Goodwill

The change in the carrying amount of goodwill by reportable operating segment was as follows:



	Loan Systems and Servicing		Tuition Payment Processing and Campus Commerce	Communications	Asset Generation and Management (a)	Corporate and Other Activities		Total
Balance as of December 31, 2015	$	8,596	67,168	19,800	41,883	8,553		146,000
ALLO purchase price adjustment	—		—	1,312	—	—		1,312
Balance as of December 31, 2016	8,596		67,168	21,112	41,883	8,553		147,312
Impairment expense	—		—	—	—	(3,626	)	(3,626	)
Sale of Peterson's	—		—	—	—	(4,927	)	(4,927	)
Balance as of December 31, 2017	$	8,596	67,168	21,112	41,883	—		138,759

(a)

As a result of the Reconciliation Act of 2010, the Company no longer originates new FFELP loans, and net interest income from the Company's existing FFELP loan portfolio will decline over time as the Company's portfolio pays down. As a result, as this revenue stream winds down, goodwill impairment will be triggered for the Asset Generation and Management reporting unit due to the passage of time and depletion of projected cash flows stemming from its FFELP student loan portfolio. Management believes the elimination of new FFELP loan originations will not have an adverse impact on the fair value of the Company's other reporting units.

The Company reviews goodwill for impairment annually. This annual review is completed by the Company as of November 30 of each year and whenever triggering events or changes in circumstances indicate its carrying value may not be recoverable. On November 30, 2017, due to the anticipated sale of Peterson's, the Company recognized an impairment expense of $3.6 million related to goodwill initially recorded upon the acquisition of Peterson's. On December 31, 2017, the Company sold Peterson's for $5.0 million in cash. The impairment expense recognized by the Company is included in "other expenses" in the consolidated statement of income.

For the 2017 annual review of goodwill, with the exception of the sale of Peterson's as discussed previously, the Company assessed qualitative factors and concluded it was not more likely than not that the fair value of its reporting units were less than their carrying amount. As such, the Company was not required to perform further impairment testing and concluded there was no impairment of goodwill.