| 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. |
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| 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. |
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| 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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