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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 June 30, 2020

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 July 21, 2020

Common Stock, $0.01 par value

 

62,268,855

 

 

 

 


 

MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES

FORM 10-Q

For the Quarter Ended June 30, 2020

 

 

Page

Part I. Financial Information:

 

 

 

 

 

Item 1. Financial Statements

 

 

 

 

 

Consolidated Balance Sheets – June 30, 2020 and December 31, 2019

 

3

 

 

 

Consolidated Statements of Earnings and Comprehensive Earnings – Three and Six Months Ended June 30, 2020 and 2019

 

4

 

 

 

Consolidated Statements of Cash Flows – Six Months Ended June 30, 2020 and 2019

 

5

 

 

 

Consolidated Statement of Total Equity – Three and Six Months Ended June 30, 2020 and 2019

 

6

 

 

 

Notes to Consolidated Financial Statements

 

8

 

 

 

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

 

24

 

 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

47

 

 

 

Item 4. Controls and Procedures

 

48

 

 

 

Part II. Other Information:

 

 

 

 

 

Item 1. Legal Proceedings

 

49

 

 

 

Item 1A. Risk Factors

 

49

 

 

 

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

 

50

 

 

 

Item 4. Mine Safety Disclosures

 

50

 

 

 

Item 6. Exhibits

 

51

 

 

 

Signatures

 

52

 

 

 

 

 

 

Page 2 of 52


 

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.

MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES

(UNAUDITED) CONSOLIDATED BALANCE SHEETS

 

 

 

June 30,

 

 

December 31,

 

 

 

2020

 

 

2019

 

 

 

(Dollars in Millions, Except Par Value Data)

 

ASSETS

 

 

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

70.1

 

 

$

21.0

 

Accounts receivable, net

 

 

690.4

 

 

 

573.7

 

Inventories, net

 

 

712.9

 

 

 

690.8

 

Other current assets

 

 

113.7

 

 

 

141.2

 

Total Current Assets

 

 

1,587.1

 

 

 

1,426.7

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment

 

 

8,737.8

 

 

 

8,633.5

 

Allowances for depreciation, depletion and amortization

 

 

(3,577.3

)

 

 

(3,427.5

)

Net property, plant and equipment

 

 

5,160.5

 

 

 

5,206.0

 

Goodwill

 

 

2,397.5

 

 

 

2,396.8

 

Other intangibles, net

 

 

481.0

 

 

 

486.8

 

Operating lease right-of-use assets, net

 

 

468.0

 

 

 

481.9

 

Other noncurrent assets

 

 

132.5

 

 

 

133.4

 

Total Assets

 

$

10,226.6

 

 

$

10,131.6

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

197.2

 

 

$

229.6

 

Accrued salaries, benefits and payroll taxes

 

 

43.4

 

 

 

56.7

 

Accrued insurance and other taxes

 

 

58.2

 

 

 

63.1

 

Current maturities of long-term debt and short-term

   facilities

 

 

130.0

 

 

 

340.0

 

Operating lease liabilities

 

 

51.4

 

 

 

52.7

 

Other current liabilities

 

 

115.1

 

 

 

96.4

 

Total Current Liabilities

 

 

595.3

 

 

 

838.5

 

 

 

 

 

 

 

 

 

 

Long-term debt

 

 

2,624.5

 

 

 

2,433.6

 

Deferred income taxes, net

 

 

741.2

 

 

 

733.0

 

Noncurrent operating lease liabilities

 

 

420.7

 

 

 

433.9

 

Other noncurrent liabilities

 

 

351.3

 

 

 

339.3

 

Total Liabilities

 

 

4,733.0

 

 

 

4,778.3

 

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

Common stock, par value $0.01 per share

 

 

0.6

 

 

 

0.6

 

Preferred stock, par value $0.01 per share

 

 

 

 

 

 

Additional paid-in capital

 

 

3,431.0

 

 

 

3,418.8

 

Accumulated other comprehensive loss

 

 

(142.2

)

 

 

(145.8

)

Retained earnings

 

 

2,201.7

 

 

 

2,077.2

 

Total Shareholders' Equity

 

 

5,491.1

 

 

 

5,350.8

 

Noncontrolling interests

 

 

2.5

 

 

 

2.5

 

Total Equity

 

 

5,493.6

 

 

 

5,353.3

 

Total Liabilities and Equity

 

$

10,226.6

 

 

$

10,131.6

 

 

See accompanying notes to the consolidated financial statements.

