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Business Combinations, Divestitures and Discontinued Operations (Tables)
6 Months Ended
Jun. 30, 2022
Business Combinations [Abstract]  
Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed

The following is a summary of the preliminary estimated fair values of the assets acquired and liabilities assumed as of October 1, 2021 (dollars in millions):

 

Assets:

 

 

 

Inventories

 

$

91.9

 

Property, plant and equipment

 

 

849.9

 

Intangible assets, other than goodwill

 

 

551.0

 

Goodwill

 

 

1,041.8

 

Other assets

 

 

54.6

 

Total assets

 

 

2,589.2

 

Liabilities:

 

 

 

Asset retirement obligations

 

 

225.5

 

Operating and finance lease liabilities

 

 

57.5

 

Other liabilities

 

 

41.6

 

Total liabilities

 

 

324.6

 

Total consideration

 

$

2,264.6

 

Summary of Discontinued Operations and Assets and Liabilities Held for Sale

Discontinued operations include the following:

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30, 2022

 

 

 

(Dollars in Millions)

 

Total revenues

 

$

111.7

 

 

$

206.4

 

 

 

 

 

 

 

 

Pretax earnings from operations

 

$

20.5

 

 

$

16.4

 

Pretax loss on divestiture

 

 

(1.0

)

 

 

(1.0

)

Pretax earnings

 

$

19.5

 

 

$

15.4

 

Income tax expense

 

 

6.2

 

 

 

5.2

 

Earnings from discontinued operations, net of income tax expense

 

$

13.3

 

 

$

10.2

 

Assets and liabilities held for sale as of June 30, 2022, include a cement plant in Tehachapi, California; cement distribution terminals; the California ready mixed concrete plants not sold as part of the aforementioned Redding transaction; and certain investment properties. At December 31, 2021 assets and liabilities held for sale also included the operations that were sold on June 30, 2022. Assets and liabilities held for sale as of June 30, 2022 and December 31, 2021 are as follows:

 

 

 

June 30, 2022

 

 

December 31, 2021

 

 

 

Continuing Operations

 

 

Discontinued Operations

 

 

Total

 

 

Continuing Operations

 

 

Discontinued Operations

 

 

Total

 

 

 

(Dollars in Millions)

 

Inventories, net

 

$

 

 

$

19.5

 

 

$

19.5

 

 

$

 

 

$

53.1

 

 

$

53.1

 

Investment land

 

 

38.0

 

 

 

 

 

 

38.0

 

 

 

32.7

 

 

 

 

 

 

32.7

 

Other assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

16.4

 

 

 

16.4

 

Total current assets held for sale

 

$

38.0

 

 

$

19.5

 

 

$

57.5

 

 

$

32.7

 

 

$

69.5

 

 

$

102.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment

 

$

 

 

$

130.0

 

 

$

130.0

 

 

$

 

 

$

226.0

 

 

$

226.0

 

Intangible assets, excluding goodwill

 

 

 

 

 

208.5

 

 

 

208.5

 

 

 

 

 

 

264.9

 

 

 

264.9

 

Operating lease right-of-use assets

 

 

 

 

 

14.0

 

 

 

14.0

 

 

 

 

 

 

18.1

 

 

 

18.1

 

Goodwill

 

 

 

 

 

35.7

 

 

 

35.7

 

 

 

 

 

 

109.3

 

 

 

109.3

 

Other assets

 

 

 

 

 

5.4

 

 

 

5.4

 

 

 

 

 

 

4.6

 

 

 

4.6

 

Valuation allowance for loss on sale

 

 

 

 

 

(5.4

)

 

 

(5.4

)

 

 

 

 

 

(6.0

)

 

 

(6.0

)

Total noncurrent assets held for sale

 

$

 

 

$

388.2

 

 

$

388.2

 

 

$

 

 

$

616.9

 

 

$

616.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease obligations

 

$

 

 

$

(5.2

)

 

$

(5.2

)

 

$

 

 

$

(7.5

)

 

$

(7.5

)

Total current liabilities held for sale

 

$

 

 

$

(5.2

)

 

$

(5.2

)

 

$

 

 

$

(7.5

)

 

$

(7.5

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset retirement obligations

 

$

 

 

$

(19.8

)

 

$

(19.8

)

 

$

 

 

$

(31.5

)

 

$

(31.5

)

Lease obligations

 

 

 

 

 

(8.5

)

 

 

(8.5

)

 

 

 

 

 

(22.0

)

 

 

(22.0

)

Other liabilities

 

 

 

 

 

(0.8

)

 

 

(0.8

)

 

 

 

 

 

 

 

 

 

Total noncurrent liabilities held for sale

 

$

 

 

$

(29.1

)

 

$

(29.1

)

 

$

 

 

$

(53.5

)

 

$

(53.5

)