XML 23 R13.htm IDEA: XBRL DOCUMENT
v3.23.2

Goodwill and Intangible Assets | 9 Months Ended
--- | ---
May 31, 2023
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 $9.2 million and $10.2 million during the three months ended May 31, 2023 and 2022, respectively, and $32.1 million and $30.8 million during the nine months ended May 31, 2023 and 2022, respectively. Amortization expense is generally recorded on a straight-line basis. The following table summarizes the expected amortization expense for the next five fiscal years as of the date presented (in millions):
Fiscal Year |  | May 31, 2023
2023 |  | $ | 41.9 |
2024 |  | 38.1 |
2025 |  | 30.6 |
2026 |  | 27.9 |
2027 |  | 26.4 |
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 |
Provisional amounts from acquired businesses | — |  |  | 15.2 |  |  | 15.2 |
Derecognitions for divestitures | (0.7) |  |  | — |  |  | (0.7) |
Foreign currency translation adjustments | (0.2) |  |  | (1.9) |  |  | (2.1) |
Balance as of May 31, 2023 | $ | 1,013.3 |  |  | $ | 83.4 |  |  | $ | 1,096.7 |
| 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 |
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.

X
- References No definition available. + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 350 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//350/tableOfContent + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration