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Goodwill and Other Intangibles Goodwill and Other Intangibles | 9 Months Ended
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Dec. 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 December 31, 2020 and 2019 consisted of the following:
(in thousands of dollars) | Nine Months Ended December 31,
| 2020 |  | 2019
Balance at beginning of fiscal year | $ | 126,826 |  |  | $ | 97,907 |
Acquisition of business(1) | 53,728 |  |  | — |
Foreign currency translation adjustment | 101 |  |  | 62 |
Balance at end of period | $ | 180,655 |  |  | $ | 97,969 |
(1) On October 1, 2020 the Company acquired 100% of the capital stock of Silva International, Inc. for approximately $164.0 million in cash and $8.9 million of working capital on-hand at the date of acquisition. The Silva acquisition resulted in $53.7 million of goodwill. See Note 3 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 December 31, 2020 and 2019:
(in thousands, except useful life) |  |  |  |  | December 31,
|  |  |  |  | 2020 |  | 2019
| Useful Life (years) |  | Gross Carrying Value |  | Accumulated Amortization |  | Net Carrying Value |  | Gross Carrying Value |  | Accumulated Amortization |  | Net Carrying Value
Customer relationships(1) (2) | 11 | — | 13 |  | $ | 62,500 |  |  | $ | (1,935) |  |  | $ | 60,565 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Trade names(1) (2) |  | 5 |  |  | 11,100 |  |  | (1,050) |  |  | 10,050 |  |  | — |  |  | — |  |  | — |
Developed technology(1) |  | 3 |  |  | 4,800 |  |  | (1,600) |  |  | 3,200 |  |  | — |  |  | — |  |  | — |
Noncompetition agreements(1) |  | 5 |  |  | 1,000 |  |  | (200) |  |  | 800 |  |  | — |  |  | — |  |  | — |
Other |  | 5 |  |  | 796 |  |  | (701) |  |  | 95 |  |  | 774 |  |  | (701) |  |  | 73 |
Total intangible assets |  |  |  |  | $ | 80,196 |  |  | $ | (5,486) |  |  | $ | 74,710 |  |  | $ | 774 |  |  | $ | (701) |  |  | $ | 73 |
(1) On January 1, 2020 the Company acquired 100% of the capital stock of FruitSmart for approximately $80.0 million in cash and up to $25.0 million of contingent consideration payments. The FruitSmart acquisition resulted in $28.9 million of goodwill and $18.6 million intangibles. See Note 3 for additional information. (2) On October 1, 2020 the Company acquired 100% of the capital stock of Silva International, Inc. for approximately $164.0 million in cash and $8.9 million of working capital on-hand at the date of acquisition. The Silva acquisition resulted in $60.8 million of intangibles. See Note 3 for additional information. Intangible assets are amortized on a straight-line basis over the asset's estimated useful economic life as noted above. The Company's amortization expense for intangible assets for the three and nine months ended December 31, 2020 and 2019:
(in thousands of dollars) | Three Months Ended December 31, |  | Nine Months Ended December 31,
| 2020 |  | 2019 |  | 2020 |  | 2019
Amortization Expense | $ | 2,404 |  |  | $ | 9 |  |  | $ | 4,021 |  |  | $ | 26 |
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 December 31, 2020, the expected future amortization expense for intangible assets is as follows:
Fiscal Year (in thousands of dollars) |
2021 (excluding the nine months ended December 31, 2020) | $ | 2,407 |
2022 | 9,611 |
2023 | 9,208 |
2024 | 7,969 |
2025 and thereafter | 45,515 |
Total expected future amortization expense | $ | 74,710 |

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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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