Goodwill and Other Intangibles Goodwill and Other Intangibles

9 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets Disclosure [Text Block]

GOODWILL AND OTHER INTANGIBLES

The Company's changes in goodwill at December 31, 2024 and 2023 consisted of the following:

(in thousands of dollars)	Nine Months Ended December 31,
	2024		2023
Balance at beginning of fiscal year	$	213,869	$	213,922
Foreign currency translation adjustment	(50)		(31)
Balance at end of period	$	213,819	$	213,891

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 December 31, 2024 and 2023 and at March 31, 2024:

(in thousands, except useful life)				December 31, 2024
	Useful Life (years)			Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Customer relationships	11	—	13	$	86,500	$	(31,222)	$	55,278
Trade names		5		11,100		(9,930)		1,170
Developed technology		13		9,300		(5,925)		3,375
Noncompetition agreements	4	—	5	4,000		(3,437)		563
Other		5		772		(714)		58
Total intangible assets				$	111,672	$	(51,228)	$	60,444

				December 31, 2023
	Useful Life (years)			Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Customer relationships	11	—	13	$	86,500	$	(23,491)	$	63,009
Trade names		5		11,100		(7,710)		3,390
Developed technology		13		9,300		(5,579)		3,721
Noncompetition agreements	4	—	5	4,000		(2,488)		1,512
Other		5		792		(727)		65
Total intangible assets				$	111,692	$	(39,995)	$	71,697

				March 31, 2024
	Useful Life (years)			Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Customer relationships	11	—	13	$	86,500	$	(25,424)	$	61,076
Trade names		5		11,100		(8,265)		2,835
Developed technology		13		9,300		(5,665)		3,635
Noncompetition agreements	4	—	5	4,000		(2,725)		1,275
Other		5		782		(720)		62
Total intangible assets				$	111,682	$	(42,799)	$	68,883

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

The Company's amortization expense for intangible assets for the three and nine months ended December 31, 2024 and 2023 was:

(in thousands of dollars)	Three Months Ended December 31,				Nine Months Ended December 31,
	2024		2023		2024		2023
Amortization Expense	$	2,765	$	2,862	$	8,429	$	8,475

Amortization expense for the developed technology intangible asset is recorded in cost of goods sold in the consolidated statements of income. The amortization expense for other intangible assets is recorded in selling, general, and administrative expenses in the consolidated statements of income.

As of December 31, 2024, the expected future amortization expense for intangible assets is as follows:

Fiscal Year (in thousands of dollars)
2025 (excluding the nine months ended December 31, 2024)	$	2,608
2026	9,279
2027	8,077
2028	8,077
2029 and thereafter	32,403
Total expected future amortization expense	$	60,444