mlm-10q_20180630.htm
false Q2 MLM MARTIN MARIETTA MATERIALS INC 0000916076 --12-31 Large Accelerated Filer P5Y 0000916076 2018-01-01 2018-06-30 xbrli:shares 0000916076 2018-07-23 iso4217:USD 0000916076 2018-06-30 0000916076 2017-12-31 0000916076 2017-06-30 iso4217:USD xbrli:shares 0000916076 mlm:ProductsAndServicesMember 2018-04-01 2018-06-30 0000916076 mlm:ProductsAndServicesMember 2017-04-01 2017-06-30 0000916076 mlm:ProductsAndServicesMember 2018-01-01 2018-06-30 0000916076 mlm:ProductsAndServicesMember 2017-01-01 2017-06-30 0000916076 us-gaap:CargoAndFreightMember 2018-04-01 2018-06-30 0000916076 us-gaap:CargoAndFreightMember 2017-04-01 2017-06-30 0000916076 us-gaap:CargoAndFreightMember 2018-01-01 2018-06-30 0000916076 us-gaap:CargoAndFreightMember 2017-01-01 2017-06-30 0000916076 2018-04-01 2018-06-30 0000916076 2017-04-01 2017-06-30 0000916076 2017-01-01 2017-06-30 0000916076 2016-12-31 0000916076 us-gaap:CommonStockMember 2016-12-31 0000916076 us-gaap:AdditionalPaidInCapitalMember 2016-12-31 0000916076 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2016-12-31 0000916076 us-gaap:RetainedEarningsMember 2016-12-31 0000916076 us-gaap:ParentMember 2016-12-31 0000916076 us-gaap:NoncontrollingInterestMember 2016-12-31 0000916076 us-gaap:RetainedEarningsMember 2017-01-01 2017-06-30 0000916076 us-gaap:ParentMember 2017-01-01 2017-06-30 0000916076 us-gaap:NoncontrollingInterestMember 2017-01-01 2017-06-30 0000916076 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2017-01-01 2017-06-30 0000916076 us-gaap:CommonStockMember 2017-01-01 2017-06-30 0000916076 us-gaap:AdditionalPaidInCapitalMember 2017-01-01 2017-06-30 0000916076 us-gaap:CommonStockMember 2017-06-30 0000916076 us-gaap:AdditionalPaidInCapitalMember 2017-06-30 0000916076 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2017-06-30 0000916076 us-gaap:RetainedEarningsMember 2017-06-30 0000916076 us-gaap:ParentMember 2017-06-30 0000916076 us-gaap:NoncontrollingInterestMember 2017-06-30 0000916076 us-gaap:CommonStockMember 2017-12-31 0000916076 us-gaap:AdditionalPaidInCapitalMember 2017-12-31 0000916076 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2017-12-31 0000916076 us-gaap:RetainedEarningsMember 2017-12-31 0000916076 us-gaap:ParentMember 2017-12-31 0000916076 us-gaap:NoncontrollingInterestMember 2017-12-31 0000916076 us-gaap:RetainedEarningsMember 2018-01-01 2018-06-30 0000916076 us-gaap:ParentMember 2018-01-01 2018-06-30 0000916076 us-gaap:NoncontrollingInterestMember 2018-01-01 2018-06-30 0000916076 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-01-01 2018-06-30 0000916076 us-gaap:CommonStockMember 2018-01-01 2018-06-30 0000916076 us-gaap:AdditionalPaidInCapitalMember 2018-01-01 2018-06-30 0000916076 us-gaap:CommonStockMember 2018-06-30 0000916076 us-gaap:AdditionalPaidInCapitalMember 2018-06-30 0000916076 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-06-30 0000916076 us-gaap:RetainedEarningsMember 2018-06-30 0000916076 us-gaap:ParentMember 2018-06-30 0000916076 us-gaap:NoncontrollingInterestMember 2018-06-30 mlm:Facility 0000916076 srt:MinimumMember 2018-01-01 2018-06-30 mlm:State mlm:Segment 0000916076 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2018-03-31 0000916076 us-gaap:AccumulatedTranslationAdjustmentMember 2018-03-31 0000916076 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2018-03-31 0000916076 us-gaap:AccumulatedTranslationAdjustmentMember 2018-04-01 2018-06-30 0000916076 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2018-04-01 2018-06-30 0000916076 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2018-04-01 2018-06-30 0000916076 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2018-06-30 0000916076 us-gaap:AccumulatedTranslationAdjustmentMember 2018-06-30 0000916076 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2017-03-31 0000916076 us-gaap:AccumulatedTranslationAdjustmentMember 2017-03-31 0000916076 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2017-03-31 0000916076 us-gaap:AccumulatedTranslationAdjustmentMember 2017-04-01 2017-06-30 0000916076 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2017-04-01 2017-06-30 0000916076 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2017-04-01 2017-06-30 0000916076 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2017-06-30 0000916076 us-gaap:AccumulatedTranslationAdjustmentMember 2017-06-30 0000916076 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2017-06-30 0000916076 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-03-31 0000916076 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2017-03-31 0000916076 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2017-12-31 0000916076 us-gaap:AccumulatedTranslationAdjustmentMember 2017-12-31 0000916076 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2017-12-31 0000916076 us-gaap:AccumulatedTranslationAdjustmentMember 2018-01-01 