Page 139 - Martin Marietta - 2024 Proxy Statement

NOTES TO FINANCIAL STATEMENTS (Continued)
The Company’s investment strategy is for equity securities to be invested in mid‐sized to large capitalization U.S.funds, and small
capitalization, international and emerging growth funds. Debt securities, orfixed income investments, are invested in funds
benchmarked to the Barclays U.S. Aggregate Bond Index.
The fairvalues of pension plan assets by asset class and fairvalue hierarchy level are as follows:
Fair Value Measurements
Quoted Prices
in Active
Markets Significant Significant
for Identical Observable Unobservable
Assets Inputs Inputs Net Asset Total Fair
December 31 (Level 1) (Level 2) (Level 3) Value Value
(in millions) 2023
1
Equity securities :
Mid‐sized to large cap $ — $ — $ — $ 307.2 $ 307.2
Small cap, international and emerging growth funds — — — 319.5 319.5
1
Debt securities :
Core fixed income — — — 319.2 319.2
Real estate — — — 136.7 136.7
Private infrastructure — — — 90.2 90.2
Cash equivalents — — — 4.0 4.0
Total $ — $ — $ — $ 1,176.8 $ 1,176.8

2022
1
Equity securities :
Mid‐sized to large cap $ — $ — $ — $ 291.6 $ 291.6
Small cap, international and emerging growth funds — — — 287.2 287.2
1
Debt securities :
Core fixed income — — — 249.1 249.1
Real estate — — — 151.5 151.5
Private infrastructure — — — 83.1 83.1
Cash equivalents 0.2 — — 4.4 4.6
Total $ 0.2 $ — $ — $ 1,066.9 $ 1,067.1
1. These investments are common collective investment trusts valued using the net asset value (NAV) unit price provided by the fund administrator. The
NAV is based on the value of the underlying assets owned by the fund.
Real estate investments are stated at estimated fairvalue, which is the price that would be received to sell an asset or paid to
transfer a liability in an orderly transaction between market participants at the measurement date. Real estate investments are
valued at NAV based on the plan’s proportionate shares of the real estate funds’ fair value as recorded by the trustees/general
partner of the funds. The funds are real estate investment trust based funds that offer participation in an actively managed,
primarily core portfolio ofequity real estate. The funds allocate gains, losses and expenses to investors based on the ownership
percentage to determine the NAV. Private infrastructure assets represent investments in a fund that is stated at fairvalue. For
financial assets in the fund that are actively traded in organized financial markets, fairvalue is based on exchange‐quoted market
prices. For investments in a fund for which there is no quoted market price, fairvalue is determined by the trustees/general
partner of the fund based on discounted expected future cash flows prepared by third‐party professionals.
In 2023 and 2022, the Company made combined pension plan and SERP contributions of $31.8 million and $90.2 million,
respectively. The Company currently estimates that it will contribute $32.7 million to its pension plans in 2024.

23 Annual Report ♦ Page 37