central Texas ready mixed concrete businesses. The statutory depletion deduction for all years is calculated as a percentage of sales, subject to certain limitations. Due to these limitations, the impact of changes in the sales volumes and earnings may not proportionately affect the Company’s statutory depletion deduction and the corresponding impact on the effective income tax rate. In 2023, 2022, and 2021, the Company financed third-party railroad track maintenance. In exchange, the Company received federal income tax credits and tax deductions. The principal components of the Company’s deferred tax assets and liabilities are as follows: December 31 Deferred Assets (Liabilities) (in millions) 2023 2022 Deferred tax assets related to: Inventories $ 121.0 $ 85.5 Valuation and other reserves 34.2 30.9 Net operating loss carryforwards 2.8 3.6 Accumulated other comprehensive loss 53.8 50.1 Lease liabilities 141.9 139.6 Other items, net 3.6 1.9 Gross deferred tax assets 357.3 311.6 Valuation allowance on deferred tax assets ( 2.5 ) ( 2.6 ) Total net deferred tax assets 354.8 309.0 Deferred tax liabilities related to: Property, plant and equipment ( 828.0 ) ( 843.8 ) Goodwill and other intangibles ( 168.3 ) ( 143.9 ) Right-of-use assets ( 142.3 ) ( 140.8 ) Partnerships and joint ventures ( 34.0 ) ( 32.5 ) Employee benefits ( 56.8 ) ( 62.3 ) Total deferred tax liabilities ( 1,229.4 ) ( 1,223.3 ) Deferred income taxes, net $ ( 874.6 ) $ ( 914.3 ) The Company had $ 1.2 million and $ 1.3 million of domestic federal net operating loss (NOL) carryforwards at December 31, 2023 and 2022, respectively. The Company had domestic state NOL carryforwards of $ 42.8 million and $ 55.3 million at December 31, 2023 and 2022 , respectively. These carryforwards have various expiration dates through 2043 . At December 31, 2023 and 2022, deferred tax assets associated with these carryforwards were $ 2.8 million and $ 3.6 million, respectively, net of the federal benefit of the state deduction, for which valuation allowances of $ 2.0 million and $ 2.1 million, respectively, were recorded. The Company also had domestic state tax credit carryforwards of $ 2.1 million and $ 1.3 million at December 31, 2023 and 2022 , respectively, which have various expiration dates through 2043 . At December 31, 2023 and 2022, deferred tax assets associated with these carryforwards were $ 1.7 million and $ 1.0 million, respectively, net of the federal benefit of the state deduction. The Company expects to reinvest the earnings from its wholly-owned Canadian and Bahamian subsidiaries indefinitely, and accordingly, has not provided deferred taxes on the subsidiaries’ undistributed net earnings or basis differences. The Company believes that the tax liability that would be incurred upon repatriation of the foreign earnings was immaterial at December 31, 2023 and 2022. The followi ng table summarizes the Company’s unrecognized tax benefits, excluding interest and correlative effects of $ 0.1 million for the years ended December 31, 2023, 2022 and 2021: years ended December 31 2023 2022 2021 Unrecognized tax benefits at beginning of year $ 3.6 $ 5.4 $ 8.2 Gross increases – tax positions in prior years 0.3 — 0.5 Gross decreases – tax positions in prior years — — — Gross increases – tax positions in current year 0.3 0.2 0.1 Gross decreases – tax positions in current year — — — Lapse of statute of limitations ( 3.1 ) ( 2.0 ) ( 3.4 ) Unrecognized tax benefits at end of year $ 1.1 $ 3.6 $ 5.4 Amount that, if recognized, would favorably impact $ 1.2 $ 3.7 $ 5.5 Unrecognized tax benefits are reversed as a discrete event if an examination of applicable tax returns is not initiated by a federal or state tax authority within the statute of limitations or upon effective settlement with federal or state tax authorities. Management believes its accrual for unrecognized tax benefits is sufficient to cover uncertain tax positions reviewed during audits by taxing authorities. The Company anticipates that it is reasonably possible that its unrecognized tax benefits may decrease up to $ 0.3 million, excluding interest and correlative effects, during the twelve months ending December 31, 2024, due to the expiration of the statutes of limitations for the 2020 tax year and all prior open tax years. The Company’s tax years subject to federal, state or foreign examinations are 2019 through 2023 . |
Retirement Plans, Postretiremen
Retirement Plans, Postretirement and Postemployment Benefits | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Retirement Plans, Postretirement and Postemployment Benefits | Note J: Retirement Plans, Postretirement and Postemployment Benefits The Company sponsors defined benefit retirement plans that cover substantially all employees. Additionally, the Company provides other postretirement benefits for certain employees, including medical benefits for retirees and their spouses and retiree life insurance. Employees starting on or after January 1, 2002 are not eligible for postretirement welfare plans. The Company also provides certain benefits, such as disability benefits, to former or inactive employees after employment but before retirement. The measurement date for the Company’s defined benefit plans, postretirement benefit plans and postemployment benefit plans is December 31. During 2022, the Company amended its qualified pension plan to provide an enhanced benefit for eligible hourly active participants who retire subsequent to April 30, 2022, which resulted in a remeasurement of the qualified pension plan as of February 28, 2022. The remeasurement increased the defined benefit plans’ unrecognized prior service cost by $ 47.6 million. Defined Benefit Retirement Plans. Defined retirement benefits for salaried employees are based on each employee’s years of service and average compensation for a specified period of time before retirement. Defined retirement benefits for hourly employees are generally stated amounts for specified periods of service. The Company sponsors a Supplemental Excess Retirement Plan (SERP) that generally provides for the payment of retirement benefits in excess of allowable Internal Revenue Code limits. The SERP generally provides for a lump-sum payment of vested benefits. When these benefit payments exceed the sum of the service and interest costs for the SERP during a year, the Company recognizes a pro rata portion of the SERP’s unrecognized actuarial loss as settlement expense. The net periodic benefit cost of defined benefit plans includes the following components: years ended December 31 2023 2022 2021 Service cost $ 32.9 $ 48.1 $ 46.2 Interest cost 51.3 41.2 35.7 Expected return on assets ( 71.4 ) ( 77.3 ) ( 70.5 ) Amortization of: Prior service cost 5.9 4.9 0.8 Actuarial loss 0.6 3.9 12.2 Settlement charge — 4.6 — Net periodic benefit cost $ 19.3 $ 25.4 $ 24.4 The components of net periodic benefit cost, other than service cost, are included in the line item Other nonoperating income, net , in the consolidated statements of earnings. Based on the roles of the employees, service cost is included in Total c ost of revenues or Selling , general and administrative expenses line items in the consolidated statements of earnings. The expected return on assets is calculated by applying an annually selected expected long-term rate of return assumption to the estimated fair value of the plan assets during the year, giving consideration to contributions and benefits paid. The Company recognized the following pretax amounts in consolidated comprehensive earnings: years ended December 31 (in millions) 2023 2022 2021 Actuarial loss (gain) $ 20.9 $ ( 114.5 ) $ ( 67.5 ) Prior service cost — 48.1 — Amortization of: Prior service cost ( 5.9 ) ( 4.9 ) ( 0.8 ) Actuarial loss ( 0.6 ) ( 3.9 ) ( 12.2 ) Settlement charge — ( 4.6 ) — Total $ 14.4 $ ( 79.8 ) $ ( 80.5 ) Accumulated other comprehensive loss includes the following amounts that have not yet been recognized in net periodic benefit cost: December 31 2023 2022 (in millions) Gross Net of tax Gross Net of tax Prior service cost $ 42.4 $ 20.0 $ 48.2 $ 20.3 Actuarial loss 63.4 29.9 43.2 18.2 Total $ 105.8 $ 49.9 $ 91.4 $ 38.5 The defined benefit plans’ change in projected benefit obligation is as follows: years ended December 31 (in millions) 2023 2022 Net projected benefit obligation at beginning of year $ 857.6 $ 1,135.5 Service cost 32.9 48.1 Interest cost 51.3 41.2 Actuarial loss (gain) 72.6 ( 363.3 ) Gross benefits paid ( 45.2 ) ( 52.0 ) Plan amendments — 48.1 Net projected benefit obligation at end of year $ 969.2 $ 857.6 The largest component of the actuarial loss in 2023 was the lower discount rate compared with 2022. The actuarial gain in 2022 was primarily attributable to a higher discount rate compared with 2021. The Company’s change in plan assets, funded status and amounts recognized on the Company’s consolidated balance sheets are as follows: years ended December 31 (in millions) 2023 2022 Fair value of plan assets at beginning of year $ 1,067.1 $ 1,200.3 Actual return on plan assets, net 123.1 ( 171.4 ) Employer contributions 31.8 90.2 Gross benefits paid ( 45.2 ) ( 52.0 ) Fair value of plan assets at end of year $ 1,176.8 $ 1,067.1 December 31 (in millions) 2023 2022 Funded status of the plan at end of year $ 207.6 $ 209.5 Accrued benefit credit $ 207.6 $ 209.5 December 31 (in millions) 2023 2022 Amounts recognized on consolidated balance sheets consist of: Noncurrent asset $ 307.8 $ 295.3 Current liability ( 7.5 ) ( 6.8 ) Noncurrent liability ( 92.7 ) ( 79.0 ) Net amount recognized at end of year $ 207.6 $ 209.5 The accumulated benefit obligation for all defined benefit pension plans was $ 881.9 million and $ 789.6 million at December 31, 2023 and 2022, respectively. Benefit obligations and fair value of plan assets for pension plans with accumulated benefit obligations in excess of plan assets are as follows: December 31 (in millions) 2023 2022 Projected benefit obligation $ 100.7 $ 86.3 Accumulated benefit obligation $ 90.9 $ 79.5 Fair value of plan assets $ 0.5 $ 0.5 Weighted-average assumptions used to determine benefit obligations as of December 31 are: 2023 2022 Discount rate 5.58 % 5.88 % Rate of increase in future compensation levels 4.50 % 4.50 % Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31 are: 2023 2022 2021 Discount rate 5.88 % 3.44 % 3.16 % Rate of increase in future compensation levels 4.50 % 4.50 % 4.50 % Expected long-term rate of return on assets 6.75 % 6.75 % 6.75 % The expected long-term rate of return on pension fund assets is based on the current asset class mix of the Company's pension plan assets, current capital market conditions and a stochastic forecast of future conditions. As of December 31, 2023 and 2022, the Company estimated the remaining lives of participants in the pension plans using the Pri-2012 Base tables. The no-collar table was used for salaried participants and the blue-collar table was used for hourly participants; the tables were adjusted to reflect both the mortality experience of the Company’s participants and a geospatial mortality analysis. These adjustments were updated from December 31, 2022, where the Pri-2012 tables were only adjusted based on the experience of the Company's participants. The Company used the MP-2020 mortality improvement scale for 2023 and 2022. Retirement plan assets are invested in listed stocks, bonds, real estate, private infrastructure and cash equivalents. The target allocation for 2023 and the actual pension plan asset allocation by asset class are as follows: Percentage of Plan Assets 2023 Target December 31 Asset Class Allocation 2023 2022 Equity securities 56 % 53 % 54 % Debt securities 28 % 27 % 24 % Real estate 10 % 12 % 14 % Private infrastructure 6 % 8 % 8 % Total 100 % 100 % 100 % The Company’s investment strategy is for equity securities to be invested in mid-sized to large capitalization U.S. funds, and small capitalization, international and emerging growth funds. Debt securities, or fixed income investments, are invested in funds benchmarked to the Barclays U.S. Aggregate Bond Index. The fair values of pension plan assets by asset class and fair value hierarchy level are as follows: Fair Value Measurements December 31 Quoted Prices Significant Significant Net Asset Total Fair (in millions) 2023 Equity securities 1 : Mid-sized to large cap $ — $ — $ — $ 307.2 $ 307.2 Small cap, international and emerging growth funds — — — 319.5 319.5 Debt securities 1 : Core fixed income — — — 319.2 319.2 Real estate — — — 136.7 136.7 Private infrastructure — — — 90.2 90.2 Cash equivalents — — — 4.0 4.0 Total $ — $ — $ — $ 1,176.8 $ 1,176.8 2022 Equity securities 1 : Mid-sized to large cap $ — $ — $ — $ 291.6 $ 291.6 Small cap, international and emerging growth funds — — — 287.2 287.2 Debt securities 1 : Core fixed income — — — 249.1 249.1 Real estate — — — 151.5 151.5 Private infrastructure — — — 83.1 83.1 Cash equivalents 0.2 — — 4.4 4.6 Total $ 0.2 $ — $ — $ 1,066.9 $ 1,067.1 1. These investments are common collective investment trusts valued using the net asset value (NAV) unit price provided by the fund administrator. The NAV is based on the value of the underlying assets owned by the fund. Real estate investments are stated at estimated fair value, which is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Real estate investments are valued at NAV based on the plan’s proportionate shares of the real estate funds’ fair value as recorded by the trustees/general partner of the funds. The funds are real estate investment trust based funds that offer participation in an actively managed, primarily core portfolio of equity real estate. The funds allocate gains, losses and expenses to investors based on the ownership percentage to determine the NAV. Private infrastructure assets represent investments in a fund that is stated at fair value. For financial assets in the fund that are actively traded in organized financial markets, fair value is based on exchange-quoted market prices. For investments in a fund for which there is no quoted market price, fair value is determined by the trustees/general partner of the fund based on discounted expected future cash flows prepared by third-party professionals. In 2023 and 2022, the Company made combined pension plan and SERP contributions of $ 31.8 million and $ 90.2 million, respectively. The Company currently estimates that it will contribute $ 32.7 million to its pension plans in 2024. The expected benefit payments to be paid from plan assets for each of the next five years and the five-year period thereafter are as follows: (in millions) 2024 $ 50.0 2025 $ 66.3 2026 $ 58.8 2027 $ 62.3 2028 $ 64.7 Years 2029 - 2033 $ 341.3 Postretirement Benefits . The net periodic benefit credit for postretirement plans includes the following components: years ended December 31 (in millions) 2023 2022 2021 Interest cost $ 0.5 $ 0.4 $ 0.3 Amortization of: Prior service credit ( 0.3 ) ( 0.9 ) ( 0.8 ) Actuarial gain ( 0.6 ) ( 0.2 ) ( 0.1 ) Total net periodic benefit credit $ ( 0.4 ) $ ( 0.7 ) $ ( 0.6 ) The components of net periodic benefit credit, other than service cost, are included in the line item Other nonoperating income, net, in the consolidated statements of earnings. The Company recognized the following pretax amounts in consolidated comprehensive earnings: years ended December 31 (in millions) 2023 2022 2021 Actuarial gain $ ( 0.1 ) $ ( 2.0 ) $ ( 0.6 ) Amortization of: Prior service credit 0.3 0.9 0.8 Actuarial gain 0.6 0.2 0.1 Total $ 0.8 $ ( 0.9 ) $ 0.3 Accumulated other comprehensive loss includes the following amounts that have not yet been recognized in net periodic benefit credit: December 31 2023 2022 (in millions) Gross Net of tax Gross Net of tax Prior service credit $ ( 0.4 ) $ ( 0.2 ) $ ( 0.7 ) $ ( 0.3 ) Actuarial gain ( 3.7 ) ( 1.7 ) ( 4.1 ) ( 1.7 ) Total $ ( 4.1 ) $ ( 1.9 ) $ ( 4.8 ) $ ( 2.0 ) The postretirement health care plans’ change in benefit obligation is as follows: years ended December 31 (in millions) 2023 2022 Net benefit obligation at beginning of year $ 8.9 $ 11.4 Interest cost 0.5 0.4 Participants’ contributions 0.7 0.6 Actuarial gain ( 0.1 ) ( 1.9 ) Gross benefits paid ( 1.7 ) ( 1.6 ) Net benefit obligation at end of year $ 8.3 $ 8.9 The postretirement health care plans’ change in plan assets, funded status and amounts recognized on the Company’s consolidated balance sheets are as follows: years ended December 31 (in millions) 2023 2022 Fair value of plan assets at beginning of year $ — $ — Employer contributions 1.0 1.0 Participants’ contributions 0.7 0.6 Gross benefits paid ( 1.7 ) ( 1.6 ) Fair value of plan assets at end of year $ — $ — December 31 (in millions) 2023 2022 Funded status of the plan at end of year $ ( 8.3 ) $ ( 8.9 ) Accrued benefit cost $ ( 8.3 ) $ ( 8.9 ) December 31 (in millions) 2023 2022 Amounts recognized on consolidated balance sheets consist of: Current liability $ ( 1.0 ) $ ( 1.0 ) Noncurrent liability ( 7.3 ) ( 7.9 ) Net amount recognized at end of year $ ( 8.3 ) $ ( 8.9 ) Weighted-average assumptions used to determine the postretirement benefit obligation as of December 31 are: 2023 2022 Discount rate 5.79 % 6.02 % Weighted-average assumptions used to determine net postretirement benefit credit for the years ended December 31 are: 2023 2022 2021 Discount rate 6.02 % 3.02 % 2.48 % As of December 31, 2023 and 2022, the Company estimated the remaining lives of participants in the postretirement benefit plans using the Pri-2012 Base tables. The no-collar table was used for salaried participants and the blue-collar table was used for hourly participants; both tables were adjusted to reflect the experience of the Company’s participants. The Company used the MP-2020 mortality improvement scale for 2023 and 2022. Assumed health care cost trend rates at December 31 are: 2023 2022 Health care cost trend rate assumed for next year 6.50 % 6.75 % Rate to which the cost trend rate gradually declines 4.75 % 4.75 % Year the rate reaches the ultimate rate 2031 2031 The Company estimates that it will contribute $ 1.0 million to its postretirement health care plans in 2024. The total expected benefit payments to be paid by the Company, net of participant contributions, for each of the next five years and the five-year period thereafter are as follows: (in millions) 2024 $ 1.0 2025 $ 1.2 2026 $ 1.1 2027 $ 1.0 2028 $ 0.9 Years 2029 - 2033 $ 3.8 Defined Contribution Plan . The Company maintains a defined contribution plan that covers substantially all employees. This plan, qualified under Section 401(a) of the Internal Revenue Code, is a retirement savings and investment plan for the Company’s salaried and hourly employees . Under certain provisions of the plan, the Company matches employees’ eligible contributions at established rates. The Company’s matching obligations were $ 22.3 million in 2023, $ 23.1 million in 2022 and $ 20.5 million in 2021 . |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Note K: Stock-Based Compensation On May 19, 2016, the Company’s shareholders approved the Martin Marietta Amended and Restated Stock-Based Award Plan. The Martin Marietta Materials, Inc. Stock-Based Award Plan, as amended from time to time, along with the Amended Omnibus Securities Award Plan, originally approved in 1994 (collectively, the Plans), are still effective for awards made prior to 2017. The Company has been authorized by the Board of Directors to repurchase shares of the Company’s common stock for issuance under the stock-based award plans (see Note M). The Company grants restricted stock awards under the Plans to a group of executive officers, key personnel and nonemployee members of the Board of Directors. The vesting of certain restricted stock awards is based on certain performance criteria over a specified period of time. The number of shares may be increased to the maximum or reduced to the minimum threshold based on the results of those criteria. In addition, certain awards are granted to individuals to encourage retention and motivate key employees. These awards generally vest if the employee is continuously employed over a specified period of time and require no payment from the employee. Awards granted to nonemployee members of the Board of Directors vest immediately. The fair value of stock-based award grants is expensed over the vesting period. Awards to employees eligible for retirement prior to the award becoming fully vested are expensed over the period through the date that the employee first becomes eligible to retire and is no longer required to provide service to earn the award. Awards granted to nonemployee members of the Board of Directors are expensed immediately. Additionally, an incentive compensation stock plan has been adopted under the Plans whereby certain participants may elect to use up to 50 % of their annual incentive compensation to acquire units representing shares of the Company’s common stock at a 20 % discount to the market value on the date of the incentive compensation award. Participants receive unrestricted shares of common stock in an amount equal to their respective units generally at the end of a 34-month period of additional employment from the date of award or at retirement beginning at age 62. All rights of ownership of the common stock convey to the participants upon the issuance of their respective shares at the end of the ownership-vesting period. The following table summarizes information for restricted stock awards and incentive compensation stock awards for 2023: Restricted Stock - Restricted Stock - Incentive Compensation Stock Number of Weighted- Number of Weighted- Number of Weighted- January 1, 2023 215,644 $ 272.86 103,795 $ 339.17 32,149 $ 341.72 Awarded 60,982 $ 369.18 33,103 $ 392.73 4,012 $ 362.08 Distributed ( 59,184 ) $ 305.80 ( 70,370 ) $ 266.97 ( 18,835 ) $ 325.48 Forfeited ( 6,799 ) $ 341.96 ( 1,626 ) $ 371.00 — $ — Adjustment for performance — $ — 33,248 $ 266.97 — $ — December 31, 2023 210,643 $ 289.26 98,150 $ 384.02 17,326 $ 364.09 The weighted-average grant-date fair value per share of service-based restricted stock awards granted during 2023, 2022 and 2021 was $ 369.18 , $ 362.77 and $ 342.11 , respectively. The weighted-average grant-date fair value per share of performance-based restricted stock awards granted during 2023, 2022 and 2021 was $ 392.73 , $ 406.99 and $ 352.52 , respectively. The weighted-average grant-date fair value per share of incentive compensation stock awards granted during 2023, 2022 and 2021 was $ 362.08 , $ 369.05 and $ 325.30 , respectively. The aggregate intrinsic values for unvested restricted stock awards and unvested incentive compensation stock awards at December 31, 2023 were $ 154.1 million and $ 3.6 million, respectively, and were based on the closing price of the Company’s common stock at December 31, 2023, which wa s $ 498.91 . The aggregate intrinsic values of restricted stock awards distributed during the years ended December 31, 2023, 2022 and 2021 were $ 47.6 million, $ 64.5 million and $ 41.1 million, respectively. The aggregate intrinsic values of incentive compensation stock awards distributed during the years ended December 31, 2023, 2022 and 2021 were $ 3.9 million, $ 3.1 million and $ 4.9 million, respectively. The aggregate intrinsic values for distributed awards were based on the closing prices of the Company’s common stock on the dates of distribution. Prior to 2016, under the Plans, the Company granted options to employees to purchase its common stock at a price equal to the closing market value at the date of grant. Options become exercisable in four annual installments beginning one year after date of grant. Outstanding options expire ten years after the grant date. The following table includes summary information for stock options as of December 31, 2023: Number of Weighted- Weighted- Outstanding at January 1, 2023 15,283 $ 136.55 Exercised ( 9,180 ) $ 131.50 Outstanding at December 31, 2023 6,103 $ 144.14 1.1 Exercisable at December 31, 2023 6,103 $ 144.14 1.1 The aggregate intrinsic values of options exercised during the years ended December 31, 2023, 2022 and 2021 wer e $ 2.6 mil lion, $ 1.3 million and $ 2.3 million, respectively, and were based on the closing prices of the Company’s common stock on the dates of exercise. The aggregate intrinsic values for options outstanding and exercisable at December 31, 2023 were $ 2.2 million and were based on the closing price of the Company’s common stock at December 31, 2023, which wa s $ 498.91 . At December 31, 2023, there were approximately 0.4 million awards available for grant under the Plans. In 2016, the Company’s shareholders approved the issuance of an additional 0.8 million shares of common stock under the Plans. In 1996, the Company adopted the Shareholder Value Achievement Plan to award shares of the Company’s common stock to key senior employees based on certain common stock performance criteria over a long-term period. Under the terms of this plan, 0.3 million shares of common stock were reserved for issuance. Through December 31, 2023, 42,025 shares have been issued under this plan. No awards have been granted under this plan since 2000. The Company adopted and the shareholders approved the Common Stock Purchase Plan for Directors in 1996, which provides nonemployee members of the Board of Directors the election to receive all or a portion of their total fees in the form of the Company’s common stock. Beginning in 2016, members of the Board of Directors were not required to defer any of their fees in the form of the Company’s common stock. Under the terms of this plan, 0.3 million shares of common stock were reserved for issuance. Nonemployee members of the Board of Directors elected to defer portions of their fees representing 1,333 , 1,767 and 1,686 shares of the Company’s common stock under this plan during 2023, 2022 and 2021, respectively. The following table summarizes stock-based compensation expense for the years ended December 31, 2023, 2022 and 2021, unrecognized compensation cost for nonvested awards at December 31, 2023 and the weighted-average period over which unrecognized compensation cost will be recognized: (in millions, except year data) Restricted Incentive Directors’ Total Stock-based compensation expense recognized for 2023 $ 48.7 $ 0.8 $ 0.5 $ 50.0 2022 $ 41.0 $ 1.1 $ 0.6 $ 42.7 2021 $ 41.4 $ 1.0 $ 0.6 $ 43.0 Unrecognized compensation cost at $ 39.5 $ 0.4 $ — $ 39.9 Weighted-average period over which unrecognized 1.8 years 1.3 years Total tax benefits related to stock-based compensation expense were $ 8.6 million, $ 7.6 million and $ 7.9 million for the years ended December 31, 2023, 2022 and 2021, respectively. The following presents expected stock-based compensation expense in future periods for outstanding awards as of December 31, 2023: (in millions) 2024 $ 28.2 2025 9.1 2026 1.8 2027 0.7 2028 0.1 Total $ 39.9 Stock-based compensation expense is included in Selling, general and administrative expenses in the Company’s consolidated statements of earnings. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases | Note L: Leases The Company has leases, primarily for equipment, railcars, fleet vehicles, office space, land, information technology equipment and software. The Company’s leases have remaining lease term s ranging from less than one year to 96 years , s ome of which may include options to extend the leases for up to 30 years , and some of which may include options to terminate the leases within one year . Certain of the Company’s lease agreements include payments based upon variable rates, including, but not limited to, hours used, tonnage processed and factors related to indices. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The components of lease cost are as follows: years ended December 31 (in millions) 2023 2022 2021 Operating lease cost $ 76.5 $ 73.1 $ 72.9 Finance lease cost: Amortization of right-of-use assets 21.2 18.3 14.3 Interest on lease liabilities 4.8 4.4 3.5 Variable lease cost 18.5 16.5 17.9 Short-term lease cost 46.2 45.2 32.3 Total lease cost $ 167.2 $ 157.5 $ 140.9 The Company has royalty agreements that are prescriptively excluded from the scope of ASC 842 and generally require royalty payments based on tons produced, tons sold or total sales dollars and also contain minimum payments. Royalty expense was $ 86.2 million, $ 78.2 million and $ 67.1 million for the years ended December 31, 2023, 2022 and 2021, respectively. The balance sheet classifications of operating and finance leases are as follows: December 31 2023 2022 Operating leases: Operating lease right-of-use assets $ 371.6 $ 383.5 Current operating lease liabilities $ 53.3 $ 52.1 Noncurrent operating lease liabilities 326.7 335.9 Total operating lease liabilities $ 380.0 $ 388.0 Finance leases: Property, plant and equipment $ 253.5 $ 236.9 Accumulated depreciation ( 58.8 ) ( 39.4 ) Property, plant and equipment, net $ 194.7 $ 197.5 Other current liabilities $ 20.1 $ 17.8 Other noncurrent liabilities 179.5 182.1 Total finance lease liabilities $ 199.6 $ 199.9 The incremental borrowing rate ranged fro m 0.0 % to 6.0 % for the years ended December 31, 2023 and 2022. Weighted-average remaining lease terms and discount rates are as follows: December 31 2023 2022 Weighted-average remaining lease terms (years): Operating leases 11.7 12.2 Finance leases 18.3 19.1 Weighted-average discount rates: Operating leases 4.3 % 4.0 % Finance leases 2.6 % 2.3 % Future lease payments as of December 31, 2023 are as follows: Operating Finance (in millions) Leases Leases 2024 $ 69.1 $ 25.0 2025 60.8 21.1 2026 52.2 13.9 2027 42.1 12.8 2028 36.4 12.0 Thereafter 254.3 171.5 Total lease payments 514.9 256.3 Less: imputed interest ( 119.4 ) ( 55.9 ) Present value of lease payments 395.5 200.4 Less: leases classified as held for sale ( 15.5 ) ( 0.8 ) Less: current lease obligations ( 53.3 ) ( 20.1 ) Total long-term lease obligations $ 326.7 $ 179.5 |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Shareholders' Equity | Note M: Shareholders’ Equity The authorized capital structure of the Company includes 100.0 million shares of common stock, with a par value of $ 0.01 per share. At December 31, 2023 , approximately 1.1 million common shares were reserved for issuance under stock-based award plans. Pursuant to authority granted by its Board of Directors, the Company can repurchase up to 20.0 million shares of common stock. During each of 2023 and 2022, the Company repurchased 0.4 million shares of common stock. The Company made no share repurchases during 2021. Future share repurchases are at the discretion of management. At December 31, 2023, 12.7 million shares of common stock were remaining under the Company’s repurchase authorization. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note N: Commitments and Contingencies Legal and Administrative Proceedings. The Company is engaged in certain legal and administrative proceedings incidental to its normal business activities. In the opinion of management and counsel, based upon currently available facts, the likelihood is remote that the ultimate outcome of any litigation and other proceedings, including those pertaining to environmental matters (see Note A), relating to the Company and its subsidiaries, will have a material adverse effect on the overall results of the Company’s operations, its cash flows or its financial position. Asset Retirement Obligations. The Company incurs reclamation and teardown costs as part of its mining and production processes. Estimated future obligations are discounted to their present value and accreted to their projected future obligations via charges to operating expenses. Additionally, the fixed assets recorded concurrently with the liabilities are depreciated over the period until retirement activities are expected to occur. Total accretion and depreciation expenses for 2023, 2022 and 2021 were $ 17.1 million, $ 15.5 million and $ 11.9 million, respectively, and are included in Other operating income, net , in the consolidated statements of earnings. The following shows the changes in asset retirement obligations: years ended December 31 (in millions) 2023 2022 2021 Balance at beginning of year $ 380.0 $ 306.8 $ 153.8 Accretion expense 10.9 10.6 7.2 Liabilities incurred and liabilities assumed in business combinations 33.8 78.6 179.0 Liabilities settled ( 27.7 ) ( 14.1 ) ( 5.2 ) Revisions in estimated cash flows ( 12.5 ) ( 3.1 ) 3.5 Liabilities reclassified from/(to) assets held for sale 15.8 1.2 ( 31.5 ) Balance at end of year $ 400.3 $ 380.0 $ 306.8 Other Environmental Matters . The Company’s operations are subject to and affected by federal, state and local laws and regulations relating to the environment, health and safety, and other regulatory matters. Certain of the Company’s operations may, from time to time, involve the use of substances that are classified as toxic or hazardous within the meaning of these laws and regulations. Environmental operating permits are, or may be, required for certain of the Company’s operations, and such permits are subject to modification, renewal and revocation. The Company regularly monitors and reviews its operations, procedures and policies for compliance with these laws and regulations. Despite these compliance efforts, risk of environmental remediation liability is inherent in the operation of the Company’s businesses, as it is with other companies engaged in similar businesses. The Company has no material provisions for environmental remediation liabilities and does not believe such liabilities will have a material adverse effect on the Company in the future. Insurance Reserves. At December 31, 2023 and 2022, reserves of $ 46.9 million and $ 48.2 million , respectively, were recorded for insurance claims. 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 December 31, 2023, the Company was contingently liable for $ 32.2 million in letters of credit. Surety Bonds. At December 31, 2023, the Company was contingently liable for $ 698.3 million in surety bonds required by certain states and municipalities and their related agencies. The bonds are provided in the normal course of business and are principally for certain insurance claims, construction contracts, reclamation obligations and mining permits guaranteeing the Company’s own performance. The Company has indemnified the underwriting insurance company against any exposure under the surety bonds. In the Company’s past experience, no material claims have been made against these financial instruments. Borrowing Arrangement with Affiliate. At December 31, 2022 , the Company had a $ 6.0 million interest-only note receivable outstanding from an unconsolidated affiliate. The note receivable was repaid in full by the unconsolidated affiliate during 2023. Purchase Commitments. The Company had purchase commitments for property, plant and equipment of $ 162.1 million as of December 31, 2023. The Company also had other purchase obligations related to energy and service contracts of $ 233.1 million as of December 31, 2023 . The Company’s contractual purchase commitments as of December 31, 2023 are as follows: (in millions) 2024 $ 247.2 2025 39.1 2026 28.7 2027 14.1 2028 14.4 Thereafter 51.7 Total $ 395.2 Of the total contractual purchase commitments , $ 50.7 million was for the Company's South Texas cement business and related ready mixed concrete operations that are classified as assets held for sale as of December 31, 2023. Capital expenditures in 2023, 2022 and 2021 that were purchase commitments as of the prior year end were $ 111.4 million, $ 89.6 million and $ 99.0 million, respectively. Additionally, the Company has a purchase commitment for 394 railcars at an aggregate value of $ 42.7 million as of December 31, 2023. Contracts of Affreightment and Royalty Commitments. Future minimum contracts of affreightment and royalty commitments for all noncancelable agreements that are not accounted for as leases on the Company’s consolidated balance sheet as of December 31, 2023 are as follows: (in millions) Contracts of Affreightment Royalty 2024 $ 16.9 $ 26.4 2025 17.1 14.1 2026 17.4 11.7 2027 17.7 11.2 2028 — 8.0 Thereafter — 77.4 Total $ 69.1 $ 148.8 Employees. Approximately 12 % of the Company’s employees are represented by a labor union. All such employees are hourly employees. The Company maintains collective bargaining agreements relating to the union employees within the Building Materials business and Magnesia Specialties segment. All of the hourly employees of the Magnesia Specialties segment, located in Manistee, Michigan, and Woodville, Ohio, are represented by labor unions. The Woodville collective bargaining agreement expires in June 2026 . The Manistee collective bargaining agreement expires in August 2027 . |
Segments
Segments | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Segments | Note O: Segments As of December 31, 2023 , the Building Materials business is comprised of four divisions that represent individual operating segments. These operating segments are consolidated into two reportable segments, the East Group and the West Group, for financial reporting purposes as they meet the aggregation criteria. The Magnesia Specialties business represents an individual operating and reportable segment. The accounting policies used for segment reporting are the same as those described in Note A. The Chief Operating Decision Maker’s evaluation of performance and allocation of resources are based primarily on earnings from operations. Segment earnings from operations include total revenues less cost of revenues; selling, general and administrative expenses; other operating income and expenses, net; and exclude interest income and expense; other nonoperating income and expenses, net; and income tax expense. Corporate loss from operations primarily includes depreciation; expenses for corporate administrative functions; acquisition, divestiture and integration expenses; and other nonrecurring income and expenses not attributable to operations of the Company's other operating segments. Assets employed by segment include assets directly identified with those operations. Corporate assets consist primarily of cash, cash equivalents and restricted cash; restricted investments; property, plant and equipment for corporate operations; and other assets not directly identifiable with a reportable segment. The following tables display selected financial data for the Company’s reportable segments. Total revenues, as presented on the consolidated statements of 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. years ended December 31 2023 2022 2021 East Group $ 2,763.4 $ 2,468.1 $ 2,303.0 West Group 3,698.4 3,388.6 2,812.3 Total Building Materials business 6,461.8 5,856.7 5,115.3 Magnesia Specialties 315.4 304.0 298.7 Total $ 6,777.2 $ 6,160.7 $ 5,414.0 years ended December 31 (in millions) 2023 2022 2021 East Group $ 857.1 $ 640.2 $ 621.7 West Group 777.1 588.1 385.2 Total Building Materials business 1,634.2 1,228.3 1,006.9 Magnesia Specialties 76.0 75.2 90.8 Total reportable segments 1,710.2 1,303.5 1,097.7 Corporate ( 114.2 ) ( 96.8 ) ( 123.9 ) Consolidated earnings from operations 1,596.0 1,206.7 973.8 Interest expense 165.3 169.0 142.7 Other nonoperating income, net ( 62.1 ) ( 53.4 ) ( 24.4 ) Consolidated earnings from continuing operations $ 1,492.8 $ 1,091.1 $ 855.5 Earnings from operations for the West Group included a nonrecurring gain on divestiture of $ 151.9 million in 2022. December 31 Assets employed 2023 2022 2021 East Group $ 5,131.1 $ 5,063.5 $ 5,009.0 West Group 7,696.7 7,908.4 8,264.8 Total Building Materials business 12,827.8 12,971.9 13,273.8 Magnesia Specialties 250.0 192.1 168.7 Total reportable segments 13,077.8 13,164.0 13,442.5 Corporate 2,047.1 1,829.6 950.5 Total $ 15,124.9 $ 14,993.6 $ 14,393.0 years ended December 31 (in millions) 2023 2022 2021 East Group $ 210.1 $ 210.4 $ 196.0 West Group 268.0 260.6 223.0 Total Building Materials business 478.1 471.0 419.0 Magnesia Specialties 12.5 12.2 12.3 Total reportable segments 490.6 483.2 431.3 Corporate 22.6 22.8 20.4 Total $ 513.2 $ 506.0 $ 451.7 Corporate depreciation, depletion and amortization included $ 5.9 million, $ 6.6 million and $ 5.2 million for the amortization of bond discount and debt issuance costs in 2023, 2022 and 2021, respectively. years ended December 31 (in millions) 2023 2022 2021 East Group $ 230.8 $ 189.1 $ 372.9 West Group 341.7 302.2 1,131.6 Total Building Materials business 572.5 491.3 1,504.5 Magnesia Specialties 39.3 32.0 8.2 Total reportable segments 611.8 523.3 1,512.7 Corporate 14.4 21.1 28.8 Total $ 626.2 $ 544.4 $ 1,541.5 years ended December 31 (in millions) 2023 2022 2021 East Group $ — $ — $ 169.2 West Group — 2.5 918.3 Total Building Materials business — 2.5 1,087.5 Magnesia Specialties — — — Total reportable segments — 2.5 1,087.5 Corporate — — — Total $ — $ 2.5 $ 1,087.5 |
Revenues and Gross Profit
Revenues and Gross Profit | 12 Months Ended |
Dec. 31, 2023 | |
Revenues And Gross Profit [Abstract] | |
Revenues and Gross Profit | Note P: Revenues and Gross Profit The following tables, which are reconciled to consolidated amounts, provide 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. years ended December 31 (in millions) 2023 2022 2021 Building Materials business: Aggregates $ 4,301.6 $ 3,879.0 $ 3,344.3 Cement 725.5 620.0 509.3 Ready mixed concrete 1,009.3 953.2 1,147.5 Asphalt and paving 887.1 787.9 517.9 Less: interproduct revenues ( 461.7 ) ( 383.4 ) ( 403.7 ) Total Building Materials business 6,461.8 5,856.7 5,115.3 Magnesia Specialties 315.4 304.0 298.7 Consolidated total revenues $ 6,777.2 $ 6,160.7 $ 5,414.0 years ended December 31 (in millions) 2023 2022 2021 Building Materials business: Aggregates $ 1,378.1 $ 983.8 $ 907.6 Cement 333.6 202.7 155.9 Ready mixed concrete 102.0 70.7 96.5 Asphalt and paving 109.0 81.0 79.9 Total Building Materials business 1,922.7 1,338.2 1,239.9 Magnesia Specialties: 97.1 90.9 106.5 Corporate 2.8 ( 5.8 ) 2.0 Consolidated gross profit $ 2,022.6 $ 1,423.3 $ 1,348.4 Domestic and foreign total revenues are as follows: years ended December 31 (in millions) 2023 2022 2021 Domestic $ 6,707.2 $ 6,077.6 $ 5,338.5 Foreign 70.0 83.1 75.5 Consolidated total revenues $ 6,777.2 $ 6,160.7 $ 5,414.0 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 . 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 December 31, 2023, 2022 and 2021 were $ 250.5 million, $ 239.2 million and $ 153.9 million, respectively, where the remaining periods to complete these obligations rang ed from one month to 22 months at December 31, 2023 , two months to 34 months at December 31, 2022 and three months to 12 months at December 31, 2021. Service Revenues. Service revenues, which include paving operations located in California and Colorado, were $ 410.7 million, $ 353.7 million and $ 259.1 million for the years ended December 31, 2023, 2022 and 2021, respectively. 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: December 31 (in millions) 2023 2022 Costs in excess of billings $ 5.3 $ 5.1 Billings in excess of costs $ 10.3 $ 10.5 Revenues recognized from the beginning balance of contract liabilities for the years ended December 31, 2023 and 2022 were $ 10.3 million and $ 7.7 million, respectively. Retainage. 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. Included in Other current assets on the Company’s consolidated balance sheets, retainage was $ 16.6 million and $ 13.4 million at December 31, 2023 and 2022 , respectively. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2023 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | Note Q: Supplemental Cash Flow Information Noncash investing and financing activities are as follows: years ended December 31 (in millions) 2023 2022 2021 Accrued liabilities for purchases of property, plant and equipment $ 128.4 $ 152.4 $ 92.4 Right-of-use assets obtained in exchange for new operating lease $ 63.4 $ 27.2 $ 65.6 Right-of-use assets obtained in exchange for new finance lease $ 21.9 $ 11.7 $ 202.3 Remeasurement of operating lease right-of-use assets $ 10.3 $ ( 2.9 ) $ ( 12.8 ) Remeasurement of finance lease right-of-use assets $ — $ ( 12.6 ) $ — Acquisition of assets through asset exchange $ 5.2 $ — $ — Accounts payable relieved in connection with sale of property, plant $ 0.7 $ — $ — Supplemental disclosures of cash flow information are as follows: years ended December 31 (in millions) 2023 2022 2021 Cash paid for interest, net of amount capitalized $ 158.9 $ 164.7 $ 104.9 Cash paid for income taxes $ 291.5 $ 200.6 $ 102.9 Cash paid for amounts included in the measurement of Operating cash flows used for operating leases $ 76.6 $ 78.6 $ 71.8 Operating cash flows used for finance leases $ 4.8 $ 4.5 $ 3.5 Financing cash flows used for finance leases $ 17.6 $ 15.0 $ 11.1 |
