Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 14, 2020 | Jun. 28, 2019 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2019 | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity File Number | 1-12744 | ||
Entity Registrant Name | MARTIN MARIETTA MATERIALS, INC. | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | MLM | ||
Entity Central Index Key | 0000916076 | ||
Entity Incorporation, State or Country Code | NC | ||
Entity Tax Identification Number | 56-1848578 | ||
Entity Address, Address Line One | 2710 Wycliff Road | ||
Entity Address, City or Town | Raleigh | ||
Entity Address, State or Province | NC | ||
Entity Address, Postal Zip Code | 27607-3033 | ||
City Area Code | 919 | ||
Local Phone Number | 781-4550 | ||
Title of 12(b) Security | Common Stock (par value $.01 per share) | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 62,198,867 | ||
Entity Public Float | $ 12,807,658,433.72 | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Current Fiscal Year End Date | --12-31 | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Document Parts Into Which Incorporated Proxy Statement for the Annual Meeting of Shareholders to be held May 14, 2020 ( Part III |
Consolidated Statements of Earn
Consolidated Statements of Earnings - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Total revenues | $ 4,739.1 | $ 4,244.3 | $ 3,965.6 |
Total cost of revenues | 3,560.1 | 3,277.7 | 2,993.7 |
Gross Profit | 1,179 | 966.6 | 971.9 |
Selling, general and administrative expenses | 302.7 | 280.6 | 262.1 |
Acquisition-related expenses, net | 0.5 | 13.5 | 8.6 |
Other operating (income) and expenses, net | (9.1) | (18.2) | 0.8 |
Earnings from Operations | 884.9 | 690.7 | 700.4 |
Interest expense | 129.3 | 137.1 | 91.5 |
Other nonoperating expenses and (income), net | 7.3 | (22.5) | (10) |
Earnings before income tax expense (benefit) | 748.3 | 576.1 | 618.9 |
Income tax expense (benefit) | 136.3 | 105.7 | (94.5) |
Consolidated net earnings | 612 | 470.4 | 713.4 |
Less: Net earnings attributable to noncontrolling interests | 0.1 | 0.4 | 0.1 |
Net Earnings Attributable to Martin Marietta | $ 611.9 | $ 470 | $ 713.3 |
Net Earnings Attributable to Martin Marietta Per Common Share (see Note A) | |||
Basic attributable to common shareholders | $ 9.77 | $ 7.46 | $ 11.30 |
Diluted attributable to common shareholders | $ 9.74 | $ 7.43 | $ 11.25 |
Weighted-Average Common Shares Outstanding | |||
Basic | 62.5 | 62.9 | 62.9 |
Diluted | 62.7 | 63.1 | 63.2 |
Products and Services | |||
Total revenues | $ 4,422.3 | $ 3,980.4 | $ 3,723.5 |
Total cost of revenues | 3,239.1 | 3,009.8 | 2,749.5 |
Freight | |||
Total revenues | 316.8 | 263.9 | 242.1 |
Total cost of revenues | $ 321 | $ 267.9 | $ 244.2 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Earnings - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Consolidated Net Earnings | $ 612 | $ 470.4 | $ 713.4 |
Defined benefit pension and postretirement plans: | |||
Net loss arising during period, net of tax of $(4.8), $(7.6) and $(2.6), respectively | (14.5) | (22.9) | (8.1) |
Amortization of prior service credit, net of tax of $(0.2), $(0.5) and $(0.5), respectively | (0.6) | (1.5) | (0.8) |
Amortization of actuarial loss, net of tax of $3.8, $3.2 and $5.3, respectively | 11.7 | 9.5 | 8.5 |
Amount recognized in net periodic pension cost due to settlement, net of tax of $0.0, $0.7 and $0.0 respectively | 2.2 | ||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | (3.4) | (12.7) | (0.4) |
Foreign currency translation gain (loss) | 1.2 | (2.1) | 1.2 |
Amortization of terminated value of forward starting interest rate swap agreements into interest expense, net of tax of $0.0, $0.2 and $0.6, respectively | 0.3 | 0.8 | |
Other Comprehensive Income (Loss), Net of Tax | (2.2) | (14.5) | 1.6 |
Consolidated comprehensive earnings | 609.8 | 455.9 | 715 |
Less: Comprehensive earnings attributable to noncontrolling interests | 0.1 | 0.4 | 0.1 |
Comprehensive Earnings Attributable to Martin Marietta | $ 609.7 | $ 455.5 | $ 714.9 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Earnings (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net loss arising during period, tax | $ (4.8) | $ (7.6) | $ (2.6) |
Amortization of prior service credit, tax | (0.2) | (0.5) | (0.5) |
Amortization of actuarial loss, tax | 3.8 | 3.2 | 5.3 |
Amount recognized in net periodic pension cost due to settlement, tax | 0 | 0.7 | 0 |
Amortization of terminated value of forward starting interest rate swap agreements into interest expense, tax | $ 0 | $ 0.2 | $ 0.6 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Current Assets: | ||
Cash and cash equivalents | $ 21 | $ 44.9 |
Accounts receivable, net | 573.7 | 523.3 |
Inventories, net | 690.8 | 663 |
Other current assets | 141.2 | 134.6 |
Total Current Assets | 1,426.7 | 1,365.8 |
Property, plant and equipment, net | 5,206 | 5,157.2 |
Goodwill | 2,396.8 | 2,399.1 |
Other intangibles, net | 486.8 | 501.3 |
Operating lease right-of-use assets, net | 481.9 | |
Other noncurrent assets | 133.4 | 128 |
Total Assets | 10,131.6 | 9,551.4 |
Current Liabilities: | ||
Accounts payable | 229.6 | 210.8 |
Accrued salaries, benefits and payroll taxes | 56.7 | 51.4 |
Accrued insurance and other taxes | 63.1 | 63.6 |
Current maturities of long-term debt | 340 | 390 |
Operating lease liabilities | 52.7 | |
Other current liabilities | 96.4 | 70.9 |
Total Current Liabilities | 838.5 | 786.7 |
Long-term debt | 2,433.6 | 2,730.4 |
Deferred income taxes, net | 733 | 705.6 |
Noncurrent operating lease liabilities | 433.9 | |
Other noncurrent liabilities | 339.3 | 379.3 |
Total Liabilities | 4,778.3 | 4,602 |
Equity: | ||
Common stock ($0.01 par value; 100.0 shares authorized; 62.4 and 62.5 shares outstanding at December 31, 2019 and 2018, respectively) | 0.6 | 0.6 |
Preferred stock ($0.01 par value; 10.0 shares authorized; no shares outstanding) | ||
Additional paid-in capital | 3,418.8 | 3,396.1 |
Accumulated other comprehensive loss | (145.8) | (143.6) |
Retained earnings | 2,077.2 | 1,693.3 |
Total Shareholders’ Equity | 5,350.8 | 4,946.4 |
Noncontrolling interests | 2.5 | 3 |
Total Equity | 5,353.3 | 4,949.4 |
Total Liabilities and Equity | $ 10,131.6 | $ 9,551.4 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Statement Of Financial Position [Abstract] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares outstanding | 62,400,000 | 62,500,000 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash Flows from Operating Activities: | |||
Consolidated net earnings | $ 612 | $ 470.4 | $ 713.4 |
Adjustments to reconcile consolidated net earnings to net cash provided by operating activities: | |||
Depreciation, depletion and amortization | 371.5 | 344 | 297.2 |
Stock-based compensation expense | 34.1 | 29.3 | 30.5 |
Gains on divestitures and sales of assets | (3.1) | (39.3) | (19.4) |
Deferred income taxes, net | 29.4 | 85.1 | (239.1) |
Noncash portion of asset and portfolio rationalization charge | 17 | 17 | |
Other items, net | 8.6 | (9) | (13.4) |
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures: | |||
Accounts receivable, net | (50.4) | (10.6) | (29.3) |
Inventories, net | (27.7) | (22) | (79) |
Accounts payable | 25.9 | 20.1 | (17.9) |
Other assets and liabilities, net | (34.2) | (179.9) | 14.6 |
Net Cash Provided by Operating Activities | 966.1 | 705.1 | 657.6 |
Cash Flows from Investing Activities: | |||
Additions to property, plant and equipment | (393.5) | (376) | (410.3) |
Acquisitions, net of cash acquired | (1,642.1) | (12.1) | |
Proceeds from divestitures and sales of assets | 8.4 | 69.1 | 36 |
Payment of railcar construction advances | (79.4) | (43.6) | |
Reimbursement of railcar construction advances | 79.4 | 43.6 | |
Investments in life insurance contracts, net | 0.6 | 0.8 | 0.3 |
Other investing activities, net | (1.4) | ||
Net Cash Used for Investing Activities | (385.9) | (1,948.2) | (386.1) |
Cash Flows from Financing Activities: | |||
Borrowings of long-term debt | 625 | 1,000 | 2,408.8 |
Repayments of long-term debt | (975.1) | (910.1) | (1,065) |
Debt issuance costs | (3.9) | (2.2) | |
Payments on finance lease obligations | (11) | ||
Payments on capital lease obligations | (3.5) | (3.5) | |
Dividends paid | (129.8) | (116.4) | (108.9) |
Repurchases of common stock | (98.2) | (100.4) | (100) |
Payments of deferred acquisition consideration | (6.7) | (2.8) | |
Purchase of the noncontrolling interest in the existing joint venture | (12.8) | ||
Distributions to owners of noncontrolling interest | (0.6) | ||
Contributions by noncontrolling interest to joint venture | 0.2 | ||
Proceeds from exercise of stock options | 13.7 | 7.3 | 10.1 |
Shares withheld for employees’ income tax obligations | (28.1) | (11.9) | (11.8) |
Net Cash (Used for) Provided by Financing Activities | (604.1) | (158.4) | 1,124.9 |
Net (Decrease) Increase in Cash and Cash Equivalents | (23.9) | (1,401.5) | 1,396.4 |
Cash and Cash Equivalents, beginning of year | 44.9 | 1,446.4 | 50 |
Cash and Cash Equivalents, end of year | $ 21 | $ 44.9 | $ 1,446.4 |
Consolidated Statements of Tota
Consolidated Statements of Total Equity - USD ($) $ in Millions | Total | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive (Loss) Earnings | Retained Earnings | Total Shareholders’ Equity | Noncontrolling Interests |
Beginning Balance at Dec. 31, 2016 | $ 4,142.6 | $ 0.6 | $ 3,334.5 | $ (130.7) | $ 935.7 | $ 4,140.1 | $ 2.5 |
Beginning Balance (in shares) at Dec. 31, 2016 | 63,200,000 | ||||||
Consolidated net earnings | 713.4 | 713.3 | 713.3 | 0.1 | |||
Other comprehensive (loss) earnings | 1.6 | 1.6 | 1.6 | ||||
Dividends declared | (108.9) | (108.9) | (108.9) | ||||
Issuances of common stock for stock award plans | 14.9 | 14.9 | 14.9 | ||||
Issuances of common stock for stock award plans (in shares) | 200,000 | ||||||
Shares withheld for employees’ income tax obligations | (11.8) | (11.8) | (11.8) | ||||
Repurchases of common stock | $ (100) | (100) | (100) | ||||
Repurchases of common stock, Shares | (500,000) | (500,000) | |||||
Stock-based compensation expense | $ 30.5 | 30.5 | 30.5 | ||||
Contribution from owners of noncontrolling interest | 0.2 | 0.2 | |||||
Ending Balance at Dec. 31, 2017 | 4,682.5 | $ 0.6 | 3,368.1 | (129.1) | 1,440.1 | 4,679.7 | 2.8 |
Ending Balance (in shares) at Dec. 31, 2017 | 62,900,000 | ||||||
Consolidated net earnings | 470.4 | 470 | 470 | 0.4 | |||
Other comprehensive (loss) earnings | (14.5) | (14.5) | (14.5) | ||||
Dividends declared | (116.4) | (116.4) | (116.4) | ||||
Issuances of common stock for stock award plans | 14.2 | 14.2 | 14.2 | ||||
Issuances of common stock for stock award plans (in shares) | 100,000 | ||||||
Shares withheld for employees’ income tax obligations | (11.9) | (11.9) | (11.9) | ||||
Repurchases of common stock | $ (100.4) | (100.4) | (100.4) | ||||
Repurchases of common stock, Shares | (500,000) | (500,000) | |||||
Stock-based compensation expense | $ 29.3 | 29.3 | 29.3 | ||||
Noncontrolling interest acquired in business combination | 9 | 9 | |||||
Purchase of the noncontrolling interest in the existing joint venture | (12.8) | (3.6) | (3.6) | (9.2) | |||
Ending Balance at Dec. 31, 2018 | $ 4,949.4 | $ 0.6 | 3,396.1 | (143.6) | 1,693.3 | 4,946.4 | 3 |
Ending Balance (in shares) at Dec. 31, 2018 | 62,500,000 | 62,500,000 | |||||
Consolidated net earnings | $ 612 | 611.9 | 611.9 | 0.1 | |||
Other comprehensive (loss) earnings | (2.2) | (2.2) | (2.2) | ||||
Dividends declared | (129.8) | (129.8) | (129.8) | ||||
Issuances of common stock for stock award plans | 16.7 | 16.7 | 16.7 | ||||
Shares withheld for employees’ income tax obligations | (28.1) | (28.1) | (28.1) | ||||
Repurchases of common stock | $ (98.2) | (98.2) | (98.2) | ||||
Repurchases of common stock, Shares | (400,000) | ||||||
Stock-based compensation expense | $ 34.1 | 34.1 | 34.1 | ||||
Distribution to owners of noncontrolling interest | (0.6) | (0.6) | |||||
Ending Balance at Dec. 31, 2019 | $ 5,353.3 | $ 0.6 | $ 3,418.8 | $ (145.8) | $ 2,077.2 | $ 5,350.8 | $ 2.5 |
Ending Balance (in shares) at Dec. 31, 2019 | 62,400,000 | 62,400,000 |
Consolidated Statements of To_2
Consolidated Statements of Total Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Of Stockholders Equity [Abstract] | |||
Dividends declared | $ 2.06 | $ 1.84 | $ 1.72 |
Accounting Policies
Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Accounting Policies | Note A: Accounting Policies Organization. Martin Marietta (the “Company”) is a natural resource-based building materials company. The Company supplies aggregates (crushed stone, sand and gravel) through its network of more than 300 quarries, mines and distribution yards in 27 states, Canada and the Bahamas. In the western United States, Martin Marietta also provides cement and downstream products, namely, ready mixed concrete, asphalt and paving services, in markets where the Company also has a leading aggregates position. Specifically, the Company has two cement plants and several cement distribution facilities in Texas and Louisiana, and 141 ready mixed concrete plants and seven asphalt plants in Texas, Colorado, Louisiana, Arkansas and Wyoming. Paving services are exclusively in Colorado. The Company’s heavy-side building materials are used in infrastructure, nonresidential and residential construction projects. Aggregates are also used in agricultural, utility and environmental applications and as railroad ballast. The aggregates, cement, ready mixed concrete and asphalt and paving product lines are reported collectively as the “Building Materials” business. As of December 31, 2019, the Building Materials business contains the following reportable segments: Mid-America Group, Southeast Group and West Group. The Mid-America Group operates in Indiana, Iowa, northern Kansas, Kentucky, Maryland, Minnesota, Missouri, eastern Nebraska, North Carolina, Ohio, Pennsylvania, South Carolina, Virginia, Washington and West Virginia. The Southeast Group has operations in Alabama, Florida, Georgia, southwestern South Carolina, Tennessee, Nova Scotia and the Bahamas. The West Group operates in Arkansas, Colorado, southern Kansas, Louisiana, western Nebraska, Nevada, Oklahoma, Texas, Utah and Wyoming. In addition to these operations, the Company sells to customers in New York, Delaware, New Mexico and Mississippi. The following states accounted for 72% of the Building Materials business’ 2019 total products and services revenues: Texas, Colorado, North Carolina, Georgia and Iowa. The Company also operates a Magnesia Specialties business, which produces magnesia-based chemical products used in industrial, agricultural and environmental applications, and dolomitic lime sold primarily to customers in the steel and mining industries. Magnesia Specialties’ production facilities are located in Ohio and Michigan, and products are shipped to customers worldwide. Basis of Presentation and The Company’s consolidated financial statements are presented in conformity with accounting principles generally accepted in the United States (U.S. GAAP), which requires management to make certain estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities and reported amounts of revenues and expenses. Such estimates include the valuation of accounts receivable, inventories, goodwill, intangible assets and other long-lived assets and assumptions used in the calculation of income tax expense (benefit), retirement and other postemployment benefits, stock-based compensation, the allocation of the purchase price to the fair values of assets acquired and liabilities assumed as part of business combinations and revenue recognition for service contracts. These estimates and assumptions are based on management’s judgment. Management evaluates estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, and adjusts such estimates and assumptions when facts and circumstances dictate. Changes in credit, equity and energy markets and changes in construction activity increase the uncertainty inherent in certain estimates and assumptions. As future events and their effects cannot be determined with precision, actual results could differ significantly from estimates. Changes in estimates, including those resulting from continuing changes in the economic environment, are reflected in the consolidated financial statements for the period in which the change in estimate occurs. During the year ended December 31, 2019, the Company identified a prior-period error that overstated its earnings from a nonconsolidated equity affiliate. The overstatement was not deemed material to the current period or any previously reported periods and was therefore corrected as an out-of-period expense of $15.7 million. The pretax noncash adjustment is recorded in other nonoperating expenses, consistent with the recurring classification of equity earnings from the nonconsolidated affiliate. Basis of Consolidation . The consolidated financial statements include the accounts of the Company and its wholly-owned and majority-owned subsidiaries. Partially-owned affiliates are either consolidated or accounted for at cost or as equity investments, depending on the level of ownership interest or the Company’s ability to exercise control over the affiliates’ operations. Intercompany balances and transactions between subsidiaries have been eliminated in consolidation. Revenue Recognition . Total revenues include sales of products and services provided to customers, net of discounts or allowances, if any, and include freight and delivery costs billed to customers. Revenues for product sales are recognized when control of the promised good is transferred to unaffiliated customers, typically when finished products are shipped. Revenues derived from the paving business are recognized using the percentage-of-completion method under the cost-to-cost approach. Under the cost-to-cost approach, recognized contract revenue is determined by multiplying the total estimated contract revenue by the estimated percentage of completion. Contract costs are recognized as incurred. The percentage of completion is determined on a contract-by-contract basis using project costs incurred to date as a percentage of total estimated project costs. The Company believes the cost-to-cost approach is appropriate, as the use of asphalt in a paving contract is relatively consistent with the performance of the related paving services. Paving contracts, notably with governmental entities, may contain performance bonuses based on quality specifications. Given the uncertainty of meeting the criteria until the performance obligation is completed, performance bonuses are recognized as revenues when and if determined to be achieved. Performance bonuses were not material to the Company’s consolidated results of operations for the years ended December 31, 2019, 2018 and 2017. Freight revenues reflect delivery arranged by the Company using a third party on behalf of the customer and are recognized consistently with the timing of the product revenues. Freight and Delivery Costs . Freight and delivery costs represent pass-through transportation costs incurred and paid by the Company to third-party carriers to deliver products to customers. These costs are then billed to the customers. Cash and Cash Equivalents . Cash equivalents are comprised of highly-liquid instruments with original maturities of three months or less from the date of purchase. The Company manages its cash and cash equivalents to ensure short-term operating cash needs are met and excess funds are managed efficiently. When operating cash is not sufficient to meet current needs, the Company borrows money under its credit facilities. The Company utilizes excess cash to either pay down credit facility borrowings or invest in money market funds, money market demand deposit accounts or offshore time deposit accounts. Money market demand deposits and offshore time deposit accounts are exposed to bank solvency risk. Accounts Receivable. Accounts receivable are stated at cost. The Company does not typically charge interest on customer accounts receivable. The Company records an allowance for doubtful accounts, which includes a provision for probable losses based on historical write-offs and a specific reserve for accounts deemed at risk. The Company writes-off accounts receivable when it becomes probable, based upon customer facts and circumstances, that such amounts will not be collected. Inventories Valuation . Inventories are stated at the lower of cost or net realizable value. Costs for finished products and in process inventories are determined by the first-in, first-out method. Carrying value for parts and supplies are determined by the weighted-average cost method. The Company records an allowance for finished product inventories based on an analysis of inventory on hand in excess of historical sales for a twelve-month five-year Post-production stripping costs, which represent costs of removing overburden and waste materials to access mineral deposits, are a component of inventory production costs and recognized as incurred. Property, Plant and Equipment . Property, plant and equipment are stated at cost. The estimated service lives for property, plant and equipment are as follows: Class of Assets Range of Service Lives Buildings 5 to 20 years Machinery & Equipment 2 to 20 years Land Improvements 5 to 60 years The Company begins capitalizing quarry development costs at a point when reserves are determined to be proven or probable, economically mineable and when demand supports investment in the market. Capitalization of these costs ceases when production commences. Capitalized quarry development costs are classified as land improvements and depreciated over the life of the reserves. The Company reviews relevant facts and circumstances to determine whether to capitalize or expense pre-production stripping costs when additional pits are developed at an existing quarry. If the additional pit operates in a separate and distinct area of the quarry, these costs are capitalized as quarry development costs and depreciated over the life of the uncovered reserves. Additionally, a separate asset retirement obligation is created for additional pits when the liability is incurred. Once a pit enters the production phase, all post-production stripping costs are charged to inventory production costs as incurred. Mineral reserves and mineral interests acquired in connection with a business combination are valued using an income approach over the life of the reserves. Depreciation is computed based on estimated service lives using the straight-line method. Depletion of mineral reserves is calculated based on proven and probable reserves using the units-of-production method on a quarry-by-quarry basis. Property, plant and equipment are reviewed for impairment whenever facts and circumstances indicate that the carrying amount of an asset group may not be recoverable. An impairment loss is recognized if expected future undiscounted cash flows over the estimated remaining service life of the related asset are less than the asset’s carrying value. Repair and Maintenance Costs. Repair and maintenance costs that do not substantially extend the life of the Company’s plant and equipment are expensed as incurred. Leases. Effective January 1, 2019, if the Company determines a contract is or contains a lease at inception of the agreement, the Company records right-of-use (ROU) assets, which represent the Company’s right to use an underlying leased asset, and lease liabilities, which represent the Company’s obligation to make lease payments arising from the lease, on the consolidated balance sheet at the present value of the future lease payments over the lease term at commencement date. The Company determines the present value of lease payments based on the implicit rate, which may be explicitly stated in the lease, if available, or may be the Company’s estimated collateralized incremental borrowing rate based on the term of the lease. Initial ROU assets also include any lease payments made at or before commencement date and any initial direct costs incurred and exclude lease incentives. Certain of the Company’s leases contain renewal and/or termination options. The Company recognizes renewal or termination options as part of its ROU assets and lease liabilities when the Company has the unilateral right to renew or terminate and it is reasonably certain these options will be exercised. Some leases require the Company pay non-lease components, which may include taxes, maintenance, insurance and certain other expenses applicable to the leased property, and are primarily considered variable costs. The Company accounts for lease and non-lease components as a single amount, with the exception of railcar and fleet vehicle leases, for which the Company separately accounts for the lease and non-lease components. Leases are evaluated and determined to be operating or finance leases. If a lease transfers ownership to the underlying asset by the end of the lease term; includes a purchase option that is reasonably certain to be exercised; has a lease term for the major part of the remaining economic life of the underlying asset; has a present value of the sum of the lease payments that equals or exceeds substantially all of the fair value of the underlying asset; is for an underlying asset that is of a specialized nature and is expected to have no alternative use to the lessor at the end of the lease term, the lease is a finance lease. If none of these terms exist, the lease is an operating lease. As allowed by Accounting Standards Codification 842, Leases In the consolidated statements of earnings, operating lease expense, which is recognized on a straight-line basis over the lease term, and the amortization of finance lease ROU assets are included in cost of revenues or selling, general and administrative expenses. Accretion on the liabilities for finance leases is included in interest expense. Goodwill and Intangible Assets. Goodwill represents the excess purchase price paid for acquired businesses over the estimated fair value of identifiable assets and liabilities. Other intangibles represent amounts assigned principally to contractual agreements and are amortized ratably over periods based on related contractual terms. If an intangible asset is deemed to have an indefinite life, it is not amortized. The Company’s reporting units, which represent the level at which goodwill is tested for impairment, are based on the operating segments of the Building Materials business. Goodwill is assigned to the respective reporting unit(s) based on the location of acquisitions at the time of consummation. Goodwill is tested for impairment by comparing each reporting unit’s fair value to its carrying value, which represents a Step 1 approach. However, prior to Step 1, the Company may perform an optional qualitative assessment and evaluate macroeconomic conditions, industry and market conditions, cost factors, overall financial performance and other business or reporting unit-specific events. If the Company concludes it is more-likely-than-not (i.e., a likelihood of more than 50%) that a reporting unit’s fair value is higher than its carrying value, the Company does not perform any further goodwill impairment testing for that reporting unit. Otherwise, the Company proceeds to Step 1 of its goodwill impairment analysis. The Company may bypass the qualitative assessment for any reporting unit in any period and proceed directly with the quantitative calculation in Step 1. If the reporting unit’s fair value exceeds its carrying value, no further calculation is necessary. A reporting unit with a carrying value in excess of its fair value constitutes a Step 1 failure and will lead to an impairment charge. The carrying values of goodwill and other indefinite-lived intangible assets are reviewed annually, as of October 1, for impairment. An interim review is performed between annual tests if facts and circumstances indicate potential impairment. The carrying value of other amortizable intangibles is reviewed if facts and circumstances indicate potential impairment. If a review indicates the carrying value is impaired, a charge is recorded. Retirement Plans and Postretirement Benefits. The Company sponsors defined benefit retirement plans and also provides other postretirement benefits. The Company recognizes the funded status, defined as the difference between the fair value of plan assets and the benefit obligation, of its pension plans and other postretirement benefits as an asset or liability on the consolidated balance sheets. Actuarial gains or losses that arise during the year are recognized as a component of accumulated other comprehensive earnings or loss. Those amounts are amortized over the participants’ average remaining service period and recognized as a component of net periodic benefit cost. The amount amortized is determined using a corridor approach and represents the excess over 10% of the greater of the projected benefit obligation or pension Insurance Reserves. The Company has insurance coverage with large deductibles for workers’ compensation, automobile liability, marine liability and general liability claims, and is also self-insured for health claims. The Company records insurance reserves based on an actuarial-determined analysis, which calculates development factors that are applied to total case reserves within the insurance programs. While the Company believes the assumptions used to calculate these liabilities are appropriate, significant differences in actual experience and/or significant changes in these assumptions may materially affect insurance costs. Stock-Based Compensation. The Company has stock-based compensation plans for employees and its Board of Directors. The Company recognizes all forms of stock-based awards that vest as compensation expense. The compensation expense is the fair value of the awards at the measurement date and is recognized over the requisite service period. Forfeitures are recognized as they occur. The fair value of restricted stock awards, incentive compensation stock awards and Board of Directors’ fees paid in the form of common stock are based on the closing price of the Company’s common stock on the awards’ respective grant dates. The fair value of performance stock awards as of the grant dates is determined by a Monte Carlo simulation methodology. In 2019, 2018 and 2017, the Company did not issue any stock options. For stock options issued prior to 2016, the Company used the accelerated expense recognition method. The accelerated recognition method requires stock options that vest ratably to be divided into tranches. The expense for each tranche is allocated to its particular vesting period. Environmental Matters. The Company records a liability for an asset retirement obligation at fair value in the period in which it is incurred. The asset retirement obligation is recorded at the acquisition date of a long-lived tangible asset if the fair value can be reasonably estimated. A corresponding amount is capitalized as part of the asset’s carrying amount. The fair value is affected by management’s assumptions regarding the scope of the work required, inflation rates and quarry closure dates. Further, the Company records an accrual for other environmental remediation liabilities in the period in which it is probable that a liability has been incurred and the appropriate amounts can be estimated reasonably. Such accruals are adjusted as further information develops or circumstances change. Generally, these costs are not discounted to their present value or offset for potential insurance or other claims or potential gains from future