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Goodwill and Intangible Assets | 12 Months Ended
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Apr. 03, 2021
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 April 3, 2021 and March 28, 2020, the Company had goodwill of $191.8 million and $173.5 million, respectively. The change in the goodwill balance during the period was a result of the acquisition of ScotBilt. Goodwill is allocated to reporting units included in the U.S. Factory-built Housing segment, which include the Company’s U.S. manufacturing and retail operations. Intangible Assets The components of amortizable intangible assets were as follows:
(Dollars in thousands) |  | April 3, 2021 |  |  | March 28, 2020 |
|  | Customer Relationships |  |  | Trade Names |  |  | Total |  |  | Customer Relationships |  |  | Trade Names |  |  | Total |
Gross carrying amount |  | $ | 61,963 |  |  | $ | 21,409 |  |  | $ | 83,372 |  |  | $ | 48,370 |  |  | $ | 13,068 |  |  | $ | 61,438 |
Accumulated amortization |  |  | (18,158 | ) |  |  | (6,379 | ) |  |  | (24,537 | ) |  |  | (13,118 | ) |  |  | (4,963 | ) |  |  | (18,081 | )
Amortizable intangibles, net |  | $ | 43,805 |  |  | $ | 15,030 |  |  | $ | 58,835 |  |  | $ | 35,252 |  |  | $ | 8,105 |  |  | $ | 43,357 |
Weighted average remaining amortization period, in years |  |  | 7.8 |  |  |  | 7.9 |  |  |  | 7.8 |  |  |  | 7.3 |  |  |  | 6.2 |  |  |  | 7.1 |
The Company recognized customer relationships of $13.0 million and trade names of $8.1 million related to the acquisition of ScotBilt. 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: (i) net working capital; (ii) property, plant, and equipment; (iii) trade names; and (iv) workforce, with the economic life and the discount rate as determined at the time of the acquisition. The fair value of the trade names 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 of 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 acquisition. Amortization of intangible assets for the fiscal years ended April 3, 2021, March 28, 2020, and March 30, 2019 was $5.6 million, $5.4 million, and $4.8 million respectively. Estimated amortization expense of intangible assets over the next five years is estimated to be (dollars in thousands):
Fiscal 2022 |  | $ | 7,553 |
Fiscal 2023 |  |  | 7,436 |
Fiscal 2024 |  |  | 7,388 |
Fiscal 2025 |  |  | 7,388 |
Fiscal 2026 |  |  | 7,388 |

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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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