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Goodwill And Other Intangible Assets | 12 Months Ended
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Jul. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill And Other Intangible Assets | NOTE B Goodwill and Other Intangible Assets The Company has allocated goodwill to its Engine Products and Industrial Products segments. During Fiscal 2015 the Company acquired Northern Technical L.L.C. (Northern Technical) as of September 30, 2014, and IFIL USA L.L.C. (IFIL), as of June 30, 2015. There were no acquisitions during Fiscal 2014. There was no disposition activity during Fiscal 2015 or 2014. The Company completed its annual impairment assessments in the third quarters of Fiscal 2015 and 2014. The results of this assessment showed that the estimated fair values of the reporting units to which goodwill is assigned continued to exceed the corresponding carrying values of the respective reporting units, resulting in no goodwill impairment. Following is a reconciliation of goodwill for the years ended July 31, 2015 and 2014:
|  | Engine Products |  |  | Industrial Products |  |  | Total Goodwill |
|  | (thousands of dollars) |
Balance as of July 31, 2013 |  | $ | 72,321 |  |  | $ | 93,247 |  |  | $ | 165,568 |
Foreign exchange translation |  |  | 52 |  |  |  | 786 |  |  |  | 838 |
Balance as of July 31, 2014 |  | $ | 72,373 |  |  | $ | 94,033 |  |  | $ | 166,406 |
Goodwill acquired |  |  |  |  |  |  | 66,814 |  |  |  | 66,814 |
Foreign exchange translation |  |  | (1,401 | ) |  |  | (8,087 | ) |  |  | (9,488 | )
Balance as of July 31, 2015 |  | $ | 70,972 |  |  | $ | 152,760 |  |  | $ | 223,732 |
Intangible assets are comprised of patents, trademarks, and Customer relationships and lists. Following is a reconciliation of intangible assets for the years ended July 31, 2015 and 2014:
|  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Intangible Assets |
|  | (thousands of dollars) |
Balance as of July 31, 2013 |  | $ | 81,882 |  |  | $ | (40,575 | ) |  | $ | 41,307 |
Amortization expense |  |  | — |  |  |  | (5,154 | ) |  |  | (5,154 | )
Retirements |  |  | (775 | ) |  |  | 600 |  |  |  | (175 | )
Foreign exchange translation |  |  | 176 |  |  |  | (109 | ) |  |  | 67 |
Balance as of July 31, 2014 |  | $ | 81,283 |  |  | $ | (45,238 | ) |  | $ | 36,045 |
Intangible acquired - Northern Technical |  |  | 6,200 |  |  |  | — |  |  |  | 6,200 |
Intangible acquired – IFIL |  |  | 3,800 |  |  |  | — |  |  |  | 3,800 |
Amortization expense |  |  | — |  |  |  | (6,778 | ) |  |  | (6,778 | )
Foreign exchange translation |  |  | (4,193 | ) |  |  | 2,796 |  |  |  | (1,397 | )
Balance as of July 31, 2015 |  | $ | 87,090 |  |  | $ | (49,220 | ) |  | $ | 37,870 |
Net intangible assets consist of patents, trademarks, and trade names of $8.8 million and $11.5 million as of July 31, 2015 and 2014, respectively, and Customer related intangibles of $29.1 million and $24.5 million as of July 31, 2015 and 2014, respectively. As of July 31, 2015, patents, trademarks, and trade names had a weighted average remaining life of 7.0 years and Customer related intangibles had a weighted average remaining life of 9.9 years. Expected amortization expense relating to existing intangible assets is as follows (in thousands):
Fiscal Year |  |  |  |
2016 |  | $ | 5,711 |
2017 |  | $ | 5,573 |
2018 |  | $ | 4,360 |
2019 |  | $ | 3,809 |
2020 |  | $ | 3,721 |
Thereafter |  | $ | 12,813 |

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- 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=26713463&loc=d3e16373-109275 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=26713463&loc=d3e16265-109275 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=26713463&loc=d3e16323-109275 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=35741047&loc=d3e13816-109267 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=35741047&loc=d3e13854-109267 + Details
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