Deferred Costs, Capitalized, Prepaid, and Other Assets

12 Months Ended

Aug. 31, 2025

Other assets as of August 31, 2025 and 2024, are as follows:


	2025		2024
	(Dollars in thousands)
Goodwill	$	239,441	$	179,976
Customer lists, trademarks and other intangible assets	94,414		42,105
Notes receivable (Note 3)	145,795		94,325
Long-term derivative assets (Note 15)	1,984		2,853
Prepaid pension and other benefits (Note 13)	60,085		75,935
Capitalized major maintenance	400,267		223,119
Cash value life insurance	165,922		152,772
Operating lease right of use assets (Note 19)	238,718		218,844
Other	83,516		58,041
Total other assets	$	1,430,142	$	1,047,970

Goodwill

Goodwill represents the excess of cost over the fair value of identifiable assets and liabilities acquired in a business combination. Goodwill is assessed for impairment on an annual basis in the fourth quarter, 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.

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 during the fiscal years 2025, 2024 or 2023. 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.

There were no changes in the net carrying amount of goodwill for the year ended August 31, 2024. Changes in the net carrying amount of goodwill for the year ended August 31, 2025, by segment, are as follows:


	Energy		Ag		Corporate and Other		Total
	(Dollars in thousands)
Balances, August 31, 2024	$	9,458	$	159,944	$	10,574	$	179,976
Goodwill acquired during the period	—		59,465		—		59,465



Balances, August 31, 2025	$	9,458	$	219,409	$	10,574	$	239,441

Goodwill of $59.5 million, acquired during the second quarter of fiscal 2025, was related to our acquisition of West Central Ag Services ("WCAS"), see Note 20, Acquisitions, for additional information related to the acquisition.

Other Intangible Assets

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, 2025						August 31, 2024
	Carrying Amount		Accumulated Amortization		Net		Carrying Amount		Accumulated Amortization		Net
	(Dollars in thousands)
Customer lists	$	130,389	$	(54,603)	$	75,786	$	86,389	$	(46,480)	$	39,909
Trademarks and other intangible assets	29,551		(10,923)		18,628		11,051		(8,855)		2,196
Total intangible assets	$	159,940	$	(65,526)	$	94,414	$	97,440	$	(55,335)	$	42,105

Intangible assets of $62.5 million, acquired during the second quarter of fiscal 2025, were related to our acquisition of WCAS, see Note 20, Acquisitions, for additional information related to the acquisition.

Intangible asset amortization expense for the years ended August 31, 2025, 2024 and 2023, was $10.1 million, $6.9 million and $6.7 million, respectively. The estimated annual amortization expense related to intangible assets subject to amortization for future years is as follows:


	(Dollars in thousands)
2026	$	9,993
2027	9,938
2028	9,821
2029	8,186
2030	7,169
Thereafter	49,307
Total	$	94,414

Capitalized Major Maintenance

Activity related to capitalized major maintenance costs at our refineries for the years ended August 31, 2025, 2024 and 2023, is summarized below:


	Balance at Beginning of Year		Cost Deferred		Amortization		Balance at End of Year
	(Dollars in thousands)
2025	$	223,119	$	271,857	$	(94,709)	$	400,267
2024	289,377		21,909		(88,167)		223,119
2023	147,521		216,762		(74,906)		289,377

Other Current Assets

Other current assets as of August 31, 2025 and 2024, are as follows:


	2025		2024
	(Dollars in thousands)
Short-term investments	$	—	$	500,921
Derivative assets (Note 15)	177,231		177,111
Margin and related deposits	183,817		176,821
Prepaid expenses	204,826		202,392
Supplier advance payments	104,866		133,678
Restricted cash (Note 1)	71,434		78,997
Other	59,416		26,666
Total other current assets	$	801,590	$	1,296,586

Short-Term Investments

Our short-term investments balance was 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.