2018-06-30 0000916076 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2018-01-01 2018-06-30 0000916076 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2018-01-01 2018-06-30 0000916076 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2016-12-31 0000916076 us-gaap:AccumulatedTranslationAdjustmentMember 2016-12-31 0000916076 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2016-12-31 0000916076 us-gaap:AccumulatedTranslationAdjustmentMember 2017-01-01 2017-06-30 0000916076 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2017-01-01 2017-06-30 0000916076 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2017-01-01 2017-06-30 0000916076 2018-03-31 0000916076 2017-03-31 0000916076 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2018-04-01 2018-06-30 0000916076 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2017-04-01 2017-06-30 0000916076 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2018-01-01 2018-06-30 0000916076 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2017-01-01 2017-06-30 0000916076 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember us-gaap:OtherNonoperatingIncomeExpenseMember 2018-04-01 2018-06-30 0000916076 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember us-gaap:OtherNonoperatingIncomeExpenseMember 2017-04-01 2017-06-30 0000916076 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember us-gaap:OtherNonoperatingIncomeExpenseMember 2018-01-01 2018-06-30 0000916076 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember us-gaap:OtherNonoperatingIncomeExpenseMember 2017-01-01 2017-06-30 0000916076 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2018-04-01 2018-06-30 0000916076 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2017-04-01 2017-06-30 0000916076 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2018-01-01 2018-06-30 0000916076 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2017-01-01 2017-06-30 0000916076 srt:MinimumMember us-gaap:ServiceMember 2018-01-01 2018-06-30 0000916076 srt:MaximumMember us-gaap:ServiceMember 2018-01-01 2018-06-30 0000916076 srt:MinimumMember 2018-06-30 0000916076 srt:MinimumMember 2017-06-30 0000916076 srt:MaximumMember 2018-06-30 0000916076 srt:MaximumMember 2017-06-30 0000916076 mlm:BuildingMaterialsBusinessMidAmericaGroupMember us-gaap:OperatingSegmentsMember mlm:ProductsAndServicesMember 2018-04-01 2018-06-30 0000916076 mlm:BuildingMaterialsBusinessSoutheastGroupMember us-gaap:OperatingSegmentsMember mlm:ProductsAndServicesMember 2018-04-01 2018-06-30 0000916076 mlm:BuildingMaterialsBusinessWestGroupMember us-gaap:OperatingSegmentsMember mlm:ProductsAndServicesMember 2018-04-01 2018-06-30 0000916076 mlm:BuildingMaterialsBusinessMember mlm:ProductsAndServicesMember 2018-04-01 2018-06-30 0000916076 mlm:MagnesiaSpecialtiesMember us-gaap:OperatingSegmentsMember mlm:ProductsAndServicesMember 2018-04-01 2018-06-30 0000916076 mlm:BuildingMaterialsBusinessMidAmericaGroupMember us-gaap:OperatingSegmentsMember mlm:ProductsAndServicesMember 2017-04-01 2017-06-30 0000916076 mlm:BuildingMaterialsBusinessSoutheastGroupMember us-gaap:OperatingSegmentsMember mlm:ProductsAndServicesMember 2017-04-01 2017-06-30 0000916076 mlm:BuildingMaterialsBusinessWestGroupMember us-gaap:OperatingSegmentsMember mlm:ProductsAndServicesMember 2017-04-01 2017-06-30 0000916076 mlm:BuildingMaterialsBusinessMember mlm:ProductsAndServicesMember 2017-04-01 2017-06-30 0000916076 mlm:MagnesiaSpecialtiesMember us-gaap:OperatingSegmentsMember mlm:ProductsAndServicesMember 2017-04-01 2017-06-30 0000916076 mlm:BuildingMaterialsBusinessMidAmericaGroupMember us-gaap:OperatingSegmentsMember us-gaap:CargoAndFreightMember 2018-04-01 2018-06-30 0000916076 mlm:BuildingMaterialsBusinessSoutheastGroupMember us-gaap:OperatingSegmentsMember us-gaap:CargoAndFreightMember 2018-04-01 2018-06-30 0000916076 mlm:BuildingMaterialsBusinessWestGroupMember us-gaap:OperatingSegmentsMember us-gaap:CargoAndFreightMember 2018-04-01 2018-06-30 0000916076 mlm:BuildingMaterialsBusinessMember us-gaap:CargoAndFreightMember 2018-04-01 2018-06-30 0000916076 mlm:MagnesiaSpecialtiesMember us-gaap:OperatingSegmentsMember us-gaap:CargoAndFreightMember 2018-04-01 2018-06-30 0000916076 mlm:BuildingMaterialsBusinessMidAmericaGroupMember us-gaap:OperatingSegmentsMember us-gaap:CargoAndFreightMember 2017-04-01 2017-06-30 0000916076 mlm:BuildingMaterialsBusinessSoutheastGroupMember us-gaap:OperatingSegmentsMember us-gaap:CargoAndFreightMember 2017-04-01 2017-06-30 0000916076 mlm:BuildingMaterialsBusinessWestGroupMember us-gaap:OperatingSegmentsMember us-gaap:CargoAndFreightMember 2017-04-01 2017-06-30 0000916076 mlm:BuildingMaterialsBusinessMember us-gaap:CargoAndFreightMember 2017-04-01 2017-06-30 0000916076 mlm:MagnesiaSpecialtiesMember us-gaap:OperatingSegmentsMember us-gaap:CargoAndFreightMember 2017-04-01 2017-06-30 0000916076 