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SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION
 12 Months Ended
Dec. 31, 2019
Condensed Financial Information Disclosure [Abstract]  
SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION

Our 2024 Notes are fully and unconditionally and jointly and severally guaranteed on a senior unsecured basis by each direct and indirect wholly owned domestic subsidiary of the Company, except as described below, each a guarantor subsidiary. Neither the net book value nor the purchase price of any of our recently acquired guarantor subsidiaries were 20% or more of the aggregate principal amount of our 2024 Notes. The 2024 Notes are not guaranteed by any direct or indirect foreign subsidiaries of the Company (or any of their subsidiaries), our U.S. Virgin Islands subsidiaries or domestic subsidiaries that are not wholly owned, each a non-guarantor subsidiary. Consequently, we are required to provide condensed consolidating financial information in accordance with Rule 3-10 of Regulation S-X.

The following condensed consolidating financial information present, in separate columns, financial information for (1) the Company, as Parent on a parent only basis, (2) the guarantor subsidiaries on a combined basis, (3) the non-guarantor subsidiaries on a combined basis, (4) the eliminations and reclassifications necessary to arrive at the information for the Company on a consolidated basis and (5) the Company on a consolidated basis.

The following condensed consolidating financial information of U.S. Concrete, Inc. and its subsidiaries present investments in consolidated subsidiaries using the equity method of accounting. The principal elimination entries eliminate investments in subsidiaries and intercompany balances and transactions.
CONDENSED CONSOLIDATING BALANCE SHEET
DECEMBER 31, 2019
($ in millions)
 
 
Parent
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations and Reclassifications
 
U.S. Concrete Consolidated
ASSETS
Current assets:
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
—

 
$
29.0

 
$
11.6

 
$
—

 
$
40.6

Trade accounts receivable, net
 
—

 
216.6

 
16.5

 
—

 
233.1

Inventories
 
—

 
45.9

 
13.1

 
—

 
59.0

Other receivables
 
15.1

 
6.3

 
0.3

 
(13.3
)
 
8.4

Prepaid expenses and other
 
—

 
7.3

 
0.6

 
—

 
7.9

Intercompany receivables
 
8.9

 
—

 
0.3

 
(9.2
)
 
—

Total current assets
 
24.0

 
305.1

 
42.4

 
(22.5
)
 
349.0

Property, plant and equipment, net
 
—

 
470.3

 
203.2

 
—

 
673.5

Operating lease assets
 
—

 
55.8

 
14.0

 
—

 
69.8

Goodwill
 
—

 
155.7

 
83.8

 
—

 
239.5

Intangible assets, net
 
—

 
88.2

 
4.2

 
—

 
92.4

Investment in subsidiaries
 
642.6

 
—

 
—

 
(642.6
)
 
—

Long-term intercompany receivables
 
281.8

 
—

 
5.3

 
(287.1
)
 
—

Other assets
 
—

 
8.0

 
1.1

 
—

 
9.1

Total assets
 
$
948.4

 
$
1,083.1

 
$
354.0

 
$
(952.2
)
 
$
1,433.3

LIABILITIES AND EQUITY
Current liabilities:
 
 
 
 
 
 
 
 
 
 
Accounts payable
 
$
—

 
$
134.4

 
$
2.0

 
$
—

 
$
136.4

Accrued liabilities
 
4.3

 
64.0

 
8.5

 
(13.3
)
 
63.5

Current maturities of long-term debt
 
0.3

 
31.7

 
0.5

 
—

 
32.5

Current operating lease liabilities
 
—

 
11.2

 
1.7

 
—

 
12.9

Intercompany payables
 
—

 
—

 
9.2

 
(9.2
)
 
—

Total current liabilities
 
4.6

 
241.3

 
21.9

 
(22.5
)
 
245.3

Long-term debt, net of current maturities
 
600.4

 
52.9

 
1.5

 
—

 
654.8

Long-term operating lease liabilities
 
—

 
47.1

 
12.6

 
—

 
59.7

Other long-term obligations and deferred credits
 
—

 
44.2

 
4.9

 
—

 
49.1

Deferred income taxes
 
—

 
28.9

 
25.9

 
—

 
54.8

Long-term intercompany payables
 
—

 
170.4

 
116.7

 
(287.1
)
 
—

Total liabilities
 
605.0

 
584.8

 
183.5

 
(309.6
)
 
