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Goodwill, net
 6 Months Ended
Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill, net

Note 5. Goodwill, net

The changes in the carrying amount of goodwill for the six months ended June 30, 2024 and June 30, 2023 are as follows:

 

 

Six Months Ended

 

 

June 30, 2024

 

 

June 30, 2023

 

 

(in thousands of USD)

 

Goodwill at January 1

 

$

843,298

 

 

$

884,052

 

Less: accumulated impairment losses

 

 

(64,122

)

 

 

—

 

Goodwill, net at January 1

 

$

779,176

 

 

$

884,052

 

Goodwill Activity:

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

(14,523

)

 

 

(8,461

)

Goodwill disposed

 

 

(44,326

)

 

 

—

 

Accumulated impairment loss disposed

 

 

30,732

 

 

 

—

 

Goodwill, net at March 31

 

$

751,059

 

 

$

875,591

 

Goodwill at March 31

 

$

781,975

 

 

$

875,591

 

Less: accumulated impairment losses1

 

 

(30,916

)

 

 

—

 

Goodwill, net at March 31

 

 

751,059

 

 

 

875,591

 

Goodwill Activity:

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

(9,752

)

 

 

(8,719

)

Goodwill disposed

 

 

—

 

 

 

(30,255

)

Accumulated impairment loss disposed

 

 

—

 

 

 

—

 

Goodwill, net at June 30

 

$

741,307

 

 

$

836,617

 

Goodwill at June 30

 

$

771,464

 

 

$

836,617

 

Less: accumulated impairment losses2

 

 

(30,157

)

 

 

—

 

Goodwill, net at June 30

 

$

741,307

 

 

$

836,617

 

 

1.
Accumulated impairment losses as of March 31, 2024 include $31.7 million of impairment charges and $(0.8) million of cumulative translation adjustments (“CTA") charges.
2.
Accumulated impairment losses as of June 30, 2024 include $31.7 million of impairment charges and $(1.5) million of CTA charges.

In March 2024, the Company deconsolidated Jakga which resulted in the Company derecognizing goodwill related to the reporting unit of $13.6 million (see Note 14. Disposition). In June 2023, the Company deconsolidated LOCUS Inc. ("LOCUS") which resulted in the Company derecognizing goodwill related to the reporting unit of $30.3 million (see Note 14. Disposition). The Company is required to assess goodwill for impairment annually, or more frequently if circumstances indicate an impairment may have occurred. For the six months ended June 30, 2024 and June 30, 2023, the Company recognized no goodwill impairment.