Goodwill and Other Intangible Assets

12 Months Ended

Mar. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

The Company performed its annual impairment analysis of goodwill as of December 31, 2020 by performing a qualitative assessment and concluded that it was more likely than not that the fair value of its peripherals reporting unit, exceeded its carrying amount. In assessing the qualitative factors, the Company considered the impact of these key factors: change in industry and competitive environment, growth in market capitalization, and budgeted-to-actual revenue performance for the twelve months ended December 31, 2020. There have been no triggering events identified affecting the valuation of goodwill subsequent to the annual impairment test.

The following table summarizes the activity in the Company's goodwill balance during fiscal years 2021 and 2020 (in thousands):


	Years Ended March 31,
	2021		2020
Beginning of the period	$	400,917	$	343,684
Acquisitions (1)	28,667		57,206
Currency exchange rate impact	20		27
End of the period	$	429,604	$	400,917

(1) Includes goodwill acquired from the Mevo Acquisition and an immaterial technology acquisition in January 2021. See Note 3 for more information.

The Company's acquired intangible assets subject to amortization were as follows (in thousands):


	March 31,
	2021						2020
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Trademarks and trade names	$	46,070	$	(25,153)	$	20,917	$	45,570	$	(19,061)	$	26,509
Developed technology	134,406		(90,450)		43,956		118,807		(77,126)		41,681
Customer contracts/relationships	91,010		(44,261)		46,749		90,610		(31,859)		58,751
In-process R&D	3,526		—		3,526		—		—		—
	$	275,012	$	(159,864)	$	115,148	$	254,987	$	(128,046)	$	126,941

For fiscal years 2021, 2020 and 2019, amortization expense for intangible assets was, $31.8 million, $30.9 million and $24.2 million, respectively. The Company expects that annual amortization expense for fiscal years 2022, 2023, 2024, 2025 and 2026 will be $31.0 million, $24.9 million, $21.5 million, $17.0 million and $9.8 million, respectively, and $7.5 million thereafter.

The intangible assets include $3.5 million of IPR&D from an immaterial asset acquisition in February 2021. IPR&D is capitalized at fair value and the amortization commences upon completion of the underlying projects. Once research and development efforts are completed, the corresponding amount of IPR&D is reclassified as an amortizable purchased intangible asset and is amortized over its estimated useful life. As of March 31, 2021, there was no IPR&D amortized.