Other Operating Income, Net
Other Operating Income, Net | 12 Months Ended |
Dec. 31, 2023 | |
Other Income and Expenses [Abstract] | |
Other Operating Income, Net | Note R: Other Operating Income, Net Other operating income, net, is comprised generally of gains and losses on the sale of assets; recoveries and losses related to certain customer accounts receivable; rental, royalty and services income; accretion expense; depreciation expense; and gains and losses related to asset retirement obligations. These net amounts represented income of $ 28.4 million, $ 189.2 million and $ 34.3 million in 2023, 2022 and 2021 , respectively. In 2023, other operating income, net, included $ 19.5 million of gains on land sales. In 2022, other operating income, net, included a $ 151.9 million pretax gain on the divestiture of the Colorado and Central Texas ready mixed concrete operations. For 2021, other operating income, net, included $ 21.6 million of gains on land sales and divested assets, including the Company’s former corporate headquarters. |
Other Nonoperating Income, Net
Other Nonoperating Income, Net | 12 Months Ended |
Dec. 31, 2023 | |
Other Income and Expenses [Abstract] | |
Other Nonoperating Income, Net | Note S: Other Nonoperating Income, Net Other nonoperating income, net, is comprised generally of interest income; foreign currency transaction gains and losses; pension and postretirement benefit cost (excluding service cost); net equity earnings from nonconsolidated investments and other miscellaneous income and expenses. Other nonoperating income, net, was $ 62.1 million, $ 53.4 million and $ 24.4 million in 2023, 2022 and 2021 , respectively. In 2023, other nonoperating income, net, included $ 46.7 million of interest income and $ 8.9 million of third-party railroad track maintenance expense. In 2022, other nonoperating income, net, included $ 13.6 million of interest income, a $ 12.0 million pretax gain related to the repurchase of the Company's debt and $ 8.2 million of third-party railroad track maintenance expense. In 2021, other nonoperating income, net, included $ 7.7 million of third-party railroad track maintenance expense. |
Accounting Policies (Policies)
Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Organization | Organization. Martin Marietta is a natural resource-based building materials company. The Company supplies aggregates (crushed stone, sand and gravel) through its network of approximately 360 quarries, 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. Specifically, the Company has two cement plants and several cement distribution facilities in Texas; ready mixed concrete plants in Arizona and Texas; and asphalt plants in Arizona, California, Colorado and Minnesota. Paving services are located in California and Colorado. As of December 31, 2023 , the Company's South Texas cement business and 20 ready mixed concrete operations that serve the Austin and San Antonio region are classified as assets held for sale. 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 and asphalt and paving product lines are reported collectively as the Building Materials business. As of December 31, 2023, the Building Materials business includes two reportable segments: East Group and West Group. The East Group consists of the East and Central divisions and operates in Alabama, Florida, Georgia, Indiana, Iowa, Kansas, Kentucky, Maryland, Minnesota, Missouri, Nebraska, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Virginia, West Virginia, Nova Scotia and The Bahamas. The West Group is comprised of the Southwest and West divisions and operates in Arizona, Arkansas, California, Colorado, Louisiana, Oklahoma, Texas, Utah, Washington and Wyoming. The following states accounted for 82 % of the Building Materials business’ 2023 total revenues: Texas, North Carolina, Colorado, California, Georgia, Minnesota, Arizona, Iowa, Florida and Indiana. The Company also operates a Magnesia Specialties business , which represents a separate reportable segment. The Magnesia Specialties business produces magnesia-based chemical products used in industrial, agricultural and environmental applications, and dolomitic lime sold primarily to customers for steel production and soil stabilization. Magnesia Specialties’ production facilities are located in Ohio and Michigan, and products are shipped to customers domestically and worldwide. |
Basis of Presentation and Use of Estimates | Basis of Presentation and Use of Estimates. The Company’s consolidated financial statements are presented in conformity with accounting principles generally accepted in the United States, which require management to make certain estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities and reported amounts of revenues and expenses. Such estimates include the valuation of investments, accounts receivable, inventories, goodwill, other intangible assets and other long-lived assets, as well as assumptions used in the calculation of income tax expense, retirement and postemployment benefits, stock-based compensation, the allocation of the purchase price to the fair values of assets acquired and liabilities assumed as part of business combinations and revenue recognition for service contracts. These estimates and assumptions are based on management’s judgment. Management evaluates estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, and adjusts such estimates and assumptions when facts and circumstances dictate. Changes in credit, equity and energy markets and changes in construction activity increase the uncertainty inherent in certain estimates and assumptions. As future events and their effects cannot be determined with precision, actual results could differ significantly from estimates. Changes in estimates, including those resulting from changes in the economic environment, are reflected in the consolidated financial statements for the period in which the change in estimate occurs. |
Basis of Consolidation | Basis of Consolidation . The consolidated financial statements include the accounts of the Company and its wholly-owned and majority-owned subsidiaries. Partially-owned affiliates are either consolidated or accounted for using the cost method or the equity method, depending on the level of ownership interest or the Company’s ability to exercise control over the affiliates’ operations. Intercompany balances and transactions between subsidiaries have been eliminated in consolidation. |
Revenue Recognition | Revenue Recognition . Total revenues include sales of products and services provided 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. Under the cost-to-cost approach, recognized contract revenue is determined by multiplying the total estimated contract revenue by the estimated percentage of completion. Contract costs are recognized as incurred. The percentage of completion is determined on a contract-by-contract basis using project costs incurred to date as a percentage of total estimated project costs. The Company believes the cost-to-cost approach is appropriate, as the use of asphalt in a paving contract is relatively consistent with the performance of the related paving services. 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 606, Revenues from Contracts with Customers (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. |
Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted Cash . Cash equivalents are comprised of highly-liquid instruments with original maturities of three months or less from the date of purchase. As of December 31, 2023 and 2022, the Company had $ 10.5 million and $ 0.8 million, respectively, of restricted cash, 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: December 31 (in millions) 2023 2022 2021 Cash and cash equivalents $ 1,271.8 $ 358.0 $ 258.4 Restricted cash 10.5 0.8 0.5 Total cash, cash equivalents and restricted cash $ 1,282.3 $ 358.8 $ 258.9 |
Restricted Investments | Restricted Investments. At December 31, 2022, the Company had $ 704.6 million o f restricted investments, representing assets irrevocably transferred to an escrow trust account during 2022 to satisfy and discharge the Company's $ 700.0 million of 0.650 % Senior Notes due 2023 (the 0.650% Senior Notes) (see Note G). The assets in the escrow trust account could not be used for any purpose other than to satisfy the remaining interest payments and to repay the principal amount of the 0.650% Senior Notes that matured on July 15, 2023. The assets transferred to the escrow trust account were invested in a U.S. Treasury securities fund (see Note H) and investment returns on those trust assets were for the account of the Company (after satisfaction of all amounts payable in connection with the 0.650% Senior Notes). The Company consolidated the trust account on its consolidated balance sheet at December 31, 2022. On July 17, 2023, funds in the escrow trust account were applied to satisfy the remaining principal and interest payments and the 0.650% Senior Notes have been paid in full. There were no restricted investments at December 31, 2023 . |
Accounts Receivable | Accounts Receivable. Accounts receivable are stated at cost. The Company does not typically charge interest on customer accounts receivable. The Company records an allowance for credit losses, which includes a provision for probable losses based on historical write-offs, adjusted for current conditions as deemed necessary, and a specific reserve for accounts deemed at risk. The allowance is the Company’s estimate for receivables as of the balance sheet date that ultimately will not be collected. Any changes in the allowance are reflected in earnings in the period in which the change occurs. The Company writes-off accounts receivable when it becomes probable, based upon customer facts and circumstances, that such amounts will not be collected. |
Inventories Valuation | Inventories Valuation . Finished products and in-process inventories are stated at the lower of cost or net realizable value using standard costs, which approximate the first-in, first-out method. Carrying value for parts and supplies are determined by the weighted-average cost method. The Company records an allowance for finished product inventories based on an analysis of future demand and inventory on hand in excess of one year 's sales using an average of the last two years of sales. The Company also establishes an allowance for parts over five years old and supplies over a year old. Post-production stripping costs, which represent costs of removing overburden and waste materials to access mineral deposits, are a component of inventory production costs and recognized as incurred. |
Property, Plant and Equipment | Property, Plant and Equipment . Property, plant and equipment are stated at cost. The estimated service lives for property, plant and equipment are as follows: Class of Assets Range of Service Lives Buildings 5 to 30 years Machinery & Equipment 2 to 20 years Land Improvements 5 to 60 years The Company begins capitalizing quarry development costs at a point when reserves are determined to be proven or probable, economically mineable and when demand supports investment in the market. Capitalization of these costs ceases when production commences. Capitalized quarry development costs are classified as land improvements and depreciated over the life of the reserves. The Company reviews relevant facts and circumstances to determine whether to capitalize or expense pre-production stripping costs when additional pits are developed at an existing quarry. If the additional pit operates in a separate and distinct area of the quarry, these costs are capitalized as quarry development costs and depreciated over the life of the uncovered reserves. Additionally, a separate asset retirement obligation is created for additional pits when the liability is incurred. Once a pit enters the production phase, all post-production stripping costs are charged to inventory production costs as incurred. Mineral reserves and mineral interests acquired in connection with a business combination are valued using an income approach for the estimated life of the reserves. The Company’s aggregates reserves average approximately 75 years based on the 2023 annual production level. Depreciation is computed based on estimated service lives using the straight-line method. Depletion of mineral reserves is calculated based on proven and probable reserves using the units-of-production method on a quarry-by-quarry basis. Property, plant and equipment are reviewed for impairment whenever facts and circumstances indicate that the carrying amount of an asset group may not be recoverable. An impairment loss is recognized if expected future undiscounted cash flows over the estimated remaining service life of the related asset group are less than the asset group’s carrying value. |
Repair and Maintenance Costs | Repair and Maintenance Costs. Repair and maintenance costs that do not substantially extend the life of the Company’s plant and equipment are expensed as incurred. |
Leases | Leases. Pursuant to Accounting Standards Codification 842, Leases (ASC 842), if the Company determines a contract is or contains a lease at the inception of an agreement, the Company records a right-of-use (ROU) asset, which represents the Company’s right to use an underlying leased asset, and a lease liability, which represents the Company’s obligation to make lease payments. The ROU asset and lease liability are recorded on the consolidated balance sheets at the present value of the future lease payments over the lease term at commencement date. The Company determines the present value of lease payments based on the implicit interest rate, which may be explicitly stated in the lease, if available, or may be the Company’s estimated collateralized incremental borrowing rate based on the term of the lease. Initial ROU assets also include any lease payments made at or before commencement date and any initial direct costs incurred and are reduced by lease incentives. Certain of the Company’s leases contain renewal and/or termination options. The Company recognizes renewal or termination options as part of its ROU assets and lease liabilities when the Company has the unilateral right to renew or terminate and it is reasonably certain these options will be exercised. Some leases require the Company to pay non-lease components, which may include taxes, maintenance, insurance and certain other expenses applicable to the leased property, and are primarily variable costs. The Company accounts for lease and non-lease components as a single amount, with the exception of railcar, fleet vehicle and pipeline leases, for which the Company separately accounts for the lease and non-lease components. Leases are evaluated and determined to be either finance leases or operating leases. The lease is a finance lease if it transfers ownership to the underlying asset by the end of the lease term; includes a purchase option that is reasonably certain to be exercised; has a lease term for the major part of the remaining economic life of the underlying asset; has a present value of the sum of the lease payments (including renewal options) that equals or exceeds substantially all of the fair value of the underlying asset; or is for an underlying asset that is of a specialized nature and is expected to have no alternative use to the lessor at the end of the lease term. If none of these terms exist, the lease is an operating lease. Leases with an initial lease term of one year or less are not recorded on the consolidated balance sheets. Costs for these leases are expensed as incurred. In the consolidated statements of earnings, operating lease expense, which is recognized on a straight-line basis over the lease term, and the amortization of finance lease ROU assets are included in the Total cost of revenues or Selling, general and administrative expenses line items in the consolidated statements of earnings . Accretion on the liabilities for finance leases is included in interest expense. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets. Goodwill represents the excess purchase price paid for acquired businesses over the estimated fair value of identifiable assets and liabilities. Other intangible assets represent amounts assigned principally to contractual agreements and are either amortized ratably over the useful lives to the Company or not amortized if deemed to have an indefinite useful life. The Company’s reporting units, which represent the level at which goodwill is tested for impairment, are based on the operating segments of the Building Materials business. Goodwill is assigned to the respective reporting unit(s) based on the location of acquisitions at the time of consummation. If subsequent organizational changes result in operations being transferred to a different reporting unit, a proportionate amount of goodwill is transferred from the former to the new reporting unit. For divestitures, goodwill is allocated on a proportional basis based on the relative fair values of the portion of the reporting unit being disposed of and the portion of the reporting unit remaining. Goodwill is tested for impairment by comparing each reporting unit’s fair value to its carrying value, which represents a Step-1 approach. However, prior to Step 1, the Company may perform a qualitative assessment and evaluate macroeconomic conditions, industry and market conditions, cost factors, overall financial performance and other business or reporting unit-specific events that contribute to the fair value of a reporting unit. If the Company concludes, based on its qualitative assessment, it is more-likely-than-not ( i.e ., a likelihood of more than 50%) that a reporting unit’s fair value is higher than its carrying value, the Company is not required to perform any further goodwill impairment testing for that reporting unit. Otherwise, the Company proceeds to Step 1, and if a reporting unit’s fair value exceeds its carrying value, there is no impairment. A reporting unit with a carrying value in excess of its fair value results in an impairment charge equal to the difference. The carrying values of goodwill and other indefinite-lived intangible assets are reviewed for impairment annually, as of October 1. An interim review is performed between annual tests if facts and circumstances indicate potential impairment. The carrying value of other amortizable intangible assets is reviewed if facts and circumstances indicate potential impairment. If a review indicates the carrying value is impaired, a charge is recorded equal to the amount by which the carrying value exceeds the fair value. |
Retirement Plans and Postretirement Benefits | Retirement Plans and Postretirement Benefits. The Company sponsors defined benefit retirement plans and also provides other postretirement benefits. The Company recognizes the funded status, defined as the difference between the fair value of plan assets and the benefit obligation, of its pension plans and other postretirement benefits as an asset or liability on the consolidated balance sheets. Actuarial gains or losses that arise during the year are recognized as a component of accumulated other comprehensive earnings or loss. Those amounts are amortized over the participants’ average remaining service period and recognized as a component of net periodic benefit cost. The amount amortized is determined on a plan-by-plan basis using a corridor approach and represents the excess over 10 % of the greater of the projected benefit obligation or pension plan assets. |
Insurance Reserves | Insurance Reserves. The Company has insurance coverage with large deductibles for workers’ compensation, automobile liability, marine liability and general liability claims, and is also self-insured for health claims. The Company records insurance reserves based on an actuarial-determined analysis, which calculates development factors that are applied to total case reserves within the insurance programs. While the Company believes the assumptions used to calculate these liabilities are appropriate, significant differences in actual experience and/or significant changes in these assumptions may materially affect insurance costs. |
Stock-Based Compensation | Stock-Based Compensation. The Company has stock-based compensation plans for employees and its Board of Directors. The Company recognizes all forms of stock-based awards that vest as compensation expense. The compensation expense is the fair value of the awards at the measurement date and is recognized over the requisite service period. Forfeitures are recognized as they occur. The fair value of restricted stock awards, incentive compensation stock awards and Board of Directors’ fees paid in the form of common stock are based on the closing price of the Company’s common stock on the grant dates. The fair value of performance stock awards as of the grant dates is determined using a Monte Carlo simulation methodology. |
