In March 2017, the Company acquired a 49% interest in Euro Broadband Infrastructure Sàrl (Euro Infrastructure Co.) for $139.5 million as part of the consummation of the Company’s strategic partnering arrangement with Eutelsat. The Company’s investment in Euro Infrastructure Co. is 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, is classified as a single line item, as an investment in unconsolidated affiliate, on the Company’s condensed consolidated balance sheets. Because the underlying net assets in Euro Infrastructure Co. and the related excess carrying value of investment over the proportionate share of net assets are denominated in Euros, foreign currency translation gains or losses impact the recorded value of the Company’s investment. The Company recorded foreign currency translation losses, net of tax, of approximately $4.2 million and $5.0 million for the three and nine months ended December 31, 2019, respectively, in accumulated other comprehensive income (loss). The Company recorded foreign currency translation losses, net of tax, of an insignificant amount and $3.8 million for the three and nine months ended December 31, 2018, respectively, in accumulated other comprehensive income (loss). The Company records its proportionate share of the results of Euro Infrastructure Co., and any related basis difference amortization expense, within equity in income (loss) of unconsolidated affiliate, net, one quarter in arrears. Accordingly, the Company included its share of the results of Euro Infrastructure Co. for the three and nine months ended September 30, 2019 in its condensed consolidated financial statements for the three and nine months ended December 31, 2019, respectively, and the Company included its share of the results of Euro Infrastructure Co. for the three and nine months ended September 30, 2018 in its condensed consolidated financial statements for the three and nine months ended December 31, 2018, respectively. The Company’s investment in Euro Infrastructure Co. is 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 Euro Infrastructure Co. and its proportionate share of the net assets of Euro Infrastructure Co. as of December 31, 2019 and March 31, 2019 is summarized as follows:

	As of December 31, 2019			As of March 31, 2019
	(In thousands)
Carrying value of investment in Euro Infrastructure Co.	$	158,358		$	160,711
Less: proportionate share of net assets of Euro Infrastructure Co.		143,139			145,016
Excess carrying value of investment over proportionate share of net assets	$	15,219		$	15,695
The excess carrying value has been primarily assigned to:
Goodwill	$	21,548		$	22,476
Identifiable intangible assets		9,090			10,670
Tangible assets		(16,418	)		(18,522	)
Deferred income taxes		999			1,071
	$	15,219		$	15,695

The identifiable intangible assets have useful lives of up to 11 years and a weighted average useful life of approximately ten years, and tangible assets have 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 income on its investment in Euro Infrastructure Co. was income of $1.8 million and $4.3 million for the three and nine months ended December 31, 2019, respectively, and income of $1.4 million and $2.7 million for the three and nine months ended December 31, 2018, respectively, consisting of the Company’s share of equity in Euro Infrastructure Co.’s income, including amortization of the difference in the historical basis of the Company’s contribution.

Since acquiring its interest in Euro Infrastructure Co., the Company has recorded $10.7 million in retained earnings of undistributed cumulative earnings in equity interests, net of tax, as of December 31, 2019.

Transactions with the equity method investee are considered related-party transactions. The following tables set forth the material related-party transactions entered into between Euro Infrastructure Co. 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, 2019		December 31, 2018		December 31, 2019		December 31, 2018
	(In thousands)
Revenue – Euro Infrastructure Co.	$	*	$	1,620	$	8,469	$	4,798
Expense – Euro Infrastructure Co.		1,815		5,664		10,720		10,254
Cash received – Euro Infrastructure Co.		6,253		4,048		8,605		10,102
Cash paid – Euro Infrastructure Co.		3,198		6,585		10,654		10,677

As of

December 31, 2019

As of

March 31, 2019

(In thousands)

Collections in excess of revenues and deferred

revenues – Euro Infrastructure Co.

3,113

4,703