XML 22 R10.htm IDEA: XBRL DOCUMENT
v3.20.2

Intangible Assets, net | 6 Months Ended
--- | ---
Sep. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible Assets, net | 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, 2020 | $ | 2,265,331 |  |  | $ | 389,801 |  |  | $ | 2,655,132 |
Effects of foreign currency exchange rates | 11,352 |  |  | 489 |  |  | 11,841 |
Balance — September 30, 2020 | 2,276,683 |  |  | 390,290 |  |  | 2,666,973 |
Accumulated Amortization |  |  |  |  |
Balance — March 31, 2020 | — |  |  | 175,741 |  |  | 175,741 |
Additions | — |  |  | 9,817 |  |  | 9,817 |
Effects of foreign currency exchange rates | — |  |  | 179 |  |  | 179 |
Balance — September 30, 2020 | — |  |  | 185,737 |  |  | 185,737 |
Intangible assets, net - September 30, 2020 | $ | 2,276,683 |  |  | $ | 204,553 |  |  | $ | 2,481,236 |
Amortization expense was $4.9 million and $9.8 million for the three and six months ended September 30, 2020, respectively, and $4.9 million and $9.8 million for the three and six months ended September 30, 2019, respectively. Finite-lived intangible assets are expected to be amortized over their estimated useful life, which ranges from a period of 10 to 30 years, and the estimated amortization expense for each of the five succeeding years and the periods thereafter is as follows (in thousands):
(In thousands) |
Year Ending March 31, | Amount
2021 (remaining six months ended March 31, 2021) | 9,823 |
2022 | 19,645 |
2023 | 19,645 |
2024 | 19,615 |
2025 | 17,570 |
Thereafter | 118,255 |
| $ | 204,553 |
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. On February 29, 2020, the date of our annual impairment review, there were no indicators of impairment as a result of the analysis and, accordingly, no impairment charge was taken on our March 31, 2020 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 marketing expenses, we may be required to record impairment charges in the future. We continuously monitor events which could trigger an interim impairment analysis, which included the impact of COVID-19 for the period ended September 30, 2020. As of September 30, 2020, we determined no events have occurred that would indicate potential impairment of intangible assets. However, the continued duration and severity of COVID-19 may result in future impairment charges as the prolonged pandemic could have an impact on our results due to changes in consumer habits. This could result in changes to the assumptions utilized in the annual impairment analysis to determine the estimated fair value of our intangible assets, including long-term growth rates and discount rates.

X
- References No definition available. + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for all or part of the information related to intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
Name: | us-gaap_IntangibleAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration