Goodwill and Other Intangible Assets

12 Months Ended

Aug. 31, 2022

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, 2022 and August 31, 2021 is as follows:


($ in thousands)	Irrigation			Infrastructure			Total
Balance as of August 31, 2020	$	51,802		$	16,202		$	68,004
Foreign currency translation		9			(45	)		(36	)
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

The components of the Company’s identifiable intangible assets and their weighted average remaining life at August 31, 2022 and 2021 are included in the table below.


	August 31,
	2022							2021
	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		3.3	$	26,329	$	(24,106	)		3.7	$	27,085	$	(23,931	)
Customer relationships		2.1		17,401		(12,578	)		2.6		17,461		(11,560	)
Indefinite lived intangible assets:
Tradenames	N/A			11,162		—		N/A			11,312		—
Total		2.7	$	54,892	$	(36,684	)		3.1	$	55,858	$	(35,491	)

Amortization expense for amortizable intangible assets was $2.0 million, $2.2 million, and $2.5 million for fiscal 2022, 2021, and 2020, respectively.

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


Fiscal years	$ in thousands
2023	$	1,908
2024		1,905
2025		1,682
2026		517
2027		325
Thereafter		709
	$	7,046

The Company updated its impairment evaluation of goodwill and intangible assets with indefinite lives at August 31, 2022. No impairment losses were indicated as a result of the annual impairment testing for fiscal 2022, 2021 and 2020.