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ACQUISITION
 3 Months Ended
Jun. 30, 2025
Business Combinations [Abstract]  
ACQUISITION

(C) ACQUISITION

On January 7, 2025, we purchased Bullskin Stone & Lime, LLC, an aggregates business located in Western Pennsylvania (the Acquisition) for approximately $150.0 million, which will be accounted for under the acquisition method. The purchase price was funded through borrowings under our Revolving Credit Facility. Operations related to the Acquisition are included in the Concrete and Aggregates segment in our segment reporting.

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 of the fair value hierarchy) as of June 30, 2025. Adjustments to the preliminary purchase price allocation could be significant, particularly with respect to Intangible Assets and Property, Plant, and Equipment.

 

 

Fair Value
(dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

Accounts Receivable

 

$

 

1,443

 

 

 

 

 

 

 

 

 

 

 

Inventories

 

 

 

3,354

 

 

 

 

 

 

 

 

 

 

 

Prepaid and Other Current Assets

 

 

 

229

 

 

 

 

 

 

 

 

 

 

 

Property, Plant, and Equipment

 

 

 

35,097

 

 

 

 

 

 

 

 

 

 

 

Intangible Assets

 

 

 

39,400

 

 

 

 

 

 

 

 

 

 

 

Accounts Payable and Accrued Liabilities

 

 

 

(327

)

 

 

 

 

 

 

 

 

 

 

Other Long-term Liabilities

 

 

 

(792

)

 

 

 

 

 

 

 

 

 

 

Total Net Assets Acquired

 

 

 

78,404

 

 

 

 

 

 

 

 

 

 

 

Goodwill

 

 

 

71,543

 

 

 

 

 

 

 

 

 

 

 

Total Purchase Price

 

$

 

149,947

 

 

 

 

 

 

 

The estimated useful lives assigned to Property, Plant, and Equipment range from 5 to 30 years. Goodwill represents the excess purchase price over the fair value of the assets acquired and the liabilities assumed. The Goodwill was generated by the availability of co-product sales and the opportunity associated with the expansion of our Aggregates business to the Western Pennsylvania region of the United States. All Goodwill generated from the Acquisition is deductible for income tax purposes.

The following table is a summary of the fair value estimates of the identifiable intangible assets and their weighted-average useful lives:

 

 

Weighted-Average Life (in years)

 

 

Estimated Fair Value
(dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer Relationships

 

 

15

 

 

$

 

38,900

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trade Name and Technology

 

 

5

 

 

 

 

500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Intangible Assets

 

 

 

 

$

 

39,400

 

 

 

 

 

 

 

 

 

 

The following table presents the Revenue and Operating Earnings related to the Acquisition that have been included in our Consolidated Statement of Earnings for the three months ended June 30, 2025.

 

 

For the Three Months Ended
June 30, 2025

 

 

 

(dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

 

7,202

 

 

 

 

 

 

 

 

 

 

 

Operating Earnings

 

$

 

1,634

 

 

Included in Operating Earnings shown above is approximately $1.7 million related to depreciation and amortization.