Goodwill and Intangible Assets

9 Months Ended

May 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Through multiple acquisitions, we acquired definite-lived intangible assets consisting primarily of customer relationships, patented technology, distribution networks, and trademarks and trade names associated with specific products, which are amortized over their estimated useful lives. Indefinite-lived intangible assets consist of trade names that are expected to generate cash flows indefinitely.

We recorded amortization expense for definite-lived intangible assets of $10.2 million and $10.2 million during the three months ended May 31, 2022 and 2021, respectively, and $30.8 million and $30.4 million during the nine months ended May 31, 2022 and 2021, respectively. Amortization expense is generally recorded on a straight-line basis and is expected to be approximately $41.2 million in fiscal 2022, $40.5 million in fiscal 2023, $40.0 million in fiscal 2024, $31.9 million in fiscal 2025, and $29.1 million in fiscal 2026.

The following table summarizes the changes in the carrying amount of goodwill by segment during the periods presented (in millions):


	ABL		ISG		Total
Balance as of August 31, 2021	$	1,022.2	$	72.5	$	1,094.7

Adjustments to provisional amounts from acquired businesses	0.6		—		0.6
Foreign currency translation adjustments	(4.3)		(0.1)		(4.4)
Balance as of May 31, 2022	$	1,018.5	$	72.4	$	1,090.9


	ABL		ISG		Total
Balance as of August 31, 2020	$	1,012.6	$	67.4	$	1,080.0
Additions from acquired businesses	—		3.1		3.1

Foreign currency translation adjustments	8.4		4.7		13.1
Balance as of May 31, 2021	$	1,021.0	$	75.2	$	1,096.2

Further discussion of goodwill and other intangible assets is included within the Significant Accounting Policies footnote of the Notes to Consolidated Financial Statements within our Form 10-K.