Goodwill and Other Intangibles Goodwill and Other Intangibles (Tables)

9 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill [Table Text Block]

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

(in thousands of dollars)	Nine Months Ended December 31,
	2021		2020
Balance at beginning of fiscal year	$	173,051	$	126,826
Acquisition of business(1)(2)	41,061		53,728
Foreign currency translation adjustment	(89)		101
Balance at end of period	$	214,023	$	180,655

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

The Company's intangible assets subject to amortization consisted of the following at December 31, 2021 and 2020 and at March 31, 2021:

(in thousands, except useful life)				December 31, 2021
	Useful Life (years)			Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Customer relationships(1)	11	—	13	$	86,500	$	(8,030)	$	78,470
Trade names		5		11,100		(3,270)		7,830
Developed technology(1)		3		9,300		(3,286)		6,014
Noncompetition agreements(1)		5		4,000		(588)		3,412
Other		5		751		(687)		64
Total intangible assets				$	111,651	$	(15,861)	$	95,790

				December 31, 2020
	Useful Life (years)			Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Customer relationships(2)	11	—	13	$	62,500	$	(1,935)	$	60,565
Trade names(2)		5		11,100		(1,050)		10,050
Developed technology		3		4,800		(1,600)		3,200
Noncompetition agreements		5		1,000		(200)		800
Other		5		796		(701)		95
Total intangible assets				$	80,196	$	(5,486)	$	74,710

				March 31, 2021
	Useful Life (years)			Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Customer relationships	11	—	13	$	62,500	$	(3,323)	$	59,177
Trade names		5		11,100		(1,605)		9,495
Developed technology		3		4,800		(2,000)		2,800
Noncompetition agreements		5		1,000		(250)		750
Other		5		760		(678)		82
Total intangible assets				$	80,160	$	(7,856)	$	72,304

(1)On October 4, 2021, the Company acquired 100% of the capital stock of Shank's for approximately $100 million in cash and $2.4 million of additional working capital on-hand at the date of acquisition. The Shank's acquisition resulted in $31.5 million of intangible assets. See Note 3 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 $60.8 million of intangible assets. 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.

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

The Company's amortization expense for intangible assets for the three and nine months ended December 31, 2021 and 2020 was:

(in thousands of dollars)	Three Months Ended December 31,				Nine Months Ended December 31,
	2021		2020		2021		2020
Amortization Expense	$	3,207	$	2,404	$	8,005	$	4,021

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 other intangible assets is recorded in selling, general, and administrative expenses in the consolidated statements of income.

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

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

Fiscal Year (in thousands of dollars)
2022 (excluding the nine months ended December 31, 2021)	$	3,228
2023	12,495
2024	11,247
2025	11,812
2026 and thereafter	57,008
Total expected future amortization expense	$	95,790