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Goodwill and Intangible Assets | 3 Months Ended
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Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill The changes in carrying amounts of goodwill for the three months ended March 31, 2024 are as follows (in thousands):
| Digital Media |  | Cybersecurity and Martech |  | Consolidated
Balance as of January 1, 2024 | $ | 1,016,880 |  |  | $ | 529,185 |  |  | $ | 1,546,065 |
Goodwill acquired (1) | 85,900 |  |  | — |  |  | 85,900 |
Goodwill removed due to sale of businesses (2) | (3,983) |  |  | — |  |  | (3,983) |
Foreign exchange translation | (1,188) |  |  | (2,166) |  |  | (3,354) |
Balance as of March 31, 2024 | $ | 1,097,609 |  |  | $ | 527,019 |  |  | $ | 1,624,628 |
(1)Goodwill recognized in connection with the acquisition during the three months ended March 31, 2024 (see Note 3 — Business Acquisitions). (2)During the three months ended March 31, 2024, in a cash transaction, the Company sold an international asset at Digital Media within its shopping vertical, which resulted in $4.0 million of goodwill being removed in connection with this sale. Goodwill as of each of March 31, 2024 and December 31, 2023 reflects accumulated impairment losses of $84.2 million in the Digital Media reportable segment. Following an impairment in 2023 to a reporting unit within the Digital Media reportable segment, there was no excess of reporting unit fair value over the carrying amount. As such, since this last impairment test, any further decrease in estimated fair value would result in an additional impairment charge to goodwill. Changes in market conditions, and key assumptions made in future quantitative assessments, including expected cash flows, competitive factors and discount rates, could negatively impact the results of future impairment testing and could result in the recognition of an impairment charge. As of March 31, 2024, this reporting unit had goodwill of approximately $79.2 million. Intangible Assets Subject to Amortization As of March 31, 2024, intangible assets subject to amortization relate primarily to the following (in thousands):
| Historical Cost |  | Accumulated Amortization |  | Net
Trade names and trademarks | $ | 349,490 |  |  | $ | 199,293 |  |  | $ | 150,197 |
Customer relationships | 774,154 |  |  | 569,148 |  |  | 205,006 |
Other purchased intangibles | 396,962 |  |  | 351,603 |  |  | 45,359 |
Total | $ | 1,520,606 |  |  | $ | 1,120,044 |  |  | $ | 400,562 |
As of December 31, 2023, intangible assets subject to amortization relate primarily to the following (in thousands):
| Historical Cost |  | Accumulated Amortization |  | Net
Trade names and trademarks | $ | 347,895 |  |  | $ | 192,111 |  |  | $ | 155,784 |
Customer relationships | 692,634 |  |  | 555,384 |  |  | 137,250 |
Other purchased intangibles | 379,703 |  |  | 347,331 |  |  | 32,372 |
Total | $ | 1,420,232 |  |  | $ | 1,094,826 |  |  | $ | 325,406 |
Amortization expense, included in ‘General, administrative, and other related costs’ in our Condensed Consolidated Statements of Operations, was approximately $26.3 million and $33.3 million for the three months ended March 31, 2024 and 2023, respectively.

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