Page 141 - Martin Marietta - 2024 Proxy Statement

NOTES TO FINANCIAL STATEMENTS (Continued)
The postretirement health care plans’ 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 $ — $ —
Employer contributions 1.0 1.0
Participants’ contributions 0.7 0.6
Gross benefits paid (1.7) (1.6)
Fair value of plan assets at end of year $ — $ —

December 31
(in millions) 2023 2022
Funded status of the plan at end of year $ (8.3) $ (8.9)
Accrued benefit cost $ (8.3) $ (8.9)

December 31
(in millions) 2023 2022
Amounts recognized on consolidated balance sheets consist of:
Current liability $ (1.0) $ (1.0)
Noncurrent liability (7.3) (7.9)
Net amount recognized at end of year $ (8.3) $ (8.9)

Weighted‐average assumptions used to determine the postretirement benefit obligation as of December 31 are:

2023 2022
Discount rate 5.79% 6.02%

Weighted‐average assumptions used to determine net postretirement benefit credit for the years ended December 31 are:
2023 2022 2021
Discount rate 6.02% 3.02% 2.48%
As of December 31, 2023 and 2022, the Company estimated the remaining lives of participants in the postretirement benefit 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; both tables were adjusted to reflect the experience of the Company’s participants. The Company used the MP‐2020
mortality improvement scale for 2023 and 2022.
Assumed health care cost trend rates at December 31 are:

2023 2022
Health care cost trend rate assumed for next year 6.50% 6.75%
Rate to which the cost trend rate gradually declines 4.75% 4.75%
Year the rate reaches the ultimate rate 2031 2031

The Company estimates that it will contribute $1.0 million to its postretirement health care plans in 2024.

23 Annual Report ♦ Page 39