Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | Apr. 29, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | MLM | |
Entity Registrant Name | MARTIN MARIETTA MATERIALS, INC. | |
Entity Central Index Key | 0000916076 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Title of 12(b) Security | Common Stock (Par Value $0.01) | |
Security Exchange Name | NYSE | |
Entity File Number | 1-12744 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Incorporation, State or Country Code | NC | |
Entity Tax Identification Number | 56-1848578 | |
Entity Address, Address Line One | 2710 Wycliff Road | |
Entity Address, City or Town | Raleigh | |
Entity Address, State or Province | NC | |
Entity Address, Postal Zip Code | 27607-3033 | |
City Area Code | 919 | |
Local Phone Number | 781-4550 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Common Stock, Shares Outstanding | 62,241,366 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Current Assets: | ||
Cash and cash equivalents | $ 424 | $ 21 |
Accounts receivable, net | 562.8 | 573.7 |
Inventories, net | 700.5 | 690.8 |
Other current assets | 145.7 | 141.2 |
Total Current Assets | 1,833 | 1,426.7 |
Property, plant and equipment | 8,691.1 | 8,633.5 |
Allowances for depreciation, depletion and amortization | (3,505.7) | (3,427.5) |
Net property, plant and equipment | 5,185.4 | 5,206 |
Goodwill | 2,397.1 | 2,396.8 |
Other intangibles, net | 483.3 | 486.8 |
Operating lease right-of-use assets, net | 477.9 | 481.9 |
Other noncurrent assets | 126.7 | 133.4 |
Total Assets | 10,503.4 | 10,131.6 |
Current Liabilities: | ||
Accounts payable | 202 | 229.6 |
Accrued salaries, benefits and payroll taxes | 31.6 | 56.7 |
Accrued insurance and other taxes | 47.2 | 63.1 |
Current maturities of long-term debt and short-term facilities | 639.9 | 340 |
Operating lease liabilities | 52.9 | 52.7 |
Other current liabilities | 102 | 96.4 |
Total Current Liabilities | 1,075.6 | 838.5 |
Long-term debt | 2,623.9 | 2,433.6 |
Deferred income taxes, net | 737 | 733 |
Noncurrent operating lease liabilities | 429.2 | 433.9 |
Other noncurrent liabilities | 338.3 | 339.3 |
Total Liabilities | 5,204 | 4,778.3 |
Equity: | ||
Common stock, par value $0.01 per share | 0.6 | 0.6 |
Preferred stock, par value $0.01 per share | ||
Additional paid-in capital | 3,423.1 | 3,418.8 |
Accumulated other comprehensive loss | (145.4) | (145.8) |
Retained earnings | 2,018.6 | 2,077.2 |
Total Shareholders' Equity | 5,296.9 | 5,350.8 |
Noncontrolling interests | 2.5 | 2.5 |
Total Equity | 5,299.4 | 5,353.3 |
Total Liabilities and Equity | $ 10,503.4 | $ 10,131.6 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2020 | Dec. 31, 2019 |
Statement Of Financial Position [Abstract] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Consolidated Statements of Earn
Consolidated Statements of Earnings and Comprehensive Earnings (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Total Revenues | $ 958.2 | $ 939 |
Total Cost of Revenues | 815.8 | 796.1 |
Gross Profit | 142.4 | 142.9 |
Selling, general & administrative expenses | 78.7 | 78.3 |
Acquisition-related expenses | 0.3 | 0.1 |
Other operating expenses and (income), net | 5.6 | (4.7) |
Earnings from Operations | 57.8 | 69.2 |
Interest expense | 29.8 | 32.9 |
Other nonoperating expenses and (income), net | 2 | (1.6) |
Earnings before income tax expense (benefit) | 26 | 37.9 |
Income tax expense (benefit) | 0.1 | (5) |
Consolidated net earnings | 25.9 | 42.9 |
Net Earnings Attributable to Martin Marietta Materials, Inc. | 25.9 | 42.9 |
Consolidated Comprehensive Earnings: | ||
Earnings attributable to Martin Marietta Materials, Inc. | 26.3 | 46.1 |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $ 26.3 | $ 46.1 |
Net Earnings Attributable to Martin Marietta Materials, Inc. Per Common Share: | ||
Basic attributable to common shareholders | $ 0.42 | $ 0.68 |
Diluted attributable to common shareholders | $ 0.41 | $ 0.68 |
Weighted-Average Common Shares Outstanding: | ||
Basic | 62.3 | 62.6 |
Diluted | 62.5 | 62.8 |
Products and Services | ||
Total Revenues | $ 891 | $ 878.3 |
Total Cost of Revenues | 747.4 | 734.2 |
Freight | ||
Total Revenues | 67.2 | 60.7 |
Total Cost of Revenues | $ 68.4 | $ 61.9 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash Flows from Operating Activities: | ||
Consolidated net earnings | $ 25.9 | $ 42.9 |
Adjustments to reconcile consolidated net earnings to net cash provided by operating activities: | ||
Depreciation, depletion and amortization | 95 | 89.2 |
Stock-based compensation expense | 12.5 | 13.5 |
Gain on divestitures and sales of assets | (1.5) | (2.4) |
Deferred income taxes | 3.2 | 4.8 |
Other items, net | (0.4) | 0.5 |
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures: | ||
Accounts receivable, net | 10.2 | (26.1) |
Inventories, net | (9.6) | 16.4 |
Accounts payable | 4.9 | 20.4 |
Other assets and liabilities, net | (33.5) | (41.3) |
Net Cash Provided by Operating Activities | 106.7 | 117.9 |
Cash Flows from Investing Activities: | ||
Additions to property, plant and equipment | (104.1) | (130.1) |
Proceeds from divestitures and sales of assets | 15.9 | 3 |
Investments in life insurance contracts, net | (7.2) | 0.2 |
Other investing activities, net | (0.1) | (0.6) |
Net Cash Used for Investing Activities | (95.5) | (127.5) |
Cash Flows from Financing Activities: | ||
Borrowings of debt | 618 | 125 |
Repayments of debt | (127) | (85) |
Payments on financing leases | (0.8) | (1) |
Debt issuance costs | (1.1) | |
Repurchases of common stock | (50) | |
Dividends paid | (34.8) | (30.4) |
Proceeds from exercise of stock options | 0.2 | 0.6 |
Shares withheld for employees' income tax obligations | (12.7) | (7.1) |
Net Cash Provided by Financing Activities | 391.8 | 2.1 |
Net Increase (Decrease) in Cash and Cash Equivalents | 403 | (7.5) |
Cash and Cash Equivalents, beginning of period | 21 | 44.9 |
Cash and Cash Equivalents, end of period | $ 424 | $ 37.4 |
Consolidated Statements of Tota
Consolidated Statements of Total Equity (Unaudited) - USD ($) shares in Millions, $ in Millions | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Retained Earnings | Total Shareholders' Equity | Noncontrolling Interests |
Beginning Balance at Dec. 31, 2018 | $ 4,949.4 | $ 0.6 | $ 3,396.1 | $ (143.6) | $ 1,693.3 | $ 4,946.4 | $ 3 |
Beginning Balance (in shares) at Dec. 31, 2018 | 62.5 | ||||||
Consolidated net earnings | 42.9 | 42.9 | 42.9 | ||||
Other comprehensive earnings, net of tax | 3.2 | 3.2 | 3.2 | ||||
Dividends declared | (30.4) | (30.4) | (30.4) | ||||
Issuances of common stock for stock award plans | 3.9 | 3.9 | 3.9 | ||||
Issuances of common stock for stock award plans (in shares) | 0.1 | ||||||
Shares withheld for employees' income tax obligations | (7.1) | (7.1) | (7.1) | ||||
Stock-based compensation expense | 13.5 | 13.5 | 13.5 | ||||
Ending Balance at Mar. 31, 2019 | 4,975.4 | $ 0.6 | 3,406.4 | (140.4) | 1,705.8 | 4,972.4 | 3 |
Ending Balance (in shares) at Mar. 31, 2019 | 62.6 | ||||||
Beginning Balance at Dec. 31, 2019 | 5,353.3 | $ 0.6 | 3,418.8 | (145.8) | 2,077.2 | 5,350.8 | 2.5 |
Beginning Balance (in shares) at Dec. 31, 2019 | 62.4 | ||||||
Consolidated net earnings | 25.9 | 25.9 | 25.9 | ||||
Other comprehensive earnings, net of tax | 0.4 | 0.4 | 0.4 | ||||
Dividends declared | (34.5) | (34.5) | (34.5) | ||||
Issuances of common stock for stock award plans | 4.5 | 4.5 | 4.5 | ||||
Shares withheld for employees' income tax obligations | (12.7) | (12.7) | (12.7) | ||||
Repurchases of common stock | (50) | (50) | (50) | ||||
Repurchases of common stock, Shares | (0.2) | ||||||
Stock-based compensation expense | 12.5 | 12.5 | 12.5 | ||||
Ending Balance at Mar. 31, 2020 | $ 5,299.4 | $ 0.6 | $ 3,423.1 | $ (145.4) | $ 2,018.6 | $ 5,296.9 | $ 2.5 |
Ending Balance (in shares) at Mar. 31, 2020 | 62.2 |
Consolidated Statements of To_2
Consolidated Statements of Total Equity (Parenthetical) (Unaudited) - $ / shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement Of Stockholders Equity [Abstract] | ||
Dividends declared | $ 0.55 | $ 0.48 |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 1. Significant Accounting Policies Organization Martin Marietta Materials, Inc. (the Company or Martin Marietta) is a natural resource-based building materials company. The Company supplies aggregates (crushed stone, sand and gravel) through its network of approximately 300 quarries, mines and distribution yards in 27 states, Canada and the Bahamas. In the southwestern and western United States, Martin Marietta also provides cement and downstream products, namely, ready mixed concrete, asphalt and paving services, in vertically-integrated structured markets where the Company 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, ready mixed concrete and asphalt and paving product lines are reported collectively as the “Building Materials” business. Effective January 1, 2020, the Company moved the management of its one quarry in the state of Washington from the Mid-America Group to the West Group, resulting in an immaterial change to its reportable segments. The Company’s Building Materials business includes three reportable segments: the Mid-America Group, the Southeast Group and the West Group. BUILDING MATERIALS BUSINESS Reportable Segments Mid-America Group Southeast Group West Group Operating Locations Indiana, Iowa, northern Kansas, Kentucky, Maryland, Minnesota, Missouri, eastern Nebraska, North Carolina, Ohio, Pennsylvania, Alabama, Florida, Georgia, southwestern South Carolina, Tennessee, Nova Scotia and The Bahamas Arkansas, Colorado, southern Kansas, Louisiana, western Nebraska, Nevada, Oklahoma, Texas, Utah, Wyoming Product Lines Aggregates Aggregates Aggregates, Cement, Ready Mixed Concrete, Asphalt and Paving The Company has a Magnesia Specialties business with 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 in the steel and mining industries. Basis of Presentation 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, 2019. In the opinion of management, the interim consolidated financial information provided herein reflects all adjustments, consisting of normal recurring accruals, necessary for a fair statement of the results of operations, financial position and cash flows for the interim periods. The consolidated results of operations for the three months ended March 31, 2020 are not indicative of the results expected for other interim periods or the full year. The consolidated balance sheet at December 31, 2019 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, 2019 . 