0000950170-24-118821 | 10-Q | XBRL Viewer | Martin Marietta Materials INC

Financial Instruments	9 Months Ended
Sep. 30, 2024
Financial Instruments Disclosure [Abstract]
Financial Instruments	6. Financial Instruments The Company’s financial instruments include temporary cash investments, restricted cash, accounts receivable, notes receivable, accounts payable, publicly-registered long-term notes and debentures. 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. Accounts receivable are due from a large number of customers, primarily in the construction industry, and are dispersed across wide geographic and economic regions. However, accounts receivable are more heavily concentrated in certain states, namely Texas, North Carolina, Colorado, California, Georgia, Minnesota, Arizona, Iowa, Florida and Indiana. The carrying values of accounts receivable approximate their fair values. Notes receivable, included in Other current assets on the Company's consolidated balance sheet at September 30, 2024, are promissory notes and are not publicly traded. Management estimates that the carrying value of the 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 value and fair value of the Company’s debt were $4.0 billion and $3.6 billion, respectively, at September 30, 2024 and $4.3 billion and $3.9 billion, respectively, at December 31, 2023. 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 estimated fair value of other borrowings approximate their carrying amounts as the interest rates reset periodically.

Financial Instruments

9 Months Ended

Sep. 30, 2024

Financial Instruments Disclosure [Abstract]

The Company’s financial instruments include temporary cash investments, restricted cash, accounts receivable, notes receivable, accounts payable, publicly-registered long-term notes and debentures.

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.

Accounts receivable are due from a large number of customers, primarily in the construction industry, and are dispersed across wide geographic and economic regions. However, accounts receivable are more heavily concentrated in certain states, namely Texas, North Carolina, Colorado, California, Georgia, Minnesota, Arizona, Iowa, Florida and Indiana. The carrying values of accounts receivable approximate their fair values.

Notes receivable, included in Other current assets on the Company's consolidated balance sheet at September 30, 2024, are promissory notes and are not publicly traded. Management estimates that the carrying value of the 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 value and fair value of the Company’s debt were $4.0 billion and $3.6 billion, respectively, at September 30, 2024 and $4.3 billion and $3.9 billion, respectively, at December 31, 2023. 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 estimated fair value of other borrowings approximate their carrying amounts as the interest rates reset periodically.

Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2024

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:


	September 30,		December 31,
	2024		2023
	(Dollars in Millions)
Cash and cash equivalents	$	52	$	1,272
Restricted cash		—		10
Total cash, cash equivalents and restricted cash presented in the consolidated statements of cash flows	$	52	$	1,282

Consolidated Comprehensive Earnings

Consolidated comprehensive earnings attributable to Martin Marietta are as follows:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
	(Dollars in Millions)
Net earnings attributable to Martin Marietta	$	363	$	417	$	1,701	$	886
Other comprehensive earnings, net of tax		2		—		3		3
Consolidated comprehensive earnings attributable to Martin Marietta	$	365	$	417	$	1,704	$	889

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 September 30, 2024
Balance at beginning of period	$	(46	)	$	(2	)	$	(48	)
Amounts reclassified from accumulated other comprehensive loss, net of tax		2			—			2
Other comprehensive earnings, net of tax		2			—			2
Balance at end of period	$	(44	)	$	(2	)	$	(46	)

	Three Months Ended September 30, 2023
Balance at beginning of period	$	(34	)	$	(1	)	$	(35	)
Other comprehensive loss before reclassifications, net of tax		—			(1	)		(1	)
Amounts reclassified from accumulated other comprehensive loss, net of tax		1			—			1
Other comprehensive earnings (loss), net of tax		1			(1	)		—
Balance at end of period	$	(33	)	$	(2	)	$	(35	)


	(Dollars in Millions)
	Pension and Postretirement Benefit Plans			Foreign Currency			Accumulated Other Comprehensive Loss
	Nine Months Ended September 30, 2024
Balance at beginning of period	$	(48	)	$	(1	)	$	(49	)
Other comprehensive loss before reclassifications, net of tax		—			(1	)		(1	)
Amounts reclassified from accumulated other comprehensive loss, net of tax		4			—			4
Other comprehensive earnings (loss), net of tax		4			(1	)		3
Balance at end of period	$	(44	)	$	(2	)	$	(46	)

	Nine Months Ended September 30, 2023
Balance at beginning of period	$	(36	)	$	(2	)	$	(38	)
Amounts reclassified from accumulated other comprehensive loss, net of tax		3			—			3
Other comprehensive earnings, net of tax		3			—			3
Balance at end of period	$	(33	)	$	(2	)	$	(35	)

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					Nine Months Ended
	September 30,					September 30,
	2024			2023		2024			2023
	(Dollars in Millions)
Balance at beginning of period	$	53		$	49	$	54		$	50
Tax effect of other comprehensive earnings		(1	)		—		(2	)		(1	)
Balance at end of period	$	52		$	49	$	52		$	49

Reclassification Out of Accumulated Other Comprehensive Loss

Reclassifications out of accumulated other comprehensive loss are as follows:


	Three Months Ended				Nine Months Ended						Affected line items in the consolidated
	September 30,				September 30,						statements of earnings
	2024		2023		2024			2023			and comprehensive earnings
	(Dollars in Millions)
Pension and postretirement benefit plans
Amortization of:
Prior service cost		2		1		5			4
Actuarial loss		—		—		1			—
	$	2	$	1	$	6		$	4		Other nonoperating income, net
Tax effect		—		—		(2	)		(1	)	Income tax expense
Total	$	2	$	1	$	4		$	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				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
	(In Millions)
Basic weighted-average common shares outstanding		61.1		61.8		61.5		61.9
Effect of dilutive employee and director awards		0.2		0.2		0.1		0.2
Diluted weighted-average common shares outstanding		61.3		62.0		61.6		62.1

Pension Benefits - Schedule of Components of Net Periodic Benefit Cost (Detail) - Pension - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 10	$ 8	$ 29	$ 25
Interest cost	14	13	41	39
Expected return on assets	(20)	(18)	(59)	(54)
Amortization of prior service cost	2	2	5	4
Amortization of actuarial loss	0	0	1	0
Net periodic benefit cost	$ 6	$ 5	$ 17	$ 14

Revenues and Gross Profit - Additional Information (Detail 1)	Sep. 30, 2024	Sep. 30, 2023
Minimum \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-10-01
Revenue Recognition [Line Items]
Performance obligations, customer satisfaction period		1 month
Minimum \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-10-01
Revenue Recognition [Line Items]
Performance obligations, customer satisfaction period	1 month
Maximum \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-10-01
Revenue Recognition [Line Items]
Performance obligations, customer satisfaction period		25 months
Maximum \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-10-01
Revenue Recognition [Line Items]
Performance obligations, customer satisfaction period	21 months

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, 2022	$ 7,173	$ 1	$ 3,489	$ (38)	$ 3,719	$ 7,171	$ 2
Beginning Balance (in shares) at Dec. 31, 2022		62,102,353
Consolidated net earnings (loss)	887				886	886	1
Other comprehensive earnings, net of tax	3			3		3
Dividends declared	(128)				(128)	(128)
Issuances of common stock for stock award plans	2		2			2
Issuances of common stock for stock award plans (in shares)		86,328
Shares withheld for employees' income tax obligations	(19)		(19)			(19)
Repurchases of common stock	(151)				(151)	(151)
Repurchases of common stock, Shares		(381,520)
Stock-based compensation expense	39		39			39
Distributions to owners of noncontrolling interest	(1)						(1)
Ending Balance, Total Equity at Sep. 30, 2023	7,805	$ 1	3,511	(35)	4,326	7,803	2
Ending Balance (in shares) at Sep. 30, 2023		61,807,161
Beginning Balance, Total Equity at Jun. 30, 2023	7,424	$ 1	3,501	(35)	3,955	7,422	2
Beginning Balance (in shares) at Jun. 30, 2023		61,803,396
Consolidated net earnings (loss)	417				417	417
Dividends declared	(46)				(46)	(46)
Issuances of common stock for stock award plans	0		0			0
Issuances of common stock for stock award plans (in shares)		3,765
Shares withheld for employees' income tax obligations	(1)		(1)			(1)
Stock-based compensation expense	11		11			11
Ending Balance, Total Equity at Sep. 30, 2023	7,805	$ 1	3,511	(35)	4,326	7,803	2
Ending Balance (in shares) at Sep. 30, 2023		61,807,161
Beginning Balance, Total Equity at Dec. 31, 2023	$ 8,036	$ 1	3,519	(49)	4,563	8,034	2
Beginning Balance (in shares) at Dec. 31, 2023	61,821,421	61,821,421
Consolidated net earnings (loss)	$ 1,702				1,701	1,701	1
Other comprehensive earnings, net of tax	3			3		3
Dividends declared	(140)				(140)	(140)
Issuances of common stock for stock award plans	5		5			5
Issuances of common stock for stock award plans (in shares)		82,394
Shares withheld for employees' income tax obligations	(28)		(28)			(28)
Repurchases of common stock	(454)				(454)	(454)
Repurchases of common stock, Shares		(785,758)
Stock-based compensation expense	48		48			48
Distributions to owners of noncontrolling interest	(1)						(1)
Ending Balance, Total Equity at Sep. 30, 2024	$ 9,171	$ 1	3,544	(46)	5,670	9,169	2
Ending Balance (in shares) at Sep. 30, 2024	61,118,057	61,118,057
Beginning Balance, Total Equity at Jun. 30, 2024	$ 8,840	$ 1	3,529	(48)	5,356	8,838	2
Beginning Balance (in shares) at Jun. 30, 2024		61,117,053
Consolidated net earnings (loss)	363				363	363
Other comprehensive earnings, net of tax	2			2		2
Dividends declared	(49)				(49)	(49)
Issuances of common stock for stock award plans	0
Issuances of common stock for stock award plans (in shares)		1,004
Stock-based compensation expense	15		15			15
Ending Balance, Total Equity at Sep. 30, 2024	$ 9,171	$ 1	$ 3,544	$ (46)	$ 5,670	$ 9,169	$ 2
Ending Balance (in shares) at Sep. 30, 2024	61,118,057	61,118,057

Supplemental Cash Flow Information

9 Months Ended

Sep. 30, 2024

Supplemental Cash Flow Elements [Abstract]

Supplemental Cash Flow Information

12.

