XML 33 R9.htm IDEA: XBRL DOCUMENT v2.4.0.6
Discontinued Operations and Held for Sale Businesses
 9 Months Ended
Feb. 28, 2013
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations and Held for Sale Businesses
Discontinued Operations and Held for Sale Businesses

On March 22, 2013, our subsidiaries exchanged their expanded shale and clay lightweight aggregates manufacturing business for the ready-mix concrete business of subsidiaries of Trinity Industries, Inc. in east Texas and southwest Arkansas. Pursuant to the agreements, we transferred our expanded shale and clay manufacturing facilities in Streetman, Texas; Boulder, Colorado and Frazier Park, California; and our DiamondPro® product line in exchange for 42 ready-mix concrete plants stretching from Texarkana to Beaumont in east Texas and in southwestern Arkansas, two aggregate distribution facilities in Beaumont and Port Arthur, Texas, and related assets. We anticipate recognizing a gain on the transaction, the amount of which is still being finalized and will be included in the results for our discontinued operations in our fourth quarter 2013.


The following table summarizes the assets and liabilities of all discontinued operations held for sale as of February 28, 2013 and reclassified as assets held for sale on May 31, 2012.


 
February 28,
 
May 31,
In thousands
 
2013
 
2012
Assets:
 
 
 
 
Inventory
 
$
29,645

 
$
30,072

Property Plant and Equipment
 
9,124

 
10,272

Total Assets in Discontinued Operations Held for Sale
 
$
38,769

 
$
40,344



The following table summarizes the revenue, earnings before and net of income tax expense on all discontinued operations held for sale for the three-months and nine-months ended February 28, 2013 and February 29, 2012:


 
Three months ended
Nine months ended

 
February 28,
 
February 29,
February 28,
 
February 29,
In thousands
 
2013
 
2012
2013
 
2012
Discontinued Operations
 
 
 
 
 
 
 
Revenue
 
$
13,844

 
$
12,741

$
42,758

 
$
36,751

Earnings on discontinued operations, before taxes
 
$
4,206

 
$
1,503

$
10,070

 
$
3,735

Earnings on discontinued operations, net of taxes
 
$
2,699

 
$
897

$
6,504

 
$
2,442