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Goodwill and Other Intangible Assets | 12 Months Ended
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Aug. 27, 2022
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | 8. Goodwill and Other Intangible Assets As discussed in Note 2, “Acquisitions”, when the Company acquires a business the amount assigned to the tangible assets and liabilities and intangible assets acquired is based on their respective fair values determined as of the acquisition date. The excess of the purchase price over the tangible assets and liabilities and intangible assets is recorded as goodwill. The following details the changes in the Company’s intangible assets and goodwill related to the Company’s acquisitions for the years ended August 27, 2022 and August 28, 2021 as well as the respective periods over which the assets will be amortized (in thousands, except weighted average life in years). These amounts include additional payments associated with prior year acquisitions:
Year ended |  | August 27, 2022 |  |  | Weighted Average Life in Years |  |  | August 28, 2021 |  |  | Weighted Average Life in Years |
Goodwill |  | $ | 27,964 |  |  | N/A |  |  | $ | 4,533 |  |  | N/A |
Customer contracts |  |  | 10,450 |  |  |  | 13.8 |  |  |  | 3,219 |  |  |  | 10.0 |
Other intangible assets |  |  | 807 |  |  |  | 6.1 |  |  |  | 179 |  |  |  | 5.0 |
Total intangible assets and goodwill acquired |  | $ | 39,221 |  |  |  |  |  | $ | 7,931 |  |  |  |
The Company does not amortize goodwill, but it is reviewed annually or more frequently if certain indicators arise, for impairment. There were no impairment losses related to goodwill or intangible assets during the years ended August 27, 2022, August 28, 2021 and August 29, 2020. The changes in the carrying amount of goodwill are as follows (in thousands):
Balance as of August 29, 2020 |  | $ | 424,844 |
Goodwill recorded during the period |  |  | 4,533 |
Other |  |  | 161 |
Balance as of August 28, 2021 |  | $ | 429,538 |
Goodwill recorded during the period |  |  | 27,964 |
Other |  |  | (243 | )
Balance as of August 27, 2022 |  | $ | 457,259 |
As of August 27, 2022, the Company has allocated $445.9 million, $10.8 million and $0.6 million of goodwill to its U.S. and Canadian Rental and Cleaning, Specialty Garments and First Aid segments, respectively. Intangible assets, net in the Company’s accompanying Consolidated Balance Sheets are as follows (in thousands):
|  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Carrying Amount |
August 27, 2022 |  |  |  |  |  |  |  |  |
Customer contracts |  | $ | 247,721 |  |  | $ | 198,668 |  |  | $ | 49,053 |
Software |  |  | 75,528 |  |  |  | 41,637 |  |  |  | 33,891 |
Other intangible assets |  |  | 37,520 |  |  |  | 35,491 |  |  |  | 2,029 |
|  | $ | 360,769 |  |  | $ | 275,796 |  |  | $ | 84,973 |
August 28, 2021 |  |  |  |  |  |  |  |  |
Customer contracts |  | $ | 237,384 |  |  | $ | 188,255 |  |  | $ | 49,129 |
Software |  |  | 74,475 |  |  |  | 40,763 |  |  |  | 33,712 |
Other intangible assets |  |  | 36,866 |  |  |  | 35,069 |  |  |  | 1,797 |
|  | $ | 348,725 |  |  | $ | 264,087 |  |  | $ | 84,638 |
Estimated amortization expense for the five fiscal years subsequent to August 27, 2022 and thereafter, based on intangible assets, net as of August 27, 2022 is as follows (in thousands):
2022 |  | $ | 13,404 |
2023 |  |  | 11,840 |
2024 |  |  | 9,400 |
2025 |  |  | 9,385 |
2026 |  |  | 8,133 |
Thereafter |  |  | 32,811 |
Total estimated amortization expense |  | $ | 84,973 |

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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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