Goodwill and Other Intangible Assets

6 Months Ended

Jan. 31, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill is assessed for impairment annually or more frequently if an event occurs or circumstances change that would indicate impairment. The Company performed its annual impairment assessment during the third quarter of fiscal 2017. The results of this assessment were that the estimated fair values of the reporting units to which goodwill is assigned continued to exceed the corresponding carrying values of the reporting units, resulting in no goodwill impairment.

The following is a reconciliation of goodwill by reportable segment for the six months ended January 31, 2018 (in millions):



	Engine Products		Industrial Products		Total Goodwill
Balance as of July 31, 2017	$	84.3	$	153.8	$	238.1
Goodwill acquired	0.6		—		0.6
Foreign exchange translation	0.4		2.9		3.3
Balance as of January 31, 2018	$	85.3	$	156.7	$	242.0

The following is a reconciliation of net intangible assets for the six months ended January 31, 2018 (in millions):



	Gross Carrying Amount			Accumulated Amortization			Net Intangible Assets
Balance as of July 31, 2017	$	106.6		$	(66.0	)	$	40.6
Amortization expense	—			(2.8		)	(2.8		)
Foreign exchange translation	(2.2		)	2.6			0.4
Balance as of January 31, 2018	$	104.4		$	(66.2	)	$	38.2

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

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