Supplemental Cash Flow Information

Noncash investing and financing activities are as follows:


	Nine Months Ended
	September 30,
	2024		2023
	(Dollars in Millions)
Accrued liabilities for purchases of property, plant and equipment	$	45	$	65
Right-of-use assets obtained in exchange for new operating lease liabilities	$	53	$	37
Right-of-use assets obtained in exchange for new finance lease liabilities	$	14	$	19
Remeasurement of operating lease right-of-use assets	$	6	$	6
Remeasurement of finance lease right-of-use assets	$	27	$	—
Acquisition of assets through asset exchange	$	—	$	5

Supplemental disclosures of cash flow information are as follows:


	Nine Months Ended
	September 30,
	2024		2023
	(Dollars in Millions)
Cash paid for interest, net of capitalized amount	$	118	$	121
Cash paid for income taxes, net of refunds	$	385	$	203

Commitments and Contingencies - Additional Information (Detail) $ in Millions	Sep. 30, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Outstanding letters of credit	$ 33

Significant Accounting Policies - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Detail) - USD ($)	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Restricted Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 52,000,000	$ 1,272,000,000
Restricted cash	0	10,000,000
Total cash, cash equivalents and restricted cash presented in the consolidated statements of cash flows	$ 52,000,000	$ 1,282,000,000	$ 648,000,000	$ 359,000,000

Other Operating Income, Net (Detail) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Property, Plant and Equipment [Line Items]
Gain on sale of investment	$ 1,300
Noncash asset and portfolio rationalization charge	50	$ 0
South Texas Cement Business
Property, Plant and Equipment [Line Items]
Gain on sale of investment	1,300
Noncash asset and portfolio rationalization charge	$ 50

Commitments and Contingencies

9 Months Ended

Sep. 30, 2024

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's financial condition, results of operations or cash flows, 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 September 30, 2024, the Company was contingently liable for $33 million in letters of credit.

Business Combinations, Divestitures, Discontinued Operations and Assets and Liabilities Held for Sale - Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed (Detail) - USD ($)
$ in Millions

Sep. 30, 2024

Apr. 05, 2024

Dec. 31, 2023

Liabilities:

Goodwill

$ 3,768

$ 3,389

Blue Water Industries LLC

Assets:

Inventories

$ 49

Property, plant and equipment

^[1]

2,052

Intangible assets, other than goodwill

Other assets

Total Assets

2,122

Liabilities:

Deferred income taxes

239

Asset retirement obligations

Other liabilities

Total liabilities

340

Net identifiable assets acquired

1,782

Goodwill

268

Total Consideration

$ 2,050

[1]	Includes mineral reserves of $1.9 billion.

Long-Term Debt

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Long-Term Debt


	September 30,			December 31,
	2024			2023
	(Dollars in Millions)
4.250% Senior Notes, due 2024	$	—		$	400
7% Debentures, due 2025		125			125
3.450% Senior Notes, due 2027		299			299
3.500% Senior Notes, due 2027		493			492
2.500% Senior Notes, due 2030		472			472
2.400% Senior Notes, due 2031		890			890
6.25% Senior Notes, due 2037		228			228
4.250% Senior Notes, due 2047		591			590
3.200% Senior Notes, due 2051		850			850
Trade Receivable Facility, interest rate of 6.00 % at September 30, 2024		95			—
Total debt		4,043			4,346
Less: current maturities		(95	)		(400	)
Long-term debt	$	3,948		$	3,946

On July 2, 2024, the Company used available liquidity to repay the $400 million of 4.250% Senior Notes at maturity.

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 an $800 million five-year senior unsecured revolving facility (the Revolving Facility) with a maturity date of December 21, 2028. 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. Any outstanding principal amounts, together with interest accrued thereon, are due in full on that maturity date. There were no borrowings outstanding under the Revolving Facility as of September 30, 2024 and December 31, 2023. Available borrowings under the Revolving Facility are reduced by any outstanding letters of credit issued by the Company under the Revolving Facility. At September 30, 2024 and December 31, 2023, the Company had $3 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, shall be reduced in an amount equal to the lesser of $500 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 September 30, 2024.

The Company, through a wholly-owned special-purpose subsidiary, has a $400 million trade receivable securitization facility (the Trade Receivable Facility). On September 18, 2024, the Company extended the maturity to September 17, 2025. The Trade Receivable Facility, with Truist Bank, Regions Bank, First-Citizens Bank & Trust Company, 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 Adjusted Term Secured Overnight Financing Rate (Adjusted Term SOFR), as defined, plus 0.8%. 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.

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 1B
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Effective income tax rates for continuing operations	24.10%	20.60%
Deferred income tax payments	$ 123

Segments (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

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

The following table displays selected financial data for the Company’s reportable segments. 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. Revenues and earnings (loss) from operations reflect continuing operations only.


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2024			2023			2024			2023
	(Dollars in Millions)
Revenues:
East Group	$	849		$	814		$	2,198		$	2,079
West Group		958			1,104			2,464			2,851
Magnesia Specialties		82			76			243			239
Total	$	1,889		$	1,994		$	4,905		$	5,169


Earnings (Loss) from operations:
East Group	$	272		$	295		$	650		$	632
West Group		233			283			1,703			617
Magnesia Specialties		26			17			73			61
Total reportable segments		531			595			2,426			1,310
Corporate		(42	)		(28	)		(118	)		(84	)
Consolidated earnings from operations		489			567			2,308			1,226
Interest expense		38			41			119			125
Other nonoperating income, net		(7	)		(14	)		(54	)	$	(49	)
Consolidated earnings from continuing operations before income tax expense	$	458		$	540		$	2,243		$	1,150

Earnings from operations for the West Group for the nine months ended September 30, 2024 included a $1.3 billion gain on the divestiture of the South Texas cement business and certain of its related ready mixed concrete operations and a noncash asset and portfolio rationalization charge of $50 million (see Note 13).


	September 30,		December 31,
	2024		2023
	(Dollars in Millions)
Assets employed:
East Group	$	7,667	$	5,131
West Group		7,713		7,697
Magnesia Specialties		265		250
Total reportable segments		15,645		13,078
Corporate		824		2,047
Total	$	16,469	$	15,125

Inventories, Net (Tables)

9 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

Schedule of Inventories Net


	September 30,			December 31,
	2024			2023
	(Dollars in Millions)
Finished products	$	1,312		$	1,152
Products in process		23			25
Raw materials		59			60
Supplies and expendable parts		162			155
Total inventories		1,556			1,392
Less: allowances		(467	)		(403	)
Inventories, net	$	1,089		$	989

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Business Combinations, Divestitures, Discontinued Operations and Assets and Liabilities Held for Sale - Summary of Discontinued Operations (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Discontinued Operations and Disposal Groups [Abstract]
Revenues		$ 27		$ 86
Pretax earnings (loss) from operations		4		(14)
Pretax loss on divestitures and sales of assets		(21)		(20)
Pretax loss		(17)		(34)
Income tax benefit		(4)		(8)
Loss from discontinued operations, net of income tax benefit	$ 0	$ (13)	$ 0	(26)
Net cash used for operating activities				(9)
Additions to property, plant and equipment				(4)
Proceeds from divestitures and sales of assets				57
Cash Provided by (Used in) Investing Activities, Discontinued Operations, Total				$ 53

Revenues and Gross Profit - Summary of Information About the Company's Contract Balances (Detail) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Costs in excess of billings	$ 26	$ 5
Billings in excess of costs	$ 17	$ 10

Significant Accounting Policies - Comprehensive Earnings Attributable to Martin Marietta Materials Incorporated (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ 363	$ 417	$ 1,701	$ 886
Other comprehensive earnings, net of tax	2	0	3	3
Earnings attributable to Martin Marietta	$ 365	$ 417	$ 1,704	$ 889

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- 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

Business Combinations, Divestitures, Discontinued Operations and Assets and Liabilities Held for Sale - Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed (Parenthetical) (Detail) $ in Billions	Apr. 05, 2024 USD ($)
Business Combinations [Abstract]
Mineral reserves	$ 1.9

Long-Term Debt (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Long-Term Debt


