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Goodwill and Intangible Assets | 3 Months Ended
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Nov. 30, 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 $13.6 million and $10.3 million during the three months ended November 30, 2022 and 2021, respectively. Amortization expense is generally recorded on a straight-line basis and is expected to be approximately $41.5 million in fiscal 2023, $36.9 million in fiscal 2024, $29.4 million in fiscal 2025, $26.7 million in fiscal 2026, and $25.2 million in fiscal 2027. 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, 2022 | $ | 1,014.2 |  |  | $ | 70.1 |  |  | $ | 1,084.3 |
Derecognitions for divestitures | (0.7) |  |  | — |  |  | (0.7) |
Foreign currency translation adjustments | (0.4) |  |  | (1.2) |  |  | (1.6) |
Balance as of November 30, 2022 | $ | 1,013.1 |  |  | $ | 68.9 |  |  | $ | 1,082.0 |
| ABL |  | ISG |  | Total
Balance as of August 31, 2021 | $ | 1,022.2 |  |  | $ | 72.5 |  |  | $ | 1,094.7 |
Foreign currency translation adjustments | (3.0) |  |  | (0.7) |  |  | (3.7) |
Balance as of November 30, 2021 | $ | 1,019.2 |  |  | $ | 71.8 |  |  | $ | 1,091.0 |
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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