alternative uses for a site. Income Taxes . Deferred income taxes, net, on the consolidated balance sheets reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, net of valuation allowances. The effect on deferred income tax assets and liabilities attributable to changes in enacted tax rates are charged or credited to income tax expense or benefit in the period of enactment. Uncertain Tax Positions. The Company recognizes a tax benefit when it is more-likely-than-not, based on the technical merits, that a tax position would be sustained upon examination by a taxing authority. The amount to be recognized is measured as the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. The Company’s unrecognized tax benefits are recorded in other liabilities on the consolidated balance sheets or as an offset to the deferred tax asset for tax carryforwards The Company records interest accrued in relation to unrecognized tax benefits as income tax expense. Penalties, if incurred, are recorded as operating expenses in the consolidated statements of earnings. Sales Taxes. Sales taxes collected from customers are recorded as liabilities until remitted to taxing authorities and therefore are not reflected in the consolidated statements of earnings. Start-Up Costs. Noncapital start-up costs for new facilities and products are charged to operations as incurred. Warranties. The Company’s construction contracts usually contain warranty provisions covering defects in materials, design or workmanship, the majority of which cover one year after project completion. Due to the nature of its projects, including contract owner inspections of the work both during construction and prior to acceptance, the Company has not experienced material warranty costs for these short-term warranties and therefore does not believe an accrual for these costs is necessary. The ready mixed concrete product line carries a longer warranty period, for which the Company has accrued an estimate of warranty cost based on experience with the type of work and any known risks relative to the projects. These costs were not material to the Company’s consolidated results of operations for the years ended December 31, 2019, 2018 and 2017. Consolidated Comprehensive Earnings and Accumulated Other Comprehensive Loss . Consolidated comprehensive earnings for the Company consist of consolidated net earnings, adjustments for the funded status of pension and postretirement benefit plans, foreign currency translation adjustments and the amortization of the value of terminated forward starting interest rate swap agreements into interest expense, and are presented in the Company’s consolidated statements of comprehensive earnings. Accumulated other comprehensive loss consists of unrecognized gains and losses related to the funded status of the pension and postretirement benefit plans, foreign currency translation and the unamortized value of terminated forward starting interest rate swap agreements, and is presented on the Company’s consolidated balance sheets. The components of the changes in accumulated other comprehensive loss and related cumulative noncurrent deferred tax assets are as follows: Pension and Postretirement Benefit Plans Foreign Currency Unamortized Value of Terminated Forward Starting Interest Rate Swap Total years ended December 31 (in millions) 2019 Accumulated other comprehensive loss at beginning of period $ (141.5 ) $ (2.1 ) $ — $ (143.6 ) Other comprehensive (loss) earnings before reclassifications, net of tax (14.5 ) 1.2 — (13.3 ) Amounts reclassified from accumulated other comprehensive loss, net of tax 11.1 — — 11.1 Other comprehensive (loss) earnings, net of tax (3.4 ) 1.2 — (2.2 ) Accumulated other comprehensive loss at end of period $ (144.9 ) $ (0.9 ) $ — $ (145.8 ) Cumulative noncurrent deferred tax assets at end of period $ 85.2 $ — $ — $ 85.2 2018 Accumulated other comprehensive loss at beginning of period $ (128.8 ) $ — $ (0.3 ) $ (129.1 ) Other comprehensive loss before reclassifications, net of tax (22.9 ) (2.1 ) — (25.0 ) Amounts reclassified from accumulated other comprehensive loss, net of tax 10.2 — 0.3 10.5 Other comprehensive (loss) earnings, net of tax (12.7 ) (2.1 ) 0.3 (14.5 ) Accumulated other comprehensive loss at end of period $ (141.5 ) $ (2.1 ) $ — $ (143.6 ) Cumulative noncurrent deferred tax assets at end of period $ 84.2 $ — $ — $ 84.2 2017 Accumulated other comprehensive loss at beginning of period $ (128.4 ) $ (1.2 ) $ (1.1 ) $ (130.7 ) Other comprehensive (loss) earnings before reclassifications, net of tax (8.1 ) 1.2 — (6.9 ) Amounts reclassified from accumulated other comprehensive loss, net of tax 7.7 — 0.8 8.5 Other comprehensive (loss) earnings, net of tax (0.4 ) 1.2 0.8 1.6 Accumulated other comprehensive loss at end of period $ (128.8 ) $ — $ (0.3 ) $ (129.1 ) Cumulative noncurrent deferred tax assets at end of period $ 79.9 $ — $ 0.2 $ 80.1 Reclassifications out of accumulated other comprehensive loss are as follows: years ended December 31 (in millions) 2019 2018 2017 Affected line items in the consolidated statements of earnings Pension and postretirement benefit plans: Settlement charge $ — $ 2.9 $ — Amortization of: Prior service credit (0.8 ) (2.0 ) (1.4 ) Actuarial loss 15.5 12.7 13.8 14.7 13.6 12.4 Other nonoperating expenses and (income), net Tax effect (3.6 ) (3.4 ) (4.7 ) Income tax expense (benefit) Total $ 11.1 $ 10.2 $ 7.7 Unamortized value of terminated forward starting interest rate swap: Additional interest expense $ — $ 0.5 $ 1.4 Interest expense Tax effect — (0.2 ) (0.6 ) Income tax expense (benefit) Total $ — $ 0.3 $ 0.8 Earnings Per Common Share . The Company computes earnings per common share (EPS) pursuant to the two-class method. The two-class method determines EPS for each class of common stock and participating securities according to dividends or dividend equivalents and their respective participation rights in undistributed earnings. The Company paid nonforfeitable dividend equivalents during the vesting period on its restricted stock awards and incentive stock awards made prior to 2016, which results in these being considered participating securities. The numerator for basic and diluted earnings per common share is net earnings attributable to Martin Marietta, reduced by dividends and undistributed earnings attributable to the Company’s unvested restricted stock awards and incentive stock awards issued prior to 2016. The denominator for basic earnings per common share is the weighted-average number of common shares outstanding during the period. Diluted earnings per common share is computed assuming that the weighted-average number of common shares is increased by the conversion, using the treasury stock method, of awards issued to employees and nonemployee members of the Company’s Board of Directors under certain stock-based compensation arrangements if the conversion is dilutive. The following table reconciles the numerator and denominator for basic and diluted earnings per common share: years ended December 31 (in millions) 2019 2018 2017 Net earnings attributable to Martin Marietta $ 611.9 $ 470.0 $ 713.3 Less: Distributed and undistributed earnings attributable to unvested participating securities 0.9 0.8 2.0 Basic and diluted net earnings attributable to common shareholders attributable to Martin Marietta $ 611.0 $ 469.2 $ 711.3 Basic weighted-average common shares outstanding 62.5 62.9 62.9 Effect of dilutive employee and director awards 0.2 0.2 0.3 Diluted weighted-average common shares outstanding 62.7 63.1 63.2 Reclassifications. Certain reclassifications were made to the comparative years’ financial statements and notes to the financial statements to conform to the December 31, 2019 presentation. Such reclassifications had no impact on the Company’s previously reported results of operations, financial position or cash flows. New Accounting Pronouncements Leases Effective January 1, 2019, the Company adopted ASC 842, which applies to virtually all leases, excluding mineral interest royalty agreements. ASC 842 requires the modified retrospective transition approach, applying the new standard to all leases existing at the date of initial application. It further states that an entity may use either 1) its effective date or 2) the beginning of the earliest comparative period presented in the financial statements as its date of initial application. The Company used the effective date as the date of initial application. As such, financial information and disclosures required under ASC 842 are not provided for dates and periods prior to January 1, 2019. The lease standard provides a number of practical expedients for transition accounting. The Company elected the “package of practical expedients”, which permitted the Company to not reassess its prior conclusions about lease identification, lease classification and initial direct costs. The Company elected the practical expedients pertaining to the use of hindsight and to land easements. Applying the hindsight practical expedient resulted in longer lease terms for many leases. The adoption of ASC 842 resulted in the recognition of ROU assets and lease liabilities of $502.5 million and $501.6 million, respectively, for operating leases and $10.9 million and $12.1 million, respectively, for finance leases. The adoption did not have a material impact on the Company’s consolidated statement of earnings or consolidated statement of cash flows . Pending Accounting Pronouncements Credit Losses In June 2016, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2016-13, Financial Instruments – Credit Losses |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Revenue Recognition | Note B: Revenue Recognition Performance Obligations. Performance obligations are contractual promises to transfer or provide a distinct good or service for a stated price. The Company’s product sales agreements are single-performance obligations that are satisfied at a point in time. Performance obligations within paving service agreements are satisfied over time, primarily ranging from one day to two years. For product revenues and freight revenues, customer payment terms are generally 30 days from invoice date. Customer payments for the paving operations are based on a contractual billing schedule and are due 30 days from invoice date. Future revenues from unsatisfied performance obligations at December 31, 2019, 2018 and 2017 were $136.1 million, $78.1 million and $67.0 million, respectively, where the remaining periods to complete these obligations ranged from three months to 12 months, two months to 22 months and one month to 23 months, respectively. Sales Taxes. The Company is deemed to be an agent when collecting sales taxes from customers. Sales taxes collected are initially recorded as liabilities until remitted to taxing authorities and are not reflected in the consolidated statements of earnings as revenues and expenses. Revenue by Category. The following table presents the Company’s total revenues by category for each reportable segment: years ended December 31 Products and Services Freight Total (in millions) 2019 Mid-America Group $ 1,328.8 $ 117.2 $ 1,446.0 Southeast Group 489.1 17.3 506.4 West Group 2,354.5 160.9 2,515.4 Total Building Materials Business 4,172.4 295.4 4,467.8 Magnesia Specialties 249.9 21.4 271.3 Total $ 4,422.3 $ 316.8 $ 4,739.1 2018 Mid-America Group $ 1,133.8 $ 89.4 $ 1,223.2 Southeast Group 409.6 13.8 423.4 West Group 2,168.4 141.6 2,310.0 Total Building Materials Business 3,711.8 244.8 3,956.6 Magnesia Specialties 268.6 19.1 287.7 Total $ 3,980.4 $ 263.9 $ 4,244.3 2017 Mid-America Group $ 982.2 $ 71.1 $ 1,053.3 Southeast Group 348.7 13.9 362.6 West Group 2,139.9 139.8 2,279.7 Total Building Materials Business 3,470.8 224.8 3,695.6 Magnesia Specialties 252.7 17.3 270.0 Total $ 3,723.5 $ 242.1 $ 3,965.6 Service revenues, which solely include the paving operations located in Colorado, were $250.6 million, $219.6 million and $245.3 million for the years ended December 31, 2019, 2018 and 2017, respectively. Contract Balances. Costs in excess of billings relate to the conditional right to consideration for completed contractual performance and are contract assets on the consolidated balance sheets. Costs in excess of billings are reclassified to accounts receivable when the right to consideration becomes unconditional. Billings in excess of costs relate to customers invoiced in advance of contractual performance and are contract liabilities on the consolidated balance sheets. The following table presents information about the Company’s contract balances: December 31 (in millions) 2019 2018 Costs in excess of billings $ 2.8 $ 2.0 Billings in excess of costs $ 7.8 $ 6.7 Revenues recognized from the beginning balance of contract liabilities for the years ended December 31, 2019 and 2018 were $6.6 million and $6.8 million, respectively. Retainage, which primarily relates to the paving services, represents amounts that have been billed to customers but payment withheld until final acceptance of the performance obligation by the customer. Included on the Company’s consolidated balance sheets, retainage was $10.2 million and $7.5 million at December 31, 2019 and 2018, respectively. Policy Elections. When the Company arranges third-party freight to deliver products to customers, the Company has elected the delivery to be a fulfillment activity rather than a separate performance obligation. Further, the Company acts as a principal in the delivery arrangements and, as required by the revenue standard, the related revenues and costs are presented gross and are included in the consolidated statements of earnings. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Note C: Goodwill and Other Intangible Assets The following table shows the changes in goodwill by reportable segment and in total: December 31 Mid- America Group Southeast Group West Group Total (in millions) 2019 Balance at beginning of period $ 431.9 $ 144.2 $ 1,823.0 $ 2,399.1 Measurement period adjustments (1.0 ) (0.6 ) — (1.6 ) Goodwill allocated to assets held for sale — (0.2 ) — (0.2 ) Divestitures — — (0.5 ) (0.5 ) Balance at end of period $ 430.9 $ 143.4 $ 1,822.5 $ 2,396.8 2018 Balance at beginning of period $ 281.4 $ 50.3 $ 1,828.6 $ 2,160.3 Acquisitions 150.5 94.8 — 245.3 Goodwill allocated to assets held for sale — — (5.6 ) (5.6 ) Divestitures — (0.9 ) — (0.9 ) Balance at end of period $ 431.9 $ 144.2 $ 1,823.0 $ 2,399.1 Intangible assets subject to amortization consist of the following: December 31 Gross Amount Accumulated Amortization Net Balance (in millions) 2019 Noncompetition agreements $ 6.3 $ (6.2 ) $ 0.1 Customer relationships 65.6 (30.4 ) 35.2 Operating permits 459.0 (42.3 ) 416.7 Use rights and other 16.7 (12.1 ) 4.6 Trade names 12.8 (10.9 ) 1.9 Total $ 560.4 $ (101.9 ) $ 458.5 2018 Noncompetition agreements $ 6.3 $ (6.2 ) $ 0.1 Customer relationships 65.6 (25.6 ) 40.0 Operating permits 459.0 (36.1 ) 422.9 Use rights and other 16.7 (11.2 ) 5.5 Trade names 12.8 (9.7 ) 3.1 Total $ 560.4 $ (88.8 ) $ 471.6 Intangible assets deemed to have an indefinite life that are therefore not amortized consist of the following: December 31 Building Materials Business Magnesia Specialties Total (in millions) 2019 Operating permits $ 6.6 $ — $ 6.6 Use rights 19.0 — 19.0 Trade names 0.2 2.5 2.7 Total $ 25.8 $ 2.5 $ 28.3 2018 Operating permits $ 6.6 $ — $ 6.6 Use rights 20.3 — 20.3 Trade names 0.3 2.5 2.8 Total $ 27.2 $ 2.5 $ 29.7 During 2019, the Company acquired $1.5 million of intangible assets, consisting of use rights not subject to amortization. Total amortization expense for intangible assets for the years ended December 31, 2019, 2018 and 2017 was $13.0 million, $13.9 million and $14.2 million, respectively. The estimated amortization expense for intangible assets for each of the next five years and thereafter is as follows: (in millions) 2020 $ 13.2 2021 12.5 2022 11.1 2023 10.6 2024 10.6 Thereafter 400.5 Total $ 458.5 |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Business Combinations | Note D: Business Combinations In April 2018, the Company acquired Bluegrass Materials Company (“Bluegrass”), the then-largest privately-held, pure-play aggregates company in the United States, for $1.6 billion. Bluegrass’ operations included 22 active sites with more than 125 years of reserves, collectively, in Georgia, South Carolina, Tennessee, Maryland, Kentucky and Pennsylvania. These operations complement the Company’s existing southeastern footprint in its Mid-America and Southeast Groups and provide a new growth platform within Maryland and Kentucky. The Company determined fair values of the assets acquired and liabilities assumed. As of April 2019, the measurement period is closed. The following is a summary of the estimated fair values of the assets acquired and the liabilities assumed as of the acquisition date: (in millions) Assets: Cash and cash equivalents $ 1.2 Receivables 25.5 Inventory 46.6 Other current assets 1.0 Property, plant and equipment 1,519.3 Intangible assets, other than goodwill 20.2 Goodwill 243.0 Total Assets 1,856.8 Liabilities: Accounts payable and accrued expenses 17.9 Deferred income tax liabilities, net 212.5 Noncontrolling interest 9.0 Total Liabilities 239.4 Total Consideration $ 1,617.4 Goodwill represents the excess purchase price over the fair values of assets acquired and liabilities assumed and reflects projected operating synergies from the transaction, including expected overhead savings. None of the goodwill generated by the transaction will be deductible for income tax purposes. Total revenues and earnings from operations attributable to acquired operations included in the consolidated statements of earnings were $245.7 million and $70.5 million, respectively, for the year ended December 31, 2019, and $172.0 million and $32.4 million, respectively, for the year ended December 31, 2018. Acquisition-related expenses, primarily related to Bluegrass, were $28.3 million and $8.6 million for the years ended December 31, 2018 and 2017, respectively. Acquisition-related expenses, net, for 2018 also include a $14.8 million gain on a required divestiture of a legacy quarry. Unaudited Pro Forma Financial Information The unaudited pro forma financial information summarizes the combined results of operations for the Company and Bluegrass as though the companies were combined as of January 1, 2017. Financial information for periods prior to the April 2018 acquisition date included in the pro forma earnings does not reflect any cost savings or associated costs to achieve such savings from operating efficiencies or synergies that result from the combination. Consistent with the assumed acquisition date of January 1, 2017, the pro forma financial results for the year ended December 31, 2017 include acquisition-related expenses of $28.1 million, the $14.8 million gain on the required divestiture of assets and the one-time $18.7 million increase in cost of revenues for the sale of acquired inventory marked up to fair value as part of acquisition accounting. The pro forma information does not purport to project the future financial position or operating results of the combined company. The pro forma financial information as presented below 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 at the beginning of fiscal year 2017. years ended December 31 (in millions, except for per share data) 2018 2017 Total revenues $ 4,299.7 $ 4,178.6 Net earnings attributable to Martin Marietta $ 489.5 $ 691.7 Diluted earnings per share $ 7.75 $ 10.94 In August 2018, the Company purchased the remaining noncontrolling interest in a consolidated joint venture where the controlling interest was acquired as part of the Bluegrass acquisition. |
Accounts Receivable, Net
Accounts Receivable, Net | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Accounts Receivable, Net | Note E: Accounts Receivable, Net December 31 (in millions) 2019 2018 Customer receivables $ 564.4 $ 514.1 Other current receivables 14.0 12.5 578.4 526.6 Less: Allowances (4.7 ) (3.3 ) Total $ 573.7 $ 523.3 Of the total accounts receivable, net, balances, $2.9 |
Inventories, Net
Inventories, Net | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories, Net | Note F: Inventories, Net December 31 (in millions) 2019 2018 Finished products $ 643.6 $ 615.7 Products in process 41.9 35.6 Raw materials 32.4 31.3 Supplies and expendable parts 141.5 139.6 859.4 822.2 Less: Allowances (168.6 ) (159.2 ) Total $ 690.8 $ 663.0 |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 12 Months Ended |
Dec. 31, 2019 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment, Net | Note G: Property, Plant and Equipment, Net December 31 (in millions) 2019 2018 Land and land improvements $ 1,135.0 $ 1,089.6 Mineral reserves and interests 2,509.8 2,506.8 Buildings 163.4 162.1 Machinery and equipment 4,548.6 4,357.7 Construction in progress 258.4 178.7 Finance lease right-of-use assets 18.3 — 8,633.5 8,294.9 Less: Accumulated depreciation, depletion and amortization (3,427.5 ) (3,137.7 ) Total $ 5,206.0 $ 5,157.2 Depreciation, depletion and amortization expense related to property, plant and equipment was $354.4 million, $326.1 million and $279.8 million for the years ended December 31, 2019, 2018 and 2017, respectively. Depreciation, depletion and amortization expense for 2019 includes amortization of right-of-use assets from finance leases and for 2018 and 2017 includes amortization of machinery and equipment under capital leases. Interest expense of $5.1 million, $3.0 million and $3.6 million was capitalized during 2019, 2018 and 2017, respectively. At December 31, 2019 and 2018, $49.7 million and $56.2 million, respectively, of the Building Materials business’ property, plant and equipment, net, were located in foreign countries, namely the Bahamas and Canada. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Note H: Long-Term Debt December 31 (in millions) 2019 2018 4.25% Senior Notes, due 2024 $ 397.0 $ 396.4 7% Debentures, due 2025 124.4 124.3 3.450% Senior Notes, due 2027 297.3 296.9 3.500% Senior Notes, due 2027 495.3 494.8 6.25% Senior Notes, due 2037 228.1 228.1 4.250% Senior Notes, due 2047 591.7 591.5 Floating Rate Senior Notes, due 2020, interest rate of 2.55% and 3.30% at December 31, 2019 and 2018, respectively 299.7 299.0 Floating Rate Senior Notes, due 2019, interest rate of 3.29% at December 31, 2018 — 299.2 Trade Receivable Facility, interest rate of 2019 and 2018, respectively 340.0 390.0 Other notes 0.1 0.2 Total 2,773.6 3,120.4 Less: current maturities (340.0 ) (390.0 ) Long-term debt $ 2,433.6 $ 2,730.4 The Company’s 4.25% Senior Notes due 2024, 7% Debentures due 2025, 3.450% Senior Notes due 2027, 3.500% Senior Notes due 2027, 6.25% Senior Notes due 2037, 4.250% Senior Notes due 2047 and Floating Rate Senior Notes due 2020 (collectively, the “Senior Notes”) are senior unsecured obligations of the Company, ranking equal in right of payment with the Company’s existing and future unsubordinated indebtedness. Upon a change-of-control repurchase event and a resulting below-investment-grade credit rating, the Company would be required to make an offer to repurchase all outstanding Senior Notes, with the exception of the 7% Debentures due 2025, at a price in cash equal to 101% of the principal amount of the Senior Notes, plus any accrued and unpaid interest. The Senior Notes are carried net of original issue discount, which is being amortized by the effective interest method over the life of the issue. With the exception of the Floating Rate Senior Notes, due 2020, the Senior Notes are redeemable prior to their respective maturity dates at a make-whole redemption price. The principal amount, effective interest rate and maturity date for the Senior Notes are as follows: Principal Amount (in millions) Effective Interest Rate Maturity Date 4.25% Senior Notes $ 400.0 4.25% July 2, 2024 7% Debentures $ 125.0 7.12% December 1, 2025 3.450% Senior Notes $ 300.0 3.47% June 1, 2027 3.500% Senior Notes $ 500.0 3.53% December 15, 2027 6.25% Senior Notes $ 230.0 6.45% May 1, 2037 4.250% Senior Notes $ 600.0 4.27% December 15, 2047 Floating Rate Senior Notes, due 2020 $ 300.0 Three-month LIBOR + 0.65% May 22, 2020 The Company has a credit agreement with JPMorgan Chase Bank, N.A., as Administrative Agent, Truist Bank, as successor by merger to SunTrust Bank and formerly known as Branch Banking and Trust Company (BB&T), Deutsche Bank Securities, Inc., and Wells Fargo Bank, N.A., as Co-Syndication Agents, and the lenders party thereto (the “Credit Agreement”), which provides for a $700.0 million five-year The Credit Agreement requires the Company’s ratio of consolidated debt-to-consolidated earnings before interest, taxes, depreciation, depletion and amortization (EBITDA), as defined, for the trailing-twelve months (the “Ratio”) to not exceed 3.50 x as of the end of any fiscal quarter, provided that the Company may exclude from the Ratio 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 3.75 x. Additionally, if no amounts are outstanding under both the Revolving Facility and the trade receivable securitization facility (discussed later), consolidated debt, including debt for which the Company is a co-borrower (see Note O ), may be reduced by the Company’s unrestricted cash and cash equivalents in excess of $ million , such reduction not to exceed $ million , for purposes of the covenant calculation. The Company was in compliance with the Ratio at December 31, 201 9 . On December 5, 2019, the Company extended its Revolving Facility by one year. The Revolving Facility expires on December 5, 2024, with any outstanding principal amounts, together with interest accrued thereon, due in full on that date. The Company, through a wholly-owned special-purpose subsidiary, has a $400.0 million trade receivable securitization facility (the “Trade Receivable Facility”). On September 24, 2019, the Company extended the maturity to September 23, 2020. The Trade Receivable Facility, with Truist Bank, Regions Bank, PNC Bank, N.A., The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch, and certain other lenders that may become a party to the facility from time to time, is backed by eligible trade receivables, as defined. Borrowings are limited to the lesser of the facility limit or the borrowing base, as defined. These receivables are originated by the Company and then sold or contributed to the wholly-owned special-purpose subsidiary. The Company continues to be responsible for the servicing and administration of the receivables purchased by the wholly-owned special-purpose subsidiary. Borrowings under the Trade Receivable Facility bear interest at a rate equal to one-month LIBOR plus 0.725%, subject to change in the event that this rate no longer reflects the lender’s cost of lending. The Trade Receivable Facility contains a cross-default provision to the Company’s other debt agreements. The Company’s long-term debt maturities for the five years following December 31, 2019, and thereafter are: (in millions) 2020 $ 340.0 2021 0.1 2022 0.1 2023 — 2024 696.7 Thereafter 1,736.7 Total $ 2,773.6 The 2020 Floating Rate Notes mature on May 22, 2020. The Company has classified these obligations as noncurrent long-term debt on the consolidated balance sheet as of December 31, 2019 as it has the ability and intent to refinance the notes on a long-term basis. For the debt maturity schedule, the 2020 Floating Rate Notes are included in 2024. The Company has a $5.0 million short-term line of credit. No amounts were outstanding under this line of credit at December 31, 2019 or 2018. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Financial Instruments Disclosure [Abstract] | |
