Goodwill and Other Intangible Assets

6 Months Ended

Feb. 28, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Note 5. 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 six months ended February 28, 2022 are as follows (in thousands):


	IT&S		Other		Total
Balance as of August 31, 2021	$	265,087	$	12,506	$	277,593
Impact of changes in foreign currency rates	(4,156)		—		(4,156)
Balance as of February 28, 2022	$	260,931	$	12,506	$	273,437

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


		February 28, 2022						August 31, 2021
	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	$	140,661	$	117,743	$	22,918	$	142,453	$	114,463	$	27,990
Patents	11	14,289		13,553		736		14,492		13,688		804
Trademarks and tradenames	12	3,263		2,408		855		3,307		2,391		916
Indefinite lived intangible assets:
Tradenames	N/A	24,099		—		24,099		24,835		—		24,835
		$	182,312	$	133,704	$	48,608	$	185,087	$	130,542	$	54,545

The Company estimates that amortization expense will be $3.4 million for the remaining six months of fiscal 2022. Amortization expense for future years is estimated to be: $5.5 million in fiscal 2023, $3.9 million in fiscal 2024, $3.3 million in fiscal 2025, $2.0 million in fiscal 2026, $1.9 million in fiscal 2027 and $4.5 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.

In the three months ended February 28, 2022, the Company recorded "Impairment & divestiture charges" of $1.1 million; $0.8 million related to a customer relationship intangible asset whereby the Company no longer intends to operate in the country associated with said customers and $0.3 million associated with an indefinite lived tradename intangible asset on a secondary brand whereby the Company plans to sunset its use over the remainder of the fiscal year.