Goodwill and Intangible Assets

3 Months Ended

Jun. 30, 2026

Note 14: Goodwill and Intangible Assets

Effective April 1, 2026, the Company reorganized its Climate Solutions segment and split it into two separate operating segments: 1) Data Centers and 2) Commercial HVAC. The following table presents a roll forward of the carrying value of goodwill from March 31, 2026 to June 30, 2026. The Company has recast the March 31, 2026 goodwill balances to be comparable with the current segment structure.


		Data Centers		Commercial HVAC		Total
Goodwill, March 31, 2026		$	87.0	$	205.1	$	292.1
Effect of exchange rate changes			(1.3)		(0.6)		(1.9)
Goodwill, June 30, 2026		$	85.7	$	204.5	$	290.2

Intangible assets consisted of the following:


		June 30, 2026									March 31, 2026
		Gross						Net			Gross				Net
		Carrying			Accumulated			Intangible			Carrying		Accumulated		Intangible
		Value			Amortization			Assets			Value		Amortization		Assets
Customer relationships		$	196.0		$	(65.6)		$	130.4		$	198.2	$	(63.1)	$	135.1
Trade names			69.4			(26.1)			43.3			69.7		(25.2)		44.5
Acquired technology			36.6			(20.1)			16.5			36.8		(19.4)		17.4
Total intangible assets		$	302.0		$	(111.8)		$	190.2		$	304.7	$	(107.7)	$	197.0

The Company recorded amortization expense of $5.2 million and $5.7 million for the three months ended June 30, 2026 and 2025, respectively. The Company estimates that it will record approximately $15.0 million of amortization expense during the remainder of fiscal 2027. The Company estimates that it will record approximately $21.0 million, $20.0 million, $19.0 million, $19.0 million, and $19.0 million of annual amortization expense in fiscal 2028 through 2032, respectively.