Acquisitions and Divestitures

3 Months Ended

Mar. 31, 2013

Business Combinations [Abstract]

Acquisitions and Divestitures

 Acquisitions and Divestitures

For the three months ended March 31, 2013, the Company's acquisition and divestiture activity consisted of the sale of its remaining ready-mix concrete operations in exchange for certain aggregates operations in Texas, Colorado, and California. The aggregates operations acquired were recorded based on a preliminary valuation of the related assets and liabilities at their acquisition date fair value using level 3 inputs. Additionally, preliminary valuations of our acquisition completed in December 2012 are expected to be finalized in the next quarter. Such assets were not significant in relation to consolidated assets and liabilities. See Note 3 Fair Value for a discussion of inputs in determining fair value. This transaction, included in the Construction Products Group, is summarized below:

	Three Months Ended March 31,
	2013		2012
	(in millions)
Acquisition:
Total cost	$	53.8	$	—
Net cash paid	$	9.1	$	—
Goodwill recorded	$	2.5	$	—
Divestiture:
Proceeds	$	35.6	$	—
Gain recognized	$	12.4	$	—
Goodwill charged off	$	4.8	$	—

The divestiture of our ready-mix concrete operations has been accounted for and reported as a discontinued operation and, accordingly, historical amounts previously reported have been adjusted, where appropriate, to remove the effect of discontinued operations. Further, assets and liabilities related to the discontinued operations have been classified as Assets/Liabilities Held for Sale and Discontinued Operations in the accompanying consolidated balance sheets as follows:

	March 31, 2013		December 31, 2012
	(in millions)
Assets of Ready-Mix Concrete Operations:
Inventories	$	—	$	4.5
Property, plant, and equipment, net	—		16.9
Goodwill	—		6.3
Other	—		0.2
	$	—	$	27.9
Liabilities of Ready-Mix Concrete Operations:
Debt	$	—	$	3.7
	$	—	$	3.7

Condensed results of operations for the ready-mix concrete operations for the three months ended March 31, 2013 and 2012 are as follows:

	Three Months Ended March 31,
	2013			2012
	(in millions)
Revenues	$	31.6		$	29.1
Loss from discontinued operations before income taxes	$	(0.7	)	$	(0.2	)
Income tax benefit	(0.3		)	(0.1		)
Net loss from discontinued operations	$	(0.4	)	$	(0.1	)

In April 2013, the Company completed the acquisition of a business with its principal operations in Mexico for approximately $23.1 million plus the assumption of certain specific liabilities.