Page 148 - Martin Marietta - 2024 Proxy Statement

NOTES TO FINANCIAL STATEMENTS (Continued)
Contracts of Affreightment and Royalty Commitments. Future minimum contracts of affreightment and royalty commitments for
all noncancelable agreements that are not accounted for as leases on the Company’s consolidated balance sheet as of
December 31, 2023 are as follows:
Contracts of Royalty
(in millions) Affreightment Commitments
2024 $ 16.9 $ 26.4
2025 17.1 14.1
2026 17.4 11.7
2027 17.7 11.2
2028 — 8.0
Thereafter — 77.4
Total $ 69.1 $ 148.8

Employees. Approximately 12% of the Company’s employees are represented by a labor union. All such employees are hourly
employees. The Company maintains collective bargaining agreements relating to the union employees within the Building
Materials business and Magnesia Specialties segment. All of the hourly employees of the Magnesia Specialties segment, located
in Manistee, Michigan, and Woodville, Ohio, are represented by labor unions. The Woodville collective bargaining agreement
expires in June 2026. The Manistee collective bargaining agreement expires in August 2027.

Note O: Segments
As of December 31, 2023, the Building Materials business is comprised offour divisions that represent individual operating
segments. These operating segments are consolidated into two reportable segments, the East Group and the West Group,for
financial reporting purposes as they meet the aggregation criteria. The Magnesia Specialties business represents an individual
operating and reportable segment. The accounting policies used for segment reporting are the same as those described in Note A.
The Chief Operating Decision Maker’s evaluation of performance and allocation of resources are based primarily on earningsfrom
operations. Segment earningsfrom operations include total revenues less cost of revenues; selling, general and administrative
expenses; other operating income and expenses, net; and exclude interest income and expense; other nonoperating income and
expenses, net; and income tax expense.Corporate loss from operations primarily includes depreciation; expenses for corporate
administrative functions; acquisition, divestiture and integration expenses; and other nonrecurring income and expenses not
attributable to operations of the Company's other operating segments.
Assets employed by segment include assets directly identified with those operations. Corporate assets consist primarily of cash,
cash equivalents and restricted cash; restricted investments; property, plant and equipment for corporate operations; and other
assets not directly identifiable with a reportable segment.
The following tables display selected financial data for the Company’s reportable segments. Total revenues, as presented on the
consolidated statements of earnings, reflect the elimination ofintersegment revenues, which represent sales from one segment
to another segment. Total revenues and earnings (loss) from operations reflect continuing operations only.
years ended December 31
(in millions)
Total revenues 2023 2022 2021
East Group $ 2,763.4 $ 2,468.1 $ 2,303.0
West Group 3,698.4 3,388.6 2,812.3
Total Building Materials business 6,461.8 5,856.7 5,115.3
Magnesia Specialties 315.4 304.0 298.7
Total $ 6,777.2 $ 6,160.7 $ 5,414.0

ge 46 ♦ 2023 Annual Report