Page 174 - Martin Marietta - 2023 Proxy Statement

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)

Depreciation, depletion and amortization expense are as follows:
years ended December 31
(in millions) 2022 2021
epreciation $ 394.6 $ 362.2
Depletion 59.8 46.0
Amortization 45.0 38.3
Total $ 499.4 $ 446.5

Investing Activities

et cash used for investing activities was $483.8 million in 2022 and $3.47 billion in 2021. The decrease reflected lower
acquisition activity in 2022 compared with $3.11 billion used to consummate acquisitions during 2021.
Cash paid for property, plant and equipment additions was $481.8 million in 2022 and $423.1 million in 2021.

Pretax proceeds from divestitures and sales of assets were $687.1 million in 2022 and $42.8 million in 2021.
The Company invested $704.6 million in restricted investments to satisfy discharged debt and related interest (see Capital
Structure and Resources section).

Financing Activities

et cash used for financing activities was $407.5 million in 2022 compared with net cash provided byfinancing activities of
$2.29 billion in 2021. The 2021 cash provided reflected the issuance of $2.50 billion in publicly traded debt, primarily to finance
acquisitions.
During 2022, the Company repurchased $67.7 million (par value) of its Senior Notes, resulting in a pretax gain of $12.0 million.
For the years ended December 31, 2022 and 2021, the Board of Directors approved total cash dividends on the Company’s
common stock of $2.54 per share and $2.36 per share, respectively. Total cash dividends paid were $159.1 million in 2022 and
$147.8 million in 2021.

In 2022, the Company repurchased 0.4 million shares of its common stock for a total cost of $150.0 million, or $358.56 per
share.

Capital Structure and Resources
Long‐term debt, including current maturities of discharged debt, was $5.04 billion at December 31, 2022, and was in the form
of publicly‐issued long‐term notes and debentures.

Page 70 ♦ Annual Report