Other assets as of August 31, 2026 and 2025, are as follows:


	2026		2025
	(Dollars in thousands)
Goodwill	$	239,441	$	239,441
Customer lists, trademarks and other intangible assets	82,013		94,414
Notes receivable (Note 3)	190,557		145,795
Long-term derivative assets (Note 15)	5,510		1,984
Prepaid pension and other benefits (Note 13)	66,153		60,085
Capitalized major maintenance	353,479		400,267
Cash value life insurance	192,630		165,922
Operating lease right of use assets (Note 19)	245,910		238,718
Other	150,064		83,516
Total other assets	$	1,525,757	$	1,430,142

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 impairments were identified as a result of our annual goodwill analyses performed during the fiscal years 2026, 2025 or 2024. 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.

As discussed in Note 14, Segment Reporting, effective September 1, 2025, we changed our segment reporting to align with our new product-line operating model. As a result of this change, goodwill associated with our ag retail business was reallocated across the new reporting units through the relative fair value method.

Goodwill activity of $59.5 million during the year ended August 31, 2025, was related to our acquisition of West Central Ag Services. During the year ended August 31, 2026, goodwill was reallocated among our reportable segments as a result of our segment reorganization using a relative fair value approach. There were no other changes in the net carrying amount of goodwill during the year ended August 31, 2026.


	Energy		Grains		Agronomy		Ag		Corporate and Services		Total
	(Dollars in thousands)
Balances, August 31, 2024	$	9,458	$	—	$	—	$	159,944	$	10,574	$	179,976
West Central Ag Services acquisition	—		—		—		59,465		—		59,465
Balances, August 31, 2025	9,458		—		—		219,409		10,574		239,441
Reallocation of goodwill in segment reorganization	27,156		116,920		75,333		(219,409)		—		—
Balances, August 31, 2026	$	36,614	$	116,920	$	75,333	$	—	$	10,574	$	239,441

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, 2026						August 31, 2025
	Carrying Amount		Accumulated Amortization		Net		Carrying Amount		Accumulated Amortization		Net
	(Dollars in thousands)
Customer lists	$	129,596	$	(63,059)	$	66,537	$	130,389	$	(54,603)	$	75,786
Trademarks and other intangible assets	31,171		(15,695)		15,476		29,551		(10,923)		18,628
Total intangible assets	$	160,767	$	(78,754)	$	82,013	$	159,940	$	(65,526)	$	94,414

Intangible asset amortization expense for the years ended August 31, 2026, 2025 and 2024, was $14.6 million, $10.1 million and $6.9 million, respectively. The estimated annual amortization expense related to intangible assets subject to amortization for future years is as follows:


	(Dollars in thousands)
2027	$	11,596
2028	11,480
2029	9,844
2030	8,846
2031	8,775
Thereafter	31,472
Total	$	82,013

Activity related to capitalized major maintenance costs at our refineries for the years ended August 31, 2026, 2025 and 2024, is summarized below:


	Balance at Beginning of Year		Cost Deferred		Amortization		Balance at End of Year
	(Dollars in thousands)
2026	$	400,267	$	67,658	$	(114,446)	$	353,479
2025	223,119		271,857		(94,709)		400,267
2024	289,377		21,909		(88,167)		223,119

Within our Energy segment, major maintenance activities are regularly performed at our Laurel, Montana, and McPherson, Kansas, refineries. Major maintenance activities are planned, require shutdowns of refinery processing units and include replacement or overhaul of equipment that has experienced decreased efficiency in resource conversion. Because major maintenance activities are performed to extend the life, increase the capacity and/or improve the safety or efficiency of refinery processing assets, we follow the deferral method of accounting for major maintenance activities. Expenditures for major maintenance activities are capitalized (deferred) when incurred and amortized on a straight-line basis over a period of two to five years, which is the estimated time lapse between major maintenance activities. Should the estimated time between major maintenance activities change, we may be required to amortize the remaining cost of the major maintenance activities over a shorter period, which would result in higher depreciation and amortization costs. Amortization expense related to the capitalized major maintenance costs is included in cost of goods sold in our Consolidated Statements of Operations.

Selection of the deferral method, as opposed to expensing major maintenance activity costs when incurred, results in deferring recognition of major maintenance activity expenditures. The deferral method also results in classification of related cash outflows as investing activities in our Consolidated Statements of Cash Flows, whereas expensing these costs as incurred would result in classifying the cash outflows as operating activities. Repair, maintenance and related labor costs not associated with major maintenance activities are expensed as incurred and are included in operating cash flows.