1,063.7

Total shareholders' equity
 
343.4

 
498.3

 
144.3

 
(642.6
)
 
343.4

Non-controlling interest
 
—

 
—

 
26.2

 
—

 
26.2

Total equity
 
343.4

 
498.3

 
170.5

 
(642.6
)
 
369.6

Total liabilities and equity
 
$
948.4

 
$
1,083.1

 
$
354.0

 
$
(952.2
)
 
$
1,433.3

CONDENSED CONSOLIDATING BALANCE SHEET
DECEMBER 31, 2018
($ in millions)

 
 
Parent
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations and Reclassifications
 
U.S. Concrete Consolidated
ASSETS
Current assets:
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
—

 
$
10.8

 
$
9.2

 
$
—

 
$
20.0

Trade accounts receivable, net
 
—

 
219.7

 
6.9

 
—

 
226.6

Inventories
 
—

 
42.4

 
8.8

 
—

 
51.2

Other receivables
 
11.1

 
7.0

 
0.3

 
—

 
18.4

Prepaid expenses and other
 
—

 
7.1

 
0.8

 
—

 
7.9

Intercompany receivables
 
9.7

 
—

 
0.3

 
(10.0
)
 
—

Total current assets
 
20.8

 
287.0

 
26.3

 
(10.0
)
 
324.1

Property, plant and equipment, net
 
—

 
468.3

 
211.9

 
—

 
680.2

Goodwill
 
—

 
155.5

 
83.8

 
—

 
239.3

Intangible assets, net
 
—

 
111.8

 
4.8

 
—

 
116.6

Investment in subsidiaries
 
604.1

 
—

 
—

 
(604.1
)
 
—

Long-term intercompany receivables
 
308.9

 
—

 
1.1

 
(310.0
)
 
—

Other assets
 
—

 
10.8

 
0.3

 
—

 
11.1

Total assets
 
$
933.8

 
$
1,033.4

 
$
328.2

 
$
(924.1
)
 
$
1,371.3

LIABILITIES AND EQUITY
Current liabilities:
 
 
 
 
 
 
 
 
 
 
Accounts payable
 
$
—

 
$
122.4

 
$
3.4

 
$
—

 
$
125.8

Accrued liabilities
 
4.7

 
83.2

 
8.4

 
—

 
96.3

Current maturities of long-term debt
 
0.3

 
29.9

 
0.6

 
—

 
30.8

Intercompany payables
 
—

 
—

 
10.0

 
(10.0
)
 
—

Total current liabilities
 
5.0

 
235.5

 
22.4

 
(10.0
)
 
252.9

Long-term debt, net of current maturities
 
615.5

 
67.6

 
0.2

 
—

 
683.3

Other long-term obligations and deferred credits
 
0.9

 
51.0

 
2.9

 
—

 
54.8

Deferred income taxes
 
—

 
22.4

 
20.7

 
—

 
43.1

Long-term intercompany payables
 
—

 
188.7

 
121.3

 
(310.0
)
 
—

Total liabilities
 
621.4

 
565.2

 
167.5

 
(320.0
)
 
1,034.1

Total shareholder's equity
 
312.4

 
468.2

 
135.9

 
(604.1
)
 
312.4

Non-controlling interest
 
—

 
—

 
24.8

 
—

 
24.8

Total equity
 
312.4

 
468.2

 
160.7

 
(604.1
)
 
337.2

Total liabilities and equity
 
$
933.8

 
$
1,033.4

 
$
328.2

 
$
(924.1
)
 
$
1,371.3





CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
2019
($ in millions)

 
 
Parent
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations and Reclassifications
 
U.S. Concrete Consolidated
Revenue
 
$
—

 
$
1,361.2

 
$
117.5

 
$
—

 
$
1,478.7

Cost of goods sold before depreciation, depletion and amortization
 
—

 
1,107.6

 
80.0

 
—

 
1,187.6

Selling, general and administrative expenses
 
—

 
122.6

 
7.4

 
—

 
130.0

Depreciation, depletion and amortization
 
—

 
78.2

 
15.0

 
—

 
93.2

Change in value of contingent consideration
 
—

 
2.8

 
—

 
—

 
2.8

Gain on sale/disposal of assets and business, net
 
—

 
(0.1
)
 
