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Other Assets
9 Months Ended
Dec. 31, 2020
Other Assets [Abstract]  
Other Assets

Note 9. Other Assets

The components of other assets are as follows:

 

 

 

December 31, 2020

 

 

 

 

March 31, 2020

 

 

 

(in $000's)

 

Investment in Shockwave Medical

 

$

30,779

 

 

 

 

$

55,704

 

Other investments

 

 

62,995

 

 

 

 

 

38,741

 

Operating lease right of use asset (Note 10)

 

 

10,399

 

 

 

 

 

11,760

 

Cross currency swap (Note 6)

 

 

 

 

 

 

 

3,786

 

Other

 

 

5,640

 

 

 

 

 

7,664

 

   Total other assets

 

$

109,813

 

 

 

 

$

117,655

 

 

Investment in Shockwave Medical

The fair value of the Company’s investment in Shockwave Medical, a publicly traded medical device company, was $30.8 million and $55.7 million as of December 31, 2020 and March 31, 2020, respectively. During the three and nine months ended December 31, 2020, amounts recorded in other income, net, were gains of $6.2 million and $32.3 million, net of tax, respectively. During the three and nine months ended December 31, 2019, amounts recorded in other income, net, were gains of $17.8 million and $13.3 million, net of tax, respectively. The Company held 0.3 million shares of Shockwave Medical at December 31, 2020.

Other Investments  

The carrying value of the Company’s portfolio of other investments and the change in the balance for the three and nine months ended December 31, 2020 and 2019 are as follows:

 

 

 

For the Three Months Ended December 31,

 

 

For the Nine Months Ended December 31,

 

 

 

 

 

2020

 

 

 

2019

 

 

 

2020

 

 

 

2019

 

 

 

 

(in $000's)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

39,041

 

 

$

31,584

 

 

 

38,741

 

 

 

24,584

 

 

Additions

 

 

23,004

 

 

 

12,600

 

 

 

26,104

 

 

 

19,600

 

 

Reclassification

 

 

 

 

 

 

 

 

(2,000

)

 

 

 

 

Impairment

 

 

 

 

 

(750

)

 

 

(800

)

 

 

(750

)

 

Change in fair value

 

 

950

 

 

 

 

 

 

950

 

 

 

 

 

Ending balance

 

$

62,995

 

 

$

43,434

 

 

$

62,995

 

 

$

43,434

 

 

 

During the three and nine months ended December 31, 2020, the Company made additional investments of $23.0 million and $26.1 million, respectively, in private medical device companies. The Company also recorded impairment losses of $0 and $0.8 million in other income, net relating to certain of the Company’s investments in other private medical device companies.

Other

Included within other is $3.6 million related to license manufacturing rights to certain technology from third parties which are amortized over a useful life of 15 years.