6. Goodwill and Intangible Assets

During the quarter ended June 30, 2018, the Company decided to cease sales of certain service offerings that were principally acquired as part of the Company’s acquisition of Swyft Media in January 2015. The decision was made in connection with other restructuring actions to re-align the Company’s product and service offerings. See Note 13 for further details regarding the restructuring plan.

The Company has determined that disposal of the Swyft Media component did not qualify for reporting as a discontinued operation under ASC 205-20, Discontinued Operations, as it did not represent a strategic shift in the Company’s operations that had (or will have) a major effect on the Company’s consolidated operations or financial results. As a result of its decision to cease sales of certain service offerings, the Company concluded that the useful life of certain long-lived assets, which represented the intangible assets acquired in the acquisition of Swyft Media, was zero and that there was no ongoing expected future cash flows related to these long-lived assets and no residual value. As a result, such assets were determined to be fully impaired and an impairment charge of approximately $2.6 million, representing the carrying value of these intangible assets, was recorded during the quarter ended June 30, 2018.

The Company evaluated whether the disposal group represented a business under ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, and determined that it did represent a business therefore, requiring goodwill to be allocated to the disposal group. The Company determined the fair value of the disposal group utilizing a revenue multiple market approach and allocated the Company’s goodwill to this disposal group on a relative fair value basis based on the fair value of the disposal group to the Company’s consolidated operations as Company only has a single reporting unit. This resulted in the allocation of $0.6 million of goodwill to the disposal group, which was deemed fully impaired as a result of the disposal. The write down is included in the goodwill table shown below.

Goodwill

The changes in the carrying value of goodwill are as follows (in thousands):


Balance at December 31, 2017	$	279,131
Foreign currency exchange rate changes		(1,410	)
Impairment		(600	)

Balance at June 30, 2018	$	277,121

Intangible Assets

Intangible assets as of June 30, 2018 and December 31, 2017 were as follows (dollar amounts in thousands):


			June 30, 2018							December 31, 2017
	Weighted- Average Amortization Period (Years)		Gross Carrying Amount		Accumulated Amortization			Net Balance		Gross Carrying Amount		Accumulated Amortization			Net Balance
Customer relationships		10	$	64,939	$	(54,152	)	$	10,787	$	68,296	$	(54,213	)	$	14,083
Acquired technology		11		68,977		(50,835	)		18,142		69,200		(48,945	)		20,255
Non-compete agreements		4		13,665		(12,927	)		738		14,632		(13,470	)		1,162
Indefinite-lived intangible assets:
Trademarks				44,268		—			44,268		44,956		—			44,956
Domain names				4,400		—			4,400		4,400		—			4,400

Total			$	196,249	$	(117,914	)	$	78,335	$	201,484	$	(116,628	)	$	84,856