Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2024 | Aug. 05, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2024 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | MLM | |
Entity Registrant Name | MARTIN MARIETTA MATERIALS, INC. | |
Entity Central Index Key | 0000916076 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Title of 12(b) Security | Common Stock (Par Value $0.01) | |
Security Exchange Name | NYSE | |
Entity File Number | 1-12744 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Incorporation, State or Country Code | NC | |
Entity Tax Identification Number | 56-1848578 | |
Entity Address, Address Line One | 4123 Parklake Avenue | |
Entity Address, City or Town | Raleigh | |
Entity Address, State or Province | NC | |
Entity Address, Postal Zip Code | 27612 | |
City Area Code | 919 | |
Local Phone Number | 781-4550 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Common Stock, Shares Outstanding | 61,117,053 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Current Assets: | ||
Cash and cash equivalents | $ 109 | $ 1,272 |
Restricted cash | 0 | 10 |
Accounts receivable, net | 909 | 753 |
Inventories, net | 1,105 | 989 |
Current assets held for sale | 10 | 807 |
Other current assets | 96 | 88 |
Total Current Assets | 2,229 | 3,919 |
Property, plant and equipment | 13,383 | 10,708 |
Allowances for depreciation, depletion and amortization | (4,773) | (4,522) |
Net property, plant and equipment | 8,610 | 6,186 |
Goodwill | 3,842 | 3,389 |
Other intangibles, net | 713 | 698 |
Operating lease right-of-use assets, net | 378 | 372 |
Other noncurrent assets | 561 | 561 |
Total Assets | 16,333 | 15,125 |
Current Liabilities: | ||
Accounts payable | 304 | 343 |
Accrued salaries, benefits and payroll taxes | 58 | 102 |
Accrued income taxes | 158 | 6 |
Accrued other taxes | 50 | 47 |
Accrued interest | 41 | 41 |
Current maturities of long-term debt | 400 | 400 |
Current operating lease liabilities | 53 | 53 |
Current liabilities held for sale | 0 | 18 |
Other current liabilities | 132 | 160 |
Total Current Liabilities | 1,196 | 1,170 |
Long-term debt | 3,947 | 3,946 |
Deferred income taxes, net | 1,110 | 874 |
Noncurrent operating lease liabilities | 341 | 327 |
Noncurrent asset retirement obligations | 397 | 383 |
Other noncurrent liabilities | 502 | 389 |
Total Liabilities | 7,493 | 7,089 |
Commitments and contingent liabilities - Note 9 | 0 | 0 |
Equity: | ||
Common stock, par value $0.01 per share (61,117,053 shares and 61,821,421 shares outstanding at June 30, 2024 and December 31, 2023, respectively) | 1 | 1 |
Preferred stock, par value $0.01 per share | 0 | 0 |
Additional paid-in capital | 3,529 | 3,519 |
Accumulated other comprehensive loss | (48) | (49) |
Retained earnings | 5,356 | 4,563 |
Total Shareholders' Equity | 8,838 | 8,034 |
Noncontrolling interests | 2 | 2 |
Total Equity | 8,840 | 8,036 |
Total Liabilities and Equity | $ 16,333 | $ 15,125 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares | Jun. 30, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares outstanding | 61,117,053 | 61,821,421 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Consolidated Statements of Earn
Consolidated Statements of Earnings and Comprehensive Earnings (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Revenues | $ 1,764 | $ 1,821 | $ 3,015 | $ 3,175 |
Cost of revenues | 1,247 | 1,261 | 2,225 | 2,312 |
Gross Profit | 517 | 560 | 790 | 863 |
Selling, general and administrative expenses | 117 | 112 | 236 | 216 |
Acquisition, divestiture and integration expenses | 21 | 0 | 41 | 1 |
Other operating income, net | (19) | (15) | (1,306) | (13) |
Earnings from Operations | 398 | 463 | 1,819 | 659 |
Interest expense | 40 | 42 | 80 | 84 |
Other nonoperating income, net | (14) | (19) | (46) | (35) |
Earnings from continuing operations before income tax expense | 372 | 440 | 1,785 | 610 |
Income tax expense | 78 | 92 | 445 | 128 |
Earnings from continuing operations | 294 | 348 | 1,340 | 482 |
Earnings (Loss) from discontinued operations, net of income tax expense (benefit) | 0 | 1 | 0 | (12) |
Consolidated net earnings | 294 | 349 | 1,340 | 470 |
Less: Net earnings attributable to noncontrolling interests | 0 | 1 | 1 | 1 |
Net Earnings Attributable to Martin Marietta | 294 | 348 | 1,339 | 469 |
Consolidated Comprehensive Earnings (Loss) : | ||||
Earnings attributable to Martin Marietta | 295 | 350 | 1,340 | 472 |
Earnings attributable to noncontrolling interests | 0 | 1 | 1 | 1 |
Consolidated comprehensive earnings | $ 295 | $ 351 | $ 1,341 | $ 473 |
Net Earnings (Loss) Attributable to Martin Marietta Per Common Share: | ||||
Basic earnings per share from continuing operations attributable to common shareholders | $ 4.77 | $ 5.61 | $ 21.72 | $ 7.78 |
Basic earnings (loss) per share from discontinued operations attributable to common shareholders | 0 | 0.01 | 0 | (0.2) |
Basic attributable to common shareholders | 4.77 | 5.62 | 21.72 | 7.58 |
Diluted earnings per share from continuing operations attributable to common shareholders | 4.76 | 5.6 | 21.66 | 7.76 |
Diluted earnings (loss) per share from discontinued operations attributable to common shareholders | 0 | 0.01 | 0 | (0.2) |
Diluted attributable to common shareholders | $ 4.76 | $ 5.61 | $ 21.66 | $ 7.56 |
Weighted-Average Common Shares Outstanding: | ||||
Basic | 61.5 | 61.9 | 61.6 | 62 |
Diluted | 61.6 | 62.1 | 61.8 | 62.2 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Cash Flows from Operating Activities: | ||
Consolidated net earnings | $ 1,340 | $ 470 |
Adjustments to reconcile consolidated net earnings to net cash provided by operating activities: | ||
Depreciation, depletion and amortization | 272 | 253 |
Stock-based compensation expense | 33 | 28 |
Gain on divestitures and sales of assets | (1,336) | (16) |
Deferred income taxes, net | (90) | 1 |
Noncash asset and portfolio rationalization charge | 50 | 0 |
Other items, net | (5) | (4) |
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures: | ||
Accounts receivable, net | (151) | (196) |
Inventories, net | (63) | (92) |
Accounts payable | 40 | 45 |
Other assets and liabilities, net | 83 | 30 |
Net Cash Provided by Operating Activities | 173 | 519 |
Cash Flows from Investing Activities: | ||
Additions to property, plant and equipment | (339) | (293) |
Acquisitions, net of cash acquired | (2,538) | 0 |
Proceeds from divestitures and sales of assets | 2,121 | 95 |
Other investing activities, net | (10) | 1 |
Net Cash Provided Used for Investing Activities | (766) | (197) |
Cash Flows from Financing Activities: | ||
Payments on finance lease obligations | (10) | (8) |
Dividends paid | (92) | (83) |
Repurchases of common stock | (450) | (150) |
Distributions to owners of noncontrolling interest | 0 | (1) |
Proceeds from exercise of stock options | 0 | 1 |
Shares withheld for employees' income tax obligations | (28) | (18) |
Net Cash Used for Financing Activities | (580) | (259) |
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash | (1,173) | 63 |
Cash, Cash Equivalents and Restricted Cash, beginning of period | 1,282 | 359 |
Cash, Cash Equivalents and Restricted Cash, end of period | $ 109 | $ 422 |
Consolidated Statements of Tota
Consolidated Statements of Total Equity (Unaudited) - USD ($) $ in Millions | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Retained Earnings | Total Shareholders' Equity | Noncontrolling Interests |
Beginning Balance, Total Equity at Dec. 31, 2022 | $ 7,173 | $ 1 | $ 3,489 | $ (38) | $ 3,719 | $ 7,171 | $ 2 |
Beginning Balance (in shares) at Dec. 31, 2022 | 62,102,353 | ||||||
Consolidated net earnings | 470 | 469 | 469 | 1 | |||
Other comprehensive earnings, net of tax | 3 | 3 | 3 | ||||
Dividends declared | (82) | (82) | (82) | ||||
Issuances of common stock for stock award plans | 2 | 2 | 2 | ||||
Issuances of common stock for stock award plans (in shares) | 82,563 | ||||||
Shares withheld for employees' income tax obligations | (18) | (18) | (18) | ||||
Repurchases of common stock | (151) | (151) | (151) | ||||
Repurchases of common stock, Shares | (381,520) | ||||||
Stock-based compensation expense | 28 | 28 | 28 | ||||
Distributions to owners of noncontrolling interest | (1) | (1) | |||||
Ending Balance, Total Equity at Jun. 30, 2023 | 7,424 | $ 1 | 3,501 | (35) | 3,955 | 7,422 | 2 |
Ending Balance (in shares) at Jun. 30, 2023 | 61,803,396 | ||||||
Beginning Balance, Total Equity at Mar. 31, 2023 | 7,177 | $ 1 | 3,487 | (37) | 3,724 | 7,175 | 2 |
Beginning Balance (in shares) at Mar. 31, 2023 | 61,967,957 | ||||||
Consolidated net earnings | 349 | 348 | 348 | 1 | |||
Other comprehensive earnings, net of tax | 2 | 2 | 2 | ||||
Dividends declared | (41) | (41) | (41) | ||||
Issuances of common stock for stock award plans | 1 | 1 | 1 | ||||
Issuances of common stock for stock award plans (in shares) | 13,189 | ||||||
Shares withheld for employees' income tax obligations | (1) | (1) | (1) | ||||
Repurchases of common stock | (76) | (76) | (76) | ||||
Repurchases of common stock, Shares | (177,750) | ||||||
Stock-based compensation expense | 14 | 14 | 14 | ||||
Distributions to owners of noncontrolling interest | (1) | (1) | |||||
Ending Balance, Total Equity at Jun. 30, 2023 | 7,424 | $ 1 | 3,501 | (35) | 3,955 | 7,422 | 2 |
Ending Balance (in shares) at Jun. 30, 2023 | 61,803,396 | ||||||
Beginning Balance, Total Equity at Dec. 31, 2023 | $ 8,036 | $ 1 | 3,519 | (49) | 4,563 | 8,034 | 2 |
Beginning Balance (in shares) at Dec. 31, 2023 | 61,821,421 | 61,821,421 | |||||
Consolidated net earnings | $ 1,340 | 1,339 | 1,339 | 1 | |||
Other comprehensive earnings, net of tax | 1 | 1 | 1 | ||||
Dividends declared | (92) | (92) | (92) | ||||
Issuances of common stock for stock award plans | 5 | 5 | 5 | ||||
Issuances of common stock for stock award plans (in shares) | 81,390 | ||||||
Shares withheld for employees' income tax obligations | (28) | (28) | (28) | ||||
Repurchases of common stock | (454) | (454) | (454) | ||||
Repurchases of common stock, Shares | (785,758) | ||||||
Stock-based compensation expense | 33 | 33 | 33 | ||||
Distributions to owners of noncontrolling interest | (1) | (1) | |||||
Ending Balance, Total Equity at Jun. 30, 2024 | $ 8,840 | $ 1 | 3,529 | (48) | 5,356 | 8,838 | 2 |
Ending Balance (in shares) at Jun. 30, 2024 | 61,117,053 | 61,117,053 | |||||
Beginning Balance, Total Equity at Mar. 31, 2024 | $ 8,877 | $ 1 | 3,512 | (49) | 5,411 | 8,875 | 2 |
Beginning Balance (in shares) at Mar. 31, 2024 | 61,639,965 | ||||||
Consolidated net earnings | 294 | 294 | 294 | 0 | |||
Other comprehensive earnings, net of tax | 1 | 1 | 1 | ||||
Dividends declared | (46) | (46) | (46) | ||||
Issuances of common stock for stock award plans | 0 | ||||||
Issuances of common stock for stock award plans (in shares) | 7,245 | ||||||
Shares withheld for employees' income tax obligations | (1) | (1) | (1) | ||||
Repurchases of common stock | (303) | (303) | (303) | ||||
Repurchases of common stock, Shares | (530,157) | ||||||
Stock-based compensation expense | 18 | 18 | 18 | ||||
Ending Balance, Total Equity at Jun. 30, 2024 | $ 8,840 | $ 1 | $ 3,529 | $ (48) | $ 5,356 | $ 8,838 | $ 2 |
Ending Balance (in shares) at Jun. 30, 2024 | 61,117,053 | 61,117,053 |
Consolidated Statements of To_2
Consolidated Statements of Total Equity (Parenthetical) (Unaudited) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Statement of Stockholders' Equity [Abstract] | ||||
Dividends declared | $ 0.74 | $ 0.66 | $ 1.48 | $ 1.32 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pay vs Performance Disclosure | ||||
Net Income (Loss) | $ 294 | $ 348 | $ 1,339 | $ 469 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2024 | |
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 |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 1. Significant Accounting Policies Organization Martin Marietta Materials, Inc. (the Company or Martin Marietta) is a natural resource-based building materials company. As of June 30, 2024, the Company supplies aggregates (crushed stone, sand and gravel) through its network of approximately 380 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. 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 and ready mixed concrete and asphalt and paving product lines are reported collectively as the “Building Materials” business. The Company’s Building Materials business includes two reportable segments: the East Group and the West Group. BUILDING MATERIALS BUSINESS Reportable Segments East Group West Group Operating Locations Alabama, Florida, Georgia, Indiana, Arizona, Arkansas, California, Colorado, Louisiana, Oklahoma, Texas, Utah, Product Lines Aggregates and Asphalt Aggregates, Cement and Ready Mixed Concrete, Asphalt and Paving The Company’s Magnesia Specialties business, which represents a separate reportable segment, has manufacturing facilities in Manistee, Michigan, and Woodville, Ohio. The Magnesia Specialties business produces magnesia-based chemicals products used in industrial, agricultural and environmental applications, and dolomitic lime sold primarily to customers for steel production and soil stabilization. Basis of Presentation and Use of Estimates The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) for interim financial information and with the instructions to the Quarterly Report on Form 10-Q and in Article 10 of Regulation S-X. The Company has continued to follow the accounting policies set forth in the audited consolidated financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. In the opinion of management, the interim consolidated financial information provided herein reflects all adjustments, consisting of normal recurring accruals, necessary for a fair statement of the results of operations, financial position and cash flows for the interim periods. The consolidated results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the results expected for other interim periods or the full year. The consolidated balance sheet at December 31, 2023 has been derived from the audited consolidated financial statements at that date but does not include all of the information and notes required by U.S. GAAP for complete financial statements. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. The preparation of the Company’s consolidated financial statements requires management to make certain estimates and assumptions about future events. As future events and their effects cannot be fully determined with precision, actual results could differ significantly from estimates. Changes in estimates are reflected in the consolidated financial statements in the period in which the change in estimate occurs. Restricted Cash At December 31, 2023, the Company had restricted cash of $ 10 million , 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 was 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 restricted cash at the end of the 180 days was transferred to unrestricted accounts of the Company and used for general corporate purposes. There was no restricted cash at June 30, 2024. 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: June 30, December 31, 2024 2023 (Dollars in Millions) Cash and cash equivalents $ 109 $ 1,272 Restricted cash — 10 Total cash, cash equivalents and restricted cash $ 109 $ 1,282 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 earnings and comprehensive earnings. Consolidated comprehensive earnings attributable to Martin Marietta are as follows: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 (Dollars in Millions) Net earnings attributable to Martin Marietta $ 294 $ 348 $ 1,339 $ 469 Other comprehensive earnings, net of tax 1 2 1 3 Consolidated comprehensive earnings $ 295 $ 350 $ 1,340 $ 472 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 adjustments and is presented on the Company’s consolidated balance sheets. The components of the changes in accumulated other comprehensive loss, net of tax, are as follows: (Dollars in Millions) Pension and Foreign Currency Accumulated Three Months Ended June 30, 2024 Balance at beginning of period $ ( 47 ) $ ( 2 ) $ ( 49 ) Amounts reclassified from accumulated other 1 — 1 Other comprehensive earnings, net of tax 1 — 1 Balance at end of period $ ( 46 ) $ ( 2 ) $ ( 48 ) Three Months Ended June 30, 2023 Balance at beginning of period $ ( 35 ) $ ( 2 ) $ ( 37 ) Other comprehensive earnings before reclassifications, — 1 1 Amounts reclassified from accumulated other 1 — 1 Other comprehensive earnings, net of tax 1 1 2 Balance at end of period $ ( 34 ) $ ( 1 ) $ ( 35 ) (Dollars in Millions) Pension and Foreign Currency Accumulated Six Months Ended June 30, 2024 Balance at beginning of period $ ( 48 ) $ ( 1 ) $ ( 49 ) Other comprehensive loss before reclassifications, — ( 1 ) ( 1 ) Amounts reclassified from accumulated other 2 — 2 Other comprehensive earnings (loss), net of tax 2 ( 1 ) 1 Balance at end of period $ ( 46 ) $ ( 2 ) $ ( 48 ) Six Months Ended June 30, 2023 Balance at beginning of period $ ( 36 ) $ ( 2 ) $ ( 38 ) Other comprehensive earnings before reclassifications, — 1 1 Amounts reclassified from accumulated other 2 — 2 Other comprehensive earnings, net of tax 2 1 3 Balance at end of period $ ( 34 ) $ ( 1 ) $ ( 35 ) Changes in net noncurrent deferred tax assets related to accumulated other comprehensive loss are as follows: Pension and Postretirement Benefit Plans Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 (Dollars in Millions) Balance at beginning of period $ 53 $ 50 $ 54 $ 50 Tax effect of other comprehensive — ( 1 ) ( 1 ) ( 1 ) Balance at end of period $ 53 $ 49 $ 53 $ 49 Reclassifications out of accumulated other comprehensive loss are as follows: Three Months Ended Six Months Ended Affected line items in the consolidated June 30, June 30, statements of earnings 2024 2023 2024 2023 and comprehensive earnings (Dollars in Millions) Pension and postretirement Amortization of prior $ 2 $ 2 $ 3 $ 4 Other nonoperating income, net Tax effect ( 1 ) ( 1 ) ( 1 ) ( 2 ) Income tax expense Total $ 1 $ 1 $ 2 $ 2 Earnings per Common Share The numerator for basic and diluted earnings per common share is net earnings attributable to Martin Marietta. The denominator for basic earnings per common share is the weighted-average number of common shares outstanding during the period. Diluted earnings per common share is computed assuming that the weighted-average number of common shares is increased by the conversion, using the treasury stock method, of awards to be issued to employees and nonemployee members of the Company’s Board of Directors under certain stock-based compensation arrangements if the conversion is dilutive. For the three and six months ended June 30, 2024 and 2023, the diluted per-share computations reflect the number of common shares outstanding including the number of additional shares that would have been outstanding if the potentially dilutive common shares had been issued. The following table reconciles the denominator for basic and diluted earnings from continuing operations per common share: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 (In Millions) Basic weighted-average common shares outstanding 61.5 61.9 61.6 62.0 Effect of dilutive employee and director awards 0.1 0.2 0.2 0.2 Diluted weighted-average common shares outstanding 61.6 62.1 61.8 62.2 New Accounting Pronouncements 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 impact on its results of operations, cash flows or 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 an annual basis, a tabular tax rate reconciliation using both percentages and currency amounts, broken out into specified categories. Certain reconciling items are 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 will have no impact on its results of operations, cash flows or financial condition. Reclassifications Certain reclassifications have been made in the Company's financial statements of the prior year to conform to the current-year presentation. The reclassifications had no impact on the Company’s previously reported results of operations, financial condition or cash flows. |
Business Combinations, Divestit
Business Combinations, Divestitures, Discontinued Operations and Assets and Liabilities Held for Sale | 6 Months Ended |
Jun. 30, 2024 | |
Business Combinations [Abstract] | |
