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Goodwill and Intangible Assets

9 Months Ended

Dec. 31, 2024

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 December 31, 2024.


	Climate Solutions
Goodwill, March 31, 2024	$	230.9
Acquisition adjustment		7.4
Effect of exchange rate changes		(5.7)
Goodwill, December 31, 2024	$	232.6

Intangible assets consisted of the following:


	December 31, 2024						March 31, 2024
	Gross				Net		Gross				Net
	Carrying		Accumulated		Intangible		Carrying		Accumulated		Intangible
	Value		Amortization		Assets		Value		Amortization		Assets
Customer relationships	$	144.3	$	(41.7)	$	102.6	$	150.5	$	(26.3)	$	124.2
Trade names		52.5		(20.3)		32.2		62.8		(18.5)		44.3
Acquired technology		32.1		(14.6)		17.5		32.5		(12.7)		19.8
Total intangible assets	$	228.9	$	(76.6)	$	152.3	$	245.8	$	(57.5)	$	188.3

The Company recorded amortization expense of $6.9 million and $2.1 million for the three months ended December 31, 2024 and 2023, respectively. The Company recorded amortization expense of $20.7 million and $6.1 million for the nine months ended December 31, 2024 and 2023, respectively. The Company estimates that it will record approximately $7.0 million of amortization expense during the remainder of fiscal 2025. The Company estimates that it will record approximately $17.0 million, $15.0 million, $15.0 million, $15.0 million, and $13.0 million of annual amortization expense in fiscal 2026 through 2030, respectively.