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, including the impact of the coronavirus (COVID-19) pandemic and the related societal response, 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. New Accounting Pronouncement Credit Losses Effective January 1, 2020, the Company adopted Accounting Standards Update (ASU) 2016-13, Financial Instruments – Credit Losses The Company records an allowance for credit losses, which includes a provision for probable losses based on historical write-offs and a specific reserve for accounts deemed at risk. The allowance is the Company’s estimate for receivables as of the balance sheet date that ultimately will not be collected. Any changes in the allowance are reflected in earnings in the period in which the change occurs. The Company writes-off accounts receivable when it becomes probable, based upon customer facts and circumstances, that such amounts will not be collected. Consolidated Comprehensive Earnings/Loss and Accumulated Other Comprehensive Loss Consolidated comprehensive earnings/loss and accumulated other comprehensive loss consist of consolidated net earnings or loss; 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. Comprehensive earnings attributable to Martin Marietta is as follows: Three Months Ended March 31, 2020 2019 (Dollars in Millions) Net earnings attributable to Martin Marietta Materials, Inc. $ 25.9 $ 42.9 Other comprehensive earnings, net of tax 0.4 3.2 Comprehensive earnings attributable to Martin Marietta Materials, Inc. $ 26.3 $ 46.1 Changes in accumulated other comprehensive loss, net of tax, are as follows: (Dollars in Millions) Pension and Postretirement Benefit Plans Foreign Currency Accumulated Other Comprehensive Loss Three Months Ended March 31, 2020 Balance at beginning of period $ (144.9 ) $ (0.9 ) $ (145.8 ) Other comprehensive loss before reclassifications, net of tax — (2.1 ) (2.1 ) Amounts reclassified from accumulated other comprehensive loss, net of tax 2.5 — 2.5 Other comprehensive earnings (loss), net of tax 2.5 (2.1 ) 0.4 Balance at end of period $ (142.4 ) $ (3.0 ) $ (145.4 ) Three Months Ended March 31, 2019 Balance at beginning of period $ (141.5 ) $ (2.1 ) $ (143.6 ) Other comprehensive earnings before reclassifications, net of tax — 0.5 0.5 Amounts reclassified from accumulated other comprehensive loss, net of tax 2.7 — 2.7 Other comprehensive earnings, net of tax 2.7 0.5 3.2 Balance at end of period $ (138.8 ) $ (1.6 ) $ (140.4 ) Changes in net noncurrent deferred tax assets recorded in accumulated other comprehensive loss are as follows: (Dollars in Millions) Pension and Postretirement Benefit Plans Three Months Ended March 31, 2020 Balance at beginning of period $ 85.2 Tax effect of other comprehensive earnings (0.8 ) Balance at end of period $ 84.4 Three Months Ended March 31, 2019 Balance at beginning of period $ 84.2 Tax effect of other comprehensive earnings (0.9 ) Balance at end of period $ 83.3 Reclassifications out of accumulated other comprehensive loss are as follows: Three Months Ended Affected line items in the consolidated March 31, statements of earnings and 2020 2019 comprehensive earnings (Dollars in Millions) Pension and postretirement benefit plans Amortization of: Prior service credit $ — $ (0.2 ) Actuarial loss 3.3 3.8 3.3 3.6 Other nonoperating expenses and (income), net Tax benefit (0.8 ) (0.9 ) Income tax expense (benefit) $ 2.5 $ 2.7 Earnings per Common Share The numerator for basic and diluted earnings per common share is net earnings attributable to Martin Marietta Materials, Inc. reduced by dividends and undistributed earnings attributable to certain of the Company’s stock-based compensation. If there is a net loss, no amount of the undistributed loss is attributed to unvested participating securities. The denominator for basic earnings per common share is the weighted-average number of common shares outstanding during the period. Diluted earnings per common share are computed assuming that the weighted-average number of common shares is increased by the conversion, using the treasury stock method, of awards to be issued to employees and nonemployee members of the Company’s Board of Directors under certain stock-based compensation arrangements if the conversion is dilutive. For the three months ended March 31, 2020 and 2019, the diluted per-share computations reflect the number of common shares outstanding to include the number of additional shares that would have been outstanding if the potentially dilutive common shares had been issued. The following table reconciles the numerator and denominator for basic and diluted earnings per common share: Three Months Ended March 31, 2020 2019 (In Millions) Net earnings attributable to Martin Marietta Materials, Inc. $ 25.9 $ 42.9 Less: Distributed and undistributed earnings attributable to unvested awards — 0.1 Basic and diluted net earnings available to common shareholders attributable to Martin Marietta Materials, Inc. $ 25.9 $ 42.8 Basic weighted-average common shares outstanding 62.3 62.6 Effect of dilutive employee and director awards 0.2 0.2 Diluted weighted-average common shares outstanding 62.5 62.8 |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Revenue Recognition | 2. Revenue Recognition Total revenues include sales of products and services to customers, net of any discounts or allowances, and freight revenues. Product revenues are recognized when control of the promised good is transferred to the customer, typically when finished products are shipped. Intersegment and interproduct revenues are eliminated in consolidation. Service revenues are derived from the paving business and recognized using the percentage-of-completion 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 21 months. For product revenues and freight revenues, customer payment terms are generally 30 days from invoice date. Customer payments for the paving operations are based on a contractual billing schedule and are due 30 days from invoice date. Future revenues from unsatisfied performance obligations at March 31, 2020 and 2019 were $212.7 million and $149.4 million, respectively, where the remaining periods to complete these obligations ranged from one month to 21 months Revenue by Category. The following table presents the Company’s total revenues by category for each reportable segment. Prior-year segment information has been reclassified to conform to the reporting structure change described in Note 1. Three Months Ended March 31, 2020 Products and Services Freight Total (Dollars in Millions) Mid-America Group $ 241.0 $ 19.8 $ 260.8 Southeast Group 116.9 4.2 121.1 West Group 473.2 37.4 510.6 Total Building Materials Business 831.1 61.4 892.5 Magnesia Specialties 59.9 5.8 65.7 Total $ 891.0 $ 67.2 $ 958.2 Three Months Ended March 31, 2019 Products and Services Freight Total (Dollars in Millions) Mid-America Group $ 229.6 $ 18.5 $ 248.1 Southeast Group 115.3 3.9 119.2 West Group 464.2 33.4 497.6 Total Building Materials Business 809.1 55.8 864.9 Magnesia Specialties 69.2 4.9 74.1 Total $ 878.3 $ 60.7 $ 939.0 Service revenues, which include paving operations located in Colorado, were $14.5 million and $9.9 million for the three months ended March 31, 2020 and 2019, respectively. 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: (Dollars in Millions) March 31, 2020 December 31, 2019 Costs in excess of billings $ 3.8 $ 2.8 Billings in excess of costs $ 5.4 $ 7.8 Revenues recognized from the beginning balance of contract liabilities for the three months ended March 31, 2020 and 2019 were $4.4 million and $3.8 million, respectively. Retainage, which primarily relates to the paving services, represents amounts that have been billed to customers but payment withheld until final acceptance by the customer of the performance obligation. Included in other current assets on the Company’s consolidated balance sheets, retainage was $8.5 million and $10.2 million at March 31, 2020 and December 31, 2019, respectively. Warranties. The Company’s construction contracts generally contain warranty provisions typically for a period of nine months to one year after project completion and cover materials, design or workmanship defects. Historically, the Company has not experienced material costs for warranties. The ready mixed concrete product line carries longer warranty periods, for which the Company has accrued an estimate of warranty cost based on experience with the type of work and any known risks relative to the project. In total, warranty costs were not material to the Company’s consolidated results of operations for the three months ended March 31, 2020 and 2019. Policy Elections. When the Company arranges third-party freight to deliver products to customers, the Company has elected the delivery to be a fulfillment activity rather than a separate performance obligation. Further, the Company acts as a principal in the delivery arrangements and, as required by the accounting standard, the related revenues and costs are presented gross and are included in the consolidated statements of earnings. |