Business Combinations, Divestitures, Discontinued Operations and Assets and Liabilities Held for Sale | 2. Business Combinations, Divestitures, Discontinued Operations and Assets and Liabilities Held for Sale Business Combinations Revenues and pretax earnings attributable to operations acquired in 2024 (as subsequently described) included in the Company's consolidated statements of earnings and comprehensive earnings were $ 83 million and $ 11 million, respectively, for the three months ended June 30, 2024 , and $ 97 million and $ 12 million, respectively, for the six months ended June 30, 2024 . The pretax earnings for both the quarter and year-to-date periods include a $ 20 million charge for the impact of selling acquired inventory after its markup to fair value as part of acquisition accounting for the Blue Water Industries LLC transaction. Albert Frei & Sons, Inc. On January 12, 2024, the Company 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. The Company has recorded preliminary fair values of the assets acquired and liabilities assumed, which are subject to additional reviews that are not yet complete. Thus, these amounts are subject to change during the measurement period, which remains open as of June 30, 2024. Specific accounts subject to ongoing purchase accounting adjustments include, but are not limited to, goodwill and deferred income taxes. The goodwill generated by the transaction is not deductible for income tax purposes. The acquisition is reported in the Company's West Group and is immaterial for pro-forma financial statement disclosures. Blue Water Industries LLC. On April 5, 2024, the Company completed the acquisition of 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 southeast region by allowing the Company to expand into new growth platforms in target markets including Tennessee and South Florida. The results from the acquired operations are reported in the Company's East Group. The Company determined the acquisition-date fair values of assets acquired and liabilities assumed. Although the initial accounting for the business combination has been recorded, these amounts are subject to change during the measurement period, which extends no longer than one year from the consummation date, based on additional reviews. Therefore, the measurement period remains open as of June 30, 2024. Specific accounts subject to ongoing purchase accounting adjustments include, but are not limited to, property, plant and equipment; intangible assets; goodwill; deferred income taxes; asset retirement obligations; and other liabilities. The goodwill generated by the transaction is not deductible for income tax purposes. The following is a summary of the preliminary estimated fair values of the assets acquired and liabilities assumed as of April 5, 2024 (dollars in millions): Assets: Inventories $ 50 Property, plant and equipment 1 1,961 Intangible assets, other than goodwill 19 Other assets 1 Total assets 2,031 Liabilities: Deferred income taxes 233 Asset retirement obligations 3 Other liabilities 90 Total liabilities 326 Net identifiable assets acquired 1,705 Goodwill 345 Total consideration $ 2,050 1 Includes mineral reserves of $ 1.8 billion. The following unaudited pro forma financial information summarizes the combined results of operations for the Company and BWI Southeast as though the companies were combined as of January 1, 2023. Consistent with the assumed acquisition date of January 1, 2023, the pro forma financial results include acquisition and integration expenses of $ 22 million and the $ 20 million charge for selling inventory after its markup to fair value for the six months ended June 30, 2023. The unaudited pro forma financial information does not purport to project the future financial position or operating results of the combined company. The following pro forma financial information is for informational purposes only and is not indicative of the results of operations that would have been achieved if the acquisition had taken place as of January 1, 2023: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 (Dollars in Millions) Revenues $ 1,764 $ 1,876 $ 3,067 $ 3,277 Net earnings from continuing operations $ 324 $ 342 $ 1,373 $ 420 Divestitures On February 9, 2024, the Company completed the sale of 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 plus normal customary closing adjustments. Specifically, the divested facilities included the Hunter cement plant in New Braunfels, Texas, related cement distribution terminals and 20 ready mixed concrete plants that served the Austin and San Antonio region, all of which were classified as assets held for sale as of December 31, 2023. The divestiture provided proceeds the Company used to consummate the BWI Southeast acquisition. The transaction resulted in a pretax gain of $ 1.3 billion, which is included in Other operating (income) expense, net , on the Company's consolidated statement of earnings and comprehensive earnings for the six months ended June 30, 2024 and is exclusive of transaction expenses incurred due to the divestiture. The divested operations and the gain on divestiture are reported in the West Group. Discontinued Operations For the three and six months ended June 30, 2023, discontinued operations included the Company's Tehachapi, California cement plant, which was divested in October 2023, and the Stockton, California cement import terminal, which was divested in May 2023. There were no discontinued operations for the three and six months ended June 30, 2024. Financial results for the Company's discontinued operations are as follows: Three Months Ended Six Months Ended June 30, 2023 (Dollars in Millions) Revenues $ 35 $ 59 Pretax loss from operations $ ( 1 ) $ ( 18 ) Pretax gain on divestitures and sales 2 2 Pretax earnings (loss) 1 ( 16 ) Income tax benefit — ( 4 ) Earnings (loss) from discontinued operations, $ 1 $ ( 12 ) Cash flow information for the Company's discontinued operations is as follows: Six Months Ended June 30, 2023 (Dollars in Millions) Net cash used for operating activities $ ( 11 ) Additions to property, plant and equipment $ ( 4 ) Proceeds from divestitures and sales of assets 57 Net cash provided by investing activities $ 53 Assets and Liabilities Held for Sale Assets and liabilities held for sale at June 30, 2024 included certain nonoperating land. At December 31, 2023 , assets and liabilities held for sale also included the South Texas cement plant, related cement distribution terminals and 20 ready mixed concrete plants that were sold in February 2024. Assets and liabilities held for sale are as follows: June 30, 2024 December 31, 2023 Continuing Operations (Dollars in Millions) Inventories, net $ — $ 61 Investment land 10 18 Other assets — 4 Property, plant and equipment — 327 Intangible assets, excluding goodwill — 122 Operating lease right-of-use assets — 15 Goodwill — 260 Total current assets held for sale $ 10 $ 807 Lease obligations $ — $ ( 16 ) Asset retirement obligations — ( 2 ) Total current liabilities held for sale $ — $ ( 18 ) |
Goodwill and Other Intangibles
Goodwill and Other Intangibles | 6 Months Ended |
Jun. 30, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangibles | 3. Goodwill and Other Intangibles The following table shows the changes in goodwill by reportable segment and in total: East West Group Group Total (Dollars in Millions) Balance at January 1, 2024 $ 764 $ 2,625 $ 3,389 Acquisitions 345 108 453 Balance at June 30, 2024 $ 1,109 $ 2,733 $ 3,842 Intangible assets acquired during 2024 are as follows: (Dollars in Millions) Amount Weighted-average Subject to amortization: Customer relationships $ 24 12 years Not subject to amortization: Use rights 5 N/A Total $ 29 |
Inventories, Net
Inventories, Net | 6 Months Ended |
Jun. 30, 2024 | |
Inventory Disclosure [Abstract] | |
Inventories, Net | 4. Inventories, Net June 30, December 31, 2024 2023 (Dollars in Millions) Finished products $ 1,313 $ 1,152 Products in process 23 25 Raw materials 81 60 Supplies and expendable parts 158 155 Total inventories 1,575 1,392 Less: allowances ( 470 ) ( 403 ) Inventories, net $ 1,105 $ 989 |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 5. Long-Term Debt June 30, December 31, 2024 2023 (Dollars in Millions) 4.250 % Senior Notes, due 2024 $ 400 $ 400 7 % Debentures, due 2025 125 125 3.450 % Senior Notes, due 2027 299 299 3.500 % Senior Notes, due 2027 493 492 2.500 % Senior Notes, due 2030 472 472 2.400 % Senior Notes, due 2031 890 890 6.25 % Senior Notes, due 2037 228 228 4.250 % Senior Notes, due 2047 590 590 3.200 % Senior Notes, due 2051 850 850 Total debt 4,347 4,346 Less: current maturities ( 400 ) ( 400 ) Long-term debt $ 3,947 $ 3,946 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 an $ 800 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 were no borrowings outstanding under the Revolving Facility as of June 30, 2024 and December 31, 2023. Available borrowings under the Revolving Facility are reduced by any outstanding letters of credit issued by the Company under the Revolving Facility. At June 30, 2024 and December 31, 2023, the Company h ad $ 3 mil lion of outstanding letters of credit issued under the Revolving Facility. The Credit Agreement requires the Company’s ratio of consolidated net debt-to-consolidated earnings before interest, taxes, depreciation, depletion and amortization (EBITDA), as defined by the Revolving Facility, for the trailing-twelve months (the Ratio) to not exceed 3.50 x as of the end of any fiscal quarter, provided that the Company may exclude from the Ratio any debt incurred in connection with certain acquisitions during the quarter or three preceding quarters so long as the Ratio calculated without such exclusion does not exceed 4.00 x. Additionally, if no amounts are outstanding under the Revolving Facility or the Company's trade receivable securitization facility (discussed below), consolidated debt, as defined, which includes debt for which the Company is a guarantor, shall be reduced in an amount equal to the lesser of $ 500 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 June 30, 2024. The Company, through a wholly-owned special-purpose subsidiary, has a $ 400 million trade receivable securitization facility (the Trade Receivable Facility) that matures on September 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. There were no borrowings outstanding under the Trade Receivable Facility at June 30, 2024 and December 31, 2023. On July 2, 2024, the Company used available liquidity to repay the $ 400 million of 4.250 % Senior Notes that matured by their own terms. |
Financial Instruments
Financial Instruments | 6 Months Ended |
Jun. 30, 2024 | |
Financial Instruments Disclosure [Abstract] | |
Financial Instruments | 6. Financial Instruments The Company’s financial instruments include temporary cash investments, restricted cash, accounts receivable, notes receivable, accounts payable, publicly-registered long-term notes and debentures. 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. 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 June 30, 2024 is a promissory note and is not publicly traded. Management estimates that the carrying value of the note receivable approximates its fair value. Accounts payable represent amounts owed to suppliers and vendors. The estimated carrying value of accounts payable approximates its fair value due to the short-term nature of the payables. The carrying value and fair value of the Company’s long-term debt were $ 4.3 billion and $ 3.7 billion, respectively, at June 30, 2024 and $ 4.3 billion and $ 3.9 billion, respectively, at December 31, 2023. 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 | 6 Months Ended |
Jun. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 7. Income Taxes The effective income tax rate reflects the effect of federal and state income taxes on earnings and the impact of differences in book and tax accounting arising primarily from the permanent tax benefits associated with the statutory depletion deduction for mineral reserves. The effective income tax rates for continuing operations were 25.0 % and 20.9 % for the six months ended June 30, 2024 and 2023 , respectively. The higher 2024 effective income tax rate versus 2023 was driven by the impact of the February 2024 divestiture of the South Texas cement business and certain related ready mixed concrete operations, which reflected the write off of certain nondeductible goodwill and was treated as a discrete tax event. |
