GOODWILL AND INTANGIBLE ASSETS |
GOODWILL AND INTANGIBLE ASSETS The changes in the carrying amount of goodwill for the years ended March 31, 2025 and 2024 were as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Contractor Solutions | | Specialized Reliability Solutions | | Engineered Building Solutions | | Total | Balance at April 1, 2023 | | $ | 209,160 | | | $ | 9,278 | | | $ | 24,302 | | | $ | 242,740 | | CG and ACG acquisitions | | 107 | | | — | | | — | | | 107 | | Dust Free acquisition | | 3,951 | | | — | | | — | | | 3,951 | | Falcon acquisition | | 85 | | | — | | | — | | | 85 | | Other acquisitions | | 261 | | | — | | | — | | | 261 | | Currency translation | | (20) | | | 80 | | | (13) | | | 46 | | Balance at March 31, 2024 | | $ | 213,544 | | | $ | 9,358 | | | $ | 24,289 | | | $ | 247,191 | | Dust Free acquisition | | (212) | | | — | | | — | | | (212) | | PSP acquisition | | 7,323 | | | — | | | — | | | 7,323 | | PF WaterWorks acquisition | | 10,258 | | | — | | | — | | | 10,258 | | Currency translation | | (33) | | | 79 | | | (514) | | | (468) | | Balance at March 31, 2025 | | $ | 230,880 | | | $ | 9,437 | | | $ | 23,775 | | | $ | 264,092 | |
The following table provides information about our intangible assets for the years ended March 31, 2025 and 2024 (in thousands, except years): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2025 | | March 31, 2024 | | | Wtd Avg Life (Years) | | Gross Amount | | Accumulated Amortization | | Gross Amount | | Accumulated Amortization | Finite-lived intangible assets: | | | | | | | | | | | Patents | | 10 | | $ | 17,784 | | | $ | (10,189) | | | $ | 15,084 | | | $ | (9,306) | | Customer lists and amortized trademarks | | 15 | | 402,765 | | | (127,551) | | | 346,136 | | | (103,407) | | Non-compete agreements | | 6 | | 1,000 | | | (639) | | | 1,000 | | | (453) | | Other | | 10 | | 6,277 | | | (3,141) | | | 6,275 | | | (2,649) | | | | | | $ | 427,826 | | | $ | (141,520) | | | $ | 368,495 | | | $ | (115,815) | | Trade names and trademarks not being amortized (a): | | | | $ | 71,604 | | | $ | — | | | $ | 66,139 | | | $ | — | |
(a) During the fiscal quarter ended March 31, 2024, we recorded a $1.5 million impairment relating to a trademark, included in selling, general and administrative expenses, for our Contractor Solutions segment.
Amortization expense for the years ended March 31, 2025, 2024 and 2023 was $26.3 million, $22.9 million and $22.1 million, respectively. The following table presents the estimated future amortization of finite-lived intangible assets for the next five fiscal years ending March 31 (in thousands): | | | | | | | | | 2026 | | $ | 27,165 | | 2027 | | 26,104 | | 2028 | | 25,712 | | 2029 | | 25,636 | | 2030 | | 25,570 | | Thereafter | | 156,119 | | Total | | $ | 286,306 | |
|