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DISCONTINUED OPERATIONS AND OTHER DISPOSITIONS - (Tables)
 6 Months Ended
Sep. 30, 2020
Discontinued Operations And Disposal Groups [Abstract]  
Summary of Disposal Groups, Including Discontinued Operations

The following is a summary of operating results included in Earnings (Loss) from Discontinued Operations for the three and six months ended September 30, 2020 and 2019.

 

 

 

For the Three Months Ended September 30,

 

 

For the Six Months Ended September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

 

(dollars in thousands)

 

Revenue

 

$

14

 

 

$

13,957

 

 

$

1,045

 

 

$

29,189

 

Cost of Goods Sold

 

 

1,065

 

 

 

18,471

 

 

 

3,415

 

 

 

36,468

 

Gross Profit

 

 

(1,051

)

 

 

(4,514

)

 

 

(2,370

)

 

 

(7,279

)

Other Non-Operating Income

 

 

44

 

 

 

357

 

 

 

226

 

 

 

419

 

Gain on Sale of Discontinued Operations

 

 

9,230

 

 

 

—

 

 

 

9,230

 

 

 

—

 

Earnings (Loss) from Discontinued Operations

 

 

8,223

 

 

 

(4,157

)

 

 

7,086

 

 

 

(6,860

)

Income Tax (Expense) Benefit

 

 

(2,060

)

 

 

886

 

 

 

(1,808

)

 

 

1,560

 

Net Earnings (Loss) from Discontinued Operations

 

$

6,163

 

 

$

(3,271

)

 

$

5,278

 

 

$

(5,300

)

The significant components of our Consolidated Statements of Cash Flows for discontinued operations for the six months ended September 30, 2020 and 2019 are as follows:

 

 

 

For the Six Months Ended September 30,

 

 

 

2020

 

 

2019

 

 

 

(dollars in thousands)

 

Depreciation and Amortization

 

$

221

 

 

$

7,642

 

Gain on Sale

 

 

(9,230

)

 

 

—

 

Net Change in Inventory

 

 

—

 

 

 

1,892

 

Capital Expenditures

 

 

—

 

 

 

65

 

The following is a summary of assets and liabilities attributable to discontinued operations, which were included in our balance sheet at March 31, 2020:

 

 

 

March 31,

 

 

 

2020

 

 

 

(dollars in thousands)

 

ASSETS

 

 

 

 

Accounts and Notes Receivable

 

$

9,019

 

Allowance for Doubtful Accounts

 

 

(3,041

)

Inventories

 

 

387

 

Prepaid and Other Assets

 

 

727

 

Total Current Assets

 

 

7,092

 

Property, Plant, and Equipment, net

 

 

5,692

 

Operating Lease Right-of-Use Assets

 

 

1,047

 

Total Noncurrent Assets

 

 

6,739

 

 

 

$

13,831

 

 

 

 

 

 

LIABILITIES

 

 

 

 

Accounts Payable

 

$

2,014

 

Accrued Liabilities

 

 

2,851

 

Operating Lease Liabilities

 

 

3,622

 

Total Current Liabilities

 

 

8,487

 

Noncurrent Operating Lease Liabilities

 

 

9,570

 

Other Long-term Liabilities

 

 

5,857

 

Total Noncurrent Liabilities

 

 

15,427

 

 

 

$

23,914

 

 
Summary of Revenue and Operating Earnings

Revenue and Operating Earnings from Western and Mathews, collectively, for the three and six months ended September 30, 2020 and 2019 were as follows:

 

 

 

For the Three Months Ended September 30,

 

 

For the Six Months Ended September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

 

(dollars in thousands)

 

Revenue

 

$

—

 

 

$

9,575

 

 

$

1,692

 

 

$

17,376

 

Operating Earnings

 

$

—

 

 

$

1,530

 

 

$

142

 

 

$

2,513