Acquisitions and Divestitures

12 Months Ended

Dec. 31, 2011

Acquisitions and Divestitures [Abstract]

Acquisitions and Divestitures

Note 2. Acquisitions and Divestitures

For the year ended December 31, 2011, all of our acquisition and divestiture activity occurred in the Construction Products Group. This activity consisted of four acquisitions and one divestiture. In February 2010, the Company acquired Quixote Corporation (“Quixote”), a leading manufacturer of energy-absorbing highway crash cushions, truck-mounted attenuators, and other transportation products, for a total cost of $58.1 million. In addition, the Company assumed $40.0 million in debt that was subsequently retired in the first quarter of 2010. Based on its valuation of the net assets acquired, Trinity recorded goodwill of $22.7 million and $24.2 million in intangible assets primarily consisting of the acquisition-date fair value allocated to patents, trade names and customer relationships that are being amortized over their estimated economic life which generally ranges from four to twenty years and. As a result of the acquisition, the Company recorded transaction-related expenses of $4.6 million including a $1.5 million write-down of its pre-acquisition investment in Quixote classified as other selling, engineering, and administrative costs. In addition to the transaction-related expenses listed above, there was a $1.8 million reclassification of previously-recognized charges from AOCL to earnings representing the decline in fair value of the Company’s pre-acquisition investment in Quixote, included in other, net in the consolidated statement of operations. See Note 12 Other, Net and Note 15 Accumulated Other Comprehensive Loss.

Acquisition and divestiture activity for 2011 and 2010 is summarized as follows. There was no acquisition and divestiture activity in 2009:

	Acquisitions						Divestitures
	Total cost		Net cash paid during the year		Goodwill recorded		Proceeds		Gain recognized		Goodwill charged off
	(in millions)
2011:
Construction Products Group	$	56.4	$	42.5	$	29.3	$	8.3	$	0.7	$	1.0
2010:
Construction Products Group
Quixote	$	58.1	$	39.9	$	22.7	$	—	$	—	$	—
Other		5.0		5.0		4.0		30.8		3.8		16.5
		63.1		44.9		26.7		30.8		3.8		16.5
Energy Equipment Group		7.4		5.0		6.6		—		—		—
	$	70.5	$	49.9	$	33.3	$	30.8	$	3.8	$	16.5