Inventories, Net
Inventories, Net | 3 Months Ended |
Mar. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories, Net | 3 . Inventories, Net March 31, December 31, 2020 2019 (Dollars in Millions) Finished products $ 657.1 $ 643.6 Products in process 40.2 41.9 Raw materials 36.7 32.4 Supplies and expendable parts 140.5 141.5 874.5 859.4 Less: Allowances (174.0 ) (168.6 ) Total $ 700.5 $ 690.8 |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 4 . Long-Term Debt March 31, December 31, 2020 2019 (Dollars in Millions) 4.25% Senior Notes, due 2024 $ 397.2 $ 397.0 7% Debentures, due 2025 124.4 124.4 3.450% Senior Notes, due 2027 297.3 297.3 3.500% Senior Notes, due 2027 495.4 495.3 2.500% Senior Notes, due 2030 489.5 — 6.25% Senior Notes, due 2037 228.2 228.1 4.250% Senior Notes, due 2047 591.7 591.7 Floating Rate Senior Notes, due 2020, interest rate of 2.33% and 2.55% at March 31, 2020 and December 31, 2019, respectively 299.9 299.7 Trade Receivable Facility, interest rate of 2.31% and 2.42% at March 31, 2020 and December 31, 2019, respectively 340.0 340.0 Other notes 0.2 0.1 Total debt 3,263.8 2,773.6 Less: Current maturities of long-term debt and short-term facilities (639.9 ) (340.0 ) Long-term debt $ 2,623.9 $ 2,433.6 On March 5, 2020, the Company issued $500 million aggregate principal amount of 2.500% Senior Notes due 2030 (the 2.500% Senior Notes). The 2.500% Senior Notes are carried net of original issue discount, which is being amortized by the effective interest method over the life of the issue. The 2.500% Senior Notes are redeemable prior to December 15, 2029 at their make-whole redemption price at a discount rate of the U.S. Treasury Rate plus 30 basis points, or on or after December 15, 2029 at a redemption price equal to 100% of the principal amount plus accrued and unpaid interest to the date of redemption. The Company intends to use the net proceeds for general corporate purposes, including the repayment at maturity of $300 million of existing Floating Rate Notes due May 2020, which was classified as current long-term debt on the consolidated balance sheet at March 31, 2020. At December 31, 2019, the Floating Rate Senior Notes due May 2020 were classified as noncurrent long-term debt on the consolidated balance sheet as the Company had the intent and ability to refinance the notes on a long-term basis. T he , through a wholly-owned special-purpose subsidiary, has a $400 million trade receivable securitization facility (the Trade Receivable Facility) which matures on September 23, 2020 The Trade Receivable Facility, with Truist Bank, Regions Bank, PNC Bank, N.A., The Bank of Tokyo-Mitsubishi UFJ, LTD. (New York Branch), and certain other lenders that may become a party to the facility from time to time, is backed by eligible trade receivables, as defined, and is limited to the lesser of the facility limit or the borrowing base, as defined. These receivables are originated by the and then sold to the wholly-owned special-purpose subsidiary by the . The con tinues to be responsible for the servicing and administration of the receivables purchased by the wholly-owned special-purpose . Borrowings under the Trade Receivable Facility bear interest at a rate equal to one-month London Interbank Offered Rate, or LIBOR, plus 0.725%, subject to change in the event that this rate no longer reflects the lender’s cost of lending . The The Company has a $700 million five-year The Revolving Facility expires on December 5, 2024, with any outstanding principal amounts, together with interest accrued thereon, due in full on that date. Available borrowings under the Revolving Facility are reduced by any outstanding letters of credit issued by the Company under the Revolving Facility. The Company had $2.3 million of outstanding letters of credit issued under the Revolving Facility at March 31, 2020 and December 31, 2019. |
Financial Instruments
Financial Instruments | 3 Months Ended |
Mar. 31, 2020 | |
Financial Instruments Disclosure [Abstract] | |
Financial Instruments | 5 . Financial Instruments The Company’s financial instruments include cash equivalents, accounts receivable, notes receivable, accounts payable, publicly-registered long-term notes, debentures and other long-term debt. Cash equivalents are placed primarily in money market funds, money market demand deposit accounts and Eurodollar time deposits. The Company’s cash equivalents have original 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. Accounts receivable are due from a large number of customers, primarily in the construction industry, and are dispersed across wide geographic and economic regions. No single customer accounted for 10% or more of consolidated total revenues. The estimated fair values of accounts receivable approximate their carrying amounts due to the short-term nature of the receivables. Notes receivable are not publicly traded. Management estimates that the fair value of notes receivable approximates the carrying amount due to the short-term nature of the receivables. Accounts payable represent amounts owed to suppliers and vendors. The estimated fair value of accounts payable approximates the carrying amount due to the short-term nature of the payables. The carrying values and fair values of the Company’s long-term debt were $3.26 billion and $3.23 billion, respectively, at March 31, 2020 and $2.77 billion and $2.94 billion, respectively, at December 31, 2019. The estimated fair value of the publicly-registered long-term notes was estimated based on Level 2 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. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 6 . Income Taxes The effective income tax rate reflects the effect of federal and state income taxes on earnings and the impact of differences in book and tax accounting arising from the permanent tax benefits associated with the statutory depletion deduction for mineral reserves. For the three months ended March 31, 2020, the low effective income tax rate of 0.6% was primarily attributable to a $6.9 million discrete benefit from financing third-party railroad maintenance. In exchange, the Company received a federal income tax credit and deduction. For the three months ended March 31, 2019, the effective income tax rate included a $13.2 million discrete benefit from a change in the tax status of a subsidiary from a partnership to a corporation, contributing to an overall income tax benefit of $5.0 million. The Company records interest accrued in relation to unrecognized tax benefits as income tax expense. Penalties, if incurred, are recorded as operating expenses in the consolidated statements of earnings and comprehensive earnings. |
Pension and Postretirement Bene
Pension and Postretirement Benefits | 3 Months Ended |
Mar. 31, 2020 | |
Compensation And Retirement Disclosure [Abstract] | |
Pension and Postretirement Benefits | 7 . Pension and Postretirement Benefits The estimated components of the recorded net periodic benefit cost (credit) for pension and postretirement benefits are as follows: Pension Postretirement Benefits Three Months Ended March 31, 2020 2019 2020 2019 (Dollars in Millions) Service cost $ 9.7 $ 7.9 $ — $ — Interest cost 9.2 9.4 0.1 0.1 Expected return on assets (14.6 ) (12.0 ) — — Amortization of: Prior service cost (credit) 0.2 — (0.2 ) (0.2 ) Actuarial loss (gain) 3.3 3.9 — (0.1 ) Net periodic benefit cost (credit) $ 7.8 $ 9.2 $ (0.1 ) $ (0.2 ) The service cost component of net periodic benefit cost (credit) is included in cost of revenues – products and services and selling, general and administrative expenses. All other components are included in other nonoperating expenses and (income), net, in the consolidated statements of earnings and comprehensive earnings. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 8 . 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 the protection of the environment. 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, which court the case is in and whether it is a jury trial, the progress of the case, existing law and precedent, the opinions or views of legal counsel and other advisers, the Company’s experience in similar cases and the experience of other companies, the facts available to the Company at the time of assessment, and how the Company intends to respond to the proceeding or claim. The Company’s assessment of these factors may change over time as proceedings or claims progress. The Company believes the probability is remote that the outcome of any currently pending legal or administrative proceeding will result in a material loss to the Company as a whole, based on currently available facts. Borrowing Arrangements with Affiliate The Company is a co-borrower with an unconsolidated affiliate for a $12.5 million revolving line of credit agreement with Truist Bank, of which $11.2 million was outstanding as of March 31, 2020 and has a maturity date of March 2022. The affiliate has agreed to reimburse and indemnify the Company for any payments and expenses the Company may incur from this agreement. The Company holds a lien on the affiliate’s membership interest in a joint venture as collateral for payment under the revolving line of credit. In addition, the Company has a $6.0 million interest-only loan, due December 31, 2022, outstanding from this unconsolidated affiliate as of March 31, 2020 and December 31, 2019. The interest rate is one-month LIBOR plus a current spread of 1.75%. Letters of Credit In the normal course of business, the Company provides certain third parties with standby letter of credit agreements guaranteeing its payment for certain insurance claims, contract performance and permit requirements. At March 31, 2020, the Company was contingently liable for $32.9 million in letters of credit, of which $2.3 million were issued under the Company’s Revolving Facility. |
