Acquisitions and Divestitures

9 Months Ended

Sep. 30, 2013

Business Combinations [Abstract]

Acquisitions and Divestitures

 Acquisitions and Divestitures

For the nine months endedSeptember 30, 2013, the Company's acquisition and divestiture activity included the sale of its remaining ready-mix concrete operations in exchange for certain aggregates operations in Texas, Colorado, and California. The aggregates operations acquired and another acquisition completed in April 2013 were recorded based on preliminary valuations of the related assets and liabilities at their acquisition date fair value using Level 3 inputs. Such assets and liabilities were not significant in relation to consolidated assets and liabilities. See Note 3 Fair Value for a discussion of inputs in determining fair value.

In April 2013, the Company completed an acquisition of a business in our Energy Equipment Group whose purchase price, net cash paid, and goodwill recorded amounted to $27.9 million, $27.9 million, and $3.2 million, respectively. All remaining acquisition and divestiture activity for the three and nine months endedSeptember 30, 2013 occurred within our Construction Products Group.

The Company's acquisition and divestiture activity is summarized below:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2013		2012		2013		2012
	(in millions)
Acquisition:
Purchase price	$	—	$	5.5	$	83.4	$	7.5
Net cash paid	$	—	$	4.9	$	37.2	$	4.9
Goodwill recorded	$	—	$	3.2	$	9.5	$	4.0
Divestiture:
Proceeds	$	—	$	—	$	35.6	$	2.1
Gain recognized	$	—	$	—	$	12.5	$	1.5
Goodwill charged off	$	—	$	—	$	4.8	$	0.1

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:

	September 30, 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 and nine months endedSeptember 30, 2013 and 2012 are as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2013		2012		2013			2012
	(in millions)
Revenues	$	—	$	30.2	$	31.6		$	92.2
Income (loss) from discontinued operations before income taxes	$	0.4	$	1.1	$	(1.9	)	$	3.3
Income tax expense (benefit)	0.1		0.4		(0.7		)	1.2
Net income (loss) from discontinued operations	$	0.3	$	0.7	$	(1.2	)	$	2.1