Note H – Goodwill and Other Intangible Assets

 

Goodwill is assessed for impairment annually, or more frequently if events or changes in circumstances indicate that the asset may be impaired.  The Company performed an impairment assessment during the third quarter of Fiscal 2014.  The results of this assessment showed that the estimated fair values of the reporting units to which goodwill is assigned continued to significantly exceed the corresponding carrying values of the respective reporting units resulting in no goodwill impairment.  Following is a reconciliation of goodwill for the six months ended January 31, 2015 (thousands of dollars):

 

 

As of January 31, 2015, other intangible assets were $38.0 million, a $2.0 million increase from $36.0 million at July 31, 2014.  The increase in other intangible assets is primarily due to the acquisition of Northern Technical L.L.C. (Northern Technical) intangibles of $6.2 million, amortization of existing assets of $3.6 million, and a $0.8 million foreign exchange translation decrease.  Refer to Note Q for further discussion of the Northern Technical acquisition. 

 

Expected amortization expense relating to existing intangible assets is as follows (in thousands):