We test goodwill for impairment annually as of December 1, or whenever events or circumstances indicate that the carrying value may not be recoverable. Goodwill is tested for impairment at the reporting unit level, which are determined in accordance with the provisions of ASC 350, Intangibles – Goodwill and Other. The goodwill acquired as part of the Edmunds acquisition was allocated to two of our reporting units – CarMax Sales Operations and Edmunds – with carrying values of $98.9 million and $42.4 million, respectively. No impairment was recognized in fiscal 2024 or fiscal 2023.


	As of February 29, 2024
	Gross Carrying		Accumulated		Net
(In thousands)	Amount		Amortization		Amount
Intangible assets not subject to amortization:
Trade name	$	31,900	$	—	$	31,900

Intangible assets subject to amortization:
Internally developed software	52,900		(20,782)		32,118
Customer relationships	133,200		(21,547)		111,653
Total intangible assets	$	218,000	$	(42,329)	$	175,671


	As of February 28, 2023
	Gross Carrying		Accumulated		Net
	Amount		Amortization		Amount
Intangible assets not subject to amortization:
Trade name	$	31,900	$	—	$	31,900

Intangible assets subject to amortization:
Internally developed software	52,900		(13,225)		39,675
Customer relationships	133,200		(13,712)		119,488
Total intangible assets	$	218,000	$	(26,937)	$	191,063

We estimate that amortization expense related to intangible assets will be $15.4 million in each of the next four fiscal years and $9.7 million in the subsequent fiscal year.