GOODWILL AND OTHER INTANGIBLE ASSETS

12 Months Ended

Mar. 31, 2022

GOODWILL AND OTHER INTANGIBLE ASSETS [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS

5. GOODWILL AND OTHER INTANGIBLE ASSETS

GOODWILL

The following table summarizes the changes in the carrying amount of goodwill for the years ended March 31, 2022, and March 31, 2021, respectively (in thousands):

	Year ended March 31, 2022									Year ended March 31, 2021
	Goodwill			Accumulated Impairment Loss			Net Carrying Amount			Goodwill		Accumulated Impairment Loss			Net Carrying Amount
Beginning balance	$	135,318		$	(8,673	)	$	126,645		$	126,770	$	(8,673	)	$	118,097
Acquisitions		-			-			-			8,328		-			8,328
Foreign currency translations		(102	)		-			(102	)		220		-			220
Ending balance	$	135,216		$	(8,673	)	$	126,543		$	135,318	$	(8,673	)	$	126,645

Goodwill represents the premium paid over the fair value of the net tangible and intangible assets that are individually identified and separately recognized in business combinations. Our entire balance as of March 31, 2022, and March 31, 2021, relates to our technology reportable segment, which we also determined to be one reporting unit.

We test goodwill for impairment on an annual basis, as of the first day of our third fiscal quarter, and between annual tests if an event occurs, or circumstances change, that would more likely than not reduce the fair value of a reporting unit below its carrying value.

In our annual tests as of October 1, 2021, and 2020, we performed a qualitative assessment of goodwill and concluded that, more likely than not, the fair value of our technology reporting unit continued to substantially exceed its carrying value.

We performed our last quantitative goodwill impairment test as of March 31, 2020. At that time, we concluded that the fair value of our technology reporting unit substantially exceeded its carrying value. Our conclusions would not have been impacted by a ten percent change in our estimate of the fair value of the reporting unit.

OTHER INTANGIBLE ASSETS

Our other intangible assets consist of the following as of March 31, 2022, and March 31, 2021 (in thousands):

	March 31, 2022							March 31, 2021
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Customer relationships & other intangibles	$	77,224	$	(52,087	)	$	25,137	$	77,335	$	(42,115	)	$	35,220
Capitalized software development		10,517		(8,404	)		2,113		10,553		(7,159	)		3,394
Total	$	87,741	$	(60,491	)	$	27,250	$	87,888	$	(49,274	)	$	38,614

Customer relationships and other intangibles are generally amortized between 5 to 10 years. Capitalized software development is generally amortized over 5 years.

Total amortization expense for customer relationships and other intangible assets was $10.1 million, $10.3 million, and $9.4 million for the years ended March 31, 2022, 2021 and 2020, respectively. The following table provides the future amortization expense for customer relationships and other intangible assets as of March 31, 2022 (in thousands):

Year ending March 31, 2023	$	8,024
2024		6,216
2025		4,645
2026		3,156
2027		1,887
2028 and thereafter		1,209
Total	$	25,137