Intangible Assets, net

A reconciliation of the activity affecting intangible assets, net is as follows:



(In thousands)	Indefinite Lived Trademarks		Finite Lived Trademarks and Customer Relationships		Totals
Gross Carrying Amounts
Balance — March 31, 2017	$	2,589,155	$	441,801	$	3,030,956
Effects of foreign currency exchange rates	2,068		156		2,224
Balance — September 30, 2017	2,591,223		441,957		3,033,180

Accumulated Amortization
Balance — March 31, 2017	—		127,343		127,343
Additions	—		11,683		11,683
Effects of foreign currency exchange rates	—		14		14
Balance — September 30, 2017	—		139,040		139,040

Intangible assets, net — September 30, 2017	$	2,591,223	$	302,917	$	2,894,140

As discussed in Note 2, on January 26, 2017, we completed the acquisition of Fleet. In connection with this acquisition, we allocated $747.6 million to intangible assets based on our analysis.

Under accounting guidelines, indefinite-lived assets are not amortized, but must be tested for impairment annually, or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of the asset below the carrying amount. Additionally, at each reporting period, an evaluation must be made to determine whether events and circumstances continue to support an indefinite useful life. Intangible assets with finite lives are amortized over their respective estimated useful lives and are also tested for impairment whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable and exceeds its fair value.

On an annual basis during the fourth fiscal quarter, or more frequently if conditions indicate that the carrying value of the asset may not be recoverable, management performs a review of both the values and, if applicable, useful lives assigned to intangible assets and tests for impairment.

We utilize the excess earnings method to estimate the fair value of our individual indefinite-lived intangible assets. We also considered our market capitalization at February 28, 2017, which was the date of our annual impairment review. The estimates and assumptions made in assessing the fair value of our reporting units and the valuation of the underlying assets and liabilities are inherently subject to significant uncertainties. Consequently, changing rates of interest and inflation, declining sales or margins, increases in competition, changing consumer preferences, technical advances, or reductions in advertising and promotion may require an impairment charge to be recorded in the future. As of September 30, 2017, no events have occurred that would indicate potential impairment of intangible assets.