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Intangible Assets, net | 6 Months Ended
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Sep. 30, 2025
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, 2025 | $ | 2,136,986 |  |  | $ | 434,500 |  |  | $ | 2,571,486 |
Effects of foreign currency exchange rates | 3,799 |  |  | 943 |  |  | 4,742 |
Balance — September 30, 2025 | $ | 2,140,785 |  |  | $ | 435,443 |  |  | $ | 2,576,228 |
Accumulated Amortization |  |  |  |  |
Balance — March 31, 2025 | $ | — |  |  | $ | 276,136 |  |  | $ | 276,136 |
Additions | — |  |  | 8,947 |  |  | 8,947 |
Effects of foreign currency exchange rates | — |  |  | 72 |  |  | 72 |
Balance — September 30, 2025 | $ | — |  |  | $ | 285,155 |  |  | $ | 285,155 |
Intangible assets, net - September 30, 2025 | $ | 2,140,785 |  |  | $ | 150,288 |  |  | $ | 2,291,073 |
Amortization expense was $4.5 million and $8.9 million for the three and six months ended September 30, 2025, respectively, and $4.8 million and $9.8 million for the three and six months ended September 30, 2024, respectively. 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
2026 (remaining six months ended March 31, 2026) | $ | 8,331 |
2027 | 15,663 |
2028 | 13,338 |
2029 | 13,338 |
2030 | 13,338 |
Thereafter | 86,280 |
| $ | 150,288 |
At February 28, 2025, the date of our annual impairment review, we recorded impairment charges of $12.5 million in our March 31, 2025 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, supply chain constraints, labor shortages, or inflation, we may be required to record impairment charges in the future. As of September 30, 2025, no events have occurred that would indicate potential impairment of intangible assets.

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