The selected financial data below should be read in conjunction with Item 7 of this Form 10-K, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” as well as the Company’s consolidated financial statements and related notes included under Item 8, “Financial Statements and Supplemental Data,” of this Form 10-K.
Five Year Selected Financial Data
(in millions, except per share data)
2019
2018
2017
2016
2015
Consolidated Operating Results
Products and services revenues1
$
4,422.3
$
3,980.4
$
3,723.5
$
3,578.6
$
3,269.2
Freight revenues1
316.8
263.9
242.1
240.1
270.4
Total revenues
4,739.1
4,244.3
3,965.6
3,818.7
3,539.6
Cost of revenues - products and services
3,239.1
3,009.8
2,749.5
2,665.0
2,541.2
Cost of revenues - freight
321.0
267.9
244.2
242.0
271.5
Total cost of revenues2
3,560.1
3,277.7
2,993.7
2,907.0
2,812.7
Gross Profit2
1,179.0
966.6
971.9
911.7
726.9
Selling, general and administrative expenses2
302.7
280.6
262.1
241.6
210.8
Acquisition-related expenses, net
0.5
13.5
8.6
0.9
6.3
Other operating (income) and expenses, net
(9.1
)
(18.2
)
0.8
(8.1
)
15.6
Earnings from Operations2
884.9
690.7
700.4
677.3
494.2
Interest expense
129.3
137.1
91.5
81.7
76.3
Other nonoperating expenses and (income), net2
7.3
(22.5
)
(10.0
)
(11.4
)
4.1
Earnings before income tax expense (benefit)
748.3
576.1
618.9
607.0
413.8
Income tax expense (benefit)
136.3
105.7
(94.5
)
181.6
124.9
Consolidated net earnings
612.0
470.4
713.4
425.4
288.9
Less: Net earnings attributable to noncontrolling interests
0.1
0.4
0.1
—
0.1
Net Earnings Attributable to Martin Marietta
$
611.9
$
470.0
$
713.3
$
425.4
$
288.8
Net Earnings Attributable to Martin Marietta Per Common Share (see Note A):
Basic attributable to common shareholders
$
9.77
$
7.46
$
11.30
$
6.66
$
4.31
Diluted attributable to common shareholders
$
9.74
$
7.43
$
11.25
$
6.63
$
4.29
Cash Dividends Per Common Share
$
2.06
$
1.84
$
1.72
$
1.64
$
1.60
(in millions)
2019
20183
20173
2016
2015
Condensed Consolidated Balance Sheet Data
Total current assets4
$
1,426.7
$
1,365.8
$
2,631.2
$
1,086.4
$
1,081.6
Property, plant and equipment, net
5,206.0
5,157.2
3,592.8
3,423.4
3,156.0
Goodwill
2,396.8
2,399.1
2,160.3
2,159.3
2,068.2
Other intangibles, net
486.8
501.3
506.3
511.3
510.6
Other noncurrent assets4,5
615.3
128.0
101.9
120.5
141.2
Total Assets
$
10,131.6
$
9,551.4
$
8,992.5
$
7,300.9
$
6,957.6
Current liabilities – other5
$
498.5
$
396.7
$
394.3
$
366.6
$
347.9
Current maturities of long-term debt4
340.0
390.0
299.9
180.0
18.7
Long-term debt4
2,433.6
2,730.4
2,727.3
1,506.1
1,550.1
Deferred income taxes, net
733.0
705.6
410.7
663.0
583.5
Other noncurrent liabilities5
773.2
379.3
477.8
442.6
397.2
Shareholders’ equity
5,350.8
4,946.4
4,679.7
4,140.0
4,057.3
Noncontrolling interests
2.5
3.0
2.8
2.6
2.9
Total Liabilities and Equity
$
10,131.6
$
9,551.4
$
8,992.5
$
7,300.9
$
6,957.6
1
Amounts for 2015-2017 may not equal amounts reported in the Company’s prior years’ Forms 10-K as amounts have been reclassified to conform to current year revenue presentation.
Form 10-K ♦ Page 32
Celebrating 25 Years as a Public Company
Part II ♦ Item 6 – Selected Financial Data
2
Amounts for 2015-2016 may not equal amounts reported in the Company’s prior years’ Forms 10-K as amounts have been reclassified to reflect the adoption of the Accounting Standards Update 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost.
3
The 2018 balance sheet reflects the acquisition of Bluegrass Materials Company (“Bluegrass”) completed on April 27, 2018. The 2017 balance sheet reflects $1.1 billion of cash and long-term debt issued in anticipation of closing the Bluegrass acquisition.
4
Balance sheets reflect the adoption of Accounting Standards Update 2015-03, Simplifying the Presentation of Debt Issuance Costs.
5
The 2019 balance sheet reflects the adoption of ASC 842. The operating lease right-of-use assets are included in other noncurrent assets, and operating lease liabilities are included in other current and noncurrent liabilities.
Celebrating 25 Years as a Public Company
Form 10-K ♦ Page 33
Part II ♦ Item 7 – Management’s Discussion and Analysis of Financial Condition and Results of Operations
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