Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 28, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | MLM | |
Entity Registrant Name | MARTIN MARIETTA MATERIALS, INC. | |
Entity Central Index Key | 0000916076 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Title of 12(b) Security | Common Stock (Par Value $0.01) | |
Security Exchange Name | NYSE | |
Entity File Number | 1-12744 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Incorporation, State or Country Code | NC | |
Entity Tax Identification Number | 56-1848578 | |
Entity Address, Address Line One | 4123 Parklake Avenue | |
Entity Address, City or Town | Raleigh | |
Entity Address, State or Province | NC | |
Entity Address, Postal Zip Code | 27612 | |
City Area Code | 919 | |
Local Phone Number | 781-4550 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Common Stock, Shares Outstanding | 62,381,891 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Current Assets: | ||
Cash and cash equivalents | $ 2,381.4 | $ 207.3 |
Restricted cash | 1.7 | 97.1 |
Accounts receivable, net | 801.9 | 575.1 |
Inventories, net | 717.5 | 709 |
Other current assets | 98.2 | 79.8 |
Total Current Assets | 4,000.7 | 1,668.3 |
Property, plant and equipment | 9,536.9 | 8,955 |
Allowances for depreciation, depletion and amortization | (3,926.4) | (3,712.7) |
Net property, plant and equipment | 5,610.5 | 5,242.3 |
Goodwill | 2,610.6 | 2,414 |
Other intangibles, net | 787.2 | 508 |
Operating lease right-of-use assets, net | 417.8 | 453 |
Other noncurrent assets | 359.4 | 295.2 |
Total Assets | 13,786.2 | 10,580.8 |
Current Liabilities: | ||
Accounts payable | 249.3 | 207.8 |
Accrued salaries, benefits and payroll taxes | 65.5 | 82.6 |
Accrued other taxes | 59.4 | 45.4 |
Current maturities of long-term debt and short-term facilities | 20.1 | |
Accrued interest | 46.1 | 18.3 |
Operating lease liabilities | 47.3 | 48.6 |
Other current liabilities | 113.5 | 96.6 |
Total Current Liabilities | 601.2 | 499.3 |
Long-term debt | 5,099.4 | 2,625.8 |
Deferred income taxes, net | 809.3 | 781.5 |
Noncurrent operating lease liabilities | 375.9 | 410.4 |
Other noncurrent liabilities | 542.2 | 370.5 |
Total Liabilities | 7,428 | 4,687.5 |
Equity: | ||
Common stock, par value $0.01 per share (62.4 and 62.3 shares outstanding at September 30, 2021 and December 31, 2020, respectively) | 0.6 | 0.6 |
Preferred stock, par value $0.01 per share | ||
Additional paid-in capital | 3,463.3 | 3,440.8 |
Accumulated other comprehensive loss | (151.4) | (158.4) |
Retained earnings | 3,043.4 | 2,607.7 |
Total Shareholders' Equity | 6,355.9 | 5,890.7 |
Noncontrolling interests | 2.3 | 2.6 |
Total Equity | 6,358.2 | 5,893.3 |
Total Liabilities and Equity | $ 13,786.2 | $ 10,580.8 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Statement Of Financial Position [Abstract] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares, outstanding | 62.4 | 62.3 |
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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Total Revenues | $ 1,557.3 | $ 1,321.4 | $ 3,917.6 | $ 3,550.3 |
Total Cost of Revenues | 1,115.4 | 916.9 | 2,915.9 | 2,622.9 |
Gross Profit | 441.9 | 404.5 | 1,001.7 | 927.4 |
Selling, general & administrative expenses | 86 | 71.1 | 248.2 | 221 |
Acquisition-related expenses | 7.4 | 0.4 | 18 | 1.2 |
Other operating income, net | (8.4) | (67.6) | (28.2) | (59.6) |
Earnings from Operations | 356.9 | 400.6 | 763.7 | 764.8 |
Interest expense | 44.3 | 28.7 | 99.9 | 89.7 |
Other nonoperating income, net | (5.6) | (4) | (23.8) | (5.9) |
Earnings before income tax expense | 318.2 | 375.9 | 687.6 | 681 |
Income tax expense | 63.6 | 81.5 | 141.7 | 143 |
Consolidated net earnings | 254.6 | 294.4 | 545.9 | 538 |
Less: Net earnings attributable to noncontrolling interests | 0.2 | |||
Net Earnings Attributable to Martin Marietta Materials, Inc. | 254.6 | 294.4 | 545.7 | 538 |
Consolidated Comprehensive Earnings: | ||||
Earnings attributable to Martin Marietta Materials, Inc. | 256.2 | 298 | 552.7 | 545.2 |
Earnings attributable to noncontrolling interests | 0.2 | |||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $ 256.2 | $ 298 | $ 552.9 | $ 545.2 |
Net Earnings Attributable to Martin Marietta Materials, Inc. Per Common Share: | ||||
Basic attributable to common shareholders | $ 4.08 | $ 4.72 | $ 8.74 | $ 8.63 |
Diluted attributable to common shareholders | $ 4.07 | $ 4.71 | $ 8.72 | $ 8.61 |
Weighted-Average Common Shares Outstanding: | ||||
Basic | 62.4 | 62.3 | 62.4 | 62.3 |
Diluted | 62.6 | 62.4 | 62.6 | 62.4 |
Products and Services | ||||
Total Revenues | $ 1,462.7 | $ 1,240.7 | $ 3,679.9 | $ 3,321.2 |
Total Cost of Revenues | 1,021 | 836.1 | 2,676.9 | 2,390.9 |
Freight | ||||
Total Revenues | 94.6 | 80.7 | 237.7 | 229.1 |
Total Cost of Revenues | $ 94.4 | $ 80.8 | $ 239 | $ 232 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash Flows from Operating Activities: | ||
Consolidated net earnings | $ 545.9 | $ 538 |
Adjustments to reconcile consolidated net earnings to net cash provided by operating activities: | ||
Depreciation, depletion and amortization | 320 | 292.2 |
Stock-based compensation expense | 33 | 22.4 |
Gain on divestitures and sales of assets | (26.6) | (71.2) |
Deferred income taxes | 25.7 | 24.8 |
Other items, net | (8.3) | 0.8 |
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures: | ||
Accounts receivable, net | (218) | (104.5) |
Inventories, net | 65.1 | (22.6) |
Accounts payable | 66.9 | (0.8) |
Other assets and liabilities, net | (23.4) | 4.9 |
Net Cash Provided by Operating Activities | 780.3 | 684 |
Cash Flows from Investing Activities: | ||
Additions to property, plant and equipment | (321.3) | (250.8) |
Acquisitions, net of cash acquired | (792.9) | (64) |
Proceeds from divestitures and sales of assets | 41.4 | 141.2 |
Investments in life insurance contracts, net | 13.9 | (12.7) |
Other investing activities, net | (5.4) | |
Net Cash Used for Investing Activities | (1,058.9) | (191.7) |
Cash Flows from Financing Activities: | ||
Borrowings of debt | 2,896.6 | 628.1 |
Repayments of debt | (400) | (777) |
Payments on financing leases | (7.6) | (2.3) |
Debt issuance costs | (6.1) | (2) |
Distributions to owners of noncontrolling interest | (0.5) | |
Repurchases of common stock | (50) | |
Dividends paid | (109.7) | (104.8) |
Proceeds from exercise of stock options | 1.1 | 1.4 |
Shares withheld for employees' income tax obligations | (16.5) | (13) |
Net Cash Provided by (Used for) Financing Activities | 2,357.3 | (319.6) |
Net Increase in Cash, Cash Equivalents and Restricted Cash | 2,078.7 | 172.7 |
Cash, Cash Equivalents and Restricted Cash, beginning of period | 304.4 | 21 |
Cash, Cash Equivalents and Restricted Cash, end of period | $ 2,383.1 | $ 193.7 |
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, 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 | 538 | 538 | 538 | ||||
Other comprehensive earnings, net of tax | 7.2 | 7.2 | 7.2 | ||||
Dividends declared | (104.7) | (104.7) | (104.7) | ||||
Issuances of common stock for stock award plans | 5.7 | 5.7 | 5.7 | ||||
Issuances of common stock for stock award plans (in shares) | 0.1 | ||||||
Shares withheld for employees' income tax obligations | (13) | (13) | (13) | ||||
Repurchases of common stock | (50) | (50) | (50) | ||||
Repurchases of common stock, Shares | (0.2) | ||||||
Stock-based compensation expense | 22.4 | 22.4 | 22.4 | ||||
Ending Balance at Sep. 30, 2020 | 5,758.9 | $ 0.6 | 3,433.9 | (138.6) | 2,460.5 | 5,756.4 | 2.5 |
Ending Balance (in shares) at Sep. 30, 2020 | 62.3 | ||||||
Beginning Balance at Jun. 30, 2020 | 5,493.6 | $ 0.6 | 3,431 | (142.2) | 2,201.7 | 5,491.1 | 2.5 |
Beginning Balance (in shares) at Jun. 30, 2020 | 62.3 | ||||||
Consolidated net earnings | 294.4 | 294.4 | 294.4 | ||||
Other comprehensive earnings, net of tax | 3.6 | 3.6 | 3.6 | ||||
Dividends declared | (35.6) | (35.6) | (35.6) | ||||
Issuances of common stock for stock award plans | 0.2 | 0.2 | 0.2 | ||||
Stock-based compensation expense | 2.7 | 2.7 | 2.7 | ||||
Ending Balance at Sep. 30, 2020 | 5,758.9 | $ 0.6 | 3,433.9 | (138.6) | 2,460.5 | 5,756.4 | 2.5 |
Ending Balance (in shares) at Sep. 30, 2020 | 62.3 | ||||||
Beginning Balance at Dec. 31, 2020 | $ 5,893.3 | $ 0.6 | 3,440.8 | (158.4) | 2,607.7 | 5,890.7 | 2.6 |
Beginning Balance (in shares) at Dec. 31, 2020 | 62.3 | 62.3 | |||||
Consolidated net earnings | $ 545.9 | 545.7 | 545.7 | 0.2 | |||
Other comprehensive earnings, net of tax | 7 | 7 | 7 | ||||
Dividends declared | (110) | (110) | (110) | ||||
Issuances of common stock for stock award plans | 6 | 6 | 6 | ||||
Issuances of common stock for stock award plans (in shares) | 0.1 | ||||||
Shares withheld for employees' income tax obligations | (16.5) | (16.5) | (16.5) | ||||
Stock-based compensation expense | 33 | 33 | 33 | ||||
Distributions to owners of noncontrolling interest | (0.5) | (0.5) | |||||
Ending Balance at Sep. 30, 2021 | $ 6,358.2 | $ 0.6 | 3,463.3 | (151.4) | 3,043.4 | 6,355.9 | 2.3 |
Ending Balance (in shares) at Sep. 30, 2021 | 62.4 | 62.4 | |||||
Beginning Balance at Jun. 30, 2021 | $ 6,128.2 | $ 0.6 | 3,451.1 | (153) | 2,827.2 | 6,125.9 | 2.3 |
Beginning Balance (in shares) at Jun. 30, 2021 | 62.4 | ||||||
Consolidated net earnings | 254.6 | 254.6 | 254.6 | ||||
Other comprehensive earnings, net of tax | 1.6 | 1.6 | 1.6 | ||||
Dividends declared | (38.4) | (38.4) | (38.4) | ||||
Issuances of common stock for stock award plans | 0.4 | 0.4 | 0.4 | ||||
Shares withheld for employees' income tax obligations | (0.4) | (0.4) | (0.4) | ||||
Stock-based compensation expense | 12.2 | 12.2 | 12.2 | ||||
Ending Balance at Sep. 30, 2021 | $ 6,358.2 | $ 0.6 | $ 3,463.3 | $ (151.4) | $ 3,043.4 | $ 6,355.9 | $ 2.3 |
Ending Balance (in shares) at Sep. 30, 2021 | 62.4 | 62.4 |
Consolidated Statements of To_2
Consolidated Statements of Total Equity (Parenthetical) (Unaudited) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement Of Stockholders Equity [Abstract] | ||||
Dividends declared | $ 0.61 | $ 0.57 | $ 1.75 | $ 1.67 |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2021 | |
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. As of September 30, 2021, the Company supplies aggregates (crushed stone, sand and gravel) through its network of approximately 320 quarries, mines and distribution yards in 26 states, Canada and The Bahamas. In the southwestern and western United States, Martin Marietta also provides cement and downstream products and services, namely, ready mixed concrete, asphalt and paving, in vertically-integrated structured markets where the Company 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, asphalt and paving product lines are reported collectively as the “Building Materials” business. The Company’s Building Materials business includes two reportable segments: the East Group and the West Group. BUILDING MATERIALS BUSINESS Reportable Segments East Group West Group Operating Locations Alabama, Florida, Georgia, Indiana, Arkansas, Colorado, Louisiana, western Product Lines Aggregates and Asphalt Aggregates, Cement, Ready Mixed Concrete, Asphalt and Paving The Company’s Magnesia Specialties business, which represents a separate reportable segment, has manufacturing facilities in Manistee, Michigan, and Woodville, Ohio. The Magnesia Specialties business produces magnesia-based chemicals products used in industrial, agricultural and environmental applications, and dolomitic lime sold primarily to customers 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, 2020. In the opinion of management, the interim consolidated financial information provided herein reflects all adjustments, consisting of normal recurring accruals, necessary for a fair statement of the results of operations, financial position and cash flows for the interim periods. The consolidated results of operations for the three and nine months ended September 30, 2021 are not necessarily indicative of the results expected for other interim periods or the full year. The consolidated balance sheet at December 31, 2020 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, 2020 . The preparation of the Company’s consolidated financial statements requires management to make certain estimates and assumptions about future events. As future events and their effects cannot be fully determined with precision, actual results could differ significantly from estimates. Changes in estimates are reflected in the consolidated financial statements in the period in which the change in estimate occurs. Reclassifications As of January 1, 2021, the Company reclassified accrued income taxes from Other current liabilities Accrued other taxes Consolidated Comprehensive Earnings and Accumulated Other Comprehensive Loss Consolidated comprehensive earnings and accumulated other comprehensive loss consist of consolidated net earnings; adjustments for the funded status of pension and postretirement benefit plans; and foreign currency translation adjustments; and are presented in the Company’s consolidated statements of earnings and comprehensive earnings. Comprehensive earnings attributable to Martin Marietta is as follows: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (Dollars in Millions) Net earnings attributable to Martin Marietta $ 254.6 $ 294.4 $ 545.7 $ 538.0 Other comprehensive earnings, net of tax 1.6 3.6 7.0 7.2 Comprehensive earnings attributable to Martin Marietta $ 256.2 $ 298.0 $ 552.7 $ 545.2 Changes in accumulated other comprehensive loss, net of tax, are as follows: (Dollars in Millions) Pension and Postretirement Benefit Plans Foreign Currency Accumulated Other Comprehensive Loss Three Months Ended September 30, 2021 Balance at beginning of period $ (153.5 ) $ 0.5 $ (153.0 ) Other comprehensive loss before reclassifications, net of tax — (0.6 ) (0.6 ) Amounts reclassified from accumulated other comprehensive loss, net of tax 2.2 — 2.2 Other comprehensive earnings (loss), net of tax 2.2 (0.6 ) 1.6 Balance at end of period $ (151.3 ) $ (0.1 ) $ (151.4 ) Three Months Ended September 30, 2020 Balance at beginning of period $ (140.0 ) $ (2.2 ) $ (142.2 ) Other comprehensive earnings before reclassifications, net of tax — 0.5 0.5 Amounts reclassified from accumulated other comprehensive loss, net of tax 3.1 — 3.1 Other comprehensive earnings, net of tax 3.1 0.5 3.6 Balance at end of period $ (136.9 ) $ (1.7 ) $ (138.6 ) (Dollars in Millions) Pension and Postretirement Benefit Plans Foreign Currency Accumulated Other Comprehensive Loss Nine Months Ended September 30, 2021 Balance at beginning of period $ (158.1 ) $ (0.3 ) $ (158.4 ) Other comprehensive earnings before reclassifications, net of tax — 0.2 0.2 Amounts reclassified from accumulated other comprehensive loss, net of tax 6.8 — 6.8 Other comprehensive earnings, net of tax 6.8 0.2 7.0 Balance at end of period $ (151.3 ) $ (0.1 ) $ (151.4 ) Nine Months Ended September 30, 2020 Balance at beginning of period $ (144.9 ) $ (0.9 ) $ (145.8 ) Other comprehensive loss before reclassifications, net of tax — (0.8 ) (0.8 ) Amounts reclassified from accumulated other comprehensive loss, net of tax 8.0 — 8.0 Other comprehensive earnings (loss), net of tax 8.0 (0.8 ) 7.2 Balance at end of period $ (136.9 ) $ (1.7 ) $ (138.6 ) Changes in net noncurrent deferred tax assets related to accumulated other comprehensive loss are as follows: Pension and Postretirement Benefit Plans Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (Dollars in Millions) Balance at beginning of period $ 87.9 $ 83.6 $ 89.4 $ 85.2 Tax effect of other comprehensive earnings (0.8 ) (1.1 ) (2.3 ) (2.7 ) Balance at end of period $ 87.1 $ 82.5 $ 87.1 $ 82.5 Reclassifications out of accumulated other comprehensive loss are as follows: Three Months Ended Nine Months Ended Affected line items in the September 30, September 30, consolidated statements of earnings 2021 2020 2021 2020 and comprehensive earnings (Dollars in Millions) Pension and postretirement benefit plans Amortization of: Prior service credit $ — $ — $ — $ (0.1 ) Actuarial loss 3.0 4.2 9.1 10.8 Other nonoperating income, net 3.0 4.2 9.1 10.7 Tax benefit (0.8 ) (1.1 ) (2.3 ) (2.7 ) Income tax expense $ 2.2 $ 3.1 $ 6.8 $ 8.0 Earnings per Common Share The numerator for basic and diluted earnings per common share is net earnings attributable to Martin Marietta 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 and nine months ended September 30, 2021 and 2020, 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 Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (In Millions) Net earnings attributable to Martin Marietta $ 254.6 $ 294.4 $ 545.7 $ 538.0 Less: Distributed and undistributed earnings attributable to unvested awards — 0.3 — 0.5 Basic and diluted net earnings available to common shareholders attributable to Martin Marietta $ 254.6 $ 294.1 $ 545.7 $ 537.5 Basic weighted-average common shares outstanding 62.4 62.3 62.4 62.3 Effect of dilutive employee and director awards 0.2 0.1 0.2 0.1 Diluted weighted-average common shares outstanding 62.6 62.4 62.6 62.4 Restricted Cash At September 30, 2021 and December 31, 2020, the Company had restricted cash of $1.7 million and $97.1 million, respectively, which is invested in an account designated for the purchase of like-kind exchange replacement assets under Section 1031 of the Internal Revenue Code and related IRS procedures (Section 1031). The Company is restricted from utilizing the cash for purposes other than the purchase of the qualified assets for a designated period from receipt of the proceeds from the sale of the exchanged property. Any unused cash at the end of the designated period will be transferred to unrestricted accounts of the Company and can then be used for general corporate purposes. The Company has until January 10, 2022 to use the remaining restricted cash to purchase qualified assets under Section 1031. In connection with Accounting Standards Update 2016-18, Statement of Cash Flows (Topic 230), The following table reconciles cash, cash equivalents and restricted cash as reported on the consolidated balance sheets to the aggregated amounts presented on the consolidated statements of cash flows: September 30, December 31, 2021 2020 (Dollars in Millions) Cash and cash equivalents $ 2,381.4 $ 207.3 Restricted cash 1.7 97.1 Total cash, cash equivalents and restricted cash presented in the consolidated statements of cash flows $ 2,383.1 $ 304.4 New Accounting Pronouncement In March 2020, the FASB issued Accounting Standards Update (ASU) 2020-04, “ Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ASU intends to address certain concerns relating to accounting for contract modifications and hedge accounting. These optional expedients and exceptions to applying U.S. GAAP, assuming certain criteria are met, are allowed through December 31, 2022, and any amendments should be applied on a prospective basis. The Company does not expect the transition from LIBOR to have a material impact on its consolidated financial statements. |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Sep. 30, 2021 | |
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 are 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 two years. 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 September 30, 2021 and 2020 were $183.0 million and $150.2 million, respectively, where the remaining periods to complete these obligations ranged from one month to 21 months and one month to 13 months, respectively. Revenue by Category. The following table presents the Company’s total revenues by category for each reportable segment . Three Months Ended September 30, 2021 Products and Services Freight Total (Dollars in Millions) East Group $ 641.8 $ 42.3 $ 684.1 West Group 749.0 45.8 794.8 Total Building Materials business 1,390.8 88.1 1,478.9 Magnesia Specialties 71.9 6.5 78.4 Total $ 1,462.7 $ 94.6 $ 1,557.3 Three Months Ended September 30, 2020 Products and Services Freight Total (Dollars in Millions) East Group $ 514.1 $ 35.2 $ 549.3 West Group 671.4 39.8 711.2 Total Building Materials business 1,185.5 75.0 1,260.5 Magnesia Specialties 55.2 5.7 60.9 Total $ 1,240.7 $ 80.7 $ 1,321.4 Service revenues, which include paving services located in Colorado , were $100.5 million and $112.8 million for the three months ended September 30, 2021 and 2020, respectively, and are reported in the West Group . Nine Months Ended September 30, 2021 Products and Services Freight Total (Dollars in Millions) East Group $ 1,610.9 $ 103.5 $ 1,714.4 West Group 1,861.9 116.3 1,978.2 Total Building Materials business 3,472.8 219.8 3,692.6 Magnesia Specialties 207.1 17.9 225.0 Total $ 3,679.9 $ 237.7 $ 3,917.6 Nine Months Ended September 30, 2020 Products and Services Freight Total (Dollars in Millions) East Group $ 1,371.8 $ 94.1 $ 1,465.9 West Group 1,785.4 118.8 1,904.2 Total Building Materials business 3,157.2 212.9 3,370.1 Magnesia Specialties 164.0 16.2 180.2 Total $ 3,321.2 $ 229.1 $ 3,550.3 Service revenues for the nine months ended September 30, 2021 and 2020 were $182.7 million and $221.3 million, 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) September 30, 2021 December 31, 2020 Costs in excess of billings $ 10.8 $ 2.2 Billings in excess of costs $ 10.7 $ 14.0 Revenues recognized from the beginning balance of contract liabilities for the three months ended September 30, 2021 and 2020 were $7.1 million and $8.5 million, respectively, and for the nine months ended September 30, 2021 and 2020 were $11.9 million and $7.2 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 $10.0 million and $10.6 million at September 30, 2021 and December 31, 2020, respectively. 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. |
Business Combinations
Business Combinations | 9 Months Ended |
Sep. 30, 2021 | |
Business Combinations [Abstract] | |
Business Combinations | 3. Business Combinations On July 30, 2021, the Company acquired assets of Southern Crushed Concrete (SCC). SCC is a leading producer of recycled concrete in the Houston area, one of the country’s largest addressable aggregates markets. Recycled concrete is principally used as a base aggregates product in infrastructure, commercial and residential construction applications. The Company acquired inventories; property, plant and equipment; intangible assets (including goodwill), and right-of-use assets; and assumed asset retirement obligations; lease obligations; and other liabilities. The goodwill generated by the transaction will be deductible for income tax purposes. Although the initial accounting for the business combination has been recorded, the fair values of these amounts are subject to change during the measurement period, which remains open as of September 30, 2021. The acquisition is reported in the Company’s West Group, but is immaterial for pro-forma financial statement disclosures. On April 30, 2021, the Company completed the acquisition of Tiller Corporation (Tiller), a leading aggregates and hot mix asphalt supplier in the Minneapolis/St. Paul area, one of the largest and fastest growing midwestern metropolitan areas. The Tiller acquisition complements the Company’s existing product offerings in the surrounding areas. Additionally, Tiller sells asphalt solely as a materials provider and does not offer paving or other associated services. The Company financed the acquisition using available cash and borrowings under its credit facilities. The Company has recorded preliminary fair values of the assets acquired and liabilities assumed, which are subject to asset verification and a normal post-closing working capital adjustment. Therefore, the measurement period for property, plant and equipment and goodwill remains open as of September 30, 2021. The goodwill generated by the transaction will be deductible for income tax purposes. The acquisition is reported in the Company’s East Group, but is immaterial for pro-forma financial statement disclosures. |
Goodwill and Other Intangibles
Goodwill and Other Intangibles | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangibles | 4. Goodwill and Other Intangibles The following table shows the changes in goodwill by reportable segment and in total: East West Group Group Total (Dollars in Millions) Balance at January 1, 2021 $ 572.5 $ 1,841.5 $ 2,414.0 Acquisitions 185.9 12.8 198.7 Goodwill allocated to assets held for sale — (2.1 ) (2.1 ) Balance at September 30, 2021 $ 758.4 $ 1,852.2 $ 2,610.6 Intangible assets subject to amortization consist of the following: Gross Amount Accumulated Amortization Net Balance (Dollars in Millions) September 30, 2021 Noncompetition agreements $ 4.2 $ (4.1 ) $ 0.1 Customer relationships 312.7 (44.3 ) 268.4 Operating permits 523.8 (53.7 ) 470.1 Use rights and other 16.4 (13.8 ) 2.6 Trade names 23.3 (13.3 ) 10.0 Total $ 880.4 $ (129.2 ) $ 751.2 December 31, 2020 Noncompetition agreements $ 4.2 $ (4.1 ) $ 0.1 Customer relationships 91.3 (35.6 ) 55.7 Operating permits 460.8 (48.4 ) 412.4 Use rights and other 16.3 (13.0 ) 3.3 Trade names 12.8 (12.3 ) 0.5 Total $ 585.4 $ (113.4 ) $ 472.0 At September 30, 2021 and December 31, 2020, intangible assets deemed to have an indefinite life and not being amortized consist of the following: (Dollars in Millions) Building Materials business Magnesia Specialties Total Operating permits $ 6.6 $ — $ 6.6 Use rights 26.7 — 26.7 Trade names 0.2 2.5 2.7 Total $ 33.5 $ 2.5 $ 36.0 For the nine months ended September 30, 2021, the Company acquired $294.9 million of intangibles, which consists of the following: (Dollars in Millions) Amount Weighted-average amortization period Subject to amortization: Customer relationships $ 221.4 24 years Permits 63.0 40 years Trade name 10.5 9 years Total $ 294.9 27 years Total amortization expense for intangible assets for the nine months ended September 30, 2021 and 2020 was $15.2 million and $9.8 million, respectively. The estimated amortization expense for intangibles for the remainder of 2021, each of the next four years, and thereafter is as follows: (Dollars in Millions) October - December 2021 $ 6.4 2022 25.0 2023 24.7 2024 24.4 2025 24.3 Thereafter 646.4 Total $ 751.2 |
