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Goodwill
 12 Months Ended
Mar. 31, 2023
Goodwill [Abstract]  
Goodwill

Note 14:  Goodwill


The following table presents a roll forward of the carrying value of goodwill from March 31, 2021 to March 31, 2023.  The Company has recast the March 31, 2022 and 2021 goodwill balances to be comparable with the current segment structure. There was no impact to the underlying reporting units as a result of the segment realignment during fiscal 2023.

 
Climate
Solutions
    
Performance
Technologies
    
Total
  
Balance, March 31, 2021
  
$
110.5
    
$
60.2
    
$
170.7
  
Effect of exchange rate changes
    
(2.4
)
    
(0.2
)
    
(2.6
)
Balance, March 31, 2022
    
108.1
      
60.0
      
168.1
  
Effect of exchange rate changes
    
(2.4
)
    
(0.1
)
    
(2.5
)
Balance, March 31, 2023
  
$
105.7
    
$
59.9
    
$
165.6
  

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 estimates and assumptions, including assumptions regarding the revenue growth rates and operating profit margins used to calculate estimated future cash flows and risk-adjusted discount rates.

As a result of its annual goodwill impairment tests performed as of March 31, 2023, the Company determined that the fair value of each of the reporting units within its Climate Solutions and Performance Technologies segments exceeded their respective book values.

At both March 31, 2023 and 2022, accumulated goodwill impairment losses totaled $40.8 million within the Performance Technologies segment.