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ACQUISITION (Tables)

12 Months Ended

Mar. 31, 2021

Preliminary Fair Values of the Assets Acquired and Liabilities Assumed

The following table summarizes the allocation of the purchase price to assets acquired and liabilities assumed as of December 31, 2020, when the allocation was determined to be final:

	(dollars in thousands)
Inventories	$	28,568
Property, Plant, and Equipment		476,698
Intangible Assets		38,300
Lease Right-of-Use Assets		4,478
Lease Obligations		(4,478	)
Long-term Liabilities		(3,756	)
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 loss related to the Kosmos Acquisition that has been included in our Consolidated Statement of Earnings from March 6, 2020 through March 31, 2020 and for the fiscal year ended March 31, 2021:

	For the Years Ended March 31,
	2020			2021
	(dollars in thousands)
Revenue	$	7,880		$	175,511
Operating Earnings (Loss)	$	(6,756	)	$	34,084

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, 2018. 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, material nonrecurring charges directly related to the Kosmos Acquisition of approximately $5.6 million have been excluded from pro forma net income. Additionally, we excluded a tax benefit of approximately $31.7 million that would not have been available to us had the acquisition occurred on April 1, 2018. See Footnote (J) for more information on the tax benefit.

	For the Year Ended March 31,
	2020		2019
	Unaudited
	(dollars in thousands)
Revenue	$	1,558,342	$	1,471,350
Net Earnings	$	50,189	$	66,377
Earnings Per Share – basic	$	1.19	$	1.42
Earnings Per Share - diluted	$	1.19	$	1.41

ConAgg Acquisition [Member]

Preliminary Fair Values of the Assets Acquired and Liabilities Assumed

The purchase price for the ConAgg Acquisition was allocated as follows:

	As of August 2, 2019
	(dollars in thousands)
Accounts Receivable	$	6,302
Inventories		1,921
Property, Plant, and Equipment		22,620
Intangible Assets		1,320
Lease Right-of-Use Assets		3,263
Other Assets		10
Lease Obligations		(3,263	)
Accounts Payable and Accrued Expenses		(3,388	)
Total Net Assets		28,785
Goodwill		1,639
Total Estimated Purchase Price	$	30,424