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Goodwill and Other Intangibles | 12 Months Ended
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Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets Disclosure [Text Block] | GOODWILL AND OTHER INTANGIBLES The Company's changes in goodwill at March 31, 2020 and 2019 consisted of the following:
(in thousands) | Fiscal Year Ended March 31,
| 2020 |  | 2019
Balance at beginning of year | $ | 97,907 |  |  | $ | 98,807 |
Acquisition of business(1) | 28,863 |  |  | — |
Foreign currency translation adjustment | 56 |  |  | (11 | )
Impairment(2) | — |  |  | (889 | )
Balance at end of year | $ | 126,826 |  |  | $ | 97,907 |
(1) | On January 1, 2020 the Company acquired 100% of the capital stock of FruitSmart, an independent specialty fruit and vegetable ingredient processor serving global markets, for approximately $80 million in cash and up to $25 million of contingent consideration payments. The FruitSmart acquisition resulted in $28.9 million of goodwill and $18.6 million intangibles. See Note 2 for additional information.
(2) | T he Company had goodwill related to the Tanzanian operations of approximately $0.9 million, which was impaired as part of the Tanzania operations review in fiscal year 2019. See Note 4 for additional information.
The Company's intangible assets primarily consist of capitalized customer-related intangibles, trade names, proprietary developed technology and noncompetition agreements. The Company's intangible assets subject to amortization consisted of the following at March 31, 2020 and 2019:
(in thousands, except useful life) |  |  | March 31,
|  |  | 2020 |  | 2019
| Useful Life |  | Gross Carrying Value |  | Accumulated Amortization |  | Net Carrying Value |  | Gross Carrying Value |  | Accumulated Amortization |  | Net Carrying Value
Customer relationships(1) | 13 |  | $ | 9,500 |  |  | $ | (183 | ) |  | $ | 9,317 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Trade names(1) | 5 |  | 3,300 |  |  | (165 | ) |  | 3,135 |  |  | — |  |  | — |  |  | — |
Developed technology(1) | 3 |  | 4,800 |  |  | (400 | ) |  | 4,400 |  |  | — |  |  | — |  |  | — |
Noncompetition agreements(1) | 5 |  | 1,000 |  |  | (50 | ) |  | 950 |  |  | — |  |  | — |  |  | — |
Other | 5 |  | 657 |  |  | (598 | ) |  | 59 |  |  | 761 |  |  | (674 | ) |  | 87 |
Total intangible assets |  |  | $ | 19,257 |  |  | $ | (1,396 | ) |  | $ | 17,861 |  |  | $ | 761 |  |  | $ | (674 | ) |  | $ | 87 |
Intangible assets are amortized on a straight-line basis over the asset's estimated useful economic life as noted above. Amortization expense for intangible assets was approximately $0.8 million and $0.1 million for the fiscal years ended March 31, 2020 and 2019, respectively. Amortization expense for the developed technology intangible asset is recorded in cost of goods sold in the consolidated income statements of income. The amortization expense for the other intangible assets is recorded in selling, general, and administrative expenses in the consolidated income statements of income. As of March 31, 2020, the expected future amortization expense for intangible assets is as follows:
Fiscal Year |
2021 | $ | 3,221 |
2022 | 3,220 |
2023 | 2,791 |
2024 | 1,590 |
2025 and thereafter | 7,039 |
Total expected future amortization expense | $ | 17,861 |

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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 http://asc.fasb.org/topic&trid=2144416 + Details
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