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v3.23.1

Discontinued Operations and Assets and Liabilities Held for Sale | 3 Months Ended
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Mar. 31, 2023
Business Combinations [Abstract] |
Discontinued Operations and Assets and Liabilities Held for Sale | 2. Discontinued Operations and Assets and Liabilities Held for Sale Discontinued Operations For the three months ended March 31, 2023 and 2022, discontinued operations included the Company's Tehachapi, California cement plant, related cement distribution terminals, California cement import operations and California ready mixed concrete businesses. Discontinued operations as of March 31, 2022 also included the Company's Redding, California cement plant, related cement distribution terminals and 14 California ready mix operations that were sold in June 2022 (hereinafter, the Redding transaction). Financial results for the Company's discontinued operations are as follows:
|  | Three Months Ended |
|  | March 31, |
|  | 2023 |  |  | 2022 |
|  | (Dollars in Millions) |
Total revenues |  | $ | 24.6 |  |  | $ | 94.7 |
Pretax loss |  | $ | (17.1 | ) |  | $ | (4.1 | )
Income tax benefit |  |  | (4.2 | ) |  |  | (1.0 | )
Loss from discontinued operations, net of income tax benefit |  | $ | (12.9 | ) |  | $ | (3.1 | )
Total cash used for operating and investing activities for discontinued operations was $5.4 million for the three months ended March 31, 2023, which included $1.6 million of cash used for capital expenditures. Total cash used for operating and investing activities for the three months ended March 31, 2022 was $14.0 million, which included $8.6 million of cash used for capital expenditures. Assets and Liabilities Held for Sale Assets and liabilities held for sale at March 31, 2023 and December 31, 2022 included a cement plant in Tehachapi, California; related cement distribution terminals; the California cement import operations; the California ready mixed concrete plants not sold as part of the Redding transaction; and certain investment properties. Assets and liabilities held for sale are as follows:
|  | March 31, 2023 |  |  | December 31, 2022 |
|  | Continuing Operations |  |  | Discontinued Operations |  |  | Total |  |  | Continuing Operations |  |  | Discontinued Operations |  |  | Total |
|  | (Dollars in Millions) |
Inventories, net |  | $ | — |  |  | $ | 38.6 |  |  | $ | 38.6 |  |  | $ | — |  |  | $ | 31.3 |  |  | $ | 31.3 |
Investment land |  |  | 20.6 |  |  |  | — |  |  |  | 20.6 |  |  |  | 40.6 |  |  |  | — |  |  |  | 40.6 |
Other assets |  |  | — |  |  |  | 0.9 |  |  |  | 0.9 |  |  |  | — |  |  |  | 1.3 |  |  |  | 1.3 |
Total current assets held for sale |  | $ | 20.6 |  |  | $ | 39.5 |  |  | $ | 60.1 |  |  | $ | 40.6 |  |  | $ | 32.6 |  |  | $ | 73.2 |
Property, plant and equipment |  | $ | — |  |  | $ | 126.8 |  |  | $ | 126.8 |  |  | $ | — |  |  | $ | 124.5 |  |  | $ | 124.5 |
Intangible assets, excluding goodwill |  |  | — |  |  |  | 208.5 |  |  |  | 208.5 |  |  |  | — |  |  |  | 208.5 |  |  |  | 208.5 |
Operating lease right-of-use assets |  |  | — |  |  |  | 11.9 |  |  |  | 11.9 |  |  |  | — |  |  |  | 12.1 |  |  |  | 12.1 |
Goodwill |  |  | — |  |  |  | 31.9 |  |  |  | 31.9 |  |  |  | — |  |  |  | 31.9 |  |  |  | 31.9 |
Valuation allowance for loss on sale |  |  | — |  |  |  | (4.5 | ) |  |  | (4.5 | ) |  |  | — |  |  |  | (4.5 | ) |  |  | (4.5 | )
Total noncurrent assets held for sale |  | $ | — |  |  | $ | 374.6 |  |  | $ | 374.6 |  |  | $ | — |  |  | $ | 372.5 |  |  | $ | 372.5 |
Lease obligations |  | $ | — |  |  | $ | (4.2 | ) |  | $ | (4.2 | ) |  | $ | — |  |  | $ | (4.5 | ) |  | $ | (4.5 | )
Total current liabilities held for sale |  | $ | — |  |  | $ | (4.2 | ) |  | $ | (4.2 | ) |  | $ | — |  |  | $ | (4.5 | ) |  | $ | (4.5 | )
Lease obligations |  | $ | — |  |  | $ | (3.3 | ) |  | $ | (3.3 | ) |  | $ | — |  |  | $ | (4.1 | ) |  | $ | (4.1 | )
Asset retirement obligations |  |  | — |  |  |  | (17.9 | ) |  |  | (17.9 | ) |  |  | — |  |  |  | (17.7 | ) |  |  | (17.7 | )
Total noncurrent liabilities held for sale |  | $ | — |  |  | $ | (21.2 | ) |  | $ | (21.2 | ) |  | $ | — |  |  | $ | (21.8 | ) |  | $ | (21.8 | )

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI https://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=2122178 + Details
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