LINDSAY CORP Goodwill & Intangibles Disclosure
Note 10 – Goodwill and Other Intangible Assets
The carrying amount of goodwill by reportable segment for the year ended August 31, 2025 and August 31, 2024 is as follows:
($ in thousands) |
|
Irrigation |
|
|
Infrastructure |
|
|
Total |
|
|||
Balance as of August 31, 2023 |
|
|
67,371 |
|
|
|
15,750 |
|
|
|
83,121 |
|
FieldWise purchase accounting adjustments |
|
|
1,004 |
|
|
|
— |
|
|
|
1,004 |
|
Foreign currency translation |
|
|
(23 |
) |
|
|
92 |
|
|
|
69 |
|
Balance as of August 31, 2024 |
|
|
68,352 |
|
|
|
15,842 |
|
|
|
84,194 |
|
Foreign currency translation |
|
|
24 |
|
|
|
241 |
|
|
|
265 |
|
Balance as of August 31, 2025 |
|
$ |
68,376 |
|
|
$ |
16,083 |
|
|
$ |
84,459 |
|
The components of the Company’s identifiable intangible assets and their weighted average remaining life at August 31, 2025 and 2024 are included in the table below.
|
|
August 31, |
|
|||||||||||||||||||||
|
|
2025 |
|
|
2024 |
|
||||||||||||||||||
|
|
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 |
|
|
2.5 |
|
|
$ |
29,641 |
|
|
$ |
(26,545 |
) |
|
|
2.9 |
|
|
$ |
29,308 |
|
|
$ |
(25,460 |
) |
Customer relationships |
|
|
6.6 |
|
|
|
26,056 |
|
|
|
(17,818 |
) |
|
|
6.7 |
|
|
|
26,037 |
|
|
|
(16,470 |
) |
Indefinite lived intangible assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Tradenames |
|
N/A |
|
|
|
11,997 |
|
|
|
— |
|
|
N/A |
|
|
|
11,951 |
|
|
|
— |
|
||
Total |
|
|
5.5 |
|
|
$ |
67,694 |
|
|
$ |
(44,363 |
) |
|
|
5.6 |
|
|
$ |
67,296 |
|
|
$ |
(41,930 |
) |
Amortization expense for amortizable intangible assets was $2.2 million, $2.9 million, and $2.0 million for fiscal 2025, 2024, and 2023, respectively.
Future estimated amortization of intangible assets for the next five years is as follows:
Fiscal years |
|
$ in thousands |
|
|
2026 |
|
$ |
1,593 |
|
2027 |
|
|
1,590 |
|
2028 |
|
|
1,554 |
|
2029 |
|
|
1,150 |
|
2030 |
|
|
780 |
|
Thereafter |
|
|
4,667 |
|
|
|
$ |
11,334 |
|
The Company updated its impairment evaluation of goodwill and intangible assets with indefinite lives at August 31, 2025. No impairment losses were indicated as a result of the annual impairment testing for fiscal 2025, 2024 and 2023.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Oct 23, 2025 | Showing above |
| 2024 | Oct 24, 2024 | |
| 2023 | Oct 19, 2023 | |
| 2022 | Oct 20, 2022 | |
| 2021 | Oct 21, 2021 | |
| 2020 | Oct 22, 2020 | |
| 2019 | Oct 31, 2019 | |
| 2018 | Oct 24, 2018 | |
| 2017 | Oct 13, 2017 | |
| 2016 | Oct 18, 2016 | |
| 2015 | Oct 20, 2015 | |
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.