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GOODWILL AND INTANGIBLE ASSETS, NET | 9 Months Ended
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Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND INTANGIBLE ASSETS, NET | GOODWILL AND INTANGIBLE ASSETS, NET Goodwill The change in our goodwill balance is as follows:
|  | Total
Balance at March 31, 2023 |  | $ | 6,767.1 |
Additions from immaterial acquisitions |  | 9.7 |
Impairment |  | (165.4) |
Currency translation adjustment |  | 2.8 |
Balance at December 31, 2023 |  | $ | 6,614.2 |
During the nine months ended December 31, 2023, we recognized a goodwill impairment charge of $165.4, representing a partial impairment related to one of our reporting units. We identified various qualitative factors that, collectively, indicated that the fair value of one of our reporting units was more likely than not less than its carrying amount, including a reduction in the forecasted performance of the reporting unit due to industry conditions and changes in our strategies for games within the reporting unit in response to those conditions. As a result of this qualitative analysis, we performed a valuation of the reporting unit using discounted cash flow and guideline public company methodologies. Key assumptions and estimates used in deriving the fair value are forecasted revenue, EBITDA margins, long-term growth rate, and discount rate. There were no goodwill impairment charges for the three and nine months ended December 31, 2022. Intangibles The following table sets forth the intangible assets that are subject to amortization:
|  | December 31, 2023 |  | March 31, 2023 |  |
|  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Book Value |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Book Value |  | Weighted average useful life
Developed Game Technology |  | $ | 4,127.0 |  |  | $ | (1,191.1) |  |  | $ | 2,935.9 |  |  | $ | 4,434.5 |  |  | $ | (744.0) |  |  | $ | 3,690.5 |  |  | 7 years
Branding and Trade Names |  | 395.3 |  |  | (59.8) |  |  | 335.5 |  |  | 395.2 |  |  | (33.1) |  |  | 362.1 |  |  | 12 years
Game Engine Technology |  | 323.5 |  |  | (129.0) |  |  | 194.5 |  |  | 323.2 |  |  | (73.5) |  |  | 249.7 |  |  | 4 years
User Base |  | 319.2 |  |  | (319.2) |  |  | — |  |  | 319.2 |  |  | (274.4) |  |  | 44.8 |  |  | 0 years
Developer Relationships |  | 57.0 |  |  | (22.9) |  |  | 34.1 |  |  | 57.0 |  |  | (12.2) |  |  | 44.8 |  |  | 5 years
Advertising Technology |  | 43.0 |  |  | (23.1) |  |  | 19.9 |  |  | 43.0 |  |  | (12.3) |  |  | 30.7 |  |  | 3 years
Customer relationships |  | 31.0 |  |  | (10.0) |  |  | 21.0 |  |  | 31.0 |  |  | (5.3) |  |  | 25.7 |  |  | 5 years
Analytics Technology |  | 30.7 |  |  | (30.7) |  |  | — |  |  | 30.1 |  |  | (30.1) |  |  | — |  |  | 0 years
Intellectual Property |  | 27.5 |  |  | (22.2) |  |  | 5.3 |  |  | 22.3 |  |  | (18.2) |  |  | 4.1 |  |  | 6 years
In Place Lease |  | 2.0 |  |  | (1.3) |  |  | 0.7 |  |  | 1.9 |  |  | (1.1) |  |  | 0.8 |  |  | 4 years
Total intangible assets |  | $ | 5,356.2 |  |  | $ | (1,809.3) |  |  | $ | 3,546.9 |  |  | $ | 5,657.4 |  |  | $ | (1,204.2) |  |  | $ | 4,453.2 |  |  |
Amortization of intangible assets is included in our Condensed Consolidated Statements of Operations as follows:
|  | Three Months Ended December 31, |  | Nine Months Ended December 31,
|  | 2023 |  | 2022 |  | 2023 |  | 2022
Cost of revenue |  | $ | 230.4 |  |  | $ | 202.8 |  |  | $ | 827.2 |  |  | $ | 501.7 |
Selling and marketing |  | 1.6 |  |  | 80.5 |  |  | 49.5 |  |  | 196.5 |
Research and development |  | 7.2 |  |  | 7.2 |  |  | 21.5 |  |  | 17.5 |
Depreciation and amortization |  | 8.9 |  |  | 11.4 |  |  | 26.7 |  |  | 24.4 |
Total amortization of intangible assets |  | $ | 248.1 |  |  | $ | 301.9 |  |  | $ | 924.9 |  |  | $ | 740.1 |
During the three and nine months ended December 31, 2023, we recorded impairment charges of $53.4 and $273.1, respectively, for acquisition-related Developed Game Technology intangible assets within Cost of revenue as a result of a reduction in the forecasted performance of certain games due to industry conditions and changes in our strategies for certain games in response to those conditions. The fair value of those intangible assets was measured using the multi-period excess earnings method, consistent with the approach used at acquisition. Key assumptions and estimates used in deriving the fair value are forecasted revenue, EBITDA margins, long-term decay rate, and discount rate. There were no impairment charges for intangible assets for the three and nine months ended December 31, 2022. Estimated future amortization of intangible assets that will be recorded in Cost of revenue and operating expenses are as follows:
Fiscal Year Ended March 31, |  | Amortization
2024 (remaining) |  | $ | 196.1 |
2025 |  | 757.3 |
2026 |  | 739.1 |
2027 |  | 677.1 |
2028 |  | 626.9 |

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