Acquisitions and Divestitures (Tables)

12 Months Ended

Dec. 31, 2014

Business Combinations [Abstract]

Acquisition and divestiture activity

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

	Year Ended December 31,
	2014		2013		2012
	(in millions)
Acquisitions:
Purchase price	$	720.9	$	125.2	$	48.8
Net cash paid	$	714.4	$	73.2	$	46.2
Goodwill recorded	$	495.0	$	37.0	$	20.9
Divestitures:
Proceeds	$	—	$	35.6	$	2.1
Gain recognized	$	—	$	12.5	$	1.5
Goodwill charged off	$	—	$	4.8	$	0.1

Preliminary purchase price allocation

The following table represents our preliminary purchase price allocation as of December 31, 2014:

	December 31, 2014
	(in millions)
Accounts receivable	$	29.4
Inventories	36.1
Property, plant, and equipment	70.5
Goodwill	409.1
Other assets	76.0
Accounts payable	(15.4		)
Accrued liabilities	(10.1		)
Total net assets acquired	$	595.6

Intangibles arising from the Meyer acquisition

Based on our preliminary valuation, other assets include intangibles arising from the Meyer acquisition as follows:

	Preliminary estimated fair value		Weighted average useful life
	(in millions)
Customer relationships	$	35.3	10.5 years
Trademarks/trade names	34.1		Indefinite
Technology	5.6		5.0 years
	$	75.0

Operating results of current year acquisitions

The operating results of our 2014 acquisitions, as summarized in the following table, are included in the Consolidated Statements of Operations from their date of acquisition, exclude transaction-related acquisition costs that are included in the Corporate segment, and include additional amortization expense resulting from the preliminary purchase price allocation:

	Year Ended December 31, 2014
	(in millions)
Revenues	$	187.4
Operating profit	$	2.4

Pro-forma consolidated operating results

The following table represents the pro-forma consolidated operating results of the Company as if our 2014 acquisitions had been acquired on January 1, 2013. The pro-forma information should not be considered indicative of the results that would have occurred if the acquisitions had been completed on January 1, 2013, nor is such pro-forma information necessarily indicative of future results.

	Year Ended December 31, 2014		Year Ended December 31, 2013
	(in millions)
Revenues	$	6,369.8	$	4,830.8
Operating profit	$	1,274.4	$	834.1

Acquisition activity by segment

The aggregate purchase price related to our acquisition activity for the years ended December 31, 2014, 2013, and 2012 by segment follows:

	Year ended December 31,
	2014		2013		2012
	(in millions)
Rail Group	$	—	$	23.1	$	—
Construction Products Group	6.1		74.2		48.8
Energy Equipment Group	714.8		27.9		—
	$	720.9	$	125.2	$	48.8

Condensed results of operations for the ready-mix concrete operations

Condensed results of operations for the ready-mix concrete operations for the years ended December 31, 2014, 2013, and 2012 are as follows:

	Year Ended December 31,
	2014		2013			2012
	(in millions)
Revenues	$	—	$	31.6		$	121.4
Income (loss) from discontinued operations before income taxes	$	—	$	(1.6	)	$	2.9
Provision (benefit) for income taxes	—		(0.8		)	1.1
Net income (loss) from discontinued operations	$	—	$	(0.8	)	$	1.8