Goodwill and Intangibles

9 Months Ended

May 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangibles

oodwill during the thirty-nine weeks ended May 30, 2020 were as follows:

	Total
Balance as of August 31, 2019	$	471,427
Acquisition of business	96,231
Balance as of May 30, 2020	$	567,658

The change in the Company's Goodwill from August 31, 2019 to May 30, 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 or intangible assets during this period or since the inception of the Company.

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

				May 30, 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		15,603		158,397
Proprietary recipes and formulas	7 years			7,000		2,881		4,119
Licensing agreements	14 years			22,000		4,527		17,473
Software and website development costs	3	-	5 years	5,612		2,291		3,321
Intangible assets in progress	3	-	5 years	206		—		206
				$	1,170,818	$	25,302	$	1,145,516

		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 May 30, 2020 and May 25, 2019 were $3.9 million and $1.6 million, respectively. Amortization expense related to intangible assets during the thirty-nine weeks ended May 30, 2020 and May 25, 2019 were $10.1 million and $4.9 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	$	3,888
2021	15,327
2022	15,094
2023	14,829
2024	14,281
2025 and thereafter	119,891
Total	$	183,310