$MLM
MARTIN MARIETTA MATERIALS INC

2021 Q1 Form 10-Q Financial Statement

#000156459021023197 Filed on May 04, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $982.4M $958.2M
YoY Change 2.53% 2.04%
Cost Of Revenue $807.7M $815.8M
YoY Change -0.99% 2.47%
Gross Profit $174.7M $142.4M
YoY Change 22.68% -0.35%
Gross Profit Margin 17.78% 14.86%
Selling, General & Admin $79.80M $78.70M
YoY Change 1.4% 0.51%
% of Gross Profit 45.68% 55.27%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $98.60M $95.00M
YoY Change 3.79% 6.5%
% of Gross Profit 56.44% 66.71%
Operating Expenses $79.80M $78.70M
YoY Change 1.4% 0.51%
Operating Profit $99.30M $57.80M
YoY Change 71.8% -16.47%
Interest Expense $27.40M $29.80M
YoY Change -8.05% -9.42%
% of Operating Profit 27.59% 51.56%
Other Income/Expense, Net $9.500M -$2.000M
YoY Change -575.0% -225.0%
Pretax Income $81.40M $26.00M
YoY Change 213.08% -31.4%
Income Tax $15.90M $100.0K
% Of Pretax Income 19.53% 0.38%
Net Earnings $65.30M $25.90M
YoY Change 152.12% -39.63%
Net Earnings / Revenue 6.65% 2.7%
Basic Earnings Per Share $1.05 $0.42
Diluted Earnings Per Share $1.04 $0.41
COMMON SHARES
Basic Shares Outstanding 62.30M 62.30M
Diluted Shares Outstanding 62.50M 62.50M

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $314.0M $424.0M
YoY Change -25.94% 1045.95%
Cash & Equivalents $313.9M $21.00M
Short-Term Investments
Other Short-Term Assets $67.30M $145.7M
YoY Change -53.81% 7.16%
Inventory $690.0M $700.5M
Prepaid Expenses
Receivables $563.6M $563.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.676B $1.833B
YoY Change -8.58% 33.78%
LONG-TERM ASSETS
Property, Plant & Equipment $5.335B $5.185B
YoY Change 2.89% 0.75%
Goodwill $2.414B $2.397B
YoY Change 0.71% -0.02%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $288.9M $126.7M
YoY Change 128.02% -7.99%
Total Long-Term Assets $8.984B $8.670B
YoY Change 3.62% -0.1%
TOTAL ASSETS
Total Short-Term Assets $1.676B $1.833B
Total Long-Term Assets $8.984B $8.670B
Total Assets $10.66B $10.50B
YoY Change 1.49% 4.52%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $200.0M $202.0M
YoY Change -0.99% 9.28%
Accrued Expenses $155.0M $132.0M
YoY Change 17.42% -23.7%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $639.9M
YoY Change 77.72%
Total Short-Term Liabilities $449.0M $1.076B
YoY Change -58.26% 41.97%
LONG-TERM LIABILITIES
Long-Term Debt $2.627B $2.624B
YoY Change 0.1% -6.33%
Other Long-Term Liabilities $480.6M $338.3M
YoY Change 42.06% 44.51%
Total Long-Term Liabilities $3.107B $2.962B
YoY Change 4.89% -2.41%
TOTAL LIABILITIES
Total Short-Term Liabilities $449.0M $1.076B
Total Long-Term Liabilities $3.107B $2.962B
Total Liabilities $4.733B $5.204B
YoY Change -9.06% 2.58%
SHAREHOLDERS EQUITY
Retained Earnings $2.637B $2.019B
YoY Change 30.65% 18.34%
Common Stock $3.442B $3.424B
YoY Change 0.54% 0.49%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.924B $5.297B
YoY Change
Total Liabilities & Shareholders Equity $10.66B $10.50B
YoY Change 1.48% 4.53%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income $65.30M $25.90M
YoY Change 152.12% -39.63%
Depreciation, Depletion And Amortization $98.60M $95.00M
YoY Change 3.79% 6.5%
Cash From Operating Activities $191.9M $106.7M
YoY Change 79.85% -9.5%
INVESTING ACTIVITIES
Capital Expenditures $110.3M $104.1M
YoY Change 5.96% -19.98%
Acquisitions
YoY Change
Other Investing Activities $22.00M $100.0K
YoY Change 21900.0% -83.33%
Cash From Investing Activities -$88.30M -$95.50M
YoY Change -7.54% -25.1%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $50.00M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -53.20M 391.8M
YoY Change -113.58% 18557.14%
NET CHANGE
Cash From Operating Activities 191.9M 106.7M
Cash From Investing Activities -88.30M -95.50M
Cash From Financing Activities -53.20M 391.8M
Net Change In Cash 50.40M 403.0M
YoY Change -87.49% -5473.33%
FREE CASH FLOW
Cash From Operating Activities $191.9M $106.7M
Capital Expenditures $110.3M $104.1M
Free Cash Flow $81.60M $2.600M
YoY Change 3038.46% -121.31%

