Goodwill and Other Intangible Assets

9 Months Ended

May 31, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Note 6. Goodwill, Intangible Assets and Long-Lived Assets

Changes in the gross carrying value of goodwill and intangible assets can result from changes in foreign currency exchange rates, business acquisitions, divestitures or impairment charges. The changes in the carrying amount of goodwill for the nine months ended May 31, 2018 are as follows (in thousands):



	Industrial			Energy		Engineered Solutions			Total
Balance as of August 31, 2017	$	103,875		$	188,830	$	237,376		$	530,081
Business acquisitions	2,277			9,808		—			12,085
Impact of changes in foreign currency rates	(593		)	148		(2,929		)	(3,374		)
Balance as of May 31, 2018	$	105,559		$	198,786	$	234,447		$	538,792

The gross carrying value and accumulated amortization of the Company’s other intangible assets are as follows (in thousands):



		May 31, 2018						August 31, 2017
	Weighted Average Amortization Period (Years)	Gross Carrying Value		Accumulated Amortization		Net Book Value		Gross Carrying Value		Accumulated Amortization		Net Book Value
Amortizable intangible assets:
Customer relationships	15	$	265,149	$	165,781	$	99,368	$	263,498	$	153,003	$	110,495
Patents	10	30,293		25,121		5,172		30,401		24,027		6,374
Trademarks and tradenames	18	21,034		10,122		10,912		21,498		9,396		12,102
Other intangibles	3	6,656		6,416		240		6,672		6,234		438
Indefinite lived intangible assets:
Tradenames	N/A	94,468		—		94,468		91,080		—		91,080
		$	417,600	$	207,440	$	210,160	$	413,149	$	192,660	$	220,489

The Company estimates that amortization expense will be $5.1 million for the remaining three months of fiscal 2018. Amortization expense for future years is estimated to be: $20.0 million in fiscal 2019, $19.3 million in 2020, $18.4 million in fiscal 2021, $16.4 million in fiscal 2022, $13.4 million in fiscal 2023 and $23.1 million thereafter. The future amortization expense amounts represent estimates and may be impacted by future acquisitions, divestitures or changes in foreign currency exchange rates, among other causes.

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

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