0000950170-23-017749 | 10-Q | XBRL Viewer | Martin Marietta Materials INC

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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2023	Apr. 28, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Trading Symbol	MLM
Entity Registrant Name	MARTIN MARIETTA MATERIALS, INC.
Entity Central Index Key	0000916076
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Title of 12(b) Security	Common Stock (Par Value $0.01)
Security Exchange Name	NYSE
Entity File Number	1-12744
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	NC
Entity Tax Identification Number	56-1848578
Entity Address, Address Line One	4123 Parklake Avenue
Entity Address, City or Town	Raleigh
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	27612
City Area Code	919
Local Phone Number	781-4550
Document Quarterly Report	true
Document Transition Report	false
Entity Common Stock, Shares Outstanding		61,968,757

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Current Assets:
Cash and cash equivalents	$ 229.4	$ 358.0
Restricted cash	0.1	0.8
Restricted investments	702.3	704.6
Accounts receivable, net	796.7	785.9
Inventories, net	948.7	873.7
Current assets held for sale	60.1	73.2
Other current assets	75.4	80.7
Total Current Assets	2,812.7	2,876.9
Property, plant and equipment	10,721.0	10,661.0
Allowances for depreciation, depletion and amortization	(4,441.5)	(4,344.3)
Net property, plant and equipment	6,279.5	6,316.7
Goodwill	3,649.5	3,649.5
Other intangibles, net	840.8	847.8
Operating lease right-of-use assets, net	382.9	383.5
Noncurrent assets held for sale	374.6	372.5
Other noncurrent assets	550.9	546.7
Total Assets	14,890.9	14,993.6
Current Liabilities:
Accounts payable	302.6	385.0
Accrued salaries, benefits and payroll taxes	37.9	71.6
Accrued other taxes	51.9	55.4
Accrued interest	41.2	42.8
Current maturities of discharged long-term debt	699.6	699.1
Operating lease liabilities	53.3	52.1
Current liabilities held for sale	4.2	4.5
Other current liabilities	137.3	135.1
Total Current Liabilities	1,328.0	1,445.6
Long-term debt	4,342.0	4,340.9
Deferred income taxes, net	921.0	914.3
Noncurrent operating lease liabilities	337.3	335.9
Noncurrent liabilities held for sale	21.2	21.8
Other noncurrent liabilities	763.9	762.3
Total Liabilities	7,713.4	7,820.8
Equity:
Common stock, par value $0.01 per share (62.0 shares and 62.1 shares outstanding at March 31, 2023 and December 31, 2022, respectively)	0.6	0.6
Preferred stock, par value $0.01 per share	0.0	0.0
Additional paid-in capital	3,487.2	3,489.0
Accumulated other comprehensive loss	(37.4)	(38.5)
Retained earnings	3,724.6	3,719.4
Total Shareholders' Equity	7,175.0	7,170.5
Noncontrolling interests	2.5	2.3
Total Equity	7,177.5	7,172.8
Total Liabilities and Equity	$ 14,890.9	$ 14,993.6

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares outstanding	62,000,000.0	62,100,000
Preferred stock, par value	$ 0.01	$ 0.01

Consolidated Statements of Earnings and Comprehensive Earnings (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Total Revenues	$ 1,354.1	$ 1,230.8
Total Cost of Revenues	1,051.3	1,074.7
Gross Profit	302.8	156.1
Selling, general and administrative expenses	104.3	97.1
Acquisition and integration expenses	0.8	1.4
Other operating expense (income), net	1.6	(2.3)
Earnings from Operations	196.1	59.9
Interest expense	42.2	40.5
Other nonoperating income, net	(16.1)	(10.8)
Earnings from continuing operations before income tax expense	170.0	30.2
Income tax expense	35.5	5.8
Earnings from continuing operations	134.5	24.4
Loss from discontinued operations, net of income tax benefit	(12.9)	(3.1)
Consolidated net earnings	121.6	21.3
Less: Net earnings (loss) attributable to noncontrolling interests	0.2	(0.1)
Net Earnings Attributable to Martin Marietta	121.4	21.4
Consolidated Comprehensive Earnings (Loss) :
Consolidated comprehensive earnings (loss) attributable to Martin Marietta	122.5	(10.2)
Earnings (Loss) attributable to noncontrolling interests	0.2	(0.1)
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	$ 122.7	$ (10.3)
Net Earnings (Loss) Attributable to Martin Marietta Per Common Share:
Basic from continuing operations attributable to common shareholders	$ 2.17	$ 0.39
Basic from discontinued operations attributable to common shareholders	(0.21)	(0.05)
Basic attributable to common shareholders	1.96	0.34
Diluted from continuing operations attributable to common shareholders	2.16	0.39
Diluted from discontinued operations attributable to common shareholders	(0.21)	(0.05)
Diluted attributable to common shareholders	$ 1.95	$ 0.34
Weighted-Average Common Shares Outstanding:
Basic	62.1	62.4
Diluted	62.2	62.6

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash Flows from Operating Activities:
Consolidated net earnings	$ 121.6	$ 21.3
Adjustments to reconcile consolidated net earnings to net cash provided by operating activities:
Depreciation, depletion and amortization	123.6	128.2
Stock-based compensation expense	13.7	12.0
Gains on sales of assets	(1.0)	(2.9)
Deferred income taxes, net	6.3	5.2
Other items, net	(1.7)	(0.9)
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:
Accounts receivable, net	(13.7)	14.8
Inventories, net	(82.4)	(28.9)
Accounts payable	17.8	95.5
Other assets and liabilities, net	(23.7)	(74.4)
Net Cash Provided by Operating Activities	160.5	169.9
Cash Flows from Investing Activities:
Additions to property, plant and equipment	(173.9)	(139.8)
Acquisitions, net of cash acquired	0.0	18.8
Proceeds from sales of assets	22.3	1.0
Investments in life insurance contracts, net	3.1	0.0
Other investing activities, net	(3.9)	(3.0)
Net Cash Used for Investing Activities	(152.4)	(123.0)
Cash Flows from Financing Activities:
Payments on finance lease obligations	(4.3)	(3.7)
Dividends paid	(41.6)	(38.9)
Repurchases of common stock	(75.0)	(50.0)
Proceeds from exercise of stock options	0.2	0.6
Shares withheld for employees' income tax obligations	(16.7)	(24.2)
Net Cash Used for Financing Activities	(137.4)	(116.2)
Net Decrease in Cash, Cash Equivalents and Restricted Cash	(129.3)	(69.3)
Cash, Cash Equivalents and Restricted Cash, beginning of period	358.8	258.9
Cash, Cash Equivalents and Restricted Cash, end of period	$ 229.5	$ 189.6

Consolidated Statements of Total Equity (Unaudited) - USD ($) $ in Millions	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Retained Earnings	Total Shareholders' Equity	Noncontrolling Interests
Beginning Balance, Total Equity at Dec. 31, 2021	$ 6,537.6	$ 0.6	$ 3,470.4	$ (97.6)	$ 3,161.9	$ 6,535.3	$ 2.3
Beginning Balance (in shares) at Dec. 31, 2021		62,400,000
Consolidated net earnings (loss)	21.3				21.4	21.4	(0.1)
Other comprehensive earnings / loss, net of tax	(31.6)			(31.6)		(31.6)
Dividends declared	(38.4)				(38.4)	(38.4)
Issuances of common stock for stock award plans	4.6		4.6			4.6
Issuances of common stock for stock award plans (in shares)		100,000
Shares withheld for employees' income tax obligations	(24.4)		(24.4)			(24.4)
Repurchases of common stock, Shares		(100,000)
Repurchases of common stock	(50.0)				(50.0)	(50.0)
Stock-based compensation expense	12.0		12.0			12.0
Ending Balance, Total Equity at Mar. 31, 2022	6,431.1	$ 0.6	3,462.6	(129.2)	3,094.9	6,428.9	2.2
Ending Balance (in shares) at Mar. 31, 2022		62,400,000
Beginning Balance, Total Equity at Dec. 31, 2022	$ 7,172.8	$ 0.6	3,489.0	(38.5)	3,719.4	7,170.5	2.3
Beginning Balance (in shares) at Dec. 31, 2022	62,100,000	62,100,000
Consolidated net earnings (loss)	$ 121.6				121.4	121.4	0.2
Other comprehensive earnings / loss, net of tax	1.1			1.1		1.1
Dividends declared	(41.2)				(41.2)	(41.2)
Issuances of common stock for stock award plans	1.3		1.3			1.3
Issuances of common stock for stock award plans (in shares)		100,000
Shares withheld for employees' income tax obligations	(16.8)		(16.8)			(16.8)
Repurchases of common stock, Shares		(200,000)
Repurchases of common stock	(75.0)				(75.0)	(75.0)
Stock-based compensation expense	13.7		13.7			13.7
Ending Balance, Total Equity at Mar. 31, 2023	$ 7,177.5	$ 0.6	$ 3,487.2	$ (37.4)	$ 3,724.6	$ 7,175.0	$ 2.5
Ending Balance (in shares) at Mar. 31, 2023	62,000,000.0	62,000,000.0

Consolidated Statements of Total Equity (Parenthetical) (Unaudited) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Dividends declared	$ 0.66	$ 0.61

Significant Accounting Policies

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Significant Accounting Policies

Organization

Martin Marietta Materials, Inc. (the Company or Martin Marietta) is a natural resource-based building materials company. As of March 31, 2023, the Company supplies aggregates (crushed stone, sand and gravel) through its network of approximately 350 quarries, mines and distribution yards in 28 states, Canada and The Bahamas. Martin Marietta also provides cement and downstream products and services, namely, ready mixed concrete, asphalt and paving, in vertically-integrated structured markets where the Company also has a leading aggregates position. In addition, the Company has one cement plant, related cement distribution terminals, cement import operations and ready mixed concrete operations in California that are classified as assets held for sale and reported as discontinued operations as of and for the three months ended March 31, 2023 and 2022 and as of December 31, 2022. 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, asphalt and paving product lines are reported collectively as the “Building Materials” business.

