|12 Months Ended|
Dec. 31, 2019
|Goodwill and Intangible Assets Disclosure [Abstract]|
The Company’s goodwill primarily consists of $11.9 million acquired in connection with the MarketVision Communication Corp. (“MV Corp.”) merger in March 2004. Due to full integration of MV Corp. into the Company and the seamless nature of the Company’s operations from market to market, the entire carrying amount of goodwill is evaluated at the enterprise level. The Company’s policy is to test for goodwill impairment annually during its fourth quarter.
During the fourth quarter of 2019, the Company elected to early adopt the guidance of ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, which eliminates Step 2 from the goodwill impairment test. The Company estimated fair value based on market capitalization after considering recent trends in its stock price. Upon comparing such fair value with its carrying amount, the Company recognized an impairment loss of $1.8 million in December 2019.
The changes in the carrying amount of goodwill during 2018 and 2019 are as follows:
The entire disclosure for goodwill.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef