Business Combinations and Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2021

Business Combinations [Abstract]

Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed

The following is a summary of the estimated fair values of the assets acquired and the liabilities assumed as of October 1, 2021:

(in millions)
Assets:
Inventories	$	95.5
Property, plant and equipment1		859.5
Intangible assets, other than goodwill		551.0
Goodwill		989.2
Other assets		54.6
Total Assets		2,549.8
Liabilities:
Asset retirement obligations		168.9
Operating and finance lease liabilities		57.5
Other liabilities		39.9
Total Liabilities		266.3
Total Consideration	$	2,283.5

¹ Includes mineral reserves of $332.0 million.

Summary of Intangible Assets Acquired

The acquired intangible assets consist of the following:

(in millions, except year data)	Amount		Weighted-average amortization period
Subject to amortization:
Customer relationships	$	112.6	27 years
Operating permits		173.5	40 years
Total subject to amortization		286.1	35 years
Classified as held for sale and not subject to amortization:
Customer relationships		27.9
Operating permits		237.0
Total classified as held for sale		264.9
Total	$	551.0

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

Discontinued operations for the year ended December 31, 2021 include the following:

(in millions)
Total revenues	$	79.2
Earnings from operations	$	6.6
Loss on sale		(6.0	)
Pretax earnings		0.6
Income tax expense		0.1
Net earnings	$	0.5

Assets Held for Sale. Assets and liabilities held for sale as of December 31 were as follows:

(in millions)	2021			2020
Inventories, net	$	53.1		$	2.3
Property, plant and equipment		—			4.8
Intangible assets, excluding goodwill		—			0.2
Goodwill		—			0.5
Other assets		49.1			2.0
Total current assets held for sale	$	102.2		$	9.8
Property, plant and equipment	$	226.0		$	—
Intangible assets, excluding goodwill		264.9			—
Operating lease right-of-use assets		18.1			—
Goodwill		109.3			—
Other assets		4.6			—
Valuation allowance for loss on sale		(6.0	)		—
Total noncurrent assets held for sale	$	616.9		$	—
Asset retirement obligations	$	—		$	(0.3	)
Lease obligations		(7.5	)		—
Total current liabilities held for sale	$	(7.5	)	$	(0.3	)
Asset retirement obligations	$	(31.5	)	$	—
Lease obligations		(22.0	)		—
Total noncurrent liabilities held for sale	$	(53.5	)	$	—