Goodwill and Other Intangible Assets

12 Months Ended

Aug. 31, 2021

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, 2021 and 2020 is as follows: 

($ in thousands)	Irrigation			Infrastructure			Total
Balance as of August 31, 2019	$	48,567		$	15,820		$	64,387
Acquisition of Net Irrigate		3,265			—			3,265
Foreign currency translation		(30	)		382			352
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

The components of the Company’s identifiable intangible assets and their weighted average remaining life at August 31, 2021 and 2020 are included in the table below.

	August 31,
	2021							2020
	Weighted		Gross					Weighted		Gross
	average		carrying		Accumulated			average		carrying		Accumulated
($ in thousands)	years		amount		amortization			years		amount		amortization
Amortizable intangible assets:
Patents and developed technology		3.7	$	27,085	$	(23,931	)		4.3	$	27,082	$	(22,905	)
Customer relationships		2.6		17,461		(11,560	)		3.1		17,965		(10,986	)
Unamortizable intangible assets:
Tradenames	N/A			11,312		-		N/A			12,321		-
Total		3.1	$	55,858	$	(35,491	)		3.5	$	57,368	$	(33,891	)

Amortization expense for amortizable intangible assets was $2.2 million, $2.5 million, and $2.9 million for fiscal 2021, 2020, and 2019, respectively.  

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

Fiscal years	$ in thousands
2022	$	2,012
2023		1,905
2024		1,905
2025		1,682
2026		517
Thereafter		1,034
	$	9,055

The Company updated its impairment evaluation of goodwill and intangible assets with indefinite useful lives at August 31, 2021.  No impairment losses were indicated as a result of the annual impairment testing for fiscal 2021, 2020 and 2019.