Thermon Group Holdings, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Goodwill

Goodwill

9 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Goodwill

The carrying amount of goodwill by operating segment as of December 31, 2019 is as follows:



	United States and Latin America		Canada		Europe, Middle East and Africa			Asia-Pacific		Total
Balance as of March 31, 2019	$	62,725	$	114,382	$	19,264		$	8,624	$	204,995
Foreign currency translation impact	—		3,302		(4		)	—		3,298
Balance as of December 31, 2019	$	62,725	$	117,684	$	19,260		$	8,624	$	208,293

Goodwill is tested for impairment on an annual basis and between annual tests if indicators of potential impairment exist. We perform a qualitative analysis to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. If required, we also perform a quantitative analysis using the income approach, based on discounted future cash flows, which are derived from internal forecasts and economic expectations, and the market approach based on market multiples of guideline public companies. The most significant inputs in the Company's quantitative goodwill impairment tests are projected financial information, the weighted average cost of capital and market multiples for similar transactions. Our annual impairment test is performed during the fourth quarter of our fiscal year. No triggering events were identified during the nine month period ended December 31, 2019 which indicated the fair value of any of our reporting units was less than its carrying amount.

Our total intangible assets consisted of the following:



	Gross Carrying Amount at December 31, 2019		Accumulated Amortization		Net Carrying Amount at December 31, 2019		Gross Carrying Amount at March 31, 2019		Accumulated Amortization		Net Carrying Amount at March 31, 2019
Products	$	64,141	$	13,898	$	50,243	$	62,343	$	8,832	$	53,511
Trademarks	45,190		1,263		43,927		44,819		1,052		43,767
Developed technology	9,847		4,778		5,069		9,854		4,464		5,390
Customer relationships	109,320		93,598		15,722		110,802		87,319		23,483
Certifications	448		—		448		445		—		445
Other	—		—		—		5,742		5,742		—
Total	$	228,946	$	113,537	$	115,409	$	234,005	$	107,409	$	126,596