The Company’s Building Materials business includes two reportable segments: the East Group and the West Group.


BUILDING MATERIALS BUSINESS (continuing operations only)
Reportable Segments	East Group	West Group
Operating Locations	Alabama, Florida, Georgia, Indiana, Iowa, Kansas, Kentucky, Maryland, Minnesota, Missouri, Nebraska, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Virginia, West Virginia, Nova Scotia and The Bahamas	Arizona, Arkansas, California, Colorado, Louisiana, Oklahoma, Texas, Utah, Washington and Wyoming

Product Lines	Aggregates and Asphalt	Aggregates, Cement, Ready Mixed Concrete, Asphalt and Paving

The Company’s Magnesia Specialties business, which represents a separate reportable segment, has manufacturing facilities in Manistee, Michigan, and Woodville, Ohio. The Magnesia Specialties business produces magnesia-based chemicals products used in industrial, agricultural and environmental applications, and dolomitic lime sold primarily to customers for steel production and soil stabilization.

Basis of Presentation and Use of Estimates

The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) for interim financial information and with the instructions to the Quarterly Report on Form 10-Q and in Article 10 of Regulation S-X. The Company has continued to follow the accounting policies set forth in the audited consolidated financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. In the opinion of management, the interim consolidated financial information provided herein reflects all adjustments, consisting of normal recurring accruals, necessary for a fair statement of the results of operations, financial position

and cash flows for the interim periods. The consolidated results of operations for the three months ended March 31, 2023 are not necessarily indicative of the results expected for other interim periods or the full year. The consolidated balance sheet at December 31, 2022 has been derived from the audited consolidated financial statements at that date but does not include all of the information and notes required by U.S. GAAP for complete financial statements. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.

The preparation of the Company’s consolidated financial statements requires management to make certain estimates and assumptions about future events. As future events and their effects cannot be fully determined with precision, actual results could differ significantly from estimates. Changes in estimates are reflected in the consolidated financial statements in the period in which the change in estimate occurs.

Revenue Recognition

Total revenues include sales of products and services to customers, net of discounts or allowances, if any, and freight and delivery costs billed to customers. Product revenues are recognized when control of the promised good is transferred to unaffiliated customers, typically when finished products are shipped. Intersegment and interproduct revenues are eliminated in consolidation. Service revenues are derived from the paving business and are recognized using the percentage-of-completion method under the cost-to-cost approach. 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 Accounting Standards Codification (ASC) 606, the related revenues and costs are presented gross in the consolidated statements of earnings and are recognized consistently with the timing of the product revenues.

Restricted Cash

At March 31, 2023 and December 31, 2022, the Company had restricted cash of $0.1 million and $0.8 million, respectively, which was invested in an account designated for the purchase of like-kind exchange replacement assets under Section 1031 of the Internal Revenue Code and related IRS procedures (Section 1031). The Company is restricted from utilizing the cash for purposes other than the purchase of qualified assets for 180 days from receipt of the proceeds from the sale of the exchanged property. Any unused cash at the end of the 180 days is transferred to unrestricted accounts of the Company and used for general corporate purposes.

The statements of cash flows reflect cash flow changes and balances for cash, cash equivalents and restricted cash on an aggregated basis. The following table reconciles cash, cash equivalents and restricted cash as reported on the consolidated balance sheets to the aggregated amounts presented on the consolidated statements of cash flows:


	March 31,		December 31,
	2023		2022
	(Dollars in Millions)
Cash and cash equivalents	$	229.4	$	358.0
Restricted cash		0.1		0.8
Total cash, cash equivalents and restricted cash presented in the consolidated statements of cash flows	$	229.5	$	358.8

Restricted Investments

At March 31, 2023 and December 31, 2022, the Company had $702.3 million and $704.6 million, respectively, of restricted investments, representing assets irrevocably transferred to an escrow trust account to satisfy and discharge

the Company’s $700.0 million of 0.650% Senior Notes due 2023 (the 2023 Notes) (see Note 4). The assets in the escrow trust account may not be used for any purpose other than to satisfy the remaining interest payments and to repay the principal amount of the 2023 Notes on the maturity date of July 15, 2023. The assets transferred to the escrow trust account are invested in a U.S. Treasury securities fund (see Note 5) and investment returns on those trust assets are for the account of the Company (after satisfaction of all amounts payable in connection with the 2023 Notes). The Company consolidated the trust account on its balance sheets at March 31, 2023 and December 31, 2022.

Consolidated Comprehensive Earnings (Loss) and Accumulated Other Comprehensive Loss

Consolidated comprehensive earnings (loss) consist of consolidated net earnings, adjustments for the funded status of pension and postretirement benefit plans and foreign currency translation adjustments, and are presented in the Company’s consolidated statements of earnings and comprehensive earnings.

Consolidated comprehensive earnings (loss) attributable to Martin Marietta is as follows:


	Three Months Ended
	March 31,
	2023		2022
	(Dollars in Millions)
Net earnings attributable to Martin Marietta	$	121.4	$	21.4
Other comprehensive earnings (loss), net of tax		1.1		(31.6	)
Consolidated comprehensive earnings (loss) attributable to Martin Marietta	$	122.5	$	(10.2	)

Accumulated other comprehensive loss consists of unrecognized gains and losses related to the funded status of the pension and postretirement benefit plans and foreign currency translation and is presented on the Company’s consolidated balance sheets.

The components of the changes in accumulated other comprehensive loss, net of tax, are as follows:


	(Dollars in Millions)
	Pension and Postretirement Benefit Plans			Foreign Currency			Accumulated Other Comprehensive Loss
	Three Months Ended March 31, 2023
Balance at beginning of period	$	(36.5	)	$	(2.0	)	$	(38.5	)
Other comprehensive earnings before reclassifications, net of tax		—			0.1			0.1
Amounts reclassified from accumulated other comprehensive loss, net of tax		1.0			—			1.0
Other comprehensive earnings, net of tax		1.0			0.1			1.1
Balance at end of period	$	(35.5	)	$	(1.9	)	$	(37.4	)

	Three Months Ended March 31, 2022
Balance at beginning of period	$	(97.6	)	$	—		$	(97.6	)
Other comprehensive (loss) earnings before reclassifications, net of tax		(33.3	)		0.4			(32.9	)
Amounts reclassified from accumulated other comprehensive loss, net of tax		1.3			—			1.3
Other comprehensive (loss) earnings, net of tax		(32.0	)		0.4			(31.6	)
Balance at end of period	$	(129.6	)	$	0.4		$	(129.2	)

The $33.3 million, net of tax, other comprehensive loss before reclassifications in the Pension and Postretirement Benefit Plans for the three months ended March 31, 2022 was driven by the remeasurement of the funded status of the Company’s qualified pension plan, required as a result of a plan amendment that provided an enhanced benefit for eligible hourly employees.

Changes in net noncurrent deferred tax assets related to accumulated other comprehensive loss are as follows:


	Pension and Postretirement Benefit Plans
	Three Months Ended
	March 31,
	2023			2022
	(Dollars in Millions)
Balance at beginning of period	$	50.1		$	69.7
Tax effect of other comprehensive (earnings) loss		(0.3	)		10.5
Balance at end of period	$	49.8		$	80.2

Reclassifications out of accumulated other comprehensive loss are as follows:


	Three Months Ended						Affected line items in the
	March 31,						consolidated statements of earnings
	2023			2022			and comprehensive earnings
	(Dollars in Millions)
Pension and postretirement benefit plans
Amortization of:
Prior service cost	$	1.3		$	1.0
Actuarial loss		—			0.8
		1.3			1.8		Other nonoperating income, net
Tax effect		(0.3	)		(0.5	)	Income tax expense
Total	$	1.0		$	1.3

Earnings per Common Share

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 certain of the Company’s stock-based compensation arrangements. If there is a net loss, no amount of the undistributed loss is attributed to unvested participating securities. The denominator for basic earnings per common share is the weighted-average number of common shares outstanding during the period. Diluted earnings per common share is computed assuming that the weighted-average number of common shares is increased by the conversion, using the treasury stock method, of awards to be issued to employees and nonemployee members of the Company’s Board of Directors under certain stock-based compensation arrangements if the conversion is dilutive. For the three months ended March 31, 2023 and 2022, the diluted per-share computations reflect the number of common shares outstanding including the number of additional shares that would have been outstanding if the potentially dilutive common shares had been issued.

