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Note 6 - Goodwill and Other Intangibles

3 Months Ended

Jun. 30, 2025

Goodwill and Intangible Assets Disclosure [Text Block]

6. 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. The Company's goodwill balance relates to the NWL Acquisition in fiscal 2024, the acquisition of Neeltran, Inc. in fiscal 2021, the Northeast Power Systems, Inc. ("NEPSI") acquisition in fiscal 2020, and the acquisition of Infinia Technology Corporation in fiscal 2017 and is reported in the Grid business segment. 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. There were no changes to Goodwill during the three months ended June 30, 2025.

The Company did not identify any triggers to assess impairment in the three months ended June 30, 2025 or 2024.

Other Intangibles

Intangible assets at June 30, 2025 and March 31, 2025 consisted of the following (in thousands):

	June 30, 2025							March 31, 2025
	Gross Amount		Accumulated Amortization			Net Book Value		Gross Amount		Accumulated Amortization			Net Book Value		Estimated Useful Life
Backlog		1,381		(1,381	)		—		1,381		(1,381	)		—		2
Trade name and trademarks		1,800		—			1,800		1,800		—			1,800	Indefinite
Customer relationships		10,880		(8,116	)		2,764		10,880		(7,901	)		2,980		7-10
Core technology and know-how		5,970		(4,955	)		1,015		5,970		(4,834	)		1,136		5-10
Intangible assets	$	20,031	$	(14,452	)	$	5,579	$	20,031	$	(14,116	)	$	5,916

The Company recorded intangible amortization expense related to customer relationship and core technology and know-how of $0.3 million in the three months ended June 30, 2025. 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.

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

Years ending March 31,	*Total*
2026 (remaining)		1,012
2027		1,213
2028		671
2029		201
2030		128
Thereafter		554
Total	$	3,779

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