Goodwill and Other Intangibles Goodwill and Other Intangibles

3 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets Disclosure [Text Block]

GOODWILL AND OTHER INTANGIBLES

The Company's changes in goodwill at June 30, 2023 and 2022 consisted of the following:

(in thousands of dollars)	Three Months Ended June 30,
	2023		2022
Balance at beginning of fiscal year	$	213,922	$	213,998
Foreign currency translation adjustment	(29)		(96)
Balance at end of period	$	213,893	$	213,902

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 June 30, 2023 and 2022 and at March 31, 2023:

(in thousands, except useful life)				June 30, 2023
	Useful Life (years)			Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Customer relationships	11	—	13	$	86,500	$	(19,626)	$	66,874
Trade names		5		11,100		(6,600)		4,500
Developed technology		13		9,300		(5,406)		3,894
Noncompetition agreements	4	—	5	4,000		(2,013)		1,987
Other		5		737		(702)		35
Total intangible assets				$	111,637	$	(34,347)	$	77,290

				June 30, 2022
	Useful Life (years)			Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Customer relationships	11	—	13	$	86,500	$	(11,895)	$	74,605
Trade names		5		11,100		(4,380)		6,720
Developed technology	3	—	13	9,300		(4,260)		5,040
Noncompetition agreements	4	—	5	4,000		(1,063)		2,937
Other		5		690		(640)		50
Total intangible assets				$	111,590	$	(22,238)	$	89,352

				March 31, 2023
	Useful Life (years)			Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Customer relationships	11	—	13	$	86,500	$	(17,693)	$	68,807
Trade names		5		11,100		(6,045)		5,055
Developed technology	3	—	13	9,300		(5,319)		3,981
Noncompetition agreements	4	—	5	4,000		(1,775)		2,225
Other		5		721		(688)		33
Total intangible assets				$	111,621	$	(31,520)	$	80,101

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 months ended June 30, 2023 and 2022 was:

(in thousands of dollars)	Three Months Ended June 30,
	2023		2022
Amortization Expense	$	2,827	$	3,173

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

As of June 30, 2023, the expected future amortization expense for intangible assets is as follows:

Fiscal Year (in thousands of dollars)
2024 (excluding the three months ended June 30, 2023)	$	8,452
2025	11,049
2026	9,232
2027	8,077
2028 and thereafter	40,480
Total expected future amortization expense	$	77,290