Financial Instruments | Note I: Financial Instruments The Company’s financial instruments include temporary cash investments, accounts receivable, notes receivable, accounts payable, publicly-registered long-term notes, debentures and other long-term debt. Temporary cash investments are placed primarily in money market funds, money market demand deposit accounts or offshore 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. 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, Colorado, North Carolina, Georgia and Iowa . The estimated fair values of accounts receivable approximate their carrying amounts. Notes receivable are primarily promissory notes with customers and are not publicly traded. Management estimates that the fair value of notes receivable approximates its carrying amount. Accounts payable represent amounts owed to suppliers and vendors. The estimated fair value of accounts payable approximates its carrying amount due to the short-term nature of the payables. The carrying values and fair values of the Company’s long-term debt were $2.77 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note J: Income Taxes The components of the Company’s income tax expense (benefit) are as follows: years ended December 31 (in millions) 2019 2018 2017 Federal income taxes: Current $ 83.9 $ 15.3 $ 129.2 Deferred 31.1 69.6 (239.3 ) Total federal income taxes 115.0 84.9 (110.1 ) State income taxes: Current 20.5 6.0 14.8 Deferred (1.5 ) 14.1 (0.9 ) Total state income taxes 19.0 20.1 13.9 Foreign income taxes: Current 2.8 (1.4 ) 1.2 Deferred (0.5 ) 2.1 0.5 Total foreign income taxes 2.3 0.7 1.7 Income tax expense (benefit) $ 136.3 $ 105.7 $ (94.5 ) On December 22, 2017, the U.S. government enacted the Tax Cuts and Jobs Act of 2017 (the 2017 Tax Act). The 2017 Tax Act included provisions that lowered the federal statutory corporate income tax rate from 35% to 21% beginning in 2018, imposed a one-time transition tax on mandatory deemed repatriation of undistributed net earnings and changed how foreign earnings are subject to U.S. tax. U.S. GAAP generally requires the effects of a tax law change to be recorded as a component of income tax expense in the period of enactment. However, the SEC staff issued Staff Accounting Bulletin No. 118 (SAB 118), which allowed companies to record provisional amounts during a measurement period of up to one year from enactment where the necessary information was not available to complete the accounting for certain income tax effects of the 2017 Tax Act. The Company recognized, on a provisional basis, a net tax benefit of $258.1 million related to the 2017 Tax Act for the remeasurement of deferred tax assets and liabilities in its consolidated financial statements for the year ended December 31, 2017. In accordance with the provisions of SAB 118, the Company completed the accounting for the impact of the 2017 Tax Act during the year ended December 31, 2018, and as a result recognized income tax expense of $1.1 million for the transition tax on mandatory deemed repatriation of undistributed foreign earnings; income tax expense of $1.5 million for the write-off of deferred tax assets that will not be realized due to changes in the deductibility of executive compensation; and an income tax benefit of $21.5 million primarily related to the accelerated deductions for pension funding, inventory and insurance prepayments that were claimed on the Company’s 2017 income tax returns. For the year ended December 31, 2018, the benefit related to the utilization of federal net operating loss (NOL) carryforwards, reflected in current tax expense, was $5.8 million. For the years ended December 31, 2019, 2018 and 2017, foreign pretax earnings were $15.1 million, $5.7 million and $10.6 million, respectively. The Company’s effective income tax rate varied from the statutory United States income tax rate because of the following years ended December 31 2019 2018 2017 Statutory income tax rate 21.0 % 21.0 % 35.0 % (Reduction) increase resulting from: Effect of statutory depletion (3.4 ) (3.4 ) (5.6 ) State income taxes, net of federal tax benefit 2.0 2.8 1.5 Change in tax status of subsidiary (1.7 ) — — Stock based compensation (0.5 ) (0.5 ) (1.0 ) Impact from 2017 Tax Act — (3.3 ) (41.7 ) Domestic production deduction — — (2.2 ) Other items 0.8 1.7 (1.3 ) Effective income tax rate 18.2 % 18.3 % (15.3 %) The statutory depletion deduction for all years is calculated as a percentage of sales, subject to certain limitations. Due to these limitations, the impact of changes in the sales volumes and earnings may not proportionately affect the Company’s statutory depletion deduction and the corresponding impact on the effective income tax rate. The Company recognized a net tax benefit from the change in tax status of a subsidiary from a partnership to a corporation in 2019, which reduced income tax expense and increased consolidated net earnings by $15.2 million, or $0.24 per diluted share. The Company was entitled to receive a 9% tax deduction related to income from domestic (i.e., United States) production activities in 2017. The deduction reduced income tax expense and increased consolidated net earnings by $15.5 million, or $0.25 per diluted share, in 2017. The domestic production deduction was eliminated by the 2017 Tax Act. The principal components of the Company’s deferred tax assets and liabilities are as follows: December 31 Deferred Assets (Liabilities) (in millions) 2019 2018 Deferred tax assets related to: Inventories $ 62.6 $ 52.6 Valuation and other reserves 22.3 22.4 Net operating loss carryforwards 10.5 11.0 Accumulated other comprehensive loss 85.2 84.2 Lease liability 114.7 — Other items, net 2.9 3.0 Gross deferred tax assets 298.2 173.2 Valuation allowance on deferred tax assets (9.0 ) (8.6 ) Total net deferred tax assets 289.2 164.6 Deferred tax liabilities related to: Property, plant and equipment (700.8 ) (478.3 ) Goodwill and other intangibles (151.7 ) (170.6 ) Right-of-use assets (112.1 ) — Partnerships and joint ventures (27.4 ) (204.3 ) Employee benefits (30.2 ) (17.0 ) Total deferred tax liabilities (1,022.2 ) (870.2 ) Deferred income taxes, net $ (733.0 ) $ (705.6 ) The Company had $4.1 million and $3.2 million of domestic federal NOL carryforwards at December 31, 2019 and 2018, respectively. The Company had domestic state NOL carryforwards of $161.0 million and $168.1 million at December 31, 2019 and 201 8 , respectively. These carryforwards have various expiration dates through 203 9 . At December 31, 201 9 and 201 8 , deferred tax assets associated with these carryforwards were $ million and $ 11.0 million , respectively, net of the federal benefit of the state deduction, for which valuation allowances of $ 9.0 million and $ 8.6 million , respectively, were recorded. The Company also had domestic state tax credit carryforwards of $ 1.1 million and $ 1.0 million at December 31, 201 9 and 201 8 , respectively, which have various expiration dates through 203 9 . At December 31, 20 1 9 and 201 8 , deferred tax assets associated with these carryforwards were $ million and $ 0.8 million , respectively, net of the federal benefit of the state deduction . Deferred tax liabilities for property, plant and equipment result from accelerated depreciation methods being used for income tax purposes as compared with the straight-line method for financial reporting purposes. The increase in 2019 compared with 2018 was primarily driven by the impact of 100% expensing of capital expenditures for tax purposes and by the change in the tax status of a subsidiary from a partnership to a corporation. The majority of the deferred tax liabilities recorded for the Company were related to property, plant and equipment. Deferred tax liabilities for partnerships and joint ventures relate to the difference between the tax basis in partnerships and joint ventures when compared to the basis for financial reporting purposes. The decrease in 2019 compared with 2018 was a result of the change in the tax status of a subsidiary from a partnership to a corporation, which required the write-off of the deferred tax liability on the partnership investment, and the recording of deferred tax liabilities on the assets owned by the Company. Deferred tax liabilities related to goodwill and other intangibles reflect the cessation of goodwill amortization for financial reporting purposes, while amortization continues for income tax purposes. The Company expects to permanently reinvest the earnings from its wholly-owned Canadian and Bahamian subsidiaries, and accordingly, has not provided deferred taxes on the subsidiaries’ undistributed net earnings or basis differences. The Company believes that the tax liability that would be incurred upon repatriation is immaterial at December 31, 2019. The following table summarizes the Company’s unrecognized tax benefits, excluding interest and correlative effects of $1.7 million and $0.6 million for the years ended December 31, 2019 and 2018, respectively: years ended December 31 (in millions) 2019 2018 2017 Unrecognized tax benefits at beginning of year $ 24.1 $ 22.4 $ 21.8 Gross increases – tax positions in prior years 0.4 0.9 1.4 Gross decreases – tax positions in prior years — — (0.7 ) Gross increases – tax positions in current year 1.8 1.8 5.0 Gross decreases – tax positions in current year (0.8 ) (1.0 ) (0.9 ) Lapse of statute of limitations — — (4.2 ) Unrecognized tax benefits at end of year $ 25.5 $ 24.1 $ 22.4 Amount that, if recognized, would favorably impact the effective tax rate $ 15.5 $ 12.8 $ 10.4 Unrecognized tax benefits are reversed as a discrete event if an examination of applicable tax returns is not initiated by a federal or state tax authority within the statute of limitations or upon effective settlement with federal or state tax authorities. Management believes its accrual for unrecognized tax benefits is sufficient to cover uncertain tax positions reviewed during audits by taxing authorities. The Company anticipates that it is reasonably possible that its unrecognized tax benefits may decrease up to $17.1 million, excluding interest and correlative effects, during the twelve months ending December 31, 2020, due to the expiration of the statutes of limitations for the 2016 and all prior open tax years. For the year ended December 31, 2017, $3.9 million was reversed into income upon the statute of limitations expiration for the 2010 through 2013 tax years. The Company’s tax years subject to federal, state or foreign examinations are 2011 through 2019. |
Retirement Plans, Postretiremen
Retirement Plans, Postretirement and Postemployment Benefits | 12 Months Ended |
Dec. 31, 2019 | |
Compensation And Retirement Disclosure [Abstract] | |
Retirement Plans, Postretirement and Postemployment Benefits | Note K: Retirement Plans, Postretirement and Postemployment Benefits The Company sponsors defined benefit retirement plans that cover substantially all employees. Additionally, the Company provides other postretirement benefits for certain employees, including medical benefits for retirees and their spouses and retiree life insurance. Employees starting on or after January 1, 2002 are not eligible for postretirement welfare plans. The Company also provides certain benefits, such as disability benefits, to former or inactive employees after employment but before retirement. The measurement date for the Company’s defined benefit plans, postretirement benefit plans and postemployment benefit plans is December 31. Defined Benefit Retirement Plans. Retirement plan assets are invested in listed stocks, bonds, hedge funds, real estate and cash equivalents. Defined retirement benefits for salaried employees are based on each employee’s years of service and average compensation for a specified period of time before retirement. Defined retirement benefits for hourly employees are generally stated amounts for specified periods of service. The Company sponsors a Supplemental Excess Retirement Plan (SERP) that generally provides for the payment of retirement benefits in excess of allowable Internal Revenue Code limits. The SERP generally provides for a lump-sum payment of vested benefits. When these benefit payments exceed the sum of the service and interest costs for the SERP during a year, the Company recognizes a pro rata portion of the SERP’s unrecognized actuarial loss as settlement expense. The net periodic retirement benefit cost of defined benefit plans includes the following components: years ended December 31 (in millions) 2019 2018 2017 Service cost $ 30.8 $ 31.7 $ 26.9 Interest cost 37.6 33.2 36.1 Expected return on assets (47.9 ) (46.0 ) (39.8 ) Amortization of: Prior service cost — 0.1 0.3 Actuarial loss 16.0 12.8 14.1 Settlement charge — 2.9 — Net periodic benefit cost $ 36.5 $ 34.7 $ 37.6 The components of net periodic benefit cost, other than service cost, are included in the line item Other nonoperating expenses and (income), net, in the consolidated statements of earnings. The expected return on assets is calculated by applying an annually selected expected rate of return assumption to the estimated fair value of the plan assets, giving consideration to contributions and benefits paid. The Company recognized the following amounts in consolidated comprehensive earnings: years ended December 31 (in millions) 2019 2018 2017 Actuarial loss $ 11.7 $ 32.1 $ 13.3 Net prior service cost 6.4 — — Amortization of: Prior service cost — (0.1 ) (0.3 ) Actuarial loss (16.0 ) (12.8 ) (14.1 ) Settlement charge — (2.9 ) — Total $ 2.1 $ 16.3 $ (1.1 ) Accumulated other comprehensive loss includes the following amounts that have not yet been recognized in net periodic benefit cost: December 31 2019 2018 (in millions) Gross Net of tax Gross Net of tax Prior service cost $ 6.4 $ 4.0 $ — $ — Actuarial loss 229.4 144.5 233.7 146.6 Total $ 235.8 $ 148.5 $ 233.7 $ 146.6 The prior service cost and actuarial loss expected to be recognized in net periodic benefit cost during 2020 are $0.7 million (net of deferred taxes of $0.2 million) and $13.5 million (net of deferred taxes of $3.3 million), respectively. These amounts are included in accumulated other comprehensive loss at December 31, 2019. The defined benefit plans’ change in projected benefit obligation is as follows: years ended December 31 (in millions) 2019 2018 Net projected benefit obligation at beginning of year $ 847.9 $ 879.3 Service cost 30.8 31.7 Interest cost 37.6 33.2 Actuarial loss (gain) 95.2 (54.6 ) Plan amendments 6.4 — Gross benefits paid (40.1 ) (41.7 ) Net projected benefit obligation at end of year $ 977.8 $ 847.9 The Company’s change in plan assets, funded status and amounts recognized on the Company’s consolidated balance sheets are as follows: years ended December 31 (in millions) 2019 2018 Fair value of plan assets at beginning of year $ 717.9 $ 638.1 Actual return on plan assets, net 131.3 (40.8 ) Employer contributions 58.9 162.3 Gross benefits paid (40.1 ) (41.7 ) Fair value of plan assets at end of year $ 868.0 $ 717.9 December 31 (in millions) 2019 2018 Funded status of the plan at end of year $ (109.8 ) $ (130.0 ) Accrued benefit cost $ (109.8 ) $ (130.0 ) December 31 (in millions) 2019 2018 Amounts recognized on consolidated balance sheets consist of: Current liability $ (6.4 ) $ (9.0 ) Noncurrent liability (103.4 ) (121.0 ) Net amount recognized at end of year $ (109.8 ) $ (130.0 ) The accumulated benefit obligation for all defined benefit pension plans was $878.7 million and $771.9 million at December 31, 2019 and 2018, respectively. Benefit obligations and fair value of plan assets for pension plans with accumulated benefit obligations in excess of plan assets are as follows: December 31 (in millions) 2019 2018 Projected benefit obligation $ 107.1 $ 98.7 Accumulated benefit obligation $ 96.4 $ 85.5 Fair value of plan assets $ 0.6 $ 0.6 Weighted-average assumptions used to determine benefit obligations as of December 31 are: 2019 2018 Discount rate 3.69% 4.38% Rate of increase in future compensation levels 4.50% 4.50% Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31 are: 2019 2018 2017 Discount rate 4.38% 3.76% 4.29% Rate of increase in future compensation levels 4.50% 4.50% 4.50% Expected long-term rate of return on assets 6.75% 6.75% 6.75% The expected long-term rate of return on assets is based on a building-block approach, whereby the components are weighted based on the allocation of pension plan assets. As of December 31, 2019 and 2018, the Company estimated the remaining lives of participants in the pension plans using the Pri-2012 and RP-2014 Base tables, respectively. The no-collar table was used for salaried participants and the blue-collar table was used for hourly participants; both tables were adjusted to reflect the experience of the Company’s participants. The Company used the MP-2018 The target allocation for 2019 and the actual pension plan asset allocation by asset class are as follows: Percentage of Plan Assets 2019 Target December 31 Asset Class Allocation 2019 2018 Equity securities 56% 64% 57% Debt securities 30% 28% 32% Hedge funds 4% 3% 6% Real estate 10% 5% 5% Total 100% 100% 100% The Company’s investment strategy is for approximately The fair values of pension plan assets by asset class and fair value hierarchy level are as follows: Fair Value Measurements December 31 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Net Asset Value Total Fair Value (in millions) 2019 Equity securities 1 Mid-sized to large cap $ — $ — $ — $ 262.5 $ 262.5 Small cap, international and emerging growth funds — — — 290.3 290.3 Debt securities 1 Core fixed income — — — 242.9 242.9 Real estate — — — 42.9 42.9 Hedge funds — — — 26.4 26.4 Cash equivalents 3.0 — — — 3.0 Total $ 3.0 $ — $ — $ 865.0 $ 868.0 2018 Equity securities 1 Mid-sized to large cap $ — $ — $ — $ 196.5 $ 196.5 Small cap, international and emerging growth funds — — — 210.4 210.4 Debt securities 1 Core fixed income — — — 228.2 228.2 Real estate — — — 35.5 35.5 Hedge funds — — — 44.4 44.4 Cash equivalents 2.9 — — — 2.9 Total $ 2.9 $ — $ — $ 715.0 $ 717.9 1 These investments are common collective investment trusts valued using the net asset value (NAV) unit price provided by the fund administrator. The NAV is based on the value of the underlying assets owned by the fund. Real estate investments are stated at estimated fair value, which is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair values of real estate investments generally do not reflect transaction costs that may be incurred upon disposition of the real estate investments and do not necessarily represent the prices at which the In 2019 and 2018, the Company made combined pension plan and SERP contributions of $58.9 million and $162.3 million, respectively. The Company currently estimates that it will contribute $60.2 million to its pension plans in 2020. The expected benefit payments to be paid from plan assets for each of the next five years and the five-year period thereafter are as follows: (in millions) 2020 $ 43.5 2021 $ 44.8 2022 $ 46.2 2023 $ 47.6 2024 $ 50.9 Years 2025 - 2029 $ 271.0 Postretirement Benefits . The net periodic postretirement benefit credit for postretirement plans includes the following components: years ended December 31 (in millions) 2019 2018 2017 Service cost $ 0.1 $ 0.1 $ 0.1 Interest cost 0.6 0.5 0.7 Amortization of: Prior service credit (0.8 ) (2.1 ) (1.7 ) Actuarial gain (0.5 ) (0.2 ) (0.4 ) Total net periodic benefit credit $ (0.6 ) $ (1.7 ) $ (1.3 ) The components of net periodic benefit credit, other than service cost, are included in the line item Other nonoperating expenses and (income), net , The Company recognized the following amounts in consolidated comprehensive earnings: years ended December 31 (in millions) 2019 2018 2017 Actuarial loss (gain) $ 1.0 $ (1.7 ) $ 1.2 Net prior service credit — — (3.9 ) Amortization of: Prior service credit 0.8 2.1 1.7 Actuarial gain 0.5 0.2 0.4 Total $ 2.3 $ 0.6 $ (0.6 ) Accumulated other comprehensive loss includes the following amounts that have not yet been recognized in net periodic benefit credit: December 31 2019 2018 (in millions) Gross Net of tax Gross Net of tax Prior service credit $ (3.0 ) $ (1.9 ) $ (3.8 ) $ (2.4 ) Actuarial gain (2.7 ) (1.7 ) (4.2 ) (2.7 ) Total $ (5.7 ) $ (3.6 ) $ (8.0 ) $ (5.1 ) The prior service credit and actuarial gain expected to be recognized in net periodic benefit cost during 2020 are $0.8 million (net of deferred taxes of $0.2 million) and $0.3 million (net of deferred taxes of $0.1 million), respectively, and are included in accumulated other comprehensive loss at December 31, 2019. The postretirement health care plans’ change in benefit obligation is as follows: years ended December 31 (in millions) 2019 2018 Net benefit obligation at beginning of year $ 13.3 $ 15.3 Service cost 0.1 0.1 Interest cost 0.6 0.5 Participants’ contributions 1.2 0.3 Actuarial loss (gain) 1.0 (1.6 ) Gross benefits paid (3.2 ) (1.3 ) Net benefit obligation at end of year $ 13.0 $ 13.3 The postretirement health care plans’ change in plan assets, funded status and amounts recognized on the Company’s consolidated balance sheets are as follows: years ended December 31 (in millions) 2019 2018 Fair value of plan assets at beginning of year $ — $ — Employer contributions 2.0 1.0 Participants’ contributions 1.2 0.3 Gross benefits paid (3.2 ) (1.3 ) Fair value of plan assets at end of year $ — $ — December 31 (in millions) 2019 2018 Funded status of the plan at end of year $ (13.0 ) $ (13.3 ) Accrued benefit cost $ (13.0 ) $ (13.3 ) December 31 (in millions) 2019 2018 Amounts recognized on consolidated balance sheets consist of: Current liability $ (2.0 ) $ (1.0 ) Noncurrent liability (11.0 ) (12.3 ) Net amount recognized at end of year $ (13.0 ) $ (13.3 ) Weighted-average assumptions used to determine the postretirement benefit obligation as of December 31 are: 2019 2018 Discount rate 3.29% 4.15% Weighted-average assumptions used to determine net postretirement benefit credit for the years ended December 31 are: 2019 2018 2017 Discount rate 4.15% 3.47% 3.78% As of December 31, 2019 and 2018, the Company estimated the remaining lives of participants in the postretirement benefit plans using the Pri-2012 and RP-2014 Base tables, respectively. The no-collar table was used for salaried participants and the blue-collar table was used for hourly participants; both tables were adjusted to reflect the experience of the Company’s participants. The Company used the MP-2018 mortality improvement scale for the years 2019 and 2018. Assumed health care cost trend rates at December 31 are: 2019 2018 Health care cost trend rate assumed for next year 6.75% 7.0% Rate to which the cost trend rate gradually declines 4.75% 5.0% Year the rate reaches the ultimate rate 2028 2023 Assumed health care cost trend rates have a significant effect on the amounts reported for the Company’s health care plans. A one percentage-point change in assumed health care cost trend rates would have the following effects: One Percentage Point (in millions) Increase (Decrease) Total service and interest cost components $ — $ — Postretirement benefit obligation $ 0.7 $ (0.6 ) The Company estimates that it will contribute $2.0 million to its postretirement health care plans in 2020. The total expected benefit payments to be paid by the Company, net of participant contributions, for each of the next five years and the five-year period thereafter are as follows: (in millions) 2020 $ 2.0 2021 $ 1.4 2022 $ 1.4 2023 $ 1.3 2024 $ 1.2 Years 2025 - 2029 $ 4.7 Defined Contribution Plan . The Company maintains a defined contribution plan that covers substantially all employees. This plan, qualified under Section 401(a) of the Internal Revenue Code, is a retirement savings and investment plan for the Company’s salaried and hourly employees . Under certain provisions of the plan, the Company, at established rates, matches employees’ eligible contributions. The Company’s matching obligations were $17.6 million in 2019, $16.5 million in 2018 and $14.9 million in 2017. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | Note L: Stock-Based Compensation On May 19, 2016, the Company’s shareholders approved the Martin Marietta Amended and Restated Stock-Based Award Plan. The Martin Marietta Materials, Inc. Stock-Based Award Plan, as amended from time to time, along with the Amended Omnibus Securities Award Plan, originally approved in 1994 (collectively, the Plans), are still effective for awards made prior to 2017. The Company has been authorized by the Board of Directors to repurchase shares of the Company’s common stock for issuance under the stock-based award plans (see Note N). The Company grants restricted stock awards under the Plans to a group of executive officers, key personnel and nonemployee members of the Board of Directors. The vesting of certain restricted stock awards is based on certain performance criteria over a specified period of time. The number of shares may be increased to the maximum or reduced to the minimum threshold based on the results of those criteria. In addition, certain awards are granted to individuals to encourage retention and motivate key employees. These awards generally vest if the employee is continuously employed over a specified period of time and require no payment from the employee. Awards granted to nonemployee members of the Board of Directors vest immediately. The fair value of stock-based award grants is expensed over the vesting period. Awards to employees eligible for retirement prior to the award becoming fully vested are expensed over the period through the date that the employee first becomes eligible to retire and is no longer required to provide service to earn the award. Awards granted to nonemployee members of the Board of Directors are expensed immediately. Additionally, an incentive compensation stock plan has been adopted under the Plans whereby certain participants may elect to use up to 50% of their annual incentive compensation to acquire units representing shares of the Company’s common stock at a 20% discount to the market value on the date of the incentive compensation award. Certain executive officers are required to participate in the incentive compensation stock plan at certain minimum levels. Participants receive unrestricted shares of common stock in an amount equal to their respective units generally at the end of a 34-month period of additional employment from the date of award or at retirement beginning at age 62. All rights of ownership of the common stock convey to the participants upon the issuance of their respective shares at the end of the ownership-vesting period. The following table summarizes information for restricted stock awards and incentive compensation stock awards for 2019: Restricted Stock - Service Based Restricted Stock - Performance Based Incentive Compensation Stock Number of Awards Weighted- Average Grant-Date Fair Value Number of Awards Weighted- Average Grant-Date Fair Value Number of Awards Weighted- Average Grant-Date Fair Value January 1, 2019 278,147 $ 158.29 151,939 $ 174.74 35,376 $ 206.55 Awarded 86,922 $ 196.91 49,644 $ 192.27 21,883 $ 192.27 Distributed (171,689 ) $ 148.72 (54,424 ) $ 133.73 (15,948 ) $ 206.23 Forfeited (9,441 ) $ 166.51 (5,329 ) $ 205.21 (1,727 ) $ 205.54 Adjustment for performance — $ — (17,609 ) $ 133.77 — $ — December 31, 2019 183,939 $ 185.06 124,221 $ 204.21 39,584 $ 198.83 The weighted-average grant-date fair value of service-based restricted stock awards granted during 2019, 2018 and 2017 was $196.91, $211.03 and $213.76, respectively. The weighted-average grant-date fair value of performance-based restricted stock awards granted during 2019, 2018 and 2017 was $192.27, $212.12 and $207.73, respectively. The weighted-average grant-date fair value of incentive compensation stock awards granted during 2019, 2018 and 2017 was $192.27, $212.12 and $208.68, respectively. The aggregate intrinsic values for unvested restricted stock awards and unvested incentive compensation stock awards at December 31, 2019 were $86.2 million and $4.8 million, respectively, and were based on the closing price of the Company’s common stock at December 31, 2019, which was $279.64. The aggregate intrinsic values of restricted stock awards distributed during the years ended December 31, 2019, 2018 and 2017 were $49.8 million, $23.0 million and $15.8 million, respectively. The aggregate intrinsic values of incentive compensation stock awards distributed during the years ended December 31, 2019, 2018 and 2017 were $1.5 million, $1.7 million and $2.6 million, respectively. The aggregate intrinsic values for distributed awards were based on the closing prices of the Company’s common stock on the dates of distribution. Under the Plans, prior to 2016, the Company granted options to employees to purchase its common stock at a price equal to the closing market value at the date of grant. Options become exercisable in four annual installments beginning one year after date of grant. Options granted starting in 2013 expire ten years after the grant date while outstanding options granted prior to 2013 expire eight years after the grant date. In connection with the TXI acquisition, completed in 2014, the Company issued 821,282 Martin Marietta stock options (Replacement Options) to holders of outstanding TXI stock options at the acquisition date. The Company issued 0.7 Replacement Options for each outstanding TXI stock option, and the Replacement Option prices reflected the exchange ratio. The Replacement Options will expire on the original contractual dates when the TXI stock options were initially issued. Consistent with the terms of the Company’s other outstanding stock options, Replacement Options expire 90 days after employment is terminated. The following table includes summary information for stock options as of December 31, 2019: Number of Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (years) Outstanding at January 1, 2019 210,390 $ 95.93 Exercised (150,722 ) $ 90.86 Terminated (828 ) $ 94.75 Outstanding at December 31, 2019 58,840 $ 108.93 3.1 Exercisable at December 31, 2019 58,840 $ 108.93 3.1 The aggregate intrinsic values of options exercised during the years ended December 31, 2019, 2018 and 2017 were $21.6 million, $12.4 million and $13.2 million, respectively, and were based on the closing prices of the Company’s common stock on the dates of exercise. The aggregate intrinsic values for options outstanding and exercisable at December 31, 2019 were $10.0 million and were based on the closing price of the Company’s common stock at December 31, 2019, which was $279.64. The excess tax benefits for stock options exercised during the years ended December 31, 2019, 2018 and 2017 were $2.0 million, $1.7 million and $3.5 million, respectively. At December 31, 2019, there are approximately 742,000 awards available for grant under the Plans. In 2016, the Company’s shareholders approved the issuance of an additional 800,000 shares of common stock under the Plans. As part of approving the shares, the Company agreed to not issue any additional awards under the legacy TXI plan. The awards available for grant under the Plans at December 31, 2019 reflect no awards available under the legacy TXI plan. In 1996, the Company adopted the Shareholder Value Achievement Plan to award shares of the Company’s common stock to key senior employees based on certain common stock performance criteria over a long-term period. Under the terms of this plan, 250,000 shares of common stock were reserved for issuance. Through December 31, 2019, 42,025 shares have been issued under this plan. No awards have been granted under this plan since 2000. The Company adopted and the shareholders approved the Common Stock Purchase Plan for Directors in 1996, which provides nonemployee members of the Board of Directors the election to receive all or a portion of their total fees in the form of the Company’s common stock. Beginning in 2016, members of the Board of Directors were not required to defer any of their fees in the form of the Company’s common stock. Under the terms of this plan, 300,000 shares of common stock were reserved for issuance. Nonemployee members of the Board of Directors elected to defer portions of their fees representing 2,756, 3,105 and 2,132 shares of the Company’s common stock under this plan during 2019, 2018 and 2017, respectively. The following table summarizes stock-based compensation expense for the years ended December 31, 2019, 2018 and 2017, unrecognized compensation cost for nonvested awards at December 31, 2019 and the weighted-average period over which unrecognized compensation cost will be recognized: (in millions, except year data) Stock Options Restricted Stock Incentive Compensation Stock Directors’ Awards Total Stock-based compensation expense recognized for years ended December 31: 2019 $ 0.1 $ 32.6 $ 0.8 $ 0.6 $ 34.1 2018 $ 0.3 $ 27.7 $ 0.7 $ 0.6 $ 29.3 2017 $ 0.7 $ 28.7 $ 0.7 $ 0.4 $ 30.5 Unrecognized compensation cost at December 31, 2019 $ — $ 22.7 $ 0.5 $ — $ 23.2 Weighted-average period over which unrecognized compensation cost will be recognized 2.1 years 1.7 years The following presents expected stock-based compensation expense in future periods for outstanding awards as of December 31, 2019: (in millions) 2020 $ 14.9 2021 7.2 2022 0.8 2023 0.3 Total $ 23.2 Stock-based compensation expense is included in selling, general and administrative expenses in the Company’s consolidated statements of earnings. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | Note M: Leases The Company has leases, primarily for equipment, railcars, fleet vehicles, office space, land and information technology equipment and software. The Company’s leases have remaining lease terms of one year to 53 years, some of which may include options to extend the leases for up to 30 years, and some of which may include options to terminate the leases within one year. Certain of the Company’s lease agreements include payments based upon variable rates, including, but not limited, to hours used, tonnage processed and factors related to indices. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The components of lease cost are as follows: year ended December 31 (in millions) 2019 Operating lease cost $ 80.9 Finance lease cost: Amortization of right-of-use assets 3.4 Interest on lease liabilities 0.5 Variable lease cost 21.1 Short-term lease cost 33.0 Total lease cost $ 138.9 The Company has royalty agreements that are prescriptively excluded from the scope of ASC 842 and generally require royalty payments based on tons produced, tons sold or total sales dollars and also contain minimum payments. Royalty expense was $58.2 million for the year ended December 31, 2019. The balance sheet classifications of operating and finance leases are as follows: December 31 (in millions) 2019 Operating Leases: Operating lease right-of-use assets $ 481.9 Current operating lease liabilities $ 52.7 Noncurrent operating lease liabilities 433.9 Total operating lease liabilities $ 486.6 Finance Leases: Property, plant and equipment $ 18.3 Accumulated depreciation (3.1 ) Property, plant and equipment, net $ 15.2 Other current liabilities $ 2.8 Other noncurrent liabilities 5.9 Total finance lease liabilities $ 8.7 The incremental borrowing rate range used was 2.1% to 5.5%. Weighted-average remaining lease terms and discount rates are as follows: December 31 2019 Weighted-average remaining lease terms (years): Operating leases 14.5 Finance leases 9.0 Weighted-average discount rates: Operating leases 4.3% Finance leases 5.2% Future lease payments as of December 31, 2019 are as follows: Operating Finance (in millions) Leases Leases 2020 $ 71.9 $ 3.2 2021 58.9 1.9 2022 53.1 1.1 2023 49.2 0.8 2024 42.1 0.7 Thereafter 396.1 3.5 Total lease payments 671.3 11.2 Less: imputed interest (184.7 ) (2.5 ) Present value of lease payments 486.6 8.7 Less: current lease obligations (52.7 ) (2.8 ) Total long-term lease obligations $ 433.9 $ 5.9 Leases entered into but not yet commenced as of December 31, 2019 are immaterial. Subsequent to December 31, 2019, the Company entered into a lease for its corporate headquarters in Raleigh, North Carolina to commence in 2021. The agreement represents a 15-year lease with fixed rent payments totaling approximately $56 million over the term of the lease. Lease disclosures for the years ended December 31, 2018 and 2017 prior to the adoption of ASC 842 are as follows: Total lease expense for operating leases was $122.5 million and $90.7 million (in millions) Capital Leases Operating Leases Royalty Commitments 2019 $ 3.7 $ 106.0 $ 14.6 2020 2.7 70.5 11.4 2021 1.7 60.4 10.3 2022 1.0 57.5 9.5 2023 0.7 56.5 8.1 Thereafter 3.9 318.1 66.0 Total 13.7 $ 669.0 $ 119.9 Less: imputed interest (2.9 ) Present value of minimum lease payments 10.8 Less: current capital lease obligations (3.2 ) Long-term capital lease obligations $ 7.6 |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Shareholders' Equity | Note N: Shareholders’ Equity The authorized capital structure of the Company includes 100.0 million shares of common stock, with a par value of $0.01 a share. At December 31, 2019, approximately 1.5 million common shares were reserved for issuance under stock-based award plans. Pursuant to authority granted by its Board of Directors, the Company can repurchase up to 20.0 million shares of common stock. The Company repurchased 0.4 million, 0.5 million and 0.5 million shares of common stock during 2019, 2018 and 2017, respectively. At December 31, 2019, 13.7 million shares of common stock were remaining under the Company’s repurchase authorization. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note O: Commitments and Contingencies Legal and Administrative Proceedings. The Company is engaged in certain legal and administrative proceedings incidental to its normal business activities. In the opinion of management and counsel, based upon currently-available facts, the likelihood is remote that the ultimate outcome of any litigation and other proceedings, including those pertaining to environmental matters (see Note A), relating to the Company and its subsidiaries, will have a material adverse effect on the overall results of the Company’s operations, its cash flows or its financial position. Asset Retirement Obligations. The Company incurs reclamation and teardown costs as part of its mining and production processes. Estimated future obligations are discounted to their present value and accreted to their projected future obligations via charges to operating expenses. Additionally, the fixed assets recorded concurrently with the liabilities are depreciated over the period until retirement activities are expected to occur. Total accretion and depreciation expenses for 2019, 2018 and 2017 were $9.1 million, $8.0 million and $8.7 million, respectively, and are included in Other operating income and expenses, net , in the consolidated statements of earnings. The following shows the changes in the asset retirement obligations: years ended December 31 (in millions) 2019 2018 Balance at beginning of year $ 121.8 $ 109.7 Accretion expense 5.6 5.1 Liabilities incurred and liabilities assumed in business combinations 0.6 4.6 Liabilities settled (1.2 ) (2.8 ) Revisions in estimated cash flows 17.1 5.2 Balance at end of year $ 143.9 $ 121.8 Other Environmental Matters . The Company’s operations are subject to and affected by federal, state and local laws and regulations relating to the environment, health and safety and other regulatory matters. Certain of the Company’s operations may, from time to time, involve the use of substances that are classified as toxic or hazardous within the meaning of these laws and regulations. Environmental operating permits are, or may be, required for certain of the Company’s operations, and such permits are subject to modification, renewal and revocation. The Company regularly monitors and reviews its operations, procedures and policies for compliance with these laws and regulations. Despite these compliance efforts, risk of environmental remediation liability is inherent in the operation of the Company’s businesses, as it is with other companies engaged in similar businesses. The Company has no material provisions for environmental remediation liabilities and does not believe such liabilities will have a material adverse effect on the Company in the future. Insurance Reserves. At December 31, 2019 and 2018, reserves of $39.9 million and $48.3 million, respectively, were recorded for insurance claims. Letters of Credit. In the normal course of business, the Company provides certain third parties with standby letter of credit agreements guaranteeing its payment for certain insurance claims, contract performance and permit requirements. At December 31, 2019, the Company was contingently liable for $32.9 million in letters of credit. Surety Bonds. In the normal course of business, at December 31, 2019, the Company was contingently liable for $395.1 million in surety bonds required by certain states and municipalities and their related agencies. The bonds are principally for certain insurance claims, construction contracts, reclamation obligations and mining permits guaranteeing the Company’s own performance. The Company has indemnified the underwriting insurance compan y , Liberty Mutual, against any exposure under the surety bonds. In the Company’s past experience, no material claims have been made against these financial instruments. Borrowing Arrangements with Affiliate. The Company is a co-borrower with an unconsolidated affiliate for a $15.5 million revolving line of credit agreement with Truist Bank, a successor by merger to Suntrust Bank and formerly known as BB&T, of which $11.3 million was outstanding as of December 31, 2019. The line of credit expires in March 2020. The affiliate has agreed to reimburse and indemnify the Company for any payments and expenses the Company may incur from this agreement. The Company holds a lien on the affiliate’s membership interest in a joint venture as collateral for payment under the revolving line of credit. At December 31, 2019 and 2018, the Company had an interest-only $6.0 million note receivable from the unconsolidated affiliate due December 31, 2022. Purchase Commitments. The Company had purchase commitments for property, plant and equipment of $93.4 million as of December 31, 2019. The Company also had other purchase obligations related to energy and service contracts of $82.9 million as of December 31, 2019. (in millions) 2020 $ 140.6 2021 15.0 2022 3.0 2023 0.9 2024 0.9 Thereafter 15.9 Total $ 176.3 Capital expenditures in 2019, 2018 and 2017 that were purchase commitments as of the prior year end were $106.7 million, $79.3 million and $83.7 million, respectively. Contracts of Affreightment and Royalty Commitments. Future minimum contracts of affreightment and royalty commitments for all noncancelable agreements as of December 31, 2019 are as follows: (in millions) Contracts of Affreightment Royalty Commitments 2020 $ 15.8 $ 15.7 2021 16.1 11.1 2022 16.3 10.3 2023 16.6 9.2 2024 16.9 8.9 Thereafter 52.2 59.7 Total $ 133.9 $ 114.9 Employees. Approximately 11% of the Company’s employees are represented by a labor union. All such employees are hourly employees. The Company maintains collective bargaining agreements relating to the union employees within the Building Materials business and Magnesia Specialties segment. 100% of the hourly employees of the Magnesia Specialties segment, located in Manistee, Michigan and Woodville, Ohio, are represented by labor unions. The Woodville collective bargaining agreement expires in June 2022. The Manistee collective bargaining agreement expires in August 2023. |
Segments
Segments | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segments | Note P: Segments The Building Materials business is comprised of divisions which represent operating segments, some of which are consolidated into reportable segments for financial reporting purposes as they meet the aggregation criteria. The Building Materials business contains three reportable segments: Mid-America Group, Southeast Group and West Group. The Magnesia Specialties business represents an individual operating and reportable segment. The accounting policies used for segment reporting are the same as those described in Note A. The Chief Operating Decision Maker’s evaluation of performance and allocation of resources are based primarily on earnings from operations. Consolidated earnings from operations include total revenues less cost of revenues; selling, general and administrative expenses; acquisition-related expenses, net; other operating income and expenses, net; and exclude interest expense; other nonoperating income and expenses, net; and income tax expense (benefit). Corporate loss from operations primarily includes depreciation on capitalized interest; expenses for corporate administrative functions; acquisition-related expenses, net; and other nonrecurring and/or non-operational income and expenses excluded from the Company’s evaluation of segment performance and resource allocation. All long-term debt and related interest expense are held at Corporate. Assets employed by segment include assets directly identified with those operations. Corporate assets consist primarily of cash and cash equivalents; property, plant and equipment for corporate operations; investments and other assets not directly identifiable with a reportable segment. The following tables display selected financial data for the Company’s reportable segments. The acquired Bluegrass operations are reported in the Mid-America Group and Southeast Group. Total revenues, as well as the consolidated statements of earnings and comprehensive earnings, reflect the elimination of intersegment revenues. years ended December 31 (in millions) Total revenues 2019 2018 2017 Mid-America Group $ 1,446.0 $ 1,223.2 $ 1,053.3 Southeast Group 506.4 423.4 362.6 West Group 2,515.4 2,310.0 2,279.7 Total Building Materials Business 4,467.8 3,956.6 3,695.6 Magnesia Specialties 271.3 287.7 270.0 Total $ 4,739.1 $ 4,244.3 $ 3,965.6 Gross profit Mid-America Group $ 482.9 $ 366.9 $ 335.4 Southeast Group 124.1 77.2 74.6 West Group 473.6 416.2 465.6 Total Building Materials Business 1,080.6 860.3 875.6 Magnesia Specialties 95.4 98.7 89.4 Corporate 3.0 7.6 6.9 Total $ 1,179.0 $ 966.6 $ 971.9 Selling, general and administrative expenses Mid-America Group $ 63.1 $ 55.8 $ 53.9 Southeast Group 21.6 18.7 17.1 West Group 116.3 107.6 102.7 Total Building Materials Business 201.0 182.1 173.7 Magnesia Specialties 11.3 10.0 9.5 Corporate 90.4 88.5 78.9 Total $ 302.7 $ 280.6 $ 262.1 years ended December 31 (in millions) Earnings (Loss) from operations 2019 2018 2017 Mid-America Group $ 425.9 $ 319.1 $ 284.8 Southeast Group 103.1 75.9 61.2 West Group 365.2 295.8 360.6 Total Building Materials Business 894.2 690.8 706.6 Magnesia Specialties 83.6 88.1 79.4 Corporate (92.9 ) (88.2 ) (85.6 ) Total $ 884.9 $ 690.7 $ 700.4 Earnings from operations for the West Group for 2018 reflect an asset and portfolio rationalization charge of $18.8 million. December 31 (in millions) Assets employed 2019 2018 2017 Mid-America Group $ 2,879.3 $ 2,788.5 $ 1,532.9 Southeast Group 1,442.5 1,299.5 616.3 West Group 5,320.7 4,989.6 5,014.2 Total Building Materials Business 9,642.5 9,077.6 7,163.4 Magnesia Specialties 176.2 156.1 152.3 Corporate 312.9 317.7 1,676.8 Total $ 10,131.6 $ 9,551.4 $ 8,992.5 years ended December 31 (in millions) Depreciation, depletion and amortization 2019 2018 2017 Mid-America Group $ 110.2 $ 93.6 $ 69.7 Southeast Group 47.8 41.2 30.8 West Group 183.3 180.9 169.8 Total Building Materials Business 341.3 315.7 270.3 Magnesia Specialties 10.2 10.4 10.1 Corporate 20.0 17.9 16.8 Total $ 371.5 $ 344.0 $ 297.2 Total property additions, including the impact of acquisitions Mid-America Group $ 127.7 $ 1,157.1 $ 139.5 Southeast Group 45.3 603.1 34.6 West Group 182.6 148.1 240.8 Total Building Materials Business 355.6 1,908.3 414.9 Magnesia Specialties 20.0 12.5 11.1 Corporate 12.0 4.8 12.6 Total $ 387.6 $ 1,925.6 $ 438.6 years ended December 31 (in millions) Property additions through acquisitions 2019 2018 2017 Mid-America Group $ — $ 980.3 $ 0.1 Southeast Group — 561.5 — West Group — 1.4 2.4 Total Building Materials Business — 1,543.2 2.5 Magnesia Specialties — — — Corporate — — — Total $ — $ 1,543.2 $ 2.5 |
Revenues and Gross Profit
Revenues and Gross Profit | 12 Months Ended |
Dec. 31, 2019 | |
Revenues And Gross Profit [Abstract] | |
Revenues and Gross Profit | Note Q: Revenues and Gross Profit The following tables, which are reconciled to consolidated amounts, provide total revenues and gross profit by line of business: Building Materials (further divided by product line) and Magnesia Specialties. Interproduct revenues represent sales from the aggregates product line to the ready mixed concrete and asphalt and paving product lines and sales from the cement product line to the ready mixed concrete product line. The Company’s two cold mix asphalt plants have been reclassified from the asphalt and paving product line to the aggregates product line. These operations did not represent a material amount of product revenues and gross profit. Prior year information has been reclassified to conform to the presentation of the Company’s current reportable product lines. years ended December 31 (in millions) Total revenues 2019 2018 2017 Building Materials Business: Products and services: Aggregates $ 2,756.7 $ 2,365.8 $ 2,145.6 Cement 439.1 387.8 371.2 Ready Mixed Concrete 948.1 963.8 936.0 Asphalt and Paving 294.0 258.6 282.0 Less: Interproduct revenues (265.5 ) (264.2 ) (264.0 ) Products and services 4,172.4 3,711.8 3,470.8 Freight 295.4 244.8 224.8 Total Building Materials Business 4,467.8 3,956.6 3,695.6 Magnesia Specialties: Products and services 249.9 268.6 252.7 Freight 21.4 19.1 17.3 Total Magnesia Specialties 271.3 287.7 270.0 Consolidated total revenues $ 4,739.1 $ 4,244.3 $ 3,965.6 Gross profit (loss) Building Materials Business: Products and services: Aggregates $ 807.9 $ 608.4 $ 602.3 Cement 143.4 126.2 117.0 Ready Mixed Concrete 78.8 74.2 91.6 Asphalt and Paving 50.7 51.3 62.1 Products and services 1,080.8 860.1 873.0 Freight (0.2 ) 0.2 2.6 Total Building Materials Business 1,080.6 860.3 875.6 Magnesia Specialties: Products and services 99.4 102.9 94.1 Freight (4.0 ) (4.2 ) (4.7 ) Total Magnesia Specialties 95.4 98.7 89.4 Corporate 3.0 7.6 6.9 Consolidated gross profit $ 1,179.0 $ 966.6 $ 971.9 Domestic and foreign total revenues are as follows: years ended December 31 (in millions) 2019 2018 2017 Domestic $ 4,676.3 $ 4,166.4 $ 3,901.3 Foreign 62.8 77.9 64.3 Consolidated total revenues $ 4,739.1 $ 4,244.3 $ 3,965.6 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | Note R: Supplemental Cash Flow Information Noncash investing and financing activities are as follows: years ended December 31 (in millions) 2019 2018 2017 Accrued liabilities for purchases of property, plant and equipment $ 54.2 $ 67.0 $ 61.6 Acquisition of assets through asset exchange $ 2.4 $ — $ 2.5 Remeasurement of operating lease right-of-use assets $ 2.0 $ — $ — Right-of-use assets obtained in exchange for new operating lease liabilities $ 45.7 $ — $ — Right-of-use assets obtained in exchange for new finance lease liabilities $ 0.2 $ — $ — Acquisition of assets through capital lease $ — $ 1.1 $ 0.8 Sale of asset to settle liability $ — $ — $ 0.9 Supplemental disclosures of cash flow information are as follows: years ended December 31 (in millions) 2019 2018 2017 Cash paid for interest, net of amount capitalized $ 127.9 $ 137.2 $ 78.9 Cash paid for income taxes $ 101.7 $ 28.9 $ 155.8 Cash paid for amounts included in the measurement of lease liabilities¹: Operating cash flows used for operating leases $ 76.1 Operating cash flows used for finance leases $ 0.5 Financing cash flows used for finance leases $ 11.0 ¹ These disclosures are required by ASC 842, which was adopted on January 1, 2019. |
Other Operating (Income) and Ex
Other Operating (Income) and Expenses, Net | 12 Months Ended |
Dec. 31, 2019 | |
Other Income And Expenses [Abstract] | |
Other Operating (Income) and Expenses, Net | Note S: Other Operating (Income) and Expenses, Net Other operating income and expenses, net, are comprised generally of gains and losses on the sale of assets; asset and portfolio rationalization charges; recoveries and losses related to certain customer accounts receivable; rental, royalty and services income; accretion expense, depreciation expense and gains and losses related to asset retirement obligations. These net amounts represented income of $9.1 million in 2019, income of $18.2 million in 2018 and an expense of $0.8 million in 2017. 2019 income includes the reversal of $6.9 million of accruals for sales tax and unclaimed property contingencies. The 2018 amount reflects $18.8 million of asset and portfolio rationalization charges, offset by $7.7 million in net gains on legal settlements and $25.3 million in gains on the sale of assets, primarily excess land. The 2017 amount reflects $19.4 million of gains on the sale of assets, primarily excess land, offset by $12.7 million of nonrecurring repair costs related to certain of the Company’s leased railcars and $10.8 million of executive retirement expense. The asset and portfolio rationalization charge relates to the Company’s Southwest ready mixed concrete operations reported in the West Group. This charge reflects the Company’s evaluation of the recoverability of certain long-lived assets, including property, plant and equipment and intangible assets, for underperforming operations in this business and a reduction in workforce. Of the total charge, $17.0 million was noncash and $1.8 million was settled in cash. |
SCHEDULE II - Valuation and Qua
SCHEDULE II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2019 | |
Valuation And Qualifying Accounts [Abstract] | |
SCHEDULE II - Valuation and Qualifying Accounts | SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES Col A Col B Col C Col D Col E Additions Description Balance at beginning of period (1) Charged to costs and expenses (2) Charged to other accounts- describe Deductions- describe Balance at end of period (Amounts in Millions) Year ended December 31, 2019 Allowance for doubtful accounts $ 3.3 $ 1.4 $ — $ — $ 4.7 Allowance for uncollectible notes receivable — — — — — Inventory valuation allowance 159.2 38.8 — 29.4 (a) 168.6 Year ended December 31, 2018 Allowance for doubtful accounts $ 2.4 $ 0.9 $ — $ — $ 3.3 Allowance for uncollectible notes receivable 0.2 — — 0.2 (b) — Inventory valuation allowance 144.0 36.9 5.1 (c) 26.8 (a) 159.2 Year ended December 31, 2017 Allowance for doubtful accounts $ 6.3 $ — $ — $ 3.9 (b) $ 2.4 Allowance for uncollectible notes receivable 0.4 — — 0.2 (b) 0.2 Inventory valuation allowance 134.9 38.5 — 29.4 (a) 144.0 (a) Sale of reserved inventory and divestitures (b) Write-off of uncollectible accounts and change in estimates (c) Application of reserve policy to acquired inventories |
Accounting Policies (Policies)
Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Organization | Organization. Martin Marietta (the “Company”) is a natural resource-based building materials company. The Company supplies aggregates (crushed stone, sand and gravel) through its network of more than 300 quarries, mines and distribution yards in 27 states, Canada and the Bahamas. In the western United States, Martin Marietta also provides cement and downstream products, namely, ready mixed concrete, asphalt and paving services, in markets where the Company also has a leading aggregates position. Specifically, the Company has two cement plants and several cement distribution facilities in Texas and Louisiana, and 141 ready mixed concrete plants and seven asphalt plants in Texas, Colorado, Louisiana, Arkansas and Wyoming. Paving services are exclusively in Colorado. The Company’s heavy-side building materials are used in infrastructure, nonresidential and residential construction projects. Aggregates are also used in agricultural, utility and environmental applications and as railroad ballast. The aggregates, cement, ready mixed concrete and asphalt and paving product lines are reported collectively as the “Building Materials” business. As of December 31, 2019, the Building Materials business contains the following reportable segments: Mid-America Group, Southeast Group and West Group. The Mid-America Group operates in Indiana, Iowa, northern Kansas, Kentucky, Maryland, Minnesota, Missouri, eastern Nebraska, North Carolina, Ohio, Pennsylvania, South Carolina, Virginia, Washington and West Virginia. The Southeast Group has operations in Alabama, Florida, Georgia, southwestern South Carolina, Tennessee, Nova Scotia and the Bahamas. The West Group operates in Arkansas, Colorado, southern Kansas, Louisiana, western Nebraska, Nevada, Oklahoma, Texas, Utah and Wyoming. In addition to these operations, the Company sells to customers in New York, Delaware, New Mexico and Mississippi. The following states accounted for 72% of the Building Materials business’ 2019 total products and services revenues: Texas, Colorado, North Carolina, Georgia and Iowa. The Company also operates a Magnesia Specialties business, which produces magnesia-based chemical products used in industrial, agricultural and environmental applications, and dolomitic lime sold primarily to customers in the steel and mining industries. Magnesia Specialties’ production facilities are located in Ohio and Michigan, and products are shipped to customers worldwide. |
Basis of Presentation and Use of Estimates | Basis of Presentation and The Company’s consolidated financial statements are presented in conformity with accounting principles generally accepted in the United States (U.S. GAAP), which requires management to make certain estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities and reported amounts of revenues and expenses. Such estimates include the valuation of accounts receivable, inventories, goodwill, intangible assets and other long-lived assets and assumptions used in the calculation of income tax expense (benefit), retirement and other postemployment benefits, stock-based compensation, the allocation of the purchase price to the fair values of assets acquired and liabilities assumed as part of business combinations and revenue recognition for service contracts. These estimates and assumptions are based on management’s judgment. Management evaluates estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, and adjusts such estimates and assumptions when facts and circumstances dictate. Changes in credit, equity and energy markets and changes in construction activity increase the uncertainty inherent in certain estimates and assumptions. As future events and their effects cannot be determined with precision, actual results could differ significantly from estimates. Changes in estimates, including those resulting from continuing changes in the economic environment, are reflected in the consolidated financial statements for the period in which the change in estimate occurs. During the year ended December 31, 2019, the Company identified a prior-period error that overstated its earnings from a nonconsolidated equity affiliate. The overstatement was not deemed material to the current period or any previously reported periods and was therefore corrected as an out-of-period expense of $15.7 million. The pretax noncash adjustment is recorded in other nonoperating expenses, consistent with the recurring classification of equity earnings from the nonconsolidated affiliate. |
Basis of Consolidation | Basis of Consolidation . The consolidated financial statements include the accounts of the Company and its wholly-owned and majority-owned subsidiaries. Partially-owned affiliates are either consolidated or accounted for at cost or as equity investments, depending on the level of ownership interest or the Company’s ability to exercise control over the affiliates’ operations. Intercompany balances and transactions between subsidiaries have been eliminated in consolidation. |
Revenue Recognition | Revenue Recognition . Total revenues include sales of products and services provided to customers, net of discounts or allowances, if any, and include freight and delivery costs billed to customers. Revenues for product sales are recognized when control of the promised good is transferred to unaffiliated customers, typically when finished products are shipped. Revenues derived from the paving business are recognized using the percentage-of-completion method under the cost-to-cost approach. Under the cost-to-cost approach, recognized contract revenue is determined by multiplying the total estimated contract revenue by the estimated percentage of completion. Contract costs are recognized as incurred. The percentage of completion is determined on a contract-by-contract basis using project costs incurred to date as a percentage of total estimated project costs. The Company believes the cost-to-cost approach is appropriate, as the use of asphalt in a paving contract is relatively consistent with the performance of the related paving services. Paving contracts, notably with governmental entities, may contain performance bonuses based on quality specifications. Given the uncertainty of meeting the criteria until the performance obligation is completed, performance bonuses are recognized as revenues when and if determined to be achieved. Performance bonuses were not material to the Company’s consolidated results of operations for the years ended December 31, 2019, 2018 and 2017. Freight revenues reflect delivery arranged by the Company using a third party on behalf of the customer and are recognized consistently with the timing of the product revenues. |
Freight and Delivery Costs | Freight and Delivery Costs . Freight and delivery costs represent pass-through transportation costs incurred and paid by the Company to third-party carriers to deliver products to customers. These costs are then billed to the customers. |
Cash and Cash Equivalents | Cash and Cash Equivalents . Cash equivalents are comprised of highly-liquid instruments with original maturities of three months or less from the date of purchase. The Company manages its cash and cash equivalents to ensure short-term operating cash needs are met and excess funds are managed efficiently. When operating cash is not sufficient to meet current needs, the Company borrows money under its credit facilities. The Company utilizes excess cash to either pay down credit facility borrowings or invest in money market funds, money market demand deposit accounts or offshore time deposit accounts. Money market demand deposits and offshore time deposit accounts are exposed to bank solvency risk. |
Accounts Receivable | Accounts Receivable. Accounts receivable are stated at cost. The Company does not typically charge interest on customer accounts receivable. The Company records an allowance for doubtful accounts, which includes a provision for probable losses based on historical write-offs and a specific reserve for accounts deemed at risk. The Company writes-off accounts receivable when it becomes probable, based upon customer facts and circumstances, that such amounts will not be collected. |
Inventories Valuation | Inventories Valuation . Inventories are stated at the lower of cost or net realizable value. Costs for finished products and in process inventories are determined by the first-in, first-out method. Carrying value for parts and supplies are determined by the weighted-average cost method. The Company records an allowance for finished product inventories based on an analysis of inventory on hand in excess of historical sales for a twelve-month five-year Post-production stripping costs, which represent costs of removing overburden and waste materials to access mineral deposits, are a component of inventory production costs and recognized as incurred. |
Property, Plant and Equipment | Property, Plant and Equipment . Property, plant and equipment are stated at cost. The estimated service lives for property, plant and equipment are as follows: Class of Assets Range of Service Lives Buildings 5 to 20 years Machinery & Equipment 2 to 20 years Land Improvements 5 to 60 years The Company begins capitalizing quarry development costs at a point when reserves are determined to be proven or probable, economically mineable and when demand supports investment in the market. Capitalization of these costs ceases when production commences. Capitalized quarry development costs are classified as land improvements and depreciated over the life of the reserves. The Company reviews relevant facts and circumstances to determine whether to capitalize or expense pre-production stripping costs when additional pits are developed at an existing quarry. If the additional pit operates in a separate and distinct area of the quarry, these costs are capitalized as quarry development costs and depreciated over the life of the uncovered reserves. Additionally, a separate asset retirement obligation is created for additional pits when the liability is incurred. Once a pit enters the production phase, all post-production stripping costs are charged to inventory production costs as incurred. Mineral reserves and mineral interests acquired in connection with a business combination are valued using an income approach over the life of the reserves. Depreciation is computed based on estimated service lives using the straight-line method. Depletion of mineral reserves is calculated based on proven and probable reserves using the units-of-production method on a quarry-by-quarry basis. Property, plant and equipment are reviewed for impairment whenever facts and circumstances indicate that the carrying amount of an asset group may not be recoverable. An impairment loss is recognized if expected future undiscounted cash flows over the estimated remaining service life of the related asset are less than the asset’s carrying value. |
Repair and Maintenance Costs | Repair and Maintenance Costs. Repair and maintenance costs that do not substantially extend the life of the Company’s plant and equipment are expensed as incurred. |
