Page 132 - Martin Marietta - 2023 Proxy Statement

NOTES TO FINANCIAL STATEMENTS (Continued)

Note E: Accounts Receivable, Net
December 31
(in millions) 2022 2021
Customer receivables $ 781.0 $ 767.5
Other current receivables 15.9 12.3
Total accounts receivable 796.9 779.8
Less: allowance for estimated credit losses (11.0) (5.8)
Accounts receivable, net $ 785.9 $ 774.0

Of the total accounts receivable, net, balances, $3.0 million and $4.5 million at December 31, 2022 and 2021, respectively, were
due from unconsolidated affiliates.

Note F: Inventories, Net

December 31
(in millions) 2022 2021
Finished products $ 932.4 $ 713.3
Products in process 24.8 30.1
Raw materials 71.7 69.6
Supplies and expendable parts 153.1 153.9
Total inventories 1,182.0 966.9
Less: allowances (308.3) (214.3)
Inventories, net $ 873.7 $ 752.6

Note G: Property, Plant and Equipment, Net
December 31
(in millions) 2022 2021
Land and land improvements $ 1,519.2 $ 1,530.1
Mineral reserves and interests 2,917.8 2,924.5
Buildings 164.1 169.6
Machinery and equipment 5,484.5 5,357.7
Construction in progress 338.5 162.2
Finance lease right‐of‐use assets 236.9 225.9
Total property, plant and equipment 10,661.0 10,370.0
Less: accumulated depreciation, depletion and amortization (4,344.3) (4,032.0)
Property, plant and equipment, net $ 6,316.7 $ 6,338.0

Depreciation, depletion and amortization expense related to property, plant and equipment was $472.8 million, $422.4 million
and $376.3 million for the years ended December 31, 2022, 2021 and 2020, respectively. Depreciation, depletion and amortization
expense includes amortization of right‐of‐use assets from finance leases.
Interest of $2.7 million, $5.6 million and $4.2 million was capitalized during 2022, 2021 and 2020, respectively.
At December 31, 2022 and 2021, $38.4 million and $44.9 million, respectively, of the Building Materials business’ property, plant
and equipment, net, were located in foreign countries, namely The Bahamas and Canada.

Page 28 ♦ Annual Report