Beginning September 1, 2024, the Company reorganized its internal structure to focus on speed, precision, and solutions, and as a result of the organizational realignment, the Company’s operating segments now consist of three segments – Regulated Industries, Intelligent Infrastructure, and Connected Living and Digital Commerce, which are also the Company’s reportable segments. See Note 13 – “Concentration of Risk and Segment Data” to the Condensed Consolidated Financial Statements for additional information.

The Company performs a goodwill impairment analysis on an annual basis and whenever events or changes in circumstances indicate that the carrying value may not be recoverable. As a result of the change in reportable segments, the Company’s reporting units also changed. In connection with the preparation of the Company’s financial statements for the quarter ended November 30, 2024, the Company tested goodwill for impairment immediately before and after the reorganization. As a result of these analyses, the Company determined that goodwill was not impaired before or after the reorganization.

The following table presents the changes in goodwill allocated to the Company’s reportable segments during the nine months ended May 31, 2025 (in millions):


	Regulated Industries		Intelligent Infrastructure		Connected Living and Digital Commerce		Total
Balance as of September 1, 2024	$	490	$	69	$	102	$	661
Acquisitions and adjustments(1)	171		7		(12)		166
Change in foreign currency exchange rates	2		—		2		4

Balance as of May 31, 2025	$	663	$	76	$	92	$	831

(1)Primarily in connection with the acquisitions of Pharmaceutics International, Inc. (“Pii”) and Mikros Technologies LLC (“Mikros Technologies”) during the fiscal year 2025. See Note 17 – “Business Acquisitions and Divestitures” for additional information.

The following table is a summary of the Company’s gross goodwill balances and accumulated impairments as of the periods indicated (in millions):


	May 31, 2025				August 31, 2024
	Gross Carrying Amount		Accumulated Impairment		Gross Carrying Amount		Accumulated Impairment
Goodwill	$	1,851	$	1,020	$	1,681	$	1,020

The following table presents the Company’s total purchased intangible assets as of the periods indicated (in millions):


	Weighted Average Amortization Period (in years)	May 31, 2025(1)						August 31, 2024
		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Contractual agreements and customer relationships	11	$	498	$	(288)	$	210	$	361	$	(270)	$	91
Intellectual property	9	246		(187)		59		198		(181)		17
Finite-lived trade names	2	134		(115)		19		130		(95)		35

Total intangible assets	10	$	878	$	(590)	$	288	$	689	$	(546)	$	143

(1)In connection with the acquisition of Pii, the Company acquired $149 million of intangible assets, including $109 million assigned to contractual agreements and customer relationships and $38 million assigned to intellectual property. In connection with the acquisition of Mikros Technologies, the Company acquired $40 million of intangible assets, including $31 million assigned to contractual agreements and customer relationships. See Note 17 – “Business Acquisitions and Divestitures” for additional information.

Intangible asset amortization during the three months and nine months ended May 31, 2025 was approximately $17 million and $45 million, respectively. Intangible asset amortization during the three months and nine months ended May 31, 2024 was approximately $12 million and $27 million, respectively. The estimated future amortization expense is as follows (in millions):