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Deferred Costs, Capitalized, Prepaid, and Other Assets | 12 Months Ended
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Aug. 31, 2021
Other Current Assets [Abstract] |
Other Assets | Other Assets Other assets as of August 31, 2021 and 2020, are as follows:
| 2021 |  | 2020
| (Dollars in thousands)
Goodwill | $ | 171,601 |  |  | $ | 172,404 |
Customer lists, trademarks and other intangible assets | 58,395 |  |  | 65,025 |
Notes receivable (Note 3) | 73,713 |  |  | 109,145 |
Long-term derivative assets (Note 15) | 21,567 |  |  | 21,157 |
Prepaid pension and other benefits (Note 13) | 119,825 |  |  | 106,209 |
Capitalized major maintenance | 196,641 |  |  | 228,511 |
Cash value life insurance | 147,682 |  |  | 130,673 |
Operating lease right of use assets (Note 19) | 253,451 |  |  | 257,834 |
Other | 55,333 |  |  | 48,471 |
Total other assets | $ | 1,098,208 |  |  | $ | 1,139,429 |
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. Changes in the net carrying amount of goodwill for the year ended August 31, 2021, are included in the table below. There were no changes in the net carrying amount of goodwill for the year ended August 31, 2020.
| Energy |  | Ag |  | Corporate and Other |  | Total
| (Dollars in thousands)
Balances, August 31, 2020 | $ | 552 |  |  | $ | 161,278 |  |  | $ | 10,574 |  |  | $ | 172,404 |
Goodwill disposed of during the period | — |  |  | (803) |  |  | — |  |  | (803) |
Balances, August 31, 2021 | $ | 552 |  |  | $ | 160,475 |  |  | $ | 10,574 |  |  | $ | 171,601 |
No goodwill has been allocated to our Nitrogen Production or Foods segments, which each consist of a single investment accounted for under the equity method. No goodwill impairments were identified as a result of our annual goodwill analyses performed as of July 31, 2021 or 2020. However, 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 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 marketing, general and administrative expenses in the Consolidated Statement of Operations for the year ended August 31, 2019. 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, particularly for our businesses that have experienced or could experience substantial reductions in demand or price declines associated with the COVID-19 pandemic or other factors. 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, 2021 |  | August 31, 2020
| Carrying Amount |  | Accumulated Amortization |  | Net |  | Carrying Amount |  | Accumulated Amortization |  | Net
| (Dollars in thousands)
Customer lists | $ | 84,565 |  |  | $ | (29,254) |  |  | $ | 55,311 |  |  | $ | 84,895 |  |  | $ | (23,770) |  |  | $ | 61,125 |
Trademarks and other intangible assets | 10,425 |  |  | (7,341) |  |  | 3,084 |  |  | 10,735 |  |  | (6,835) |  |  | 3,900 |
Total intangible assets | $ | 94,990 |  |  | $ | (36,595) |  |  | $ | 58,395 |  |  | $ | 95,630 |  |  | $ | (30,605) |  |  | $ | 65,025 |
Intangible asset amortization expense for the years ended August 31, 2021, 2020 and 2019, was $6.9 million, $7.3 million and $5.3 million, respectively. The estimated annual amortization expense related to intangible assets subject to amortization for future years is as follows:
| (Dollars in thousands)
2022 | $ | 6,701 |
2023 | 6,607 |
2024 | 6,557 |
2025 | 6,340 |
2026 | 6,159 |
Thereafter | 25,945 |
Total | $ | 58,309 |
Capitalized Major Maintenance Activity related to capitalized major maintenance costs at our refineries for the years ended August 31, 2021, 2020 and 2019, is summarized below:
| Balance at Beginning of Year |  | Cost Deferred |  | Amortization |  |  |  | Balance at End of Year
| (Dollars in thousands)
2021 | $ | 228,511 |  |  | $ | 41,899 |  |  | $ | (73,769) |  |  |  |  | $ | 196,641 |
2020 | 286,890 |  |  | 14,496 |  |  | (72,875) |  |  |  |  | 228,511 |
2019 | 130,780 |  |  | 224,406 |  |  | (68,296) |  |  |  |  | 286,890 |
Other Current Assets | Other Current Assets Other current assets as of August 31, 2021 and 2020, are as follows:
| 2021 |  | 2020
| (Dollars in thousands)
Derivative assets (Note 15) | $ | 559,056 |  |  | $ | 371,195 |
Margin and related deposits | 336,397 |  |  | 194,097 |
Supplier advance payments | 194,706 |  |  | 198,699 |
Restricted cash | 129,325 |  |  | 76,119 |
Other | 170,749 |  |  | 177,378 |
Total other current assets | $ | 1,390,233 |  |  | $ | 1,017,488 |
Margin and Related Deposits Many of our derivative contracts with futures and options brokers require us to make margin deposits of cash or other assets. Subsequent margin deposits may also be necessary when changes in commodity prices result in a loss on the contract value to comply with applicable regulations. Our margin and related deposit assets are generally held in separate accounts to support the associated derivative contracts and may be used to fund or partially fund the settlement of those contracts as they expire. Similar to our derivative financial instruments, margin and related deposits are reported on a gross basis. Supplier Advance Payments Supplier advance payments are typically for periods less than 12 months and primarily include amounts paid for grain purchases from suppliers and amounts paid to crop nutrient and crop protection product suppliers to lock in future supply, pricing and discounts.

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