Inventories, Net
Inventories, Net | 9 Months Ended |
Sep. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories, Net | 5 . Inventories, Net September 30, December 31, 2021 2020 (Dollars in Millions) Finished products $ 683.2 $ 667.0 Products in process 25.6 37.1 Raw materials 55.9 35.3 Supplies and expendable parts 152.0 149.9 916.7 889.3 Less: Allowances (199.2 ) (180.3 ) Total $ 717.5 $ 709.0 |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 6 . Long-Term Debt September 30, December 31, 2021 2020 (Dollars in Millions) 0.650% Senior Notes, due 2023 $ 696.9 $ — 4.250% Senior Notes, due 2024 398.1 397.6 7% Debentures, due 2025 124.5 124.5 3.450% Senior Notes, due 2027 297.9 297.6 3.500% Senior Notes, due 2027 496.2 495.8 2.500% Senior Notes, due 2030 490.9 490.1 2.400% Senior Notes, due 2031 891.7 — 6.25% Senior Notes, due 2037 228.3 228.2 4.250% Senior Notes, due 2047 592.0 591.9 3.200% Senior Notes, due 2051 882.9 — Trade Receivable Facility, interest rate of 0.77 % at September 30, 2021 20.0 — Other notes 0.1 0.1 Total debt 5,119.5 2,625.8 Less: Current maturities of long-term debt (20.1 ) — Long-term debt $ 5,099.4 $ 2,625.8 On July 2, 2021, the Company issued $700 million aggregate principal amount of 0.650% Senior Notes due 2023 (the 0.650% Senior Notes), $900 million aggregate principal amount of 2.400% Senior Notes due 2031 (the 2.400% Senior Notes) and $900 million aggregate principal amount of 3.200% Senior Notes due 2051 (the 3.200% Senior Notes) and, together with the 0.650% Senior Notes and the 2.400% Senior Notes (the Senior Notes), pursuant to a base indenture, dated as of May 22, 2017 (the Base Indenture), as amended and supplemented from time to time, including by the Fourth Supplemental Indenture, dated as of July 2, 2021 and, together with the Base Indenture (the Indenture) between the Company and Regions Bank, as trustee, governing the Senior Notes. The Senior Notes are carried net of original issue discount, which will be amortized using the effective interest method over the lives of the issues. The Company used the net proceeds of the 2.400% Senior Notes, the 3.200% Senior Notes and the 0.650% Senior Notes to pay the consideration for the acquisition of Lehigh Hanson, Inc.’s West Region (Lehigh West Region) business, and for general corporate purposes. See Note 16 for more information on the Lehigh West Region acquisition, which was consummated on October 1, 2021. Prior to July 2, 2022 (the 2023 Par Call Date), the Company may redeem the 0.650% Senior Notes, at its option, at any time in whole or from time to time in part at a price equal to the greater of: (i) 100% of the principal amount of the 0.650% Senior Notes to be redeemed and (ii) the sum of the present values of the principal amount of the 0.650% Senior Notes to be redeemed and the remaining scheduled payments of interest thereon after the date of optional redemption (a 2023 Optional Redemption Date) through the 2023 Par Call Date (assuming, for this purpose, that the 0.650% Senior Notes are scheduled to mature on the 2023 Par Call Date), excluding interest, if any, accrued thereon to such 2023 Optional Redemption Date, discounted to such 2023 Optional Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined in the Indenture) plus 10 basis points (or 0.100%) plus, in each case, unpaid interest, if any, accrued thereon to, but excluding, such 2023 Optional Redemption Date. On or after the 2023 Par Call Date and prior to maturity, the Company may redeem the 0.650% Senior Notes at any time in whole or from time to time in part at a price equal to 100% of the principal amount of the 0.650% Senior Notes, at its option, to be redeemed, plus unpaid interest, if any, accrued thereon to, but excluding, the 2023 Optional Redemption Date. Prior to April 15, 2031 (the 2031 Par Call Date), the Company may redeem the 2.400% Senior Notes, at its option, at any time in whole or from time to time in part at a price equal to the greater of: (i) 100% of the principal amount of the 2.400% Senior Notes to be redeemed and (ii) the sum of the present values of the principal amount of the 2.400% Senior Notes to be redeemed and the remaining scheduled payments of interest thereon after the date of optional redemption (a 2031 Optional Redemption Date) through the 2031 Par Call Date (assuming, for this purpose, that the 2.400% Senior Notes are scheduled to mature on the 2031 Par Call Date), excluding interest, if any, accrued thereon to such 2031 Optional Redemption Date, discounted to such 2031 Optional Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined in the Indenture) plus 15 basis points (or 0.150%) plus, in each case, unpaid interest, if any, accrued thereon to, but excluding, such 2031 Optional Redemption Date. On or after the 2031 Par Call Date and prior to maturity, the Company may redeem the 2.400% Senior Notes at any time in whole or from time to time in part at a price equal to 100% of the principal amount of the 2.400% Senior Notes, at its option, to be redeemed, plus unpaid interest, if any, accrued thereon to, but excluding, the 2031 Optional Redemption Date. Prior to January 15, 2051 (the 2051 Par Call Date), the Company may redeem the 3.200% Senior Notes, at its option, at any time in whole or from time to time in part at a price equal to the greater of: (i) 100% of the principal amount of the 3.200% Senior Notes to be redeemed and (ii) the sum of the present values of the principal amount of the 3.200% Senior Notes to be redeemed and the remaining scheduled payments of interest thereon after the date of optional redemption (a 2051 Optional Redemption Date) through the 2051 Par Call Date (assuming, for this purpose, that the 3.200% Senior Notes are scheduled to mature on the 2051 Par Call Date), excluding interest, if any, accrued thereon to such 2051 Optional Redemption Date, discounted to such 2051 Optional Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined in the Indenture) plus 20 basis points (or 0.200%) plus, in each case, unpaid interest, if any, accrued thereon to, but excluding, such 2051 Optional Redemption Date. On or after the 2051 Par Call Date and prior to maturity, the Company may redeem the 3.200% Senior Notes at any time in whole or from time to time in part at a price equal to 100% of the principal amount of the 3.200% Senior Notes, at its option, to be redeemed, plus unpaid interest, if any, accrued thereon to, but excluding, the 2051 Optional Redemption Date. T he , through a wholly-owned special-purpose subsidiary, has a $400 million trade receivable securitization facility (the Trade Receivable Facility). On September 22, 2021 the Company extended the maturity to September 21, 2022 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 by the to the wholly-owned special-purpose subsidiary. 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 asset-backed commercial paper costs of conduit lenders plus 0.60% for borrowings funded by conduit lenders and one-month LIBOR plus 0.70%, subject to change in the event that this rate no longer reflects the lender’s cost of lending, for borrowings funded by all other lenders . 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 $ 2.6 million of outstanding letters of credit issued under the Revolving Facility at September 30, 2021 and December 31, 2020 . |
Financial Instruments
Financial Instruments | 9 Months Ended |
Sep. 30, 2021 | |
Financial Instruments Disclosure [Abstract] | |
Financial Instruments | 7 . Financial Instruments The Company’s financial instruments include temporary cash investments, restricted cash, accounts receivable, accounts payable, publicly-registered long-term notes, debentures and other long-term debt. The estimated fair values for all financial instruments are estimated based on Level 2 of the fair value hierarchy. Temporary cash investments 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. Restricted cash is held in a trust account with a third-party intermediary. Due to the short-term nature of this account, the fair value of restricted cash approximates its carrying 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 10% 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 $5.12 billion and $5.49 billion, respectively, at September 30, 2021 and $2.63 billion and $3.08 billion, respectively, at December 31, 2020. The estimated fair value of the publicly-registered long-term notes was estimated using quoted market prices. The estimated fair values of other borrowings approximate their carrying amounts as the interest rates reset periodically. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 8 . Income Taxes The effective income tax rate reflects the effect of federal and state income taxes on earnings and the impact of differences in book and tax accounting arising primarily from the permanent tax benefits associated with the statutory depletion deduction for mineral reserves. For the nine months ended September 30, 2021, the effective income tax rate was 20.6%, which included a $2.9 million discrete benefit for research and development tax credits. For the nine months ended September 30, 2020, the effective income tax rate of 21.0% reflected a $6.9 million discrete benefit from financing third-party railroad track maintenance. In exchange, the Company received a federal income tax credit and deduction. 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 | 9 Months Ended |
Sep. 30, 2021 | |
Compensation And Retirement Disclosure [Abstract] | |
Pension and Postretirement Benefits | 9 . 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 September 30, 2021 2020 2021 2020 (Dollars in Millions) Service cost $ 11.6 $ 9.8 $ — $ — Interest cost 8.9 9.3 0.1 0.1 Expected return on assets (17.7 ) (15.2 ) — — Amortization of: Prior service cost (credit) 0.2 0.2 (0.2 ) (0.2 ) Actuarial loss 3.0 4.2 — — Net periodic benefit cost (credit) $ 6.0 $ 8.3 $ (0.1 ) $ (0.1 ) Pension Postretirement Benefits Nine Months Ended September 30, 2021 2020 2021 2020 (Dollars in Millions) Service cost $ 34.7 $ 29.4 $ — $ — Interest cost 26.7 27.8 0.2 0.3 Expected return on assets (52.8 ) (43.8 ) — — Amortization of: Prior service cost (credit) 0.5 0.5 (0.5 ) (0.6 ) Actuarial loss (gain) 9.2 10.9 (0.1 ) (0.1 ) Net periodic benefit cost (credit) $ 18.3 $ 24.8 $ (0.4 ) $ (0.4 ) The service cost component of net periodic benefit cost (credit) is included in Cost of revenues – products and services Selling, general and administrative expenses Other nonoperating income, net |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 10 . Commitments and Contingencies Legal and Administrative Proceedings The Company is engaged in certain legal and administrative proceedings incidental to its normal business activities, including matters relating to environmental protection. The Company considers various factors in assessing the probable outcome of each matter, including but not limited to the nature of existing legal proceedings and claims, the asserted or possible damages, the jurisdiction and venue of the case and whether it is a jury trial, the progress of the case, existing law and precedent, the opinions or views of legal counsel and other advisers, the Company’s experience in similar cases and the experience of other companies, the facts available to the Company at the time of assessment, and how the Company intends to respond to the proceeding or claim. The Company’s assessment of these factors may change over time as proceedings or claims progress. The Company believes the probability is remote that the outcome of any currently pending legal or administrative proceeding will result in a material loss to the Company 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 $5.4 million was outstanding as of September 30, 2021 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 September 30, 2021 and December 31, 2020. 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 September 30, 2021, the Company was contingently liable for $35.0 million in letters of credit, of which $2.6 million were issued under the Company’s Revolving Facility. |
Business Segments
