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Bluegrass Acquisition | 3 Months Ended
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Mar. 31, 2019
Business Combinations [Abstract] |
Bluegrass Acquisition |
13. | Bluegrass Acquisition
In April 2018, the Company acquired Bluegrass, the largest privately-held, pure-play aggregates company in the United States for $1.62 billion. These operations complement the Company’s existing southeastern footprint in its Mid-America and Southeast Groups and provide new growth platforms within Maryland and Kentucky. The Company determined fair values of the assets acquired and liabilities assumed. Although initial accounting for the business combination has been recorded, these amounts are subject to change during the measurement period which extends no longer than one year from the consummation date based on additional reviews, such as completion of deferred tax estimates based on the determination of the historic tax basis in assets acquired. Specific accounts subject to ongoing purchase accounting adjustments include goodwill and deferred income tax liabilities, net. Therefore, the measurement period remains open as of March 31, 2019. The following is a summary of the preliminary estimated fair values of the assets acquired and the liabilities assumed (dollars in thousands):
Assets: |  |  |  |
Cash |  | $ | 1,159 |
Receivables |  |  | 25,479 |
Inventory |  |  | 46,635 |
Other current assets |  |  | 1,029 |
Property, plant and equipment |  |  | 1,519,289 |
Intangible assets, other than goodwill |  |  | 20,150 |
Goodwill |  |  | 242,981 |
Total assets |  |  | 1,856,722 |
Liabilities: |  |  |  |
Accounts payable and accrued expenses |  |  | 17,978 |
Deferred income tax liabilities, net |  |  | 212,386 |
Noncontrolling interest |  |  | 9,001 |
Total liabilities |  |  | 239,365 |
Total consideration |  | $ | 1,617,357 |
The unaudited pro forma financial information summarizes the combined results of operations for the Company and Bluegrass as though the companies were combined as of January 1, 2017. The pro forma earnings does not reflect any cost savings or associated costs to achieve such savings from operating efficiencies or synergies that result from the combination. Consistent with the assumed acquisition date of January 1, 2017, expenses related to the acquisition would be reflected in the pro forma results for the year ended December 31, 2017. The pro forma financial information does not purport to project the future financial position or operating results of the combined company. The pro forma financial information as presented below is for informational purposes only and is not indicative of the results of operations that would have been achieved if the acquisition had taken place at the beginning of 2017. The following presents pro forma results for the quarter ended March 31, 2018:
(Dollars in Thousands, except per share data) |  |  |  |
Total revenues |  | $ | 840,909 |
Net earnings attributable to Martin Marietta |  | $ | 2,988 |
Diluted EPS |  | $ | 0.05 |

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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- References No definition available. + Details
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