—

 
—

 
(0.1
)
Operating income
 
—

 
50.1

 
15.1

 
—

 
65.2

Interest expense, net
 
39.7

 
3.6

 
2.8

 
—

 
46.1

Other income, net
 
—

 
(7.9
)
 
(1.6
)
 
—

 
(9.5
)
Income (loss) before income taxes, equity in earnings of subsidiaries and non-controlling interest
 
(39.7
)
 
54.4

 
13.9

 
—

 
28.6

Income tax expense (benefit)
 
(15.1
)
 
24.3

 
3.1

 
—

 
12.3

Net income (loss) before equity in earnings of subsidiaries and non-controlling interest
 
(24.6
)
 
30.1

 
10.8

 
—

 
16.3

Equity in earnings of subsidiaries
 
39.5

 
—

 
—

 
(39.5
)
 
—

Net income (loss)
 
14.9

 
30.1

 
10.8

 
(39.5
)
 
16.3

Less: Net income attributable to non-controlling interest
 
—

 
—

 
(1.4
)
 
—

 
(1.4
)
Net income (loss) attributable to U.S. Concrete
 
$
14.9

 
$
30.1

 
$
9.4

 
$
(39.5
)
 
$
14.9











CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
2018
($ in millions)

 
 
Parent
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations and Reclassifications
 
U.S. Concrete Consolidated
Revenue
 
$
—

 
$
1,394.4

 
$
112.0

 
$
—

 
$
1,506.4

Cost of goods sold before depreciation, depletion and amortization
 
—

 
1,130.8

 
81.4

 
—

 
1,212.2

Selling, general and administrative expenses
 
—

 
118.5

 
8.0

 
—

 
126.5

Depreciation, depletion and amortization
 
—

 
76.2

 
15.6

 
—

 
91.8

Change in value of contingent consideration
 
0.1

 
(0.1
)
 
—

 
—

 
—

Impairment of assets
 
—

 
1.3

 
—

 
—

 
1.3

Loss (gain) on sale/disposal of assets and business, net
 
—

 
(15.5
)
 
0.2

 
—

 
(15.3
)
Operating income (loss)
 
(0.1
)
 
83.2

 
6.8

 
—

 
89.9

Interest expense, net
 
39.5

 
3.7

 
3.2

 
—

 
46.4

Other expense (income), net
 
1.2

 
(3.7
)
 
(2.1
)
 
—

 
(4.6
)
Income (loss) before income taxes and equity in earnings of subsidiaries
 
(40.8
)
 
83.2

 
5.7

 
—

 
48.1

Income tax expense (benefit)
 
(4.5
)
 
18.4

 
2.9

 
—

 
16.8

Net income (loss) before equity in earnings of subsidiaries and non-controlling interest
 
(36.3
)
 
64.8

 
2.8

 
—

 
31.3

Equity in earnings of subsidiaries
 
66.3

 
—

 
—

 
(66.3
)
 
—

Net income (loss)
 
30.0

 
64.8

 
2.8

 
(66.3
)
 
31.3

Less: Net income attributable to non-controlling interest
 
—

 
—

 
(1.3
)
 
—

 
(1.3
)
Net income (loss) attributable to U.S. Concrete
 
$
30.0

 
$
64.8

 
$
1.5

 
$
(66.3
)
 
$
30.0




CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
2017
($ in millions)

 
 
Parent
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations and Reclassifications
 
U.S. Concrete Consolidated
Revenue
 
$
—

 
$
1,311.6

 
$
24.4

 
$
—

 
$
1,336.0

Cost of goods sold before depreciation, depletion and amortization
 
—

 
1,034.3

 
22.3

 
—

 
1,056.6

Selling, general and administrative expenses
 
—

 
115.4

 
3.8

 
—

 
119.2

Depreciation, depletion and amortization
 
—

 
64.1

 
3.7

 
—

 
67.8

Change in value of contingent consideration
 
0.9

 
7.0

 
—

 
—

 
7.9

Impairment of goodwill and other assets
 
—

 
—

 
6.2

 
—

 
6.2

Gain on sale/disposal of assets and business, net
 
—

 
(0.7
)
 
—

 
—

 
(0.7
)
Operating income (loss)
 
(0.9
)
 
91.5

 
(11.6
)
 
—

 
79.0

Interest expense, net
 
39.9

 
1.6

 
0.6

 
—

 
42.1

Derivative loss
 
0.8

 
—

 
—

 
—

 
0.8

Other income, net
 
—

 
(2.5
)
 
—

 
—

 
(2.5
)
Income (loss) from continuing operations before income taxes and equity in earnings of subsidiaries
 
(41.6
)
 
92.4

 
(12.2
)
 
—

 
38.6

Income tax expense (benefit)
 
(16.3
)
 
29.0

 
(0.3
)
 
—

 
12.4

Net income (loss) from continuing operations before equity in earnings of subsidiaries
 
(25.3
)
 
63.4

 
(11.9
)
 
—

 
26.2

Loss from discontinued operations, net of taxes and before equity in earnings of subsidiaries
 
—

 
(0.6
)
 
—

 
—

 
(0.6
)
Net income (loss) before equity in earnings of subsidiaries
 
(25.3
)
 
62.8

 
(11.9
)
 
—

 
25.6

Equity in earnings of subsidiaries
 
50.8

 
—

 
—

 
(50.8
)
 
—

Net income (loss)
 
25.5

 
62.8

 
(11.9
)
 
(50.8
)
 
25.6

Less: Net income attributable to non-controlling interest
 
—

 
—

 
(0.1
)
 
—

 
(0.1
)
Net income (loss) attributable to U.S. Concrete
 
$
25.5

 
$
62.8

 
$
(12.0
)
 
$
(50.8
)
 
$
25.5











CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
2019
($ in millions)
 
 
Parent
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
U.S. Concrete Consolidated
Net cash provided by (used in) operating activities
 
$
(42.3
)
 
$
147.2

 
$
15.9

 
$
18.0

 
$
138.8

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
 
Purchases of property, plant and equipment
 
—

 
(39.1
)
 
(3.6
)
 
—

 
(42.7
)
Proceeds from sale of businesses and property, plant and equipment
 
—

 
2.9

 
—

 
—

 
2.9

Proceeds from eminent domain matter and property insurance claims
 
—

 
5.3

 
0.7

 
—

 
6.0

Investment in subsidiaries
 
1.0

 
—

 
—

 
(1.0
)
 
—

Net cash provided by (used in) investing activities
 
1.0

 
(30.9
)
 
(2.9
)
 
(1.0
)
 
(33.8
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
 
Proceeds from revolver borrowings
 
353.5

 
—

 
—

 
—

 
353.5

Repayments of revolver borrowings
 
(368.5
)
 
—

 
—

 
—

 
(368.5
)
Proceeds from stock option exercises
 
0.2

 
—

 
—

 
—

 
0.2

Payments of other long-term obligations
 
(0.7
)
 
(32.7
)
 
—

 
—

 
(33.4
)
Payments for finance leases, promissory notes and other
 
(0.3
)
 
(31.8
)
 
(0.7
)
 
—

 
(32.8
)
Shares redeemed for employee income tax obligations
 
(3.2
)
 
—

 
—

 
—

 
(3.2
)
Intercompany funding
 
60.3

 
(33.6
)
 
(9.7
)
 
(17.0
)
 
—

Net cash provided by (used in) financing activities
 
41.3

 
(98.1
)
 
(10.4
)
 
(17.0
)
 
(84.2
)
Effect of exchange rates on cash and cash equivalents
 
—

 
—

 
(0.2
)
 
—

 
(0.2
)
Net increase in cash and cash equivalents
 
—

 
18.2

 
2.4

 
—

 
20.6

Cash and cash equivalents at beginning of period
 
—

 
10.8

 
9.2

 
—

 
20.0

Cash and cash equivalents at end of period
 
$
—

 
$
29.0

 
$
11.6

 
$
—

 
$
40.6


CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
2018
($ in millions)

 
 
Parent
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
U.S. Concrete Consolidated
Net cash provided by (used in) operating activities
 
$
(32.5
)
 
$
156.5

 
$
1.9

 
$
(3.1
)
 
$
122.8

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
 
Purchases of property, plant and equipment
 
—

 
(35.9
)
 
(4.0
)
 
—

 
(39.9
)
Payments for acquisitions, net of cash acquired
 
—

 
(72.3
)
 
—

 
—

 
(72.3
)
Proceeds from sale of businesses and property, plant and equipment
 
—

 
20.7

 
—

 
—

 
20.7

Purchase of environmental credits
 
—

 
—

 
(2.8
)
 
