The following table presents the changes in the carrying amount of goodwill by reportable segment on the Company’s condensed consolidated balance sheets for the periods indicated.


		Balance as of December 31, 2022		Impairment Charges*		Foreign Currency Translation Adjustments		Balance as of September 30, 2023

	(in thousands)
Degree Program Segment
Gross goodwill		$	192,459	$	—	$	—	$	192,459
Accumulated impairments		—		—		—		—
Net goodwill		192,459		—		—		192,459

Alternative Credential Segment
Gross goodwill		$	691,531	$	—	$	(5,259)	$	686,272
Accumulated impairments		(149,370)		(16,717)		—		(166,087)
Net goodwill		542,161		(16,717)		(5,259)		520,185

Total
Gross goodwill		$	883,990	$	—	$	(5,259)	$	878,731
Accumulated impairments		(149,370)		(16,717)		—		(166,087)
Net goodwill		$	734,620	$	(16,717)	$	(5,259)	$	712,644



*						Refer to Note 2 for further information about the impairment charges recorded during the second quarter of 2023.

The following table presents the components of intangible assets, net on the Company’s condensed consolidated balance sheets as of each of the dates indicated.


		September 30, 2023						December 31, 2022
	Estimated Average Useful Life (in years)	Gross Carrying Amount		Accumulated Amortization and Impairments		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization and Impairments		Net Carrying Amount

		(in thousands)
Capitalized technology	3-5	$	241,848	$	(153,473)	$	88,375	$	226,761	$	(132,621)	$	94,140
Capitalized content development	4-5	252,900		(188,648)		64,252		261,844		(177,154)		84,690
University client relationships	9-10	208,145		(70,119)		138,026		210,138		(55,556)		154,582
Enterprise client relationships	10	14,300		(2,681)		11,619		14,300		(1,609)		12,691
Trade names and domain names*	5-25	284,243		(200,243)		84,000		284,701		(81,049)		203,652
Total intangible assets		$	1,001,436	$	(615,164)	$	386,272	$	997,744	$	(447,989)	$	549,755



*						The Company concluded that due to changes in facts and circumstances, the edX trade name, which was classified as indefinite-lived as of June 30, 2023, is now finite-lived. In the third quarter of 2023, the Company began amortizing the trade name on a straight-line basis over its estimated useful life. The gross carrying amount of the edX trade name was $255.0 million as of both September 30, 2023 and December 31, 2022. Accumulated amortization and impairments include $176.7 million and $59.3 million of impairment charges related to the edX trade name as of September 30, 2023 and December 31, 2022, respectively. Refer to Note 2 for further information about these impairment charges.

The amounts presented in the table above include $48.7 million and $53.9 million of in-process capitalized technology and content development as of September 30, 2023 and December 31, 2022, respectively.

The Company recorded amortization expense related to amortizable intangible assets of $27.0 million and $28.5 million for the three months ended September 30, 2023 and 2022, respectively. The Company recorded amortization expense related to amortizable intangible assets of $78.9 million and $59.9 million for the nine months ended September 30, 2023 and 2022, respectively.

The following table presents the estimated future amortization expense of the Company’s amortizable intangible assets placed in service as of September 30, 2023.