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Other Assets | 12 Months Ended
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Aug. 31, 2019
Other Assets [Abstract] |
Other Assets | Other Assets Other assets as of August 31, 2019 and 2018, are as follows:
| 2019 |  | 2018
| (Dollars in thousands)
Goodwill | $ | 172,404 |  |  | $ | 138,464 |
Customer lists, trademarks and other intangible assets | 71,206 |  |  | 29,338 |
Notes receivable | 189,045 |  |  | 211,986 |
Long-term derivative assets | 36,408 |  |  | 23,084 |
Prepaid pension and other benefits | 73,100 |  |  | 101,539 |
Capitalized major maintenance | 286,890 |  |  | 130,780 |
Cash value life insurance | 122,792 |  |  | 123,010 |
Other | 60,350 |  |  | 76,128 |
Total other assets | $ | 1,012,195 |  |  | $ | 834,329 |
Changes in the net carrying amount of goodwill for the years ended August 31, 2019 and 2018, by segment, are as follows:
| Energy |  | Ag |  | Corporate and Other |  | Total
| (Dollars in thousands)
Balances, August 31, 2017 | $ | 552 |  |  | $ | 127,328 |  |  | $ | 10,574 |  |  | $ | 138,454 |
Effect of foreign currency translation adjustments | — |  |  | 10 |  |  | — |  |  | 10 |
Balances, August 31, 2018 | 552 |  |  | 127,338 |  |  | 10,574 |  |  | 138,464 |
Goodwill acquired during the period | — |  |  | 61,358 |  |  | — |  |  | 61,358 |
Impairment | — |  |  | (27,418 | ) |  | — |  |  | (27,418 | )
Balances, August 31, 2019 | $ | 552 |  |  | $ | 161,278 |  |  | $ | 10,574 |  |  | $ | 172,404 |
Goodwill of $61.4 million acquired during the third quarter of fiscal 2019 was related to our acquisition of the remaining 75% ownership in West Central Distribution ("WCD") that we did not previously own. See Note 18, Acquisitions, for additional information related to the acquisition. No goodwill has been allocated to our Nitrogen Production segment, which consists of a single investment accounted for under the equity method. All long-lived assets, including goodwill and other identifiable intangible assets, are evaluated for impairment in accordance with U.S. GAAP. Goodwill is evaluated for impairment annually as of July 31. All long-lived assets, including goodwill, are also evaluated for impairment whenever triggering events or other circumstances indicate the carrying amount of an asset group or reporting unit may not be recoverable. As a result of our annual goodwill impairment analyses performed as of July 31, 2019, we recorded a goodwill impairment charge of $27.4 million associated with a reporting unit in our Ag segment. The impairment charge primarily resulted from changing market dynamics that have reduced future profitability within the reporting unit, as well as strategy changes and the challenging economic environment in the agriculture industry. The impairment charge was recorded in the reserve and impairment charges (recoveries), net line item in the Consolidated Statements of Operations for the year ended August 31, 2019. No material impairments related to long-lived assets were recorded, and no goodwill impairments were identified as a result of CHS’s annual goodwill analyses performed as of July 31, 2018. Intangible assets subject to amortization primarily include customer lists, trademarks and non-compete agreements, and are amortized over their respective useful lives (ranging from 2 to 30 years). Intangible assets of $47.2 million were acquired during fiscal 2019 related to the acquisition of the remaining 75% ownership interest in WCD that we did not previously own. See Note 18, Acquisitions, for additional information related to the acquisition. Information regarding intangible assets included in other assets on our Consolidated Balance Sheets is as follows:
| August 31, 2019 |  | August 31, 2018
| Carrying Amount |  | Accumulated Amortization |  | Net |  | Carrying Amount |  | Accumulated Amortization |  | Net
| (Dollars in thousands)
Customer lists | $ | 84,815 |  |  | $ | (17,609 | ) |  | $ | 67,206 |  |  | $ | 40,815 |  |  | $ | (13,082 | ) |  | $ | 27,733 |
Trademarks and other intangible assets | 9,736 |  |  | (5,736 | ) |  | 4,000 |  |  | 6,536 |  |  | (4,931 | ) |  | 1,605 |
Total intangible assets | $ | 94,551 |  |  | $ | (23,345 | ) |  | $ | 71,206 |  |  | $ | 47,351 |  |  | $ | (18,013 | ) |  | $ | 29,338 |
Intangible asset amortization expense for the years ended August 31, 2019, 2018 and 2017, was $5.3 million, $3.4 million and $4.3 million, respectively. The estimated annual amortization expense related to intangible assets subject to amortization for the next five years is as follows:
| (Dollars in thousands)
2020 | $ | 5,271 |
2021 | 4,874 |
2022 | 4,706 |
2023 | 4,576 |
2024 | 4,576 |
Thereafter | 47,107 |
Total | $ | 71,110 |
Activity related to capitalized major maintenance costs at our refineries for the years ended August 31, 2019, 2018 and 2017, is summarized below:
| Balance at Beginning of Year |  | Cost Deferred |  | Amortization |  | Balance at End of Year
| (Dollars in thousands)
2019 | $ | 130,780 |  |  | $ | 224,406 |  |  | $ | (68,296 | ) |  | $ | 286,890 |
2018 | 105,006 |  |  | 87,460 |  |  | (61,686 | ) |  | 130,780 |
2017 | 169,054 |  |  | 3,010 |  |  | (67,058 | ) |  | 105,006 |

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