Goodwill and Other Intangible Assets

9 Months Ended

Jan. 01, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Other Intangible Assets

Information regarding the Company’s other intangible assets are as follows:


	Balance as of
	January 1, 2023						March 31, 2022
	Gross Amount		Accumulated Amortization		Net Amount		Gross Amount		Accumulated Amortization		Net Amount
Indefinite-lived intangible assets:
Trademarks	$	145,158	$	(953)	$	144,205	$	145,808	$	(953)	$	144,855
Finite-lived intangible assets:
Customer relationships	295,280		(125,958)		169,322		298,577		(109,820)		188,757
Non-compete	2,825		(2,825)		—		2,825		(2,825)		—
Technology	96,706		(45,380)		51,326		97,367		(38,712)		58,655
Trademarks	8,944		(6,085)		2,859		8,947		(5,012)		3,935
Licenses	1,196		(1,196)		—		1,196		(1,196)		—
Total	$	550,109	$	(182,397)	$	367,712	$	554,720	$	(158,518)	$	396,202

The Company’s amortization expense related to finite-lived intangible assets was $7,785 and $23,879 for the third quarter and nine months of fiscal 2023, compared to $8,318 and $25,066 for the third quarter and nine months of fiscal 2022. The expected amortization expense based on the finite-lived intangible assets as of January 1, 2023, is $6,846 for the remainder of fiscal 2023, $27,691 in fiscal 2024, $26,550 in fiscal 2025, $25,616 in fiscal 2026 and $24,822 in fiscal 2027.

Goodwill

The following table presents the amount of goodwill, as well as any changes in the carrying amount of goodwill by segment during the nine months of fiscal 2023:


	Energy Systems		Motive Power		Specialty		Total
Balance at March 31, 2022	$	279,461	$	323,303	$	97,876	$	700,640

Foreign currency translation adjustment	(22,155)		(3,597)		(1,187)		(26,939)
Balance as of January 1, 2023	$	257,306	$	319,706	$	96,689	$	673,701