XML 110 R14.htm IDEA: XBRL DOCUMENT v3.20.2
Goodwill and Other Intangible Assets
 12 Months Ended
Jul. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets
The Company has allocated goodwill to reporting units within its Engine Products and Industrial Products segments. There was no disposition activity or impairment charges recorded during the years ended July 31, 2020, 2019 and 2018. In the fourth quarter of fiscal 2020, the Company acquired the remaining interest of its joint venture in Saudi Arabia for $7.5 million, and as a result, recorded $5.4 million of goodwill. In fiscal 2019, the Company acquired BOFA and recorded goodwill for this transaction. See Note 2 for additional discussion of the BOFA acquisition.
The following is a reconciliation of goodwill for the years ended July 31, 2020 and 2019 (in millions):
Engine ProductsIndustrial ProductsTotal
Balance as of July 31, 2018$84.9 $153.5 $238.4 
Goodwill acquired— 72.9 72.9 
Currency translation(0.4)(7.8)(8.2)
Balance as of July 31, 201984.5 218.6 303.1 
Goodwill acquired— 5.4 5.4 
Currency translation0.3 8.0 8.3 
Balance as of July 31, 2020$84.8 $232.0 $316.8 
The following table summarizes the net intangible assets for the years ended July 31, 2020 and 2019 (in millions, except weighted average useful life):
July 31, 2020July 31, 2019
Weighted Average Useful Life (years)Gross
Carrying
Amount		Accumulated
Amortization		Gross
Carrying
Amount		Accumulated
Amortization
Customer relationships 12.3$105.2 $(50.0)$101.5 $(43.3)
Patents, trademarks and technology7.523.7 (11.6)22.3 (9.6)
Total other intangible assets, net$128.9 $(61.6)$123.8 $(52.9)
Expected amortization expense relating to existing intangible assets is as follows (in millions):
Amount
2021$8.0 
20226.9 
20236.1 
20245.8 
20255.6 
Thereafter34.9 
Total expected amortization expense$67.3