XML 34 R18.htm IDEA: XBRL DOCUMENT
v3.24.3

Goodwill and Other Intangible Assets | 12 Months Ended
--- | ---
Aug. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | 8. Goodwill and Other Intangible Assets 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 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 fiscal 2024, 2023 and 2022. The changes in the carrying amount of goodwill are as follows (in thousands):
Balance as of August 27, 2022 |  | $ | 457,259 |
Purchase price adjustments recorded during the period |  |  | 190,777 |
Other |  |  | (136 | )
Balance as of August 26, 2023 |  | $ | 647,900 |
Purchase price adjustments recorded during the period |  |  | 900 |
Other |  |  | 50 |
Balance as of August 31, 2024 |  | $ | 648,850 |
As of August 31, 2024, the Company has allocated $637.4 million, $10.9 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 Consolidated Balance Sheets as of August 31, 2024 and August 26, 2023 are as follows (in thousands):
|  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Carrying Amount |
August 31, 2024 |  |  |  |  |  |  |  |  |
Customer contracts |  | $ | 314,446 |  |  | $ | 228,456 |  |  | $ | 85,990 |
Software |  |  | 81,482 |  |  |  | 51,023 |  |  |  | 30,459 |
Other intangible assets |  |  | 39,826 |  |  |  | 36,276 |  |  |  | 3,550 |
|  | $ | 435,754 |  |  | $ | 315,755 |  |  | $ | 119,999 |
August 26, 2023 |  |  |  |  |  |  |  |  |
Customer contracts |  | $ | 315,448 |  |  | $ | 211,996 |  |  | $ | 103,452 |
Software |  |  | 80,538 |  |  |  | 45,117 |  |  |  | 35,421 |
Other intangible assets |  |  | 43,598 |  |  |  | 36,853 |  |  |  | 6,745 |
|  | $ | 439,584 |  |  | $ | 293,966 |  |  | $ | 145,618 |
Estimated amortization expense for the five fiscal years subsequent to August 31, 2024 and thereafter, based on intangible assets, net as of August 31, 2024 are as follows (in thousands):
2025 |  | $ | 21,991 |
2026 |  |  | 19,296 |
2027 |  |  | 15,388 |
2028 |  |  | 13,668 |
2029 |  |  | 12,003 |
Thereafter |  |  | 37,653 |
Total estimated amortization expense |  | $ | 119,999 |

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