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 Company conducts its impairment analysis of goodwill annually at December 31 or more frequently if changes in facts and circumstances indicate that it is more likely than not that the fair value of the Company’s reporting unit may be less than its carrying amount. The Company conducted its annual impairment analysis of goodwill as of December 31, 2023 by performing a qualitative assessment and concluded that it was more likely than not that the fair value of its reporting unit exceeded its carrying amount. In assessing the qualitative factors, the Company considered the impact of change in industry and competitive environment, the Company's market capitalization and budgeted-to-actual revenue performance for the twelve months ended December 31, 2023. There have been no triggering events identified affecting the valuation of goodwill subsequent to the annual impairment test.

The following table summarizes the activities in the Company's goodwill balance (in thousands):

	Years Ended March 31,
	2024		2023
Beginning of the period	$	454,610	$	448,175
Acquisitions	8,156		7,976
Effects of foreign currency translation	(788)		(1,541)
End of the period	$	461,978	$	454,610

The Company's acquired intangible assets were as follows (in thousands):

	March 31,
	2024						2023
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Trademarks and trade names	$	32,390	$	(25,739)	$	6,651	$	36,790	$	(26,774)	$	10,016
Developed technology	107,421		(86,855)		20,566		121,730		(94,792)		26,938
Customer contracts/relationships	69,087		(51,061)		18,026		71,110		(47,688)		23,422
In-process R&D	—		—		—		3,526		—		3,526
Effects of foreign currency translation	(1,019)		379		(640)		(1,021)		292		(729)
Total	$	207,879	$	(163,276)	$	44,603	$	232,135	$	(168,962)	$	63,173

For fiscal years 2024, 2023 and 2022, amortization expense for intangible assets was $21.7 million, $24.4 million and $30.2 million, respectively. The Company expects that annual amortization expense for fiscal years 2025, 2026, 2027, 2028 and 2029 will be $19.8 million, $12.9 million, $5.7 million, $4.1 million and $1.8 million, respectively, and $0.3 million thereafter.