Intangible Assets, net

9 Months Ended

Dec. 31, 2023

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, 2023	$	2,168,902	$	411,118	$	2,580,020




Effects of foreign currency exchange rates	1,223		334		1,557
Balance — December 31, 2023	$	2,170,125	$	411,452	$	2,581,577

Accumulated Amortization
Balance — March 31, 2023	$	—	$	238,127	$	238,127

Additions	—		14,842		14,842

Effects of foreign currency exchange rates	—		79		79
Balance — December 31, 2023	$	—	$	253,048	$	253,048

Intangible assets, net - December 31, 2023	$	2,170,125	$	158,404	$	2,328,529

Amortization expense was $4.9 million and $14.8 million for the three and nine months ended December 31, 2023, respectively, and $5.6 million and $16.9 million for the three and nine months ended December 31, 2022, respectively.

Finite-lived intangible assets are expected to be amortized over their estimated useful life, which ranges from a period of 10 to 25 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
2024 (remaining three months ended March 31, 2024)	$	4,947
2025	18,115
2026	16,165
2027	14,574
2028	12,237
Thereafter	92,366
	$	158,404

The date of our annual impairment review was February 28, 2023, and we recorded impairment charges to intangible assets of $321.4 million in our March 31, 2023 financial statements. The assumptions subject to significant uncertainties in the impairment analysis include the discount rate utilized in the analysis, as well as future sales, gross margins, and advertising and marketing expenses. The discount rate assumption may be influenced by such factors as changes in interest rates and rates of inflation, which can have an impact on the determination of fair value. 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 needs or preferences, technological advances, changes in advertising and marketing expenses, or the potential impacts of supply chain constraints, labor shortages, or inflation, we may be required to record impairment charges in the future. As of December 31, 2023, no events have occurred that would indicate potential impairment of intangible assets.