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Goodwill and Acquired Intangible Assets | 6 Months Ended
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Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Acquired Intangible Assets | Goodwill and Acquired Intangible Assets Goodwill We recorded as goodwill the excess of the purchase price over the estimated fair values of identifiable assets and liabilities acquired as part of the acquisition of the assets primarily used or held for use of Epic Research Education Services, LLC, which does business as Nitro College (“Nitro”), in the first quarter of 2022. Goodwill is not amortized but is tested periodically for impairment. We test goodwill for impairment annually in the fourth quarter of the year, or more frequently if we believe that indicators of impairment exist. At June 30, 2023, we had $51 million in total goodwill. See Notes to Consolidated Financial Statements, Note 2, “Significant Accounting Policies — Business Combination” in our 2022 Form 10-K for additional details on our acquisition of Nitro. Acquired Intangible Assets Our intangible assets include acquired tradename and trademarks, customer relationships, and developed technology. We review our long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Acquired intangible assets include the following:
|  |  |  | June 30, 2023 |  | December 31, 2022
(Dollars in thousands) |  | Useful Life (in years)(1) |  | Cost Basis |  | Accumulated Amortization |  | Net |  | Cost Basis |  | Accumulated Amortization |  | Net
Tradename and trademarks |  | 10 |  | $ | 68,470 |  |  | $ | (9,129) |  |  | $ | 59,341 |  |  | $ | 68,470 |  |  | $ | (5,706) |  |  | $ | 62,764 |
Customer relationships |  | 5 |  | 5,670 |  |  | (2,606) |  |  | 3,064 |  |  | 5,670 |  |  | (1,723) |  |  | 3,947 |
Developed technology |  | 3 |  | 1,260 |  |  | (560) |  |  | 700 |  |  | 1,260 |  |  | (350) |  |  | 910 |
Total acquired intangible assets |  |  |  | $ | 75,400 |  |  | $ | (12,295) |  |  | $ | 63,105 |  |  | $ | 75,400 |  |  | $ | (7,779) |  |  | $ | 67,621 |
(1) The weighted average useful life of acquired intangible assets related to the Nitro acquisition is 9.51 years. We recorded amortization of acquired intangible assets totaling approximately $2 million and $5 million in the three and six months ended June 30, 2023, respectively, and approximately $2 million and $3 million in the three and six months ended June 30, 2022, respectively. We will continue to amortize our intangible assets with definite useful lives over their remaining estimated useful lives. We estimate amortization expense associated with these intangible assets will be approximately $9 million, $8 million, $8 million, $7 million, and $7 million in 2023, 2024, 2025, 2026, and 2027, respectively.

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