mlm:BuildingMaterialsBusinessMidAmericaGroupMember us-gaap:OperatingSegmentsMember 2018-04-01 2018-06-30 0000916076 mlm:BuildingMaterialsBusinessSoutheastGroupMember us-gaap:OperatingSegmentsMember 2018-04-01 2018-06-30 0000916076 mlm:BuildingMaterialsBusinessWestGroupMember us-gaap:OperatingSegmentsMember 2018-04-01 2018-06-30 0000916076 mlm:BuildingMaterialsBusinessMember 2018-04-01 2018-06-30 0000916076 mlm:MagnesiaSpecialtiesMember us-gaap:OperatingSegmentsMember 2018-04-01 2018-06-30 0000916076 mlm:BuildingMaterialsBusinessMidAmericaGroupMember us-gaap:OperatingSegmentsMember 2017-04-01 2017-06-30 0000916076 mlm:BuildingMaterialsBusinessSoutheastGroupMember us-gaap:OperatingSegmentsMember 2017-04-01 2017-06-30 0000916076 mlm:BuildingMaterialsBusinessWestGroupMember us-gaap:OperatingSegmentsMember 2017-04-01 2017-06-30 0000916076 mlm:BuildingMaterialsBusinessMember 2017-04-01 2017-06-30 0000916076 mlm:MagnesiaSpecialtiesMember us-gaap:OperatingSegmentsMember 2017-04-01 2017-06-30 0000916076 us-gaap:ServiceMember stpr:CO 2018-04-01 2018-06-30 0000916076 us-gaap:ServiceMember stpr:CO 2017-04-01 2017-06-30 0000916076 us-gaap:ServiceMember stpr:CO 2018-01-01 2018-06-30 0000916076 us-gaap:ServiceMember stpr:CO 2017-01-01 2017-06-30 0000916076 mlm:BuildingMaterialsBusinessMidAmericaGroupMember us-gaap:OperatingSegmentsMember mlm:ProductsAndServicesMember 2018-01-01 2018-06-30 0000916076 mlm:BuildingMaterialsBusinessSoutheastGroupMember us-gaap:OperatingSegmentsMember mlm:ProductsAndServicesMember 2018-01-01 2018-06-30 0000916076 mlm:BuildingMaterialsBusinessWestGroupMember us-gaap:OperatingSegmentsMember mlm:ProductsAndServicesMember 2018-01-01 2018-06-30 0000916076 mlm:BuildingMaterialsBusinessMember mlm:ProductsAndServicesMember 2018-01-01 2018-06-30 0000916076 mlm:MagnesiaSpecialtiesMember us-gaap:OperatingSegmentsMember mlm:ProductsAndServicesMember 2018-01-01 2018-06-30 0000916076 mlm:BuildingMaterialsBusinessMidAmericaGroupMember us-gaap:OperatingSegmentsMember mlm:ProductsAndServicesMember 2017-01-01 2017-06-30 0000916076 mlm:BuildingMaterialsBusinessSoutheastGroupMember us-gaap:OperatingSegmentsMember mlm:ProductsAndServicesMember 2017-01-01 2017-06-30 0000916076 mlm:BuildingMaterialsBusinessWestGroupMember us-gaap:OperatingSegmentsMember mlm:ProductsAndServicesMember 2017-01-01 2017-06-30 0000916076 mlm:BuildingMaterialsBusinessMember mlm:ProductsAndServicesMember 2017-01-01 2017-06-30 0000916076 mlm:MagnesiaSpecialtiesMember us-gaap:OperatingSegmentsMember mlm:ProductsAndServicesMember 2017-01-01 2017-06-30 0000916076 mlm:BuildingMaterialsBusinessMidAmericaGroupMember us-gaap:OperatingSegmentsMember us-gaap:CargoAndFreightMember 2018-01-01 2018-06-30 0000916076 mlm:BuildingMaterialsBusinessSoutheastGroupMember us-gaap:OperatingSegmentsMember us-gaap:CargoAndFreightMember 2018-01-01 2018-06-30 0000916076 mlm:BuildingMaterialsBusinessWestGroupMember us-gaap:OperatingSegmentsMember us-gaap:CargoAndFreightMember 2018-01-01 2018-06-30 0000916076 mlm:BuildingMaterialsBusinessMember us-gaap:CargoAndFreightMember 2018-01-01 2018-06-30 0000916076 mlm:MagnesiaSpecialtiesMember us-gaap:OperatingSegmentsMember us-gaap:CargoAndFreightMember 2018-01-01 2018-06-30 0000916076 mlm:BuildingMaterialsBusinessMidAmericaGroupMember us-gaap:OperatingSegmentsMember us-gaap:CargoAndFreightMember 2017-01-01 2017-06-30 0000916076 mlm:BuildingMaterialsBusinessSoutheastGroupMember us-gaap:OperatingSegmentsMember us-gaap:CargoAndFreightMember 2017-01-01 2017-06-30 0000916076 mlm:BuildingMaterialsBusinessWestGroupMember us-gaap:OperatingSegmentsMember us-gaap:CargoAndFreightMember 2017-01-01 2017-06-30 0000916076 mlm:BuildingMaterialsBusinessMember us-gaap:CargoAndFreightMember 2017-01-01 2017-06-30 0000916076 mlm:MagnesiaSpecialtiesMember us-gaap:OperatingSegmentsMember us-gaap:CargoAndFreightMember 2017-01-01 2017-06-30 0000916076 mlm:BuildingMaterialsBusinessMidAmericaGroupMember us-gaap:OperatingSegmentsMember 2018-01-01 2018-06-30 0000916076 mlm:BuildingMaterialsBusinessSoutheastGroupMember us-gaap:OperatingSegmentsMember 2018-01-01 2018-06-30 0000916076 mlm:BuildingMaterialsBusinessWestGroupMember us-gaap:OperatingSegmentsMember 2018-01-01 2018-06-30 0000916076 mlm:BuildingMaterialsBusinessMember 2018-01-01 2018-06-30 0000916076 mlm:MagnesiaSpecialtiesMember us-gaap:OperatingSegmentsMember 2018-01-01 2018-06-30 0000916076 mlm:BuildingMaterialsBusinessMidAmericaGroupMember us-gaap:OperatingSegmentsMember 2017-01-01 2017-06-30 0000916076 mlm:BuildingMaterialsBusinessSoutheastGroupMember us-gaap:OperatingSegmentsMember 2017-01-01 2017-06-30 0000916076 mlm:BuildingMaterialsBusinessWestGroupMember us-gaap:OperatingSegmentsMember 2017-01-01 2017-06-30 0000916076 mlm:BuildingMaterialsBusinessMember 2017-01-01 2017-06-30 0000916076 mlm:MagnesiaSpecialtiesMember us-gaap:OperatingSegmentsMember 2017-01-01 2017-06-30 0000916076 srt:MaximumMember 