The following table reconciles the denominator for basic and diluted earnings from continuing operations per common share:


	Three Months Ended
	March 31,
	2023		2022
	(In Millions)
Basic weighted-average common shares outstanding		62.1		62.4
Effect of dilutive employee and director awards		0.1		0.2
Diluted weighted-average common shares outstanding		62.2		62.6

Reclassifications

As of March 31, 2023, the Company combined products and services revenues and freight revenues into total revenues, and combined cost of revenues - products and services and cost of revenues - freight into total cost of revenues on the Company's consolidated statements of earnings and comprehensive earnings. Prior-year information has been reclassified to conform to the current-year presentation. The reclassifications had no impact on the Company’s previously reported results of operations, financial position or cash flows.

Discontinued Operations and Assets and Liabilities Held for Sale

3 Months Ended

Mar. 31, 2023

Business Combinations [Abstract]

Discontinued Operations and Assets and Liabilities Held for Sale

Discontinued Operations

For the three months ended March 31, 2023 and 2022, discontinued operations included the Company's Tehachapi, California cement plant, related cement distribution terminals, California cement import operations and California ready mixed concrete businesses. Discontinued operations as of March 31, 2022 also included the Company's Redding, California cement plant, related cement distribution terminals and 14 California ready mix operations that were sold in June 2022 (hereinafter, the Redding transaction).

Financial results for the Company's discontinued operations are as follows:


	Three Months Ended
	March 31,
	2023			2022
	(Dollars in Millions)
Total revenues	$	24.6		$	94.7

Pretax loss	$	(17.1	)	$	(4.1	)
Income tax benefit		(4.2	)		(1.0	)
Loss from discontinued operations, net of income tax benefit	$	(12.9	)	$	(3.1	)

Total cash used for operating and investing activities for discontinued operations was $5.4 million for the three months ended March 31, 2023, which included $1.6 million of cash used for capital expenditures. Total cash used for operating and investing activities for the three months ended March 31, 2022 was $14.0 million, which included $8.6 million of cash used for capital expenditures.

Assets and Liabilities Held for Sale

Assets and liabilities held for sale at March 31, 2023 and December 31, 2022 included a cement plant in Tehachapi, California; related cement distribution terminals; the California cement import operations; the California ready mixed concrete plants not sold as part of the Redding transaction; and certain investment properties.

Assets and liabilities held for sale are as follows:


	March 31, 2023								December 31, 2022
	Continuing Operations		Discontinued Operations			Total			Continuing Operations		Discontinued Operations			Total
	(Dollars in Millions)
Inventories, net	$	—	$	38.6		$	38.6		$	—	$	31.3		$	31.3
Investment land		20.6		—			20.6			40.6		—			40.6
Other assets		—		0.9			0.9			—		1.3			1.3
Total current assets held for sale	$	20.6	$	39.5		$	60.1		$	40.6	$	32.6		$	73.2

Property, plant and equipment	$	—	$	126.8		$	126.8		$	—	$	124.5		$	124.5
Intangible assets, excluding goodwill		—		208.5			208.5			—		208.5			208.5
Operating lease right-of-use assets		—		11.9			11.9			—		12.1			12.1
Goodwill		—		31.9			31.9			—		31.9			31.9
Valuation allowance for loss on sale		—		(4.5	)		(4.5	)		—		(4.5	)		(4.5	)
Total noncurrent assets held for sale	$	—	$	374.6		$	374.6		$	—	$	372.5		$	372.5

Lease obligations	$	—	$	(4.2	)	$	(4.2	)	$	—	$	(4.5	)	$	(4.5	)
Total current liabilities held for sale	$	—	$	(4.2	)	$	(4.2	)	$	—	$	(4.5	)	$	(4.5	)

Lease obligations	$	—	$	(3.3	)	$	(3.3	)	$	—	$	(4.1	)	$	(4.1	)
Asset retirement obligations		—		(17.9	)		(17.9	)		—		(17.7	)		(17.7	)
Total noncurrent liabilities held for sale	$	—	$	(21.2	)	$	(21.2	)	$	—	$	(21.8	)	$	(21.8	)

Inventories, Net

3 Months Ended

Mar. 31, 2023

Inventory Disclosure [Abstract]

Inventories, Net


	March 31,			December 31,
	2023			2022
	(Dollars in Millions)
Finished products	$	1,023.8		$	932.4
Products in process		21.5			24.8
Raw materials		93.5			71.7
Supplies and expendable parts		158.5			153.1
Total inventories		1,297.3			1,182.0
Less: Allowances		(348.6	)		(308.3	)
Inventories, net	$	948.7		$	873.7

Long-Term Debt

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Long-Term Debt


	March 31,			December 31,
	2023			2022
	(Dollars in Millions)
0.650% Senior Notes, due 2023 (discharged)	$	699.6		$	699.1
4.250% Senior Notes, due 2024		399.1			398.9
7% Debentures, due 2025		124.7			124.7
3.450% Senior Notes, due 2027		298.4			298.3
3.500% Senior Notes, due 2027		491.7			491.5
2.500% Senior Notes, due 2030		470.8			470.5
2.400% Senior Notes, due 2031		888.8			888.6
6.25% Senior Notes, due 2037		228.4			228.4
4.250% Senior Notes, due 2047		590.2			590.2
3.200% Senior Notes, due 2051		849.9			849.8
Total debt		5,041.6			5,040.0
Less: current maturities		(699.6	)		(699.1	)
Long-term debt	$	4,342.0		$	4,340.9

On September 29, 2022, the Company satisfied and discharged the 2023 Notes. In connection with the satisfaction and discharge, the Company irrevocably deposited funds with Regions Bank, as trustee under the indenture governing the 2023 Notes, in an amount sufficient to satisfy all remaining principal and interest payments on the 2023 Notes. Holders of the 2023 Notes will receive payment of principal on the scheduled maturity date of the 2023 Notes and payment of interest at the per annum rate (and on the dates) set forth in the 2023 Notes indenture. The Company utilized existing cash resources to fund the satisfaction and discharge. As a result of the satisfaction and discharge of the 2023 Notes, the obligations of the Company under the indenture with respect to the 2023 Notes have been terminated, except those provisions of the indenture that, by their terms, survive the satisfaction and discharge. Because the discharge did not represent a legal defeasance, the 2023 Notes remain on the Company’s consolidated balance sheets at March 31, 2023 and December 31, 2022 and will continue to accrete to their par value over the period until maturity in July 2023. Additionally, the related trust assets are included in Restricted investments (to satisfy discharged debt and related interest) on the Company’s consolidated balance sheets at March 31, 2023 and December 31, 2022.

The Company has a credit agreement with JPMorgan Chase Bank, N.A., as Administrative Agent, Deutsche Bank Securities, Inc., PNC Bank, Truist Bank and Wells Fargo Bank, N.A., as Syndication Agents, and the lenders party thereto (the Credit Agreement), which provides for a $800.0 million five-year senior unsecured revolving facility (the Revolving Facility) with a maturity date of December 21, 2027. Borrowings under the Revolving Facility bear interest, at the Company’s option, at rates based upon the Secured Overnight Financing Rate (SOFR) or a base rate, plus, for each rate, a margin determined in accordance with a ratings-based pricing grid. There were no borrowings outstanding under the Credit Agreement as of March 31, 2023 and December 31, 2022. Any outstanding principal amounts, together with interest accrued thereon, are due in full on that maturity date. Available borrowings under the Revolving Facility are reduced by any outstanding letters of credit issued by the Company under the Revolving Facility. At March 31, 2023 and December 31, 2022, the Company had $2.6 million of outstanding letters of credit issued under the Revolving Facility.

The Credit Agreement requires the Company’s ratio of consolidated net debt-to-consolidated earnings before interest, taxes, depreciation, depletion and amortization (EBITDA), as defined by the Revolving Facility, for the trailing-twelve months (the Ratio) to not exceed 3.50x as of the end of any fiscal quarter, provided that the Company may exclude

from the Ratio any debt incurred in connection with certain acquisitions during the quarter or three preceding quarters so long as the Ratio calculated without such exclusion does not exceed 4.00x. Additionally, if no amounts are outstanding under the Revolving Facility or the Company's trade receivable securitization facility (discussed below), consolidated debt, as defined, which includes debt for which the Company is a guarantor (see Note 8), shall be reduced in an amount equal to the lesser of $500.0 million or the sum of the Company’s unrestricted cash and temporary investments, for purposes of the covenant calculation. The Company was in compliance with the Ratio at March 31, 2023.

The Company, through a wholly-owned special-purpose subsidiary, has a $400 million trade receivable securitization facility (the Trade Receivable Facility), that matures on September 20, 2023. The Trade Receivable Facility, with Truist Bank, Regions Bank, PNC Bank, N.A., MUFG Bank, 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 asset-backed commercial paper costs of conduit lenders plus 0.65% for borrowings funded by conduit lenders and Adjusted Term Secured Overnight Financing Rate (Adjusted Term SOFR), as defined, plus 0.7%, subject to change in the event that this rate no longer reflects the lender’s cost of lending, for borrowings funded by all other lenders. The Trade Receivable Facility contains a cross-default provision to the Company’s other debt agreements. Subject to certain conditions, including lenders providing the requisite commitments, the Trade Receivable Facility may be increased to a borrowing base not to exceed $500 million. There were no borrowings outstanding under the Trade Receivable Facility at March 31, 2023 and December 31, 2022.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

Financial Instruments

3 Months Ended

Mar. 31, 2023

Financial Instruments Disclosure [Abstract]

Financial Instruments

The Company’s financial instruments include temporary cash investments, restricted cash, restricted 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 and Eurodollar time deposit accounts with financial institutions. The Company’s cash equivalents have maturities of less than three months. Due to the short maturity of these investments, they are carried on the consolidated balance sheets at cost, which approximates fair value.

