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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 September 30, 2019

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, former address and former fiscal year, if changes since last report: None

Securities registered pursuant to Section 12(b) of the Act:

 

Title of Each Class

 

Trading Symbol(s)

Name of each exchange on
which registered

Common Stock (Par Value $0.01)

MLM

NYSE

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 every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth 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 October 24, 2019

Common Stock, $0.01 par value

 

62,500,533

 

 

 


MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES

FORM 10-Q

For the Quarter Ended September 30, 2019

 

 

Page

Part I. Financial Information:

 

 

 

 

 

Item 1. Financial Statements

 

 

 

 

 

Consolidated Balance Sheets – September 30, 2019 and December 31, 2018

 

3

 

 

 

Consolidated Statements of Earnings and Comprehensive Earnings – Three and Nine Months Ended September 30, 2019 and 2018

 

4

 

 

 

Consolidated Statements of Cash Flows – Nine Months Ended September 30, 2019 and 2018

 

5

 

 

 

Consolidated Statement of Total Equity – Three and Nine Months Ended September 30, 2019 and 2018

 

6

 

 

 

Notes to Consolidated Financial Statements

 

8

 

 

 

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

 

29

 

 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

50

 

 

 

Item 4. Controls and Procedures

 

51

 

 

 

Part II. Other Information:

 

 

 

 

 

Item 1. Legal Proceedings

 

52

 

 

 

Item 1A. Risk Factors

 

52

 

 

 

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

 

52

 

 

 

Item 4. Mine Safety Disclosures

 

52

 

 

 

Item 6. Exhibits

 

53

 

 

 

Signatures

 

54

 

 

 

 

 

 

Page 2 of 54


PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.

MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES

(UNAUDITED) CONSOLIDATED BALANCE SHEETS

 

 

 

September 30,

 

 

December 31,

 

 

 

2019

 

 

2018

 

 

 

(Dollars in Thousands)

 

ASSETS

 

 

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

49,087

 

 

$

44,892

 

Accounts receivable, net

 

 

763,878

 

 

 

523,276

 

Inventories, net

 

 

649,716

 

 

 

663,035

 

Other current assets

 

 

115,717

 

 

 

134,613

 

Total Current Assets

 

 

1,578,398

 

 

 

1,365,816

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment

 

 

8,476,830

 

 

 

8,294,963

 

Allowances for depreciation, depletion and amortization

 

 

(3,344,683

)

 

 

(3,137,734

)

Net property, plant and equipment

 

 

5,132,147

 

 

 

5,157,229

 

Goodwill

 

 

2,396,955

 

 

 

2,399,118

 

Other intangibles, net

 

 

491,623

 

 

 

501,282

 

Operating lease right-of-use assets

 

 

484,853

 

 

 

 

Other noncurrent assets

 

 

139,509

 

 

 

127,974

 

Total Assets

 

$

10,223,485

 

 

$

9,551,419

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

238,559

 

 

$

210,808

 

Accrued salaries, benefits and payroll taxes

 

 

56,837

 

 

 

51,434

 

Pension and postretirement benefits

 

 

9,064

 

 

 

9,942

 

Accrued insurance and other taxes

 

 

67,127

 

 

 

63,543

 

Current maturities of long-term debt and short-term

   facilities

 

 

190,044

 

 

 

390,042

 

Operating lease liabilities

 

 

51,751

 

 

 

 

Other current liabilities

 

 

75,600

 

 

 

60,981

 

Total Current Liabilities

 

 

688,982

 

 

 

786,750

 

 

 

 

 

 

 

 

 

 

Long-term debt

 

 

2,732,815

 

 

 

2,730,439

 

Pension, postretirement and postemployment benefits

 

 

100,076

 

 

 

134,469

 

Deferred income taxes, net

 

 

725,096

 

 

 

705,564

 

Noncurrent operating lease liabilities

 

 

436,698

 

 

 

 

Other noncurrent liabilities

 

 

235,380

 

 

 

244,785

 

Total Liabilities

 

 

4,919,047

 

 

 

4,602,007

 

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

Common stock, par value $0.01 per share

 

 

624

 

 

 

624

 

Preferred stock, par value $0.01 per share

 

 

 

 

 

 

Additional paid-in capital

 

 

3,414,466

 

 

 

3,396,059

 

Accumulated other comprehensive loss

 

 

(134,765

)

 

 

(143,579

)

Retained earnings

 

 

2,021,647

 

 

 

1,693,259

 

Total Shareholders' Equity

 

 

5,301,972

 

 

 

4,946,363

 

Noncontrolling interests

 

 

2,466

 

 

 

3,049

 

Total Equity

 

 

5,304,438

 

 

 

4,949,412

 

Total Liabilities and Equity

 

$

10,223,485

 

 

$

9,551,419

 

 

See accompanying notes to the consolidated financial statements.

