Page 117 - Martin Marietta - 2024 Proxy Statement

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

r
r
ars ended December 31
(in millions) 2023 2022 2021
Cash Flows from Operating Activities:
Consolidated net earnings $ 1,169.4 $ 866.8 $ 702.8
Adjustments to reconcile consolidated net earnings to net cash provided
by operating activities:
Depreciation, depletion and amortization 513.2 506.0 451.7
Stock‐based compensation expense 50.0 42.7 43.0
Net gains on divestitures, sales of assets and extinguishment of debt (1.9) (195.7) (21.7)
Deferred income taxes, net (36.1) (0.6) 92.2
Other items, net (16.5) (11.7) (14.9)
Changes in operating assets and liabilities, net of effects of acquisitions
and divestitures:
Accounts receivable, net 31.4 (12.1) (194.4)
Inventories, net (188.7) (131.7) 73.2
Accounts payable (17.0) (31.2) 109.8
Other assets and liabilities, net 24.6 (41.3) (104.0)
Net Cash Provided by Operating Activities 1,528.4 991.2 1,137.7
Cash Flows from Investing Activities:
Additions to property, plant and equipment (650.3) (481.8) (423.1)
Acquisitions, net of cash acquired — 11.0 (3,109.2)
Proceeds from divestitures and sales of assets 426.5 687.1 42.8
Proceeds from sale of restricted investments to discharge long‐term debt 700.0 — —
Purchase of restricted investments to discharge long‐term debt — (704.6) —
Repayment of note receivable from affiliate 6.0 — —
Investments in life insurance contracts, net 7.4 7.5 14.9
Investments in limited liability company (27.0) — —
Other investing activities, net (3.9) (3.0) —
Net Cash Provided by (Used for) Investing Activities 458.7 (483.8) (3,474.6)
Cash Flows from Financing Activities:
Borrowings of long‐term debt — — 2,896.7
Repayments of long‐term debt (700.0) (54.5) (420.1)
Debt issuance and extinguishment costs (0.7) (0.7) (7.5)
Payments on finance lease obligations (17.6) (15.0) (11.1)
Dividends paid (174.0) (159.1) (147.8)
Repurchases of common stock (150.0) (150.0) —
Contributions by noncontrolling interest to joint venture 0.1 — —
Distributions to owners of noncontrolling interest (0.5) — (0.6)
Proceeds from exercise of stock options 1.2 0.6 1.3
Shares withheld for employees’ income tax obligations (22.1) (28.8) (19.5)
Net Cash (Used for) Provided by Financing Activities (1,063.6) (407.5) 2,291.4
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash 923.5 99.9 (45.5)
Cash, Cash Equivalents and Restricted Cash, beginning of year 358.8 258.9 304.4
Cash, Cash Equivalents and Restricted Cash, end of year $ 1,282.3 $ 358.8 $ 258.9

The accompanying Notes to the Financial Statements are an integral part of these statements.

2023 Annual Report ♦ Page 15