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Goodwill and Intangible Assets | 9 Months Ended
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Sep. 30, 2020
Goodwill and Intangible Assets |
Goodwill and Intangible Assets | 2. Goodwill and Intangible Assets The Company determined that adverse changes in macroeconomic trends as a consequence of the continuing COVID-19 pandemic constituted 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 completed its impairment analysis procedures as of March 31, 2020 and has updated its impairment analysis on its reporting units as of September 30, 2020. The Company determined that there was no impairment of long-lived assets, tangible or intangible, in any reporting units as of September 30, 2020. The changes in the carrying amount of goodwill for the nine months ended September 30, 2020 and 2019 were as follows (in thousands):
Balance as of January 1, 2019 |  | $ | 2,050
Foreign currency translation adjustment |  |  | 12
Balance as of September 30, 2019 |  | $ | 2,062
Balance as of January 1, 2020 |  | $ | 2,108
Foreign currency translation adjustment |  |  | (39)
Balance as of September 30, 2020 |  | $ | 2,069
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 |  | $ | 43 |  | $ | 3,606 |  | $ | 9,805
Foreign currency translation |  |  | (74) |  |  | (65) |  |  | (11) |  |  | (1) |  |  | (40) |  |  | (191)
Balance as of September 30, 2020 |  | $ | 3,034 |  | $ | 2,112 |  | $ | 860 |  | $ | 42 |  | $ | 3,566 |  | $ | 9,614
|  |  |  |  |  |  |  | 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 |  |  | 51 |  |  | 63 |  |  | 4 |  |  | 1 |  |  | (36) |  |  | 83
Balance as of September 30, 2019 |  | $ | 3,050 |  | $ | 2,144 |  | $ | 859 |  | $ | 43 |  | $ | 3,510 |  | $ | 9,606
|  |  |  |  |  |  |  | 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 |  | $ | 1,261 |  | $ | 4,328
Amortization expense |  |  | 230 |  |  | 134 |  |  | 41 |  |  | 3 |  |  | 271 |  |  | 679
Foreign currency translation |  |  | (39) |  |  | (32) |  |  | (5) |  |  | — |  |  | (19) |  |  | (95)
Balance as of September 30, 2020 |  | $ | 1,684 |  | $ | 1,085 |  | $ | 603 |  | $ | 27 |  | $ | 1,513 |  | $ | 4,912
|  |  |  |  |  |  |  | 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 |  |  | 230 |  |  | 133 |  |  | 90 |  |  | 3 |  |  | 269 |  |  | 725
Foreign currency translation |  |  | 24 |  |  | 24 |  |  | 2 |  |  | 1 |  |  | (15) |  |  | 36
Balance as of September 30, 2019 |  | $ | 1,391 |  | $ | 923 |  | $ | 532 |  | $ | 23 |  | $ | 1,140 |  | $ | 4,009
Amortization expense relating to acquisition-related intangible assets was $0.2 million for each of the three months ended September 30, 2020 and 2019. Amortization expense relating to acquisition-related intangible assets was $0.7 million for each of the nine months ended September 30, 2020 and 2019. As of the date hereof, estimated amortization expense for intangible assets after September 30, 2020 is as follows (in thousands):
Year |  | Amortization
2020 |  | $ | 224
2021 |  |  | 895
2022 |  |  | 895
2023 |  |  | 895
2024 |  |  | 797
Thereafter |  |  | 996
|  | $ | 4,702

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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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