Goodwill and Other Intangible Assets

12 Months Ended

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.