Leases | Leases. Effective January 1, 2019, if the Company determines a contract is or contains a lease at inception of the agreement, the Company records right-of-use (ROU) assets, which represent the Company’s right to use an underlying leased asset, and lease liabilities, which represent the Company’s obligation to make lease payments arising from the lease, on the consolidated balance sheet at the present value of the future lease payments over the lease term at commencement date. The Company determines the present value of lease payments based on the implicit rate, which may be explicitly stated in the lease, if available, or may be the Company’s estimated collateralized incremental borrowing rate based on the term of the lease. Initial ROU assets also include any lease payments made at or before commencement date and any initial direct costs incurred and exclude lease incentives. Certain of the Company’s leases contain renewal and/or termination options. The Company recognizes renewal or termination options as part of its ROU assets and lease liabilities when the Company has the unilateral right to renew or terminate and it is reasonably certain these options will be exercised. Some leases require the Company pay non-lease components, which may include taxes, maintenance, insurance and certain other expenses applicable to the leased property, and are primarily considered variable costs. The Company accounts for lease and non-lease components as a single amount, with the exception of railcar and fleet vehicle leases, for which the Company separately accounts for the lease and non-lease components. Leases are evaluated and determined to be operating or finance leases. If a lease transfers ownership to the underlying asset by the end of the lease term; includes a purchase option that is reasonably certain to be exercised; has a lease term for the major part of the remaining economic life of the underlying asset; has a present value of the sum of the lease payments that equals or exceeds substantially all of the fair value of the underlying asset; is for an underlying asset that is of a specialized nature and is expected to have no alternative use to the lessor at the end of the lease term, the lease is a finance lease. If none of these terms exist, the lease is an operating lease. As allowed by Accounting Standards Codification 842, Leases In the consolidated statements of earnings, operating lease expense, which is recognized on a straight-line basis over the lease term, and the amortization of finance lease ROU assets are included in cost of revenues or selling, general and administrative expenses. Accretion on the liabilities for finance leases is included in interest expense. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets. Goodwill represents the excess purchase price paid for acquired businesses over the estimated fair value of identifiable assets and liabilities. Other intangibles represent amounts assigned principally to contractual agreements and are amortized ratably over periods based on related contractual terms. If an intangible asset is deemed to have an indefinite life, it is not amortized. The Company’s reporting units, which represent the level at which goodwill is tested for impairment, are based on the operating segments of the Building Materials business. Goodwill is assigned to the respective reporting unit(s) based on the location of acquisitions at the time of consummation. Goodwill is tested for impairment by comparing each reporting unit’s fair value to its carrying value, which represents a Step 1 approach. However, prior to Step 1, the Company may perform an optional qualitative assessment and evaluate macroeconomic conditions, industry and market conditions, cost factors, overall financial performance and other business or reporting unit-specific events. If the Company concludes it is more-likely-than-not (i.e., a likelihood of more than 50%) that a reporting unit’s fair value is higher than its carrying value, the Company does not perform any further goodwill impairment testing for that reporting unit. Otherwise, the Company proceeds to Step 1 of its goodwill impairment analysis. The Company may bypass the qualitative assessment for any reporting unit in any period and proceed directly with the quantitative calculation in Step 1. If the reporting unit’s fair value exceeds its carrying value, no further calculation is necessary. A reporting unit with a carrying value in excess of its fair value constitutes a Step 1 failure and will lead to an impairment charge. The carrying values of goodwill and other indefinite-lived intangible assets are reviewed annually, as of October 1, for impairment. An interim review is performed between annual tests if facts and circumstances indicate potential impairment. The carrying value of other amortizable intangibles is reviewed if facts and circumstances indicate potential impairment. If a review indicates the carrying value is impaired, a charge is recorded. |
Retirement Plans and Postretirement Benefits | Retirement Plans and Postretirement Benefits. The Company sponsors defined benefit retirement plans and also provides other postretirement benefits. The Company recognizes the funded status, defined as the difference between the fair value of plan assets and the benefit obligation, of its pension plans and other postretirement benefits as an asset or liability on the consolidated balance sheets. Actuarial gains or losses that arise during the year are recognized as a component of accumulated other comprehensive earnings or loss. Those amounts are amortized over the participants’ average remaining service period and recognized as a component of net periodic benefit cost. The amount amortized is determined using a corridor approach and represents the excess over 10% of the greater of the projected benefit obligation or pension |
Insurance Reserves | Insurance Reserves. The Company has insurance coverage with large deductibles for workers’ compensation, automobile liability, marine liability and general liability claims, and is also self-insured for health claims. The Company records insurance reserves based on an actuarial-determined analysis, which calculates development factors that are applied to total case reserves within the insurance programs. While the Company believes the assumptions used to calculate these liabilities are appropriate, significant differences in actual experience and/or significant changes in these assumptions may materially affect insurance costs. |
Stock-Based Compensation | Stock-Based Compensation. The Company has stock-based compensation plans for employees and its Board of Directors. The Company recognizes all forms of stock-based awards that vest as compensation expense. The compensation expense is the fair value of the awards at the measurement date and is recognized over the requisite service period. Forfeitures are recognized as they occur. The fair value of restricted stock awards, incentive compensation stock awards and Board of Directors’ fees paid in the form of common stock are based on the closing price of the Company’s common stock on the awards’ respective grant dates. The fair value of performance stock awards as of the grant dates is determined by a Monte Carlo simulation methodology. In 2019, 2018 and 2017, the Company did not issue any stock options. For stock options issued prior to 2016, the Company used the accelerated expense recognition method. The accelerated recognition method requires stock options that vest ratably to be divided into tranches. The expense for each tranche is allocated to its particular vesting period. |
Environmental Matters | Environmental Matters. The Company records a liability for an asset retirement obligation at fair value in the period in which it is incurred. The asset retirement obligation is recorded at the acquisition date of a long-lived tangible asset if the fair value can be reasonably estimated. A corresponding amount is capitalized as part of the asset’s carrying amount. The fair value is affected by management’s assumptions regarding the scope of the work required, inflation rates and quarry closure dates. Further, the Company records an accrual for other environmental remediation liabilities in the period in which it is probable that a liability has been incurred and the appropriate amounts can be estimated reasonably. Such accruals are adjusted as further information develops or circumstances change. Generally, these costs are not discounted to their present value or offset for potential insurance or other claims or potential gains from future alternative uses for a site. |
Income Taxes | Income Taxes . Deferred income taxes, net, on the consolidated balance sheets reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, net of valuation allowances. The effect on deferred income tax assets and liabilities attributable to changes in enacted tax rates are charged or credited to income tax expense or benefit in the period of enactment. |
Uncertain Tax Positions | Uncertain Tax Positions. The Company recognizes a tax benefit when it is more-likely-than-not, based on the technical merits, that a tax position would be sustained upon examination by a taxing authority. The amount to be recognized is measured as the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. The Company’s unrecognized tax benefits are recorded in other liabilities on the consolidated balance sheets or as an offset to the deferred tax asset for tax carryforwards The Company records interest accrued in relation to unrecognized tax benefits as income tax expense. Penalties, if incurred, are recorded as operating expenses in the consolidated statements of earnings. |
Sales Taxes | Sales Taxes. Sales taxes collected from customers are recorded as liabilities until remitted to taxing authorities and therefore are not reflected in the consolidated statements of earnings. |
Start-Up Costs | Start-Up Costs. Noncapital start-up costs for new facilities and products are charged to operations as incurred. |
Warranties | Warranties. The Company’s construction contracts usually contain warranty provisions covering defects in materials, design or workmanship, the majority of which cover one year after project completion. Due to the nature of its projects, including contract owner inspections of the work both during construction and prior to acceptance, the Company has not experienced material warranty costs for these short-term warranties and therefore does not believe an accrual for these costs is necessary. The ready mixed concrete product line carries a longer warranty period, for which the Company has accrued an estimate of warranty cost based on experience with the type of work and any known risks relative to the projects. These costs were not material to the Company’s consolidated results of operations for the years ended December 31, 2019, 2018 and 2017. |
Consolidated Comprehensive Earnings and Accumulated Other Comprehensive Loss | Consolidated Comprehensive Earnings and Accumulated Other Comprehensive Loss . Consolidated comprehensive earnings for the Company consist of consolidated net earnings, adjustments for the funded status of pension and postretirement benefit plans, foreign currency translation adjustments and the amortization of the value of terminated forward starting interest rate swap agreements into interest expense, and are presented in the Company’s consolidated statements of comprehensive earnings. Accumulated other comprehensive loss consists of unrecognized gains and losses related to the funded status of the pension and postretirement benefit plans, foreign currency translation and the unamortized value of terminated forward starting interest rate swap agreements, and is presented on the Company’s consolidated balance sheets. The components of the changes in accumulated other comprehensive loss and related cumulative noncurrent deferred tax assets are as follows: Pension and Postretirement Benefit Plans Foreign Currency Unamortized Value of Terminated Forward Starting Interest Rate Swap Total years ended December 31 (in millions) 2019 Accumulated other comprehensive loss at beginning of period $ (141.5 ) $ (2.1 ) $ — $ (143.6 ) Other comprehensive (loss) earnings before reclassifications, net of tax (14.5 ) 1.2 — (13.3 ) Amounts reclassified from accumulated other comprehensive loss, net of tax 11.1 — — 11.1 Other comprehensive (loss) earnings, net of tax (3.4 ) 1.2 — (2.2 ) Accumulated other comprehensive loss at end of period $ (144.9 ) $ (0.9 ) $ — $ (145.8 ) Cumulative noncurrent deferred tax assets at end of period $ 85.2 $ — $ — $ 85.2 2018 Accumulated other comprehensive loss at beginning of period $ (128.8 ) $ — $ (0.3 ) $ (129.1 ) Other comprehensive loss before reclassifications, net of tax (22.9 ) (2.1 ) — (25.0 ) Amounts reclassified from accumulated other comprehensive loss, net of tax 10.2 — 0.3 10.5 Other comprehensive (loss) earnings, net of tax (12.7 ) (2.1 ) 0.3 (14.5 ) Accumulated other comprehensive loss at end of period $ (141.5 ) $ (2.1 ) $ — $ (143.6 ) Cumulative noncurrent deferred tax assets at end of period $ 84.2 $ — $ — $ 84.2 2017 Accumulated other comprehensive loss at beginning of period $ (128.4 ) $ (1.2 ) $ (1.1 ) $ (130.7 ) Other comprehensive (loss) earnings before reclassifications, net of tax (8.1 ) 1.2 — (6.9 ) Amounts reclassified from accumulated other comprehensive loss, net of tax 7.7 — 0.8 8.5 Other comprehensive (loss) earnings, net of tax (0.4 ) 1.2 0.8 1.6 Accumulated other comprehensive loss at end of period $ (128.8 ) $ — $ (0.3 ) $ (129.1 ) Cumulative noncurrent deferred tax assets at end of period $ 79.9 $ — $ 0.2 $ 80.1 Reclassifications out of accumulated other comprehensive loss are as follows: years ended December 31 (in millions) 2019 2018 2017 Affected line items in the consolidated statements of earnings Pension and postretirement benefit plans: Settlement charge $ — $ 2.9 $ — Amortization of: Prior service credit (0.8 ) (2.0 ) (1.4 ) Actuarial loss 15.5 12.7 13.8 14.7 13.6 12.4 Other nonoperating expenses and (income), net Tax effect (3.6 ) (3.4 ) (4.7 ) Income tax expense (benefit) Total $ 11.1 $ 10.2 $ 7.7 Unamortized value of terminated forward starting interest rate swap: Additional interest expense $ — $ 0.5 $ 1.4 Interest expense Tax effect — (0.2 ) (0.6 ) Income tax expense (benefit) Total $ — $ 0.3 $ 0.8 |
Earnings Per Common Share | Earnings Per Common Share . The Company computes earnings per common share (EPS) pursuant to the two-class method. The two-class method determines EPS for each class of common stock and participating securities according to dividends or dividend equivalents and their respective participation rights in undistributed earnings. The Company paid nonforfeitable dividend equivalents during the vesting period on its restricted stock awards and incentive stock awards made prior to 2016, which results in these being considered participating securities. The numerator for basic and diluted earnings per common share is net earnings attributable to Martin Marietta, reduced by dividends and undistributed earnings attributable to the Company’s unvested restricted stock awards and incentive stock awards issued prior to 2016. The denominator for basic earnings per common share is the weighted-average number of common shares outstanding during the period. Diluted earnings per common share is computed assuming that the weighted-average number of common shares is increased by the conversion, using the treasury stock method, of awards issued to employees and nonemployee members of the Company’s Board of Directors under certain stock-based compensation arrangements if the conversion is dilutive. The following table reconciles the numerator and denominator for basic and diluted earnings per common share: years ended December 31 (in millions) 2019 2018 2017 Net earnings attributable to Martin Marietta $ 611.9 $ 470.0 $ 713.3 Less: Distributed and undistributed earnings attributable to unvested participating securities 0.9 0.8 2.0 Basic and diluted net earnings attributable to common shareholders attributable to Martin Marietta $ 611.0 $ 469.2 $ 711.3 Basic weighted-average common shares outstanding 62.5 62.9 62.9 Effect of dilutive employee and director awards 0.2 0.2 0.3 Diluted weighted-average common shares outstanding 62.7 63.1 63.2 |
Reclassifications | Reclassifications. Certain reclassifications were made to the comparative years’ financial statements and notes to the financial statements to conform to the December 31, 2019 presentation. Such reclassifications had no impact on the Company’s previously reported results of operations, financial position or cash flows. |
New Accounting Pronouncements | New Accounting Pronouncements Leases Effective January 1, 2019, the Company adopted ASC 842, which applies to virtually all leases, excluding mineral interest royalty agreements. ASC 842 requires the modified retrospective transition approach, applying the new standard to all leases existing at the date of initial application. It further states that an entity may use either 1) its effective date or 2) the beginning of the earliest comparative period presented in the financial statements as its date of initial application. The Company used the effective date as the date of initial application. As such, financial information and disclosures required under ASC 842 are not provided for dates and periods prior to January 1, 2019. The lease standard provides a number of practical expedients for transition accounting. The Company elected the “package of practical expedients”, which permitted the Company to not reassess its prior conclusions about lease identification, lease classification and initial direct costs. The Company elected the practical expedients pertaining to the use of hindsight and to land easements. Applying the hindsight practical expedient resulted in longer lease terms for many leases. The adoption of ASC 842 resulted in the recognition of ROU assets and lease liabilities of $502.5 million and $501.6 million, respectively, for operating leases and $10.9 million and $12.1 million, respectively, for finance leases. The adoption did not have a material impact on the Company’s consolidated statement of earnings or consolidated statement of cash flows . |
Pending Accounting Pronouncements | Pending Accounting Pronouncements Credit Losses In June 2016, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2016-13, Financial Instruments – Credit Losses |
Accounting Policies (Tables)
Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Estimated Service Lives for Property Plant and Equipment | The estimated service lives for property, plant and equipment are as follows: Class of Assets Range of Service Lives Buildings 5 to 20 years Machinery & Equipment 2 to 20 years Land Improvements 5 to 60 years |
Components of Changes in Accumulated Other Comprehensive Loss and Related Cumulative Noncurrent Deferred Tax Assets | The components of the changes in accumulated other comprehensive loss and related cumulative noncurrent deferred tax assets are as follows: Pension and Postretirement Benefit Plans Foreign Currency Unamortized Value of Terminated Forward Starting Interest Rate Swap Total years ended December 31 (in millions) 2019 Accumulated other comprehensive loss at beginning of period $ (141.5 ) $ (2.1 ) $ — $ (143.6 ) Other comprehensive (loss) earnings before reclassifications, net of tax (14.5 ) 1.2 — (13.3 ) Amounts reclassified from accumulated other comprehensive loss, net of tax 11.1 — — 11.1 Other comprehensive (loss) earnings, net of tax (3.4 ) 1.2 — (2.2 ) Accumulated other comprehensive loss at end of period $ (144.9 ) $ (0.9 ) $ — $ (145.8 ) Cumulative noncurrent deferred tax assets at end of period $ 85.2 $ — $ — $ 85.2 2018 Accumulated other comprehensive loss at beginning of period $ (128.8 ) $ — $ (0.3 ) $ (129.1 ) Other comprehensive loss before reclassifications, net of tax (22.9 ) (2.1 ) — (25.0 ) Amounts reclassified from accumulated other comprehensive loss, net of tax 10.2 — 0.3 10.5 Other comprehensive (loss) earnings, net of tax (12.7 ) (2.1 ) 0.3 (14.5 ) Accumulated other comprehensive loss at end of period $ (141.5 ) $ (2.1 ) $ — $ (143.6 ) Cumulative noncurrent deferred tax assets at end of period $ 84.2 $ — $ — $ 84.2 2017 Accumulated other comprehensive loss at beginning of period $ (128.4 ) $ (1.2 ) $ (1.1 ) $ (130.7 ) Other comprehensive (loss) earnings before reclassifications, net of tax (8.1 ) 1.2 — (6.9 ) Amounts reclassified from accumulated other comprehensive loss, net of tax 7.7 — 0.8 8.5 Other comprehensive (loss) earnings, net of tax (0.4 ) 1.2 0.8 1.6 Accumulated other comprehensive loss at end of period $ (128.8 ) $ — $ (0.3 ) $ (129.1 ) Cumulative noncurrent deferred tax assets at end of period $ 79.9 $ — $ 0.2 $ 80.1 |
Reclassification Out of Accumulated Other Comprehensive Loss | Reclassifications out of accumulated other comprehensive loss are as follows: years ended December 31 (in millions) 2019 2018 2017 Affected line items in the consolidated statements of earnings Pension and postretirement benefit plans: Settlement charge $ — $ 2.9 $ — Amortization of: Prior service credit (0.8 ) (2.0 ) (1.4 ) Actuarial loss 15.5 12.7 13.8 14.7 13.6 12.4 Other nonoperating expenses and (income), net Tax effect (3.6 ) (3.4 ) (4.7 ) Income tax expense (benefit) Total $ 11.1 $ 10.2 $ 7.7 Unamortized value of terminated forward starting interest rate swap: Additional interest expense $ — $ 0.5 $ 1.4 Interest expense Tax effect — (0.2 ) (0.6 ) Income tax expense (benefit) Total $ — $ 0.3 $ 0.8 |
Basic and Diluted Earnings Per Common Share | The following table reconciles the numerator and denominator for basic and diluted earnings per common share: years ended December 31 (in millions) 2019 2018 2017 Net earnings attributable to Martin Marietta $ 611.9 $ 470.0 $ 713.3 Less: Distributed and undistributed earnings attributable to unvested participating securities 0.9 0.8 2.0 Basic and diluted net earnings attributable to common shareholders attributable to Martin Marietta $ 611.0 $ 469.2 $ 711.3 Basic weighted-average common shares outstanding 62.5 62.9 62.9 Effect of dilutive employee and director awards 0.2 0.2 0.3 Diluted weighted-average common shares outstanding 62.7 63.1 63.2 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Schedule of Company's Total Revenues by Category for each Reportable Segment | The following table presents the Company’s total revenues by category for each reportable segment: years ended December 31 Products and Services Freight Total (in millions) 2019 Mid-America Group $ 1,328.8 $ 117.2 $ 1,446.0 Southeast Group 489.1 17.3 506.4 West Group 2,354.5 160.9 2,515.4 Total Building Materials Business 4,172.4 295.4 4,467.8 Magnesia Specialties 249.9 21.4 271.3 Total $ 4,422.3 $ 316.8 $ 4,739.1 2018 Mid-America Group $ 1,133.8 $ 89.4 $ 1,223.2 Southeast Group 409.6 13.8 423.4 West Group 2,168.4 141.6 2,310.0 Total Building Materials Business 3,711.8 244.8 3,956.6 Magnesia Specialties 268.6 19.1 287.7 Total $ 3,980.4 $ 263.9 $ 4,244.3 2017 Mid-America Group $ 982.2 $ 71.1 $ 1,053.3 Southeast Group 348.7 13.9 362.6 West Group 2,139.9 139.8 2,279.7 Total Building Materials Business 3,470.8 224.8 3,695.6 Magnesia Specialties 252.7 17.3 270.0 Total $ 3,723.5 $ 242.1 $ 3,965.6 |
Summary of Information About the Company's Contract Balances | The following table presents information about the Company’s contract balances: December 31 (in millions) 2019 2018 Costs in excess of billings $ 2.8 $ 2.0 Billings in excess of costs $ 7.8 $ 6.7 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Changes in Goodwill | The following table shows the changes in goodwill by reportable segment and in total: December 31 Mid- America Group Southeast Group West Group Total (in millions) 2019 Balance at beginning of period $ 431.9 $ 144.2 $ 1,823.0 $ 2,399.1 Measurement period adjustments (1.0 ) (0.6 ) — (1.6 ) Goodwill allocated to assets held for sale — (0.2 ) — (0.2 ) Divestitures — — (0.5 ) (0.5 ) Balance at end of period $ 430.9 $ 143.4 $ 1,822.5 $ 2,396.8 2018 Balance at beginning of period $ 281.4 $ 50.3 $ 1,828.6 $ 2,160.3 Acquisitions 150.5 94.8 — 245.3 Goodwill allocated to assets held for sale — — (5.6 ) (5.6 ) Divestitures — (0.9 ) — (0.9 ) Balance at end of period $ 431.9 $ 144.2 $ 1,823.0 $ 2,399.1 |
Intangible Assets Subject to Amortization | Intangible assets subject to amortization consist of the following: December 31 Gross Amount Accumulated Amortization Net Balance (in millions) 2019 Noncompetition agreements $ 6.3 $ (6.2 ) $ 0.1 Customer relationships 65.6 (30.4 ) 35.2 Operating permits 459.0 (42.3 ) 416.7 Use rights and other 16.7 (12.1 ) 4.6 Trade names 12.8 (10.9 ) 1.9 Total $ 560.4 $ (101.9 ) $ 458.5 2018 Noncompetition agreements $ 6.3 $ (6.2 ) $ 0.1 Customer relationships 65.6 (25.6 ) 40.0 Operating permits 459.0 (36.1 ) 422.9 Use rights and other 16.7 (11.2 ) 5.5 Trade names 12.8 (9.7 ) 3.1 Total $ 560.4 $ (88.8 ) $ 471.6 |
Intangible Assets Deemed to Indefinite Life that are Therefore Not Amortized | Intangible assets deemed to have an indefinite life that are therefore not amortized consist of the following: December 31 Building Materials Business Magnesia Specialties Total (in millions) 2019 Operating permits $ 6.6 $ — $ 6.6 Use rights 19.0 — 19.0 Trade names 0.2 2.5 2.7 Total $ 25.8 $ 2.5 $ 28.3 2018 Operating permits $ 6.6 $ — $ 6.6 Use rights 20.3 — 20.3 Trade names 0.3 2.5 2.8 Total $ 27.2 $ 2.5 $ 29.7 |
Estimated Amortization Expense of Intangible Assets | The estimated amortization expense for intangible assets for each of the next five years and thereafter is as follows: (in millions) 2020 $ 13.2 2021 12.5 2022 11.1 2023 10.6 2024 10.6 Thereafter 400.5 Total $ 458.5 |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Summary of the Estimated Fair Values of the Assets Acquired and the Liabilities Assumed | The following is a summary of the estimated fair values of the assets acquired and the liabilities assumed as of the acquisition date: (in millions) Assets: Cash and cash equivalents $ 1.2 Receivables 25.5 Inventory 46.6 Other current assets 1.0 Property, plant and equipment 1,519.3 Intangible assets, other than goodwill 20.2 Goodwill 243.0 Total Assets 1,856.8 Liabilities: Accounts payable and accrued expenses 17.9 Deferred income tax liabilities, net 212.5 Noncontrolling interest 9.0 Total Liabilities 239.4 Total Consideration $ 1,617.4 |
Business Acquisition, Pro Forma Information | The pro forma information does not purport to project the future financial position or operating results of the combined company. The pro forma financial information as presented below 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 at the beginning of fiscal year 2017. years ended December 31 (in millions, except for per share data) 2018 2017 Total revenues $ 4,299.7 $ 4,178.6 Net earnings attributable to Martin Marietta $ 489.5 $ 691.7 Diluted earnings per share $ 7.75 $ 10.94 |
Accounts Receivable, Net (Table
Accounts Receivable, Net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Schedule of Accounts Receivable Net | December 31 (in millions) 2019 2018 Customer receivables $ 564.4 $ 514.1 Other current receivables 14.0 12.5 578.4 526.6 Less: Allowances (4.7 ) (3.3 ) Total $ 573.7 $ 523.3 |
Inventories, Net (Tables)
Inventories, Net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories Net | December 31 (in millions) 2019 2018 Finished products $ 643.6 $ 615.7 Products in process 41.9 35.6 Raw materials 32.4 31.3 Supplies and expendable parts 141.5 139.6 859.4 822.2 Less: Allowances (168.6 ) (159.2 ) Total $ 690.8 $ 663.0 |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment, Net | December 31 (in millions) 2019 2018 Land and land improvements $ 1,135.0 $ 1,089.6 Mineral reserves and interests 2,509.8 2,506.8 Buildings 163.4 162.1 Machinery and equipment 4,548.6 4,357.7 Construction in progress 258.4 178.7 Finance lease right-of-use assets 18.3 — 8,633.5 8,294.9 Less: Accumulated depreciation, depletion and amortization (3,427.5 ) (3,137.7 ) Total $ 5,206.0 $ 5,157.2 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | December 31 (in millions) 2019 2018 4.25% Senior Notes, due 2024 $ 397.0 $ 396.4 7% Debentures, due 2025 124.4 124.3 3.450% Senior Notes, due 2027 297.3 296.9 3.500% Senior Notes, due 2027 495.3 494.8 6.25% Senior Notes, due 2037 228.1 228.1 4.250% Senior Notes, due 2047 591.7 591.5 Floating Rate Senior Notes, due 2020, interest rate of 2.55% and 3.30% at December 31, 2019 and 2018, respectively 299.7 299.0 Floating Rate Senior Notes, due 2019, interest rate of 3.29% at December 31, 2018 — 299.2 Trade Receivable Facility, interest rate of 2019 and 2018, respectively 340.0 390.0 Other notes 0.1 0.2 Total 2,773.6 3,120.4 Less: current maturities (340.0 ) (390.0 ) Long-term debt $ 2,433.6 $ 2,730.4 |
Schedule of Principal Amount, Effective Interest Rate and Maturity Date for Corporation's Senior Notes | Principal Amount (in millions) Effective Interest Rate Maturity Date 4.25% Senior Notes $ 400.0 4.25% July 2, 2024 7% Debentures $ 125.0 7.12% December 1, 2025 3.450% Senior Notes $ 300.0 3.47% June 1, 2027 3.500% Senior Notes $ 500.0 3.53% December 15, 2027 6.25% Senior Notes $ 230.0 6.45% May 1, 2037 4.250% Senior Notes $ 600.0 4.27% December 15, 2047 Floating Rate Senior Notes, due 2020 $ 300.0 Three-month LIBOR + 0.65% May 22, 2020 |
Schedule of Corporation's Long-Term Debt Maturities | The Company’s long-term debt maturities for the five years following December 31, 2019, and thereafter are: (in millions) 2020 $ 340.0 2021 0.1 2022 0.1 2023 — 2024 696.7 Thereafter 1,736.7 Total $ 2,773.6 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Components of Income Tax Expense (Benefit) | The components of the Company’s income tax expense (benefit) are as follows: years ended December 31 (in millions) 2019 2018 2017 Federal income taxes: Current $ 83.9 $ 15.3 $ 129.2 Deferred 31.1 69.6 (239.3 ) Total federal income taxes 115.0 84.9 (110.1 ) State income taxes: Current 20.5 6.0 14.8 Deferred (1.5 ) 14.1 (0.9 ) Total state income taxes 19.0 20.1 13.9 Foreign income taxes: Current 2.8 (1.4 ) 1.2 Deferred (0.5 ) 2.1 0.5 Total foreign income taxes 2.3 0.7 1.7 Income tax expense (benefit) $ 136.3 $ 105.7 $ (94.5 ) |
Summary of Effective Income Tax Rate | The Company’s effective income tax rate varied from the statutory United States income tax rate because of the following years ended December 31 2019 2018 2017 Statutory income tax rate 21.0 % 21.0 % 35.0 % (Reduction) increase resulting from: Effect of statutory depletion (3.4 ) (3.4 ) (5.6 ) State income taxes, net of federal tax benefit 2.0 2.8 1.5 Change in tax status of subsidiary (1.7 ) — — Stock based compensation (0.5 ) (0.5 ) (1.0 ) Impact from 2017 Tax Act — (3.3 ) (41.7 ) Domestic production deduction — — (2.2 ) Other items 0.8 1.7 (1.3 ) Effective income tax rate 18.2 % 18.3 % (15.3 %) |
Components of Deferred Tax Assets and Liabilities | The principal components of the Company’s deferred tax assets and liabilities are as follows: December 31 Deferred Assets (Liabilities) (in millions) 2019 2018 Deferred tax assets related to: Inventories $ 62.6 $ 52.6 Valuation and other reserves 22.3 22.4 Net operating loss carryforwards 10.5 11.0 Accumulated other comprehensive loss 85.2 84.2 Lease liability 114.7 — Other items, net 2.9 3.0 Gross deferred tax assets 298.2 173.2 Valuation allowance on deferred tax assets (9.0 ) (8.6 ) Total net deferred tax assets 289.2 164.6 Deferred tax liabilities related to: Property, plant and equipment (700.8 ) (478.3 ) Goodwill and other intangibles (151.7 ) (170.6 ) Right-of-use assets (112.1 ) — Partnerships and joint ventures (27.4 ) (204.3 ) Employee benefits (30.2 ) (17.0 ) Total deferred tax liabilities (1,022.2 ) (870.2 ) Deferred income taxes, net $ (733.0 ) $ (705.6 ) |
Schedule of Unrecognized Tax Benefits Excluding Interest Correlative Effects | The following table summarizes the Company’s unrecognized tax benefits, excluding interest and correlative effects of $1.7 million and $0.6 million for the years ended December 31, 2019 and 2018, respectively: years ended December 31 (in millions) 2019 2018 2017 Unrecognized tax benefits at beginning of year $ 24.1 $ 22.4 $ 21.8 Gross increases – tax positions in prior years 0.4 0.9 1.4 Gross decreases – tax positions in prior years — — (0.7 ) Gross increases – tax positions in current year 1.8 1.8 5.0 Gross decreases – tax positions in current year (0.8 ) (1.0 ) (0.9 ) Lapse of statute of limitations — — (4.2 ) Unrecognized tax benefits at end of year $ 25.5 $ 24.1 $ 22.4 Amount that, if recognized, would favorably impact the effective tax rate $ 15.5 $ 12.8 $ 10.4 |
Retirement Plans, Postretirem_2
Retirement Plans, Postretirement and Postemployment Benefits (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Values of Pension Plan Assets by Asset Class and Fair Value Hierarchy Level | The fair values of pension plan assets by asset class and fair value hierarchy level are as follows: Fair Value Measurements December 31 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Net Asset Value Total Fair Value (in millions) 2019 Equity securities 1 Mid-sized to large cap $ — $ — $ — $ 262.5 $ 262.5 Small cap, international and emerging growth funds — — — 290.3 290.3 Debt securities 1 Core fixed income — — — 242.9 242.9 Real estate — — — 42.9 42.9 Hedge funds — — — 26.4 26.4 Cash equivalents 3.0 — — — 3.0 Total $ 3.0 $ — $ — $ 865.0 $ 868.0 2018 Equity securities 1 Mid-sized to large cap $ — $ — $ — $ 196.5 $ 196.5 Small cap, international and emerging growth funds — — — 210.4 210.4 Debt securities 1 Core fixed income — — — 228.2 228.2 Real estate — — — 35.5 35.5 Hedge funds — — — 44.4 44.4 Cash equivalents 2.9 — — — 2.9 Total $ 2.9 $ — $ — $ 715.0 $ 717.9 1 These investments are common collective investment trusts valued using the net asset value (NAV) unit price provided by the fund administrator. The NAV is based on the value of the underlying assets owned by the fund. |
Schedule of Assumed Health Care Cost Trend Rates | Assumed health care cost trend rates at December 31 are: 2019 2018 Health care cost trend rate assumed for next year 6.75% 7.0% Rate to which the cost trend rate gradually declines 4.75% 5.0% Year the rate reaches the ultimate rate 2028 2023 |
Schedule of One Percentage-Point Change in Assumed Health Care Cost Trend Rates | A one percentage-point change in assumed health care cost trend rates would have the following effects: One Percentage Point (in millions) Increase (Decrease) Total service and interest cost components $ — $ — Postretirement benefit obligation $ 0.7 $ (0.6 ) |
Pension | |
Schedule of Components of Net Periodic Benefit Cost (Credit) | The net periodic retirement benefit cost of defined benefit plans includes the following components: years ended December 31 (in millions) 2019 2018 2017 Service cost $ 30.8 $ 31.7 $ 26.9 Interest cost 37.6 33.2 36.1 Expected return on assets (47.9 ) (46.0 ) (39.8 ) Amortization of: Prior service cost — 0.1 0.3 Actuarial loss 16.0 12.8 14.1 Settlement charge — 2.9 — Net periodic benefit cost $ 36.5 $ 34.7 $ 37.6 |
Schedule of Recognized Comprehensive Earnings | The Company recognized the following amounts in consolidated comprehensive earnings: years ended December 31 (in millions) 2019 2018 2017 Actuarial loss $ 11.7 $ 32.1 $ 13.3 Net prior service cost 6.4 — — Amortization of: Prior service cost — (0.1 ) (0.3 ) Actuarial loss (16.0 ) (12.8 ) (14.1 ) Settlement charge — (2.9 ) — Total $ 2.1 $ 16.3 $ (1.1 ) |
Schedule of Net Periodic Benefit Credit or Cost Not Yet Recognized | Accumulated other comprehensive loss includes the following amounts that have not yet been recognized in net periodic benefit cost: December 31 2019 2018 (in millions) Gross Net of tax Gross Net of tax Prior service cost $ 6.4 $ 4.0 $ — $ — Actuarial loss 229.4 144.5 233.7 146.6 Total $ 235.8 $ 148.5 $ 233.7 $ 146.6 |
Schedule of Change in Projected Benefit Obligation | The defined benefit plans’ change in projected benefit obligation is as follows: years ended December 31 (in millions) 2019 2018 Net projected benefit obligation at beginning of year $ 847.9 $ 879.3 Service cost 30.8 31.7 Interest cost 37.6 33.2 Actuarial loss (gain) 95.2 (54.6 ) Plan amendments 6.4 — Gross benefits paid (40.1 ) (41.7 ) Net projected benefit obligation at end of year $ 977.8 $ 847.9 |
Schedule of Change In Plan Assets | The Company’s change in plan assets, funded status and amounts recognized on the Company’s consolidated balance sheets are as follows: years ended December 31 (in millions) 2019 2018 Fair value of plan assets at beginning of year $ 717.9 $ 638.1 Actual return on plan assets, net 131.3 (40.8 ) Employer contributions 58.9 162.3 Gross benefits paid (40.1 ) (41.7 ) Fair value of plan assets at end of year $ 868.0 $ 717.9 |
Schedule of Funded Status | December 31 (in millions) 2019 2018 Funded status of the plan at end of year $ (109.8 ) $ (130.0 ) Accrued benefit cost $ (109.8 ) $ (130.0 ) |
Schedule of Amounts Recognized on Consolidated Balance Sheets | December 31 (in millions) 2019 2018 Amounts recognized on consolidated balance sheets consist of: Current liability $ (6.4 ) $ (9.0 ) Noncurrent liability (103.4 ) (121.0 ) Net amount recognized at end of year $ (109.8 ) $ (130.0 ) |
Schedule of Accumulated Benefit Obligations in Excess of Plan Assets | Benefit obligations and fair value of plan assets for pension plans with accumulated benefit obligations in excess of plan assets are as follows: December 31 (in millions) 2019 2018 Projected benefit obligation $ 107.1 $ 98.7 Accumulated benefit obligation $ 96.4 $ 85.5 Fair value of plan assets $ 0.6 $ 0.6 |
Schedule of Weighted-Average Assumptions | Weighted-average assumptions used to determine benefit obligations as of December 31 are: 2019 2018 Discount rate 3.69% 4.38% Rate of increase in future compensation levels 4.50% 4.50% Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31 are: 2019 2018 2017 Discount rate 4.38% 3.76% 4.29% Rate of increase in future compensation levels 4.50% 4.50% 4.50% Expected long-term rate of return on assets 6.75% 6.75% 6.75% |
Schedule of Target Assets Allocation | The target allocation for 2019 and the actual pension plan asset allocation by asset class are as follows: Percentage of Plan Assets 2019 Target December 31 Asset Class Allocation 2019 2018 Equity securities 56% 64% 57% Debt securities 30% 28% 32% Hedge funds 4% 3% 6% Real estate 10% 5% 5% Total 100% 100% 100% |
Schedule of Expected Benefit Payments | The expected benefit payments to be paid from plan assets for each of the next five years and the five-year period thereafter are as follows: (in millions) 2020 $ 43.5 2021 $ 44.8 2022 $ 46.2 2023 $ 47.6 2024 $ 50.9 Years 2025 - 2029 $ 271.0 |
Postretirement Benefits | |
Schedule of Components of Net Periodic Benefit Cost (Credit) | The net periodic postretirement benefit credit for postretirement plans includes the following components: years ended December 31 (in millions) 2019 2018 2017 Service cost $ 0.1 $ 0.1 $ 0.1 Interest cost 0.6 0.5 0.7 Amortization of: Prior service credit (0.8 ) (2.1 ) (1.7 ) Actuarial gain (0.5 ) (0.2 ) (0.4 ) Total net periodic benefit credit $ (0.6 ) $ (1.7 ) $ (1.3 ) |
Schedule of Recognized Comprehensive Earnings | The Company recognized the following amounts in consolidated comprehensive earnings: years ended December 31 (in millions) 2019 2018 2017 Actuarial loss (gain) $ 1.0 $ (1.7 ) $ 1.2 Net prior service credit — — (3.9 ) Amortization of: Prior service credit 0.8 2.1 1.7 Actuarial gain 0.5 0.2 0.4 Total $ 2.3 $ 0.6 $ (0.6 ) |
Schedule of Net Periodic Benefit Credit or Cost Not Yet Recognized | Accumulated other comprehensive loss includes the following amounts that have not yet been recognized in net periodic benefit credit: December 31 2019 2018 (in millions) Gross Net of tax Gross Net of tax Prior service credit $ (3.0 ) $ (1.9 ) $ (3.8 ) $ (2.4 ) Actuarial gain (2.7 ) (1.7 ) (4.2 ) (2.7 ) Total $ (5.7 ) $ (3.6 ) $ (8.0 ) $ (5.1 ) |
Schedule of Change in Projected Benefit Obligation | The postretirement health care plans’ change in benefit obligation is as follows: years ended December 31 (in millions) 2019 2018 Net benefit obligation at beginning of year $ 13.3 $ 15.3 Service cost 0.1 0.1 Interest cost 0.6 0.5 Participants’ contributions 1.2 0.3 Actuarial loss (gain) 1.0 (1.6 ) Gross benefits paid (3.2 ) (1.3 ) Net benefit obligation at end of year $ 13.0 $ 13.3 |
Schedule of Change In Plan Assets | The postretirement health care plans’ change in plan assets, funded status and amounts recognized on the Company’s consolidated balance sheets are as follows: years ended December 31 (in millions) 2019 2018 Fair value of plan assets at beginning of year $ — $ — Employer contributions 2.0 1.0 Participants’ contributions 1.2 0.3 Gross benefits paid (3.2 ) (1.3 ) Fair value of plan assets at end of year $ — $ — |
Schedule of Funded Status | December 31 (in millions) 2019 2018 Funded status of the plan at end of year $ (13.0 ) $ (13.3 ) Accrued benefit cost $ (13.0 ) $ (13.3 ) |
Schedule of Amounts Recognized on Consolidated Balance Sheets | December 31 (in millions) 2019 2018 Amounts recognized on consolidated balance sheets consist of: Current liability $ (2.0 ) $ (1.0 ) Noncurrent liability (11.0 ) (12.3 ) Net amount recognized at end of year $ (13.0 ) $ (13.3 ) |
Schedule of Weighted-Average Assumptions | Weighted-average assumptions used to determine the postretirement benefit obligation as of December 31 are: 2019 2018 Discount rate 3.29% 4.15% Weighted-average assumptions used to determine net postretirement benefit credit for the years ended December 31 are: 2019 2018 2017 Discount rate 4.15% 3.47% 3.78% |
Schedule of Expected Benefit Payments | The total expected benefit payments to be paid by the Company, net of participant contributions, for each of the next five years and the five-year period thereafter are as follows: (in millions) 2020 $ 2.0 2021 $ 1.4 2022 $ 1.4 2023 $ 1.3 2024 $ 1.2 Years 2025 - 2029 $ 4.7 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary Information for Restricted Stock Awards and Incentive Compensation Stock Awards | The following table summarizes information for restricted stock awards and incentive compensation stock awards for 2019: Restricted Stock - Service Based Restricted Stock - Performance Based Incentive Compensation Stock Number of Awards Weighted- Average Grant-Date Fair Value Number of Awards Weighted- Average Grant-Date Fair Value Number of Awards Weighted- Average Grant-Date Fair Value January 1, 2019 278,147 $ 158.29 151,939 $ 174.74 35,376 $ 206.55 Awarded 86,922 $ 196.91 49,644 $ 192.27 21,883 $ 192.27 Distributed (171,689 ) $ 148.72 (54,424 ) $ 133.73 (15,948 ) $ 206.23 Forfeited (9,441 ) $ 166.51 (5,329 ) $ 205.21 (1,727 ) $ 205.54 Adjustment for performance — $ — (17,609 ) $ 133.77 — $ — December 31, 2019 183,939 $ 185.06 124,221 $ 204.21 39,584 $ 198.83 |
Summary Information for Stock Options | The following table includes summary information for stock options as of December 31, 2019: Number of Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (years) Outstanding at January 1, 2019 210,390 $ 95.93 Exercised (150,722 ) $ 90.86 Terminated (828 ) $ 94.75 Outstanding at December 31, 2019 58,840 $ 108.93 3.1 Exercisable at December 31, 2019 58,840 $ 108.93 3.1 |
Schedule of Stock-Based Compensation Expense | The following table summarizes stock-based compensation expense for the years ended December 31, 2019, 2018 and 2017, unrecognized compensation cost for nonvested awards at December 31, 2019 and the weighted-average period over which unrecognized compensation cost will be recognized: (in millions, except year data) Stock Options Restricted Stock Incentive Compensation Stock Directors’ Awards Total Stock-based compensation expense recognized for years ended December 31: 2019 $ 0.1 $ 32.6 $ 0.8 $ 0.6 $ 34.1 2018 $ 0.3 $ 27.7 $ 0.7 $ 0.6 $ 29.3 2017 $ 0.7 $ 28.7 $ 0.7 $ 0.4 $ 30.5 Unrecognized compensation cost at December 31, 2019 $ — $ 22.7 $ 0.5 $ — $ 23.2 Weighted-average period over which unrecognized compensation cost will be recognized 2.1 years 1.7 years |
Stock-Based Compensation Expense in Future for Outstanding Awards | The following presents expected stock-based compensation expense in future periods for outstanding awards as of December 31, 2019: (in millions) 2020 $ 14.9 2021 7.2 2022 0.8 2023 0.3 Total $ 23.2 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Summary of Components of Lease Cost | The components of lease cost are as follows: year ended December 31 (in millions) 2019 Operating lease cost $ 80.9 Finance lease cost: Amortization of right-of-use assets 3.4 Interest on lease liabilities 0.5 Variable lease cost 21.1 Short-term lease cost 33.0 Total lease cost $ 138.9 |
Summary of Balance Sheet Classifications of Operating and Finance Leases | The balance sheet classifications of operating and finance leases are as follows: December 31 (in millions) 2019 Operating Leases: Operating lease right-of-use assets $ 481.9 Current operating lease liabilities $ 52.7 Noncurrent operating lease liabilities 433.9 Total operating lease liabilities $ 486.6 Finance Leases: Property, plant and equipment $ 18.3 Accumulated depreciation (3.1 ) Property, plant and equipment, net $ 15.2 Other current liabilities $ 2.8 Other noncurrent liabilities 5.9 Total finance lease liabilities $ 8.7 |
Summary of Weighted-average Remaining Lease Terms and Discount Rates | Weighted-average remaining lease terms and discount rates are as follows: December 31 2019 Weighted-average remaining lease terms (years): Operating leases 14.5 Finance leases 9.0 Weighted-average discount rates: Operating leases 4.3% Finance leases 5.2% |
Summary of Future Lease Payments | Future lease payments as of December 31, 2019 are as follows: Operating Finance (in millions) Leases Leases 2020 $ 71.9 $ 3.2 2021 58.9 1.9 2022 53.1 1.1 2023 49.2 0.8 2024 42.1 0.7 Thereafter 396.1 3.5 Total lease payments 671.3 11.2 Less: imputed interest (184.7 ) (2.5 ) Present value of lease payments 486.6 8.7 Less: current lease obligations (52.7 ) (2.8 ) Total long-term lease obligations $ 433.9 $ 5.9 |
Summary of Future Minimum Lease and Royalty Commitments for all Noncancelable Agreements and Capital Lease Obligations | Future minimum lease and royalty commitments for all noncancelable agreements and capital lease obligations as of December 31, 2018 were as follows: (in millions) Capital Leases Operating Leases Royalty Commitments 2019 $ 3.7 $ 106.0 $ 14.6 2020 2.7 70.5 11.4 2021 1.7 60.4 10.3 2022 1.0 57.5 9.5 2023 0.7 56.5 8.1 Thereafter 3.9 318.1 66.0 Total 13.7 $ 669.0 $ 119.9 Less: imputed interest (2.9 ) Present value of minimum lease payments 10.8 Less: current capital lease obligations (3.2 ) Long-term capital lease obligations $ 7.6 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Changes in Asset Retirement Obligations | The following shows the changes in the asset retirement obligations: years ended December 31 (in millions) 2019 2018 Balance at beginning of year $ 121.8 $ 109.7 Accretion expense 5.6 5.1 Liabilities incurred and liabilities assumed in business combinations 0.6 4.6 Liabilities settled (1.2 ) (2.8 ) Revisions in estimated cash flows 17.1 5.2 Balance at end of year $ 143.9 $ 121.8 |
Schedule of Contractual Purchase Commitments | The Company’s contractual purchase commitments as of December 31, 2019 are as follows: (in millions) 2020 $ 140.6 2021 15.0 2022 3.0 2023 0.9 2024 0.9 Thereafter 15.9 Total $ 176.3 |
Schedule of Future Minimum Contracts of Affreightment and Royalty Commitments for All Noncancelable Agreements | Future minimum contracts of affreightment and royalty commitments for all noncancelable agreements as of December 31, 2019 are as follows: (in millions) Contracts of Affreightment Royalty Commitments 2020 $ 15.8 $ 15.7 2021 16.1 11.1 2022 16.3 10.3 2023 16.6 9.2 2024 16.9 8.9 Thereafter 52.2 59.7 Total $ 133.9 $ 114.9 |
Segments (Tables)
Segments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Financial Data for Continuing Operation for Company's Reportable Segments | The following tables display selected financial data for the Company’s reportable segments. The acquired Bluegrass operations are reported in the Mid-America Group and Southeast Group. Total revenues, as well as the consolidated statements of earnings and comprehensive earnings, reflect the elimination of intersegment revenues. years ended December 31 (in millions) Total revenues 2019 2018 2017 Mid-America Group $ 1,446.0 $ 1,223.2 $ 1,053.3 Southeast Group 506.4 423.4 362.6 West Group 2,515.4 2,310.0 2,279.7 Total Building Materials Business 4,467.8 3,956.6 3,695.6 Magnesia Specialties 271.3 287.7 270.0 Total $ 4,739.1 $ 4,244.3 $ 3,965.6 Gross profit Mid-America Group $ 482.9 $ 366.9 $ 335.4 Southeast Group 124.1 77.2 74.6 West Group 473.6 416.2 465.6 Total Building Materials Business 1,080.6 860.3 875.6 Magnesia Specialties 95.4 98.7 89.4 Corporate 3.0 7.6 6.9 Total $ 1,179.0 $ 966.6 $ 971.9 Selling, general and administrative expenses Mid-America Group $ 63.1 $ 55.8 $ 53.9 Southeast Group 21.6 18.7 17.1 West Group 116.3 107.6 102.7 Total Building Materials Business 201.0 182.1 173.7 Magnesia Specialties 11.3 10.0 9.5 Corporate 90.4 88.5 78.9 Total $ 302.7 $ 280.6 $ 262.1 years ended December 31 (in millions) Earnings (Loss) from operations 2019 2018 2017 Mid-America Group $ 425.9 $ 319.1 $ 284.8 Southeast Group 103.1 75.9 61.2 West Group 365.2 295.8 360.6 Total Building Materials Business 894.2 690.8 706.6 Magnesia Specialties 83.6 88.1 79.4 Corporate (92.9 ) (88.2 ) (85.6 ) Total $ 884.9 $ 690.7 $ 700.4 Earnings from operations for the West Group for 2018 reflect an asset and portfolio rationalization charge of $18.8 million. December 31 (in millions) Assets employed 2019 2018 2017 Mid-America Group $ 2,879.3 $ 2,788.5 $ 1,532.9 Southeast Group 1,442.5 1,299.5 616.3 West Group 5,320.7 4,989.6 5,014.2 Total Building Materials Business 9,642.5 9,077.6 7,163.4 Magnesia Specialties 176.2 156.1 152.3 Corporate 312.9 317.7 1,676.8 Total $ 10,131.6 $ 9,551.4 $ 8,992.5 years ended December 31 (in millions) Depreciation, depletion and amortization 2019 2018 2017 Mid-America Group $ 110.2 $ 93.6 $ 69.7 Southeast Group 47.8 41.2 30.8 West Group 183.3 180.9 169.8 Total Building Materials Business 341.3 315.7 270.3 Magnesia Specialties 10.2 10.4 10.1 Corporate 20.0 17.9 16.8 Total $ 371.5 $ 344.0 $ 297.2 Total property additions, including the impact of acquisitions Mid-America Group $ 127.7 $ 1,157.1 $ 139.5 Southeast Group 45.3 603.1 34.6 West Group 182.6 148.1 240.8 Total Building Materials Business 355.6 1,908.3 414.9 Magnesia Specialties 20.0 12.5 11.1 Corporate 12.0 4.8 12.6 Total $ 387.6 $ 1,925.6 $ 438.6 years ended December 31 (in millions) Property additions through acquisitions 2019 2018 2017 Mid-America Group $ — $ 980.3 $ 0.1 Southeast Group — 561.5 — West Group — 1.4 2.4 Total Building Materials Business — 1,543.2 2.5 Magnesia Specialties — — — Corporate — — — Total $ — $ 1,543.2 $ 2.5 |
Revenues and Gross Profit (Tabl
Revenues and Gross Profit (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenues And Gross Profit [Abstract] | |
Total Revenues and Gross Profit by Product Line | The following tables, which are reconciled to consolidated amounts, provide total revenues and gross profit by line of business: Building Materials (further divided by product line) and Magnesia Specialties. Interproduct revenues represent sales from the aggregates product line to the ready mixed concrete and asphalt and paving product lines and sales from the cement product line to the ready mixed concrete product line. The Company’s two cold mix asphalt plants have been reclassified from the asphalt and paving product line to the aggregates product line. These operations did not represent a material amount of product revenues and gross profit. Prior year information has been reclassified to conform to the presentation of the Company’s current reportable product lines. years ended December 31 (in millions) Total revenues 2019 2018 2017 Building Materials Business: Products and services: Aggregates $ 2,756.7 $ 2,365.8 $ 2,145.6 Cement 439.1 387.8 371.2 Ready Mixed Concrete 948.1 963.8 936.0 Asphalt and Paving 294.0 258.6 282.0 Less: Interproduct revenues (265.5 ) (264.2 ) (264.0 ) Products and services 4,172.4 3,711.8 3,470.8 Freight 295.4 244.8 224.8 Total Building Materials Business 4,467.8 3,956.6 3,695.6 Magnesia Specialties: Products and services 249.9 268.6 252.7 Freight 21.4 19.1 17.3 Total Magnesia Specialties 271.3 287.7 270.0 Consolidated total revenues $ 4,739.1 $ 4,244.3 $ 3,965.6 Gross profit (loss) Building Materials Business: Products and services: Aggregates $ 807.9 $ 608.4 $ 602.3 Cement 143.4 126.2 117.0 Ready Mixed Concrete 78.8 74.2 91.6 Asphalt and Paving 50.7 51.3 62.1 Products and services 1,080.8 860.1 873.0 Freight (0.2 ) 0.2 2.6 Total Building Materials Business 1,080.6 860.3 875.6 Magnesia Specialties: Products and services 99.4 102.9 94.1 Freight (4.0 ) (4.2 ) (4.7 ) Total Magnesia Specialties 95.4 98.7 89.4 Corporate 3.0 7.6 6.9 Consolidated gross profit $ 1,179.0 $ 966.6 $ 971.9 |
Domestic and Foreign Total Revenues | Domestic and foreign total revenues are as follows: years ended December 31 (in millions) 2019 2018 2017 Domestic $ 4,676.3 $ 4,166.4 $ 3,901.3 Foreign 62.8 77.9 64.3 Consolidated total revenues $ 4,739.1 $ 4,244.3 $ 3,965.6 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule Of Other Significant Noncash Transactions | Noncash investing and financing activities are as follows: years ended December 31 (in millions) 2019 2018 2017 Accrued liabilities for purchases of property, plant and equipment $ 54.2 $ 67.0 $ 61.6 Acquisition of assets through asset exchange $ 2.4 $ — $ 2.5 Remeasurement of operating lease right-of-use assets $ 2.0 $ — $ — Right-of-use assets obtained in exchange for new operating lease liabilities $ 45.7 $ — $ — Right-of-use assets obtained in exchange for new finance lease liabilities $ 0.2 $ — $ — Acquisition of assets through capital lease $ — $ 1.1 $ 0.8 Sale of asset to settle liability $ — $ — $ 0.9 |
Supplemental Disclosures of Cash Flow Information | Supplemental disclosures of cash flow information are as follows: years ended December 31 (in millions) 2019 2018 2017 Cash paid for interest, net of amount capitalized $ 127.9 $ 137.2 $ 78.9 Cash paid for income taxes $ 101.7 $ 28.9 $ 155.8 Cash paid for amounts included in the measurement of lease liabilities¹: Operating cash flows used for operating leases $ 76.1 Operating cash flows used for finance leases $ 0.5 Financing cash flows used for finance leases $ 11.0 ¹ These disclosures are required by ASC 842, which was adopted on January 1, 2019. |
Accounting Policies - Additiona
Accounting Policies - Additional Information (Detail) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019USD ($)FacilityStatePlantshares | Dec. 31, 2018shares | Dec. 31, 2017shares | Jan. 01, 2019USD ($) | |
Significant Accounting Policies [Line Items] | ||||
Number of states with aggregates business sales by destination | State | 27 | |||
Number of cement plants | Plant | 2 | |||
Number of asphalt plants | Plant | 7 | |||
Out of period expenses | $ 15.7 | |||
Retirement plans and postretirement benefits amortized amount representing percentage of greater of projected benefit obligation or pension plan assets. | 10.00% | |||
Minimum likelihood for recognition of tax benefit related to uncertain tax position | 50.00% | |||
Operating lease, right of use asset | $ 481.9 | |||
Operating lease, liability | 486.6 | |||
Finance leases, right of use asset | 18.3 | |||
Finance leases, liability | $ 8.7 | |||
Accounting Standards Update 2016-02 | ||||
Significant Accounting Policies [Line Items] | ||||
Operating lease, right of use asset | $ 502.5 | |||
Operating lease, liability | 501.6 | |||
Finance leases, right of use asset | 10.9 | |||
Finance leases, liability | $ 12.1 | |||
Stock Options | ||||
Significant Accounting Policies [Line Items] | ||||
Stock options issued | shares | 0 | 0 | 0 | |
Expendable Parts Inventory | ||||
Significant Accounting Policies [Line Items] | ||||
Allowance for inventories in excess of sales requisite Record period | 5 years | |||
Supplies Inventory | ||||
Significant Accounting Policies [Line Items] | ||||
Allowance for inventories in excess of sales requisite Record period | 1 year | |||
Minimum | ||||
Significant Accounting Policies [Line Items] | ||||
Number of quarries and yards | Facility | 300 | |||
Number of ready mixed concrete plants | Plant | 141 | |||
Minimum | Inventory Finished Goods | ||||
Significant Accounting Policies [Line Items] | ||||
Allowance for inventories in excess of sales requisite Record period | 12 months | |||
Maximum | ||||
Significant Accounting Policies [Line Items] | ||||
Warranty term | 1 year | |||
Maximum | Inventory Finished Goods | ||||
Significant Accounting Policies [Line Items] | ||||
Allowance for inventories in excess of sales requisite Record period | 5 years | |||
Percentage of Aggregates Business Net Sales in Top Five Sales states | Geographic Concentration Risk | Sales Revenue Segment | ||||
Significant Accounting Policies [Line Items] | ||||
Total net sales, percentage | 72.00% |
Accounting Policies - Estimated
Accounting Policies - Estimated Service Lives for Property, Plant and Equipment (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
Building | Minimum | |
Property Plant And Equipment [Line Items] | |
Property, plant and equipment, Service Lives, Years | 5 years |
Building | Maximum | |
Property Plant And Equipment [Line Items] | |
Property, plant and equipment, Service Lives, Years | 20 years |
Machinery and Equipment | Minimum | |
Property Plant And Equipment [Line Items] | |
Property, plant and equipment, Service Lives, Years | 2 years |
Machinery and Equipment | Maximum | |
Property Plant And Equipment [Line Items] | |
Property, plant and equipment, Service Lives, Years | 20 years |
Land Improvements | Minimum | |
Property Plant And Equipment [Line Items] | |
Property, plant and equipment, Service Lives, Years | 5 years |
Land Improvements | Maximum | |
Property Plant And Equipment [Line Items] | |
Property, plant and equipment, Service Lives, Years | 60 years |
Accounting Policies - Component
Accounting Policies - Components of Changes in Accumulated Other Comprehensive Loss and Related Cumulative Noncurrent Deferred Tax Assets (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | $ 4,949.4 | $ 4,682.5 | $ 4,142.6 |
Other comprehensive (loss) earnings before reclassifications, net of Tax | (13.3) | (25) | (6.9) |
Amounts reclassified from accumulated other comprehensive loss, net of tax | 11.1 | 10.5 | 8.5 |
Other comprehensive (loss) earnings, net of tax | (2.2) | (14.5) | 1.6 |
Ending Balance | 5,353.3 | 4,949.4 | 4,682.5 |
Cumulative noncurrent deferred tax assets at end of period | 85.2 | 84.2 | 80.1 |
Pension and Postretirement Benefit Plans | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (141.5) | (128.8) | (128.4) |
Other comprehensive (loss) earnings before reclassifications, net of Tax | (14.5) | (22.9) | (8.1) |
Amounts reclassified from accumulated other comprehensive loss, net of tax | 11.1 | 10.2 | 7.7 |
Other comprehensive (loss) earnings, net of tax | (3.4) | (12.7) | (0.4) |
Ending Balance | (144.9) | (141.5) | (128.8) |
Cumulative noncurrent deferred tax assets at end of period | 85.2 | 84.2 | 79.9 |
Foreign Currency | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (2.1) | (1.2) | |
Other comprehensive (loss) earnings before reclassifications, net of Tax | 1.2 | (2.1) | 1.2 |
Other comprehensive (loss) earnings, net of tax | 1.2 | (2.1) | 1.2 |
Ending Balance | (0.9) | (2.1) | |
Unamortized Value of Terminated Forward Starting Interest Rate Swap | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (0.3) | (1.1) | |
Amounts reclassified from accumulated other comprehensive loss, net of tax | 0.3 | 0.8 | |
Other comprehensive (loss) earnings, net of tax | 0.3 | 0.8 | |
Ending Balance | (0.3) | ||
Cumulative noncurrent deferred tax assets at end of period | 0.2 | ||
Accumulated Other Comprehensive Loss | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (143.6) | (129.1) | (130.7) |
Other comprehensive (loss) earnings before reclassifications, net of Tax | (13.3) | ||
Ending Balance | $ (145.8) | $ (143.6) | $ (129.1) |
Accounting Policies - Reclassif
Accounting Policies - Reclassifications Out of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Additional interest expense | $ 129.3 | $ 137.1 | $ 91.5 |
Tax effect | 136.3 | 105.7 | (94.5) |
Earnings from Continuing Operations | 11.1 | 10.5 | 8.5 |
Pension and Postretirement Benefit Plans | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Earnings from Continuing Operations | 11.1 | 10.2 | 7.7 |
Unamortized Value of Terminated Forward Starting Interest Rate Swap | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Earnings from Continuing Operations | 0.3 | 0.8 | |
Reclassification out of Accumulated Other Comprehensive Income | Pension and Postretirement Benefit Plans | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Settlement charge | 2.9 | ||
Prior service credit | (0.8) | (2) | (1.4) |
Actuarial loss | 15.5 | 12.7 | 13.8 |
Tax effect | (3.6) | (3.4) | (4.7) |
Earnings from Continuing Operations | 11.1 | 10.2 | 7.7 |
Reclassification out of Accumulated Other Comprehensive Income | Pension and Postretirement Benefit Plans | Other Nonoperating Expenses and (Income), Net | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Total reclassifications out of accumulated other comprehensive loss before taxes | $ 14.7 | 13.6 | 12.4 |
Reclassification out of Accumulated Other Comprehensive Income | Unamortized Value of Terminated Forward Starting Interest Rate Swap | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Additional interest expense | 0.5 | 1.4 | |
Tax effect | (0.2) | (0.6) | |
Earnings from Continuing Operations | $ 0.3 | $ 0.8 |
Accounting Policies - Basic and
Accounting Policies - Basic and Diluted Earnings Per Common Share (Detail) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |||
Net earnings attributable to Martin Marietta | $ 611.9 | $ 470 | $ 713.3 |
Less: Distributed and undistributed earnings attributable to unvested participating securities | 0.9 | 0.8 | 2 |
Basic and diluted net earnings attributable to common shareholders attributable to Martin Marietta | $ 611 | $ 469.2 | $ 711.3 |
Basic weighted-average common shares outstanding | 62.5 | 62.9 | 62.9 |
Effect of dilutive employee and director awards | 0.2 | 0.2 | 0.3 |
Diluted weighted-average common shares outstanding | 62.7 | 63.1 | 63.2 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue Recognition [Line Items] | |||
Performance obligations, description of timing | Performance obligations within paving service agreements are satisfied over time, primarily ranging from one day to two years. For product revenues and freight revenues, customer payment terms are generally 30 days from invoice date. Customer payments for the paving operations are based on a contractual billing schedule and are due 30 days from invoice date. | ||
Product and freight revenues customer payment terms | 30 days | ||
Customer payments terms based on contractual billing | 30 days | ||
Future revenues from unsatisfied performance obligations | $ 136.1 | $ 78.1 | $ 67 |
Service revenues | 4,739.1 | 4,244.3 | 3,965.6 |
Revenue recognized from contract liabilities | 6.6 | 6.8 | |
Retainage on contracts | 10.2 | 7.5 | |
Service | COLORADO | |||
Revenue Recognition [Line Items] | |||
Service revenues | $ 250.6 | $ 219.6 | $ 245.3 |
Minimum | Service | |||
Revenue Recognition [Line Items] | |||
Performance obligations, period | 1 day | ||
Maximum | Service | |||
Revenue Recognition [Line Items] | |||
Performance obligations, period | 2 years |
Revenue Recognition - Additio_2
Revenue Recognition - Additional Information (Detail 1) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Minimum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2018-01-01 | |||
Revenue Recognition [Line Items] | |||
Performance obligations, customer satisfaction period | 1 month | ||
Minimum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2019-01-01 | |||
