Goodwill and Intangibles

12 Months Ended

Aug. 29, 2020

Goodwill and Intangibles

Goodwill and Intangibles

Note N – Goodwill and Intangibles

The Company had approximately $302.6 million of goodwill, which is allocated to the Auto Parts Locations operating segment at August 29, 2020 and August 31, 2019. The Company performs its annual goodwill and intangibles impairment test in the fourth quarter of each fiscal year. In the fourth quarter of fiscal 2020 and 2019, the Company concluded its remaining goodwill was not impaired.

The carrying amounts of intangible assets are included in Other long-term assets as follows:

	August 29, 2020
	Estimated	Gross				Net
	Useful	Carrying		Accumulated		Carrying
(in thousands)	Life	Amount		Amortization		Amount
Amortizing intangible assets:
Customer relationships	3-10 years		29,376		(27,933)		1,443
Total intangible assets other than goodwill		$	29,376	$	(27,933)	$	1,443

	August 31, 2019
	Estimated	Gross				Net
	Useful	Carrying		Accumulated		Carrying
(in thousands)	Life	Amount		Amortization		Amount
Amortizing intangible assets:
Technology	3-5 years	$	870	$	(870)	$	—
Customer relationships	3-10 years		29,376		(23,760)		5,616
Total intangible assets other than goodwill		$	30,246	$	(24,630)	$	5,616

Amortization expense of intangible assets for the years ended August 29, 2020 and August 31, 2019 was $4.2 million, respectively.

Total future amortization expense for intangible assets that have finite lives, based on the existing intangible assets and their current estimated useful lives as of August 29, 2020, is estimated to be $1.4 million for fiscal 2021 and none thereafter.