We test each of our reporting units for goodwill impairment annually at October 1^st, or upon a triggering event, in accordance with ASC Topic 350, “Intangibles – Goodwill and Other.” As a result of the COVID‑19 pandemic during the first quarter of 2020, we assessed at a reporting unit level whether any triggering events had occurred during the period that would require us to perform a quantitative impairment analysis of goodwill. As a result of this evaluation, we determined that there was a triggering event in our global investment management reporting unit (which falls within our Real Estate Investments segment) that required a quantitative test to be performed. In connection with this quantitative evaluation, we determined that this reporting unit’s goodwill was impaired and recorded a $25.0 million non-cash impairment charge during the three months ended March 31, 2020 (see Note 6 for additional information). No triggering events were identified in our other reporting units as of March 31, 2020.

The following table summarizes our change in carrying amount of goodwill for the three months ended March 31, 2020 (dollars in thousands):

	Advisory Services			Global Workplace Solutions			Real Estate Investments			Consolidated
Balance as of December 31, 2019
Goodwill	$	3,302,218		$	899,506		$	620,275		$	4,821,999
Accumulated impairment losses		(761,448	)		(175,473	)		(131,585	)		(1,068,506	)
		2,540,770			724,033			488,690			3,753,493
Impairment loss		—			—			(25,000	)		(25,000	)
Purchase accounting entries related to acquisitions		16,276			11,483			(9,084	)		18,675
Foreign exchange movement		(26,937	)		(35,769	)		(10,704	)		(73,410	)
Balance as of March 31, 2020
Goodwill		3,291,557			875,220			600,487			4,767,264
Accumulated impairment losses		(761,448	)		(175,473	)		(156,585	)		(1,093,506	)
	$	2,530,109		$	699,747		$	443,902		$	3,673,758