10-Q 1 mlm-10q_20220331.htm 10-Q mlm-10q_20220331.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2022

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                                            to  

Commission File Number: 1-12744

 

MARTIN MARIETTA MATERIALS, INC.

(Exact Name of Registrant as Specified in its Charter)

 

 

North Carolina

56-1848578

( State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

4123 Parklake Avenue, Raleigh, NC

27612

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (919) 781-4550

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock (Par Value $0.01)

 

MLM

 

NYSE

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

  

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

  

Smaller reporting company

 

 

 

 

 

 

 

 

Emerging growth company

 

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes      No  

Indicate the number of shares outstanding of each of the issuer’s classes of Common Stock, as of the latest practicable date.

 

Class

 

Outstanding as of April 28, 2022

Common Stock, $0.01 par value

 

62,365,483

 

 

 

 


 

 

MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES

FORM 10-Q

For the Quarter Ended March 31, 2022

 

 

Page

Part I. Financial Information:

 

 

 

 

 

Item 1. Financial Statements

 

 

 

 

 

Consolidated Balance Sheets – March 31, 2022 and December 31, 2021

 

3

 

 

 

Consolidated Statements of Earnings and Comprehensive Earnings – Three Months Ended March 31, 2022 and 2021

 

4

 

 

 

Consolidated Statements of Cash Flows – Three Months Ended March 31, 2022 and 2021

 

5

 

 

 

Consolidated Statement of Total Equity – Three Months Ended March 31, 2022 and 2021

 

6

 

 

 

Notes to Consolidated Financial Statements

 

7

 

 

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

24

 

 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

37

 

 

 

Item 4. Controls and Procedures

 

38

 

 

 

Part II. Other Information:

 

 

 

 

 

Item 1. Legal Proceedings

 

39

 

 

 

Item 1A. Risk Factors

 

39

 

 

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

39

 

 

 

Item 4. Mine Safety Disclosures

 

39

 

 

 

Item 6. Exhibits

 

40

 

 

 

Signatures

 

41

 

 

 

 

 

 

Page 2 of 41


 

 

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.

MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES

(UNAUDITED) CONSOLIDATED BALANCE SHEETS

 

 

 

March 31,

 

 

December 31,

 

 

 

2022

 

 

2021

 

 

 

(In Millions, Except Par Value Data)

 

ASSETS

 

 

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

189.6

 

 

$

258.4

 

Restricted cash

 

 

 

 

 

0.5

 

Accounts receivable, net

 

 

759.2

 

 

 

774.0

 

Inventories, net

 

 

782.4

 

 

 

752.6

 

Current assets held for sale

 

 

121.2

 

 

 

102.2

 

Other current assets

 

 

135.1

 

 

 

137.9

 

Total Current Assets

 

 

1,987.5

 

 

 

2,025.6

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment

 

 

10,252.0

 

 

 

10,370.0

 

Allowances for depreciation, depletion and amortization

 

 

(4,043.1

)

 

 

(4,032.0

)

Net property, plant and equipment

 

 

6,208.9

 

 

 

6,338.0

 

Goodwill

 

 

3,392.0

 

 

 

3,494.4

 

Other intangibles, net

 

 

1,050.7

 

 

 

1,065.0

 

Operating lease right-of-use assets, net

 

 

410.7

 

 

 

426.7

 

Noncurrent assets held for sale

 

 

812.9

 

 

 

616.9

 

Other noncurrent assets

 

 

378.8

 

 

 

426.4

 

Total Assets

 

$

14,241.5

 

 

$

14,393.0

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

383.8

 

 

$

356.2

 

Accrued salaries, benefits and payroll taxes

 

 

43.1

 

 

 

86.6

 

Accrued other taxes

 

 

46.6

 

 

 

58.4

 

Accrued interest

 

 

41.5

 

 

 

48.0

 

Operating lease liabilities

 

 

53.8

 

 

 

53.9

 

Current liabilities held for sale

 

 

9.3

 

 

 

7.5

 

Other current liabilities

 

 

134.8

 

 

 

142.0

 

Total Current Liabilities

 

 

712.9

 

 

 

752.6

 

 

 

 

 

 

 

 

 

 

Long-term debt

 

 

5,102.3

 

 

 

5,100.8

 

Deferred income taxes, net

 

 

890.0

 

 

 

895.3

 

Noncurrent operating lease liabilities

 

 

362.1

 

 

 

379.4

 

Noncurrent liabilities held for sale

 

 

63.9

 

 

 

53.5

 

Other noncurrent liabilities

 

 

679.2

 

 

 

673.8

 

Total Liabilities

 

 

7,810.4

 

 

 

7,855.4

 

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

Common stock, par value $0.01 per share (62.4 shares

   outstanding at March 31, 2022 and December 31, 2021)

 

 

0.6

 

 

 

0.6

 

Preferred stock, par value $0.01 per share

 

 

 

 

 

 

Additional paid-in capital

 

 

3,462.6

 

 

 

3,470.4

 

Accumulated other comprehensive loss

 

 

(129.2

)

 

 

(97.6

)

Retained earnings

 

 

3,094.9

 

 

 

3,161.9

 

Total Shareholders' Equity

 

 

6,428.9

 

 

 

6,535.3

 

Noncontrolling interests

 

 

2.2

 

 

 

2.3

 

Total Equity

 

 

6,431.1

 

 

 

6,537.6

 

Total Liabilities and Equity

 

$

14,241.5

 

 

$

14,393.0

 

See accompanying notes to the consolidated financial statements.

 

Page 3 of 41


 

 

MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES

(UNAUDITED) CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE EARNINGS

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2022

 

 

2021

 

 

 

(In Millions, Except Per Share Data)

 

Products and services revenues

 

$

1,147.8

 

 

$

921.9

 

Freight revenues

 

 

83.0

 

 

 

60.5

 

Total Revenues

 

 

1,230.8

 

 

 

982.4

 

 

 

 

 

 

 

 

 

 

Cost of revenues - products and services

 

 

991.9

 

 

 

746.0

 

Cost of revenues - freight

 

 

82.8

 

 

 

61.7

 

Total Cost of Revenues

 

 

1,074.7

 

 

 

807.7

 

 

 

 

 

 

 

 

 

 

Gross Profit

 

 

156.1

 

 

 

174.7

 

 

 

 

 

 

 

 

 

 

Selling, general & administrative expenses

 

 

97.1

 

 

 

79.8

 

Acquisition and integration expenses

 

 

1.4

 

 

 

1.2

 

Other operating income, net

 

 

(2.3

)

 

 

(5.6

)

Earnings from Operations

 

 

59.9

 

 

 

99.3

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

40.5

 

 

 

27.4

 

Other nonoperating income, net

 

 

(10.8

)

 

 

(9.5

)

Earnings from continuing operations before income tax expense

 

 

30.2

 

 

 

81.4

 

Income tax expense

 

 

5.8

 

 

 

15.9

 

Earnings from continuing operations

 

 

24.4

 

 

 

65.5

 

Loss from discontinued operations, net of income tax benefit

 

 

(3.1

)

 

 

 

Consolidated net earnings

 

 

21.3

 

 

 

65.5

 

Less: Net (loss) earnings attributable to noncontrolling interests

 

 

(0.1

)

 

 

0.2

 

Net Earnings Attributable to Martin Marietta Materials, Inc.

 

$

21.4

 

 

$

65.3

 

 

 

 

 

 

 

 

 

 

Consolidated Comprehensive (Loss) Earnings:

 

 

 

 

 

 

 

 

(Loss) Earnings attributable to Martin Marietta Materials, Inc.

 

$

(10.2

)

 

$

68.1

 

(Loss) Earnings attributable to noncontrolling interests

 

 

(0.1

)

 

 

0.2

 

 

 

$

(10.3

)

 

$

68.3

 

Net Earnings (Loss) Attributable to Martin Marietta Materials, Inc.

 

 

 

 

 

 

 

 

Per Common Share:

 

 

 

 

 

 

 

 

Basic from continuing operations attributable to common shareholders

 

$

0.39

 

 

$

1.05

 

Basic from discontinued operations attributable to common shareholders

 

 

(0.05

)

 

 

 

 

 

$

0.34

 

 

$

1.05

 

 

 

 

 

 

 

 

 

 

Diluted from continuing operations attributable to common shareholders

 

$

0.39

 

 

$

1.04

 

Diluted from discontinued operations attributable to common

   shareholders

 

 

(0.05

)

 

 

 

 

 

$

0.34

 

 

$

1.04

 

 

 

 

 

 

 

 

 

 

Weighted-Average Common Shares Outstanding:

 

 

 

 

 

 

 

 

Basic

 

 

62.4

 

 

 

62.3

 

Diluted

 

 

62.6

 

 

 

62.5

 

 

 

See accompanying notes to the consolidated financial statements.

