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Goodwill and Other Intangibles Goodwill and Other Intangibles | 9 Months Ended
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Dec. 31, 2022
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, 2022 and 2021 consisted of the following:
(in thousands of dollars) | Nine Months Ended December 31,
| 2022 |  | 2021
Balance at beginning of fiscal year | $ | 213,998 |  |  | $ | 173,051 |
Acquisition of business(1) | — |  |  | 41,061 |
Foreign currency translation adjustment | (117) |  |  | (89) |
Balance at end of period | $ | 213,881 |  |  | $ | 214,023 |
(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 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, 2022 and 2021 and at March 31, 2022:
(in thousands, except useful life) |  |  |  |  | December 31, 2022 |
| Useful Life (years) |  | Gross Carrying Value |  | Accumulated Amortization |  | Net Carrying Value |
Customer relationships | 11 | — | 13 |  | $ | 86,500 |  |  | $ | (15,760) |  |  | $ | 70,740 |  |
Trade names |  | 5 |  |  | 11,100 |  |  | (5,490) |  |  | 5,610 |  |
Developed technology | 3 | — | 13 |  | 9,300 |  |  | (5,233) |  |  | 4,067 |  |
Noncompetition agreements | 4 | — | 5 |  | 4,000 |  |  | (1,537) |  |  | 2,463 |  |
Other |  | 5 |  |  | 707 |  |  | (670) |  |  | 37 |  |
Total intangible assets |  |  |  |  | $ | 111,607 |  |  | $ | (28,690) |  |  | $ | 82,917 |  |
|  |  |  |  | December 31, 2021
| Useful Life (years) |  | Gross Carrying Value |  | Accumulated Amortization |  | Net Carrying Value
Customer relationships | 11 | — | 13 |  | $ | 86,500 |  |  | $ | (8,030) |  |  | $ | 78,470 |
Trade names |  | 5 |  |  | 11,100 |  |  | (3,270) |  |  | 7,830 |
Developed technology | 3 | — | 13 |  | 9,300 |  |  | (3,286) |  |  | 6,014 |
Noncompetition agreements | 4 | — | 5 |  | 4,000 |  |  | (588) |  |  | 3,412 |
Other |  | 5 |  |  | 751 |  |  | (687) |  |  | 64 |
Total intangible assets |  |  |  |  | $ | 111,651 |  |  | $ | (15,861) |  |  | $ | 95,790 |
|  |  |  |  | March 31, 2022
| Useful Life (years) |  | Gross Carrying Value |  | Accumulated Amortization |  | Net Carrying Value
Customer relationships | 11 | — | 13 |  | $ | 86,500 |  |  | $ | (9,963) |  |  | $ | 76,537 |
Trade names |  | 5 |  |  | 11,100 |  |  | (3,825) |  |  | 7,275 |
Developed technology | 3 | — | 13 |  | 9,300 |  |  | (3,773) |  |  | 5,527 |
Noncompetition agreements | 4 | — | 5 |  | 4,000 |  |  | (825) |  |  | 3,175 |
Other |  | 5 |  |  | 736 |  |  | (679) |  |  | 57 |
Total intangible assets |  |  |  |  | $ | 111,636 |  |  | $ | (19,065) |  |  | $ | 92,571 |
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, 2022 and 2021 was:
(in thousands of dollars) | Three Months Ended December 31, |  | Nine Months Ended December 31,
| 2022 |  | 2020 |  | 2022 |  | 2021
Amortization Expense | $ | 3,280 |  |  | $ | 3,207 |  |  | $ | 9,625 |  |  | $ | 8,005 |
Amortization expense for the developed technology intangible asset is recorded in cost of goods sold in the consolidated statements of income. The amortization expense for other intangible assets is recorded in selling, general, and administrative expenses in the consolidated statements of income. As of December 31, 2022, the expected future amortization expense for intangible assets is as follows:
Fiscal Year (in thousands of dollars) |
2023 (excluding the nine months ended December 31, 2022) | $ | 2,832 |
2024 | 11,264 |
2025 | 11,812 |
2026 | 8,452 |
2027 and thereafter | 48,557 |
Total expected future amortization expense | $ | 82,917 |

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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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