XML 26 R12.htm IDEA: XBRL DOCUMENT v3.23.1
Goodwill and Acquired Intangible Assets
12 Months Ended
Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Acquired Intangible Assets

Note 6 — Goodwill and Acquired Intangible Assets

During fiscal year 2023, the decrease in the Company’s goodwill relating to its continuing operations primarily related to the derecognition of an insignificant amount (approximately $8.5 million) of goodwill during the fourth quarter of fiscal year 2023 in our government systems segment that was previously not classified as held for sale. See Note 4 — Discontinued Operations — for more information on discontinued operations. Additionally, the Company recorded an insignificant decrease of goodwill related to foreign currency translation effects across all three segments. During fiscal year 2022, the increase in the Company’s goodwill primarily related to the acquisitions of the remaining 51% interest in EBI and of RigNet on April 30, 2021 (see Note 5 — Acquisitions for more information), partially offset by foreign currency translation effects recorded within all three of the Company’s segments.

Other acquired intangible assets are amortized using the straight-line method over their estimated useful lives of two to 20 years (which approximates the economic pattern of benefit). Amortization expense related to other acquired intangible assets was $29.8 million, $28.7 million and $5.5 million for the fiscal years ended March 31, 2023, 2022 and 2021, respectively.

The expected amortization expense of amortizable acquired intangible assets may change due to the effects of foreign currency fluctuations as a result of international businesses acquired. Expected amortization expense for acquired intangible assets for each of the following periods is as follows:

 

 

 

Amortization

 

 

 

(In thousands)

 

Expected for fiscal year 2024

 

$

28,635

 

Expected for fiscal year 2025

 

 

26,560

 

Expected for fiscal year 2026

 

 

26,408

 

Expected for fiscal year 2027

 

 

26,408

 

Expected for fiscal year 2028

 

 

26,331

 

Thereafter

 

 

66,863

 

 

$

201,205

 

 

Other acquired intangible assets and the related accumulated amortization as of March 31, 2023 and 2022 is as follows:

 

 

 

 

 

 

As of March 31, 2023

 

 

As of March 31, 2022

 

 

 

Weighted
Average
Useful Life

 

 

Total

 

 

Accumulated
Amortization

 

 

Net Book
Value

 

 

Total

 

 

Accumulated
Amortization

 

 

Net Book
Value

 

 

 

(In years)

 

 

(In thousands)

 

Technology

 

 

7

 

 

$

151,327

 

 

$

(83,949

)

 

$

67,378

 

 

$

154,624

 

 

$

(71,582

)

 

$

83,042

 

Contracts and customer relationships

 

 

11

 

 

 

132,563

 

 

 

(34,202

)

 

 

98,361

 

 

 

164,635

 

 

 

(53,250

)

 

 

111,385

 

Satellite co-location rights

 

 

9

 

 

 

8,600

 

 

 

(8,600

)

 

 

 

 

 

8,600

 

 

 

(8,600

)

 

 

 

Trade name

 

 

7

 

 

 

32,253

 

 

 

(12,657

)

 

 

19,596

 

 

 

32,463

 

 

 

(9,097

)

 

 

23,366

 

Other

 

 

11

 

 

 

21,782

 

 

 

(5,912

)

 

 

15,870

 

 

 

22,263

 

 

 

(4,013

)

 

 

18,250

 

Total other acquired intangible assets

 

 

9

 

 

$

346,525

 

 

$

(145,320

)

 

$

201,205

 

 

$

382,585

 

 

$

(146,542

)

 

$

236,043

 

 

 

In fiscal years 2023 and 2022, the gross amount and accumulated amortization for acquired identifiable intangible assets were reduced by the retirement of fully amortized assets that were no longer in use.