GOODWILL AND OTHER INTANGIBLES

9 Months Ended

May 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

NOTE 6. GOODWILL AND OTHER INTANGIBLES

Goodwill by reportable segment at May 31, 2020 is detailed in the following table:



(in thousands)	Americas Recycling		Americas Mills		Americas Fabrication		International Mill		Consolidated
Goodwill, gross*	$	9,543	$	4,970	$	57,428	$	2,371	$	74,312
Accumulated impairment losses*	(9,543)		—		(493)		(150)		(10,186)
Goodwill, net*	$	—	$	4,970	$	56,935	$	2,221	$	64,126

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* The change in balance from August 31, 2019 was immaterial.

The total gross carrying amounts of the Company's intangible assets subject to amortization were $20.7 million and $20.8 million, and the total net carrying amounts were $11.7 million and $13.3 million at May 31, 2020 and August 31, 2019, respectively. These assets were included in other noncurrent assets on the Company's condensed consolidated balance sheets. Intangible amortization expense from continuing operations related to such intangible assets was $0.5 million and $0.6 million, and $1.6 million and $1.7 million, for the three and nine months ended May 31, 2020 and 2019, respectively. Excluding goodwill, the Company did not have any significant intangible assets with indefinite lives at May 31, 2020.

In connection with the Acquisition, the Company recorded an unfavorable contract backlog liability of $110.2 million. At May 31, 2020 and August 31, 2019, the net carrying amount of the liability was $16.7 million and $35.4 million, respectively. Amortization of the unfavorable contract backlog was $4.4 million and $18.7 million, and $23.4 million and $58.2 million, for the three and nine months ended May 31, 2020 and 2019, respectively, and was recorded as an increase to net sales in the Company’s condensed consolidated statements of earnings.