2018-01-01 2018-06-30 0000916076 mlm:MidAmericaGroupMember 2017-12-31 0000916076 mlm:SoutheastGroupMember 2017-12-31 0000916076 mlm:WestGroupMember 2017-12-31 0000916076 mlm:MidAmericaGroupMember 2018-01-01 2018-06-30 0000916076 mlm:SoutheastGroupMember 2018-01-01 2018-06-30 0000916076 mlm:MidAmericaGroupMember 2018-06-30 0000916076 mlm:SoutheastGroupMember 2018-06-30 0000916076 mlm:WestGroupMember 2018-06-30 0000916076 us-gaap:NoncompeteAgreementsMember 2018-06-30 0000916076 us-gaap:CustomerRelationshipsMember 2018-06-30 0000916076 mlm:OperatingPermitsMember 2018-06-30 0000916076 mlm:UseRightsAndOtherMember 2018-06-30 0000916076 us-gaap:TradeNamesMember 2018-06-30 0000916076 mlm:OperatingPermitsMember mlm:BuildingMaterialsBusinessMember 2018-06-30 0000916076 mlm:OperatingPermitsMember 2018-06-30 0000916076 mlm:UseRightsNotSubjectToAmortizationMember mlm:BuildingMaterialsBusinessMember 2018-06-30 0000916076 mlm:UseRightsNotSubjectToAmortizationMember 2018-06-30 0000916076 us-gaap:TradeNamesMember mlm:BuildingMaterialsBusinessMember 2018-06-30 0000916076 us-gaap:TradeNamesMember mlm:MagnesiaSpecialtiesMember 2018-06-30 0000916076 us-gaap:TradeNamesMember 2018-06-30 0000916076 mlm:BuildingMaterialsBusinessMember 2018-06-30 0000916076 mlm:MagnesiaSpecialtiesMember 2018-06-30 0000916076 us-gaap:CustomerRelationshipsMember 2018-01-01 2018-06-30 0000916076 mlm:WaterRightsMember 2018-01-01 2018-06-30 0000916076 mlm:BluegrassMaterialsCompanyMember 2018-04-26 2018-04-27 0000916076 mlm:BluegrassMaterialsCompanyMember mlm:ForsythQuarryMember 2018-04-26 2018-04-27 0000916076 mlm:BluegrassMaterialsCompanyMember mlm:BeaverCreekMember 2018-04-26 2018-04-27 xbrli:pure 0000916076 mlm:BluegrassMaterialsCompanyMember 2018-04-27 0000916076 mlm:BluegrassMaterialsCompanyMember 2018-04-01 2018-06-30 0000916076 mlm:BluegrassMaterialsCompanyMember 2018-01-01 2018-06-30 0000916076 mlm:BluegrassMaterialsCompanyMember 2017-01-01 2017-06-30 0000916076 mlm:BluegrassMaterialsCompanyMember 2017-04-01 2017-06-30 0000916076 mlm:SixPointSixZeroPercentSeniorNotesDueTwentyEighteenMember 2017-12-31 0000916076 mlm:SixPointSixZeroPercentSeniorNotesDueTwentyEighteenMember 2017-06-30 0000916076 mlm:SevenPercentDebenturesDueTwentyTwentyFiveMember 2018-06-30 0000916076 mlm:SevenPercentDebenturesDueTwentyTwentyFiveMember 2017-12-31 0000916076 mlm:SevenPercentDebenturesDueTwentyTwentyFiveMember 2017-06-30 0000916076 mlm:SixPointTwoFivePercentSeniorNotesDueTwentyThirtySevenMember 2018-06-30 0000916076 mlm:SixPointTwoFivePercentSeniorNotesDueTwentyThirtySevenMember 2017-12-31 0000916076 mlm:SixPointTwoFivePercentSeniorNotesDueTwentyThirtySevenMember 2017-06-30 0000916076 mlm:FourPointTwoFivePercentSeniorNotesDueTwentyTwentyFourMember 2018-06-30 0000916076 mlm:FourPointTwoFivePercentSeniorNotesDueTwentyTwentyFourMember 2017-12-31 0000916076 mlm:FourPointTwoFivePercentSeniorNotesDueTwentyTwentyFourMember 2017-06-30 0000916076 mlm:FourPointTwoFiveZeroPercentSeniorNotesDueTwentyFourtySevenMember 2018-06-30 0000916076 mlm:FourPointTwoFiveZeroPercentSeniorNotesDueTwentyFourtySevenMember 2017-12-31 0000916076 mlm:ThreePointFiveZeroZeroPercentSeniorNotesDueTwentyTwentySevenMember 2018-06-30 0000916076 mlm:ThreePointFiveZeroZeroPercentSeniorNotesDueTwentyTwentySevenMember 2017-12-31 0000916076 mlm:ThreePointFourFiveZeroPercentSeniorNotesDueTwentyTwentySevenMember 2018-06-30 0000916076 mlm:ThreePointFourFiveZeroPercentSeniorNotesDueTwentyTwentySevenMember 2017-12-31 0000916076 mlm:ThreePointFourFiveZeroPercentSeniorNotesDueTwentyTwentySevenMember 2017-06-30 0000916076 mlm:FloatingRateSeniorNotesDueTwentyNineteenMember 2018-06-30 0000916076 mlm:FloatingRateSeniorNotesDueTwentyNineteenMember 2017-12-31 0000916076 mlm:FloatingRateSeniorNotesDueTwentyTwentyMember 2018-06-30 0000916076 mlm:FloatingRateSeniorNotesDueTwentyTwentyMember 2017-12-31 0000916076 mlm:FloatingRateSeniorNotesDueTwentyTwentyMember 2017-06-30 0000916076 mlm:RevolvingFacilityDueTwentyTwentyTwoMember 2018-06-30 0000916076 mlm:TradeReceivableCreditFacilityMember 2018-06-30 0000916076 mlm:TradeReceivableCreditFacilityMember 2017-06-30 0000916076 mlm:OtherNotesMember 2018-06-30 0000916076 mlm:OtherNotesMember 2017-12-31 0000916076 mlm:OtherNotesMember 2017-06-30 0000916076 mlm:SixPointSixZeroPercentSeniorNotesDueTwentyEighteenMember 2018-01-01 2018-06-30 0000916076 mlm:SevenPercentDebenturesDueTwentyTwentyFiveMember 2018-01-01 2018-06-30 0000916076 mlm:SixPointTwoFivePercentSeniorNotesDueTwentyThirtySevenMember 2018-01-01 2018-06-30 0000916076 mlm:FourPointTwoFivePercentSeniorNotesDueTwentyTwentyFourMember 2018-01-01 2018-06-30 0000916076 mlm:FourPointTwoFiveZeroPercentSeniorNotesDueTwentyFourtySevenMember 2018-01-01 2018-06-30 0000916076 mlm:ThreePointFiveZeroZeroPercentSeniorNotesDueTwentyTwentySevenMember 2018-01-01 2018-06-30 0000916076 mlm:ThreePointFourFiveZeroPercentSeniorNotesDueTwentyTwentySevenMember 