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Goodwill and Intangible Assets | 9 Months Ended
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Dec. 28, 2019
Goodwill And Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets |
5. | Goodwill and Intangible Assets
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 December 28, 2019 and March 30, 2019, the Company had goodwill of $173.5 million and $173.4 million, respectively. The change from March 30, 2019 was a result of the finalization of the allocation of net assets recognized in connection with the Exchange. Intangible Assets The components of amortizable intangible assets were as follows:
(Dollars in thousands) |  | December 28, 2019 |  |  | March 30, 2019 |
|  | Customer Relationships |  |  | Trade Names |  |  | Total |  |  | Customer Relationships |  |  | Trade Names |  |  | Total |
Gross carrying amount |  | $ | 48,743 |  |  | $ | 13,220 |  |  | $ | 61,963 |  |  | $ | 48,782 |  |  | $ | 13,173 |  |  | $ | 61,955 |
Accumulated amortization |  |  | (12,407 | ) |  |  | (4,842 | ) |  |  | (17,249 | ) |  |  | (9,052 | ) |  |  | (3,967 | ) |  |  | (13,019 | )
Amortizable intangibles, net |  | $ | 36,336 |  |  | $ | 8,378 |  |  | $ | 44,714 |  |  | $ | 39,730 |  |  | $ | 9,206 |  |  | $ | 48,936 |
The Company recognized finite-lived intangibles for customer relationships of $43.1 million and trade names of $9.0 million as a result of the allocation of the purchase price from the Exchange. The fair value of the customer relationship intangible asset was estimated using the multi-period excess earnings method of the income approach. The fair value of the customer relationship intangible asset was determined based on estimates and assumptions of projected cash flows attributable to the acquired customer relationships, the annual attrition rate of existing customer relationships, the contributory asset charges attributable to the assets that support the customer relationships, such as net working capital, property, plant, and equipment, trade name, and workforce, the economic life and the discount rate as determined at the time of the final valuation. The fair value of the trade name intangible asset was estimated using the relief-from-royalty method of the income approach. The fair value of the trade names intangible asset was determined based on estimates and assumptions used for the expected life of the intangible asset, the royalty rate and the discount rate that reflects the level of risk associated with the future cash flows as determined at the time of the final valuation. During the three months ended December 28, 2019 and December 29, 2018, amortization of intangible assets was $1.4 million and $1.6 million, respectively. During the nine months ended December 28, 2019 and December 29, 2018, amortization of intangible assets was $4.1 million and $3.3 million, respectively.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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