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Goodwill, Intangible Assets, and Cloud Computing Arrangements
6 Months Ended
Sep. 28, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill, Intangible Assets, and Cloud Computing Arrangements

5. Goodwill, Intangible Assets, and Cloud Computing Arrangements

Goodwill

Goodwill represents the excess of the cost of an acquired business over the fair value of the identifiable tangible and intangible assets acquired and liabilities assumed in a business combination. At both September 28, 2024 and March 30, 2024, the Company had goodwill of $358.0 million. Goodwill is allocated to reporting units included in the U.S. Factory-built Housing segment, which include the Company’s U.S. manufacturing and retail operations. At September 28, 2024, there were no accumulated impairment losses related to goodwill.

Intangible Assets

The components of amortizable intangible assets were as follows:

 

(Dollars in thousands)

 

September 28, 2024

 

 

March 30, 2024

 

 

 

Customer
Relationships
& Other

 

 

Trade
Names

 

 

Total

 

 

Customer
Relationships
& Other

 

 

Trade
Names

 

 

Total

 

Gross carrying amount

 

$

82,928

 

 

$

46,402

 

 

$

129,330

 

 

$

82,909

 

 

$

46,393

 

 

$

129,302

 

Accumulated amortization

 

 

(43,562

)

 

 

(15,277

)

 

 

(58,839

)

 

 

(39,825

)

 

 

(13,108

)

 

 

(52,933

)

Amortizable intangibles, net

 

$

39,366

 

 

$

31,125

 

 

$

70,491

 

 

$

43,084

 

 

$

33,285

 

 

$

76,369

 

 

During the three months ended September 28, 2024 and September 30, 2023, amortization of intangible assets was $3.0 million and $2.1 million, respectively. During the six months ended September 28, 2024 and September 30, 2023, amortization of intangible assets was $5.9 million and $5.0 million, respectively.

Cloud Computing Arrangements

The Company capitalizes costs associated with the development of cloud computing arrangements in a manner consistent with internally developed software. At September 28, 2024 and March 30, 2024, the Company had capitalized cloud computing costs, net of amortization of $25.0 million and $25.7 million, respectively. Cloud computing costs are included in other noncurrent assets in the accompanying Condensed Consolidated Balance Sheets. Amortization of capitalized cloud computing costs for the three months ended September 28, 2024 and September 30, 2023 was $0.5 million and $0.2 million, respectively. Amortization of capitalized cloud computing costs for the six months ended September 28, 2024 and September 30, 2023 was $0.7 million and $0.4 million, respectively.