Goodwill and Other Intangibles

Goodwill

The guidance under ASC

805

provides for the recognition of goodwill on the Acquisition Date measured as the excess of the aggregate consideration transferred over the net of the Acquisition Date amounts of net assets acquired and liabilities assumed. The Company's goodwill balance relates to the Acquisition of NEPSI in the current year and ITC in fiscal

2017

and is reported in the Grid business segment. The fair market value of the contingent consideration included in the total consideration transferred was determined using the Monte Carlo model, and all other consideration transferred was calculated using its observable fair market value. The tangible net assets acquired fair market value was based on observable market fair value. The acquired intangible asset fair value was determined using discounted cash flows under an excess in earnings model or relief in royalty method where appropriate.

Goodwill represents the difference between the purchase price and the fair value of the identifiable tangible and intangible net assets when accounted for using the purchase method of accounting. Goodwill is

not

amortized but reviewed for impairment. Goodwill is reviewed annually and whenever events or changes in circumstances indicate that the carrying value of the goodwill might

not

be recoverable.

The following table provides a roll forward of the changes in our Grid business segment goodwill balance:

	Goodwill
March 31, 2020	$	1,719
NEPSI Acquisition		32,940
Less impairment loss		-
December 31, 2020	$	34,659

The Company did

not

identify any triggering events in the

three

and

nine

months ended

December 31, 2020

, that would require interim impairment testing of goodwill.

Other Intangibles

Intangible assets at

December 31, 2020

and

March 31, 2020

consisted of the following (in thousands):

	December 31, 2020							March 31, 2020
	Gross Amount		Accumulated Amortization			Net Book Value		Gross Amount		Accumulated Amortization			Net Book Value		Estimated Useful Life
Backlog	$	600	$	(285	)	$	315	$	—	$	—		$	—		2
Trade name		600		—			600		—		—			—		Indefinite
Customer relationships		6,100		(239	)		5,861		—		—			—		7
Core technology and know-how		5,970		(2,782	)		3,188		5,970		(2,420	)		3,550		5 - 10
Intangible assets	$	13,270	$	(3,306	)	$	9,964	$	5,970	$	(2,420	)	$	3,550

The Company recorded intangible amortization expense related to customer relationship and core technology and know-how of

$0.4

million and

$0.6

million in the

three

and

nine

months ended

December 31, 2020

, respectively, and

$0.1

and

$0.3

million for the

three

and

nine

months ended

December 31, 2019

, respectively. Additionally, in each of the

three

and

nine

months ended

December 31, 2020

the Company recorded

$0.3

million related to intangible amortization related to backlog that is reported in cost of revenues.

Expected future amortization expense related to intangible assets is as follows (in thousands):

Years ended March 31,	Total
2021		826
2022		2,115
2023		1,808
2024		1,393
2025		1,077
Thereafter		2,145
Total	$	9,364

The Company's intangible assets relate entirely to the Grid business segment operations in the United States.