Revenue Recognition [Line Items] | |||
Performance obligations, customer satisfaction period | 2 months | ||
Minimum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-01-01 | |||
Revenue Recognition [Line Items] | |||
Performance obligations, customer satisfaction period | 3 months | ||
Maximum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2018-01-01 | |||
Revenue Recognition [Line Items] | |||
Performance obligations, customer satisfaction period | 23 months | ||
Maximum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2019-01-01 | |||
Revenue Recognition [Line Items] | |||
Performance obligations, customer satisfaction period | 22 months | ||
Maximum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-01-01 | |||
Revenue Recognition [Line Items] | |||
Performance obligations, customer satisfaction period | 12 months |
Revenue Recognition - Schedule
Revenue Recognition - Schedule of Company's Total Revenues by Category for each Reportable Segment (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue Recognition [Line Items] | |||
Total | $ 4,739.1 | $ 4,244.3 | $ 3,965.6 |
Building Materials Business | |||
Revenue Recognition [Line Items] | |||
Total | 4,467.8 | 3,956.6 | 3,695.6 |
Products and Services | |||
Revenue Recognition [Line Items] | |||
Total | 4,422.3 | 3,980.4 | 3,723.5 |
Products and Services | Building Materials Business | |||
Revenue Recognition [Line Items] | |||
Total | 4,172.4 | 3,711.8 | 3,470.8 |
Freight | |||
Revenue Recognition [Line Items] | |||
Total | 316.8 | 263.9 | 242.1 |
Freight | Building Materials Business | |||
Revenue Recognition [Line Items] | |||
Total | 295.4 | 244.8 | 224.8 |
Operating Segments | Building Materials Business | |||
Revenue Recognition [Line Items] | |||
Total | 4,467.8 | 3,956.6 | 3,695.6 |
Operating Segments | Building Materials Business Mid-America Group | |||
Revenue Recognition [Line Items] | |||
Total | 1,446 | 1,223.2 | 1,053.3 |
Operating Segments | Building Materials Business Southeast Group | |||
Revenue Recognition [Line Items] | |||
Total | 506.4 | 423.4 | 362.6 |
Operating Segments | Building Materials Business West Group | |||
Revenue Recognition [Line Items] | |||
Total | 2,515.4 | 2,310 | 2,279.7 |
Operating Segments | Magnesia Specialties | |||
Revenue Recognition [Line Items] | |||
Total | 271.3 | 287.7 | 270 |
Operating Segments | Products and Services | Building Materials Business Mid-America Group | |||
Revenue Recognition [Line Items] | |||
Total | 1,328.8 | 1,133.8 | 982.2 |
Operating Segments | Products and Services | Building Materials Business Southeast Group | |||
Revenue Recognition [Line Items] | |||
Total | 489.1 | 409.6 | 348.7 |
Operating Segments | Products and Services | Building Materials Business West Group | |||
Revenue Recognition [Line Items] | |||
Total | 2,354.5 | 2,168.4 | 2,139.9 |
Operating Segments | Products and Services | Magnesia Specialties | |||
Revenue Recognition [Line Items] | |||
Total | 249.9 | 268.6 | 252.7 |
Operating Segments | Freight | Building Materials Business | |||
Revenue Recognition [Line Items] | |||
Total | 295.4 | 244.8 | 224.8 |
Operating Segments | Freight | Building Materials Business Mid-America Group | |||
Revenue Recognition [Line Items] | |||
Total | 117.2 | 89.4 | 71.1 |
Operating Segments | Freight | Building Materials Business Southeast Group | |||
Revenue Recognition [Line Items] | |||
Total | 17.3 | 13.8 | 13.9 |
Operating Segments | Freight | Building Materials Business West Group | |||
Revenue Recognition [Line Items] | |||
Total | 160.9 | 141.6 | 139.8 |
Operating Segments | Freight | Magnesia Specialties | |||
Revenue Recognition [Line Items] | |||
Total | $ 21.4 | $ 19.1 | $ 17.3 |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Information About the Company's Contract Balances (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Revenue From Contract With Customer [Abstract] | ||
Costs in excess of billings | $ 2.8 | $ 2 |
Billings in excess of costs | $ 7.8 | $ 6.7 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Changes in Goodwill (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill [Line Items] | ||
Balance at beginning of period | $ 2,399.1 | $ 2,160.3 |
Measurement period adjustments | (1.6) | |
Acquisitions | 245.3 | |
Goodwill allocated to assets held for sale | (0.2) | (5.6) |
Divestitures | (0.5) | (0.9) |
Balance at end of period | 2,396.8 | 2,399.1 |
Mid-America Group | ||
Goodwill [Line Items] | ||
Balance at beginning of period | 431.9 | 281.4 |
Measurement period adjustments | (1) | |
Acquisitions | 150.5 | |
Balance at end of period | 430.9 | 431.9 |
Southeast Group | ||
Goodwill [Line Items] | ||
Balance at beginning of period | 144.2 | 50.3 |
Measurement period adjustments | (0.6) | |
Acquisitions | 94.8 | |
Goodwill allocated to assets held for sale | (0.2) | |
Divestitures | (0.9) | |
Balance at end of period | 143.4 | 144.2 |
West Group | ||
Goodwill [Line Items] | ||
Balance at beginning of period | 1,823 | 1,828.6 |
Goodwill allocated to assets held for sale | (5.6) | |
Divestitures | (0.5) | |
Balance at end of period | $ 1,822.5 | $ 1,823 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Intangible Assets Subject to Amortization (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | $ 560.4 | $ 560.4 |
Accumulated Amortization | (101.9) | (88.8) |
Net Balance | 458.5 | 471.6 |
Noncompetition agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | 6.3 | 6.3 |
Accumulated Amortization | (6.2) | (6.2) |
Net Balance | 0.1 | 0.1 |
Customer Relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | 65.6 | 65.6 |
Accumulated Amortization | (30.4) | (25.6) |
Net Balance | 35.2 | 40 |
Operating Permits | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | 459 | 459 |
Accumulated Amortization | (42.3) | (36.1) |
Net Balance | 416.7 | 422.9 |
Use Rights And Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | 16.7 | 16.7 |
Accumulated Amortization | (12.1) | (11.2) |
Net Balance | 4.6 | 5.5 |
Trade names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | 12.8 | 12.8 |
Accumulated Amortization | (10.9) | (9.7) |
Net Balance | $ 1.9 | $ 3.1 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Intangible Assets Deemed to Indefinite Life that are Therefore Not Amortized (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Indefinite Lived Intangible Assets By Major Class [Line Items] | ||
Indefinite life intangible assets | $ 28.3 | $ 29.7 |
Operating Permits | ||
Indefinite Lived Intangible Assets By Major Class [Line Items] | ||
Indefinite life intangible assets | 6.6 | 6.6 |
Use Rights Not Subject To Amortization | ||
Indefinite Lived Intangible Assets By Major Class [Line Items] | ||
Indefinite life intangible assets | 19 | 20.3 |
Trade names | ||
Indefinite Lived Intangible Assets By Major Class [Line Items] | ||
Indefinite life intangible assets | 2.7 | 2.8 |
Building Materials Business | ||
Indefinite Lived Intangible Assets By Major Class [Line Items] | ||
Indefinite life intangible assets | 25.8 | 27.2 |
Building Materials Business | Operating Permits | ||
Indefinite Lived Intangible Assets By Major Class [Line Items] | ||
Indefinite life intangible assets | 6.6 | 6.6 |
Building Materials Business | Use Rights Not Subject To Amortization | ||
Indefinite Lived Intangible Assets By Major Class [Line Items] | ||
Indefinite life intangible assets | 19 | 20.3 |
Building Materials Business | Trade names | ||
Indefinite Lived Intangible Assets By Major Class [Line Items] | ||
Indefinite life intangible assets | 0.2 | 0.3 |
Magnesia Specialties | ||
Indefinite Lived Intangible Assets By Major Class [Line Items] | ||
Indefinite life intangible assets | 2.5 | 2.5 |
Magnesia Specialties | Trade names | ||
Indefinite Lived Intangible Assets By Major Class [Line Items] | ||
Indefinite life intangible assets | $ 2.5 | $ 2.5 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |||
Other intangibles acquired | $ 1.5 | ||
Amortization expense of intangible assets | $ 13 | $ 13.9 | $ 14.2 |
Goodwill and Other Intangible_7
Goodwill and Other Intangible Assets - Estimated Amortization Expense of Intangible Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
2020 | $ 13.2 | |
2021 | 12.5 | |
2022 | 11.1 | |
2023 | 10.6 | |
2024 | 10.6 | |
Thereafter | 400.5 | |
Net Balance | $ 458.5 | $ 471.6 |
Business Combinations - Additio
Business Combinations - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Apr. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Business Combinations [Line Items] | ||||
Total revenues | $ 4,739.1 | $ 4,244.3 | $ 3,965.6 | |
Earnings from operations | 884.9 | 690.7 | 700.4 | |
Acquisition-related expenses | 0.5 | 13.5 | 8.6 | |
Bluegrass Materials Company | ||||
Business Combinations [Line Items] | ||||
Date of acquisition | 2018-04 | |||
Business acquisition in cash | $ 1,600 | |||
Total revenues | 245.7 | 172 | ||
Earnings from operations | $ 70.5 | 32.4 | ||
Acquisition-related expenses | 28.3 | 8.6 | ||
Gain on a required divestiture of a legacy quarry | $ 14.8 | |||
Gain on sale of business | 14.8 | |||
Increase in cost of revenues | 18.7 | |||
Bluegrass Materials Company | Pro Forma | ||||
Business Combinations [Line Items] | ||||
Acquisition-related expenses | $ 28.1 |
Business Combinations - Summary
Business Combinations - Summary of the Estimated Fair Values of the Assets Acquired and the Liabilities Assumed (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Apr. 27, 2018 | Dec. 31, 2017 |
Assets: | ||||
Goodwill | $ 2,396.8 | $ 2,399.1 | $ 2,160.3 | |
Bluegrass Materials Company | ||||
Assets: | ||||
Cash and cash equivalents | $ 1.2 | |||
Receivables | 25.5 | |||
Inventory | 46.6 | |||
Other current assets | 1 | |||
Property, plant and equipment | 1,519.3 | |||
Intangible assets, other than goodwill | 20.2 | |||
Goodwill | 243 | |||
Total Assets | 1,856.8 | |||
Liabilities: | ||||
Accounts payable and accrued expenses | 17.9 | |||
Deferred income tax liabilities, net | 212.5 | |||
Noncontrolling interest | 9 | |||
Total Liabilities | 239.4 | |||
Total Consideration | $ 1,617.4 |
Business Combinations - Busines
Business Combinations - Business Acquisition, Pro Forma Information (Details) - Bluegrass Materials Company - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Business Acquisition [Line Items] | ||
Total revenues | $ 4,299.7 | $ 4,178.6 |
Net earnings attributable to Martin Marietta | $ 489.5 | $ 691.7 |
Diluted earnings per share | $ 7.75 | $ 10.94 |
Accounts Receivable, Net - Sche
Accounts Receivable, Net - Schedule of Accounts Receivable Net (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Receivables [Abstract] | ||
Customer receivables | $ 564.4 | $ 514.1 |
Other current receivables | 14 | 12.5 |
Accounts Receivable, gross | 578.4 | 526.6 |
Less: Allowances | (4.7) | (3.3) |
Total | $ 573.7 | $ 523.3 |
Accounts Receivable, Net - Addi
Accounts Receivable, Net - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Receivables [Abstract] | ||
Due from unconsolidated affiliates | $ 2.9 | $ 2.5 |
Inventories, Net - Schedule of
Inventories, Net - Schedule of Inventories Net (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Inventory Disclosure [Abstract] | ||
Finished products | $ 643.6 | $ 615.7 |
Products in process | 41.9 | 35.6 |
Raw materials | 32.4 | 31.3 |
Supplies and expendable parts | 141.5 | 139.6 |
Inventories, Gross | 859.4 | 822.2 |
Less: Allowances | (168.6) | (159.2) |
Total | $ 690.8 | $ 663 |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net - Property, Plant and Equipment, Net (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Property Plant And Equipment [Abstract] | ||
Land and land improvements | $ 1,135 | $ 1,089.6 |
Mineral reserves and interests | 2,509.8 | 2,506.8 |
Buildings | 163.4 | 162.1 |
Machinery and equipment | 4,548.6 | 4,357.7 |
Construction in progress | 258.4 | 178.7 |
Finance lease right-of-use assets | 18.3 | |
Gross property, plant and equipment | 8,633.5 | 8,294.9 |
Less: Accumulated depreciation, depletion and amortization | (3,427.5) | (3,137.7) |
Total | $ 5,206 | $ 5,157.2 |
Property, Plant and Equipment_4
Property, Plant and Equipment, Net - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property Plant And Equipment [Line Items] | |||
Depreciation, depletion and amortization | $ 354.4 | $ 326.1 | $ 279.8 |
Capitalized interest expense | 5.1 | 3 | $ 3.6 |
Property, plant and equipment, net | 5,206 | 5,157.2 | |
Bahamas And Canada | |||
Property Plant And Equipment [Line Items] | |||
Property, plant and equipment, net | $ 49.7 | $ 56.2 |
Long-Term Debt - Long-Term Debt
Long-Term Debt - Long-Term Debt (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Total | $ 2,773.6 | $ 3,120.4 |
Less: current maturities | (340) | (390) |
Long-term debt | 2,433.6 | 2,730.4 |
4.25% Senior Notes, Due 2024 | ||
Debt Instrument [Line Items] | ||
Total | 397 | 396.4 |
7% Debentures, Due 2025 | ||
Debt Instrument [Line Items] | ||
Total | 124.4 | 124.3 |
3.450% Senior Notes, Due 2027 | ||
Debt Instrument [Line Items] | ||
Total | 297.3 | 296.9 |
3.500% Senior Notes, Due 2027 | ||
Debt Instrument [Line Items] | ||
Total | 495.3 | 494.8 |
6.25% Senior Notes, Due 2037 | ||
Debt Instrument [Line Items] | ||
Total | 228.1 | 228.1 |
4.250% Senior Notes, Due 2047 | ||
Debt Instrument [Line Items] | ||
Total | 591.7 | 591.5 |
Floating Rate Senior Notes, Due 2020 | ||
Debt Instrument [Line Items] | ||
Total | 299.7 | 299 |
Floating Rate Senior Notes, Due 2019 | ||
Debt Instrument [Line Items] | ||
Total | 299.2 | |
Trade Receivable Facility | ||
Debt Instrument [Line Items] | ||
Total | 340 | 390 |
Other Notes | ||
Debt Instrument [Line Items] | ||
Total | $ 0.1 | $ 0.2 |
Long-Term Debt - Long-Term De_2
Long-Term Debt - Long-Term Debt (Parenthetical) (Detail) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
4.25% Senior Notes, Due 2024 | ||
Debt Instrument [Line Items] | ||
Maturity year | 2024 | |
Interest rate on notes | 4.25% | |
Interest rate | 4.25% | |
7% Debentures, Due 2025 | ||
Debt Instrument [Line Items] | ||
Maturity year | 2025 | |
Interest rate on notes | 7.00% | |
Interest rate | 7.12% | |
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% | |
Interest rate | 3.53% | |
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% | |
Interest rate | 4.27% | |
Floating Rate Senior Notes, Due 2020 | ||
Debt Instrument [Line Items] | ||
Maturity year | 2020 | |
Interest rate | 2.55% | 3.30% |
Floating Rate Senior Notes, Due 2019 | ||
Debt Instrument [Line Items] | ||
Maturity year | 2019 | |
Interest rate | 3.29% | |
Trade Receivable Facility | ||
Debt Instrument [Line Items] | ||
Credit Facility interest rate | 2.42% | 3.07% |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) - USD ($) | Dec. 20, 2018 | Dec. 05, 2016 | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||||
Required offer price to repurchase senior notes if change of control repurchase event and downgrade below investment grade credit rating occurs | 101.00% | |||
Maximum consolidated debt reduction for unrestricted cash and cash equivalents for debt covenant calculation | $ 200,000,000 | |||
Outstanding letters of credit | 32,900,000 | |||
Minimum | ||||
Debt Instrument [Line Items] | ||||
Reduction of consolidated debt in the debt ratio calculation | $ 50,000,000 | |||
Including Acquisition Bridge Debt | Maximum | ||||
Debt Instrument [Line Items] | ||||
Debt covenant | 3.50 | |||
Excluding Acquisition Bridge Debt | Maximum | ||||
Debt Instrument [Line Items] | ||||
Debt covenant | 3.75 | |||
Revolving Facility | ||||
Debt Instrument [Line Items] | ||||
Credit facility commitment | $ 700,000,000 | $ 697,700,000 | ||
Senior unsecured revolving facility, maturity period | 5 years | |||
Debt instrument maturity period | Dec. 5, 2024 | |||
Debt instrument extended maturity period | 1 year | |||
Outstanding letters of credit | $ 2,300,000 | $ 2,300,000 | ||
Borrowings under revolving facility | $ 700,000,000 | 697,700,000 | ||
Short-term Line of Credit | ||||
Debt Instrument [Line Items] | ||||
Credit facility commitment | 5,000,000 | |||
Borrowings under revolving facility | 5,000,000 | |||
Outstanding borrowing under credit facility | $ 0 | $ 0 | ||
4.25% Senior Notes, Due 2024 | ||||
Debt Instrument [Line Items] | ||||
Interest rate on notes | 4.25% | |||
Maturity year | 2024 | |||
Maturity date | Jul. 2, 2024 | |||
7% Debentures, Due 2025 | ||||
Debt Instrument [Line Items] | ||||
Interest rate on notes | 7.00% | |||
Maturity year | 2025 | |||
Maturity date | Dec. 1, 2025 | |||
3.450% Senior Notes, Due 2027 | ||||
Debt Instrument [Line Items] | ||||
Interest rate on notes | 3.45% | |||
Maturity year | 2027 | |||
Maturity date | Jun. 1, 2027 | |||
3.500% Senior Notes, Due 2027 | ||||
Debt Instrument [Line Items] | ||||
Interest rate on notes | 3.50% | |||
Maturity year | 2027 | |||
Maturity date | Dec. 15, 2027 | |||
6.25% Senior Notes, Due 2037 | ||||
Debt Instrument [Line Items] | ||||
Interest rate on notes | 6.25% | |||
Maturity year | 2037 | |||
Maturity date | May 1, 2037 | |||
4.250% Senior Notes, Due 2047 | ||||
Debt Instrument [Line Items] | ||||
Interest rate on notes | 4.25% | |||
Maturity year | 2047 | |||
Maturity date | Dec. 15, 2047 | |||
Floating Rate Senior Notes, Due 2020 | ||||
Debt Instrument [Line Items] | ||||
Maturity year | 2020 | |||
Maturity date | May 22, 2020 | |||
Trade Receivable Facility | ||||
Debt Instrument [Line Items] | ||||
Credit facility commitment | $ 400,000,000 | |||
Debt instrument maturity period | Sep. 23, 2020 | |||
Borrowings under revolving facility | $ 400,000,000 | |||
Trade Receivable Facility | London Interbank Offered Rate(LIBOR) | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 0.725% |
Long-Term Debt - Schedule of Pr
Long-Term Debt - Schedule of Principal Amount, Effective Interest Rate and Maturity Date for Corporation's Senior Notes (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
4.25% Senior Notes, Due 2024 | ||
Debt Instrument [Line Items] | ||
Principal Amount | $ 400,000,000 | |
Effective Interest Rate | 4.25% | |
Maturity Date | Jul. 2, 2024 | |
7% Debentures, Due 2025 | ||
Debt Instrument [Line Items] | ||
Principal Amount | $ 125,000,000 | |
Effective Interest Rate | 7.12% | |
Maturity Date | Dec. 1, 2025 | |
3.450% Senior Notes, Due 2027 | ||
Debt Instrument [Line Items] | ||
Principal Amount | $ 300,000,000 | |
Effective Interest Rate | 3.47% | |
Maturity Date | Jun. 1, 2027 | |
3.500% Senior Notes, Due 2027 | ||
Debt Instrument [Line Items] | ||
Principal Amount | $ 500,000,000 | |
Effective Interest Rate | 3.53% | |
Maturity Date | Dec. 15, 2027 | |
6.25% Senior Notes, Due 2037 | ||
Debt Instrument [Line Items] | ||
Principal Amount | $ 230,000,000 | |
Effective Interest Rate | 6.45% | |
Maturity Date | May 1, 2037 | |
4.250% Senior Notes, Due 2047 | ||
Debt Instrument [Line Items] | ||
Principal Amount | $ 600,000,000 | |
Effective Interest Rate | 4.27% | |
Maturity Date | Dec. 15, 2047 | |
Floating Rate Senior Notes, Due 2020 | ||
Debt Instrument [Line Items] | ||
Principal Amount | $ 300,000,000 | |
Effective Interest Rate | 2.55% | 3.30% |
Debt Instrument Effective Interest Rate | Three-month LIBOR + 0.65% | |
Maturity Date | May 22, 2020 |
Long-Term Debt - Schedule of Co
Long-Term Debt - Schedule of Corporation's Long-Term Debt Maturities (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Disclosure [Abstract] | ||
2020 | $ 340 | |
2021 | 0.1 | |
2022 | 0.1 | |
2024 | 696.7 | |
Thereafter | 1,736.7 | |
Total | $ 2,773.6 | $ 3,120.4 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value Disclosures [Abstract] | ||
Long-term debt, carrying values | $ 2,773.6 | $ 3,120.4 |
Long-term debt, fair values | $ 2,940 | $ 3,010 |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Expense (Benefit) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Federal income taxes: | |||
Current | $ 83.9 | $ 15.3 | $ 129.2 |
Deferred | 31.1 | 69.6 | (239.3) |
Total federal income taxes | 115 | 84.9 | (110.1) |
State income taxes: | |||
Current | 20.5 | 6 | 14.8 |
Deferred | (1.5) | 14.1 | (0.9) |
Total state income taxes | 19 | 20.1 | 13.9 |
Foreign income taxes: | |||
Current | 2.8 | (1.4) | 1.2 |
Deferred | (0.5) | 2.1 | 0.5 |
Total foreign income taxes | 2.3 | 0.7 | 1.7 |
Income tax expense (benefit) | $ 136.3 | $ 105.7 | $ (94.5) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Taxes [Line Items] | ||||
Federal statutory corporate income tax rate | 21.00% | 21.00% | 35.00% | |
Tax benefit for the provisional impact of 2017 Tax Act | $ 258.1 | |||
Income tax benefit from net operating loss (NOL) carryforwards utilized | $ 5.8 | |||
Foreign pretax earnings | $ 15.1 | 5.7 | 10.6 | |
Increased net earnings | $ 15.2 | $ 15.5 | ||
Increased net earnings, per share | $ 0.24 | $ 0.25 | ||
Tax deduction, percentage | 9.00% | |||
Operating loss carryforwards, expiration dates | 2039 | |||
Deferred tax assets recognized | $ 10.5 | 11 | ||
Deferred tax asset, valuation allowance | $ 9 | 8.6 | ||
Percentage of impact of expensing of capital expenditures for tax purposes and change in tax status | 100.00% | |||
Unrecognized tax benefits, excluding interest and correlative effects | $ 1.7 | 0.6 | ||
Tax refund | $ 3.9 | |||
Open tax years | 2011 2012 2013 2014 2015 2016 2017 2018 2019 | |||
Maximum | Scenario, Forecast | ||||
Income Taxes [Line Items] | ||||
Decrease in unrecognized tax benefits, excluding interest and correlative effects | $ 17.1 | |||
Federal Tax Authority | ||||
Income Taxes [Line Items] | ||||
Operating loss carryforwards, amount | $ 4.1 | 3.2 | ||
State Tax Authority | ||||
Income Taxes [Line Items] | ||||
Operating loss carryforwards, amount | 161 | 168.1 | ||
Domestic State Tax Authority | ||||
Income Taxes [Line Items] | ||||
Domestic and foreign tax credits, amount | $ 1.1 | 1 | ||
Domestic tax credits, expiration year | 2039 | |||
Deferred tax assets recognized | $ 0.9 | 0.8 | ||
Tax Year 2017 | ||||
Income Taxes [Line Items] | ||||
Income tax expense for transition tax on undistributed foreign earnings | 1.1 | |||
Income tax expense, write off of deferred tax assets | 1.5 | |||
Income tax benefit of pension funding, inventory and insurance prepayments | $ 21.5 | |||
Earliest Tax Year | ||||
Income Taxes [Line Items] | ||||
Expiration date of statute of limitations | 2010 | |||
Latest Tax Year | ||||
Income Taxes [Line Items] | ||||
Expiration date of statute of limitations | 2013 |
Income Taxes - Summary of Effec
Income Taxes - Summary of Effective Income Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Statutory income tax rate | 21.00% | 21.00% | 35.00% |
Effect of statutory depletion | (3.40%) | (3.40%) | (5.60%) |
State income taxes, net of federal tax benefit | 2.00% | 2.80% | 1.50% |
Change in tax status of subsidiary | (1.70%) | ||
Stock based compensation | (0.50%) | (0.50%) | (1.00%) |
Impact from 2017 Tax Act | (3.30%) | (41.70%) | |
Domestic production deduction | (2.20%) | ||
Other items | 0.80% | 1.70% | (1.30%) |
Effective income tax rate | 18.20% | 18.30% | (15.30%) |
Income Taxes - Components of De
Income Taxes - Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred tax assets related to: | |||
Inventories | $ 62.6 | $ 52.6 | |
Valuation and other reserves | 22.3 | 22.4 | |
Net operating loss carryforwards | 10.5 | 11 | |
Accumulated other comprehensive loss | 85.2 | 84.2 | $ 80.1 |
Lease liability | 114.7 | ||
Other items, net | 2.9 | 3 | |
Gross deferred tax assets | 298.2 | 173.2 | |
Valuation allowance on deferred tax assets | (9) | (8.6) | |
Total net deferred tax assets | 289.2 | 164.6 | |
Deferred tax liabilities related to: | |||
Property, plant and equipment | (700.8) | (478.3) | |
Goodwill and other intangibles | (151.7) | (170.6) | |
Right-of-use assets | (112.1) | ||
Partnerships and joint ventures | (27.4) | (204.3) | |
Employee benefits | (30.2) | (17) | |
Total deferred tax liabilities | (1,022.2) | (870.2) | |
Deferred income taxes, net | $ (733) | $ (705.6) |
Income Taxes - Schedule of Unre
Income Taxes - Schedule of Unrecognized Tax Benefits Excluding Interest Correlative Effects (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Unrecognized tax benefits at beginning of year | $ 24.1 | $ 22.4 | $ 21.8 |
Gross increases – tax positions in prior years | 0.4 | 0.9 | 1.4 |
Gross decreases – tax positions in prior years | (0.7) | ||
Gross increases – tax positions in current year | 1.8 | 1.8 | 5 |
Gross decreases – tax positions in current year | (0.8) | (1) | (0.9) |
Lapse of statute of limitations | (4.2) | ||
Unrecognized tax benefits at end of year | 25.5 | 24.1 | 22.4 |
Amount that, if recognized, would favorably impact the effective tax rate | $ 15.5 | $ 12.8 | $ 10.4 |
Retirement Plans, Postretirem_3
Retirement Plans, Postretirement and Postemployment Benefits - Schedule of Components of Net Periodic Benefit Cost (Credit) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 30.8 | $ 31.7 | $ 26.9 |
Interest cost | 37.6 | 33.2 | 36.1 |
Expected return on assets | (47.9) | (46) | (39.8) |
Prior service cost (credit) | 0.1 | 0.3 | |
Actuarial (gain) loss | 16 | 12.8 | 14.1 |
Settlement charge (credit) | 2.9 | ||
Total net periodic benefit cost (credit) | 36.5 | 34.7 | 37.6 |
Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 0.1 | 0.1 | 0.1 |
Interest cost | 0.6 | 0.5 | 0.7 |
Prior service cost (credit) | (0.8) | (2.1) | (1.7) |
Actuarial (gain) loss | (0.5) | (0.2) | (0.4) |
Total net periodic benefit cost (credit) | $ (0.6) | $ (1.7) | $ (1.3) |
Retirement Plans, Postretirem_4
Retirement Plans, Postretirement and Postemployment Benefits - Net Periodic Benefit Cost Recognized in Comprehensive Earnings (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Actuarial loss (gain) | $ 1 | $ (1.7) | $ 1.2 |
Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actuarial loss (gain) | 11.7 | 32.1 | 13.3 |
Net prior service cost (credit) | 6.4 | ||
Prior service (cost) credit | (0.1) | (0.3) | |
Actuarial gain (loss) | (16) | (12.8) | (14.1) |
Settlement (charge) credit | (2.9) | ||
Total | 2.1 | 16.3 | (1.1) |
Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net prior service cost (credit) | (3.9) | ||
Prior service (cost) credit | 0.8 | 2.1 | 1.7 |
Actuarial gain (loss) | 0.5 | 0.2 | 0.4 |
Total | $ 2.3 | $ 0.6 | $ (0.6) |
Retirement Plans, Postretirem_5
Retirement Plans, Postretirement and Postemployment Benefits - Net Periodic Benefit Credit or Cost Not Yet Recognized (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Pension | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prior service cost (credit) - Gross | $ 6.4 | |
Actuarial (gain) loss - Gross | 229.4 | $ 233.7 |
Total - Gross | 235.8 | 233.7 |
Prior service cost (credit) - Net of tax | 4 | |
Actuarial (gain) loss - Net of tax | 144.5 | 146.6 |
Total - Net of tax | 148.5 | 146.6 |
Postretirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prior service cost (credit) - Gross | (3) | (3.8) |
Actuarial (gain) loss - Gross | (2.7) | (4.2) |
Total - Gross | (5.7) | (8) |
Prior service cost (credit) - Net of tax | (1.9) | (2.4) |
Actuarial (gain) loss - Net of tax | (1.7) | (2.7) |
Total - Net of tax | $ (3.6) | $ (5.1) |
Retirement Plans, Postretirem_6
Retirement Plans, Postretirement and Postemployment Benefits - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Accumulated benefit obligation for defined benefit pension plans | $ 878.7 | $ 771.9 | ||
Combined pension plan and SERP contributions | 58.9 | 162.3 | ||
Corporation's matching obligations | $ 17.6 | 16.5 | $ 14.9 | |
Defined contribution plan name | 401(a) | |||
Scenario, Forecast | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Estimated contribution of pension plans | $ 60.2 | |||
Equity Securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Percentage of pension asset equity securities in mid and large capitalization funds | 45.00% | |||
Pension | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Prior service cost, recognized in net periodic benefit cost | $ 0.7 | |||
Prior service cost, recognized in net periodic benefit cost - deferred tax asset and liability | 0.2 | |||
Actuarial gain (loss), recognized in net periodic benefit cost | 13.5 | |||
Actuarial gain (loss), recognized in net periodic benefit cost - deferred tax asset and liability | 3.3 | |||
Combined pension plan and SERP contributions | 58.9 | 162.3 | ||
Postretirement Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Prior service cost, recognized in net periodic benefit cost | 0.8 | |||
Actuarial gain (loss), recognized in net periodic benefit cost | 0.3 | |||
Combined pension plan and SERP contributions | 2 | $ 1 | ||
Prior service cost, recognized in net periodic benefit cost - deferred taxes | 0.2 | |||
Actuarial gain (loss) , recognized in net periodic benefit cost - deferred taxes | $ 0.1 | |||
Postretirement Health Care Plans [Member] | Scenario, Forecast | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Estimated contribution of pension plans | $ 2 |
Retirement Plans, Postretirem_7
Retirement Plans, Postretirement and Postemployment Benefits - Change in Projected Benefit Obligation (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Actuarial loss (gain) | $ 1 | $ (1.6) | |
Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net projected benefit obligation at beginning of year | 847.9 | 879.3 | |
Service cost | 30.8 | 31.7 | $ 26.9 |
Interest cost | 37.6 | 33.2 | 36.1 |
Actuarial loss (gain) | 95.2 | (54.6) | |
Plan amendments | 6.4 | ||
Gross benefits paid | (40.1) | (41.7) | |
Net projected benefit obligation at end of year | 977.8 | 847.9 | 879.3 |
Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net projected benefit obligation at beginning of year | 13.3 | 15.3 | |
Service cost | 0.1 | 0.1 | 0.1 |
Interest cost | 0.6 | 0.5 | 0.7 |
Participants' contributions | 1.2 | 0.3 | |
Gross benefits paid | (3.2) | (1.3) | |
Net projected benefit obligation at end of year | $ 13 | $ 13.3 | $ 15.3 |
Retirement Plans, Postretirem_8
Retirement Plans, Postretirement and Postemployment Benefits - Schedule of Change In Plan Assets (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Balance at beginning of year | $ 717.9 | |
Employer contributions | 58.9 | $ 162.3 |
Balance at end of year | 868 | 717.9 |
Pension | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Balance at beginning of year | 717.9 | 638.1 |
Actual return on plan assets, net | 131.3 | (40.8) |
Employer contributions | 58.9 | 162.3 |
Gross benefits paid | (40.1) | (41.7) |
Balance at end of year | 868 | 717.9 |
Postretirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Employer contributions | 2 | 1 |
Participants' contributions | 1.2 | 0.3 |
Gross benefits paid | $ (3.2) | $ (1.3) |
Retirement Plans, Postretirem_9
Retirement Plans, Postretirement and Postemployment Benefits - Schedule of Funded Status (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Pension | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Funded status of the plan at end of year | $ (109.8) | $ (130) |
Accrued benefit cost | (109.8) | (130) |
Postretirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Funded status of the plan at end of year | (13) | (13.3) |
Accrued benefit cost | $ (13) | $ (13.3) |
Retirement Plans, Postretire_10
Retirement Plans, Postretirement and Postemployment Benefits - Schedule of Amounts Recognized on Consolidated Balance Sheet (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Compensation And Retirement Disclosure [Abstract] | ||
Current pension and postretirement benefits | $ (6.4) | $ (9) |
Noncurrent pension, postretirement and postemployment benefits | (103.4) | (121) |
Net amount recognized at end of year | (109.8) | (130) |
Current pension and postretirement benefits | (2) | (1) |
Noncurrent pension, postretirement and postemployment benefits | (11) | (12.3) |
