Goodwill represents the excess of the purchase price over the fair value of net assets of acquired businesses and is not amortized. Goodwill and other intangible assets are tested for impairment at a reporting unit level. The Company historically has performed its annual impairment test as of November 30, the last day of the third quarter and during 2020 the Company changed its date to the first day of the fourth quarter, December 1. Accordingly, the annual impairment test of goodwill was performed as of both November 30 and updated as of December 1 of fiscal year 2020 with no impact on the financial statements. This change does not accelerate, delay, avoid or cause an impairment charge, nor does this change result in adjustments to the Company’s previously issued financial statements. No impairment was recorded during fiscal year 2020. The Company’s impairment tests indicated significant cushion between its carrying value and fair market value.

The Company uses qualitative factors to determine whether it is more likely than not (likelihood of more than 50%) that the fair value of a reporting unit exceeds its carrying amount, including goodwill. Some of the qualitative factors considered in applying this test include consideration of macroeconomic conditions, industry and market conditions, cost factors affecting the business, overall financial performance of the business, and performance of the share price of the Company.

If qualitative factors are not deemed sufficient to conclude that the fair value of the reporting unit more likely than not exceeds its carrying value, then a one-step approach is applied in making an evaluation. The evaluation utilizes multiple valuation methodologies, including a market approach (market price multiples of comparable companies) and an income approach (discounted cash flow analysis). The computations require management to make significant estimates and assumptions, including, among other things, selection of comparable publicly traded companies, the discount rate applied to future earnings reflecting a weighted average cost of capital, and earnings growth assumptions. A discounted cash flow analysis requires management to make various assumptions about future sales, operating margins, capital expenditures, working capital, and growth rates. If the evaluation results in the fair value of the goodwill for the reporting unit being lower than the carrying value, an impairment charge is recorded. A goodwill impairment charge was not required for fiscal year 2020 or fiscal year 2019.

Beginning March 1, 2017, given the general declining trend line of print sales, and its expected continuance into the foreseeable future, the Company determined to treat the recorded value of trademarks/trade names as no longer being an indefinite-lived asset. As such, as of March 1, 2017, the Company began amortizing the carrying value of these assets over their estimated remaining useful life, approximately 17 - 19 years. The amortization expense increased the Company’s selling, general and administrative expense line by approximately $0.8 million during fiscal year 2018, approximately $1.2 million during fiscal year 2019 and approximately $1.9 million during fiscal year 2020.

The carrying amount and accumulated amortization of the Company’s intangible assets at each balance sheet date are as follows (in thousands):

	Weighted
	Average
	Remaining		Gross
	Life		Carrying		Accumulated
As of February 29, 2020	(in years)		Amount		Amortization		Net
Amortized intangible assets
Trademarks and trade names		12.6	$	26,161	$	5,811	$	20,350
Customer lists		7.4		73,102		37,161		35,941
Non-compete		1.8		767		501		266
Patent		—		783		783		—
Total		9.2	$	100,813	$	44,256	$	56,557

As of February 28, 2019
Amortized intangible assets
Trademarks and trade names		13.8	$	24,385	$	3,906	$	20,479
Customer lists		8.2		71,869		31,498		40,371
Non-compete		2.5		722		300		422
Patent		—		783		783		—
Total		10.0	$	97,759	$	36,487	$	61,272

Aggregate amortization expense for each of the fiscal years 2020, 2019 and 2018 was approximately $7.8 million, $7.1 million and $6.1 million, respectively.

The Company’s estimated amortization expense for the next five fiscal years is as follows (in thousands):

Changes in the net carrying amount of goodwill for fiscal years 2019 and 2020 are as follows (in thousands):

During fiscal year 2020, $0.9 million was added to goodwill related to the acquisition of Integrated. During fiscal year 2019, $11.0 million was added to goodwill related to the acquisition of Wright.