Goodwill is recognized when the consideration paid for a business exceeds the fair value of the tangible and identifiable intangible assets acquired. Goodwill is allocated to reporting units for purposes of testing goodwill for impairment. We test goodwill for impairment on an annual basis or more frequently if events or circumstances change in a manner that would more likely than not reduce the fair value of a reporting unit below its carrying value.

During the third quarter of 2024, we determined that a triggering event occurred with respect to a reporting unit that includes concrete operations acquired in 2021. Based on an interim goodwill impairment test, we determined that the estimated fair value of this reporting unit was less than its carrying value. As a result, we recorded an $86.6 million noncash impairment charge. There was no charge for goodwill impairment in the nine-month period ended September 30, 2025. Accumulated goodwill impairment losses amount to $390.2 million ($252.7 million in our former Cement segment and $137.5 million in our Concrete segment).

Changes in the carrying amount of goodwill by reportable segment from December 31, 2024 to September 30, 2025 are shown below:


in millions	Aggregates		Asphalt		Concrete		Total
Goodwill at December 31, 2024	$	3,673.2	$	91.6	$	23.3	$	3,788.1
Goodwill of acquired businesses 1	52.0		0.0		0.0		52.0
Goodwill of divested businesses 1	(0.6)		0.0		0.0		(0.6)

Goodwill at September 30, 2025	$	3,724.6	$	91.6	$	23.3	$	3,839.5