Goodwill and Other Intangibles Goodwill and Other Intangibles

6 Months Ended

Sep. 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 September 30, 2024 and 2023 consisted of the following:


(in thousands of dollars)	Six Months Ended September 30,
	2024		2023
Balance at beginning of fiscal year	$	213,869	$	213,922

Foreign currency translation adjustment	3		(66)

Balance at end of period	$	213,872	$	213,856

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 September 30, 2024 and 2023 and at March 31, 2024:


(in thousands, except useful life)				September 30, 2024
	Useful Life (years)			Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Customer relationships	11	—	13	$	86,500	$	(29,289)	$	57,211
Trade names		5		11,100		(9,375)		1,725
Developed technology		13		9,300		(5,838)		3,462
Noncompetition agreements	4	—	5	4,000		(3,200)		800
Other		5		826		(761)		65
Total intangible assets				$	111,726	$	(48,463)	$	63,263


				September 30, 2023
	Useful Life (years)			Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Customer relationships	11	—	13	$	86,500	$	(21,559)	$	64,941
Trade names		5		11,100		(7,155)		3,945
Developed technology		13		9,300		(5,492)		3,808
Noncompetition agreements	4	—	5	4,000		(2,250)		1,750
Other		5		708		(677)		31
Total intangible assets				$	111,608	$	(37,133)	$	74,475


				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 and six months ended September 30, 2024 and 2023 was:


(in thousands of dollars)	Three Months Ended September 30,				Six Months Ended September 30,
	2024		2023		2024		2023
Amortization Expense	$	2,852	$	2,786	$	5,664	$	5,613

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 September 30, 2024, the expected future amortization expense for intangible assets is as follows:


Fiscal Year (in thousands of dollars)
2025 (excluding the six months ended September 30, 2024)	$	5,427
2026	9,279
2027	8,077
2028	8,077
2029 and thereafter	32,403
Total expected future amortization expense	$	63,263