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Goodwill and Intangible Assets

9 Months Ended

May 31, 2021

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 $10.2 million and $10.8 million during the three months ended May 31, 2021 and 2020, respectively, and $30.4 million and $30.8 million during the nine months ended May 31, 2021 and 2020, 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):


	Nine Months Ended
	May 31, 2021		May 31, 2020
Beginning balance	$	1,080.0	$	967.3
Provisional additions from acquired businesses	3.1		147.8
Adjustments to provisional amounts from acquired businesses	—		(21.6)
Foreign currency translation adjustments	13.1		(7.1)
Ending balance	$	1,096.2	$	1,086.4

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.