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 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 a foreign currency translation gain, net of tax, of approximately $12.2 million, a loss, net of tax, of approximately $3.8 million, and a loss, net of tax, of approximately $5.6 million for the fiscal years ended March 31, 2021, 2020 and 2019, 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 of unconsolidated affiliate, net, one quarter in arrears. Accordingly, the Company included its share of the results of Euro Infrastructure Co. for the twelve months ended December 31, 2020, 2019 and 2018 in its consolidated financial statements for the fiscal years ended March 31, 2021, 2020 and 2019, 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. On April 30, 2021, the Company purchased the remaining 51% interest in Euro Infrastructure Co. from Eutelsat (see Note 16 — Subsequent Events for more information).

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 March 31, 2021 and 2020 is summarized as follows:

	As of March 31, 2021			As of March 31, 2020
	(In thousands)
Carrying value of investment in Euro Infrastructure Co.	$	176,938		$	160,204
Less: proportionate share of net assets of Euro Infrastructure Co.		159,394			144,769
Excess carrying value of investment over proportionate share of net assets	$	17,544		$	15,435
The excess carrying value has been primarily assigned to:
Goodwill	$	23,978		$	21,777
Identifiable intangible assets		8,332			8,799
Tangible assets		(15,781	)		(16,142	)
Deferred income taxes		1,015			1,001
	$	17,544		$	15,435

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 an insignificant amount, $4.5 million, and $3.0 million for the fiscal years ended March 31, 2021, 2020 and 2019, 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 initial interest in Euro Infrastructure Co., the Company has recorded $10.8 million in retained earnings of undistributed cumulative earnings in equity interests, net of tax, as of March 31, 2021.

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:

	Fiscal Years Ended
	March 31, 2021		March 31, 2020		March 31, 2019
	(In thousands)
Revenue – Euro Infrastructure Co.	$	10,619	$	9,993	$	8,365
Expense – Euro Infrastructure Co.		16,341		18,854		14,302
Cash received – Euro Infrastructure Co.		10,800		12,848		11,276
Cash paid – Euro Infrastructure Co.		27,079		13,463		15,191

	As of March 31, 2021		As of March 31, 2020
	(In thousands)
Collections in excess of revenues and deferred revenues – Euro Infrastructure Co.	$	6,013	$	5,832
Accounts payable - Euro Infrastructure Co.	*			5,446