Business Segments | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Business Segments | 1 1 . Business Segments The Building Materials business contains two reportable segments: the East Group and the 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; other operating income and expenses, net; and exclude interest expense; other nonoperating income and expenses, net; and income taxes. Corporate loss from operations primarily includes depreciation; expenses for corporate administrative functions; acquisition-related expenses; and other nonrecurring income and expenses excluded from the Company’s evaluation of business segment performance and resource allocation. All long-term debt and related interest expense are held at Corporate. The following table displays selected financial data for the Company’s reportable 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 and are eliminated in consolidation. Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (Dollars in Millions) Total revenues East Group $ 684.1 $ 549.3 $ 1,714.4 $ 1,465.9 West Group 794.8 711.2 1,978.2 1,904.2 Total Building Materials business 1,478.9 1,260.5 3,692.6 3,370.1 Magnesia Specialties 78.4 60.9 225.0 180.2 Total $ 1,557.3 $ 1,321.4 $ 3,917.6 $ 3,550.3 Products and services revenues: East Group $ 641.8 $ 514.1 $ 1,610.9 $ 1,371.8 West Group 749.0 671.4 1,861.9 1,785.4 Total Building Materials business 1,390.8 1,185.5 3,472.8 3,157.2 Magnesia Specialties 71.9 55.2 207.1 164.0 Total $ 1,462.7 $ 1,240.7 $ 3,679.9 $ 3,321.2 Earnings (Loss) from operations East Group $ 205.8 $ 181.4 $ 465.3 $ 386.1 West Group 150.6 212.3 284.2 368.2 Total Building Materials business 356.4 393.7 749.5 754.3 Magnesia Specialties 23.1 16.4 69.8 51.2 Corporate (22.6 ) (9.5 ) (55.6 ) (40.7 ) Total $ 356.9 $ 400.6 $ 763.7 $ 764.8 September 30, 2021 December 31, 2020 Assets employed: (Dollars in Millions) East Group $ 5,075.9 $ 4,342.5 West Group 5,613.4 5,355.5 Total Building Materials business 10,689.3 9,698.0 Magnesia Specialties 169.6 167.9 Corporate 2,927.3 714.9 Total $ 13,786.2 $ 10,580.8 The increase in assets from December 31, 2020 to September 30, 2021 primarily relates to the proceeds from the Senior Notes issued in July 2021, new right-of-use assets for finance leases and the Tiller and SCC acquisitions. The proceeds from the Senior Notes issuance are reflected as Corporate assets as of September 30, 2021. |
Revenues and Gross Profit
Revenues and Gross Profit | 9 Months Ended |
Sep. 30, 2021 | |
Revenues And Gross Profit [Abstract] | |
Revenues and Gross Profit | 1 2 . Revenues and Gross Profit The Building Materials business includes the aggregates, cement, ready mixed concrete and asphalt and paving product lines. Cement and ready mixed concrete product lines and paving services reside only in the West Group. The following table, which is reconciled to consolidated amounts, provides total revenues and gross profit by product line. Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (Dollars in Millions) Total revenues: Building Materials business: Products and services: Aggregates $ 857.1 $ 766.9 $ 2,231.5 $ 2,092.1 Cement 132.3 115.6 358.4 331.7 Ready mixed concrete 320.8 254.6 824.5 689.4 Asphalt and paving services 195.9 129.8 343.5 254.9 Less: interproduct revenues (115.3 ) (81.4 ) (285.1 ) (210.9 ) Products and services 1,390.8 1,185.5 3,472.8 3,157.2 Freight 88.1 75.0 219.8 212.9 Total Building Materials business 1,478.9 1,260.5 3,692.6 3,370.1 Magnesia Specialties: Products and services 71.9 55.2 207.1 164.0 Freight 6.5 5.7 17.9 16.2 Total Magnesia Specialties 78.4 60.9 225.0 180.2 Total $ 1,557.3 $ 1,321.4 $ 3,917.6 $ 3,550.3 Gross profit (loss) Building Materials business: Products and services: Aggregates $ 292.9 $ 279.1 $ 687.7 $ 640.4 Cement 49.9 46.5 101.3 117.2 Ready mixed concrete 31.4 24.7 69.9 56.7 Asphalt and paving services 38.9 32.6 59.4 46.4 Products and services 413.1 382.9 918.3 860.7 Freight 1.3 0.9 1.7 0.3 Total Building Materials business 414.4 383.8 920.0 861.0 Magnesia Specialties: Products and services 28.1 21.0 84.4 65.3 Freight (1.1 ) (1.0 ) (3.0 ) (3.2 ) Total Magnesia Specialties 27.0 20.0 81.4 62.1 Corporate 0.5 0.7 0.3 4.3 Total $ 441.9 $ 404.5 $ 1,001.7 $ 927.4 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 9 Months Ended |
Sep. 30, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | 1 3 . Supplemental Cash Flow Information Noncash investing and financing activities are as follows: Nine Months Ended September 30, 2021 2020 (Dollars in Millions) Noncash investing and financing activities: Right-of-use assets obtained in exchange for new finance lease liabilities $ 177.8 $ 15.0 Right-of-use assets obtained in exchange for new operating lease liabilities $ 17.3 $ 29.3 Accrued liabilities for purchases of property, plant and equipment $ 28.6 $ 30.5 Remeasurement of operating lease right-of-use assets $ (12.4 ) $ 1.9 For the nine months ended September 30, 2021, the right-of-use assets obtained in exchange for new finance lease liabilities balance was primarily attributable to the leases of the new corporate headquarters, production equipment and leases assumed as part acquisitions completed during the year Supplemental disclosures of cash flow information are as follows: Nine Months Ended September 30, 2021 2020 (Dollars in Millions) Cash paid for interest, net of capitalized amount $ 68.7 $ 74.7 Cash paid for income taxes, net of refunds $ 101.1 $ 68.9 During the nine months ended September 30, 2021 and 2020, the Company received proceeds of $13.9 million and repaid $13.7 million of loans, respectively, related to its company-owned life insurance policies. The proceeds and repayment, as applicable, are included in the Investments in life insurance contracts, net |
Other Operating Income, Net
Other Operating Income, Net | 9 Months Ended |
Sep. 30, 2021 | |
Other Income And Expenses [Abstract] | |
Other Operating Income, Net | 1 4 . Other Operating Income, Net Other operating income, net, for the nine months ended September 30, 2021 included a gain on the sale of the Company’s former corporate headquarters of $12.3 million. Other operating income, net for the three and nine months ended September 30, 2020 included $69.9 million on nonrecurring gains on the sales of investment land and divested assets, which are recorded in the West Group. |
Other Nonoperating Income, Net
Other Nonoperating Income, Net | 9 Months Ended |
Sep. 30, 2021 | |
Other Income And Expenses [Abstract] | |
Other Nonoperating Income, Net | 1 5 . Other Nonoperating Income, Net For the three and nine months ended September 30, 2021, the increase in other nonoperating income, net, was primarily attributable to lower pension expense of $3.9 million and $11.8 million, respectively, compared with the prior-year periods. For the nine months ended September 30, 2020, other nonoperating income, net, included $5.6 million of third-party railroad track maintenance expense and reflected a $8.9 million reduction in pension expense compared with the prior-year period. |
Subsequent Event
Subsequent Event | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Event | 1 6 . Subsequent Event On October 1, 2021, the Company successfully completed its previously announced acquisition of the Lehigh West Region business for $2.3 billion in cash. The acquisition was primarily financed using proceeds from the issuance of publicly traded debt during the quarter ended September 30, 2021. Lehigh West Region has a portfolio of 17 active aggregates quarries, two cement plants (with related distribution terminals), and targeted downstream operations in four states. These operations provide a new upstream, materials-led growth platform across several of the nation’s largest and fastest growing megaregions in California and Arizona, solidifying the Company’s position as a leading coast-to-coast aggregates producer. The acquisition reflects a stock transaction where the Company acquired 100% of the voting interest of the legal entities that comprise the Lehigh West Region. For tax purposes, the acquisition is being treated as an asset transaction. The Company acquired inventories; property, plant and equipment; intangible assets; right-of-use assets; and other assets; and assumed accrued liabilities, asset retirement obligations, lease obligations and other liabilities. The Company did not acquire any of Lehigh West Region’s cash, cash equivalents or accounts receivable nor did it assume any accounts payable, outstanding debt, or pension obligation. The Company is in the process of determining the acquisition-date fair values of assets acquired and liabilities assumed, and as of November 2, 2021, the initial accounting for the business combination has not been completed. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Organization | Organization Martin Marietta Materials, Inc. (the Company or Martin Marietta) is a natural resource-based building materials company. As of September 30, 2021, the Company supplies aggregates (crushed stone, sand and gravel) through its network of approximately 320 quarries, mines and distribution yards in 26 states, Canada and The Bahamas. In the southwestern and western United States, Martin Marietta also provides cement and downstream products and services, namely, ready mixed concrete, asphalt and paving, in vertically-integrated structured markets where the Company 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, asphalt and paving product lines are reported collectively as the “Building Materials” business. The Company’s Building Materials business includes two reportable segments: the East Group and the West Group. BUILDING MATERIALS BUSINESS Reportable Segments East Group West Group Operating Locations Alabama, Florida, Georgia, Indiana, Arkansas, Colorado, Louisiana, western Product Lines Aggregates and Asphalt Aggregates, Cement, Ready Mixed Concrete, Asphalt and Paving The Company’s Magnesia Specialties business, which represents a separate reportable segment, has manufacturing facilities in Manistee, Michigan, and Woodville, Ohio. The Magnesia Specialties business produces magnesia-based chemicals products used in industrial, agricultural and environmental applications, and dolomitic lime sold primarily to customers 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, 2020. In the opinion of management, the interim consolidated financial information provided herein reflects all adjustments, consisting of normal recurring accruals, necessary for a fair statement of the results of operations, financial position and cash flows for the interim periods. The consolidated results of operations for the three and nine months ended September 30, 2021 are not necessarily indicative of the results expected for other interim periods or the full year. The consolidated balance sheet at December 31, 2020 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, 2020 . The preparation of the Company’s consolidated financial statements requires management to make certain estimates and assumptions about future events. As future events and their effects cannot be fully determined with precision, actual results could differ significantly from estimates. Changes in estimates are reflected in the consolidated financial statements in the period in which the change in estimate occurs. |
Reclassifications | Reclassifications As of January 1, 2021, the Company reclassified accrued income taxes from Other current liabilities Accrued other taxes |
