Page 124 - Martin Marietta - 2025 Proxy Statement

MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS

r
arsendedDecember31
r
(in millions) 2024 2023 2022
Cash FlowsfromOperating Activities:
Consolidated netearnings $ 1,996 $ 1,170 $ 867
Adjustmentsto reconcile consolidated netearningstonet cash
provided by operating activities:
Depreciation,depletion andamortization 573 513 506
Stock-basedcompensationexpense 58 50 43
Netgains on divestitures, sales of assets andextinguishmentof debt (1,369) (2 ) (196 )
Deferred incometaxes,net (45 ) (36 ) (1 )
Noncashportion of assetand portfolio rationalizationcharge 50 — —
Other items,net (15 ) (16 ) (12 )
Changes inoperating assets andliabilities,net of effectsof acquisitions
anddivestitures:
Accounts receivable, net 81 31 (12 )
Inventories, net (52 ) (189 ) (132 )
Accountspayable 17 (17 ) (31 )
Otherassets andliabilities,net 165 24 (41 )
Net Cash ProvidedbyOperating Activities 1,459 1,528 991
Cash Flowsfrom Investing Activities:
Additionstoproperty, plantand equipment (855 ) (650 ) (482 )
Acquisitions, netof cashacquired (3,642) — 11
Proceeds fromdivestituresand salesof assets 2,160 427 687
Proceeds from sale of restricted investmentstodischarge
long-termdebt — 700 —
Purchase of restricted investmentstodischarge long-termdebt — — (704 )
Investments inlimited liabilitycompany (117 ) (27 ) —
Other investing activities,net 10 9 4
Net Cash(Used for) Provided by InvestingActivities (2,444) 459 (484 )
Cash Flowsfrom Financing Activities:
Borrowingsoflong-term debt 2,758 — —
Repayments of long-termdebt (1,690) (700 ) (54 )
Payments on financelease obligations (20 ) (17 ) (15 )
Dividends paid (189 ) (174 ) (160 )
Repurchases of commonstock (450 ) (150 ) (150 )
Shares withheld foremployees’ incometax obligations (32 ) (22 ) (29 )
Other financing activities,net (4 ) (1 ) 1
Net Cash Providedby(Used for) FinancingActivities 373 (1,064 ) (407 )
Net (Decrease) Increase in Cash, Cash Equivalentsand Restricted Cash (612 ) 923 100
Cash, CashEquivalentsand Restricted Cash, beginning of year 1,282 359 259
Cash, CashEquivalents and Restricted Cash, endof year $ 670 $ 1,282 $ 359

TheaccompanyingNotes to theFinancial Statements areanintegral partofthese statements.
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Page 16 ♦ 2024 Annual Report