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GOODWILL AND INTANGIBLE ASSETS
 9 Months Ended
Sep. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets GOODWILL AND INTANGIBLE ASSETS
The Company’s goodwill is the result of its acquisitions of other businesses, and represents the excess of purchase consideration over the fair value of assets acquired and liabilities assumed. The Company performed its annual goodwill impairment analysis as of August 31, 2020 and concluded that goodwill was not impaired, as the fair value of the reporting unit exceeded its carrying value.
The changes in carrying amount of goodwill during the nine months ended September 30, 2020 were as follows (in thousands):
Balance as of December 31, 2019$104,589 
Effect of currency translation2,183 
Balance as of September 30, 2020$106,772 
Intangible assets at September 30, 2020 and December 31, 2019 consisted of the following (dollars in thousands):
September 30, 2020
Gross Carrying AmountAccumulated AmortizationNet Carrying AmountWeighted Average Remaining Life
Business relationships$9,918 $(3,571)$6,347 8.0years
Developed technology7,709 (5,934)1,775 1.5years
Licensing agreements6,129 (54)6,075 9.4years
Content3,938 (3,938)— 0.0years
Domains and data licenses2,869 (2,826)43 2.0years
Trademarks877 (877)— 0.0years
User relationships146 (146)— 0.0years
Total$31,586 $(17,346)$14,240 

December 31, 2019
Gross Carrying AmountAccumulated AmortizationNet Carrying AmountWeighted Average Remaining Life
Business relationships$9,918 $(2,841)$7,077 8.6years
Developed technology7,832 (4,959)2,873 2.2years
Content3,814 (3,814)— 0.0years
Domain and data licenses2,869 (2,748)121 1.7years
Trademarks877 (872)5 0.2years
User relationships146 (140)6 0.2years
Total$25,456 $(15,374)$10,082 
During the three months ended September 30, 2020, the Company recorded an intangible asset of $6.1 million related to a licensing agreement that was entered into with a third party. The Company accounted for this transaction as an asset acquisition of an intangible asset and will amortize the licensing agreement on a straight-line basis over its estimated useful life of 9.5 years.
Amortization expense was $0.6 million and $0.8 million for the three months ended September 30, 2020 and 2019, respectively, and $1.8 million and $2.6 million for the nine months ended September 30, 2020 and 2019, respectively.
No impairment charge was recorded during the three months ended September 30, 2020. The Company recorded an immaterial impairment charge related to developed technology during the three months ended March 31, 2020. No changes to the useful lives of any intangible assets were made.
As of September 30, 2020, the estimated future amortization of purchased intangible assets for (i) the remaining three months of 2020, (ii) each of the succeeding five years, and (iii) thereafter was as follows (in thousands):    
Year Ending December 31,Amount
2020 (from October 1, 2020)$719 
20212,848 
20221,676 
20231,359 
20241,353 
20251,353 
Thereafter4,932 
Total amortization$14,240