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Note 5 - Goodwill and Other Intangibles
 3 Months Ended
Jun. 30, 2024
Notes to Financial Statements  
Goodwill and Intangible Assets Disclosure [Text Block]

5. Goodwill and Other Intangibles

 

Goodwill

 

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 on February 28th and whenever events or changes in circumstances indicate that the carrying value of the goodwill might not be recoverable.

 

There were no changes to goodwill during the three months ended  June 30, 2024 or the year ended March 31, 2024.

 

The Company did not identify any triggering events in the three months ended  June 30, 2024 that would require interim impairment testing of goodwill.

 

Other Intangibles

 

Intangible assets at  June 30, 2024 and  March 31, 2024 consisted of the following (in thousands):

 

  

June 30, 2024

  

March 31, 2024

     
  

Gross Amount

  

Accumulated Amortization

  

Net Book Value

  

Gross Amount

  

Accumulated Amortization

  

Net Book Value

  

Estimated Useful Life

 

Backlog

  681   (681)  —   681   (681) $—   2 

Trade name and trademarks

  1,800   —   1,800   1,800   —   1,800  

Indefinite

 

Customer relationships

  9,600   (6,941)  2,659   9,600   (6,649)  2,951   7 

Core technology and know-how

  5,970   (4,472)  1,498   5,970   (4,352)  1,618   5-10 

Intangible assets

 $18,051  $(12,094) $5,957  $18,051  $(11,682) $6,369     

 

The Company recorded intangible amortization expense related to customer relationship and core technology and know-how of $0.4 million in the three months ended  June 30, 2024 and $0.5 million in the three months ended June 30, 2023. The Company recorded no intangible amortization related to backlog during the three months ended  June 30, 2024 as the asset is fully amortized. Amortization expense of less than $0.1 million was reported in cost of revenues during the three months ended  June 30, 2023.

 

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

 

Years ending March 31,

 

Total

 

2025

  1,236 

2026

  1,221 

2027

  1,085 

2028

  543 

2029

  72 

Total

 $4,157 

 

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