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Goodwill and Other Intangible Assets | 12 Months Ended
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Aug. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The Company completed its annual impairment test for goodwill and indefinite-lived intangible assets during the fourth quarter of fiscal year 2020 and determined the fair values of the reporting units and the indefinite-lived intangible assets were in excess of the carrying values and that no impairment existed as of the date of the impairment test. The following table presents the changes in goodwill allocated to the Company’s reportable segments, Electronics Manufacturing Services (“EMS”) and Diversified Manufacturing Services (“DMS”), during the fiscal years ended August 31, 2020 and 2019 (in thousands):
| EMS |  | DMS |  | Total
Balance as of August 31, 2018 | $ | 82,670 |  |  | $ | 545,075 |  |  | $ | 627,745 |
Change in foreign currency exchange rates | (702 | ) |  | (4,788 | ) |  | (5,490 | )
Balance as of August 31, 2019 | 81,968 |  |  | 540,287 |  |  | 622,255 |
Acquisitions and adjustments | 5,358 |  |  | 55,999 |  |  | 61,357 |
Change in foreign currency exchange rates | (138 | ) |  | 13,379 |  |  | 13,241 |
Balance as of August 31, 2020 | $ | 87,188 |  |  | $ | 609,665 |  |  | $ | 696,853 |
The following table is a summary of the Company’s gross goodwill balances and accumulated impairments as of the periods indicated (in thousands):
| August 31, 2020 |  | August 31, 2019
| Gross Carrying Amount |  | Accumulated Impairment |  | Gross Carrying Amount |  | Accumulated Impairment
Goodwill | $ | 1,716,675 |  |  | $ | 1,019,822 |  |  | $ | 1,642,077 |  |  | $ | 1,019,822 |
The following table presents the Company’s total purchased intangible assets as of August 31, 2020 and 2019 (in thousands):
| Weighted Average Amortization Period (in years) |  | August 31, 2020 |  | August 31, 2019
|  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
Contractual agreements and customer relationships | 12 |  | $ | 302,314 |  |  | $ | (199,861 | ) |  | $ | 102,453 |  |  | $ | 292,797 |  |  | $ | (175,199 | ) |  | $ | 117,598 |
Intellectual property | 8 |  | 174,373 |  |  | (164,671 | ) |  | 9,702 |  |  | 173,771 |  |  | (157,606 | ) |  | 16,165 |
Finite-lived trade names | Not applicable |  | 77,667 |  |  | (30,542 | ) |  | 47,125 |  |  | 77,536 |  |  | (5,036 | ) |  | 72,500 |
Trade names | Indefinite |  | 50,590 |  |  | — |  |  | 50,590 |  |  | 50,590 |  |  | — |  |  | 50,590 |
Total intangible assets | 12 |  | $ | 604,944 |  |  | $ | (395,074 | ) |  | $ | 209,870 |  |  | $ | 594,694 |  |  | $ | (337,841 | ) |  | $ | 256,853 |
Intangible asset amortization for fiscal years 2020, 2019 and 2018 was approximately $55.5 million, $31.9 million and $38.5 million, respectively. The estimated future amortization expense is as follows (in thousands):
Fiscal Year Ended August 31, |
2021 | $ | 45,246 |
2022 | 30,038 |
2023 | 27,624 |
2024 | 12,724 |
2025 | 10,874 |
Thereafter | 32,774 |
Total | $ | 159,280 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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