GOODWILL AND OTHER INTANGIBLE ASSETS |
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GOODWILL AND OTHER INTANGIBLE ASSETS | 5. GOODWILL AND OTHER INTANGIBLE ASSETS: Goodwill by reporting segment at September 2018 and September 2017 was as follows:
Other intangible assets at fiscal year ends 2018 and 2017 consisted of the following:
During fiscal 2018, the Company recorded goodwill impairment charges of approximately $1.9 million in its retail reporting unit fully impairing all the goodwill in this reporting unit when it was determined that the carrying value of this reporting unit exceeded its fair value. These impairment charges arose from a range of considerations including but not limited to heightened competition in the industry, retail sector market conditions, and earning shortfalls which impacted the Company’s projections of future cash flows to be generated from this reporting unit. These impairment charges were recorded in the Company’s consolidated statement of operations as a component of operating income. At September 2018, the only remaining goodwill on the Company’s consolidated balance sheet related to goodwill allocated to our wholesale reporting unit which totaled $4.4 million. The fair value for this reporting unit was determined to exceed it carrying value at September 2018. Goodwill, trademarks and tradenames are considered to have indefinite useful lives and therefore no amortization has been taken on these assets. At September 2018 and September 2017, identifiable intangible assets considered to have finite lives were represented by customer relationships which are being amortized over eight years. These intangible assets are evaluated for accelerated attrition or amortization adjustments if warranted. Amortization expense related to these assets totaled $0.1 million and $0.3 million during fiscal 2018 and fiscal 2017, respectively. Estimated future amortization expense related to identifiable intangible assets with finite lives is as follows at September 2018:
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