Restricted cash is held in a trust account with a third-party intermediary. Due to the short-term nature of this account, the carrying value of restricted cash approximates its fair value.

Restricted investments are held in a fund that invests solely in U.S. Treasury securities. The estimated fair value of the fund is valued at net asset value, which the fund seeks to maintain at one dollar per share. As such, the carrying value of the restricted investments approximates its fair value. The Company is restricted from accessing the investments, which will be used to settle the 2023 Notes and related interest payments. Investment returns on those trust assets are for the account of the Company if there are any after satisfaction of all amounts payable in connection with the 2023 Notes.

Accounts receivable are due from a large number of customers, primarily in the construction industry, and are dispersed across wide geographic and economic regions. No single customer accounted for 10% or more of consolidated accounts receivable at March 31, 2023 and December 31, 2022. The carrying values of accounts receivable approximate their fair values.

Notes receivable are primarily promissory notes with customers and are not publicly traded. Management estimates that the carrying value of notes receivable approximates its fair value.

Accounts payable represent amounts owed to suppliers and vendors. The estimated carrying value of accounts payable approximates its fair value due to the short-term nature of the payables.

The carrying values and fair values of the Company’s long-term debt were $5.04 billion and $4.46 billion, respectively, at March 31, 2023 and $5.04 billion and $4.36 billion, respectively, at December 31, 2022. The estimated fair value of the Company’s publicly-registered long-term debt was estimated based on Level 1 of the fair value hierarchy using quoted market prices. The carrying values of other borrowings, which primarily represent variable-rate debt, approximate their fair value as the interest rates reset periodically.

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	6. Income Taxes The effective income tax rate reflects the effect of federal and state income taxes on earnings and the impact of differences in book and tax accounting arising primarily from the permanent tax benefits associated with the statutory depletion deduction for mineral reserves. The effective income tax rates for continuing operations were 20.9% and 19.3% for the three months ended March 31, 2023 and 2022, respectively.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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+ Details

Pension and Postretirement Benefits

9 Months Ended

Sep. 30, 2022

Retirement Benefits [Abstract]

Pension and Postretirement Benefits

The net periodic benefit cost (credit) for pension and postretirement benefits includes the following components:


	Pension						Postretirement Benefits
	Three Months Ended March 31,
	2023			2022			2023			2022
	(Dollars in Millions)
Service cost	$	7.7		$	11.5		$	—		$	—
Interest cost		12.7			10.2			0.1			0.1
Expected return on assets		(17.8	)		(19.4	)		—			—
Amortization of:
Prior service cost (credit)		1.4			1.2			(0.1	)		(0.2	)
Actuarial loss (gain)		0.1			0.9			(0.1	)		(0.1	)
Net periodic benefit cost (credit)	$	4.1		$	4.4		$	(0.1	)	$	(0.2	)

The components of net periodic benefit cost (credit), other than service cost, are included in the line item Other nonoperating income, net, in the consolidated statements of earnings and comprehensive earnings. Based on the roles of the employees, service cost is included in Cost of revenues or Selling, general and administrative expenses line items in the consolidated statements of earnings and comprehensive earnings.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Commitments and Contingencies

3 Months Ended

Mar. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Legal and Administrative Proceedings

The Company is engaged in certain legal and administrative proceedings incidental to its normal business activities, including matters relating to environmental protection. The Company considers various factors in assessing the probable outcome of each matter, including but not limited to the nature of existing legal proceedings and claims, the asserted or possible damages, the jurisdiction and venue of the case and whether it is a jury trial, the progress of the case, existing law and precedent, the opinions or views of legal counsel and other advisers, the Company’s experience

in similar cases and the experience of other companies, the facts available to the Company at the time of assessment, and how the Company intends to respond to the proceeding or claim. The Company’s assessment of these factors may change over time as proceedings or claims progress. The Company believes the probability is remote that the outcome of any currently pending legal or administrative proceeding will result in a material loss to the Company as a whole, based on currently available facts.

Letters of Credit

In the normal course of business, the Company provides certain third parties with standby letter of credit agreements guaranteeing its payment for certain insurance claims, contract performance and permit requirements. At March 31, 2023, the Company was contingently liable for $26.8 million in letters of credit.

Borrowing Arrangements with Affiliate

The Company is a guarantor with an unconsolidated affiliate for a $15.0 million revolving line of credit agreement with Truist Bank that has a maturity date of March 2024, of which $2.4 million was outstanding at March 31, 2023. 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.

In addition, the Company has a $6.0 million interest-only loan receivable, due December 31, 2024, outstanding from this unconsolidated affiliate at March 31, 2023 and December 31, 2022. The interest rate is one-month LIBOR plus a current spread of 1.63%.

Segments

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Segments

The Building Materials business contains two reportable segments: the East Group and the West Group. The Company also has a Magnesia Specialties segment. The Company’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 and integration expenses; other operating income and expenses, net; and exclude interest expense; other nonoperating income and expenses, net; and income tax expense. Corporate loss from operations primarily includes depreciation; expenses for corporate administrative functions; acquisition and integration expenses; and other nonrecurring income and expenses not attributable to operations of the Company's other operating segments. All long-term debt and related interest expense are held at Corporate.

The following table displays selected financial data for the Company’s reportable segments. Total revenues, as presented on the consolidated statements of earnings and comprehensive earnings, reflect the elimination of intersegment revenues, which represent sales from one segment to another segment. Total revenues and earnings (loss) from operations reflect continuing operations only.


	Three Months Ended
	March 31,
	2023			2022
	(Dollars in Millions)
Total revenues:
East Group	$	529.6		$	418.8
West Group		741.1			735.0
Total Building Materials business		1,270.7			1,153.8
Magnesia Specialties		83.4			77.0
Total	$	1,354.1		$	1,230.8

Earnings (Loss) from operations:
East Group	$	108.9		$	28.0
West Group		94.7			43.0
Total Building Materials business		203.6			71.0
Magnesia Specialties		20.6			21.5
Corporate		(28.1	)		(32.6	)
Total	$	196.1		$	59.9

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Publisher FASB
-Name Accounting Standards Codification
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-Publisher FASB
-Name Accounting Standards Codification
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI https://asc.fasb.org/topic&trid=2134510

+ Details

Revenues and Gross Profit

3 Months Ended

Mar. 31, 2023

Revenues And Gross Profit [Abstract]

Revenues and Gross Profit

10.

Revenues and Gross Profit

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 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 March 31, 2023 and 2022 were $241.0 million and $213.9 million, respectively, where the remaining periods to complete these obligations ranged from less than one month to 30 months and one month to 25 months, respectively.

Service Revenues. Service revenues, which include paving services located in California and Colorado, were $26.3 million and $18.3 million for the three months ended March 31, 2023 and 2022, respectively, and are reported in the West Group.

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:


	March 31, 2023		December 31, 2022
	(Dollars in Millions)
Costs in excess of billings	$	4.9	$	5.1
Billings in excess of costs	$	7.5	$	10.5

Revenues recognized from the beginning balance of contract liabilities for the three months ended March 31, 2023 and 2022 were $5.2 million and $3.5 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. Retainage, which is included in Other current assets on the Company’s consolidated balance sheets, was $10.0 million and $13.4 million at March 31, 2023 and December 31, 2022, respectively.

The following table, which is reconciled to consolidated amounts, provides total revenues and gross profit (loss) by line of business: Building Materials (further divided by product line) and Magnesia Specialties. Interproduct revenues represent sales from the aggregates product line to the ready mixed concrete and asphalt and paving product lines and sales from the cement product line to the ready mixed concrete product line. Total revenues and gross profit (loss) reflect continuing operations only.


	Three Months Ended
	March 31,
	2023			2022
	(Dollars in Millions)
Total revenues:
Building Materials business:
Aggregates	$	911.9		$	756.6
Cement		168.6			138.3
Ready mixed concrete		220.0			291.1
Asphalt and paving services		58.0			56.8
Less: interproduct revenues		(87.8	)		(89.0	)
Total Building Materials business		1,270.7			1,153.8
Magnesia Specialties		83.4			77.0
Total	$	1,354.1		$	1,230.8

Gross profit (loss):
Building Materials business:
Aggregates	$	238.1		$	102.8
Cement		47.1			26.9
Ready mixed concrete		11.2			21.9
Asphalt and paving services		(20.5	)		(13.2	)
Total Building Materials business		275.9			138.4
Magnesia Specialties		25.0			25.6
Corporate		1.9			(7.9	)
Total	$	302.8		$	156.1

Supplemental Cash Flow Information

3 Months Ended

Mar. 31, 2023

Supplemental Cash Flow Elements [Abstract]

Supplemental Cash Flow Information

11.

