Goodwill and Other Intangible Assets
|9 Months Ended|
May 31, 2020
|Goodwill and Intangible Assets Disclosure [Abstract]|
|Goodwill and Other Intangible Assets||
Note 6. Goodwill, Intangible Assets and Long-Lived Assets
Changes in the gross carrying value of goodwill and intangible assets result from changes in foreign currency exchange rates, business acquisitions, divestitures and impairment charges. The changes in the carrying amount of goodwill for the nine months ended May 31, 2020 are as follows (in thousands):
The gross carrying value and accumulated amortization of the Company’s intangible assets are as follows (in thousands):
*The decrease in the Gross Carrying Value and Accumulated Amortization of Trademarks and tradenames is a result of the Milwaukee Cylinder business being held for sale as of November 30, 2019 and the impairment charge discussed in Note 5, "Discontinued Operations and Other Divestiture Activities." included the Trademarks and tradenames associated with that business being fully impaired.
The Company estimates that amortization expense will be $2.2 million for the remaining three months of fiscal 2020. Amortization expense for future years is estimated to be: $8.0 million in fiscal 2021, $7.2 million in fiscal 2022, $5.7 million in fiscal 2023, $4.0 million in fiscal 2024, $3.3 million in fiscal 2025 and $8.3 million cumulatively thereafter. The future amortization expense amounts represent estimates and may be impacted by future acquisitions, divestitures, impairments or changes in foreign currency exchange rates, among other causes.
Fiscal 2019 Impairment Charges
As previously discussed in Note 5, "Discontinued Operations and Other Divestiture Activities.", within the Other segment, the Company recognized $13.7 million of Goodwill impairment charges for the nine months ended May 31, 2019 related to the Cortland U.S. business in conjunction with triggering events identified during the period.
The entire disclosure for goodwill and intangible assets.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef