Goodwill and Intangibles

6 Months Ended

Feb. 29, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangibles

oodwill during the twenty-six weeks ended February 29, 2020 were as follows:

	Total
Balance as of August 31, 2019	$	471,427
Acquisition of business	99,289
Balance as of February 29, 2020	$	570,716

The change in the Company's Goodwill from August 31, 2019 to February 29, 2020 is the result of the acquisition method of accounting related to the Acquisition of Quest, as described in Note 3. There were no impairment charges related to goodwill during this period or since the inception of the Company.

Intangible assets, net in our Condensed Consolidated Balance Sheets consist of the following:

				February 29, 2020
(In thousands)	Useful life			Gross carrying amount		Accumulated amortization		Net carrying amount
Intangible assets with indefinite life:
Brands and trademarks	Indefinite life			$	962,000	$	—	$	962,000
Intangible assets with finite lives:
Customer relationships	15 years			174,000		12,703		161,297
Proprietary recipes and formulas	7 years			7,000		2,631		4,369
Licensing agreements	14 years			22,000		4,134		17,866
Software and website development costs	3	-	5 years	5,612		1,940		3,672
Intangible assets in progress	3	-	5 years	206		—		206
				$	1,170,818	$	21,408	$	1,149,410

		August 31, 2019
(In thousands)	Useful life	Gross carrying amount		Accumulated amortization		Net carrying amount
Intangible assets with indefinite life:
Brands and trademarks	Indefinite life	$	232,000	$	—	$	232,000
Intangible assets with finite lives:
Customer relationships	15 years	59,000		8,382		50,618
Proprietary recipes and formulas	7 years	7,000		2,131		4,869
Licensing agreements	14 years	22,000		3,348		18,652
		$	320,000	$	13,861	$	306,139

Intangible assets, net changed due to amortization expense and the Acquisition of Quest. Amortization expense related to intangible assets during the thirteen weeks ended February 29, 2020 and February 23, 2019 were $3.9 million and $1.6 million, respectively. Amortization expense related to intangible assets during the twenty-six weeks ended February 29, 2020 and February 23, 2019 were $6.2 million and $3.3 million, respectively.

Estimated future amortization for each of the next five fiscal years and thereafter is as follows:

(In thousands by fiscal year)
Remainder of 2020	$	7,782
2021	15,327
2022	15,094
2023	14,829
2024	14,281
2025 and thereafter	119,891
Total	$	187,204