| Intangible Assets |
Note 6 – Intangible Assets:
Intangible assets are comprised of the following:
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Weighted Average Amortization Period |
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Gross Carrying Amount |
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Accumulated Amortization |
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Net Carrying Amount |
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At March 31, 2024 |
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Intangibles subject to amortization: |
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Customer relationships |
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8 - 20 years |
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$ |
16,200 |
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$ |
1,901 |
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$ |
14,299 |
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Technology and technical know-how |
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10 - 20 years |
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12,600 |
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1,535 |
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11,065 |
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Backlog |
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4 years |
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3,900 |
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3,677 |
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223 |
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Tradename |
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3 years |
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300 |
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42 |
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258 |
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$ |
33,000 |
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$ |
7,155 |
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$ |
25,845 |
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Intangibles not subject to amortization: |
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Tradename |
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Indefinite |
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$ |
6,700 |
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$ |
— |
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$ |
6,700 |
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$ |
6,700 |
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$ |
— |
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$ |
6,700 |
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Weighted Average Amortization Period |
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Gross Carrying Amount |
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Accumulated Amortization |
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Net Carrying Amount |
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At March 31, 2023 |
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Intangibles subject to amortization: |
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Customer relationships |
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20 years |
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$ |
11,800 |
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$ |
1,082 |
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$ |
10,718 |
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Technology and technical know-how |
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20 years |
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10,100 |
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926 |
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9,174 |
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Backlog |
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4 years |
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3,900 |
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2,990 |
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910 |
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$ |
25,800 |
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$ |
4,998 |
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$ |
20,802 |
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Intangibles not subject to amortization: |
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Tradename |
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Indefinite |
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$ |
6,700 |
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$ |
— |
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$ |
6,700 |
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$ |
6,700 |
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$ |
— |
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$ |
6,700 |
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A portion of Technology and technical know-how, tradenames, and Customer relationships are amortized in Selling, general and administrative expense on a straight line basis over each of their estimated useful lives. Backlog and a portion of technology and technical know-how are amortized in Cost of products sold over the projected conversion period based on management estimates at time of purchase. Intangible asset amortization was $2,157, $2,476 and $2,522 for fiscal 2024, 2023 and 2022, respectively. The estimated annual amortization expense is as follows:
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Annual Amortization |
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2025 |
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$ |
2,218 |
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2026 |
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1,995 |
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2027 |
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1,953 |
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2028 |
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1,895 |
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2029 |
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1,895 |
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2030 and thereafter |
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15,889 |
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Total intangible amortization |
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$ |
25,845 |
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