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Goodwill and Other Intangible Assets
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets
Goodwill consisted of the following (in millions):
MarketplaceFinanceTotal
Balance at December 31, 2024 (1)(2)
$982.0 $240.9 $1,222.9 
Foreign currency22.0 — 22.0 
Balance at June 30, 2025 (1)(2)
$1,004.0 $240.9 $1,244.9 
(1) Marketplace amounts are net of accumulated goodwill impairment charges of $250.8 million at June 30, 2025 and December 31, 2024.
(2) Finance amounts are net of accumulated goodwill impairment charges of $161.5 million at June 30, 2025 and December 31, 2024.
Goodwill represents the excess cost over fair value of identifiable net assets of businesses acquired. The Company tests goodwill and indefinite-lived tradenames for impairment at the reporting unit level annually during the second quarter, or more frequently if events or changes in circumstances indicate that impairment may exist. When performing the impairment assessment, the fair value of the Company's reporting units are estimated using the expected present value of future cash flows (Level 3 inputs). No impairment was identified during the annual impairment assessment in the second quarter of 2025 nor at any other point in 2025.
As disclosed in prior periods, the deferred tax benefits of $52.5 million and $6.5 million associated with the goodwill and tradename impairments in the second quarter of 2023, respectively, resulted in the U.S. being in a net deferred tax asset position. Due to the three-year cumulative loss related to U.S. operations, we recorded a $38.2 million and $35.8 million valuation allowance against the U.S. net deferred tax asset at June 30, 2025 and December 31, 2024, respectively.