Goodwill and Other Intangible Assets

12 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

The Company conducts its impairment analysis of goodwill annually at December 31 or more frequently if changes in facts and circumstances indicate that it is more likely than not that the fair value of the Company’s reporting unit may be less than its carrying amount. The Company conducted its annual impairment analysis of goodwill as of December 31, 2022 by performing a qualitative assessment and concluded that it was more likely than not that the fair value of its reporting unit exceeded its carrying amount. In assessing the qualitative factors, the Company considered the impact of change in industry and competitive environment, the Company's market capitalization and budgeted-to-actual revenue performance for the twelve months ended December 31, 2022. There have been no triggering events identified affecting the valuation of goodwill subsequent to the annual impairment test.

The following table summarizes the activities in the Company's goodwill balance (in thousands):


	Years Ended March 31,
	2023		2022
Beginning of the period	$	448,175	$	429,604
Acquisitions	7,976		20,721
Effects of foreign currency translation	(1,541)		(2,150)
End of the period	$	454,610	$	448,175

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


	March 31,
	2023						2022
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Trademarks and trade names	$	36,790	$	(26,774)	$	10,016	$	36,790	$	(22,295)	$	14,495
Developed technology	121,730		(94,792)		26,938		119,407		(83,540)		35,867
Customer contracts/relationships	71,110		(47,688)		23,422		71,110		(40,971)		30,139
In-process R&D	3,526		—		3,526		3,826		—		3,826
Effects of foreign currency translation	(1,021)		292		(729)		(634)		86		(548)
Total	$	232,135	$	(168,962)	$	63,173	$	230,499	$	(146,720)	$	83,779

During fiscal year 2022, the Company recognized a pre-tax impairment charge of $7.0 million to Jaybird-related intangible assets, primarily related to customer contracts and relationships, as a result of its decision to discontinue Jaybird-branded products.

For fiscal years 2023, 2022 and 2021, amortization expense for intangible assets was $24.4 million, $30.2 million and $31.8 million, respectively. The Company expects that annual amortization expense for fiscal years

2024, 2025, 2026, 2027 and 2028 will be $20.3 million, $18.2 million, $11.9 million, $4.9 million and $3.3 million, respectively, and $1.0 million thereafter.