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Goodwill and Intangible Assets | 3 Months Ended
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Jun. 30, 2024
Goodwill and Intangible Assets [Abstract] |
Goodwill and Intangible Assets | Note 14: Goodwill and Intangible Assets During the first quarter of fiscal 2025, the Company recorded a measurement period adjustment to reduce the fair value of the acquired Scott Springfield Manufacturing trade name by $9.6 million. This purchase accounting adjustment resulted in a $7.4 million increase in goodwill. See Note 2 for additional information. As a result of the segment realignment during the first quarter of fiscal 2025, the Company’s goodwill now resides entirely within the Climate Solutions segment. The following table presents a roll forward of the carrying value of goodwill from March 31, 2024 to June 30, 2024 under the Company’s current segment structure.
|  | Climate Solutions |
Goodwill, March 31, 2024 |  | $ | 230.9 |
Acquisition adjustment |  |  | 7.4 |
Effect of exchange rate changes |  |  | (0.9 | )
Goodwill, June 30, 2024 |  | $ | 237.4 |
Intangible assets consisted of the following:
|  | June 30, 2024 |  |  | March 31, 2024 |
|  | Gross |  |  |  |  |  | Net |  |  | Gross |  |  |  |  |  | Net |
|  | Carrying |  |  | Accumulated |  |  | Intangible |  |  | Carrying |  |  | Accumulated |  |  | Intangible |
|  | Value |  |  | Amortization |  |  | Assets |  |  | Value |  |  | Amortization |  |  | Assets |
Customer relationships |  | $ | 149.4 |  |  | $ | (31.7 | ) |  | $ | 117.7 |  |  | $ | 150.5 |  |  | $ | (26.3 | ) |  | $ | 124.2 |
Trade names |  |  | 53.1 |  |  |  | (19.1 | ) |  |  | 34.0 |  |  |  | 62.8 |  |  |  | (18.5 | ) |  |  | 44.3 |
Acquired technology |  |  | 32.4 |  |  |  | (13.4 | ) |  |  | 19.0 |  |  |  | 32.5 |  |  |  | (12.7 | ) |  |  | 19.8 |
Total intangible assets |  | $ | 234.9 |  |  | $ | (64.2 | ) |  | $ | 170.7 |  |  | $ | 245.8 |  |  | $ | (57.5 | ) |  | $ | 188.3 |
The Company recorded amortization expense of $6.9 million and $2.0 million for the three months ended June 30, 2024 and 2023, respectively. The Company estimates that it will record approximately $21.0 million of amortization expense during the remainder of fiscal 2025. The Company estimates that it will record approximately $17.0 million, $16.0 million, $16.0 million, and $15.0 million of annual amortization expense in fiscal 2026 through 2029, respectively.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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