Page 27 - 2019 Annual Report

NOTES TO FINANCIAL STATEMENTS (continued)

Intangible assets deemed to have an indefinite life that are therefore not amortized consist of the following:

Building
Materials Magnesia
December 31 Business Specialties Total
(in millions) 2019
Operating permits $ 6.6 $ — $ 6.6
Use rights 19.0 — 19.0
Trade names 0.2 2.5 2.7
Total $ 25.8 $ 2.5 $ 28.3

2018
Operating permits $ 6.6 $ — $ 6.6
Use rights 20.3 — 20.3
Trade names 0.3 2.5 2.8
Total $ 27.2 $ 2.5 $ 29.7

During 2019, the Company acquired $1.5 million of intangible assets, consisting of use rights not subject to amortization.
Total amortization expense for intangible assets for the years ended December 31, 2019, 2018 and 2017 was $13.0 million,
$13.9 million and $14.2 million, respectively.

The estimated amortization expense for intangible assets for each of the next five years and thereafter is as follows:

(in millions)
2020 $ 13.2
2021 12.5
2022 11.1
2023 10.6
2024 10.6
Thereafter 400.5
Total $ 458.5

Note D: Business Combinations
In April 2018, the Company acquired Bluegrass Materials Company (“Bluegrass”), the then‐largest privately‐held, pure‐play
aggregates company in the United States, for $1.6 billion. Bluegrass’ operations included 22 active sites with more than 125
years of reserves, collectively, in Georgia, South Carolina, Tennessee, Maryland, Kentucky and Pennsylvania. These operations
complement the Company’s existing southeastern footprint in its Mid‐America and Southeast Groups and provide a new
growth platform within Maryland and Kentucky.

Celebrating 25 Years as a Public Company Annual Report ♦ Page 25