XML 36 R18.htm IDEA: XBRL DOCUMENT v3.23.3
Intangibles and Other Assets, net
12 Months Ended
Aug. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangibles and Other Assets, net

Note 9 — 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:

 

 

 

As of August 31,

 

(In millions)

 

2023

 

 

2022

 

Intangible assets subject to amortization:

 

 

 

 

 

 

Customer and supplier relationships

 

$

87.5

 

 

$

87.5

 

Accumulated amortization

 

 

(69.1

)

 

 

(66.1

)

Other intangible assets

 

 

43.0

 

 

 

42.4

 

Accumulated amortization

 

 

(22.3

)

 

 

(16.5

)

 

 

39.1

 

 

 

47.3

 

Intangible assets not subject to amortization

 

 

2.3

 

 

 

2.4

 

Prepaid and other assets

 

 

56.4

 

 

 

32.4

 

Operating lease ROU assets

 

 

70.6

 

 

 

54.2

 

Nonqualified savings plan investments

 

 

47.7

 

 

 

40.3

 

Debt issuance costs, net

 

 

6.3

 

 

 

8.7

 

Assets held for sale

 

 

0.3

 

 

 

3.8

 

Deferred tax assets

 

 

33.1

 

 

 

 

 

$

255.8

 

 

$

189.1

 

 

 

 

 

 

 

 

 

Amortization expense for the years ended August 31, 2023, 2022 and 2021 was $8.0 million, $9.3 million and $11.6 million, respectively. As of August 31, 2023, amortizable intangible assets had a weighted-average remaining useful life of 7 years. Amortization expense for the years ending August 31, 2024, 2025, 2026, 2027 and 2028 is expected to be $7.6 million, $6.5 million, $6.1 million, $5.2 million and $3.8 million, respectively.