Goodwill and Other Intangible Assets

3 Months Ended

Nov. 30, 2023

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, 2023 are as follows (in thousands):


	IT&S		Other		Total
Balance as of August 31, 2023	$	255,285	$	11,209	$	266,494
Impact of changes in foreign currency rates	44		—		44
Balance as of November 30, 2023	$	255,329	$	11,209	$	266,538

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


		November 30, 2023						August 31, 2023
	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	$	108,309	$	96,187	$	12,122	$	108,292	$	95,395	$	12,897
Patents	13	9,753		9,220		533		9,769		9,210		559
Trademarks and tradenames	14	2,732		2,215		517		2,734		2,197		537
Indefinite lived intangible assets:
Tradenames	N/A	24,554		—		24,554		23,345		—		23,345
		$	145,348	$	107,622	$	37,726	$	144,140	$	106,802	$	37,338

The Company estimates that amortization expense will be $2.5 million for the remaining nine months of fiscal 2024. Amortization expense for future years is estimated to be: $2.9 million in fiscal 2025, $1.9 million in fiscal 2026, $1.8 million in fiscal 2027, $1.7 million in fiscal 2028, $1.5 million in fiscal 2029 and $1.0 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.