In March 2017, the Company acquired a 49% interest in Euro Broadband Infrastructure Sàrl (Euro Infrastructure Co.) for $139.5 million as part of the consummation of the Company’s strategic partnering arrangement with Eutelsat. The Company’s total net cash outlay for its investment in Euro Infrastructure Co., including approximately $2.4 million of transaction costs, was approximately $141.9 million. The Company’s investment in Euro Infrastructure Co. is accounted for under the equity method and the total investment, including basis difference allocated to tangible assets, identifiable intangible assets, deferred income taxes and goodwill, is classified as a single line item, as an investment in unconsolidated affiliate, on the Company’s consolidated balance sheets. Because the underlying net assets in Euro Infrastructure Co. and the related excess carrying value of investment over the proportionate share of net assets are denominated in Euros, foreign currency translation gains or losses impact the recorded value of the Company’s investment. The Company recorded a foreign currency translation loss, net of tax, of approximately $5.6 million and a gain, net of tax, of approximately $12.7 million for the fiscal years ended March 31, 2019 and 2018, respectively, in accumulated other comprehensive income (loss). The Company records its proportionate share of the results of Euro Infrastructure Co., and any related basis difference amortization expense, within equity in income (loss) of unconsolidated affiliate, net, one quarter in arrears. Accordingly, the Company included its share of the results of Euro Infrastructure Co. from the date of the Company’s investment in Euro Infrastructure Co. on March 3, 2017 through December 31, 2017 in its consolidated financial statements for the fiscal year ended March 31, 2018 and included its share of the results of Euro Infrastructure Co. for the twelve months ended December 31, 2018 in its consolidated financial statements for the fiscal year ended March 31, 2019. The Company’s investment in Euro Infrastructure Co. is presented at cost of investment plus its accumulated proportional share of income or loss, including amortization of the difference in the historical basis of the Company’s contribution, less any distributions it has received.

The difference between the Company’s carrying value of its investment in Euro Infrastructure Co. and its proportionate share of the net assets of Euro Infrastructure Co. as of March 31, 2019 and March 31, 2018 is summarized as follows:

	As of March 31, 2019			As of March 31, 2018
	(In thousands)
Carrying value of investment in Euro Infrastructure Co.	$	160,711		$	163,835
Less: proportionate share of net assets of Euro Infrastructure Co.		145,016			147,115
Excess carrying value of investment over proportionate share of net assets	$	15,695		$	16,720
The excess carrying value has been primarily assigned to:
Goodwill	$	22,476		$	23,523
Identifiable intangible assets		10,670			12,839
Tangible assets		(18,522	)		(21,342	)
Deferred income taxes		1,071			1,700
	$	15,695		$	16,720

The identifiable intangible assets have useful lives of up to 11 years and a weighted average useful life of approximately ten years, and tangible assets have useful lives of up to 11 years and a weighted average useful life of approximately 11 years. Goodwill is not deductible for tax purposes.

The Company’s share of income on its investment in Euro Infrastructure Co. was $3.0 million and $2.0 million for the fiscal years ended March 31, 2019 and 2018, respectively, consisting of the Company’s share of equity in Euro Infrastructure Co.’s income, including amortization of the difference in the historical basis of the Company’s contribution. As the Company records its proportionate share of the results of Euro Infrastructure Co., and any related basis difference amortization expense, within equity in income (loss) of unconsolidated affiliate, net, one quarter in arrears, the Company did not have any share of income on its investment in Euro Infrastructure Co. in fiscal year 2017.

Since acquiring its interest in Euro Infrastructure Co., the Company has recorded $6.4 million in retained earnings of undistributed cumulative earnings in equity interests, net of tax, as of March 31, 2019.

Transactions with the equity method investee are considered related-party transactions. In addition, Richard Baldridge, the President and Chief Operating Officer and a Director of the Company, also serves on the board of directors of Ducommun Inc. The following tables set forth the material related-party transactions entered into between Euro Infrastructure Co. and its subsidiaries, or Ducommon Inc. (inventory procurement) on the one hand, and the Company and its subsidiaries, on the other hand, in the ordinary course of business for the time periods presented:

	Fiscal Years Ended
	March 31, 2019		March 31, 2018		March 31, 2017
	(In thousands)
Revenue – Euro Infrastructure Co.	$	8,365	$	9,277	$	*
Expense – Euro Infrastructure Co.		14,302		7,134	*
Cash received – Euro Infrastructure Co.		11,276		7,460	*
Cash paid – Euro Infrastructure Co.		15,191		7,040	*
Cash paid – Ducommun Inc.		20,059	**		**

	As of March 31, 2019		As of March 31, 2018
	(In thousands)
Accounts receivable – Euro Infrastructure Co.	$	*	$	3,307
Collections in excess of revenues and deferred revenues – Euro Infrastructure Co.		4,703		3,246
Accounts payable – Ducommun Inc.	*			2,073