Goodwill and Intangible Assets

3 Months Ended

Jun. 30, 2020

Goodwill and Intangible Assets

Goodwill and Intangible Assets

(10) Goodwill and Intangible Assets

Goodwill:

The Company has one operating segment. The following are details of the changes in goodwill balances at:

	June 30, 2020		March 31, 2020
Beginning balance	$	296,493	$	279,543
Goodwill arising from acquisitions		—		27,316
Purchase price adjustment		(4,526)		—
Foreign currency translation adjustments		(224)		(10,366)
Ending balance	$	291,743	$	296,493

The acquisition costs and goodwill balance deductible for our business acquisitions for tax purposes are $284,020. The acquisition costs and goodwill balance not deductible for tax purposes are $20,627, primarily related to the Company’s TradeTech acquisition (closed on January 2, 2014), and the eTouch India acquisition.

Intangible Assets:

The following are details of the Company’s intangible asset carrying amounts acquired and amortization at:

	June 30, 2020
	Weighted	Gross				Net
	Average Useful Life	Carrying		Accumulated		Carrying
	at Acquisition	Amount		Amortization		Amount
Amortizable intangible assets:
Customer relationships	10.6	$	176,645	$	50,839	$	125,806
Trademark	2.0		900		900		—
Technology	5.0		500		500		—
Other	5.0		1,214		253		961
	10.5	$	179,259	$	52,492	$	126,767

	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

The intangible assets are being amortized based upon the pattern in which the economic benefits of the intangible assets are being utilized.

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. As of June 30, 2020, the Company paid $4,922 towards earn-out consideration based on achievement of revenue targets. The remaining probable and estimable value of the contingent consideration as of June 30, 2020 is $2,579.