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GOODWILL AND OTHER INTANGIBLE ASSETS | 12 Months Ended
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Aug. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND OTHER INTANGIBLE ASSETS | The following table details the changes in the carrying amount of goodwill by reportable segment:
(in thousands) |  | Americas Recycling |  | Americas Mills |  | Americas Fabrication |  | International Mill |  | Corporate and Other* |  | Consolidated
Goodwill, gross |  |  |  |  |  |  |  |  |  |  |  |
Balance at September 1, 2016 |  | $ | 9,751 |  |  | $ | 4,970 |  |  | $ | 57,637 |  |  | $ | 2,432 |  |  | $ | 1,982 |  |  | $ | 76,772 |
| Acquisitions |  | — |  |  | — |  |  | 306 |  |  | — |  |  | — |  |  | 306 |
| Foreign currency translation |  | — |  |  | — |  |  | — |  |  | 232 |  |  | — |  |  | 232 |
Balance at August 31, 2017 |  | 9,751 |  |  | 4,970 |  |  | 57,943 |  |  | 2,664 |  |  | 1,982 |  |  | 77,310 |
| Dispositions |  | (208 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (208 | )
| Impairments |  | — |  |  | — |  |  | (515 | ) |  | — |  |  | — |  |  | (515 | )
| Foreign currency translation |  | — |  |  | — |  |  | — |  |  | (96 | ) |  | — |  |  | (96 | )
| Reclassification to assets of discontinued operations |  | — |  |  | — |  |  | — |  |  | — |  |  | (1,982 | ) |  | (1,982 | )
Balance at August 31, 2018 |  | $ | 9,543 |  |  | $ | 4,970 |  |  | $ | 57,428 |  |  | $ | 2,568 |  |  | $ | — |  |  | $ | 74,509 |
Accumulated impairment losses |  |  |  |  |  |  |  |  |  |  |  |
Balance at September 1, 2016 |  | $ | (9,751 | ) |  | $ | — |  |  | $ | (493 | ) |  | $ | (155 | ) |  | $ | — |  |  | $ | (10,399 | )
| Foreign currency translation |  | — |  |  | — |  |  | — |  |  | (14 | ) |  | — |  |  | (14 | )
| Impairment |  | — |  |  | — |  |  | — |  |  | — |  |  | (1,982 | ) |  | (1,982 | )
Balance at August 31, 2017 |  | (9,751 | ) |  | — |  |  | (493 | ) |  | (169 | ) |  | (1,982 | ) |  | (12,395 | )
| Dispositions |  | 208 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 208 |
| Foreign currency translation |  | — |  |  | — |  |  | — |  |  | 6 |  |  | — |  |  | 6 |
| Reclassification to assets of discontinued operations |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,982 |  |  | 1,982 |
Balance at August 31, 2018 |  | $ | (9,543 | ) |  | $ | — |  |  | $ | (493 | ) |  | $ | (163 | ) |  | $ | — |  |  | $ | (10,199 | )
Goodwill, net |  |  |  |  |  |  |  |  |  |  |  |
Balance at September 1, 2016 |  | $ | — |  |  | $ | 4,970 |  |  | $ | 57,144 |  |  | $ | 2,277 |  |  | $ | 1,982 |  |  | $ | 66,373 |
| Acquisitions |  | — |  |  | — |  |  | 306 |  |  | — |  |  | — |  |  | 306 |
| Foreign currency translation |  | — |  |  | — |  |  | — |  |  | 218 |  |  | — |  |  | 218 |
| Impairment |  | — |  |  | — |  |  | — |  |  | — |  |  | (1,982 | ) |  | (1,982 | )
Balance at August 31, 2017 |  | — |  |  | 4,970 |  |  | 57,450 |  |  | 2,495 |  |  | — |  |  | 64,915 |
| Impairments |  | — |  |  | — |  |  | (515 | ) |  | — |  |  | — |  |  | (515 | )
| Foreign currency translation |  | — |  |  | — |  |  | — |  |  | (90 | ) |  | — |  |  | (90 | )
Balance at August 31, 2018 |  | $ | — |  |  | $ | 4,970 |  |  | $ | 56,935 |  |  | $ | 2,405 |  |  | $ | — |  |  | $ | 64,310 |
*Corporate and Other includes goodwill for the International Marketing and Distribution segment which was reclassified as discontinued operations during fiscal 2018. Goodwill impairment charges were not material for the twelve months ended August 31, 2018, 2017, or 2016. The Company estimates the fair value of its reporting units using a weighting of fair values derived from the income and market approaches. Under the income approach, the Company determines the fair value of a reporting unit based on the present value of estimated future cash flows. Cash flow projections are based on management's estimates of revenue growth rates and operating margins, taking into account industry and market conditions. The discount rate is based on a weighted average cost of capital adjusted for the relevant risk associated with the characteristics of the Company. The market approach, on the other hand, estimates fair value based on market multiples of revenue and earnings derived from comparable publicly-traded companies with similar operating and investment characteristics as the reporting unit. As of August 31, 2018 and 2017, one of the Company's reporting units within the Americas Fabrication reporting segment comprised $51.1 million and $51.6 million, respectively, of the Company's total goodwill. At August 31, 2018, based on the results of our annual testing, the fair value of this reporting unit exceeded its carrying value by 25.8%. The assumptions that most significantly impacted the fabrication reporting unit fair value were the estimates of gross margin expansion, value of the terminal year, and the weighted average cost of capital (discount rate). For all other reporting units, the excess of the fair value over carrying value of each reporting unit was substantial. The following intangible assets subject to amortization are included in other noncurrent assets on the Company's consolidated balance sheets:
|  | August 31, 2018 |  | August 31, 2017
(in thousands) |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net
Customer base |  | $ | 6,254 |  |  | $ | 3,416 |  |  | $ | 2,838 |  |  | $ | 6,334 |  |  | $ | 2,660 |  |  | $ | 3,674 |
Favorable land leases |  | 4,476 |  |  | 755 |  |  | 3,721 |  |  | 10,189 |  |  | 2,849 |  |  | 7,340 |
Non-compete agreements |  | 1,750 |  |  | 798 |  |  | 952 |  |  | 1,750 |  |  | 578 |  |  | 1,172 |
Brand name |  | 928 |  |  | 662 |  |  | 266 |  |  | 1,328 |  |  | 770 |  |  | 558 |
Patents |  | 6,993 |  |  | 777 |  |  | 6,216 |  |  | — |  |  | — |  |  | — |
Other |  | 101 |  |  | 72 |  |  | 29 |  |  | 101 |  |  | 65 |  |  | 36 |
Total |  | $ | 20,502 |  |  | $ | 6,480 |  |  | $ | 14,022 |  |  | $ | 19,702 |  |  | $ | 6,922 |  |  | $ | 12,780 |
Favorable land leases at August 31, 2018 are related to perpetual lease rights which have an estimated useful life of 85 years. All other intangible assets with definitive lives are amortized over estimated useful lives ranging from 3 to 15 years. Excluding goodwill, the Company does not have any other significant intangible assets with indefinite lives. Amortization expense for intangible assets from continuing operations for the years ended August 31, 2018, 2017 and 2016 was $2.2 million, $2.1 million, and $3.4 million, respectively. Estimated amounts of amortization expense for the next five years are as follows.
Year Ended August 31, |  | (in thousands)
2019 |  | $ | 2,027 |
2020 |  | 1,793 |
2021 |  | 1,770 |
2022 |  | 1,493 |
2023 |  | 1,034 |

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- 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
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