Business Segments
Business Segments | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Business Segments | 9 . Business Segments The Building Materials business contains three reportable business segments: Mid-America Group, Southeast Group and West Group. The Company also has a Magnesia Specialties segment. The Company’s evaluation of performance and allocation of resources are based primarily on earnings from operations. Consolidated earnings from operations include total revenues less cost of revenues; selling, general and administrative expenses; acquisition-related expenses, net; other operating income and expenses, net; and exclude interest expense; other nonoperating income and expenses, net; and taxes on income. Corporate loss from operations primarily includes depreciation on capitalized interest; unallocated expenses for corporate administrative functions; acquisition-related expenses, net; and other nonrecurring income and expenses excluded from the Company’s evaluation of business segment performance and resource allocation. All debt and related interest expense are held at Corporate. The following table displays selected financial data for the Company’s reportable business segments. Total revenues, as presented on the consolidated statements of earnings and comprehensive earnings, exclude intersegment revenues which represent sales from one segment to another segment, which are eliminated. Prior-year segment information has been reclassified to conform to the reporting structure change described in Note 1. Three Months Ended March 31, 2020 2019 (Dollars in Millions) Total revenues Mid-America Group $ 260.8 $ 248.1 Southeast Group 121.1 119.2 West Group 510.6 497.6 Total Building Materials Business 892.5 864.9 Magnesia Specialties 65.7 74.1 Total $ 958.2 $ 939.0 Products and services revenues: Mid-America Group $ 241.0 $ 229.6 Southeast Group 116.9 115.3 West Group 473.2 464.2 Total Building Materials Business 831.1 809.1 Magnesia Specialties 59.9 69.2 Total $ 891.0 $ 878.3 Earnings (Loss) from operations Mid-America Group $ 20.8 $ 30.6 Southeast Group 14.0 21.1 West Group 22.7 20.3 Total Building Materials Business 57.5 72.0 Magnesia Specialties 21.7 22.6 Corporate (21.4 ) (25.4 ) Total $ 57.8 $ 69.2 |
Revenues and Gross Profit
Revenues and Gross Profit | 3 Months Ended |
Mar. 31, 2020 | |
Revenues And Gross Profit [Abstract] | |
Revenues and Gross Profit | 1 0 . Revenues and Gross Profit The Building Materials business includes the aggregates, cement, ready mixed concrete and asphalt and paving product lines. All cement, ready mixed concrete and asphalt and paving product lines reside in the West Group. The following table, which is reconciled to consolidated amounts, provides total revenues and gross profit by product line. The Company’s two cold mix asphalt plants have been reclassified from the asphalt and paving product line to the aggregates product line. These operations did not represent a material amount of product revenues and gross profit. Prior-year information has been reclassified to conform to the presentation of the Company’s current reportable product lines. Three Months Ended March 31, 2020 2019 (Dollars in Millions) Total revenues: Building Materials Business: Products and services: Aggregates $ 570.3 $ 544.9 Cement 106.6 99.0 Ready mixed concrete 189.7 211.2 Asphalt and paving services 18.1 12.4 Less: interproduct revenues (53.6 ) (58.4 ) Products and services 831.1 809.1 Freight 61.4 55.8 Total Building Materials Business 892.5 864.9 Magnesia Specialties: Products and services 59.9 69.2 Freight 5.8 4.9 Total Magnesia Specialties 65.7 74.1 Total $ 958.2 $ 939.0 Gross profit (loss) Building Materials Business: Products and services: Aggregates $ 93.4 $ 98.0 Cement 27.3 13.8 Ready mixed concrete 5.9 14.5 Asphalt and paving services (8.1 ) (8.3 ) Products and services 118.5 118.0 Freight (0.3 ) (0.2 ) Total Building Materials Business 118.2 117.8 Magnesia Specialties: Products and services 26.1 26.5 Freight (0.9 ) (1.0 ) Total Magnesia Specialties 25.2 25.5 Corporate (1.0 ) (0.4 ) Total $ 142.4 $ 142.9 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 3 Months Ended |
Mar. 31, 2020 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | 1 1 . Supplemental Cash Flow Information Noncash investing and financing activities are as follows: March 31, 2020 2019 (Dollars in Millions) Noncash investing and financing activities: Accrued liabilities for purchases of property, plant and equipment $ 21.4 $ 20.6 Accrued proceeds from company-owned life insurance benefits $ 0.8 $ — Acquisition of assets through swap $ — $ 1.1 Receivable issued in connection with sale of property, plant and equipment $ — $ 1.3 Right-of-use assets obtained in exchange for new operating lease liabilities $ 12.7 $ 16.9 Right-of-use assets obtained in exchange for new finance lease liabilities $ — $ 0.2 Supplemental disclosures of cash flow information are as follows: March 31, 2020 2019 (Dollars in Millions) Cash paid for interest $ 11.9 $ 17.8 Cash paid for income taxes $ 1.4 $ 3.9 During the quarter ended March 31, 2020, the Company repaid $7.2 million of loans related to its company-owned life insurance policies. The repayment is included in the ‘Investments in life insurance contracts, net’ in the investing activities of the consolidated statement of cash flows. |
Other Operating Expenses and (I
Other Operating Expenses and (Income), Net | 3 Months Ended |
Mar. 31, 2020 | |
Other Income And Expenses [Abstract] | |
Other Operating Expenses and (Income), Net | 1 2 . Other Operating Expenses and (Income), Net Other operating expenses and (income), net, for the quarter ended March 31, 2020, reflects higher bad debt expense and lower gains on sales of assets compared with the prior-year period. Additionally, other operating expenses and (income), net, for the three months ended March 31, 2019, reflects the reversal of $4.2 million of accruals for unclaimed property contingencies. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Organization | Organization Martin Marietta Materials, Inc. (the Company or Martin Marietta) is a natural resource-based building materials company. The Company supplies aggregates (crushed stone, sand and gravel) through its network of approximately 300 quarries, mines and distribution yards in 27 states, Canada and the Bahamas. In the southwestern and western United States, Martin Marietta also provides cement and downstream products, namely, ready mixed concrete, asphalt and paving services, in vertically-integrated structured markets where the Company 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, ready mixed concrete and asphalt and paving product lines are reported collectively as the “Building Materials” business. Effective January 1, 2020, the Company moved the management of its one quarry in the state of Washington from the Mid-America Group to the West Group, resulting in an immaterial change to its reportable segments. The Company’s Building Materials business includes three reportable segments: the Mid-America Group, the Southeast Group and the West Group. BUILDING MATERIALS BUSINESS Reportable Segments Mid-America Group Southeast Group West Group Operating Locations Indiana, Iowa, northern Kansas, Kentucky, Maryland, Minnesota, Missouri, eastern Nebraska, North Carolina, Ohio, Pennsylvania, Alabama, Florida, Georgia, southwestern South Carolina, Tennessee, Nova Scotia and The Bahamas Arkansas, Colorado, southern Kansas, Louisiana, western Nebraska, Nevada, Oklahoma, Texas, Utah, Wyoming Product Lines Aggregates Aggregates Aggregates, Cement, Ready Mixed Concrete, Asphalt and Paving The Company has a Magnesia Specialties business with 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 in the steel and mining industries. |
Basis of Presentation | Basis of Presentation 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, 2019. In the opinion of management, the interim consolidated financial information provided herein reflects all adjustments, consisting of normal recurring accruals, necessary for a fair statement of the results of operations, financial position and cash flows for the interim periods. The consolidated results of operations for the three months ended March 31, 2020 are not indicative of the results expected for other interim periods or the full year. The consolidated balance sheet at December 31, 2019 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, 2019 . 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, including the impact of the coronavirus (COVID-19) pandemic and the related societal response, 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. |
