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Significant Accounting Policies (Tables)
9 Months Ended
Sep. 30, 2015
Significant Accounting Policies [Line Items]  
Changes in Accumulated Other Comprehensive Earnings, Net of Tax

Changes in accumulated other comprehensive loss, net of tax, are as follows:  

 

 

(Dollars in Thousands)

 

 

 

 

 

 

 

 

 

 

 

Unamortized

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Value of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Terminated

 

 

Accumulated

 

 

 

Pension and

 

 

 

 

 

 

Forward Starting

 

 

Other

 

 

 

Postretirement

 

 

Foreign

 

 

Interest Rate

 

 

Comprehensive

 

 

 

Benefit Plans

 

 

Currency

 

 

Swap

 

 

Loss

 

 

 

Three Months Ended September 30, 2015

 

Balance at beginning of period

 

$

(111,663

)

 

$

1,219

 

 

$

(2,370

)

 

$

(112,814

)

Other comprehensive loss before reclassifications,

     net of tax

 

 

 

 

 

(1,757

)

 

 

 

 

 

(1,757

)

Amounts reclassified from accumulated other

     comprehensive loss, net of tax

 

 

1,636

 

 

 

 

 

 

193

 

 

 

1,829

 

Other comprehensive earnings (loss), net of tax

 

 

1,636

 

 

 

(1,757

)

 

 

193

 

 

 

72

 

Balance at end of period

 

$

(110,027

)

 

$

(538

)

 

$

(2,177

)

 

$

(112,742

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30, 2014

 

Balance at beginning of period

 

$

(44,685

)

 

$

5,658

 

 

$

(3,114

)

 

$

(42,141

)

Other comprehensive loss before reclassifications,

     net of tax

 

 

 

 

 

(1,466

)

 

 

 

 

 

(1,466

)

Amounts reclassified from accumulated other comprehensive earnings, net of tax

 

 

146

 

 

 

 

 

 

180

 

 

 

326

 

Other comprehensive earnings (loss), net of tax

 

 

146

 

 

 

(1,466

)

 

 

180

 

 

 

(1,140

)

Balance at end of period

 

$

(44,539

)

 

$

4,192

 

 

$

(2,934

)

 

$

(43,281

)

 

 

 

 

(Dollars in Thousands)

 

 

 

 

 

 

 

 

 

 

 

Unamortized

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Value of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Terminated

 

 

Accumulated

 

 

 

Pension and

 

 

 

 

 

 

Forward Starting

 

 

Other

 

 

 

Postretirement

 

 

Foreign

 

 

Interest Rate

 

 

Comprehensive

 

 

 

Benefit Plans

 

 

Currency

 

 

Swap

 

 

Loss

 

 

 

Nine Months Ended September 30, 2015

 

Balance at beginning of period

 

$

(106,688

)

 

$

3,278

 

 

$

(2,749

)

 

$

(106,159

)

Other comprehensive loss before

     reclassifications, net of tax

 

 

(10,845

)

 

 

(3,816

)

 

 

 

 

 

(14,661

)

Amounts reclassified from accumulated

     other comprehensive earnings, net of tax

 

 

7,506

 

 

 

 

 

 

572

 

 

 

8,078

 

Other comprehensive (loss) earnings, net of tax

 

 

(3,339

)

 

 

(3,816

)

 

 

572

 

 

 

(6,583

)

Balance at end of period

 

$

(110,027

)

 

$

(538

)

 

$

(2,177

)

 

$

(112,742

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30, 2014

 

Balance at beginning of period

 

$

(44,549

)

 

$

3,902

 

 

$

(3,467

)

 

$

(44,114

)

Other comprehensive (loss) earnings before

     reclassifications, net of tax

 

 

(431

)

 

 

290

 

 

 

 

 

 

(141

)

Amounts reclassified from accumulated

     other comprehensive earnings, net of tax

 

 

441

 

 

 

 

 

 

533

 

 

 

974

 

Other comprehensive earnings, net of tax

 

 

10

 

 

 

290

 

 

 

533

 

 

 

833

 

Balance at end of period

 

$

(44,539

)

 

$

4,192

 

 

$

(2,934

)

 

$

(43,281

)

 

Noncurrent Deferred Tax Assets Recorded In Accumulated Other Comprehensive Loss

1.

Significant Accounting Policies (continued)

Consolidated Comprehensive Earnings/Loss and Accumulated Other Comprehensive Loss (continued)

Changes in net noncurrent deferred tax assets recorded in accumulated other comprehensive loss are as follows:

 

 

(Dollars in Thousands)

 

 

 

Pension and Postretirement Benefit Plans

 

 

Unamortized Value of Terminated Forward Starting Interest Rate Swap

 

 

Net Noncurrent Deferred Tax Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30, 2015

 

Balance at beginning of period

 

$

71,625

 

 

$

1,554

 

 

$

73,179

 

Tax effect of other comprehensive earnings

 

 

(1,042

)

 

 

(125

)

 

 

(1,167

)

Balance at end of period

 

$

70,583

 

 

$

1,429

 

 

$

72,012

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30, 2014

 

Balance at beginning of period

 

$

29,287

 

 

$

2,039

 

 

$

31,326

 

Tax effect of other comprehensive earnings

 

 

(96

)

 

 

(120

)

 

 

(216

)

Balance at end of period

 

$

29,191

 

 

$

1,919

 

 

$

31,110

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30, 2015

 

Balance at beginning of period

 

$

68,568

 

 

$

1,799

 

 

$

70,367

 

Tax effect of other comprehensive earnings

 

 

2,015

 

 

 

(370

)

 

 

1,645

 

Balance at end of period

 

$

70,583

 

 

$

1,429

 

 

$

72,012

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30, 2014

 

Balance at beginning of period

 

$

29,198

 

 

$

2,269

 

 

$

31,467

 

Tax effect of other comprehensive earnings

 

 

(7

)

 

 

(350

)

 

 

(357

)

Balance at end of period

 

$

29,191

 

 

$

1,919

 

 

$

31,110

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reclassification Out of Accumulated Other Comprehensive Loss

1.

