Goodwill and Other Intangible Assets

12 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Other Intangible Assets

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


	March 31,
	2024						2023
	Gross Amount		Accumulated Amortization		Net Amount		Gross Amount		Accumulated Amortization		Net Amount
Indefinite-lived intangible assets:
Trademarks	$	131,167	$	(953)	$	130,214	$	144,702	$	(953)	$	143,749
Finite-lived intangible assets:
Customer relationships	295,215		(147,833)		147,382		295,293		(130,262)		165,031
Non-compete	2,825		(2,825)		—		2,825		(2,825)		—
Technology	96,708		(55,969)		40,739		96,713		(47,585)		49,128
Trademarks	9,554		(8,482)		1,072		8,946		(6,442)		2,504
Licenses	1,196		(1,196)		—		1,196		(1,196)		—
Total	$	536,665	$	(217,258)	$	319,407	$	549,675	$	(189,263)	$	360,412

The Company’s amortization expense related to finite-lived intangible assets was $27,993, $30,748, and $33,294, for the years ended March 31, 2024, 2023 and 2022, respectively. The expected amortization expense based on the finite-lived intangible assets as of March 31, 2024, is $26,574 in fiscal 2025, $25,646 in fiscal 2026, $24,844 in fiscal 2027, $24,280 in fiscal 2028 and $22,451 in fiscal 2029.

Goodwill

The following table presents the changes in the carrying amount of goodwill by segment during fiscal 2023 and 2024:


	Energy Systems		Motive Power		Specialty		Total





Balance at March 31, 2022	$	279,461	$	323,303	$	97,876	$	700,640
Foreign currency translation adjustment	(21,257)		(1,773)		(895)		(23,925)
Balance at March 31, 2023	$	258,204	$	321,530	$	96,981	$	676,715
Acquisitions	—		4,390		—		4,390
Foreign currency translation adjustment	807		798		224		1,829
Balance at March 31, 2024	$	259,011	$	326,718	$	97,205	$	682,934

Impairment of goodwill, finite and indefinite-lived intangibles

Goodwill is tested annually for impairment during the fourth quarter or earlier upon the occurrence of certain events or substantive changes in circumstances that indicate goodwill is more likely than not impaired. The Company did not record any impairment relating to its goodwill during fiscal 2024, 2023, and 2022.

During the fiscal year 2024 and 2023, the Company recorded non-cash charges of $13,619 and $480, respectively, related to impairment of indefinite-lived trademarks under the caption “Impairment of indefinite-lived intangibles” in the Consolidated Statements of Income. Management completed its evaluation of key inputs used to estimate the fair value of its indefinite-lived trademarks and determined that an impairment charge was appropriate.

The Company estimated tax-deductible goodwill to be approximately $78,147 and $86,709 as of March 31, 2024 and 2023, respectively.