Page 138 - Martin Marietta - 2024 Proxy Statement

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31
(in millions) 2023 2022
Amounts recognized on consolidated balance sheets consist of:
Noncurrent asset $ 307.8 $ 295.3
Current liability (7.5) (6.8)
Noncurrent liability (92.7) (79.0)
Net amount recognized at end of year $ 207.6 $ 209.5

The accumulated benefit obligation for all defined benefit pension plans was $881.9 million and $789.6 million at December 31,
2023 and 2022, respectively.
Benefit obligations and fairvalue of plan assets for pension plans with accumulated benefit obligations in excess of plan assets are
as follows:
December 31
(in millions) 2023 2022
Projected benefit obligation $ 100.7 $ 86.3
Accumulated benefit obligation $ 90.9 $ 79.5
Fair value of plan assets $ 0.5 $ 0.5

Weighted‐average assumptions used to determine benefit obligations as of December 31 are:
2023 2022
scount rate 5.58% 5.88%
Rate of increase in future compensation levels 4.50% 4.50%

Weighted‐average assumptions used to determine net periodic benefit cost for the years ended December 31 are:
2023 2022 2021
Discount rate 5.88% 3.44% 3.16%
Rate of increase in future compensation levels 4.50% 4.50% 4.50%
Expected long‐term rate of return on assets 6.75% 6.75% 6.75%

The expected long‐term rate of return on pension fund assets is based on the current asset class mix of the Company's pension
plan assets, current capital market conditions and a stochastic forecast offuture conditions.
As of December 31, 2023 and 2022, the Company estimated the remaining lives of participants in the pension plans using the Pri‐
2012 Base tables. The no‐collar table was used for salaried participants and the blue‐collar table was used for hourly participants;
the tables were adjusted to reflect both the mortality experience of the Company’s participants and a geospatial mortality analysis.
These adjustments were updated from December 31, 2022, where the Pri‐2012 tables were only adjusted based on the experience
of the Company's participants. The Company used the MP‐2020 mortality improvement scale for 2023 and 2022.

Retirement plan assets are invested in listed stocks, bonds, real estate, private infrastructure and cash equivalents. The target
allocation for 2023 and the actual pension plan asset allocation by asset class are as follows:

Percentage of Plan Assets
2023
Target December 31
Asset Class Allocation 2023 2022
Equity securities 56% 53% 54%
Debt securities 28% 27% 24%
Real estate 10% 12% 14%
Private infrastructure 6% 8% 8%
Total 100% 100% 100%

ge 36 ♦ 2023 Annual Report