Goodwill and Other Intangible Assets

Goodwill is assessed for impairment annually, or more frequently if events or changes in circumstances indicate that the asset may be impaired. The Company performed its annual impairment assessment during the third quarter of fiscal 2019 and did not record any impairment as a result of this assessment.

The following is a reconciliation of goodwill by reportable segment for the nine months ended April 30, 2019 (in millions):



	Engine Products			Industrial Products			Total Goodwill
Balance as of July 31, 2018	$	84.9		$	153.5		$	238.4
Goodwill acquired	—			73.6			73.6
Foreign exchange translation	(0.4		)	(2.8		)	(3.2		)
Balance as of April 30, 2019	$	84.5		$	224.3		$	308.8

The following is a reconciliation of net intangible asset classes for the nine months ended April 30, 2019 (in millions):



Customer relationships	Gross Carrying Amount			Accumulated Amortization			Net Intangible Assets
Balance as of July 31, 2018	$	63.0		$	(35.7	)	$	27.3
Intangibles acquired	38.9			—			38.9
Amortization expense	—			(4.2		)	(4.2		)
Foreign exchange translation	(0.9		)	0.2			(0.7		)
Balance as of April 30, 2019	101.0			(39.7		)	61.3



Patents, trademarks and technology
Balance as of July 31, 2018	43.7			(35.4		)	8.3
Intangibles acquired	6.8			—			6.8
Amortization expense	—			(1.4		)	(1.4		)
Foreign exchange translation	(1.2		)	1.1			(0.1		)
Balance as of April 30, 2019	49.3			(35.7		)	13.6
Total intangible assets, net	$	150.3		$	(75.4	)	$	74.9