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Goodwill and Intangible Assets

3 Months Ended

Nov. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Through multiple acquisitions, we have acquired definite-lived intangible assets consisting primarily of trademarks and trade names associated with specific products, distribution networks, patented technology, non-compete agreements, and customer relationships, which are amortized over their estimated useful lives. Indefinite-lived intangible assets consist of trade names that are expected to generate cash flows indefinitely.

We recorded amortization expense of $10.1 million and $9.6 million during the three months ended November 30, 2020 and 2019, respectively. Amortization expense is generally recorded on a straight-line basis and is expected to be approximately $40.7 million in fiscal 2021, $40.6 million in fiscal 2022, $40.3 million in fiscal 2023, $40.1 million in fiscal 2024, and $33.3 million in fiscal 2025.

The following table summarizes the changes in the carrying amount of goodwill during the periods presented (in millions):


	Three Months Ended
	November 30, 2020		November 30, 2019
Beginning balance	$	1,080.0	$	967.3
Provisional additions from acquired businesses	—		147.8

Foreign currency translation adjustments	0.6		0.4
Ending balance	$	1,080.6	$	1,115.5

Further discussion of goodwill and other intangible assets is included within the Significant Accounting Policies footnote of the Notes to Consolidated Financial Statements within our Form 10-K.