Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Other Intangible Assets

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Goodwill and Other Intangible Assets
6 Months Ended
Feb. 28, 2021
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 six months ended February 28, 2021 are as follows (in thousands):
IT&S Other Total
Balance as of August 31, 2020 $ 263,537  $ 17,617  $ 281,154 
Impact of changes in foreign currency rates 3,566  11  3,577 
Balance as of February 28, 2021 $ 267,103  $ 17,628  $ 284,731 
The gross carrying value and accumulated amortization of the Company’s intangible assets are as follows (in thousands):
  February 28, 2021 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 $ 143,325  $ 111,267  $ 32,058  $ 141,853  $ 106,491  $ 35,362 
Patents 12 14,547  13,635  912  14,365  13,228  1,137 
Trademarks and tradenames 12 3,321  2,352  969  3,277  2,257  1,020 
Indefinite lived intangible assets:
Tradenames N/A 25,041  —  25,041  24,863  —  24,863 
$ 186,234  $ 127,254  $ 58,980  $ 184,358  $ 121,976  $ 62,382 
The Company estimates that amortization expense will be $4.0 million for the remaining six months of fiscal 2021. Amortization expense for future years is estimated to be: $7.4 million in fiscal 2022, $5.9 million in fiscal 2023, $4.3 million in fiscal 2024, $3.5 million in fiscal 2025, $2.1 million in fiscal 2026 and $6.7 million cumulatively thereafter. The future amortization expense amounts represent estimates and may be impacted by future acquisitions, divestitures, or changes in foreign currency exchange rates, among other causes.