GOODWILL AND INTANGIBLE ASSETS

3 Months Ended

Oct. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETSThe Company's goodwill of $257.1 million as of October 31, 2020 relates to the Company's Direct Marketing reporting unit, which is the only reporting unit in the Direct Marketing reportable segment. The Company has not previously recognized any impairment losses for this reporting unit.

Other intangible assets, net, as of October 31, 2020, include trademarks and tradenames, and customer relationships. The trademarks and tradenames intangible assets are being amortized on a straight-line basis and the customer relationship intangible assets are being amortized on a double-declining basis over their estimated useful lives.

The table below presents information for the Company's intangible assets:


		October 31, 2020						July 31, 2020
	Weighted Average Amortization Period	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
	(in years)	(In thousands)
Customer relationships	15	$	192,730	$	64,857	$	127,873	$	192,730	$	60,032	$	132,698
Trademarks and trade names	3	20,520		19,665		855		20,520		17,955		2,565
Total		$	213,250	$	84,522	$	128,728	$	213,250	$	77,987	$	135,263

The table below presents amortization expense recorded by the Company for other intangible assets:


	Three Months Ended October 31,
	2020		2019
	(In thousands)
Customer relationships	$	4,825	$	5,567
Trademarks and trade names	1,710		1,710
Total	$	6,535	$	7,277

As of October 31, 2020, the Company reviewed its goodwill and other intangible assets for indicators of impairment as a result of the continued impact of the COVID-19 pandemic. Although the Company's performance has improved since the beginning of the pandemic, the Company believes that indicators of impairment were present for all these asset classes due to a general deterioration in macroeconomic conditions and a significant decline in the Company's market capitalization.

The Company performed a qualitative assessment of whether it was more likely than not that its goodwill and other intangibles assets were impaired as of October 31, 2020. The Company reviewed its previous forecasts and assumptions based on the Company's current projections, which are subject to various risks and uncertainties associated with forecasted revenues, expenses and cash flows, as well as the duration and extent of impact to our businesses from the COVID-19 pandemic. Based upon that assessment, the Company concluded it was more likely than not that goodwill and other intangible assets were not impaired as of October 31, 2020.