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Goodwill and Intangible Assets

6 Months Ended

Sep. 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 September 30, 2025.


	Climate Solutions
Goodwill, March 31, 2025	$	233.9
Acquisitions (a)		50.4
Effect of exchange rate changes		6.4
Goodwill, September 30, 2025	$	290.7
____

(a)	During the first six months of fiscal 2026, the Company recorded $25.7 million, $23.6 million, and $1.1 million of goodwill in connection with its acquisition of L.B. White, Climate by Design, and AbsolutAire, respectively. See Note 2 for additional information.

Intangible assets consisted of the following:


	September 30, 2025						March 31, 2025
	Gross				Net		Gross				Net
	Carrying		Accumulated		Intangible		Carrying		Accumulated		Intangible
	Value		Amortization		Assets		Value		Amortization		Assets
Customer relationships	$	198.4	$	(56.5)	$	141.9	$	145.4	$	(47.5)	$	97.9
Trade names		69.9		(23.3)		46.6		53.1		(21.2)		31.9
Acquired technology		37.0		(17.9)		19.1		32.6		(15.7)		16.9
Total intangible assets	$	305.3	$	(97.7)	$	207.6	$	231.1	$	(84.4)	$	146.7

In connection with its acquisitions of three businesses during the first half of fiscal 2026, the Company recorded customer relationship, trade name, and acquired technology intangible assets totaling $48.1 million, $15.7 million, and $3.5 million, respectively.

The Company recorded amortization expense of $4.9 million and $6.9 million for the three months ended September 30, 2025 and 2024, respectively. The Company recorded amortization expense of $10.6 million and $13.8 million for the six months ended September 30, 2025 and 2024, respectively. The Company estimates that it will record approximately $10.0 million of amortization expense during the remainder of fiscal 2026. The Company estimates that it will record approximately $21.0 million, $21.0 million, $20.0 million, $19.0 million, and $19.0 million of annual amortization expense in fiscal 2027 through 2031, respectively.