2018-01-01 2018-06-30 0000916076 mlm:FloatingRateSeniorNotesDueTwentyNineteenMember 2018-01-01 2018-06-30 0000916076 mlm:FloatingRateSeniorNotesDueTwentyTwentyMember 2018-01-01 2018-06-30 0000916076 mlm:RevolvingFacilityDueTwentyTwentyTwoMember 2018-01-01 2018-06-30 0000916076 mlm:SixPointSixZeroPercentSeniorNotesDueTwentyEighteenMember 2018-06-30 0000916076 mlm:TradeReceivableCreditFacilityMember 2018-04-17 0000916076 mlm:TradeReceivableCreditFacilityMember 2018-01-01 2018-06-30 0000916076 mlm:TradeReceivableCreditFacilityMember us-gaap:LondonInterbankOfferedRateLIBORMember 2018-01-01 2018-06-30 0000916076 mlm:TradeReceivableCreditFacilityMember 2017-12-31 0000916076 mlm:SixPointSixZeroPercentSeniorNotesDueTwentyEighteenMember 2018-04-15 2018-04-16 0000916076 mlm:SixPointSixZeroPercentSeniorNotesDueTwentyEighteenMember 2018-04-16 0000916076 us-gaap:RevolvingCreditFacilityMember 2018-06-30 0000916076 us-gaap:RevolvingCreditFacilityMember 2018-01-01 2018-06-30 0000916076 srt:MaximumMember mlm:IncludingAcquisitionBridgeDebtMember 2018-06-30 0000916076 srt:MaximumMember mlm:ExcludingAcquisitionBridgeDebtMember 2018-06-30 0000916076 us-gaap:RevolvingCreditFacilityMember 2017-12-31 0000916076 us-gaap:RevolvingCreditFacilityMember 2017-06-30 0000916076 2017-01-01 2017-03-31 0000916076 2017-01-01 2017-12-31 0000916076 us-gaap:PensionPlansDefinedBenefitMember 2018-04-01 2018-06-30 0000916076 us-gaap:PensionPlansDefinedBenefitMember 2017-04-01 2017-06-30 0000916076 us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember 2018-04-01 2018-06-30 0000916076 us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember 2017-04-01 2017-06-30 0000916076 us-gaap:PensionPlansDefinedBenefitMember 2018-01-01 2018-06-30 0000916076 us-gaap:PensionPlansDefinedBenefitMember 2017-01-01 2017-06-30 0000916076 us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember 2018-01-01 2018-06-30 0000916076 us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember 2017-01-01 2017-06-30 0000916076 us-gaap:QualifiedPlanMember 2018-06-30 0000916076 us-gaap:UnderfundedPlanMember 2018-06-30 0000916076 us-gaap:QualifiedPlanMember us-gaap:SubsequentEventMember 2018-07-01 2018-07-31 0000916076 mlm:RevolvingLineOfCreditExpiresInAugustTwoThousandFifteenMember 2018-01-01 2018-06-30 0000916076 mlm:InterestOnlyLoanMember 2018-06-30 0000916076 mlm:InterestOnlyLoanMember 2017-12-31 0000916076 mlm:InterestOnlyLoanMember 2017-06-30 0000916076 us-gaap:LondonInterbankOfferedRateLIBORMember mlm:InterestOnlyLoanMember 2018-01-01 2018-06-30 0000916076 mlm:InterestOnlyLoanMember 2018-01-01 2018-06-30 0000916076 us-gaap:CorporateNonSegmentMember 2018-04-01 2018-06-30 0000916076 us-gaap:CorporateNonSegmentMember 2017-04-01 2017-06-30 0000916076 us-gaap:CorporateNonSegmentMember 2018-01-01 2018-06-30 0000916076 us-gaap:CorporateNonSegmentMember 2017-01-01 2017-06-30 0000916076 mlm:BuildingMaterialsBusinessMidAmericaGroupMember us-gaap:OperatingSegmentsMember 2018-06-30 0000916076 mlm:BuildingMaterialsBusinessMidAmericaGroupMember us-gaap:OperatingSegmentsMember 2017-12-31 0000916076 mlm:BuildingMaterialsBusinessMidAmericaGroupMember us-gaap:OperatingSegmentsMember 2017-06-30 0000916076 mlm:BuildingMaterialsBusinessSoutheastGroupMember us-gaap:OperatingSegmentsMember 2018-06-30 0000916076 mlm:BuildingMaterialsBusinessSoutheastGroupMember us-gaap:OperatingSegmentsMember 2017-12-31 0000916076 mlm:BuildingMaterialsBusinessSoutheastGroupMember us-gaap:OperatingSegmentsMember 2017-06-30 0000916076 mlm:BuildingMaterialsBusinessWestGroupMember us-gaap:OperatingSegmentsMember 2018-06-30 0000916076 mlm:BuildingMaterialsBusinessWestGroupMember us-gaap:OperatingSegmentsMember 2017-12-31 0000916076 mlm:BuildingMaterialsBusinessWestGroupMember us-gaap:OperatingSegmentsMember 2017-06-30 0000916076 mlm:BuildingMaterialsBusinessMember 2018-06-30 0000916076 mlm:BuildingMaterialsBusinessMember 2017-12-31 0000916076 mlm:BuildingMaterialsBusinessMember 2017-06-30 0000916076 mlm:MagnesiaSpecialtiesMember us-gaap:OperatingSegmentsMember 2018-06-30 0000916076 mlm:MagnesiaSpecialtiesMember us-gaap:OperatingSegmentsMember 2017-12-31 0000916076 mlm:MagnesiaSpecialtiesMember us-gaap:OperatingSegmentsMember 2017-06-30 0000916076 us-gaap:CorporateNonSegmentMember 2018-06-30 0000916076 us-gaap:CorporateNonSegmentMember 2017-12-31 0000916076 us-gaap:CorporateNonSegmentMember 2017-06-30 0000916076 mlm:AggregatesMember mlm:BuildingMaterialsBusinessMember us-gaap:OperatingSegmentsMember us-gaap:ReportableSubsegmentsMember mlm:ProductsAndServicesMember 2018-04-01 2018-06-30 0000916076 mlm:AggregatesMember mlm:BuildingMaterialsBusinessMember us-gaap:OperatingSegmentsMember us-gaap:ReportableSubsegmentsMember mlm:ProductsAndServicesMember 2017-04-01 2017-06-30 0000916076 mlm:AggregatesMember mlm:BuildingMaterialsBusinessMember us-gaap:OperatingSegmentsMember