Environmental Matters | Environmental Matters. The Company records a liability for an asset retirement obligation at fair value in the period in which it is incurred. The asset retirement obligation is recorded at the acquisition date of a long-lived tangible asset if the fair value can be reasonably estimated. A corresponding amount is capitalized as part of the asset’s carrying amount. The fair value is affected by management’s assumptions regarding the scope of the work, inflation rates and asset retirement dates. Further, the Company records an accrual for other environmental remediation liabilities in the period in which it is probable that a liability has been incurred and the appropriate amounts can be estimated reasonably. Such accruals are adjusted as further information develops or circumstances change. Generally, these costs are not discounted to their present value or offset for potential insurance or other claims or potential gains from future alternative uses for a site. |
Income Taxes | Income Taxes . Deferred income taxes, net, on the consolidated balance sheets reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, and the percentage depletion allowed for tax purposes. Deferred tax liabilities for property, plant and equipment result from accelerated depreciation methods being used for income tax purposes as compared with the straight-line method for financial reporting purposes. Deferred tax liabilities related to goodwill and other intangibles reflect the cessation of goodwill amortization for financial reporting purposes, while amortization continued for income tax purposes. The effect of changes in enacted tax rates on deferred income tax assets and liabilities is charged or credited to income tax expense in the period of enactment. The Company applies the proportional amortization method to equity investments in tax credit programs that meet the following specified criteria: it is probable that the income tax credits allocable to the Company will be available; the Company does not have the ability to exercise significant influence over the operating and financial policies of the underlying project; substantially all of the projected benefits are from income tax credits and other income tax benefits, as determined on a discounted basis; the Company's projected yield based solely on the cash flows from the income tax credits and other income tax benefits is positive; and the Company is a limited liability investor in the limited liability entity for both legal and tax purposes and its liability is limited to its capital investment. Under the proportional amortization method, the equity investment is amortized in proportion to the income tax credits and other income tax benefits received, with the amortization expense and the income tax benefits presented on a net basis in Income tax expense or benefit on the consolidated statements of earnings. |
Uncertain Tax Positions | Uncertain Tax Positions. The Company recognizes a tax benefit when it is more-likely-than-not, based on the technical merits, that a tax position would be sustained upon examination by a taxing authority. The amount to be recognized is measured as the largest amount of tax benefit that is greater than 50 % likely of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. The Company’s unrecognized tax benefits are recorded in other liabilities on the consolidated balance sheets or as an offset to the deferred tax asset for tax carryforwards where available. The Company records interest accrued in relation to unrecognized tax benefits as income tax expense. Penalties, if incurred, are recorded as operating expenses in the consolidated statements of earnings. |
Sales Taxes | Sales Taxes. The Company is deemed to be an agent when collecting sales taxes from customers. Sales taxes collected from customers are recorded as liabilities until remitted to taxing authorities and therefore are not reflected in the consolidated statements of earnings as revenues and expenses. |
Start-Up Costs | Start-Up Costs. Noncapital start-up costs for new facilities and products are charged to operations as incurred. |
Consolidated Comprehensive Earnings and Accumulated Other Comprehensive Loss | Consolidated Comprehensive Earnings and Accumulated Other Comprehensive Loss . Consolidated comprehensive earnings 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 comprehensive earnings. 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 and related cumulative noncurrent deferred tax assets are as follows: years ended December 31 Pension and Foreign Total (in millions) 2023 Accumulated other comprehensive loss at beginning of period $ ( 36.5 ) $ ( 2.0 ) $ ( 38.5 ) Other comprehensive (loss) earnings before ( 15.7 ) 0.8 ( 14.9 ) Amounts reclassified from accumulated other 4.2 — 4.2 Other comprehensive (loss) earnings, net of tax ( 11.5 ) 0.8 ( 10.7 ) Accumulated other comprehensive loss at end of period $ ( 48.0 ) $ ( 1.2 ) $ ( 49.2 ) Cumulative noncurrent deferred tax assets at end of period $ 53.8 $ — $ 53.8 2022 Accumulated other comprehensive loss at beginning of period $ ( 97.6 ) $ — $ ( 97.6 ) Other comprehensive earnings (loss) before 51.6 ( 2.0 ) 49.6 Amounts reclassified from accumulated other 9.5 — 9.5 Other comprehensive earnings (loss), net of tax 61.1 ( 2.0 ) 59.1 Accumulated other comprehensive loss at end of period $ ( 36.5 ) $ ( 2.0 ) $ ( 38.5 ) Cumulative noncurrent deferred tax assets at end of period $ 50.1 $ — $ 50.1 2021 Accumulated other comprehensive loss at beginning of period $ ( 158.1 ) $ ( 0.3 ) $ ( 158.4 ) Other comprehensive earnings before reclassifications, 51.3 0.3 51.6 Amounts reclassified from accumulated other 9.2 — 9.2 Other comprehensive earnings, net of tax 60.5 0.3 60.8 Accumulated other comprehensive loss at end of period $ ( 97.6 ) $ — $ ( 97.6 ) Cumulative noncurrent deferred tax assets at end of period $ 69.7 $ — $ 69.7 Reclassifications out of accumulated other comprehensive loss are as follows: years ended December 31 (in millions) 2023 2022 2021 Affected line items in the Pension and postretirement benefit plans: Settlement charge $ — $ 4.6 $ — Amortization of: Prior service cost 5.6 4.0 — Actuarial loss — 3.7 12.1 5.6 12.3 12.1 Other nonoperating income, net Tax effect ( 1.4 ) ( 2.8 ) ( 2.9 ) Income tax expense Total $ 4.2 $ 9.5 $ 9.2 |
Earnings Per Common Share | Earnings Per Common Share . The Company computes earnings per common share (EPS) pursuant to the two-class method. The two-class method determines EPS for common stock and participating securities according to dividends or dividend equivalents and their respective participation rights in undistributed earnings. 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 the Company’s 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 issued to employees and nonemployee members of the Company’s Board of Directors under certain stock-based compensation arrangements if the conversion is dilutive. The following table reconciles the numerator and denominator for basic and diluted earnings from continuing operations per common share: years ended December 31 (in millions) 2023 2022 2021 Net earnings from continuing operations attributable to $ 1,199.8 $ 856.3 $ 702.0 Less: distributed and undistributed earnings attributable to — — 0.2 Basic and diluted net earnings from continuing operations $ 1,199.8 $ 856.3 $ 701.8 Basic weighted-average common shares outstanding 61.9 62.3 62.4 Effect of dilutive employee and director awards 0.2 0.2 0.2 Diluted weighted-average common shares outstanding 62.1 62.5 62.6 |
Reclassifications | Reclassifications. As of December 31, 2023, the Company combined products and services revenues and freight revenues into the Total revenues line item, and combined cost of revenues - products and services and cost of revenues - freight into the Total cost of revenues line item on the Company's consolidated statements of 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. |
New Accounting Pronouncements | New Accounting Pronouncements. In March 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-02, Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method, which amended the guidance related to accounting for investments in tax credit structures to allow the use of the proportional amortization method if certain conditions are met. The amendments also require certain disclosures in annual and interim reporting periods about an entity's tax credit programs. The Company early adopted ASU 2023-02, which did not have a material impact on the Company's results of operations, cash flows and financial condition, in 2023. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which requires a public entity to disclose significant segment expenses and other segment items on an annual and interim basis and provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. Additionally, it requires a public entity to disclose the title and position of the Chief Operating Decision Maker. The ASU does not change how a public entity identifies its operating segments, aggregates them, or applies the quantitative thresholds to determine its reportable segments. The new standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. This ASU requires companies to apply retrospectively to all prior periods presented in the financial statements. The ASU will impact the Company's disclosures, but will have no impacts to its results of operations, cash flows and financial condition. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which focuses on the rate reconciliation and income taxes paid. ASU 2023-09 requires public entities to disclose, on annual basis, a tabular tax rate reconciliation using both percentages and currency amounts with specific categories, broken out into specified categories with certain reconciling items further broken out by nature and jurisdiction to the extent those items exceed a specified threshold. Additionally, all entities are required to disclose income taxes paid, net of refunds received, disaggregated by federal, state/local, and foreign taxes and by individual jurisdiction if the amount is at least 5 % of total income tax payments, net of refunds received. The ASU also requires additional qualitative disclosures. ASU 2023-09 is effective prospectively for annual periods beginning after December 15, 2024, and early adoption and retrospective application are permitted. The ASU will impact the Company's income tax disclosures, but not its results of operations, cash flows and financial condition. |
Accounting Policies (Tables)
Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Reconciliation of Cash, Cash Equivalents and Restricted Cash | The following table reconciles cash, cash equivalents and restricted cash as reported on the consolidated balance sheets to the aggregated amounts presented on the consolidated statements of cash flows: December 31 (in millions) 2023 2022 2021 Cash and cash equivalents $ 1,271.8 $ 358.0 $ 258.4 Restricted cash 10.5 0.8 0.5 Total cash, cash equivalents and restricted cash $ 1,282.3 $ 358.8 $ 258.9 |
Estimated Service Lives for Property Plant and Equipment | The estimated service lives for property, plant and equipment are as follows: Class of Assets Range of Service Lives Buildings 5 to 30 years Machinery & Equipment 2 to 20 years Land Improvements 5 to 60 years |
Components of Changes in Accumulated Other Comprehensive Loss and Related Cumulative Noncurrent Deferred Tax Assets | The components of the changes in accumulated other comprehensive loss and related cumulative noncurrent deferred tax assets are as follows: years ended December 31 Pension and Foreign Total (in millions) 2023 Accumulated other comprehensive loss at beginning of period $ ( 36.5 ) $ ( 2.0 ) $ ( 38.5 ) Other comprehensive (loss) earnings before ( 15.7 ) 0.8 ( 14.9 ) Amounts reclassified from accumulated other 4.2 — 4.2 Other comprehensive (loss) earnings, net of tax ( 11.5 ) 0.8 ( 10.7 ) Accumulated other comprehensive loss at end of period $ ( 48.0 ) $ ( 1.2 ) $ ( 49.2 ) Cumulative noncurrent deferred tax assets at end of period $ 53.8 $ — $ 53.8 2022 Accumulated other comprehensive loss at beginning of period $ ( 97.6 ) $ — $ ( 97.6 ) Other comprehensive earnings (loss) before 51.6 ( 2.0 ) 49.6 Amounts reclassified from accumulated other 9.5 — 9.5 Other comprehensive earnings (loss), net of tax 61.1 ( 2.0 ) 59.1 Accumulated other comprehensive loss at end of period $ ( 36.5 ) $ ( 2.0 ) $ ( 38.5 ) Cumulative noncurrent deferred tax assets at end of period $ 50.1 $ — $ 50.1 2021 Accumulated other comprehensive loss at beginning of period $ ( 158.1 ) $ ( 0.3 ) $ ( 158.4 ) Other comprehensive earnings before reclassifications, 51.3 0.3 51.6 Amounts reclassified from accumulated other 9.2 — 9.2 Other comprehensive earnings, net of tax 60.5 0.3 60.8 Accumulated other comprehensive loss at end of period $ ( 97.6 ) $ — $ ( 97.6 ) Cumulative noncurrent deferred tax assets at end of period $ 69.7 $ — $ 69.7 |
Reclassification Out of Accumulated Other Comprehensive Loss | Reclassifications out of accumulated other comprehensive loss are as follows: years ended December 31 (in millions) 2023 2022 2021 Affected line items in the Pension and postretirement benefit plans: Settlement charge $ — $ 4.6 $ — Amortization of: Prior service cost 5.6 4.0 — Actuarial loss — 3.7 12.1 5.6 12.3 12.1 Other nonoperating income, net Tax effect ( 1.4 ) ( 2.8 ) ( 2.9 ) Income tax expense Total $ 4.2 $ 9.5 $ 9.2 |
Basic and Diluted Earnings from Continuing Operations Per Common Share | The following table reconciles the numerator and denominator for basic and diluted earnings from continuing operations per common share: years ended December 31 (in millions) 2023 2022 2021 Net earnings from continuing operations attributable to $ 1,199.8 $ 856.3 $ 702.0 Less: distributed and undistributed earnings attributable to — — 0.2 Basic and diluted net earnings from continuing operations $ 1,199.8 $ 856.3 $ 701.8 Basic weighted-average common shares outstanding 61.9 62.3 62.4 Effect of dilutive employee and director awards 0.2 0.2 0.2 Diluted weighted-average common shares outstanding 62.1 62.5 62.6 |
Business Combinations, Divest_2
Business Combinations, Divestitures, Discontinued Operations and Assets and Liabilities Held for Sale (Tables) | 12 Months Ended |
Dec. 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: years ended December 31 2023 2022 2021 Total revenues $ 94.2 $ 308.6 $ 79.2 Pretax (loss) earnings from operations $ ( 16.3 ) $ 16.2 $ 6.6 Pretax loss on divestitures and sales of assets ( 24.0 ) ( 0.7 ) ( 6.0 ) Pretax (loss) earnings ( 40.3 ) 15.5 0.6 Income tax (benefit) expense ( 9.4 ) 5.0 0.1 (Loss) Earnings from discontinued operations, net of income tax $ ( 30.9 ) $ 10.5 $ 0.5 Cash flow information for the Company's discontinued operations is as follows: years ended December 31 2023 2022 2021 Net cash provided by (used for) operating activities $ 0.6 $ ( 31.6 ) $ ( 8.2 ) Additions to property, plant and equipment $ ( 3.0 ) $ ( 15.5 ) $ ( 3.7 ) Proceeds from divestitures and sales of assets 372.0 249.9 — Net cash provided by (used for) investing activities $ 369.0 $ 234.4 $ ( 3.7 ) Assets and liabilities held for sale are as follows: 2023 December 31 Continuing Operations Inventories, net $ 60.6 Investment land 17.9 Other assets 3.7 Property, plant and equipment 327.2 Intangible assets, excluding goodwill 122.3 Operating lease right-of-use assets 15.4 Goodwill 260.0 Total current assets held for sale $ 807.1 Lease obligations $ ( 16.3 ) Asset retirement obligations ( 1.9 ) Total current liabilities held for sale $ ( 18.2 ) 2022 December 31 Continuing Operations Discontinued Operations Total Inventories, net $ — $ 31.3 $ 31.3 Investment land 40.6 — 40.6 Other assets — 1.3 1.3 Total current assets held for sale $ 40.6 $ 32.6 $ 73.2 Property, plant and equipment $ — $ 124.5 $ 124.5 Intangible assets, excluding goodwill — 208.5 208.5 Operating lease right-of-use assets — 12.1 12.1 Goodwill — 31.9 31.9 Valuation allowance for loss on sale — ( 4.5 ) ( 4.5 ) Total noncurrent assets held for sale $ — $ 372.5 $ 372.5 Lease obligations $ — $ ( 4.5 ) $ ( 4.5 ) Total current liabilities held for sale $ — $ ( 4.5 ) $ ( 4.5 ) Lease obligations $ — $ ( 4.1 ) $ ( 4.1 ) Asset retirement obligations — ( 17.7 ) ( 17.7 ) Total noncurrent liabilities held for sale $ — $ ( 21.8 ) $ ( 21.8 ) |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in Goodwill | The following table shows the changes in goodwill by reportable segment and in total: December 31 East West Total (in millions) 2023 Balance at beginning of period $ 764.4 $ 2,885.1 $ 3,649.5 Goodwill allocated to assets held for sale — ( 260.0 ) ( 260.0 ) Balance at end of period $ 764.4 $ 2,625.1 $ 3,389.5 2022 Balance at beginning of period $ 759.4 $ 2,735.0 $ 3,494.4 Acquisitions — 3.7 3.7 Goodwill reclassified from assets held for sale — 8.1 8.1 Divestitures — ( 159.7 ) ( 159.7 ) Measurement period adjustments 5.0 298.0 303.0 Balance at end of period $ 764.4 $ 2,885.1 $ 3,649.5 |
Intangible Assets Subject to Amortization | Intangible assets subject to amortization consist of the following: December 31 Gross Accumulated Net (in millions) 2023 Noncompetition agreements $ 4.1 $ ( 4.1 ) $ — Customer relationships 421.0 ( 79.9 ) 341.1 Operating permits 369.2 ( 55.8 ) 313.4 Use rights and other 14.2 ( 12.5 ) 1.7 Trade names 23.3 ( 15.9 ) 7.4 Total $ 831.8 $ ( 168.2 ) $ 663.6 2022 Noncompetition agreements $ 4.1 $ ( 4.0 ) $ 0.1 Customer relationships 423.7 ( 62.7 ) 361.0 Operating permits 502.2 ( 61.4 ) 440.8 Use rights and other 13.9 ( 12.4 ) 1.5 Trade names 23.3 ( 14.7 ) 8.6 Total $ 967.2 $ ( 155.2 ) $ 812.0 |
Intangible Assets Deemed to Indefinite Life that are Therefore Not Amortized | Intangible assets deemed to have an indefinite life that are therefore not amortized consist of the following: December 31 Building Magnesia Total (in millions) 2023 Operating permits $ 6.6 $ — $ 6.6 Use rights 25.0 — 25.0 Trade names — 2.5 2.5 Total $ 31.6 $ 2.5 $ 34.1 2022 Operating permits $ 6.6 $ — $ 6.6 Use rights 26.7 — 26.7 Trade names — 2.5 2.5 Total $ 33.3 $ 2.5 $ 35.8 A |
Estimated Amortization Expense of Intangible Assets | The estimated amortization expense for intangible assets for each of the next five years and thereafter is as follows: (in millions) 2024 $ 26.5 2025 26.4 2026 25.1 2027 24.5 2028 24.3 Thereafter 536.8 Total $ 663.6 |
Accounts Receivable, Net (Table
Accounts Receivable, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Schedule of Accounts Receivable Net | December 31 (in millions) 2023 2022 Customer receivables $ 746.7 $ 781.0 Other current receivables 18.3 15.9 Total accounts receivable 765.0 796.9 Less: allowance for estimated credit losses ( 11.7 ) ( 11.0 ) Accounts receivable, net $ 753.3 $ 785.9 |
Inventories, Net (Tables)
Inventories, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories Net | December 31 (in millions) 2023 2022 Finished products $ 1,151.8 $ 932.4 Products in process 25.0 24.8 Raw materials 59.9 71.7 Supplies and expendable parts 154.6 153.1 Total inventories 1,391.3 1,182.0 Less: allowances ( 402.7 ) ( 308.3 ) Inventories, net $ 988.6 $ 873.7 |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, Net | December 31 (in millions) 2023 2022 Land and land improvements $ 1,599.0 $ 1,519.2 Mineral reserves and interests 2,982.4 2,917.8 Buildings 160.3 164.1 Machinery and equipment 5,379.7 5,484.5 Construction in progress 333.0 338.5 Finance lease right-of-use assets 253.5 236.9 Total property, plant and equipment 10,707.9 10,661.0 Less: accumulated depreciation, depletion and amortization ( 4,522.0 ) ( 4,344.3 ) Property, plant and equipment, net $ 6,185.9 $ 6,316.7 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | December 31 2023 2022 0.650 % Senior Notes, due 2023 (discharged) $ — $ 699.1 4.250 % Senior Notes, due 2024 399.6 398.9 7 % Debentures, due 2025 124.8 124.7 3.450 % Senior Notes, due 2027 298.7 298.3 3.500 % Senior Notes, due 2027 492.2 491.5 2.500 % Senior Notes, due 2030 471.5 470.5 2.400 % Senior Notes, due 2031 889.4 888.6 6.25 % Senior Notes, due 2037 228.4 228.4 4.250 % Senior Notes, due 2047 590.4 590.2 3.200 % Senior Notes, due 2051 850.2 849.8 Total debt 4,345.2 5,040.0 Less: current maturities ( 399.6 ) ( 699.1 ) Long-term debt $ 3,945.6 $ 4,340.9 |
Schedule of Principal Amount, Effective Interest Rate and Maturity Date for Corporation's Senior Notes | Principal (in millions) Effective Maturity Date 4.250% Senior Notes $ 400.0 4.40 % July 2, 2024 7% Debentures $ 125.0 7.05 % December 1, 2025 3.450% Senior Notes $ 300.0 3.55 % June 1, 2027 3.500% Senior Notes $ 494.6 3.61 % December 15, 2027 2.500% Senior Notes $ 478.0 2.71 % March 15, 2030 2.400% Senior Notes $ 895.9 2.48 % July 15, 2031 6.25% Senior Notes $ 230.0 6.32 % May 1, 2037 4.250% Senior Notes $ 597.9 4.32 % December 15, 2047 3.200% Senior Notes $ 865.9 3.29 % July 15, 2051 |
Schedule of Corporation's Long-Term Debt Maturities | The Company’s long-term debt maturities for each of the next five years and thereafter are as follows: (in millions) 2024 $ 399.6 2025 124.8 2026 — 2027 790.9 2028 — Thereafter 3,029.9 Total $ 4,345.2 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Components of Income Tax Expense From Continuing Operations | The components of the Company’s income tax expense from continuing operations are as follows: years ended December 31 2023 2022 2021 Federal income taxes: Current $ 264.0 $ 174.9 $ 66.3 Deferred ( 11.4 ) 18.0 61.4 Total federal income taxes 252.6 192.9 127.7 State income taxes: Current 42.7 35.1 18.7 Deferred ( 3.0 ) 5.3 6.5 Total state income taxes 39.7 40.4 25.2 Foreign income taxes: Current 0.2 1.2 — Deferred — 0.3 0.3 Total foreign income taxes 0.2 1.5 0.3 Income tax expense $ 292.5 $ 234.8 $ 153.2 |
Summary of Effective Income Tax Rate On Continuing Operations | The Company’s effective income tax rate on continuing operations varied from the statutory United States income tax rate because of the following tax differences: years ended December 31 2023 2022 2021 Statutory income tax rate 21.0 % 21.0 % 21.0 % (Reduction) increase resulting from: Effect of statutory depletion ( 2.3 ) ( 2.4 ) ( 3.5 ) State income taxes, net of federal tax benefit 2.1 2.9 2.3 Federal tax credits ( 1.0 ) ( 0.9 ) ( 1.4 ) Other items ( 0.2 ) 0.9 ( 0.5 ) Effective income tax rate 19.6 % 21.5 % 17.9 % The higher 2022 effective tax rate versus 2023 and 2021 was primarily driven by the impact of the divestiture of the Colorado and Central Texas ready mixed concrete businesses. |
