
(in thousands)	North America		Europe		Asia Pacific		Total



Balance as of January 1, 2019	$	96,435	$	32,471	$	1,344	$	130,250
Goodwill acquired	—		1,815		—		1,815
Foreign exchange	129		14		(9)		134

Reclassifications (1)	(320)		—		—		(320)



Balance as of December 31, 2019	96,244		34,300		1,335		131,879
Goodwill acquired	—		106		—		106
Foreign exchange	67		3,661		139		3,867

Reclassifications	—		(8)		—		(8)



Balance as of December 31, 2020	$	96,311	$	38,059	$	1,474	$	135,844

(1) Reclassifications during 2019 for an acquisition included the recognition of $481 thousand in non-compete agreements, trademarks and other, with a corresponding reductions of $320 thousand in goodwill and $161 thousand in other assets.

The Company tests goodwill for impairment at the reporting unit level on an annual basis (in the fourth quarter). Our goodwill balance is not amortized to expense, and we may assess qualitative factors and quantitative factors to determine whether it is more likely than not that the fair value of each reporting unit is less than its carrying amount as a basis for determining whether it is necessary to complete quantitative impairment assessments. The reporting unit level is generally one level below the operating segment, which is at the country level, except for the U.S., Australia and S&P Clever reporting units.

The Company determined that the U.S. reporting unit includes four components: Northwest United States, Southwest United States, Northeast United States and Southeast United States. The Australia reporting unit includes two components: Australia and New Zealand. The S&P Clever reporting unit includes ten components: S&P Switzerland, S&P Poland, S&P The Netherlands, S&P Portugal, S&P Germany, S&P France, Socom, S&P Nordic and S&P Spain. For each of these reporting units, the Company aggregated the components because management concluded that they are economically similar and that the goodwill is recoverable from these components working in concert.

We evaluate the recoverability of goodwill in accordance with Accounting Standard Codification (“ASC”) Topic 350, “Intangibles - Goodwill and Other. In addition, the Company prospectively adopted as part of its review in 2018 the Financial Accounting Standard Board (FASB) issued ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.

We assessed the qualitative factors related to the goodwill of the reporting units to determine whether it is necessary to perform an impairment test. We also considered quantitative factors due to the effects of the COVID-19 pandemic. If the Company judges that it is more likely than not that the fair value of the reporting unit is greater than the carrying amount, including goodwill, no further testing is required. This assessment method was utilized in our 2020 and 2019 annual goodwill impairment test.

Intangible assets from acquired businesses are recognized at their estimated fair values on the date of acquisition and consist of patents, unpatented technology, non-compete agreements, trademarks, customer relationships and other intangible assets. Finite-lived intangibles are amortized to expense over the applicable useful lives, ranging from three to 21 years, based on the nature of the asset and the underlying pattern of economic benefit as reflected by future net cash inflows. The Company performs an impairment test of finite-lived intangibles whenever events or changes in circumstances indicate their carrying value may be impaired.

The total gross carrying amount and accumulated amortization of definite-lived intangible assets at December 31, 2020 were $67.1 million and $59.3 million, respectively. The aggregate amount of amortization expense of intangible assets for the years

ended December 31, 2020, 2019 and 2018 was $6.1 million, $5.5 million and $6.0 million, respectively. The weighted-average remaining amortization period for all amortizable intangibles on a combined basis is 6.5 years.

The annual changes in the carrying amounts of patents, unpatented technologies, customer relationships and non-compete agreements and other intangible assets subject to amortization for the years ended December 31, 2020 and 2019 were as follows:


(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Patents
Balance at January 1, 2019	$	2,109	$	(411)	$	1,698
Purchases of intangibles	2,550		—		2,550
Amortization	—		(150)		(150)



Balance at December 31, 2019	4,659		(561)		4,098
Purchases of intangible assets	40		—		40
Amortization	—		(373)		(373)



Balance at December 31, 2020	$	4,699	$	(934)	$	3,765


(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Unpatented Technology
Balance at January 1, 2019	$	20,662	$	(12,344)	$	8,318
Amortization	—		(2,017)		(2,017)
Assets acquisitions, net of cash acquired	788		—		788

Foreign exchange	166		—		166

Balance at December 31, 2019	21,616		(14,361)		7,255

Amortization	—		(2,131)		(2,131)

Foreign exchange	488		—		488

Balance at December 31, 2020	$	22,104	$	(16,492)	$	5,612


(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Non-Compete Agreements, Trademarks and Other

Balance at January 1, 2019	$	12,225	$	(3,719)	$	8,506
Purchases of intangibles assets - other	2,081		—		2,081
Assets acquisitions, net of cash acquired	6		—		6
Amortization	—		(1,910)		(1,910)
Foreign exchange	10		—		10
Reclassifications(1)	481		—		481
Removal of fully amortized assets	(100)		100		—
Balance at December 31, 2019	14,703		(5,529)		9,174
Purchases of intangible assets - licenses	6,700				6,700

Amortization	—		(2,195)		(2,195)

Foreign exchange	179		—		179

Balance at December 31, 2020	$	21,582	$	(7,724)	$	13,858

(1)Reclassifications during 2019 for an acquisition included $481 thousand recognized for non-compete agreements, trademarks and other, with a corresponding reductions of $320 thousand in goodwill and $161 thousand in other assets.


(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer Relationships
Balance at January 1, 2019	$	17,563	$	(12,299)	$	5,264
Acquisition	124		—		124
Amortization	—		(1,433)		(1,433)

Foreign exchange	(27)		—		(27)

Balance at December 31, 2019	17,660		(13,732)		3,928
Purchases of intangible assets	290		—		290
Amortization	—		(1,443)		(1,443)

Foreign exchange	173		—		173

Balance at December 31, 2020	$	18,123	$	(15,175)	$	2,948


	December 31, 2019
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
(in thousands)
Total Intangible Assets
North America	$	33,756	$	(19,173)	$	14,583
Europe	25,500		(15,012)		10,488
Total	$	59,256	$	(34,185)	$	25,071


	At December 31, 2020
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
(in thousands)
Total Intangible Assets
North America	$	40,786	$	(22,697)	$	18,089
Europe	26,341		(17,630)		8,711
Total	$	67,127	$	(40,327)	$	26,800