Goodwill and Other Intangible Assets

12 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets

The carrying amount of goodwill for all reporting segments as of March 31, 2023, 2022 and 2021 is as follows:

	US-LAM		Canada		EMEA		APAC		Total
Balance as of March 31, 2021	$	62,725	$	121,550	$	20,139	$	8,624	$	213,038
Foreign currency translation impact	—		768		(1,052)		—		(284)
Balance as of March 31, 2022	$	62,725	$	122,318	$	19,087	$	8,624	$	212,754
Goodwill acquired(1)	18,620		—		—		—		18,620
Foreign currency translation impact	—		(9,373)		(408)		(1,981)		(11,762)
Balance as of March 31, 2023	$	81,345	$	112,945	$	18,679	$	6,643	$	219,612

(1) - Refer to Note 2, "Acquisition" for more information.

    Our total intangible assets at March 31, 2023, and 2022 consisted of the following:

	Gross Carrying Amount at March 31, 2023		Accumulated Amortization		Net Carrying Amount at March 31, 2023		Gross Carrying Amount at March 31, 2022		Accumulated Amortization		Net Carrying Amount at March 31, 2022
Products	$	61,560	$	(33,344)	$	28,216	$	66,669	$	(29,445)	$	37,224
Trademarks	47,427		(2,031)		45,396		45,222		(1,517)		43,705
Developed technology	14,862		(6,520)		8,342		9,946		(5,933)		4,013
Customer relationships	113,259		(102,743)		10,516		113,413		(103,900)		9,513
Certifications	441		—		441		453		—		453
Other	1,280		(221)		1,059		—		—		—
Total	$	238,829	$	(144,859)	$	93,970	$	235,703	$	(140,795)	$	94,908

Products intangible assets have an estimated useful life of 10 years. Some trademarks and certifications have indefinite lives and some have useful lives of 8 years to 10 years. Developed technology have estimated useful lives of 16 years to 20 years. Customer relationships intangibles have useful lives of 8 years to 17 years. The other category of intangibles has an estimated useful life of 5 years. The weighted average useful life for the definite-lived intangibles is 13 years.

Intangible assets held in non-U.S. entities are valued in foreign currencies; accordingly, changes in indefinite life intangible assets, such as certifications, at March 31, 2023 and 2022 were the result of foreign currency translation adjustments. Foreign currency translation adjustments also impacted finite life intangible assets held in non-U.S. entities.

The Company recorded amortization expense of $9,447, $8,790, and $9,445 in fiscal 2023, 2022 and 2021, respectively for intangible assets. Annual amortization of intangible assets for the next five fiscal years and thereafter will approximate the following:

2024	$	8,849
2025	8,524
2026	8,524
2027	8,524
2028	5,746
Thereafter	11,152
Total	$	51,319