Intangible assets relate mainly to acquired business operations. These assets consist of the acquisition fair value of certain identifiable intangible assets acquired and goodwill. Goodwill represents the excess of the purchase price over the fair value of the net tangible and intangible assets acquired.

	March 31, 2019
	Gross Carrying Amount		Accumulated Amortization			Weighted Average Amortization Period
Amortizable Intangible Assets:
Student Relationships	$	7,952	$	(7,401	)	5 Years
Customer Relationships		42,900		(13,071	)	10 Years
Curriculum/Software		6,810		(5,775	)	4 Years
Franchise Contracts		8,947		(2,071	)	18 Years
Clinical Agreements		331		(127	)	15 Years
Trade Names		965		(965	)	10 Years
Proprietary Technology		500		(344	)	4 Years
Total	$	68,405	$	(29,754	)
Indefinite-Lived Intangible Assets:
Trade Names	$	105,745
Ross Title IV Eligibility and Accreditations		14,100
Intellectual Property		13,940
Chamberlain Title IV Eligibility and Accreditations		1,200
AUC Title IV Eligibility and Accreditations		100,000
Adtalem Brazil Accreditation		81,511
Total	$	316,496

	June 30, 2018
	Gross Carrying Amount		Accumulated Amortization
Amortizable Intangible Assets:
Student Relationships	$	8,193	$	(6,972	)
Customer Relationships		42,900		(9,598	)
Non-compete Agreements		700		(700	)
Curriculum/Software		6,833		(4,265	)
Franchise Contracts		9,064		(1,720	)
Clinical Agreements		336		(112	)
Trade Names		976		(904	)
Proprietary Technology		500		(250	)
Total	$	69,502	$	(24,521	)
Indefinite-Lived Intangible Assets:
Trade Names	$	106,132
Ross Title IV Eligibility and Accreditations		14,100
Intellectual Property		13,940
Chamberlain Title IV Eligibility and Accreditations		1,200
AUC Title IV Eligibility and Accreditations		100,000
Adtalem Brazil Accreditation		82,578
Total	$	317,950

	March 31, 2018
	Gross Carrying Amount		Accumulated Amortization
Amortizable Intangible Assets:
Student Relationships	$	9,601	$	(7,831	)
Customer Relationships		42,900		(8,430	)
Non-compete Agreements		700		(691	)
Curriculum/Software		7,148		(3,901	)
Franchise Contracts		10,621		(1,868	)
Clinical Agreements		393		(125	)
Trade Names		1,146		(1,031	)
Proprietary Technology		500		(219	)
Total	$	73,009	$	(24,096	)
Indefinite-Lived Intangible Assets:
Trade Names	$	109,755
Ross Title IV Eligibility and Accreditations		14,100
Intellectual Property		13,940
Chamberlain Title IV Eligibility and Accreditations		1,200
AUC Title IV Eligibility and Accreditations		100,000
Adtalem Brazil Accreditation		97,234
Total	$	336,229

Amortization expense for amortized intangible assets was $2.0 million and $6.2 million for the three and nine months ended March 31, 2019, respectively, and $2.4 million and $7.3 million for the three and nine months ended March 31, 2018, respectively. Estimated amortization expense for amortizable intangible assets for the next five fiscal years ending June 30 and in the aggregate, by reporting unit, is as follows (in thousands):

	Professional		Adtalem
Fiscal Year	Education		Brazil		Total
2019 (excluding the nine months ended March 31, 2019)	$	1,605	$	349	$	1,954
2020		4,671		1,223		5,894
2021		4,440		766		5,206
2022		4,300		519		4,819
2023		4,118		519		4,637
Thereafter		11,268		4,873		16,141

All amortizable intangible assets except student relationships and customer relationships are being amortized on a straight-line basis. The amount being amortized for student relationships is based on the estimated progression of the students through the respective Damásio Educacional (“Damasio”) and Grupo Ibmec Educacional S.A. (“Grupo Ibmec”) programs, giving consideration to the revenue and cash flow associated with both existing students and new applicants. The amount being amortized for customer relationships related to ACAMS is based on the estimated retention of the customers, giving consideration to the revenue and cash flow associated with these existing customers.

Indefinite-lived intangible assets related to trade names, Title IV eligibility, accreditations and intellectual property are not amortized, as there are no legal, regulatory, contractual, economic or other factors that limit the useful life of these intangible assets to the reporting entity.

In accordance with GAAP, goodwill and indefinite-lived intangibles arising from a business combination are not amortized and charged to expense over time. Instead, these assets must be reviewed annually for impairment or more frequently if circumstances arise indicating potential impairment. Adtalem’s annual impairment review was most recently completed as of May 31, 2018, at which time, there was no impairment loss associated with recorded goodwill or indefinite-lived intangible assets for any reporting unit.

