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Goodwill and Other Intangible Assets
 12 Months Ended
Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets

Other Intangible Assets

Information regarding the Company’s other intangible assets are as follows:

 
 
March 31,
 
 
2020
 
2019
 
 
Gross
Amount
 
Accumulated
Amortization
 
Net
Amount
 
Gross
Amount
 
Accumulated
Amortization
 
Net
Amount
Indefinite-lived intangible assets:
 
 
 
 
 
 
 
 
 
 
 
 
Trademarks
 
$
147,356

 
$
(953
)
 
$
146,403

 
$
152,484

 
$
(953
)
 
$
151,531

Finite-lived intangible assets:
 
 
 
 
 
 
 
 
 
 
 
 
Customer relationships
 
292,155

 
(64,855
)
 
227,300

 
286,664

 
(42,704
)
 
243,960

Non-compete
 
3,021

 
(2,817
)
 
204

 
3,025

 
(2,807
)
 
218

Technology
 
96,047

 
(20,349
)
 
75,698

 
77,779

 
(12,229
)
 
65,550

Trademarks
 
8,008

 
(1,928
)
 
6,080

 
2,003

 
(1,236
)
 
767

Licenses
 
1,196

 
(1,196
)
 
—

 
1,477

 
(1,187
)
 
290

Total
 
$
547,783

 
$
(92,098
)
 
$
455,685

 
$
523,432

 
$
(61,116
)
 
$
462,316



The Company’s amortization expense related to finite-lived intangible assets was $31,013, $14,730, and $8,443, for the years ended March 31, 2020, 2019 and 2018, respectively. The expected amortization expense based on the finite-lived intangible assets as of March 31, 2020, is $32,659 in fiscal 2021, $32,420 in fiscal 2022, $31,122 in fiscal 2023, $27,725 in fiscal 2024 and $26,494 in fiscal 2025.

Goodwill

The changes in the carrying amount of goodwill by reportable segment are as follows:

 
 
Fiscal year ended March 31, 2020
 
 
Americas
 
EMEA
 
Asia
 
Total
Balance at beginning of year
 
$
470,194

 
$
143,269

 
$
42,936

 
$
656,399

Acquisitions during the year
 
72,056

 
1,732

 
—

 
73,788

Measurement period adjustments
 
(1,390
)
 
—

 
—

 
(1,390
)
Goodwill impairment charge
 
—

 
—

 
(39,713
)
 
(39,713
)
Foreign currency translation adjustment
 
(16,704
)
 
(5,221
)
 
(3,223
)
 
(25,148
)
Balance at end of year
 
$
524,156

 
$
139,780

 
$
—

 
$
663,936


 
 
Fiscal year ended March 31, 2019
 
 
Americas
 
EMEA
 
Asia
 
Total
Balance at beginning of year
 
$
151,255

 
$
155,825

 
$
45,725

 
$
352,805

Acquisitions during the year
 
320,618

 
—

 
—

 
320,618

Foreign currency translation adjustment
 
(1,679
)
 
(12,556
)
 
(2,789
)
 
(17,024
)
Balance at end of year
 
$
470,194

 
$
143,269

 
$
42,936

 
$
656,399



A reconciliation of goodwill and accumulated goodwill impairment losses, by reportable segment, is as follows:

 
 
March 31, 2020
 
 
Americas
 
EMEA
 
Asia
 
Total
Gross carrying value
 
$
582,001

 
$
145,933

 
$
44,892

 
$
772,826

Accumulated goodwill impairment charges
 
(57,845
)
 
(6,153
)
 
(44,892
)
 
(108,890
)
Net book value
 
$
524,156

 
$
139,780

 
$
—

 
$
663,936


 
 
March 31, 2019
 
 
Americas
 
EMEA
 
Asia
 
Total
Gross carrying value
 
$
528,039

 
$
149,422

 
$
48,115

 
$
725,576

Accumulated goodwill impairment charges
 
(57,845
)
 
(6,153
)
 
(5,179
)
 
(69,177
)
Net book value
 
$
470,194

 
$
143,269

 
$
42,936

 
$
656,399



Impairment of goodwill, finite and indefinite-lived intangibles

Goodwill is tested annually for impairment during the fourth quarter or earlier upon the occurrence of certain events or substantive changes in circumstances that indicate goodwill is more likely than not impaired.

In the fourth quarter of fiscal 2020, the Company conducted its annual goodwill impairment test which indicated that the fair value of Asia was less than its carrying value. The Company recorded a non-cash charge of $39,713 related to goodwill impairment in Asia under the caption “Impairment of goodwill” in the Consolidated Statements of Income. The Company also recorded a non-cash charge of $4,549 related to impairment of indefinite-lived trademarks in EMEA under the caption “Impairment of indefinite-lived intangibles” in the Consolidated Statements of Income. The key factors contributing to the impairment in Asia was the increasing pressure on organic sales growth that the Company began to experience in fiscal 2019 due to a slowdown in telecom spending in the PRC amidst growing trade tensions between the U.S.A and China. The impact of these trade tensions on the Company's ability to capture market share in PRC accelerated in the second half of the fiscal year. Throughout fiscal 2020, there was a general slowdown in the Chinese economy which was further exacerbated by the outbreak of the COVID -19 pandemic, causing disruption to two of the Company's plants in China in the fourth quarter. Also contributing to the poor performance of the Asia region was a general softening of demand in Australia, that began in fiscal 2019 and continued throughout fiscal 2020. The Company monitored the performance of its Asia reporting unit for interim impairment indicators throughout fiscal 2020, but the emergence of COVID-19 in China in December 2019 coupled with the totality of economic headwinds in the region resulted in the recognition of a goodwill impairment loss in connection with our annual impairment test.

During the fourth quarter of fiscal 2020, management completed its evaluation of key inputs used to estimate the fair value of its indefinite-lived trademarks and determined that an impairment charge relating to two of its trademarks in EMEA, that were acquired through legacy acquisitions was appropriate, as it plans to phase out these trademarks.

The Company did not record any impairment relating to its goodwill and intangible assets during fiscal 2019 and 2018.

The Company estimated tax-deductible goodwill to be approximately $120,708 and $58,699 as of March 31, 2020 and 2019, respectively.