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Goodwill and Other Intangibles | 12 Months Ended
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Mar. 31, 2023
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, 2023 and 2022 consisted of the following:
(in thousands) |  | Fiscal Year Ended March 31,
|  | 2023 |  | 2022
Balance at beginning of year |  | $ | 213,998 |  |  | $ | 173,051 |
Acquisition of business(1) |  | — |  |  | 41,061 |
Foreign currency translation adjustment |  | (76) |  |  | (114) |
Balance at end of year |  | $ | 213,922 |  |  | $ | 213,998 |
(1) On October 4, 2021, the Company acquired 100% of the capital stock of Shank's for approximately $100 million in cash and $2.4 million of additional working capital on-hand at the date of acquisition. The Shank's acquisition resulted in $41.1 million of goodwill. See Note 2 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, 2023 and 2022:
(in thousands, except useful life) |  | Fiscal Year Ended March 31,
|  |  |  |  | 2023 |  | 2022
| Useful Life (Years) |  | Gross Carrying Value |  | Accumulated Amortization |  | Net Carrying Value |  | Gross Carrying Value |  | Accumulated Amortization |  | Net Carrying Value
Customer relationships(1) | 11 | - | 13 |  | $ | 86,500 |  |  | $ | (17,693) |  |  | $ | 68,807 |  |  | $ | 86,500 |  |  | $ | (9,963) |  |  | $ | 76,537 |
Trade names(1) |  | 5 |  |  | 11,100 |  |  | (6,045) |  |  | 5,055 |  |  | 11,100 |  |  | (3,825) |  |  | 7,275 |
Developed technology(1) | 3 | - | 13 |  | 9,300 |  |  | (5,319) |  |  | 3,981 |  |  | 9,300 |  |  | (3,773) |  |  | 5,527 |
Noncompetition agreements(1) | 4 | - | 5 |  | 4,000 |  |  | (1,775) |  |  | 2,225 |  |  | 4,000 |  |  | (825) |  |  | 3,175 |
Other |  | 5 |  |  | 721 |  |  | (688) |  |  | 33 |  |  | 736 |  |  | (679) |  |  | 57 |
Total intangible assets |  |  |  |  | $ | 111,621 |  |  | $ | (31,520) |  |  | $ | 80,101 |  |  | $ | 111,636 |  |  | $ | (19,065) |  |  | $ | 92,571 |
(1) The Shank's acquisition resulted in $31.5 million of intangibles. See Note 2 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 years ended March 31, 2023, 2022, and 2021:
(in thousands) |  | Fiscal Year Ended March 31,
|  | 2023 |  | 2022 |  | 2021
Amortization Expense |  | $ | 12,455 |  |  | $ | 11,209 |  |  | $ | 6,460 |
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, 2023, the expected future amortization expense for intangible assets is as follows:
Fiscal Year |
(in thousands) |
2024 | $ | 11,263 |
2025 | 11,829 |
2026 | 8,452 |
2027 | 8,077 |
2028 and thereafter | 40,480 |
Total expected future amortization expense | $ | 80,101 |

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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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