Goodwill and Other Intangible Assets

9 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

The carrying amount of goodwill by operating segment as of December 31, 2023, is as follows:


	United States and Latin America		Canada		Europe, Middle East and Africa		Asia-Pacific		Total
Balance as of March 31, 2023	$	81,345	$	112,945	$	18,679	$	6,643	$	219,612
Goodwill acquired(1)	46,143		—		—		—		46,143
Foreign currency translation impact	—		2,622		274		(113)		2,783
Balance as of December 31, 2023	$	127,488	$	115,567	$	18,953	$	6,530	$	268,538

(1) Refer to Note 2, "Acquisitions," for more information on the goodwill acquired through our recent acquisition of Vapor Power.

Goodwill is tested for impairment on an annual basis and between annual tests if indicators of potential impairment exist. We perform a qualitative analysis to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. If required, we also perform a quantitative analysis using the income approach, based on discounted future cash flows, which are derived from internal forecasts and economic expectations, and the market approach, which is based on market multiples of guideline public companies. The most significant inputs in the Company's quantitative goodwill impairment tests are projected financial information, the weighted average cost of capital and market multiples for similar transactions. Our annual impairment test is performed during the fourth quarter of our fiscal year. To date, there have been no indicators of impairment.

Our total intangible assets consisted of the following:


	Gross Carrying Amount at December 31, 2023		Accumulated Amortization		Net Carrying Amount at December 31, 2023		Gross Carrying Amount at March 31, 2023		Accumulated Amortization		Net Carrying Amount at March 31, 2023
Products	$	62,989	$	(38,843)	$	24,146	$	61,560	$	(33,344)	$	28,216
Trademarks	54,733		(2,367)		52,366		47,427		(2,031)		45,396
Developed technology	28,420		(7,035)		21,385		14,862		(6,520)		8,342
Customer relationships	138,665		(104,623)		34,042		113,259		(102,743)		10,516
Certifications	435		—		435		441		—		441
Other	1,278		(405)		873		1,280		(221)		1,059
Total	$	286,520	$	(153,273)	$	133,247	$	238,829	$	(144,859)	$	93,970