Goodwill and Intangible Assets |
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| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Intangible Assets | Goodwill and Intangible Assets The changes in the carrying amount of goodwill for the six months ended June 30, 2020 are as follows (in thousands):
The Company tests goodwill for impairment at least annually or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. The Company, as a result of the potential future financial impacts of the COVID-19 pandemic, particularly on our Portal & Advertising segment, assessed its goodwill for impairment as of March 31, 2020, for which all reporting units were found to have a fair value greater than there carrying value. As of June 30, 2020 the Company considered the current and future macroeconomic and market conditions, along with its current market capitalization, projected cash flows and forecasts, and projections relating to the impact of the COVID-19 pandemic on each of its reporting units. The Company determined that a triggering event had not occurred as of June 30, 2020 which would require an additional interim impairment test to be performed. As such, no impairment charges were recorded for the three and six months ended June 30, 2020. The Company has no accumulated impairment losses. Intangible assets consisted of the following (in thousands):
Amortization of intangible assets totaled $0.5 million for the three months ended June 30, 2020 and 2019, and $1.1 million for the six months ended June 30, 2020 and 2019. Based on acquired intangible assets recorded at June 30, 2020, amortization is expected to be $1.1 million for the remainder of 2020, $1.4 million in 2021, $1.3 million in 2022, $1.3 million in 2023, $1.3 million in 2024 and $0.9 million thereafter.
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