Supplemental Cash Flow Information

Noncash investing and financing activities are as follows:


	Three Months Ended
	March 31,
	2023		2022
	(Dollars in Millions)
Accrued liabilities for purchases of property, plant and equipment	$	39.8	$	24.5
Remeasurement of operating lease right-of-use assets	$	0.5	$	0.3
Remeasurement of finance lease right-of-use assets	$	—	$	0.4
Right-of-use assets obtained in exchange for new operating lease liabilities	$	13.8	$	6.1
Right-of-use assets obtained in exchange for new finance lease liabilities	$	5.4	$	3.6
Acquisition of assets through asset exchange	$	5.2	$	—

Supplemental disclosures of cash flow information are as follows:


	Three Months Ended
	March 31,
	2023		2022
	(Dollars in Millions)
Cash paid for interest, net of capitalized amount	$	41.4	$	44.8
Cash paid for income taxes, net of refunds	$	4.1	$	0.8

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	12. Subsequent Events On April 26, 2023, the Company terminated its agreement with CalPortland Company regarding the sale of the Company’s Tehachapi, California cement plant and related distribution terminals to CalPortland in light of the parties being unable to timely obtain the necessary approval by the U.S. Federal Trade Commission. The Company intends to explore the potential sale of Tehachapi to other buyers. On May 3, 2023, the Company divested its cement import operations in California. Since October 1, 2021, these cement businesses have been classified as assets held for sale on the Company’s consolidated balance sheet; the associated financial results have been reported as discontinued operations on the consolidated statement of earnings.

Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Organization

The Company’s Building Materials business includes two reportable segments: the East Group and the West Group.


BUILDING MATERIALS BUSINESS (continuing operations only)
Reportable Segments	East Group	West Group
Operating Locations	Alabama, Florida, Georgia, Indiana, Iowa, Kansas, Kentucky, Maryland, Minnesota, Missouri, Nebraska, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Virginia, West Virginia, Nova Scotia and The Bahamas	Arizona, Arkansas, California, Colorado, Louisiana, Oklahoma, Texas, Utah, Washington and Wyoming

Product Lines	Aggregates and Asphalt	Aggregates, Cement, Ready Mixed Concrete, Asphalt and Paving

Basis of Presentation and Use of Estimates

Revenue Recognition

Restricted Cash


	March 31,		December 31,
	2023		2022
	(Dollars in Millions)
Cash and cash equivalents	$	229.4	$	358.0
Restricted cash		0.1		0.8
Total cash, cash equivalents and restricted cash presented in the consolidated statements of cash flows	$	229.5	$	358.8

Restricted Investments

Consolidated Comprehensive Earnings (Loss) and Accumulated Other Comprehensive Loss

Consolidated comprehensive earnings (loss) attributable to Martin Marietta is as follows:


	Three Months Ended
	March 31,
	2023		2022
	(Dollars in Millions)
Net earnings attributable to Martin Marietta	$	121.4	$	21.4
Other comprehensive earnings (loss), net of tax		1.1		(31.6	)
Consolidated comprehensive earnings (loss) attributable to Martin Marietta	$	122.5	$	(10.2	)

The components of the changes in accumulated other comprehensive loss, net of tax, are as follows:


	(Dollars in Millions)
	Pension and Postretirement Benefit Plans			Foreign Currency			Accumulated Other Comprehensive Loss
	Three Months Ended March 31, 2023
Balance at beginning of period	$	(36.5	)	$	(2.0	)	$	(38.5	)
Other comprehensive earnings before reclassifications, net of tax		—			0.1			0.1
Amounts reclassified from accumulated other comprehensive loss, net of tax		1.0			—			1.0
Other comprehensive earnings, net of tax		1.0			0.1			1.1
Balance at end of period	$	(35.5	)	$	(1.9	)	$	(37.4	)

	Three Months Ended March 31, 2022
Balance at beginning of period	$	(97.6	)	$	—		$	(97.6	)
Other comprehensive (loss) earnings before reclassifications, net of tax		(33.3	)		0.4			(32.9	)
Amounts reclassified from accumulated other comprehensive loss, net of tax		1.3			—			1.3
Other comprehensive (loss) earnings, net of tax		(32.0	)		0.4			(31.6	)
Balance at end of period	$	(129.6	)	$	0.4		$	(129.2	)

Changes in net noncurrent deferred tax assets related to accumulated other comprehensive loss are as follows:


	Pension and Postretirement Benefit Plans
	Three Months Ended
	March 31,
	2023			2022
	(Dollars in Millions)
Balance at beginning of period	$	50.1		$	69.7
Tax effect of other comprehensive (earnings) loss		(0.3	)		10.5
Balance at end of period	$	49.8		$	80.2

Reclassifications out of accumulated other comprehensive loss are as follows:


	Three Months Ended						Affected line items in the
	March 31,						consolidated statements of earnings
	2023			2022			and comprehensive earnings
	(Dollars in Millions)
Pension and postretirement benefit plans
Amortization of:
Prior service cost	$	1.3		$	1.0
Actuarial loss		—			0.8
		1.3			1.8		Other nonoperating income, net
Tax effect		(0.3	)		(0.5	)	Income tax expense
Total	$	1.0		$	1.3

Earnings per Common Share

The following table reconciles the denominator for basic and diluted earnings from continuing operations per common share:


	Three Months Ended
	March 31,
	2023		2022
	(In Millions)
Basic weighted-average common shares outstanding		62.1		62.4
Effect of dilutive employee and director awards		0.1		0.2
Diluted weighted-average common shares outstanding		62.2		62.6

Reclassifications

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Topic 606
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2023

Significant Accounting Policies [Line Items]

Reconciliation of Cash, Cash Equivalents and Restricted Cash

The following table reconciles cash, cash equivalents and restricted cash as reported on the consolidated balance sheets to the aggregated amounts presented on the consolidated statements of cash flows:


	March 31,		December 31,
	2023		2022
	(Dollars in Millions)
Cash and cash equivalents	$	229.4	$	358.0
Restricted cash		0.1		0.8
Total cash, cash equivalents and restricted cash presented in the consolidated statements of cash flows	$	229.5	$	358.8

Consolidated Comprehensive Earnings (Loss)

Consolidated comprehensive earnings (loss) attributable to Martin Marietta is as follows:


	Three Months Ended
	March 31,
	2023		2022
	(Dollars in Millions)
Net earnings attributable to Martin Marietta	$	121.4	$	21.4
Other comprehensive earnings (loss), net of tax		1.1		(31.6	)
Consolidated comprehensive earnings (loss) attributable to Martin Marietta	$	122.5	$	(10.2	)

Changes in Accumulated Other Comprehensive Loss Net of Tax

The components of the changes in accumulated other comprehensive loss, net of tax, are as follows:


	(Dollars in Millions)
	Pension and Postretirement Benefit Plans			Foreign Currency			Accumulated Other Comprehensive Loss
	Three Months Ended March 31, 2023
Balance at beginning of period	$	(36.5	)	$	(2.0	)	$	(38.5	)
Other comprehensive earnings before reclassifications, net of tax		—			0.1			0.1
Amounts reclassified from accumulated other comprehensive loss, net of tax		1.0			—			1.0
Other comprehensive earnings, net of tax		1.0			0.1			1.1
Balance at end of period	$	(35.5	)	$	(1.9	)	$	(37.4	)

	Three Months Ended March 31, 2022
Balance at beginning of period	$	(97.6	)	$	—		$	(97.6	)
Other comprehensive (loss) earnings before reclassifications, net of tax		(33.3	)		0.4			(32.9	)
Amounts reclassified from accumulated other comprehensive loss, net of tax		1.3			—			1.3
Other comprehensive (loss) earnings, net of tax		(32.0	)		0.4			(31.6	)
Balance at end of period	$	(129.6	)	$	0.4		$	(129.2	)

Noncurrent Deferred Tax Assets Recorded In Accumulated Other Comprehensive Loss

Changes in net noncurrent deferred tax assets related to accumulated other comprehensive loss are as follows:


	Pension and Postretirement Benefit Plans
	Three Months Ended
	March 31,
	2023			2022
	(Dollars in Millions)
Balance at beginning of period	$	50.1		$	69.7
Tax effect of other comprehensive (earnings) loss		(0.3	)		10.5
Balance at end of period	$	49.8		$	80.2

Reclassification Out of Accumulated Other Comprehensive Loss

Reclassifications out of accumulated other comprehensive loss are as follows:


	Three Months Ended						Affected line items in the
	March 31,						consolidated statements of earnings
	2023			2022			and comprehensive earnings
	(Dollars in Millions)
Pension and postretirement benefit plans
Amortization of:
Prior service cost	$	1.3		$	1.0
Actuarial loss		—			0.8
		1.3			1.8		Other nonoperating income, net
Tax effect		(0.3	)		(0.5	)	Income tax expense
Total	$	1.0		$	1.3

Basic and Diluted Earnings from Continuing Operations Per Common Share

The following table reconciles the denominator for basic and diluted earnings from continuing operations per common share:


	Three Months Ended
	March 31,
	2023		2022
	(In Millions)
Basic weighted-average common shares outstanding		62.1		62.4
Effect of dilutive employee and director awards		0.1		0.2
Diluted weighted-average common shares outstanding		62.2		62.6

Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Summary of Information About the Company's Contract Balances

The following table presents information about the Company’s contract balances:


	March 31, 2023		December 31, 2022
	(Dollars in Millions)
Costs in excess of billings	$	4.9	$	5.1
Billings in excess of costs	$	7.5	$	10.5

Discontinued Operations and Assets and Liabilities Held for Sale (Tables)

3 Months Ended

Mar. 31, 2023

Business Combinations [Abstract]

Summary of Discontinued Operations and Assets and Liabilities Held for Sale

Financial results for the Company's discontinued operations are as follows:


	Three Months Ended
	March 31,
	2023			2022
	(Dollars in Millions)
Total revenues	$	24.6		$	94.7

Pretax loss	$	(17.1	)	$	(4.1	)
Income tax benefit		(4.2	)		(1.0	)
Loss from discontinued operations, net of income tax benefit	$	(12.9	)	$	(3.1	)

Assets and liabilities held for sale are as follows:


	March 31, 2023								December 31, 2022
	Continuing Operations		Discontinued Operations			Total			Continuing Operations		Discontinued Operations			Total
	(Dollars in Millions)
Inventories, net	$	—	$	38.6		$	38.6		$	—	$	31.3		$	31.3
Investment land		20.6		—			20.6			40.6		—			40.6
Other assets		—		0.9			0.9			—		1.3			1.3
Total current assets held for sale	$	20.6	$	39.5		$	60.1		$	40.6	$	32.6		$	73.2

Property, plant and equipment	$	—	$	126.8		$	126.8		$	—	$	124.5		$	124.5
Intangible assets, excluding goodwill		—		208.5			208.5			—		208.5			208.5
Operating lease right-of-use assets		—		11.9			11.9			—		12.1			12.1
Goodwill		—		31.9			31.9			—		31.9			31.9
Valuation allowance for loss on sale		—		(4.5	)		(4.5	)		—		(4.5	)		(4.5	)
Total noncurrent assets held for sale	$	—	$	374.6		$	374.6		$	—	$	372.5		$	372.5

Lease obligations	$	—	$	(4.2	)	$	(4.2	)	$	—	$	(4.5	)	$	(4.5	)
Total current liabilities held for sale	$	—	$	(4.2	)	$	(4.2	)	$	—	$	(4.5	)	$	(4.5	)

Lease obligations	$	—	$	(3.3	)	$	(3.3	)	$	—	$	(4.1	)	$	(4.1	)
Asset retirement obligations		—		(17.9	)		(17.9	)		—		(17.7	)		(17.7	)
Total noncurrent liabilities held for sale	$	—	$	(21.2	)	$	(21.2	)	$	—	$	(21.8	)	$	(21.8	)

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details

Inventories, Net (Tables)

3 Months Ended

Mar. 31, 2023

Inventory Disclosure [Abstract]

Schedule of Inventories Net


	March 31,			December 31,
	2023			2022
	(Dollars in Millions)
Finished products	$	1,023.8		$	932.4
Products in process		21.5			24.8
Raw materials		93.5			71.7
Supplies and expendable parts		158.5			153.1
Total inventories		1,297.3			1,182.0
Less: Allowances		(348.6	)		(308.3	)
Inventories, net	$	948.7		$	873.7

Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Long-Term Debt


	March 31,			December 31,
	2023			2022
	(Dollars in Millions)
0.650% Senior Notes, due 2023 (discharged)	$	699.6		$	699.1
4.250% Senior Notes, due 2024		399.1			398.9
7% Debentures, due 2025		124.7			124.7
3.450% Senior Notes, due 2027		298.4			298.3
3.500% Senior Notes, due 2027		491.7			491.5
2.500% Senior Notes, due 2030		470.8			470.5
2.400% Senior Notes, due 2031		888.8			888.6
6.25% Senior Notes, due 2037		228.4			228.4
4.250% Senior Notes, due 2047		590.2			590.2
3.200% Senior Notes, due 2051		849.9			849.8
Total debt		5,041.6			5,040.0
Less: current maturities		(699.6	)		(699.1	)
Long-term debt	$	4,342.0		$	4,340.9

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details

Pension and Postretirement Benefits (Tables)

3 Months Ended

Mar. 31, 2023

Retirement Benefits [Abstract]

Schedule of Components of Net Periodic Benefit Cost (Credit)

The net periodic benefit cost (credit) for pension and postretirement benefits includes the following components:


	Pension						Postretirement Benefits
	Three Months Ended March 31,
	2023			2022			2023			2022
	(Dollars in Millions)
Service cost	$	7.7		$	11.5		$	—		$	—
Interest cost		12.7			10.2			0.1			0.1
Expected return on assets		(17.8	)		(19.4	)		—			—
Amortization of:
Prior service cost (credit)		1.4			1.2			(0.1	)		(0.2	)
Actuarial loss (gain)		0.1			0.9			(0.1	)		(0.1	)
Net periodic benefit cost (credit)	$	4.1		$	4.4		$	(0.1	)	$	(0.2	)

Segments (Tables)

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Financial Data for Continuing Operation for Company's Reportable Business Segments


	Three Months Ended
	March 31,
	2023			2022
	(Dollars in Millions)
Total revenues:
East Group	$	529.6		$	418.8
West Group		741.1			735.0
Total Building Materials business		1,270.7			1,153.8
Magnesia Specialties		83.4			77.0
Total	$	1,354.1		$	1,230.8

Earnings (Loss) from operations:
East Group	$	108.9		$	28.0
West Group		94.7			43.0
Total Building Materials business		203.6			71.0
Magnesia Specialties		20.6			21.5
Corporate		(28.1	)		(32.6	)
Total	$	196.1		$	59.9

Revenues and Gross Profit (Tables)

3 Months Ended

Mar. 31, 2023

Revenues And Gross Profit [Abstract]

Summary of Information About the Company's Contract Balances

The following table presents information about the Company’s contract balances:


	March 31, 2023		December 31, 2022
	(Dollars in Millions)
Costs in excess of billings	$	4.9	$	5.1
Billings in excess of costs	$	7.5	$	10.5

Total Revenues and Gross Profit (Loss) by Product Line


	Three Months Ended
	March 31,
	2023			2022
	(Dollars in Millions)
Total revenues:
Building Materials business:
Aggregates	$	911.9		$	756.6
Cement		168.6			138.3
Ready mixed concrete		220.0			291.1
Asphalt and paving services		58.0			56.8
Less: interproduct revenues		(87.8	)		(89.0	)
Total Building Materials business		1,270.7			1,153.8
Magnesia Specialties		83.4			77.0
Total	$	1,354.1		$	1,230.8

Gross profit (loss):
Building Materials business:
Aggregates	$	238.1		$	102.8
Cement		47.1			26.9
Ready mixed concrete		11.2			21.9
Asphalt and paving services		(20.5	)		(13.2	)
Total Building Materials business		275.9			138.4
Magnesia Specialties		25.0			25.6
Corporate		1.9			(7.9	)
Total	$	302.8		$	156.1

Supplemental Cash Flow Information (Tables)

3 Months Ended

Mar. 31, 2023

Supplemental Cash Flow Elements [Abstract]

Schedule of Noncash Investing and Financing Activities

Noncash investing and financing activities are as follows:


	Three Months Ended
	March 31,
	2023		2022
	(Dollars in Millions)
Accrued liabilities for purchases of property, plant and equipment	$	39.8	$	24.5
Remeasurement of operating lease right-of-use assets	$	0.5	$	0.3
Remeasurement of finance lease right-of-use assets	$	—	$	0.4
Right-of-use assets obtained in exchange for new operating lease liabilities	$	13.8	$	6.1
Right-of-use assets obtained in exchange for new finance lease liabilities	$	5.4	$	3.6
Acquisition of assets through asset exchange	$	5.2	$	—

Supplemental Disclosures of Cash Flow Information

Supplemental disclosures of cash flow information are as follows:


	Three Months Ended
	March 31,
	2023		2022
	(Dollars in Millions)
Cash paid for interest, net of capitalized amount	$	41.4	$	44.8
Cash paid for income taxes, net of refunds	$	4.1	$	0.8

Significant Accounting Policies - Additional Information (Detail) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2023 USD ($) Plant Facility Segment State	Mar. 31, 2022 USD ($) Plant	Dec. 31, 2022 USD ($) Plant
Significant Accounting Policies [Line Items]
Number of quarries and yards \| Facility	350
Number of states in which entity operates \| State	28
Reportable business segments \| Segment	2
Restricted cash	$ 0.1		$ 0.8
Number of days restricted from utilizing cash			180 days
Restricted investments	702.3		$ 704.6
0.650% Senior Notes, Due 2023 (discharged)
Significant Accounting Policies [Line Items]
Debt instrument, face amount	$ 700.0		$ 700.0
Interest rate on notes	0.65%		0.65%
Maturity year	2023		2023
Pension and Postretirement Benefit Plans
Significant Accounting Policies [Line Items]
Other comprehensive loss, before reclassifications, net of tax		$ 33.3
California
Significant Accounting Policies [Line Items]
Number of cement plants \| Plant	1	1	1

