GOODWILL AND OTHER INTANGIBLES

3 Months Ended

Nov. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

NOTE 6. GOODWILL AND OTHER INTANGIBLES

Goodwill by reportable segment is detailed in the table below:


(in thousands)	North America Steel Group		Europe Steel Group		Emerging Businesses Group		Consolidated
Goodwill, gross
Balance, September 1, 2024	$	126,915	$	4,337	$	264,568	$	395,820

Foreign currency translation	—		(200)		(1,188)		(1,388)
Balance, November 30, 2024	126,915		4,137		263,380		394,432

Accumulated impairment
Balance, September 1, 2024	(9,542)		(155)		(493)		(10,190)

Foreign currency translation	—		7		—		7
Balance, November 30, 2024	(9,542)		(148)		(493)		(10,183)

Goodwill, net
Balance, September 1, 2024	117,373		4,182		264,075		385,630


Foreign currency translation	—		(193)		(1,188)		(1,381)
Balance, November 30, 2024	$	117,373	$	3,989	$	262,887	$	384,249

Other indefinite-lived intangible assets consisted of the following:


(in thousands)	November 30, 2024		August 31, 2024
Trade names	$	54,110	$	54,531
In-process research and development	2,400		2,400
Non-compete agreements	750		750
Total	$	57,260	$	57,681

The change in the balance of intangible assets with indefinite lives from August 31, 2024 to November 30, 2024 was due to foreign currency translation adjustments.

Other intangible assets subject to amortization are detailed in the following table:


	November 30, 2024						August 31, 2024
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Developed technologies	$	152,375	$	47,614	$	104,761	$	152,659	$	43,540	$	109,119
Customer relationships	74,641		18,116		56,525		75,000		16,118		58,882
Patents	8,055		6,850		1,205		7,970		6,595		1,375
Perpetual lease rights	6,108		1,019		5,089		6,404		1,049		5,355
Trade names	3,445		1,550		1,895		3,413		1,474		1,939
Non-compete agreements	2,300		1,948		352		2,300		1,859		441
Other	224		158		66		224		147		77
Total	$	247,148	$	77,255	$	169,893	$	247,970	$	70,782	$	177,188

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 $6.8 million and $7.5 million in the three months ended November 30, 2024 and 2023, respectively, of which $4.3 million and $4.7 million, respectively, was recorded in cost of goods sold and the remainder was recorded in SG&A expenses in the condensed consolidated statements of earnings (loss). Estimated amortization expense for intangible assets for the next five years is as follows:


	(in thousands)
Remainder of 2025	$	19,947
2026	25,531
2027	25,434
2028	23,708
2029	19,135