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Goodwill and other intangible assets
 6 Months Ended
Feb. 29, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and other intangible assets Goodwill and other intangible assets
Goodwill and indefinite-lived intangible assets are evaluated for impairment annually during the fourth quarter, or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit or intangible asset below its carrying value. During the three months ended November 30, 2019, the Company completed quantitative impairment analysis for goodwill related to the Boots reporting unit within the Retail Pharmacy International division. Based on this analysis, the fair value of Boots reporting unit is in excess of its carrying value by approximately 4%, as compared to approximately 9% based on the June 1, 2019 valuation date.

The Company continued to monitor industry and market trends during the three months ended February 29, 2020 and concluded that no event occurred or circumstances changed that would more likely than not reduce the fair value of its reporting units or intangible asset below its carrying value as of February 29, 2020.

The determination of the fair value of the reporting units requires us to make significant estimates and assumptions. Although the Company believes its estimates of fair value are reasonable, actual financial results could differ from those estimates due to the inherent uncertainty involved in making such estimates. Changes in assumptions concerning future financial results or other underlying assumptions could have a significant impact on either the fair value of the reporting units, the amount of any goodwill impairment charge, or both. These estimates can be affected by a number of factors including, but not limited to, general economic conditions, availability of market information as well as our profitability.

Changes in the carrying amount of goodwill by reportable segment consist of the following (in millions):
 Retail Pharmacy USARetail Pharmacy InternationalPharmaceutical WholesaleWalgreens Boots Alliance, Inc.
August 31, 2019$10,491  $3,179  $2,890  $16,560  
Acquisitions47  —  —  47  
Currency translation adjustments—  84  97  181  
February 29, 2020$10,538  $3,263  $2,987  $16,788  

The carrying amount and accumulated amortization of intangible assets consist of the following (in millions):
 February 29, 2020August 31, 2019
Gross amortizable intangible assets  
Customer relationships and loyalty card holders$4,397  $4,290  
Favorable lease interests and non-compete agreements1
58  654  
Trade names and trademarks455  461  
Purchasing and payer contracts373  382  
Total gross amortizable intangible assets5,283  5,787  
Accumulated amortization  
Customer relationships and loyalty card holders$1,437  $1,262  
Favorable lease interests and non-compete agreements1
26  410  
Trade names and trademarks255  250  
Purchasing and payer contracts103  99  
Total accumulated amortization1,821  2,021  
Total amortizable intangible assets, net$3,462  $3,766  
Indefinite-lived intangible assets  
Trade names and trademarks$5,494  $5,232  
Pharmacy licenses1,972  1,878  
Total indefinite-lived intangible assets$7,466  $7,110  
Total intangible assets, net$10,929  $10,876  
1Transferred favorable lease interest to right-of-use assets upon the adoption of ASC 842. Refer to note 17, new accounting pronouncements for additional information.

Amortization expense for intangible assets were $117 million and $235 million for the three and six months ended February 29, 2020, respectively, and $139 million and $273 million for the three and six months ended February 28, 2019, respectively.

Estimated future annual amortization expense for the next five fiscal years for intangible assets recorded at February 29, 2020 is as follows (in millions):
 20212022202320242025
Estimated annual amortization expense$432  $413  $379  $360  $330