XML 24 R14.htm IDEA: XBRL DOCUMENT
v3.21.2

Goodwill and Intangible Assets | 3 Months Ended
--- | ---
Oct. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | Goodwill and Intangible Assets The Company has allocated goodwill to reporting units within its Engine Products and Industrial Products segments. There were no dispositions or impairment charges recorded during the three months ended October 31, 2021 and 2020. Goodwill is assessed for impairment annually during the third quarter of the fiscal year, 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 2021 and did not record any impairment as a result of this assessment. Goodwill by reportable segment was as follows (in millions):
| Engine Products Segment |  | Industrial Products Segment |  | Total
Balance as of July 31, 2021 | $ | 84.7 |  |  | $ | 237.8 |  |  | $ | 322.5 |
Goodwill acquired | — |  |  | — |  |  | — |
Currency translation | (0.1) |  |  | (1.8) |  |  | (1.9) |
Balance as of October 31, 2021 | $ | 84.6 |  |  | $ | 236.0 |  |  | $ | 320.6 |
Intangible asset classes were as follows (in millions):
| October 31, 2021 |  | July 31, 2021
| Gross Carrying Amount |  | Accumulated Amortization |  | Total |  | Gross Carrying Amount |  | Accumulated Amortization |  | Total
Customer relationships | $ | 107.0 |  |  | $ | (57.8) |  |  | $ | 49.2 |  |  | $ | 107.5 |  |  | $ | (56.4) |  |  | $ | 51.1 |
Patents, trademarks and technology | 24.3 |  |  | (14.3) |  |  | 10.0 |  |  | 24.3 |  |  | (13.8) |  |  | 10.5 |
Total intangible assets | $ | 131.3 |  |  | $ | (72.1) |  |  | $ | 59.2 |  |  | $ | 131.8 |  |  | $ | (70.2) |  |  | $ | 61.6 |
Amortization expense was $2.2 million and $2.1 million for the three months ended October 31, 2021 and 2020, respectively.

X
- References No definition available. + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration