GOODWILL

9 Months Ended

Sep. 30, 2023

Note 15: Goodwill

Goodwill 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. 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.

During the third quarter of 2022, we recorded an interim goodwill impairment loss of $50.9 million related to the fourth quarter sale of a reporting unit comprised of concrete operations in New Jersey, New York and Pennsylvania (see Note 16). There were no charges for goodwill impairment in the nine-month period ended September 30, 2023. Accumulated goodwill impairment losses amount to $303.6 million ($252.7 million in our former Cement segment and $50.9 in our Concrete segment).

Changes in the carrying amount of goodwill by reportable segment from December 31, 2022 to September 30, 2023 are shown below:



in millions	Aggregates	Asphalt	Concrete	Calcium	Total
Goodwill
Totals at December 31, 2022	$ 3,330.3	$ 91.6	$ 267.7	$ 0.0	$ 3,689.6
Goodwill of acquired businesses ¹	(0.1)	0.0	0.0	0.0	(0.1)
Totals at September 30, 2023 ²	$ 3,330.2	$ 91.6	$ 267.7	$ 0.0	$ 3,689.5


¹	See Note 16 for acquisitions. The current year includes a purchase price allocation adjustment from a prior year acquisition.
²	The Concrete segment balance at September 30, 2023 includes goodwill classified as held for sale as detailed in Note 16.