Facts In Submission

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CY2021Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="text-align:justify;margin-bottom:0pt;margin-top:12pt;text-indent:3.33%;font-weight:bold;font-size:11pt;font-family:Calibri;font-style:normal;text-transform:none;font-variant: normal;">Reclassifications </p> <p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;margin-left:3.33%;text-indent:0%;font-size:11pt;font-family:Calibri;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As of January 1, 2021, the Company reclassified accrued income taxes from <span style="font-style:italic;">Other current liabilities</span> to <span style="font-style:italic;">Accrued other taxes</span> on the Company’s consolidated balance sheet.  Prior-year information has been reclassified to conform to current year presentation. The reclassification had no impact on the Company’s previously reported results of operations, financial position or cash flows.</p>
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
25900000
CY2020Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
400000
CY2020Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
26300000
CY2020Q4 mlm Accumulated Other Comprehensive Loss Noncurrent Deferred Tax Assets Pension And Postretirement Benefit Plans
AccumulatedOtherComprehensiveLossNoncurrentDeferredTaxAssetsPensionAndPostretirementBenefitPlans
89400000
CY2019Q4 mlm Accumulated Other Comprehensive Loss Noncurrent Deferred Tax Assets Pension And Postretirement Benefit Plans
AccumulatedOtherComprehensiveLossNoncurrentDeferredTaxAssetsPensionAndPostretirementBenefitPlans
85200000
CY2021Q1 mlm Accumulated Other Comprehensive Loss Noncurrent Deferred Tax Assets Other Comprehensive Earnings Tax Effect Pension And Postretirement Benefit Plans
AccumulatedOtherComprehensiveLossNoncurrentDeferredTaxAssetsOtherComprehensiveEarningsTaxEffectPensionAndPostretirementBenefitPlans
-700000
CY2020Q1 mlm Accumulated Other Comprehensive Loss Noncurrent Deferred Tax Assets Other Comprehensive Earnings Tax Effect Pension And Postretirement Benefit Plans
AccumulatedOtherComprehensiveLossNoncurrentDeferredTaxAssetsOtherComprehensiveEarningsTaxEffectPensionAndPostretirementBenefitPlans
-800000
CY2021Q1 mlm Accumulated Other Comprehensive Loss Noncurrent Deferred Tax Assets Pension And Postretirement Benefit Plans
AccumulatedOtherComprehensiveLossNoncurrentDeferredTaxAssetsPensionAndPostretirementBenefitPlans
88700000
CY2020Q1 mlm Accumulated Other Comprehensive Loss Noncurrent Deferred Tax Assets Pension And Postretirement Benefit Plans
AccumulatedOtherComprehensiveLossNoncurrentDeferredTaxAssetsPensionAndPostretirementBenefitPlans
84400000
CY2020Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
212700000
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
982400000
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
65300000
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
25900000
CY2021Q1 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Diluted
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossDiluted
100000
CY2021Q1 mlm Basic And Diluted Net Income Loss Attributable To Common Shareholders Of Reporting Entity
BasicAndDilutedNetIncomeLossAttributableToCommonShareholdersOfReportingEntity
65200000
CY2020Q1 mlm Basic And Diluted Net Income Loss Attributable To Common Shareholders Of Reporting Entity
BasicAndDilutedNetIncomeLossAttributableToCommonShareholdersOfReportingEntity
25900000
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
62300000
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
62300000
CY2021Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
200000
CY2020Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
200000
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
62500000
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
62500000
CY2021Q1 us-gaap Restricted Cash
RestrictedCash
40900000
CY2020Q4 us-gaap Restricted Cash
RestrictedCash
97100000
CY2021Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
313900000
CY2020Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
207300000
CY2021Q1 us-gaap Restricted Cash
RestrictedCash
40900000
CY2020Q4 us-gaap Restricted Cash
RestrictedCash
97100000
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
354800000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
304400000
CY2021Q1 us-gaap Revenue Performance Obligation Description Of Timing
RevenuePerformanceObligationDescriptionOfTiming
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.
CY2021Q1 mlm Product And Freight Revenues Customer Payment Terms
ProductAndFreightRevenuesCustomerPaymentTerms
P30D
CY2021Q1 mlm Customer Payment Terms Based On Contractual Billing
CustomerPaymentTermsBasedOnContractualBilling
P30D
