. INTANGIBLE ASSETS

FactSet’s identifiable intangible assets consist of acquired content databases, client relationships, software technology, non-compete agreements and trade names resulting from 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, 2017

was

11.5

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

2017.

Amortizable intangible assets are tested for impairment, if indicators of impairment are present, based on 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.

During the

nine

months ended

May 31, 2017,

$92.8

million of intangible assets were acquired with a weighted average useful life of

11.5

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

At May 31, 2017 (in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Data content	$	33,393	$	17,917	$	15,476
Client relationships		97,322		20,291		77,031
Software technology		104,315		27,445		76,870
Non-compete agreements		4,779		1,303		3,476
Trade names		4,041		1,360		2,681
Total	$	243,850	$	68,316	$	175,534

At August 31, 2016 (in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Data content	$	34,167	$	16,758	$	17,409
Client relationships		45,185		16,480		28,705
Software technology		62,560		20,545		42,015
Non-compete agreements		4,344		1,118		3,226
Trade names		2,728		922		1,806
Total	$	148,984	$	55,823	$	93,161

Amortization expense recorded for intangible assets was

$5.8

million and

$4.1

million for the

three

months ended

May 31, 2017

and

2016,

respectively. Amortization expense recorded for intangible assets was

$13.8

million and

$11.1

million for the

nine

months ended

May 31, 2017

and

2016,

respectively. As of

May 31, 2017,

estimated intangible asset amortization expense for each of the next

five

years and thereafter is as follows:

Fiscal Year (in thousands)	Estimated Amortization Expense
2017 (remaining three months)	$	6,108
2018		23,989
2019		23,148
2020		22,489
2021		20,927
Thereafter		78,873
Total	$	175,534