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ACQUISITION (Tables) | 3 Months Ended
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Jun. 30, 2020
Business Combinations [Abstract] |
Preliminary Fair Values of the Assets Acquired and Liabilities Assumed | The following table summarizes the provisional allocation of the purchase price to assets acquired and liabilities assumed as of June 30, 2020:
|  | (dollars in thousands) |
Inventories |  | $ | 28,568 |
Property, Plant, and Equipment |  |  | 476,942 |
Intangible Assets |  |  | 38,300 |
Lease Right-of-Use Assets |  |  | 4,478 |
Lease Obligations |  |  | (4,478 | )
Long-term Liabilities |  |  | (4,000 | )
Total Net Assets |  |  | 539,810 |
Goodwill |  |  | 129,127 |
Total Estimated Purchase Price |  | $ | 668,937 |
Summary of the Fair Value Estimates of the Identifiable Intangible Assets | The following table is a summary of the fair value estimates of the identifiable intangible assets (dollars in thousands) and their weighted-average useful lives:
|  | Weighted-Average Life |  |  | Estimated Fair Value |
Permits |  |  | 20 |  |  |  | 1,500 |
Customer Relationships |  |  | 15 |  |  |  | 35,300 |
Trade Name and Technology |  |  | 10 |  |  |  | 1,500 |
Total Intangible Assets |  |  |  |  |  | $ | 38,300 |
Actual and Pro Forma Impact on Net Sales and Operating Loss | Actual and pro forma impact of Kosmos Acquisition: The following table presents the net sales and Operating Earnings related to the Kosmos Acquisition that has been included in our Consolidated Statement of Earnings for the three months ended June 30, 2020:
|  | For the Three Months Ended June 30, 2020 |
|  | (dollars in thousands) |
Revenue |  | $ | 47,555 |
Operating Earnings |  | $ | 10,552 |
Unaudited Pro Forma Results | The unaudited pro forma results presented below include the effects of the Kosmos Acquisition as if it had been consummated as of April 1, 2019. The pro forma results include estimates for depreciation from the fair value adjustments to acquired Property and Equipment, amortization for acquired Intangible Assets, the Inventory step-up to fair value, and interest expense associated with debt used to fund the Kosmos Acquisition. To better reflect the combined operating results, approximately $5.6 million of material nonrecurring charges directly related to the Kosmos Acquisition have been excluded from pro forma Net Income.
|  | For the Three Months Ended June 30, 2019 |
|  | Unaudited |
|  | (dollars in thousands, except per share data) |
Revenue |  | $ | 399,766 |
Net Income |  | $ | 36,569 |
Earnings per share – basic |  | $ | 0.83 |
Earnings per share – diluted |  | $ | 0.83 |

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(3) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of finite-lived intangible assets acquired as part of a business combination or through an asset purchase, by major class and in total, including the value of the asset acquired, any significant residual value (the expected value of the asset at the end of its useful life) and the weighted-average amortization period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=66006027&loc=d3e16265-109275 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=116869197&loc=d3e4845-128472 + Details
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