Goodwill and Other Intangible Assets

9 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

The Company conducts its impairment analysis of goodwill annually at December 31 and as necessary, 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 exceeds 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 last twelve months.

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


As of March 31, 2022	$	448,175

Acquisitions	7,976
Effects of foreign currency translation	(1,680)
As of December 31, 2022	$	454,471

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


	December 31, 2022						March 31, 2022
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Trademark and trade names	$	36,790	$	(25,787)	$	11,003	$	36,790	$	(22,295)	$	14,495
Developed technology	123,530		(93,058)		30,472		119,407		(83,540)		35,867
Customer contracts/relationships	71,110		(46,026)		25,084		71,110		(40,971)		30,139
In-process R&D	3,526		—		3,526		3,826		—		3,826
Effects of foreign currency translation	(1,077)		356		(721)		(634)		86		(548)
Total	$	233,879	$	(164,515)	$	69,364	$	230,499	$	(146,720)	$	83,779

During the third quarter of 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 (see Note 13).