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ACQUISITIONS AND DIVESTITURES
 6 Months Ended
Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
ACQUISITIONS AND DIVESTITURES ACQUISITIONS AND DIVESTITURES
BUSINESS ACQUISITIONS
2024 BUSINESS ACQUISITIONS — Through the six months ended June 30, 2024, we acquired the following operations for total cash consideration of $193.4 million:
▪Alabama – aggregates, asphalt mix and construction paving operations
▪North Carolina – aggregates operations
▪Texas – asphalt mix and construction paving operations
The 2024 acquisitions above are reported in our consolidated financial statements as of their respective acquisition dates. None of these acquisitions were material to our results of operations either individually or collectively, and acquisition related expenses were immaterial. The fair value of consideration transferred for these 2024 acquisitions and the preliminary amounts (pending final appraisals of intangible assets and property, plant & equipment) of assets acquired and liabilities assumed are summarized below:
in millions
Fair Value of Purchase Consideration
Cash$193.4 
Total fair value of purchase consideration $193.4 
Identifiable Assets Acquired and Liabilities Assumed
Accounts and notes receivable, net$8.1 
Inventories7.1 
Property, plant & equipment149.9 
Intangible assets
Contractual rights in place30.8 
Other liabilities assumed(7.4)
Net identifiable assets acquired$188.5 
Goodwill$4.9 
As a result of the 2024 acquisitions, we recognized $30.8 million of amortizable intangible assets and $4.9 million of goodwill. The amortizable intangible assets will be amortized against earnings over a weighted-average of 15 years and will be deductible for income tax purposes over 15 years. The $4.9 million of goodwill recognized represents synergies expected to be realized from acquiring an established business with assets that have been assembled over a long period of time; the collection of those assets combined with our assets can earn a higher rate of return than either individually. All of the goodwill recognized will be deductible for income tax purposes.
2023 BUSINESS ACQUISITIONS — For the full year 2023, we completed no business acquisitions.
DIVESTITURES AND PENDING DIVESTITURES
We had no significant divestitures through the three months ended June 30, 2024.
In 2023, we sold:
▪Fourth quarter – concrete operations in Texas resulting in a third quarter impairment charge of $28.3 million and a fourth quarter loss on sale of $13.8 million (the assets were written down to fair value less cost to sell in the third quarter)
▪Fourth quarter – excess real estate in Virginia resulting in a pretax gain of $65.7 million
▪Second quarter – real estate associated with a former recycled concrete facility in Illinois resulting in a pretax gain of $15.2 million
No material assets met the criteria for held for sale at June 30, 2024, December 31, 2023 or June 30, 2023.