The Company's changes in goodwill at December 31, 2025 and 2024 consisted of the following:


(in thousands of dollars)	Nine Months Ended December 31,
	2025		2024
Balance at beginning of fiscal year	$	213,840	$	213,869

Foreign currency translation adjustment	(42)		(50)

Balance at end of period	$	213,798	$	213,819

The Company's intangible assets primarily consist of capitalized customer-related intangibles, trade names, proprietary developed technology and noncompetition agreements. The Company's intangible assets subject to amortization consisted of the following at December 31, 2025 and 2024 and at March 31, 2025:


(in thousands, except useful life)				December 31, 2025
	Useful Life (years)			Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Customer relationships	11	—	13	$	86,500	$	(38,953)	$	47,547
Trade names		5		11,100		(11,100)		—
Developed technology		13		9,300		(6,271)		3,029
Noncompetition agreements		4		4,000		(4,000)		—
Other		5		712		(653)		59
Total intangible assets				$	111,612	$	(60,977)	$	50,635


				December 31, 2024
	Useful Life (years)			Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Customer relationships	11	—	13	$	86,500	$	(31,222)	$	55,278
Trade names		5		11,100		(9,930)		1,170
Developed technology		13		9,300		(5,925)		3,375
Noncompetition agreements	4	—	5	4,000		(3,437)		563
Other		5		772		(714)		58
Total intangible assets				$	111,672	$	(51,228)	$	60,444


				March 31, 2025
	Useful Life (years)			Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Customer relationships	11	—	13	$	86,500	$	(33,155)	$	53,345
Trade names		5		11,100		(10,320)		780
Developed technology		13		9,300		(6,012)		3,288
Noncompetition agreements	4	—	5	4,000		(3,625)		375
Other		5		802		(754)		48
Total intangible assets				$	111,702	$	(53,866)	$	57,836

Intangible assets are amortized on a straight-line basis over the asset's estimated useful economic life, as noted above.

The Company's amortization expense for intangible assets for the three and nine months ended December 31, 2025 and 2024 was:


(in thousands of dollars)	Three Months Ended December 31,				Nine Months Ended December 31,
	2025		2024		2025		2024
Amortization Expense	$	1,847	$	2,765	$	7,111	$	8,429

Amortization expense for the developed technology intangible asset is recorded in cost of goods sold in the consolidated statements of income. The amortization expense for other intangible assets is recorded in selling, general, and administrative expenses in the consolidated statements of income.

As of December 31, 2025, the expected future amortization expense for intangible assets was as follows:


Fiscal Year (in thousands of dollars)
2026 (excluding the nine months ended December 31, 2025)	$	2,031
2027	8,124
2028	8,077
2029	7,494
2030 and thereafter	24,909
Total expected future amortization expense	$	50,635