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Goodwill And Other Intangible Assets | 12 Months Ended
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Mar. 31, 2012
Goodwill And Other Intangible Assets [Abstract] |
Goodwill And Other Intangible Assets | 8. Goodwill and Other Intangible Assets Goodwill The Company tested goodwill for impairment at least annually and more frequently upon the occurrence of certain events, which may have indicated that impairment had occurred. The provisions of the accounting guidance for goodwill require that a two-step impairment test be performed on goodwill. In the first step, the Company compares the fair value, which is determined using a discounted cash flow technique, of the reporting unit to its carrying value. If the fair value of the reporting unit exceeds the carrying value of the net assets of that reporting unit, goodwill is not impaired and the Company is not required to perform further testing. If the carrying value of the net assets assigned to the reporting unit exceeds the fair value of that unit, then the Company must perform the second step of the impairment test in order to determine the implied fair value of the reporting entity's goodwill. If the carrying value of a reporting unit's goodwill exceeds it implied fair value, the Company records an impairment loss equal to the difference. The Company performed its annual assessment of goodwill of the Windtec and PSNA reporting units on March 31, 2011. The Company's annual assessment date corresponded with a triggering event caused by the refusal by Sinovel to accept scheduled shipments from the Company on March 31, 2011. As a result of reductions in its revenue and operating forecasts related to Sinovel and certain of its other customers in China, the Company determined that the goodwill related to both the Windtec and PSNA reporting units was fully impaired. Accordingly, the Company recorded impairment charges of $42.1 million and $6.9 million for the Windtec and PSNA reporting units, respectively, during the fourth quarter of the year ended March 31, 2011. The Company had no goodwill as of March 31, 2012 and March 31, 2011. The following table presents goodwill for the year ended March 31, 2011 and 2010 is as follows (in thousands):
Balance at April 1, 2009 | $ | 26,233 |
Contingent consideration |  | 10,828 |
Net foreign exchange rate impact |  | (365 | )
Balance at March 31, 2010 |  | 36,696 |
Contingent consideration |  | 10,004 |
Impairment of goodwill |  | (48,959 | )
Net foreign exchange rate impact |  | 2,259 |
Balance at March 31, 2011 | $ | – |
Intangible Assets Intangible assets at March 31, 2012 and 2011 consisted of the following (in thousands):
|  |  |  | 2012 |  |  |  |  |  |  | 2011 |  |  |  |
|  | Gross |  | Accumulated |  |  | Net Book |  | Gross |  | Accumulated |  |  | Net Book | Estimated
|  | Amount |  | Amortization |  |  | Value |  | Amount |  | Amortization |  |  | Value | Useful Life
Licenses | $ | 5,360 | $ | (2,689 | ) | $ | 2,671 | $ | 2,908 | $ | (2,100 | ) | $ | 808 | 7
Patents |  | - |  | - |  |  | - |  | 9,038 |  | (4,891 | ) |  | 4,147 | 7
Trade names and trademarks |  | 1,212 |  | (909 | ) |  | 303 |  | 1,281 |  | (778 | ) |  | 503 | 7
Core technology and know-how |  | 5,611 |  | (4,813 | ) |  | 798 |  | 5,841 |  | (4,245 | ) |  | 1,596 | 5- 10
Intangible assets | $ | 12,183 | $ | (8,411 | ) | $ | 3,772 | $ | 19,068 | $ | (12,014 | ) | $ | 7,054 |
The Company recorded intangible amortization expense of $2.6 million, $2.9 million, and $2.7 million for the years ended March 31, 2012, 2011, and 2010, respectively. During the fourth quarter of the year ended March 31, 2012, the Company elected to change its accounting policy for legal costs to defend and maintain its patents. Historically, the Company capitalized these costs and amortized them over the useful lives of the patents. In the fourth quarter, the Company determined a change to expense these costs as incurred is preferable, and elected to make that change by expensing the remaining unamortized patent costs of $4.9 million. Expected future amortization expense related to intangible assets is as follows (in thousands):
For the years ended March 31, |  | Total
2013 | $ | 1,007
2014 |  | 770
2015 |  | 573
2016 |  | 568
2017 |  | 553
Thereafter |  | 301
Total | $ | 3,772
The geographic composition of goodwill and intangible assets is as follows (in thousands):
|  | March 31,
|  | 2012 |  | 2011
Intangible assets by geography: |  |  |  |
U.S | $ | 3,469 | $ | 5,210
Europe |  | 303 |  | 1,844
Total | $ | 3,772 | $ | 7,054
The business segment composition of intangible assets is as follows (in thousands):
|  | March 31,
|  | 2012 |  | 2011
Intangible assets by business segments: |  |  |  |
Wind | $ | 1,119 | $ | 4,498
Grid |  | 2,653 |  | 2,556
Total | $ | 3,772 | $ | 7,054

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- Definition The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6905597&loc=d3e13816-109267 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6905858&loc=d3e16265-109275 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 142 -Paragraph 42, 43, 44, 45, 46, 47 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6905858&loc=d3e16373-109275 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6905858&loc=d3e16323-109275 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6905597&loc=d3e13854-109267 + Details
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