v3.24.2.u1

Goodwill and Intangible Assets (Tables) | 6 Months Ended
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Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Schedule Of Goodwill | The following tables present the changes in the carrying amount of goodwill by reportable segment on the Company’s condensed consolidated balance sheets for the periods indicated.
|  | Balance as of December 31, 2023 |  | Impairment Charges* |  | Foreign Currency Translation Adjustments |  | Balance as of June 30, 2024
| (in thousands)
Degree Program Segment |  |  |  |  |  |  |  |
Gross goodwill |  | $ | 192,459 |  |  | $ | — |  |  | $ | — |  |  | $ | 192,459 |
Accumulated impairments |  | — |  |  | — |  |  | — |  |  | — |
Net goodwill |  | 192,459 |  |  | — |  |  | — |  |  | 192,459 |
Alternative Credential Segment |  |  |  |  |  |  |  |
Gross goodwill |  | $ | 687,880 |  |  | $ | — |  |  | $ | 314 |  |  | $ | 688,194 |
Accumulated impairments |  | (228,841) |  |  | (339,928) |  |  | — |  |  | (568,769) |
Net goodwill |  | 459,039 |  |  | (339,928) |  |  | 314 |  |  | 119,425 |
Total |  |  |  |  |  |  |  |
Gross goodwill |  | $ | 880,339 |  |  | $ | — |  |  | $ | 314 |  |  | $ | 880,653 |
Accumulated impairments |  | (228,841) |  |  | (339,928) |  |  | — |  |  | (568,769) |
Net goodwill |  | $ | 651,498 |  |  | $ | (339,928) |  |  | $ | 314 |  |  | $ | 311,884 |
* |  | Refer to Note 2 for further information about the goodwill impairment charges.
Schedule Of Amortizable Intangible Assets | The following table presents the components of intangible assets, net on the Company’s condensed consolidated balance sheets as of each of the dates indicated.
|  |  | June 30, 2024 |  | December 31, 2023
| Estimated Average Useful Life (in years) |  | Gross Carrying Amount |  | Accumulated Amortization and Impairments* |  | Net Carrying Amount |  | Gross Carrying Amount |  | Accumulated Amortization and Impairments |  | Net Carrying Amount
|  |  | (in thousands)
Capitalized technology | 3-5 |  | $ | 244,002 |  |  | $ | (173,765) |  |  | $ | 70,237 |  |  | $ | 245,867 |  |  | $ | (159,155) |  |  | $ | 86,712 |
Capitalized content development | 4-5 |  | 228,337 |  |  | (182,199) |  |  | 46,138 |  |  | 233,592 |  |  | (176,374) |  |  | 57,218 |
University client relationships | 9-10 |  | 176,677 |  |  | (86,036) |  |  | 90,641 |  |  | 208,823 |  |  | (75,849) |  |  | 132,974 |
Enterprise client relationships | 10 |  | 14,300 |  |  | (3,754) |  |  | 10,546 |  |  | 14,300 |  |  | (3,039) |  |  | 11,261 |
Trade names and domain names* | 5-25 |  | 278,072 |  |  | (201,981) |  |  | 76,091 |  |  | 284,810 |  |  | (201,777) |  |  | 83,033 |
Total intangible assets |  |  | $ | 941,388 |  |  | $ | (647,735) |  |  | $ | 293,653 |  |  | $ | 987,392 |  |  | $ | (616,194) |  |  | $ | 371,198 |
* |  | During the three and six months ended June 30, 2024, the Company recorded impairment charges of $10.3 million to capitalized technology, $2.4 million to capitalized content development, $32.2 million to university client relationships, and $4.4 million to trade names and domain names.
** |  | The Company concluded that due to changes in facts and circumstances, the edX trade name, which was classified as indefinite-lived as of June 30, 2023, is now finite-lived. In the third quarter of 2023, the Company began amortizing the trade name on a straight-line basis over its estimated useful life. The gross carrying amount of the edX trade name was $255.0 million as of both June 30, 2024 and December 31, 2023. Accumulated amortization and impairments include $181.1 million and $176.7 million of impairment charges related to the edX trade name as June 30, 2024 and December 31, 2023, respectively. Refer to Note 2 for further information about these impairment charges.
Schedule Of Estimated Future Amortization Expense For Amortizable Intangible Assets | The following table presents the estimated future amortization expense of the Company’s amortizable intangible assets placed in service as of June 30, 2024.
| Future Amortization Expense
| (in thousands)
Remainder of 2024 | $ | 30,641 |
2025 | 52,452 |
2026 | 38,076 |
2027 | 26,542 |
2028 | 19,766 |
Thereafter | 86,813 |
Total | $ | 254,290 |

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