GOODWILL AND OTHER INTANGIBLE ASSETS
 12 Months Ended
Mar. 31, 2021
GOODWILL AND OTHER INTANGIBLE ASSETS [Abstract]  
GOODWILL AND OTHER INTANGIBLE ASSETS
6.
GOODWILL AND OTHER INTANGIBLE ASSETS

GOODWILL

The following table summarizes the changes in the carrying amount of goodwill for the years ended March 31, 2021, and March 31, 2020, respectively (in thousands):

  
March 31, 2021
    
March 31, 2020
  
   
Goodwill
    
Accumulated
Impairment
Loss
    
Net
Carrying
Amount
    
Goodwill
    
Accumulated
Impairment
Loss
    
Net
Carrying
Amount
  
Beginning balance
  
$
126,770
    
$
(8,673
)
  
$
118,097
    
$
119,480
    
$
(8,673
)
  
$
110,807
  
Acquisitions
    
8,328
      
-
      
8,328
      
7,410
      
-
      
7,410
  
Foreign currency translations
    
220
      
-
      
220
      
(120
)
    
-
      
(120
)
Ending balance
  
$
135,318
    
$
(8,673
)
  
$
126,645
    
$
126,770
    
$
(8,673
)
  
$
118,097
  

Goodwill represents the premium paid over the fair value of the net tangible and intangible assets that are individually identified and separately recognized in business combinations. Our entire balance as of March 31, 2021, and March 31, 2020, relates to our technology reportable segment, which we also determined to be one reporting unit. The carrying value of goodwill was $126.6 and $118.1 million as of March 31, 2021, and March 31, 2020, respectively. The increase in the balance during the year ended March 31, 2021, is due to our acquisition of certain assets and liabilities of Systems Management and Planning, Inc. (“SMP”) of $8.3 million and favorable changes in foreign currency translation of $0.2 million. Refer to Note 16, “Business Combinations” for details.

We test goodwill for impairment on an annual basis, as of the first day of our third fiscal quarter, and between annual tests if an event occurs, or circumstances change, that would more likely than not reduce the fair value of a reporting unit below its carrying value.

In our annual tests as of October 1, 2020, and 2019, we performed a qualitative assessment of goodwill and concluded that, more likely than not, the fair value of our technology reporting unit continued to substantially exceed its carrying value.

During the fourth quarter of fiscal year 2020, we determined that the uncertainty associated with the economic environment stemming from the COVID-19 pandemic was a triggering event and we elected to perform a quantitative goodwill impairment test. We concluded that the fair value of our technology reporting unit substantially exceeded its carrying value as of March 31, 2020. Our conclusions would not be impacted by a ten percent change in our estimate of the fair value of the reporting unit.

OTHER INTANGIBLE ASSETS

Our other intangible assets consist of the following at March 31, 2021, and March 31, 2020 (in thousands):

  
March 31, 2021
    
March 31, 2020
  
   
Gross
Carrying
Amount
    
Accumulated
Amortization
    
Net
Carrying
Amount
    
Gross
Carrying
Amount
    
Accumulated
Amortization
    
Net
Carrying
Amount
  
Customer relationships & other intangibles
  
$
77,335
    
$
(42,115
)
  
$
35,220
    
$
63,006
    
$
(33,000
)
  
$
30,006
  
Capitalized software development
    
10,553
      
(7,159
)
    
3,394
      
10,385
      
(5,927
)
    
4,458
  
Total
  
$
87,888
    
$
(49,274
)
  
$
38,614
    
$
73,391
    
$
(38,927
)
  
$
34,464
  

Customer relationships and other intangibles are generally amortized between 5 to 10 years. Capitalized software development is generally amortized over 5 years.

The change in the gross carrying amount of other intangible asset is due to the addition of a customer relationship intangible asset of $14.3 million from our acquisition of SMP. Refer to Note 16, “Business Combinations” for details.

Total amortization expense for customer relationships & other intangible assets was $10.3 million, $9.4 million, and $7.9 million for the years ended March 31, 2021, 2020 and 2019, respectively. The following table provides the future amortization expense for customer relationships & other intangible assets as of March 31, 2021 (in thousands):

Year ending March 31, 2022
  
$
10,073
  
2023
    
8,028
  
2024
    
6,218
  
2025
    
4,647
  
2026 and thereafter
    
6,254
  
Total
  
$
35,220