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Goodwill (Notes)
 3 Months Ended
Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill Goodwill
The gross carrying amounts and changes in the carrying amount of goodwill for the three months ended March 31, 2020 were as follows:
 
 
Olefins Segment
 
Vinyls Segment
 
Total
Balances at December 31, 2019
 
$
30

 
$
1,044

 
$
1,074

Effects of changes in foreign exchange rates
 
—

 
(9
)
 
(9
)
Balances at March 31, 2020
 
$
30

 
$
1,035

 
$
1,065


Goodwill is evaluated for impairment at least annually, or when events or changes in circumstances indicate the fair value of a reporting unit with goodwill has been reduced below its carrying value. The Company performs its annual impairment assessment for the Olefins and Vinyls reporting units in October and April, respectively. The fair values of the reporting units are assessed generally using both a discounted cash flow methodology and a market value methodology. The discounted cash flow projections are based on a long-term forecast over multiple years. The forecast is based on prices and margins projected, historical results and estimates by management, including its strategic and operational plans among other assumptions. The significant assumptions used in determining the fair values of the reporting units are the market value methodology including the determination of appropriate market comparables and the estimated multiples of EBITDA a willing buyer was likely to pay.
During the three months ended March 31, 2020, the Company evaluated various events resulting from the coronavirus ("COVID-19") pandemic including the decline in the Company's stock price during the month of March 2020. Based on the evaluation, the Company does not believe that these events indicate that the fair values of the Company's reporting units have more likely than not fallen below their carrying values as of March 31, 2020. While the Company expects these events to negatively impact its operations in the short-term, given the dynamic and evolving nature of this situation, the Company cannot reasonably estimate with certainty the long-term impacts of COVID-19. As events and changes in circumstances evolve after March 31, 2020, such events will be considered in the Company's estimates for future periods.