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Intangible Assets And Goodwill | 12 Months Ended
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Aug. 31, 2021
Intangible Assets And Goodwill [Abstract] |
Intangible Assets And Goodwill | 5.INTANGIBLE ASSETS AND GOODWILL Intangible Assets Our intangible assets were comprised of the following (in thousands):
|  | Gross Carrying |  | Accumulated |  | Net Carrying
AUGUST 31, 2021 |  | Amount |  | Amortization |  | Amount
Finite-lived intangible assets: |  |  |  |  |  |
Acquired content | $ | 50,003 | $ | (40,352) | $ | 9,651
License rights |  | 32,133 |  | (23,036) |  | 9,097
Customer lists |  | 16,168 |  | (14,519) |  | 1,649
Acquired technology |  | 7,282 |  | (1,759) |  | 5,523
Trade names |  | 1,883 |  | (933) |  | 950
Non-compete agreements and other |  | 930 |  | (703) |  | 227
|  | 108,399 |  | (81,302) |  | 27,097
Indefinite-lived intangible asset: |  |  |  |  |  |
Covey trade name |  | 23,000 |  | - |  | 23,000
| $ | 131,399 | $ | (81,302) | $ | 50,097
AUGUST 31, 2020 |  |  |  |  |  |
Finite-lived intangible assets: |  |  |  |  |  |
Acquired content | $ | 62,327 | $ | (50,749) | $ | 11,578
License rights |  | 32,137 |  | (21,321) |  | 10,816
Customer lists |  | 20,280 |  | (18,926) |  | 1,354
Acquired technology |  | 3,568 |  | (3,568) |  | -
Trade names |  | 2,036 |  | (1,759) |  | 277
Non-compete agreements and other |  | 759 |  | (659) |  | 100
|  | 121,107 |  | (96,982) |  | 24,125
Indefinite-lived intangible asset: |  |  |  |  |  |
Covey trade name |  | 23,000 |  | - |  | 23,000
| $ | 144,107 | $ | (96,982) | $ | 47,125
In April 2021, we acquired Strive Talent, Inc. (Note 3), which generated $8.0 million of intangible assets that are included in the table above. During fiscal 2021 we reevaluated certain fully amortized intangible assets and wrote them off of our books. Our intangible assets are amortized over the estimated useful life of the asset. The range of remaining estimated useful lives and weighted-average amortization period over which we are amortizing the major categories of finite-lived intangible assets at August 31, 2021 were as follows:
Category of Intangible Asset |  | Range of Remaining Estimated Useful Lives |  | Weighted Average Original Amortization Period
Acquired content |  | 1 to 6 years |  | 24 years
License rights |  | 6 to 8 years |  | 26 years
Customer lists |  | 1 to 5 years |  | 11 years
Acquired technology |  | 8 years |  | 6 years
Trade names |  | 1 to 5 years |  | 5 years
Non-compete agreements and other |  | 2 to 6 years |  | 3 years
Our aggregate amortization expense from finite-lived intangible assets totaled $5.0 million, $4.6 million, and $5.0 million for the fiscal years ended August 31, 2021, 2020, and 2019. Amortization expense from our intangible assets over the next five years is expected to be as follows (in thousands):
YEAR ENDING |  |
AUGUST 31, |  |
2022 | $ | 5,267
2023 |  | 4,342
2024 |  | 4,200
2025 |  | 4,029
2026 |  | 3,938
Multipliers License Rights We obtained an exclusive license (with certain exceptions) to develop and sell leadership offerings based on the bestselling book Multipliers, by Liz Wiseman. We launched the new Multipliers-based offerings in August 2020, which started minimum required royalty payments of $0.6 million per year through the expiration of the initial term of the license on August 31, 2029. The initial term of the Multipliers license may be extended over an additional five years, subject to the provisions of the license agreement. In August 2020, we recorded an increase to our intangible assets of $4.0 million, which is the present value of the minimum required royalty payments discounted at 5.0 percent. We are amortizing the Multipliers license rights on a straight-line basis over the initial license period, which ends on August 31, 2029. Goodwill The acquisition of Strive in fiscal 2021 generated $7.0 million of goodwill which was allocated to the Direct Office and International Licensee segments based on their relative fair value. We do not have any accumulated impairment charges against the carrying value of our goodwill. At August 31, 2021 and 2020, goodwill was allocated to our segments as shown below (in thousands):
|  | August 31, |  | Goodwill from |  | August 31,
|  | 2020 |  | Strive Acquisition |  | 2021
Direct offices | $ | 16,825 |  | 6,137 | $ | 22,962
International licensees |  | 5,065 |  | 863 |  | 5,928
Education practice |  | 2,330 |  | - |  | 2,330
| $ | 24,220 |  | 7,000 | $ | 31,220

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