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GOODWILL AND OTHER INTANGIBLES | 9 Months Ended
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May 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and other intangibles | NOTE 6. GOODWILL AND OTHER INTANGIBLES Goodwill by reportable segment is detailed in the following table:
(in thousands) |  | North America |  | Europe |  | Consolidated
Goodwill, gross |  |  |  |  |  |
Balance, September 1, 2022 |  | $ | 216,059 |  |  | $ | 43,115 |  |  | $ | 259,174 |
Acquisitions |  | 92,077 |  |  | — |  |  | 92,077 |
Foreign currency translation |  | — |  |  | 1,037 |  |  | 1,037 |
Balance, May 31, 2023 |  | 308,136 |  |  | 44,152 |  |  | 352,288 |
Accumulated impairment |  |  |  |  |  |
Balance, September 1, 2022 |  | (10,036) |  |  | (129) |  |  | (10,165) |
Foreign currency translation |  | — |  |  | (14) |  |  | (14) |
Balance, May 31, 2023 |  | (10,036) |  |  | (143) |  |  | (10,179) |
Goodwill, net |  |  |  |  |  |
Balance, September 1, 2022 |  | 206,023 |  |  | 42,986 |  |  | 249,009 |
Acquisitions |  | 92,077 |  |  | — |  |  | 92,077 |
Foreign currency translation |  | — |  |  | 1,023 |  |  | 1,023 |
Balance, May 31, 2023 |  | $ | 298,100 |  |  | $ | 44,009 |  |  | $ | 342,109 |
Intangible assets subject to amortization are detailed in the following table:
|  |  |  | May 31, 2023 |  | August 31, 2022
(in thousands) |  | Useful Lives in Years |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net
Developed technologies |  | 1 to 15 |  | $ | 149,009 |  |  | $ | 20,529 |  |  | $ | 128,480 |  |  | $ | 147,040 |  |  | $ | 6,485 |  |  | $ | 140,555 |
Customer relationships |  | 5 to 17 |  | 62,425 |  |  | 5,704 |  |  | 56,721 |  |  | 53,115 |  |  | 2,116 |  |  | 50,999 |
Perpetual lease rights |  | 79 |  | 5,830 |  |  | 868 |  |  | 4,962 |  |  | 3,584 |  |  | 744 |  |  | 2,840 |
Patents |  | 5 to 7.5 |  | 7,203 |  |  | 5,327 |  |  | 1,876 |  |  | 7,203 |  |  | 4,596 |  |  | 2,607 |
Trade names |  | 5 to 15 |  | 3,253 |  |  | 1,037 |  |  | 2,216 |  |  | 3,212 |  |  | 764 |  |  | 2,448 |
Non-compete agreements |  | 5 to 7 |  | 2,300 |  |  | 1,402 |  |  | 898 |  |  | 3,050 |  |  | 1,135 |  |  | 1,915 |
Other |  | 15 |  | 101 |  |  | 101 |  |  | — |  |  | 101 |  |  | 99 |  |  | 2 |
Total |  |  |  | $ | 230,121 |  |  | $ | 34,968 |  |  | $ | 195,153 |  |  | $ | 217,305 |  |  | $ | 15,939 |  |  | $ | 201,366 |
The acquired assets from the Tendon acquisition included an intangible asset for customer relationships with a fair value of $8.9 million. The fair value of the intangible asset for customer relationships was calculated using an income approach, under the with-and-without method, which considers opportunity costs associated with lost profits in the absence of the existing customer base. The intangible asset for customer relationships was assigned a useful life of five years. See Note 2, Changes in Business, for additional information on the acquisition of Tendon. Foreign currency translation adjustments for intangible assets subject to amortization were immaterial for all periods presented above. Other indefinite-lived intangible assets consisted of the following:
(in thousands) |  | May 31, 2023 |  | August 31, 2022
Trade names |  | $ | 53,956 |  |  | $ | 53,633 |
In-process research and development |  | 2,400 |  |  | 2,400 |
Non-compete agreements |  | 750 |  |  | 750 |
Total |  | $ | 57,106 |  |  | $ | 56,783 |
The change in the balance of intangible assets with indefinite lives from August 31, 2022 to May 31, 2023 was due to foreign currency translation adjustments. Amortization expense for intangible assets was $6.6 million and $18.9 million in the three and nine months ended May 31, 2023, respectively, of which $4.7 million and $14.0 million, respectively, was recorded in cost of goods sold and $1.9 million and $4.9 million, respectively, was recorded in selling, general and administrative expenses in the condensed consolidated statements of earnings. The Company recorded immaterial amortization expense for intangible assets in the three and nine months ended May 31, 2022. Estimated amounts of amortization expense for intangible assets for the next five years are as follows:
|  | (in thousands)
Remainder of 2023 |  | $ | 6,584 |
2024 |  | 25,607 |
2025 |  | 23,991 |
2026 |  | 22,562 |
2027 |  | 22,562 |

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