Goodwill and Intangible Assets

9 Months Ended

Dec. 31, 2017

Goodwill and Intangible Assets [Abstract]

Note 12:

Goodwill and Intangible Assets

Changes in the carrying amount of goodwill were as follows:

	Asia		Building HVAC		CIS		Total
Goodwill, March 31, 2017	$	0.5	$	13.7	$	150.9	$	165.1
Acquisition (a)		-		-		1.3		1.3
Effect of exchange rate changes		-		0.8		5.0		5.8
Goodwill, December 31, 2017	$	0.5	$	14.5	$	157.2	$	172.2

(a)

During the first six months of fiscal 2018, the Company recorded a $1.3 million increase to goodwill as a result of measurement period adjustments made in connection with purchase accounting for the acquisition of Luvata HTS. See Note 2 for additional information.

Intangible assets consisted of the following:

	December 31, 2017							March 31, 2017
	Gross Carrying Value		Accumulated Amortization			Net Intangible Assets		Gross Carrying Value		Accumulated Amortization			Net Intangible Assets
Customer relationships	$	63.6	$	(4.7	)	$	58.9	$	60.5	$	(1.7	)	$	58.8
Trade names		60.1		(9.8	)		50.3		58.4		(7.2	)		51.2
Acquired technology		28.4		(5.1	)		23.3		27.0		(2.9	)		24.1
Total intangible assets	$	152.1	$	(19.6	)	$	132.5	$	145.9	$	(11.8	)	$	134.1

The Company recorded amortization expense of $2.5 million and $1.1 million for the three months ended December 31, 2017 and 2016, respectively. The Company recorded amortization expense of $7.3 million and $1.9 million for the nine months ended December 31, 2017 and 2016, respectively. Estimated future amortization expense is as follows:

Fiscal Year	Estimated Amortization Expense
Remainder of 2018	$	2.4
2019		9.6
2020		9.5
2021		8.9
2022		8.7
2023 & Beyond		93.4

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

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