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Business Combinations | 6 Months Ended
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Sep. 30, 2022
Business Combinations [Abstract] |
Business Combination Disclosure [Text Block] | BUSINESS COMBINATION Acquisition of Shank's Extracts, LLC On October 4, 2021, the Company acquired 100% of the capital stock of Shank's Extracts, LLC. (“Shank's”), a flavors and extracts processing company, for approximately $100 million in cash and $2.4 million of additional working capital on-hand at the date of acquisition. The acquisition of Shank's diversifies the Company's product offerings and generates new opportunities for its plant-based ingredients platform. A portion of the goodwill recorded as part of the acquisition was attributable to the assembled workforce of Shank's. The goodwill and intangibles recognized for the Shank's acquisition are deductible for U.S. income tax purposes. The transaction was treated as an asset acquisition for U.S. Federal tax purposes, resulting in a step-up of tax basis to fair value. The Company determined the Shank's operations are not material to the Company’s consolidated results. Therefore, pro forma information is not presented. For the fiscal year ended March 31, 2022, the Company incurred $2.3 million of acquisition-related transaction costs for the purchase of Shank's. The acquisition-related costs were expensed as incurred and recorded in selling, general, and administrative expense on the consolidated statements of income. In November 2021, the Company acquired the land and buildings utilized by Shank's operations for $13.3 million. The purchase of the land and buildings resulted in the elimination of the $8.5 million operating lease right-of-use asset and lease liability recognized on the acquisition date for Shank's. The following table summarizes the final purchase price allocation of the assets acquired and liabilities assumed for the Shank's acquisition.
(in thousands of dollars) |  |  |  |  |
| Shank's |  |  |  |
| October 4, 2021 |  |  |  |
Assets |  |  |  |  |
Cash and cash equivalents | $ | 754 |  |  |  |  |
Accounts receivable, net | 6,643 |  |  |  |  |
Inventory | 15,792 |  |  |  |  |
Other current assets | 415 |  |  |  |  |
Property, plant and equipment (net) | 11,000 |  |  |  |  |
Operating lease right-of-use assets | 8,531 |  |  |  |  |
Intangibles |  |  |  |  |
Customer relationships | 24,000 |  |  |  |  |
Developed technology | 4,500 |  |  |  |  |
Non-compete agreements | 3,000 |  |  |  |  |
Goodwill | 41,061 |  |  |  |  |
Total assets acquired | 115,696 |  |  |  |  |
Liabilities |  |  |  |  |
Accounts payable and accrued expenses | 6,159 |  |  |  |  |
Customer advances and deposits | 351 |  |  |  |  |
Accrued compensation | 655 |  |  |  |  |
Current portion of operating lease liabilities | 8,531 |  |  |  |  |
Total liabilities assumed | 15,696 |  |  |  |  |
Total assets acquired and liabilities assumed | $ | 100,000 |  |  |  |  |

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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 https://asc.fasb.org/topic&trid=2303972 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 5 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=128092470&loc=d3e4946-128472 + Details
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- References No definition available. + Details
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