4. Intangible Assets and Goodwill

The following table summarizes details of the Company’s intangible assets and related accumulated amortization (amounts in thousands):


	As of February 23, 2019						As of May 26, 2018
			Accumulated						Accumulated
	Gross		Amortization		Net		Gross		Amortization		Net

Customer contracts and relationships (3-8 years)	$	14,515	$	(2,899)	$	11,616	$	14,565	$	(1,263)	$	13,302
Tradenames (3-10 years)		4,429		(1,316)		3,113		4,481		(560)		3,921
Consultant list (3 years)		792		(400)		392		815		(205)		610
Non-compete agreements (3 years)		906		(457)		449		932		(234)		698
Total	$	20,642	$	(5,072)	$	15,570	$	20,793	$	(2,262)	$	18,531

The Company recorded amortization expense of $0.9 million and $1.0 million for the three months ended February 23, 2019 and February 24, 2018, respectively, and $2.9 million and $1.3 million for the nine months ended February 23, 2019 and February 24, 2018, respectively. The 2019 fiscal year period includes a full year of amortization of intangible assets acquired from the Accretive and taskforce transactions while the prior year included amortization expense from the dates of acquisition. Future estimated intangible asset amortization expense (based on existing intangible assets) is $3.8 million, $3.8 million, $2.5 million, $1.8 million and $1.8 million for the years ending May 25, 2019, May 30, 2020, May 29, 2021, May 28, 2022 and May 27, 2023, respectively. The estimates of future intangible asset amortization expense do not incorporate the potential impact of future currency fluctuations when translating the financial results of the Company’s international operations that have amortizable intangible assets into U.S. dollars.

The following table summarizes the activity in the Company’s goodwill balance (in thousands):



	February 23,		February 24,
	2019		2018
Goodwill, beginning of year	$	191,950	$	171,088
Acquisitions-taskforce (see Note 3)		-		8,762
Acquisitions-Accretive (see Note 3)		3		11,536
Impact of foreign currency exchange rate changes		(804)		2,195
Goodwill, end of period	$	191,149	$	193,581