Goodwill

During the first quarter of fiscal 2014, the Company elected to change its annual goodwill impairment testing date from February 28 to July 1 of each year. The Company believes this new testing date is preferable because it allows the Company to better align the annual goodwill impairment testing procedures with the Company’s year-end financial reporting as well as its annual budgeting cycle and allows the Company visibility into fourth quarter operating results which are typically significant to its annual performance. The Company most recently performed an assessment of the goodwill in each of its reporting units during the fourth quarter of fiscal 2013. This change in accounting principle will not delay, accelerate or cause the Company to avoid an impairment charge. As a result of this change, the Company will complete its next annual goodwill impairment test during the fourth quarter of fiscal 2014.

The gross changes in the carrying amount of goodwill by reporting segment for the three months ended November 30, 2013 were as follows (in thousands):



	Metals Recycling Business			Auto Parts Business			Total
Balance as of August 31, 2013	$	147,213		$	180,051		$	327,264
Acquisitions	—			586			586
Purchase accounting adjustments	—			(160		)	(160		)
Foreign currency translation adjustment	(277		)	(198		)	(475		)
Balance as of November 30, 2013	$	146,936		$	180,279		$	327,215

Accumulated goodwill impairment charges were $321 million as of November 30, 2013 and August 31, 2013.