XML 22 R11.htm IDEA: XBRL DOCUMENT
v3.24.2.u1

Goodwill and Other Intangibles Goodwill and Other Intangibles | 3 Months Ended
--- | ---
Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets Disclosure [Text Block] | GOODWILL AND OTHER INTANGIBLES The Company's changes in goodwill at June 30, 2024 and 2023 consisted of the following:
(in thousands of dollars) | Three Months Ended June 30,
| 2024 |  | 2023
Balance at beginning of fiscal year | $ | 213,869 |  |  | $ | 213,922 |
Foreign currency translation adjustment | (59) |  |  | (29) |
Balance at end of period | $ | 213,810 |  |  | $ | 213,893 |
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 June 30, 2024 and 2023 and at March 31, 2024:
(in thousands, except useful life) |  |  |  |  | June 30, 2024
| Useful Life (years) |  | Gross Carrying Value |  | Accumulated Amortization |  | Net Carrying Value
Customer relationships | 11 | — | 13 |  | $ | 86,500 |  |  | $ | (27,357) |  |  | $ | 59,143 |
Trade names |  | 5 |  |  | 11,100 |  |  | (8,820) |  |  | 2,280 |
Developed technology |  | 13 |  |  | 9,300 |  |  | (5,752) |  |  | 3,548 |
Noncompetition agreements | 4 | — | 5 |  | 4,000 |  |  | (2,962) |  |  | 1,038 |
Other |  | 5 |  |  | 785 |  |  | (720) |  |  | 65 |
Total intangible assets |  |  |  |  | $ | 111,685 |  |  | $ | (45,611) |  |  | $ | 66,074 |
|  |  |  |  | June 30, 2023
| Useful Life (years) |  | Gross Carrying Value |  | Accumulated Amortization |  | Net Carrying Value
Customer relationships | 11 | — | 13 |  | $ | 86,500 |  |  | $ | (19,626) |  |  | $ | 66,874 |
Trade names |  | 5 |  |  | 11,100 |  |  | (6,600) |  |  | 4,500 |
Developed technology |  | 13 |  |  | 9,300 |  |  | (5,406) |  |  | 3,894 |
Noncompetition agreements | 4 | — | 5 |  | 4,000 |  |  | (2,013) |  |  | 1,987 |
Other |  | 5 |  |  | 737 |  |  | (702) |  |  | 35 |
Total intangible assets |  |  |  |  | $ | 111,637 |  |  | $ | (34,347) |  |  | $ | 77,290 |
|  |  |  |  | March 31, 2024
| Useful Life (years) |  | Gross Carrying Value |  | Accumulated Amortization |  | Net Carrying Value
Customer relationships | 11 | — | 13 |  | $ | 86,500 |  |  | $ | (25,424) |  |  | $ | 61,076 |
Trade names |  | 5 |  |  | 11,100 |  |  | (8,265) |  |  | 2,835 |
Developed technology |  | 13 |  |  | 9,300 |  |  | (5,665) |  |  | 3,635 |
Noncompetition agreements | 4 | — | 5 |  | 4,000 |  |  | (2,725) |  |  | 1,275 |
Other |  | 5 |  |  | 782 |  |  | (720) |  |  | 62 |
Total intangible assets |  |  |  |  | $ | 111,682 |  |  | $ | (42,799) |  |  | $ | 68,883 |
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 months ended June 30, 2024 and 2023 was:
(in thousands of dollars) |  |  | Three Months Ended June 30,
|  |  |  |  | 2024 |  | 2023
Amortization Expense |  |  |  |  | $ | 2,812 |  |  | $ | 2,827 |
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 June 30, 2024, the expected future amortization expense for intangible assets is as follows:
Fiscal Year (in thousands of dollars) |
2025 (excluding the three months ended June 30, 2024) | $ | 8,248 |
2026 | 9,269 |
2027 | 8,077 |
2028 | 8,077 |
2029 and thereafter | 32,403 |
Total expected future amortization expense | $ | 66,074 |

X
- References No definition available. + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration