Annual report pursuant to Section 13 and 15(d)

Goodwill and Other Intangible Assets

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Goodwill and Other Intangible Assets
 12 Months Ended
Mar. 31, 2024
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, 2024, 2023 and 2022 is as follows:
US-LAM Canada EMEA APAC Total
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 
Goodwill acquired(1)
51,750  —  —  —  51,750 
Foreign currency translation impact —  (99) (147) (330) (576)
Balance as of March 31, 2024 $ 133,095  $ 112,846  $ 18,532  $ 6,313  $ 270,786 
(1) - Refer to Note 2, "Acquisitions" for more information.
    Our total intangible assets at March 31, 2024, and 2023 consisted of the following:
Gross Carrying Amount at March 31, 2024 Accumulated Amortization Net Carrying Amount at March 31, 2024 Gross Carrying Amount at March 31, 2023 Accumulated Amortization Net Carrying Amount at March 31, 2023
Products $ 61,505  $ (39,466) $ 22,039  $ 61,560  $ (33,344) $ 28,216 
Trademarks 54,158  (2,650) 51,508  47,427  (2,031) 45,396 
Developed technology 28,288  (7,372) 20,916  14,862  (6,520) 8,342 
Customer relationships 136,088  (104,699) 31,389  113,259  (102,743) 10,516 
Certifications 429  —  429  441  —  441 
Other 1,280  (469) 811  1,280  (221) 1,059 
Total $ 281,748  $ (154,656) $ 127,092  $ 238,829  $ (144,859) $ 93,970 
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 15 years to 20 years. Customer relationships intangibles have useful lives of 2 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, 2024 and 2023 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 $10,158, $9,447, and $8,790 in fiscal 2024, 2023 and 2022, respectively for intangible assets. Annual amortization of intangible assets for the next five fiscal years and thereafter will approximate the following:
2025 $ 13,658 
2026 13,107 
2027 11,454 
2028 8,679 
2029 5,048 
Thereafter 33,730 
Total $ 85,676