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Deferred Costs, Capitalized, Prepaid, and Other Assets | 12 Months Ended
--- | ---
Aug. 31, 2024
Other Current Assets [Abstract] |
Other Assets | Other Assets Other assets as of August 31, 2024 and 2023, are as follows:
| 2024 |  | 2023
| (Dollars in thousands)
Goodwill | $ | 179,976 |  |  | $ | 179,976 |
Customer lists, trademarks and other intangible assets | 42,105 |  |  | 46,980 |
Notes receivable (Note 3) | 94,325 |  |  | 76,919 |
Long-term derivative assets (Note 15) | 2,853 |  |  | 1,119 |
Prepaid pension and other benefits (Note 13) | 75,935 |  |  | 78,819 |
Capitalized major maintenance | 223,119 |  |  | 289,377 |
Cash value life insurance | 152,772 |  |  | 134,126 |
Operating lease right of use assets (Note 19) | 218,844 |  |  | 254,844 |
Other | 58,041 |  |  | 68,364 |
Total other assets | $ | 1,047,970 |  |  | $ | 1,130,524 |
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 during fiscal 2024 or fiscal 2023. 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, 2024, 2023 or 2022. 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, 2024 |  | August 31, 2023
| Carrying Amount |  | Accumulated Amortization |  | Net |  | Carrying Amount |  | Accumulated Amortization |  | Net
| (Dollars in thousands)
Customer lists | $ | 86,389 |  |  | $ | (46,480) |  |  | $ | 39,909 |  |  | $ | 85,341 |  |  | $ | (41,374) |  |  | $ | 43,967 |
Trademarks and other intangible assets | 11,051 |  |  | (8,855) |  |  | 2,196 |  |  | 11,332 |  |  | (8,319) |  |  | 3,013 |
Total intangible assets | $ | 97,440 |  |  | $ | (55,335) |  |  | $ | 42,105 |  |  | $ | 96,673 |  |  | $ | (49,693) |  |  | $ | 46,980 |
Intangible asset amortization expense for the years ended August 31, 2024, 2023 and 2022, was $6.9 million, $6.7 million and $6.8 million, respectively. The estimated annual amortization expense related to intangible assets subject to amortization for future years is as follows:
| (Dollars in thousands)
2025 | $ | 6,694 |
2026 | 6,513 |
2027 | 6,458 |
2028 | 6,341 |
2029 | 4,706 |
Thereafter | 11,393 |
Total | $ | 42,105 |
Capitalized Major Maintenance Activity related to capitalized major maintenance costs at our refineries for the years ended August 31, 2024, 2023 and 2022, is summarized below:
| Balance at Beginning of Year |  | Cost Deferred |  | Amortization |  |  |  | Balance at End of Year
| (Dollars in thousands)
2024 | $ | 289,377 |  |  | $ | 21,909 |  |  | $ | (88,167) |  |  |  |  | $ | 223,119 |
2023 | 147,521 |  |  | 216,762 |  |  | (74,906) |  |  |  |  | 289,377 |
2022 | 196,641 |  |  | 25,401 |  |  | (74,521) |  |  |  |  | 147,521 |
Other Current Assets | Other Current Assets Other current assets as of August 31, 2024 and 2023, are as follows:
| 2024 |  | 2023
| (Dollars in thousands)
Short-term investments | $ | 500,921 |  |  | $ | — |
Derivative assets (Note 15) | 177,111 |  |  | 320,119 |
Margin and related deposits | 176,821 |  |  | 342,872 |
Prepaid expenses | 202,392 |  |  | 149,682 |
Supplier advance payments | 133,678 |  |  | 136,304 |
Restricted cash (Note 1) | 78,997 |  |  | 79,301 |
Other | 26,666 |  |  | 14,095 |
Total other current assets | $ | 1,296,586 |  |  | $ | 1,042,373 |
Short-Term Investments Our short-term investments balance is comprised of time deposits with a maturity of greater than 90 days and less than 12 months at the date of acquisition. 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. Prepaid Expenses and Supplier Advance Payments Prepaid expenses and supplier advance payments are typically for periods less than 12 months and include amounts paid in advance for products and services. Supplier advance payments are primarily 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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