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

9 Months Ended

Sep. 30, 2024

Business Combinations [Abstract]

Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed

The following is a summary of the preliminary estimated fair values of the assets acquired and liabilities assumed as of April 5, 2024 (dollars in millions):

Assets:
Inventories	$	49
Property, plant and equipment 1		2,052
Intangible assets, other than goodwill		19
Other assets		2
Total assets		2,122
Liabilities:
Deferred income taxes		239
Asset retirement obligations		3
Other liabilities		98
Total liabilities		340
Net identifiable assets acquired		1,782
Goodwill		268
Total consideration	$	2,050

1 Includes mineral reserves of $1.9 billion.

Summary of Unaudited Pro Forma Financial Information

The following pro forma financial information is for informational purposes only and is not indicative of the results of operations that would have been achieved if the acquisition had taken place as of January 1, 2023:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
	(Dollars in Millions)
Revenues	$	1,889	$	2,059	$	4,957	$	5,335
Net earnings from continuing operations    attributable to Martin Marietta	$	363	$	415	$	1,733	$	834

On October 25, 2024, the Company completed an aggregates bolt-on acquisition in South Florida.

Summary of Discontinued Operations and Assets and Liabilities Held for Sale

Financial results for the Company's discontinued operations are as follows:

	Three Months Ended			Nine Months Ended
	September 30, 2023
	(Dollars in Millions)
Revenues	$	27		$	86
Pretax earnings (loss) from operations	$	4		$	(14	)
Pretax loss on divestitures and sales of assets		(21	)		(20	)
Pretax loss		(17	)		(34	)
Income tax benefit		(4	)		(8	)
Loss from discontinued operations, net of income tax benefit	$	(13	)	$	(26	)

Cash flow information for the Company's discontinued operations is as follows:

	Nine Months Ended
	September 30, 2023
	(Dollars in Millions)
Net cash used for operating activities	$	(9	)
Additions to property, plant and equipment	$	(4	)
Proceeds from divestitures and sales of assets		57
Net cash provided by investing activities	$	53

Assets and liabilities held for sale are as follows:

	September 30, 2024		December 31, 2023
	Continuing Operations
	(Dollars in Millions)
Inventories, net	$	—	$	61
Investment land		10		18
Other assets		—		4
Property, plant and equipment		—		327
Intangible assets, excluding goodwill		—		122
Operating lease right-of-use assets		—		15
Goodwill		—		260
Total current assets held for sale	$	10	$	807
Lease obligations	$	—	$	(16	)
Asset retirement obligations		—		(2	)
Total current liabilities held for sale	$	—	$	(18	)