Page 144 - Martin Marietta - 2025 Proxy Statement

NOTES TO FINANCIAL STATEMENTS (Continued)
Thedefined benefitplans’change inprojected benefitobligation isas follows:

years ended December 31
(in millions) 2024 2023
Netprojected benefitobligationat beginning of year $ 970 $ 858
Servicecost 38 33
Interest cost 55 51
Actuarial(gain) loss (46) 73
Grossbenefitspaid (50) (45)
Netprojected benefitobligationatend of year $ 967 $ 970

Thelargest componentof the actuarialgain in2024 wasthe impact of thehigherdiscount rate compared with 2023. Theactuarial
loss in2023 wasprimarily attributable to alower discount rate compared with 2022.
The Company’schange inplanassets, fundedstatusand amounts recognizedonthe Company’sconsolidated balancesheetsare
as follows:

years ended December 31
(in millions) 2024 2023
Fair valueof planassetsat beginning of year $ 1,177 $ 1,067
Actual return on plan assets,net 77 123
Employer contributions 34 32
Grossbenefitspaid (50) (45)
Fair valueof planassets at endofyear $ 1,238 $ 1,177

December 31
(in millions) 2024 2023
Fundedstatusof the plan at endof year $ 271 $ 207
Accruedbenefit credit $ 271 $ 207

December 31
(in millions) 2024 2023
Amounts recognizedonconsolidatedbalance sheets consistof:
Noncurrent asset $ 371 $ 308
Current liability (13) (8)
Noncurrent liability (87) (93)
Netamount recognized at endofyear $ 271 $ 207

Theaccumulatedbenefit obligation for alldefined benefitpension plans was $879 millionand $882 millionat December31, 2024
and 2023, respectively.
Benefitobligations and fairvalue of plan assets forpension plans withaccumulated benefitobligations in excess of plan assets are
as follows:
December 31
(in millions) 2024 2023
Projectedbenefit obligation $ 100 $ 101
Accumulatedbenefit obligation $ 90 $ 91
Fair valueof planassets $ — $ 1

Weighted-average assumptionsusedtodetermine benefitobligations as of December 31 are:
2024 2023
scount rate 6.00% 5.58%
Rate of increase in future compensation levels 4.50% 4.50%

age36 ♦ 2024 Annual Report