Components of Deferred Tax Assets and Liabilities | The principal components of the Company’s deferred tax assets and liabilities are as follows: December 31 Deferred Assets (Liabilities) (in millions) 2023 2022 Deferred tax assets related to: Inventories $ 121.0 $ 85.5 Valuation and other reserves 34.2 30.9 Net operating loss carryforwards 2.8 3.6 Accumulated other comprehensive loss 53.8 50.1 Lease liabilities 141.9 139.6 Other items, net 3.6 1.9 Gross deferred tax assets 357.3 311.6 Valuation allowance on deferred tax assets ( 2.5 ) ( 2.6 ) Total net deferred tax assets 354.8 309.0 Deferred tax liabilities related to: Property, plant and equipment ( 828.0 ) ( 843.8 ) Goodwill and other intangibles ( 168.3 ) ( 143.9 ) Right-of-use assets ( 142.3 ) ( 140.8 ) Partnerships and joint ventures ( 34.0 ) ( 32.5 ) Employee benefits ( 56.8 ) ( 62.3 ) Total deferred tax liabilities ( 1,229.4 ) ( 1,223.3 ) Deferred income taxes, net $ ( 874.6 ) $ ( 914.3 ) |
Schedule of Unrecognized Tax Benefits Excluding Interest Correlative Effects | The followi ng table summarizes the Company’s unrecognized tax benefits, excluding interest and correlative effects of $ 0.1 million for the years ended December 31, 2023, 2022 and 2021: years ended December 31 2023 2022 2021 Unrecognized tax benefits at beginning of year $ 3.6 $ 5.4 $ 8.2 Gross increases – tax positions in prior years 0.3 — 0.5 Gross decreases – tax positions in prior years — — — Gross increases – tax positions in current year 0.3 0.2 0.1 Gross decreases – tax positions in current year — — — Lapse of statute of limitations ( 3.1 ) ( 2.0 ) ( 3.4 ) Unrecognized tax benefits at end of year $ 1.1 $ 3.6 $ 5.4 Amount that, if recognized, would favorably impact $ 1.2 $ 3.7 $ 5.5 |
Retirement Plans, Postretirem_2
Retirement Plans, Postretirement and Postemployment Benefits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Values of Pension Plan Assets by Asset Class and Fair Value Hierarchy Level | The fair values of pension plan assets by asset class and fair value hierarchy level are as follows: Fair Value Measurements December 31 Quoted Prices Significant Significant Net Asset Total Fair (in millions) 2023 Equity securities 1 : Mid-sized to large cap $ — $ — $ — $ 307.2 $ 307.2 Small cap, international and emerging growth funds — — — 319.5 319.5 Debt securities 1 : Core fixed income — — — 319.2 319.2 Real estate — — — 136.7 136.7 Private infrastructure — — — 90.2 90.2 Cash equivalents — — — 4.0 4.0 Total $ — $ — $ — $ 1,176.8 $ 1,176.8 2022 Equity securities 1 : Mid-sized to large cap $ — $ — $ — $ 291.6 $ 291.6 Small cap, international and emerging growth funds — — — 287.2 287.2 Debt securities 1 : Core fixed income — — — 249.1 249.1 Real estate — — — 151.5 151.5 Private infrastructure — — — 83.1 83.1 Cash equivalents 0.2 — — 4.4 4.6 Total $ 0.2 $ — $ — $ 1,066.9 $ 1,067.1 1. These investments are common collective investment trusts valued using the net asset value (NAV) unit price provided by the fund administrator. The NAV is based on the value of the underlying assets owned by the fund. |
Schedule of Assumed Health Care Cost Trend Rates | Assumed health care cost trend rates at December 31 are: 2023 2022 Health care cost trend rate assumed for next year 6.50 % 6.75 % Rate to which the cost trend rate gradually declines 4.75 % 4.75 % Year the rate reaches the ultimate rate 2031 2031 |
Pension | |
Schedule of Components of Net Periodic Benefit Cost (Credit) | The net periodic benefit cost of defined benefit plans includes the following components: years ended December 31 2023 2022 2021 Service cost $ 32.9 $ 48.1 $ 46.2 Interest cost 51.3 41.2 35.7 Expected return on assets ( 71.4 ) ( 77.3 ) ( 70.5 ) Amortization of: Prior service cost 5.9 4.9 0.8 Actuarial loss 0.6 3.9 12.2 Settlement charge — 4.6 — Net periodic benefit cost $ 19.3 $ 25.4 $ 24.4 |
Schedule of Recognized Pretax Amounts in Comprehensive Earnings | The Company recognized the following pretax amounts in consolidated comprehensive earnings: years ended December 31 (in millions) 2023 2022 2021 Actuarial loss (gain) $ 20.9 $ ( 114.5 ) $ ( 67.5 ) Prior service cost — 48.1 — Amortization of: Prior service cost ( 5.9 ) ( 4.9 ) ( 0.8 ) Actuarial loss ( 0.6 ) ( 3.9 ) ( 12.2 ) Settlement charge — ( 4.6 ) — Total $ 14.4 $ ( 79.8 ) $ ( 80.5 ) |
Schedule of Net Periodic Benefit Credit or Cost Not Yet Recognized | Accumulated other comprehensive loss includes the following amounts that have not yet been recognized in net periodic benefit cost: December 31 2023 2022 (in millions) Gross Net of tax Gross Net of tax Prior service cost $ 42.4 $ 20.0 $ 48.2 $ 20.3 Actuarial loss 63.4 29.9 43.2 18.2 Total $ 105.8 $ 49.9 $ 91.4 $ 38.5 |
Schedule of Change in Projected Benefit Obligation | The defined benefit plans’ change in projected benefit obligation is as follows: years ended December 31 (in millions) 2023 2022 Net projected benefit obligation at beginning of year $ 857.6 $ 1,135.5 Service cost 32.9 48.1 Interest cost 51.3 41.2 Actuarial loss (gain) 72.6 ( 363.3 ) Gross benefits paid ( 45.2 ) ( 52.0 ) Plan amendments — 48.1 Net projected benefit obligation at end of year $ 969.2 $ 857.6 |
Schedule of Change In Plan Assets | The Company’s change in plan assets, funded status and amounts recognized on the Company’s consolidated balance sheets are as follows: years ended December 31 (in millions) 2023 2022 Fair value of plan assets at beginning of year $ 1,067.1 $ 1,200.3 Actual return on plan assets, net 123.1 ( 171.4 ) Employer contributions 31.8 90.2 Gross benefits paid ( 45.2 ) ( 52.0 ) Fair value of plan assets at end of year $ 1,176.8 $ 1,067.1 |
Schedule of Funded Status | December 31 (in millions) 2023 2022 Funded status of the plan at end of year $ 207.6 $ 209.5 Accrued benefit credit $ 207.6 $ 209.5 |
Schedule of Amounts Recognized on Consolidated Balance Sheets | December 31 (in millions) 2023 2022 Amounts recognized on consolidated balance sheets consist of: Noncurrent asset $ 307.8 $ 295.3 Current liability ( 7.5 ) ( 6.8 ) Noncurrent liability ( 92.7 ) ( 79.0 ) Net amount recognized at end of year $ 207.6 $ 209.5 |
Schedule of Accumulated Benefit Obligations in Excess of Plan Assets | Benefit obligations and fair value of plan assets for pension plans with accumulated benefit obligations in excess of plan assets are as follows: December 31 (in millions) 2023 2022 Projected benefit obligation $ 100.7 $ 86.3 Accumulated benefit obligation $ 90.9 $ 79.5 Fair value of plan assets $ 0.5 $ 0.5 |
Schedule of Weighted-Average Assumptions | Weighted-average assumptions used to determine benefit obligations as of December 31 are: 2023 2022 Discount rate 5.58 % 5.88 % Rate of increase in future compensation levels 4.50 % 4.50 % Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31 are: 2023 2022 2021 Discount rate 5.88 % 3.44 % 3.16 % Rate of increase in future compensation levels 4.50 % 4.50 % 4.50 % Expected long-term rate of return on assets 6.75 % 6.75 % 6.75 % |
Schedule of Target Assets Allocation | The target allocation for 2023 and the actual pension plan asset allocation by asset class are as follows: Percentage of Plan Assets 2023 Target December 31 Asset Class Allocation 2023 2022 Equity securities 56 % 53 % 54 % Debt securities 28 % 27 % 24 % Real estate 10 % 12 % 14 % Private infrastructure 6 % 8 % 8 % Total 100 % 100 % 100 % |
Schedule of Expected Benefit Payments | The expected benefit payments to be paid from plan assets for each of the next five years and the five-year period thereafter are as follows: (in millions) 2024 $ 50.0 2025 $ 66.3 2026 $ 58.8 2027 $ 62.3 2028 $ 64.7 Years 2029 - 2033 $ 341.3 |
Postretirement Benefits | |
Schedule of Components of Net Periodic Benefit Cost (Credit) | The net periodic benefit credit for postretirement plans includes the following components: years ended December 31 (in millions) 2023 2022 2021 Interest cost $ 0.5 $ 0.4 $ 0.3 Amortization of: Prior service credit ( 0.3 ) ( 0.9 ) ( 0.8 ) Actuarial gain ( 0.6 ) ( 0.2 ) ( 0.1 ) Total net periodic benefit credit $ ( 0.4 ) $ ( 0.7 ) $ ( 0.6 ) |
Schedule of Recognized Pretax Amounts in Comprehensive Earnings | The Company recognized the following pretax amounts in consolidated comprehensive earnings: years ended December 31 (in millions) 2023 2022 2021 Actuarial gain $ ( 0.1 ) $ ( 2.0 ) $ ( 0.6 ) Amortization of: Prior service credit 0.3 0.9 0.8 Actuarial gain 0.6 0.2 0.1 Total $ 0.8 $ ( 0.9 ) $ 0.3 |
Schedule of Net Periodic Benefit Credit or Cost Not Yet Recognized | Accumulated other comprehensive loss includes the following amounts that have not yet been recognized in net periodic benefit credit: December 31 2023 2022 (in millions) Gross Net of tax Gross Net of tax Prior service credit $ ( 0.4 ) $ ( 0.2 ) $ ( 0.7 ) $ ( 0.3 ) Actuarial gain ( 3.7 ) ( 1.7 ) ( 4.1 ) ( 1.7 ) Total $ ( 4.1 ) $ ( 1.9 ) $ ( 4.8 ) $ ( 2.0 ) |
Schedule of Change in Projected Benefit Obligation | The postretirement health care plans’ change in benefit obligation is as follows: years ended December 31 (in millions) 2023 2022 Net benefit obligation at beginning of year $ 8.9 $ 11.4 Interest cost 0.5 0.4 Participants’ contributions 0.7 0.6 Actuarial gain ( 0.1 ) ( 1.9 ) Gross benefits paid ( 1.7 ) ( 1.6 ) Net benefit obligation at end of year $ 8.3 $ 8.9 |
Schedule of Change In Plan Assets | The postretirement health care plans’ change in plan assets, funded status and amounts recognized on the Company’s consolidated balance sheets are as follows: years ended December 31 (in millions) 2023 2022 Fair value of plan assets at beginning of year $ — $ — Employer contributions 1.0 1.0 Participants’ contributions 0.7 0.6 Gross benefits paid ( 1.7 ) ( 1.6 ) Fair value of plan assets at end of year $ — $ — |
Schedule of Funded Status | December 31 (in millions) 2023 2022 Funded status of the plan at end of year $ ( 8.3 ) $ ( 8.9 ) Accrued benefit cost $ ( 8.3 ) $ ( 8.9 ) |
Schedule of Amounts Recognized on Consolidated Balance Sheets | December 31 (in millions) 2023 2022 Amounts recognized on consolidated balance sheets consist of: Current liability $ ( 1.0 ) $ ( 1.0 ) Noncurrent liability ( 7.3 ) ( 7.9 ) Net amount recognized at end of year $ ( 8.3 ) $ ( 8.9 ) |
Schedule of Weighted-Average Assumptions | Weighted-average assumptions used to determine the postretirement benefit obligation as of December 31 are: 2023 2022 Discount rate 5.79 % 6.02 % Weighted-average assumptions used to determine net postretirement benefit credit for the years ended December 31 are: 2023 2022 2021 Discount rate 6.02 % 3.02 % 2.48 % |
Schedule of Expected Benefit Payments | The total expected benefit payments to be paid by the Company, net of participant contributions, for each of the next five years and the five-year period thereafter are as follows: (in millions) 2024 $ 1.0 2025 $ 1.2 2026 $ 1.1 2027 $ 1.0 2028 $ 0.9 Years 2029 - 2033 $ 3.8 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Summary Information for Restricted Stock Awards and Incentive Compensation Stock Awards | The following table summarizes information for restricted stock awards and incentive compensation stock awards for 2023: Restricted Stock - Restricted Stock - Incentive Compensation Stock Number of Weighted- Number of Weighted- Number of Weighted- January 1, 2023 215,644 $ 272.86 103,795 $ 339.17 32,149 $ 341.72 Awarded 60,982 $ 369.18 33,103 $ 392.73 4,012 $ 362.08 Distributed ( 59,184 ) $ 305.80 ( 70,370 ) $ 266.97 ( 18,835 ) $ 325.48 Forfeited ( 6,799 ) $ 341.96 ( 1,626 ) $ 371.00 — $ — Adjustment for performance — $ — 33,248 $ 266.97 — $ — December 31, 2023 210,643 $ 289.26 98,150 $ 384.02 17,326 $ 364.09 |
Summary Information for Stock Options | The following table includes summary information for stock options as of December 31, 2023: Number of Weighted- Weighted- Outstanding at January 1, 2023 15,283 $ 136.55 Exercised ( 9,180 ) $ 131.50 Outstanding at December 31, 2023 6,103 $ 144.14 1.1 Exercisable at December 31, 2023 6,103 $ 144.14 1.1 |
Schedule of Stock-Based Compensation Expense | The following table summarizes stock-based compensation expense for the years ended December 31, 2023, 2022 and 2021, unrecognized compensation cost for nonvested awards at December 31, 2023 and the weighted-average period over which unrecognized compensation cost will be recognized: (in millions, except year data) Restricted Incentive Directors’ Total Stock-based compensation expense recognized for 2023 $ 48.7 $ 0.8 $ 0.5 $ 50.0 2022 $ 41.0 $ 1.1 $ 0.6 $ 42.7 2021 $ 41.4 $ 1.0 $ 0.6 $ 43.0 Unrecognized compensation cost at $ 39.5 $ 0.4 $ — $ 39.9 Weighted-average period over which unrecognized 1.8 years 1.3 years |
Stock-Based Compensation Expense in Future for Outstanding Awards | The following presents expected stock-based compensation expense in future periods for outstanding awards as of December 31, 2023: (in millions) 2024 $ 28.2 2025 9.1 2026 1.8 2027 0.7 2028 0.1 Total $ 39.9 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Summary of Components of Lease Cost | The components of lease cost are as follows: years ended December 31 (in millions) 2023 2022 2021 Operating lease cost $ 76.5 $ 73.1 $ 72.9 Finance lease cost: Amortization of right-of-use assets 21.2 18.3 14.3 Interest on lease liabilities 4.8 4.4 3.5 Variable lease cost 18.5 16.5 17.9 Short-term lease cost 46.2 45.2 32.3 Total lease cost $ 167.2 $ 157.5 $ 140.9 |
Summary of Balance Sheet Classifications of Operating and Finance Leases | The balance sheet classifications of operating and finance leases are as follows: December 31 2023 2022 Operating leases: Operating lease right-of-use assets $ 371.6 $ 383.5 Current operating lease liabilities $ 53.3 $ 52.1 Noncurrent operating lease liabilities 326.7 335.9 Total operating lease liabilities $ 380.0 $ 388.0 Finance leases: Property, plant and equipment $ 253.5 $ 236.9 Accumulated depreciation ( 58.8 ) ( 39.4 ) Property, plant and equipment, net $ 194.7 $ 197.5 Other current liabilities $ 20.1 $ 17.8 Other noncurrent liabilities 179.5 182.1 Total finance lease liabilities $ 199.6 $ 199.9 |
Summary of Weighted-average Remaining Lease Terms and Discount Rates | Weighted-average remaining lease terms and discount rates are as follows: December 31 2023 2022 Weighted-average remaining lease terms (years): Operating leases 11.7 12.2 Finance leases 18.3 19.1 Weighted-average discount rates: Operating leases 4.3 % 4.0 % Finance leases 2.6 % 2.3 % |
Summary of Future Lease Payments | Future lease payments as of December 31, 2023 are as follows: Operating Finance (in millions) Leases Leases 2024 $ 69.1 $ 25.0 2025 60.8 21.1 2026 52.2 13.9 2027 42.1 12.8 2028 36.4 12.0 Thereafter 254.3 171.5 Total lease payments 514.9 256.3 Less: imputed interest ( 119.4 ) ( 55.9 ) Present value of lease payments 395.5 200.4 Less: leases classified as held for sale ( 15.5 ) ( 0.8 ) Less: current lease obligations ( 53.3 ) ( 20.1 ) Total long-term lease obligations $ 326.7 $ 179.5 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Changes in Asset Retirement Obligations | The following shows the changes in asset retirement obligations: years ended December 31 (in millions) 2023 2022 2021 Balance at beginning of year $ 380.0 $ 306.8 $ 153.8 Accretion expense 10.9 10.6 7.2 Liabilities incurred and liabilities assumed in business combinations 33.8 78.6 179.0 Liabilities settled ( 27.7 ) ( 14.1 ) ( 5.2 ) Revisions in estimated cash flows ( 12.5 ) ( 3.1 ) 3.5 Liabilities reclassified from/(to) assets held for sale 15.8 1.2 ( 31.5 ) Balance at end of year $ 400.3 $ 380.0 $ 306.8 |
Schedule of Contractual Purchase Commitments | The Company’s contractual purchase commitments as of December 31, 2023 are as follows: (in millions) 2024 $ 247.2 2025 39.1 2026 28.7 2027 14.1 2028 14.4 Thereafter 51.7 Total $ 395.2 |
Schedule of Future Minimum Contracts of Affreightment and Royalty Commitments for All Noncancelable Agreements | Future minimum contracts of affreightment and royalty commitments for all noncancelable agreements that are not accounted for as leases on the Company’s consolidated balance sheet as of December 31, 2023 are as follows: (in millions) Contracts of Affreightment Royalty 2024 $ 16.9 $ 26.4 2025 17.1 14.1 2026 17.4 11.7 2027 17.7 11.2 2028 — 8.0 Thereafter — 77.4 Total $ 69.1 $ 148.8 |
Segments (Tables)
Segments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Financial Data for Continuing Operation for Company's Reportable Business Segments | The following tables display selected financial data for the Company’s reportable segments. Total revenues, as presented on the consolidated statements of 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. years ended December 31 2023 2022 2021 East Group $ 2,763.4 $ 2,468.1 $ 2,303.0 West Group 3,698.4 3,388.6 2,812.3 Total Building Materials business 6,461.8 5,856.7 5,115.3 Magnesia Specialties 315.4 304.0 298.7 Total $ 6,777.2 $ 6,160.7 $ 5,414.0 years ended December 31 (in millions) 2023 2022 2021 East Group $ 857.1 $ 640.2 $ 621.7 West Group 777.1 588.1 385.2 Total Building Materials business 1,634.2 1,228.3 1,006.9 Magnesia Specialties 76.0 75.2 90.8 Total reportable segments 1,710.2 1,303.5 1,097.7 Corporate ( 114.2 ) ( 96.8 ) ( 123.9 ) Consolidated earnings from operations 1,596.0 1,206.7 973.8 Interest expense 165.3 169.0 142.7 Other nonoperating income, net ( 62.1 ) ( 53.4 ) ( 24.4 ) Consolidated earnings from continuing operations $ 1,492.8 $ 1,091.1 $ 855.5 Earnings from operations for the West Group included a nonrecurring gain on divestiture of $ 151.9 million in 2022. December 31 Assets employed 2023 2022 2021 East Group $ 5,131.1 $ 5,063.5 $ 5,009.0 West Group 7,696.7 7,908.4 8,264.8 Total Building Materials business 12,827.8 12,971.9 13,273.8 Magnesia Specialties 250.0 192.1 168.7 Total reportable segments 13,077.8 13,164.0 13,442.5 Corporate 2,047.1 1,829.6 950.5 Total $ 15,124.9 $ 14,993.6 $ 14,393.0 years ended December 31 (in millions) 2023 2022 2021 East Group $ 210.1 $ 210.4 $ 196.0 West Group 268.0 260.6 223.0 Total Building Materials business 478.1 471.0 419.0 Magnesia Specialties 12.5 12.2 12.3 Total reportable segments 490.6 483.2 431.3 Corporate 22.6 22.8 20.4 Total $ 513.2 $ 506.0 $ 451.7 Corporate depreciation, depletion and amortization included $ 5.9 million, $ 6.6 million and $ 5.2 million for the amortization of bond discount and debt issuance costs in 2023, 2022 and 2021, respectively. years ended December 31 (in millions) 2023 2022 2021 East Group $ 230.8 $ 189.1 $ 372.9 West Group 341.7 302.2 1,131.6 Total Building Materials business 572.5 491.3 1,504.5 Magnesia Specialties 39.3 32.0 8.2 Total reportable segments 611.8 523.3 1,512.7 Corporate 14.4 21.1 28.8 Total $ 626.2 $ 544.4 $ 1,541.5 years ended December 31 (in millions) 2023 2022 2021 East Group $ — $ — $ 169.2 West Group — 2.5 918.3 Total Building Materials business — 2.5 1,087.5 Magnesia Specialties — — — Total reportable segments — 2.5 1,087.5 Corporate — — — Total $ — $ 2.5 $ 1,087.5 |
Revenues and Gross Profit (Tabl
Revenues and Gross Profit (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenues And Gross Profit [Abstract] | |
Total Revenues and Gross Profit (Loss) by Product Line | The following tables, which are reconciled to consolidated amounts, provide 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. years ended December 31 (in millions) 2023 2022 2021 Building Materials business: Aggregates $ 4,301.6 $ 3,879.0 $ 3,344.3 Cement 725.5 620.0 509.3 Ready mixed concrete 1,009.3 953.2 1,147.5 Asphalt and paving 887.1 787.9 517.9 Less: interproduct revenues ( 461.7 ) ( 383.4 ) ( 403.7 ) Total Building Materials business 6,461.8 5,856.7 5,115.3 Magnesia Specialties 315.4 304.0 298.7 Consolidated total revenues $ 6,777.2 $ 6,160.7 $ 5,414.0 years ended December 31 (in millions) 2023 2022 2021 Building Materials business: Aggregates $ 1,378.1 $ 983.8 $ 907.6 Cement 333.6 202.7 155.9 Ready mixed concrete 102.0 70.7 96.5 Asphalt and paving 109.0 81.0 79.9 Total Building Materials business 1,922.7 1,338.2 1,239.9 Magnesia Specialties: 97.1 90.9 106.5 Corporate 2.8 ( 5.8 ) 2.0 Consolidated gross profit $ 2,022.6 $ 1,423.3 $ 1,348.4 |
Domestic and Foreign Total Revenues | Domestic and foreign total revenues are as follows: years ended December 31 (in millions) 2023 2022 2021 Domestic $ 6,707.2 $ 6,077.6 $ 5,338.5 Foreign 70.0 83.1 75.5 Consolidated total revenues $ 6,777.2 $ 6,160.7 $ 5,414.0 |
Summary of Information About the Company's Contract Balances | The following table presents information about the Company’s contract balances: December 31 (in millions) 2023 2022 Costs in excess of billings $ 5.3 $ 5.1 Billings in excess of costs $ 10.3 $ 10.5 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Noncash Investing and Financing Activities | Noncash investing and financing activities are as follows: years ended December 31 (in millions) 2023 2022 2021 Accrued liabilities for purchases of property, plant and equipment $ 128.4 $ 152.4 $ 92.4 Right-of-use assets obtained in exchange for new operating lease $ 63.4 $ 27.2 $ 65.6 Right-of-use assets obtained in exchange for new finance lease $ 21.9 $ 11.7 $ 202.3 Remeasurement of operating lease right-of-use assets $ 10.3 $ ( 2.9 ) $ ( 12.8 ) Remeasurement of finance lease right-of-use assets $ — $ ( 12.6 ) $ — Acquisition of assets through asset exchange $ 5.2 $ — $ — Accounts payable relieved in connection with sale of property, plant $ 0.7 $ — $ — |
Supplemental Disclosures of Cash Flow Information | Supplemental disclosures of cash flow information are as follows: years ended December 31 (in millions) 2023 2022 2021 Cash paid for interest, net of amount capitalized $ 158.9 $ 164.7 $ 104.9 Cash paid for income taxes $ 291.5 $ 200.6 $ 102.9 Cash paid for amounts included in the measurement of Operating cash flows used for operating leases $ 76.6 $ 78.6 $ 71.8 Operating cash flows used for finance leases $ 4.8 $ 4.5 $ 3.5 Financing cash flows used for finance leases $ 17.6 $ 15.0 $ 11.1 |
Accounting Policies - Additiona
