Goodwill and Intangible Assets

12 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

Goodwill was $2,343.8 million and $2,338.4 million as of March 31, 2024 and March 31, 2023, respectively. The $5.4 million increase in the carrying amount of goodwill was attributable to the Company's finalization of the accounting for the acquisition of EverWatch. The Company performed an annual impairment test of the goodwill as of January 1, 2024 and 2023, and did not identify any impairment.

Intangible Assets

Intangible assets consisted of the following:


	March 31, 2024						March 31, 2023
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Amortizable intangible assets:
Programs and contract assets, channel relationships, and other amortizable intangible assets	$	591,895	$	237,764	$	354,131	$	599,794	$	169,316	$	430,478
Software	146,284		89,572		56,712		134,152		69,215		64,937
Total amortizable intangible assets	$	738,179	$	327,336	$	410,843	$	733,946	$	238,531	$	495,415
Unamortizable intangible assets:
Trade name	$	190,200	$	—	$	190,200	$	190,200	$	—	$	190,200
Total	$	928,379	$	327,336	$	601,043	$	924,146	$	238,531	$	685,615

The decrease in the gross carrying value of amortizable intangible assets (excluding software) was primarily attributable to a $7.9 million adjustment related to the Company's finalization of the accounting for the acquisition of EverWatch in the first quarter of fiscal 2024.

Programs and contract assets, channel relationships, and other amortizable intangible assets are generally amortized on an accelerated basis over periods ranging from two to fourteen years, and those related to software are generally amortized on a straight line basis over periods ranging from one to ten years.

The Company performed an annual impairment test of the trade name as of January 1, 2024 and 2023, and did not identify any impairment.

Amortization expense for fiscal 2024, 2023, and 2022 was $93.3 million, $94.3 million, and $76.2 million, respectively.

The following table summarizes the estimated annual amortization expense for future periods, which does not reflect amortization expense for certain intangible assets that are not yet placed in service:


For the Fiscal Year Ended March 31,
2025	$	82,085
2026	70,883
2027	58,885
2028	50,833
2029	43,315
Thereafter	104,842
Total estimated amortization expense	$	410,843