Goodwill and Intangible Assets

12 Months Ended

Mar. 31, 2020

Goodwill and Intangible Assets

Goodwill and Intangible Assets

(5) Goodwill and Intangible Assets

Goodwill:

The Company has one reportable segment at March 31, 2020 and 2019. The following are details of the changes in goodwill balance as of:

	March 31, 2020		March 31, 2019
Beginning balance	$	279,543	$	297,251
Goodwill arising from acquisitions		27,316		—
Purchase price adjustment		—		(7,407)
Foreign currency translation adjustments		(10,366)		(10,301)
Ending balance	$	296,493	$	279,543

The acquisition costs and goodwill balance deductible for our business acquisitions for tax purposes are $168,493. The acquisition costs and goodwill balance not deductible for tax purposes are $140,903 and relate to the Company’s TradeTech acquisition (closed on January 2, 2014), the Polaris acquisition and the eTouch acquisition.

Intangible Assets:

The following are details of the Company’s intangible asset carrying amounts acquired and amortization for the fiscal years ended March 31, 2020 and March 31, 2019:

	March 31, 2020
	Weighted	Gross				Net
	Average Useful Life	Carrying		Accumulated		Carrying
	at Acquisition	Amount		Amortization		Amount
Amortizable intangible assets:
Customer relationships	10.6	$	176,373	$	46,494	$	129,879
Trademark	2.0		900		900		—
Technology	5.0		500		500		—
Other	5.0		1,214		190		1,024
	10.5	$	178,987	$	48,084	$	130,903

	March 31, 2019
	Weighted	Gross				Net
	Average Useful Life	Carrying		Accumulated		Carrying
	at Acquisition	Amount		Amortization		Amount
Amortizable intangible assets:
Customer relationships	13.0	$	125,520	$	33,679	$	91,841
Trademark	2.0		900		431		469
Technology	5.0		500		370		130
	12.9	$	126,920	$	34,480	$	92,440

The Company’s amortization expense related to intangible assets acquired was $14,675, $11,394 and $10,089 for the fiscal years ended March 31, 2020, 2019 and 2018, respectively. The components included in the gross carrying amounts of amortization expense in the table above reflect the Company’s acquisitions during the fiscal year ended March 31, 2020 and the Company’s previous acquisitions. The intangible assets are being amortized on either a straight-line basis or using the most appropriate economic pattern of consumption over their estimated useful lives.

During the fiscal year ended March 31, 2020, the Company acquired certain assets of three consulting companies located in the United States, which were accounted as asset acquisitions and were not material to the Company. The purchase price was approximately $9,651 in cash and an additional earn-out consideration of up to $9,853 payable within one year based on achievement of certain revenue targets. During the fiscal year ended March 31, 2020, the Company paid $3,736 towards earn-out consideration based on achievement of revenue targets for the first measurement period. The remaining probable and estimable value of the contingent consideration as of March 31, 2020 is $3,994.

The estimated amortization expense related to the purchased intangible assets listed in the table above at March 31, 2020 is as follows for the following fiscal years:

Fiscal year	Amount
2021	$	18,292
2022		18,703
2023		18,744
2024		18,310
2025		16,158
Thereafter		40,696
Total	$	130,903