Goodwill

3 Months Ended

Mar. 31, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill

5. GOODWILL

Goodwill is reviewed for impairment annually, or more frequently if certain indicators arise. The Company assesses each reporting period whether events and circumstances warrant a revision to the previously established useful lives.

During the first quarter of 2020, a decline in the market value of the Company’s public equity concurrent with the COVID-19 pandemic triggered an assessment of goodwill. The fair value of each reporting unit was determined using a market approach to consider factors such as market capitalization of the Company at March 31, 2020, observed ratios of enterprise value to earnings and the relative sales contribution of each reporting unit. If a reporting unit’s carrying value exceeded its estimated fair value, an impairment was recorded for the amount in excess. As a result of the interim goodwill impairment test, the Company recognized a goodwill impairment charge of $9.5 million.  The following table summarizes goodwill activity for the three-month periods ended March 31, 2021 and 2020 (in millions):

			Accumulated			Goodwill,
	Goodwill		Impairments			Net
Balance at January 1, 2020	$	21.3	$	(11.8	)	$	9.5
Impairment		—		(9.5	)		(9.5	)
Balance at March 31, 2020	$	21.3	$	(21.3	)	$	—
Balance at January 1, 2021		21.3		(21.3	)		—
No activity in 2021		—		—			—
Balance at March 31, 2021	$	21.3	$	(21.3	)	$	—