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Goodwill and Intangible Assets

3 Months Ended

Jun. 30, 2025

Note 14: Goodwill and Intangible Assets

The following table presents a roll forward of the carrying value of goodwill from March 31, 2025 to June 30, 2025.


	Climate Solutions
Goodwill, March 31, 2025	$	233.9
Acquisitions (a)		26.8
Effect of exchange rate changes		7.5
Goodwill, June 30, 2025	$	268.2
____

(a)	During the first quarter of fiscal 2026, the Company recorded $25.7 million and $1.1 million of goodwill in connection with its acquisition of L.B. White and AbsolutAire, respectively. See Note 2 for additional information.

Intangible assets consisted of the following:


	June 30, 2025						March 31, 2025
	Gross				Net		Gross				Net
	Carrying		Accumulated		Intangible		Carrying		Accumulated		Intangible
	Value		Amortization		Assets		Value		Amortization		Assets
Customer relationships	$	191.9	$	(53.8)	$	138.1	$	145.4	$	(47.5)	$	97.9
Trade names		66.7		(22.4)		44.3		53.1		(21.2)		31.9
Acquired technology		33.5		(17.1)		16.4		32.6		(15.7)		16.9
Total intangible assets	$	292.1	$	(93.3)	$	198.8	$	231.1	$	(84.4)	$	146.7

During the first quarter of fiscal 2026 and in connection with its acquisitions of L.B. White and AbsolutAire, the Company recorded customer relationship and trade name intangible assets totaling $39.8 million and $12.5 million, respectively.

The Company recorded amortization expense of $5.7 million and $6.9 million for the three months ended June 30, 2025 and 2024, respectively. The Company estimates that it will record approximately $15.0 million of amortization expense during the remainder of fiscal 2026. The Company estimates that it will record approximately $19.0 million, $19.0 million, $19.0 million, $18.0 million, and $17.0 million of annual amortization expense in fiscal 2027 through 2031, respectively.