	September 30,			December 31,
	2024			2023
	(Dollars in Millions)
4.250% Senior Notes, due 2024	$	—		$	400
7% Debentures, due 2025		125			125
3.450% Senior Notes, due 2027		299			299
3.500% Senior Notes, due 2027		493			492
2.500% Senior Notes, due 2030		472			472
2.400% Senior Notes, due 2031		890			890
6.25% Senior Notes, due 2037		228			228
4.250% Senior Notes, due 2047		591			590
3.200% Senior Notes, due 2051		850			850
Trade Receivable Facility, interest rate of 6.00 % at September 30, 2024		95			—
Total debt		4,043			4,346
Less: current maturities		(95	)		(400	)
Long-term debt	$	3,948		$	3,946

- 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

Goodwill and Other Intangibles

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangibles

The following table shows the changes in goodwill by reportable segment and in total:


	East		West
	Group		Group		Total
	(Dollars in Millions)
Balance at January 1, 2024	$	764	$	2,625	$	3,389
Acquisitions		268		111		379
Balance at September 30, 2024	$	1,032	$	2,736	$	3,768

Intangible assets acquired during 2024 are as follows:


(Dollars in Millions)	Amount		Weighted-average amortization period
Subject to amortization:
Customer relationships	$	24	12 years
Not subject to amortization:
Use rights		5	N/A
Total	$	29

Revenues and Gross Profit (Tables)

9 Months Ended

Sep. 30, 2024

Revenues And Gross Profit [Abstract]

Total Revenues and Gross Profit (Loss) by Product Line

The following tables, which are reconciled to consolidated amounts, provide 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 cement and ready mixed concrete and asphalt and paving product lines. Effective January 1, 2024, the Company combined the cement and ready mixed concrete product lines. This change was driven by the reduced significance of each of these product lines relative to the Building Materials business and consolidated operating results from recent divestitures. Additionally, there is a significant relationship between these product lines, as the ready mixed concrete product line is a significant customer of the cement product line. Revenues and gross profit (loss) reflect continuing operations only.


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2024			2023			2024			2023
	(Dollars in Millions)
Revenues:
Building Materials business:
Aggregates	$	1,250		$	1,216		$	3,377		$	3,280
Cement and ready mixed concrete		296			422			822			1,175
Asphalt and paving services		343			360			647			659
Less: interproduct revenues		(82	)		(80	)		(184	)		(184	)
Total Building Materials business		1,807			1,918			4,662			4,930
Magnesia Specialties		82			76			243			239
Total	$	1,889		$	1,994		$	4,905		$	5,169

Gross profit (loss):
Building Materials business:
Aggregates	$	438		$	441		$	1,069		$	1,050
Cement and ready mixed concrete		89			143			192			329
Asphalt and paving services		61			66			77			82
Total Building Materials business		588			650			1,338			1,461
Magnesia Specialties		29			21			84			74
Corporate		(18	)		5			(34	)		4
Total	$	599		$	676		$	1,388		$	1,539

Summary of Information About the Company's Contract Balances

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


	September 30, 2024		December 31, 2023
	(Dollars in Millions)
Costs in excess of billings	$	26	$	5
Billings in excess of costs	$	17	$	10

Inventories, Net - Schedule of Inventories Net (Detail) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Finished products	$ 1,312	$ 1,152
Products in process	23	25
Raw materials	59	60
Supplies and expendable parts	162	155
Total inventories	1,556	1,392
Less: allowances	(467)	(403)
Inventories, net	$ 1,089	$ 989

Revenues and Gross Profit - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Revenue Recognition [Line Items]
Gross profit	$ 599	$ 676	$ 1,388	$ 1,539
Performance obligations, description of timing			Performance obligations within paving service agreements are satisfied over time, primarily ranging from one day to two years. Customer payments for the paving operations are based on a contractual billing schedule and are typically "paid-when-paid", meaning the Company is paid once the customer is paid.
Future revenues from unsatisfied performance obligations	322	268	$ 322	268
Service revenues	1,889	1,994	4,905	5,169
Revenue recognized from contract liabilities	7	5	9	10
Retainage on contracts	15		15		$ 17
Interproduct Revenues
Revenue Recognition [Line Items]
Service revenues	(82)	(80)	(184)	(184)
West Group \| Operating Segments
Revenue Recognition [Line Items]
Service revenues	958	1,104	2,464	2,851
Service
Revenue Recognition [Line Items]
Service revenues			$ 307	307
Service \| CALIFORNIA and COLORADO \| West Group
Revenue Recognition [Line Items]
Service revenues	$ 164	173
Cement \| Operating Segments
Revenue Recognition [Line Items]
Gross profit		109		249
Service revenues		199		565
Ready Mixed Concrete \| Operating Segments
Revenue Recognition [Line Items]
Gross profit		34		80
Service revenues		285		777
Ready Mixed Concrete \| Operating Segments \| Interproduct Revenues
Revenue Recognition [Line Items]
Service revenues		$ 62		$ 167
Minimum \| Service
Revenue Recognition [Line Items]
Performance obligations, period			1 day
Maximum \| Service
Revenue Recognition [Line Items]
Performance obligations, period			2 years

Other Operating Income, Net

9 Months Ended

Sep. 30, 2024

Other Income and Expenses [Abstract]

Other Operating Income, Net

13.

Other Operating Income, Net

Other operating income, net, is comprised generally of gains and losses on divestitures and the sale of assets; asset and portfolio rationalization charges; recoveries and losses related to certain customer accounts receivable; recoveries and losses on the resolution of contingency accruals; rental, royalty and services income; and accretion expense, depreciation expense and gains and losses related to asset retirement obligations. For the nine months ended September 30, 2024, other operating income, net, included a $1.3 billion pretax gain on the divestiture of the South Texas cement business and certain of its related ready mixed concrete operations, which was partially offset by a $50 million pretax, noncash asset and portfolio rationalization charge.

The noncash asset and portfolio rationalization charge for the nine months ended September 30, 2024 relates to the Company's decision to discontinue usage of certain long-haul distribution facilities to transport aggregates products into Colorado as the AFS acquisition completed in January 2024 provides more economical, local aggregates supply. This charge, which is reported in the West Group, reflects the Company's evaluation of the recoverability of certain long-lived assets, including property, plant and equipment and operating lease right-of-use assets, for the cessation of these railroad operations.

Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares outstanding	61,118,057	61,821,421
Preferred stock, par value	$ 0.01	$ 0.01

Long-Term Debt - Additional Information (Detail) - USD ($)		9 Months Ended
	Sep. 18, 2024	Sep. 30, 2024	Jul. 02, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Maximum consolidated debt reduction for unrestricted cash and temporary investments for debt covenant calculation		$ 500,000,000
Outstanding letters of credit		33,000,000
Senior Notes
Debt Instrument [Line Items]
Line of credit, trade receivable securitization facility			$ 400,000,000
Interest rate on notes			4.25%
Revolving Facility
Debt Instrument [Line Items]
Credit facility commitment		$ 800,000,000
Debt instrument maturity period		Dec. 21, 2028
Outstanding borrowing under credit facility		$ 0		$ 0
Senior unsecured revolving facility, maturity period		5 years
Outstanding letters of credit		$ 3,000,000		$ 3,000,000
Maximum \| Including Acquisition Bridge Debt
Debt Instrument [Line Items]
Debt covenant		3.5
Maximum \| Excluding Acquisition Bridge Debt
Debt Instrument [Line Items]
Debt covenant		4
Trade Receivable Facility
Debt Instrument [Line Items]
Line of credit, trade receivable securitization facility		$ 400,000,000
Debt instrument maturity period	Sep. 17, 2025
Interest rate on notes		6.00%
Trade Receivable Facility \| Maximum
Debt Instrument [Line Items]
Credit facility commitment		$ 500,000,000
Trade Receivable Facility \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Debt Instrument [Line Items]
Basis spread on variable rate		0.80%

Consolidated Statements of Earnings and Comprehensive Earnings (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Revenues	$ 1,889	$ 1,994	$ 4,905	$ 5,169
Cost of revenues	1,290	1,318	3,517	3,630
Gross Profit	599	676	1,388	1,539
Selling, general and administrative expenses	105	108	341	324
Acquisition, divestiture and integration expenses	4	3	44	5
Other operating expense (income), net	1	(2)	(1,305)	(16)
Earnings from Operations	489	567	2,308	1,226
Interest expense	38	41	119	125
Other nonoperating income, net	(7)	(14)	(54)	(49)
Earnings from continuing operations before income tax expense	458	540	2,243	1,150
Income tax expense	95	110	541	237
Earnings from continuing operations	363	430	1,702	913
Loss from discontinued operations, net of income tax benefit	0	(13)	0	(26)
Consolidated net earnings	363	417	1,702	887
Less: Net earnings attributable to noncontrolling interests	0	0	1	1
Net Earnings Attributable to Martin Marietta	363	417	1,701	886
Consolidated Comprehensive Earnings:
Earnings attributable to Martin Marietta	365	417	1,704	889
Earnings attributable to noncontrolling interests	0	0	1	1
Consolidated comprehensive earnings	$ 365	$ 417	$ 1,705	$ 890
Net Earnings (Loss) Attributable to Martin Marietta Per Common Share:
Basic earnings per share from continuing operations attributable to common shareholders	$ 5.93	$ 6.96	$ 27.68	$ 14.73
Basic loss per share from discontinued operations attributable to common shareholders	0	(0.22)	0	(0.42)
Basic attributable to common shareholders	5.93	6.74	27.68	14.31
Diluted earnings per share from continuing operations attributable to common shareholders	5.91	6.94	27.6	14.69
Diluted loss per share from discontinued operations attributable to common shareholders	0	(0.22)	0	(0.42)
Diluted attributable to common shareholders	$ 5.91	$ 6.72	$ 27.6	$ 14.27
Weighted-Average Common Shares Outstanding:
Basic	61.1	61.8	61.5	61.9
Diluted	61.3	62.0	61.6	62.1

