The carrying amount of goodwill at December 31, 2020 and March 31, 2020 was $79.7 million and $32.0 million, respectively, and has been recorded in connection with the Company’s acquisition of Impella Cardiosystems AG, in May 2005, ECP in July 2014 and Breethe in April 2020. The carrying value of goodwill and the change in the balance for the nine months ended December 31, 2020 are as follows:

The Company evaluates goodwill at least annually on October 31, as well as whenever events or changes in circumstances suggest that the carrying amount may not be recoverable. The Company has no accumulated impairment losses on goodwill.

			December 31, 2020							March 31, 2020
	Weighted Average Useful Life (in years)		Cost		Accumulated Amortization			Net Carrying Value		Cost		Accumulated Amortization		Net Carrying Value
			(in $000's)
Finite-lived intangible assets
Developed technology		14.8	$	27,000	$	(300	)	$	26,700		—		—		—

Indefinite-lived intangible assets
In-process research and development				16,627		—			16,627		14,913		—		14,913
Total			$	43,627	$	(300	)	$	43,327	$	14,913		—	$	14,913

The Company’s developed technology represents the estimated fair value of the OXY-1 System. Upon receiving FDA 510(k) clearance of the OXY-1 System in October 2020, the Company reclassified the IPR&D asset of $27.0 million during the quarter ended December 31, 2020 from the acquisition of Breethe (see Note 3) to finite-lived developed technology intangible assets and began amortizing the intangible asset on a straight-line basis over an estimated useful life of 15 years. The estimated fair value of developed technology was determined using a probability-weighted income approach, which discounts expected future cash flows to present value. The projected cash flow estimates for the OXY-1 System were based on certain key assumptions, including estimates of future revenue and expenses, taking into account the stage of development of the technology at the acquisition date and the time and resources needed to complete development.

The Company’s IPR&D assets represents the estimated fair value of the Impella ECP^TM related to the acquisition of ECP and AIS, in July 2014. The estimated fair value of the IPR&D assets at the acquisition date was determined using a probability-weighted income approach, which discounts expected future cash flows to present value. The projected cash flow estimates for the future Impella ECP^TM expandable catheter pump were based on certain key assumptions, including estimates of future revenue and expenses, taking into account the stage of development of the technology at the acquisition date and the time and resources needed to complete development.

The Company evaluates indefinite lived IPR&D assets at least annually on October 31, as well as whenever events or changes in circumstances suggest that the carrying amount may not be recoverable. The Company has no accumulated impairment losses on IPR&D assets. The change in the IPR&D balance for the nine months ended December 31, 2020 was related to foreign currency translation impact.