The carrying amount of goodwill as of March 31, 2021 and 2020 was $78.6 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 goodwill activity is 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.

			March 31, 2021							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		14.6	$	27,000	$	(750	)	$	26,250		—		—		—

Indefinite-lived intangible assets
In-process research and development				15,900		—			15,900		14,913		—		14,913
Total			$	42,900	$	(750	)	$	42,150	$	14,913		—	$	14,913

The Company’s finite-lived intangible asset represents developed technology associated with 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, 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 the other intangible 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 other intangible assets. The change in the indefinite-lived intangible assets balance for the fiscal year ended March 31, 2021 was related to foreign currency translation impact.