Goodwill and Other Intangibles - Intangible Assests acquired (Details) $ in Millions	Sep. 30, 2024 USD ($)
Indefinite-Lived Intangible Assets [Line Items]
Total	$ 29
Customer Relationships
Indefinite-Lived Intangible Assets [Line Items]
Intangible assets subject to amortization	$ 24
Weighted-average amortization period	12 years
Use Rights
Indefinite-Lived Intangible Assets [Line Items]
Intangible assets not subject to amortization	$ 5

Supplemental Cash Flow Information (Tables)

9 Months Ended

Sep. 30, 2024

Supplemental Cash Flow Elements [Abstract]

Schedule of Noncash Investing and Financing Activities

Noncash investing and financing activities are as follows:


	Nine Months Ended
	September 30,
	2024		2023
	(Dollars in Millions)
Accrued liabilities for purchases of property, plant and equipment	$	45	$	65
Right-of-use assets obtained in exchange for new operating lease liabilities	$	53	$	37
Right-of-use assets obtained in exchange for new finance lease liabilities	$	14	$	19
Remeasurement of operating lease right-of-use assets	$	6	$	6
Remeasurement of finance lease right-of-use assets	$	27	$	—
Acquisition of assets through asset exchange	$	—	$	5

Supplemental Disclosures of Cash Flow Information

Supplemental disclosures of cash flow information are as follows:


	Nine Months Ended
	September 30,
	2024		2023
	(Dollars in Millions)
Cash paid for interest, net of capitalized amount	$	118	$	121
Cash paid for income taxes, net of refunds	$	385	$	203

Supplemental Cash Flow Information - Supplemental Disclosures of Cash Flow Information (Detail) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Supplemental Cash Flow Elements [Abstract]
Cash paid for interest, net of capitalized amount	$ 118	$ 121
Cash paid for income taxes, net of refunds	$ 385	$ 203

Significant Accounting Policies - Noncurrent Deferred Tax Assets Recorded in Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Equity [Abstract]
Balance at beginning of period	$ 53	$ 49	$ 54	$ 50
Tax effect of other comprehensive earnings	(1)	0	(2)	(1)
Balance at end of period	$ 52	$ 49	$ 52	$ 49

Long-Term Debt - Long-Term Debt (Parenthetical) (Detail)	9 Months Ended
	Sep. 30, 2024
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%
Trade Receivable Facility
Debt Instrument [Line Items]
Interest rate on notes	6.00%

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2024	Oct. 25, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
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		61,118,057

Revenues and Gross Profit

9 Months Ended

Sep. 30, 2024

Revenues And Gross Profit [Abstract]

Revenues and Gross Profit

11.

Revenues and Gross Profit


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2024			2023			2024			2023
	(Dollars in Millions)
Revenues:
Building Materials business:
Aggregates	$	1,250		$	1,216		$	3,377		$	3,280
Cement and ready mixed concrete		296			422			822			1,175
Asphalt and paving services		343			360			647			659
Less: interproduct revenues		(82	)		(80	)		(184	)		(184	)
Total Building Materials business		1,807			1,918			4,662			4,930
Magnesia Specialties		82			76			243			239
Total	$	1,889		$	1,994		$	4,905		$	5,169

Gross profit (loss):
Building Materials business:
Aggregates	$	438		$	441		$	1,069		$	1,050
Cement and ready mixed concrete		89			143			192			329
Asphalt and paving services		61			66			77			82
Total Building Materials business		588			650			1,338			1,461
Magnesia Specialties		29			21			84			74
Corporate		(18	)		5			(34	)		4
Total	$	599		$	676		$	1,388		$	1,539

The above information for 2023 has been reclassified to conform to current-year presentation. For the quarter ended September 30, 2023, the cement product line reported revenues of $199 million, inclusive of $62 million to the ready mixed concrete product line, and gross profit of $109 million. For the quarter ended September 30, 2023, the ready mixed concrete product line reported revenues of $285 million and gross profit of $34 million. For the nine months ended September 30, 2023, the cement product line reported revenues of $565 million, inclusive of $167 million to the ready mixed concrete product line, and gross profit of $249 million. For the nine months ended September 30, 2023, the ready mixed concrete product line reported revenues of $777 million and gross profit of $80 million. Revenues from sales of cement to the ready mixed concrete product line were previously eliminated in the interproduct revenues line.

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. Customer payments for the paving operations are based on a contractual billing schedule and are typically "paid-when-paid", meaning the Company is paid once the customer is paid.

Future revenues from unsatisfied performance obligations at September 30, 2024 and 2023 were $322 million and $268 million, respectively, where the remaining periods to complete these obligations ranged from one month to 21 months and one month to 25 months, respectively.

Service Revenues. Service revenues, which include paving services located in California and Colorado, were $164 million and $173 million for the three months ended September 30, 2024 and 2023, respectively, and reported in the West Group. Service revenues were $307 million for both the nine months ended September 30, 2024 and 2023.

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:


	September 30, 2024		December 31, 2023
	(Dollars in Millions)
Costs in excess of billings	$	26	$	5
Billings in excess of costs	$	17	$	10

Revenues recognized from the beginning balance of contract liabilities for the three months ended September 30, 2024 and 2023 were $7 million and $5 million, respectively, and for the nine months ended September 30, 2024 and 2023 were $9 million and $10 million, respectively.

Retainage, which primarily relates to the paving services, represents amounts that have been billed to customers but payment is 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 $15 million and $17 million at September 30, 2024 and December 31, 2023, respectively.

Income Taxes

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

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 24.1% and 20.6% for the nine months ended September 30, 2024 and 2023, respectively. The higher 2024 effective income tax rate versus 2023 was driven by the impact of the February 2024 divestiture of the South Texas cement business and certain related ready mixed concrete operations, which reflected the write off of certain nondeductible goodwill and was treated as a discrete tax event.

The Internal Revenue Service recently announced disaster tax relief for North Carolina businesses affected by Hurricanes Debby and Helene. This relief allows the Company to defer estimated federal and certain state income, payroll and excise tax payments for the period from August 2024 through April 2025. The deferred obligation will be due May 1, 2025. The Company deferred income tax payments of $123 million under this provision as of September 30, 2024.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
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-Name Accounting Standards Codification
-Section 55
-Paragraph 231
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-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Paragraph 12C
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Organization

Martin Marietta Materials, Inc. (the Company or Martin Marietta) is a natural resource-based building materials company. As of September 30, 2024, the Company supplies aggregates (crushed stone, sand and gravel) through its network of approximately 380 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. 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 and ready mixed concrete and 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
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 and 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, 2023. 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 and nine months ended September 30, 2024 are not necessarily indicative of the results expected for other interim periods or the full year. The consolidated balance sheet at December 31, 2023 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, 2023.

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.

Restricted Cash

At December 31, 2023, the Company had restricted cash of $10 million, 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 was 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 restricted cash at the end of the 180 days was transferred to unrestricted accounts of the Company and used for general corporate purposes. There was no restricted cash at September 30, 2024.

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:


	September 30,		December 31,
	2024		2023
	(Dollars in Millions)
Cash and cash equivalents	$	52	$	1,272
Restricted cash		—		10
Total cash, cash equivalents and restricted cash presented in the consolidated statements of cash flows	$	52	$	1,282

Consolidated Comprehensive Earnings and Accumulated Other Comprehensive Loss

Consolidated comprehensive earnings 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 attributable to Martin Marietta are as follows:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
	(Dollars in Millions)
Net earnings attributable to Martin Marietta	$	363	$	417	$	1,701	$	886
Other comprehensive earnings, net of tax		2		—		3		3
Consolidated comprehensive earnings attributable to Martin Marietta	$	365	$	417	$	1,704	$	889

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 adjustments 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 September 30, 2024
Balance at beginning of period	$	(46	)	$	(2	)	$	(48	)
Amounts reclassified from accumulated other comprehensive loss, net of tax		2			—			2
Other comprehensive earnings, net of tax		2			—			2
Balance at end of period	$	(44	)	$	(2	)	$	(46	)

	Three Months Ended September 30, 2023
Balance at beginning of period	$	(34	)	$	(1	)	$	(35	)
Other comprehensive loss before reclassifications, net of tax		—			(1	)		(1	)
Amounts reclassified from accumulated other comprehensive loss, net of tax		1			—			1
Other comprehensive earnings (loss), net of tax		1			(1	)		—
Balance at end of period	$	(33	)	$	(2	)	$	(35	)


