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Goodwill and Intangible Assets | 9 Months Ended
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May 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | Goodwill and Intangible Assets 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 $10.2 million and $10.2 million during the three months ended May 31, 2022 and 2021, respectively, and $30.8 million and $30.4 million during the nine months ended May 31, 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 | (4.3) |  |  | (0.1) |  |  | (4.4) |
Balance as of May 31, 2022 | $ | 1,018.5 |  |  | $ | 72.4 |  |  | $ | 1,090.9 |
| ABL |  | ISG |  | Total
Balance as of August 31, 2020 | $ | 1,012.6 |  |  | $ | 67.4 |  |  | $ | 1,080.0 |
Additions from acquired businesses | — |  |  | 3.1 |  |  | 3.1 |
Foreign currency translation adjustments | 8.4 |  |  | 4.7 |  |  | 13.1 |
Balance as of May 31, 2021 | $ | 1,021.0 |  |  | $ | 75.2 |  |  | $ | 1,096.2 |
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.

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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 https://asc.fasb.org/topic&trid=2144416 + Details
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