 

Page 3 of 52


 

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,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

 

(In Millions, Except Per Share Data)

 

Products and services revenues

 

$

1,189.5

 

 

$

1,196.1

 

 

$

2,080.5

 

 

$

2,074.4

 

Freight revenues

 

 

81.1

 

 

 

83.4

 

 

 

148.4

 

 

 

144.0

 

Total Revenues

 

 

1,270.6

 

 

 

1,279.5

 

 

 

2,228.9

 

 

 

2,218.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenues - products and services

 

 

807.4

 

 

 

838.3

 

 

 

1,554.8

 

 

 

1,572.5

 

Cost of revenues - freight

 

 

82.7

 

 

 

84.3

 

 

 

151.2

 

 

 

146.1

 

Total Cost of Revenues

 

 

890.1

 

 

 

922.6

 

 

 

1,706.0

 

 

 

1,718.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Profit

 

 

380.5

 

 

 

356.9

 

 

 

522.9

 

 

 

499.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general & administrative expenses

 

 

71.2

 

 

 

72.4

 

 

 

149.9

 

 

 

150.7

 

Acquisition-related expenses

 

 

0.5

 

 

 

 

 

 

0.8

 

 

 

0.2

 

Other operating expenses and (income), net

 

 

2.4

 

 

 

(1.4

)

 

 

8.0

 

 

 

(6.2

)

Earnings from Operations

 

 

306.4

 

 

 

285.9

 

 

 

364.2

 

 

 

355.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

31.2

 

 

 

33.3

 

 

 

61.0

 

 

 

66.2

 

Other nonoperating (income) and expenses, net

 

 

(3.8

)

 

 

13.2

 

 

 

(1.9

)

 

 

11.7

 

Earnings before income tax expense

 

 

279.0

 

 

 

239.4

 

 

 

305.1

 

 

 

277.2

 

Income tax expense

 

 

61.4

 

 

 

49.9

 

 

 

61.6

 

 

 

44.9

 

Consolidated net earnings

 

 

217.6

 

 

 

189.5

 

 

 

243.5

 

 

 

232.3

 

Less: Net earnings attributable to noncontrolling

   interests

 

 

 

 

 

 

 

 

 

 

 

 

Net Earnings Attributable to Martin Marietta Materials, Inc.

 

$

217.6

 

 

$

189.5

 

 

$

243.5

 

 

$

232.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated Comprehensive Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings attributable to Martin Marietta Materials, Inc.

 

$

220.8

 

 

$

192.5

 

 

$

247.1

 

 

$

238.6

 

Earnings attributable to noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

220.8

 

 

$

192.5

 

 

$

247.1

 

 

$

238.6

 

Net Earnings Attributable to Martin Marietta Materials, Inc.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per Common Share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic attributable to common shareholders

 

$

3.49

 

 

$

3.02

 

 

$

3.91

 

 

$

3.71

 

Diluted attributable to common shareholders

 

$

3.49

 

 

$

3.01

 

 

$

3.90

 

 

$

3.69

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-Average Common Shares Outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

62.3

 

 

 

62.6

 

 

 

62.3

 

 

 

62.6

 

Diluted

 

 

62.3

 

 

 

62.7

 

 

 

62.4

 

 

 

62.7

 

 

 

See accompanying notes to the consolidated financial statements.

 

Page 4 of 52


 

MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES

(UNAUDITED) CONSOLIDATED STATEMENTS OF CASH FLOWS

 

 

 

Six Months Ended

 

 

 

June 30,

 

 

 

2020

 

 

2019

 

 

 

(Dollars in Millions)

 

Cash Flows from Operating Activities:

 

 

 

 

 

 

 

 

Consolidated net earnings

 

$

243.5

 

 

$

232.3

 

Adjustments to reconcile consolidated net earnings to net cash

   provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation, depletion and amortization

 

 

193.4

 

 

 

182.0

 

Stock-based compensation expense

 

 

19.7

 

 

 

22.3

 

Gain on divestitures and sales of assets

 

 

(3.1

)

 

 

(3.9

)

Deferred income taxes

 

 

6.6

 

 

 

(6.4

)

Other items, net

 

 

1.2

 

 

 

14.9

 

Changes in operating assets and liabilities, net of effects of

   acquisitions and divestitures:

 

 

 

 

 

 

 

 

Accounts receivable, net

 

 

(117.4

)

 

 

(187.1

)

Inventories, net

 

