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Intangible Assets
 9 Months Ended
May 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets INTANGIBLE ASSETS
We amortize intangible assets on a straight line basis over their estimated useful lives. The estimated useful life, gross carrying amounts and accumulated amortization totals related to our identifiable intangible assets are as follows:

May 31, 2022August 31, 2021
(in thousands, except useful lives)Estimated Useful Life (years)Gross Carrying AmountAccumulated AmortizationNet Carrying AmountGross Carrying AmountAccumulated AmortizationNet Carrying Amount
Revenue-generating contract
36
$1,583,000 $10,993 $1,572,007 $— $— $— 
Client relationships
8 to 26
264,931 53,485 211,446 101,077 49,139 51,938 
Software technology
5 to 9
124,710 95,725 28,985 121,556 87,207 34,349 
Developed technology
3 to 5
73,704 30,574 43,130 57,666 21,278 36,388 
Acquired databases
15
46,000 767 45,233 — — — 
Data content
5 to 20
35,814 26,186 9,628 36,681 26,835 9,846 
Trade names
15
6,781 4,472 2,309 6,900 4,435 2,465 
Total$2,134,940 $222,202 $1,912,738 $323,880 $188,894 $134,986 
The weighted average useful life of our intangible assets at May 31, 2022 was 32.8 years. As described in Note 7, Acquisitions, we acquired several intangible assets as part of the CGS acquisition. The weighted average useful life of our intangible assets excluding those acquired from CGS at May 31, 2022 was 9.9 years. We assess intangible assets for indicators of impairment on a quarterly basis, including an evaluation of our useful lives to determine if events and circumstances warrant a revision to the remaining period of amortization. If indicators of impairment are present, amortizable intangible assets are tested for impairment by comparing the carrying value to undiscounted cash flows and, if impaired, written down to fair value based on discounted cash flows. We have not identified a material impairment, nor a material change to the estimated remaining useful lives of our intangible assets, during fiscal years 2022 and 2021. The intangible assets have no assigned residual values.
Intangible asset amortization expense recorded during the three months ended May 31, 2022 and May 31, 2021 was $21.5 million and $8.2 million, respectively. For the nine months ended May 31, 2022 and May 31, 2021, intangible asset amortization expense was $40.6 million and $23.4 million, respectively.
As of May 31, 2022, estimated intangible asset amortization expense for each of the next five years and thereafter are as follows:
Fiscal Year (in thousands)
Estimated Amortization Expense
2022 (remaining three months)$22,725 
202387,328 
202478,287 
202571,340 
202665,451 
Thereafter1,587,607 
Total$1,912,738