GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Jul. 31, 2014

Goodwill and Intangible Assets Disclosure [Abstract]

The Company completed its annual goodwill impairment test for all reporting units in the third quarter of fiscal year 2014 and determined that no impairment existed. In addition, the Company had no impairment of goodwill in the prior year. In connection with the annual goodwill impairment test, the Company estimates the fair value of its reporting units using a market approach employing Level 3 inputs as defined in the fair value hierarchy described in Note 9, Fair Value Measurements.

The following table presents changes in the carrying value of goodwill, allocated by reportable segment.



	Life Sciences			Industrial		Total
Balance as of July 31, 2012	$	178,359		$	160,582	$	338,941
Foreign currency translation	2,537			1,014		3,551
Balance as of July 31, 2013	180,896			161,596		342,492
Acquisitions	91,121			59,628		150,749
Foreign currency translation	(2,259		)	480		(1,779		)
Balance as of July 31, 2014	$	269,758		$	221,704	$	491,462

In connection with the acquisitions during fiscal year 2014, see Note 20, Acquisitions, the Company recorded the fair value of the intangible assets acquired, which were valued using the income approach. The valuation employed level 3 inputs, as defined in the fair value hierarchy.

Intangible assets consist of the following:



	2014
	Gross		Accumulated Amortization		Net
Patents and unpatented technology	$	165,727	$	66,126	$	99,601
Customer-related intangibles	165,759		33,845		131,914
Trademarks	16,971		7,130		9,841
Other	3,647		2,580		1,067
	$	352,104	$	109,681	$	242,423



	2013
	Gross		Accumulated Amortization		Net
Patents and unpatented technology	$	123,707	$	69,992	$	53,715
Customer-related intangibles	97,016		22,425		74,591
Trademarks	13,291		6,166		7,125
Other	4,425		2,613		1,812
	$	238,439	$	101,196	$	137,243

Amortization expense from continuing operations for intangible assets for fiscal years 2014, 2013 and 2012 was $21,240, $19,856 and $20,535, respectively. Amortization expense is estimated to be approximately $23,802 in fiscal year 2015, $22,445 in fiscal year 2016, $22,157 in fiscal year 2017, $22,015 in fiscal year 2018 and $19,713 in fiscal year 2019.

- 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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