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ACQUISITION (Tables)

6 Months Ended

Sep. 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 September 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 and six months ended September 30, 2020:

		For the Three Months Ended				For the Six Months Ended
		September 30, 2020
		(dollars in thousands)
Revenue		$	50,018			$	97,573
Operating Earnings		$	14,410			$	24,970

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				For the Six Months Ended
		September 30, 2019
		Unaudited
		(dollars in thousands, except per share data)
Revenue		$	461,402			$	861,168
Net Earnings from Continuing Operations		$	71,700			$	108,269
Earnings per share from Continuing Operations – basic		$	1.72			$	2.53
Earnings per share  from Continuing Operations – diluted		$	1.71			$	2.52

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