Business Combinations, Discontinued Operations, Divestitures and Assets and Liabilities Held for Sale (Tables)

9 Months Ended

Sep. 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	$	91.2
Property, plant and equipment		849.9
Intangible assets, other than goodwill		431.5
Goodwill		1,213.2
Other assets		54.4
Total assets		2,640.2
Liabilities:
Asset retirement obligations		234.7
Operating and finance lease liabilities		57.5
Other liabilities		83.4
Total liabilities		375.6
Total consideration	$	2,264.6

Summary of Discontinued Operations and Assets and Liabilities Held for Sale

Discontinued operations include the following:

	Three Months Ended		Nine Months Ended
	September 30, 2022
	(Dollars in Millions)
Total revenues	$	62.4	$	268.8
Pretax earnings from operations	$	4.7	$	21.1
Pretax gain (loss) on divestiture		0.7		(0.3	)
Pretax earnings	$	5.4	$	20.8
Income tax expense		1.3		6.5
Earnings from discontinued operations, net of income tax expense	$	4.1	$	14.3

Assets and liabilities held for sale at September 30, 2022 include a cement plant in Tehachapi, California; related 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 California cement and California ready mix operations that have been sold in 2022. Assets and liabilities held for sale at September 30, 2022 and December 31, 2021 are as follows:

	September 30, 2022								December 31, 2021
	Continuing Operations		Discontinued Operations			Total			Continuing Operations		Discontinued Operations			Total
	(Dollars in Millions)
Inventories, net	$	—	$	37.2		$	37.2		$	—	$	53.1		$	53.1
Investment land		42.0		—			42.0			32.7		—			32.7
Other assets		—		0.3			0.3			—		16.4			16.4
Total current assets held for sale	$	42.0	$	37.5		$	79.5		$	32.7	$	69.5		$	102.2
Property, plant and equipment	$	—	$	127.2		$	127.2		$	—	$	226.0		$	226.0
Intangible assets, excluding goodwill		—		208.5			208.5			—		264.9			264.9
Operating lease right-of-use assets		—		12.7			12.7			—		18.1			18.1
Goodwill		—		31.8			31.8			—		109.3			109.3
Other assets		—		—			—			—		4.6			4.6
Valuation allowance for loss on sale		—		(5.1	)		(5.1	)		—		(6.0	)		(6.0	)
Total noncurrent assets held for sale	$	—	$	375.1		$	375.1		$	—	$	616.9		$	616.9
Lease obligations	$	—	$	(4.6	)	$	(4.6	)	$	—	$	(7.5	)	$	(7.5	)
Total current liabilities held for sale	$	—	$	(4.6	)	$	(4.6	)	$	—	$	(7.5	)	$	(7.5	)
Asset retirement obligations	$	—	$	(17.4	)	$	(17.4	)	$	—	$	(31.5	)	$	(31.5	)
Lease obligations		—		(6.4	)		(6.4	)		—		(22.0	)		(22.0	)
Total noncurrent liabilities held for sale	$	—	$	(23.8	)	$	(23.8	)	$	—	$	(53.5	)	$	(53.5	)