us-gaap:ReportableSubsegmentsMember mlm:ProductsAndServicesMember 2018-01-01 2018-06-30 0000916076 mlm:AggregatesMember mlm:BuildingMaterialsBusinessMember us-gaap:OperatingSegmentsMember us-gaap:ReportableSubsegmentsMember mlm:ProductsAndServicesMember 2017-01-01 2017-06-30 0000916076 mlm:CementMember mlm:BuildingMaterialsBusinessMember us-gaap:OperatingSegmentsMember us-gaap:ReportableSubsegmentsMember mlm:ProductsAndServicesMember 2018-04-01 2018-06-30 0000916076 mlm:CementMember mlm:BuildingMaterialsBusinessMember us-gaap:OperatingSegmentsMember us-gaap:ReportableSubsegmentsMember mlm:ProductsAndServicesMember 2017-04-01 2017-06-30 0000916076 mlm:CementMember mlm:BuildingMaterialsBusinessMember us-gaap:OperatingSegmentsMember us-gaap:ReportableSubsegmentsMember mlm:ProductsAndServicesMember 2018-01-01 2018-06-30 0000916076 mlm:CementMember mlm:BuildingMaterialsBusinessMember us-gaap:OperatingSegmentsMember us-gaap:ReportableSubsegmentsMember mlm:ProductsAndServicesMember 2017-01-01 2017-06-30 0000916076 mlm:ReadyMixedConcreteMember mlm:BuildingMaterialsBusinessMember us-gaap:OperatingSegmentsMember us-gaap:ReportableSubsegmentsMember mlm:ProductsAndServicesMember 2018-04-01 2018-06-30 0000916076 mlm:ReadyMixedConcreteMember mlm:BuildingMaterialsBusinessMember us-gaap:OperatingSegmentsMember us-gaap:ReportableSubsegmentsMember mlm:ProductsAndServicesMember 2017-04-01 2017-06-30 0000916076 mlm:ReadyMixedConcreteMember mlm:BuildingMaterialsBusinessMember us-gaap:OperatingSegmentsMember us-gaap:ReportableSubsegmentsMember mlm:ProductsAndServicesMember 2018-01-01 2018-06-30 0000916076 mlm:ReadyMixedConcreteMember mlm:BuildingMaterialsBusinessMember us-gaap:OperatingSegmentsMember us-gaap:ReportableSubsegmentsMember mlm:ProductsAndServicesMember 2017-01-01 2017-06-30 0000916076 mlm:AsphaltAndPavingMember mlm:BuildingMaterialsBusinessMember us-gaap:OperatingSegmentsMember us-gaap:ReportableSubsegmentsMember mlm:ProductsAndServicesMember 2018-04-01 2018-06-30 0000916076 mlm:AsphaltAndPavingMember mlm:BuildingMaterialsBusinessMember us-gaap:OperatingSegmentsMember us-gaap:ReportableSubsegmentsMember mlm:ProductsAndServicesMember 2017-04-01 2017-06-30 0000916076 mlm:AsphaltAndPavingMember mlm:BuildingMaterialsBusinessMember us-gaap:OperatingSegmentsMember us-gaap:ReportableSubsegmentsMember mlm:ProductsAndServicesMember 2018-01-01 2018-06-30 0000916076 mlm:AsphaltAndPavingMember mlm:BuildingMaterialsBusinessMember us-gaap:OperatingSegmentsMember us-gaap:ReportableSubsegmentsMember mlm:ProductsAndServicesMember 2017-01-01 2017-06-30 0000916076 us-gaap:IntersubsegmentEliminationsMember 2018-04-01 2018-06-30 0000916076 us-gaap:IntersubsegmentEliminationsMember 2017-04-01 2017-06-30 0000916076 us-gaap:IntersubsegmentEliminationsMember 2018-01-01 2018-06-30 0000916076 us-gaap:IntersubsegmentEliminationsMember 2017-01-01 2017-06-30 0000916076 mlm:BuildingMaterialsBusinessMember us-gaap:OperatingSegmentsMember mlm:ProductsAndServicesMember 2018-04-01 2018-06-30 0000916076 mlm:BuildingMaterialsBusinessMember us-gaap:OperatingSegmentsMember mlm:ProductsAndServicesMember 2017-04-01 2017-06-30 0000916076 mlm:BuildingMaterialsBusinessMember us-gaap:OperatingSegmentsMember mlm:ProductsAndServicesMember 2018-01-01 2018-06-30 0000916076 mlm:BuildingMaterialsBusinessMember us-gaap:OperatingSegmentsMember mlm:ProductsAndServicesMember 2017-01-01 2017-06-30 0000916076 us-gaap:CargoAndFreightMember mlm:BuildingMaterialsBusinessMember us-gaap:OperatingSegmentsMember 2018-04-01 2018-06-30 0000916076 us-gaap:CargoAndFreightMember mlm:BuildingMaterialsBusinessMember us-gaap:OperatingSegmentsMember 2017-04-01 2017-06-30 0000916076 us-gaap:CargoAndFreightMember mlm:BuildingMaterialsBusinessMember us-gaap:OperatingSegmentsMember 2018-01-01 2018-06-30 0000916076 us-gaap:CargoAndFreightMember mlm:BuildingMaterialsBusinessMember us-gaap:OperatingSegmentsMember 2017-01-01 2017-06-30 0000916076 mlm:BuildingMaterialsBusinessMember us-gaap:OperatingSegmentsMember 2018-04-01 2018-06-30 0000916076 mlm:BuildingMaterialsBusinessMember us-gaap:OperatingSegmentsMember 2017-04-01 2017-06-30 0000916076 mlm:BuildingMaterialsBusinessMember us-gaap:OperatingSegmentsMember 2018-01-01 2018-06-30 0000916076 mlm:BuildingMaterialsBusinessMember us-gaap:OperatingSegmentsMember 2017-01-01 2017-06-30 0000916076 mlm:MagnesiaSpecialtiesMember us-gaap:OperatingSegmentsMember mlm:ProductsAndServicesMember 2018-04-01 2018-06-30 0000916076 mlm:MagnesiaSpecialtiesMember us-gaap:OperatingSegmentsMember mlm:ProductsAndServicesMember 2017-04-01 2017-06-30 0000916076 mlm:MagnesiaSpecialtiesMember us-gaap:OperatingSegmentsMember mlm:ProductsAndServicesMember 2018-01-01 2018-06-30 0000916076 mlm:MagnesiaSpecialtiesMember us-gaap:OperatingSegmentsMember mlm:ProductsAndServicesMember 2017-01-01 2017-06-30 0000916076 us-gaap:OtherOperatingIncomeExpenseMember 2018-04-01 2018-06-30

 

 

 

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2018

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     

Commission File Number 1-12744

 

MARTIN MARIETTA MATERIALS, INC.

(Exact name of registrant as specified in its charter)

 

 

 North Carolina

 

56-1848578

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification Number)

 

2710 Wycliff Road, Raleigh, NC

 

27607-3033

(Address of principal executive offices)

 

(Zip Code)

Registrant’s telephone number, including area code 919-781-4550

Former name: None

Former name, former address and former fiscal year, if changes since last report.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes      No  

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 Large accelerated filer

 

  

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

  

  

Smaller reporting company

 

 

 

 

 

 

 

 

Emerging growth company

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Securities Act.        

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes      No  

Indicate the number of shares outstanding of each of the issuer’s classes of Common Stock, as of the latest practicable date.

 

Class

 

Outstanding as of July 23, 2018

Common Stock, $0.01 par value

 

63,011,972

 


 

 

 

 

 


 

MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES

FORM 10-Q

For the Quarter Ended June 30, 2018

 

 

Page

Part I. Financial Information:

 

 

 

 

 

Item 1. Financial Statements

 

 

 

 

 

Consolidated Balance Sheets – June 30, 2018, December 31, 2017 and June 30, 2017

 

3

 

 

 

Consolidated Statements of Earnings and Comprehensive Earnings – Three- and Six-Months Ended June 30, 2018 and 2017

 

4

 

 

 

Consolidated Statements of Cash Flows – Six-Months Ended June 30, 2018 and 2017

 

5

 

 

 

Consolidated Statement of Total Equity – Six-Months Ended June 30, 2018

 

6

 

 

 

Notes to Consolidated Financial Statements

 

7

 

 

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

30

 

 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

53

 

 

 

Item 4. Controls and Procedures

 

54

 

 

 

Part II. Other Information:

 

 

 

 

 

Item 1. Legal Proceedings

 

55

 

 

 

Item 1A. Risk Factors

 

55

 

 

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

55

 

 

 

Item 4. Mine Safety Disclosures

 

55

 

 

 

Item 6. Exhibits

 

56

 

 

 

Signatures

 

57

 

 

 

 

 

 

Page 2 of 57


 

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.

MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES

(UNAUDITED) CONSOLIDATED BALANCE SHEETS

 

 

 

June 30,

 

 

December 31,

 

 

June 30,

 

 

 

2018

 

 

2017

 

 

2017

 

 

 

(Dollars in Thousands)

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

33,779

 

 

$

1,446,364

 

 

$

36,722

 

Accounts receivable, net

 

 

675,570

 

 

 

487,240

 

 

 

570,618

 

Inventories, net

 

 

650,917

 

 

 

600,591

 

 

 

549,865

 

Other current assets

 

 

96,887

 

 

 

96,965

 

 

 

87,092

 

Total Current Assets

 

 

1,457,153

 

 

 

2,631,160

 

 

 

1,244,297

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment

 

 

8,118,705

 

 

 

6,498,067

 

 

 

6,306,083

 

Allowances for depreciation, depletion and amortization

 

 

(3,005,279

)

 

 

(2,905,254

)

 

 

(2,800,823

)

Net property, plant and equipment

 

 

5,113,426

 

 

 

3,592,813

 

 

 

3,505,260

 

Goodwill

 

 

2,401,505

 

 

 

2,160,290

 

 

 

2,160,060

 

Operating permits, net

 

 

435,761

 

 

 

439,116

 

 

 

437,713

 

Other intangibles, net

 

 

78,925

 

 

 

67,233

 

 

 

65,526

 

Other noncurrent assets

 

 

109,982

 

 

 

101,899

 

 

 

103,004

 

Total Assets

 

$

9,596,752

 

 

$

8,992,511

 

 

$

7,515,860

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Bank overdraft

 

$

 

 

$

 

 

$

3,794

 

Accounts payable

 

 

188,761

 

 

 

183,638

 

 

 

187,227

 

Accrued salaries, benefits and payroll taxes

 

 

38,870

 

 

 

44,255

 

 

 

36,202

 

Pension and postretirement benefits

 

 

13,089

 

 

 

13,652

 

 

 

8,802

 

Accrued insurance and other taxes

 

 

61,615

 

 

 

64,958

 

 

 

59,958

 

Current maturities of long-term debt and short-term

   facilities

 

 

320,046

 

 

 

299,909

 

 

 

140,037

 

Accrued interest

 

 

15,696

 

 

 

19,825

 

 

 

18,746

 

Other current liabilities

 

 

71,056

 

 

 

67,979

 

 

 

79,559

 

Total Current Liabilities

 

 

709,133

 

 

 

694,216

 

 

 

534,325

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt

 

 

2,898,876

 

 

 

2,727,294

 

 

 

1,641,944

 

Pension, postretirement and postemployment benefits

 

 

249,967

 

 

 

244,043

 

 

 

253,908

 

Deferred income taxes, net

 

 

644,469

 

 

 

410,723

 

 

 

663,414

 

Other noncurrent liabilities

 

 

238,837

 

 

 

233,758

 

 

 

221,738

 

Total Liabilities

 

 

4,741,282

 

 

 

4,310,034

 

 

 

3,315,329

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

 

 

 

 

Common stock, par value $0.01 per share

 

 

629

 

 

 

628

 

 

 

627

 

Preferred stock, par value $0.01 per share

 

 

 

 

 

 

 

 

 

Additional paid-in capital

 

 

3,389,028

 

 

 

3,368,007

 

 

 

3,355,992

 

Accumulated other comprehensive loss

 

 

(125,883

)

 

 

(129,104

)

 

 

(125,906

)

Retained earnings

 

 

1,579,674

 

 

 

1,440,069

 

 

 

967,058

 

Total Shareholders' Equity

 

 

4,843,448

 

 

 

4,679,600

 

 

 

4,197,771

 

Noncontrolling interests

 

 

12,022

 

 

 

2,877

 

 

 

2,760

 

Total Equity

 

 

4,855,470

 

 

 

4,682,477

 

 

 

4,200,531

 

Total Liabilities and Equity

 

$

9,596,752

 

 

$

8,992,511

 

 

$

7,515,860

 

 

See accompanying notes to the consolidated financial statements.

 

Page 3 of 57


 

MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES

(UNAUDITED) CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE EARNINGS

 

 

 

Three-Months Ended

 

 

Six-Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

 

 

(In Thousands, Except Per Share Data)

 

 

 

 

 

Products and services revenues

 

$

1,128,777

 

 

$

996,843

 

 

$

1,882,082

 

 

$

1,789,159

 

Freight revenues

 

 

73,626

 

 

 

66,681

 

 

 

122,325

 

 

 

118,224

 

Total Revenues

 

 

1,202,403

 

 

 

1,063,524

 

 

 

2,004,407

 

 

 

1,907,383

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenues - products and services

 

 

812,430

 

 

 

722,195

 

 

 

1,454,049

 

 

 

1,366,813

 

Cost of revenues - freight

 

 

74,056

 

 

 

67,235

 

 

 

124,049

 

 

 

119,410

 

Total Cost of Revenues

 

 

886,486

 

 

 

789,430

 

 

 

1,578,098

 

 

 

1,486,223

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Profit

 

 

315,917

 

 

 

274,094

 

 

 

426,309

 

 

 

421,160

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general & administrative expenses

 

 

71,070

 

 

 

68,373

 

 

 

141,191

 

 

 

137,908

 

Acquisition-related expenses, net

 

 

12,126

 

 

 

1,982

 

 

 

12,836

 

 

 

2,004

 

Other operating income, net

 

 

(31,232

)

 

 

(9,113

)

 

 

(30,752

)

 

 

(8,754

)

Earnings from Operations

 

 

263,953

 

 

 

212,852

 

 

 

303,034

 

 

 

290,002

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

32,971

 

 

 

24,045

 

 

 

68,059

 

 

 

44,896

 

Other nonoperating income, net

 

 

(7,122

)

 

 

(5,420

)

 

 

(15,626

)

 

 

(5,956

)

Earnings before income tax expense

 

 

238,104

 

 

 

194,227

 

 

 

250,601

 

 

 

251,062

 

Income tax expense

 

 

52,601

 

 

 

51,986

 

 

 

55,058

 

 

 

66,514

 

Consolidated net earnings

 

 

185,503

 

 

 

142,241

 

 

 

195,543

 

 

 

184,548

 

Less: Net earnings (loss) attributable to noncontrolling

   interests

 

 

126

 

 

 

(38

)

 

 

143

 

 

 

(65

)

Net Earnings Attributable to Martin Marietta Materials, Inc.

