Intangible Assets, Net and Goodwill

12 Months Ended

Jul. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, Net and Goodwill

Intangible Assets, Net and Goodwill

Our intangible assets with definite lives consist primarily of customer relationships, technology, brand names, non-compete agreements and patents. These intangible assets are being amortized on the straight-line method over the estimated useful lives of the assets ranging from 8-20 years and have a weighted average amortization period of 15 years. Amortization expense related to intangible assets was $32,961, $20,849 and $17,357 for fiscal 2020, 2019 and 2018, respectively. Our intangible assets that have indefinite useful lives, and therefore are not amortized, consist of trademarks, trade names and brand names.

Our intangible assets, net, consist of the following:

	July 31, 2020						July 31, 2019
	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
Intangible assets with finite lives:
Customer relationships(1)	$	373,018	$	(79,386)	$	293,632	$	146,204	$	(54,866)	$	91,338
Technology(1)	91,613		(30,552)		61,061		60,032		(24,081)		35,951
Brand names(2)	8,721		(4,002)		4,719		8,361		(3,256)		5,105
Non-compete agreements(3)	2,850		(1,818)		1,032		2,880		(1,653)		1,227
Patents and other registrations(1)	2,637		(1,160)		1,477		2,866		(1,252)		1,614
	478,839		(116,918)		361,921		220,343		(85,108)		135,235
Trademarks, trade names and brand names	118,111		—		118,111		6,278		—		6,278
Total intangible assets	$	596,950	$	(116,918)	$	480,032	$	226,621	$	(85,108)	$	141,513

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(1)Weighted average amortization period remaining of 7 years.

(2)Weighted average amortization period remaining of 8 years.

(3)Weighted average amortization period remaining of 5 years.

We expect to recognize $35,290, $34,918, $33,885, $32,988 and $30,136 of amortization expense related to intangible assets in fiscal 2021, 2022, 2023, 2024 and 2025, respectively. The expected amortization expense reflects those purchased intangible assets on our consolidated balance sheet as of July 31, 2020.

Goodwill changed during fiscal 2020 and 2019 as follows:

	Medical		Life Sciences		Dental		Dialysis		Total Goodwill
Balance, August 1, 2018	$	186,690	$	58,925	$	114,279	$	8,133	$	368,027
Acquisitions	—		6,137		11,340		—		17,477
Dispositions	—		(491)		—		—		$	(491)
Foreign currency translation	(6,493)		(90)		(321)		—		(6,904)
Balance, July 31, 2019	180,197		64,481		125,298		8,133		378,109
Acquisitions	—		—		275,944		—		275,944
Foreign currency translation	5,725		(87)		481		—		6,119
Balance, July 31, 2020	$	185,922	$	64,394	$	401,723	$	8,133	$	660,172