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Acquisitions | 6 Months Ended
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Oct. 04, 2020
Business Combinations [Abstract] |
Acquisitions | Acquisition NorthStar In fiscal 2020, the Company completed the acquisition of N Holding, AB (“NorthStar”) for $77,777 in cash consideration and the assumption of $107,018 in debt, which was funded using existing cash and credit facilities. NorthStar, through its direct and indirect subsidiaries, manufactures and distributes thin plate pure lead (TPPL) batteries and battery enclosures. NorthStar has two large manufacturing facilities in Springfield, Missouri. The Company acquired tangible and intangible assets, including trademarks, technology, customer relationships and goodwill. Based on valuations performed, trademarks were valued at $6,000, technology at $19,000, customer relationships at $9,000, and goodwill was recorded at $76,784. As a result of the change in operating and reportable segments discussed in Note 17, goodwill associated with the acquisition of NorthStar has been allocated to the Energy Systems and Specialty segments on a relative fair value basis. The useful lives of technology were estimated at 10 years, customer relationships were estimated at 15 to 18 years and trademarks were estimated at 5 years. Goodwill deductible for tax purposes is $75,436. During the second quarter of fiscal 2021, the Company finalized the measurement of all provisional amounts recognized in connection with the NorthStar business combination. The purchase accounting adjustments resulted in an increase to goodwill during the current quarter, by $2,996 as a result of finalizing income tax accounting. Other Intangible Assets Information regarding the Company’s other intangible assets are as follows:
|  | Balance as of
|  | October 4, 2020 |  | March 31, 2020
|  | Gross Amount |  | Accumulated Amortization |  | Net Amount |  | Gross Amount |  | Accumulated Amortization |  | Net Amount
Indefinite-lived intangible assets: |  |  |  |  |  |  |  |  |  |  |  |
Trademarks |  | $ | 148,000 |  |  | $ | (957) |  |  | $ | 147,043 |  |  | $ | 147,356 |  |  | $ | (953) |  |  | $ | 146,403 |
Finite-lived intangible assets: |  |  |  |  |  |  |  |  |  |  |  |
Customer relationships |  | 295,840 |  |  | (76,274) |  |  | 219,566 |  |  | 292,155 |  |  | (64,855) |  |  | 227,300 |
Non-compete |  | 3,029 |  |  | (2,824) |  |  | 205 |  |  | 3,021 |  |  | (2,817) |  |  | 204 |
Technology |  | 96,765 |  |  | (25,027) |  |  | 71,738 |  |  | 96,047 |  |  | (20,349) |  |  | 75,698 |
Trademarks |  | 8,008 |  |  | (2,562) |  |  | 5,446 |  |  | 8,008 |  |  | (1,928) |  |  | 6,080 |
Licenses |  | 1,196 |  |  | (1,196) |  |  | — |  |  | 1,196 |  |  | (1,196) |  |  | — |
Total |  | $ | 552,838 |  |  | $ | (108,840) |  |  | $ | 443,998 |  |  | $ | 547,783 |  |  | $ | (92,098) |  |  | $ | 455,685 |
The Company’s amortization expense related to finite-lived intangible assets was $8,187 and $16,742 for the second quarter and six months of fiscal 2021, compared to $7,309 and $14,625 for the second quarter and six months of fiscal 2020. The expected amortization expense based on the finite-lived intangible assets as of October 4, 2020, is $15,917 for the remainder of fiscal 2021, $32,420 in fiscal 2022, $31,122 in fiscal 2023, $27,725 in fiscal 2024 and $26,494 in fiscal 2025.

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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- References No definition available. + Details
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