Consolidated Comprehensive Earnings and Accumulated Other Comprehensive Loss | Consolidated Comprehensive Earnings and Accumulated Other Comprehensive Loss Consolidated comprehensive earnings and accumulated other comprehensive loss consist of consolidated net earnings; adjustments for the funded status of pension and postretirement benefit plans; and foreign currency translation adjustments; and are presented in the Company’s consolidated statements of earnings and comprehensive earnings. Comprehensive earnings attributable to Martin Marietta is as follows: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (Dollars in Millions) Net earnings attributable to Martin Marietta $ 254.6 $ 294.4 $ 545.7 $ 538.0 Other comprehensive earnings, net of tax 1.6 3.6 7.0 7.2 Comprehensive earnings attributable to Martin Marietta $ 256.2 $ 298.0 $ 552.7 $ 545.2 Changes in accumulated other comprehensive loss, net of tax, are as follows: (Dollars in Millions) Pension and Postretirement Benefit Plans Foreign Currency Accumulated Other Comprehensive Loss Three Months Ended September 30, 2021 Balance at beginning of period $ (153.5 ) $ 0.5 $ (153.0 ) Other comprehensive loss before reclassifications, net of tax — (0.6 ) (0.6 ) Amounts reclassified from accumulated other comprehensive loss, net of tax 2.2 — 2.2 Other comprehensive earnings (loss), net of tax 2.2 (0.6 ) 1.6 Balance at end of period $ (151.3 ) $ (0.1 ) $ (151.4 ) Three Months Ended September 30, 2020 Balance at beginning of period $ (140.0 ) $ (2.2 ) $ (142.2 ) Other comprehensive earnings before reclassifications, net of tax — 0.5 0.5 Amounts reclassified from accumulated other comprehensive loss, net of tax 3.1 — 3.1 Other comprehensive earnings, net of tax 3.1 0.5 3.6 Balance at end of period $ (136.9 ) $ (1.7 ) $ (138.6 ) (Dollars in Millions) Pension and Postretirement Benefit Plans Foreign Currency Accumulated Other Comprehensive Loss Nine Months Ended September 30, 2021 Balance at beginning of period $ (158.1 ) $ (0.3 ) $ (158.4 ) Other comprehensive earnings before reclassifications, net of tax — 0.2 0.2 Amounts reclassified from accumulated other comprehensive loss, net of tax 6.8 — 6.8 Other comprehensive earnings, net of tax 6.8 0.2 7.0 Balance at end of period $ (151.3 ) $ (0.1 ) $ (151.4 ) Nine Months Ended September 30, 2020 Balance at beginning of period $ (144.9 ) $ (0.9 ) $ (145.8 ) Other comprehensive loss before reclassifications, net of tax — (0.8 ) (0.8 ) Amounts reclassified from accumulated other comprehensive loss, net of tax 8.0 — 8.0 Other comprehensive earnings (loss), net of tax 8.0 (0.8 ) 7.2 Balance at end of period $ (136.9 ) $ (1.7 ) $ (138.6 ) Changes in net noncurrent deferred tax assets related to accumulated other comprehensive loss are as follows: Pension and Postretirement Benefit Plans Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (Dollars in Millions) Balance at beginning of period $ 87.9 $ 83.6 $ 89.4 $ 85.2 Tax effect of other comprehensive earnings (0.8 ) (1.1 ) (2.3 ) (2.7 ) Balance at end of period $ 87.1 $ 82.5 $ 87.1 $ 82.5 Reclassifications out of accumulated other comprehensive loss are as follows: Three Months Ended Nine Months Ended Affected line items in the September 30, September 30, consolidated statements of earnings 2021 2020 2021 2020 and comprehensive earnings (Dollars in Millions) Pension and postretirement benefit plans Amortization of: Prior service credit $ — $ — $ — $ (0.1 ) Actuarial loss 3.0 4.2 9.1 10.8 Other nonoperating income, net 3.0 4.2 9.1 10.7 Tax benefit (0.8 ) (1.1 ) (2.3 ) (2.7 ) Income tax expense $ 2.2 $ 3.1 $ 6.8 $ 8.0 |
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 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 and nine months ended September 30, 2021 and 2020, 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 Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (In Millions) Net earnings attributable to Martin Marietta $ 254.6 $ 294.4 $ 545.7 $ 538.0 Less: Distributed and undistributed earnings attributable to unvested awards — 0.3 — 0.5 Basic and diluted net earnings available to common shareholders attributable to Martin Marietta $ 254.6 $ 294.1 $ 545.7 $ 537.5 Basic weighted-average common shares outstanding 62.4 62.3 62.4 62.3 Effect of dilutive employee and director awards 0.2 0.1 0.2 0.1 Diluted weighted-average common shares outstanding 62.6 62.4 62.6 62.4 |
Restricted Cash | Restricted Cash At September 30, 2021 and December 31, 2020, the Company had restricted cash of $1.7 million and $97.1 million, respectively, which is invested in an account designated for the purchase of like-kind exchange replacement assets under Section 1031 of the Internal Revenue Code and related IRS procedures (Section 1031). The Company is restricted from utilizing the cash for purposes other than the purchase of the qualified assets for a designated period from receipt of the proceeds from the sale of the exchanged property. Any unused cash at the end of the designated period will be transferred to unrestricted accounts of the Company and can then be used for general corporate purposes. The Company has until January 10, 2022 to use the remaining restricted cash to purchase qualified assets under Section 1031. In connection with Accounting Standards Update 2016-18, Statement of Cash Flows (Topic 230), The following table reconciles cash, cash equivalents and restricted cash as reported on the consolidated balance sheets to the aggregated amounts presented on the consolidated statements of cash flows: September 30, December 31, 2021 2020 (Dollars in Millions) Cash and cash equivalents $ 2,381.4 $ 207.3 Restricted cash 1.7 97.1 Total cash, cash equivalents and restricted cash presented in the consolidated statements of cash flows $ 2,383.1 $ 304.4 |
New Accounting Pronouncement | New Accounting Pronouncement In March 2020, the FASB issued Accounting Standards Update (ASU) 2020-04, “ Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ASU intends to address certain concerns relating to accounting for contract modifications and hedge accounting. These optional expedients and exceptions to applying U.S. GAAP, assuming certain criteria are met, are allowed through December 31, 2022, and any amendments should be applied on a prospective basis. The Company does not expect the transition from LIBOR to have a material impact on its consolidated financial statements. |
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) | 9 Months Ended |
Sep. 30, 2021 | |
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 September 30, 2021 Balance at beginning of period $ (153.5 ) $ 0.5 $ (153.0 ) Other comprehensive loss before reclassifications, net of tax — (0.6 ) (0.6 ) Amounts reclassified from accumulated other comprehensive loss, net of tax 2.2 — 2.2 Other comprehensive earnings (loss), net of tax 2.2 (0.6 ) 1.6 Balance at end of period $ (151.3 ) $ (0.1 ) $ (151.4 ) Three Months Ended September 30, 2020 Balance at beginning of period $ (140.0 ) $ (2.2 ) $ (142.2 ) Other comprehensive earnings before reclassifications, net of tax — 0.5 0.5 Amounts reclassified from accumulated other comprehensive loss, net of tax 3.1 — 3.1 Other comprehensive earnings, net of tax 3.1 0.5 3.6 Balance at end of period $ (136.9 ) $ (1.7 ) $ (138.6 ) (Dollars in Millions) Pension and Postretirement Benefit Plans Foreign Currency Accumulated Other Comprehensive Loss Nine Months Ended September 30, 2021 Balance at beginning of period $ (158.1 ) $ (0.3 ) $ (158.4 ) Other comprehensive earnings before reclassifications, net of tax — 0.2 0.2 Amounts reclassified from accumulated other comprehensive loss, net of tax 6.8 — 6.8 Other comprehensive earnings, net of tax 6.8 0.2 7.0 Balance at end of period $ (151.3 ) $ (0.1 ) $ (151.4 ) Nine Months Ended September 30, 2020 Balance at beginning of period $ (144.9 ) $ (0.9 ) $ (145.8 ) Other comprehensive loss before reclassifications, net of tax — (0.8 ) (0.8 ) Amounts reclassified from accumulated other comprehensive loss, net of tax 8.0 — 8.0 Other comprehensive earnings (loss), net of tax 8.0 (0.8 ) 7.2 Balance at end of period $ (136.9 ) $ (1.7 ) $ (138.6 ) |
Noncurrent Deferred Tax Assets Recorded In Accumulated Other Comprehensive Loss | Changes in net noncurrent deferred tax assets related to accumulated other comprehensive loss are as follows: Pension and Postretirement Benefit Plans Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (Dollars in Millions) Balance at beginning of period $ 87.9 $ 83.6 $ 89.4 $ 85.2 Tax effect of other comprehensive earnings (0.8 ) (1.1 ) (2.3 ) (2.7 ) Balance at end of period $ 87.1 $ 82.5 $ 87.1 $ 82.5 |
Reclassification Out of Accumulated Other Comprehensive Loss | Reclassifications out of accumulated other comprehensive loss are as follows: Three Months Ended Nine Months Ended Affected line items in the September 30, September 30, consolidated statements of earnings 2021 2020 2021 2020 and comprehensive earnings (Dollars in Millions) Pension and postretirement benefit plans Amortization of: Prior service credit $ — $ — $ — $ (0.1 ) Actuarial loss 3.0 4.2 9.1 10.8 Other nonoperating income, net 3.0 4.2 9.1 10.7 Tax benefit (0.8 ) (1.1 ) (2.3 ) (2.7 ) Income tax expense $ 2.2 $ 3.1 $ 6.8 $ 8.0 |
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 Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (In Millions) Net earnings attributable to Martin Marietta $ 254.6 $ 294.4 $ 545.7 $ 538.0 Less: Distributed and undistributed earnings attributable to unvested awards — 0.3 — 0.5 Basic and diluted net earnings available to common shareholders attributable to Martin Marietta $ 254.6 $ 294.1 $ 545.7 $ 537.5 Basic weighted-average common shares outstanding 62.4 62.3 62.4 62.3 Effect of dilutive employee and director awards 0.2 0.1 0.2 0.1 Diluted weighted-average common shares outstanding 62.6 62.4 62.6 62.4 |
Reconciliation of Cash, Cash Equivalents and Restricted Cash | The following table reconciles cash, cash equivalents and restricted cash as reported on the consolidated balance sheets to the aggregated amounts presented on the consolidated statements of cash flows: September 30, December 31, 2021 2020 (Dollars in Millions) Cash and cash equivalents $ 2,381.4 $ 207.3 Restricted cash 1.7 97.1 Total cash, cash equivalents and restricted cash presented in the consolidated statements of cash flows $ 2,383.1 $ 304.4 |
Parent | |
Significant Accounting Policies [Line Items] | |
Comprehensive Earnings | Comprehensive earnings attributable to Martin Marietta is as follows: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (Dollars in Millions) Net earnings attributable to Martin Marietta $ 254.6 $ 294.4 $ 545.7 $ 538.0 Other comprehensive earnings, net of tax 1.6 3.6 7.0 7.2 Comprehensive earnings attributable to Martin Marietta $ 256.2 $ 298.0 $ 552.7 $ 545.2 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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 . Three Months Ended September 30, 2021 Products and Services Freight Total (Dollars in Millions) East Group $ 641.8 $ 42.3 $ 684.1 West Group 749.0 45.8 794.8 Total Building Materials business 1,390.8 88.1 1,478.9 Magnesia Specialties 71.9 6.5 78.4 Total $ 1,462.7 $ 94.6 $ 1,557.3 Three Months Ended September 30, 2020 Products and Services Freight Total (Dollars in Millions) East Group $ 514.1 $ 35.2 $ 549.3 West Group 671.4 39.8 711.2 Total Building Materials business 1,185.5 75.0 1,260.5 Magnesia Specialties 55.2 5.7 60.9 Total $ 1,240.7 $ 80.7 $ 1,321.4 Nine Months Ended September 30, 2021 Products and Services Freight Total (Dollars in Millions) East Group $ 1,610.9 $ 103.5 $ 1,714.4 West Group 1,861.9 116.3 1,978.2 Total Building Materials business 3,472.8 219.8 3,692.6 Magnesia Specialties 207.1 17.9 225.0 Total $ 3,679.9 $ 237.7 $ 3,917.6 Nine Months Ended September 30, 2020 Products and Services Freight Total (Dollars in Millions) East Group $ 1,371.8 $ 94.1 $ 1,465.9 West Group 1,785.4 118.8 1,904.2 Total Building Materials business 3,157.2 212.9 3,370.1 Magnesia Specialties 164.0 16.2 180.2 Total $ 3,321.2 $ 229.1 $ 3,550.3 |
Summary of Information About the Company's Contract Balances | The following table presents information about the Company’s contract balances: (Dollars in Millions) September 30, 2021 December 31, 2020 Costs in excess of billings $ 10.8 $ 2.2 Billings in excess of costs $ 10.7 $ 14.0 |
Goodwill and Other Intangibles
Goodwill and Other Intangibles (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Changes in Goodwill | The following table shows the changes in goodwill by reportable segment and in total: East West Group Group Total (Dollars in Millions) Balance at January 1, 2021 $ 572.5 $ 1,841.5 $ 2,414.0 Acquisitions 185.9 12.8 198.7 Goodwill allocated to assets held for sale — (2.1 ) (2.1 ) Balance at September 30, 2021 $ 758.4 $ 1,852.2 $ 2,610.6 |
Intangible Assets Subject to Amortization | Intangible assets subject to amortization consist of the following: Gross Amount Accumulated Amortization Net Balance (Dollars in Millions) September 30, 2021 Noncompetition agreements $ 4.2 $ (4.1 ) $ 0.1 Customer relationships 312.7 (44.3 ) 268.4 Operating permits 523.8 (53.7 ) 470.1 Use rights and other 16.4 (13.8 ) 2.6 Trade names 23.3 (13.3 ) 10.0 Total $ 880.4 $ (129.2 ) $ 751.2 December 31, 2020 Noncompetition agreements $ 4.2 $ (4.1 ) $ 0.1 Customer relationships 91.3 (35.6 ) 55.7 Operating permits 460.8 (48.4 ) 412.4 Use rights and other 16.3 (13.0 ) 3.3 Trade names 12.8 (12.3 ) 0.5 Total $ 585.4 $ (113.4 ) $ 472.0 |
Intangible Assets Deemed to Indefinite Life and Not Being Amortized | At September 30, 2021 and December 31, 2020, intangible assets deemed to have an indefinite life and not being amortized consist of the following: (Dollars in Millions) Building Materials business Magnesia Specialties Total Operating permits $ 6.6 $ — $ 6.6 Use rights 26.7 — 26.7 Trade names 0.2 2.5 2.7 Total $ 33.5 $ 2.5 $ 36.0 |
Summary of Intangible Assets Acquired | For the nine months ended September 30, 2021, the Company acquired $294.9 million of intangibles, which consists of the following: (Dollars in Millions) Amount Weighted-average amortization period Subject to amortization: Customer relationships $ 221.4 24 years Permits 63.0 40 years Trade name 10.5 9 years Total $ 294.9 27 years |
