Goodwill and Intangibles
 9 Months Ended
May 29, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangibles Changes to Goodwill during the thirty-nine weeks ended May 29, 2021 were as follows:
(in thousands)Goodwill
Balance as of August 29, 2020$544,774 
Acquisition of business, measurement period adjustment1,178 
Sale of business(2,818)
Balance as of May 29, 2021$543,134 

    The change in Goodwill attributed to the acquisition of a business during the thirty-nine weeks ended May 29, 2021 was the result of measurement period adjustments made to finalize the acquisition method of accounting for the Acquisition of Quest as described in Note 3. Additionally, effective September 24, 2020, the Company sold the assets exclusively related to its SimplyProtein® brand of products for approximately $8.8 million of consideration, including cash of $5.8 million and a note receivable for $3.0 million, to a newly formed entity led by the Company’s former Canadian-based management team who had been responsible for this brand prior to the sale transaction (the “SimplyProtein Sale”). In addition to purchasing these assets, the buyer assumed certain liabilities related to the SimplyProtein brand’s business. There was no gain or loss recognized as a result of the SimplyProtein Sale. In conjunction with the SimplyProtein Sale, the Company disposed of $2.8 million of goodwill associated with the SimplyProtein business.

    There were no impairment charges related to goodwill during the thirteen and thirty-nine weeks ended May 29, 2021 or since the inception of the Company.

    Intangible assets, net in the Condensed Consolidated Balance Sheets consists of the following:
May 29, 2021
(In thousands)Useful lifeGross carrying amountAccumulated amortizationNet carrying
amount
Intangible assets with indefinite life:
Brands and trademarksIndefinite life$974,000 $— $974,000 
Intangible assets with finite lives:
Customer relationships15 years174,000 27,203 146,797 
Proprietary recipes and formulas7 years7,000 3,881 3,119 
Licensing agreements14 years22,000 6,099 15,901 
Software and website development costs3-5 years5,302 2,975 2,327 
Intangible assets in progress3-5 years55 — 55 
$1,182,357 $40,158 $1,142,199 
August 29, 2020
(In thousands)Useful lifeGross carrying amountAccumulated amortizationNet carrying
amount
Intangible assets with indefinite life:
Brands and trademarksIndefinite life$979,000 $— $979,000 
Intangible assets with finite lives:
Customer relationships15 years174,000 18,503 155,497 
Proprietary recipes and formulas7 years7,000 3,131 3,869 
Licensing agreements14 years22,000 4,920 17,080 
Software and website development costs3-5 years5,967 2,645 3,322 
$1,187,967 $29,199 $1,158,768 

    Changes in Intangible assets, net during the thirty-nine weeks ended May 29, 2021 were primarily related to the SimplyProtein Sale and recurring amortization expense. In conjunction with the SimplyProtein Sale, the Company sold its SimplyProtein brand intangible asset, which had a carrying value of approximately $5.0 million as of the date of the sale. Amortization expense related to intangible assets
during each of the thirteen weeks ended May 29, 2021 and May 30, 2020 was $3.8 million and $3.9 million, respectively. Amortization expense related to intangible assets during the thirty-nine weeks ended May 29, 2021 and May 30, 2020 was $11.6 million and $10.1 million, respectively. There were no impairment charges related to intangible assets during the thirteen and thirty-nine weeks ended May 29, 2021 and May 30, 2020.

    Estimated future amortization for each of the next five fiscal years and thereafter is as follows:
(In thousands)Amortization
Remainder of 2021$3,834 
202215,224 
202314,938 
202414,257 
202513,171 
2026 and thereafter106,720 
Total$168,144