Accounting Policies - Additional Information (Detail) | 12 Months Ended | ||||
Dec. 31, 2023 USD ($) Plant State Facility | Dec. 31, 2022 USD ($) | Jul. 17, 2023 | Sep. 29, 2022 | Dec. 31, 2021 USD ($) | |
Significant Accounting Policies [Line Items] | |||||
Number of quarries and yards | Facility | 360 | ||||
Number of states in which entity operates | State | 28 | ||||
Number of ready mixed concrete operations | Plant | 20 | ||||
Restricted cash | $ 10,500,000 | $ 800,000 | $ 500,000 | ||
Number of days restricted from utilizing cash | 180 days | ||||
Restricted investments | $ 0 | 704,600,000 | |||
Interest rate on notes | 0.65% | 0.65% | |||
Retirement plans and postretirement benefits amortized amount representing percentage of greater of projected benefit obligation or pension plan assets. | 10% | ||||
Minimum likelihood for recognition of tax benefit related to uncertain tax position | 50% | ||||
Percentage of minimum amount of income tax payments net of refunds received | 5% | ||||
0.650% Senior Notes, Due 2023 | |||||
Significant Accounting Policies [Line Items] | |||||
Debt instrument, face amount | $ 700,000,000 | ||||
Interest rate on notes | 0.65% | 0.65% | |||
Maturity year | 2023 | 2023 | |||
Inventory Finished Goods | Minimum | |||||
Significant Accounting Policies [Line Items] | |||||
Allowance for inventories in excess of sales requisite record period | 1 year | ||||
Inventory Finished Goods | Weighted Average | |||||
Significant Accounting Policies [Line Items] | |||||
Allowance for inventories in excess of sales requisite record period | 2 years | ||||
Expendable Parts Inventory | |||||
Significant Accounting Policies [Line Items] | |||||
Allowance for inventories in excess of sales requisite record period | 5 years | ||||
Supplies Inventory | |||||
Significant Accounting Policies [Line Items] | |||||
Allowance for inventories in excess of sales requisite record period | 1 year | ||||
Texas | |||||
Significant Accounting Policies [Line Items] | |||||
Number of cement plants | Plant | 2 | ||||
Percentage of Aggregate Business Net Sales in Top Ten Sales states | Geographic Concentration Risk | Sales Revenue Segment | |||||
Significant Accounting Policies [Line Items] | |||||
Total net sales, percentage | 82% |
Accounting Policies - Reconcili
Accounting Policies - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Restricted Cash and Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 1,271.8 | $ 358 | $ 258.4 | |
Restricted cash | 10.5 | 0.8 | 0.5 | |
Total cash, cash equivalents and restricted cash presented in the consolidated statements of cash flows | $ 1,282.3 | $ 358.8 | $ 258.9 | $ 304.4 |
Accounting Policies - Estimated
Accounting Policies - Estimated Service Lives for Property, Plant and Equipment (Detail) | Dec. 31, 2023 |
Buildings | Minimum | |
Property Plant And Equipment [Line Items] | |
Property, plant and equipment, Service Lives, Years | 5 years |
Buildings | Maximum | |
Property Plant And Equipment [Line Items] | |
Property, plant and equipment, Service Lives, Years | 30 years |
Machinery and Equipment | Minimum | |
Property Plant And Equipment [Line Items] | |
Property, plant and equipment, Service Lives, Years | 2 years |
Machinery and Equipment | Maximum | |
Property Plant And Equipment [Line Items] | |
Property, plant and equipment, Service Lives, Years | 20 years |
Land Improvements | Minimum | |
Property Plant And Equipment [Line Items] | |
Property, plant and equipment, Service Lives, Years | 5 years |
Land Improvements | Maximum | |
Property Plant And Equipment [Line Items] | |
Property, plant and equipment, Service Lives, Years | 60 years |
Accounting Policies - Component
Accounting Policies - Components of Changes in Accumulated Other Comprehensive Loss and Related Cumulative Noncurrent Deferred Tax Assets (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | $ 7,172.8 | $ 6,537.6 | $ 5,893.3 |
Ending Balance | 8,035.6 | 7,172.8 | 6,537.6 |
Cumulative noncurrent deferred tax assets at end of period | 53.8 | 50.1 | |
Pension and Postretirement Benefit Plans | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (36.5) | (97.6) | (158.1) |
Other comprehensive (loss) earnings before reclassifications, net of Tax | (15.7) | 51.6 | 51.3 |
Amounts reclassified from accumulated other comprehensive loss, net of tax | 4.2 | 9.5 | 9.2 |
Other comprehensive earnings (loss), net of tax | (11.5) | 61.1 | 60.5 |
Ending Balance | (48) | (36.5) | (97.6) |
Cumulative noncurrent deferred tax assets at end of period | 53.8 | 50.1 | 69.7 |
Foreign Currency | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (2) | 0 | (0.3) |
Other comprehensive (loss) earnings before reclassifications, net of Tax | 0.8 | (2) | 0.3 |
Amounts reclassified from accumulated other comprehensive loss, net of tax | 0 | 0 | 0 |
Other comprehensive earnings (loss), net of tax | 0.8 | (2) | 0.3 |
Ending Balance | (1.2) | (2) | 0 |
Cumulative noncurrent deferred tax assets at end of period | 0 | 0 | 0 |
Accumulated Other Comprehensive Loss | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (38.5) | (97.6) | (158.4) |
Other comprehensive (loss) earnings before reclassifications, net of Tax | (14.9) | 49.6 | 51.6 |
Amounts reclassified from accumulated other comprehensive loss, net of tax | 4.2 | 9.5 | 9.2 |
Other comprehensive earnings (loss), net of tax | (10.7) | 59.1 | 60.8 |
Ending Balance | (49.2) | (38.5) | (97.6) |
Cumulative noncurrent deferred tax assets at end of period | $ 53.8 | $ 50.1 | $ 69.7 |
Accounting Policies - Reclassif
Accounting Policies - Reclassifications Out of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Additional interest expense | $ 165.3 | $ 169 | $ 142.7 |
Tax effect | 292.5 | 234.8 | 153.2 |
Pension and Postretirement Benefit Plans | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Earnings from Continuing Operations | (4.2) | (9.5) | (9.2) |
Reclassification out of Accumulated Other Comprehensive Income | Pension and Postretirement Benefit Plans | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Settlement charge | 0 | 4.6 | 0 |
Prior service cost (credit) | 5.6 | 4 | 0 |
Actuarial loss | 0 | 3.7 | 12.1 |
Tax effect | (1.4) | (2.8) | (2.9) |
Earnings from Continuing Operations | 4.2 | 9.5 | 9.2 |
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 | $ 5.6 | $ 12.3 | $ 12.1 |
Accounting Policies - Basic and
Accounting Policies - Basic and Diluted Earnings from Continuing Operations Per Common Share (Detail) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |||
Net earnings from continuing operations attributable to Martin Marietta | $ 1,199.8 | $ 856.3 | $ 702 |
Less: distributed and undistributed earnings attributable to unvested participating securities | 0 | 0 | 0.2 |
Basic net earnings from continuing operations attributable to common shareholders attributable to Martin Marietta | 1,199.8 | 856.3 | 701.8 |
Diluted net earnings from continuing operations attributable to common shareholders attributable to Martin Marietta | $ 1,199.8 | $ 856.3 | $ 701.8 |
Basic weighted-average common shares outstanding | 61.9 | 62.3 | 62.4 |
Effect of dilutive employee and director awards | 0.2 | 0.2 | 0.2 |
Diluted weighted-average common shares outstanding | 62.1 | 62.5 | 62.6 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Changes in Goodwill (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Goodwill [Line Items] | ||
Balance at beginning of period | $ 3,649.5 | $ 3,494.4 |
Acquisitions | 3.7 | |
Goodwill reclassified from/(allocated to) assets held for sale | (260) | 8.1 |
Divestitures | (159.7) | |
Goodwill Increased | 303 | |
Balance at end of period | 3,389.5 | 3,649.5 |
East Group | ||
Goodwill [Line Items] | ||
Balance at beginning of period | 764.4 | 759.4 |
Acquisitions | 0 | |
Goodwill reclassified from/(allocated to) assets held for sale | 0 | 0 |
Divestitures | 0 | |
Goodwill Increased | 5 | |
Balance at end of period | 764.4 | 764.4 |
West Group | ||
Goodwill [Line Items] | ||
Balance at beginning of period | 2,885.1 | 2,735 |
Acquisitions | 3.7 | |
Goodwill reclassified from/(allocated to) assets held for sale | (260) | 8.1 |
Divestitures | (159.7) | |
Goodwill Increased | 298 | |
Balance at end of period | $ 2,625.1 | $ 2,885.1 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Intangible Assets Subject to Amortization (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | $ 831.8 | $ 967.2 |
Accumulated Amortization | (168.2) | (155.2) |
Net Balance | 663.6 | 812 |
Noncompetition agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | 4.1 | 4.1 |
Accumulated Amortization | (4.1) | (4) |
Net Balance | 0 | 0.1 |
Customer Relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | 421 | 423.7 |
Accumulated Amortization | (79.9) | (62.7) |
Net Balance | 341.1 | 361 |
Operating Permits | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | 369.2 | 502.2 |
Accumulated Amortization | (55.8) | (61.4) |
Net Balance | 313.4 | 440.8 |
Use Rights And Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | 14.2 | 13.9 |
Accumulated Amortization | (12.5) | (12.4) |
Net Balance | 1.7 | 1.5 |
Trade names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | 23.3 | 23.3 |
Accumulated Amortization | (15.9) | (14.7) |
Net Balance | $ 7.4 | $ 8.6 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Intangible Assets Deemed to Indefinite Life that are Therefore Not Amortized (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Indefinite Lived Intangible Assets By Major Class [Line Items] | ||
Indefinite life intangible assets | $ 34.1 | $ 35.8 |
Operating Permits | ||
Indefinite Lived Intangible Assets By Major Class [Line Items] | ||
Indefinite life intangible assets | 6.6 | 6.6 |
Use Rights | ||
Indefinite Lived Intangible Assets By Major Class [Line Items] | ||
Indefinite life intangible assets | 25 | 26.7 |
Trade names | ||
Indefinite Lived Intangible Assets By Major Class [Line Items] | ||
Indefinite life intangible assets | 2.5 | 2.5 |
Building Materials Business | ||
Indefinite Lived Intangible Assets By Major Class [Line Items] | ||
Indefinite life intangible assets | 31.6 | 33.3 |
Building Materials Business | Operating Permits | ||
Indefinite Lived Intangible Assets By Major Class [Line Items] | ||
Indefinite life intangible assets | 6.6 | 6.6 |
Building Materials Business | Use Rights | ||
Indefinite Lived Intangible Assets By Major Class [Line Items] | ||
Indefinite life intangible assets | 25 | 26.7 |
Building Materials Business | Trade names | ||
Indefinite Lived Intangible Assets By Major Class [Line Items] | ||
Indefinite life intangible assets | 0 | 0 |
Magnesia Specialties | ||
Indefinite Lived Intangible Assets By Major Class [Line Items] | ||
Indefinite life intangible assets | 2.5 | 2.5 |
Magnesia Specialties | Operating Permits | ||
Indefinite Lived Intangible Assets By Major Class [Line Items] | ||
Indefinite life intangible assets | 0 | 0 |
Magnesia Specialties | Use Rights | ||
Indefinite Lived Intangible Assets By Major Class [Line Items] | ||
Indefinite life intangible assets | 0 | 0 |
Magnesia Specialties | Trade names | ||
Indefinite Lived Intangible Assets By Major Class [Line Items] | ||
Indefinite life intangible assets | $ 2.5 | $ 2.5 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization expense of intangible assets | $ 27.8 | $ 26.6 | $ 24 |
Goodwill and Other Intangible_7
Goodwill and Other Intangible Assets - Estimated Amortization Expense of Intangible Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2024 | $ 26.5 | |
2025 | 26.4 | |
2026 | 25.1 | |
2027 | 24.5 | |
2028 | 24.3 | |
Thereafter | 536.8 | |
Net Balance | $ 663.6 | $ 812 |
Business Combinations, Divest_3
Business Combinations, Divestitures, Discontinued Operations and Assets and Liabilities Held for Sale - Additional Information (Detail) $ in Millions | 6 Months Ended | 12 Months Ended | ||||||||
Feb. 11, 2024 USD ($) Facility | Jan. 12, 2024 | Nov. 21, 2023 USD ($) Plant | Oct. 31, 2023 USD ($) | Jul. 15, 2022 USD ($) | Apr. 01, 2022 USD ($) | Jun. 30, 2022 USD ($) Plant | Dec. 31, 2023 USD ($) Plant | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Business Acquisition [Line Items] | ||||||||||
Pretax loss on divestiture | $ (26.3) | $ (24) | $ (0.7) | $ (6) | ||||||
Business combination number of south texas ready mix operations | Plant | 20 | 20 | ||||||||
Business combination number of California ready mix operations | Plant | 14 | |||||||||
Interest payable | $ 15 | |||||||||
Business Combination, periods for production level | 60 years | |||||||||
Revenues | $ 2,100 | $ 315 | $ 235 | |||||||
Colorado and Central Texas | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Pretax gain (loss) | $ 151.9 | $ 151.9 | ||||||||
Alabama Definitive Agreement | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Number of active aggregates operations | Facility | 20 | |||||||||
Payments to acquire businesses gross | $ 2,050 |
Business Combinations, Divest_4
Business Combinations, Divestitures, Discontinued Operations and Assets and Liabilities Held for Sale - Summary of Discontinued Operations (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Oct. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | ||||
Total revenues | $ 94.2 | $ 308.6 | $ 79.2 | |
Pretax (loss) earnings from operations | (16.3) | 16.2 | 6.6 | |
Pretax loss on divestitures and sales of assets | $ (26.3) | (24) | (0.7) | (6) |
Pretax (loss) earnings | (40.3) | 15.5 | 0.6 | |
Income tax (benefit) expense | (9.4) | 5 | 0.1 | |
(Loss) Earnings from discontinued operations, net of income tax (benefit) expense | (30.9) | 10.5 | 0.5 | |
Net cash provided by (used for) operating activities | 0.6 | (31.6) | (8.2) | |
Additions to property, plant and equipment | (3) | (15.5) | (3.7) | |
Proceeds from divestitures and sales of assets | 372 | 249.9 | 0 | |
Net cash provided by (used for) investing activities | $ 369 | $ 234.4 | $ (3.7) |
Business Combinations, Divest_5
Business Combinations, Divestitures, Discontinued Operations and Assets and Liabilities Held for Sale - Summary of Assets and Liabilities Held for Sale (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Investment land | $ 40.6 | |
Total current assets held for sale | $ 807.1 | 73.2 |
Inventories, net | 31.3 | |
Other assets | 1.3 | |
Property, plant and equipment | 124.5 | |
Intangible assets, excluding goodwill | 208.5 | |
Operating lease right-of-use assets | 12.1 | |
Goodwill | 31.9 | |
Valuation allowance for loss on sale | (4.5) | |
Total noncurrent assets held for sale | 0 | 372.5 |
Lease obligations | (4.5) | |
Total current liabilities held for sale | (18.2) | (4.5) |
Lease obligations | (4.1) | |
Asset retirement obligations | (17.7) | |
Total noncurrent liabilities held for sale | 0 | (21.8) |
Continuing Operations | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Inventories, net | 60.6 | |
Investment land | 17.9 | 40.6 |
Property, plant and equipment | 327.2 | |
Intangible assets, excluding goodwill | 122.3 | |
Operating lease right-of-use assets | 15.4 | |
Goodwill | 260 | |
Total current assets held for sale | 807.1 | 40.6 |
Lease obligations | (16.3) | |
Asset retirement obligations | (1.9) | |
Other assets | 3.7 | |
Total current liabilities held for sale | $ (18.2) | |
Discontinued Operations | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Total current assets held for sale | 32.6 | |
Inventories, net | 31.3 | |
Other assets | 1.3 | |
Property, plant and equipment | 124.5 | |
Intangible assets, excluding goodwill | 208.5 | |
Operating lease right-of-use assets | 12.1 | |
Goodwill | 31.9 | |
Valuation allowance for loss on sale | (4.5) | |
Total noncurrent assets held for sale | 372.5 | |
Lease obligations | (4.5) | |
Total current liabilities held for sale | (4.5) | |
Lease obligations | (4.1) | |
Asset retirement obligations | (17.7) | |
Total noncurrent liabilities held for sale | $ (21.8) |
Accounts Receivable, Net - Sche
Accounts Receivable, Net - Schedule of Accounts Receivable Net (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Receivables [Abstract] | ||
Customer receivables | $ 746.7 | $ 781 |
Other current receivables | 18.3 | 15.9 |
Total accounts receivable | 765 | 796.9 |
Less: allowance for estimated credit losses | (11.7) | (11) |
Accounts receivable, net | $ 753.3 | $ 785.9 |
Accounts Receivable, Net - Addi
Accounts Receivable, Net - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Affiliated Entity | ||
Financing Receivable, Past Due [Line Items] | ||
Other receivables net current | $ 4.4 | $ 3 |
Inventories, Net - Schedule of
Inventories, Net - Schedule of Inventories Net (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Finished products | $ 1,151.8 | $ 932.4 |
Products in process | 25 | 24.8 |
Raw materials | 59.9 | 71.7 |
Supplies and expendable parts | 154.6 | 153.1 |
Total inventories | 1,391.3 | 1,182 |
Less: allowances | (402.7) | (308.3) |
Inventories, net | $ 988.6 | $ 873.7 |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net - Property, Plant and Equipment, Net (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Property Plant And Equipment [Line Items] | ||
Total property, plant and equipment | $ 10,707.9 | $ 10,661 |
Less: accumulated depreciation, depletion and amortization | (4,522) | (4,344.3) |
Property, plant and equipment, net | 6,185.9 | 6,316.7 |
Land and Land Improvements | ||
Property Plant And Equipment [Line Items] | ||
Total property, plant and equipment | 1,599 | 1,519.2 |
Mineral Reserves and Interests | ||
Property Plant And Equipment [Line Items] | ||
Total property, plant and equipment | 2,982.4 | 2,917.8 |
Buildings | ||
Property Plant And Equipment [Line Items] | ||
Total property, plant and equipment | 160.3 | 164.1 |
Machinery and Equipment | ||
Property Plant And Equipment [Line Items] | ||
Total property, plant and equipment | 5,379.7 | 5,484.5 |
Construction in Progress | ||
Property Plant And Equipment [Line Items] | ||
Total property, plant and equipment | 333 | 338.5 |
Finance Lease Right Of Use Assets | ||
Property Plant And Equipment [Line Items] | ||
Total property, plant and equipment | $ 253.5 | $ 236.9 |
Property, Plant and Equipment_4
Property, Plant and Equipment, Net - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property Plant And Equipment [Line Items] | |||
Property Plant And Equipment And Finance Lease Right Of Use Asset Depreciation and Amortization | $ 479.5 | $ 472.8 | $ 422.4 |
Capitalized interest | 5.3 | 2.7 | $ 5.6 |
Property, plant and equipment, net | 6,185.9 | 6,316.7 | |
Bahamas And Canada | |||
Property Plant And Equipment [Line Items] | |||
Property, plant and equipment, net | $ 39.5 | $ 38.4 |
Long-Term Debt - Long-Term Debt
Long-Term Debt - Long-Term Debt (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Total debt | $ 4,345.2 | $ 5,040 |
Less: current maturities | (399.6) | (699.1) |
Long-term debt | 3,945.6 | 4,340.9 |
0.650% Senior Notes, Due 2023 | ||
Debt Instrument [Line Items] | ||
Total debt | 0 | 699.1 |
4.250% Senior Notes, Due 2024 | ||
Debt Instrument [Line Items] | ||
Total debt | 399.6 | 398.9 |
7% Debentures, Due 2025 | ||
Debt Instrument [Line Items] | ||
Total debt | 124.8 | 124.7 |
3.450% Senior Notes, Due 2027 | ||
Debt Instrument [Line Items] | ||
Total debt | 298.7 | 298.3 |
3.500% Senior Notes, Due 2027 | ||
Debt Instrument [Line Items] | ||
Total debt | 492.2 | 491.5 |
2.500% Senior Notes, Due 2030 | ||
Debt Instrument [Line Items] | ||
Total debt | 471.5 | 470.5 |
2.400% Senior Notes, Due 2031 | ||
Debt Instrument [Line Items] | ||
Total debt | 889.4 | 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 | 590.4 | 590.2 |
3.200% Senior Notes, Due 2051 | ||
Debt Instrument [Line Items] | ||
Total debt | $ 850.2 | $ 849.8 |
Long-Term Debt - Long-Term De_2
Long-Term Debt - Long-Term Debt (Parenthetical) (Detail) | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Jul. 17, 2023 | Sep. 29, 2022 | |
Debt Instrument [Line Items] | ||||
Interest rate on notes | 0.65% | 0.65% | ||
0.650% Senior Notes, Due 2023 | ||||
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) - USD ($) | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Jul. 17, 2023 | Sep. 29, 2022 | |
Debt Instrument [Line Items] | ||||
Interest rate on notes | 0.65% | 0.65% | ||
Debt instrument redemption price percentage | 100% | |||
Outstanding letters of credit | $ 32,200,000 | |||
Maximum consolidated debt reduction for unrestricted cash and temporary investments for debt covenant calculation | $ 500,000,000 | |||
Including Acquisition Bridge Debt | Maximum | ||||
Debt Instrument [Line Items] | ||||
Debt covenant | 3.5 | |||
Excluding Acquisition Bridge Debt | Maximum | ||||
Debt Instrument [Line Items] | ||||
Debt covenant | 4 | |||
Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument redemption price percentage | 101% | |||
Principal amount of stock repurchased during the period | $ 0 | $ 67,700,000 | ||
Revolving Facility | ||||
Debt Instrument [Line Items] | ||||
Credit facility commitment | $ 800,000,000 | |||
Senior unsecured revolving facility, maturity period | 5 years | |||
Debt instrument maturity period | Dec. 21, 2028 | |||
Outstanding letters of credit | $ 2,600,000 | 2,600,000 | ||
Available for borrowing under revolving facility | 797,400,000 | 797,400,000 | ||
Outstanding borrowing under credit facility | $ 0 | 0 | ||
0.650% Senior Notes, Due 2023 | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | $ 700,000,000 | |||
Interest rate on notes | 0.65% | 0.65% | ||
Maturity year | 2023 | 2023 | ||
2.400% Senior Notes, Due 2031 | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | $ 895,900,000 | |||
Interest rate on notes | 2.40% | |||
Maturity year | 2031 | |||
3.200% Senior Notes, Due 2051 | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | $ 865,900,000 | |||
Interest rate on notes | 3.20% | |||
Maturity year | 2051 | |||
2.500% Senior Notes, Due 2030 | ||||
Debt Instrument [Line Items] | ||||
Interest rate on notes | 2.50% | |||
Maturity year | 2030 | |||
4.25% Senior Notes, Due 2024 | ||||
Debt Instrument [Line Items] | ||||
Interest rate on notes | 4.25% | |||
Maturity year | 2024 | |||
