Note 6

GOODWILL

At December 31, 2019 and December 31, 2018, the Company had goodwill of $84.8 million. Goodwill is tested for impairment on an annual basis, or more often if impairment indicators exist. Testing allows for a qualitative assessment of goodwill impairment indicators. If the assessment indicates that impairment has more than likely occurred, the Company must compare the estimated fair value of the reporting unit to its carrying amount. If the carrying amount of the reporting unit exceeds its estimated fair value, an impairment charge is recorded equal to the excess.

During the fourth quarter of 2019, the Company performed its annual goodwill impairment testing and determined that no goodwill impairment existed at December 31, 2019. The Company will continue to evaluate goodwill for impairment as defined by ASC Topic 350.