GOODWILL AND INTANGIBLE ASSETS

The Company’s goodwill of $257.1 million as of April 30, 2019 relates to the Company’s Direct Marketing reporting unit. The purchase price allocation, associated with the IWCO Acquisition during December 2017, was completed during the 12 months from the acquisition date. Related adjustments made during the nine months ended April 30, 2019 totaled $2.8 million, which primarily related to the re-evaluation of equipment that was idle as of the purchase date.

The following table summarizes the fair value of assets acquired and liabilities assumed at the date of the acquisition:



	As Originally Reported			Adjustments			As Revised
	(In thousands)
Accounts receivable	$	47,841		$	(433	)	$	47,408
Inventory	27,165			5,829			32,994
Other current assets	7,427			3,197			10,624
Property and equipment	87,976			477			88,453
Intangible assets	210,920			2,330			213,250
Goodwill	259,085			(1,957		)	257,128
Other assets	3,040			—			3,040
Accounts payable	(31,069		)	—			(31,069		)
Accrued liabilities and other current liabilities	(35,790		)	(30,368		)	(66,158		)
Customer deposits	(7,829		)	—			(7,829		)
Deferred income taxes	(79,918		)	2,755			(77,163		)
Other liabilities	(19,627		)	18,170			(1,457		)
Total consideration	$	469,221		$	—		$	469,221

The Company conducts its goodwill impairment test on July 31, of each fiscal year. In addition, if and when events or circumstances change that could reduce the fair value of any of its reporting units below its carrying value, an interim test is performed. In making this assessment, the Company relies on a number of factors including operating results, business plans, economic projections, anticipated future cash flows, and transactions and marketplace data. There were no indicators of impairment identified related to the Company’s Direct Marketing reporting unit during the three months ended April 30, 2019.

Other intangible assets, net, as of April 30, 2019, include trademarks and tradenames with a carrying balance of $11.1 million and customer relationships of $158.7 million. The trademarks and tradenames intangible asset are being amortized on a straight line basis over a 3 years estimated useful life. The customer relationship intangible asset is being amortized on a double-declining basis over an estimated useful life of 15 years. Intangible assets deemed to have finite lives are amortized over their estimated useful lives, where the useful life is the period over which the asset is expected to contribute directly, or indirectly, to its future cash flows. Intangible assets are reviewed for impairment on an interim basis when certain events or circumstances exist. For amortizable intangible assets, impairment exists when the carrying amount of the intangible asset exceeds its fair value. An analysis was performed with no indicators of impairment identified for the Company’s intangible assets at April 30, 2019.