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Goodwill and Other Intangible Assets | 9 Months Ended
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May 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill The Company recorded goodwill on March 4, 2024 incident to its acquisition of Theron. At the time of acquisition a fair value study was conducted to determine the goodwill created as part of the transaction. The following table summarizes the changes in the carrying amounts of goodwill by segment (in thousands):
| Americas |  | EIMEA |  | Asia-Pacific |  | Total
Balance as of August 31, 2023 | $ | 85,436 |  |  | $ | 8,860 |  |  | $ | 1,209 |  |  | $ | 95,505 |
Goodwill incident to acquisition | 1,481 |  |  | - |  |  | - |  |  | 1,481 |
Translation adjustments | (71) |  |  | 12 |  |  | - |  |  | (59) |
Balance as of May 31, 2024 | $ | 86,846 |  |  | $ | 8,872 |  |  | $ | 1,209 |  |  | $ | 96,927 |
There were no indicators of impairment identified as a result of the Company’s review of events and circumstances related to its goodwill as of May 31, 2024. To date, there have been no impairment losses identified and recorded related to the Company’s goodwill. Definite-lived Intangible Assets The Company’s definite-lived intangible assets include the Spot Shot, Carpet Fresh, 1001, EZ REACH and GT85 trade names at both May 31, 2024 and August 31, 2023. In addition, intangible assets related to customer relationships and a non-compete agreement were acquired in connection with the Company’s purchase of Theron during the nine months ended May 31, 2024. All of these assets are included in other intangible assets, net in the Company’s condensed consolidated balance sheets. The weighted-average useful life of the customer relationships and non-compete agreement acquired from Theron is 14.80 years. The following table summarizes the definite-lived intangible assets and the related accumulated amortization (in thousands):
| May 31, 2024 |  | August 31, 2023
Gross carrying amount | $ | 35,862 |  |  | $ | 35,877 |
Definite-lived intangible assets acquired | 2,959 |  | -
Accumulated amortization | (32,139) |  | (31,207)
Net carrying amount | $ | 6,682 |  |  | $ | 4,670 |
There has been no impairment charge for the nine months ended May 31, 2024 and there were no indicators of impairment identified as a result of the Company’s review of events and circumstances related to its existing definite-lived intangible assets. Changes in the carrying amounts of definite-lived intangible assets by segment for the nine months ended May 31, 2024 are summarized below (in thousands):
| Americas |  | EIMEA |  | Asia-Pacific |  | Total
Balance as of August 31, 2023 | $ | 3,624 |  |  | $ | 1,046 |  |  | - |  |  | $ | 4,670 |
Definite-lived intangible assets acquired | 2,959 |  | - |  |  | - |  |  | 2,959 |
Amortization expense | (656) |  |  | (150) |  |  | - |  |  | (806) |
Translation adjustments | (135) |  |  | (6) |  |  | - |  |  | (141) |
Balance as of May 31, 2024 | $ | 5,792 |  |  | $ | 890 |  |  | - |  |  | $ | 6,682 |
The estimated amortization expense for the Company’s definite-lived intangible assets is not significant in any future individual fiscal year.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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