Goodwill and Intangible Assets

6 Months Ended

Jan. 31, 2021

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 most recent annual impairment assessment during the third quarter of fiscal 2020 and did not record any impairment as a result of this assessment.

Goodwill by reportable segment for the six months ended January 31, 2021 is as follows (in millions):

	Engine Products		Industrial Products		Total
Balance as of July 31, 2020	$	84.8	$	232.0	$	316.8
Goodwill acquired	—		—		—
Currency translation	0.1		5.2		5.3
Balance as of January 31, 2021	$	84.9	$	237.2	$	322.1

Intangible asset classes as of January 31, 2021 are as follows (in millions):

	Gross Carrying Amount		Accumulated Amortization		Total
Customer relationships	$	107.2	$	(53.4)	$	53.8
Patents, trademarks and technology	24.3		(12.8)		11.5
Total intangible assets, net	$	131.5	$	(66.2)	$	65.3

Intangible asset classes as of July 31, 2020 are as follows (in millions):

	Gross Carrying Amount		Accumulated Amortization		Total
Customer relationships	$	105.2	$	(50.0)	$	55.2
Patents, trademarks and technology	23.7		(11.6)		12.1
Total intangible assets, net	$	128.9	$	(61.6)	$	67.3

Amortization expense was $2.1 million and $4.2 million for the three and six months ended January 31, 2021, respectively, and was $2.0 million and $4.1 million for the three and six months ended January 31, 2020, respectively.