Intangibles and Other Assets, net

3 Months Ended

Nov. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Note 5 – 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:


(in millions)	November 30, 2022			August 31, 2022
Intangible assets subject to amortization:
Customer relationships	$	87.5		$	87.5
Accumulated amortization		(66.9	)		(66.1	)
Other intangibles		43.3			42.4
Accumulated amortization		(18.0	)		(16.5	)
		45.9			47.3
Intangible assets not subject to amortization		2.4			2.4
Prepaid and other assets		34.9			32.4
Operating lease ROU assets		52.7			54.2
Nonqualified savings plan investments		45.0			40.3
Debt issuance costs, net		7.8			8.7
Assets held for sale		0.3			3.8
	$	189.0		$	189.1

Amortization expense was $2.0 million and $3.1 million for the three months ended November 30, 2022 and 2021, respectively. Amortization expense for the years ending August 31, 2023, 2024, 2025, 2026 and 2027 is expected to be $8.3 million, $7.5 million, $6.5 million, $6.1 million and $5.3 million, respectively.