Goodwill

12 Months Ended

Mar. 31, 2020

Note 14: Goodwill

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

	VTS			CIS			BHVAC			Total
Balance, March 31, 2018	$	0.5		$	158.3		$	15.0		$	173.8
Effect of exchange rate changes		-			(4.4	)		(0.9	)		(5.3	)
Balance, March 31, 2019		0.5			153.9			14.1			168.5
Impairment charge		(0.5	)		-			-			(0.5	)
Effect of exchange rate changes		-			(1.3	)		(0.6	)		(1.9	)
Balance, March 31, 2020	$	-		$	152.6		$	13.5		$	166.1

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. Annually, the Company conducts its goodwill impairment assessment during the fourth quarter by applying a fair value-based test. For purposes of its assessment, the Company determines the fair value of each reporting unit based upon the present value of estimated future cash flows. The Company’s determination of fair value involves judgment and the use of significant estimates and assumptions, including assumptions regarding the revenue growth rates and operating profit margins used to calculate estimated future cash flows, risk-adjusted discount rates, business trends and market conditions.

As a result of its annual goodwill impairment test performed during the fourth quarter of fiscal 2020, the Company determined that the fair value of each of the reporting units within its CIS and BHVAC segments exceeded their respective book values. The Company determined, however, that the goodwill recorded within its VTS segment was fully impaired and recorded a $0.5 million impairment charge as a result. The impairment charge was primarily caused by a recent decline in the estimated fair value of the automotive business within the VTS segment.

At March 31, 2020 and 2019, accumulated goodwill impairment losses totaled $40.8 million and $40.3 million, respectively, within the VTS segment.