Goodwill and Intangible Assets

9 Months Ended

Apr. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill and Intangible Assets

Goodwill is assessed for impairment annually, during the third quarter of the fiscal year, 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 2020 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, 2020 (in millions):

	Engine Products		Industrial Products		Total
Balance as of July 31, 2019	$	84.5	$	218.6	$	303.1
Goodwill acquired	—		—		—
Currency translation	(0.4)		1.1		0.7
Balance as of April 30, 2020	$	84.1	$	219.7	$	303.8

The following table summarizes the net intangible asset classes as of April 30, 2020 (in millions):

	Gross Carrying Amount		Accumulated Amortization		Total
Customer relationships	$	101.8	$	(47.9)	$	53.9
Patents, trademarks and technology	22.4		(11.0)		11.4
Total intangible assets, net	$	124.2	$	(58.9)	$	65.3

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

	Gross Carrying Amount		Accumulated Amortization		Total
Customer relationships	$	101.5	$	(43.3)	$	58.2
Patents, trademarks and technology	22.3		(9.6)		12.7
Total intangible assets, net	$	123.8	$	(52.9)	$	70.9

Amortization expense was $2.1 million and $6.4 million for the three and nine months ended April 30, 2020, respectively, and was $2.1 million and $5.6 million for the three and nine months ended April 30, 2019, respectively.