Estimated Amortization Expense of Intangibles | The estimated amortization expense for intangibles for the remainder of 2021, each of the next four years, and thereafter is as follows: (Dollars in Millions) October - December 2021 $ 6.4 2022 25.0 2023 24.7 2024 24.4 2025 24.3 Thereafter 646.4 Total $ 751.2 |
Inventories, Net (Tables)
Inventories, Net (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories Net | September 30, December 31, 2021 2020 (Dollars in Millions) Finished products $ 683.2 $ 667.0 Products in process 25.6 37.1 Raw materials 55.9 35.3 Supplies and expendable parts 152.0 149.9 916.7 889.3 Less: Allowances (199.2 ) (180.3 ) Total $ 717.5 $ 709.0 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | September 30, December 31, 2021 2020 (Dollars in Millions) 0.650% Senior Notes, due 2023 $ 696.9 $ — 4.250% Senior Notes, due 2024 398.1 397.6 7% Debentures, due 2025 124.5 124.5 3.450% Senior Notes, due 2027 297.9 297.6 3.500% Senior Notes, due 2027 496.2 495.8 2.500% Senior Notes, due 2030 490.9 490.1 2.400% Senior Notes, due 2031 891.7 — 6.25% Senior Notes, due 2037 228.3 228.2 4.250% Senior Notes, due 2047 592.0 591.9 3.200% Senior Notes, due 2051 882.9 — Trade Receivable Facility, interest rate of 0.77 % at September 30, 2021 20.0 — Other notes 0.1 0.1 Total debt 5,119.5 2,625.8 Less: Current maturities of long-term debt (20.1 ) — Long-term debt $ 5,099.4 $ 2,625.8 |
Pension and Postretirement Be_2
Pension and Postretirement Benefits (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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 September 30, 2021 2020 2021 2020 (Dollars in Millions) Service cost $ 11.6 $ 9.8 $ — $ — Interest cost 8.9 9.3 0.1 0.1 Expected return on assets (17.7 ) (15.2 ) — — Amortization of: Prior service cost (credit) 0.2 0.2 (0.2 ) (0.2 ) Actuarial loss 3.0 4.2 — — Net periodic benefit cost (credit) $ 6.0 $ 8.3 $ (0.1 ) $ (0.1 ) Pension Postretirement Benefits Nine Months Ended September 30, 2021 2020 2021 2020 (Dollars in Millions) Service cost $ 34.7 $ 29.4 $ — $ — Interest cost 26.7 27.8 0.2 0.3 Expected return on assets (52.8 ) (43.8 ) — — Amortization of: Prior service cost (credit) 0.5 0.5 (0.5 ) (0.6 ) Actuarial loss (gain) 9.2 10.9 (0.1 ) (0.1 ) Net periodic benefit cost (credit) $ 18.3 $ 24.8 $ (0.4 ) $ (0.4 ) |
Business Segments (Tables)
Business Segments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Financial Data for Continuing Operation for Company's Reportable Business Segments | The following table displays selected financial data for the Company’s reportable segments. 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 and are eliminated in consolidation. Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (Dollars in Millions) Total revenues East Group $ 684.1 $ 549.3 $ 1,714.4 $ 1,465.9 West Group 794.8 711.2 1,978.2 1,904.2 Total Building Materials business 1,478.9 1,260.5 3,692.6 3,370.1 Magnesia Specialties 78.4 60.9 225.0 180.2 Total $ 1,557.3 $ 1,321.4 $ 3,917.6 $ 3,550.3 Products and services revenues: East Group $ 641.8 $ 514.1 $ 1,610.9 $ 1,371.8 West Group 749.0 671.4 1,861.9 1,785.4 Total Building Materials business 1,390.8 1,185.5 3,472.8 3,157.2 Magnesia Specialties 71.9 55.2 207.1 164.0 Total $ 1,462.7 $ 1,240.7 $ 3,679.9 $ 3,321.2 Earnings (Loss) from operations East Group $ 205.8 $ 181.4 $ 465.3 $ 386.1 West Group 150.6 212.3 284.2 368.2 Total Building Materials business 356.4 393.7 749.5 754.3 Magnesia Specialties 23.1 16.4 69.8 51.2 Corporate (22.6 ) (9.5 ) (55.6 ) (40.7 ) Total $ 356.9 $ 400.6 $ 763.7 $ 764.8 September 30, 2021 December 31, 2020 Assets employed: (Dollars in Millions) East Group $ 5,075.9 $ 4,342.5 West Group 5,613.4 5,355.5 Total Building Materials business 10,689.3 9,698.0 Magnesia Specialties 169.6 167.9 Corporate 2,927.3 714.9 Total $ 13,786.2 $ 10,580.8 |
Revenues and Gross Profit (Tabl
Revenues and Gross Profit (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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 Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (Dollars in Millions) Total revenues: Building Materials business: Products and services: Aggregates $ 857.1 $ 766.9 $ 2,231.5 $ 2,092.1 Cement 132.3 115.6 358.4 331.7 Ready mixed concrete 320.8 254.6 824.5 689.4 Asphalt and paving services 195.9 129.8 343.5 254.9 Less: interproduct revenues (115.3 ) (81.4 ) (285.1 ) (210.9 ) Products and services 1,390.8 1,185.5 3,472.8 3,157.2 Freight 88.1 75.0 219.8 212.9 Total Building Materials business 1,478.9 1,260.5 3,692.6 3,370.1 Magnesia Specialties: Products and services 71.9 55.2 207.1 164.0 Freight 6.5 5.7 17.9 16.2 Total Magnesia Specialties 78.4 60.9 225.0 180.2 Total $ 1,557.3 $ 1,321.4 $ 3,917.6 $ 3,550.3 Gross profit (loss) Building Materials business: Products and services: Aggregates $ 292.9 $ 279.1 $ 687.7 $ 640.4 Cement 49.9 46.5 101.3 117.2 Ready mixed concrete 31.4 24.7 69.9 56.7 Asphalt and paving services 38.9 32.6 59.4 46.4 Products and services 413.1 382.9 918.3 860.7 Freight 1.3 0.9 1.7 0.3 Total Building Materials business 414.4 383.8 920.0 861.0 Magnesia Specialties: Products and services 28.1 21.0 84.4 65.3 Freight (1.1 ) (1.0 ) (3.0 ) (3.2 ) Total Magnesia Specialties 27.0 20.0 81.4 62.1 Corporate 0.5 0.7 0.3 4.3 Total $ 441.9 $ 404.5 $ 1,001.7 $ 927.4 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Noncash Investing and Financing Activities | Noncash investing and financing activities are as follows: Nine Months Ended September 30, 2021 2020 (Dollars in Millions) Noncash investing and financing activities: Right-of-use assets obtained in exchange for new finance lease liabilities $ 177.8 $ 15.0 Right-of-use assets obtained in exchange for new operating lease liabilities $ 17.3 $ 29.3 Accrued liabilities for purchases of property, plant and equipment $ 28.6 $ 30.5 Remeasurement of operating lease right-of-use assets $ (12.4 ) $ 1.9 For the nine months ended September 30, 2021, the right-of-use assets obtained in exchange for new finance lease liabilities balance was primarily attributable to the leases of the new corporate headquarters, production equipment and leases assumed as part acquisitions completed during the year |
Supplemental Disclosures of Cash Flow Information | Supplemental disclosures of cash flow information are as follows: Nine Months Ended September 30, 2021 2020 (Dollars in Millions) Cash paid for interest, net of capitalized amount $ 68.7 $ 74.7 Cash paid for income taxes, net of refunds $ 101.1 $ 68.9 |
Significant Accounting Polici_4
Significant Accounting Policies - Additional Information (Detail) $ in Millions | 9 Months Ended | |
Sep. 30, 2021USD ($)FacilityStateSegment | Dec. 31, 2020USD ($) | |
Accounting Policies [Abstract] | ||
Number of quarries and yards | Facility | 320 | |
Number of states with aggregates business sales by destination | State | 26 | |
Reportable business segments | Segment | 2 | |
Restricted cash | $ | $ 1.7 | $ 97.1 |
Significant Accounting Polici_5
Significant Accounting Policies - Comprehensive Earnings Attributable to Martin Marietta Materials Incorporated (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net earnings attributable to Martin Marietta | $ 254.6 | $ 294.4 | $ 545.7 | $ 538 |
Other comprehensive earnings, net of tax | 1.6 | 3.6 | 7 | 7.2 |
Earnings attributable to Martin Marietta Materials, Inc. | $ 256.2 | $ 298 | $ 552.7 | $ 545.2 |
Significant Accounting Polici_6
Significant Accounting Policies - Changes in Accumulated Other Comprehensive Loss Net of Tax (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | $ 6,128.2 | $ 5,493.6 | $ 5,893.3 | $ 5,353.3 |
Other comprehensive earnings (loss), net of tax | 1.6 | 3.6 | 7 | 7.2 |
Ending Balance | 6,358.2 | 5,758.9 | 6,358.2 | 5,758.9 |
Pension and Postretirement Benefit Plans | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (153.5) | (140) | (158.1) | (144.9) |
Amounts reclassified from accumulated other comprehensive loss, net of tax | 2.2 | 3.1 | 6.8 | 8 |
Other comprehensive earnings (loss), net of tax | 2.2 | 3.1 | 6.8 | 8 |
Ending Balance | (151.3) | (136.9) | (151.3) | (136.9) |
Foreign Currency | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | 0.5 | (2.2) | (0.3) | (0.9) |
Other comprehensive earnings (loss) before reclassifications, net of tax | (0.6) | 0.5 | 0.2 | (0.8) |
Other comprehensive earnings (loss), net of tax | (0.6) | 0.5 | 0.2 | (0.8) |
Ending Balance | (0.1) | (1.7) | (0.1) | (1.7) |
Accumulated Other Comprehensive Loss | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (153) | (142.2) | (158.4) | (145.8) |
Other comprehensive earnings (loss) before reclassifications, net of tax | (0.6) | 0.5 | 0.2 | (0.8) |
Amounts reclassified from accumulated other comprehensive loss, net of tax | 2.2 | 3.1 | 6.8 | 8 |
Other comprehensive earnings (loss), net of tax | 1.6 | 3.6 | 7 | 7.2 |
Ending Balance | $ (151.4) | $ (138.6) | $ (151.4) | $ (138.6) |
Significant Accounting Polici_7
Significant Accounting Policies - Noncurrent Deferred Tax Assets Recorded in Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Equity [Abstract] | ||||
Balance at beginning of period, Pension and Postretirement Benefit Plans | $ 87.9 | $ 83.6 | $ 89.4 | $ 85.2 |
Tax effect of other comprehensive earnings, Pension and Postretirement Benefit Plans | (0.8) | (1.1) | (2.3) | (2.7) |
Balance at end of period, Pension and Postretirement Benefit Plans | $ 87.1 | $ 82.5 | $ 87.1 | $ 82.5 |
Significant Accounting Polici_8
Significant Accounting Policies - Reclassifications Out of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Tax benefit | $ 63.6 | $ 81.5 | $ 141.7 | $ 143 |
Pension and Postretirement Benefit Plans | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Earnings from Continuing Operations | 2.2 | 3.1 | 6.8 | 8 |
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 | (0.1) | |||
Total reclassifications out of accumulated other comprehensive loss before taxes | 3 | 4.2 | 9.1 | 10.7 |
Tax benefit | (0.8) | (1.1) | (2.3) | (2.7) |
Earnings from Continuing Operations | 2.2 | 3.1 | 6.8 | 8 |
Reclassification out of Accumulated Other Comprehensive Income | Pension and Postretirement Benefit Plans | Other Nonoperating Income, Net | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Actuarial loss | $ 3 | $ 4.2 | $ 9.1 | $ 10.8 |
Significant Accounting Polici_9
Significant Accounting Policies - Basic and Diluted Earnings Per Common Share (Detail) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings Per Share [Abstract] | ||||
Net earnings attributable to Martin Marietta | $ 254.6 | $ 294.4 | $ 545.7 | $ 538 |
Less: Distributed and undistributed earnings attributable to unvested awards | 0.3 | 0.5 | ||
Basic and diluted net earnings available to common shareholders attributable to Martin Marietta | $ 254.6 | $ 294.1 | $ 545.7 | $ 537.5 |
Basic weighted-average common shares outstanding | 62.4 | 62.3 | 62.4 | 62.3 |
Effect of dilutive employee and director awards | 0.2 | 0.1 | 0.2 | 0.1 |
Diluted weighted-average common shares outstanding | 62.6 | 62.4 | 62.6 | 62.4 |
Significant Accounting Polic_10
Significant Accounting Policies - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Detail) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Restricted Cash And Cash Equivalents [Abstract] | ||
Cash and cash equivalents | $ 2,381.4 | $ 207.3 |
Restricted cash | 1.7 | 97.1 |
Total cash, cash equivalents and restricted cash presented in the consolidated statements of cash flows | $ 2,383.1 | $ 304.4 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
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 two years. 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 | $ 183 | $ 150.2 | $ 183 | $ 150.2 | |
Service revenues | 1,557.3 | 1,321.4 | 3,917.6 | 3,550.3 | |
Revenue recognized from contract liabilities | 7.1 | 8.5 | 11.9 | 7.2 | |
Retainage on contracts | 10 | 10 | $ 10.6 | ||
Service | COLORADO | |||||
Revenue Recognition [Line Items] | |||||
Service revenues | $ 182.7 | $ 221.3 | |||
Service | COLORADO | West Group | |||||
Revenue Recognition [Line Items] | |||||
Service revenues | $ 100.5 | $ 112.8 | |||
Minimum | Service | |||||
Revenue Recognition [Line Items] | |||||
Performance obligations, period | 1 day | ||||
Maximum | Service | |||||
Revenue Recognition [Line Items] | |||||
Performance obligations, period | 2 years |
Revenue Recognition - Additio_2
Revenue Recognition - Additional Information (Detail 1) | Sep. 30, 2021 | Sep. 30, 2020 |
Minimum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-10-01 | ||
Revenue Recognition [Line Items] | ||
Performance obligations, customer satisfaction period | 1 month | |
Minimum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-10-01 | ||
Revenue Recognition [Line Items] | ||
Performance obligations, customer satisfaction period | 1 month | |
Maximum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-10-01 | ||
Revenue Recognition [Line Items] | ||
