Goodwill and Intangible Assets

9 Months Ended

May 31, 2023

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 $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.