GOODWILL AND OTHER INTANGIBLE ASSETS

3 Months Ended

Nov. 30, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

NOTE 6. GOODWILL AND OTHER INTANGIBLE ASSETS

The following table details the changes in the carrying amount of goodwill by reportable segment:



		Americas								International
(in thousands)		Recycling			Mills		Fabrication			Mill			Marketing and Distribution			Consolidated
Goodwill, gross
Balance at August 31, 2017		$	9,751		$	4,970	$	57,943		$	2,664		$	1,982		$	77,310
	Foreign currency translation	—			—		—			27			—			27
Balance at November 30, 2017		$	9,751		$	4,970	$	57,943		$	2,691		$	1,982		$	77,337

Accumulated impairment losses
Balance at August 31, 2017		$	(9,751	)	$	—	$	(493	)	$	(169	)	$	(1,982	)	$	(12,395	)
	Foreign currency translation	—			—		—			(2		)	—			(2		)
Balance at November 30, 2017		$	(9,751	)	$	—	$	(493	)	$	(171	)	$	(1,982	)	$	(12,397	)

Goodwill, net
Balance at August 31, 2017		$	—		$	4,970	$	57,450		$	2,495		$	—		$	64,915
	Foreign currency translation	—			—		—			25			—			25
Balance at November 30, 2017		$	—		$	4,970	$	57,450		$	2,520		$	—		$	64,940

The total gross carrying amounts of the Company's intangible assets that are subject to amortization were $21.7 million and $19.7 million at November 30, 2017 and August 31, 2017, respectively, and are included in other noncurrent assets on the Company's unaudited condensed consolidated balance sheets. As part of the MMFX asset acquisition, the Company acquired patents, which were assigned a value of $7.0 million, with a useful life of 7.5 years. See Note 2, Changes in Business, for further information regarding this asset acquisition. Intangible amortization expense from continuing operations was $0.5 million and $0.3 million for the three months ended November 30, 2017 and 2016, respectively. Excluding goodwill, there were no significant intangible assets with indefinite lives as of November 30, 2017.

- 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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