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Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2021
Accounting Policies [Abstract]  
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:

 

December 31

(in millions)

 

2021

 

 

2020

 

 

2019

 

Cash and cash equivalents

 

$

258.4

 

 

$

207.3

 

 

$

21.0

 

Restricted cash

 

 

0.5

 

 

 

97.1

 

 

 

—

 

Total cash, cash equivalents and restricted cash

   presented in the consolidated statements of cash flows

 

$

258.9

 

 

$

304.4

 

 

$

21.0

 
Estimated Service Lives for Property Plant and Equipment

The estimated service lives for property, plant and equipment are as follows:

 

Class of Assets

 

Range of Service Lives

Buildings

 

5 to 30 years

Machinery & Equipment

 

2 to 20 years

Land Improvements

 

5 to 60 years
Components of Changes in Accumulated Other Comprehensive Loss and Related Cumulative Noncurrent Deferred Tax Assets

The components of the changes in accumulated other comprehensive loss and related cumulative noncurrent deferred tax assets are as follows:

 

 

 

Pension and

Postretirement

Benefit Plans

 

 

Foreign

Currency

 

 

Total

 

years ended December 31

(in millions)

 

2021

 

Accumulated other comprehensive loss at beginning of period

 

$

(158.1

)

 

$

(0.3

)

 

$

(158.4

)

Other comprehensive earnings before

   reclassifications, net of tax

 

 

51.3

 

 

 

0.3

 

 

 

51.6

 

Amounts reclassified from accumulated other

   comprehensive loss, net of tax

 

 

9.2

 

 

 

—

 

 

 

9.2

 

Other comprehensive earnings, net of tax

 

 

60.5

 

 

 

0.3

 

 

 

60.8

 

Accumulated other comprehensive loss at end of period

 

$

(97.6

)

 

$

—

 

 

$

(97.6

)

Cumulative noncurrent deferred tax assets at end of period

 

$

69.7

 

 

$

—

 

 

$

69.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2020

 

Accumulated other comprehensive loss at beginning of period

 

$

(144.9

)

 

$

(0.9

)

 

$

(145.8

)

Other comprehensive (loss) earnings before

   reclassifications, net of tax

 

 

(26.6

)

 

 

0.6

 

 

 

(26.0

)

Amounts reclassified from accumulated other

   comprehensive loss, net of tax

 

 

13.4

 

 

 

—

 

 

 

13.4

 

Other comprehensive (loss) earnings, net of tax

 

 

(13.2

)

 

 

0.6

 

 

 

(12.6

)

Accumulated other comprehensive loss at end of period

 

$

(158.1

)

 

$

(0.3

)

 

$

(158.4

)

Cumulative noncurrent deferred tax assets at end of period

 

$

89.4

 

 

$

—

 

 

$

89.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2019

 

Accumulated other comprehensive loss at beginning of period

 

$

(141.5

)

 

$

(2.1

)

 

$

(143.6

)

Other comprehensive (loss) earnings before reclassifications,

   net of tax

 

 

(14.5

)

 

 

1.2

 

 

 

(13.3

)

Amounts reclassified from accumulated other

   comprehensive loss, net of tax

 

 

11.1

 

 

 

—

 

 

 

11.1

 

Other comprehensive (loss) earnings, net of tax

 

 

(3.4

)

 

 

1.2

 

 

 

(2.2

)

Accumulated other comprehensive loss at end of period

 

$

(144.9

)

 

$

(0.9

)

 

$

(145.8

)

Cumulative noncurrent deferred tax assets at end of period

 

$

85.2

 

 

$

—

 

 

$

85.2

 
Reclassification Out of Accumulated Other Comprehensive Loss

Reclassifications out of accumulated other comprehensive loss are as follows:

 

years ended December 31

(in millions)

 

2021

 

 

2020

 

 

2019

 

 

Affected line items in the

consolidated statements of earnings

Pension and postretirement benefit plans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Settlement charge

 

$

—

 

 

$

3.7

 

 

$

—

 

 

 

Amortization of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prior service credit

 

 

—

 

 

 

(0.1

)

 

 

(0.8

)

 

 

Actuarial loss

 

 

12.1

 

 

 

14.3

 

 

 

15.5

 

 

 

 

 

 

12.1

 

 

 

17.9

 

 

 

14.7

 

 

Other nonoperating (income)

   and expenses, net

Tax effect

 

 

(2.9

)

 

 

(4.5

)

 

 

(3.6

)

 

Income tax expense

Total

 

$

9.2

 

 

$

13.4

 

 

$

11.1

 

 

 
Basic and Diluted Earnings from Continuing Operations Per Common Share

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

 

years ended December 31

(in millions)

 

2021

 

 

2020

 

 

2019

 

Net earnings from continuing operations attributable to

   Martin Marietta

 

$

702.0

 

 

$

721.0

 

 

$

611.9

 

Less:  distributed and undistributed earnings attributable to

   unvested participating securities

 

 

0.2

 

 

 

0.6

 

 

 

0.9

 

Basic and diluted net earnings from continuing operations attributable

   to common shareholders attributable to Martin Marietta

 

$

701.8

 

 

$

720.4

 

 

$

611.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted-average common shares outstanding

 

 

62.4

 

 

 

62.3

 

 

 

62.5

 

Effect of dilutive employee and director awards

 

 

0.2

 

 

 

0.1

 

 

 

0.2

 

Diluted weighted-average common shares outstanding

 

 

62.6

 

 

 

62.4

 

 

 

62.7