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 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 condensed 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 gain, net of tax, of approximately $2.9 million and $1.5 million for the three and six months ended September 30, 2020,

respectively, in accumulated other comprehensive income (loss). The Company recorded a foreign currency translation gain, net of tax, of approximately $1.7 million and a loss of an insignificant amount for the three and six months ended September 30, 2019, 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. for the three and six months ended June 30, 2020 in its condensed consolidated financial statements for the three and six months ended September 30, 2020, respectively, and the Company included its share of the results of Euro Infrastructure Co. for the three and six months ended June 30, 2019 in its condensed consolidated financial statements for the three and six months ended September 30, 2019, respectively. 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 September 30, 2020 and March 31, 2020 is summarized as follows:

	As of September 30, 2020			As of March 31, 2020
	(In thousands)
Carrying value of investment in Euro Infrastructure Co.	$	162,168		$	160,204
Less: proportionate share of net assets of Euro Infrastructure Co.		146,428			144,769
Excess carrying value of investment over proportionate share of net assets	$	15,740		$	15,435
The excess carrying value has been primarily assigned to:
Goodwill	$	22,042		$	21,777
Identifiable intangible assets		8,125			8,799
Tangible assets		(15,422	)		(16,142	)
Deferred income taxes		995			1,001
	$	15,740		$	15,435

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 (loss) income on its investment in Euro Infrastructure Co. was loss of an insignificant amount and income of an insignificant amount for the three and six months ended September 30, 2020, respectively, and income of $1.2 million and $2.5 million for the three and six months ended September 30, 2019, respectively, consisting of the Company’s share of equity in Euro Infrastructure Co.’s (loss) income, including amortization of the difference in the historical basis of the Company’s contribution.

Since acquiring its interest in Euro Infrastructure Co., the Company has recorded $10.7 million in retained earnings of undistributed cumulative earnings in equity interests, net of tax, as of September 30, 2020.

Transactions with the equity method investee are considered related-party transactions. The following tables set forth the material related-party transactions entered into between Euro Infrastructure Co. and its subsidiaries, 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:

	Three Months Ended				Six Months Ended
	September 30, 2020		September 30, 2019		September 30, 2020		September 30, 2019
	(In thousands)
Revenue – Euro Infrastructure Co.	$	*	$	4,599	$	1,424	$	8,352
Expense – Euro Infrastructure Co.		4,004		5,708		8,168		8,905
Cash received – Euro Infrastructure Co.		4,820		1,490		8,222		2,352
Cash paid – Euro Infrastructure Co.		4,886		4,462		13,080		7,456

	As of September 30, 2020		As of March 31, 2020
	(In thousands)
Collections in excess of revenues and deferred revenues – Euro Infrastructure Co.	$	12,630	$	5,832
Accounts payable – Euro Infrastructure Co.	*			5,446