Intangible Assets, net

9 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

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, 2019	$	2,273,191	$	390,283	$	2,663,474



Effects of foreign currency exchange rates	(925)		(25)		(950)
Balance — December 31, 2019	2,272,266		390,258		2,662,524

Accumulated Amortization
Balance — March 31, 2019	—		156,264		156,264

Additions	—		14,725		14,725

Effects of foreign currency exchange rates	—		(4)		(4)
Balance — December 31, 2019	—		170,985		170,985

Intangible assets, net - December 31, 2019	$	2,272,266	$	219,273	$	2,491,539

Amortization expense was $4.9 million and $14.7 million for the three and nine months ended December 31, 2019, respectively, and $5.3 million and $16.5 million for the three and nine months ended December 31, 2018, respectively. Based on our amortizable intangible assets as of December 31, 2019, amortization expense is expected to be approximately $4.9 million for the remainder of fiscal 2020, $19.6 million in each of fiscal 2021, 2022, 2023 and 2024 and $136.0 million thereafter.

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. The date of our annual impairment review was February 28, 2019, and we recorded impairment charges in our March 31, 2019 financial statements. 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.

We utilize the excess earnings method to estimate the fair value of our individual indefinite-lived intangible assets. The discount rate utilized in the analyses, as well as future cash flows, may be influenced by such factors as changes in interest rates and rates of inflation. Additionally, should the related fair values of intangible assets be adversely affected as a result of declining sales or margins caused by competition, changing consumer preferences, technological advances or reductions in advertising and promotional expenses, we may be required to record impairment charges in the future.

As of December 31, 2019, no events have occurred that would indicate potential impairment of intangible assets.