Goodwill and Other Intangibles Goodwill and Other Intangibles (Tables)

12 Months Ended

Mar. 31, 2021

Goodwill and Other Intangibles [Abstract]

The Company's changes in goodwill at March 31, 2021 and 2020 consisted of the following:


(in thousands)	Fiscal Year Ended March 31,
	2021		2020
Balance at beginning of year	$	126,826	$	97,907
Acquisition of business(1) (2)	46,144		28,863
Foreign currency translation adjustment	81		56

Balance at end of year	$	173,051	$	126,826

(1) On January 1, 2020 the Company acquired 100% of the capital stock of FruitSmart for approximately $80 million in cash and up to $25 million of contingent consideration payments. The FruitSmart acquisition resulted in $28.9 million of goodwill. See Note 2 for additional information.

(2) On October 1, 2020 the Company acquired 100% of the capital stock of Silva for approximately $164.0 million in cash and $5.9 million of working capital on-hand at the date of acquisition. The Silva acquisition resulted in $46.1 million of goodwill. See Note 2 for additional information.

Schedule of Finite-Lived Intangible Assets [Table Text Block]

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 March 31, 2021 and 2020:


(in thousands, except useful life)				Fiscal Year Ended March 31,
				2021						2020
	Useful Life (Years)			Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Customer relationships(1)(2)	11	-	13	$	62,500	$	(3,323)	$	59,177	$	9,500	$	(183)	$	9,317
Trade names(1)(2)		5		11,100		(1,605)		9,495		3,300		(165)		3,135
Developed technology(1)		3		4,800		(2,000)		2,800		4,800		(400)		4,400
Noncompetition agreements(1)		5		1,000		(250)		750		1,000		(50)		950
Other		5		760		(678)		82		657		(598)		59
Total intangible assets				$	80,160	$	(7,856)	$	72,304	$	19,257	$	(1,396)	$	17,861

(1) The FruitSmart acquisition resulted in $18.6 million of intangibles. See Note 2 for additional information.

(2) The Silva acquisition resulted in $60.8 million of intangibles. See Note 2 for additional information.

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

Finite-lived Intangible Assets Amortization Expense [Table Text Block]

The Company's amortization expense for intangible assets for the years ended March 31, 2021 and 2020:


(in thousands)	Fiscal Year Ended March 31,
	2021		2020
Amortization Expense	$	6,424	$	832

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

As of March 31, 2021, the expected future amortization expense for intangible assets is as follows:


Fiscal Year
2022	$	9,608
2023	9,212
2024	7,969
2025	8,534
2026 and thereafter	36,981
Total expected future amortization expense	$	72,304