New Accounting Pronouncement | New Accounting Pronouncement Credit Losses Effective January 1, 2020, the Company adopted Accounting Standards Update (ASU) 2016-13, Financial Instruments – Credit Losses The Company records an allowance for credit losses, which includes a provision for probable losses based on historical write-offs and a specific reserve for accounts deemed at risk. The allowance is the Company’s estimate for receivables as of the balance sheet date that ultimately will not be collected. Any changes in the allowance are reflected in earnings in the period in which the change occurs. The Company writes-off accounts receivable when it becomes probable, based upon customer facts and circumstances, that such amounts will not be collected. |
Consolidated Comprehensive Earnings/Loss and Accumulated Other Comprehensive Loss | Consolidated Comprehensive Earnings/Loss and Accumulated Other Comprehensive Loss Consolidated comprehensive earnings/loss and accumulated other comprehensive loss consist of consolidated net earnings or loss; 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. Comprehensive earnings attributable to Martin Marietta is as follows: Three Months Ended March 31, 2020 2019 (Dollars in Millions) Net earnings attributable to Martin Marietta Materials, Inc. $ 25.9 $ 42.9 Other comprehensive earnings, net of tax 0.4 3.2 Comprehensive earnings attributable to Martin Marietta Materials, Inc. $ 26.3 $ 46.1 Changes in accumulated other comprehensive loss, net of tax, are as follows: (Dollars in Millions) Pension and Postretirement Benefit Plans Foreign Currency Accumulated Other Comprehensive Loss Three Months Ended March 31, 2020 Balance at beginning of period $ (144.9 ) $ (0.9 ) $ (145.8 ) Other comprehensive loss before reclassifications, net of tax — (2.1 ) (2.1 ) Amounts reclassified from accumulated other comprehensive loss, net of tax 2.5 — 2.5 Other comprehensive earnings (loss), net of tax 2.5 (2.1 ) 0.4 Balance at end of period $ (142.4 ) $ (3.0 ) $ (145.4 ) Three Months Ended March 31, 2019 Balance at beginning of period $ (141.5 ) $ (2.1 ) $ (143.6 ) Other comprehensive earnings before reclassifications, net of tax — 0.5 0.5 Amounts reclassified from accumulated other comprehensive loss, net of tax 2.7 — 2.7 Other comprehensive earnings, net of tax 2.7 0.5 3.2 Balance at end of period $ (138.8 ) $ (1.6 ) $ (140.4 ) Changes in net noncurrent deferred tax assets recorded in accumulated other comprehensive loss are as follows: (Dollars in Millions) Pension and Postretirement Benefit Plans Three Months Ended March 31, 2020 Balance at beginning of period $ 85.2 Tax effect of other comprehensive earnings (0.8 ) Balance at end of period $ 84.4 Three Months Ended March 31, 2019 Balance at beginning of period $ 84.2 Tax effect of other comprehensive earnings (0.9 ) Balance at end of period $ 83.3 Reclassifications out of accumulated other comprehensive loss are as follows: Three Months Ended Affected line items in the consolidated March 31, statements of earnings and 2020 2019 comprehensive earnings (Dollars in Millions) Pension and postretirement benefit plans Amortization of: Prior service credit $ — $ (0.2 ) Actuarial loss 3.3 3.8 3.3 3.6 Other nonoperating expenses and (income), net Tax benefit (0.8 ) (0.9 ) Income tax expense (benefit) $ 2.5 $ 2.7 |
Earnings per Common Share | Earnings per Common Share The numerator for basic and diluted earnings per common share is net earnings attributable to Martin Marietta Materials, Inc. reduced by dividends and undistributed earnings attributable to certain of the Company’s stock-based compensation. If there is a net loss, no amount of the undistributed loss is attributed to unvested participating securities. The denominator for basic earnings per common share is the weighted-average number of common shares outstanding during the period. Diluted earnings per common share are computed assuming that the weighted-average number of common shares is increased by the conversion, using the treasury stock method, of awards to be issued to employees and nonemployee members of the Company’s Board of Directors under certain stock-based compensation arrangements if the conversion is dilutive. For the three months ended March 31, 2020 and 2019, the diluted per-share computations reflect the number of common shares outstanding to include the number of additional shares that would have been outstanding if the potentially dilutive common shares had been issued. The following table reconciles the numerator and denominator for basic and diluted earnings per common share: Three Months Ended March 31, 2020 2019 (In Millions) Net earnings attributable to Martin Marietta Materials, Inc. $ 25.9 $ 42.9 Less: Distributed and undistributed earnings attributable to unvested awards — 0.1 Basic and diluted net earnings available to common shareholders attributable to Martin Marietta Materials, Inc. $ 25.9 $ 42.8 Basic weighted-average common shares outstanding 62.3 62.6 Effect of dilutive employee and director awards 0.2 0.2 Diluted weighted-average common shares outstanding 62.5 62.8 |
Policy Elections | Policy Elections. When the Company arranges third-party freight to deliver products to customers, the Company has elected the delivery to be a fulfillment activity rather than a separate performance obligation. Further, the Company acts as a principal in the delivery arrangements and, as required by the accounting standard, the related revenues and costs are presented gross and are included in the consolidated statements of earnings. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Significant Accounting Policies [Line Items] | |
Changes in Accumulated Other Comprehensive Loss Net of Tax | Changes in accumulated other comprehensive loss, net of tax, are as follows: (Dollars in Millions) Pension and Postretirement Benefit Plans Foreign Currency Accumulated Other Comprehensive Loss Three Months Ended March 31, 2020 Balance at beginning of period $ (144.9 ) $ (0.9 ) $ (145.8 ) Other comprehensive loss before reclassifications, net of tax — (2.1 ) (2.1 ) Amounts reclassified from accumulated other comprehensive loss, net of tax 2.5 — 2.5 Other comprehensive earnings (loss), net of tax 2.5 (2.1 ) 0.4 Balance at end of period $ (142.4 ) $ (3.0 ) $ (145.4 ) Three Months Ended March 31, 2019 Balance at beginning of period $ (141.5 ) $ (2.1 ) $ (143.6 ) Other comprehensive earnings before reclassifications, net of tax — 0.5 0.5 Amounts reclassified from accumulated other comprehensive loss, net of tax 2.7 — 2.7 Other comprehensive earnings, net of tax 2.7 0.5 3.2 Balance at end of period $ (138.8 ) $ (1.6 ) $ (140.4 ) |
Noncurrent Deferred Tax Assets Recorded In Accumulated Other Comprehensive Loss | Changes in net noncurrent deferred tax assets recorded in accumulated other comprehensive loss are as follows: (Dollars in Millions) Pension and Postretirement Benefit Plans Three Months Ended March 31, 2020 Balance at beginning of period $ 85.2 Tax effect of other comprehensive earnings (0.8 ) Balance at end of period $ 84.4 Three Months Ended March 31, 2019 Balance at beginning of period $ 84.2 Tax effect of other comprehensive earnings (0.9 ) Balance at end of period $ 83.3 |
Reclassification Out of Accumulated Other Comprehensive Loss | Reclassifications out of accumulated other comprehensive loss are as follows: Three Months Ended Affected line items in the consolidated March 31, statements of earnings and 2020 2019 comprehensive earnings (Dollars in Millions) Pension and postretirement benefit plans Amortization of: Prior service credit $ — $ (0.2 ) Actuarial loss 3.3 3.8 3.3 3.6 Other nonoperating expenses and (income), net Tax benefit (0.8 ) (0.9 ) Income tax expense (benefit) $ 2.5 $ 2.7 |
Basic and Diluted Earnings Per Common Share | The following table reconciles the numerator and denominator for basic and diluted earnings per common share: Three Months Ended March 31, 2020 2019 (In Millions) Net earnings attributable to Martin Marietta Materials, Inc. $ 25.9 $ 42.9 Less: Distributed and undistributed earnings attributable to unvested awards — 0.1 Basic and diluted net earnings available to common shareholders attributable to Martin Marietta Materials, Inc. $ 25.9 $ 42.8 Basic weighted-average common shares outstanding 62.3 62.6 Effect of dilutive employee and director awards 0.2 0.2 Diluted weighted-average common shares outstanding 62.5 62.8 |
Parent | |
Significant Accounting Policies [Line Items] | |
Comprehensive Earnings | Comprehensive earnings attributable to Martin Marietta is as follows: Three Months Ended March 31, 2020 2019 (Dollars in Millions) Net earnings attributable to Martin Marietta Materials, Inc. $ 25.9 $ 42.9 Other comprehensive earnings, net of tax 0.4 3.2 Comprehensive earnings attributable to Martin Marietta Materials, Inc. $ 26.3 $ 46.1 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Schedule of Company's Total Revenues by Category for each Reportable Segment | The following table presents the Company’s total revenues by category for each reportable segment. Prior-year segment information has been reclassified to conform to the reporting structure change described in Note 1. Three Months Ended March 31, 2020 Products and Services Freight Total (Dollars in Millions) Mid-America Group $ 241.0 $ 19.8 $ 260.8 Southeast Group 116.9 4.2 121.1 West Group 473.2 37.4 510.6 Total Building Materials Business 831.1 61.4 892.5 Magnesia Specialties 59.9 5.8 65.7 Total $ 891.0 $ 67.2 $ 958.2 Three Months Ended March 31, 2019 Products and Services Freight Total (Dollars in Millions) Mid-America Group $ 229.6 $ 18.5 $ 248.1 Southeast Group 115.3 3.9 119.2 West Group 464.2 33.4 497.6 Total Building Materials Business 809.1 55.8 864.9 Magnesia Specialties 69.2 4.9 74.1 Total $ 878.3 $ 60.7 $ 939.0 |