Net amount recognized at end of year | $ (13) | $ (13.3) |
Retirement Plans, Postretire_11
Retirement Plans, Postretirement and Postemployment Benefits - Schedule of Accumulated Benefit Obligations in Excess of Plan Assets (Detail) - Pension - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $ 107.1 | $ 98.7 |
Accumulated benefit obligation | 96.4 | 85.5 |
Fair value of plan assets | $ 0.6 | $ 0.6 |
Retirement Plans, Postretire_12
Retirement Plans, Postretirement and Postemployment Benefits - Schedule of Weighted-Average Assumptions (Detail) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.69% | 4.38% | |
Rate of increase in future compensation levels | 4.50% | 4.50% | |
Discount rate | 4.38% | 3.76% | 4.29% |
Rate of increase in future compensation levels | 4.50% | 4.50% | 4.50% |
Expected long-term rate of return on assets | 6.75% | 6.75% | 6.75% |
Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.29% | 4.15% | |
Discount rate | 4.15% | 3.47% | 3.78% |
Retirement Plans, Postretire_13
Retirement Plans, Postretirement and Postemployment Benefits - Schedule of Target Assets Allocation (Detail) | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Plan Disclosure [Line Items] | ||
Other securities, Target Allocation | 100.00% | |
Total | 100.00% | 100.00% |
Equity Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other securities, Target Allocation | 56.00% | |
Total | 64.00% | 57.00% |
Debt Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other securities, Target Allocation | 30.00% | |
Total | 28.00% | 32.00% |
Hedge Funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other securities, Target Allocation | 4.00% | |
Total | 3.00% | 6.00% |
Real Estate | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other securities, Target Allocation | 10.00% | |
Total | 5.00% | 5.00% |
Retirement Plans, Postretire_14
Retirement Plans, Postretirement and Postemployment Benefits - Schedule of Fair Values of Pension Plan Assets by Asset Class and Fair Value Hierarchy Level (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair values of pension plan assets | $ 868 | $ 717.9 |
Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair values of pension plan assets | 3 | 2.9 |
Net Asset Value | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair values of pension plan assets | 865 | 715 |
Mid-sized to Large Cap | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair values of pension plan assets | 262.5 | 196.5 |
Mid-sized to Large Cap | Net Asset Value | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair values of pension plan assets | 262.5 | 196.5 |
Small Cap, International and Emerging Growth Funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair values of pension plan assets | 290.3 | 210.4 |
Small Cap, International and Emerging Growth Funds | Net Asset Value | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair values of pension plan assets | 290.3 | 210.4 |
Debt Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair values of pension plan assets | 242.9 | 228.2 |
Debt Securities | Net Asset Value | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair values of pension plan assets | 242.9 | 228.2 |
Real Estate | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair values of pension plan assets | 42.9 | 35.5 |
Real Estate | Net Asset Value | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair values of pension plan assets | 42.9 | 35.5 |
Hedge Funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair values of pension plan assets | 26.4 | 44.4 |
Hedge Funds | Net Asset Value | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair values of pension plan assets | 26.4 | 44.4 |
Cash Equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair values of pension plan assets | 3 | 2.9 |
Cash Equivalents | Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair values of pension plan assets | $ 3 | $ 2.9 |
Retirement Plans, Postretire_15
Retirement Plans, Postretirement and Postemployment Benefits - Schedule of Expected Benefit Payments (Detail) $ in Millions | Dec. 31, 2019USD ($) |
Pension | |
Defined Benefit Plan Disclosure [Line Items] | |
2020 | $ 43.5 |
2021 | 44.8 |
2022 | 46.2 |
2023 | 47.6 |
2024 | 50.9 |
Years 2025 - 2029 | 271 |
Postretirement Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2020 | 2 |
2021 | 1.4 |
2022 | 1.4 |
2023 | 1.3 |
2024 | 1.2 |
Years 2025 - 2029 | $ 4.7 |
Retirement Plans, Postretire_16
Retirement Plans, Postretirement and Postemployment Benefits - Schedule of Assumed Health Care Cost Trend Rate (Detail) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Compensation And Retirement Disclosure [Abstract] | ||
Health care cost trend rate assumed for next year | 6.75% | 7.00% |
Rate to which the cost trend rate gradually declines | 4.75% | 5.00% |
Year the rate reaches the ultimate rate | 2028 | 2023 |
Retirement Plans, Postretire_17
Retirement Plans, Postretirement and Postemployment Benefits - Schedule of One Percentage-Point Change In Assumed Health Care Cost Trend Rate (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Compensation And Retirement Disclosure [Abstract] | |
Postretirement benefit obligation, Increase | $ 0.7 |
Postretirement benefit obligation, Decrease | $ (0.6) |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | 228 Months Ended | 288 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2010 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Percentage of incentive compensation to acquire shares, maximum | 50.00% | ||||||
Percentage of discount rate to market value on the incentive compensation | 20.00% | ||||||
Company normal retirement age | 62 years | ||||||
Common stock price | $ 279.64 | $ 279.64 | $ 279.64 | ||||
Aggregate intrinsic values of options exercised | $ 21.6 | $ 12.4 | $ 13.2 | ||||
Aggregate intrinsic values for options outstanding | 10 | $ 10 | $ 10 | ||||
Aggregate intrinsic values for options exercisable | $ 10 | $ 10 | $ 10 | ||||
Awards available for grant | 742,000 | 742,000 | 742,000 | ||||
Additional shares issuance under the plan | 800,000 | ||||||
Texas Industries Inc. | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock options issued to former option holders | 821,282 | ||||||
Number of options issued per single option | 0.7 | ||||||
Employee stock options expiration period | 90 days | ||||||
Options granted in 2015 and 2014 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Employee stock options expiration date | 10 years | ||||||
Options granted prior to 2013 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Employee stock options expiration date | 8 years | ||||||
Incentive Compensation Stock Awards | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Weighted-average grant-date fair value of stock awards, granted | $ 192.27 | $ 212.12 | $ 208.68 | ||||
Aggregate intrinsic values for stock awards | $ 4.8 | $ 4.8 | $ 4.8 | ||||
Common stock price | $ 279.64 | $ 279.64 | $ 279.64 | ||||
Aggregate intrinsic values of stock awards, distributed | $ 1.5 | $ 1.7 | $ 2.6 | ||||
Awards granted | 21,883 | ||||||
Restricted Stock - Service Based Awards | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Weighted-average grant-date fair value of stock awards, granted | $ 196.91 | $ 211.03 | $ 213.76 | ||||
Awards granted | 86,922 | ||||||
Restricted Stock - Performance Based Awards | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Weighted-average grant-date fair value of stock awards, granted | $ 192.27 | $ 212.12 | $ 207.73 | ||||
Awards granted | 49,644 | ||||||
Restricted Stock Awards | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Aggregate intrinsic values for stock awards | $ 86.2 | $ 86.2 | $ 86.2 | ||||
Aggregate intrinsic values of stock awards, distributed | 49.8 | $ 23 | $ 15.8 | ||||
Stock Options | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Excess tax benefits for stock options exercised | $ 2 | $ 1.7 | $ 3.5 | ||||
Common stock issued under the plan | 0 | 0 | 0 | ||||
Legacy TXI plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Awards available for grant | 0 | 0 | 0 | ||||
Shareholder Value Achievement Plan (1996) | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Common stock reserved for future issuance | 250,000 | ||||||
Common stock issued under the plan | 42,025 | ||||||
Awards granted | 0 | ||||||
Directors' Awards | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Common stock reserved for future issuance | 300,000 | 300,000 | 300,000 | ||||
Common stock issued under the plan | 2,756 | 3,105 | 2,132 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary Information for Restricted Stock Awards and Incentive Compensation Stock Awards (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restricted Stock - Service Based Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Awards, January 1, 2019 | 278,147 | ||
Number of Awards, Awarded | 86,922 | ||
Number of Awards, Distributed | (171,689) | ||
Number of Awards, Forfeited | (9,441) | ||
Number of Awards, December 31, 2019 | 183,939 | 278,147 | |
Weighted-Average Grant-Date Fair Value, January 1, 2019 | $ 158.29 | ||
Weighted-Average Grant-Date Fair Value, Awarded | 196.91 | $ 211.03 | $ 213.76 |
Weighted-Average Grant-Date Fair Value, Distributed | 148.72 | ||
Weighted-Average Grant-Date Fair Value, Forfeited | 166.51 | ||
Weighted-Average Grant-Date Fair Value, December 31, 2019 | $ 185.06 | $ 158.29 | |
Restricted Stock - Performance Based Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Awards, January 1, 2019 | 151,939 | ||
Number of Awards, Awarded | 49,644 | ||
Number of Awards, Distributed | (54,424) | ||
Number of Awards, Forfeited | (5,329) | ||
Number of Awards, Adjustment for performance | (17,609) | ||
Number of Awards, December 31, 2019 | 124,221 | 151,939 | |
Weighted-Average Grant-Date Fair Value, January 1, 2019 | $ 174.74 | ||
Weighted-Average Grant-Date Fair Value, Awarded | 192.27 | $ 212.12 | 207.73 |
Weighted-Average Grant-Date Fair Value, Distributed | 133.73 | ||
Weighted-Average Grant-Date Fair Value, Forfeited | 205.21 | ||
Weighted-Average Grant-Date Fair Value, Adjustment for performance | 133.77 | ||
Weighted-Average Grant-Date Fair Value, December 31, 2019 | $ 204.21 | $ 174.74 | |
Incentive Compensation Stock Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Awards, January 1, 2019 | 35,376 | ||
Number of Awards, Awarded | 21,883 | ||
Number of Awards, Distributed | (15,948) | ||
Number of Awards, Forfeited | (1,727) | ||
Number of Awards, December 31, 2019 | 39,584 | 35,376 | |
Weighted-Average Grant-Date Fair Value, January 1, 2019 | $ 206.55 | ||
Weighted-Average Grant-Date Fair Value, Awarded | 192.27 | $ 212.12 | $ 208.68 |
Weighted-Average Grant-Date Fair Value, Distributed | 206.23 | ||
Weighted-Average Grant-Date Fair Value, Forfeited | 205.54 | ||
Weighted-Average Grant-Date Fair Value, December 31, 2019 | $ 198.83 | $ 206.55 |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary Information for Stock Options (Detail) | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Number of Options, Outstanding at January 1, 2019 | shares | 210,390 |
Number of Options, Exercised | shares | (150,722) |
Number of Options, Terminated | shares | (828) |
Number of Options, Outstanding at December 31, 2019 | shares | 58,840 |
Number of Options, Exercisable at December 31, 2019 | shares | 58,840 |
Weighted-Average Exercise Price, Outstanding at January 1, 2019 | $ / shares | $ 95.93 |
Weighted-Average Exercise Price, Exercised | $ / shares | 90.86 |
Weighted-Average Exercise Price, Terminated | $ / shares | 94.75 |
Weighted-Average Exercise Price, Outstanding at December 31, 2019 | $ / shares | 108.93 |
Weighted-Average Exercise Price, Exercisable at December 31, 2019 | $ / shares | $ 108.93 |
Weighted-Average Remaining Contractual Life (years), Outstanding at December 31, 2019 | 3 years 1 month 6 days |
Weighted-Average Remaining Contractual Life (years), Exercisable at December 31, 2019 | 3 years 1 month 6 days |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense recognized | $ 34.1 | $ 29.3 | $ 30.5 |
Unrecognized compensation cost | 23.2 | ||
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense recognized | 0.1 | 0.3 | 0.7 |
Restricted Stock Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense recognized | 32.6 | 27.7 | 28.7 |
Unrecognized compensation cost | $ 22.7 | ||
Weighted-average period over which unrecognized compensation cost will be recognized | 2 years 1 month 6 days | ||
Incentive Compensation Stock Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense recognized | $ 0.8 | 0.7 | 0.7 |
Unrecognized compensation cost | $ 0.5 | ||
Weighted-average period over which unrecognized compensation cost will be recognized | 1 year 8 months 12 days | ||
Directors' Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense recognized | $ 0.6 | $ 0.6 | $ 0.4 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock-Based Compensation Expense in Future for Outstanding Awards (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
2020 | $ 14.9 |
2021 | 7.2 |
2022 | 0.8 |
2023 | 0.3 |
Total | $ 23.2 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Millions | Jan. 01, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Lessee Lease Description [Line Items] | ||||
Option to extend lease | options to extend the leases for up to 30 years | |||
Option to terminate lease | options to terminate the leases within one year | |||
Total royalties | $ 58.2 | $ 52.5 | $ 51.8 | |
Lease expenses for operating lease | $ 122.5 | $ 90.7 | ||
Subsequent Event | ||||
Lessee Lease Description [Line Items] | ||||
Lease term | 15 years | |||
Fixed rent payments for leases | $ 56 | |||
Minimum | ||||
Lessee Lease Description [Line Items] | ||||
Financing lease term | 1 year | |||
Estimated incremental percentage on interest rate | 2.10% | |||
Maximum | ||||
Lessee Lease Description [Line Items] | ||||
Financing lease term | 53 years | |||
Estimated incremental percentage on interest rate | 5.50% |
Leases - Summary of Components
Leases - Summary of Components of Lease Cost (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating lease cost | $ 80.9 |
Finance lease cost: | |
Amortization of right-of-use assets | 3.4 |
Interest on lease liabilities | 0.5 |
Variable lease cost | 21.1 |
Short-term lease cost | 33 |
Total lease cost | $ 138.9 |
Leases - Summary of Balance She
Leases - Summary of Balance Sheet Classifications of Operating and Finance Leases (Detail) $ in Millions | Dec. 31, 2019USD ($) |
Operating Leases: | |
Operating lease right-of-use assets | $ 481.9 |
Current operating lease liabilities | 52.7 |
Noncurrent operating lease liabilities | 433.9 |
Total operating lease liabilities | 486.6 |
Finance Leases: | |
Property, plant and equipment | 18.3 |
Accumulated depreciation | (3.1) |
Property, plant and equipment, net | 15.2 |
Other current liabilities | 2.8 |
Other noncurrent liabilities | 5.9 |
Total finance lease liabilities | $ 8.7 |
Leases - Summary of Weighted-av
Leases - Summary of Weighted-average Remaining Lease Terms and Discount Rates (Detail) | Dec. 31, 2019 |
Weighted-average remaining lease terms (years): | |
Operating leases | 14 years 6 months |
Finance leases | 9 years |
Weighted-average discount rates: | |
Operating leases | 4.30% |
Finance leases | 5.20% |
Leases - Summary of Future Leas
Leases - Summary of Future Lease Payments (Detail) $ in Millions | Dec. 31, 2019USD ($) |
Operating Leases | |
2020 | $ 71.9 |
2021 | 58.9 |
2022 | 53.1 |
2023 | 49.2 |
2024 | 42.1 |
Thereafter | 396.1 |
Total lease payments | 671.3 |
Less: imputed interest | (184.7) |
Present value of lease payments | 486.6 |
Less: current lease obligations | (52.7) |
Total long-term lease obligations | 433.9 |
Financing Leases | |
2020 | 3.2 |
2021 | 1.9 |
2022 | 1.1 |
2023 | 0.8 |
2024 | 0.7 |
Thereafter | 3.5 |
Total lease payments | 11.2 |
Less: imputed interest | (2.5) |
Total finance lease liabilities | 8.7 |
Less: current lease obligations | (2.8) |
Other noncurrent liabilities | $ 5.9 |
Leases - Summary of Future Mini
Leases - Summary of Future Minimum Lease and Royalty Commitments for all Noncancelable Agreements and Capital Lease Obligations (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Capital Leases | ||
2019 | $ 3.7 | |
2020 | 2.7 | |
2021 | 1.7 | |
2022 | 1 | |
2023 | 0.7 | |
Thereafter | 3.9 | |
Total | 13.7 | |
Less: imputed interest | (2.9) | |
Present value of minimum lease payments | 10.8 | |
Less: current capital lease obligations | (3.2) | |
Long-term capital lease obligations | 7.6 | |
Operating Leases | ||
2019 | 106 | |
2020 | 70.5 | |
2021 | 60.4 | |
2022 | 57.5 | |
2023 | 56.5 | |
Thereafter | 318.1 | |
Total | 669 | |
Royalty Commitments | ||
2019 | 14.6 | |
2020 | 11.4 | |
2021 | 10.3 | |
2022 | 9.5 | |
2023 | 8.1 | |
Thereafter | 66 | |
Total | $ 114.9 | $ 119.9 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Class of Stock [Line Items] | |||
Common stock, shares authorized | 100,000,000 | 100,000,000 | |
Common stock, par value | $ 0.01 | $ 0.01 | |
Common stock reserved for issuance under stock-based award plans | 1,500,000 | ||
Stock Repurchased During Period, Shares | 400,000 | 500,000 | 500,000 |
Common stock remaining under repurchase authorization | 13,700,000 | ||
Maximum | |||
Class of Stock [Line Items] | |||
Stock repurchase program, shares authorized to be repurchased | 20,000,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 31, 2018 | |
Commitments and Contingencies [Line Items] | ||||
Asset retirement obligation depreciation and accretion | $ 9,100,000 | $ 8,000,000 | $ 8,700,000 | |
Liability reserve for insurance claims | 39,900,000 | 48,300,000 | ||
Outstanding letters of credit | 32,900,000 | |||
Surety bonds | 395,100,000 | |||
Due from affiliate | 11,300,000 | |||
Guarantee of affiliate's obligations | $ 15,500,000 | |||
Purchase commitments for property, plant and equipment | 176,300,000 | |||
Capital expenditures | $ 106,700,000 | 79,300,000 | $ 83,700,000 | |
Percentage of employees represented in labor union | 11.00% | |||
Woodville | ||||
Commitments and Contingencies [Line Items] | ||||
Collective bargaining agreement expiration month year | 2022-06 | |||
Magnesia Specialties | ||||
Commitments and Contingencies [Line Items] | ||||
Percentage of employees represented in labor union | 100.00% | |||
Collective bargaining agreement expiration month year | 2023-08 | |||
Capital Addition Purchase Commitments | ||||
Commitments and Contingencies [Line Items] | ||||
Purchase commitments for property, plant and equipment | $ 93,400,000 | |||
Energy And Service Contracts | ||||
Commitments and Contingencies [Line Items] | ||||
Purchase commitments for property, plant and equipment | 82,900,000 | |||
Interest-only loan | ||||
Commitments and Contingencies [Line Items] | ||||
Due from affiliate | $ 6,000,000 | $ 6,000,000 | ||
Maturity date | Dec. 31, 2022 | Dec. 31, 2022 | ||
Revolving Line Of Credit Expires In August 2015 | ||||
Commitments and Contingencies [Line Items] | ||||
Line of credit maturity period | 2020-03 | |||
Revolving Facility | ||||
Commitments and Contingencies [Line Items] | ||||
Outstanding letters of credit | $ 2,300,000 | $ 2,300,000 |
Commitments and Contingencies_2
Commitments and Contingencies - Changes in Asset Retirement Obligations (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | ||
Balance at beginning of year | $ 121.8 | $ 109.7 |
Accretion expense | 5.6 | 5.1 |
Liabilities incurred and liabilities assumed in business combinations | 0.6 | 4.6 |
Liabilities settled | (1.2) | (2.8) |
Revisions in estimated cash flows | 17.1 | 5.2 |
Balance at end of year | $ 143.9 | $ 121.8 |
Commitments and Contingencies_3
Commitments and Contingencies - Contractual Purchase Commitments (Detail) $ in Millions | Dec. 31, 2019USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
2020 | $ 140.6 |
2021 | 15 |
2022 | 3 |
2023 | 0.9 |
2024 | 0.9 |
Thereafter | 15.9 |
Total | $ 176.3 |
Commitments and Contingencies_4
Commitments and Contingencies - Schedule of Future Minimum Contracts of Affreightment and Royalty Commitments for All Noncancelable Agreements (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Commitments And Contingencies Disclosure [Abstract] | ||
2020 | $ 15.8 | |
2021 | 16.1 | |
2022 | 16.3 | |
2023 | 16.6 | |
2024 | 16.9 | |
Thereafter | 52.2 | |
Total | 133.9 | |
2020 | 15.7 | |
2021 | 11.1 | |
2022 | 10.3 | |
2023 | 9.2 | |
2024 | 8.9 | |
Thereafter | 59.7 | |
Total | $ 114.9 | $ 119.9 |
Segments - Additional Informati
Segments - Additional Information (Detail) $ in Millions | 12 Months Ended | |
Dec. 31, 2019USD ($)Segment | Dec. 31, 2018USD ($) | |
Segment Reporting Information [Line Items] | ||
Reportable business segments | Segment | 3 | |
Asset and portfolio rationalization charge | $ 18.8 | |
Building Materials Business West Group | ||
Segment Reporting Information [Line Items] | ||
Asset and portfolio rationalization charge | $ 18.8 |
Segments - Financial Data for C
Segments - Financial Data for Continuing Operations for Company's Reportable Segments (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||
Total revenues | $ 4,739.1 | $ 4,244.3 | $ 3,965.6 |
Gross profit | 1,179 | 966.6 | 971.9 |
Selling, general and administrative expenses | 302.7 | 280.6 | 262.1 |
Earnings (Loss) from operations | 884.9 | 690.7 | 700.4 |
Assets employed | 10,131.6 | 9,551.4 | 8,992.5 |
Depreciation, depletion and amortization | 371.5 | 344 | 297.2 |
Total property additions, including the impact of acquisitions | 387.6 | 1,925.6 | 438.6 |
Property additions through acquisitions | 1,543.2 | 2.5 | |
Building Materials Business | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 4,467.8 | 3,956.6 | 3,695.6 |
Gross profit | 1,080.6 | 860.3 | 875.6 |
Selling, general and administrative expenses | 201 | 182.1 | 173.7 |
Earnings (Loss) from operations | 894.2 | 690.8 | 706.6 |
Assets employed | 9,642.5 | 9,077.6 | 7,163.4 |
Depreciation, depletion and amortization | 341.3 | 315.7 | 270.3 |
Total property additions, including the impact of acquisitions | 355.6 | 1,908.3 | 414.9 |
Property additions through acquisitions | 1,543.2 | 2.5 | |
Operating Segments | Building Materials Business Mid-America Group | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 1,446 | 1,223.2 | 1,053.3 |
Gross profit | 482.9 | 366.9 | 335.4 |
Selling, general and administrative expenses | 63.1 | 55.8 | 53.9 |
Earnings (Loss) from operations | 425.9 | 319.1 | 284.8 |
Assets employed | 2,879.3 | 2,788.5 | 1,532.9 |
Depreciation, depletion and amortization | 110.2 | 93.6 | 69.7 |
Total property additions, including the impact of acquisitions | 127.7 | 1,157.1 | 139.5 |
Property additions through acquisitions | 980.3 | 0.1 | |
Operating Segments | Building Materials Business Southeast Group | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 506.4 | 423.4 | 362.6 |
Gross profit | 124.1 | 77.2 | 74.6 |
Selling, general and administrative expenses | 21.6 | 18.7 | 17.1 |
Earnings (Loss) from operations | 103.1 | 75.9 | 61.2 |
Assets employed | 1,442.5 | 1,299.5 | 616.3 |
Depreciation, depletion and amortization | 47.8 | 41.2 | 30.8 |
Total property additions, including the impact of acquisitions | 45.3 | 603.1 | 34.6 |
Property additions through acquisitions | 561.5 | ||
Operating Segments | Building Materials Business West Group | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 2,515.4 | 2,310 | 2,279.7 |
Gross profit | 473.6 | 416.2 | 465.6 |
Selling, general and administrative expenses | 116.3 | 107.6 | 102.7 |
Earnings (Loss) from operations | 365.2 | 295.8 | 360.6 |
Assets employed | 5,320.7 | 4,989.6 | 5,014.2 |
Depreciation, depletion and amortization | 183.3 | 180.9 | 169.8 |
Total property additions, including the impact of acquisitions | 182.6 | 148.1 | 240.8 |
Property additions through acquisitions | 1.4 | 2.4 | |
Operating Segments | Building Materials Business | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 4,467.8 | 3,956.6 | 3,695.6 |
Gross profit | 1,080.6 | 860.3 | 875.6 |
Operating Segments | Magnesia Specialties | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 271.3 | 287.7 | 270 |
Gross profit | 95.4 | 98.7 | 89.4 |
Selling, general and administrative expenses | 11.3 | 10 | 9.5 |
Earnings (Loss) from operations | 83.6 | 88.1 | 79.4 |
Assets employed | 176.2 | 156.1 | 152.3 |
Depreciation, depletion and amortization | 10.2 | 10.4 | 10.1 |
Total property additions, including the impact of acquisitions | 20 | 12.5 | 11.1 |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Gross profit | 3 | 7.6 | 6.9 |
Selling, general and administrative expenses | 90.4 | 88.5 | 78.9 |
Earnings (Loss) from operations | (92.9) | (88.2) | (85.6) |
Assets employed | 312.9 | 317.7 | 1,676.8 |
Depreciation, depletion and amortization | 20 | 17.9 | 16.8 |
Total property additions, including the impact of acquisitions | $ 12 | $ 4.8 | $ 12.6 |
Revenues and Gross Profit - Tot
Revenues and Gross Profit - Total Revenues and Gross Profit by Product Line (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Product Information [Line Items] | |||
Total revenues | $ 4,739.1 | $ 4,244.3 | $ 3,965.6 |
Gross profit (loss) | 1,179 | 966.6 | 971.9 |
Interproduct Revenues | |||
Product Information [Line Items] | |||
Total revenues | (265.5) | (264.2) | (264) |
Corporate | |||
Product Information [Line Items] | |||
Gross profit (loss) | 3 | 7.6 | 6.9 |
Building Materials Business | |||
Product Information [Line Items] | |||
Total revenues | 4,467.8 | 3,956.6 | 3,695.6 |
Gross profit (loss) | 1,080.6 | 860.3 | 875.6 |
Building Materials Business | Operating Segments | |||
Product Information [Line Items] | |||
Total revenues | 4,467.8 | 3,956.6 | 3,695.6 |
Gross profit (loss) | 1,080.6 | 860.3 | 875.6 |
Building Materials Business | Operating Segments | Products and Services | |||
Product Information [Line Items] | |||
Total revenues | 4,172.4 | 3,711.8 | 3,470.8 |
Gross profit (loss) | 1,080.8 | 860.1 | 873 |
Magnesia Specialties | Operating Segments | |||
Product Information [Line Items] | |||
Total revenues | 271.3 | 287.7 | 270 |
Gross profit (loss) | 95.4 | 98.7 | 89.4 |
Magnesia Specialties | Operating Segments | Products and Services | |||
Product Information [Line Items] | |||
Total revenues | 249.9 | 268.6 | 252.7 |
Gross profit (loss) | 99.4 | 102.9 | 94.1 |
Aggregates | Building Materials Business | Operating Segments | Reportable Subsegments | Products and Services | |||
Product Information [Line Items] | |||
Total revenues | 2,756.7 | 2,365.8 | 2,145.6 |
Gross profit (loss) | 807.9 | 608.4 | 602.3 |
Cement | Building Materials Business | Operating Segments | Reportable Subsegments | Products and Services | |||
Product Information [Line Items] | |||
Total revenues | 439.1 | 387.8 | 371.2 |
Gross profit (loss) | 143.4 | 126.2 | 117 |
Ready Mixed Concrete | Building Materials Business | Operating Segments | Reportable Subsegments | Products and Services | |||
Product Information [Line Items] | |||
Total revenues | 948.1 | 963.8 | 936 |
Gross profit (loss) | 78.8 | 74.2 | 91.6 |
Asphalt and Paving | Building Materials Business | Operating Segments | Reportable Subsegments | Products and Services | |||
Product Information [Line Items] | |||
Total revenues | 294 | 258.6 | 282 |
Gross profit (loss) | 50.7 | 51.3 | 62.1 |
Freight | |||
Product Information [Line Items] | |||
Total revenues | 316.8 | 263.9 | 242.1 |
Freight | Building Materials Business | |||
Product Information [Line Items] | |||
Total revenues | 295.4 | 244.8 | 224.8 |
Freight | Building Materials Business | Operating Segments | |||
Product Information [Line Items] | |||
Total revenues | 295.4 | 244.8 | 224.8 |
Gross profit (loss) | (0.2) | 0.2 | 2.6 |
Freight | Magnesia Specialties | Operating Segments | |||
Product Information [Line Items] | |||
Total revenues | 21.4 | 19.1 | 17.3 |
Gross profit (loss) | $ (4) | $ (4.2) | $ (4.7) |
Revenues and Gross Profit - Dom
Revenues and Gross Profit - Domestic and Foreign Total Revenues (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||
Consolidated total revenues | $ 4,739.1 | $ 4,244.3 | $ 3,965.6 |
Domestic | |||
Segment Reporting Information [Line Items] | |||
Consolidated total revenues | 4,676.3 | 4,166.4 | 3,901.3 |
Foreign | |||
Segment Reporting Information [Line Items] | |||
Consolidated total revenues | $ 62.8 | $ 77.9 | $ 64.3 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information - Schedule Of Noncash Investing and Financing Activities (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Supplemental Cash Flow Elements [Abstract] | |||
Accrued liabilities for purchases of property, plant and equipment | $ 54.2 | $ 67 | $ 61.6 |
Acquisition of assets through asset exchange | 2.4 | 2.5 | |
Remeasurement of operating lease right-of-use assets | 2 | ||
Right-of-use assets obtained in exchange for new operating lease liabilities | 45.7 | ||
Right-of-use assets obtained in exchange for new finance lease liabilities | $ 0.2 | ||
Acquisition of assets through capital lease | $ 1.1 | 0.8 | |
Sale of asset to settle liability | $ 0.9 |
Supplemental Cash Flow Inform_4
Supplemental Cash Flow Information -Supplemental Disclosures of Cash Flow Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Supplemental Cash Flow Elements [Abstract] | |||
Cash paid for interest, net of amount capitalized | $ 127.9 | $ 137.2 | $ 78.9 |
Cash paid for income taxes | 101.7 | $ 28.9 | $ 155.8 |
Operating cash flows used for operating leases | 76.1 | ||
Operating cash flows used for finance leases | 0.5 | ||
Financing cash flows used for finance leases | $ 11 |
Other Operating (Income) and _2
Other Operating (Income) and Expenses, Net - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Component Of Other Operating Income And Expense [Line Items] | |||
Other operating expenses and (income), net | $ 9.1 | $ 18.2 | $ (0.8) |
Asset and portfolio rationalization charge | 18.8 | ||
Gain (Loss) Related to Litigation Settlement | 7.7 | ||
Gain (Loss) on Sale of Properties | 25.3 | ||
Gain on sale of assets, excess land | 3.1 | 39.3 | 19.4 |
Nonrecurring repair costs | 12.7 | ||
Reversal of accruals for sales tax and unclaimed property contingencies | 6.9 | ||
Noncash portion of asset and portfolio rationalization charge | 17 | $ 17 | |
Cash portion of asset and portfolio rationalization charge | $ 1.8 | ||
Other Operating (Income) and Expenses, Net | |||
Component Of Other Operating Income And Expense [Line Items] | |||
Gain on sale of assets, excess land | 19.4 | ||
Other Operating (Income) and Expenses, Net | Executive | |||
Component Of Other Operating Income And Expense [Line Items] | |||
Retirement expense | $ 10.8 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Allowance for doubtful accounts | ||||
Valuation And Qualifying Accounts Disclosure [Line Items] | ||||
Balance at beginning of period | $ 3.3 | $ 2.4 | $ 6.3 | |
Charged to costs and expenses | 1.4 | 0.9 | ||
Deductions-describe | [1] | 3.9 | ||
Balance at end of period | 4.7 | 3.3 | 2.4 | |
Allowance for uncollectible notes receivable | ||||
Valuation And Qualifying Accounts Disclosure [Line Items] | ||||
Balance at beginning of period | 0.2 | 0.4 | ||
Deductions-describe | [1] | 0.2 | 0.2 | |
Balance at end of period | 0.2 | |||
Inventory valuation allowance | ||||
Valuation And Qualifying Accounts Disclosure [Line Items] | ||||
Balance at beginning of period | 159.2 | 144 | 134.9 | |
Charged to costs and expenses | 38.8 | 36.9 | 38.5 | |
Charged to other accounts-describe | [2] | 5.1 | ||
Deductions-describe | [3] | 29.4 | 26.8 | 29.4 |
Balance at end of period | $ 168.6 | $ 159.2 | $ 144 | |
[1] | Write-off of uncollectible accounts and change in estimates | |||
[2] | Application of reserve policy to acquired inventories | |||
[3] | Sale of reserved inventory and divestitures |