Annual report pursuant to Section 13 and 15(d)

Goodwill and Intangible Assets (Tables)

v3.20.1
Goodwill and Intangible Assets (Tables)
12 Months Ended
Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of the Company's intangible assets
The following table highlights the Company’s intangible assets (amounts in thousands):
 
 
March 31, 2020
 
March 31, 2019
 
 
Carrying
Amount
 
Accumulated
Amortization
 
Net Amount
 
Carrying
Amount
 
Accumulated
Amortization
 
Net Amount
Indefinite Lived Intangible Assets:
 
 
 
 
 
 
 
 
 
 
 
 
Trademarks
 
$
15,315

 
$

 
$
15,315

 
$
15,151

 
$

 
$
15,151

In-process research and development (1)
 
3,000

 

 
3,000

 

 

 
$

Total indefinite lived intangibles
 
18,315

 

 
18,315

 
15,151

 

 
15,151

Amortizing Intangibles:
 
 
 
 
 
 
 
 
 
 
 
 
Patents and acquired technology (10 - 18 years) 
 
26,662

 
(13,466
)
 
13,196

 
26,662

 
(12,046
)
 
14,616

Customer relationships (10 - 21 years)
 
38,028

 
(16,826
)
 
21,202

 
37,850

 
(13,868
)
 
23,982

Other
 
203

 
(203
)
 

 
214

 
(214
)
 

Total amortizing intangibles
 
64,893

 
(30,495
)
 
34,398

 
64,726

 
(26,128
)
 
38,598

Total intangible assets
 
$
83,208

 
$
(30,495
)
 
$
52,713

 
$
79,877

 
$
(26,128
)
 
$
53,749

______________________________________________________________________________
(1) In-process research and development relates to haptic actuator products under development and expected to be commercialized in the future. In-process research and development was capitalized upon the acquisition of Novasentis. Refer to Note 3, “Acquisition” for more details on the Novasentis acquisition.
Summary of changes in carrying amount of goodwill
The changes in the carrying amount of goodwill by reportable segment for the years ended March 31, 2020 and 2019 were as follows (amounts in thousands):
 
Solid Capacitors
 
Film and Electrolytic
 
MSA
 
Corporate
 
Total
 
 
 
 
 
 
 
 
 
 
Balance at March 31, 2018
$
35,584

 
$

 
$

 
$
4,710

 
$
40,294

Acquisitions

 

 

 

 

Balance at March 31, 2019
35,584

 

 

 
4,710

 
40,294

Acquisitions (1)

 
916

 

 

 
916

Balance at March 31, 2020
$
35,584

 
$
916

 
$

 
$
4,710

 
$
41,210

______________________________________________________________________________
(1) During the fiscal year 2020, the Company recorded goodwill of $0.9 million in association with the Novasentis acquisition. Refer to Note 3, “Acquisition” for more details on the Novasentis acquisition.
For fiscal years ended March 31, 2020, 2019, and 2018, amortization related to intangibles was $4.5 million, $4.5 million, and $4.3 million, respectively, consisting of amortization related to patents and acquired technology of $1.4 million each year, and amortization related to customer relationships of $3.1 million, $3.1 million, and $2.9 million, respectively.
The weighted-average useful life as of March 31, 2020 and 2019 for patents and acquired technology was 15.8 years and for customer relationships was 12.2 years. The weighted-average period prior to the next renewal for patents was 1.5 years and 2.5 years as of March 31, 2020 and 2019, respectively. Estimated amortization of intangible assets for each of the next five fiscal years is $4.5 million, and thereafter, amortization will total $11.9 million. Estimated amortization of patents and acquired technology for each of the next five fiscal years is $1.4 million, and thereafter, amortization will total $6.1 million. Estimated amortization of customer relationships for each of the next five fiscal years is $3.1 million, and thereafter, amortization will total $5.8 million.
For fiscal year 2020, the Company completed its impairment analysis on goodwill and intangible assets with indefinite useful lives as of January 1, 2020 and concluded that goodwill and indefinite-lived assets were not impaired.