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GOODWILL AND OTHER INTANGIBLE ASSETS
 12 Months Ended
Aug. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND OTHER INTANGIBLE ASSETS
NOTE 6. GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill by reportable segment is detailed in the following table:
(in thousands)North AmericaEuropeNorth America Steel GroupEurope Steel GroupEmerging Businesses GroupConsolidated
Goodwill, gross:
Balance, September 1, 2022$216,059 $43,115 $— $— $— $259,174 
Acquisitions135,382 — — — — 135,382 
Foreign currency translation— 1,446 — — — 1,446 
Balance at August 31, 2023351,441 44,561 — — — 396,002 
Segment reassignment(351,441)(44,561)126,915 4,075 265,012 — 
Acquisition adjustments(1)
— — — — (1,808)(1,808)
Foreign currency translation— — — 262 1,364 1,626 
Balance at August 31, 2024— — 126,915 4,337 264,568 395,820 
Accumulated impairment:
Balance, September 1, 2022(10,036)(129)— — — (10,165)
Foreign currency translation— (16)— — — (16)
Balance at August 31, 2023(10,036)(145)— — — (10,181)
Segment reassignment10,036 145 (9,542)(146)(493)— 
Foreign currency translation— — — (9)— (9)
Balance at August 31, 2024— — (9,542)(155)(493)(10,190)
Goodwill, net:
Balance, September 1, 2022206,023 42,986 — — — 249,009 
Acquisitions135,382 — — — — 135,382 
Foreign currency translation— 1,430 — — — 1,430 
Balance at August 31, 2023341,405 44,416 — — — 385,821 
Segment reassignment(341,405)(44,416)117,373 3,929 264,519 — 
Acquisition adjustments(1)
— — — — (1,808)(1,808)
Foreign currency translation— — — 253 1,364 1,617 
Balance at August 31, 2024$— $— $117,373 $4,182 $264,075 $385,630 
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(1) Measurement period adjustments related to the 2023 Acquisitions which impacted the amount of goodwill originally reported.

The Company evaluated impairment indicators for the previous reporting units immediately prior to the change in reportable segments described in Note 1, Nature of Operations and Summary of Significant Accounting Policies, and concluded there were no indicators of impairment. Immediately after the change in reportable segments, the Company performed qualitative assessments for five reporting units consisting of $285.0 million of goodwill and quantitative tests for three reporting units consisting of $100.8 million of goodwill. The results of the qualitative assessments and quantitative tests indicated it was more likely than not that the fair value of all reporting units exceeded their carrying values.

During 2024, 2023 and 2022, the annual goodwill impairment analyses, which are performed as of the first day of the Company's fourth quarter (the "annual impairment test date"), did not result in any impairment charges. For the year ended August 31, 2024, the Company performed qualitative assessments for six reporting units consisting of $271.5 million of goodwill as of the 2024 annual impairment test date and quantitative tests for two reporting units consisting of $71.7 million and $40.7 million of goodwill as of the 2024 annual impairment test date. The results of the qualitative assessments and quantitative tests indicated it was more likely than not that the fair value of all reporting units exceeded their carrying values. The difference in the value of goodwill between the 2024 annual impairment test date and August 31, 2024 was due to the foreign currency translation adjustments.
Other indefinite-lived intangible assets consisted of the following:
(in thousands)August 31, 2024August 31, 2023
Trade names$54,531 $54,056 
In-process research and development2,400 2,400 
Non-compete agreements750 750 
Total$57,681 $57,206 

During 2024, 2023 and 2022, the Company did not record any indefinite-lived intangible asset impairment charges. As of the 2024 annual impairment test date, the Company had $57.3 million of indefinite-lived intangible assets, of which $54.1 million were tested for impairment using a quantitative approach. Based on the quantitative tests performed, the Company concluded it was more likely than not that the estimated fair values of the indefinite-lived intangible assets were greater than their respective carrying values. The changes in the balance of intangible assets with indefinite lives from August 31, 2023 to August 31, 2024 and from the 2024 annual impairment test date to August 31, 2024 were due to foreign currency translation adjustments.

Other intangible assets subject to amortization are detailed in the following table:
 August 31, 2024August 31, 2023
(in thousands)Gross
Carrying Amount		Accumulated AmortizationNetGross
Carrying Amount		Accumulated AmortizationNet
Developed technologies$152,659 $43,540 $109,119 $150,445 $25,228 $125,217 
Customer relationships75,000 16,118 58,882 74,582 7,606 66,976 
Patents7,970 6,595 1,375 7,203 5,570 1,633 
Perpetual lease rights6,404 1,049 5,355 5,984 910 5,074 
Trade names3,413 1,474 1,939 3,287 1,129 2,158 
Non-compete agreements2,300 1,859 441 2,300 1,502 798 
Other224 147 77 224 125 99 
Total$247,970 $70,782 $177,188 $244,025 $42,070 $201,955 

The foreign currency translation adjustments related to the intangible assets subject to amortization were immaterial for all periods presented above.

Amortization expense for intangible assets was $28.3 million, $25.9 million and $10.0 million in 2024, 2023 and 2022, respectively, of which $18.2 million, $18.7 million and $6.4 million, respectively, was recorded in cost of goods sold and the remainder was recorded in SG&A expenses in the consolidated statements of earnings. Estimated amortization expense for the next five years is as follows:
Year Ended August 31,(in thousands)
2025$26,821 
202625,596 
202725,499 
202823,772 
202919,178