Page 131 - Martin Marietta - 2024 Proxy Statement

NOTES TO FINANCIAL STATEMENTS (Continued)
Note G: Long‐Term Debt

December 31
(in millions) 2023 2022
0.650% Senior Notes, due 2023 (discharged) $ — $ 699.1
4.250% Senior Notes, due 2024 399.6 398.9
7% Debentures, due 2025 124.8 124.7
3.450% Senior Notes, due 2027 298.7 298.3
3.500% Senior Notes, due 2027 492.2 491.5
2.500% Senior Notes, due 2030 471.5 470.5
2.400% Senior Notes, due 2031 889.4 888.6
6.25% Senior Notes, due 2037 228.4 228.4
4.250% Senior Notes, due 2047 590.4 590.2
3.200% Senior Notes, due 2051 850.2 849.8
Total debt 4,345.2 5,040.0
Less: current maturities (399.6) (699.1)
Long‐term debt $ 3,945.6 $ 4,340.9

On September 29, 2022, the Company satisfied and discharged the 0.650% Senior Notes, which were issued in July 2021. In
connection with the satisfaction and discharge, the Company irrevocably deposited funds with Regions Bank, as trustee under the
indenture governing the 0.650% Senior Notes, in an amount sufficient to satisfy all remaining principal and interest payments on
the 0.650% Senior Notes. The Company utilized existing cash resources to fund the satisfaction and discharge. As a result of the
satisfaction and discharge, the obligations of the Company under the indenture with respect to the 0.650% Senior Notes were
terminated, except those provisions of the indenture that, by their terms, survive the satisfaction and discharge. Because the
discharge did not represent a legal defeasance, the 0.650% Senior Notes remained on the Company's consolidated balance sheet
at December 31, 2022 and continued to accrete to their par value over the period until maturity. Additionally, the related trust
t
t
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assets were included in Restricted investments (to satisfy discharged debt and related interest) on the Company's consolidated
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balance sheet at December 31, 2022. On July 17, 2023, the deposited funds were applied to satisfy the remaining principal and
interest payments and the 0.650% Senior Notes have been paid in full.
The Company’s 4.250% Senior Notes due 2024, 7% Debentures due 2025, 3.450% Senior Notes due 2027, 3.500% Senior Notes
due 2027, 2.500% Senior Notes due 2030, 2.400% Senior Notes due 2031, 6.25% Senior Notes due 2037, 4.250% Senior Notes due
2047 and 3.200% Senior Notes due 2051 (collectively, the Senior Notes) are senior unsecured obligations of the Company, ranking
equal in right of payment with the Company’s existing and future unsubordinated indebtedness. The Senior Notes, with the
exception of the 7% Debentures due 2025 and the 6.25% Senior Notes due 2037, are redeemable prior to their respective par call
dates, as defined, at a make‐whole redemption price, and at a price equal to 100% of the principal amount after their respective
par call dates and prior to their respective maturity dates. The 6.25% Senior Notes due 2037 are redeemable in whole at any time
or in part from time to time at a make‐whole redemption price.Upon a change‐of‐control repurchase event and a resulting below‐
investment‐grade credit rating, the Companywould be required to make an offer to repurchase all outstanding Senior Notes, with
the exception of the 7% Debentures due 2025, at a price in cash equal to 101% of the principal amount of the Senior Notes, plus
any accrued and unpaid interest.

During the year ended December 31, 2022, the Company repurchased $67.7 million (parvalue) of its Senior Notes. There were
no debt repurchases during the year ended December 31, 2023.

23 Annual Report ♦ Page 29