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Note 12 - Significant Transactions - Allocation of Preliminary Price (Details) - USD ($) $ in Thousands | Oct. 31, 2019 | Jun. 30, 2020 | Mar. 31, 2020
--- | --- | --- | ---
Goodwill |  |  | $ 153,948 | $ 141,536
GPT Acquisition [Member] |  |  |  |
Cash and cash equivalents |  | $ 4,654 |  |
Accounts receivable, net | [1] | 6,663 |  |
Inventories, net | [2] | 12,522 |  |
Prepaid income taxes |  | 477 |  |
Prepaid expenses and other |  | 13,649 |  |
Property, plant and equipment, net |  | 645 |  |
Other assets |  | 1,469 |  |
Deferred taxes |  | 10,340 |  |
Goodwill | [3] | 84,641 |  |
Total Assets acquired |  | 228,960 |  |
Accounts payable |  | 599 |  |
Accrued salaries and payroll taxes |  | 10,735 |  |
Other short-term liabilities |  | 157 |  |
Unearned revenues |  | 2,089 |  |
Other accrued expenses |  | 5,068 |  |
Deferred taxes |  | 23,146 |  |
Other long-term liabilities |  | 965 |  |
Total liabilities assumed |  | 42,759 |  |
Total closing amount, net of cash acquired |  | 181,547 |  |
GPT Acquisition [Member] | Customer Relationships [Member] |  |  |  |
Intangible assets | [4] | 77,500 |  |
GPT Acquisition [Member] | Trade Names [Member] |  |  |  |
Intangible assets | [4] | 4,600 |  |
GPT Acquisition [Member] | Noncompete Agreements [Member] |  |  |  |
Intangible assets | [4] | 0 |  |
GPT Acquisition [Member] | Technology-Based Intangible Assets [Member] |  |  |  |
Intangible assets | [4] | $ 11,800 |  |
[1] | Accounts receivable is composed of trade accounts receivable, net which is expected to be collected.
[2] | Finished goods inventory of GPT includes $8,066 of inventory-step up, which is required to report inventory at fair value at the time of acquisition. The inventory step-up was amortized to cost of revenues over approximately eight months following the acquisition date, which resulted in a temporary reduction in gross profit for the business. During the period from November 1, 2019 until March 31, 2020, we recorded $8,502 of amortization of inventory step-up costs in cost of revenues on the Condensed Consolidated Statement of Income. The final inventory valuation was completed during the three months ended June 30, 2020 and was lower than our preliminary valuation, resulting in a cumulative effect decrease of $436 in amortization of inventory step up costs. We do not expect further adjustments to the inventory step-up valuation, nor do we expect changes in the amortization to be recorded.
[3] | Acquired goodwill of $84,641, all of which is allocated to the Biopharmaceutical Development reportable segment, represents the value expected to arise from organic revenues growth projections that are expected to exceed that of our legacy divisions, and the opportunity to expand into a new market with well-established market share. The goodwill acquired is not deductible for income tax purposes.
[4] | Customer relationships and acquired technology are being amortized on a straight-line basis over a 10 year period. Amortization expense for customer relationships is recorded to general and administrative expenses; amortization expense for acquired technology is recorded to cost of revenues. During the three months ended June 30, 2020, $1,409 of amortization expense related to the GPT intangible assets was recorded to general and administrative costs and $473 of amortization expense was recorded to cost of goods sold and allocated to the Biopharmaceutical Development division, including the cumulative-effect benefit to amortization expense discussed above. Trademarks associated with this acquisition are considered indefinite-lived intangibles. The estimated fair value of identifiable intangible assets was determined primarily using the income approach, which requires a forecast of all the expected future cash flows associated with the identified intangible assets.

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