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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 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 September 30, 2021

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 Number)

 

4123 Parklake Avenue, Raleigh, NC

 

27612

(Address of principal executive offices)

 

(Zip Code)

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

(Former name, former address and former fiscal year, if changes since last report)

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, a 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 Securities 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 October 28, 2021

Common Stock, $0.01 par value

 

62,381,891

 

 

 

 

 

 

MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES

FORM 10-Q

For the Quarter Ended September 30, 2021

 

 

Page

Part I. Financial Information:

 

 

 

 

 

Item 1. Financial Statements

 

 

 

 

 

Consolidated Balance Sheets – September 30, 2021 and December 31, 2020

 

3

 

 

 

Consolidated Statements of Earnings and Comprehensive Earnings – Three and Nine Months Ended September 30, 2021 and 2020

 

4

 

 

 

Consolidated Statements of Cash Flows – Nine Months Ended September 30, 2021 and 2020

 

5

 

 

 

Consolidated Statement of Total Equity – Three and Nine Months Ended September 30, 2021 and 2020

 

6

 

 

 

Notes to Consolidated Financial Statements

 

8

 

 

 

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

 

28

 

 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

50

 

 

 

Item 4. Controls and Procedures

 

51

 

 

 

Part II. Other Information:

 

 

 

 

 

Item 1. Legal Proceedings

 

52

 

 

 

Item 1A. Risk Factors

 

52

 

 

 

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

 

52

 

 

 

Item 4. Mine Safety Disclosures

 

52

 

 

 

Item 6. Exhibits

 

53

 

 

 

Signatures

 

54

 

 

 

 

 

 

Page 2 of 54

 

 

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.

MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES

(UNAUDITED) CONSOLIDATED BALANCE SHEETS

 

 

 

September 30,

 

 

December 31,

 

 

 

2021

 

 

2020

 

 

 

(Dollars in Millions, Except Par Value Data)

 

ASSETS

 

 

 

 

 

 

 

 

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

 

 

 

709.0

 

Other current assets

 

 

98.2

 

 

 

79.8

 

Total Current Assets

 

 

4,000.7

 

 

 

1,668.3

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment

 

 

9,536.9

 

 

 

8,955.0

 

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

 

 

 

2,414.0

 

Other intangibles, net

 

 

787.2

 

 

 

508.0

 

Operating lease right-of-use assets, net

 

 

417.8

 

 

 

453.0

 

Other noncurrent assets

 

 

359.4

 

 

 

295.2

 

Total Assets

 

$

13,786.2

 

 

$

10,580.8

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

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

 

 

7,428.0

 

 

 

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

 

See accompanying notes to the consolidated financial statements.

 

Page 3 of 54

 

 

MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES

(UNAUDITED) CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE EARNINGS

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

(In Millions, Except Per Share Data)

 

Products and services revenues

 

$

1,462.7

 

 

$

1,240.7

 

 

$

3,679.9

 

 

$

3,321.2

 

Freight revenues

 

 

94.6

 

 

 

80.7

 

 

 

237.7

 

 

 

229.1

 

Total Revenues

 

 

1,557.3

 

 

 

1,321.4

 

 

 

3,917.6

 

 

 

3,550.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenues - products and services

 

 

1,021.0

 

 

 

836.1

 

 

 

2,676.9

 

 

 

2,390.9

 

Cost of revenues - freight

 

 

94.4

 

 

 

80.8

 

 

 

239.0

 

 

 

232.0

 

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

 

 

86.0

 

 

 

71.1

 

 

 

248.2

 

 

 

221.0

 

Acquisition-related expenses

 

 

7.4

 

 

 

0.4

 

 

 

18.0

 

 

 

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

)

 

 

(4.0

)

 

 

(23.8

)

 

 

(5.9

)

Earnings before income tax expense

 

 

318.2

 

 

 

375.9

 

 

 

687.6

 

 

 

681.0

 

Income tax expense

 

 

63.6

 

 

 

81.5

 

 

 

141.7

 

 

 

143.0

 

Consolidated net earnings

 

 

254.6

 

 

 

294.4

 

 

 

545.9

 

 

 

538.0

 

Less: Net earnings attributable to noncontrolling interests

 

 

—

 

 

 

—

 

 

 

0.2

 

 

 

—

 

Net Earnings Attributable to Martin Marietta Materials, Inc.

 

$

254.6

 

 

$

294.4

 

 

$

545.7

 

 

$

538.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated Comprehensive Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings attributable to Martin Marietta Materials, Inc.

 

$

256.2

 

 

$

298.0

 

 

$

552.7

 

 

$

545.2

 

Earnings attributable to noncontrolling interests

 

 

—

 

 

 

—

 

 

 

0.2

 

 

 

—

 

 

 

$

256.2

 

 

$

298.0

 

 

$

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

 

 

 

See accompanying notes to the consolidated financial statements.

 

Page 4 of 54

 

 

MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES

(UNAUDITED) CONSOLIDATED STATEMENTS OF CASH FLOWS

 

 

 

Nine Months Ended

 

 

 

September 30,

 

 

 

2021

 

 

2020

 

 

 

(Dollars in Millions)

 

Cash Flows from Operating Activities:

 

 

 

 

 

 

 

 

Consolidated net earnings

 

$

545.9

 

 

$

538.0

 

Adjustments to reconcile consolidated net earnings to net cash

   provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation, depletion and amortization

 

 

320.0

 

 

 

292.2

 

Stock-based compensation expense

 

 

33.0

 

 

 

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

 

 

(218.0

)

 

 

(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

 

 

 

684.0

 

 

 

 

 

 

 

 

 

 

Cash Flows from Investing Activities:

 

 

 

 

 

 

 

 

Additions to property, plant and equipment

 

 

(321.3

)

 

 

(250.8

)

Acquisitions, net of cash acquired

 

 

(792.9

)

 

 

(64.0

)

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

 

 

(400.0

)

 

 

(777.0

)

Payments on financing leases

 

 

(7.6

)

 

 

(2.3

)

Debt issuance costs

 

 

(6.1

)

 

 

(2.0

)

Distributions to owners of noncontrolling interest

 

 

(0.5

)

 

 

—

 

Repurchases of common stock

 

 

—

 

 

 

(50.0

)

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

)

 

 

(13.0

)

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

 

 

 

21.0

 

Cash, Cash Equivalents and Restricted Cash, end of period

 

$

2,383.1

 

 

$

193.7

 

 

 

 

See accompanying notes to the consolidated financial statements.

 

Page 5 of 54

 

 

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 June 30, 2021

 

 

62.4

 

 

$

0.6

 

 

$

3,451.1

 

 

$

(153.0

)

 

$

2,827.2

 

 

$

6,125.9

 

 

$

2.3

 

 

$

6,128.2

 

Consolidated net earnings

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

254.6

 

 

 

254.6

 

 

 

—

 

 

 

254.6

 

Other comprehensive earnings,

   net of tax

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1.6

 

 

 

 

 

 

 

1.6

 

 

 

—

 

 

 

1.6

 

Dividends declared ($0.61 per share)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(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

 

Balance at September 30, 2021

 

 

62.4

 

 

$

0.6

 

 

$

3,463.3

 

 

$

(151.4

)

 

$

3,043.4

 

 

$

6,355.9

 

 

$

2.3

 

 

$

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