The following table presents changes in the carrying value of goodwill by segment for the six months ended June 30, 2025 (in thousands):


	U.S. Higher Education		Australia / New Zealand		Education Technology Services		Total
Balance as of December 31, 2024	$	632,075	$	474,808	$	100,000	$	1,206,883
Additions	—		—		—		—
Impairments	—		—		—		—
Currency translation adjustments	—		24,222		—		24,222

Balance as of June 30, 2025	$	632,075	$	499,030	$	100,000	$	1,231,105

The following table presents changes in the carrying value of goodwill by segment for the six months ended June 30, 2026 (in thousands):


	U.S. Higher Education		Australia / New Zealand		Education Technology Services		Total
Balance as of December 31, 2025	$	632,075	$	510,338	$	100,000	$	1,242,413
Additions	—		—		—		—
Impairments	—		—		—		—
Currency translation adjustments	—		16,123		—		16,123

Balance as of June 30, 2026	$	632,075	$	526,461	$	100,000	$	1,258,536

The Company assesses goodwill at least annually for impairment during the fourth quarter, or more frequently if events occur or circumstances change between annual tests that would more likely than not reduce the fair value of the respective reporting unit below its carrying amount. No events or circumstances occurred in the three and six months ended June 30, 2026 to indicate an impairment to goodwill at any of the Company’s segments. There were no impairment charges related to goodwill recorded during the three and six months ended June 30, 2025 and 2026.

Indefinite-lived intangible assets not subject to amortization consist of trade names. The Company assigned an indefinite useful life to its trade name intangible assets, as it is believed these assets have the ability to generate cash flows indefinitely. In addition, there are no legal, regulatory, contractual, economic, or other factors to limit the useful life of the trade name intangibles.


	For the six months ended June 30,
	2025		2026
Balance at beginning of period	$	245,098	$	249,243
Additions	—		—
Impairments	—		—
Disposals	—		(476)
Currency translation adjustments	3,074		2,015
Balance at end of period	$	248,172	$	250,782

The Company assesses indefinite-lived intangible assets at least annually for impairment during the fourth quarter, or more frequently if events occur or circumstances change between annual tests that would more likely than not reduce the fair value of the respective indefinite-lived intangible asset below its carrying amount. No events or circumstances occurred in the three and six months ended June 30, 2026 to indicate an impairment to indefinite-lived intangible assets. There were no impairment charges related to indefinite-lived intangible assets recorded during the three and six months ended June 30, 2025 and 2026.