Performance obligations, customer satisfaction period | 13 months | |
Maximum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-10-01 | ||
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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenue Recognition [Line Items] | ||||
Total | $ 1,557.3 | $ 1,321.4 | $ 3,917.6 | $ 3,550.3 |
Building Materials Business | ||||
Revenue Recognition [Line Items] | ||||
Total | 1,478.9 | 1,260.5 | 3,692.6 | 3,370.1 |
Products and Services | ||||
Revenue Recognition [Line Items] | ||||
Total | 1,462.7 | 1,240.7 | 3,679.9 | 3,321.2 |
Products and Services | Building Materials Business | ||||
Revenue Recognition [Line Items] | ||||
Total | 1,390.8 | 1,185.5 | 3,472.8 | 3,157.2 |
Freight | ||||
Revenue Recognition [Line Items] | ||||
Total | 94.6 | 80.7 | 237.7 | 229.1 |
Freight | Building Materials Business | ||||
Revenue Recognition [Line Items] | ||||
Total | 88.1 | 75 | 219.8 | 212.9 |
Operating Segments | Building Materials Business East Group | ||||
Revenue Recognition [Line Items] | ||||
Total | 684.1 | 549.3 | 1,714.4 | 1,465.9 |
Operating Segments | Building Materials Business West Group | ||||
Revenue Recognition [Line Items] | ||||
Total | 794.8 | 711.2 | 1,978.2 | 1,904.2 |
Operating Segments | Building Materials Business | ||||
Revenue Recognition [Line Items] | ||||
Total | 1,478.9 | 1,260.5 | 3,692.6 | 3,370.1 |
Operating Segments | Magnesia Specialties | ||||
Revenue Recognition [Line Items] | ||||
Total | 78.4 | 60.9 | 225 | 180.2 |
Operating Segments | Products and Services | Building Materials Business East Group | ||||
Revenue Recognition [Line Items] | ||||
Total | 641.8 | 514.1 | 1,610.9 | 1,371.8 |
Operating Segments | Products and Services | Building Materials Business West Group | ||||
Revenue Recognition [Line Items] | ||||
Total | 749 | 671.4 | 1,861.9 | 1,785.4 |
Operating Segments | Products and Services | Magnesia Specialties | ||||
Revenue Recognition [Line Items] | ||||
Total | 71.9 | 55.2 | 207.1 | 164 |
Operating Segments | Freight | Building Materials Business East Group | ||||
Revenue Recognition [Line Items] | ||||
Total | 42.3 | 35.2 | 103.5 | 94.1 |
Operating Segments | Freight | Building Materials Business West Group | ||||
Revenue Recognition [Line Items] | ||||
Total | 45.8 | 39.8 | 116.3 | 118.8 |
Operating Segments | Freight | Building Materials Business | ||||
Revenue Recognition [Line Items] | ||||
Total | 88.1 | 75 | 219.8 | 212.9 |
Operating Segments | Freight | Magnesia Specialties | ||||
Revenue Recognition [Line Items] | ||||
Total | $ 6.5 | $ 5.7 | $ 17.9 | $ 16.2 |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Information About the Company's Contract Balances (Detail) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Revenue From Contract With Customer [Abstract] | ||
Costs in excess of billings | $ 10.8 | $ 2.2 |
Billings in excess of costs | $ 10.7 | $ 14 |
Business Combinations - Additio
Business Combinations - Additional Information (Detail) | Jul. 30, 2021 | Apr. 30, 2021 |
Southern Crushed Concrete | ||
Business Acquisition [Line Items] | ||
Acquisition date | Jul. 30, 2021 | |
Tiller Corporation | ||
Business Acquisition [Line Items] | ||
Acquisition date | Apr. 30, 2021 |
Goodwill and Other Intangible_2
Goodwill and Other Intangibles - Changes in Goodwill (Detail) $ in Millions | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Goodwill [Line Items] | |
Balance at January 1, 2021 | $ 2,414 |
Acquisitions | 198.7 |
Goodwill allocated to assets held for sale | (2.1) |
Balance at September 30, 2021 | 2,610.6 |
East Group | |
Goodwill [Line Items] | |
Balance at January 1, 2021 | 572.5 |
Acquisitions | 185.9 |
Balance at September 30, 2021 | 758.4 |
West Group | |
Goodwill [Line Items] | |
Balance at January 1, 2021 | 1,841.5 |
Acquisitions | 12.8 |
Goodwill allocated to assets held for sale | (2.1) |
Balance at September 30, 2021 | $ 1,852.2 |
Goodwill and Other Intangible_3
Goodwill and Other Intangibles - Intangible Assets Subject to Amortization (Detail) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | $ 880.4 | $ 585.4 |
Accumulated Amortization | (129.2) | (113.4) |
Net Balance | 751.2 | 472 |
Noncompetition agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | 4.2 | 4.2 |
Accumulated Amortization | (4.1) | (4.1) |
Net Balance | 0.1 | 0.1 |
Customer Relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | 312.7 | 91.3 |
Accumulated Amortization | (44.3) | (35.6) |
Net Balance | 268.4 | 55.7 |
Operating Permits | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | 523.8 | 460.8 |
Accumulated Amortization | (53.7) | (48.4) |
Net Balance | 470.1 | 412.4 |
Use Rights And Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | 16.4 | 16.3 |
Accumulated Amortization | (13.8) | (13) |
Net Balance | 2.6 | 3.3 |
Trade names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | 23.3 | 12.8 |
Accumulated Amortization | (13.3) | (12.3) |
Net Balance | $ 10 | $ 0.5 |
Goodwill and Other Intangible_4
Goodwill and Other Intangibles - Intangible Assets Deemed to Indefinite Life and Not Being Amortized (Detail) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Indefinite Lived Intangible Assets By Major Class [Line Items] | ||
Indefinite life intangible assets | $ 36 | $ 36 |
Building Materials Business | ||
Indefinite Lived Intangible Assets By Major Class [Line Items] | ||
Indefinite life intangible assets | 33.5 | 33.5 |
Magnesia Specialties | ||
Indefinite Lived Intangible Assets By Major Class [Line Items] | ||
Indefinite life intangible assets | 2.5 | 2.5 |
Operating Permits | ||
Indefinite Lived Intangible Assets By Major Class [Line Items] | ||
Indefinite life intangible assets | 6.6 | 6.6 |
Operating Permits | Building Materials Business | ||
Indefinite Lived Intangible Assets By Major Class [Line Items] | ||
Indefinite life intangible assets | 6.6 | 6.6 |
Use Rights Not Subject To Amortization | ||
Indefinite Lived Intangible Assets By Major Class [Line Items] | ||
Indefinite life intangible assets | 26.7 | 26.7 |
Use Rights Not Subject To Amortization | Building Materials Business | ||
Indefinite Lived Intangible Assets By Major Class [Line Items] | ||
Indefinite life intangible assets | 26.7 | 26.7 |
Trade names | ||
Indefinite Lived Intangible Assets By Major Class [Line Items] | ||
Indefinite life intangible assets | 2.7 | 2.7 |
Trade names | Building Materials Business | ||
Indefinite Lived Intangible Assets By Major Class [Line Items] | ||
Indefinite life intangible assets | 0.2 | 0.2 |
Trade names | Magnesia Specialties | ||
Indefinite Lived Intangible Assets By Major Class [Line Items] | ||
Indefinite life intangible assets | $ 2.5 | $ 2.5 |
Goodwill and Other Intangible_5
Goodwill and Other Intangibles - Additional Information (Detail) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Intangibles assets acquired | $ 294.9 | |
Amortization expense of intangible assets | $ 15.2 | $ 9.8 |
Goodwill and Other Intangible_6
Goodwill and Other Intangibles - Summary of Intangible Assets Acquired (Detail) $ in Millions | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Acquired Finite And Indefinite Lived Intangible Assets [Line Items] | |
Total subject to amortization | $ 294.9 |
Weighted-average amortization period | 27 years |
Customer Relationships | |
Acquired Finite And Indefinite Lived Intangible Assets [Line Items] | |
Total subject to amortization | $ 221.4 |
Weighted-average amortization period | 24 years |
Permits | |
Acquired Finite And Indefinite Lived Intangible Assets [Line Items] | |
Total subject to amortization | $ 63 |
Weighted-average amortization period | 40 years |
Trade names | |
Acquired Finite And Indefinite Lived Intangible Assets [Line Items] | |
Total subject to amortization | $ 10.5 |
Weighted-average amortization period | 9 years |
Goodwill and Other Intangible_7
Goodwill and Other Intangibles - Estimated Amortization Expense of Intangibles (Detail) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
October - December 2021 | $ 6.4 | |
2022 | 25 | |
2023 | 24.7 | |
2024 | 24.4 | |
2025 | 24.3 | |
Thereafter | 646.4 | |
Net Balance | $ 751.2 | $ 472 |
Inventories, Net - Schedule of
Inventories, Net - Schedule of Inventories Net (Detail) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Finished products | $ 683.2 | $ 667 |
Products in process | 25.6 | 37.1 |
Raw materials | 55.9 | 35.3 |
Supplies and expendable parts | 152 | 149.9 |
Inventories, Gross | 916.7 | 889.3 |
Less: Allowances | (199.2) | (180.3) |
Total | $ 717.5 | $ 709 |
Long-Term Debt - Long-Term Debt
Long-Term Debt - Long-Term Debt (Detail) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Total debt | $ 5,119.5 | $ 2,625.8 |
Less: Current maturities of long-term debt | (20.1) | |
Long-term debt | 5,099.4 | 2,625.8 |
0.650% Senior Notes, Due 2023 | ||
Debt Instrument [Line Items] | ||
Total debt | 696.9 | |
4.25% Senior Notes, Due 2024 | ||
Debt Instrument [Line Items] | ||
Total debt | 398.1 | 397.6 |
7% Debentures, Due 2025 | ||
Debt Instrument [Line Items] | ||
Total debt | 124.5 | 124.5 |
3.450% Senior Notes, Due 2027 | ||
Debt Instrument [Line Items] | ||
Total debt | 297.9 | 297.6 |
3.500% Senior Notes, Due 2027 | ||
Debt Instrument [Line Items] | ||
Total debt | 496.2 | 495.8 |
2.500% Senior Notes, Due 2030 | ||
Debt Instrument [Line Items] | ||
Total debt | 490.9 | 490.1 |
2.400% Senior Notes, Due 2031 | ||
Debt Instrument [Line Items] | ||
Total debt | 891.7 | |
6.25% Senior Notes, Due 2037 | ||
Debt Instrument [Line Items] | ||
Total debt | 228.3 | 228.2 |
4.250% Senior Notes, Due 2047 | ||
Debt Instrument [Line Items] | ||
Total debt | 592 | 591.9 |
3.200% Senior Notes, Due 2051 | ||
Debt Instrument [Line Items] | ||
Total debt | 882.9 | |
Trade Receivable Facility | ||
Debt Instrument [Line Items] | ||
Total debt | 20 | |
Other Notes | ||
Debt Instrument [Line Items] | ||
Total debt | $ 0.1 | $ 0.1 |
Long-Term Debt - Long-Term De_2
Long-Term Debt - Long-Term Debt (Parenthetical) (Detail) | Jul. 02, 2021 | Sep. 30, 2021 |
0.650% Senior Notes, Due 2023 | ||
Debt Instrument [Line Items] | ||
Maturity year | 2023 | 2023 |
Interest rate on notes | 0.65% | 0.65% |
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 | |
Interest rate on notes | 2.50% | |
2.400% Senior Notes, Due 2031 | ||
Debt Instrument [Line Items] | ||
Maturity year | 2031 | 2031 |
Interest rate on notes | 2.40% | 2.40% |
6.25% Senior Notes, Due 2037 | ||
Debt Instrument [Line Items] | ||
Maturity year | 2037 | |
Interest rate on notes | 6.25% | |
4.250% Senior Notes, Due 2047 | ||
Debt Instrument [Line Items] | ||
Maturity year | 2047 | |
Interest rate on notes | 4.25% | |
3.200% Senior Notes, Due 2051 | ||
Debt Instrument [Line Items] | ||
Maturity year | 2051 | 2051 |
Interest rate on notes | 3.20% | 3.20% |
Trade Receivable Facility | ||
Debt Instrument [Line Items] | ||
Credit Facility interest rate | 0.77% |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) - USD ($) | Sep. 22, 2021 | Jul. 02, 2021 | Dec. 05, 2016 | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | |||||
Maximum consolidated debt reduction for unrestricted cash and cash equivalents for debt covenant calculation | $ 200,000,000 | ||||
Outstanding letters of credit | $ 35,000,000 | ||||
Revolving Facility | |||||
Debt Instrument [Line Items] | |||||
Credit facility commitment | $ 700,000,000 | ||||
Debt instrument maturity period | Dec. 5, 2024 | ||||
Outstanding borrowing under credit facility | $ 0 | $ 0 | |||
Senior unsecured revolving facility, maturity period | 5 years | ||||
Outstanding letters of credit | 2,600,000 | 2,600,000 | |||
Minimum | |||||
Debt Instrument [Line Items] | |||||
Reduction of consolidated debt in the debt ratio calculation | $ 50,000,000 | ||||
Maximum | Including Acquisition Bridge Debt | |||||
Debt Instrument [Line Items] | |||||
Debt covenant | 3.50 | ||||
Maximum | Excluding Acquisition Bridge Debt | |||||
Debt Instrument [Line Items] | |||||
Debt covenant | 3.75 | ||||
0.650% Senior Notes, Due 2023 | |||||
Debt Instrument [Line Items] | |||||
Aggregate principal amount of long term debt | $ 700,000,000 | ||||
Interest rate on notes | 0.65% | 0.65% | |||
Maturity year | 2023 | 2023 | |||
0.650% Senior Notes, Due 2023 | Prior to July 2, 2022 (2023 Par Call Date) | |||||
Debt Instrument [Line Items] | |||||
Debt instrument redemption price percentage | 100.00% | ||||
0.650% Senior Notes, Due 2023 | Prior to July 2, 2022 (2023 Par Call Date) | Treasury Rate | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 0.10% | ||||
0.650% Senior Notes, Due 2023 | On or After 2023 Par Call Date and Prior to Maturity | |||||
Debt Instrument [Line Items] | |||||
Debt instrument redemption price percentage | 100.00% | ||||
2.400% Senior Notes, Due 2031 | |||||
Debt Instrument [Line Items] | |||||