Adtalem has five reporting units that contained goodwill as of the third quarter of fiscal year 2019. These reporting units constitute components for which discrete financial information is available and regularly reviewed by segment management. If the carrying amount of a reporting unit containing the goodwill exceeds the fair value of that reporting unit, an impairment loss to goodwill is recognized. In analyzing the results of operations and business conditions of all the reporting units, as of March 31, 2019, it was determined that no triggering event had occurred that would indicate the carrying value of a reporting unit had exceeded its fair value.

Adtalem has five reporting units that contained indefinite-lived intangible assets as of the third quarter of fiscal year 2019. For indefinite-lived intangible assets, management first analyzes qualitative factors including results of operations and business conditions of the five reporting units that contained indefinite-lived intangible assets, significant changes in cash flows at the individual indefinite-lived intangible asset level, if applicable, as well as how much previously calculated fair values exceed carrying values to determine if it is more likely than not that the intangible assets associated with these reporting units have been impaired.

These interim triggering event conclusions were based on the fact that the annual impairment review of Adtalem’s reporting units and indefinite-lived intangible assets resulted in no impairment indicators as of the end of fiscal year 2018, and that no interim events or deviations from planned operating results occurred as of March 31, 2019, that would cause management to reassess these conclusions.

In January 2019, Adtalem relocated RUSM to Barbados from its temporary locations in Knoxville, Tennessee at facilities owned by Lincoln Memorial University (“LMU”) and at a facility on St Kitts. Management believes the values of RUSM’s goodwill and indefinite-lived intangible assets are not affected by this move. The Trade Name will continue to be used and the U.S. Department of Education (“ED”) has provided approval for RUSM to operate in Barbados. No new accreditation is necessary, as RUSM’s secondary accreditor, the Caribbean Accreditation Authority for Education in Medicine and other Health Professions (“CAAM-HP”), is now its primary accreditor as of the start of the January 2019 semester. CAAM-HP is authorized by the government of Barbados to accredit medical programs.

Determining the fair value of a reporting unit or an intangible asset involves the use of significant estimates and assumptions. Management bases its fair value estimates on assumptions it believes to be reasonable at the time, but such assumptions are subject to inherent uncertainty. Actual results may differ from those estimates, which could lead to additional impairments of intangible assets or goodwill.

As of March 31, 2019, intangible assets from business combinations totaled $355.1 million and goodwill totaled $811.3 million. Together, these assets equaled 54% of total assets as of such date, and any impairment could significantly affect future results of operations.

	March 31,		June 30,		March 31,
Reporting Unit	2019		2018		2018
Chamberlain	$	4,716	$	4,716	$	4,716
AUC		68,321		68,321		68,321
RUSM and RUSVM		237,173		237,173		237,173
Professional Education		317,475		317,699		319,528
Adtalem Brazil		183,575		185,978		216,105
Total	$	811,260	$	813,887	$	845,843

	March 31,		June 30,		March 31,
Reporting Segment	2019		2018		2018
Medical and Healthcare	$	310,210	$	310,210	$	310,210
Professional Education		317,475		317,699		319,528
Technology and Business		183,575		185,978		216,105
Total	$	811,260	$	813,887	$	845,843

	Medical and Healthcare		Professional Education			Technology and Business			Total
Balance at June 30, 2017		310,210		306,653			212,223			829,086
Acquisitions		-		12,548			3,807			16,355
Foreign exchange rate changes		-		327			75			402
Balance at March 31, 2018		310,210		319,528			216,105			845,843
Purchase accounting adjustments		-		(1,021	)		1,829			808
Foreign exchange rate changes		-		(808	)		(31,956	)		(32,764	)
Balance at June 30, 2018		310,210		317,699			185,978			813,887
Foreign exchange rate changes		-		(224	)		(2,403	)		(2,627	)
Balance at March 31, 2019	$	310,210	$	317,475		$	183,575		$	811,260

The decrease in the goodwill balance from June 30, 2018 in the Professional Education segment is the result of a change in the value of the British Sterling Pound and Indian Rupee compared to the U.S. dollar. Since the Becker’s European subsidiary and EduPristine’s goodwill is recorded in local currency, fluctuations in the values of the British Sterling Pound and Indian Rupee in relation to the U.S. dollar will cause changes in the balance of this asset. The decrease in the goodwill balance from June 30, 2018 in the Technology and Business segment is the result of a change in the value of the Brazilian Real compared to the U.S. dollar. Since Adtalem Brazil goodwill is recorded in local currency, fluctuations in the value of the Brazilian Real in relation to the U.S. dollar will cause changes in the balance of this asset.

	March 31,		June 30,		March 31,
Reporting Segment	2019		2018		2018
Medical and Healthcare	$	137,500	$	137,500	$	137,500
Professional Education		69,111		69,126		67,812
Technology and Business		109,885		111,324		130,917
Total	$	316,496	$	317,950	$	336,229

Total indefinite-lived intangible assets decreased by $1.5 million from June 30, 2018. The decrease is the result of a change in the value of the Brazilian Real as compared to the U.S. dollar. Since Adtalem Brazil intangible assets are recorded in local currency, fluctuations in the value of the Brazilian Real in relation to the U.S. dollar will cause changes in the balance of these assets.