Summary of Information About the Company's Contract Balances | The following table presents information about the Company’s contract balances: (Dollars in Millions) March 31, 2020 December 31, 2019 Costs in excess of billings $ 3.8 $ 2.8 Billings in excess of costs $ 5.4 $ 7.8 |
Inventories, Net (Tables)
Inventories, Net (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories Net | March 31, December 31, 2020 2019 (Dollars in Millions) Finished products $ 657.1 $ 643.6 Products in process 40.2 41.9 Raw materials 36.7 32.4 Supplies and expendable parts 140.5 141.5 874.5 859.4 Less: Allowances (174.0 ) (168.6 ) Total $ 700.5 $ 690.8 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | March 31, December 31, 2020 2019 (Dollars in Millions) 4.25% Senior Notes, due 2024 $ 397.2 $ 397.0 7% Debentures, due 2025 124.4 124.4 3.450% Senior Notes, due 2027 297.3 297.3 3.500% Senior Notes, due 2027 495.4 495.3 2.500% Senior Notes, due 2030 489.5 — 6.25% Senior Notes, due 2037 228.2 228.1 4.250% Senior Notes, due 2047 591.7 591.7 Floating Rate Senior Notes, due 2020, interest rate of 2.33% and 2.55% at March 31, 2020 and December 31, 2019, respectively 299.9 299.7 Trade Receivable Facility, interest rate of 2.31% and 2.42% at March 31, 2020 and December 31, 2019, respectively 340.0 340.0 Other notes 0.2 0.1 Total debt 3,263.8 2,773.6 Less: Current maturities of long-term debt and short-term facilities (639.9 ) (340.0 ) Long-term debt $ 2,623.9 $ 2,433.6 |
Pension and Postretirement Be_2
Pension and Postretirement Benefits (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Compensation And Retirement Disclosure [Abstract] | |
Schedule of Components of Net Periodic Benefit Cost (Credit) | The estimated components of the recorded net periodic benefit cost (credit) for pension and postretirement benefits are as follows: Pension Postretirement Benefits Three Months Ended March 31, 2020 2019 2020 2019 (Dollars in Millions) Service cost $ 9.7 $ 7.9 $ — $ — Interest cost 9.2 9.4 0.1 0.1 Expected return on assets (14.6 ) (12.0 ) — — Amortization of: Prior service cost (credit) 0.2 — (0.2 ) (0.2 ) Actuarial loss (gain) 3.3 3.9 — (0.1 ) Net periodic benefit cost (credit) $ 7.8 $ 9.2 $ (0.1 ) $ (0.2 ) |
Business Segments (Tables)
Business Segments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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 business segments. Total revenues, as presented on the consolidated statements of earnings and comprehensive earnings, exclude intersegment revenues which represent sales from one segment to another segment, which are eliminated. Prior-year segment information has been reclassified to conform to the reporting structure change described in Note 1. Three Months Ended March 31, 2020 2019 (Dollars in Millions) Total revenues Mid-America Group $ 260.8 $ 248.1 Southeast Group 121.1 119.2 West Group 510.6 497.6 Total Building Materials Business 892.5 864.9 Magnesia Specialties 65.7 74.1 Total $ 958.2 $ 939.0 Products and services revenues: Mid-America Group $ 241.0 $ 229.6 Southeast Group 116.9 115.3 West Group 473.2 464.2 Total Building Materials Business 831.1 809.1 Magnesia Specialties 59.9 69.2 Total $ 891.0 $ 878.3 Earnings (Loss) from operations Mid-America Group $ 20.8 $ 30.6 Southeast Group 14.0 21.1 West Group 22.7 20.3 Total Building Materials Business 57.5 72.0 Magnesia Specialties 21.7 22.6 Corporate (21.4 ) (25.4 ) Total $ 57.8 $ 69.2 |
Revenues and Gross Profit (Tabl
Revenues and Gross Profit (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Revenues And Gross Profit [Abstract] | |
Total Revenues and Gross Profit by Product Line | The following table, which is reconciled to consolidated amounts, provides total revenues and gross profit by product line. Three Months Ended March 31, 2020 2019 (Dollars in Millions) Total revenues: Building Materials Business: Products and services: Aggregates $ 570.3 $ 544.9 Cement 106.6 99.0 Ready mixed concrete 189.7 211.2 Asphalt and paving services 18.1 12.4 Less: interproduct revenues (53.6 ) (58.4 ) Products and services 831.1 809.1 Freight 61.4 55.8 Total Building Materials Business 892.5 864.9 Magnesia Specialties: Products and services 59.9 69.2 Freight 5.8 4.9 Total Magnesia Specialties 65.7 74.1 Total $ 958.2 $ 939.0 Gross profit (loss) Building Materials Business: Products and services: Aggregates $ 93.4 $ 98.0 Cement 27.3 13.8 Ready mixed concrete 5.9 14.5 Asphalt and paving services (8.1 ) (8.3 ) Products and services 118.5 118.0 Freight (0.3 ) (0.2 ) Total Building Materials Business 118.2 117.8 Magnesia Specialties: Products and services 26.1 26.5 Freight (0.9 ) (1.0 ) Total Magnesia Specialties 25.2 25.5 Corporate (1.0 ) (0.4 ) Total $ 142.4 $ 142.9 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule Of Other Significant Noncash Transactions | Noncash investing and financing activities are as follows: March 31, 2020 2019 (Dollars in Millions) Noncash investing and financing activities: Accrued liabilities for purchases of property, plant and equipment $ 21.4 $ 20.6 Accrued proceeds from company-owned life insurance benefits $ 0.8 $ — Acquisition of assets through swap $ — $ 1.1 Receivable issued in connection with sale of property, plant and equipment $ — $ 1.3 Right-of-use assets obtained in exchange for new operating lease liabilities $ 12.7 $ 16.9 Right-of-use assets obtained in exchange for new finance lease liabilities $ — $ 0.2 |
Supplemental Disclosures of Cash Flow Information | Supplemental disclosures of cash flow information are as follows: March 31, 2020 2019 (Dollars in Millions) Cash paid for interest $ 11.9 $ 17.8 Cash paid for income taxes $ 1.4 $ 3.9 |
Significant Accounting Polici_4
Significant Accounting Policies - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2020FacilityStateSegment | |
Accounting Policies [Abstract] | |
Number of quarries and yards | Facility | 300 |
Number of states with aggregates business sales by destination | State | 27 |
Reportable business segments | Segment | 3 |
Significant Accounting Polici_5
Significant Accounting Policies - Comprehensive Earnings Attributable to Martin Marietta Materials Incorporated (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net earnings attributable to Martin Marietta Materials, Inc. | $ 25.9 | $ 42.9 |
Other comprehensive earnings, net of tax | 0.4 | 3.2 |
Earnings attributable to Martin Marietta Materials, Inc. | $ 26.3 | $ 46.1 |
Significant Accounting Polici_6
Significant Accounting Policies - Changes in Accumulated Other Comprehensive Loss Net of Tax (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | $ 5,353.3 | $ 4,949.4 |
Other comprehensive earnings (loss), net of tax | 0.4 | 3.2 |
Ending Balance | 5,299.4 | 4,975.4 |
Pension and Postretirement Benefit Plans | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (144.9) | (141.5) |
Amounts reclassified from accumulated other comprehensive loss, net of tax | 2.5 | 2.7 |
Other comprehensive earnings (loss), net of tax | 2.5 | 2.7 |
Ending Balance | (142.4) | (138.8) |
Foreign Currency | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (0.9) | (2.1) |
Other comprehensive earnings (loss) before reclassifications, net of tax | (2.1) | 0.5 |
Other comprehensive earnings (loss), net of tax | (2.1) | 0.5 |
Ending Balance | (3) | (1.6) |
Accumulated Other Comprehensive Loss | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (145.8) | (143.6) |
Other comprehensive earnings (loss) before reclassifications, net of tax | (2.1) | 0.5 |
Amounts reclassified from accumulated other comprehensive loss, net of tax | 2.5 | 2.7 |
Other comprehensive earnings (loss), net of tax | 0.4 | 3.2 |
Ending Balance | $ (145.4) | $ (140.4) |
Significant Accounting Polici_7
Significant Accounting Policies - Noncurrent Deferred Tax Assets Recorded in Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Equity [Abstract] | ||
Balance at beginning of period, Pension and Postretirement Benefit Plans | $ 85.2 | $ 84.2 |
Tax effect of other comprehensive earnings, Pension and Postretirement Benefit Plans | (0.8) | (0.9) |
Balance at end of period, Pension and Postretirement Benefit Plans | $ 84.4 | $ 83.3 |
Significant Accounting Polici_8
Significant Accounting Policies - Reclassifications Out of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Additional interest expense | $ 29.8 | $ 32.9 |
Tax benefit | 0.1 | (5) |
Pension and Postretirement Benefit Plans | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Earnings from Continuing Operations | 2.5 | 2.7 |
Reclassification out of Accumulated Other Comprehensive Income | Pension and Postretirement Benefit Plans | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Prior service credit | (0.2) | |
Actuarial loss | 3.3 | 3.8 |
Tax benefit | (0.8) | (0.9) |
Earnings from Continuing Operations | 2.5 | 2.7 |
Reclassification out of Accumulated Other Comprehensive Income | Pension and Postretirement Benefit Plans | Other Nonoperating Expense and (Income), Net | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Total reclassifications out of accumulated other comprehensive loss before taxes | $ 3.3 | $ 3.6 |
