During fiscal 2018, in connection with a portfolio review of business investments, the Company committed to a plan of divestiture of its pump and filtration businesses, a Company-owned irrigation dealership, and a Company-owned water resource consulting firm, all of which are reported in the Irrigation segment. The Company determined that the divestiture of these businesses does not meet the criteria for discontinued operations presentation as the commitment to divest these businesses does not represent a strategic shift that will have a major effect on its operations and financial results. The Company completed the divestiture of its pump and filtration businesses and the Company-owned water resource consulting firm during the fourth quarter of fiscal 2018. The Company has recorded a loss on sale of businesses of $4.1 million included in general and administrative expense on the consolidated statement of earnings in the fiscal year ended August 31, 2018.

The Company completed the sale of the Company-owned irrigation dealership during fiscal 2019. Because the divestiture did not meet the criteria for discontinued operations presentation, the assets and liabilities of the Company-owned irrigation dealership were separately presented within the captions “Assets held-for-sale” and “Liabilities held-for-sale” in the consolidated balance sheet as of August 31, 2018.

Additionally, during the fourth quarter of fiscal 2018, the Company closed one of its infrastructure manufacturing facilities in North America and consolidated its operations with an irrigation manufacturing facility. The building related to the closure is currently listed for sale and is included within the caption “Assets held-for-sale” in the consolidated balance sheet as of August 31, 2019.

The carrying amounts of the major classes of assets and liabilities that were classified as held-for-sale at August 31, 2019 and 2018, are as follows:

($ in thousands)	August 31, 2019		August 31, 2018
Receivables, net of allowance of $0 and $244, respectively	$	—	$	3,473
Inventories, net	—			3,676
Property, plant, and equipment, net		2,744		3,637
Intangibles, net	—			51
Total assets		2,744		10,837

Accounts payable	—			1,476
Other current liabilities	—			948
Total liabilities	—			2,424

Net assets	$	2,744	$	8,413