	(Dollars in Millions)
	Pension and Postretirement Benefit Plans			Foreign Currency			Accumulated Other Comprehensive Loss
	Nine Months Ended September 30, 2024
Balance at beginning of period	$	(48	)	$	(1	)	$	(49	)
Other comprehensive loss before reclassifications, net of tax		—			(1	)		(1	)
Amounts reclassified from accumulated other comprehensive loss, net of tax		4			—			4
Other comprehensive earnings (loss), net of tax		4			(1	)		3
Balance at end of period	$	(44	)	$	(2	)	$	(46	)

	Nine Months Ended September 30, 2023
Balance at beginning of period	$	(36	)	$	(2	)	$	(38	)
Amounts reclassified from accumulated other comprehensive loss, net of tax		3			—			3
Other comprehensive earnings, net of tax		3			—			3
Balance at end of period	$	(33	)	$	(2	)	$	(35	)

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


	Pension and Postretirement Benefit Plans
	Three Months Ended					Nine Months Ended
	September 30,					September 30,
	2024			2023		2024			2023
	(Dollars in Millions)
Balance at beginning of period	$	53		$	49	$	54		$	50
Tax effect of other comprehensive earnings		(1	)		—		(2	)		(1	)
Balance at end of period	$	52		$	49	$	52		$	49

Reclassifications out of accumulated other comprehensive loss are as follows:


	Three Months Ended				Nine Months Ended						Affected line items in the consolidated
	September 30,				September 30,						statements of earnings
	2024		2023		2024			2023			and comprehensive earnings
	(Dollars in Millions)
Pension and postretirement benefit plans
Amortization of:
Prior service cost		2		1		5			4
Actuarial loss		—		—		1			—
	$	2	$	1	$	6		$	4		Other nonoperating income, net
Tax effect		—		—		(2	)		(1	)	Income tax expense
Total	$	2	$	1	$	4		$	3

Earnings per Common Share

The numerator for basic and diluted earnings per common share is net earnings attributable to Martin Marietta. 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 and nine months ended September 30, 2024 and 2023, 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				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
	(In Millions)
Basic weighted-average common shares outstanding		61.1		61.8		61.5		61.9
Effect of dilutive employee and director awards		0.2		0.2		0.1		0.2
Diluted weighted-average common shares outstanding		61.3		62.0		61.6		62.1

New Accounting Pronouncements

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires a public entity to disclose significant segment expenses and other segment items on an annual and interim basis and provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. Additionally, the ASU requires a public entity to disclose the title and position of the Chief Operating Decision Maker. The ASU does not change how a public entity identifies its operating segments, aggregates them, or applies the quantitative thresholds to determine its reportable segments. The new standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. This ASU requires companies to apply the standard retrospectively to all prior periods presented in the financial statements. The ASU will impact the Company's disclosures beginning with the financial statements included in the 2024 Annual Report on Form 10-K, but will have no impact on its results of operations, cash flows or financial condition.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which focuses on the rate reconciliation and income taxes paid. ASU 2023-09 requires public entities to disclose, on an annual basis, a tabular tax rate reconciliation using both percentages and currency amounts, broken out into specified categories. Certain reconciling items are further broken out by nature and jurisdiction to the extent those items exceed a specified threshold. Additionally, all entities are required to disclose income taxes paid, net of refunds received, disaggregated by federal, state, local, and foreign taxes and by individual jurisdiction if the amount is at least 5% of total income tax payments, net of refunds received. The ASU also requires additional qualitative disclosures. ASU 2023-09 is effective prospectively for annual periods beginning after December 15, 2024, and early adoption and retrospective application are permitted. The ASU will impact the Company's income tax disclosures beginning with the financial statements included in the 2025 Annual Report on Form 10-K, but will have no impact on its results of operations, cash flows or financial condition.

Reclassifications

Certain reclassifications have been made in the Company's financial statements of the prior year to conform to the current-year presentation. The reclassifications had no impact on the Company’s previously reported results of operations, financial condition or cash flows.

Segments - Additional Information (Detail) $ in Millions	9 Months Ended
Segments - Additional Information (Detail) $ in Millions	Sep. 30, 2024 USD ($) Segment	Sep. 30, 2023 USD ($)
Segment Reporting Information [Line Items]
Reportable business segments \| Segment	2
Noncash asset and portfolio rationalization charge	$ 50	$ 0
Gain on sale of investment	1,300
West Group [Member]
Segment Reporting Information [Line Items]
Noncash asset and portfolio rationalization charge	50
Gain on sale of investment	$ 1,300

Consolidated Statements of Total Equity (Parenthetical) (Unaudited) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Stockholders' Equity [Abstract]
Dividends declared	$ 0.79	$ 0.74	$ 2.27	$ 2.06

Long-Term Debt - Long-Term Debt (Detail) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total debt	$ 4,043	$ 4,346
Less: Current maturities	(95)	(400)
Long-term debt	3,948	3,946
4.250% Senior Notes, Due 2024
Debt Instrument [Line Items]
Total debt	0	400
7% Debentures, Due 2025
Debt Instrument [Line Items]
Total debt	125	125
3.450% Senior Notes, Due 2027
Debt Instrument [Line Items]
Total debt	299	299
3.500% Senior Notes, Due 2027
Debt Instrument [Line Items]
Total debt	493	492
2.500% Senior Notes, Due 2030
Debt Instrument [Line Items]
Total debt	472	472
2.400% Senior Notes, Due 2031
Debt Instrument [Line Items]
Total debt	890	890
6.25% Senior Notes, Due 2037
Debt Instrument [Line Items]
Total debt	228	228
4.250% Senior Notes, Due 2047
Debt Instrument [Line Items]
Total debt	591	590
3.200% Senior Notes, Due 2051
Debt Instrument [Line Items]
Total debt	850	850
Trade Receivable Facility
Debt Instrument [Line Items]
Total debt	$ 95	$ 0

Segments - Financial Data for Continuing Operations for Company's Reportable Business Segments (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Revenues	$ 1,889	$ 1,994	$ 4,905	$ 5,169
Earnings from Operations	489	567	2,308	1,226
Interest expense	38	41	119	125
Other nonoperating income, net	(7)	(14)	(54)	(49)
Consolidated earnings from continuing operations before income tax expense	458	540	2,243	1,150
Assets employed	16,469		16,469		$ 15,125
Reportable segments
Segment Reporting Information [Line Items]
Earnings from Operations	531	595	2,426	1,310
Assets employed	15,645		15,645		13,078
Operating Segments \| East Group
Segment Reporting Information [Line Items]
Revenues	849	814	2,198	2,079
Earnings from Operations	272	295	650	632
Assets employed	7,667		7,667		5,131
Operating Segments \| West Group
Segment Reporting Information [Line Items]
Revenues	958	1,104	2,464	2,851
Earnings from Operations	233	283	1,703	617
Assets employed	7,713		7,713		7,697
Operating Segments \| Magnesia Specialties
Segment Reporting Information [Line Items]
Revenues	82	76	243	239
Earnings from Operations	26	17	73	61
Assets employed	265		265		250
Corporate
Segment Reporting Information [Line Items]
Earnings from Operations	(42)	$ (28)	(118)	$ (84)
Assets employed	$ 824		$ 824		$ 2,047

Business Combinations, Divestitures, Discontinued Operations and Assets and Liabilities Held for Sale - Summary of Assets and Liabilities held for Sale (Detail) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Total current assets held for sale	$ 10	$ 807
Continuing Operations
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Inventories, net		61
Investment land	10	18
Other assets		4
Property, plant and equipment		327
Intangible assets, excluding goodwill		122
Operating lease right-of-use assets		15
Goodwill		260
Total current assets held for sale	$ 10	807
Lease obligations		(16)
Asset retirement obligations		(2)
Total current liabilities held for sale		$ (18)

Significant Accounting Policies - Changes in Accumulated Other Comprehensive Loss Net of Tax (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance, Total Equity	$ 8,840	$ 7,424	$ 8,036	$ 7,173
Other comprehensive earnings (loss), net of tax	2	0	3	3
Ending Balance, Total Equity	9,171	7,805	9,171	7,805
Pension and Postretirement Benefit Plans
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance, Total Equity	(46)	(34)	(48)	(36)
Amounts reclassified from accumulated other comprehensive loss, net of tax	2	1	4	3
Other comprehensive earnings (loss), net of tax	2	1	4	3
Ending Balance, Total Equity	(44)	(33)	(44)	(33)
Foreign Currency
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance, Total Equity	(2)	(1)	(1)	(2)
Other comprehensive loss before reclassifications, net of tax		(1)	(1)
Other comprehensive earnings (loss), net of tax		(1)	(1)
Ending Balance, Total Equity	(2)	(2)	(2)	(2)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance, Total Equity	(48)	(35)	(49)	(38)
Other comprehensive loss before reclassifications, net of tax		(1)	(1)
Amounts reclassified from accumulated other comprehensive loss, net of tax	2	1	4	3
Other comprehensive earnings (loss), net of tax	2		3	3
Ending Balance, Total Equity	$ (46)	$ (35)	$ (46)	$ (35)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount after tax, before reclassification adjustments of other comprehensive income (loss).

+ References + Details

- Definition

Amount after tax of reclassification adjustments of other comprehensive income (loss).

