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

12 Months Ended

Dec. 31, 2022

Business Combinations [Abstract]

Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed

The following is a summary of the fair values of the assets acquired and the liabilities assumed as of the acquisition date:

(in millions)
Assets:
Inventories	$	90.9
Property, plant and equipment1		847.5
Intangible assets, other than goodwill		431.5
Goodwill		1,222.3
Other assets		54.4
Total Assets		2,646.6
Liabilities:
Asset retirement obligations		247.5
Operating and finance lease liabilities		57.5
Other liabilities		77.0
Total Liabilities		382.0
Total Consideration	$	2,264.6

1.Includes mineral reserves of $332.0 million.

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, 2020:

years ended December 31
(in millions, except for per share data)	2021		2020
Total revenues	$	5,755.1	$	5,184.9
Net earnings from continuing operations attributable to Martin Marietta	$	737.3	$	642.4
Diluted net earnings from continuing operations per share	$	11.78	$	10.30

Summary of Discontinued Operations and Assets and Liabilities Held for Sale

iscontinued operations were as follows:

years ended December 31 (in millions)	2022			2021
Total revenues	$	308.6		$	79.2
Pretax earnings from operations	$	16.2		$	6.6
Pretax loss on divestiture		(0.7	)		(6.0	)
Pretax earnings		15.5			0.6
Income tax expense		5.0			0.1
Earnings from discontinued operations, net of income tax expense	$	10.5		$	0.5

Assets and liabilities held for sale were as follows:

	2022								2021
December 31 (in millions)	Continuing Operations		Discontinued Operations			Total			Continuing Operations		Discontinued Operations			Total
Inventories, net	$	—	$	31.3		$	31.3		$	—	$	53.1		$	53.1
Investment land		40.6		—			40.6			32.7		—			32.7
Other assets		—		1.3			1.3			—		16.4			16.4
Total current assets held for sale	$	40.6	$	32.6		$	73.2		$	32.7	$	69.5		$	102.2
Property, plant and equipment	$	—	$	124.5		$	124.5		$	—	$	226.0		$	226.0
Intangible assets, excluding goodwill		—		208.5			208.5			—		264.9			264.9
Operating lease right-of-use assets		—		12.1			12.1			—		18.1			18.1
Goodwill		—		31.9			31.9			—		109.3			109.3
Other assets		—		—			—			—		4.6			4.6
Valuation allowance for loss on sale		—		(4.5	)		(4.5	)		—		(6.0	)		(6.0	)
Total noncurrent assets held for sale	$	—	$	372.5		$	372.5		$	—	$	616.9		$	616.9
Lease obligations	$	—	$	(4.5	)	$	(4.5	)	$	—	$	(7.5	)	$	(7.5	)
Total current liabilities held for sale	$	—	$	(4.5	)	$	(4.5	)	$	—	$	(7.5	)	$	(7.5	)
Lease obligations	$	—	$	(4.1	)	$	(4.1	)	$	—	$	(22.0	)	$	(22.0	)
Asset retirement obligations		—		(17.7	)		(17.7	)		—		(31.5	)		(31.5	)
Total noncurrent liabilities held for sale	$	—	$	(21.8	)	$	(21.8	)	$	—	$	(53.5	)	$	(53.5	)