The value of goodwill is primarily derived from the acquisition of Rosetta Stone Ltd. (formerly known as Fairfield & Sons, Ltd.) in January 2006, the acquisition of certain assets of SGLC International Co. Ltd ("SGLC") in November 2009, the acquisition of Livemocha, Inc. ("Livemocha") in April 2013, the acquisition of Lexia Learning Systems, Inc. ("Lexia") in August 2013, and the acquisition of Tell Me More S.A. ("Tell Me More") in January 2014.

The Company tests goodwill for impairment annually on June 30 of each year at the reporting unit level using a fair value approach, in accordance with the provisions of ASC topic 350, Intangibles - Goodwill and other ("ASC 350"), or more frequently, if impairment indicators arise.

The following table shows the balance and changes in goodwill for the Company's operating segments for the three months ended March 31, 2020 (in thousands):

	Literacy		E&E Language			Consumer Language			Total
Balance as of January 1, 2020
Gross Goodwill	$	9,962	$	38,996		$	27,514		$	76,472
Accumulated Impairment		—		—			(27,514	)		(27,514	)
Goodwill as of January 1, 2020	$	9,962	$	38,996		$	—		$	48,958

Effect of change in foreign currency rate		—		(151	)		—			(151	)

Balance as of March 31, 2020
Gross Goodwill	$	9,962	$	38,845		$	27,514		$	76,321
Accumulated Impairment		—		—			(27,514	)		(27,514	)
Goodwill as of March 31, 2020	$	9,962	$	38,845		$	—		$	48,807

The Company routinely reviews goodwill at the reporting unit level for potential impairment as part of the Company's internal control framework. The Company's reporting units with goodwill balances were evaluated to determine if a triggering event has occurred, particularly in light of the COVID-19 pandemic. As of March 31, 2020, the Company concluded that there were no indicators of impairment that would cause us to believe that it is more likely than not that the fair value of our reporting units with goodwill is less than the carrying value. Accordingly, a quantitative impairment test has not been performed and no goodwill impairment charges were recorded in 2020 in connection with the interim review.