5.INTANGIBLE ASSETS AND GOODWILL

Intangible Assets

Our intangible assets were comprised of the following (in thousands):



		Gross Carrying		Accumulated		Net Carrying
AUGUST 31, 2020		Amount		Amortization		Amount
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

AUGUST 31, 2019
Finite-lived intangible assets:
Acquired content	$	62,307	$	(48,449)	$	13,858
License rights		28,099		(20,063)		8,036
Customer lists		20,266		(18,450)		1,816
Acquired technology		3,568		(3,149)		419
Trade names		2,036		(1,602)		434
Non-compete agreements and other		758		(631)		127
		117,034		(92,344)		24,690
Indefinite-lived intangible asset:
Covey trade name		23,000		-		23,000
	$	140,034	$	(92,344)	$	47,690

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, 2020 were as follows:


Category of Intangible Asset	Range of Remaining Estimated Useful Lives	Weighted Average Original Amortization Period

Acquired content	1 to 7 years	25 years
License rights	2 to 9 years	26 years
Customer lists	1 to 6 years	12 years
Acquired technology	None	3 years
Trade names	1 to 3 years	5 years
Non-compete agreements and other	1 to 7 years	4 years

Our aggregate amortization expense from finite-lived intangible assets totaled $4.6 million, $5.0 million, and $5.4 million for the fiscal years ended August 31, 2020, 2019, and 2018. Amortization expense from our intangible assets over the next five years is expected to be as follows (in thousands):



YEAR ENDING
AUGUST 31,
2021	$	4,492
2022		4,025
2023		3,054
2024		3,054
2025		3,053

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 will amortize the Multipliers license rights on a straight-line basis over the initial license period, which ends on August 31, 2029.

Goodwill

There were no changes to our consolidated goodwill balance during fiscal 2020 and we do not have any accumulated impairment charges against the carrying value of our goodwill. At August 31, 2020 and 2019, goodwill was allocated to our segments as shown below (in thousands):



Direct offices	$	16,825
International licensees		5,065
Education practice		2,330
	$	24,220