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Goodwill and Intangible Assets
 3 Months Ended
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.