Goodwill and Other Intangible Assets

12 Months Ended

Aug. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Note 10 – Goodwill and Other Intangible Assets

The carrying amount of goodwill by reportable segment for the year ended August 31, 2024 and August 31, 2023 is as follows:


($ in thousands)	Irrigation			Infrastructure		Total
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
FieldWise purchase accounting adjustments		1,004			—		1,004
Foreign currency translation		(23	)		92		69
Balance as of August 31, 2024	$	68,352		$	15,842	$	84,194

The components of the Company’s identifiable intangible assets and their weighted average remaining life at August 31, 2024 and 2023 are included in the table below.


	August 31,
	2024							2023
	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		2.9	$	29,308	$	(25,460	)		3.1	$	28,658	$	(24,402	)
Customer relationships		6.7		26,037		(16,470	)		6.8		26,030		(14,506	)
Indefinite lived intangible assets:
Tradenames	N/A			11,951		—		N/A			11,939		—
Total		5.6	$	67,296	$	(41,930	)		5.7	$	66,627	$	(38,908	)

Amortization expense for amortizable intangible assets was $2.9 million, $2.0 million, and $2.0 million for fiscal 2024, 2023, and 2022, respectively.

Future estimated amortization of intangible assets for the next five years is as follows:


Fiscal years	$ in thousands
2025	$	2,200
2026		1,564
2027		1,564
2028		1,528
2029		1,124
Thereafter		5,435
	$	13,415

The Company updated its impairment evaluation of goodwill and intangible assets with indefinite lives at August 31, 2024. No impairment losses were indicated as a result of the annual impairment testing for fiscal 2024, 2023 and 2022.