7% Debentures, Due 2025 | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | $ 125,000,000 | |||
Interest rate on notes | 7% | |||
Maturity year | 2025 | |||
3.450% Senior Notes, Due 2027 | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | $ 300,000,000 | |||
Interest rate on notes | 3.45% | |||
Maturity year | 2027 | |||
3.500% Senior Notes, Due 2027 | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | $ 494,600,000 | |||
Interest rate on notes | 3.50% | |||
Maturity year | 2027 | |||
6.25% Senior Notes, Due 2037 | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | $ 230,000,000 | |||
Interest rate on notes | 6.25% | |||
Maturity year | 2037 | |||
4.250% Senior Notes, Due 2047 | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | $ 597,900,000 | |||
Interest rate on notes | 4.25% | |||
Maturity year | 2047 | |||
Trade Receivable Facility | ||||
Debt Instrument [Line Items] | ||||
Credit facility commitment | $ 400,000,000 | |||
Debt instrument maturity period | Sep. 19, 2024 | |||
Outstanding borrowing under credit facility | $ 0 | $ 0 | ||
Trade Receivable Facility | Maximum | ||||
Debt Instrument [Line Items] | ||||
Credit facility commitment | $ 500,000,000 | |||
Trade Receivable Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 0.70% |
Long-Term Debt - Schedule of Pr
Long-Term Debt - Schedule of Principal Amount, Effective Interest Rate and Maturity Date for Corporation's Senior Notes (Detail) | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
4.250% Senior Notes, Due 2024 | |
Debt Instrument [Line Items] | |
Principal Amount | $ 400,000,000 |
Effective Interest Rate | 4.40% |
Maturity Date | Jul. 02, 2024 |
7% Debentures, Due 2025 | |
Debt Instrument [Line Items] | |
Principal Amount | $ 125,000,000 |
Effective Interest Rate | 7.05% |
Maturity Date | Dec. 01, 2025 |
3.450% Senior Notes, Due 2027 | |
Debt Instrument [Line Items] | |
Principal Amount | $ 300,000,000 |
Effective Interest Rate | 3.55% |
Maturity Date | Jun. 01, 2027 |
3.500% Senior Notes, Due 2027 | |
Debt Instrument [Line Items] | |
Principal Amount | $ 494,600,000 |
Effective Interest Rate | 3.61% |
Maturity Date | Dec. 15, 2027 |
2.500% Senior Notes, Due 2030 | |
Debt Instrument [Line Items] | |
Principal Amount | $ 478,000,000 |
Effective Interest Rate | 2.71% |
Maturity Date | Mar. 15, 2030 |
2.400% Senior Notes, Due 2031 | |
Debt Instrument [Line Items] | |
Principal Amount | $ 895,900,000 |
Effective Interest Rate | 2.48% |
Maturity Date | Jul. 15, 2031 |
6.25% Senior Notes, Due 2037 | |
Debt Instrument [Line Items] | |
Principal Amount | $ 230,000,000 |
Effective Interest Rate | 6.32% |
Maturity Date | May 01, 2037 |
4.250% Senior Notes, Due 2047 | |
Debt Instrument [Line Items] | |
Principal Amount | $ 597,900,000 |
Effective Interest Rate | 4.32% |
Maturity Date | Dec. 15, 2047 |
3.200% Senior Notes, Due 2051 | |
Debt Instrument [Line Items] | |
Principal Amount | $ 865,900,000 |
Effective Interest Rate | 3.29% |
Maturity Date | Jul. 15, 2051 |
Long-Term Debt - Schedule of Co
Long-Term Debt - Schedule of Corporation's Long-Term Debt Maturities (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Disclosure [Abstract] | ||
2024 | $ 399.6 | |
2025 | 124.8 | |
2026 | 0 | |
2027 | 790.9 | |
2028 | 0 | |
Thereafter | 3,029.9 | |
Total debt | $ 4,345.2 | $ 5,040 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Jul. 17, 2023 | Dec. 31, 2022 | Sep. 29, 2022 |
Debt Instrument [Line Items] | ||||
Settlement of senior notes and related interest payments | 0.65% | 0.65% | ||
Long-term debt, carrying values | $ 4,345.2 | $ 5,040 | ||
Long-term debt, fair values | $ 3,880 | $ 4,360 | ||
0.650% Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Settlement of senior notes and related interest payments | 0.65% |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Expense From Continuing Operations (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Federal income taxes: | |||
Current | $ 264 | $ 174.9 | $ 66.3 |
Deferred | (11.4) | 18 | 61.4 |
Total federal income taxes | 252.6 | 192.9 | 127.7 |
State income taxes: | |||
Current | 42.7 | 35.1 | 18.7 |
Deferred | (3) | 5.3 | 6.5 |
Total state income taxes | 39.7 | 40.4 | 25.2 |
Foreign income taxes: | |||
Current | 0.2 | 1.2 | 0 |
Deferred | 0 | 0.3 | 0.3 |
Total foreign income taxes | 0.2 | 1.5 | 0.3 |
Income tax expense | $ 292.5 | $ 234.8 | $ 153.2 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Taxes [Line Items] | |||
Foreign pretax earnings | $ 8.1 | $ 2.3 | $ 7.5 |
Operating loss carryforwards, expiration year | 2043 | ||
Deferred tax assets recognized | $ 2.8 | 3.6 | |
Deferred tax asset, valuation allowance | $ 2 | 2.1 | |
Domestic tax credits, expiration year | 2043 | ||
Unrecognized tax benefits interest on income taxes expense and correlative effects | $ 0.1 | 0.1 | $ 0.1 |
Open tax years | 2019 2020 2021 2022 2023 | ||
Maximum | |||
Income Taxes [Line Items] | |||
Decrease in unrecognized tax benefits is reasonably possible, excluding interest and correlative effects. | $ 0.3 | ||
Federal Tax Authority | |||
Income Taxes [Line Items] | |||
Operating loss carryforwards, amount | 1.2 | 1.3 | |
Domestic State Tax Authority | |||
Income Taxes [Line Items] | |||
Deferred tax assets recognized | 1.7 | 1 | |
State and Local Jurisdiction | |||
Income Taxes [Line Items] | |||
Operating loss carryforwards, amount | 42.8 | 55.3 | |
Domestic and foreign tax credits, amount | $ 2.1 | $ 1.3 |
Income Taxes - Summary of Effec
Income Taxes - Summary of Effective Income Tax Rate On Continuing Operations (Detail) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Statutory income tax rate | 21% | 21% | 21% |
Effect of statutory depletion | (2.30%) | (2.40%) | (3.50%) |
State income taxes, net of federal tax benefit | 2.10% | 2.90% | 2.30% |
Federal tax credits | (1.00%) | (0.90%) | (1.40%) |
Other items | (0.20%) | 0.90% | (0.50%) |
Effective income tax rate | 19.60% | 21.50% | 17.90% |
Income Taxes - Components of De
Income Taxes - Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax assets related to: | ||
Inventories | $ 121 | $ 85.5 |
Valuation and other reserves | 34.2 | 30.9 |
Net operating loss carryforwards | 2.8 | 3.6 |
Accumulated other comprehensive loss | 53.8 | 50.1 |
Lease liabilities | 141.9 | 139.6 |
Other items, net | 3.6 | 1.9 |
Gross deferred tax assets | 357.3 | 311.6 |
Valuation allowance on deferred tax assets | (2.5) | (2.6) |
Total net deferred tax assets | 354.8 | 309 |
Deferred tax liabilities related to: | ||
Property, plant and equipment | (828) | (843.8) |
Goodwill and other intangibles | (168.3) | (143.9) |
Right-of-use assets | (142.3) | (140.8) |
Partnerships and joint ventures | (34) | (32.5) |
Employee benefits | (56.8) | (62.3) |
Total deferred tax liabilities | (1,229.4) | (1,223.3) |
Deferred income taxes, net | $ (874.6) | $ (914.3) |
Income Taxes - Schedule of Unre
Income Taxes - Schedule of Unrecognized Tax Benefits Excluding Interest Correlative Effects (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Unrecognized tax benefits at beginning of year | $ 3.6 | $ 5.4 | $ 8.2 |
Gross increases – tax positions in prior years | 0.3 | 0.5 | |
Gross increases – tax positions in current year | 0.3 | 0.2 | 0.1 |
Lapse of statute of limitations | (3.1) | (2) | (3.4) |
Unrecognized tax benefits at end of year | 1.1 | 3.6 | 5.4 |
Amount that, if recognized, would favorably impact the effective tax rate | $ 1.2 | $ 3.7 | $ 5.5 |
Retirement Plans, Postretirem_3
Retirement Plans, Postretirement and Postemployment Benefits - Schedule of Components of Net Periodic Benefit Cost (Credit) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 32.9 | $ 48.1 | $ 46.2 |
Interest cost | 51.3 | 41.2 | 35.7 |
Expected return on assets | (71.4) | (77.3) | (70.5) |
Prior service cost (credit) | 5.9 | 4.9 | 0.8 |
Actuarial gain (loss) | 0.6 | 3.9 | 12.2 |
Settlement charge (credit) | 0 | 4.6 | 0 |
Total net periodic benefit cost (credit) | 19.3 | 25.4 | 24.4 |
Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Interest cost | 0.5 | 0.4 | 0.3 |
Prior service cost (credit) | (0.3) | (0.9) | (0.8) |
Actuarial gain (loss) | (0.6) | (0.2) | (0.1) |
Total net periodic benefit cost (credit) | $ (0.4) | $ (0.7) | $ (0.6) |
Retirement Plans, Postretirem_4
Retirement Plans, Postretirement and Postemployment Benefits - Net Periodic Benefit Cost Recognized Pretax Amounts in Comprehensive Earnings (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actuarial loss (gain) | $ 20.9 | $ (114.5) | $ (67.5) |
Prior service cost | 0 | 48.1 | 0 |
Prior service cost | (5.9) | (4.9) | (0.8) |
Actuarial gain (loss) | (0.6) | (3.9) | (12.2) |
Settlement charge | 0 | (4.6) | 0 |
Total | 14.4 | (79.8) | (80.5) |
Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actuarial loss (gain) | (0.1) | (2) | (0.6) |
Prior service cost | 0.3 | 0.9 | 0.8 |
Actuarial gain (loss) | 0.6 | 0.2 | 0.1 |
Total | $ 0.8 | $ (0.9) | $ 0.3 |
Retirement Plans, Postretirem_5
Retirement Plans, Postretirement and Postemployment Benefits - Net Periodic Benefit Credit or Cost Not Yet Recognized (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Pension | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prior service (credit) - Gross | $ 42.4 | $ 48.2 |
Actuarial (gain) loss - Gross | 63.4 | 43.2 |
Total - Gross | 105.8 | 91.4 |
Prior service cost (credit) - Net of tax | 20 | 20.3 |
Actuarial (gain) loss - Net of tax | 29.9 | 18.2 |
Total - Net of tax | 49.9 | 38.5 |
Postretirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prior service (credit) - Gross | (0.4) | (0.7) |
Actuarial (gain) loss - Gross | (3.7) | (4.1) |
Total - Gross | (4.1) | (4.8) |
Prior service cost (credit) - Net of tax | (0.2) | (0.3) |
Actuarial (gain) loss - Net of tax | (1.7) | (1.7) |
Total - Net of tax | $ (1.9) | $ (2) |
Retirement Plans, Postretirem_6
Retirement Plans, Postretirement and Postemployment Benefits - Change in Projected Benefit Obligation (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net projected benefit obligation at beginning of year | $ 857.6 | $ 1,135.5 | |
Service cost | 32.9 | 48.1 | $ 46.2 |
Interest cost | 51.3 | 41.2 | 35.7 |
Actuarial loss (gain) | 72.6 | (363.3) | |
Gross benefits paid | (45.2) | (52) | |
Plan amendments | 0 | 48.1 | |
Net projected benefit obligation at end of year | 969.2 | 857.6 | 1,135.5 |
Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net projected benefit obligation at beginning of year | 8.9 | 11.4 | |
Interest cost | 0.5 | 0.4 | 0.3 |
Participants' contributions | 0.7 | 0.6 | |
Actuarial loss (gain) | (0.1) | (1.9) | |
Gross benefits paid | (1.7) | (1.6) | |
Net projected benefit obligation at end of year | $ 8.3 | $ 8.9 | $ 11.4 |
Retirement Plans, Postretirem_7
Retirement Plans, Postretirement and Postemployment Benefits - Schedule of Change In Plan Assets (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Balance at beginning of year | $ 1,067.1 | |
Employer contributions | 31.8 | $ 90.2 |
Balance at end of year | 1,176.8 | 1,067.1 |
Pension | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Balance at beginning of year | 1,067.1 | 1,200.3 |
Actual return on plan assets, net | 123.1 | (171.4) |
Employer contributions | 31.8 | 90.2 |
Gross benefits paid | (45.2) | (52) |
Balance at end of year | 1,176.8 | 1,067.1 |
Postretirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Balance at beginning of year | 0 | 0 |
Employer contributions | 1 | 1 |
Participants' contributions | 0.7 | 0.6 |
Gross benefits paid | (1.7) | (1.6) |
Balance at end of year | $ 0 | $ 0 |
Retirement Plans, Postretirem_8
Retirement Plans, Postretirement and Postemployment Benefits - Schedule of Funded Status (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] | ||
Accrued benefit credit (cost) | $ 207.6 | $ 209.5 |
Pension | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Funded status of the plan at end of year | 207.6 | 209.5 |
Accrued benefit credit (cost) | 207.6 | 209.5 |
Postretirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Funded status of the plan at end of year | (8.3) | (8.9) |
Accrued benefit credit (cost) | $ (8.3) | $ (8.9) |
Retirement Plans, Postretirem_9
Retirement Plans, Postretirement and Postemployment Benefits - Schedule of Amounts Recognized on Consolidated Balance Sheet (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] | ||
Noncurrent asset pension and postretirement benefits | $ 307.8 | $ 295.3 |
Current pension and postretirement benefits | (7.5) | (6.8) |
Noncurrent pension, postretirement and postemployment benefits | (92.7) | (79) |
Net amount recognized at end of year | 207.6 | 209.5 |
Postretirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net amount recognized at end of year | (8.3) | (8.9) |
Current pension and postretirement benefits | (1) | (1) |
Noncurrent pension, postretirement and postemployment benefits | (7.3) | (7.9) |
Net amount recognized at end of year | $ (8.3) | $ (8.9) |
Retirement Plans, Postretire_10
Retirement Plans, Postretirement and Postemployment Benefits - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated benefit obligation for defined benefit pension plans | $ 881.9 | $ 789.6 | |
Combined pension plan and SERP contributions | 31.8 | 90.2 | |
Estimated contribution of pension plans | 32.7 | ||
Corporation's matching obligations | $ 22.3 | $ 23.1 | $ 20.5 |
Defined contribution plan name | 401(a) | ||
Defined benefit plans remeasurement increased | $ 47.6 | ||
Postretirement Health Care Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated contribution of pension plans | $ 1 |
Retirement Plans, Postretire_11
Retirement Plans, Postretirement and Postemployment Benefits - Schedule of Accumulated Benefit Obligations in Excess of Plan Assets (Detail) - Pension - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $ 100.7 | $ 86.3 |
Accumulated benefit obligation | 90.9 | 79.5 |
Fair value of plan assets | $ 0.5 | $ 0.5 |
Retirement Plans, Postretire_12
Retirement Plans, Postretirement and Postemployment Benefits - Schedule of Weighted-Average Assumptions (Detail) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 5.58% | 5.88% | |
Rate of increase in future compensation levels | 4.50% | 4.50% | |
Discount rate | 5.88% | 3.44% | 3.16% |
Rate of increase in future compensation levels | 4.50% | 4.50% | 4.50% |
Expected long-term rate of return on assets | 6.75% | 6.75% | 6.75% |
Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 5.79% | 6.02% | |
Discount rate | 6.02% | 3.02% | 2.48% |
Retirement Plans, Postretire_13
Retirement Plans, Postretirement and Postemployment Benefits - Schedule of Target Assets Allocation (Detail) | Dec. 31, 2023 | Dec. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] | ||
Other securities, Target Allocation | 100% | |
Total | 100% | 100% |
Equity Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other securities, Target Allocation | 56% | |
Total | 53% | 54% |
Debt Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other securities, Target Allocation | 28% | |
Total | 27% | 24% |
Real Estate | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other securities, Target Allocation | 10% | |
Total | 12% | 14% |
Private infrastructure | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other securities, Target Allocation | 6% | |
Total | 8% | 8% |
Retirement Plans, Postretire_14
Retirement Plans, Postretirement and Postemployment Benefits - Schedule of Fair Values of Pension Plan Assets by Asset Class and Fair Value Hierarchy Level (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair values of pension plan assets | $ 1,176.8 | $ 1,067.1 |
Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair values of pension plan assets | 0 | 0.2 |
Net Asset Value | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair values of pension plan assets | 1,176.8 | 1,066.9 |
Mid-sized to Large Cap | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair values of pension plan assets | 307.2 | 291.6 |
Mid-sized to Large Cap | Net Asset Value | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair values of pension plan assets | 307.2 | 291.6 |
Small Cap, International and Emerging Growth Funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair values of pension plan assets | 319.5 | 287.2 |
Small Cap, International and Emerging Growth Funds | Net Asset Value | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair values of pension plan assets | 319.5 | 287.2 |
Debt Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair values of pension plan assets | 319.2 | 249.1 |
Debt Securities | Net Asset Value | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair values of pension plan assets | 319.2 | 249.1 |
Real Estate | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair values of pension plan assets | 136.7 | 151.5 |
Real Estate | Net Asset Value | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair values of pension plan assets | 136.7 | 151.5 |
Private infrastructure | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair values of pension plan assets | 90.2 | 83.1 |
Private infrastructure | Net Asset Value | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair values of pension plan assets | 90.2 | 83.1 |
Cash Equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair values of pension plan assets | 4 | 4.6 |
Cash Equivalents | Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair values of pension plan assets | 0 | 0.2 |
Cash Equivalents | Net Asset Value | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair values of pension plan assets | $ 4 | $ 4.4 |
Retirement Plans, Postretire_15
Retirement Plans, Postretirement and Postemployment Benefits - Schedule of Expected Benefit Payments (Detail) $ in Millions | Dec. 31, 2023 USD ($) |
Pension | |
Defined Benefit Plan Disclosure [Line Items] | |
2024 | $ 50 |
2025 | 66.3 |
2026 | 58.8 |
2027 | 62.3 |
2028 | 64.7 |
Years 2029 -2033 | 341.3 |
Postretirement Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2024 | 1 |
2025 | 1.2 |
2026 | 1.1 |
2027 | 1 |
2028 | 0.9 |
Years 2029 -2033 | $ 3.8 |
Retirement Plans, Postretire_16
Retirement Plans, Postretirement and Postemployment Benefits - Schedule of Assumed Health Care Cost Trend Rate (Detail) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Retirement Benefits [Abstract] | ||
Health care cost trend rate assumed for next year | 6.50% | 6.75% |
Rate to which the cost trend rate gradually declines | 4.75% | 4.75% |
Year the rate reaches the ultimate rate | 2031 | 2031 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | 276 Months Ended | 336 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2016 | Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2010 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Percentage of incentive compensation to acquire shares, maximum | 50% | ||||||
Percentage of discount rate to market value on the incentive compensation | 20% | ||||||
Common stock price | $ 498.91 | $ 498.91 | $ 498.91 | ||||
Aggregate intrinsic values of options exercised | $ 2.6 | $ 1.3 | $ 2.3 | ||||
Aggregate intrinsic values for options exercisable | $ 2.2 | $ 2.2 | $ 2.2 | ||||
Awards available for grant | 400,000 | 400,000 | 400,000 | ||||
Additional shares issuance under the plan | 800,000 | ||||||
Total tax benefits related to stock-based compensation expense | $ 8.6 | $ 7.6 | $ 7.9 | ||||
Options granted in 2015 and 2014 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Employee stock options expiration date | 10 years | ||||||
Incentive Compensation Stock Awards | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Weighted-average grant-date fair value of stock awards, granted | $ 362.08 | $ 369.05 | $ 325.3 | ||||
Aggregate intrinsic values for stock awards | $ 3.6 | $ 3.6 | $ 3.6 | ||||
Common stock price | $ 498.91 | $ 498.91 | $ 498.91 | ||||
Aggregate intrinsic values of stock awards, distributed | $ 3.9 | $ 3.1 | $ 4.9 | ||||
Awards granted | 4,012 | ||||||
Restricted Stock - Service Based Awards | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Weighted-average grant-date fair value of stock awards, granted | $ 369.18 | $ 362.77 | $ 342.11 | ||||
Awards granted | 60,982 | ||||||
Restricted Stock - Performance Based Awards | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Weighted-average grant-date fair value of stock awards, granted | $ 392.73 | $ 406.99 | $ 352.52 | ||||
Awards granted | 33,103 | ||||||
Restricted Stock Awards | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Aggregate intrinsic values for stock awards | $ 154.1 | $ 154.1 | $ 154.1 | ||||
Aggregate intrinsic values of stock awards, distributed | $ 47.6 | $ 64.5 | $ 41.1 | ||||
Shareholder Value Achievement Plan (1996) | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Common stock reserved for future issuance | 300,000 | ||||||
Common stock issued under the plan | 42,025 | ||||||
Awards granted | 0 | ||||||
Directors' Awards | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Common stock reserved for future issuance | 300,000 | 300,000 | 300,000 | ||||
Common stock issued under the plan | 1,333 | 1,767 | 1,686 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary Information for Restricted Stock Awards and Incentive Compensation Stock Awards (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restricted Stock - Service Based Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Awards, January 1, 2023 | 215,644 | ||
Number of Awards, Awarded | 60,982 | ||
Number of Awards, Distributed | (59,184) | ||
Number of Awards, Forfeited | (6,799) | ||
Number of Awards, Adjustment for performance | 0 | ||
Number of Awards, December 31, 2023 | 210,643 | 215,644 | |
Weighted-Average Grant-Date Fair Value, January 1, 2022 | $ 272.86 | ||
Weighted-Average Grant-Date Fair Value, Awarded | 369.18 | $ 362.77 | $ 342.11 |
Weighted-Average Grant-Date Fair Value, Distributed | 305.8 | ||
Weighted-Average Grant-Date Fair Value, Forfeited | 341.96 | ||
Weighted-Average Grant-Date Fair Value, Adjustment for performance | 0 | ||
Weighted-Average Grant-Date Fair Value, December 31, 2023 | $ 289.26 | $ 272.86 | |
Restricted Stock - Performance Based Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Awards, January 1, 2023 | 103,795 | ||