Significant Accounting Policies - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Detail) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Restricted Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 229.4	$ 358.0
Restricted cash	0.1	0.8
Total cash, cash equivalents and restricted cash presented in the consolidated statements of cash flows	$ 229.5	$ 358.8	$ 189.6	$ 258.9

Significant Accounting Policies - Comprehensive Earnings (Loss) Attributable to Martin Marietta Materials Incorporated (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net earnings attributable to Martin Marietta	$ 121.4	$ 21.4
Other comprehensive earnings (loss), net of tax	1.1	(31.6)
Consolidated comprehensive earnings (loss) attributable to Martin Marietta	$ 122.5	$ (10.2)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Significant Accounting Policies - Changes in Accumulated Other Comprehensive Loss Net of Tax (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance, Total Equity	$ 7,172.8	$ 6,537.6
Amounts reclassified from accumulated other comprehensive loss, net of tax	1.0	1.3
Other comprehensive earnings (loss), net of tax	1.1	(31.6)
Ending Balance, Total Equity	7,177.5	6,431.1
Pension and Postretirement Benefit Plans
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance, Total Equity	(36.5)	(97.6)
Other comprehensive (loss) earnings before reclassifications, net of tax		(33.3)
Amounts reclassified from accumulated other comprehensive loss, net of tax	1.0	1.3
Other comprehensive earnings (loss), net of tax	1.0	(32.0)
Ending Balance, Total Equity	(35.5)	(129.6)
Foreign Currency
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance, Total Equity	(2.0)	0.0
Other comprehensive (loss) earnings before reclassifications, net of tax	0.1	0.4
Other comprehensive earnings (loss), net of tax	0.1	0.4
Ending Balance, Total Equity	(1.9)	0.4
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance, Total Equity	(38.5)	(97.6)
Other comprehensive (loss) earnings before reclassifications, net of tax	0.1	(32.9)
Amounts reclassified from accumulated other comprehensive loss, net of tax	1.0	1.3
Other comprehensive earnings (loss), net of tax	1.1	(31.6)
Ending Balance, Total Equity	$ (37.4)	$ (129.2)

- Definition

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

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+ Details

Significant Accounting Policies - Noncurrent Deferred Tax Assets Recorded in Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Equity [Abstract]
Balance at beginning of period	$ 50.1	$ 69.7
Tax effect of other comprehensive (earnings) loss	(0.3)	10.5
Balance at end of period	$ 49.8	$ 80.2

Significant Accounting Policies - Reclassifications Out of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Tax benefit	$ 35.5	$ 5.8
Earnings from Continuing Operations	(1.0)	(1.3)
Pension and Postretirement Benefit Plans
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Earnings from Continuing Operations	(1.0)	(1.3)
Reclassification out of Accumulated Other Comprehensive Income \| Pension and Postretirement Benefit Plans
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Prior service cost	1.3	1.0
Actuarial loss	0.0	0.8
Tax benefit	(0.3)	(0.5)
Reclassification out of Accumulated Other Comprehensive Income \| Pension and Postretirement Benefit Plans \| Other Nonoperating Income, Net
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total reclassifications out of accumulated other comprehensive loss before taxes	$ 1.3	$ 1.8

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Significant Accounting Policies - Basic and Diluted Earnings from Continuing Operations Per Common Share (Detail) - shares shares in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Basic weighted-average common shares outstanding	62.1	62.4
Effect of dilutive employee and director awards	0.1	0.2
Diluted weighted-average common shares outstanding	62.2	62.6

Discontinued Operations and Assets and Liabilities Held for Sale - Additional Information (Detail) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Jun. 30, 2022 Plant
Business Acquisition [Line Items]
Cash used for operating and investing activities for discontinued operations	$ 5.4	$ 14.0
Proceeds from divestitures	$ 1.6	$ 8.6
Business combination number of California ready mix operations \| Plant			14

Discontinued Operations and Assets and Liabilities Held for Sale - Summary of Discontinued Operations (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Discontinued Operations and Disposal Groups [Abstract]
Total revenues	$ 24.6	$ 94.7
Pretax loss	(17.1)	(4.1)
Income tax expense	(4.2)	(1.0)
Loss from discontinued operations, net of income tax benefit	$ (12.9)	$ (3.1)

- Definition

Amount of tax expense (benefit) related to a discontinued operation. Includes, but is not limited to, tax expense (benefit) related to income (loss) from operations during the phase-out period, tax expense (benefit) related to gain (loss) on disposal, tax expense (benefit) related to gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and tax expense (benefit) related to adjustments of a prior period gain (loss) on disposal.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Amount after tax of income (loss) from a discontinued operation attributable to the parent. Includes, but is not limited to, the income (loss) from operations during the phase-out period, gain (loss) on disposal, gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and adjustments to a prior period gain (loss) on disposal.

+ References + Details

Discontinued Operations and Assets and Liabilities Held for Sale - Summary of Assets and Liabilities Held for Sale (Detail) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Inventories, net	$ 38.6	$ 31.3
Investment land	20.6	40.6
Other assets	0.9	1.3
Total current assets held for sale	60.1	73.2
Property, plant and equipment	126.8	124.5
Intangible assets, excluding goodwill	208.5	208.5
Operating lease right-of-use assets	11.9	12.1
Goodwill	31.9	31.9
Valuation allowance for loss on sale	(4.5)	(4.5)
Total noncurrent assets held for sale	374.6	372.5
Lease obligations	(4.2)	(4.5)
Total current liabilities held for sale	(4.2)	(4.5)
Lease obligations	(3.3)	(4.1)
Asset retirement obligations	(17.9)	(17.7)
Total noncurrent liabilities held for sale	(21.2)	(21.8)
Continuing Operations
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Investment land	20.6	40.6
Total current assets held for sale	20.6	40.6
Discontinued Operations
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Inventories, net	38.6	31.3
Other assets	0.9	1.3
Total current assets held for sale	39.5	32.6
Property, plant and equipment	126.8	124.5
Intangible assets, excluding goodwill	208.5	208.5
Operating lease right-of-use assets	11.9	12.1
Goodwill	31.9	31.9
Valuation allowance for loss on sale	(4.5)	(4.5)
Total noncurrent assets held for sale	374.6	372.5
Lease obligations	(4.2)	(4.5)
Total current liabilities held for sale	(4.2)	(4.5)
Lease obligations	(3.3)	(4.1)
Asset retirement obligations	(17.9)	(17.7)
Total noncurrent liabilities held for sale	$ (21.2)	$ (21.8)

Goodwill - Changes in Goodwill (Detail) $ in Millions	Mar. 31, 2023 USD ($)
Goodwill [Line Items]
Balance at January 1, 2022	$ 3,649.5
Balance at September 30, 2022	$ 3,649.5

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Inventories, Net - Schedule of Inventories Net (Detail) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Finished products	$ 1,023.8	$ 932.4
Products in process	21.5	24.8
Raw materials	93.5	71.7
Supplies and expendable parts	158.5	153.1
Total inventories	1,297.3	1,182.0
Less: Allowances	(348.6)	(308.3)
Inventories, net	$ 948.7	$ 873.7

Long-Term Debt - Long-Term Debt (Detail) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total debt	$ 5,041.6	$ 5,040.0
Less: Current maturities	(699.6)	(699.1)
Long-term debt	4,342.0	4,340.9
0.650% Senior Notes, Due 2023 (discharged)
Debt Instrument [Line Items]
Total debt	699.6	699.1
4.250% Senior Notes, Due 2024
Debt Instrument [Line Items]
Total debt	399.1	398.9
7% Debentures, Due 2025
Debt Instrument [Line Items]
Total debt	124.7	124.7
3.450% Senior Notes, Due 2027
Debt Instrument [Line Items]
Total debt	298.4	298.3
3.500% Senior Notes, Due 2027
Debt Instrument [Line Items]
Total debt	491.7	491.5
2.500% Senior Notes, Due 2030
Debt Instrument [Line Items]
Total debt	470.8	470.5
2.400% Senior Notes, Due 2031
Debt Instrument [Line Items]
Total debt	888.8	888.6
6.25% Senior Notes, Due 2037
Debt Instrument [Line Items]
Total debt	228.4	228.4
4.250% Senior Notes, Due 2047
Debt Instrument [Line Items]
Total debt	590.2	590.2
3.200% Senior Notes, Due 2051
Debt Instrument [Line Items]
Total debt	$ 849.9	$ 849.8

Long-Term Debt - Long-Term Debt (Parenthetical) (Detail)	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
0.650% Senior Notes, Due 2023 (discharged)
Debt Instrument [Line Items]
Maturity year	2023	2023
Interest rate on notes	0.65%	0.65%
4.250% Senior Notes, Due 2024
Debt Instrument [Line Items]
Maturity year	2024
Interest rate on notes	4.25%
7% Debentures, Due 2025
Debt Instrument [Line Items]
Maturity year	2025
Interest rate on notes	7.00%
3.450% Senior Notes, Due 2027
Debt Instrument [Line Items]
Maturity year	2027
Interest rate on notes	3.45%
3.500% Senior Notes, Due 2027
Debt Instrument [Line Items]
Maturity year	2027
Interest rate on notes	3.50%
2.500% Senior Notes, Due 2030
Debt Instrument [Line Items]
Maturity year	2030
Interest rate on notes	2.50%
2.400% Senior Notes, Due 2031
Debt Instrument [Line Items]
Maturity year	2031
Interest rate on notes	2.40%
6.25% Senior Notes, Due 2037
Debt Instrument [Line Items]
Maturity year	2037
Interest rate on notes	6.25%
4.250% Senior Notes, Due 2047
Debt Instrument [Line Items]
Maturity year	2047
Interest rate on notes	4.25%
3.200% Senior Notes, Due 2051
Debt Instrument [Line Items]
Maturity year	2051
Interest rate on notes	3.20%

