Goodwill and Intangible Assets

6 Months Ended

Jan. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill and 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 six months ended January 31, 2020 (in millions):

	Engine Products			Industrial Products		Total
Balance as of July 31, 2019	$	84.5		$	218.6	$	303.1
Goodwill acquired	—			—		—
Currency translation	(0.1		)	5.5		5.4
Balance as of January 31, 2020	$	84.4		$	224.1	$	308.5

The following table summarizes the net intangible asset classes as of January 31, 2020 (in millions):

	Gross Carrying Amount		Accumulated Amortization			Total
Customer relationships	$	104.0	$	(46.6	)	$	57.4
Patents, trademarks and technology	22.9		(10.6		)	12.3
Total intangible assets, net	$	126.9	$	(57.2	)	$	69.7

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 $2.0 million and $4.1 million for the three and six months ended January 31, 2020, respectively, and was $2.1 million and $3.5 million for the three and six months ended January 31, 2019, respectively.