Note 14: Goodwill

Changes in the carrying amount of goodwill, by segment and in the aggregate, were as follows:

	South America			Asia		Building HVAC			Total
Balance, March 31, 2013	$	12.2		$	0.5	$	16.0		$	28.7
Effect of exchange rate changes		(1.3	)		-		1.3			-
Balance, March 31, 2014		10.9			0.5		17.3			28.7
Impairment charge		(7.8	)		-		-			(7.8	)
Effect of exchange rate changes		(3.1	)		-		(1.6	)		(4.7	)
Balance, March 31, 2015	$	-		$	0.5	$	15.7		$	16.2

The Company assesses goodwill for impairment annually, or more frequently if events or circumstances change that would, more likely than not, reduce the fair value of a reporting unit below its carrying value. The Company conducted its annual assessment for goodwill impairment during the fourth quarter of fiscal 2015 by applying a fair value-based test. The Company determined its South America reporting unit’s goodwill was fully impaired and recorded a $7.8 million goodwill impairment charge as a result. The impairment charge was primarily caused by a decline in the financial outlook for the South America reporting unit. During the fourth quarter of fiscal 2015, the Company’s outlook for the markets served by its South America reporting unit, primarily Brazil, shifted from a view that the markets may begin to recover to a view that the market downturn may be prolonged. The economic weakness in Brazil has negatively affected the Company’s expected future cash flows for the South American segment.The fair value of the Company’s remaining reporting units exceeded their respective book values.

As of March 31, 2015, accumulated goodwill impairment losses within the South America segment totaled $7.8 million. As of March 31, 2015 and 2014, accumulated goodwill impairment losses totaled $23.8 million and $8.7 million within the North America and Europe segments, respectively.