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GOODWILL AND OTHER INTANGIBLE ASSETS | 12 Months Ended
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Mar. 31, 2023
GOODWILL AND OTHER INTANGIBLE ASSETS [Abstract] |
GOODWILL AND OTHER INTANGIBLE ASSETS | 6. GOODWILL AND OTHER INTANGIBLE ASSETS GOODWILL The following table summarizes the changes in the carrying amount of goodwill for the years ended March 31, 2023, and March 31, 2022, respectively (in thousands):
|  | Year ended March 31, 2023 |  |  | Year ended March 31, 2022 |
|  | Goodwill |  |  | Accumulated Impairment Loss |  |  | Net Carrying Amount |  |  | Goodwill |  |  | Accumulated Impairment Loss |  |  | Net Carrying Amount |
Beginning balance |  | $ | 135,216 |  |  | $ | (8,673 | ) |  | $ | 126,543 |  |  | $ | 135,318 |  |  | $ | (8,673 | ) |  | $ | 126,645 |
Acquisitions |  |  | 9,694 |  |  |  | - |  |  |  | 9,694 |  |  |  | - |  |  |  | - |  |  |  | - |
Foreign currency translations |  |  | (132 | ) |  |  | - |  |  |  | (132 | ) |  |  | (102 | ) |  |  | - |  |  |  | (102 | )
Ending balance |  | $ | 144,778 |  |  | $ | (8,673 | ) |  | $ | 136,105 |  |  | $ | 135,216 |  |  | $ | (8,673 | ) |  | $ | 126,543 |
Goodwill represents the premium paid over the fair value of the net tangible and intangible assets that are individually identified and separately recognized in business combinations. Our entire balance as of March 31, 2023, and March 31, 2022, relates to our technology reportable segment, which we also determined to be one reporting unit. The carrying value of goodwill was $136.1 million and $126.5 million as of March 31, 2023, and March 31, 2022, respectively. Our goodwill balance increased by $9.6 million for the year ended March 31, 2023, due to $9.7 million in goodwill additions from our acquisition of Future Com, Ltd., offset by foreign currency translation of $0.1 million. Please refer to Note 16, “Business Combinations” for details of our acquisition. We test goodwill for impairment on an annual basis, as of the first day of our third fiscal quarter, and between annual tests if an event occurs, or circumstances change, that would more likely than not reduce the fair value of a reporting unit below its carrying value. In our annual test as of October 1, 2022, we performed a quantitative assessment of goodwill and concluded that the fair value of our technology reporting unit exceeded its carrying value. Our conclusions would not be impacted by a ten percent change in our estimate of the fair value of the reporting unit. In our annual test as of October 1, 2021, we performed a qualitative assessment of goodwill and concluded that, more likely than not, the fair value of our technology reporting unit continued to substantially exceed its carrying value. OTHER INTANGIBLE ASSETS Our other intangible assets consist of the following as of March 31, 2023, and March 31, 2022 (in thousands):
|  | March 31, 2023 |  |  | March 31, 2022 |
|  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Carrying Amount |  |  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Carrying Amount |
Purchased intangibles |  | $ | 85,449 |  |  | $ | (61,376 | ) |  | $ | 24,073 |  |  | $ | 77,224 |  |  | $ | (52,087 | ) |  | $ | 25,137 |
Capitalized software development |  |  | 10,516 |  |  |  | (9,544 | ) |  |  | 972 |  |  |  | 10,517 |  |  |  | (8,404 | ) |  |  | 2,113 |
Total |  | $ | 95,965 |  |  | $ | (70,920 | ) |  | $ | 25,045 |  |  | $ | 87,741 |  |  | $ | (60,491 | ) |  | $ | 27,250 |
Purchased intangibles, consisting mainly of customer relationships, are generally amortized between 5 to 10 years. Capitalized software development is generally amortized over 5 years. Total amortization expense for customer relationships and other intangible assets was $9.3 million, $10.1 million, and $10.3 million for the years ended March 31, 2023, 2022 and 2021, respectively. The following table provides the future amortization expense for customer relationships and other intangible assets as of March 31, 2023 (in thousands):
Year ending March 31, 2024 |  | $ | 8,104 |
2025 |  |  | 6,235 |
2026 |  |  | 4,448 |
2027 |  |  | 2,882 |
2028 |  |  | 1,658 |
2029 and thereafter |  |  | 746 |
Total |  | $ | 24,073 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI https://asc.fasb.org/topic&trid=2144416 + Details
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