 

Page 3 of 54


MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES

(UNAUDITED) CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE EARNINGS

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

 

 

(In Thousands, Except Per Share Data)

 

Products and services revenues

 

$

1,323,160

 

 

$

1,142,218

 

 

$

3,397,599

 

 

$

3,024,300

 

Freight revenues

 

 

97,086

 

 

 

77,422

 

 

 

241,069

 

 

 

199,747

 

Total Revenues

 

 

1,420,246

 

 

 

1,219,640

 

 

 

3,638,668

 

 

 

3,224,047

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenues - products and services

 

 

901,844

 

 

 

828,110

 

 

 

2,474,333

 

 

 

2,282,159

 

Cost of revenues - freight

 

 

97,757

 

 

 

78,546

 

 

 

243,917

 

 

 

202,595

 

Total Cost of Revenues

 

 

999,601

 

 

 

906,656

 

 

 

2,718,250

 

 

 

2,484,754

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Profit

 

 

420,645

 

 

 

312,984

 

 

 

920,418

 

 

 

739,293

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general & administrative expenses

 

 

78,281

 

 

 

68,441

 

 

 

228,955

 

 

 

209,632

 

Acquisition-related expenses, net

 

 

 

 

 

89

 

 

 

190

 

 

 

12,925

 

Other operating (income) and expense, net

 

 

(2,899

)

 

 

3,792

 

 

 

(9,092

)

 

 

(26,960

)

Earnings from Operations

 

 

345,263

 

 

 

240,662

 

 

 

700,365

 

 

 

543,696

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

32,436

 

 

 

35,468

 

 

 

98,680

 

 

 

103,526

 

Other nonoperating (income) and expense, net

 

 

(1,973

)

 

 

(4,248

)

 

 

9,690

 

 

 

(19,873

)

Earnings before income tax expense

 

 

314,800

 

 

 

209,442

 

 

 

591,995

 

 

 

460,043

 

Income tax expense

 

 

66,178

 

 

 

29,089

 

 

 

111,077

 

 

 

84,147

 

Consolidated net earnings

 

 

248,622

 

 

 

180,353

 

 

 

480,918

 

 

 

375,896

 

Less: Net earnings attributable to noncontrolling

   interests

 

 

49

 

 

 

132

 

 

 

17

 

 

 

275

 

Net Earnings Attributable to Martin Marietta Materials, Inc.

 

$

248,573

 

 

$

180,221

 

 

$

480,901

 

 

$

375,621

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated Comprehensive Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings attributable to Martin Marietta Materials, Inc.

 

$

251,142

 

 

$

184,613

 

 

$

489,715

 

 

$

383,234

 

Earnings attributable to noncontrolling interests

 

 

49

 

 

 

132

 

 

 

17

 

 

 

276

 

 

 

$

251,191

 

 

$

184,745

 

 

$

489,732

 

 

$

383,510

 

Net Earnings Attributable to Martin Marietta Materials, Inc.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per Common Share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic attributable to common shareholders

 

$

3.97

 

 

$

2.86

 

 

$

7.67

 

 

$

5.95

 

Diluted attributable to common shareholders

 

$

3.96

 

 

$

2.85

 

 

$

7.65

 

 

$

5.93

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-Average Common Shares Outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

62,510

 

 

 

62,932

 

 

 

62,552

 

 

 

62,970

 

Diluted

 

 

62,679

 

 

 

63,167

 

 

 

62,725

 

 

 

63,224

 

 

 

See accompanying notes to the consolidated financial statements.

 

Page 4 of 54


MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES

(UNAUDITED) CONSOLIDATED STATEMENTS OF CASH FLOWS

 

 

 

Nine Months Ended

 

 

 

September 30,

 

 

 

2019

 

 

2018

 

 

 

(Dollars in Thousands)

 

Cash Flows from Operating Activities:

 

 

 

 

 

 

 

 

Consolidated net earnings

 

$

480,918

 

 

$

375,896

 

Adjustments to reconcile consolidated net earnings to net cash

   provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation, depletion and amortization

 

 

276,974

 

 

 

253,200

 

Stock-based compensation expense

 

 

28,414

 

 

 

23,084

 

Gain on divestitures and sales of assets

 

 

(4,950

)

 

 

(35,167

)

Deferred income taxes

 

 

18,352

 

 

 

68,833

 

Other items, net

 

 

11,422

 

 

 

(2,107

)

Changes in operating assets and liabilities, net of effects of

   acquisitions and divestitures:

 

 

 

 

 

 

 

 

Accounts receivable, net

 

 

(240,602

)

 

 

(132,176

)

Inventories, net

 

 

13,573

 

 

 

(8,015

)

Accounts payable

 

 

65,897

 

 

 

42,995

 

Other assets and liabilities, net

 

 

(200

)

 

 

(145,005

)

Net Cash Provided by Operating Activities

 

 

649,798

 

 

 

441,538

 

 

 

 

 

 

 

 

 

 

Cash Flows from Investing Activities:

 

 

 

 

 

 

 

 

Additions to property, plant and equipment

 

 

(282,998

)

 

 

(262,155

)

Acquisitions, net

 

 

 

 

 

(1,640,698

)

Proceeds from divestitures and sales of assets

 

 

6,981

 

 

 

63,460

 

Payment of railcar construction advances

 

 

 

 

 

(56,033

)

Reimbursement of railcar construction advances

 

 

 

 

 

56,033

 

Investments in life insurance contracts, net

 

 

559

 

 

 

771

 

Other investing activities, net

 

 

(1,214

)

 

 

 

Net Cash Used for Investing Activities

 

 

(276,672

)

 

 

(1,838,622

)

 

 

 

 

 

 

 

 

 

Cash Flows from Financing Activities:

 

 

 

 

 

 

 

 

Borrowings of debt

 

 

245,000

 

 

 

875,000

 

Repayments of debt

 

 

(445,042

)

 

 

(695,039

)

Payments of deferred acquisition consideration

 

 

 

 

 

(6,707

)

Payments on financing leases

 

 

(2,651

)

 

 

 

Payments on capital leases

 

 

 

 

 

(2,589

)

Debt issuance costs

 

 

 

 

 

(3,194

)

Distributions to owners of noncontrolling interest

 

 

(600

)

 

 

 

Repurchases of common stock

 

 

(57,288

)

 

 

(60,377

)

Dividends paid

 

 

(95,227

)

 

 

(86,190

)

Proceeds from exercise of stock options

 

 

12,295

 

 

 

6,993

 

Shares withheld for employees' income tax obligations

 

 

(25,418

)

 

 

(10,416

)

Purchase of remaining interest in existing joint venture

 

 

 

 

 

(12,800

)

Net Cash (Used for) Provided by Financing Activities

 

 

(368,931

)

 

 

4,681

 

Net Increase (Decrease) in Cash and Cash Equivalents

 

 

4,195

 

 

 

(1,392,403

)

Cash and Cash Equivalents, beginning of period

 

 

44,892

 

 

 

1,446,364

 

Cash and Cash Equivalents, end of period

 

$

49,087

 

 

$

53,961

 

 

 

 

See accompanying notes to the consolidated financial statements.

 

Page 5 of 54


 

MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES

(UNAUDITED) CONSOLIDATED STATEMENTS OF TOTAL EQUITY

 

(In Thousands, Except Per Share Data)

 

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 June 30, 2019

 

 

62,433

 

 

$

623

 

 

$

3,416,590

 

 

$

(137,334

)

 

$

1,814,974

 

 

$

5,094,853

 

 

$

2,417

 

 

$

5,097,270

 

Consolidated net earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

248,573

 

 

 

248,573

 

 

 

49

 

 

 

248,622

 

Other comprehensive earnings,

   net of tax

 

 

 

 

 

 

 

 

 

 

 

2,569

 

 

 

 

 

 

2,569

 

 

 

 

 

 

2,569

 

Dividends declared ($0.55 per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(34,612

)

 

 

(34,612

)

 

 

 

 

 

(34,612

)

Issuances of common stock for stock

   award plans

 

 

96

 

 

 

1

 

 

 

4,956

 

 

 

 

 

 

 

 

 

4,957

 

 

 

 

 

 

4,957

 

Shares withheld for employees'

   income tax obligations

 

 

 

 

 

 

 

 

(13,244

)

 

 

 

 

 

 

 

 

(13,244

)

 

 

 

 

 

(13,244

)

Repurchases of common stock

 

 

(29

)

 

 

 

 

 

 

 

 

 

 

 

(7,288

)

 

 

(7,288

)

 

 

 

 

 

(7,288

)

Stock-based compensation expense

 

 

 

 

 

 

 

 

6,164

 

 

 

 

 

 

 

 

 

6,164

 

 

 

 

 

 

6,164

 

Balance at September 30, 2019

 

 

62,500

 

 

$

624

 

 

$

3,414,466

 

 

$

(134,765

)

 

$

2,021,647

 

 

$

5,301,972

 

 

$