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Goodwill and Intangible Assets

6 Months Ended

Feb. 29, 2024

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 $10.0 million and $9.3 million during the three months ended February 29, 2024 and February 28, 2023, respectively, and $19.9 million and $22.9 million during the six months ended February 29, 2024 and February 28, 2023, respectively.

The following table summarizes the changes in the carrying amount of goodwill by segment during the periods presented (in millions):


	ABL		ISG		Total
Balance at August 31, 2023	$	1,014.4	$	83.5	$	1,097.9



Foreign currency translation adjustments	(0.6)		(0.2)		(0.8)
Balance at February 29, 2024	$	1,013.8	$	83.3	$	1,097.1


	ABL		ISG		Total
Balance at August 31, 2022	$	1,014.2	$	70.1	$	1,084.3


Derecognitions for divestitures	(0.7)		—		(0.7)
Foreign currency translation adjustments	(1.2)		(2.1)		(3.3)
Balance at February 28, 2023	$	1,012.3	$	68.0	$	1,080.3

Further discussion of goodwill and intangible assets is included within the Significant Accounting Policies footnote of the Notes to Consolidated Financial Statements within our Form 10-K.