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Goodwill and Intangible Assets
 12 Months Ended
Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
Goodwill
During the first quarter of 2021, the Company reallocated a portion of its goodwill to the Education Technology Services segment based on a relative fair value analysis performed using several probability weighted scenarios. The following table presents changes in the carrying value of goodwill by segment for the years ended December 31, 2020 and 2021 (in thousands):
 U.S. Higher EducationAustralia / New ZealandEducation Technology ServicesTotal
Balance as of December 31, 2019$732,075 $— $— $732,075 
Additions(1)
— 546,053 — 546,053 
Impairments— — — — 
Currency translation adjustments— 40,398 — 40,398 
Adjustments to prior acquisitions— — — — 
Balance as of December 31, 2020732,075 586,451 — 1,318,526 
Reporting unit reallocation(2)
(100,000)— 100,000 — 
Additions— — — — 
Impairments— — — — 
Currency translation adjustments— (32,924)— (32,924)
Adjustments to prior acquisitions(3)
— 262 — 262 
Balance as of December 31, 2021$632,075 $553,789 $100,000 $1,285,864 
___________________________________________________
(1)Represents additions related to the acquisition of ANZ in 2020, as discussed in Note 3.
(2)Represents the reallocation of goodwill as a result of the Company reorganizing its segments in 2021.
(3)Represents a measurement period adjustment recorded in 2021, as discussed in Note 3.
The Company assesses goodwill at least annually for impairment during the fourth quarter, or more frequently if events occur or circumstances change between annual tests that would more likely than not reduce the fair value of the respective reporting unit below its carrying amount.
In 2021, the Company performed a qualitative impairment assessment of goodwill assigned to its reporting units using the first day of the fourth quarter of 2021 as the assessment date. The Company evaluated the likelihood of impairment by considering qualitative factors relevant to the reporting units, such as macroeconomic conditions, industry and market considerations, cost factors, overall financial performance, and any other factors that have a significant bearing on fair value. Based on the results of its qualitative impairment analysis, the Company determined that no impairment indicators existed for its reporting units as of the assessment date. There were no impairment charges related to goodwill recorded during the years ended December 31, 2019, 2020, and 2021.
Intangible Assets
The following table represents the balance of the Company’s intangible assets as of December 31, 2020 and 2021 (in thousands):
 December 31, 2020December 31, 2021
 Gross Carrying AmountAccumulated AmortizationNetGross Carrying AmountAccumulated AmortizationNet
Subject to amortization      
Student relationships$202,861 $(135,703)$67,158 $201,309 $(180,007)$21,302 
Not subject to amortization
Trade names259,262 — 259,262 255,078 — 255,078 
Total$462,123 $(135,703)$326,420 $456,387 $(180,007)$276,380 
The Company’s finite-lived intangible assets are comprised of student relationships, which are being amortized on a straight-line basis over a three-year useful life. Straight-line amortization expense for finite-lived intangible assets reflects the pattern in which the assets' economic benefits are consumed over their estimated useful lives. Amortization expense related to finite-lived intangible assets was $55.3 million, $57.3 million, and $44.3 million for the years ended December 31, 2019, 2020 and 2021, respectively.
The following table presents future amortization expense for finite-lived intangible assets as of December 31, 2021 (in thousands):
2022$11,619 
20239,683 
2024— 
2025— 
2026— 
2027 and thereafter— 
Total$21,302 
Indefinite-lived intangible assets not subject to amortization consist of trade names. The Company assigned an indefinite useful life to its trade name intangible assets, as it is believed these assets have the ability to generate cash flows indefinitely. In addition, there are no legal, regulatory, contractual, economic, or other factors to limit the useful life of the trade name intangibles.
The Company assesses indefinite-lived intangible assets at least annually for impairment during the fourth quarter, or more frequently if events occur or circumstances change between annual tests that would more likely than not reduce the fair value of the respective reporting unit below its carrying amount.
In 2021, the Company performed a qualitative impairment assessment related to its indefinite-lived intangible assets using the first day of the fourth quarter of 2021 as the assessment date. The Company evaluated the likelihood of impairment by considering qualitative factors, such as macroeconomic conditions, industry and market considerations, cost factors, overall financial performance, and any other factors that have a significant bearing on fair value. Based on the results of its qualitative impairment analysis, the Company determined that no impairment indicators existed for the indefinite-lived intangible assets as of the assessment date. There were no impairment charges related to indefinite-lived intangible assets recorded during the years ended December 31, 2019, 2020, and 2021.