 

$

185,377

 

 

$

142,279

 

 

$

195,400

 

 

$

184,613

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated Comprehensive Earnings:  (See Note 1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings attributable to Martin Marietta Materials, Inc.

 

$

186,979

 

 

$

144,798

 

 

$

198,621

 

 

$

189,394

 

Earnings (Loss) attributable to noncontrolling interests

 

 

126

 

 

 

(37

)

 

 

144

 

 

 

(63

)

 

 

$

187,105

 

 

$

144,761

 

 

$

198,765

 

 

$

189,331

 

Net Earnings Attributable to Martin Marietta Materials, Inc.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per Common Share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic attributable to common shareholders

 

$

2.94

 

 

$

2.26

 

 

$

3.10

 

 

$

2.92

 

Diluted attributable to common shareholders

 

$

2.92

 

 

$

2.25

 

 

$

3.08

 

 

$

2.91

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-Average Common Shares Outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

63,021

 

 

 

62,858

 

 

 

62,989

 

 

 

62,961

 

Diluted

 

 

63,285

 

 

 

63,141

 

 

 

63,253

 

 

 

63,246

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Dividends Per Common Share

 

$

0.44

 

 

$

0.42

 

 

$

0.88

 

 

$

0.84

 

 

 

See accompanying notes to the consolidated financial statements.

 

Page 4 of 57


 

MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES

(UNAUDITED) CONSOLIDATED STATEMENTS OF CASH FLOWS

 

 

 

Six-Months Ended

 

 

 

June 30,

 

 

 

2018

 

 

2017

 

 

 

(Dollars in Thousands)

 

 

 

 

 

Cash Flows from Operating Activities:

 

 

 

 

 

 

 

 

Consolidated net earnings

 

$

195,543

 

 

$

184,548

 

Adjustments to reconcile consolidated net earnings to net cash

   provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation, depletion and amortization

 

 

163,545

 

 

 

146,102

 

Stock-based compensation expense

 

 

17,098

 

 

 

17,727

 

Gain on divestitures and sales of assets

 

 

(33,527

)

 

 

(17,514

)

Deferred income taxes

 

 

14,986

 

 

 

2,464

 

Other items, net

 

 

(4,757

)

 

 

(4,669

)

Changes in operating assets and liabilities, net of effects of acquisitions

   and divestitures:

 

 

 

 

 

 

 

 

Accounts receivable, net

 

 

(157,603

)

 

 

(112,708

)

Inventories, net

 

 

(7,133

)

 

 

(28,240

)

Accounts payable

 

 

44,266

 

 

 

11,663

 

Other assets and liabilities, net

 

 

5,615

 

 

 

29,950

 

Net Cash Provided by Operating Activities

 

 

238,033

 

 

 

229,323

 

 

 

 

 

 

 

 

 

 

Cash Flows from Investing Activities:

 

 

 

 

 

 

 

 

Additions to property, plant and equipment

 

 

(188,270

)

 

 

(216,089

)

Acquisitions, net

 

 

(1,645,698

)

 

 

(2,200

)

Proceeds from divestitures and sales of assets

 

 

58,213

 

 

 

32,089

 

Payment of railcar construction advances

 

 

(28,306

)

 

 

(40,930

)

Reimbursement of railcar construction advances

 

 

28,306

 

 

 

40,930

 

Investments in life insurance contracts, net

 

 

424

 

 

 

276

 

Net Cash Used for Investing Activities

 

 

(1,775,331

)

 

 

(185,924

)

 

 

 

 

 

 

 

 

 

Cash Flows from Financing Activities:

 

 

 

 

 

 

 

 

Borrowings of debt

 

 

665,000

 

 

 

941,244

 

Repayments of debt

 

 

(475,025

)

 

 

(845,023

)

Payments of deferred acquisition consideration

 

 

(1,426

)

 

 

-

 

Payments on capital lease obligations

 

 

(1,725

)

 

 

(1,752

)

Debt issuance costs

 

 

(3,194

)

 

 

(1,055

)

Change in bank overdraft

 

 

 

 

 

3,795

 

Contributions by owners of noncontrolling interest

 

 

 

 

 

211

 

Dividends paid

 

 

(55,795

)

 

 

(53,135

)

Proceeds from exercise of stock options

 

 

6,943

 

 

 

7,937

 

Shares withheld for employees' income tax obligations

 

 

(10,065

)

 

 

(8,938

)

Repurchases of common stock

 

 

 

 

 

(99,999

)

Net Cash Provided by (Used for) Financing Activities

 

 

124,713

 

 

 

(56,715

)

Net Decrease in Cash and Cash Equivalents

 

 

(1,412,585

)

 

 

(13,316

)

Cash and Cash Equivalents, beginning of period

 

 

1,446,364

 

 

 

50,038

 

Cash and Cash Equivalents, end of period

 

$

33,779

 

 

$

36,722

 

 

 

 

See accompanying notes to the consolidated financial statements.

 

Page 5 of 57


 

MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES

(UNAUDITED) CONSOLIDATED STATEMENTS OF TOTAL EQUITY

 

(in thousands)

 

Shares of Common Stock

 

 

Common Stock

 

 

Additional Paid-in Capital

 

 

Accumulated Other Comprehensive Loss

 

 

Retained Earnings

 

 

Total Shareholders' Equity

 

 

Noncontrolling Interests

 

 

Total Equity

 

Balance at December 31, 2016

 

 

63,176

 

 

$

630

 

 

$

3,334,461

 

 

$

(130,687

)

 

$

935,574

 

 

$

4,139,978

 

 

$

2,612

 

 

$

4,142,590

 

Consolidated net earnings