Page 146 - Martin Marietta - 2025 Proxy Statement

NOTES TO FINANCIAL STATEMENTS (Continued)
The fairvaluesof pension plan assets by assetclass and fairvalue hierarchy level areas follows:

Fair Value Measurements
Quoted Prices
in Active
Markets Significant Significant
for Identical Observable Unobservable
Assets Inputs Inputs Net Asset Total Fair
December 31 (Level 1) (Level 2) (Level 3) Value Value
(in millions) 2024
Equity securities :
1
Mid-sizedtolarge cap $ — $ — $ — $ 359 $ 359
Smallcap, international andemerginggrowth funds — — — 361 361
1
Debt securities :
Core fixed income — — — 271 271
Real estate — — — 130 130
Private infrastructure — — — 96 96
Cash equivalents — — — 21 21
Total $ — $ — $ — $ 1,238 $ 1,238

2023
1
Equity securities :
Mid-sizedtolarge cap $ — $ — $ — $ 307 $ 307
Smallcap, international andemerginggrowth funds — — — 320 320
1
Debt securities :
Core fixed income — — — 319 319
Real estate — — — 137 137
Private infrastructure — — — 90 90
Cash equivalents — — — 4 4
Total $ — $ — $ — $ 1,177 $ 1,177
1. These investments arecommoncollective investmenttrusts valuedusing thenet assetvalue (NAV)unit price provided by the fundadministrator.The
NAVisbased on the value of theunderlying assets ownedby the fund.
Real estate investmentsare stated at estimated fairvalue,which is theprice that wouldbe receivedtosellanassetor paidto
transfer aliabilityinanorderly transactionbetween market participants at the measurement date. Realestate investments are
valuedatNAV basedonthe plan’s proportionatesharesof the real estate funds’ fairvalue as recorded by thetrustees/general
partnerof the funds.The funds are realestate investmenttrust based funds that offer participation in an actively managed,
primarily core portfolio ofequity real estate. The funds allocate gains, lossesand expenses to investorsbased on theownership
percentagetodetermine theNAV.Private infrastructure assets represent investments in a fundthat isstatedat fairvalue.For
financialassets in the fundthatare actively traded in organized financial markets,fair value isbased on exchange-quoted market
prices. For investments in the fund for whichthere is no quoted marketprice, fairvalue is determined by thetrustees/general
partnerof the fund basedondiscountedexpected futurecash flows prepared by third-partyprofessionals.

In2024 and 2023, the Company made combined pensionplanand SERP contributions of $34 millionand $32 million, respectively.
The Company currently estimatesthat itwill contribute $40 millionto its pension plans in 2025.
Theexpectedbenefit payments to be paid from plan assets foreachof the next five yearsand the five-year period thereafter are
as follows:
(in millions)
2025 $ 59
2026 $ 60
2027 $ 63
2028 $ 66
2029 $ 65
Years2030 - 2034 $ 353

age38 ♦ 2024 Annual Report