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GOODWILL AND OTHER INTANGIBLE ASSETS
 12 Months Ended
Mar. 31, 2023
GOODWILL AND OTHER INTANGIBLE ASSETS [Abstract]  
GOODWILL AND OTHER INTANGIBLE ASSETS
6. GOODWILL AND OTHER INTANGIBLE ASSETS

GOODWILL

The following table summarizes the changes in the carrying amount of goodwill for the years ended March 31, 2023, and March 31, 2022, respectively (in thousands):

 
Year ended March 31, 2023
    
Year ended March 31, 2022
  
   
Goodwill
    
Accumulated
Impairment
Loss
    
Net Carrying
Amount
    
Goodwill
    
Accumulated
Impairment
Loss
    
Net Carrying
Amount
  
Beginning balance
  
$
135,216
    
$
(8,673
)
  
$
126,543
    
$
135,318
    
$
(8,673
)
  
$
126,645
  
Acquisitions
    
9,694
      
-
      
9,694
      
-
      
-
      
-
  
Foreign currency translations
    
(132
)
    
-
      
(132
)
    
(102
)
    
-
      
(102
)
Ending balance
  
$
144,778
    
$
(8,673
)
  
$
136,105
    
$
135,216
    
$
(8,673
)
  
$
126,543
  

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, 2023, and March 31, 2022, relates to our technology reportable segment, which we also determined to be one reporting unit. The carrying value of goodwill was $136.1 million and $126.5 million as of March 31, 2023, and March 31, 2022, respectively. Our goodwill balance increased by $9.6 million for the year ended March 31, 2023, due to $9.7 million in goodwill additions from our acquisition of Future Com, Ltd., offset by foreign currency translation of $0.1 million. Please refer to Note 16, “Business Combinations” for details of our acquisition.

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 test as of October 1, 2022, we performed a quantitative assessment of goodwill and concluded that the fair value of our technology reporting unit exceeded its carrying value. Our conclusions would not be impacted by a ten percent change in our estimate of the fair value of the reporting unit.

In our annual test as of October 1, 2021, 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.

OTHER INTANGIBLE ASSETS

Our other intangible assets consist of the following as of March 31, 2023, and March 31, 2022 (in thousands):

 
March 31, 2023
    
March 31, 2022
  
   
Gross
Carrying
Amount
    
Accumulated
Amortization
    
Net Carrying
Amount
    
Gross
Carrying
Amount
    
Accumulated
Amortization
    
Net Carrying
Amount
  
Purchased intangibles
  
$
85,449
    
$
(61,376
)
  
$
24,073
    
$
77,224
    
$
(52,087
)
  
$
25,137
  
Capitalized software development
    
10,516
      
(9,544
)
    
972
      
10,517
      
(8,404
)
    
2,113
  
Total
  
$
95,965
    
$
(70,920
)
  
$
25,045
    
$
87,741
    
$
(60,491
)
  
$
27,250
  

Purchased intangibles, consisting mainly of customer relationships, 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 $9.3 million, $10.1 million, and $10.3 million for the years ended March 31, 2023, 2022 and 2021, respectively.

The following table provides the future amortization expense for customer relationships and other intangible assets as of March 31, 2023 (in thousands):

Year ending March 31, 2024
  
$
8,104
  
2025
    
6,235
  
2026
    
4,448
  
2027
    
2,882
  
2028
    
1,658
  
2029 and thereafter
    
746
  
Total
  
$
24,073