The changes in the carrying amount of goodwill for the years ended December 31, 2023 and 2024 are as follows:


	All other	BIGO	Total
	US$	US$	US$

Balance as of December 31, 2022	795,086	1,854,221	2,649,307

Foreign currency translation adjustments	(26)	—	(26)
Balance as of December 31, 2023	795,060	1,854,221	2,649,281

Impairment (i)	(454,935)	—	(454,935)
Foreign currency translation adjustments	(22)	—	(22)
Balance as of December 31, 2024	340,103	1,854,221	2,194,324

The Group performed a goodwill impairment analysis in the fourth quarter of 2022, 2023 and 2024. When determining the fair value of the Bigo reporting unit, the Group used the income approach. The income approach determines fair value based on a discounted cash flow model derived from the reporting units’ long-term forecasts which included a five-year future cash flow projection and an estimated terminal value for the impairment analysis. The discounted cash flow model included a number of significant unobservable inputs. Significant assumptions used to determine the estimated fair value include: (a) the future cash flows forecasts including revenue growth, (b) an estimated terminal value using a terminal year long-term future growth rate determined based on the growth prospects of the reporting unit; and (c) a discount rate that reflects the weighted-average cost of capital adjusted for the relevant risk associated with each reporting unit’s operations and the uncertainty inherent in the Group’s internally developed forecasts. Based on the Group’s assessment, the fair value of Bigo reporting unit exceeded its related carrying value by approximately 4%, 3% and 3% as at December 31, 2022, 2023 and 2024, respectively. Accordingly, the Group determined the Bigo reporting unit was not impaired as at December 31, 2022, 2023 and 2024. When determining the fair value of the Shopline reporting unit in 2023, the Group used the market approach, with the fair value of the Shopline reporting unit exceeded its related carrying value by approximately 1% as at December 31, 2023. In 2024, whilst both approaches continued to be considered, the Group has changed from the market approach to the income approach in determining the fair value of the Shopline reporting unit. This change was due to rapidly deteriorating macroeconomic, industry and market conditions and the related changes in business strategies by management in response.

As a result of the Group’s annual goodwill impairment assessment for the years ended December 31, 2022 and 2023, impairment losses of US$14,830 and nil was recorded respectively. For the year ended December 31, 2024, the fair values of the Shopline and the other reporting unit were assessed to be below their respective carrying amounts. Consequently, impairment charges of US$370,010 and US$84,925 were identified and recorded for the Shopline reporting unit and the other reporting unit, respectively. The remaining US$340,103 of goodwill primarily relates to Shopline reporting unit. These impairments were primarily attributable to deteriorating macroeconomic, industry and market conditions and the related changes in business strategies by management in response.