The change in our goodwill balance is as follows:


	Total
Balance at March 31, 2024	$	4,426.4
Gearbox acquisition	192.9
Additions from immaterial acquisitions	3.1
Currency translation adjustment	(4.1)
Divestitures	(15.8)
Impairment	(3,545.2)
Balance at March 31, 2025	$	1,057.3
Currency translation adjustment	8.4
Purchase price adjustments related to prior acquisitions	(3.8)
Balance at March 31, 2026	$	1,061.9

As of March 31, 2026, the gross amount of goodwill was $6,949.2 and our accumulated impairments were $5,887.3 for a net carrying amount of $1,061.9. As of March 31, 2025, the gross amount of goodwill was $6,944.6 and our accumulated impairments were $5,887.3 for a net carrying amount of $1,057.3.

There were no goodwill impairment charges for the fiscal year ended March 31, 2026. As of March 31, 2026, our qualitative and quantitative assessments indicated that it is more likely than not that the fair value of our reporting units exceeds their carrying amounts.

During the fiscal year ended March 31, 2025, and 2024, we recognized goodwill impairment charges of $3,545.2 and $2,342.1, respectively, representing partial impairments related to one of our reporting units. We identified various qualitative factors that, collectively, indicated that the fair value of one of our reporting units was more likely than not less than its carrying amount, including a reduction in the forecasted performance of the reporting unit due to industry conditions and changes in our strategies for games within the reporting unit in response to those conditions. As a result of this qualitative analysis, we performed a valuation of the reporting unit using discounted cash flow and guideline public company methodologies. Key assumptions and estimates used in deriving the fair value are forecasted revenue, EBITDA margins, long-term growth rate, and discount rate.

Other intangibles, net, as of March 31, 2026, included in-process research and development ("IPR&D") assets of $22.0 acquired as part of the Gearbox acquisition, which are indefinite-lived intangibles and therefore not subject to amortization until the related games are released or development is abandoned, which would result in an impairment.

During fiscal 2026, one IPR&D project with a fair value of $14.0 was completed upon the commercial release of the related game. As a result, this asset was reclassified from an indefinite-lived intangible asset to a definite-lived intangible asset (Developed Game Technology) and is being amortized on a straight-line basis over its estimated useful life of 3 years.

The following table sets forth the intangible assets that are subject to amortization:


	March 31,
	2026						2025
	Gross Carrying Amount		Accumulated Amortization		Net Book Value		Gross Carrying Amount		Accumulated Amortization		Net Book Value		Weighted average useful life
Developed Game Technology	$	3,579.2	$	(2,277.6)	$	1,301.6	$	3,624.0	$	(1,781.6)	$	1,842.4	6 years
Branding and Trade Names	354.2		(130.5)		223.7		354.0		(98.5)		255.5		12 years
Game Engine Technology	334.6		(301.0)		33.6		331.2		(223.0)		108.2		5 years
User Base	319.2		(319.2)		—		319.2		(319.2)		—		0 years
Developer Relationships	57.0		(55.0)		2.0		57.0		(40.7)		16.3		5 years


Intellectual Property	94.8		(24.5)		70.3		94.8		(17.4)		77.4		14 years
In Place Lease	2.1		(2.1)		—		2.0		(1.8)		0.2		0 years
Analytics Technology	32.0		(32.0)		—		29.9		(29.9)		—		0 years
Total intangible assets	$	4,773.1	$	(3,141.9)	$	1,631.2	$	4,812.1	$	(2,512.1)	$	2,300.0

Amortization of intangible assets, including impairments, is included in our Consolidated Statements of Operations as follows:


	Fiscal Year Ended 1	Fiscal Year Ended March 31,
		2026		2025		2024
Cost of revenue		$	665.0	$	814.3	$	1,303.5
Selling and marketing		—		4.1		51.0
Research and development		28.7		28.7		28.7
Depreciation and amortization		32.0		75.5		35.7
Total amortization of intangible assets		$	725.7	$	922.6	$	1,418.9

During the fiscal year ended March 31, 2026, we recorded impairment charges of $24.1 for acquisition-related Developed Game Technology intangible assets within Cost of revenue as a result of a reduction in the forecasted performance of certain games due to changes in our strategies.

During the fiscal year ended March 31, 2025, we recorded impairment charges of $137.0 for acquisition-related Developed Game Technology intangible assets within Cost of revenue and $39.3 for acquisition-related Branding and Trade Names intangible assets within Depreciation and amortization as a result of a reduction in the forecasted performance of certain games due to industry conditions and changes in our strategies in response to those conditions.

During the fiscal year ended March 31, 2024, we recorded impairment charges of $577.4 for acquisition-related Developed Game Technology intangible assets within Cost of revenue as a result of a reduction in the forecasted performance of certain games due to industry conditions and changes in our strategies in response to those conditions.

The fair value of Developed Game Technology assets was measured using the multi-period excess earnings method, consistent with the approach used at acquisition. Key assumptions and estimates used in deriving the fair value are forecasted revenue, EBITDA margins, long-term decay rates, and discount rates. The fair value of Branding and Trade Names assets was measured using the relief-from-royalty method, consistent with the approach used at acquisition. Key assumptions and estimates used in deriving the fair value are forecasted revenue, royalty rates, and discount rates.

Estimated future amortization of intangible assets that will be recorded in Cost of revenue and operating expenses for the years ending March 31, are as follows:


Fiscal Year Ending March 31,	Amortization
2027	$	604.6
2028	554.1
2029	205.2
2030	111.5
2031	38.2