In March 2017, the Company acquired a 49% interest in EBI for $139.5 million as part of the consummation of the Company’s strategic partnering arrangement with Eutelsat. On April 30, 2021, EBI became a consolidated subsidiary when the Company purchased the remaining 51% interest in EBI from Eutelsat (see Note 12 — Acquisitions — EBI for more information).

Prior to the purchase of the remaining 51% interest on April 30, 2021, the Company’s investment in EBI was accounted for under the equity method and the total investment including basis difference allocated to tangible assets, identifiable intangible assets, deferred income taxes and goodwill, was classified as a single line item, as an investment in unconsolidated affiliate, in the Company’s condensed consolidated balance sheets. Because the underlying net assets in EBI and the related excess carrying value of investment over the proportionate share of net assets was denominated in Euros, foreign currency translation gains or losses impacted the recorded value of the Company’s investment. Prior to the purchase, the Company’s investment in EBI was presented at cost of investment plus its accumulated proportional share of income or loss, including amortization of the difference in the historical basis of the Company’s contribution, less any distributions it has received.

The difference between the Company’s carrying value of its investment in EBI and its proportionate share of the net assets of EBI as of March 31, 2021 is summarized as follows:


	As of March 31, 2021

Carrying value of investment in EBI	$	176,938
Less: proportionate share of net assets of Euro Infrastructure Co.		159,394
Excess carrying value of investment over proportionate share of net assets	$	17,544
The excess carrying value has been primarily assigned to:
Goodwill	$	23,978
Identifiable intangible assets		8,332
Tangible assets		(15,781	)
Deferred income taxes		1,015
	$	17,544

As of March 31, 2021, the identifiable intangible assets had useful lives of up to 11 years and a weighted average useful life of approximately ten years, and tangible assets had useful lives of up to 11 years and a weighted average useful life of approximately 11 years. Goodwill is not deductible for tax purposes.

The Company’s share of earnings on its investment in EBI was none and an insignificant amount for the three and nine months ended December 31, 2021, respectively, and an insignificant amount for both the three and nine months ended December 31, 2020, consisting of the Company’s share of equity in EBI’s income (loss), including amortization of the difference in the historical basis of the Company’s contribution. Prior to the purchase of the remaining 51% interest on April 30, 2021, the Company recorded its proportionate share of the results of EBI, and any related basis difference amortization expense, within equity in income of unconsolidated affiliate, net, one quarter in arrears. Subsequent to April

30, 2021, the results of EBI have been included within the consolidated results of the Company and will no longer be recorded in arrears with no material impact.

Since acquiring its initial interest in EBI through the purchase date, the Company recorded $10.4 million in retained earnings of undistributed cumulative earnings in equity interests, net of tax, as of April 30, 2021.

Transactions with the equity method investee are considered related-party transactions. In the first quarter of fiscal year 2022, the Company acquired the remaining 51% interest in its former equity method investee, EBI. Refer to Note 12 — Acquisitions — EBI for further information. The following tables set forth the material related-party transactions entered into between EBI and its subsidiaries, on the one hand, and the Company and its subsidiaries, on the other hand, in the ordinary course of business for the time periods presented:


	Three Months Ended		Nine Months Ended
	December 31, 2020		December 31, 2020
	(In thousands)
Revenue – EBI	$	8,319	$	9,743
Expense – EBI		4,163		12,331
Cash received – EBI		1,773		9,995
Cash paid – EBI		7,867		20,947


	As of March 31, 2021

Collections in excess of revenues and deferred revenues – EBI	$	6,013

* Amount was insignificant.