Significant Accounting Polici_9
Significant Accounting Policies - Basic and Diluted Earnings Per Common Share (Detail) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Earnings Per Share [Abstract] | ||
Net earnings attributable to Martin Marietta Materials, Inc. | $ 25.9 | $ 42.9 |
Less: Distributed and undistributed earnings attributable to unvested awards | 0.1 | |
Basic and diluted net earnings available to common shareholders attributable to Martin Marietta Materials, Inc. | $ 25.9 | $ 42.8 |
Basic weighted-average common shares outstanding | 62.3 | 62.6 |
Effect of dilutive employee and director awards | 0.2 | 0.2 |
Diluted weighted-average common shares outstanding | 62.5 | 62.8 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Revenue Recognition [Line Items] | |||
Performance obligations, description of timing | Performance obligations within paving service agreements are satisfied over time, primarily ranging from one day to 21 months. For product revenues and freight revenues, customer payment terms are generally 30 days from invoice date. Customer payments for the paving operations are based on a contractual billing schedule and are due 30 days from invoice date. | ||
Product and freight revenues customer payment terms | 30 days | ||
Customer payments terms based on contractual billing | 30 days | ||
Future revenues from unsatisfied performance obligations | $ 212.7 | $ 149.4 | |
Service revenues | 958.2 | 939 | |
Revenue recognized from contract liabilities | 4.4 | 3.8 | |
Retainage on contracts | 8.5 | $ 10.2 | |
Service | COLORADO | |||
Revenue Recognition [Line Items] | |||
Service revenues | $ 14.5 | $ 9.9 | |
Minimum | |||
Revenue Recognition [Line Items] | |||
Warranty term | 9 months | 9 months | |
Minimum | Service | |||
Revenue Recognition [Line Items] | |||
Performance obligations, period | 1 day | ||
Maximum | |||
Revenue Recognition [Line Items] | |||
Warranty term | 1 year | 1 year | |
Maximum | Service | |||
Revenue Recognition [Line Items] | |||
Performance obligations, period | 21 months |
Revenue Recognition - Additio_2
Revenue Recognition - Additional Information (Detail 1) | Mar. 31, 2020 | Mar. 31, 2019 |
Minimum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2019-04-01 | ||
Revenue Recognition [Line Items] | ||
Performance obligations, customer satisfaction period | 1 month | |
Minimum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-04-01 | ||
Revenue Recognition [Line Items] | ||
Performance obligations, customer satisfaction period | 1 month | |
Maximum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2019-04-01 | ||
Revenue Recognition [Line Items] | ||
Performance obligations, customer satisfaction period | 21 months | |
Maximum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-04-01 | ||
Revenue Recognition [Line Items] | ||
Performance obligations, customer satisfaction period | 21 months |
Revenue Recognition - Schedule
Revenue Recognition - Schedule of Company's Total Revenues by Category for each Reportable Segment (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenue Recognition [Line Items] | ||
Total | $ 958.2 | $ 939 |
Building Materials Business | ||
Revenue Recognition [Line Items] | ||
Total | 892.5 | 864.9 |
Products and Services | ||
Revenue Recognition [Line Items] | ||
Total | 891 | 878.3 |
Products and Services | Building Materials Business | ||
Revenue Recognition [Line Items] | ||
Total | 831.1 | 809.1 |
Freight | ||
Revenue Recognition [Line Items] | ||
Total | 67.2 | 60.7 |
Freight | Building Materials Business | ||
Revenue Recognition [Line Items] | ||
Total | 61.4 | 55.8 |
Operating Segments | Building Materials Business Mid-America Group | ||
Revenue Recognition [Line Items] | ||
Total | 260.8 | 248.1 |
Operating Segments | Building Materials Business Southeast Group | ||
Revenue Recognition [Line Items] | ||
Total | 121.1 | 119.2 |
Operating Segments | Building Materials Business West Group | ||
Revenue Recognition [Line Items] | ||
Total | 510.6 | 497.6 |
Operating Segments | Building Materials Business | ||
Revenue Recognition [Line Items] | ||
Total | 892.5 | 864.9 |
Operating Segments | Magnesia Specialties | ||
Revenue Recognition [Line Items] | ||
Total | 65.7 | 74.1 |
Operating Segments | Products and Services | Building Materials Business Mid-America Group | ||
Revenue Recognition [Line Items] | ||
Total | 241 | 229.6 |
Operating Segments | Products and Services | Building Materials Business Southeast Group | ||
Revenue Recognition [Line Items] | ||
Total | 116.9 | 115.3 |
Operating Segments | Products and Services | Building Materials Business West Group | ||
Revenue Recognition [Line Items] | ||
Total | 473.2 | 464.2 |
Operating Segments | Products and Services | Magnesia Specialties | ||
Revenue Recognition [Line Items] | ||
Total | 59.9 | 69.2 |
Operating Segments | Freight | Building Materials Business Mid-America Group | ||
Revenue Recognition [Line Items] | ||
Total | 19.8 | 18.5 |
Operating Segments | Freight | Building Materials Business Southeast Group | ||
Revenue Recognition [Line Items] | ||
Total | 4.2 | 3.9 |
Operating Segments | Freight | Building Materials Business West Group | ||
Revenue Recognition [Line Items] | ||
Total | 37.4 | 33.4 |
Operating Segments | Freight | Building Materials Business | ||
Revenue Recognition [Line Items] | ||
Total | 61.4 | 55.8 |
Operating Segments | Freight | Magnesia Specialties | ||
Revenue Recognition [Line Items] | ||
Total | $ 5.8 | $ 4.9 |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Information About the Company's Contract Balances (Detail) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Revenue From Contract With Customer [Abstract] | ||
Costs in excess of billings | $ 3.8 | $ 2.8 |
Billings in excess of costs | $ 5.4 | $ 7.8 |
Inventories, Net - Schedule of
Inventories, Net - Schedule of Inventories Net (Detail) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Inventory Disclosure [Abstract] | ||
Finished products | $ 657.1 | $ 643.6 |
Products in process | 40.2 | 41.9 |
Raw materials | 36.7 | 32.4 |
Supplies and expendable parts | 140.5 | 141.5 |
Inventories, Gross | 874.5 | 859.4 |
Less: Allowances | (174) | (168.6) |
Total | $ 700.5 | $ 690.8 |
Long-Term Debt - Long-Term Debt
Long-Term Debt - Long-Term Debt (Detail) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Total debt | $ 3,263.8 | $ 2,773.6 |
Less: Current maturities of long-term debt and short-term facilities | (639.9) | (340) |
Long-term debt | 2,623.9 | 2,433.6 |
4.25% Senior Notes, Due 2024 | ||
Debt Instrument [Line Items] | ||
Total debt | 397.2 | 397 |
7% Debentures, Due 2025 | ||
Debt Instrument [Line Items] | ||
Total debt | 124.4 | 124.4 |
3.450% Senior Notes, Due 2027 | ||
Debt Instrument [Line Items] | ||
Total debt | 297.3 | 297.3 |
3.500% Senior Notes, Due 2027 | ||
Debt Instrument [Line Items] | ||
Total debt | 495.4 | 495.3 |
2.500% Senior Notes, Due 2030 | ||
Debt Instrument [Line Items] | ||
Total debt | 489.5 | |
6.25% Senior Notes, Due 2037 | ||
Debt Instrument [Line Items] | ||
Total debt | 228.2 | 228.1 |
4.250% Senior Notes, Due 2047 | ||
Debt Instrument [Line Items] | ||
Total debt | 591.7 | 591.7 |
Floating Rate Senior Notes, Due 2020 | ||
Debt Instrument [Line Items] | ||
Total debt | 299.9 | 299.7 |
Other Notes | ||
Debt Instrument [Line Items] | ||
Total debt | 0.2 | 0.1 |
Trade Receivable Facility | ||
Debt Instrument [Line Items] | ||
Total debt | $ 340 | $ 340 |
Long-Term Debt - Long-Term De_2
Long-Term Debt - Long-Term Debt (Parenthetical) (Detail) | Mar. 05, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
4.25% 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 | 2030 | |
Interest rate on notes | 2.50% | 2.50% | |
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% | ||
Floating Rate Senior Notes, Due 2020 | |||
Debt Instrument [Line Items] | |||
Maturity year | 2020 | ||
Interest rate | 2.33% | 2.55% | |
Trade Receivable Facility | |||
Debt Instrument [Line Items] | |||
Credit Facility interest rate | 2.31% | 2.42% |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) - USD ($) | Mar. 05, 2020 | Sep. 24, 2019 | Mar. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||||
Debt instrument redemption price percentage | 100.00% | |||
Maximum consolidated debt reduction for unrestricted cash and cash equivalents for debt covenant calculation | $ 200,000,000 | |||
Outstanding letters of credit | 32,900,000 | |||
Minimum | ||||
Debt Instrument [Line Items] | ||||
Reduction of consolidated debt in the debt ratio calculation | $ 50,000,000 | |||
Including Acquisition Bridge Debt | Maximum | ||||
Debt Instrument [Line Items] | ||||
Debt covenant | 3.50 | |||
Excluding Acquisition Bridge Debt | Maximum | ||||
Debt Instrument [Line Items] | ||||
Debt covenant | 3.75 | |||
Revolving Facility | ||||
Debt Instrument [Line Items] | ||||
Credit facility commitment | $ 700,000,000 | |||
Debt instrument maturity period | Dec. 5, 2024 | |||
Senior unsecured revolving facility, maturity period | 5 years | |||
Revolving facility, borrowings outstanding | $ 0 | $ 0 | ||
Outstanding letters of credit | $ 2,300,000 | $ 2,300,000 | ||
US Treasury (UST) Interest Rate | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 30.00% | |||
2.500% Senior Notes, Due 2030 | ||||
Debt Instrument [Line Items] | ||||
Aggregate principal amount of long term debt | $ 500,000,000 | |||
Interest rate on notes | 2.50% | 2.50% | ||
Maturity year | 2030 | 2030 | ||
Floating Rate Senior Notes, Due 2020 | ||||
Debt Instrument [Line Items] | ||||
Maturity year | 2020 | |||
Trade Receivable Facility | ||||
Debt Instrument [Line Items] | ||||
Credit facility commitment | $ 400,000,000 | |||
Debt instrument maturity period | Sep. 23, 2020 | |||
Trade Receivable Facility | London Interbank Offered Rate(LIBOR) | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 0.725% | |||
Current Long-term Debt | Floating Rate Senior Notes, Due 2020 | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument Payable Upon Maturity | $ 300,000,000 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) $ in Millions | 3 Months Ended | |
Mar. 31, 2020USD ($)Customer | Dec. 31, 2019USD ($) | |
Debt Instrument [Line Items] | ||
Long-term debt, carrying values | $ 3,263.8 | $ 2,773.6 |
Long-term debt, fair values | $ 3,230 | $ 2,940 |
Customer Concentration Risk | Total Revenues | ||
Debt Instrument [Line Items] | ||
Number of customer accounted for 10% or more of consolidated total revenues | Customer | 0 | |
Customer Concentration Risk | Total Revenues | Minimum | ||
Debt Instrument [Line Items] | ||
Percentage of concentration risk | 10.00% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||
Effective change in income tax rate | 0.60% | |
Discrete benefit from change in tax status of subsidiary from partnership to corporation | $ 6.9 | $ 13.2 |
Income tax expense (benefit) | $ 0.1 | $ (5) |
Pension and Postretirement Be_3
Pension and Postretirement Benefits - Schedule of Components of Net Periodic Benefit Cost (Credit) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Pension | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 9.7 | $ 7.9 |
Interest cost | 9.2 | 9.4 |
Expected return on assets | (14.6) | (12) |
Prior service cost (credit) | 0.2 | |
Actuarial loss (gain) | 3.3 | 3.9 |
Net periodic benefit cost (credit) | 7.8 | 9.2 |
Postretirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Interest cost | 0.1 | 0.1 |
Prior service cost (credit) | (0.2) | (0.2) |
Actuarial loss (gain) | (0.1) | |
Net periodic benefit cost (credit) | $ (0.1) | $ (0.2) |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Commitments and Contingencies [Line Items] | ||
Guarantee of affiliate's obligations | $ 12,500,000 | |
Due from affiliate | 11,200,000 | |
Outstanding letters of credit | 32,900,000 | |
Revolving Facility | ||
Commitments and Contingencies [Line Items] | ||
Outstanding letters of credit | 2,300,000 | $ 2,300,000 |
Interest-only loan | ||
Commitments and Contingencies [Line Items] | ||
Due from affiliate | $ 6,000,000 | $ 6,000,000 |
Maturity date | Dec. 31, 2022 | |
Interest-only loan | London Interbank Offered Rate(LIBOR) | ||
Commitments and Contingencies [Line Items] | ||
Basis spread on variable rate | 1.75% | |
Revolving Line Of Credit Expires In August 2015 | ||
Commitments and Contingencies [Line Items] | ||
Line of credit maturity period | 2022-03 |
Business Segments - Additional
Business Segments - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2020Segment | |
Segment Reporting [Abstract] | |
Reportable business segments | 3 |
Business Segments - Financial D
Business Segments - Financial Data for Continuing Operations for Company's Reportable Business Segments (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Segment Reporting Information [Line Items] | ||
Total revenues | $ 958.2 | $ 939 |
Earnings (Loss) from operations | 57.8 | 69.2 |
Products and Services | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 891 | 878.3 |
Building Materials Business | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 892.5 | 864.9 |
Earnings (Loss) from operations | 57.5 | 72 |
Building Materials Business | Products and Services | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 831.1 | 809.1 |
Operating Segments | Building Materials Business Mid-America Group | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 260.8 | 248.1 |
Earnings (Loss) from operations | 20.8 | 30.6 |
Operating Segments | Building Materials Business Mid-America Group | Products and Services | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 241 | 229.6 |
Operating Segments | Building Materials Business Southeast Group | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 121.1 | 119.2 |
Earnings (Loss) from operations | 14 | 21.1 |
Operating Segments | Building Materials Business Southeast Group | Products and Services | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 116.9 | 115.3 |
Operating Segments | Building Materials Business West Group | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 510.6 | 497.6 |
Earnings (Loss) from operations | 22.7 | 20.3 |
Operating Segments | Building Materials Business West Group | Products and Services | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 473.2 | 464.2 |
Operating Segments | Magnesia Specialties | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 65.7 | 74.1 |
Earnings (Loss) from operations | 21.7 | 22.6 |
Operating Segments | Magnesia Specialties | Products and Services | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 59.9 | 69.2 |
Operating Segments | Building Materials Business | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 892.5 | 864.9 |
Corporate | ||
Segment Reporting Information [Line Items] | ||
Earnings (Loss) from operations | $ (21.4) | $ (25.4) |
Revenues and Gross Profit - Tot
Revenues and Gross Profit - Total Revenues and Gross Profit by Product Line (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Product Information [Line Items] | ||
Total revenues | $ 958.2 | $ 939 |
Gross profit (loss) | 142.4 | 142.9 |
Interproduct Revenues | ||
Product Information [Line Items] | ||
Total revenues | (53.6) | (58.4) |
Corporate | ||
Product Information [Line Items] | ||
Gross profit (loss) | (1) | (0.4) |
Building Materials Business | ||
Product Information [Line Items] | ||
Total revenues | 892.5 | 864.9 |
Building Materials Business | Operating Segments | ||
Product Information [Line Items] | ||
Total revenues | 892.5 | 864.9 |
Gross profit (loss) | 118.2 | 117.8 |
Building Materials Business | Operating Segments | Products and Services | ||
Product Information [Line Items] | ||
Total revenues | 831.1 | 809.1 |
Gross profit (loss) | 118.5 | 118 |
Magnesia Specialties | Operating Segments | ||
Product Information [Line Items] | ||
Total revenues | 65.7 | 74.1 |
Gross profit (loss) | 25.2 | 25.5 |
Magnesia Specialties | Operating Segments | Products and Services | ||
Product Information [Line Items] | ||
Total revenues | 59.9 | 69.2 |
Gross profit (loss) | 26.1 | 26.5 |
Aggregates | Building Materials Business | Operating Segments | Reportable Subsegments | Products and Services | ||
Product Information [Line Items] | ||
Total revenues | 570.3 | 544.9 |
Gross profit (loss) | 93.4 | 98 |
Cement | Building Materials Business | Operating Segments | Reportable Subsegments | Products and Services | ||
Product Information [Line Items] | ||
Total revenues | 106.6 | 99 |
Gross profit (loss) | 27.3 | 13.8 |
Ready Mixed Concrete | Building Materials Business | Operating Segments | Reportable Subsegments | Products and Services | ||
Product Information [Line Items] | ||
Total revenues | 189.7 | 211.2 |
Gross profit (loss) | 5.9 | 14.5 |
Asphalt and Paving | Building Materials Business | Operating Segments | Reportable Subsegments | Products and Services | ||
Product Information [Line Items] | ||
Total revenues | 18.1 | 12.4 |
Gross profit (loss) | (8.1) | (8.3) |
Freight | ||
Product Information [Line Items] | ||
Total revenues | 67.2 | 60.7 |
Freight | Building Materials Business | ||
Product Information [Line Items] | ||
Total revenues | 61.4 | 55.8 |
Freight | Building Materials Business | Operating Segments | ||
Product Information [Line Items] | ||
Total revenues | 61.4 | 55.8 |
Gross profit (loss) | (0.3) | (0.2) |
Freight | Magnesia Specialties | Operating Segments | ||
Product Information [Line Items] | ||
Total revenues | 5.8 | 4.9 |
Gross profit (loss) | $ (0.9) | $ (1) |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information - Schedule Of Noncash Investing and Financing Activities (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Supplemental Cash Flow Elements [Abstract] | ||
Accrued liabilities for purchases of property, plant and equipment | $ 21.4 | $ 20.6 |
Accrued proceeds from company-owned life insurance benefits | 0.8 | |
Acquisition of assets through swap | 1.1 | |
Receivable issued in connection with sale of property, plant and equipment | 1.3 | |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 12.7 | 16.9 |
Right-of-use assets obtained in exchange for new finance lease liabilities | $ 0.2 |
Supplemental Cash Flow Inform_4
Supplemental Cash Flow Information -Supplemental Disclosures of Cash Flow Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Supplemental Cash Flow Elements [Abstract] | ||
Cash paid for interest | $ 11.9 | $ 17.8 |
Cash paid for income taxes | $ 1.4 | $ 3.9 |
Supplemental Cash Flow Inform_5
Supplemental Cash Flow Information - Narrative (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Supplemental Cash Flow Elements [Abstract] | |
Repayment of loans related to life insurance policies | $ 7.2 |
Other Operating Expenses and _2
Other Operating Expenses and (Income), Net - Additional Information (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Other Income And Expenses [Abstract] | |
Reversal of accruals for unclaimed property contingencies | $ 4.2 |