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Goodwill and Other Intangible Assets | 12 Months Ended
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Aug. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | Note 10 – Goodwill and Other Intangible Assets The carrying amount of goodwill by reportable segment for the year ended August 31, 2023 and August 31, 2022 is as follows:
($ in thousands) |  | Irrigation |  |  | Infrastructure |  |  | Total |
Balance as of August 31, 2021 |  | $ | 51,811 |  |  | $ | 16,157 |  |  | $ | 67,968 |
Foreign currency translation |  |  | (64 | ) |  |  | (774 | ) |  |  | (838 | )
Balance as of August 31, 2022 |  |  | 51,747 |  |  |  | 15,383 |  |  |  | 67,130 |
Acquisition of FieldWise |  |  | 15,589 |  |  |  | — |  |  |  | 15,589 |
Foreign currency translation |  |  | 35 |  |  |  | 367 |  |  |  | 402 |
Balance as of August 31, 2023 |  | $ | 67,371 |  |  | $ | 15,750 |  |  | $ | 83,121 |
The components of the Company’s identifiable intangible assets and their weighted average remaining life at August 31, 2023 and 2022 are included in the table below.
|  | August 31, |
|  | 2023 |  |  | 2022 |
|  | Weighted |  |  | Gross |  |  |  |  |  | Weighted |  |  | Gross |  |  |  |
|  | average |  |  | carrying |  |  | Accumulated |  |  | average |  |  | carrying |  |  | Accumulated |
($ in thousands) |  | years |  |  | amount |  |  | amortization |  |  | years |  |  | amount |  |  | amortization |
Definite lived intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Patents and developed technology |  |  | 3.1 |  |  | $ | 28,658 |  |  | $ | (24,402 | ) |  |  | 3.3 |  |  | $ | 26,329 |  |  | $ | (24,106 | )
Customer relationships |  |  | 6.8 |  |  |  | 26,030 |  |  |  | (14,506 | ) |  |  | 2.1 |  |  |  | 17,401 |  |  |  | (12,578 | )
Indefinite lived intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Tradenames |  | N/A |  |  |  | 11,939 |  |  |  | — |  |  | N/A |  |  |  | 11,162 |  |  |  | — |
Total |  |  | 5.7 |  |  | $ | 66,627 |  |  | $ | (38,908 | ) |  |  | 2.7 |  |  | $ | 54,892 |  |  | $ | (36,684 | )
Amortization expense for amortizable intangible assets was $2.0 million, $2.0 million, and $2.2 million for fiscal 2023, 2022, and 2021, respectively. Future estimated amortization of intangible assets for the next five years is as follows:
Fiscal years |  | $ in thousands |
2024 |  | $ | 2,881 |
2025 |  |  | 2,089 |
2026 |  |  | 1,456 |
2027 |  |  | 1,456 |
2028 |  |  | 1,421 |
Thereafter |  |  | 6,477 |
|  | $ | 15,780 |
The Company updated its impairment evaluation of goodwill and intangible assets with indefinite lives at August 31, 2023. No impairment losses were indicated as a result of the annual impairment testing for fiscal 2023, 2022 and 2021.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 350 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//350/tableOfContent + Details
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