Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Other Intangible Assets

v3.8.0.1
Goodwill and Other Intangible Assets
6 Months Ended
Feb. 28, 2018
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 intangible assets and goodwill can result from changes in foreign currency exchange rates, business acquisitions, divestitures or impairment charges. The changes in the carrying amount of goodwill for the six months ended February 28, 2018 are as follows (in thousands):
 
Industrial
 
Energy
 
Engineered Solutions
 
Total
Balance as of August 31, 2017
$
103,875

 
$
188,830

 
$
237,376

 
$
530,081

Business acquisitions

 
8,856

 

 
8,856

Impact of changes in foreign currency rates
968

 
4,180

 
2,050

 
7,198

Balance as of February 28, 2018
$
104,843

 
$
201,866

 
$
239,426

 
$
546,135


The gross carrying value and accumulated amortization of the Company’s other intangible assets are as follows (in thousands):
 
 
 
February 28, 2018
 
August 31, 2017
 
Weighted Average
Amortization
Period (Years)
 
Gross
Carrying
Value
 
Accumulated
Amortization
 
Net
Book
Value
 
Gross
Carrying
Value
 
Accumulated
Amortization
 
Net
Book
Value
Amortizable intangible assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
Customer relationships
15
 
$
268,105

 
$
163,676

 
$
104,429

 
$
263,498

 
$
153,003

 
$
110,495

Patents
10
 
30,538

 
24,918

 
5,620

 
30,401

 
24,027

 
6,374

Trademarks and tradenames
18
 
21,396

 
10,015

 
11,381

 
21,498

 
9,396

 
12,102

Other intangibles
3
 
6,777

 
6,458

 
319

 
6,672

 
6,234

 
438

Indefinite lived intangible assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
Tradenames
N/A
 
94,621

 

 
94,621

 
91,080

 

 
91,080

 
 
 
$
421,437

 
$
205,067

 
$
216,370

 
$
413,149

 
$
192,660

 
$
220,489


The Company estimates that amortization expense will be $10.4 million for the remaining six months of fiscal 2018. Amortization expense for future years is estimated to be: $20.2 million in fiscal 2019, $19.5 million in 2020, $18.6 million in fiscal 2021, $16.6 million in fiscal 2022, $13.6 million in fiscal 2023 and $22.9 million thereafter. The future amortization expense amounts represent estimates and may be impacted by future acquisitions, divestitures or changes in foreign currency exchange rates.