Changes in the carrying value of goodwill are as follows:


(In millions)	Manufacturing		Maintenance Services		Leasing & Management Services		Total
Balance August 31, 2022	$	84.3	$	43.0	$	—	$	127.3
Translation and other adjustments		1.6		—		—		1.6
Balance August 31, 2023	$	85.9	$	43.0	$	—	$	128.9


(In millions)	Goodwill
Gross goodwill balance before accumulated goodwill impairment losses and other reductions	$	292.3
Accumulated goodwill impairment losses		(138.2	)
Accumulated other reductions		(25.2	)
Balance August 31, 2023	$	128.9

The Company performed its annual goodwill impairment test during the third quarter of 2023. For the annual impairment test, the Company utilized the quantitative assessment under ASC 350 Intangibles – Goodwill and Other to determine whether the fair value of a reporting unit was less than its carrying value. The Company determined the fair value of the reporting units considering both the income and market approaches. Under the income approach, the Company calculates the fair value of a reporting unit based on the present value of estimated future cash flows which incorporates forecasted revenues, long-term growth rate, gross margin percentages, operating expenses, and the use of discount rates. Under the market approach, the Company estimates the fair value based on observed market multiples for comparable businesses, when appropriate. Based on the results of the annual goodwill impairment test, the fair values of the reporting units exceeded their carrying values and the Company concluded that goodwill was not impaired.

As of August 31, 2023, the Manufacturing segment includes the North America Manufacturing reporting unit with a goodwill balance of $56.3 million and the Europe Manufacturing reporting unit with a goodwill balance of $29.6 million. The Maintenance Services segment had a goodwill balance of $43.0 million related to the Wheels & Parts reporting unit.