XML 69 R20.htm IDEA: XBRL DOCUMENT
v3.19.3

Bluegrass Acquisition | 9 Months Ended
--- | ---
Sep. 30, 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 and the measurement period is closed as of April 2019. The following is a summary of the fair values of the assets acquired and the liabilities assumed as of the acquisition date (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 |  |  | 17,914 |
Deferred income tax liabilities, net |  |  | 212,450 |
Noncontrolling interest |  |  | 9,001 |
Total liabilities |  |  | 239,365 |
Total consideration |  | $ | 1,617,357 |
Total revenues and earnings from operations attributable to Bluegrass, included in the consolidated earnings statements, for the three months ended September 30, 2019 were $79.5 million and $31.1 million, respectively, and for the nine months ended September 30, 2019 were $202.7 million and $60.6 million, respectively. Total revenues and earnings from operations attributable to Bluegrass in 2018 for the three months ended September 30, 2018 were $68.7 million and $11.5 million, respectively, and for the nine months ended September 30, 2018 were $115.0 million and $18.3 million, respectively. 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 are considered to have been incurred 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 period ended September 30, 2018 (dollars in thousands, except per share data):
Total revenues |  | $ | 3,279,455 |
Net earnings attributable to Martin Marietta |  | $ | 399,113 |
Diluted EPS |  | $ | 6.31 |

X
- 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
Name: | us-gaap_BusinessCombinationDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_BusinessCombinationsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration