Acquisitions and Divestitures

6 Months Ended

Jun. 30, 2015

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,
	2015		2014		2015		2014
	(in millions)
Acquisitions:
Purchase price	$	—	$	7.7	$	46.2	$	125.3
Net cash paid	$	—	$	6.2	$	46.2	$	118.8
Goodwill recorded	$	—	$	5.1	$	—	$	87.2
Divestitures:
Proceeds	$	51.3	$	—	$	51.3	$	—
Gain recognized	$	7.8	$	—	$	7.8	$	—
Goodwill charged off	$	17.3	$	—	$	17.3	$	—

In March 2015, we completed the acquisition of the assets of a lightweight aggregates business in our Construction Products Group with facilities located in Louisiana, Alabama, and Arkansas. As of June 30, 2015, the acquisition was recorded based on a preliminary valuation of the acquired 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.

In June 2015, we sold the assets of our galvanizing business which included six facilities in Texas, Mississippi, and Louisiana, recognizing a gain of $7.8 million which is included in gains on other dispositions of property in the accompanying consolidated statements of operations. The assets and results of operations for this divestiture were included in the Construction Products Group.

With regard to the acquisition of the assets of Meyer Steel Structures (“Meyer”) in August 2014, the purchase price allocation continues to be preliminary as of June 30, 2015 due to the size and complexity of Meyer. We expect to complete our purchase price allocation as soon as reasonably possible not to exceed one year from the acquisition date. The following table represents our preliminary purchase price allocation as of June 30, 2015:

	June 30, 2015
	(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