Goodwill and Other Intangible Assets

3 Months Ended

Nov. 28, 2020

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

10. Goodwill and Other Intangible Assets

When the Company acquires a business, the amount assigned to the tangible assets and liabilities and intangible assets acquired is based on their respective fair values determined as of the acquisition date. The excess of the purchase price over the tangible assets and liabilities and intangible assets is recorded as goodwill.

The changes in the carrying amount of goodwill are as follows (in thousands):

Balance as of August 29, 2020	$	424,844
Goodwill recorded during the period		-
Other		37
Balance as of November 28, 2020	$	424,881

Intangible assets, net in the Company’s accompanying Consolidated Balance Sheets are as follows (in thousands):

	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
November 28, 2020
Customer contracts	$	234,750	$	179,930	$	54,820
Software		68,924		40,003		28,921
Other intangible assets		35,778		34,369		1,409
	$	339,452	$	254,302	$	85,150
August 29, 2020
Customer contracts	$	234,065	$	177,119	$	56,946
Software		66,014		39,020		26,994
Other intangible assets		35,741		34,145		1,596
	$	335,820	$	250,284	$	85,536