Goodwill And Other Intangible Assets

12 Months Ended

Aug. 31, 2018

Goodwill And Intangible Assets Disclosure [Abstract]

Note 9 – Goodwill and Other Intangible Assets

The carrying amount of goodwill by reportable segment for the year ended August 31, 2018 and 2017 is as follows:

($ in thousands)	Irrigation			Infrastructure			Total
Balance as of August 31, 2016	$	60,942		$	15,861		$	76,803
Foreign currency translation		36			292			328
Balance as of August 31, 2017	$	60,978		$	16,153		$	77,131
Divestiture of businesses		(12,294	)		—			(12,294	)
Foreign currency translation		(93	)		(73	)		(167	)
Balance as of August 31, 2018	$	48,591		$	16,080		$	64,671

The components of the Company’s identifiable intangible assets at August 31, 2018 and 2017 are included in the table below.

	August 31,
	2018							2017
	Weighted		Gross					Weighted		Gross
	average		carrying		Accumulated			average		carrying		Accumulated
($ in thousands)	years		amount		amortization			years		amount		amortization
Amortizable intangible assets:
Patents and developed technology		3.2	$	26,831	$	(19,656	)		5.1	$	34,038	$	(21,581	)
Customer relationships		5.2		16,459		(8,668	)		5.8		19,975		(10,419	)
Non-compete agreements		0.4		1,137		(1,048	)		1.6		2,354		(1,806	)
Other		1.1		110		(85	)		8.8		210		(84	)
Unamortizable intangible assets:
Tradenames	N/A			12,297		—		N/A			20,121		—
Total		3.7	$	56,834	$	(29,457	)		5.1	$	76,698	$	(33,890	)

Amortization expense for amortizable intangible assets was $4.0 million, $4.4 million, and $4.7 million for fiscal 2018, 2017, and 2016, respectively.

Future estimated amortization of intangible assets for the next five years is as follows:

Fiscal years	$ in thousands
2019	$	2,919
2020		2,513
2021		1,875
2022		1,699
2023		1,595
Thereafter		4,479
	$	15,080

The Company updated its impairment evaluation of goodwill and intangible assets with indefinite useful lives at August 31, 2018. No impairment losses were indicated as a result of the annual impairment testing for fiscal 2018, 2017 and 2016.

- 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.

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