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