Discontinued Operations and Held for Sale Businesses

12 Months Ended

May 31, 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, $8.5 million in cash, and related assets. The pre-tax gain of $41.1 million resulting from the sale of the expanded shale and clay lightweight aggregates manufacturing business along with its operational results are reported as discontinued operations for the periods represented in this filing.

The following table summarizes the assets and liabilities of all discontinued operations reclassified as assets held for sale as of May 2012.

In thousands	2012
Assets:
Inventory	$	30,072
Property Plant and Equipment	10,272
Total Assets in Discontinued Operations Held for Sale	$	40,344

The following table summarizes the revenue, earnings before and net of income tax expense on all discontinued operations held for sale as of May 31, 2013, 2012 and 2011:

In thousands	2013		2012		2011
Discontinued Operations
Revenue	$	47,484	$	52,898	$	49,908
Earnings on discontinued operations, before taxes (includes gain on sale of discontinued operations of $41.1 million)	$	52,574	$	8,187	$	6,541
Earnings on discontinued operations, net of taxes	$	35,044	$	5,548	$	4,559