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Acquisitions and Divestitures
 6 Months Ended
Jun. 30, 2014
Business Combinations [Abstract]  
Acquisitions and Divestitures
 Acquisitions and Divestitures

The Company's acquisition and divestiture activities are summarized below:
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2014
 
2013
 
2014
 
2013
 
(in millions)
Acquisitions:
 
 
 
 
 
 
 
Purchase price
$
7.7

 
$
29.6

 
$
125.3

 
$
83.4

Net cash paid
$
6.2

 
$
28.1

 
$
118.8

 
$
37.2

Goodwill recorded
$
5.1

 
$
7.0

 
$
87.2

 
$
9.5

 
 
 
 
 
 
 
 
Divestitures:
 
 
 
 
 
 
 
Proceeds
$
—

 
$
—

 
$
—

 
$
35.6

Gain recognized
$
—

 
$
0.1

 
$
—

 
$
12.5

Goodwill charged off
$
—

 
$
—

 
$
—

 
$
4.8



During the six months ended June 30, 2014, we completed the acquisition of three businesses in our Energy Equipment Group located in the U.S. and Canada and one business in our Construction Products Group located in the U.S. 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 six months ended June 30, 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 and six months ended June 30, 2014 and 2013 are as follows:
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2014
 
2013
 
2014
 
2013
 
(in millions)
Revenues
$
—

 
$
—

 
$
—

 
$
31.6

 
 
 
 
 
 
 
 
Loss from discontinued operations before income taxes
$
(0.2
)
 
$
(1.6
)
 
$
(0.7
)
 
$
(2.3
)
Income tax benefit
—

 
(0.5
)
 
(0.2
)
 
(0.8
)
Net loss from discontinued operations
$
(0.2
)
 
$
(1.1
)
 
$
(0.5
)
 
$
(1.5
)


In June 2014, Trinity entered into an agreement to acquire the assets of Meyer Steel Structures ("Meyer"), the utility steel structures division of Thomas & Betts Corporation, a member of the ABB Group, for approximately $600 million. Meyer is one of North America's leading providers of tubular steel structures for electricity transmission and distribution. The transaction is expected to close during the quarter ending September 30, 2014, subject to regulatory approval. The operations of Meyer will be included with the Company's Energy Equipment Group.