DISCONTINUED OPERATIONS AND OTHER DISPOSITIONS

12 Months Ended

Mar. 31, 2022

Discontinued Operations And Disposal Groups [Abstract]

DISCONTINUED OPERATIONS AND OTHER DISPOSITIONS

Discontinued Operations

On September 18, 2020, we sold our Oil and Gas Proppants business (the Proppants Business) to Smart Sand, Inc., a Delaware corporation (the Purchaser), pursuant to an Equity Purchase and Sale Agreement (the Purchase Agreement) between the Company and the Purchaser. The sale of this business excluded certain assets, namely real property and equipment in south Texas, real property in Illinois and certain other assets. The purchase price (the Purchase Price) paid by the Purchaser for the acquisition of the Proppants Business was $2.0 million paid in shares of common stock of the Purchaser. The shares were valued at March 31, 2022 and 2021 using Level 1 inputs at the quoted market price of the shares, and the shares are classified as Other Assets in our Consolidated Balance Sheet at March 31, 2022 and 2021.

The sale of the Oil and Gas Proppants business, which was previously disclosed as a reportable segment, was determined to meet the discontinued operations accounting criteria. The sale resulted in a gain of approximately $9.2 million for the year ended March 31, 2021, which is included in Earnings (Loss) from Discontinued Operations on the Consolidated Statement of Earnings. Certain expenses, which were previously included in the Oil and Gas Proppants operating segment, do not qualify for classification within discontinued operations and have been reclassified from the operating segment to

continuing operations. These expenses primarily relate to lease agreements not included in the sale of the Proppants Business.

The following is a summary of operating results included in Earnings (Loss) from Discontinued Operations for the fiscal years ended March 31, 2021 and 2020.


	For the Years Ended March 31,
	2021			2020
	(dollars in thousands)
Revenue	$	1,045		$	46,781
Cost of Goods Sold		3,415			58,185
Gross Profit		(2,370	)		(11,404	)
Other Non-Operating Income		226			569
Gain on Sale of Discontinued Operations		9,230			—
Impairment Losses		—			(199,136	)
Earnings (Loss) from Discontinued Operations		7,086			(209,971	)
Income Tax (Expense) Benefit		(1,808	)		49,674
Net Earnings (Loss) from Discontinued Operations	$	5,278		$	(160,297	)

The significant components of our Consolidated Statements of Cash Flows for discontinued operations for the fiscal years ended March 31, 2021 and 2020 are as follows:


	For the Years Ended March 31,
	2021			2020
	(dollars in thousands)
Depreciation and Amortization	$	221		$	11,310
Impairment Losses	$	—		$	199,136
Gain on Sale of Business	$	(9,230	)	$	—
Net Change in Inventory	$	—		$	3,200
Capital Expenditures	$	—		$	146

Other Dispositions

On April 17, 2020, we sold our Western Aggregates LLC (Western) and Mathews Readymix LLC (Mathews) operations to Teichert Inc., a California-based construction company for an aggregate purchase price of $93.5 million, which resulted in a gain on sale of approximately $52.0 million. Western and Mathews were part of our Concrete and Aggregates operating segment.

At the date of sale, assets and liabilities included on our Balance Sheet related to Western and Mathews were approximately $43.8 million and $2.3 million, respectively.

Revenue and Operating Earnings from Western and Mathews, collectively, for fiscal years 2021 and 2020 are as follows:


	For the Years Ended March 31,
	2021		2020
	(dollars in thousands)
Revenue	$	1,692	$	32,255
Operating Earnings	$	142	$	4,837