INTANGIBLE ASSETS

12 Months Ended

Mar. 31, 2025

Intangible assets and goodwill [abstract]


			Capitalized						Technology,			Other
(amounts in millions)			development		Customer				software		intangible
	Goodwill			costs	relationships		Licenses		and ERP			assets		Total
Net book value as at March 31, 2023	$	2,663.3	$	294.7	$	554.3	$	253.4	$	269.6	$	15.5	$	4,050.8
Additions – internal development		—		114.5		—		—		24.6		—		139.1
Additions – acquired separately		—		—		—		8.8		—		—		8.8



Disposal of discontinued operations (Note 3)		(120.4)		(39.1)		(1.5)		—		(5.2)		(1.8)		(168.0)
Amortization		—		(37.7)		(42.9)		(15.8)		(30.5)		(2.5)		(129.4)
Impairment		(568.0)		(38.8)		(2.6)		—		(4.2)		(2.7)		(616.3)

Transfers and others		—		(6.5)		—		(0.3)		(0.9)		—		(7.7)
Foreign currency exchange differences		(3.6)		0.1		(2.1)		0.2		—		—		(5.4)
Net book value as at March 31, 2024	$	1,971.3	$	287.2	$	505.2	$	246.3	$	253.4	$	8.5	$	3,271.9
Additions – internal development		—		67.0		—		—		19.6		—		86.6
Additions – acquired separately		—		—		—		1.2		—		0.1		1.3
Additions – non cash		—		—		—		—		—		6.4		6.4
Business combinations (Note 2 and 7)		350.2		0.7		124.5		—		—		—		475.4

Amortization		—		(35.8)		(44.5)		(17.2)		(33.8)		(1.2)		(132.5)
Impairment		—		(2.1)		—		—		—		—		(2.1)


Transfers and others		—		(0.5)		—		—		(4.8)		0.1		(5.2)
Foreign currency exchange differences		118.2		3.8		32.5		5.1		9.1		0.5		169.2
Net book value as at March 31, 2025	$	2,439.7	$	320.3	$	617.7	$	235.4	$	243.5	$	14.4	$	3,871.0



			Capitalized						Technology,			Other
			development		Customer				software		intangible
	Goodwill			costs	relationships		Licenses			and ERP		assets		Total
Cost	$	2,539.3	$	535.5	$	781.8	$	329.2	$	499.8	$	37.3	$	4,722.9
Accumulated amortization and impairment		(568.0)		(248.3)		(276.6)		(82.9)		(246.4)		(28.8)		(1,451.0)
Net book value as at March 31, 2024	$	1,971.3	$	287.2	$	505.2	$	246.3	$	253.4	$	8.5	$	3,271.9
Cost	$	3,040.3	$	599.1	$	955.6	$	337.4	$	528.6	$	45.2	$	5,506.2
Accumulated amortization and impairment		(600.6)		(278.8)		(337.9)		(102.0)		(285.1)		(30.8)		(1,635.2)
Net book value as at March 31, 2025	$	2,439.7	$	320.3	$	617.7	$	235.4	$	243.5	$	14.4	$	3,871.0

During the year ended March 31, 2025, amortization of $97.7 million (2024 – $92.3 million) has been recorded in cost of sales, $34.8 million (2024 – $32.8 million) in research and development expenses, nil (2024 – $0.2 million) in selling, general and administrative expenses and nil (2024 – $4.1 million) in net income from discontinued operations.

Goodwill

The carrying amount of goodwill allocated to the Company's CGUs per operating segment is as follows:


			Defense		Discontinued
	Civil Aviation		and Security		operations			Total
Net book value as at March 31, 2023	$	1,125.6	$	1,417.3	$	120.4	$	2,663.3

Disposal of discontinued operations (Note 3)		—		—		(120.4)		(120.4)
Impairment		—		(568.0)		—		(568.0)
Foreign currency exchange differences		(4.8)		1.2		—		(3.6)
Net book value as at March 31, 2024	$	1,120.8	$	850.5	$	—	$	1,971.3
Business combinations (Note 2 and 7)		350.2		—		—		350.2


Foreign currency exchange differences		69.8		48.4		—		118.2
Net book value as at March 31, 2025	$	1,540.8	$	898.9	$	—	$	2,439.7

Goodwill is allocated to CGUs or a group of CGUs, which generally corresponds to the Company’s operating segments or one level below.

The Company performed its annual impairment test for goodwill during the fourth quarter of fiscal 2025. The Company determined the recoverable amount of each of its CGUs based on fair value less costs of disposal calculations using a discounted cash flow model. The recoverable amount of each CGU is calculated using estimated cash flows derived from the Company's five-year strategic plan as approved by the Board of Directors. The cash flows are based on expectations of market growth, industry reports and trends, and past performance. Cash flows subsequent to the five‑year period were extrapolated using a constant terminal value growth rate of 2%, which is consistent with forecasts included in industry reports specific to the industry in which each CGU operates. The discount rates used to calculate the recoverable amounts reflect each CGUs’ specific risks and market conditions, including the market view of risk for each CGU, and range from 8.4% to 9.7%.

During the year ended March 31, 2025, the estimated recoverable amount of each CGU exceeded their carrying amount. As a result, there was no impairment identified.

Variations in the Company assumptions and estimates, particularly in the expected revenue growth, margin projections and the discount rate could have a significant impact on fair value. For the year ended March 31, 2025, a decrease of 1% in expected revenue growth, a decrease of 1% in margin projections, or an increase of 1% in the discount rate would not have resulted in an impairment charge in any of our CGUs or group of CGUs.

In fiscal 2024, the assumptions used in determining the recoverable amount of the Defense and Security CGU using the discounted cash flow model, including expected revenue growth, margin projections and the discount rate, were impacted by the general economic headwinds and the re-baselining of the Defense and Security business resulting in the delayed recovery and growth of the CGU. As a result of the impairment test performed, the Company recorded a goodwill impairment charge of $568.0 million.