XML 81 R24.htm IDEA: XBRL DOCUMENT v3.22.0.1
GOODWILL AND INTANGIBLE ASSETS
12 Months Ended
Dec. 31, 2021
GOODWILL AND INTANGIBLE ASSETS [Abstract]  
GOODWILL AND INTANGIBLE ASSETS NOTE 18: GOODWILL AND INTANGIBLE ASSETSAcquired identifiable intangible assets are classified into three categories: (1) goodwill, (2) intangible assets with finite lives subject to amortization and (3) intangible assets with indefinite lives. Goodwill and intangible assets with indefinite lives are not amortized; rather, they are reviewed for impairment at least annually.GOODWILLGoodwill is recognized when the consideration paid for a business exceeds the fair value of the tangible and identifiable intangible assets acquired. Goodwill is allocated to reporting units for purposes of testing goodwill for impairment. There were no charges for goodwill impairment in the years ended December 31, 2021, 2020 and 2019. Accumulated goodwill impairment losses amount to $252.7 million (year 2008) in our former Cement segment.We have four reportable segments organized around our principal product lines: Aggregates, Asphalt, Concrete and Calcium. Changes in the carrying amount of goodwill by reportable segment for the three years ended December 31, 2021 are shown below: in millionsAggregates Asphalt Concrete Calcium Total Goodwill Totals at December 31, 2019$      3,075.4  $         91.6  $           0.0  $           0.0  $      3,167.0  Goodwill of acquired businesses 1 5.1  0.0  0.0  0.0  5.1  Totals at December 31, 2020$      3,080.5  $         91.6  $           0.0  $           0.0  $      3,172.1  Goodwill of acquired businesses 1 236.1  0.0  288.5  0.0  524.6  Totals at December 31, 2021$      3,316.6  $         91.6  $       288.5  $           0.0  $      3,696.7  1See Note 19 for a summary of recent acquisitions. We test goodwill for impairment on an annual basis or more frequently if events or circumstances change in a manner that would more likely than not reduce the fair value of a reporting unit below its carrying value. A decrease in the estimated fair value of one or more of our reporting units could result in the recognition of a material, noncash write-down of goodwill. INTANGIBLE ASSETSIntangible assets consist of contractual rights in place (primarily permitting and zoning rights), noncompetition agreements, customer relationships and trade names and trademarks. Intangible assets acquired in business combinations are stated at their fair value determined as of the date of acquisition. Intangible assets acquired individually or otherwise obtained outside a business combination consist primarily of permitting, permitting compliance and zoning rights and are stated at their historical cost less accumulated amortization. Costs incurred to renew or extend the life of existing intangible assets are capitalized. These capitalized renewal/extension costs were immaterial for the years presented.See Note 19 for the details of the intangible assets acquired in business acquisitions during 2021, 2020 and 2019. Amortization of finite-lived intangible assets is computed based on the estimated life of the intangible assets. Contractual rights in place associated with aggregates reserves are amortized using the unit-of-sales method based on estimated recoverable units. Other intangible assets are amortized principally by the straight-line method. Intangible assets are reviewed for impairment when events or circumstances indicate that the carrying amount may not be recoverable. There were no material charges for impairment of intangible assets in 2021, 2020 and 2019.The gross carrying amount and accumulated amortization by major intangible asset class for the years ended December 31 are summarized below: in millions2021 2020 Gross Carrying Amount Contractual rights in place $       1,765.0  $      1,159.0  Permitting, permitting compliance and zoning rights 156.5  138.9  Other 1 115.0  57.6  Total gross carrying amount$       2,036.5  $      1,355.5  Accumulated Amortization Contractual rights in place $         (230.9) $        (188.9) Permitting, permitting compliance and zoning rights (39.1) (30.2) Other 1 (17.5) (12.9) Total accumulated amortization$         (287.5) $        (232.0) Total Intangible Assets Subject to Amortization, net$       1,749.0  $      1,123.5  Intangible Assets with Indefinite Lives 0.0  0.0  Total Intangible Assets, net 1,749.0  1,123.5  Amortization Expense for the Year$            68.2  $           46.6  1Includes noncompetition agreements, patents, customer relationships, tradenames and trademarks. Estimated amortization expense for the five years subsequent to December 31, 2021 is as follows: in millions Estimated Amortization Expense for Five Subsequent Years 2022$           79.5  2023 77.7  2024 75.9  2025 75.6  2026 75.1