+ References + Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

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+ Details

Significant Accounting Policies - Additional Information (Detail)	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($) Facility Segment State	Dec. 31, 2023 USD ($)
Significant Accounting Policies [Line Items]
Number of quarries and yards \| Facility	380
Number of states in which entity operates \| State	28
Reportable business segments \| Segment	2
Restricted cash \| $	$ 0	$ 10,000,000
Number of days restricted from utilizing cash		180 days
Percentage of minimum amount of income tax payments net of refunds received		5.00%

Consolidated Balance Sheets (Unaudited) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Current Assets:
Cash and cash equivalents	$ 52,000,000	$ 1,272,000,000
Restricted cash	0	10,000,000
Accounts receivable, net	916,000,000	753,000,000
Inventories, net	1,089,000,000	989,000,000
Current assets held for sale	10,000,000	807,000,000
Deposits	132,000,000	0
Other current assets	120,000,000	88,000,000
Total Current Assets	2,319,000,000	3,919,000,000
Property, plant and equipment	13,588,000,000	10,708,000,000
Allowances for depreciation, depletion and amortization	(4,874,000,000)	(4,522,000,000)
Net property, plant and equipment	8,714,000,000	6,186,000,000
Goodwill	3,768,000,000	3,389,000,000
Other intangibles, net	705,000,000	698,000,000
Operating lease right-of-use assets, net	376,000,000	372,000,000
Other noncurrent assets	587,000,000	561,000,000
Total Assets	16,469,000,000	15,125,000,000
Current Liabilities:
Accounts payable	315,000,000	343,000,000
Accrued salaries, benefits and payroll taxes	67,000,000	102,000,000
Accrued income taxes	231,000,000	6,000,000
Accrued other taxes	61,000,000	47,000,000
Accrued interest	36,000,000	41,000,000
Current maturities of long-term debt	95,000,000	400,000,000
Current operating lease liabilities	54,000,000	53,000,000
Other current liabilities	134,000,000	178,000,000
Total Current Liabilities	993,000,000	1,170,000,000
Long-term debt	3,948,000,000	3,946,000,000
Deferred income taxes, net	1,127,000,000	874,000,000
Noncurrent operating lease liabilities	337,000,000	327,000,000
Noncurrent asset retirement obligations	409,000,000	383,000,000
Other noncurrent liabilities	484,000,000	389,000,000
Total Liabilities	7,298,000,000	7,089,000,000
Commitments and contingent liabilities - Note 9	0	0
Equity:
Common stock, par value $0.01 per share (61,118,057 shares and 61,821,421 shares outstanding at September 30, 2024 and December 31, 2023, respectively)	1,000,000	1,000,000
Preferred stock, par value $0.01 per share	0	0
Additional paid-in capital	3,544,000,000	3,519,000,000
Accumulated other comprehensive loss	(46,000,000)	(49,000,000)
Retained earnings	5,670,000,000	4,563,000,000
Total Shareholders' Equity	9,169,000,000	8,034,000,000
Noncontrolling interests	2,000,000	2,000,000
Total Equity	9,171,000,000	8,036,000,000
Total Liabilities and Equity	$ 16,469,000,000	$ 15,125,000,000

Business Combinations, Divestitures, Discontinued Operations and Assets and Liabilities Held for Sale - Summary of Unaudited Pro Forma Financial Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Business Combinations [Abstract]
Revenues	$ 1,889	$ 2,059	$ 4,957	$ 5,335
Net earnings from continuing operations attributable to Martin Marietta	$ 363	$ 415	$ 1,733	$ 834

Significant Accounting Policies - Reclassifications Out of Accumulated Other Comprehensive Loss (Detail) - Pension and Postretirement Benefit Plans - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amounts reclassified from accumulated other comprehensive loss, net of tax	$ 2	$ 1	$ 4	$ 3
Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amortization of prior service cost	2	1	5	4
Amortization of Actuarial loss	0	0	1	0
Tax effect	0	0	(2)	(1)
Amounts reclassified from accumulated other comprehensive loss, net of tax	2	1	4	3
Reclassification out of Accumulated Other Comprehensive Income \| Other Nonoperating Income, Net
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total reclassifications out of accumulated other comprehensive loss before taxes	$ 2	$ 1	$ 6	$ 4

- Definition

Amount after tax of reclassification adjustments of other comprehensive income (loss).

+ References + Details

Goodwill and Other Intangibles - Changes in Goodwill (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Goodwill [Line Items]
Balance at January 1, 2024	$ 3,389
Acquisitions	379
Balance at September 30, 2024	3,768
East Group
Goodwill [Line Items]
Balance at January 1, 2024	764
Acquisitions	268
Balance at September 30, 2024	1,032
West Group
Goodwill [Line Items]
Balance at January 1, 2024	2,625
Acquisitions	111
Balance at September 30, 2024	$ 2,736

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Inventories, Net

9 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

Inventories, Net


	September 30,			December 31,
	2024			2023
	(Dollars in Millions)
Finished products	$	1,312		$	1,152
Products in process		23			25
Raw materials		59			60
Supplies and expendable parts		162			155
Total inventories		1,556			1,392
Less: allowances		(467	)		(403	)
Inventories, net	$	1,089		$	989

Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Long-term debt, carrying values	$ 4,043	$ 4,346
Long-term debt, fair values	$ 3,600	$ 3,900

- Definition

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

+ References + Details

Revenues and Gross Profit - Total Revenues and Gross Profit (Loss) by Product Line (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Product Information [Line Items]
Revenues	$ 1,889	$ 1,994	$ 4,905	$ 5,169
Gross profit (loss)	599	676	1,388	1,539
Interproduct Revenues
Product Information [Line Items]
Revenues	(82)	(80)	(184)	(184)
Corporate
Product Information [Line Items]
Gross profit (loss)	(18)	5	(34)	4
Building Materials Business \| Operating Segments
Product Information [Line Items]
Revenues	1,807	1,918	4,662	4,930
Gross profit (loss)	588	650	1,338	1,461
Magnesia Specialties \| Operating Segments
Product Information [Line Items]
Revenues	82	76	243	239
Gross profit (loss)	29	21	84	74
Aggregates \| Building Materials Business \| Operating Segments \| Reportable Subsegments
Product Information [Line Items]
Revenues	1,250	1,216	3,377	3,280
Gross profit (loss)	438	441	1,069	1,050
Cement and ready mixed concrete \| Building Materials Business \| Operating Segments \| Reportable Subsegments
Product Information [Line Items]
Revenues	296	422	822	1,175
Gross profit (loss)	89	143	192	329
Asphalt and paving services \| Building Materials Business \| Operating Segments \| Reportable Subsegments
Product Information [Line Items]
Revenues	343	360	647	659
Gross profit (loss)	$ 61	$ 66	$ 77	$ 82

Goodwill and Other Intangibles (Tables)

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in Goodwill

The following table shows the changes in goodwill by reportable segment and in total:


	East		West
	Group		Group		Total
	(Dollars in Millions)
Balance at January 1, 2024	$	764	$	2,625	$	3,389
Acquisitions		268		111		379
Balance at September 30, 2024	$	1,032	$	2,736	$	3,768

Intangible Assets Acquired

Intangible assets acquired during 2024 are as follows:


(Dollars in Millions)	Amount		Weighted-average amortization period
Subject to amortization:
Customer relationships	$	24	12 years
Not subject to amortization:
Use rights		5	N/A
Total	$	29

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

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+ Details

Significant Accounting Policies - Basic and Diluted Earnings from Continuing Operations Per Common Share (Detail) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Basic weighted-average common shares outstanding	61.1	61.8	61.5	61.9
Effect of dilutive employee and director awards	0.2	0.2	0.1	0.2
Diluted weighted-average common shares outstanding	61.3	62.0	61.6	62.1

Business Combinations, Divestitures, Discontinued Operations and Assets and Liabilities Held for Sale - Additional Information (Detail) $ in Millions				3 Months Ended		9 Months Ended		12 Months Ended
	Apr. 05, 2024 USD ($) Facility	Feb. 09, 2024 USD ($) Plant	Jan. 12, 2024	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 Plant
Business Acquisition [Line Items]
Revenues				$ 1,889	$ 1,994	$ 4,905	$ 5,169
Pretax earnings				489	567	2,308	1,226
Charges for selling acquired inventory							20
Business combination periods for production level			60 years
Revenues		$ 2,100
Business combination number of south texas ready mix operations \| Plant								20
Divestitures number of south texas ready mix operations \| Plant		20
Pretax gain						1,300
Income/ loss from discontinued operations				0	$ (13)	0	(26)
Blue Water Industries LLC
Business Acquisition [Line Items]
Number of active aggregates operations \| Facility	20
Payments to acquire businesses gross	$ 2,050
Acquisition related expenses							$ 22
Increase in fair value of property, plant and equipment				91
Reduction in goodwill				77
Albert Frei And Sons, Inc. And Blue Water Industries LLC. [Member]
Business Acquisition [Line Items]
Revenues				85		182
Pretax earnings				$ 13		25
Charges for selling acquired inventory						$ 20

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 363	$ 417	$ 1,701	$ 886

- Definition

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

+ References

+ Details

Supplemental Cash Flow Information - Schedule of Noncash Investing and Financing Activities (Detail) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Supplemental Cash Flow Elements [Abstract]
Accrued liabilities for purchases of property, plant and equipment	$ 45	$ 65
Right-of-use assets obtained in exchange for new operating lease liabilities	53	37
Right-of-use assets obtained in exchange for new finance lease liabilities	14	19
Remeasurement of operating lease right-of-use assets	6	6
Remeasurement of finance lease right-of-use assets	27	0
Acquisition of assets through asset exchange	$ 0	$ 5

