Goodwill and Other Intangible Assets

9 Months Ended

Dec. 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, 2023 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, 2023	$	454,610

Acquisition	8,117
Effects of foreign currency translation	1,251
As of December 31, 2023	$	463,978

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


	December 31, 2023						March 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Trademarks and trade names	$	32,390	$	(25,005)	$	7,385	$	36,790	$	(26,774)	$	10,016
Developed technology	107,421		(84,398)		23,023		121,730		(94,792)		26,938
Customer contracts/relationships	69,087		(49,164)		19,923		71,110		(47,688)		23,422
In-process R&D	3,526		—		3,526		3,526		—		3,526
Effects of foreign currency translation	(214)		81		(133)		(1,021)		292		(729)
Total	$	212,210	$	(158,486)	$	53,724	$	232,135	$	(168,962)	$	63,173