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Goodwill and Intangible Assets | 12 Months Ended
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Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | Goodwill and Intangible Assets The Company tests goodwill for impairment annually during the fourth quarter as of October 1, or more frequently when events or changes in circumstances indicate that fair value is below carrying value. In the third quarter of 2024, the Company concluded that it was more likely than not that the estimated fair value of its reporting unit was less than its carrying value. In its assessment, the Company considered the decline in the Company's stock price, market and equity capitalization, operating results and projections. The fair value of the reporting unit was determined using a discounted cash flow model (a form of the income approach) utilizing Level 3 unobservable inputs, supported by a market approach. The Company relied in part on the work of an independent valuation firm engaged by the Company to provide inputs as to the fair value of the reporting unit and to assist in the related calculations and analysis. The Company's reporting unit did not pass the goodwill impairment test and as a result, the Company recorded a $63.0 million impairment charge during the three months ended September 30, 2024. No additional impairment indicators were identified during the fourth quarter of 2024. In conjunction with its annual test as of October 1, 2023, the Company performed a quantitative goodwill impairment test as of September 30, 2023. In its assessment, the Company considered the decline in revenues in 2023 which drove lower revenue growth expectations in future years. The Company also considered the decline in the Company's stock price and market capitalization. The fair value of the reporting unit was determined using a discounted cash flow model (a form of the income approach) utilizing Level 3 unobservable inputs, supported by a market approach. The Company relied in part on the work of an independent valuation firm engaged by the Company to provide inputs as to the fair value of the reporting unit and to assist in the related calculations and analysis. The Company's reporting unit did not pass the goodwill impairment test and as a result, the Company recorded a $34.1 million impairment charge during the three months ended December 31, 2023. In the second quarter of 2023, the Company concluded that it was more likely than not that the estimated fair value of its reporting unit was less than its carrying value. In its assessment, the Company considered the decline in the Company's stock price and market capitalization, among other factors. The Company performed quantitative testing on its reporting unit using a discounted cash flow model (a form of the income approach) utilizing Level 3 unobservable inputs, supported by a market approach. The Company relied in part on the work of an independent valuation firm engaged by the Company to provide inputs as to the fair value of the reporting unit and to assist in the related calculations and analysis. The Company's reporting unit did not pass the goodwill impairment test, and as a result the Company recorded a $44.1 million impairment charge during the three months ended June 30, 2023. In conjunction with its annual test as of October 1, 2022, the Company performed a quantitative goodwill impairment test as of September 30, 2022. In its assessment, the Company considered the decline in the Company's stock price and market capitalization, among other factors. The fair value of the reporting unit was determined using a discounted cash flow model (a form of the income approach) utilizing Level 3 unobservable inputs, supported by a market approach. The Company relied in part on the work of an independent valuation firm engaged by the Company to provide inputs as to the fair value of the reporting unit and to assist in the related calculations and analysis. The Company's reporting unit did not pass the goodwill impairment test and as a result, the Company recorded a $46.3 million impairment charge during the three months ended September 30, 2022. The change in the carrying value of goodwill is as follows:
| (In thousands)
Balance as of December 31, 2022 (1) | $ | 387,973 |
Impairment charge | (78,200) |
Translation adjustments | 587 |
Balance as of December 31, 2023 | $ | 310,360 |
Impairment charge | (63,000) |
Translation adjustments | (1,350) |
Balance as of December 31, 2024 | $ | 246,010 |
(1) Goodwill balance is net of an accumulated impairment charge of $270.6 million as of December 31, 2022. |
The carrying values of the Company's definite-lived intangible assets are as follows:
|  | As of |  | As of
|  | December 31, 2024 |  | December 31, 2023
(In thousands) |  | Gross Carrying Amount |  | Accumulated Amortization |  |  |  | Net Carrying Amount |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
Acquired methodologies and technology |  | $ | 154,400 |  |  | $ | (151,982) |  |  |  |  | $ | 2,418 |  |  | $ | 154,409 |  |  | $ | (150,783) |  |  | $ | 3,626 |
Customer relationships |  | 46,529 |  |  | (43,889) |  |  |  |  | 2,640 |  |  | 46,623 |  |  | (42,663) |  |  | 3,960 |
Intellectual property |  | 14,364 |  |  | (14,364) |  |  |  |  | — |  |  | 14,366 |  |  | (14,076) |  |  | 290 |
Acquired software |  | 9,765 |  |  | (9,765) |  |  |  |  | — |  |  | 9,765 |  |  | (9,526) |  |  | 239 |
Panel |  | 3,102 |  |  | (3,102) |  |  |  |  | — |  |  | 3,107 |  |  | (3,107) |  |  | — |
Trade names |  | 739 |  |  | (739) |  |  |  |  | — |  |  | 750 |  |  | (750) |  |  | — |
Other |  | 600 |  |  | (600) |  |  |  |  | — |  |  | 600 |  |  | (600) |  |  | — |
Total intangible assets |  | $ | 229,499 |  |  | $ | (224,441) |  |  |  |  | $ | 5,058 |  |  | $ | 229,620 |  |  | $ | (221,505) |  |  | $ | 8,115 |
Amortization expense related to intangible assets was $3.1 million, $5.2 million, and $27.1 million for the years ended December 31, 2024, 2023, and 2022, respectively. Of the Company's definite-lived intangible assets, net, all were generated by or located in the United States as of December 31, 2024 and 2023. The weighted-average remaining amortization period by major asset class as of December 31, 2024 is as follows:
| (In years)
Acquired methodologies and technology | 2.0
Customer relationships | 2.0
The estimated future amortization of intangible assets is as follows:
| (In thousands)
2025 | $ | 2,529 |
2026 | 2,529 |
Thereafter | — |
Total | $ | 5,058 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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