ACQUISITION

12 Months Ended

Mar. 31, 2024

(B) ACQUISITION

Stockton Terminal 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 was funded primarily 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 March 31, 2024.

The following table summarizes the allocation of the Purchase Price to assets acquired and liabilities assumed:


	(dollars in thousands)
Inventory	$	14,809
Prepaid and Other Assets		179
Property, Plant, and Equipment		12,737
Lease Right-of-Use Assets		1,646
Intangible Assets		16,100
Lease Obligations		(1,646	)
Other Long-term Liabilities		(630	)
Goodwill		11,858
Total Purchase Price	$	55,053

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 are 15 years.

The following table presents the Revenue and Operating Earnings related to the Stockton Terminal Acquisition that have been included in our Consolidated Statement of Earnings from May 3, 2023 through March 31, 2024.


	For the Year Ended March 31,
	2024
	(dollars in thousands)
Revenue	$	39,345
Operating Earnings	$	(2,420	)

Included in Operating Earnings shown above is approximately $2.6 million and $3.9 million related to depreciation and amortization and the recording of inventories at fair value, respectively.