| 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 three months ended November 30, 2020 are as follows (in thousands):
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Industrial Tools & Services |
|
Other |
|
Total |
| Balance as of August 31, 2020 |
$ |
263,537 |
|
|
$ |
17,617 |
|
|
$ |
281,154 |
|
| Impact of changes in foreign currency rates |
(176) |
|
|
(1) |
|
|
(177) |
|
| Balance as of November 30, 2020 |
$ |
263,361 |
|
|
$ |
17,616 |
|
|
$ |
280,977 |
|
The gross carrying value and accumulated amortization of the Company’s intangible assets are as follows (in thousands):
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| |
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November 30, 2020 |
|
August 31, 2020 |
|
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 |
14 |
|
$ |
141,657 |
|
|
$ |
108,358 |
|
|
$ |
33,299 |
|
|
$ |
141,853 |
|
|
$ |
106,491 |
|
|
$ |
35,362 |
|
| Patents |
12 |
|
14,350 |
|
|
13,361 |
|
|
989 |
|
|
14,365 |
|
|
13,228 |
|
|
1,137 |
|
| Trademarks and tradenames |
12 |
|
3,264 |
|
|
2,275 |
|
|
989 |
|
|
3,277 |
|
|
2,257 |
|
|
1,020 |
|
| Indefinite lived intangible assets: |
|
|
|
|
|
|
|
|
|
|
|
|
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| Tradenames |
N/A |
|
24,820 |
|
|
— |
|
|
24,820 |
|
|
24,863 |
|
|
— |
|
|
24,863 |
|
|
|
|
$ |
184,091 |
|
|
$ |
123,994 |
|
|
$ |
60,097 |
|
|
$ |
184,358 |
|
|
$ |
121,976 |
|
|
$ |
62,382 |
|
|