Page 138 - Martin Marietta - 2025 Proxy Statement

NOTES TO FINANCIAL STATEMENTS (Continued)
Note F: Property, Plant and Equipment, Net

December 31
(in millions) 2024 2023
Land andland improvements $ 1,858 $ 1,599
Mineral reservesand interests 6,328 2,982
Buildings 175 160
Machinery and equipment 6,117 5,380
Construction in progress 313 333
Financelease right-of-use assets 295 254
Totalproperty, plantand equipment 15,086 10,708
Less: accumulateddepreciation, depletionand amortization (4,977) (4,522)
Property,plant andequipment,net $ 10,109 $ 6,186

Depreciation,depletion andamortizationexpense relatedtoproperty, plantand equipmentwas $540 million, $480 millionand
$473 million for theyears ended December31, 2024, 2023 and 2022, respectively. Depreciation, depletionand amortization
expense includes amortization of right-of-use assets fromfinanceleases.

At both December31, 2024 and 2023, $40 millionof the BuildingMaterials business’ property, plant andequipment, net, were
located in The Bahamas and Canada.

Note G: Debt
December 31
(in millions) 2024 2023
250% Senior Notes, due2024 $ — $ 400
7% Debentures,due 2025 125 125
3.450% Senior Notes, due2027 299 299
3.500% Senior Notes, due2027 493 492
2.500% Senior Notes, due2030 472 472
2.400% Senior Notes, due2031 890 890
5.150% Senior Notes, due2034 738 —
6.25%SeniorNotes,due 2037 228 228
4.250% Senior Notes, due2047 591 590
3.200% Senior Notes, due2051 851 850
5.500% Senior Notes, due2054 726 —
Totaldebt 5,413 4,346
Less: current maturities (125) (400)
Long-termdebt $ 5,288 $ 3,946

On July 2, 2024, the Company used availableliquidity to repay the $400 millionof 4.250%SeniorNotes at maturity.
OnNovember4,2024, the Company issued $750 millionaggregate principal amount of 5.150% Senior Notesdue 2034 (the 5.150%
SeniorNotes due 2034) and$750 millionaggregate principal amount of 5.500% Senior Notesdue 2054 (the 5.500%SeniorNotes
due 2054)pursuanttoa base indenture, datedasof May 22,2017 (the BaseIndenture), asamendedand supplemented from time
totime, includingby the FifthSupplemental Indenture,dated as of November4, 2024, and, together with the Base Indenture (the
Indenture) between the Company and Regions Bank, astrustee,governing thesenotes.Onthe consolidated balancesheets,
the 5.150%SeniorNotes due 2034 and5.500% Senior Notesdue 2054 arecarried netof original issuediscount, which will be
amortized usingthe effective interest methodoverthe termsof the issues.A portionof the netproceedsof the 5.150% Senior
Notes due2034 and 5.500% Senior Notesdue 2054 were used forthe repaymentof all borrowingsoutstanding underthe
Company’s short-termborrowing facilities. The remaining netproceeds wereused for generalcorporate purposes, including
acquisitions,landpurchases andother capitalneeds.

age30 ♦ 2024 Annual Report