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Goodwill and Acquired Intangible Assets | 6 Months Ended
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Jun. 30, 2024
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 did business as Nitro College (“Nitro”), in the first quarter of 2022, and the acquisition of the key assets of Scholly Inc. (“Scholly”) in the third quarter of 2023. 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 both June 30, 2024 and December 31, 2023, we had $56 million in total goodwill. See Notes to Consolidated Financial Statements, Note 2, “Significant Accounting Policies — Business Combinations” in our 2023 Form 10-K for additional details on our acquisitions of Nitro and Scholly. Acquired Intangible Assets Our intangible assets include acquired trade name and trademarks, customer relationships, developed technology, and partner relationships. 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, 2024 |  | December 31, 2023
(Dollars in thousands) |  | Weighted Average Useful Life (in years)(1) |  | Cost Basis |  | Accumulated Amortization |  | Net |  | Cost Basis |  | Accumulated Amortization |  | Net
Trade name and trademarks(2) |  | 4.0 |  | $ | 6,040 |  |  | $ | (1,384) |  |  | $ | 4,656 |  |  | $ | 6,040 |  |  | $ | (629) |  |  | $ | 5,411 |
Customer relationships |  | 4.6 |  | 8,920 |  |  | (5,344) |  |  | 3,576 |  |  | 8,920 |  |  | (4,013) |  |  | 4,907 |
Developed technology |  | 3.5 |  | 2,590 |  |  | (1,285) |  |  | 1,305 |  |  | 2,590 |  |  | (908) |  |  | 1,682 |
Partner relationships |  | 2.5 |  | 730 |  |  | (268) |  |  | 462 |  |  | 730 |  |  | (122) |  |  | 608 |
Total acquired intangible assets |  |  |  | $ | 18,280 |  |  | $ | (8,281) |  |  | $ | 9,999 |  |  | $ | 18,280 |  |  | $ | (5,672) |  |  | $ | 12,608 |
(1) The weighted average useful life of acquired intangible assets related to the Nitro acquisition is 4.3 years and the weighted average useful life of the acquired intangible assets related to the Scholly acquisition is 3.9 years. (2) In 2023, we fully impaired the Nitro trade name and trademarks asset for $56 million. We recorded amortization of acquired intangible assets totaling approximately $1 million and $3 million in the three and six months ended June 30, 2024, respectively, and approximately $2 million and $5 million in the three and six months ended June 30, 2023, 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 $5 million, $4 million, $3 million, and $1 million in 2024, 2025, 2026, and 2027, respectively.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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