10.

INTANGIBLE ASSETS

FactSet’s identifiable intangible assets consist of acquired content databases, client relationships, software technology, non-compete agreements and trade names resulting from previous acquisitions, which have been fully integrated into the Company’s operations. The weighted average useful life of FactSet’s acquired identifiable intangible assets at

May

31,

2019

was

12.4

years. The Company amortizes intangible assets over their estimated useful lives, which are evaluated quarterly to determine whether events and circumstances warrant a revision to the remaining period of amortization. There have been

changes to the estimate of the remaining useful lives during the

first

nine

months of fiscal

2019.

If indicators of impairment are present, amortizable intangible assets are tested for impairment comparing the carrying value to undiscounted cash flows and, if impaired, written down to fair value based on discounted cash flows.

impairment of intangible assets has been identified during any of the periods presented. The intangible assets have

assigned residual values.

The gross carrying amounts and accumulated amortization totals related to the Company’s identifiable intangible assets are as follows:

At May 31, 2019
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Data content	$	32,922	$	21,537	$	11,385
Client relationships		96,713		34,118		62,595
Software technology		106,085		53,813		52,272
Non-compete agreements		4,815		2,977		1,838
Trade names		4,021		2,906		1,115
Total	$	244,556	$	115,351	$	129,205

At August 31, 2018
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Data content	$	33,992	$	20,990	$	13,002
Client relationships		98,882		29,387		69,495
Software technology		106,505		44,231		62,274
Non-compete agreements		4,840		2,381		2,459
Trade names		4,070		2,365		1,705
Total	$	248,289	$	99,354	$	148,935

Amortization expense recorded for intangible assets was

$6.0

million and

$6.2

million for the

three

months ended

May

31,

2019

and

2018,

respectively. Amortization expense recorded for intangible assets was

$17.7

million and

$18.6

million for the

nine

months ended

May

31,

2019

and

2018,

respectively. As of

May

31,

2019,

estimated intangible asset amortization expense for each of the next

five

years and thereafter is as follows:

Fiscal Year (in thousands)	Estimated Amortization Expense
2019 (remaining three months)	$	5,866
2020		22,871
2021		21,529
2022		18,759
2023		13,670
Thereafter		46,510
Total	$	129,205