Goodwill and Other Intangible Assets

3 Months Ended

Nov. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Note 6. Goodwill, Intangible Assets and Long-Lived Assets

Changes in the gross carrying value of goodwill and intangible assets result from changes in foreign currency exchange rates, business acquisitions, divestitures and impairment charges. The changes in the carrying amount of goodwill for the three months ended November 30, 2020 are as follows (in thousands):


	Industrial Tools & Services		Other		Total
Balance as of August 31, 2020	$	263,537	$	17,617	$	281,154
Impact of changes in foreign currency rates	(176)		(1)		(177)
Balance as of November 30, 2020	$	263,361	$	17,616	$	280,977

The gross carrying value and accumulated amortization of the Company’s intangible assets are as follows (in thousands):


		November 30, 2020						August 31, 2020
	Weighted Average Amortization Period (Years)	Gross Carrying Value		Accumulated Amortization		Net Book Value		Gross Carrying Value		Accumulated Amortization		Net Book Value
Amortizable intangible assets:
Customer relationships	14	$	141,657	$	108,358	$	33,299	$	141,853	$	106,491	$	35,362
Patents	12	14,350		13,361		989		14,365		13,228		1,137
Trademarks and tradenames	12	3,264		2,275		989		3,277		2,257		1,020
Indefinite lived intangible assets:
Tradenames	N/A	24,820		—		24,820		24,863		—		24,863
		$	184,091	$	123,994	$	60,097	$	184,358	$	121,976	$	62,382

The Company estimates that amortization expense will be $6.0 million for the remaining nine months of fiscal 2021. Amortization expense for future years is estimated to be: $7.3 million in fiscal 2022, $5.8 million in fiscal 2023, $4.2 million in fiscal 2024, $3.4 million in fiscal 2025, $2.0 million in fiscal 2026 and $6.5 million cumulatively thereafter. The future amortization expense amounts represent estimates and may be impacted by future acquisitions, divestitures, or changes in foreign currency exchange rates, among other causes.