6. Goodwill and Other Intangibles

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 Comtrafo Acquisition in fiscal 2025, 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 28 and whenever events or changes in circumstances indicate that the carrying value of the goodwill might not be recoverable. Changes in the Company’s goodwill are as follows (in thousands):

The Company did not identify any triggers to assess impairment in the three and six months ended  September 30, 2026 or 2025.

Other Intangibles

Intangible assets at  September 30, 2026 and  March 31, 2026 consisted of the following (in thousands):

The Company recorded intangible amortization expense related to customer relationship and core technology and know-how of $0.5 million and $0.9 million in the three and six months ended September 30, 2026, respectively. The Company recorded intangible amortization expense related to customer relationship and core technology and know-how of $0.3 million and $0.7 million in the three and six months ended September 30, 2025, respectively. The Company recorded intangible amortization expense related to backlog of $0.5 million and $1.0 million in the three and six months ended September 30, 2026, respectively. The Company did not record any intangible amortization expense related to backlog in the three and six months ended September 30, 2025.

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

The Company's intangible assets relate entirely to the Grid segment operations and are physically located in the United States and Brazil. The following table summarizes the Company’s intangibles by geography (in thousands):