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Business Combinations | 6 Months Ended
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Sep. 30, 2021
Business Combinations [Abstract] |
Business Combination Disclosure [Text Block] | BUSINESS COMBINATION Acquisition of Silva International, Inc. On October 1, 2020 the Company acquired 100% of the capital stock of Silva International, Inc. (“Silva”), a natural, specialty dehydrated vegetable, fruit, and herb processing company serving global markets, for approximately $164 million in cash and $5.9 million of additional working capital on-hand at the date of acquisition. The acquisition of Silva diversifies the Company's product offerings and generates new opportunities for its plant-based ingredients platform. The Company continues to employ one of Silva's selling shareholders and as stipulated in the Silva purchase agreement has transferred $6 million to a third-party escrow account that may ultimately be earned by the selling shareholder upon completion of a post-combination service period. Since the compensation agreement for the selling shareholder who remains employed with the Company includes a post-combination service period, the Company has excluded the entire $6 million in the purchase price to be allocated. The $6 million in escrow is recognized as restricted cash in other noncurrent assets on the consolidated balance sheet at September 30, 2021. The contingent consideration arrangement for the selling shareholder includes a post-combination service requirement and forfeitable payment provisions, therefore under ASC Topic 805, "Business Combinations," must be treated as compensation expense. This expense is being recognized ratably over the requisite service period in selling, general, and administrative expense on the consolidated statements of income. The following table summarizes the final purchase price allocation of the assets acquired and liabilities assumed on October 1, 2020.
(in thousands of dollars) |  |  |  |
Assets |  |  |  |
Cash and cash equivalents | $ | 8,126 |  |  |  |
Accounts receivable, net | 17,885 |  |  |  |
Advances to suppliers, net | 3,011 |  |  |  |
Inventory | 33,162 |  |  |  |
Other current assets | 833 |  |  |  |
Property, plant and equipment (net) | 24,437 |  |  |  |
Intangibles |  |  |  |
Customer relationships | 53,000 |  |  |  |
Trade names | 7,800 |  |  |  |
Goodwill | 46,144 |  |  |  |
Total assets acquired | 194,398 |  |  |  |
Liabilities |  |  |  |
Accounts payable and accrued expenses | 11,683 |  |  |  |
Accrued compensation | 3,350 |  |  |  |
Income taxes payable | 946 |  |  |  |
Deferred income taxes | 14,419 |  |  |  |
Total liabilities assumed | 30,398 |  |  |  |
Total assets acquired and liabilities assumed | $ | 164,000 |  |  |  |
A portion of the goodwill recorded as part of the acquisition was attributable to the assembled workforce of Silva. The goodwill recognized for the Silva acquisition is not deductible for U.S. income tax purposes. The tax basis of the assets acquired and liabilities assumed did not result in a step-up of tax basis. The Company determined the Silva operations are not material to the Company’s consolidated results. Therefore, pro forma information is not presented.

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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 http://asc.fasb.org/topic&trid=2303972 + Details
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- References No definition available. + Details
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