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Goodwill and Loss on Impairment of Assets | 6 Months Ended
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Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Loss on Impairment of Assets | Goodwill and Loss on Impairment of Assets The change in the net carrying amount of Goodwill from December 31, 2020 through June 30, 2021 was composed of the following items:
| Mexico | Peru | Total
Balance at December 31, 2020 | $ | 500,250 |  | $ | 74,582 |  | $ | 574,832 |
Currency translation adjustments | 928 |  | (6,993) |  | (6,065) |
Balance at June 30, 2021 | $ | 501,178 |  | $ | 67,589 |  | $ | 568,767 |
Impairment of Laureate Tradename During the first quarter of 2021, the Company recognized an impairment charge of $51,400 on the Laureate tradename, a finite-lived intangible asset. In March 2021, the Company decided that, during 2021, it would wind down certain support functions related to the Laureate network and would no longer invest in and support the tradename beyond 2021. As a result, the Company tested the asset for impairment and estimated the fair value of the tradename asset using the relief-from-royalty method, based on the projected revenues for each business over the estimated remaining useful life of the asset. As a result of the impairment test, the Company concluded that the estimated fair value of the Laureate tradename was less than its carrying value by approximately $51,400 and recorded an impairment charge for that amount. The significant assumptions used in estimating the fair value included: (1) the revenue growth rates and (2) the estimated royalty rates. The inputs used were not observable to active markets and are therefore deemed “Level 3” inputs in the fair value hierarchy. The decrease in the fair value of the tradename was attributable to the shortened duration of the estimated future revenues. The remaining carrying value of the tradename asset, which was approximately $11,650 as of June 30, 2021, is being amortized prospectively over the remainder of 2021, which is its estimated useful life.

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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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