Significant Accounting Policies (continued)

Consolidated Comprehensive Earnings/Loss and Accumulated Other Comprehensive Loss (continued)

Reclassifications out of accumulated other comprehensive loss are as follows:

 

 

Three Months Ended

 

 

Nine Months Ended

 

Affected line items in the consolidated

 

 

September 30,

 

 

September 30,

 

statements of earnings and

 

 

2015

 

 

2014

 

 

2015

 

 

2014

 

comprehensive earnings

 

 

(Dollars in Thousands)

 

 

Pension and postretirement

     benefit plans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prior service credit

 

$

(468

)

 

$

(703

)

 

$

(1,407

)

 

$

(2,107

)

 

Actuarial loss

 

 

3,146

 

 

 

945

 

 

 

13,691

 

 

 

2,835

 

 

 

 

 

2,678

 

 

 

242

 

 

 

12,284

 

 

 

728

 

Cost of sales; Selling, general

     and administrative expenses

Tax benefit

 

 

(1,042

)

 

 

(96

)

 

 

(4,778

)

 

 

(287

)

Taxes on income

 

 

$

1,636

 

 

$

146

 

 

$

7,506

 

 

$

441

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unamortized value of terminated

     forward starting interest

     rate swap

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional interest expense

 

$

318

 

 

$

300

 

 

$

942

 

 

$

883

 

Interest expense

Tax benefit

 

 

(125

)

 

 

(120

)

 

 

(370

)

 

 

(350

)

Taxes on income

 

 

$

193

 

 

$

180

 

 

$

572

 

 

$

533

 

 

 

Basic and Diluted Earnings (Loss) per Common Share

1.

Significant Accounting Policies (continued)

Earnings per Common Share (continued)

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,

 

 

 

2015

 

 

2014

 

 

2015

 

 

2014

 

 

 

(In Thousands)

 

Net earnings from continuing operations attributable to

      Martin Marietta Materials, Inc.

 

$

117,544

 

 

$

53,812

 

 

$

205,607

 

 

$

91,786

 

Less: Distributed and undistributed earnings attributable to

     unvested awards

 

 

479

 

 

 

213

 

 

 

897

 

 

 

372

 

Basic and diluted net earnings available to common

     shareholders from continuing operations attributable

     to Martin Marietta Materials, Inc.

 

 

117,065

 

 

 

53,599

 

 

 

204,710

 

 

 

91,414

 

Basic and diluted net loss available to common

     shareholders from discontinued operations

 

 

 

 

 

(69

)

 

 

 

 

 

(140

)

Basic and diluted net earnings available to common

     shareholders attributable to Martin Marietta Materials, Inc.

 

$

117,065

 

 

$

53,530

 

 

$

204,710

 

 

$

91,274

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted-average common shares outstanding

 

 

66,830

 

 

 

67,086

 

 

 

67,203

 

 

 

53,342

 

Effect of dilutive employee and director awards

 

 

278

 

 

 

409

 

 

 

267

 

 

 

217

 

Diluted weighted-average common shares outstanding

 

 

67,108

 

 

 

67,495

 

 

 

67,470

 

 

 

53,559

 

 

Parent  
Significant Accounting Policies [Line Items]  
Comprehensive Earnings (Loss)

Comprehensive earnings attributable to Martin Marietta is as follows:

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2015

 

 

2014

 

 

2015

 

 

2014

 

 

 

(Dollars in Thousands)

 

Net earnings attributable to Martin Marietta

     Materials, Inc.

 

$

117,544

 

 

$

53,743

 

 

$

205,607

 

 

$

91,646

 

Other comprehensive earnings (loss), net of tax

 

 

72

 

 

 

(1,140

)

 

 

(6,583

)

 

 

833

 

Comprehensive earnings attributable to

     Martin Marietta Materials, Inc.

 

$

117,616

 

 

$

52,603

 

 

$

199,024

 

 

$

92,479

 

 

Noncontrolling Interests  
Significant Accounting Policies [Line Items]  
Comprehensive Earnings (Loss)

Comprehensive earnings (loss) attributable to noncontrolling interests, consisting of net earnings or loss and adjustments for the funded status of pension and postretirement benefit plans, is as follows:

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2015

 

 

2014

 

 

2015

 

 

2014

 

 

 

(Dollars in Thousands)

 

Net earnings (loss) attributable to noncontrolling interests

 

$

34

 

 

$

91

 

 

$

108

 

 

$

(1,341

)

Other comprehensive earnings, net of tax

 

 

3

 

 

 

2

 

 

 

8

 

 

 

4

 

Comprehensive earnings (loss) attributable to

     noncontrolling interests

 

$

37

 

 

$

93

 

 

$

116

 

 

$

(1,337

)