Annual report pursuant to Section 13 and 15(d)

Goodwill and Other Intangible Assets

v3.22.1
Goodwill and Other Intangible Assets
 12 Months Ended
Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets
The carrying amount of goodwill for all reporting segments as of March 31, 2022, 2021 and 2020 is as follows:
US-LAM Canada EMEA APAC Total
Balance as of March 31, 2020 $ 62,725  $ 107,739  $ 18,890  $ 8,624  $ 197,978 
Foreign currency translation impact —  13,811  1,249  —  15,060 
Balance as of March 31, 2021 $ 62,725  $ 121,550  $ 20,139  $ 8,624  $ 213,038 
Foreign currency translation impact —  768  (1,052) —  (284)
Balance as of March 31, 2022 $ 62,725  $ 122,318  $ 19,087  $ 8,624  $ 212,754 
    In the fourth quarter of fiscal 2022, we performed our annual goodwill and intangible assessments including our indefinite life trademarks using the qualitative assessment approach. Based on the goodwill impairment assessment, it was not more likely than not that the carrying value exceeded the estimated fair value of our reporting units. There was no impairment of goodwill, intangible assets as of the respective reporting periods. If the overall economic conditions in our key end markets, or other factors specific to the Company change, it could negatively impact the Company's future impairment tests. We will continue to monitor our reporting unit's goodwill and asset valuations and test for potential impairments until the overall market conditions improve.
    Our total intangible assets at March 31, 2022, and 2021 consisted of the following:
Gross Carrying Amount at March 31, 2022 Accumulated Amortization Net Carrying Amount at March 31, 2022 Gross Carrying Amount at March 31, 2021 Accumulated Amortization Net Carrying Amount at March 31, 2021
Products $ 66,669  $ (29,445) $ 37,224  $ 66,250  $ (22,635) $ 43,615 
Trademarks 45,222  (1,517) 43,705  45,581  (1,289) 44,292 
Developed technology 9,946  (5,933) 4,013  10,028  (5,486) 4,542 
Customer relationships 113,413  (103,900) 9,513  113,789  (102,911) 10,878 
Certifications 453  —  453  457  —  457 
Total $ 235,703  $ (140,795) $ 94,908  $ 236,105  $ (132,321) $ 103,784 
Generally, trademarks and certifications have indefinite lives, except for one trademark in the U.S. With a gross carrying amount of $1,820, it has a useful life of 8 years. Developed technology and products have estimated lives of 20 years and 10 years, respectively. Customer relationships intangibles associated with THS, with a gross carrying amount of $11,510, have a useful life of 17 years. Customer relationships intangibles in the U.S., with a gross carrying amount of $5,962, have a useful life of 8 years. The weighted average useful life for the definite-lived intangibles is 12 years.
Intangible assets held in non-U.S. entities are valued in foreign currencies; accordingly, changes in indefinite life intangible assets, such as certifications, at March 31, 2022 and 2021 were the result of foreign currency translation adjustments. Foreign currency translation adjustments also impacted finite life intangible assets held in non-U.S. entities.
The Company recorded amortization expense of $8,790, $9,445, and $17,773 in fiscal 2022, 2021 and 2020, respectively for intangible assets. Annual amortization of intangible assets for the next five fiscal years and thereafter will approximate the following:
2023 $ 8,808 
2024 8,160 
2025 7,836 
2026 7,836 
2027 7,835 
Thereafter 10,578 
Total $ 51,053