 

Page 4 of 41


 

 

MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES

(UNAUDITED) CONSOLIDATED STATEMENTS OF CASH FLOWS

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2022

 

 

2021

 

 

 

(Dollars in Millions)

 

Cash Flows from Operating Activities:

 

 

 

 

 

 

 

 

Consolidated net earnings

 

$

21.3

 

 

$

65.5

 

Adjustments to reconcile consolidated net earnings to net cash

   provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation, depletion and amortization

 

 

128.2

 

 

 

98.6

 

Stock-based compensation expense

 

 

12.0

 

 

 

10.9

 

Gain on divestitures and sales of assets

 

 

(2.9

)

 

 

(3.8

)

Deferred income taxes, net

 

 

5.2

 

 

 

(4.7

)

Other items, net

 

 

(0.9

)

 

 

(4.7

)

Changes in operating assets and liabilities, net of effects of

   acquisitions and divestitures:

 

 

 

 

 

 

 

 

Accounts receivable, net

 

 

14.8

 

 

 

11.5

 

Inventories, net

 

 

(28.9

)

 

 

19.0

 

Accounts payable

 

 

95.5

 

 

 

25.0

 

Other assets and liabilities, net

 

 

(74.4

)

 

 

(25.4

)

Net Cash Provided by Operating Activities

 

 

169.9

 

 

 

191.9

 

 

 

 

 

 

 

 

 

 

Cash Flows from Investing Activities:

 

 

 

 

 

 

 

 

Additions to property, plant and equipment

 

 

(139.8

)

 

 

(110.3

)

Acquisitions, net of cash acquired

 

 

18.8

 

 

 

 

Proceeds from divestitures and sales of assets

 

 

1.0

 

 

 

12.2

 

Investments in life insurance contracts, net

 

 

 

 

 

9.8

 

Other investing activities, net

 

 

(3.0

)

 

 

 

Net Cash Used for Investing Activities

 

 

(123.0

)

 

 

(88.3

)

 

 

 

 

 

 

 

 

 

Cash Flows from Financing Activities:

 

 

 

 

 

 

 

 

Payments on finance lease obligations

 

 

(3.7

)

 

 

(2.2

)

Repurchases of common stock

 

 

(50.0

)

 

 

 

Dividends paid

 

 

(38.9

)

 

 

(36.1

)

Proceeds from exercise of stock options

 

 

0.6

 

 

 

0.6

 

Shares withheld for employees' income tax obligations

 

 

(24.2

)

 

 

(15.5

)

Net Cash Used for Financing Activities

 

 

(116.2

)

 

 

(53.2

)

Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash

 

 

(69.3

)

 

 

50.4

 

Cash, Cash Equivalents and Restricted Cash, beginning of period

 

 

258.9

 

 

 

304.4

 

Cash, Cash Equivalents and Restricted Cash, end of period

 

$

189.6

 

 

$

354.8

 

 

 

 

See accompanying notes to the consolidated financial statements.

 

Page 5 of 41


 

 

MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES

(UNAUDITED) CONSOLIDATED STATEMENTS OF TOTAL EQUITY

 

(In Millions, Except Per Share Data)

 

Shares of Common Stock

 

 

Common Stock

 

 

Additional Paid-in Capital

 

 

Accumulated

Other Comprehensive

Loss

 

 

Retained Earnings

 

 

Total Shareholders' Equity

 

 

Noncontrolling Interests

 

 

Total Equity

 

Balance at December 31, 2020

 

 

62.3

 

 

$

0.6

 

 

$

3,440.8

 

 

$

(158.4

)

 

$

2,607.7

 

 

$

5,890.7

 

 

$

2.6

 

 

$

5,893.3

 

Consolidated net earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

65.3

 

 

 

65.3

 

 

 

0.2

 

 

 

65.5

 

Other comprehensive earnings,

   net of tax

 

 

 

 

 

 

 

 

 

 

 

2.8

 

 

 

 

 

 

2.8

 

 

 

 

 

 

2.8

 

Dividends declared ($0.57 per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(35.8

)

 

 

(35.8

)

 

 

 

 

 

(35.8

)

Issuances of common stock for stock

   award plans

 

 

0.1

 

 

 

 

 

 

5.5

 

 

 

 

 

 

 

 

 

5.5

 

 

 

 

 

 

5.5

 

Shares withheld for employees'

   income tax obligations

 

 

 

 

 

 

 

 

(15.5

)

 

 

 

 

 

 

 

 

(15.5

)

 

 

 

 

 

(15.5

)

Stock-based compensation expense

 

 

 

 

 

 

 

 

10.9

 

 

 

 

 

 

 

 

 

10.9

 

 

 

 

 

 

10.9

 

Balance at March 31, 2021

 

 

62.4

 

 

$

0.6

 

 

$

3,441.7

 

 

$

(155.6

)

 

$

2,637.2

 

 

$

5,923.9

 

 

$

2.8

 

 

