Goodwill and Intangible Assets

6 Months Ended

Feb. 28, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Through multiple acquisitions, we acquired definite-lived intangible assets consisting primarily of customer relationships, patented technology, distribution networks, and trademarks and trade names associated with specific products, 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 for definite-lived intangible assets of $10.3 million and $10.1 million during the three months ended February 28, 2022 and 2021, respectively, and $20.6 million and $20.2 million during the six months ended February 28, 2022 and 2021, respectively. Amortization expense is generally recorded on a straight-line basis and is expected to be approximately $41.2 million in fiscal 2022, $40.5 million in fiscal 2023, $40.0 million in fiscal 2024, $31.9 million in fiscal 2025, and $29.1 million in fiscal 2026.

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


	ABL		ISG		Total
Balance as of August 31, 2021	$	1,022.2	$	72.5	$	1,094.7

Adjustments to provisional amounts from acquired businesses	0.6		—		0.6
Foreign currency translation adjustments	(2.6)		(0.3)		(2.9)
Balance as of February 28, 2022	$	1,020.2	$	72.2	$	1,092.4


	ABL		ISG		Total
Balance as of August 31, 2020	$	1,012.6	$	67.4	$	1,080.0


Foreign currency translation adjustments	2.8		1.4		4.2
Balance as of February 28, 2021	$	1,015.4	$	68.8	$	1,084.2

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.