Goodwill and Other Intangible Assets

12 Months Ended

Aug. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

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 years ended August 31, 2024 and 2023 by operating segment are as follows (in thousands):

	IT&S		Other		Total
Balance as of August 31, 2022	$	246,740	$	11,209	$	257,949
Impact of changes in foreign currency rates	8,546		—		8,546
Balance as of August 31, 2023	255,285		11,209		266,494
Impact of changes in foreign currency rates	3,103		—		3,103
Balance as of August 31, 2024	$	258,388	$	11,209	$	269,597

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

	Weighted Average Amortization Period (Year)	August 31, 2024						August 31, 2023
		Gross		Accumulated Amortization		Net Book Value		Gross		Accumulated Amortization		Net Book Value
Amortizable intangible assets:
Customer relationships	14	$	109,582	$	99,530	$	10,052	$	108,292	$	95,395	$	12,897
Patents	13	9,916		9,408		508		9,769		9,210		559
Trademarks and tradenames	14	2,764		2,308		456		2,734		2,197		537
Indefinite lived intangible assets:
Tradenames	N/A	25,042		—		25,042		23,345		—		23,345
		$	147,304	$	111,246	$	36,058	$	144,140	$	106,802	$	37,338

The Company estimates amortization expense for future years to be: $2.9 million in fiscal 2025, $1.9 million in fiscal 2026, $1.9 million in fiscal 2027, $1.7 million in fiscal 2028, $1.6 million in fiscal 2029 and $1.0 million in aggregate 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 conjunction with our annual goodwill impairment assessment, the Company did not record any charges in fiscal 2024 or 2023.