Goodwill and Intangible Assets

3 Months Ended

Nov. 30, 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 $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.