10. Intangible assets
The changes in the carrying value of intangible assets for the year ended March 31, 2017 are as follows:
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Gross carrying value |
Customer contracts |
Customer relationships |
Intellectual property rights |
Trade names |
Technology | Leasehold benefits |
Covenant not-to- compete |
Service mark |
Software | Total | ||||||||||||||||||||||||||||||
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Balance as at April 1, 2016 |
$ | 156,786 | $ | 63,147 | $ | 4,450 | $ | — | $ | — | $ | 1,835 | $ | 326 | — | $ | 19,760 | $ | 246,304 | |||||||||||||||||||||
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Additions |
— | — | — | — | — | — | — | — | 4,611 | 4,611 | ||||||||||||||||||||||||||||||
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On acquisition (Refer Note (4(a),(b),(c)) |
8,263 | 59,478 | — | 649 | 6,090 | — | 9,066 | 400 | 1,287 | 85,233 | ||||||||||||||||||||||||||||||
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Translation adjustments |
1,952 | (703 | ) | (589 | ) | 4 | 41 | — | 59 | — | (72 | ) | 692 | |||||||||||||||||||||||||||
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Balance as at March 31, 2017 |
$ | 167,001 | $ | 121,922 | $ | 3,861 | $ | 653 | $ | 6,131 | $ | 1,835 | $ | 9,451 | $ | 400 | $ | 25,586 | $ | 336,840 | ||||||||||||||||||||
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Accumulated amortization |
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Balance as at April 1, 2016 |
$ | 145,483 | $ | 58,992 | $ | 4,450 | $ | — | $ | — | $ | 1,835 | $ | 326 | $ | — | $ | 8,101 | $ | 219,187 | ||||||||||||||||||||
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Amortization |
10,653 | 4,016 | — | 78 | 167 | — | 650 | — | 4,975 | 20,539 | ||||||||||||||||||||||||||||||
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Translation adjustments |
1,840 | (833 | ) | (589 | ) | 2 | 5 | — | (12 | ) | — | 77 | 490 | |||||||||||||||||||||||||||
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Balance as at March 31, 2017 |
$ | 157,976 | $ | 62,175 | $ | 3,861 | $ | 80 | $ | 172 | $ | 1,835 | $ | 964 | $ | — | $ | 13,153 | $ | 240,216 | ||||||||||||||||||||
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Net carrying value as at March 31, 2017 |
$ | 9,025 | $ | 59,747 | $ | — | $ | 573 | $ | 5,959 | $ | — | $ | 8,487 | $ | 400 | $ | 12,433 | $ | 96,624 | ||||||||||||||||||||
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The changes in the carrying value of intangible assets for the year ended March 31, 2018 are as follows:
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Gross carrying value |
Customer contracts |
Customer relationships |
Intellectual Property and other rights |
Trade names |
Technology | Leasehold benefits |
Covenant not-to- compete |
Service mark |
Software | Total | ||||||||||||||||||||||||||||||
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Balance as at April 1, 2017 |
$ | 167,001 | $ | 121,922 | $ | 3,861 | $ | 653 | $ | 6,131 | $ | 1,835 | $ | 9,451 | 400 | $ | 25,586 | $ | 336,840 | |||||||||||||||||||||
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Additions |
— | — | 250 | — | — | — | — | — | 7,369 | 7,619 | ||||||||||||||||||||||||||||||
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Translation adjustments |
93 | 940 | 470 | — | (6 | ) | — | 10 | — | 894 | 2,401 | |||||||||||||||||||||||||||||
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Balance as at March 31, 2018 |
$ | 167,094 | $ | 122,862 | $ | 4,581 | $ | 653 | $ | 6,125 | $ | 1,835 | $ | 9,461 | $ | 400 | $ | 33,849 | $ | 346,860 | ||||||||||||||||||||
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Accumulated amortization |
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Balance as at April 1, 2017 |
$ | 157,976 | $ | 62,175 | $ | 3,861 | $ | 80 | $ | 172 | $ | 1,835 | $ | 964 | $ | — | $ | 13,153 | $ | 240,216 | ||||||||||||||||||||
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Amortization |
2,725 | 3,700 | 74 | 236 | 790 | — | 2,310 | — | 5,670 | 15,505 | ||||||||||||||||||||||||||||||
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Translation adjustments |
(62 | ) | 873 | 470 | (1 | ) | (4 | ) | — | 12 | — | 199 | 1,487 | |||||||||||||||||||||||||||
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Balance as at March 31, 2018 |
$ | 160,639 | $ | 66,748 | $ | 4,405 | $ | 315 | $ | 958 | $ | 1,835 | $ | 3,286 | $ | — | $ | 19,022 | $ | 257,208 | ||||||||||||||||||||
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Net carrying value as at March 31, 2018 |
$ | 6,455 | $ | 56,114 | $ | 176 | $ | 338 | $ | 5,167 | $ | — | $ | 6,175 | $ | 400 | $ | 14,827 | $ | 89,652 | ||||||||||||||||||||
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As at March 31, 2018, the estimated remaining weighted average amortization periods for definite lived intangible assets are as follows:
| Balance life | ||||
| (In months) | ||||
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Customer contracts |
29 | |||
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Customer relationships |
196 | |||
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Covenant not-to-compete |
33 | |||
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Trade names |
21 | |||
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Technology |
80 | |||
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Intellectual Property and other rights |
17 | |||
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Software |
24 | |||
The estimated annual amortization expense based on remaining weighted average amortization periods for intangible assets and exchange rates, each as at March 31, 2018 are as follows:
| Amount | ||||
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2019 |
$ | 15,279 | ||
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2020 |
14,204 | |||
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2021 |
9,700 | |||
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2022 |
6,095 | |||
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2023 |
5,047 | |||
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Thereafter |
38,927 | |||
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| $ | 89,252 | * | ||
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| * | excludes service mark, as it has an indefinite useful life |