Long-Term Debt - Additional Information (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Credit facility commitment	$ 800.0
Maximum consolidated debt reduction for unrestricted cash and temporary investments	500.0
Outstanding letters of credit	$ 26.8
Revolving Facility
Debt Instrument [Line Items]
Debt instrument maturity period	Dec. 21, 2027
Outstanding borrowing under credit facility	$ 0.0	$ 0.0
Senior unsecured revolving facility, maturity period	5 years
Outstanding letters of credit	$ 2.6	2.6
Maximum \| Including Acquisition Bridge Debt
Debt Instrument [Line Items]
Debt covenant	3.50
Maximum \| Excluding Acquisition Bridge Debt
Debt Instrument [Line Items]
Debt covenant	4.00
Trade Receivable Facility
Debt Instrument [Line Items]
Line of credit, trade receivable securitization facility	$ 400.0
Debt instrument maturity period	Sep. 20, 2023
Outstanding borrowing under credit facility	$ 0.0	$ 0.0
Trade Receivable Facility \| Maximum
Debt Instrument [Line Items]
Credit facility commitment	$ 500.0
Trade Receivable Facility \| Conduit Lenders
Debt Instrument [Line Items]
Basis spread on variable rate	0.65%
Trade Receivable Facility \| SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	0.70%

Financial Instruments - Additional Information (Detail) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023 USD ($) Customer	Dec. 31, 2022 USD ($) Customer
Debt Instrument [Line Items]
Long-term debt, carrying values	$ 5,041.6	$ 5,040.0
Long-term debt, fair values	$ 4,460.0	$ 4,360.0
Customer Concentration Risk \| Accounts Receivable
Debt Instrument [Line Items]
Number of customer accounted for 10% or more of consolidated accounts receivable \| Customer	0	0
Customer Concentration Risk \| Accounts Receivable \| Minimum
Debt Instrument [Line Items]
Percentage of concentration risk	10.00%	10.00%

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Income Taxes - Additional Information (Detail)	3 Months Ended
Income Taxes - Additional Information (Detail)	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Effective income tax rates for continuing operations	20.90%	19.30%

Pension and Postretirement Benefits - Schedule of Components of Net Periodic Benefit Cost (Credit) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Pension
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 7.7	$ 11.5
Interest cost	12.7	10.2
Expected return on assets	(17.8)	(19.4)
Prior service cost (credit)	1.4	1.2
Actuarial loss (gain)	0.1	0.9
Net periodic benefit cost (credit)	4.1	4.4
Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	0.0	0.0
Interest cost	0.1	0.1
Expected return on assets	0.0	0.0
Prior service cost (credit)	(0.1)	(0.2)
Actuarial loss (gain)	(0.1)	(0.1)
Net periodic benefit cost (credit)	$ (0.1)	$ (0.2)

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Commitments and Contingencies [Line Items]
Guarantee of affiliate's obligations	$ 15.0
Due from affiliate	$ 2.4
Line of credit maturity period	2024-03
Outstanding letters of credit	$ 26.8
Revolving Facility
Commitments and Contingencies [Line Items]
Outstanding letters of credit	2.6	$ 2.6
Interest-only loan receivable
Commitments and Contingencies [Line Items]
Due from affiliate	$ 6.0	$ 6.0
Maturity date	Dec. 31, 2024
Interest-only loan receivable \| London Interbank Offered Rate(LIBOR)
Commitments and Contingencies [Line Items]
Basis spread on variable rate	1.63%

Segments - Additional Information (Detail)	3 Months Ended
Segments - Additional Information (Detail)	Mar. 31, 2023 Segment
Segment Reporting Information [Line Items]
Reportable business segments	2

Segments - Financial Data for Continuing Operations for Company's Reportable Business Segments (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Total Revenues	$ 1,354.1	$ 1,230.8
Earnings (Loss) from operations	196.1	59.9
Building Materials Business
Segment Reporting Information [Line Items]
Total Revenues	1,270.7	1,153.8
Earnings (Loss) from operations	203.6	71.0
Operating Segments \| Building Materials Business East Group
Segment Reporting Information [Line Items]
Total Revenues	529.6	418.8
Earnings (Loss) from operations	108.9	28.0
Operating Segments \| Building Materials Business West Group
Segment Reporting Information [Line Items]
Total Revenues	741.1	735.0
Earnings (Loss) from operations	94.7	43.0
Operating Segments \| Magnesia Specialties
Segment Reporting Information [Line Items]
Total Revenues	83.4	77.0
Earnings (Loss) from operations	20.6	21.5
Operating Segments \| Building Materials Business
Segment Reporting Information [Line Items]
Total Revenues	1,270.7	1,153.8
Corporate
Segment Reporting Information [Line Items]
Earnings (Loss) from operations	$ (28.1)	$ (32.6)

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Paragraph 30
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+ Details

Revenues and Gross Profit - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
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 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	$ 241.0	$ 213.9
Service revenues	1,354.1	1,230.8
Revenue recognized from contract liabilities	5.2	3.5
Retainage on contracts	10.0		$ 13.4
Service \| CALIFORNIA and COLORADO \| West Group
Revenue Recognition [Line Items]
Service revenues	$ 26.3	$ 18.3
Minimum \| Service
Revenue Recognition [Line Items]
Performance obligations, period	1 day
Maximum \| Service
Revenue Recognition [Line Items]
Performance obligations, period	2 years

Revenues and Gross Profit - Additional Information (Detail 1)	Mar. 31, 2023	Mar. 31, 2022
Minimum \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-04-01
Revenue Recognition [Line Items]
Performance obligations, customer satisfaction period		1 month
Minimum \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-04-01
Revenue Recognition [Line Items]
Performance obligations, customer satisfaction period	1 month
Maximum \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-04-01
Revenue Recognition [Line Items]
Performance obligations, customer satisfaction period		25 months
Maximum \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-04-01
Revenue Recognition [Line Items]
Performance obligations, customer satisfaction period	30 months

Revenues and Gross Profit - Summary of Information About the Company's Contract Balances (Detail) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Costs in excess of billings	$ 4.9	$ 5.1
Billings in excess of costs	$ 7.5	$ 10.5

Revenues and Gross Profit - Total Revenues and Gross Profit (Loss) by Product Line (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Product Information [Line Items]
Total Revenues	$ 1,354.1	$ 1,230.8
Gross profit (loss)	302.8	156.1
Interproduct Revenues
Product Information [Line Items]
Total Revenues	(87.8)	(89.0)
Corporate
Product Information [Line Items]
Gross profit (loss)	1.9	(7.9)
Building Materials Business
Product Information [Line Items]
Total Revenues	1,270.7	1,153.8
Building Materials Business \| Operating Segments
Product Information [Line Items]
Total Revenues	1,270.7	1,153.8
Gross profit (loss)	275.9	138.4
Magnesia Specialties \| Operating Segments
Product Information [Line Items]
Total Revenues	83.4	77.0
Gross profit (loss)	25.0	25.6
Aggregates \| Building Materials Business \| Operating Segments \| Reportable Subsegments
Product Information [Line Items]
Total Revenues	911.9	756.6
Gross profit (loss)	238.1	102.8
Cement \| Building Materials Business \| Operating Segments \| Reportable Subsegments
Product Information [Line Items]
Total Revenues	168.6	138.3
Gross profit (loss)	47.1	26.9
Ready Mixed Concrete \| Building Materials Business \| Operating Segments \| Reportable Subsegments
Product Information [Line Items]
Total Revenues	220.0	291.1
Gross profit (loss)	11.2	21.9
Asphalt and Paving \| Building Materials Business \| Operating Segments \| Reportable Subsegments
Product Information [Line Items]
Total Revenues	58.0	56.8
Gross profit (loss)	$ (20.5)	$ (13.2)

Supplemental Cash Flow Information - Schedule of Noncash Investing and Financing Activities (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Supplemental Cash Flow Elements [Abstract]
Accrued liabilities for purchases of property, plant and equipment	$ 39.8	$ 24.5
Remeasurement of operating lease right-of-use assets	0.5	0.3
Remeasurement of finance lease right-of-use assets	0.0	0.4
Right-of-use assets obtained in exchange for new operating lease liabilities	13.8	6.1
Right-of-use assets obtained in exchange for new finance lease liabilities	5.4	3.6
Acquisition of assets through asset exchange	$ 5.2	$ 0.0

Supplemental Cash Flow Information - Supplemental Disclosures of Cash Flow Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Supplemental Cash Flow Elements [Abstract]
Cash paid for interest, net of capitalized amount	$ 41.4	$ 44.8
Cash paid for income taxes, net of refunds	$ 4.1	$ 0.8