—

 
(2.8
)
Proceeds from property insurance claims
 
—

 
1.6

 
1.0

 
—

 
2.6

Investment in subsidiaries
 
6.5

 
—

 
—

 
(6.5
)
 
—

Net cash provided by (used in) investing activities
 
6.5

 
(85.9
)
 
(5.8
)
 
(6.5
)
 
(91.7
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
 
Proceeds from revolver borrowings
 
431.2

 
—

 
—

 
—

 
431.2

Repayments of revolver borrowings
 
(425.2
)
 
—

 
—

 
—

 
(425.2
)
Proceeds from stock option exercises
 
0.1

 
—

 
—

 
—

 
0.1

Payments of other long-term obligations
 
(2.2
)
 
(3.7
)
 
—

 
—

 
(5.9
)
Payments for finance leases, promissory notes and other
 
—

 
(28.5
)
 
(1.1
)
 
—

 
(29.6
)
Payments for Share Repurchase Program
 
(6.7
)
 
—

 
—

 
—

 
(6.7
)
Shares redeemed for employee income tax obligations
 
(1.9
)
 
—

 
—

 
—

 
(1.9
)
Other proceeds
 
—

 
4.6

 
—

 
—

 
4.6

Intercompany funding
 
30.7

 
(39.2
)
 
(1.1
)
 
9.6

 
—

Net cash provided by (used in) financing activities
 
26.0

 
(66.8
)
 
(2.2
)
 
9.6

 
(33.4
)
Effect of exchange rates on cash and cash equivalents
 
—

 
—

 
(0.3
)
 
—

 
(0.3
)
Net increase (decrease) in cash and cash equivalents
 
—

 
3.8

 
(6.4
)
 
—

 
(2.6
)
Cash and cash equivalents at beginning of period
 
—

 
7.0

 
15.6

 
—

 
22.6

Cash and cash equivalents at end of period
 
$
—

 
$
10.8

 
$
9.2

 
$
—

 
$
20.0



CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
2017
($ in millions)
 
 
Parent
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
U.S. Concrete Consolidated
Net cash provided by (used in) operating activities
 
$
(30.1
)
 
$
114.5

 
$
(4.9
)
 
$
15.3

 
$
94.8

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
 
Purchases of property, plant and equipment
 
—

 
(40.0
)
 
(2.7
)
 
—

 
(42.7
)
Payments for acquisitions, net of cash acquired
 
(236.1
)
 
(59.0
)
 
—

 
—

 
(295.1
)
Proceeds from sale of businesses and property, plant and equipment
 
—

 
3.5

 
—

 
—

 
3.5

Investment in subsidiaries
 
(1.8
)
 
—

 
—

 
1.8

 
—

Net cash provided by (used in) investing activities
 
(237.9
)
 
(95.5
)
 
(2.7
)
 
1.8

 
(334.3
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
 
Proceeds from revolver borrowings
 
54.4

 
—

 
—

 
—

 
54.4

Repayments of revolver borrowings
 
(45.4
)
 
—

 
—

 
—

 
(45.4
)
Proceeds from issuance of debt
 
211.5

 
 
 
 
 
 
 
211.5

Proceeds from warrant and stock option exercises
 
2.7

 
—

 
—

 
—

 
2.7

Payments of other long-term obligations
 
(4.2
)
 
(4.8
)
 
—

 
—

 
(9.0
)
Payments for finance leases, promissory notes and other
 
—

 
(20.2
)
 
(0.1
)
 
—

 
(20.3
)
Debt issuance costs
 
(4.5
)
 
—

 
—

 
—

 
(4.5
)
Shares redeemed for employee income tax obligations
 
(3.1
)
 
—

 
—

 
—

 
(3.1
)
Intercompany funding
 
56.6

 
(62.6
)
 
23.1

 
(17.1
)
 
—

Net cash provided by (used in) financing activities
 
268.0

 
(87.6
)
 
23.0

 
(17.1
)
 
186.3

Net increase (decrease) in cash and cash equivalents
 
—

 
(68.6
)
 
15.4

 
—

 
(53.2
)
Cash and cash equivalents at beginning of period
 
—

 
75.6

 
0.2

 
 
 
75.8

Cash and cash equivalents at end of period
 
$
—

 
$
7.0

 
$
15.6

 
$
—

 
$
22.6