$

5,926.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2021

 

 

62.4

 

 

$

0.6

 

 

$

3,470.4

 

 

$

(97.6

)

 

$

3,161.9

 

 

$

6,535.3

 

 

$

2.3

 

 

$

6,537.6

 

Consolidated net earnings (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

21.4

 

 

 

21.4

 

 

 

(0.1

)

 

 

21.3

 

Other comprehensive loss, net of tax

 

 

 

 

 

 

 

 

 

 

 

(31.6

)

 

 

 

 

 

(31.6

)

 

 

 

 

 

(31.6

)

Dividends declared ($0.61 per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(38.4

)

 

 

(38.4

)

 

 

 

 

 

(38.4

)

Issuances of common stock for stock

   award plans

 

 

0.1

 

 

 

 

 

 

4.6

 

 

 

 

 

 

 

 

 

4.6

 

 

 

 

 

 

4.6

 

Shares withheld for employees'

   income tax obligations

 

 

 

 

 

 

 

 

 

(24.4

)

 

 

 

 

 

 

 

 

(24.4

)

 

 

 

 

 

(24.4

)

Repurchases of common stock

 

 

(0.1

)

 

 

 

 

 

 

 

 

 

 

 

(50.0

)

 

 

(50.0

)

 

 

 

 

 

(50.0

)

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

12.0

 

 

 

 

 

 

 

 

 

12.0

 

 

 

 

 

 

12.0

 

Balance at March 31, 2022

 

 

62.4

 

 

$

0.6

 

 

$

3,462.6

 

 

$

(129.2

)

 

$

3,094.9

 

 

$

6,428.9

 

 

$

2.2

 

 

$

6,431.1

 

 

 

 

See accompanying notes to the consolidated financial statements.

 

Page 6 of 41


 

 

MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES

FORM 10-Q

For the Quarter Ended March 31, 2022

(UNAUDITED) NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

1.

Significant Accounting Policies

Organization

Martin Marietta Materials, Inc. (the Company or Martin Marietta) is a natural resource-based building materials company. As of March 31, 2022, the Company supplies aggregates (crushed stone, sand and gravel) through its network of approximately 350 quarries, mines and distribution yards in 28 states, Canada and The Bahamas.  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. In addition, the Company has two cement plants, cement distribution terminals and ready mixed concrete operations primarily in California that are classified as assets held for sale and discontinued operations as of and for the quarter ended March 31, 2022. 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,
Iowa, Kansas, Kentucky, Maryland,
Minnesota, Missouri,  
Nebraska, North Carolina, Ohio,
Pennsylvania, South Carolina,
Tennessee, Virginia, West Virginia,
Nova Scotia and The Bahamas

  

Arizona, Arkansas, California, Colorado, Louisiana, Oklahoma, Texas, Utah,
Washington and Wyoming

 

 

 

 

 

 

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, 2021. In the opinion of management, the interim consolidated financial information provided herein reflects all adjustments, consisting of normal recurring accruals, necessary for a fair statement of the results of operations, financial position and cash flows for the interim periods. The consolidated results of operations for the three months ended March 31, 2022 are not necessarily indicative of the results expected for other interim periods or the full year. The consolidated balance sheet at December 31, 2021 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

Page 7 of 41


MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES

FORM 10-Q

For the Quarter Ended March 31, 2022

(UNAUDITED) NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Continued)

 

consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.

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.

Consolidated Comprehensive (Loss) Earnings and Accumulated Other Comprehensive Loss

Consolidated comprehensive (loss) 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 (loss) earnings attributable to Martin Marietta is as follows:

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2022

 

 

2021

 

 

 

(Dollars in Millions)

 

Net earnings attributable to Martin Marietta

 

$

21.4

 

 

$

65.3

 

Other comprehensive (loss) earnings, net of tax

 

 

(31.6

)

 

 

2.8

 

Comprehensive (loss) earnings attributable to Martin

   Marietta

 

$

(10.2

)

 

$

68.1

 

 

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

 

 

 

(Dollars in Millions)

 

 

 

Pension and

Postretirement Benefit Plans

 

 

Foreign Currency

 

 

Total

 

 

 

Three Months Ended March 31, 2022

 

Balance at beginning of period

 

$

(97.6

)

 

$

 

 

$

(97.6

)

Other comprehensive (loss) earnings before reclassifications,

   net of tax

 

 

(33.3

)

 

 

0.4

 

 

 

(32.9

)

Amounts reclassified from accumulated other

   comprehensive loss, net of tax

 

 

1.3

 

 

 

 

 

 

1.3

 

Other comprehensive (loss) earnings, net of tax

 

 

(32.0

)