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Goodwill and other intangible assets
 3 Months Ended
Nov. 30, 2022
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.

Based on the analysis completed during fiscal 2022, as of the June 1, 2022 valuation date, the fair values of the Company’s reporting units exceeded their carrying amounts ranging from approximately 7% to approximately 198%. The Boots reporting unit's fair value was in excess of its carrying value by approximately 7%, compared to 18% as of June 1, 2021. As of November 30, 2022, the carrying value of goodwill within the Boots reporting unit was $919 million.

The fair values of indefinite-lived intangibles within the Boots reporting unit approximate their carrying values. As of November 30, 2022 and August 31, 2022, the carrying value of the indefinite-lived intangibles within the Boots reporting unit was $5.5 billion.

Indefinite-lived intangible assets fair values are estimated using the relief from royalty method and excess earnings method of the income approach. The determination of the fair value of the reporting units requires the Company to make significant estimates and assumptions with respect to the business and financial performance of the Company’s reporting units. 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 and indefinite-lived intangibles, the amount of any goodwill and indefinite-lived intangible impairment charges, or both. These estimates can be affected by a number of factors including, but not limited to, the impact of COVID-19, its severity, duration and its impact on global economies, general economic conditions, as well as our profitability. The Company will continue to monitor these potential impacts and economic, industry and market trends, and the impact these may have on the reporting units.

Changes in the carrying amount of goodwill by reportable segment consist of the following (in millions):
Goodwill roll forward:U.S. Retail PharmacyInternationalU.S. HealthcareWalgreens Boots Alliance, Inc.
August 31, 2022$10,947 $1,293 $10,040 $22,280 
Acquisitions— — 25 25 
Adjustments 1
— — 258 258 
Currency translation adjustments— 19 — 19 
November 30, 2022$10,947 $1,312 $10,323 $22,582 

1Includes measurement period adjustments related to acquisition of VillageMD, Shields and CareCentrix. See Note 2. Acquisitions and other investments for further information.
The carrying amount and accumulated amortization of intangible assets consist of the following (in millions):
Intangible assets:November 30, 2022August 31, 2022
Gross amortizable intangible assets  
Customer relationships and loyalty card holders 1
$4,470 $4,619 
Primary care provider network1,247 1,247 
Trade names and trademarks768 760 
Developed technology435 436 
Purchasing and payor contracts15 15 
Others 80 78 
Total gross amortizable intangible assets$7,015 $7,155 
Accumulated amortization  
Customer relationships and loyalty card holders 1
$1,497 $1,548 
Primary care provider network84 64 
Trade names and trademarks263 246 
Developed technology74 56 
Purchasing and payor contracts4 4 
Others 37 35 
Total accumulated amortization1,960 1,953 
Total amortizable intangible assets, net$5,055 $5,202 
Indefinite-lived intangible assets  
Trade names and trademarks$4,342 $4,319 
Pharmacy licenses1,215 1,209 
Total indefinite-lived intangible assets$5,557 $5,528 
Total intangible assets, net$10,612 $10,730 

1Includes purchased prescription files.

Amortization expense for intangible assets was $159 million and $165 million for the three months ended November 30, 2022, and 2021, respectively. Estimated future annual amortization expense for the next five fiscal years for intangible assets recorded at November 30, 2022 is as follows (in millions):
 2023 (Remaining period)20242025202620272028
Estimated annual amortization expense$466 $603 $571 $553 $491 $441