 

(21.7

)

 

 

15.7

 

Accounts payable

 

 

(0.5

)

 

 

36.6

 

Other assets and liabilities, net

 

 

51.5

 

 

 

27.3

 

Net Cash Provided by Operating Activities

 

 

373.2

 

 

 

333.7

 

 

 

 

 

 

 

 

 

 

Cash Flows from Investing Activities:

 

 

 

 

 

 

 

 

Additions to property, plant and equipment

 

 

(175.7

)

 

 

(207.4

)

Acquisitions, net

 

 

(2.3

)

 

 

 

Proceeds from divestitures and sales of assets

 

 

17.9

 

 

 

6.0

 

Investments in life insurance contracts, net

 

 

(6.2

)

 

 

0.5

 

Other investing activities, net

 

 

(4.5

)

 

 

(1.0

)

Net Cash Used for Investing Activities

 

 

(170.8

)

 

 

(201.9

)

 

 

 

 

 

 

 

 

 

Cash Flows from Financing Activities:

 

 

 

 

 

 

 

 

Borrowings of debt

 

 

618.0

 

 

 

165.0

 

Repayments of debt

 

 

(637.0

)

 

 

(170.0

)

Payments on financing leases

 

 

(1.6

)

 

 

(1.8

)

Debt issuance costs

 

 

(1.7

)

 

 

 

Distributions to owners of noncontrolling interest

 

 

 

 

 

(0.6

)

Repurchases of common stock

 

 

(50.0

)

 

 

(50.0

)

Dividends paid

 

 

(69.4

)

 

 

(60.6

)

Proceeds from exercise of stock options

 

 

1.3

 

 

 

7.1

 

Shares withheld for employees' income tax obligations

 

 

(12.9

)

 

 

(12.2

)

Net Cash Used for Financing Activities

 

 

(153.3

)

 

 

(123.1

)

Net Increase in Cash and Cash Equivalents

 

 

49.1

 

 

 

8.7

 

Cash and Cash Equivalents, beginning of period

 

 

21.0

 

 

 

44.9

 

Cash and Cash Equivalents, end of period

 

$

70.1

 

 

$

53.6

 

 

 

 

See accompanying notes to the consolidated financial statements.

 

Page 5 of 52


 

MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES

(UNAUDITED) CONSOLIDATED STATEMENTS OF TOTAL EQUITY

 

(In Millions, 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 March 31, 2020

 

 

62.2

 

 

$

0.6

 

 

$

3,423.1

 

 

$

(145.4

)

 

$

2,018.6

 

 

$

5,296.9

 

 

$

2.5

 

 

$

5,299.4

 

Consolidated net earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

217.6

 

 

 

217.6

 

 

 

 

 

 

217.6

 

Other comprehensive earnings,

   net of tax

 

 

 

 

 

 

 

 

 

 

 

3.2

 

 

 

 

 

 

3.2

 

 

 

 

 

 

3.2

 

Dividends declared ($0.55 per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(34.5

)

 

 

(34.5

)

 

 

 

 

 

(34.5

)

Issuances of common stock for stock

   award plans

 

 

0.1

 

 

 

 

 

 

1.1

 

 

 

 

 

 

 

 

 

1.1

 

 

 

 

 

 

1.1

 

Shares withheld for employees'

   income tax obligations

 

 

 

 

 

 

 

 

(0.4

)

 

 

 

 

 

 

 

 

(0.4

)

 

 

 

 

 

(0.4

)

Stock-based compensation expense

 

 

 

 

 

 

 

 

7.2

 

 

 

 

 

 

 

 

 

7.2

 

 

 

 

 

 

7.2

 

Balance at June 30, 2020

 

 

62.3

 

 

$

0.6

 

 

$

3,431.0

 

 

$

(142.2

)

 

$

2,201.7

 

 

$

5,491.1

 

 

$

2.5

 

 

$

5,493.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2019

 

 

62.4

 

 

$

0.6

 

 

$

3,418.8

 

 

$

(145.8

)

 

$

2,077.2

 

 

$

5,350.8

 

 

$

2.5

 

 

$

5,353.3

 

Consolidated net earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

243.5

 

 

 

243.5

 

 

 

 

 

 

243.5

 

Other comprehensive earnings,

   net of tax

 

 

 

 

 

 

 

 

 

 

 

3.6

 

 

 

 

 

 

3.6

 

 

 

 

 

 

3.6

 

Dividends declared ($1.10 per share)