Pension Benefits
Pension Benefits | 6 Months Ended |
Jun. 30, 2024 | |
Retirement Benefits [Abstract] | |
Pension Benefits | 8. Pension Benefits The net periodic benefit cost for pension benefits includes the following components: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (Dollars in Millions) Service cost $ 10 $ 9 $ 19 $ 16 Interest cost 15 15 28 26 Expected return on assets ( 21 ) ( 20 ) ( 39 ) ( 36 ) Amortization of prior service cost 2 2 3 4 Net periodic benefit cost $ 6 $ 6 $ 11 $ 10 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 and comprehensive earnings. Based on the roles of the employees, service cost is included in the Cost of revenues or Selling , general and administrative expenses line items in the consolidated statements of earnings and comprehensive earnings . |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 9. Commitments and Contingencies Legal and Administrative Proceedings The Company is engaged in certain legal and administrative proceedings incidental to its normal business activities, including matters relating to environmental protection. The Company considers various factors in assessing the probable outcome of each matter, including but not limited to the nature of existing legal proceedings and claims, the asserted or possible damages, the jurisdiction and venue of the case and whether it is a jury trial, the progress of the case, existing law and precedent, the opinions or views of legal counsel and other advisers, the Company’s experience in similar cases and the experience of other companies, the facts available to the Company at the time of assessment, and how the Company intends to respond to the proceeding or claim. The Company’s assessment of these factors may change over time as proceedings or claims progress. The Company believes the probability is remote that the outcome of any currently pending legal or administrative proceeding will result in a material loss to the Company's financial condition, results of operations or cash flows, as a whole, based on currently available facts. Letters of Credit In the normal course of business, the Company provides certain third parties with standby letter of credit agreements guaranteeing its payment for certain insurance claims, contract performance and permit requirements. At June 30, 2024, the Company was contingently liable fo r $ 33 m illion in letters of credit. |
Segments
Segments | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
Segments | 10. Segments The Building Materials business contains two reportable segments: the East Group and the West Group. The Company also has a Magnesia Specialties reportable segment. 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 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 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 table displays selected financial data for the Company’s reportable segments. Revenues, as presented on the consolidated statements of earnings and comprehensive earnings, reflect the elimination of intersegment revenues, which represent sales from one segment to another segment. Revenues and earnings (loss) from operations reflect continuing operations only. Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 (Dollars in Millions) Revenues: East Group $ 823 $ 735 $ 1,349 $ 1,265 West Group 860 1,005 1,505 1,746 Magnesia Specialties 81 81 161 164 Total $ 1,764 $ 1,821 $ 3,015 $ 3,175 Earnings (Loss) from operations: East Group $ 249 $ 227 $ 378 $ 337 West Group 171 240 1,470 334 Magnesia Specialties 25 23 48 43 Total reportable segments 445 490 1,896 714 Corporate ( 47 ) ( 27 ) ( 77 ) ( 55 ) Consolidated earnings from operations 398 463 1,819 659 Interest expense 40 42 80 84 Other nonoperating income, net ( 14 ) ( 19 ) ( 46 ) $ ( 35 ) Consolidated earnings from continuing $ 372 $ 440 $ 1,785 $ 610 Earnings from operations for the West Group for the six months ended June 30, 2024 included a $ 1.3 billion gain on the divestiture of the South Texas cement business and certain of its related ready mixed concrete operations and a noncash asset and portfolio rationalization charge of $ 50 million (see Note 13). June 30, December 31, 2024 2023 (Dollars in Millions) Assets employed: East Group $ 7,687 $ 5,131 West Group 7,516 7,697 Magnesia Specialties 261 250 Total reportable segments 15,464 13,078 Corporate 869 2,047 Total $ 16,333 $ 15,125 |
Revenues and Gross Profit
Revenues and Gross Profit | 6 Months Ended |
Jun. 30, 2024 | |
Revenues And Gross Profit [Abstract] | |
Revenues and Gross Profit | 11. Revenues and Gross Profit The following tables, which are reconciled to consolidated amounts, provide 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 cement and ready mixed concrete and asphalt and paving product lines. Effective January 1, 2024, the Company combined the cement and ready mixed concrete product lines. This change was driven by the reduced significance of each of these product lines relative to the Building Materials business and consolidated operating results from recent divestitures. Additionally, there is a significant relationship between these product lines, as the ready mixed concrete product line is a significant customer of the cement product line. Revenues and gross profit (loss) reflect continuing operations only. Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 (Dollars in Millions) Revenues: Building Materials business: Aggregates $ 1,242 $ 1,151 $ 2,127 $ 2,063 Cement and ready mixed concrete 261 413 526 753 Asphalt and paving services 245 241 303 299 Less: interproduct revenues ( 65 ) ( 65 ) ( 102 ) ( 104 ) Total Building Materials business 1,683 1,740 2,854 3,011 Magnesia Specialties 81 81 161 164 Total $ 1,764 $ 1,821 $ 3,015 $ 3,175 Gross profit (loss): Building Materials business: Aggregates $ 392 $ 371 $ 632 $ 609 Cement and ready mixed concrete 72 129 103 187 Asphalt and paving services 37 36 15 16 Total Building Materials business 501 536 750 812 Magnesia Specialties 27 28 56 53 Corporate ( 11 ) ( 4 ) ( 16 ) ( 2 ) Total $ 517 $ 560 $ 790 $ 863 The above information for 2023 has been reclassified to conform to current-year presentation. For the quarter ended June 30, 2023 , the cement product line reported revenues of $ 198 million, inclusive of $ 56 million to the ready mixed concrete product line, and gross profit of $ 93 million. For the quarter ended June 30, 2023 , the ready mixed concrete product line reported revenues of $ 271 million and gross profit of $ 35 million. For the six months ended June 30, 2023 , the cement product line reported revenues of $ 366 million, inclusive of $ 104 million to the ready mixed concrete product line, and gross profit of $ 140 million. For the six months ended June 30, 2023 , the ready mixed concrete product line reported revenues of $ 491 million and gross profit of $ 47 million. Revenues from sales of cement to the ready mixed concrete product line were previously eliminated in the interproduct revenues line. 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 payments for the paving operations are based on a contractual billing schedule and are typically paid-when-paid, meaning the Company is paid once the customer is paid. Future revenues from unsatisfied performance obligations at June 30, 2024 and 2023 wer e $ 377 million and $ 358 million, respectively, where the remaining periods to complete these obligations ranged fro m one month to 18 months and one month to 28 months , respectively. Service Revenues. Service revenues, which include paving services located in California and Colorado, were $ 117 million and $ 108 million for the three months ended June 30, 2024 and 2023, respectively, and reported in the West Group. Service revenues for the six months ended June 30, 2024 and 2023 were $ 143 million and $ 134 million, 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: June 30, 2024 December 31, 2023 (Dollars in Millions) Costs in excess of billings $ 17 $ 5 Billings in excess of costs $ 10 $ 10 Revenues recognized from the beginning balance of contract liabilities for the three months ended June 30, 2024 and 2023 were $ 6 m illion and $ 5 m illion, respectively, and $ 8 million for both the six months ended June 30, 2024 and 2023. Retainage, which primarily relates to the paving services, represents amounts that have been billed to customers but payment is withheld until final acceptance of the performance obligation by the customer. Retainage, which is included in Other current assets on the Company’s consolidated balance sheets, wa s $ 12 million and $ 17 m illion at June 30, 2024 and December 31, 2023 , respectively. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 6 Months Ended |
Jun. 30, 2024 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | 12. Supplemental Cash Flow Information Noncash investing and financing activities are as follows: Six Months Ended June 30, 2024 2023 (Dollars in Millions) Accrued liabilities for purchases of property, plant and equipment $ 49 $ 63 Right-of-use assets obtained in exchange for new $ 43 $ 29 Right-of-use assets obtained in exchange for $ 9 $ 16 Remeasurement of operating lease right-of-use assets $ 3 $ 1 Remeasurement of finance lease right-of-use assets $ 25 $ — Acquisition of assets through asset exchange $ — $ 5 Supplemental disclosures of cash flow information are as follows: Six Months Ended June 30, 2024 2023 (Dollars in Millions) Cash paid for interest, net of capitalized amount $ 76 $ 80 Cash paid for income taxes, net of refunds $ 374 $ 83 |
Other Operating Income (Expense
Other Operating Income (Expense), Net | 6 Months Ended |
Jun. 30, 2024 | |
Other Income and Expenses [Abstract] | |