Number of Awards, Awarded | 33,103 | ||
Number of Awards, Distributed | (70,370) | ||
Number of Awards, Forfeited | (1,626) | ||
Number of Awards, Adjustment for performance | 33,248 | ||
Number of Awards, December 31, 2023 | 98,150 | 103,795 | |
Weighted-Average Grant-Date Fair Value, January 1, 2022 | $ 339.17 | ||
Weighted-Average Grant-Date Fair Value, Awarded | 392.73 | $ 406.99 | 352.52 |
Weighted-Average Grant-Date Fair Value, Distributed | 266.97 | ||
Weighted-Average Grant-Date Fair Value, Forfeited | 371 | ||
Weighted-Average Grant-Date Fair Value, Adjustment for performance | 266.97 | ||
Weighted-Average Grant-Date Fair Value, December 31, 2023 | $ 384.02 | $ 339.17 | |
Incentive Compensation Stock Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Awards, January 1, 2023 | 32,149 | ||
Number of Awards, Awarded | 4,012 | ||
Number of Awards, Distributed | (18,835) | ||
Number of Awards, Forfeited | 0 | ||
Number of Awards, Adjustment for performance | 0 | ||
Number of Awards, December 31, 2023 | 17,326 | 32,149 | |
Weighted-Average Grant-Date Fair Value, January 1, 2022 | $ 341.72 | ||
Weighted-Average Grant-Date Fair Value, Awarded | 362.08 | $ 369.05 | $ 325.3 |
Weighted-Average Grant-Date Fair Value, Distributed | 325.48 | ||
Weighted-Average Grant-Date Fair Value, Forfeited | 0 | ||
Weighted-Average Grant-Date Fair Value, Adjustment for performance | 0 | ||
Weighted-Average Grant-Date Fair Value, December 31, 2023 | $ 364.09 | $ 341.72 |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary Information for Stock Options (Detail) | 12 Months Ended |
Dec. 31, 2023 $ / shares shares | |
Share-Based Payment Arrangement [Abstract] | |
Number of Options, Outstanding at January 1, 2022 | shares | 15,283 |
Number of Options, Exercised | shares | (9,180) |
Number of Options, Outstanding at December 31, 2022 | shares | 6,103 |
Number of Options, Exercisable at December 31, 2022 | shares | 6,103 |
Weighted-Average Exercise Price, Outstanding at January 1, 2022 | $ / shares | $ 136.55 |
Weighted-Average Exercise Price, Exercised | $ / shares | 131.5 |
Weighted-Average Exercise Price, Outstanding at December 31, 2022 | $ / shares | 144.14 |
Weighted-Average Exercise Price, Exercisable at December 31, 2022 | $ / shares | $ 144.14 |
Weighted-Average Remaining Contractual Life (years), Outstanding at December 31, 2022 | 1 year 1 month 6 days |
Weighted-Average Remaining Contractual Life (years), Exercisable at December 31, 2022 | 1 year 1 month 6 days |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense recognized | $ 50 | $ 42.7 | $ 43 |
Unrecognized compensation cost | 39.9 | ||
Restricted Stock Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense recognized | 48.7 | 41 | 41.4 |
Unrecognized compensation cost | $ 39.5 | ||
Weighted-average period over which unrecognized compensation cost will be recognized | 1 year 9 months 18 days | ||
Incentive Compensation Stock Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense recognized | $ 0.8 | 1.1 | 1 |
Unrecognized compensation cost | $ 0.4 | ||
Weighted-average period over which unrecognized compensation cost will be recognized | 1 year 3 months 18 days | ||
Directors' Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense recognized | $ 0.5 | $ 0.6 | $ 0.6 |
Unrecognized compensation cost | $ 0 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock-Based Compensation Expense in Future for Outstanding Awards (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Share-Based Payment Arrangement [Abstract] | |
2024 | $ 28.2 |
2025 | 9.1 |
2026 | 1.8 |
2027 | 0.7 |
2028 | 0.1 |
Total | $ 39.9 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Lessee Lease Description [Line Items] | |||
Option to extend lease | options to extend the leases for up to 30 years | ||
Option to terminate lease | options to terminate the leases within one year | ||
Royalties expenses | $ 86.2 | $ 78.2 | $ 67.1 |
Minimum | |||
Lessee Lease Description [Line Items] | |||
Financing lease term | 1 year | ||
Estimated incremental percentage on interest rate | 0% | 0% | |
Maximum | |||
Lessee Lease Description [Line Items] | |||
Financing lease term | 96 years | ||
Estimated incremental percentage on interest rate | 6% | 6% |
Leases - Summary of Components
Leases - Summary of Components of Lease Cost (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Operating lease cost | $ 76.5 | $ 73.1 | $ 72.9 |
Finance lease cost: | |||
Amortization of right-of-use assets | 21.2 | 18.3 | 14.3 |
Interest on lease liabilities | 4.8 | 4.4 | 3.5 |
Variable lease cost | 18.5 | 16.5 | 17.9 |
Short-term lease cost | 46.2 | 45.2 | 32.3 |
Total lease cost | $ 167.2 | $ 157.5 | $ 140.9 |
Leases - Summary of Balance She
Leases - Summary of Balance Sheet Classifications of Operating and Finance Leases (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Operating Leases: | ||
Operating lease right-of-use assets | $ 371.6 | $ 383.5 |
Current operating lease liabilities | 53.3 | 52.1 |
Noncurrent operating lease liabilities | 326.7 | 335.9 |
Total operating lease liabilities | $ 380 | $ 388 |
Finance Leases: | ||
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property, Plant and Equipment, Net | Property, Plant and Equipment, Net |
Property, plant and equipment | $ 253.5 | $ 236.9 |
Accumulated depreciation | (58.8) | (39.4) |
Property, plant and equipment, net | 194.7 | 197.5 |
Other current liabilities | $ 20.1 | $ 17.8 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other current liabilities | Other current liabilities |
Other noncurrent liabilities | $ 179.5 | $ 182.1 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other noncurrent liabilities | Other noncurrent liabilities |
Total finance lease liabilities | $ 199.6 | $ 199.9 |
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Liabilities | Liabilities |
Leases - Summary of Weighted-av
Leases - Summary of Weighted-average Remaining Lease Terms and Discount Rates (Detail) | Dec. 31, 2023 | Dec. 31, 2022 |
Weighted-average remaining lease terms (years): | ||
Operating leases | 11 years 8 months 12 days | 12 years 2 months 12 days |
Finance leases | 18 years 3 months 18 days | 19 years 1 month 6 days |
Weighted-average discount rates: | ||
Operating leases | 4.30% | 4% |
Finance leases | 2.60% | 2.30% |
Leases - Summary of Future Leas
Leases - Summary of Future Lease Payments (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Operating Leases | ||
Present value of lease payments | $ (380) | $ (388) |
Less: current lease obligations | (53.3) | (52.1) |
Total long-term lease obligations | 326.7 | 335.9 |
Financing Leases | ||
Total finance lease liabilities | 199.6 | 199.9 |
Less: current lease obligations | (20.1) | (17.8) |
Total long-term lease obligations | 179.5 | $ 182.1 |
Discontinued Operations | ||
Operating Leases | ||
Present value of lease payments | (15.5) | |
Financing Leases | ||
Total finance lease liabilities | 0.8 | |
Continuing Operations | ||
Operating Leases | ||
2024 | 69.1 | |
2025 | 60.8 | |
2026 | 52.2 | |
2027 | 42.1 | |
2028 | 36.4 | |
Thereafter | 254.3 | |
Total lease payments | 514.9 | |
Less: imputed interest | (119.4) | |
Present value of lease payments | (395.5) | |
Less: current lease obligations | (53.3) | |
Total long-term lease obligations | 326.7 | |
Financing Leases | ||
2024 | 25 | |
2025 | 21.1 | |
2026 | 13.9 | |
2027 | 12.8 | |
2028 | 12 | |
Thereafter | 171.5 | |
Total lease payments | 256.3 | |
Less: imputed interest | (55.9) | |
Total finance lease liabilities | 200.4 | |
Less: current lease obligations | (20.1) | |
Total long-term lease obligations | $ 179.5 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Class of Stock [Line Items] | |||
Common stock, shares authorized | 100,000,000 | 100,000,000 | |
Common stock, par value | $ 0.01 | $ 0.01 | |
Common stock reserved for issuance under stock-based award plans | 1,100,000 | ||
Stock Repurchased During Period, Shares | 400,000 | 400,000 | 0 |
Common stock remaining under repurchase authorization | 12,700,000 | ||
Maximum | |||
Class of Stock [Line Items] | |||
Stock repurchase program, shares authorized to be repurchased | 20,000,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 USD ($) Railcars | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Commitments And Contingencies [Line Items] | |||
Purchase commitments for property, plant and equipment | $ 395.2 | ||
Asset retirement obligation depreciation and accretion | 17.1 | $ 15.5 | $ 11.9 |
Liability reserve for insurance claims | 46.9 | 48.2 | |
Outstanding letters of credit | $ 32.2 | ||
Other Receivable, after Allowance for Credit Loss, Related Party, Type [Extensible Enumeration] | Related Party | ||
Capital expenditures | $ 111.4 | 89.6 | $ 99 |
Capital expenditures | $ 42.7 | ||
Percentage of employees represented in labor union | 12% | ||
Number of Railcars Commitment | Railcars | 394 | ||
Woodville | |||
Commitments And Contingencies [Line Items] | |||
Collective bargaining agreement expiration month year | 2026-06 | ||
Magnesia Specialties | |||
Commitments And Contingencies [Line Items] | |||
Collective bargaining agreement expiration month year | 2027-08 | ||
South Texas Cement Business | |||
Commitments And Contingencies [Line Items] | |||
Purchase commitments for property, plant and equipment | $ 50.7 | ||
Interest-only loan receivable | Related Party | |||
Commitments And Contingencies [Line Items] | |||
Other Receivables | 6 | ||
Surety Bonds | |||
Commitments And Contingencies [Line Items] | |||
Surety bonds | 698.3 | ||
Revolving Facility | |||
Commitments And Contingencies [Line Items] | |||
Outstanding letters of credit | 2.6 | $ 2.6 | |
Capital Addition Purchase Commitments | |||
Commitments And Contingencies [Line Items] | |||
Purchase commitments for property, plant and equipment | 162.1 | ||
Energy And Service Contracts | |||
Commitments And Contingencies [Line Items] | |||
Purchase commitments for property, plant and equipment | $ 233.1 |
Commitments and Contingencies_2
Commitments and Contingencies - Changes in Asset Retirement Obligations (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Balance at beginning of year | $ 380 | $ 306.8 | $ 153.8 |
Accretion expense | 10.9 | 10.6 | 7.2 |
Liabilities incurred and liabilities assumed in business combinations | 33.8 | 78.6 | 179 |
Liabilities settled | (27.7) | (14.1) | (5.2) |
Revisions in estimated cash flows | (12.5) | (3.1) | 3.5 |
Liabilities reclassified from/(to) assets held for sale | 15.8 | 1.2 | (31.5) |
Balance at end of year | $ 400.3 | $ 380 | $ 306.8 |
Commitments and Contingencies_3
Commitments and Contingencies - Contractual Purchase Commitments (Detail) $ in Millions | Dec. 31, 2023 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2024 | $ 247.2 |
2025 | 39.1 |
2026 | 28.7 |
2027 | 14.1 |
2028 | 14.4 |
Thereafter | 51.7 |
Total | $ 395.2 |
Commitments and Contingencies_4
Commitments and Contingencies - Schedule of Future Minimum Contracts of Affreightment and Royalty Commitments for All Noncancelable Agreements (Detail) $ in Millions | Dec. 31, 2023 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2024 | $ 16.9 |
2025 | 17.1 |
2026 | 17.4 |
2027 | 17.7 |
2028 | 0 |
Thereafter | 0 |
Total | 69.1 |
2024 | 26.4 |
2025 | 14.1 |
2026 | 11.7 |
2027 | 11.2 |
2028 | 8 |
Thereafter | 77.4 |
Total | $ 148.8 |
Segments - Additional Informati
Segments - Additional Information (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 USD ($) Segment | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of divisions represent operating segments | Segment | 4 | ||
Reportable business segments | Segment | 2 | ||
Depreciation, depletion and amortization | $ 513.2 | $ 506 | $ 451.7 |
Bond Discount and Debt Issuance | |||
Segment Reporting Information [Line Items] | |||
Depreciation, depletion and amortization | $ 5.9 | 6.6 | $ 5.2 |
Building Materials Business West Group | |||
Segment Reporting Information [Line Items] | |||
Nonrecurring gains on divested assets | $ 151.9 |
Segments - Financial Data for C
Segments - Financial Data for Continuing Operation for Company's Reportable Business Segments (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Total Revenues | $ 6,777.2 | $ 6,160.7 | $ 5,414 |
Earnings (Loss) from operations | 1,596 | 1,206.7 | 973.8 |
Interest expense | 165.3 | 169 | 142.7 |
Other nonoperating income, net | (62.1) | (53.4) | (24.4) |
Consolidated earnings from continuing operations before income tax expense | 1,492.8 | 1,091.1 | 855.5 |
Assets employed | 15,124.9 | 14,993.6 | 14,393 |
Depreciation, depletion and amortization | 513.2 | 506 | 451.7 |
Total property additions, including the impact of acquisitions | 626.2 | 544.4 | 1,541.5 |
Property additions through acquisitions | 0 | 2.5 | 1,087.5 |
Reportable Segments | |||
Segment Reporting Information [Line Items] | |||
Earnings (Loss) from operations | 1,710.2 | 1,303.5 | 1,097.7 |
Assets employed | 13,077.8 | 13,164 | 13,442.5 |
Depreciation, depletion and amortization | 490.6 | 483.2 | 431.3 |
Total property additions, including the impact of acquisitions | 611.8 | 523.3 | 1,512.7 |
Property additions through acquisitions | 0 | 2.5 | 1,087.5 |
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Earnings (Loss) from operations | 1,634.2 | 1,228.3 | 1,006.9 |
Operating Segments | Building Materials Business East Group | |||
Segment Reporting Information [Line Items] | |||
Total Revenues | 2,763.4 | 2,468.1 | 2,303 |
Earnings (Loss) from operations | 857.1 | 640.2 | 621.7 |
Assets employed | 5,131.1 | 5,063.5 | 5,009 |
Depreciation, depletion and amortization | 210.1 | 210.4 | 196 |
Total property additions, including the impact of acquisitions | 230.8 | 189.1 | 372.9 |
Property additions through acquisitions | 0 | 0 | 169.2 |
Operating Segments | Building Materials Business West Group | |||
Segment Reporting Information [Line Items] | |||
Total Revenues | 3,698.4 | 3,388.6 | 2,812.3 |
Earnings (Loss) from operations | 777.1 | 588.1 | 385.2 |
Assets employed | 7,696.7 | 7,908.4 | 8,264.8 |
Depreciation, depletion and amortization | 268 | 260.6 | 223 |
Total property additions, including the impact of acquisitions | 341.7 | 302.2 | 1,131.6 |
Property additions through acquisitions | 0 | 2.5 | 918.3 |
Operating Segments | Building Materials Business | |||
Segment Reporting Information [Line Items] | |||
Total Revenues | 6,461.8 | 5,856.7 | 5,115.3 |
Assets employed | 12,827.8 | 12,971.9 | 13,273.8 |
Depreciation, depletion and amortization | 478.1 | 471 | 419 |
Total property additions, including the impact of acquisitions | 572.5 | 491.3 | 1,504.5 |
Property additions through acquisitions | 0 | 2.5 | 1,087.5 |
Operating Segments | Magnesia Specialties | |||
Segment Reporting Information [Line Items] | |||
Total Revenues | 315.4 | 304 | 298.7 |
Earnings (Loss) from operations | 76 | 75.2 | 90.8 |
Assets employed | 250 | 192.1 | 168.7 |
Depreciation, depletion and amortization | 12.5 | 12.2 | 12.3 |
Total property additions, including the impact of acquisitions | 39.3 | 32 | 8.2 |
Property additions through acquisitions | 0 | 0 | 0 |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Earnings (Loss) from operations | (114.2) | (96.8) | (123.9) |
Assets employed | 2,047.1 | 1,829.6 | 950.5 |
Depreciation, depletion and amortization | 22.6 | 22.8 | 20.4 |
Total property additions, including the impact of acquisitions | 14.4 | 21.1 | 28.8 |
Property additions through acquisitions | $ 0 | $ 0 | $ 0 |
Revenues and Gross Profit - Tot
Revenues and Gross Profit - Total Revenues and Gross Profit (Loss) by Product Line (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Product Information [Line Items] | |||
Total Revenues | $ 6,777.2 | $ 6,160.7 | $ 5,414 |
Gross profit (loss) | 2,022.6 | 1,423.3 | 1,348.4 |
Interproduct Revenues | |||
Product Information [Line Items] | |||
Total Revenues | (461.7) | (383.4) | (403.7) |
Corporate | |||
Product Information [Line Items] | |||
Gross profit (loss) | 2.8 | (5.8) | 2 |
Building Materials Business | Operating Segments | |||
Product Information [Line Items] | |||
Total Revenues | 6,461.8 | 5,856.7 | 5,115.3 |
Gross profit (loss) | 1,922.7 | 1,338.2 | 1,239.9 |
Magnesia Specialties | Operating Segments | |||
Product Information [Line Items] | |||
Total Revenues | 315.4 | 304 | 298.7 |
Gross profit (loss) | 97.1 | 90.9 | 106.5 |
Aggregates | Building Materials Business | Operating Segments | Reportable Subsegments | |||
Product Information [Line Items] | |||
Total Revenues | 4,301.6 | 3,879 | 3,344.3 |
Gross profit (loss) | 1,378.1 | 983.8 | 907.6 |
Cement | Building Materials Business | Operating Segments | Reportable Subsegments | |||
Product Information [Line Items] | |||
Total Revenues | 725.5 | 620 | 509.3 |
Gross profit (loss) | 333.6 | 202.7 | 155.9 |
Ready Mixed Concrete | Building Materials Business | Operating Segments | Reportable Subsegments | |||
Product Information [Line Items] | |||
Total Revenues | 1,009.3 | 953.2 | 1,147.5 |
Gross profit (loss) | 102 | 70.7 | 96.5 |
Asphalt and Paving | Building Materials Business | Operating Segments | Reportable Subsegments | |||
Product Information [Line Items] | |||
Total Revenues | 887.1 | 787.9 | 517.9 |
Gross profit (loss) | $ 109 | $ 81 | $ 79.9 |
Revenues and Gross Profit - Dom
Revenues and Gross Profit - Domestic and Foreign Total Revenues (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Consolidated total revenues | $ 6,777.2 | $ 6,160.7 | $ 5,414 |
Domestic | |||
Segment Reporting Information [Line Items] | |||
Consolidated total revenues | 6,707.2 | 6,077.6 | 5,338.5 |
Foreign | |||
Segment Reporting Information [Line Items] | |||
Consolidated total revenues | $ 70 | $ 83.1 | $ 75.5 |
Revenues and Gross Profit - Add
Revenues and Gross Profit - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
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. 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 | $ 250.5 | $ 239.2 | $ 153.9 |
Service revenues | 6,777.2 | 6,160.7 | 5,414 |
Revenue recognized from contract liabilities | 10.3 | 7.7 | |
Retainage on contracts | 16.6 | 13.4 | |
Service | CALIFORNIA and COLORADO | West Group | |||
Revenue Recognition [Line Items] | |||
Service revenues | $ 410.7 | $ 353.7 | $ 259.1 |
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) | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01 | |||
Revenue Recognition [Line Items] | |||
Performance obligations, customer satisfaction period | 22 months | ||
Minimum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01 | |||
Revenue Recognition [Line Items] | |||
Performance obligations, customer satisfaction period | 3 months | ||
Minimum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-01-01 | |||
Revenue Recognition [Line Items] | |||
Performance obligations, customer satisfaction period | 2 months | ||
Minimum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01 | |||
Revenue Recognition [Line Items] | |||
Performance obligations, customer satisfaction period | 1 month | ||
Maximum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01 | |||
Revenue Recognition [Line Items] | |||
Performance obligations, customer satisfaction period | 12 months | ||
Maximum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-01-01 | |||
Revenue Recognition [Line Items] | |||
Performance obligations, customer satisfaction period | 34 months |
Revenues and Gross Profit - Sum
Revenues and Gross Profit - Summary of Information About the Company's Contract Balances (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Revenue from Contract with Customer [Abstract] | ||
Costs in excess of billings | $ 5.3 | $ 5.1 |
Billings in excess of costs | $ 10.3 | $ 10.5 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information - Schedule of Noncash Investing and Financing Activities (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |||
Accrued liabilities for purchases of property, plant and equipment | $ 128.4 | $ 152.4 | $ 92.4 |
Right-of-use assets obtained in exchange for new operating lease liabilities | 63.4 | 27.2 | 65.6 |
Right-of-use assets obtained in exchange for new finance lease liabilities | 21.9 | 11.7 | 202.3 |
Remeasurement of operating lease right-of-use assets | 10.3 | (2.9) | (12.8) |
Remeasurement of finance lease right-of-use assets | 0 | (12.6) | 0 |
Acquisition of assets through asset exchange | 5.2 | 0 | 0 |
Accounts payable relieved in connection with sale of property, plant and equipment | $ 0.7 | $ 0 | $ 0 |
Supplemental Cash Flow Inform_4
Supplemental Cash Flow Information - Supplemental Disclosures of Cash Flow Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |||
Cash paid for interest, net of amount capitalized | $ 158.9 | $ 164.7 | $ 104.9 |
Cash paid for income taxes | 291.5 | 200.6 | 102.9 |
Operating cash flows used for operating leases | 76.6 | 78.6 | 71.8 |
Operating cash flows used for finance leases | 4.8 | 4.5 | 3.5 |
Financing cash flows used for finance leases | $ 17.6 | $ 15 | $ 11.1 |
Other Operating Income, Net - A
Other Operating Income, Net - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Apr. 01, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | ||||
Other operating income and expenses, net | $ 28.4 | $ 189.2 | $ 34.3 | |
Colorado and Central Texas | ||||
Property, Plant and Equipment [Line Items] | ||||
Gain on sale of investment | $ 151.9 | $ 151.9 | ||
Land | ||||
Property, Plant and Equipment [Line Items] | ||||
Other operating income and expenses, net | $ 19.5 | |||
Corporate headquarters | ||||
Property, Plant and Equipment [Line Items] | ||||
Gain on sale of investment | $ 21.6 |
Other Nonoperating Income, Net
Other Nonoperating Income, Net - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Component of Other Operating Income and Expense [Line Items] | |||
Other nonoperating income, net | $ 62.1 | $ 53.4 | $ 24.4 |
Other Nonoperating Income, Net | |||
Component of Other Operating Income and Expense [Line Items] | |||
Gain on repurchase of bond | 12 | ||
Interest income | 46.7 | 13.6 | |
Third-party railroad track maintenance expense | $ 8.9 | $ 8.2 | $ 7.7 |