Page 149 - Martin Marietta - 2025 Proxy Statement

NOTES TO FINANCIAL STATEMENTS (Continued)
The following tablesummarizesstock-based compensation expense for theyears ended December31, 2024,2023and 2022,
unrecognizedcompensationcost for nonvestedawardsat December31, 2024 andthe weighted-average period over which
unrecognizedcompensationcost will be recognized:
Restricted
Stock
(Service- and Incentive Directors’
Performance- Compensation Fees Paid
(in millions, except year data) Based) Stock in Stock Total
ock-basedcompensationexpense recognized for
yearsended December31:
2024 $ 56 $ 1 $ 1 $ 58
2023 $ 49 $ 1 $ — $ 50
2022 $ 41 $ 1 $ 1 $ 43
Unrecognized compensation cost at
December 31, 2024 $ 28 $ 1 $ — $ 29
Weighted-average period over whichunrecognized
compensation cost will be recognized 1.9years 1.8years

Totaltax benefits relatedtostock-based compensation expense were $9 million, $9 millionand $8 million for the years ended
December31, 2024,2023and 2022, respectively.
The following presents expected stock-basedcompensationexpense in future periods for outstanding awards as of December 31,
2024:
(in millions)
25 $ 19
2026 $ 8
2027 $ 1
2028 $ 1
Total $ 29

i
Stock-basedcompensationexpense is primarily included in Selling, generaland administrative expenses in the Company’s
x
i
consolidated statements of earnings.
Note L: Leases
The Company hasleases, primarilyforequipment, railcars, fleet vehicles,office space, land, information technology equipment
and software. The Company’sleaseshave remaining leaseterms,inclusive of optionsto renew that the Company is reasonably
certain to exercise, ranging from less than oneyearto46 years.Someof the Company'sleases include optionstoterminate the
leases withinone year.
Certainof the Company’slease agreements include paymentsbased upon variable rates, including, butnot limited to,hours used,
tonnage processedand factors related to indices. The Company’s leaseagreements do notcontain anymaterial residualvalue
guarantees or material restrictivecovenants.
Thecomponentsoflease cost areas follows:
years ended December 31
(in millions) 2024 2023 2022
Operatinglease cost $ 76 $ 77 $ 73
Financelease cost:
Amortization of right-of-use assets 26 21 18
Interest on leaseliabilities 6 5 4
Variable leasecost 14 18 17
Short-term leasecost 46 46 45
Totallease cost $ 168 $ 167 $ 157

024 Annual Report ♦ Page 41