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Goodwill | 12 Months Ended
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Aug. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill | Note 7 — Goodwill Changes in the carrying value of goodwill are as follows:
(In millions) |  | Manufacturing |  |  | Maintenance Services |  |  | Leasing & Management Services |  |  | Total |
Balance August 31, 2021 |  | $ | 88.8 |  |  | $ | 43.3 |  |  | $ | — |  |  | $ | 132.1 |
Translation and other adjustments |  |  | (4.5 | ) |  |  | (0.3 | ) |  |  | — |  |  |  | (4.8 | )
Balance August 31, 2022 |  | $ | 84.3 |  |  | $ | 43.0 |  |  | $ | — |  |  | $ | 127.3 |
(In millions) |  | Goodwill |
Gross goodwill balance before accumulated goodwill impairment losses and other reductions |  | $ | 290.1 |
Accumulated goodwill impairment losses |  |  | (138.2 | )
Accumulated other reductions |  |  | (24.6 | )
Balance August 31, 2022 |  | $ | 127.3 |
The Company performed its annual goodwill impairment test during the third quarter. For the annual impairment test during the third quarter of 2022, the Company utilized the qualitative assessment allowable under ASC 350 Intangibles – Goodwill and Other to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. This qualitative assessment may include, but is not limited to, reviewing factors such as macroeconomic considerations and industry indicators, financial performance and cost estimates associated with a particular reporting unit. If based on a review of qualitative factors, it is more likely than not that the fair value of a reporting unit is less than its carrying value, a quantitative impairment test is performed by comparing the fair value of a reporting unit with its carrying amount. Based on our review of the qualitative factors, the Company determined for all three of our reporting unit goodwill balances that a quantitative impairment analysis was not necessary, primarily as a result of positive market indicators and entity-specific financial performance during the assessment period. As of August 31, 2022, our Manufacturing segment includes the North America Manufacturing reporting unit with a goodwill balance of $56.6 million and the Europe Manufacturing reporting unit with a goodwill balance of $27.7 million. The Maintenance Services segment had a goodwill balance of $43.0 million related to the Wheels & Parts reporting unit. Based on the results of the Company’s annual impairment test, the Company concluded that goodwill was not impaired.

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