Note 11 — Goodwill

The changes to the carrying amount of goodwill as of June 30, 2017 are summarized as follows (in thousands):

	Total
Balance, December 31, 2016	$	43,208
Adjustments to goodwill for foreign currency translation		267
Balance, June 30, 2017	$	43,475

The Company applies a fair value-based impairment test to the carrying value of goodwill and indefinite-lived intangible assets on an annual basis, and if certain events or circumstances indicate that an impairment loss may have been incurred, on an interim basis. The analysis of potential impairment of goodwill requires a two-step process. The first step is the estimation of fair value. If the first step indicates that a potential impairment exists, the second step is performed to measure the amount of impairment, if any. Goodwill impairment exists when the estimated fair value of goodwill is less than its carrying value. Based on the Company’s April 1 assessment, it determined that the fair values of its reporting units were not less than the carrying amounts. No goodwill impairment was determined to have occurred during the six months ended June 30, 2017.