Intangible Assets and Goodwill

3 Months Ended

Jun. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

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