Goodwill and Other Intangible Assets

6 Months Ended

Feb. 29, 2020

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 result from changes in foreign currency exchange rates, business acquisitions, divestitures and impairment charges. The changes in the carrying amount of goodwill for the six months ended February 29, 2020 are as follows (in thousands):



	Industrial Tools & Services		Other		Total
Balance as of August 31, 2019	$	242,873	$	17,542	$	260,415
Acquisition of HTL Group (Note 4)	8,595		—		8,595
Impact of changes in foreign currency rates	2,815		3		2,818
Balance as of February 29, 2020	$	254,283	$	17,545	$	271,828

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



		February 29, 2020						August 31, 2019
	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	14	$	140,239	$	100,895	$	39,344	$	126,229	$	96,817	$	29,412
Patents	12	14,068		12,723		1,345		13,227		12,276		951
Trademarks and tradenames*	12	3,202		2,019		1,183		4,513		2,921		1,592
Indefinite lived intangible assets:
Tradenames	N/A	24,629		—		24,629		20,420		—		20,420
		$	182,138	$	115,637	$	66,501	$	164,389	$	112,014	$	52,375

*The decrease in the Gross Carrying Value and Accumulated Amortization of Trademarks and tradenames is a result of the Milwaukee Cylinder business being held for sale as of November 30, 2019 and the impairment charge discussed in Note 5, "Discontinued Operations and Other Divestiture Activities." included the Trademarks and tradenames associated with that business being fully impaired.

The Company estimates that amortization expense will be $4.5 million for the remaining six months of fiscal 2020. Amortization expense for future years is estimated to be: $8.0 million in fiscal 2021, $7.3 million in fiscal 2022, $5.8 million in fiscal 2023, $4.2 million in fiscal 2024, $3.4 million in fiscal 2025 and $8.7 million cumulatively thereafter. The future amortization expense amounts represent estimates and may be impacted by future acquisitions, adjustments to preliminary purchase accounting estimates, divestitures or changes in foreign currency exchange rates, among other causes.

Fiscal 2019 Impairment Charges

Within the Other segment, the Company recognized $3.5 million and $13.7 million of Goodwill impairment charges for the three and six months ended February 28, 2019 related to the Cortland U.S. business in conjunction with triggering events identified during the periods.