Intangibles and Other Assets, net

9 Months Ended

May 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Note 5 – Intangibles and Other Assets, net

Intangible assets that are determined to have finite lives are amortized over their useful lives. Intangible assets with indefinite useful lives are not amortized and are periodically evaluated for impairment.

The following table summarizes the Company’s identifiable intangible and other assets balance:


(in millions)	May 31, 2022			August 31, 2021
Intangible assets subject to amortization:
Customer relationships	$	87.5		$	89.8
Accumulated amortization		(65.3	)		(64.1	)
Other intangibles		42.4			40.3
Accumulated amortization		(15.8	)		(13.0	)
		48.8			53.0
Intangible assets not subject to amortization		2.4			2.4
Prepaid and other assets		33.4			26.7
Operating lease ROU assets		39.4			39.8
Nonqualified savings plan investments		44.2			47.7
Debt issuance costs, net		7.8			8.6
Assets held for sale		1.8			5.4
Total Intangible and other assets, net	$	177.8		$	183.6

Amortization expense was $1.9 million and $7.3 million for the three and nine months ended May 31, 2022, respectively and $2.9 million and $8.5 million for the three and nine months ended May 31, 2021, respectively. Amortization expense for the years ending August 31, 2022, 2023, 2024, 2025 and 2026 is expected to be $9.2 million, $8.1 million, $7.5 million, $6.4 million and $6.1 million, respectively.