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Goodwill and Other Intangible Assets | 12 Months Ended
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Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The change in the net carrying amount of Goodwill from December 31, 2021 through December 31, 2023 was composed of the following items:
|  |  | Mexico |  | Peru |  |  |  |  |  |  | Total
Balance at December 31, 2021 |  |  | $ | 479,223 |  |  | $ | 67,572 |  |  |  |  |  |  |  | $ | 546,795 |
Currency translation adjustments |  |  | 33,767 |  |  | 2,931 |  |  |  |  |  |  |  | 36,698 |
Balance at December 31, 2022 |  |  | $ | 512,990 |  |  | $ | 70,503 |  |  |  |  |  |  |  | $ | 583,493 |
Currency translation adjustments |  |  | 75,441 |  |  | 2,548 |  |  |  |  |  |  |  | 77,989 |
Balance at December 31, 2023 |  |  | $ | 588,431 |  |  | $ | 73,051 |  |  |  |  |  |  |  | $ | 661,482 |
Tradenames and Other Intangible Assets Amortization expense for intangible assets included only the finite-lived tradename, which was fully amortized as of December 31, 2021. Amortization expense was $0, $0 and $23,069 for the years ended December 31, 2023, 2022 and 2021, respectively. The following table summarizes our identifiable intangible assets as of December 31, 2023:
| Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount |  | Weighted Average Amortization Period (Yrs)
Tradenames |  |  |  |  |  |  |
Finite-lived tradename | $ | 30,652 |  |  | $ | (30,652) |  |  | $ | — |  |  | — |
Indefinite-lived tradenames | 169,183 |  |  | — |  |  | 169,183 |  |  | — |
Total tradenames | 199,835 |  |  | (30,652) |  |  | 169,183 |  |  |
Other intangible assets |  |  |  |  |  |  |
Student rosters | 23,001 |  |  | (23,001) |  |  | — |  |  | — |
Other | 1,938 |  |  | (1,938) |  |  | — |  |  | — |
Total | $ | 224,774 |  |  | $ | (55,591) |  |  | $ | 169,183 |  |  |
The following table summarizes our identifiable intangible assets as of December 31, 2022:
| Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount |  | Weighted Average Amortization Period (Yrs)
Tradenames |  |  |  |  |  |  |
Finite-lived tradename | $ | 30,652 |  |  | $ | (30,652) |  |  | $ | — |  |  | — |
Indefinite-lived tradenames | 151,645 |  |  | — |  |  | 151,645 |  |  | — |
Total tradenames | 182,297 |  |  | (30,652) |  |  | 151,645 |  |  |
Other intangible assets |  |  |  |  |  |  |
Student rosters | 20,455 |  |  | (20,455) |  |  | — |  |  | — |
Other | 1,720 |  |  | (1,720) |  |  | — |  |  | — |
Total | $ | 204,472 |  |  | $ | (52,827) |  |  | $ | 151,645 |  |  |
Impairment Tests The following table summarizes the Loss on impairment of assets:
For the years ended December 31, | 2023 |  | 2022 |  | 2021
Impairments of Goodwill | $ | — |  |  | $ | — |  |  | $ | — |
Impairments of Tradenames | — |  |  | — |  |  | 51,437 |
Impairments of long-lived assets | 3,073 |  |  | 144 |  |  | 21,051 |
Total | $ | 3,073 |  |  | $ | 144 |  |  | $ | 72,488 |
We perform annual impairment tests of our non-amortizable intangible assets, which consist of goodwill and indefinite-lived tradenames, in the fourth quarter of each year. The impairment charges discussed below were recorded to reduce the assets' carrying values to fair value. For the purposes of our annual impairment testing of the Company's goodwill, fair value measurements are determined primarily using the income approach, based largely on inputs that are not observable to active markets, which would be deemed “Level 3” fair value measurements. Level 3 inputs are defined as unobservable inputs that are supported by little or no market activity. These inputs include our expectations about future revenue growth and profitability, marginal income tax rates by jurisdiction, and the discount rate. Where a market approach is used, the inputs also include publicly available data about our competitors' financial ratios and transactions. For purposes of our annual impairment testing of the Company’s indefinite-lived tradenames, fair value measurements are determined using the income approach, based largely on inputs that are not observable to active markets, which would be deemed “Level 3” fair value measurements as defined above. These inputs include our expectations about future revenue growth, marginal income tax rates by jurisdiction, the discount rate and the estimated royalty rate. We use publicly available information and proprietary third-party arm’s length agreements that Laureate has entered into with various licensors in determining certain assumptions to assist us in estimating fair value using market participant assumptions. 2021 Loss on Impairment of Assets Impairment of Finite-Lived Tradename (Laureate Tradename) During the first quarter of 2021, the Company recognized an impairment charge of approximately $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 Laureate 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 was fully amortized as of December 31, 2021.

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