Goodwill and Other Intangibles Goodwill and Other Intangibles

6 Months Ended

Sep. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets Disclosure [Text Block]

GOODWILL AND OTHER INTANGIBLES

The Company's changes in goodwill at September 30, 2020 and 2019 consisted of the following:

(in thousands of dollars)	Six Months Ended September 30,
	2020		2019
Balance at beginning of fiscal year	$	126,826	$	97,907
Foreign currency translation adjustment	84		23
Balance at end of period	$	126,910	$	97,930

The Company's intangible assets primarily consist of capitalized customer-related intangibles, trade names, proprietary developed technology and noncompetition agreements. The Company's intangible assets subject to amortization consisted of the following at September 30, 2020 and 2019:

(in thousands, except useful life)		September 30,
		2020						2019
	Useful Life	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Customer relationships(1)	13	$	9,500	$	(548)	$	8,952	$	—	$	—	$	—
Trade names(1)	5	3,300		(495)		2,805		—		—		—
Developed technology(1)	3	4,800		(1,200)		3,600		—		—		—
Noncompetition agreements(1)	5	1,000		(150)		850		—		—		—
Other	5	762		(660)		102		737		(669)		68
Total intangible assets		$	19,362	$	(3,053)	$	16,309	$	737	$	(669)	$	68

(1) On January 1, 2020 the Company acquired 100% of the capital stock of FruitSmart for approximately $80.0 million in cash and up to $25.0 million of contingent consideration payments. The FruitSmart acquisition resulted in $28.9 million of goodwill and $18.6 million intangibles. See Note 3 for additional information.

Intangible assets are amortized on a straight-line basis over the asset's estimated useful economic life as noted above.

The Company's amortization expense for intangible assets for the three and six months ended September 30, 2020 and 2019:

(in thousands of dollars)	Three Months Ended September 30,				Six Months Ended September 30,
	2020		2019		2020		2019
Amortization Expense	$	809	$	9	$	1,617	$	17

Amortization expense for the developed technology intangible asset is recorded in cost of goods sold in the consolidated income statements of income. The amortization expense for the other intangible assets is recorded in selling, general, and administrative expenses in the consolidated income statements of income.

As of September 30, 2020, the expected future amortization expense for intangible assets is as follows:

Fiscal Year (in thousands of dollars)
2021 (excluding the six months ended September 30, 2020)	$	1,616
2022	3,233
2023	2,830
2024	1,591
2025 and thereafter	7,039
Total expected future amortization expense	$	16,309