Goodwill and Other Intangible Assets

3 Months Ended

Jul. 03, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Other Intangible Assets

Information regarding the Company’s other intangible assets are as follows:


	Balance as of
	July 3, 2022						March 31, 2022
	Gross Amount		Accumulated Amortization		Net Amount		Gross Amount		Accumulated Amortization		Net Amount
Indefinite-lived intangible assets:
Trademarks	$	145,188	$	(953)	$	144,235	$	145,808	$	(953)	$	144,855
Finite-lived intangible assets:
Customer relationships	296,853		(115,309)		181,544		298,577		(109,820)		188,757
Non-compete	2,825		(2,825)		—		2,825		(2,825)		—
Technology	97,054		(40,947)		56,107		97,367		(38,712)		58,655
Trademarks	8,933		(5,370)		3,563		8,947		(5,012)		3,935
Licenses	1,196		(1,196)		—		1,196		(1,196)		—
Total	$	552,049	$	(166,600)	$	385,449	$	554,720	$	(158,518)	$	396,202

The Company’s amortization expense related to finite-lived intangible assets was $8,082 for the first quarter of fiscal 2023, compared to $8,419 for the first quarter of fiscal 2022. The expected amortization expense based on the finite-lived intangible assets as of July 3, 2022, is $22,643 for the remainder of fiscal 2023, $27,691 in fiscal 2024, $26,550 in fiscal 2025, $25,616 in fiscal 2026 and $24,822 in fiscal 2027.

Goodwill

The following table presents the amount of goodwill, as well as any changes in the carrying amount of goodwill by segment during the current quarter of fiscal 2023:


	Energy Systems		Motive Power		Specialty		Total
Balance at March 31, 2022	$	279,461	$	323,303	$	97,876	$	700,640

Foreign currency translation adjustment	(11,735)		(5,440)		(1,352)		(18,527)
Balance as of July 3, 2022	$	267,726	$	317,863	$	96,524	$	682,113