On August 17, 2018, we announced a new organizational structure that became effective on January 1, 2019. Under the new structure, we organize our operations around, and publicly report our financial results on, three global business segments: (1) Advisory Services; (2) Global Workplace Solutions and (3) Real Estate Investments (see Note 14). In connection with this change, we reassessed our reporting units as of January 1, 2019. As a result, we have reassigned the goodwill balance to reflect our new segment structure using a relative fair value allocation approach. Under this approach, the fair value of each impacted reporting unit was determined using a combination of the income approach and the market approach and was compared to the goodwill of the impacted regional segments immediately prior to the reorganization to arrive at the reassigned goodwill balance.

We are required to test goodwill for impairment at least annually, or more often if circumstances or events indicate there may be a change in the impairment status, in accordance with ASC Topic 350, “Intangibles – Goodwill and Other.” We considered the change to our reportable segments and the resulting change in our identified reporting units to be a triggering event that required testing of our goodwill for impairment as of January 1, 2019. We elected to perform a quantitative test using a discounted cash flow approach to estimate the fair value of our reporting units. Management’s judgment is required in developing the assumptions for the discounted cash flow model. These assumptions include revenue growth rates, profit margin percentages, discount rates, etc. When we performed our goodwill impairment review as of January 1, 2019, we determined that no impairment existed as the estimated fair value of each of our reporting units was in excess of their carrying value.

The following tables summarizes our change in carrying amount of goodwill for the three months ended March 31, 2019 (dollars in thousands):

	Advisory Services			Global Workplace Solutions			Real Estate Investments			Consolidated
Balance, January 1, 2019:
Goodwill	$	3,269,954		$	875,570		$	575,291		$	4,720,815
Accumulated impairment losses		(761,448	)		(175,473	)		(131,585	)		(1,068,506	)
		2,508,506			700,097			443,706			3,652,309
Purchase accounting entries		7,518			(292	)		—			7,226
Foreign exchange movement		(1,608	)		7,289			(1,334	)		4,347
Balance, March 31, 2019:
Goodwill		3,275,864			882,567			573,957			4,732,388
Accumulated impairment losses		(761,448	)		(175,473	)		(131,585	)		(1,068,506	)
	$	2,514,416		$	707,094		$	442,372		$	3,663,882