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GOODWILL AND OTHER INTANGIBLES (Tables)
 9 Months Ended
May 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Changes in the carrying amount of goodwill
Goodwill by reportable segment is detailed in the table below. During the first quarter of 2024, the Company changed its reportable segments as described in Note 1, Nature of Operations and Accounting Policies. Concurrent with the change in reportable segments, the Company reassigned goodwill to the updated reporting units using a relative fair value approach, shown below:

(in thousands)North AmericaEuropeNorth America Steel GroupEurope Steel GroupEmerging Businesses GroupConsolidated
Goodwill, gross
Balance, September 1, 2023$351,441 $44,561 $— $— $— $396,002 
Segment reassignment(351,441)(44,561)126,915 4,075 265,012 — 
Acquisition adjustments(1)
— — — — (2,305)(2,305)
Foreign currency translation— — — 193 198 391 
Balance, May 31, 2024— — 126,915 4,268 262,905 394,088 
Accumulated impairment
Balance, September 1, 2023(10,036)(145)— — — (10,181)
Segment reassignment10,036 145 (9,542)(146)(493)— 
Foreign currency translation— — — (7)— (7)
Balance, May 31, 2024— — (9,542)(153)(493)(10,188)
Goodwill, net
Balance, September 1, 2023341,405 44,416 — — — 385,821 
Segment reassignment(341,405)(44,416)117,373 3,929 264,519 — 
Acquisition adjustments(1)
— — — — (2,305)(2,305)
Foreign currency translation— — — 186 198 384 
Balance, May 31, 2024$— $— $117,373 $4,115 $262,412 $383,900 
__________________________________
(1) Measurement period adjustments related to the 2023 acquisitions which impacted the amount of goodwill originally reported.

The Company evaluated impairment indicators for the previous reporting units immediately prior to the change in reportable segments and concluded there were no indicators of impairment. Immediately after the change in reportable segments, the Company performed qualitative tests for five reporting units consisting of $285.0 million of goodwill and quantitative tests for three reporting units consisting of $100.8 million of goodwill. The results of the qualitative and quantitative tests indicated it was more likely than not that the fair value of all reporting units with goodwill exceeded their carrying values.

Other indefinite-lived intangible assets consisted of the following:
(in thousands)May 31, 2024August 31, 2023
Trade names$54,119 $54,056 
In-process research and development2,400 2,400 
Non-compete agreements750 750 
Total$57,269 $57,206 

The change in the balance of intangible assets with indefinite lives from August 31, 2023 to May 31, 2024 was due to foreign currency translation adjustments.
Other intangible assets subject to amortization are detailed in the following table:
 May 31, 2024August 31, 2023
(in thousands)Gross
Carrying Amount		Accumulated AmortizationNetGross
Carrying Amount		Accumulated AmortizationNet
Developed technologies$152,105 $39,160 $112,945 $150,445 $25,228 $125,217 
Customer relationships74,671 13,951 60,720 74,582 7,606 66,976 
Patents7,203 6,301 902 7,203 5,570 1,633 
Perpetual lease rights6,267 1,012 5,255 5,984 910 5,074 
Trade names3,366 1,382 1,984 3,287 1,129 2,158 
Non-compete agreements2,300 1,770 530 2,300 1,502 798 
Other224 138 86 224 125 99 
Total$246,136 $63,714 $182,422 $244,025 $42,070 $201,955 

The foreign currency translation adjustments for intangible assets subject to amortization were immaterial for all periods presented above.

Amortization expense for intangible assets was $7.1 million and $21.6 million in the three and nine months ended May 31, 2024, respectively, of which $4.5 million and $13.9 million, respectively, was recorded in cost of goods sold and the remainder was recorded in selling, general and administrative ("SG&A") expenses in the condensed consolidated statements of earnings. Amortization expense for intangible assets was $6.6 million and $18.9 million in the three and nine months ended May 31, 2023, respectively, of which $4.7 million and $14.0 million, respectively, was recorded in cost of goods sold and the remainder was recorded in SG&A expenses in the condensed consolidated statements of earnings. Estimated amounts of amortization expense for intangible assets for the next five years are as follows:
(in thousands)
Remainder of 2024
$6,782 
202526,644 
202625,420 
202725,323 
202823,596