Other Operating Income (Expense), Net | 13. Other Operating Income, Net Other operating income, net, is comprised generally of gains and losses on divestitures and the sale of assets; asset and portfolio rationalization charges; recoveries and losses related to certain customer accounts receivable; recoveries and losses on the resolution of contingency accruals; rental, royalty and services income; and accretion expense, depreciation expense and gains and losses related to asset retirement obligations. For the six months ended June 30, 2024, other operating income, net, included a $ 1.3 billion pretax gain on the divestiture of the South Texas cement business and certain of its related ready mixed concrete operations, which was partially offset by a $ 50 million pretax, noncash asset and portfolio rationalization charge. The noncash asset and portfolio rationalization charge for the six months ended June 30, 2024 relates to the Company's decision to discontinue usage of certain long-haul distribution facilities to transport aggregates products into Colorado as the AFS acquisition completed in January 2024 provides more economical, local aggregates supply. This charge, which is reported in the West Group, reflects the Company's evaluation of the recoverability of certain long-lived assets, including property, plant and equipment and operating lease right-of-use assets, for the cessation of these railroad operations. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Organization | Organization Martin Marietta Materials, Inc. (the Company or Martin Marietta) is a natural resource-based building materials company. As of June 30, 2024, the Company supplies aggregates (crushed stone, sand and gravel) through its network of approximately 380 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. 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 and ready mixed concrete and asphalt and paving product lines are reported collectively as the “Building Materials” business. The Company’s Building Materials business includes two reportable segments: the East Group and the West Group. BUILDING MATERIALS BUSINESS Reportable Segments East Group West Group Operating Locations Alabama, Florida, Georgia, Indiana, Arizona, Arkansas, California, Colorado, Louisiana, Oklahoma, Texas, Utah, Product Lines Aggregates and Asphalt Aggregates, Cement and Ready Mixed Concrete, Asphalt and Paving The Company’s Magnesia Specialties business, which represents a separate reportable segment, has manufacturing facilities in Manistee, Michigan, and Woodville, Ohio. The Magnesia Specialties business produces magnesia-based chemicals products used in industrial, agricultural and environmental applications, and dolomitic lime sold primarily to customers for steel production and soil stabilization. |
Basis of Presentation and Use of Estimates | Basis of Presentation and Use of Estimates The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) for interim financial information and with the instructions to the Quarterly Report on Form 10-Q and in Article 10 of Regulation S-X. The Company has continued to follow the accounting policies set forth in the audited consolidated financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. In the opinion of management, the interim consolidated financial information provided herein reflects all adjustments, consisting of normal recurring accruals, necessary for a fair statement of the results of operations, financial position and cash flows for the interim periods. The consolidated results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the results expected for other interim periods or the full year. The consolidated balance sheet at December 31, 2023 has been derived from the audited consolidated financial statements at that date but does not include all of the information and notes required by U.S. GAAP for complete financial statements. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. The preparation of the Company’s consolidated financial statements requires management to make certain estimates and assumptions about future events. As future events and their effects cannot be fully determined with precision, actual results could differ significantly from estimates. Changes in estimates are reflected in the consolidated financial statements in the period in which the change in estimate occurs. |
Restricted Cash | Restricted Cash At December 31, 2023, the Company had restricted cash of $ 10 million , 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 was 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 restricted cash at the end of the 180 days was transferred to unrestricted accounts of the Company and used for general corporate purposes. There was no restricted cash at June 30, 2024. 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: June 30, December 31, 2024 2023 (Dollars in Millions) Cash and cash equivalents $ 109 $ 1,272 Restricted cash — 10 Total cash, cash equivalents and restricted cash $ 109 $ 1,282 |
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 earnings and comprehensive earnings. Consolidated comprehensive earnings attributable to Martin Marietta are as follows: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 (Dollars in Millions) Net earnings attributable to Martin Marietta $ 294 $ 348 $ 1,339 $ 469 Other comprehensive earnings, net of tax 1 2 1 3 Consolidated comprehensive earnings $ 295 $ 350 $ 1,340 $ 472 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 adjustments and is presented on the Company’s consolidated balance sheets. The components of the changes in accumulated other comprehensive loss, net of tax, are as follows: (Dollars in Millions) Pension and Foreign Currency Accumulated Three Months Ended June 30, 2024 Balance at beginning of period $ ( 47 ) $ ( 2 ) $ ( 49 ) Amounts reclassified from accumulated other 1 — 1 Other comprehensive earnings, net of tax 1 — 1 Balance at end of period $ ( 46 ) $ ( 2 ) $ ( 48 ) Three Months Ended June 30, 2023 Balance at beginning of period $ ( 35 ) $ ( 2 ) $ ( 37 ) Other comprehensive earnings before reclassifications, — 1 1 Amounts reclassified from accumulated other 1 — 1 Other comprehensive earnings, net of tax 1 1 2 Balance at end of period $ ( 34 ) $ ( 1 ) $ ( 35 ) (Dollars in Millions) Pension and Foreign Currency Accumulated Six Months Ended June 30, 2024 Balance at beginning of period $ ( 48 ) $ ( 1 ) $ ( 49 ) Other comprehensive loss before reclassifications, — ( 1 ) ( 1 ) Amounts reclassified from accumulated other 2 — 2 Other comprehensive earnings (loss), net of tax 2 ( 1 ) 1 Balance at end of period $ ( 46 ) $ ( 2 ) $ ( 48 ) Six Months Ended June 30, 2023 Balance at beginning of period $ ( 36 ) $ ( 2 ) $ ( 38 ) Other comprehensive earnings before reclassifications, — 1 1 Amounts reclassified from accumulated other 2 — 2 Other comprehensive earnings, net of tax 2 1 3 Balance at end of period $ ( 34 ) $ ( 1 ) $ ( 35 ) Changes in net noncurrent deferred tax assets related to accumulated other comprehensive loss are as follows: Pension and Postretirement Benefit Plans Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 (Dollars in Millions) Balance at beginning of period $ 53 $ 50 $ 54 $ 50 Tax effect of other comprehensive — ( 1 ) ( 1 ) ( 1 ) Balance at end of period $ 53 $ 49 $ 53 $ 49 Reclassifications out of accumulated other comprehensive loss are as follows: Three Months Ended Six Months Ended Affected line items in the consolidated June 30, June 30, statements of earnings 2024 2023 2024 2023 and comprehensive earnings (Dollars in Millions) Pension and postretirement Amortization of prior $ 2 $ 2 $ 3 $ 4 Other nonoperating income, net Tax effect ( 1 ) ( 1 ) ( 1 ) ( 2 ) Income tax expense Total $ 1 $ 1 $ 2 $ 2 |
Earnings per Common Share | Earnings per Common Share The numerator for basic and diluted earnings per common share is net earnings attributable to Martin Marietta. The denominator for basic earnings per common share is the weighted-average number of common shares outstanding during the period. Diluted earnings per common share is computed assuming that the weighted-average number of common shares is increased by the conversion, using the treasury stock method, of awards to be issued to employees and nonemployee members of the Company’s Board of Directors under certain stock-based compensation arrangements if the conversion is dilutive. For the three and six months ended June 30, 2024 and 2023, the diluted per-share computations reflect the number of common shares outstanding including the number of additional shares that would have been outstanding if the potentially dilutive common shares had been issued. The following table reconciles the denominator for basic and diluted earnings from continuing operations per common share: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 (In Millions) Basic weighted-average common shares outstanding 61.5 61.9 61.6 62.0 Effect of dilutive employee and director awards 0.1 0.2 0.2 0.2 Diluted weighted-average common shares outstanding 61.6 62.1 61.8 62.2 |
New Accounting Pronouncements | New Accounting Pronouncements 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 impact on its results of operations, cash flows or 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 an annual basis, a tabular tax rate reconciliation using both percentages and currency amounts, broken out into specified categories. Certain reconciling items are 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 will have no impact on its results of operations, cash flows or financial condition. |
Reclassifications | Reclassifications Certain reclassifications have been made in the Company's financial statements of the prior year to conform to the current-year presentation. The reclassifications had no impact on the Company’s previously reported results of operations, financial condition or cash flows. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Significant Accounting Policies [Line Items] | |
Reconciliation of Cash, Cash Equivalents and Restricted Cash | The following table reconciles cash, cash equivalents and restricted cash as reported on the consolidated balance sheets to the aggregated amounts presented on the consolidated statements of cash flows: June 30, December 31, 2024 2023 (Dollars in Millions) Cash and cash equivalents $ 109 $ 1,272 Restricted cash — 10 Total cash, cash equivalents and restricted cash $ 109 $ 1,282 |
Consolidated Comprehensive Earnings | Consolidated comprehensive earnings attributable to Martin Marietta are as follows: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 (Dollars in Millions) Net earnings attributable to Martin Marietta $ 294 $ 348 $ 1,339 $ 469 Other comprehensive earnings, net of tax 1 2 1 3 Consolidated comprehensive earnings $ 295 $ 350 $ 1,340 $ 472 |
Changes in Accumulated Other Comprehensive Loss Net of Tax | The components of the changes in accumulated other comprehensive loss, net of tax, are as follows: (Dollars in Millions) Pension and Foreign Currency Accumulated Three Months Ended June 30, 2024 Balance at beginning of period $ ( 47 ) $ ( 2 ) $ ( 49 ) Amounts reclassified from accumulated other 1 — 1 Other comprehensive earnings, net of tax 1 — 1 Balance at end of period $ ( 46 ) $ ( 2 ) $ ( 48 ) Three Months Ended June 30, 2023 Balance at beginning of period $ ( 35 ) $ ( 2 ) $ ( 37 ) Other comprehensive earnings before reclassifications, — 1 1 Amounts reclassified from accumulated other 1 — 1 Other comprehensive earnings, net of tax 1 1 2 Balance at end of period $ ( 34 ) $ ( 1 ) $ ( 35 ) (Dollars in Millions) Pension and Foreign Currency Accumulated Six Months Ended June 30, 2024 Balance at beginning of period $ ( 48 ) $ ( 1 ) $ ( 49 ) Other comprehensive loss before reclassifications, — ( 1 ) ( 1 ) Amounts reclassified from accumulated other 2 — 2 Other comprehensive earnings (loss), net of tax 2 ( 1 ) 1 Balance at end of period $ ( 46 ) $ ( 2 ) $ ( 48 ) Six Months Ended June 30, 2023 Balance at beginning of period $ ( 36 ) $ ( 2 ) $ ( 38 ) Other comprehensive earnings before reclassifications, — 1 1 Amounts reclassified from accumulated other 2 — 2 Other comprehensive earnings, net of tax 2 1 3 Balance at end of period $ ( 34 ) $ ( 1 ) $ ( 35 ) |
