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Acquisitions and Divestitures
 12 Months Ended
Dec. 31, 2013
Business Combinations [Abstract]  
Acquisitions and Divestitures
Acquisitions and Divestitures

The Company's acquisition and divestiture activities are summarized below:
 
Year Ended December 31,
 
2013
 
2012
 
2011
 
(in millions)
Acquisitions:
 
 
 
 
 
Purchase price
$
125.2

 
$
48.8

 
$
56.4

Net cash paid
$
73.2

 
$
46.2

 
$
42.5

Goodwill recorded
$
37.0

 
$
20.9

 
$
29.3

 
 
 
 
 
 
Divestitures:
 
 
 
 
 
Proceeds
$
35.6

 
$
2.1

 
$
8.3

Gain recognized
$
12.5

 
$
1.5

 
$
0.7

Goodwill charged off
$
4.8

 
$
0.1

 
$
1.0



The four acquisitions completed in 2013 were recorded based on preliminary valuations of the related assets and liabilities at their acquisition date fair value using level three inputs. Such assets and liabilities were not significant in relation to assets and liabilities at the consolidated or segment level. See Note 3 Fair Value Accounting for a discussion of inputs in determining fair value.


The aggregate purchase price related to our acquisition activity for the years ended December 31, 2013, 2012, and 2011 by segment follows:
 
Year ended December 31,
 
2013
 
2012
 
2011
 
(in millions)
Rail Group
$
23.1

 
$
—

 
$
—

Construction Products Group
74.2

 
48.8

 
56.4

Energy Equipment Group
27.9

 
—

 
—

 
$
125.2

 
$
48.8

 
$
56.4



Discontinued operation - Ready-Mix Concrete Operations
During the year ended December 31, 2013, the Company sold its remaining ready-mix concrete operations in exchange for certain aggregates operations in Texas, Colorado, and California. The fair value of the proceeds received in exchange for the divested operations was based on the Company’s estimate of fair value of the operations disposed using a discounted cash flow analysis. A gain of $12.5 million was recognized based on the fair value of the proceeds less the assets’ carrying amounts and certain transaction costs. The divestiture of our ready-mix concrete operations has been accounted for and reported as a discontinued operation. 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:

 
December 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 years ended December 31, 2013, 2012, and 2011 are as follows:
 
Year Ended December 31,
 
2013
 
2012
 
2011
 
(in millions)
Revenues
$
31.6

 
$
121.4

 
$
136.8

 
 
 
 
 
 
Income (loss) from discontinued operations before income taxes
$
(1.6
)
 
$
2.9

 
$
(1.5
)
Provision (benefit) for income taxes
(0.8
)
 
1.1

 
(0.4
)
Net income (loss) from discontinued operations
$
(0.8
)
 
$
1.8

 
$
(1.1
)

In January and February of 2014, we acquired the operating assets of three unrelated businesses in our Energy Equipment Group for a total purchase price of approximately $119.4 million.