ACQUISITIONS

12 Months Ended

Mar. 31, 2025

Business Combinations [Abstract]

ACQUISITIONS

(B) ACQUISITIONS

Western Pennsylvania Acquisition

On January 7, 2025, we purchased Bullskin Stone & Lime, LLC, an aggregates business located in Western Pennsylvania (the Western Pennsylvania Acquisition), which will be accounted for under the acquisition method. The purchase price of the Pennsylvania Acquisition was approximately $150.0 million, subject to customary post-closing adjustments. The purchase price was funded through borrowings under our Revolving Credit Facility. Operations related to the Pennsylvania Acquisition are included in the Concrete and Aggregates business in our segment reporting from January 7, 2025, through March 31, 2025.

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) as of March 31, 2025. Adjustments to the preliminary purchase price allocation could be significant, particularly with respect to Intangible Assets and Property, Plant, and Equipment.

	(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		71,565
Total Purchase Price	$	149,969

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 Western Pennsylvania 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		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 Loss related to the Western Pennsylvania Acquisition that has been included in our Consolidated Statement of Earnings from January 7, 2025 through March 31, 2025.

	For the Year Ended March 31, 2025
	(dollars in thousands)
Revenue	$	4,111
Operating Loss	$	(1,321	)

Included in Operating Loss shown above is approximately $1.7 million and $1.9 million related to depreciation and amortization and the recording of inventories at fair value, respectively.

Northern Kentucky Acquisition

On August 9, 2024, we purchased the assets of an aggregates operation in Battletown, Kentucky (the Northern Kentucky Acquisition), which was accounted for under the acquisition method. The purchase price of the Northern Kentucky Acquisition was approximately $24.9 million, which was funded through borrowings under our Revolving Credit Facility. Operations related to the Northern Kentucky Acquisition are included in the Concrete and Aggregates business in our segment reporting from August 9, 2024, through March 31, 2025.

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

	(dollars in thousands)
Inventory	$	1,067
Property, Plant, and Equipment		18,237
Lease Right-of-Use Assets		757
Intangible Assets		1,309
Accrued Liabilities		(71	)
Lease Obligations		(757	)
Other Long-term Liabilities		(1,422	)
Total Net Assets Acquired		19,120
Goodwill		5,761
Total Purchase Price	$	24,881

The estimated useful lives assigned to Property, Plant, and Equipment range from 5 to 30 years, while the estimated useful lives assigned to Intangible Assets are 15 years. All goodwill generated from the Northern Kentucky Acquisition is deductible for income tax purposes.

The following table presents the Revenue and Operating Loss related to the Northern Kentucky Acquisition that has been included in our Consolidated Statement of Earnings from August 9, 2024 through March 31, 2025.

	For the Year Ended March 31, 2025
	(dollars in thousands)
Revenue	$	7,487
Operating Loss	$	(1,012	)

Included in Operating Loss shown above is approximately $1.7 million and $0.7 million related to depreciation and amortization and the recording of inventories at fair value, respectively.