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Goodwill and Intangible Assets | 6 Months Ended
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Jun. 30, 2020
Goodwill and Intangible Assets |
Goodwill and Intangible Assets | 2. Goodwill and Intangible Assets The Company has determined that adverse changes in macroeconomic trends as a consequence of the continuing COVID-19 pandemic constitute a triggering event under U.S. GAAP (Accounting Standards Codification (ASC) No. 350, “Intangibles - Goodwill and Other” and ASC No. 360, “Impairment or Disposal of Long-Lived Assets”). The Company has completed its impairment analysis procedures in March 31, 2020 and updated its impairment analysis on its reporting units as of June 30, 2020. The Company has determined that there was no impairment of long-lived assets, tangible nor intangible, in any reporting units. The changes in the carrying amount of goodwill for the six months ended June 30, 2020 and 2019 were as follows (in thousands):
Balance as of January 1, 2019 |  | $ | 2,050
Foreign currency translation adjustment |  |  | 45
Balance as of June 30, 2019 |  | $ | 2,095
Balance as of January 1, 2020 |  | $ | 2,108
Foreign currency translation adjustment |  |  | (82)
Balance as of June 30, 2020 |  | $ | 2,026
The fair value measurement of goodwill was classified within Level 3 of the fair value hierarchy because the Company used the income approach, which utilizes significant inputs that are unobservable in the market. The Company believes it made reasonable estimates and assumptions to calculate the fair value of the reporting unit as of the impairment test measurement date. Information regarding the Company’s acquisition-related intangible assets was as follows (in thousands):
|  |  |  |  |  |  |  | Trademarks |  |  |  |  | Media |  |  |
|  | Developed |  | Customer |  | and |  |  |  |  | Contact |  |  |
|  | technology |  | relationships |  | tradenames |  | Patents |  | Database |  | Total
Gross carrying amounts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance as of January 1, 2020 |  | $ | 3,108 |  | $ | 2,177 |  | $ | 871 |  | $ | 44 |  | $ | 3,605 |  | $ | 9,805
Foreign currency translation |  |  | (139) |  |  | (111) |  |  | (22) |  |  | (2) |  |  | (114) |  |  | (388)
Balance as of June 30, 2020 |  | $ | 2,969 |  | $ | 2,066 |  | $ | 849 |  | $ | 42 |  | $ | 3,491 |  | $ | 9,417
|  |  |  |  |  |  |  | Trademarks |  |  |  |  | Media |  |  |
|  | Developed |  | Customer |  | and |  |  |  |  | Contact |  |  |
|  | technology |  | relationships |  | tradenames |  | Patents |  | Database |  | Total
Gross carrying amounts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance as of January 1, 2019 |  | $ | 2,999 |  | $ | 2,081 |  | $ | 855 |  | $ | 42 |  | $ | 3,546 |  | $ | 9,523
Foreign currency translation |  |  | 99 |  |  | 96 |  |  | 13 |  |  | 1 |  |  | 19 |  |  | 228
Balance as of June 30, 2019 |  | $ | 3,098 |  | $ | 2,177 |  | $ | 868 |  | $ | 43 |  | $ | 3,565 |  | $ | 9,751
|  |  |  |  |  |  |  | Trademarks |  |  |  |  | Media |  |  |
|  | Developed |  | Customer |  | and |  |  |  |  | Contact |  |  |
|  | technology |  | relationships |  | tradenames |  | Patents |  | Database |  | Total
Accumulated amortization: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance as of January 1, 2020 |  | $ | 1,493 |  | $ | 983 |  | $ | 567 |  | $ | 24 |  | $ | 1,262 |  | $ | 4,329
Amortization expense |  |  | 153 |  |  | 88 |  |  | 27 |  |  | 2 |  |  | 180 |  |  | 450
Foreign currency translation |  |  | (74) |  |  | (52) |  |  | (11) |  |  | (1) |  |  | (45) |  |  | (183)
Balance as of June 30, 2020 |  | $ | 1,572 |  | $ | 1,019 |  | $ | 583 |  | $ | 25 |  | $ | 1,397 |  | $ | 4,596
|  |  |  |  |  |  |  | Trademarks |  |  |  |  | Media |  |  |
|  | Developed |  | Customer |  | and |  |  |  |  | Contact |  |  |
|  | technology |  | relationships |  | tradenames |  | Patents |  | Database |  | Total
Accumulated amortization: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance as of January 1, 2019 |  | $ | 1,137 |  | $ | 766 |  | $ | 440 |  | $ | 19 |  | $ | 886 |  | $ | 3,248
Amortization expense |  |  | 154 |  |  | 90 |  |  | 60 |  |  | 1 |  |  | 179 |  |  | 484
Foreign currency translation |  |  | 44 |  |  | 36 |  |  | 6 |  |  | 1 |  |  | 4 |  |  | 91
Balance as of June 30, 2019 |  | $ | 1,335 |  | $ | 892 |  | $ | 506 |  | $ | 21 |  | $ | 1,069 |  | $ | 3,823
Amortization expense relating to acquisition-related intangible assets was $0.2 million for each of the three months ended June 30, 2020 and 2019. Amortization expense relating to acquisition-related intangible assets was $0.5 million for each of the six months ended June 30, 2020 and 2019. As of the date hereof, estimated amortization expense for intangible assets after June 30, 2020 is as follows (in thousands):
Year |  | Amortization
2020 |  | $ | 438
2021 |  |  | 876
2022 |  |  | 876
2023 |  |  | 876
2024 |  |  | 781
Thereafter |  |  | 974
|  | $ | 4,821

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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