Annual report pursuant to Section 13 and 15(d)

Goodwill and Other Intangible Assets

v3.23.1
Goodwill and Other Intangible Assets
 12 Months Ended
Mar. 31, 2023
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, 2023, 2022 and 2021 is as follows:
US-LAM Canada EMEA APAC Total
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 
Goodwill acquired(1)
18,620  —  —  —  18,620 
Foreign currency translation impact —  (9,373) (408) (1,981) (11,762)
Balance as of March 31, 2023 $ 81,345  $ 112,945  $ 18,679  $ 6,643  $ 219,612 
(1) - Refer to Note 2, "Acquisition" for more information.
    Our total intangible assets at March 31, 2023, and 2022 consisted of the following:
Gross Carrying Amount at March 31, 2023 Accumulated Amortization Net Carrying Amount at March 31, 2023 Gross Carrying Amount at March 31, 2022 Accumulated Amortization Net Carrying Amount at March 31, 2022
Products $ 61,560  $ (33,344) $ 28,216  $ 66,669  $ (29,445) $ 37,224 
Trademarks 47,427  (2,031) 45,396  45,222  (1,517) 43,705 
Developed technology 14,862  (6,520) 8,342  9,946  (5,933) 4,013 
Customer relationships 113,259  (102,743) 10,516  113,413  (103,900) 9,513 
Certifications 441  —  441  453  —  453 
Other 1,280  (221) 1,059  —  —  — 
Total $ 238,829  $ (144,859) $ 93,970  $ 235,703  $ (140,795) $ 94,908 
Products intangible assets have an estimated useful life of 10 years. Some trademarks and certifications have indefinite lives and some have useful lives of 8 years to 10 years. Developed technology have estimated useful lives of 16 years to 20 years. Customer relationships intangibles have useful lives of 8 years to 17 years. The other category of intangibles has an estimated useful life of 5 years. The weighted average useful life for the definite-lived intangibles is 13 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, 2023 and 2022 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 $9,447, $8,790, and $9,445 in fiscal 2023, 2022 and 2021, respectively for intangible assets. Annual amortization of intangible assets for the next five fiscal years and thereafter will approximate the following:
2024 $ 8,849 
2025 8,524 
2026 8,524 
2027 8,524 
2028 5,746 
Thereafter 11,152 
Total $ 51,319