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Goodwill and Other Intangible Assets
 12 Months Ended
Aug. 31, 2019
Goodwill And Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets

Note 10 – Goodwill and Other Intangible Assets 

The carrying amount of goodwill by reportable segment for the year ended August 31, 2019 and August 31, 2018 is as follows: 

 

($ in thousands)

 

Irrigation

 

 

Infrastructure

 

 

Total

 

Balance as of August 31, 2017

 

$

60,978

 

 

$

16,153

 

 

$

77,131

 

Divestiture of businesses

 

 

(12,294

)

 

—

 

 

 

(12,294

)

Foreign currency translation

 

 

(93

)

 

 

(73

)

 

 

(166

)

Balance as of August 31, 2018

 

 

48,591

 

 

 

16,080

 

 

 

64,671

 

Foreign currency translation

 

 

(24

)

 

 

(260

)

 

 

(284

)

Balance as of August 31, 2019

 

$

48,567

 

 

$

15,820

 

 

$

64,387

 

 

The components of the Company’s identifiable intangible assets and their weighted average remaining life at August 31, 2019 and 2018 are included in the table below.

 

 

 

August 31,

 

 

 

2019

 

 

2018

 

 

 

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

 

 

4.0

 

 

$

26,547

 

 

$

(21,097

)

 

 

5.7

 

 

$

26,831

 

 

$

(19,656

)

Customer relationships

 

 

3.6

 

 

 

16,439

 

 

 

(9,779

)

 

 

5.2

 

 

 

16,459

 

 

 

(8,668

)

Non-compete agreements

 

 

0.4

 

 

 

1,132

 

 

 

(1,107

)

 

 

0.8

 

 

 

1,137

 

 

 

(1,048

)

Other

 

 

—

 

 

 

110

 

 

 

(110

)

 

 

1.1

 

 

 

110

 

 

 

(85

)

Unamortizable intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tradenames

 

N/A

 

 

 

12,247

 

 

 

—

 

 

N/A

 

 

 

12,297

 

 

 

—

 

Total

 

 

3.8

 

 

$

56,475

 

 

$

(32,093

)

 

 

5.5

 

 

$

56,834

 

 

$

(29,457

)

 

Amortization expense for amortizable intangible assets was $2.9 million, $4.0 million, and $4.4 million for fiscal 2019, 2018, and 2017, respectively.  

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

 

Fiscal years

 

$ in thousands

 

2020

 

$

2,527

 

2021

 

 

1,866

 

2022

 

 

1,698

 

2023

 

 

1,595

 

2024

 

 

1,595

 

Thereafter

 

 

2,854

 

 

 

$

12,135

 

 

The Company updated its impairment evaluation of goodwill and intangible assets with indefinite useful lives at August 31, 2019.  No impairment losses were indicated as a result of the annual impairment testing for fiscal 2019, 2018 and 2017.