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Intangible Assets and Goodwill | 3 Months Ended
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Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible Assets and Goodwill | Intangible Assets and Goodwill Intangible assets as of June 30, 2025 and March 31, 2025 consisted of the following (in thousands):
| June 30, 2025
| Gross Carrying Amount |  | Accumulated Amortization |  | Net Book Value
Purchased software | $ | 880 |  |  | $ | (582) |  |  | $ | 298 |
Internally developed software | 3,862 |  | (1,261) |  | 2,601 |
In-place lease and other intangibles | 1,094 |  | (485) |  | 609 |
Customer relationships | 8,588 |  | (2,283) |  | 6,305 |
Patents | 1,139 |  | (1,115) |  | 24 |
Other | 1,546 |  | (1,115) |  | 431 |
| 17,109 |  | (6,841) |  | 10,268 |
In-process software | 170 |  | — |  | 170 |
Intangible assets, total | $ | 17,279 |  |  | $ | (6,841) |  |  | $ | 10,438 |
| March 31, 2025
| Gross Carrying Amount |  | Accumulated Amortization |  | Net Book Value
Purchased software | $ | 865 |  |  | $ | (549) |  |  | $ | 316 |
Internally developed software | 3,658 |  | (1,111) |  | 2,547
In-place lease and other intangibles | 1,094 |  | (460) |  | 634
Customer relationships | 8,012 |  | (2,007) |  | 6,005
Patents | 1,139 |  | (1,114) |  | 25
Other | 1,512 |  | (1,089) |  | 423
| 16,280 |  | (6,330) |  | 9,950
In-process software | 70 |  | — |  | 70
Intangible assets, total | $ | 16,350 |  |  | $ | (6,330) |  |  | $ | 10,020 |
The increase in customer relationships from March 31, 2025 to June 30, 2025 relates to the quarterly changes in foreign currency translation adjustments at Shanwick. Based on the intangible assets recorded at June 30, 2025 and assuming no subsequent additions to, or impairment of the underlying assets, the remaining estimated annual amortization expense is expected to be as follows:
(In thousands) |
Year ending March 31, | Amortization
2026 (excluding the three months ended June 30, 2025) | $ | 941 |
2027 | 1,199
2028 | 1,116
2029 | 1,028
2030 | 1,023
2031 | 1,022
Thereafter | 3,939 |
| $ | 10,268 |
The carrying amount of goodwill as of June 30, 2025 and March 31, 2025 was $11.9 million and $10.5 million, respectively. The increase from the prior fiscal year end balance is attributable to the Royal acquisition within the overnight air cargo segment (as described in Note 2) of $1.0 million and the $0.3 million change in foreign currency translation adjustments related to the goodwill balance at Shanwick within the digital solutions segment. There was no impairment of goodwill during the three months ended June 30, 2025. Goodwill for relevant segments and corporate and other, at original cost, consists of the following (in thousands):
| June 30, 2025 |  | March 31, 2025
Overnight air cargo | $ | 1,121 |  |  | $ | 76 |
Commercial aircraft, engines and parts | 4,227 |  |  | 4,227 |
Digital solutions | 6,555 |  |  | 6,239 |
Total reportable segment goodwill, at cost | 11,903 |  |  | 10,542 |
Corporate and other | 376 |  |  | 376 |
Less accumulated impairment | (376) |  |  | (376) |
Goodwill, net of impairment | $ | 11,903 |  |  | $ | 10,542 |

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