Page 130 - Martin Marietta - 2024 Proxy Statement

NOTES TO FINANCIAL STATEMENTS (Continued)
Note D: Accounts Receivable, Net

December 31
(in millions) 2023 2022
stomer receivables $ 746.7 $ 781.0
Other current receivables 18.3 15.9
Total accounts receivable 765.0 796.9
Less: allowance for estimated credit losses (11.7) (11.0)
Accounts receivable, net $ 753.3 $ 785.9

Of the total accounts receivable, net, balance, $4.4 million and $3.0 million at December 31, 2023 and 2022, respectively, was due
from unconsolidated affiliates.

Note E: Inventories, Net
December 31
(in millions) 2023 2022
Finished products $ 1,151.8 $ 932.4
Products in process 25.0 24.8
Raw materials 59.9 71.7
Supplies and expendable parts 154.6 153.1
Total inventories 1,391.3 1,182.0
Less: allowances (402.7) (308.3)
Inventories, net $ 988.6 $ 873.7

Note F: Property, Plant and Equipment, Net

December 31
(in millions) 2023 2022
Land and land improvements $ 1,599.0 $ 1,519.2
Mineral reserves and interests 2,982.4 2,917.8
Buildings 160.3 164.1
Machinery and equipment 5,379.7 5,484.5
Construction in progress 333.0 338.5
Finance lease right‐of‐use assets 253.5 236.9
Total property, plant and equipment 10,707.9 10,661.0
Less: accumulated depreciation, depletion and amortization (4,522.0) (4,344.3)
Property, plant and equipment, net $ 6,185.9 $ 6,316.7

Depreciation, depletion and amortization expense related to property, plant and equipment was $479.5 million, $472.8 million
and $422.4 million for the years ended December 31, 2023, 2022 and 2021, respectively. Depreciation, depletion and amortization
expense includes amortization of right‐of‐use assets fromfinance leases. Property, plant and equipment classified as held for sale
are not being depreciated.
Interest of $5.3 million, $2.7 million and $5.6 million was capitalized during 2023, 2022 and 2021, respectively.
At December 31, 2023 and 2022, $39.5 million and $38.4 million, respectively, of the Building Materials business’ property, plant
and equipment, net, were located in foreign countries, namely The Bahamas and Canada.

ge 28 ♦ 2023 Annual Report