Noncurrent Deferred Tax Assets Recorded In Accumulated Other Comprehensive Loss | Changes in net noncurrent deferred tax assets related to accumulated other comprehensive loss are as follows: Pension and Postretirement Benefit Plans Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 (Dollars in Millions) Balance at beginning of period $ 53 $ 50 $ 54 $ 50 Tax effect of other comprehensive — ( 1 ) ( 1 ) ( 1 ) Balance at end of period $ 53 $ 49 $ 53 $ 49 |
Reclassification Out of Accumulated Other Comprehensive Loss | Reclassifications out of accumulated other comprehensive loss are as follows: Three Months Ended Six Months Ended Affected line items in the consolidated June 30, June 30, statements of earnings 2024 2023 2024 2023 and comprehensive earnings (Dollars in Millions) Pension and postretirement Amortization of prior $ 2 $ 2 $ 3 $ 4 Other nonoperating income, net Tax effect ( 1 ) ( 1 ) ( 1 ) ( 2 ) Income tax expense Total $ 1 $ 1 $ 2 $ 2 |
Basic and Diluted Earnings from Continuing Operations Per Common Share | The following table reconciles the denominator for basic and diluted earnings from continuing operations per common share: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 (In Millions) Basic weighted-average common shares outstanding 61.5 61.9 61.6 62.0 Effect of dilutive employee and director awards 0.1 0.2 0.2 0.2 Diluted weighted-average common shares outstanding 61.6 62.1 61.8 62.2 |
Business Combinations, Divest_2
Business Combinations, Divestitures, Discontinued Operations and Assets and Liabilities Held for Sale (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Business Combinations [Abstract] | |
Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed | The following is a summary of the preliminary estimated fair values of the assets acquired and liabilities assumed as of April 5, 2024 (dollars in millions): Assets: Inventories $ 50 Property, plant and equipment 1 1,961 Intangible assets, other than goodwill 19 Other assets 1 Total assets 2,031 Liabilities: Deferred income taxes 233 Asset retirement obligations 3 Other liabilities 90 Total liabilities 326 Net identifiable assets acquired 1,705 Goodwill 345 Total consideration $ 2,050 1 Includes mineral reserves of $ 1.8 billion. |
Summary of Unaudited Pro Forma Financial Information | The following pro forma financial information is for informational purposes only and is not indicative of the results of operations that would have been achieved if the acquisition had taken place as of January 1, 2023: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 (Dollars in Millions) Revenues $ 1,764 $ 1,876 $ 3,067 $ 3,277 Net earnings from continuing operations $ 324 $ 342 $ 1,373 $ 420 |
Summary of Discontinued Operations and Assets and Liabilities Held for Sale | Financial results for the Company's discontinued operations are as follows: Three Months Ended Six Months Ended June 30, 2023 (Dollars in Millions) Revenues $ 35 $ 59 Pretax loss from operations $ ( 1 ) $ ( 18 ) Pretax gain on divestitures and sales 2 2 Pretax earnings (loss) 1 ( 16 ) Income tax benefit — ( 4 ) Earnings (loss) from discontinued operations, $ 1 $ ( 12 ) Cash flow information for the Company's discontinued operations is as follows: Six Months Ended June 30, 2023 (Dollars in Millions) Net cash used for operating activities $ ( 11 ) Additions to property, plant and equipment $ ( 4 ) Proceeds from divestitures and sales of assets 57 Net cash provided by investing activities $ 53 Assets and liabilities held for sale are as follows: June 30, 2024 December 31, 2023 Continuing Operations (Dollars in Millions) Inventories, net $ — $ 61 Investment land 10 18 Other assets — 4 Property, plant and equipment — 327 Intangible assets, excluding goodwill — 122 Operating lease right-of-use assets — 15 Goodwill — 260 Total current assets held for sale $ 10 $ 807 Lease obligations $ — $ ( 16 ) Asset retirement obligations — ( 2 ) Total current liabilities held for sale $ — $ ( 18 ) |
Goodwill and Other Intangibles
Goodwill and Other Intangibles (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in Goodwill | The following table shows the changes in goodwill by reportable segment and in total: East West Group Group Total (Dollars in Millions) Balance at January 1, 2024 $ 764 $ 2,625 $ 3,389 Acquisitions 345 108 453 Balance at June 30, 2024 $ 1,109 $ 2,733 $ 3,842 |
Intangible Assets Acquired | Intangible assets acquired during 2024 are as follows: (Dollars in Millions) Amount Weighted-average Subject to amortization: Customer relationships $ 24 12 years Not subject to amortization: Use rights 5 N/A Total $ 29 |
Inventories, Net (Tables)
Inventories, Net (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories Net | June 30, December 31, 2024 2023 (Dollars in Millions) Finished products $ 1,313 $ 1,152 Products in process 23 25 Raw materials 81 60 Supplies and expendable parts 158 155 Total inventories 1,575 1,392 Less: allowances ( 470 ) ( 403 ) Inventories, net $ 1,105 $ 989 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | June 30, December 31, 2024 2023 (Dollars in Millions) 4.250 % Senior Notes, due 2024 $ 400 $ 400 7 % Debentures, due 2025 125 125 3.450 % Senior Notes, due 2027 299 299 3.500 % Senior Notes, due 2027 493 492 2.500 % Senior Notes, due 2030 472 472 2.400 % Senior Notes, due 2031 890 890 6.25 % Senior Notes, due 2037 228 228 4.250 % Senior Notes, due 2047 590 590 3.200 % Senior Notes, due 2051 850 850 Total debt 4,347 4,346 Less: current maturities ( 400 ) ( 400 ) Long-term debt $ 3,947 $ 3,946 |
Pension Benefits (Tables)
Pension Benefits (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Retirement Benefits [Abstract] | |
Schedule of Components of Net Periodic Benefit Cost | The net periodic benefit cost for pension benefits includes the following components: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (Dollars in Millions) Service cost $ 10 $ 9 $ 19 $ 16 Interest cost 15 15 28 26 Expected return on assets ( 21 ) ( 20 ) ( 39 ) ( 36 ) Amortization of prior service cost 2 2 3 4 Net periodic benefit cost $ 6 $ 6 $ 11 $ 10 |
Segments (Tables)
Segments (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
Financial Data for Continuing Operation for Company's Reportable Business Segments | The following table displays selected financial data for the Company’s reportable segments. Revenues, as presented on the consolidated statements of earnings and comprehensive earnings, reflect the elimination of intersegment revenues, which represent sales from one segment to another segment. Revenues and earnings (loss) from operations reflect continuing operations only. Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 (Dollars in Millions) Revenues: East Group $ 823 $ 735 $ 1,349 $ 1,265 West Group 860 1,005 1,505 1,746 Magnesia Specialties 81 81 161 164 Total $ 1,764 $ 1,821 $ 3,015 $ 3,175 Earnings (Loss) from operations: East Group $ 249 $ 227 $ 378 $ 337 West Group 171 240 1,470 334 Magnesia Specialties 25 23 48 43 Total reportable segments 445 490 1,896 714 Corporate ( 47 ) ( 27 ) ( 77 ) ( 55 ) Consolidated earnings from operations 398 463 1,819 659 Interest expense 40 42 80 84 Other nonoperating income, net ( 14 ) ( 19 ) ( 46 ) $ ( 35 ) Consolidated earnings from continuing $ 372 $ 440 $ 1,785 $ 610 Earnings from operations for the West Group for the six months ended June 30, 2024 included a $ 1.3 billion gain on the divestiture of the South Texas cement business and certain of its related ready mixed concrete operations and a noncash asset and portfolio rationalization charge of $ 50 million (see Note 13). June 30, December 31, 2024 2023 (Dollars in Millions) Assets employed: East Group $ 7,687 $ 5,131 West Group 7,516 7,697 Magnesia Specialties 261 250 Total reportable segments 15,464 13,078 Corporate 869 2,047 Total $ 16,333 $ 15,125 |
Revenues and Gross Profit (Tabl
Revenues and Gross Profit (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Revenues And Gross Profit [Abstract] | |
Total Revenues and Gross Profit (Loss) by Product Line | The following tables, which are reconciled to consolidated amounts, provide 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 cement and ready mixed concrete and asphalt and paving product lines. Effective January 1, 2024, the Company combined the cement and ready mixed concrete product lines. This change was driven by the reduced significance of each of these product lines relative to the Building Materials business and consolidated operating results from recent divestitures. Additionally, there is a significant relationship between these product lines, as the ready mixed concrete product line is a significant customer of the cement product line. Revenues and gross profit (loss) reflect continuing operations only. Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 (Dollars in Millions) Revenues: Building Materials business: Aggregates $ 1,242 $ 1,151 $ 2,127 $ 2,063 Cement and ready mixed concrete 261 413 526 753 Asphalt and paving services 245 241 303 299 Less: interproduct revenues ( 65 ) ( 65 ) ( 102 ) ( 104 ) Total Building Materials business 1,683 1,740 2,854 3,011 Magnesia Specialties 81 81 161 164 Total $ 1,764 $ 1,821 $ 3,015 $ 3,175 Gross profit (loss): Building Materials business: Aggregates $ 392 $ 371 $ 632 $ 609 Cement and ready mixed concrete 72 129 103 187 Asphalt and paving services 37 36 15 16 Total Building Materials business 501 536 750 812 Magnesia Specialties 27 28 56 53 Corporate ( 11 ) ( 4 ) ( 16 ) ( 2 ) Total $ 517 $ 560 $ 790 $ 863 |
Summary of Information About the Company's Contract Balances | The following table presents information about the Company’s contract balances: June 30, 2024 December 31, 2023 (Dollars in Millions) Costs in excess of billings $ 17 $ 5 Billings in excess of costs $ 10 $ 10 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Noncash Investing and Financing Activities | Noncash investing and financing activities are as follows: Six Months Ended June 30, 2024 2023 (Dollars in Millions) Accrued liabilities for purchases of property, plant and equipment $ 49 $ 63 Right-of-use assets obtained in exchange for new $ 43 $ 29 Right-of-use assets obtained in exchange for $ 9 $ 16 Remeasurement of operating lease right-of-use assets $ 3 $ 1 Remeasurement of finance lease right-of-use assets $ 25 $ — Acquisition of assets through asset exchange $ — $ 5 |
Supplemental Disclosures of Cash Flow Information | Supplemental disclosures of cash flow information are as follows: Six Months Ended June 30, 2024 2023 (Dollars in Millions) Cash paid for interest, net of capitalized amount $ 76 $ 80 Cash paid for income taxes, net of refunds $ 374 $ 83 |
Significant Accounting Polici_4
Significant Accounting Policies - Additional Information (Detail) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 USD ($) Segment State Facility | Dec. 31, 2023 USD ($) | |
