Page 137 - Martin Marietta - 2024 Proxy Statement

NOTES TO FINANCIAL STATEMENTS (Continued)
The Company recognized the following pretax amounts in consolidated comprehensive earnings:

years ended December 31
(in millions) 2023 2022 2021
Actuarial loss (gain) $ 20.9 $ (114.5) $ (67.5)
Prior service cost — 48.1 —
Amortization of:
Prior service cost (5.9) (4.9) (0.8)
Actuarial loss (0.6) (3.9) (12.2)
Settlement charge — (4.6) —
Total $ 14.4 $ (79.8) $ (80.5)

Accumulated other comprehensive loss includes the following amounts that have not yet been recognized in net periodic benefit
cost:
December 31 2023 2022
(in millions) Gross Net of tax Gross Net of tax
Prior service cost $ 42.4 $ 20.0 $ 48.2 $ 20.3
Actuarial loss 63.4 29.9 43.2 18.2
Total $ 105.8 $ 49.9 $ 91.4 $ 38.5

The defined benefit plans’ change in projected benefit obligation is as follows:
years ended December 31
(in millions) 2023 2022
Net projected benefit obligation at beginning of year $ 857.6 $ 1,135.5
Service cost 32.9 48.1
Interest cost 51.3 41.2
Actuarial loss (gain) 72.6 (363.3)
Gross benefits paid (45.2) (52.0)
Plan amendments — 48.1
Net projected benefit obligation at end of year $ 969.2 $ 857.6

The largest component of the actuarial loss in 2023 was the lower discount rate compared with 2022. The actuarial gain in 2022
was primarily attributable to a higher discount rate compared with 2021.
The Company’s change in plan assets, funded status and amounts recognized on the Company’s consolidated balance sheets are
as follows:
years ended December 31
(in millions) 2023 2022
Fair value of plan assets at beginning of year $ 1,067.1 $ 1,200.3
Actual return on plan assets, net 123.1 (171.4)
Employer contributions 31.8 90.2
Gross benefits paid (45.2) (52.0)
Fair value of plan assets at end of year $ 1,176.8 $ 1,067.1

December 31
(in millions) 2023 2022
Funded status of the plan at end of year $ 207.6 $ 209.5
Accrued benefit credit $ 207.6 $ 209.5

23 Annual Report ♦ Page 35