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Goodwill | 12 Months Ended
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Mar. 31, 2024
Goodwill [Abstract] |
Goodwill | Note 14: Goodwill The following table presents a roll forward of the carrying value of goodwill from March 31, 2022 to March 31, 2024.
|  | Climate Solutions |  |  | Performance Technologies |  |  | Total |
Balance, March 31, 2022 |  | $ | 108.1 |  |  | $ | 60.0 |  |  | $ | 168.1 |
Effect of exchange rate changes |  |  | (2.4 | ) |  |  | (0.1 | ) |  |  | (2.5 | )
Balance, March 31, 2023 |  |  | 105.7 |  |  |  | 59.9 |  |  |  | 165.6 |
Acquisition (disposition) (a) |  |  | 66.2 |  |  |  | (0.7 | ) |  |  | 65.5 |
Effect of exchange rate changes |  |  | (0.1 | ) |  |  | (0.1 | ) |  |  | (0.2 | )
Balance, March 31, 2024 |  | $ | 171.8 |  |  | $ | 59.1 |  |  | $ | 230.9 |
(a) | During fiscal 2024, the Company recorded $65.2 million and $1.0 million of goodwill in connection with its acquisition of Scott Springfield Manufacturing and Napps, respectively. In addition, the Company wrote-off $0.7 million of goodwill in connection with the sale of two coatings facilities. See Note 2 for additional information.
The Company tests goodwill for impairment annually, as of March 31, or more frequently if events or circumstances change that would, more likely than not, reduce the fair value of a reporting unit below its carrying value. To test goodwill for impairment, the Company determines the fair value of each reporting unit based upon the present value of estimated future cash flows and compares the fair value of each reporting unit with its carrying value. The Company’s determination of fair value involves judgment and the use of estimates and assumptions, including assumptions regarding the revenue growth rates and operating profit margins used to calculate estimated future cash flows and risk-adjusted discount rates. As a result of its annual goodwill impairment tests performed as of March 31, 2024, the Company determined that the fair value of each of its reporting units exceeded their respective book values. At both March 31, 2024 and 2023, accumulated goodwill impairment losses totaled $40.8 million within the Performance Technologies segment.

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