Significant Accounting Policies [Line Items] | ||
Number of quarries and yards | Facility | 380 | |
Number of states in which entity operates | State | 28 | |
Reportable business segments | Segment | 2 | |
Restricted cash | $ | $ 0 | $ 10 |
Number of days restricted from utilizing cash | 180 days | |
Percentage of minimum amount of income tax payments net of refunds received | 5% |
Significant Accounting Polici_5
Significant Accounting Policies - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Detail) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Dec. 31, 2022 |
Restricted Cash and Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 109 | $ 1,272 | ||
Restricted cash | 0 | 10 | ||
Total cash, cash equivalents and restricted cash presented in the consolidated statements of cash flows | $ 109 | $ 1,282 | $ 422 | $ 359 |
Significant Accounting Polici_6
Significant Accounting Policies - Comprehensive Earnings Attributable to Martin Marietta Materials Incorporated (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income (Loss) | $ 294 | $ 348 | $ 1,339 | $ 469 |
Other comprehensive earnings, net of tax | 1 | 2 | 1 | 3 |
Earnings attributable to Martin Marietta | $ 295 | $ 350 | $ 1,340 | $ 472 |
Significant Accounting Polici_7
Significant Accounting Policies - Changes in Accumulated Other Comprehensive Loss Net of Tax (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance, Total Equity | $ 8,877 | $ 7,177 | $ 8,036 | $ 7,173 |
Other comprehensive earnings (loss), net of tax | 1 | 2 | 1 | 3 |
Ending Balance, Total Equity | 8,840 | 7,424 | 8,840 | 7,424 |
Pension and Postretirement Benefit Plans | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance, Total Equity | (47) | (35) | (48) | (36) |
Amounts reclassified from accumulated other comprehensive loss, net of tax | 1 | 1 | 2 | 2 |
Other comprehensive earnings (loss), net of tax | 1 | 1 | 2 | 2 |
Ending Balance, Total Equity | (46) | (34) | (46) | (34) |
Foreign Currency | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance, Total Equity | (2) | (2) | (1) | (2) |
Other comprehensive earnings (loss) before reclassifications, net of tax | 1 | (1) | 1 | |
Other comprehensive earnings (loss), net of tax | 1 | (1) | 1 | |
Ending Balance, Total Equity | (2) | (1) | (2) | (1) |
Accumulated Other Comprehensive Loss | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance, Total Equity | (49) | (37) | (49) | (38) |
Other comprehensive earnings (loss) before reclassifications, net of tax | 1 | (1) | 1 | |
Amounts reclassified from accumulated other comprehensive loss, net of tax | 1 | 1 | 2 | 2 |
Other comprehensive earnings (loss), net of tax | 1 | 2 | 1 | 3 |
Ending Balance, Total Equity | $ (48) | $ (35) | $ (48) | $ (35) |
Significant Accounting Polici_8
Significant Accounting Policies - Noncurrent Deferred Tax Assets Recorded in Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Equity [Abstract] | ||||
Balance at beginning of period | $ 53 | $ 50 | $ 54 | $ 50 |
Tax effect of other comprehensive earnings | 0 | (1) | (1) | (1) |
Balance at end of period | $ 53 | $ 49 | $ 53 | $ 49 |
Significant Accounting Polici_9
Significant Accounting Policies - Reclassifications Out of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Tax effect | $ 78 | $ 92 | $ 445 | $ 128 |
Pension and Postretirement Benefit Plans | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total | 1 | 1 | 2 | 2 |
Reclassification out of Accumulated Other Comprehensive Income | Pension and Postretirement Benefit Plans | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Tax effect | (1) | (1) | (1) | (2) |
Total | 1 | 1 | 2 | 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] | ||||
Amortization of prior service cost | $ 2 | $ 2 | $ 3 | $ 4 |
Significant Accounting Polic_10
Significant Accounting Policies - Basic and Diluted Earnings from Continuing Operations Per Common Share (Detail) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Earnings Per Share [Abstract] | ||||
Basic weighted-average common shares outstanding | 61.5 | 61.9 | 61.6 | 62 |
Effect of dilutive employee and director awards | 0.1 | 0.2 | 0.2 | 0.2 |
Diluted weighted-average common shares outstanding | 61.6 | 62.1 | 61.8 | 62.2 |
Business Combinations, Divest_3
Business Combinations, Divestitures, Discontinued Operations and Assets and Liabilities Held for Sale - Additional Information (Detail) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Apr. 05, 2024 USD ($) Facility | Feb. 09, 2024 USD ($) Plant | Jan. 12, 2024 | Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Dec. 31, 2023 Plant | |
Business Acquisition [Line Items] | ||||||||
Revenues | $ 1,764 | $ 1,821 | $ 3,015 | $ 3,175 | ||||
Pretax earnings | 398 | 463 | 1,819 | 659 | ||||
Charges for selling acquired inventory | 20 | |||||||
Business combination periods for production level | 60 years | |||||||
Revenues | $ 2,100 | |||||||
Business combination number of south texas ready mix operations | Plant | 20 | |||||||
Divestitures number of south texas ready mix operations | Plant | 20 | |||||||
Pretax gain | 1,300 | |||||||
Income/ loss from discontinued operations | 0 | $ 1 | 0 | (12) | ||||
Blue Water Industries LLC | ||||||||
Business Acquisition [Line Items] | ||||||||
Number of active aggregates operations | Facility | 20 | |||||||
Payments to acquire businesses gross | $ 2,050 | |||||||
Acquisition related expenses | $ 22 | |||||||
Albert Frei And Sons, Inc. And Blue Water Industries LLC. [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Revenues | 83 | 97 | ||||||
Pretax earnings | 11 | 12 | ||||||
Charges for selling acquired inventory | $ 20 | $ 20 |
Business Combinations, Divest_4
Business Combinations, Divestitures, Discontinued Operations and Assets and Liabilities Held for Sale - Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Millions | Jun. 30, 2024 | Apr. 05, 2024 | Dec. 31, 2023 | |
Liabilities: | ||||
Goodwill | $ 3,842 | $ 3,389 | ||
Blue Water Industries LLC | ||||
Assets: | ||||
Inventories | $ 50 | |||
Property, plant and equipment | [1] | 1,961 | ||
Intangible assets, other than goodwill | 19 | |||
Other assets | 1 | |||
Total Assets | 2,031 | |||
Liabilities: | ||||
Deferred income taxes | 233 | |||
Asset retirement obligations | 3 | |||
Other liabilities | 90 | |||
Total liabilities | 326 | |||
Net identifiable assets acquired | 1,705 | |||
Goodwill | 345 | |||
Total Consideration | $ 2,050 | |||
[1] Includes mineral reserves of $ 1.8 billion. |
Business Combinations, Divest_5
Business Combinations, Divestitures, Discontinued Operations and Assets and Liabilities Held for Sale - Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed (Parenthetical) (Detail) $ in Millions | Apr. 05, 2024 USD ($) |
Business Combinations [Abstract] | |
Mineral reserves | $ 1.8 |
Business Combinations, Divest_6
Business Combinations, Divestitures, Discontinued Operations and Assets and Liabilities Held for Sale - Summary of Unaudited Pro Forma Financial Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Business Combinations [Abstract] | ||||
Revenues | $ 1,764 | $ 1,876 | $ 3,067 | $ 3,277 |
Net earnings from continuing operations attributable to Martin Marietta | $ 324 | $ 342 | $ 1,373 | $ 420 |
Business Combinations, Divest_7
Business Combinations, Divestitures, Discontinued Operations and Assets and Liabilities Held for Sale - Summary of Discontinued Operations (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | ||||
Revenues | $ 35 | $ 59 | ||
Pretax loss from operations | (1) | (18) | ||
Pretax gain on divestitures and sales of assets | 2 | 2 | ||
Pretax earnings (loss) | 1 | (16) | ||
Income tax benefit | 0 | (4) | ||
Earnings (loss) from discontinued operations, net of income tax benefit | $ 0 | $ 1 | $ 0 | (12) |
Net cash used for operating activities | (11) | |||
Additions to property, plant and equipment | (4) | |||
Proceeds from divestitures and sales of assets | 57 | |||
Cash Provided by (Used in) Investing Activities, Discontinued Operations, Total | $ 53 |
Business Combinations, Divest_8
Business Combinations, Divestitures, Discontinued Operations and Assets and Liabilities Held for Sale - Summary of Assets and Liabilities held for Sale (Detail) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||
Total current assets held for sale | $ 10 | $ 807 |
Total current liabilities held for sale | 0 | (18) |
Continuing Operations | ||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||
Inventories, net | 61 | |
Investment land | 10 | 18 |
Other assets | 4 | |
Property, plant and equipment | 327 | |
Intangible assets, excluding goodwill | 122 | |
Operating lease right-of-use assets | 15 | |
Goodwill | 260 | |
Total current assets held for sale | $ 10 | 807 |
Lease obligations | (16) | |
Asset retirement obligations | (2) | |
Total current liabilities held for sale | $ (18) |
Goodwill and Other Intangible_2
Goodwill and Other Intangibles - Changes in Goodwill (Detail) $ in Millions | 6 Months Ended |
Jun. 30, 2024 USD ($) | |
Goodwill [Line Items] | |
Balance at January 1, 2024 | $ 3,389 |
Acquisitions | 453 |
Balance at June 30, 2024 | 3,842 |
East Group | |
Goodwill [Line Items] | |
Balance at January 1, 2024 | 764 |
Acquisitions | 345 |
Balance at June 30, 2024 | 1,109 |
West Group | |
Goodwill [Line Items] | |
Balance at January 1, 2024 | 2,625 |
Acquisitions | 108 |
Balance at June 30, 2024 | $ 2,733 |
Goodwill and Other Intangible_3
Goodwill and Other Intangibles - Intangible Assests acquired (Details) $ in Millions | Jun. 30, 2024 USD ($) |
Indefinite-Lived Intangible Assets [Line Items] | |
Total | $ 29 |
Customer Relationships | |
Indefinite-Lived Intangible Assets [Line Items] | |
Intangible assets subject to amortization | $ 24 |
Weighted-average amortization period | 12 years |
Use Rights | |
Indefinite-Lived Intangible Assets [Line Items] | |
Intangible assets not subject to amortization | $ 5 |
Inventories, Net - Schedule of
Inventories, Net - Schedule of Inventories Net (Detail) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Inventory Disclosure [Abstract] | ||
Finished products | $ 1,313 | $ 1,152 |
Products in process | 23 | 25 |
Raw materials | 81 | 60 |
Supplies and expendable parts | 158 | 155 |
Total inventories | 1,575 | 1,392 |
Less: allowances | (470) | (403) |
Inventories, net | $ 1,105 | $ 989 |
Long-Term Debt - Long-Term Debt
Long-Term Debt - Long-Term Debt (Detail) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Debt Instrument [Line Items] | ||
Total debt | $ 4,347 | $ 4,346 |
Less: Current maturities | (400) | (400) |
Long-term debt | 3,947 | 3,946 |
4.250% Senior Notes, Due 2024 | ||
Debt Instrument [Line Items] | ||
Total debt | 400 | 400 |
7% Debentures, Due 2025 | ||
Debt Instrument [Line Items] | ||
Total debt | 125 | 125 |
3.450% Senior Notes, Due 2027 | ||
Debt Instrument [Line Items] | ||
Total debt | 299 | 299 |
