Acquisitions and Divestitures

3 Months Ended

Mar. 31, 2014

Business Combinations [Abstract]

Acquisitions and Divestitures

 Acquisitions and Divestitures

The Company's acquisition and divestiture activities are summarized below:

	Three Months Ended March 31,
	2014		2013
	(in millions)
Acquisitions:
Purchase price	$	117.6	$	53.8
Net cash paid	$	112.6	$	9.1
Goodwill recorded	$	82.1	$	2.5
Divestitures:
Proceeds	$	—	$	35.6
Gain recognized	$	—	$	12.4
Goodwill charged off	$	—	$	4.8

During the three months ended March 31, 2014, we completed the acquisition of three businesses in our Energy Equipment Group located in the U.S. and Canada. The acquisitions 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.

During the three months ended March 31, 2013, the Company sold its ready-mix concrete operations in exchange for certain aggregates operations. The divestiture has been accounted for and reported as a discontinued operation. Condensed results of operations for the ready-mix concrete operations for the three months endedMarch 31, 2014 and 2013 are as follows:

	Three Months Ended March 31,
	2014			2013
	(in millions)
Revenues	$	—		$	31.6
Loss from discontinued operations before income taxes	$	(0.5	)	$	(0.7	)
Income tax benefit	(0.2		)	(0.3		)
Net loss from discontinued operations	$	(0.3	)	$	(0.4	)