Business Combinations, Divestitures, Discontinued Operations and Assets and Liabilities Held for Sale (Tables)

9 Months Ended

Sep. 30, 2024

Business Combinations [Abstract]

Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed

The following is a summary of the preliminary estimated fair values of the assets acquired and liabilities assumed as of April 5, 2024 (dollars in millions):


Assets:
Inventories	$	49
Property, plant and equipment 1		2,052
Intangible assets, other than goodwill		19
Other assets		2
Total assets		2,122
Liabilities:
Deferred income taxes		239
Asset retirement obligations		3
Other liabilities		98
Total liabilities		340
Net identifiable assets acquired		1,782
Goodwill		268
Total consideration	$	2,050

1 Includes mineral reserves of $1.9 billion.

Summary of Unaudited Pro Forma Financial Information

The following pro forma financial information is for informational purposes only and is not indicative of the results of operations that would have been achieved if the acquisition had taken place as of January 1, 2023:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
	(Dollars in Millions)
Revenues	$	1,889	$	2,059	$	4,957	$	5,335
Net earnings from continuing operations attributable to Martin Marietta	$	363	$	415	$	1,733	$	834

On October 25, 2024, the Company completed an aggregates bolt-on acquisition in South Florida.

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			Nine Months Ended
	September 30, 2023
	(Dollars in Millions)
Revenues	$	27		$	86

Pretax earnings (loss) from operations	$	4		$	(14	)
Pretax loss on divestitures and sales of assets		(21	)		(20	)
Pretax loss		(17	)		(34	)
Income tax benefit		(4	)		(8	)
Loss from discontinued operations, net of income tax benefit	$	(13	)	$	(26	)

Cash flow information for the Company's discontinued operations is as follows:


	Nine Months Ended
	September 30, 2023
	(Dollars in Millions)
Net cash used for operating activities	$	(9	)

Additions to property, plant and equipment	$	(4	)
Proceeds from divestitures and sales of assets		57
Net cash provided by investing activities	$	53

Assets and liabilities held for sale are as follows:


	September 30, 2024		December 31, 2023
	Continuing Operations
	(Dollars in Millions)
Inventories, net	$	—	$	61
Investment land		10		18
Other assets		—		4
Property, plant and equipment		—		327
Intangible assets, excluding goodwill		—		122
Operating lease right-of-use assets		—		15
Goodwill		—		260
Total current assets held for sale	$	10	$	807

Lease obligations	$	—	$	(16	)
Asset retirement obligations		—		(2	)
Total current liabilities held for sale	$	—	$	(18	)

- 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.

+ References

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+ Details

Segments

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Segments

10.

Segments

The Building Materials business contains two reportable segments: the East Group and the West Group. The Company also has a Magnesia Specialties reportable segment. The Chief Operating Decision Maker's evaluation of performance and allocation of resources are based primarily on earnings from operations. Segment earnings from operations include revenues less cost of revenues; selling, general and administrative expenses; other operating income and expenses, net; and exclude interest income and expense; other nonoperating income and expenses, net; and income tax expense. Corporate loss from operations primarily includes depreciation; expenses for corporate administrative functions; acquisition, divestiture and integration expenses; and other nonrecurring income and expenses not attributable to operations of the Company's operating segments.

Assets employed by segment include assets directly identified with those operations. Corporate assets consist primarily of cash, cash equivalents and restricted cash; property, plant and equipment for corporate operations; and other assets not directly identifiable with a reportable segment.


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2024			2023			2024			2023
	(Dollars in Millions)
Revenues:
East Group	$	849		$	814		$	2,198		$	2,079
West Group		958			1,104			2,464			2,851
Magnesia Specialties		82			76			243			239
Total	$	1,889		$	1,994		$	4,905		$	5,169


Earnings (Loss) from operations:
East Group	$	272		$	295		$	650		$	632
West Group		233			283			1,703			617
Magnesia Specialties		26			17			73			61
Total reportable segments		531			595			2,426			1,310
Corporate		(42	)		(28	)		(118	)		(84	)
Consolidated earnings from operations		489			567			2,308			1,226
Interest expense		38			41			119			125
Other nonoperating income, net		(7	)		(14	)		(54	)	$	(49	)
Consolidated earnings from continuing operations before income tax expense	$	458		$	540		$	2,243		$	1,150


	September 30,		December 31,
	2024		2023
	(Dollars in Millions)
Assets employed:
East Group	$	7,667	$	5,131
West Group		7,713		7,697
Magnesia Specialties		265		250
Total reportable segments		15,645		13,078
Corporate		824		2,047
Total	$	16,469	$	15,125

- 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.

+ References

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+ Details

Pension Benefits (Tables)

9 Months Ended

Sep. 30, 2024

Retirement Benefits [Abstract]

Schedule of Components of Net Periodic Benefit Cost

The net periodic benefit cost for pension benefits includes the following components:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
	(Dollars in Millions)
Service cost	$	10		$	8		$	29		$	25
Interest cost		14			13			41			39
Expected return on assets		(20	)		(18	)		(59	)		(54	)
Amortization of:
Prior service cost		2			2			5			4
Actuarial loss		—			—			1			—
Net periodic benefit cost	$	6		$	5		$	17		$	14

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash Flows from Operating Activities:
Consolidated net earnings	$ 1,702	$ 887
Adjustments to reconcile consolidated net earnings to net cash provided by operating activities:
Depreciation, depletion and amortization	424	385
Stock-based compensation expense	48	39
(Gain) Loss on divestitures and sales of assets	(1,341)	5
Deferred income taxes, net	(79)	(2)
Noncash asset and portfolio rationalization charge	50	0
Other items, net	(9)	(8)
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:
Accounts receivable, net	(153)	(264)
Inventories, net	(48)	(130)
Accounts payable	55	45
Other assets and liabilities, net	124	16
Net Cash Provided by Operating Activities	773	973
Cash Flows from Investing Activities:
Additions to property, plant and equipment	(622)	(464)
Acquisitions, net of cash acquired	(2,538)	0
Proceeds from divestitures and sales of assets	2,128	98
Proceeds from sale of restricted investments related to discharge of long-term debt	0	700
Other investing activities, net	(32)	(8)
Net Cash (Used for) Provided by Investing Activities	(1,064)	326
Cash Flows from Financing Activities:
Borrowings of debt	490	0
Repayments of debt	(795)	(700)
Payments on finance lease obligations	(14)	(13)
Dividends paid	(141)	(128)
Repurchases of common stock	(450)	(150)
Distributions to owners of noncontrolling interest	(1)	(1)
Proceeds from exercise of stock options	0	1
Shares withheld for employees' income tax obligations	(28)	(19)
Net Cash Used for Financing Activities	(939)	(1,010)
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash	(1,230)	289
Cash, Cash Equivalents and Restricted Cash, beginning of period	1,282	359
Cash, Cash Equivalents and Restricted Cash, end of period	$ 52	$ 648

Significant Accounting Policies

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Significant Accounting Policies

Organization

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


BUILDING MATERIALS BUSINESS
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 and Ready Mixed Concrete, Asphalt and Paving

Basis of Presentation and Use of Estimates

Restricted Cash


	September 30,		December 31,
	2024		2023
	(Dollars in Millions)
Cash and cash equivalents	$	52	$	1,272
Restricted cash		—		10
Total cash, cash equivalents and restricted cash presented in the consolidated statements of cash flows	$	52	$	1,282

Consolidated Comprehensive Earnings and Accumulated Other Comprehensive Loss

Consolidated comprehensive earnings attributable to Martin Marietta are as follows:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
	(Dollars in Millions)
Net earnings attributable to Martin Marietta	$	363	$	417	$	1,701	$	886
Other comprehensive earnings, net of tax		2		—		3		3
Consolidated comprehensive earnings attributable to Martin Marietta	$	365	$	417	$	1,704	$	889

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 September 30, 2024
Balance at beginning of period	$	(46	)	$	(2	)	$	(48	)
Amounts reclassified from accumulated other comprehensive loss, net of tax		2			—			2
Other comprehensive earnings, net of tax		2			—			2
Balance at end of period	$	(44	)	$	(2	)	$	(46	)

	Three Months Ended September 30, 2023
Balance at beginning of period	$	(34	)	$	(1	)	$	(35	)
Other comprehensive loss before reclassifications, net of tax		—			(1	)		(1	)
Amounts reclassified from accumulated other comprehensive loss, net of tax		1			—			1
Other comprehensive earnings (loss), net of tax		1			(1	)		—
Balance at end of period	$	(33	)	$	(2	)	$	(35	)


	(Dollars in Millions)
	Pension and Postretirement Benefit Plans			Foreign Currency			Accumulated Other Comprehensive Loss
	Nine Months Ended September 30, 2024
Balance at beginning of period	$	(48	)	$	(1	)	$	(49	)
Other comprehensive loss before reclassifications, net of tax		—			(1	)		(1	)
Amounts reclassified from accumulated other comprehensive loss, net of tax		4			—			4
Other comprehensive earnings (loss), net of tax		4			(1	)		3
Balance at end of period	$	(44	)	$	(2	)	$	(46	)

