Page 141 - Martin Marietta - 2023 Proxy Statement

NOTES TO FINANCIAL STATEMENTS (Continued)

The fair values of pension plan assets by asset class and fair value hierarchy level are as follows:
Fair Value Measurements
Quoted Prices
in Active
Markets Significant Significant
for Identical Observable Unobservable
Assets Inputs Inputs Net Asset Total Fair
December 31 (Level 1) (Level 2) (Level 3) Value Value
(in millions) 2022
1
Equity securities :
Mid‐sized to large cap $ — $ — $ — $ 291.6 $ 291.6
Small cap, international and emerging growth funds — — — 287.2 287.2
1
Debt securities :
Core fixed income — — — 249.1 249.1
Real estate — — — 151.5 151.5
Private infrastructure — — — 83.1 83.1
Cash equivalents 0.2 — — 4.4 4.6
Total $ 0.2 $ — $ — $ 1,066.9 $ 1,067.1

2021
1
Equity securities :
Mid‐sized to large cap $ — $ — $ — $ 351.6 $ 351.6
Small cap, international and emerging growth funds — — — 354.5 354.5
1
Debt securities :
Core fixed income — — — 319.3 319.3
Real estate — — — 86.6 86.6
Private infrastructure — — — 78.5 78.5
Hedge funds — — — 5.9 5.9
Cash equivalents 3.9 — — — 3.9
Total $ 3.9 $ — $ — $ 1,196.4 $ 1,200.3
1. These investments are common collective investment trusts valued using the net asset value (NAV) unit price provided by the fund administrator. The
NAV is based on the value of the underlying assets owned by the fund.

Real estate investments are stated at estimated fair value, which is the price that would be received to sell an asset or paid to
transfer a liability in an orderly transaction between market participants at the measurement date. Real estate investments are
valued at NAV based on the plan’s proportionate shares of the real estate funds’ fair value as recorded by the trustees/general
partner of the funds. The funds are real estate investment trust based funds that offer participation in an actively managed,
primarily core portfolio of equity real estate. The funds allocate gains, losses and expenses to investors based on the ownership
percentage to determine the NAV. Private infrastructure assets represent investments in a fund that is stated at fair value. For
financial assets in the fund that are actively traded in organized financial markets, fair value is based on exchange‐quoted market
prices. For investments in a fund for which there is no quoted market price, fair value is determined by the trustees/general
partner of the fund based on discounted expected future cash flows prepared by third‐party professionals. The value of hedge
funds is based on the values of the sub‐fund investments. In determining the fair value of each sub‐fund’s investment, the hedge
funds’ board of trustees uses the values provided by the sub‐funds and any other considerations that may, in its judgment, increase
or decrease such estimated value.

In 2022 and 2021, the Company made combined pension plan and SERP contributions of $90.2 million and $82.8 million,
respectively. The Company currently estimates that it will contribute $36.5 million to its pension plans in 2023.

Annual Report ♦ Page 37