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Intangible Assets, net | 3 Months Ended
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Jun. 30, 2024
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, 2024 | $ | 2,167,162 |  |  | $ | 411,258 |  |  | $ | 2,578,420 |
Effects of foreign currency exchange rates | 1,809 |  |  | 468 |  |  | 2,277 |
Balance — June 30, 2024 | $ | 2,168,971 |  |  | $ | 411,726 |  |  | $ | 2,580,697 |
Accumulated Amortization |  |  |  |  |
Balance — March 31, 2024 | $ | — |  |  | $ | 257,837 |  |  | $ | 257,837 |
Additions | — |  |  | 4,954 |  |  | 4,954 |
Effects of foreign currency exchange rates | — |  |  | 89 |  |  | 89 |
Balance — June 30, 2024 | $ | — |  |  | $ | 262,880 |  |  | $ | 262,880 |
Intangible assets, net - June 30, 2024 | $ | 2,168,971 |  |  | $ | 148,846 |  |  | $ | 2,317,817 |
Amortization expense was $5.0 million for both the three months ended June 30, 2024 and 2023. Finite-lived intangible assets are expected to be amortized over their estimated useful life, which ranges from a period of 10 to 24 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
2025 (remaining nine months ended March 31, 2025) | $ | 13,204 |
2026 | 16,213 |
2027 | 14,621 |
2028 | 12,285 |
2029 | 12,285 |
Thereafter | 80,238 |
| $ | 148,846 |
At February 29, 2024, the date of our annual impairment review, the estimated fair value exceeded the carrying value for all intangible assets and, accordingly, no impairment charge was taken. 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 June 30, 2024, no events have occurred that would indicate potential impairment of intangible assets.

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