	Nine Months Ended September 30, 2023
Balance at beginning of period	$	(36	)	$	(2	)	$	(38	)
Amounts reclassified from accumulated other comprehensive loss, net of tax		3			—			3
Other comprehensive earnings, net of tax		3			—			3
Balance at end of period	$	(33	)	$	(2	)	$	(35	)

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


	Pension and Postretirement Benefit Plans
	Three Months Ended					Nine Months Ended
	September 30,					September 30,
	2024			2023		2024			2023
	(Dollars in Millions)
Balance at beginning of period	$	53		$	49	$	54		$	50
Tax effect of other comprehensive earnings		(1	)		—		(2	)		(1	)
Balance at end of period	$	52		$	49	$	52		$	49

Reclassifications out of accumulated other comprehensive loss are as follows:


	Three Months Ended				Nine Months Ended						Affected line items in the consolidated
	September 30,				September 30,						statements of earnings
	2024		2023		2024			2023			and comprehensive earnings
	(Dollars in Millions)
Pension and postretirement benefit plans
Amortization of:
Prior service cost		2		1		5			4
Actuarial loss		—		—		1			—
	$	2	$	1	$	6		$	4		Other nonoperating income, net
Tax effect		—		—		(2	)		(1	)	Income tax expense
Total	$	2	$	1	$	4		$	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				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
	(In Millions)
Basic weighted-average common shares outstanding		61.1		61.8		61.5		61.9
Effect of dilutive employee and director awards		0.2		0.2		0.1		0.2
Diluted weighted-average common shares outstanding		61.3		62.0		61.6		62.1

New Accounting Pronouncements

Reclassifications

Pension Benefits

9 Months Ended

Sep. 30, 2024

Retirement Benefits [Abstract]

Pension Benefits

The net periodic benefit cost for pension benefits includes the following components:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
	(Dollars in Millions)
Service cost	$	10		$	8		$	29		$	25
Interest cost		14			13			41			39
Expected return on assets		(20	)		(18	)		(59	)		(54	)
Amortization of:
Prior service cost		2			2			5			4
Actuarial loss		—			—			1			—
Net periodic benefit cost	$	6		$	5		$	17		$	14

The components of net periodic benefit cost, 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 the 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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-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

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+ Details

Business Combinations, Divestitures, Discontinued Operations and Assets and Liabilities Held for Sale

9 Months Ended

Sep. 30, 2024

Business Combinations [Abstract]

Business Combinations, Divestitures, Discontinued Operations and Assets and Liabilities Held for Sale

Business Combinations

Revenues and pretax earnings attributable to operations acquired in 2024 (as subsequently described) included in the Company's consolidated statements of earnings and comprehensive earnings were $85 million and $13 million, respectively, for the three months ended September 30, 2024, and $182 million and $25 million, respectively, for the nine months ended September 30, 2024. The pretax earnings for the nine month period includes a $20 million charge for the impact of selling acquired inventory after its markup to fair value as part of acquisition accounting for the Blue Water Industries LLC transaction.

Albert Frei & Sons, Inc. On January 12, 2024, the Company acquired Albert Frei & Sons, Inc. (AFS), a leading aggregates producer in Colorado. This acquisition provides more than 60 years (at 2023 production levels) of high-quality, hard rock reserves to better serve new and existing customers and enhances the Company's aggregates platform in the Denver metropolitan area. The Company has recorded preliminary fair values of the assets acquired and liabilities assumed, which are subject to additional reviews that are not yet complete. Thus, these amounts are subject to change during the measurement period, which extends no longer than one year from the consummation date, and remains open as of September 30, 2024. Specific accounts subject to ongoing purchase accounting adjustments include, but are not limited to, goodwill and deferred income taxes. The goodwill generated by the transaction is not deductible for income tax purposes. The acquisition is reported in the Company's West Group and is immaterial for pro-forma financial statement disclosures.

Blue Water Industries LLC. On April 5, 2024, the Company completed the acquisition of 20 active aggregates operations in Alabama, South Carolina, South Florida, Tennessee, and Virginia from affiliates of Blue Water Industries LLC (BWI Southeast) for $2.05 billion in cash. The BWI Southeast acquisition complements Martin Marietta’s existing geographic footprint in the southeast region by expanding into new growth platforms in target markets including Tennessee and South Florida. The results from the acquired operations are reported in the Company's East Group.

The Company determined the acquisition-date fair values of assets acquired and liabilities assumed. The Company has recorded preliminary fair values of the assets acquired and liabilities assumed, which are subject to additional reviews that are not yet complete. As such, these amounts are subject to change during the measurement period, which extends no longer than one year from the consummation date, and remains open as of September 30, 2024. Notably, during the quarter ended September 30, 2024, the Company increased the acquisition-date fair value of property, plant and equipment by $91 million and reduced goodwill by $77 million. Specific accounts subject to ongoing purchase accounting adjustments include, but are not limited to, property, plant and equipment; goodwill; deferred income taxes; asset retirement obligations; and other liabilities. The goodwill generated by the transaction is not deductible for income tax purposes.

The following is a summary of the preliminary estimated fair values of the assets acquired and liabilities assumed as of April 5, 2024 (dollars in millions):


Assets:
Inventories	$	49
Property, plant and equipment 1		2,052
Intangible assets, other than goodwill		19
Other assets		2
Total assets		2,122
Liabilities:
Deferred income taxes		239
Asset retirement obligations		3
Other liabilities		98
Total liabilities		340
Net identifiable assets acquired		1,782
Goodwill		268
Total consideration	$	2,050

1 Includes mineral reserves of $1.9 billion.

The following unaudited pro forma financial information summarizes the combined results of operations for the Company and BWI Southeast as though the companies were combined as of January 1, 2023. Consistent with the assumed acquisition date of January 1, 2023, the pro forma financial results include acquisition and integration expenses of $22 million and the $20 million charge for selling inventory after its markup to fair value for the nine months ended September 30, 2023.

The unaudited pro forma financial information does not purport to project the future financial position or operating results of the combined company. The following pro forma financial information is for informational purposes only and is not indicative of the results of operations that would have been achieved if the acquisition had taken place as of January 1, 2023:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
	(Dollars in Millions)
Revenues	$	1,889	$	2,059	$	4,957	$	5,335
Net earnings from continuing operations attributable to Martin Marietta	$	363	$	415	$	1,733	$	834

On October 25, 2024, the Company completed an aggregates bolt-on acquisition in South Florida.

Divestitures

On February 9, 2024, the Company completed the sale of its South Texas cement business and certain of its related ready mixed concrete operations to CRH Americas Materials, Inc., a subsidiary of CRH plc, for $2.1 billion in cash plus normal customary closing adjustments. Specifically, the divested facilities included the Hunter cement plant in New Braunfels, Texas, related cement distribution terminals and 20 ready mixed concrete plants that served the Austin and San Antonio region, all of which were classified as assets held for sale as of December 31, 2023. The divestiture provided proceeds the Company used to consummate the BWI Southeast acquisition. The transaction resulted in a pretax gain of $1.3 billion, which is included in Other operating (income) expense, net, on the Company's consolidated statement of earnings and comprehensive earnings for the nine months ended September 30, 2024 and is exclusive of transaction expenses incurred due to the divestiture. The divested operations and the gain on divestiture are reported in the West Group.

Discontinued Operations

For the three and nine months ended September 30, 2023, discontinued operations included the Company's Tehachapi, California cement plant, which was divested in October 2023. For the nine months ended September 30, 2023, discontinued operations also included the Stockton, California cement import terminal, which was divested in May 2023. There were no discontinued operations for the three and nine months ended September 30, 2024.

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


	Three Months Ended			Nine Months Ended
	September 30, 2023
	(Dollars in Millions)
Revenues	$	27		$	86

Pretax earnings (loss) from operations	$	4		$	(14	)
Pretax loss on divestitures and sales of assets		(21	)		(20	)
Pretax loss		(17	)		(34	)
Income tax benefit		(4	)		(8	)
Loss from discontinued operations, net of income tax benefit	$	(13	)	$	(26	)

Cash flow information for the Company's discontinued operations is as follows:


	Nine Months Ended
	September 30, 2023
	(Dollars in Millions)
Net cash used for operating activities	$	(9	)

Additions to property, plant and equipment	$	(4	)
Proceeds from divestitures and sales of assets		57
Net cash provided by investing activities	$	53

Assets and Liabilities Held for Sale

Assets and liabilities held for sale at September 30, 2024 included certain nonoperating land. At December 31, 2023, assets and liabilities held for sale also included the South Texas cement plant, related cement distribution terminals and 20 ready mixed concrete plants that were sold in February 2024.

Assets and liabilities held for sale are as follows:


	September 30, 2024		December 31, 2023
	Continuing Operations
	(Dollars in Millions)
Inventories, net	$	—	$	61
Investment land		10		18
Other assets		—		4
Property, plant and equipment		—		327
Intangible assets, excluding goodwill		—		122
Operating lease right-of-use assets		—		15
Goodwill		—		260
Total current assets held for sale	$	10	$	807

Lease obligations	$	—	$	(16	)
Asset retirement obligations		—		(2	)
Total current liabilities held for sale	$	—	$	(18	)