Page 15 - 2019 Annual Report

MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS

years ended December 31
(in millions) 2019 2018 2017
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Cash Flows from Operating Activities:
Consolidated net earnings $ 612.0 $ 470.4 $ 713.4
Adjustments to reconcile consolidated net earnings to net cash
provided by operating activities:
Depreciation, depletion and amortization 371.5 344.0 297.2
Stock-based compensation expense 34.1 29.3 30.5
Gains on divestitures and sales of assets (3.1) (39.3) (19.4)
Deferred income taxes, net 29.4 85.1 (239.1)
Noncash portion of asset and portfolio rationalization charge — 17.0 —
Other items, net 8.6 (9.0) (13.4)
Changes in operating assets and liabilities, net of effects of
acquisitions and divestitures:
Accounts receivable, net (50.4) (10.6) (29.3)
Inventories, net (27.7) (22.0) (79.0)
Accounts payable 25.9 20.1 (17.9)
Other assets and liabilities, net (34.2) (179.9) 14.6
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Net Cash Provided by Operating Activities 966.1 705.1 657.6
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Cash Flows from Investing Activities:
Additions to property, plant and equipment (393.5) (376.0) (410.3)
Acquisitions, net of cash acquired — (1,642.1) (12.1)
Proceeds from divestitures and sales of assets 8.4 69.1 36.0
Payment of railcar construction advances — (79.4) (43.6)
Reimbursement of railcar construction advances — 79.4 43.6
Investments in life insurance contracts, net 0.6 0.8 0.3
Other investing activities, net (1.4) — —
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Net Cash Used for Investing Activities (385.9) (1,948.2) (386.1)
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Cash Flows from Financing Activities:
Borrowings of long-term debt 625.0 1,000.0 2,408.8
Repayments of long-term debt (975.1) (910.1) (1,065.0)
Debt issuance costs — (3.9) (2.2)
Payments on finance lease obligations (11.0) — —
Payments on capital lease obligations — (3.5) (3.5)
Dividends paid (129.8) (116.4) (108.9)
Repurchases of common stock (98.2) (100.4) (100.0)
Payments of deferred acquisition consideration — (6.7) (2.8)
Purchase of the noncontrolling interest in the existing joint venture — (12.8) —
Distributions to owners of noncontrolling interest (0.6) — —
Contributions by noncontrolling interest to joint venture — — 0.2
Proceeds from exercise of stock options 13.7 7.3 10.1
Shares withheld for employees’ income tax obligations (28.1) (11.9) (11.8)
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Net Cash (Used for) Provided by Financing Activities (604.1) (158.4) 1,124.9
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Net (Decrease) Increase in Cash and Cash Equivalents (23.9) (1,401.5) 1,396.4
Cash and Cash Equivalents, beginning of year 44.9 1,446.4 50.0
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$
21.0
$
Cash and Cash Equivalents, end of year 1,446.4
$
44.9

The accompanying Notes to the Financial Statements are an integral part of these statements.
Celebrating 25 Years as a Public Company Annual Report ♦ Page 13