Goodwill and Other Intangible Assets

3 Months Ended

Oct. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

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 three months ended October 31, 2019 (in millions):

	Engine Products			Industrial Products		Total Goodwill
Balance as of July 31, 2019	$	84.5		$	218.6	$	303.1
Goodwill acquired	—			—		—
Currency translation	(0.1		)	4.9		4.8
Balance as of October 31, 2019	$	84.4		$	223.5	$	307.9

The following table summarizes the net intangible asset classes as of October 31, 2019 (in millions):

	Gross Carrying Amount		Accumulated Amortization
Customer relationships	$	103.6	$	(45.1	)
Patents, trademarks and technology	22.8		(10.1		)
Total other intangible assets, net	$	126.4	$	(55.2	)

The following table summarizes the net intangible asset classes as of July 31, 2019 (in millions):

	Gross Carrying Amount		Accumulated Amortization
Customer relationships	$	101.5	$	(43.3	)
Patents, trademarks and technology	22.3		(9.6		)
Total other intangible assets, net	$	123.8	$	(52.9	)