Page 142 - Martin Marietta - 2023 Proxy Statement

NOTES TO FINANCIAL STATEMENTS (Continued)

The expected benefit payments to be paid from plan assets for each of the next five years and the five‐year period thereafter are
as follows:
(in millions)
2023 $ 51.0
2024 $ 52.9
2025 $ 53.5
2026 $ 55.3
2027 $ 58.3
Years 2028 ‐2032 $ 316.9
Postretirement Benefits. The net periodic benefit credit for postretirement plans includes the following components:

years ended December 31
(in millions) 2022 2021 2020
nterest cost $ 0.4 $ 0.3 $ 0.4
Amortization of:
Prior service credit (0.9) (0.8) (0.8)
Actuarial gain (0.2) (0.1) (0.2)
Total net periodic benefit credit $ (0.7) $ (0.6) $ (0.6)

e
The components of net periodic benefit credit, other than service cost, are included in the line item Other nonoperating income,
t
net, in the consolidated statements of earnings.
The Company recognized the following amounts in consolidated comprehensive earnings:
years ended December 31
(in millions) 2022 2021 2020
ctuarial (gain) loss $ (2.0) $ (0.6) $ 0.5
Amortization of:
Prior service credit 0.9 0.8 0.8
Actuarial gain 0.2 0.1 0.2
Total $ (0.9) $ 0.3 $ 1.5

Accumulated other comprehensive loss includes the following amounts that have not yet been recognized in net periodic benefit
credit:
December 31 2022 2021
(in millions) Gross Net of tax Gross Net of tax
Prior service credit $ (0.7) $ (0.3) $ (1.5) $ (0.9)
Actuarial gain (4.1) (1.7) (2.4) (1.4)
Total $ (4.8) $ (2.0) $ (3.9) $ (2.3)

The postretirement health care plans’ change in benefit obligation is as follows:

years ended December 31
(in millions) 2022 2021
Net benefit obligation at beginning of year $ 11.4 $ 12.6
Interest cost 0.4 0.3
Participants’ contributions 0.6 0.6
Actuarial gain (1.9) (0.6)
Gross benefits paid (1.6) (1.5)
Net benefit obligation at end of year $ 8.9 $ 11.4

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