DISCONTINUED OPERATIONS AND OTHER DISPOSITIONS

12 Months Ended

Mar. 31, 2023

Discontinued Operations and Disposal Groups [Abstract]

DISCONTINUED OPERATIONS AND OTHER DISPOSITIONS

Discontinued Operations

On September 18, 2020, we sold our Oil and Gas Proppants business (the Proppants Business) to Smart Sand, Inc., a Delaware corporation (the Purchaser), pursuant to an Equity Purchase and Sale Agreement (the Purchase Agreement) between the Company and the Purchaser. The sale of this business excluded certain assets, namely real property and equipment in south Texas, real property in Illinois and certain other assets. The purchase price (the Purchase Price) paid by the Purchaser for the acquisition of the Proppants Business was $2.0 million paid in shares of common stock of the Purchaser. The shares were valued at March 31, 2023, 2022, and 2021 using Level 1 inputs at the quoted market price of the shares, and the shares are classified as Other Assets in our Consolidated Balance Sheet at March 31, 2023 and 2022.

The sale of the Oil and Gas Proppants business, which was previously disclosed as a reportable segment, was determined to meet the discontinued operations accounting criteria. The sale resulted in a gain of approximately $9.2 million for the year ended March 31, 2021, which is included in Earnings (Loss) from Discontinued Operations on the Consolidated Statement of Earnings. Certain expenses, which were previously included in the Oil and Gas Proppants operating segment, do not qualify for classification within discontinued operations and have been reclassified from the operating segment to continuing operations. These expenses primarily relate to lease agreements not included in the sale of the Proppants Business.

The following is a summary of operating results included in Earnings from Discontinued Operations for the fiscal year ended March 31, 2021:


	(dollars in thousands)
Revenue	$	1,045
Cost of Goods Sold		3,415
Gross Profit		(2,370	)
Other Nonoperating Income		226
Gain on Sale of Discontinued Operations		9,230
Impairment Losses		—
Earnings from Discontinued Operations		7,086
Income Tax Expense		(1,808	)
Net Earnings from Discontinued Operations	$	5,278

The significant components of our Consolidated Statements of Cash Flows for discontinued operations for the fiscal year ended March 31, 2021 are as follows:


	(dollars in thousands)
Depreciation and Amortization	$	221
Impairment Losses	$	—
Gain on Sale of Business	$	(9,230	)
Net Change in Inventory	$	—
Capital Expenditures	$	—