Other Assets

12 Months Ended

Aug. 31, 2023

Other assets as of August 31, 2023 and 2022, are as follows:


	2023		2022
	(Dollars in thousands)
Goodwill	$	179,976	$	179,976
Customer lists, trademarks and other intangible assets	46,980		53,165
Notes receivable (Note 3)	76,919		46,012
Long-term derivative assets (Note 15)	1,119		8,546
Prepaid pension and other benefits (Note 13)	78,819		74,810
Capitalized major maintenance	289,377		147,521
Cash value life insurance	134,126		128,876
Operating lease right of use assets (Note 19)	254,844		242,859
Other	68,364		92,230
Total other assets	$	1,130,524	$	973,995

Goodwill and Other Intangible Assets

Goodwill represents the excess of cost over the fair value of identifiable assets acquired. Goodwill is assessed for impairment on an annual basis as of July 31, either by first assessing qualitative factors to determine whether a quantitative goodwill impairment test is necessary or by proceeding directly to the quantitative test. The quantitative test may be required more frequently if triggering events or other circumstances occur that could indicate impairment. Goodwill is assessed for impairment at the reporting unit level, which has been determined to be our operating segments or one level below our operating segments in certain instances.

There were no changes in the net carrying amount of goodwill for the year ended August 31, 2023. Changes in the net carrying amount of goodwill for the year ended August 31, 2022, by segment, are as follows:


	Energy		Ag		Corporate and Other		Total
	(Dollars in thousands)
Balances, August 31, 2021	$	552	$	160,475	$	10,574	$	171,601
Goodwill acquired during the period	8,906		—		—		8,906
Goodwill disposed of during the period	—		(531)		—		(531)


Balances, August 31, 2022	$	9,458	$	159,944	$	10,574	$	179,976

No goodwill has been allocated to our Nitrogen Production segment, which consists of a single investment accounted for under the equity method of accounting, and allocated expenses.

No goodwill impairments were identified as a result of our annual goodwill analyses performed as of July 31, 2023, 2022 or 2021. Management will continue to monitor the results and projected cash flows for each of our businesses to assess whether any reserves or impairments may be necessary in the future.

Intangible assets subject to amortization primarily include customer lists, trademarks and noncompete agreements, and are amortized over their respective useful lives (ranging from two to 30 years). We have no material intangible assets with indefinite useful lives. All long-lived assets, including other identifiable intangible assets, are also assessed for impairment in accordance with U.S. GAAP and evaluated for impairment whenever triggering events or other circumstances indicate the carrying amount of an asset group or reporting unit may not be recoverable. Information regarding intangible assets is as follows:


	August 31, 2023						August 31, 2022
	Carrying Amount		Accumulated Amortization		Net		Carrying Amount		Accumulated Amortization		Net
	(Dollars in thousands)
Customer lists	$	85,341	$	(41,374)	$	43,967	$	84,565	$	(35,280)	$	49,285
Trademarks and other intangible assets	11,332		(8,319)		3,013		11,902		(8,022)		3,880
Total intangible assets	$	96,673	$	(49,693)	$	46,980	$	96,467	$	(43,302)	$	53,165

Intangible asset amortization expense for the years ended August 31, 2023, 2022 and 2021, was $6.7 million, $6.8 million and $6.9 million, respectively. The estimated annual amortization expense related to intangible assets subject to amortization for future years is as follows:


	(Dollars in thousands)
2024	$	6,631
2025	6,415
2026	6,233
2027	6,178
2028	6,178
Thereafter	15,345
Total	$	46,980

Capitalized Major Maintenance

Activity related to capitalized major maintenance costs at our refineries for the years ended August 31, 2023, 2022 and 2021, is summarized below:


	Balance at Beginning of Year		Cost Deferred		Amortization		Balance at End of Year
	(Dollars in thousands)
2023	$	147,521	$	216,762	$	(74,906)	$	289,377
2022	196,641		25,401		(74,521)		147,521
2021	228,511		41,899		(73,769)		196,641