GOODWILL AND OTHER INTANGIBLE ASSETS

9 Months Ended

Dec. 31, 2020

GOODWILL AND OTHER INTANGIBLE ASSETS [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS

6. GOODWILL AND OTHER INTANGIBLE ASSETS

GOODWILL

The following table summarizes the changes in the carrying amount of goodwill for the nine months ended December 31, 2020 (in thousands):

	Nine months ended December 31, 2020
	Goodwill		Accumulated Impairment Loss			Net Carrying Amount
Beginning balance	$	126,770	$	(8,673	)	$	118,097
Acquisitions		8,643		-			8,643
Foreign currency translations		205		-			205
Ending balance	$	135,618	$	(8,673	)	$	126,945

Goodwill represents the premium paid over the fair value of the net tangible and intangible assets that are individually identified and separately recognized in business combinations. Our entire balance as of December 31, 2020, and March 31, 2020, relates to our technology reportable segment, which we also determined to be one reporting unit. The carrying value of goodwill was $126.9 and $118.1 million as of December 31, 2020, and March 31, 2020, respectively. The increase in the balance during the nine months ended December 31, 2020, is due to our acquisition of certain assets and liabilities of Systems Management and Planning, Inc. (“SMP”), and changes in foreign currency translation of $0.2 million. Refer to Note 16, “Business Combinations” for details.

We test goodwill for impairment on an annual basis, as of the first day of our third fiscal quarter, and between annual tests if an event occurs, or circumstances change, that would more likely than not reduce the fair value of a reporting unit below its carrying value. In our annual test as of October 1, 2020, we performed a qualitative assessment of goodwill and concluded that, more likely than not, the fair value of our technology reporting unit continued to substantially exceed its carrying value.

During the fourth quarter of fiscal year 2020, we determined that the uncertainty associated with the economic environment stemming from the COVID-19 pandemic was a triggering event and we elected to perform a quantitative goodwill impairment test. We concluded that the fair value of our technology reporting unit substantially exceeded its carrying value as of March 31, 2020. Our conclusions would not be impacted by a ten percent change in our estimate of the fair value of the reporting unit.

OTHER INTANGIBLE ASSETS

Our other intangible assets consist of the following on December 31, 2020, and March 31, 2020 (in thousands):

	December 31, 2020							March 31, 2020
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Customer relationships & other intangibles	$	77,307	$	(39,371	)	$	37,936	$	63,006	$	(33,000	)	$	30,006
Capitalized software development		10,537		(6,845	)		3,692		10,385		(5,927	)		4,458
Total	$	87,844	$	(46,216	)	$	41,628	$	73,391	$	(38,927	)	$	34,464

Customer relationships and other intangibles are generally amortized between 5 to 10 years. Capitalized software development is generally amortized over 5 years.

Total amortization expense for other intangible assets was $2.3 million for the three months ended December 31, 2020 and $2.6 million for the three months ended December 31, 2019, and $7.3 million and $7.5 million for the nine months ended December 31, 2020, and 2019, respectively. The change in the gross carrying amount of other intangible asset is due to the addition of a customer relationship intangible asset of $14.3 million from our acquisition of SMP. Refer to Note 16, “Business Combinations” for details.