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Goodwill, Intangible Assets, and Cloud Computing Arrangements
6 Months Ended
Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill, Intangible Assets, and Cloud Computing Arrangements

4. Goodwill, Intangible Assets, and Cloud Computing Arrangements

Goodwill

Goodwill represents the excess of the cost of an acquired business over the fair value of the identifiable tangible and intangible assets acquired and liabilities assumed in a business combination. At both September 30, 2023 and April 1, 2023, the Company had goodwill of $196.6 million. At September 30, 2023, there were no accumulated impairment losses related to goodwill.

Intangible Assets

The components of amortizable intangible assets were as follows:

 

(Dollars in thousands)

 

September 30, 2023

 

 

April 1, 2023

 

 

 

Customer
Relationships
& Other

 

 

Trade
Names

 

 

Total

 

 

Customer
Relationships
& Other

 

 

Trade
Names

 

 

Total

 

Gross carrying amount

 

$

66,019

 

 

$

21,499

 

 

$

87,518

 

 

$

66,013

 

 

$

21,497

 

 

$

87,510

 

Accumulated amortization

 

 

(36,200

)

 

 

(11,019

)

 

 

(47,219

)

 

 

(32,103

)

 

 

(10,064

)

 

 

(42,167

)

Amortizable intangibles, net

 

$

29,819

 

 

$

10,480

 

 

$

40,299

 

 

$

33,910

 

 

$

11,433

 

 

$

45,343

 

 

During the three months ended September 30, 2023 and October 1, 2022, amortization of intangible assets was $2.1 million and $2.8 million, respectively. During the six months ended September 30, 2023 and October 1, 2022, amortization of intangible assets was $5.0 million and $4.7 million, respectively.

Cloud Computing Arrangements

The Company capitalizes costs associated with the development of cloud computing arrangements in a manner consistent with internally developed software. At September 30, 2023 and April 1, 2023, the Company had capitalized cloud computing costs, net of amortization of $25.7 million and $25.0 million, respectively. Cloud computing costs are included in other noncurrent assets in the accompanying condensed consolidated balance sheets. Amortization of capitalized cloud computing costs for the three and six months ended September 30, 2023 was $0.2 million and $0.4 million, respectively. Amortization of capitalized cloud computing costs for the three and six months ended October 1, 2022 was $0.2 million and $0.4 million, respectively.