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Goodwill (Notes)
 6 Months Ended
Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill Goodwill
The gross carrying amounts and changes in the carrying amount of goodwill for the six months ended June 30, 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
 
—

 
(4
)
 
(4
)
Balances at June 30, 2020
 
$
30

 
$
1,040

 
$
1,070


The Company performed its annual impairment assessment for the Vinyls reporting units during the second quarter of 2020 and did not identify any impairment. The fair value of the Vinyls reporting units was calculated using both a discounted cash flow methodology and a market value methodology. The discounted cash flow projections were based on a long-term forecast. The forecast was based on prices and spreads projected by third party industry publications, historical results and estimates by management, including its strategic and operational plans. Significant assumptions used in the discounted cash flow projection included projected sales volumes based on production capacities. The future cash flows were discounted to present value using a discount rate. Significant assumptions used in determining the fair value of the reporting unit using the market value methodology included the determination of market comparables and the estimated multiples of net income before interest expense, income taxes, depreciation and amortization ("EBITDA") a willing buyer is likely to pay.
The Company performs its annual impairment assessment for the Olefins reporting unit in the fourth quarter or when events or circumstances indicate a reporting unit's carrying value may not be recoverable. There were no events or circumstances indicating that the fair value of the Olefins reporting unit had been reduced below its carrying value during the second quarter of 2020.
During the six months ended June 30, 2020, the Company evaluated various events resulting from the COVID-19 pandemic. 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 June 30, 2020. As events and changes in circumstances evolve after June 30, 2020, such events will be considered in the Company's estimates for future periods.