CY2021Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
172800000
CY2020Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
4400000
CY2021Q1 us-gaap Construction Contractor Receivable Retainage
ConstructionContractorReceivableRetainage
7500000
CY2020Q4 us-gaap Construction Contractor Receivable Retainage
ConstructionContractorReceivableRetainage
10600000
CY2021Q1 us-gaap Guarantee Obligations Maximum Exposure
GuaranteeObligationsMaximumExposure
12500000
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
958200000
CY2021Q1 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
1400000
CY2020Q4 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
2200000
CY2021Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
11600000
CY2020Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
14000000.0
CY2021Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
4900000
CY2021Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
661400000
CY2020Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
667000000.0
CY2021Q1 us-gaap Inventory Work In Process
InventoryWorkInProcess
26200000
CY2020Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
37100000
CY2021Q1 us-gaap Inventory Raw Materials
InventoryRawMaterials
37900000
CY2020Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
35300000
CY2021Q1 us-gaap Other Inventory Supplies
OtherInventorySupplies
151100000
CY2020Q4 us-gaap Other Inventory Supplies
OtherInventorySupplies
149900000
CY2021Q1 us-gaap Inventory Gross
InventoryGross
876600000
CY2020Q4 us-gaap Inventory Gross
InventoryGross
889300000
CY2021Q1 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
186600000
CY2020Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
180300000
CY2021Q1 us-gaap Inventory Net
InventoryNet
690000000.0
CY2020Q4 us-gaap Inventory Net
InventoryNet
709000000.0
CY2021Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
2626500000
CY2020Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
2625800000
CY2021Q1 mlm Maximum Consolidated Debt Reduction For Unrestricted Cash And Cash Equivalents For Debt Covenant Calculation
MaximumConsolidatedDebtReductionForUnrestrictedCashAndCashEquivalentsForDebtCovenantCalculation
200000000
CY2021Q1 us-gaap Long Term Debt
LongTermDebt
2630000000
CY2021Q1 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
2920000000
CY2020Q4 us-gaap Long Term Debt
LongTermDebt
2630000000
CY2020Q4 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
3080000000.00
CY2021Q1 mlm Effective Income Tax Percentage Reconciliation Change In Reclassification From Partnership To Corporation
EffectiveIncomeTaxPercentageReconciliationChangeInReclassificationFromPartnershipToCorporation
0.195
CY2020Q1 mlm Effective Income Tax Percentage Reconciliation Change In Reclassification From Partnership To Corporation
EffectiveIncomeTaxPercentageReconciliationChangeInReclassificationFromPartnershipToCorporation
0.006
CY2020Q1 mlm Effective Income Tax Rate Reconciliation Change In Reclassification From Partnership To Corporation
EffectiveIncomeTaxRateReconciliationChangeInReclassificationFromPartnershipToCorporation
6900000
CY2021Q1 mlm Guarantee Obligations Outstanding
GuaranteeObligationsOutstanding
7800000
CY2021Q1 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
32000000.0
CY2021Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
982400000
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
958200000
CY2021Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
99300000
CY2020Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
57800000
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
982400000
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
958200000
CY2021Q1 us-gaap Gross Profit
GrossProfit
174700000
CY2020Q1 us-gaap Gross Profit
GrossProfit
142400000
CY2021Q1 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
115100000
CY2021Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
28700000
CY2020Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
21400000
CY2021Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
6000000.0
CY2020Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
12700000
CY2020Q1 mlm Accrued Proceeds From Owned Life Insurance Benefits
AccruedProceedsFromOwnedLifeInsuranceBenefits
800000
CY2021Q1 mlm Remeasurement Of Operating Leases Right Of Use Assets
RemeasurementOfOperatingLeasesRightOfUseAssets
-6200000
CY2021Q1 us-gaap Interest Paid Net
InterestPaidNet
14800000
CY2020Q1 us-gaap Interest Paid Net
InterestPaidNet
11900000
CY2020Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
1400000
CY2021Q1 us-gaap Payments For Proceeds From Policy Loans
PaymentsForProceedsFromPolicyLoans
9800000
CY2020Q1 us-gaap Payments For Proceeds From Policy Loans
PaymentsForProceedsFromPolicyLoans
7200000

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