Goodwill and Other Intangibles

12 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets Disclosure [Text Block]

GOODWILL AND OTHER INTANGIBLES

The Company's changes in goodwill at March 31, 2024 and 2023 consisted of the following:

	Fiscal Year Ended March 31,
	2024		2023
Balance at beginning of year	$	213,922	$	213,998
Foreign currency translation adjustment	(53)		(76)
Balance at end of year	$	213,869	$	213,922

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, 2024 and 2023:

				March 31, 2024
(in thousands, except useful life)	Useful Life (Years)			Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Customer relationships	11	-	13	$	86,500	$	(25,424)	$	61,076
Trade names		5		11,100		(8,265)		2,835
Developed technology		13		9,300		(5,665)		3,635
Noncompetition agreements	4	-	5	4,000		(2,725)		1,275
Other		5		782		(720)		62
Total intangible assets				$	111,682	$	(42,799)	$	68,883
				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		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 years ended March 31, 2024, 2023, and 2022:

	Fiscal Year Ended March 31,
	2024		2023		2022
Amortization Expense	$	11,279	$	12,455	$	11,209

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 March 31, 2024, the expected future amortization expense for intangible assets is as follows:

Fiscal Year
2025	$	11,073
2026	9,253
2027	8,077
2028	8,077
2029 and thereafter	32,403
Total expected future amortization expense	$	68,883