3.500% Senior Notes, Due 2027 | ||
Debt Instrument [Line Items] | ||
Total debt | 493 | 492 |
2.500% Senior Notes, Due 2030 | ||
Debt Instrument [Line Items] | ||
Total debt | 472 | 472 |
2.400% Senior Notes, Due 2031 | ||
Debt Instrument [Line Items] | ||
Total debt | 890 | 890 |
6.25% Senior Notes, Due 2037 | ||
Debt Instrument [Line Items] | ||
Total debt | 228 | 228 |
4.250% Senior Notes, Due 2047 | ||
Debt Instrument [Line Items] | ||
Total debt | 590 | 590 |
3.200% Senior Notes, Due 2051 | ||
Debt Instrument [Line Items] | ||
Total debt | $ 850 | $ 850 |
Long-Term Debt - Long-Term De_2
Long-Term Debt - Long-Term Debt (Parenthetical) (Detail) | 6 Months Ended |
Jun. 30, 2024 | |
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) | 6 Months Ended | ||
Jun. 30, 2024 USD ($) | Jul. 02, 2024 USD ($) | Dec. 31, 2023 USD ($) | |
Debt Instrument [Line Items] | |||
Maximum consolidated debt reduction for unrestricted cash and temporary investments for debt covenant calculation | $ 500,000,000 | ||
Outstanding letters of credit | 33,000,000 | ||
Subsequent Event [Member] | Senior Notes | |||
Debt Instrument [Line Items] | |||
Line of credit, trade receivable securitization facility | $ 400,000,000 | ||
Interest rate on notes | 4.25% | ||
Revolving Facility | |||
Debt Instrument [Line Items] | |||
Credit facility commitment | $ 800,000,000 | ||
Debt instrument maturity period | Dec. 21, 2028 | ||
Outstanding borrowing under credit facility | $ 0 | $ 0 | |
Senior unsecured revolving facility, maturity period | 5 years | ||
Outstanding letters of credit | $ 3,000,000 | 3,000,000 | |
Maximum | Including Acquisition Bridge Debt | |||
Debt Instrument [Line Items] | |||
Debt covenant | 3.5 | ||
Maximum | Excluding Acquisition Bridge Debt | |||
Debt Instrument [Line Items] | |||
Debt covenant | 4 | ||
Trade Receivable Facility | |||
Debt Instrument [Line Items] | |||
Line of credit, trade receivable securitization facility | $ 400,000,000 | ||
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% |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Debt Instrument [Line Items] | ||
Long-term debt, carrying values | $ 4,347 | $ 4,346 |
Long-term debt, fair values | $ 3,700 | $ 3,900 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | ||
Effective income tax rates for continuing operations | 25% | 20.90% |
Pension Benefits - Schedule of
Pension Benefits - Schedule of Components of Net Periodic Benefit Cost (Detail) - Pension - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 10 | $ 9 | $ 19 | $ 16 |
Interest cost | 15 | 15 | 28 | 26 |
Expected return on assets | (21) | (20) | (39) | (36) |
Amortization of prior service cost | 2 | 2 | 3 | 4 |
Net periodic benefit cost | $ 6 | $ 6 | $ 11 | $ 10 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Millions | Jun. 30, 2024 USD ($) |
Commitments and Contingencies [Line Items] | |
Outstanding letters of credit | $ 33 |
Segments - Additional Informati
Segments - Additional Information (Detail) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 USD ($) Segment | Jun. 30, 2023 USD ($) | |
Segment Reporting Information [Line Items] | ||
Reportable business segments | Segment | 2 | |
Noncash asset and portfolio rationalization charge | $ 50 | $ 0 |
Gain on sale of investment | 1,300 | |
West Group [Member] | ||
Segment Reporting Information [Line Items] | ||
Noncash asset and portfolio rationalization charge | 50 | |
Gain on sale of investment | $ 1,300 |
Segments - Financial Data for C
Segments - Financial Data for Continuing Operations for Company's Reportable Business Segments (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Segment Reporting Information [Line Items] | |||||
Revenues | $ 1,764 | $ 1,821 | $ 3,015 | $ 3,175 | |
Earnings from Operations | 398 | 463 | 1,819 | 659 | |
Interest expense | 40 | 42 | 80 | 84 | |
Other nonoperating income, net | (14) | (19) | (46) | (35) | |
Consolidated earnings from continuing operations before income tax expense | 372 | 440 | 1,785 | 610 | |
Assets employed | 16,333 | 16,333 | $ 15,125 | ||
Reportable segments | |||||
Segment Reporting Information [Line Items] | |||||
Earnings from Operations | 445 | 490 | 1,896 | 714 | |
Assets employed | 15,464 | 15,464 | 13,078 | ||
Operating Segments | East Group | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 823 | 735 | 1,349 | 1,265 | |
Earnings from Operations | 249 | 227 | 378 | 337 | |
Assets employed | 7,687 | 7,687 | 5,131 | ||
Operating Segments | West Group | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 860 | 1,005 | 1,505 | 1,746 | |
Earnings from Operations | 171 | 240 | 1,470 | 334 | |
Assets employed | 7,516 | 7,516 | 7,697 | ||
Operating Segments | Magnesia Specialties | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 81 | 81 | 161 | 164 | |
Earnings from Operations | 25 | 23 | 48 | 43 | |
Assets employed | 261 | 261 | 250 | ||
Corporate | |||||
Segment Reporting Information [Line Items] | |||||
Earnings from Operations | (47) | $ (27) | (77) | $ (55) | |
Assets employed | $ 869 | $ 869 | $ 2,047 |
Revenues and Gross Profit - Tot
Revenues and Gross Profit - Total Revenues and Gross Profit (Loss) by Product Line (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Product Information [Line Items] | ||||
Revenues | $ 1,764 | $ 1,821 | $ 3,015 | $ 3,175 |
Gross profit (loss) | 517 | 560 | 790 | 863 |
Interproduct Revenues | ||||
Product Information [Line Items] | ||||
Revenues | (65) | (65) | (102) | (104) |
Corporate | ||||
Product Information [Line Items] | ||||
Gross profit (loss) | (11) | (4) | (16) | (2) |
Building Materials Business | Operating Segments | ||||
Product Information [Line Items] | ||||
Revenues | 1,683 | 1,740 | 2,854 | 3,011 |
Gross profit (loss) | 501 | 536 | 750 | 812 |
Magnesia Specialties | Operating Segments | ||||
Product Information [Line Items] | ||||
Revenues | 81 | 81 | 161 | 164 |
Gross profit (loss) | 27 | 28 | 56 | 53 |
Aggregates | Building Materials Business | Operating Segments | Reportable Subsegments | ||||
Product Information [Line Items] | ||||
Revenues | 1,242 | 1,151 | 2,127 | 2,063 |
Gross profit (loss) | 392 | 371 | 632 | 609 |
Cement and ready mixed concrete | Building Materials Business | Operating Segments | Reportable Subsegments | ||||
Product Information [Line Items] | ||||
Revenues | 261 | 413 | 526 | 753 |
Gross profit (loss) | 72 | 129 | 103 | 187 |
Asphalt and paving services | Building Materials Business | Operating Segments | Reportable Subsegments | ||||
Product Information [Line Items] | ||||
Revenues | 245 | 241 | 303 | 299 |
Gross profit (loss) | $ 37 | $ 36 | $ 15 | $ 16 |
Revenues and Gross Profit - Add
Revenues and Gross Profit - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Revenue Recognition [Line Items] | |||||
Gross profit | $ 517 | $ 560 | $ 790 | $ 863 | |
Performance obligations, description of timing | Performance obligations within paving service agreements are satisfied over time, primarily ranging from one day to two years. Customer payments for the paving operations are based on a contractual billing schedule and are typically paid-when-paid, meaning the Company is paid once the customer is paid. | ||||
Future revenues from unsatisfied performance obligations | 377 | 358 | $ 377 | 358 | |
Service revenues | 1,764 | 1,821 | 3,015 | 3,175 | |
Revenue recognized from contract liabilities | 6 | 5 | 8 | 8 | |
Retainage on contracts | 12 | 12 | $ 17 | ||
Interproduct Revenues | |||||
Revenue Recognition [Line Items] | |||||
Service revenues | (65) | (65) | (102) | (104) | |
West Group | Operating Segments | |||||
Revenue Recognition [Line Items] | |||||
Service revenues | 860 | 1,005 | 1,505 | 1,746 | |
Service | |||||
Revenue Recognition [Line Items] | |||||
Service revenues | $ 143 | 134 | |||
Service | CALIFORNIA and COLORADO | West Group | |||||
Revenue Recognition [Line Items] | |||||
Service revenues | $ 117 | 108 | |||
Cement | Operating Segments | |||||
Revenue Recognition [Line Items] | |||||
Gross profit | 93 | 140 | |||
Service revenues | 198 | 366 | |||
Ready Mixed Concrete | Operating Segments | |||||
Revenue Recognition [Line Items] | |||||
Gross profit | 35 | 47 | |||
Service revenues | 271 | 491 | |||
Ready Mixed Concrete | Operating Segments | Interproduct Revenues | |||||
Revenue Recognition [Line Items] | |||||
Service revenues | $ 56 | $ 104 | |||
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) | Jun. 30, 2024 | Jun. 30, 2023 |
Minimum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-07-01 | ||
Revenue Recognition [Line Items] | ||
Performance obligations, customer satisfaction period | 1 month | |
Minimum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-07-01 | ||
Revenue Recognition [Line Items] | ||
Performance obligations, customer satisfaction period | 1 month | |
Maximum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-07-01 | ||
Revenue Recognition [Line Items] | ||
Performance obligations, customer satisfaction period | 28 months | |
Maximum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-07-01 | ||
Revenue Recognition [Line Items] | ||
Performance obligations, customer satisfaction period | 18 months |
Revenues and Gross Profit - Sum
Revenues and Gross Profit - Summary of Information About the Company's Contract Balances (Detail) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Revenue from Contract with Customer [Abstract] | ||
Costs in excess of billings | $ 17 | $ 5 |
Billings in excess of costs | $ 10 | $ 10 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information - Schedule of Noncash Investing and Financing Activities (Detail) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Supplemental Cash Flow Elements [Abstract] | ||
Accrued liabilities for purchases of property, plant and equipment | $ 49 | $ 63 |
Right-of-use assets obtained in exchange for new operating lease liabilities | 43 | 29 |
Right-of-use assets obtained in exchange for new finance lease liabilities | 9 | 16 |
Remeasurement of operating lease right-of-use assets | 3 | 1 |
Remeasurement of finance lease right-of-use assets | 25 | 0 |
Acquisition of assets through asset exchange | $ 0 | $ 5 |
Supplemental Cash Flow Inform_4
Supplemental Cash Flow Information - Supplemental Disclosures of Cash Flow Information (Detail) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Supplemental Cash Flow Elements [Abstract] | ||
Cash paid for interest, net of capitalized amount | $ 76 | $ 80 |
Cash paid for income taxes, net of refunds | $ 374 | $ 83 |
Other Operating Income (Expen_2
Other Operating Income (Expense), Net (Detail) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Property, Plant and Equipment [Line Items] | ||
Gain on sale of investment | $ 1,300 | |
Noncash asset and portfolio rationalization charge | 50 | $ 0 |
South Texas Cement Business | ||
Property, Plant and Equipment [Line Items] | ||
Gain on sale of investment | 1,300 | |
Noncash asset and portfolio rationalization charge | $ 50 |