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ACQUISITION | 3 Months Ended
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Jun. 30, 2023
Business Combinations [Abstract] |
ACQUISITION | (C) ACQUISITION On May 3, 2023, we purchased the assets of a cement import terminal in Stockton, California (the Stockton Terminal Acquisition), which was accounted for under the acquisition method. The purchase price of the Stockton Terminal Acquisition was approximately $55.1 million. The purchase price allocation has not yet been finalized. The purchase price was funded through borrowings under our revolving credit facility. Operations related to the Stockton Terminal Acquisition are included in the Cement business in our segment reporting from May 3, 2023 through June 30, 2023. The following table summarizes the preliminary allocation of the purchase price to the fair value of assets acquired and liabilities assumed (based on Level 3 inputs) as of June 30, 2023:
|  | Estimated Fair Value |
Inventory |  | $ | 14,809 |
Prepaid and Other Current Assets |  |  | 179 |
Property, Plant, and Equipment |  |  | 14,099 |
Lease Right-of-Use Assets |  |  | 1,646 |
Intangible Assets |  |  | 12,550 |
Lease Obligations |  |  | (1,646 | )
Other Long-term Liabilities |  |  | (630 | )
Goodwill |  |  | 14,046 |
Total Estimated Purchase Price |  | $ | 55,053 |
The estimated useful lives assigned to Property, Plant, and Equipment range from 5 to 30 years, while the estimated useful lives assigned to Intangible Assets range from 2 to 15 years. All goodwill generated from the Stockton Terminal Acquisition is deductible for income tax purposes. The following table presents the Revenue and Operating Loss related to the Stockton Terminal Acquisition that has been included in our Consolidated Statement of Earnings from May 3, 2023 through June 30, 2023.
|  | (dollars in thousands) |
Revenue |  | $ | 6,468 |
Operating Loss |  | $ | (1,920 | )
Included in Operating Loss shown above is approximately $0.5 million and $2.8 million related to depreciation and amortization and the recording of acquired inventories at fair value, respectively.

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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://www.xbrl.org/2003/role/disclosureRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479907/805-20-50-5 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//805/tableOfContent + Details
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