Aggregate principal amount of long term debt | $ 900,000,000 | ||||
Interest rate on notes | 2.40% | 2.40% | |||
Maturity year | 2031 | 2031 | |||
2.400% Senior Notes, Due 2031 | Prior to April 15, 2031 (2031 Par Call Date) | |||||
Debt Instrument [Line Items] | |||||
Debt instrument redemption price percentage | 100.00% | ||||
2.400% Senior Notes, Due 2031 | Prior to April 15, 2031 (2031 Par Call Date) | Treasury Rate | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 0.15% | ||||
2.400% Senior Notes, Due 2031 | On or After 2031 Par Call Date and Prior to Maturity | |||||
Debt Instrument [Line Items] | |||||
Debt instrument redemption price percentage | 100.00% | ||||
3.200% Senior Notes, Due 2051 | |||||
Debt Instrument [Line Items] | |||||
Aggregate principal amount of long term debt | $ 900,000,000 | ||||
Interest rate on notes | 3.20% | 3.20% | |||
Maturity year | 2051 | 2051 | |||
3.200% Senior Notes, Due 2051 | Prior to January 15, 2051 (2051 Par Call Date) | |||||
Debt Instrument [Line Items] | |||||
Debt instrument redemption price percentage | 100.00% | ||||
3.200% Senior Notes, Due 2051 | Prior to January 15, 2051 (2051 Par Call Date) | Treasury Rate | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 0.20% | ||||
3.200% Senior Notes, Due 2051 | On or After 2051 Par Call Date and Prior to Maturity | |||||
Debt Instrument [Line Items] | |||||
Debt instrument redemption price percentage | 100.00% | ||||
Trade Receivable Facility | |||||
Debt Instrument [Line Items] | |||||
Credit facility commitment | $ 400,000,000 | ||||
Debt instrument maturity period | Sep. 21, 2022 | ||||
Outstanding borrowing under credit facility | 20,000,000 | $ 0 | |||
Trade Receivable Facility | Maximum | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, increased borrowing capacity, subject to lender commitments | $ 500,000,000 | ||||
Trade Receivable Facility | London Interbank Offered Rate(LIBOR) | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 0.70% | ||||
Trade Receivable Facility | Conduit Lenders | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 0.60% |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021USD ($)Customer | Sep. 30, 2020Customer | Sep. 30, 2021USD ($)Customer | Sep. 30, 2020Customer | Dec. 31, 2020USD ($) | |
Debt Instrument [Line Items] | |||||
Long-term debt, carrying values | $ 5,119.5 | $ 5,119.5 | $ 2,625.8 | ||
Long-term debt, fair values | $ 5,490 | $ 5,490 | $ 3,080 | ||
Customer Concentration Risk | Total Revenues | |||||
Debt Instrument [Line Items] | |||||
Number of customer accounted for 10% or more of consolidated total revenues | Customer | 0 | 0 | 0 | 0 | |
Customer Concentration Risk | Total Revenues | Minimum | |||||
Debt Instrument [Line Items] | |||||
Percentage of concentration risk | 10.00% | 10.00% | 10.00% | 10.00% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||
Effective change in income tax rate | 20.60% | 21.00% |
Discrete benefit for research and development tax credits | $ 2.9 | |
Discrete benefit from change in tax status of subsidiary from partnership to corporation | $ 6.9 |
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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Pension | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 11.6 | $ 9.8 | $ 34.7 | $ 29.4 |
Interest cost | 8.9 | 9.3 | 26.7 | 27.8 |
Expected return on assets | (17.7) | (15.2) | (52.8) | (43.8) |
Prior service cost (credit) | 0.2 | 0.2 | 0.5 | 0.5 |
Actuarial loss (gain) | 3 | 4.2 | 9.2 | 10.9 |
Net periodic benefit cost (credit) | 6 | 8.3 | 18.3 | 24.8 |
Postretirement Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | 0.1 | 0.1 | 0.2 | 0.3 |
Prior service cost (credit) | (0.2) | (0.2) | (0.5) | (0.6) |
Actuarial loss (gain) | (0.1) | (0.1) | ||
Net periodic benefit cost (credit) | $ (0.1) | $ (0.1) | $ (0.4) | $ (0.4) |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Commitments and Contingencies [Line Items] | ||
Guarantee of affiliate's obligations | $ 12,500,000 | |
Due from affiliate | 5,400,000 | |
Outstanding letters of credit | 35,000,000 | |
Revolving Facility | ||
Commitments and Contingencies [Line Items] | ||
Outstanding letters of credit | 2,600,000 | $ 2,600,000 |
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) | 9 Months Ended |
Sep. 30, 2021Segment | |
Segment Reporting [Abstract] | |
Reportable segments | 2 |
Business Segments - Financial D
Business Segments - Financial Data for Continuing Operations for Company's Reportable Business Segments (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||||
Total revenues | $ 1,557.3 | $ 1,321.4 | $ 3,917.6 | $ 3,550.3 | |
Earnings (Loss) from operations | 356.9 | 400.6 | 763.7 | 764.8 | |
Assets employed | 13,786.2 | 13,786.2 | $ 10,580.8 | ||
Products and Services | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 1,462.7 | 1,240.7 | 3,679.9 | 3,321.2 | |
Building Materials Business | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 1,478.9 | 1,260.5 | 3,692.6 | 3,370.1 | |
Earnings (Loss) from operations | 356.4 | 393.7 | 749.5 | 754.3 | |
Assets employed | 10,689.3 | 10,689.3 | 9,698 | ||
Building Materials Business | Products and Services | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 1,390.8 | 1,185.5 | 3,472.8 | 3,157.2 | |
Operating Segments | Building Materials Business East Group | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 684.1 | 549.3 | 1,714.4 | 1,465.9 | |
Earnings (Loss) from operations | 205.8 | 181.4 | 465.3 | 386.1 | |
Assets employed | 5,075.9 | 5,075.9 | 4,342.5 | ||
Operating Segments | Building Materials Business East Group | Products and Services | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 641.8 | 514.1 | 1,610.9 | 1,371.8 | |
Operating Segments | Building Materials Business West Group | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 794.8 | 711.2 | 1,978.2 | 1,904.2 | |
Earnings (Loss) from operations | 150.6 | 212.3 | 284.2 | 368.2 | |
Assets employed | 5,613.4 | 5,613.4 | 5,355.5 | ||
Operating Segments | Building Materials Business West Group | Products and Services | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 749 | 671.4 | 1,861.9 | 1,785.4 | |
Operating Segments | Magnesia Specialties | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 78.4 | 60.9 | 225 | 180.2 | |
Earnings (Loss) from operations | 23.1 | 16.4 | 69.8 | 51.2 | |
Assets employed | 169.6 | 169.6 | 167.9 | ||
Operating Segments | Magnesia Specialties | Products and Services | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 71.9 | 55.2 | 207.1 | 164 | |
Operating Segments | Building Materials Business | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 1,478.9 | 1,260.5 | 3,692.6 | 3,370.1 | |
Corporate | |||||
Segment Reporting Information [Line Items] | |||||
Earnings (Loss) from operations | (22.6) | $ (9.5) | (55.6) | $ (40.7) | |
Assets employed | $ 2,927.3 | $ 2,927.3 | $ 714.9 |
Revenues and Gross Profit - Tot
Revenues and Gross Profit - Total Revenues and Gross Profit by Product Line (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Product Information [Line Items] | ||||
Total revenues | $ 1,557.3 | $ 1,321.4 | $ 3,917.6 | $ 3,550.3 |
Gross profit (loss) | 441.9 | 404.5 | 1,001.7 | 927.4 |
Interproduct Revenues | ||||
Product Information [Line Items] | ||||
Total revenues | (115.3) | (81.4) | (285.1) | (210.9) |
Corporate | ||||
Product Information [Line Items] | ||||
Gross profit (loss) | 0.5 | 0.7 | 0.3 | 4.3 |
Building Materials Business | ||||
Product Information [Line Items] | ||||
Total revenues | 1,478.9 | 1,260.5 | 3,692.6 | 3,370.1 |
Building Materials Business | Operating Segments | ||||
Product Information [Line Items] | ||||
Total revenues | 1,478.9 | 1,260.5 | 3,692.6 | 3,370.1 |
Gross profit (loss) | 414.4 | 383.8 | 920 | 861 |
Building Materials Business | Operating Segments | Products and Services | ||||
Product Information [Line Items] | ||||
Total revenues | 1,390.8 | 1,185.5 | 3,472.8 | 3,157.2 |
Gross profit (loss) | 413.1 | 382.9 | 918.3 | 860.7 |
Magnesia Specialties | Operating Segments | ||||
Product Information [Line Items] | ||||
Total revenues | 78.4 | 60.9 | 225 | 180.2 |
Gross profit (loss) | 27 | 20 | 81.4 | 62.1 |
Magnesia Specialties | Operating Segments | Products and Services | ||||
Product Information [Line Items] | ||||
Total revenues | 71.9 | 55.2 | 207.1 | 164 |
Gross profit (loss) | 28.1 | 21 | 84.4 | 65.3 |
Aggregates | Building Materials Business | Operating Segments | Reportable Subsegments | Products and Services | ||||
Product Information [Line Items] | ||||
Total revenues | 857.1 | 766.9 | 2,231.5 | 2,092.1 |
Gross profit (loss) | 292.9 | 279.1 | 687.7 | 640.4 |
Cement | Building Materials Business | Operating Segments | Reportable Subsegments | Products and Services | ||||
Product Information [Line Items] | ||||
Total revenues | 132.3 | 115.6 | 358.4 | 331.7 |
Gross profit (loss) | 49.9 | 46.5 | 101.3 | 117.2 |
Ready Mixed Concrete | Building Materials Business | Operating Segments | Reportable Subsegments | Products and Services | ||||
Product Information [Line Items] | ||||
Total revenues | 320.8 | 254.6 | 824.5 | 689.4 |
Gross profit (loss) | 31.4 | 24.7 | 69.9 | 56.7 |
Asphalt and Paving | Building Materials Business | Operating Segments | Reportable Subsegments | Products and Services | ||||
Product Information [Line Items] | ||||
Total revenues | 195.9 | 129.8 | 343.5 | 254.9 |
Gross profit (loss) | 38.9 | 32.6 | 59.4 | 46.4 |
Freight | ||||
Product Information [Line Items] | ||||
Total revenues | 94.6 | 80.7 | 237.7 | 229.1 |
Freight | Building Materials Business | ||||
Product Information [Line Items] | ||||
Total revenues | 88.1 | 75 | 219.8 | 212.9 |
Freight | Building Materials Business | Operating Segments | ||||
Product Information [Line Items] | ||||
Total revenues | 88.1 | 75 | 219.8 | 212.9 |
Gross profit (loss) | 1.3 | 0.9 | 1.7 | 0.3 |
Freight | Magnesia Specialties | Operating Segments | ||||
Product Information [Line Items] | ||||
Total revenues | 6.5 | 5.7 | 17.9 | 16.2 |
Gross profit (loss) | $ (1.1) | $ (1) | $ (3) | $ (3.2) |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information - Schedule of Noncash Investing and Financing Activities (Detail) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Supplemental Cash Flow Elements [Abstract] | ||
Right-of-use assets obtained in exchange for new finance lease liabilities | $ 177.8 | $ 15 |
Right-of-use assets obtained in exchange for new operating lease liabilities | 17.3 | 29.3 |
Accrued liabilities for purchases of property, plant and equipment | 28.6 | 30.5 |
Remeasurement of operating lease right-of-use assets | $ (12.4) | $ 1.9 |
Supplemental Cash Flow Inform_4
Supplemental Cash Flow Information - Supplemental Disclosures of Cash Flow Information (Detail) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Supplemental Cash Flow Elements [Abstract] | ||
Cash paid for interest, net of capitalized amount | $ 68.7 | $ 74.7 |
Cash paid for income taxes, net of refunds | $ 101.1 | $ 68.9 |
Supplemental Cash Flow Inform_5
Supplemental Cash Flow Information - Additional Information (Detail) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Supplemental Cash Flow Elements [Abstract] | ||
Repayment of loans related to life insurance policies | $ 13.9 | $ 13.7 |
Other Operating Income, Net - A
Other Operating Income, Net - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Component of Other Operating Income and Expense [Line Items] | |||
Gains on sales of investment | $ 26.6 | $ 71.2 | |
Former Corporate Headquarters | Other Operating Income, Net | |||
Component of Other Operating Income and Expense [Line Items] | |||
Gains on sales of investment | $ 12.3 | ||
Land and Divested Assets | Other Operating Income, Net | West Group | |||
Component of Other Operating Income and Expense [Line Items] | |||
Gains on sales of investment | $ 69.9 | $ 69.9 |
Other Nonoperating Income, Net
Other Nonoperating Income, Net - Additional Information (Detail) - Other Nonoperating Income, Net - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | |
Component of Other Income And Expense [Line Items] | |||
Reduction in pension expense | $ 3.9 | $ 11.8 | $ 8.9 |
Third-party railroad track maintenance expense | $ 5.6 |
Subsequent Event - Additional I
Subsequent Event - Additional Information (Detail) - Subsequent Event - Lehigh West Region $ in Billions | Oct. 01, 2021USD ($)StateQuarryPlant |
Subsequent Event [Line Items] | |
Business combination, effective date | Oct. 1, 2021 |
Cash transferred in business combination | $ | $ 2.3 |
Business combination, number of active aggregate quarries acquired | Quarry | 17 |
Business combination, number of cement plants acquired | Plant | 2 |
Business combination, number of states targeted for downstream operations | State | 4 |
Business acquisition, percentage of voting interests acquired | 100.00% |