Goodwill and Other Intangibles Goodwill and Other Intangibles

3 Months Ended

Jun. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets Disclosure [Text Block]

GOODWILL AND OTHER INTANGIBLES

The Company's changes in goodwill at June 30, 2020 and 2019 consisted of the following:

(in thousands)	Three Months Ended June 30,
	2020		2019
Balance at beginning of year	$	126,826	$	97,907
Foreign currency translation adjustment	36		42
Balance at end of period	$	126,862	$	97,949

The Company's intangible assets primarily consist of capitalized customer-related intangibles, trade names, proprietary developed technology and noncompetition agreements. The Company's intangible assets subject to amortization consisted of the following at June 30, 2020 and 2019:

(in thousands, except useful life)		June 30,
		2020							2019
	Useful Life	Gross Carrying Value		Accumulated Amortization			Net Carrying Value		Gross Carrying Value		Accumulated Amortization			Net Carrying Value
Customer relationships(1)	13	$	9,500	$	(365	)	$	9,135	$	—	$	—		$	—
Trade names(1)	5	3,300		(330		)	2,970		—		—			—
Developed technology(1)	3	4,800		(800		)	4,000		—		—			—
Noncompetition agreements(1)	5	1,000		(100		)	900		—		—			—
Other	5	734		(625		)	109		774		(694		)	80
Total intangible assets		$	19,334	$	(2,220	)	$	17,114	$	774	$	(694	)	$	80

(1) On January 1, 2020 the Company acquired 100% of the capital stock of FruitSmart, an independent specialty fruit and vegetable ingredient processor serving global markets, for approximately $80.0 million in cash and up to $25.0 million of contingent consideration payments. The FruitSmart acquisition resulted in $28.9 million of goodwill and $18.6 million intangibles. See Note 3 for additional information.

Intangible assets are amortized on a straight-line basis over the asset's estimated useful economic life as noted above.

Amortization expense for intangible assets was approximately $0.8 million and less than $0.1 million for the three months ended June 30, 2020 and 2019, respectively. Amortization expense for the developed technology intangible asset is recorded in cost of goods sold in the consolidated income statements of income. The amortization expense for the other intangible assets is recorded in selling, general, and administrative expenses in the consolidated income statements of income.

As of June 30, 2020, the expected future amortization expense for intangible assets is as follows:

Fiscal Year
2021	$	2,443
2022	3,250
2023	2,791
2024	1,591
2025 and thereafter	7,039
Total expected future amortization expense	$	17,114