XML 93 R31.htm IDEA: XBRL DOCUMENT

BUSINESS COMBINATIONS (Tables)

12 Months Ended

Dec. 31, 2019

Summary of Total Consideration for Acquisitions

The following table presents the total consideration for the 2018 acquisitions and the preliminary amounts related to the assets acquired and liabilities assumed based on the estimated fair value as of the respective acquisition dates:



($ in millions)	2018 Acquisitions
Inventory	$	1.1
Other current assets	0.1
Property, plant and equipment	37.4
Definite-lived intangible assets	19.8
Total assets acquired	58.4
Current liabilities	0.1
Other long-term liabilities	1.1
Total liabilities assumed	1.2
Goodwill	13.6
Total consideration (fair value)⁽¹⁾	$	70.8

(1) Included $1.1 million of contingent consideration.

Schedule of Major Classes of Intangible Assets Acquired

2018 and their estimated useful lives is as follows:



($ in millions)	Weighted Average Amortization Period (In Years)	Fair Value At Acquisition Date
Customer relationships	5.5	$	18.5
Non-competes	5.0	1.3
Total		$	19.8

Schedule of Estimated Future Aggregate Amortization Expense

As of December 31, 2019, the estimated future aggregate amortization expense of definite-lived intangible assets from the 2018 acquisitions was as follows (in millions):



2020	$	3.6
2021	2.8
2022	2.6
2023	1.6
2024	1.4
Thereafter	0.4
Total	$	12.4

As of December 31, 2019, the estimated remaining amortization of our definite-lived intangible assets was as follows (in millions):



2020	$	20.9
2021	18.6
2022	12.7
2023	6.3
2024	6.0
Thereafter	26.7
Total	$	91.2

Estimate of Results of Operations As If Acquisitions Had Been Completed

The information presented below reflects the unaudited pro forma combined financial results for the 2018 acquisitions, excluding the individually immaterial acquisitions as described above, as historical financial results for these operations were not material and were impractical to obtain from the former owners. All other acquisitions have been included and represent our estimate of the 2018 results of operations as if the 2018 acquisitions had been completed on January 1, 2017. The impact to the 2019 results of operations if the 2018 acquisitions had been completed on January 1, 2017 was not materially different from our reported results.



($ in millions except per share)	2018
Revenue	$	1,523.2
Net income attributable to U.S. Concrete	$	29.4

Net income per share attributable to U.S. Concrete - basic	$	1.79
Net income per share attributable to U.S. Concrete - diluted	$	1.78

Schedule of Unaudited Pro Forma Net Income (Loss)

The unaudited pro forma net income attributable to U.S. Concrete and per share amounts above reflect the following adjustments:



($ in millions)	2018
Increase in intangible amortization expense	$	(0.7	)
Exclusion of buyer transaction costs	0.7
Decrease in income tax expense	0.2