Annual report pursuant to Section 13 and 15(d)

GOODWILL

v3.20.1
GOODWILL
 12 Months Ended
Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL GOODWILL

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:
 
December 31, 2017
 
Impairment Losses
 
December 31, 2018
 
Impairment Losses
 
December 31, 2019
Goodwill
$
14,145

 
$
—

 
$
14,145

 
$
—

 
$
14,145

Accumulated impairment losses
(12,381
)
 
—

 
(12,381
)
 
(1,764
)
 
(14,145
)
 
$
1,764

 
$
—

 
$
1,764

 
$
(1,764
)
 
$
—