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ACQUISITIONS | 12 Months Ended
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Mar. 31, 2023
Business Combinations [Abstract] |
ACQUISITIONS | (B) ACQUISITIONS ConAgg Acquisition On April 22, 2022, we purchased the assets of a readymix concrete and aggregates business (the ConAgg Acquisition), which was accounted for under the acquisition method. The purchase price of the ConAgg Acquisition, after subsequent working capital adjustments, was approximately $120.2 million. The purchase price and expenses incurred in connection with the ConAgg Acquisition were funded primarily through borrowings under our Revolving Credit Facility. Operations related to the ConAgg Acquisition are included in the Concrete and Aggregates business in our segment reporting from April 22, 2022 through March 31, 2023. The following table summarizes the allocation of the Purchase Price to assets acquired and liabilities assumed:
|  | (dollars in thousands) |
Working Capital |  | $ | 10,780 |
Property, Plant, and Equipment |  |  | 39,489 |
Intangible Assets |  |  | 30,750 |
Goodwill |  |  | 39,135 |
Total Purchase Price |  | $ | 120,154 |
The estimated useful lives assigned to Property, Plant, and Equipment range from 5 to 15 years, while the estimated useful lives assigned to Intangible Assets range from 2 to 15 years. The following table presents the Revenue and Operating Earnings related to the ConAgg Acquisition that has been included in our Consolidated Statement of Earnings from April 22, 2022 through March 31, 2023.
|  | For the Year Ended March 31, |
|  | 2023 |
|  | (dollars in thousands) |
Revenue |  | $ | 44,546 |
Operating Earnings |  | $ | 1,615 |
Included in Operating Earnings shown above is approximately $8.2 million and $2.2 million related to depreciation and amortization and the recording of inventories at fair value, respectively. Terminal Acquisition On September 16, 2022, we acquired a cement distribution terminal located in Nashville, Tennessee (the Terminal Acquisition), which was accounted for under the acquisition method. The purchase price of the Terminal Acquisition was approximately $39.5 million. The Terminal Acquisition was funded through borrowings under our Revolving Credit Facility. Operations related to the Terminal Acquisition are included in the segment reporting for our Cement business from September 16, 2022 through March 31, 2023. The following table summarizes allocation of the Terminal Acquisition purchase price to the assets acquired and liabilities assumed:
|  | (dollars in thousands) |
Working Capital |  | $ | 1,116 |
Property, Plant, and Equipment |  |  | 23,301 |
Intangible Assets |  |  | 2,589 |
Goodwill |  |  | 12,439 |
Total Purchase Price |  | $ | 39,445 |
All Goodwill generated by the ConAgg and Terminal Acquisitions is deductible for income tax purposes. Subsequent Acquisition On May 3, 2023, we acquired a cement import distribution terminal in Stockton, California (the Stockton Acquisition). The Stockton Acquisition will be included in our Heavy Materials sector, in the Cement business segment, in fiscal 2024.

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI https://asc.fasb.org/topic&trid=2303972 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 5 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=128092470&loc=d3e4946-128472 + Details
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- References No definition available. + Details
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