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Goodwill and Intangible Assets | 12 Months Ended
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Dec. 31, 2020
Goodwill and Intangible Assets |
Goodwill and Intangible Assets | 3. Goodwill and Intangible Assets The changes in the carrying amount of goodwill for the years ended December 31, 2020 and 2019 were as follows (in thousands):
Balance as of January 1, 2019 |  | $ | 2,050
Foreign currency translation |  |  | 58
Balance as of December 31, 2019 |  |  | 2,108
Foreign currency translation |  |  | 42
Balance as of December 31, 2020 |  | $ | 2,150
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. The Company determined that there was no impairment of long-lived assets in any of the reporting units as of March 31, 2020. On September 30, 2020, The Company performed its annual goodwill assessment for the Agility segment in accordance with the provisions of ASU 2017-04, by using a single-step approach that determines the carrying value of goodwill and compares it against the reporting unit’s fair value. The Company’s conclusion was consistent with the results of the March 31, 2020 impairment test. The fair value measurement of goodwill for the Agility segment 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 and the market multiple approach using comparable entities to further validate the carrying values. 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. The carrying value of Goodwill was $2,150,000 and $2,108,000 as of December 31, 2020 and 2019, respectively. Information regarding our acquisition-related intangible assets is as follows for the dates indicated (in thousands):
|  |  |  |  |  |  |  | Trademarks |  |  |  |  | Media |  |  |
|  | Developed |  | Customer |  | and |  |  |  |  | Contact |  |  |
|  | technology |  | relationships |  | trade names |  | 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 |  |  | 109 |  |  | 96 |  |  | 16 |  |  | 1 |  |  | 60 |  |  | 282
Balance as of December 31, 2019 |  |  | 3,108 |  |  | 2,177 |  |  | 871 |  |  | 43 |  |  | 3,606 |  |  | 9,805
Foreign currency translation |  |  | 67 |  |  | 51 |  |  | 11 |  |  | 2 |  |  | 64 |  |  | 195
Balance as of December 31, 2020 |  | $ | 3,175 |  | $ | 2,228 |  | $ | 882 |  | $ | 45 |  | $ | 3,670 |  | $ | 10,000
|  |  |  |  |  |  |  | Trademarks |  |  |  |  | Media |  |  |
|  | Developed |  | Customer |  | and |  |  |  |  | Contact |  |  |
|  | technology |  | relationships |  | trade names |  | Patents |  | Database |  | Total
Accumulated amortization: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance as of January 1, 2019 |  | $ | 1,137 |  | $ | 766 |  | $ | 440 |  | $ | 19 |  | $ | 886 |  | $ | 3,248
Amortization expense |  |  | 305 |  |  | 178 |  |  | 120 |  |  | 4 |  |  | 357 |  |  | 964
Foreign currency translation |  |  | 51 |  |  | 39 |  |  | 7 |  |  | 1 |  |  | 18 |  |  | 116
Balance as of December 31, 2019 |  |  | 1,493 |  |  | 983 |  |  | 567 |  |  | 24 |  |  | 1,261 |  |  | 4,328
Amortization expense |  |  | 308 |  |  | 179 |  |  | 55 |  |  | 4 |  |  | 361 |  |  | 907
Foreign currency translation |  |  | 43 |  |  | 30 |  |  | 7 |  |  | 1 |  |  | 28 |  |  | 109
Balance as of December 31, 2020 |  | $ | 1,844 |  | $ | 1,192 |  | $ | 629 |  | $ | 29 |  | $ | 1,650 |  | $ | 5,344
Net carrying values - December 31, 2020 |  | $ | 1,331 |  | $ | 1,036 |  | $ | 253 |  | $ | 16 |  | $ | 2,020 |  | $ | 4,656
Net carrying values - December 31, 2019 |  | $ | 1,615 |  | $ | 1,194 |  | $ | 304 |  | $ | 19 |  | $ | 2,345 |  | $ | 5,477
Amortization expense relating to acquisition-related intangible assets was approximately $0.9 million and $1.0 million for the years ended December 31, 2020 and 2019, respectively. Estimated annual amortization expense for intangible assets subsequent to December 31, 2020 is as follows (in thousands):
Year |  | Amortization
2021 |  | $ | 931
2022 |  |  | 931
2023 |  |  | 931
2024 |  |  | 829
2025 |  |  | 684
Thereafter |  |  | 350
|  | $ | 4,656

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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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