Goodwill

9 Months Ended

Sep. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

The following table presents the Company’s carrying amount of goodwill as of September 30, 2020 and December 31, 2019.


	September 30,		December 31,
	2020		2019
Balance, beginning of period	$	151,238	$	119,880
Goodwill acquired during the period	—		31,358

Balance, end of period	$	151,238	$	151,238

In accordance with ASC 350–20, the Company conducts a goodwill impairment test at least annually, or more frequently as events occur or circumstances change that would more–likely–than–not reduce the fair value below its carrying amount. In the second quarter of 2020, the onset of the COVID–19 pandemic prompted the Company to assess qualitative and quantitative factors to determine whether it was more–likely–than–not the fair value of the Company was less than the carrying amount. The Company assessed relevant events and circumstances, including macroeconomic conditions, industry and market considerations, overall financial performance, changes in the composition or carrying amount of assets and liabilities, the market price of the Company’s common stock and other relevant facts. The Company performed both a market capitalization approach and a discounted cash flow approach to determine the fair value of the Company during the second quarter of 2020 which resulted in no goodwill impairment.

The Company updated the analysis above during the third quarter of 2020 which resulted with no goodwill impairment charges for the three and nine months ended September 30, 2020.