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Note 5 - Goodwill
 12 Months Ended
Mar. 31, 2025
Notes to Financial Statements  
Goodwill Disclosure [Text Block]

5. Goodwill

 

The guidance under ASC 805-30, Business Combinations, 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 NWL acquisition in fiscal 2024, the Neeltran acquisition in fiscal 2021, the NEPSI acquisition in fiscal 2020, and Infinia Technology Corporation acquisition in fiscal 2017 and is reported in the Grid business segment.  

 

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. Goodwill increased by $4.7 million during the fiscal year ended  March 31, 2025, related to the NWL acquisition. This includes a $0.8 million adjustment related to the true up of the deferred tax asset consisting primarily of tax basis differences identified through NWL's final pre-acquisition tax returns. There were no changes to Goodwill during the fiscal year ended March 31, 2024.

 

The Company performed its annual assessment of goodwill on February 28, 2025 and determined that there was no impairment to goodwill.