Goodwill

12 Months Ended

Mar. 31, 2021

Goodwill [Abstract]

Goodwill

Note 14: Goodwill

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

	BHVAC			CIS			Automotive			Total
Balance, March 31, 2019	$	14.1		$	153.9		$	0.5		$	168.5
Impairment charge		-			-			(0.5	)		(0.5	)
Effect of exchange rate changes		(0.6	)		(1.3	)		-			(1.9	)
Balance, March 31, 2020		13.5			152.6			-			166.1
Effect of exchange rate changes		1.3			3.3			-			4.6
Balance, March 31, 2021	$	14.8		$	155.9		$	-		$	170.7

The Company tests goodwill for impairment annually, as of March 31, 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.  To test goodwill for impairment, the Company determines the fair value of each reporting unit based upon the present value of estimated future cash flows and compares the fair value of each reporting unit with its carrying value.  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 tests performed as of March 31, 2021, the Company determined that the fair value of each of the reporting units within its BHVAC and CIS segments exceeded their respective book values.

In fiscal 2020, the Company determined that the goodwill recorded within its Automotive segment was fully impaired and recorded a $0.5 million impairment charge as a result.

At both March 31, 2021 and 2020, accumulated goodwill impairment losses totaled $31.6 million and $9.2 million, within the HDE and Automotive segments, respectively.