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Goodwill and Other Intangibles (Tables)
9 Months Ended
Sep. 30, 2021
Goodwill And Intangible Assets Disclosure [Abstract]  
Changes in Goodwill

The following table shows the changes in goodwill by reportable segment and in total:

 

 

 

East

 

 

West

 

 

 

 

 

 

 

Group

 

 

Group

 

 

Total

 

 

 

(Dollars in Millions)

 

Balance at January 1, 2021

 

$

572.5

 

 

$

1,841.5

 

 

$

2,414.0

 

Acquisitions

 

 

185.9

 

 

 

12.8

 

 

 

198.7

 

Goodwill allocated to assets held for sale

 

 

 

 

 

(2.1

)

 

 

(2.1

)

Balance at September 30, 2021

 

$

758.4

 

 

$

1,852.2

 

 

$

2,610.6

 

Intangible Assets Subject to Amortization

Intangible assets subject to amortization consist of the following:

 

 

 

Gross

Amount

 

 

Accumulated

Amortization

 

 

Net

Balance

 

(Dollars in Millions)

 

September 30, 2021

 

Noncompetition agreements

 

$

4.2

 

 

$

(4.1

)

 

$

0.1

 

Customer relationships

 

 

312.7

 

 

 

(44.3

)

 

 

268.4

 

Operating permits

 

 

523.8

 

 

 

(53.7

)

 

 

470.1

 

Use rights and other

 

 

16.4

 

 

 

(13.8

)

 

 

2.6

 

Trade names

 

 

23.3

 

 

 

(13.3

)

 

 

10.0

 

Total

 

$

880.4

 

 

$

(129.2

)

 

$

751.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2020

 

Noncompetition agreements

 

$

4.2

 

 

$

(4.1

)

 

$

0.1

 

Customer relationships

 

 

91.3

 

 

 

(35.6

)

 

 

55.7

 

Operating permits

 

 

460.8

 

 

 

(48.4

)

 

 

412.4

 

Use rights and other

 

 

16.3

 

 

 

(13.0

)

 

 

3.3

 

Trade names

 

 

12.8

 

 

 

(12.3

)

 

 

0.5

 

Total

 

$

585.4

 

 

$

(113.4

)

 

$

472.0

 

Intangible Assets Deemed to Indefinite Life and Not Being Amortized

At September 30, 2021 and December 31, 2020, intangible assets deemed to have an indefinite life and not being amortized consist of the following:

 

(Dollars in Millions)

 

Building Materials business

 

 

Magnesia Specialties

 

 

Total

 

Operating permits

 

$

6.6

 

 

$

 

 

$

6.6

 

Use rights

 

 

26.7

 

 

 

 

 

 

26.7

 

Trade names

 

 

0.2

 

 

 

2.5

 

 

 

2.7

 

Total

 

$

33.5

 

 

$

2.5

 

 

$

36.0

 

Summary of Intangible Assets Acquired

For the nine months ended September 30, 2021, the Company acquired $294.9 million of intangibles, which consists of the following:

(Dollars in Millions)

 

Amount

 

 

Weighted-average

amortization period

Subject to amortization:

 

 

 

 

 

 

Customer relationships

 

$

221.4

 

 

24 years

Permits

 

 

63.0

 

 

40 years

Trade name

 

 

10.5

 

 

9 years

Total

 

$

294.9

 

 

27 years

 

Estimated Amortization Expense of Intangibles

The estimated amortization expense for intangibles for the remainder of 2021, each of the next four years, and thereafter is as follows:

 

(Dollars in Millions)

 

 

 

 

October - December 2021

 

$

6.4

 

2022

 

 

25.0

 

2023

 

 

24.7

 

2024

 

 

24.4

 

2025

 

 

24.3

 

Thereafter

 

 

646.4

 

Total

 

$

751.2