Page 133 - Martin Marietta - 2024 Proxy Statement

NOTES TO FINANCIAL STATEMENTS (Continued)
The Company’s long‐term debt maturities for each of the next five years and thereafter are as follows:

(in millions)
2024 $ 399.6
2025 124.8
2026 —
2027 790.9
2028 —
Thereafter 3,029.9
Total $ 4,345.2

Note H: Financial Instruments
The Company’s financial instruments include temporary cash investments, restricted cash, restricted investments, accounts
receivable, notes receivable, accounts payable, publicly‐registered long‐term notes, debentures and other long‐term debt.
Temporary cash investments are placed primarily in money market funds, money market demand deposit accounts and Eurodollar
time deposit accounts with financial institutions. The Company’s cash equivalents have maturities of less than three months. Due
to the short maturity of these investments, they are carried on the consolidated balance sheets at cost, which approximates fair
value.
Restricted cash is held in a trust account with a third‐party intermediary. Due to the short‐term nature of this account, the carrying
value of restricted cash approximates its fairvalue.

Restricted investments at December 31, 2022 were held in a fund that invested solely in U.S. Treasury securities. The estimated
fair value of the fund was valued at net asset value, which the fund seeks to maintain at one dollar per share. As such, the carrying
value of the restricted investments approximated its fair value. The Company was restricted from accessing the investments,which
were used to settle the 0.650% Senior Notes and related interest payments on the maturity date ofJuly 17, 2023.
Accounts receivable are due from a large number of customers, primarily in the construction industry, and are dispersed across
wide geographic and economic regions. However, accounts receivable are more heavily concentrated in certain states, namely
Texas, North Carolina,Colorado, California,Georgia, Minnesota, Arizona, Iowa, Florida and Indiana. The carrying values of accounts
receivable approximate their fairvalues.
The note receivable at December 31, 2022 was a promissory note with an unconsolidated affiliate (see Note N) and was not publicly
traded. Management estimated that the carrying value of the note receivable approximated its fair value. This note was repaid in
full in 2023.

Accounts payable represent amounts owed to suppliers and vendors. The estimated carrying value of accounts payable
approximates its fair value due to the short‐term nature of the payables.
The carrying values and fairvalues of the Company’s long‐term debt were $4.35 billion and $3.88 billion, respectively, at
December 31, 2023 and $5.04 billion and $4.36 billion, respectively, at December 31, 2022. The estimated fairvalue of the
Company’s publicly‐registered long‐term debt was estimated based on Level 1 of the fair value hierarchy using quoted market
prices.

23 Annual Report ♦ Page 31