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Goodwill, net
 9 Months Ended
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill, net

Note 5. Goodwill, net

The changes in the carrying amount of goodwill for the nine months ended September 30, 2024 and 2023 are as follows:

 

 

Nine Months Ended

 

 

September 30, 2024

 

 

September 30, 2023

 

 

(in thousands of USD)

 

Goodwill at January 1

 

$

843,298

 

 

$

884,052

 

Less: accumulated impairment losses

 

 

(64,122

)

 

 

—

 

Goodwill, net at January 1

 

$

779,176

 

 

$

884,052

 

Goodwill Activity:

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

(14,523

)

 

 

(8,461

)

Goodwill disposed

 

 

(44,326

)

 

 

—

 

Accumulated impairment loss disposed

 

 

30,732

 

 

 

—

 

Goodwill, net at March 31

 

$

751,059

 

 

$

875,591

 

Goodwill at March 31

 

$

781,975

 

 

$

875,591

 

Less: accumulated impairment losses1

 

 

(30,916

)

 

 

—

 

Goodwill, net at March 31

 

 

751,059

 

 

 

875,591

 

Goodwill Activity:

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

(9,752

)

 

 

(8,719

)

Goodwill disposed

 

 

—

 

 

 

(30,255

)

Goodwill, net at June 30

 

$

741,307

 

 

$

836,617

 

Goodwill at June 30

 

$

771,464

 

 

$

836,617

 

Less: accumulated impairment losses2

 

 

(30,157

)

 

 

—

 

Goodwill, net at June 30

 

$

741,307

 

 

$

836,617

 

Goodwill Activity:

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

18,365

 

 

 

(8,509

)

Goodwill, net at September 30

 

$

759,672

 

 

$

828,108

 

Goodwill at September 30

 

$

791,101

 

 

$

828,108

 

Less: accumulated impairment losses3

 

 

(31,429

)

 

 

—

 

Goodwill, net at September 30

 

$

759,672

 

 

$

828,108

 

 

1.
Accumulated impairment losses as of March 31, 2024, include $31.7 million of impairment charges and $(0.8) million of cumulative translation adjustments (“CTA") charges.
2.
Accumulated impairment losses as of June 30, 2024, include $31.7 million of impairment charges and $(1.5) million of CTA charges.
3.
Accumulated impairment losses as of September 30, 2024, include $31.7 million of impairment charges and $(0.3) million of CTA charges.

In March 2024, the Company deconsolidated Jakga which resulted in the Company derecognizing goodwill related to the reporting unit of $13.6 million (see Note 14. Disposition). In June 2023, the Company deconsolidated LOCUS Inc. ("LOCUS") which resulted in the Company derecognizing goodwill related to the reporting unit of $30.3 million (see Note 14. Disposition).