Goodwill

The changes in the carrying amount of goodwill by reporting unit during the year ended December 31, 2017 were as follows:



	Carrying Value									Carrying Value
	January 1, 2017		Acquisitions		Foreign Currency Translation		Purchase Price Adjustments			December 31, 2017
	(In thousands)
Western Hemisphere	$	26,632	$	12,788	$	587	$	(849	)	$	39,158
Eastern Hemisphere	7,739		—		727		—			8,466
Asia Pacific	—		—		—		—			—
Total	$	34,371	$	12,788	$	1,314	$	(849	)	$	47,624

At October 1, 2017, the Company performed its annual impairment test on each of its reporting units and concluded that there had been no impairment because the estimated fair values of each of those reporting units exceeded its carrying value. Relevant events and circumstances that could have a negative impact on goodwill include: macroeconomic conditions; industry and market conditions, such as commodity prices; operating cost factors; overall financial performance; the impact of dispositions and acquisitions; and other entity-specific events. Further declines in commodity prices or sustained lower valuation for the Company's common stock could indicate a reduction in the estimate of reporting unit fair value which, in turn, could lead to an impairment of reporting unit goodwill.

The fair values were determined using the net present value of the expected future cash flows for each reporting unit. During the Company’s goodwill impairment analysis, the Company determined the fair value of each of its reporting units as a whole using discounted cash flow analysis, which requires significant assumptions and estimates about the future operations of each reporting unit. The assumptions about future cash flows and growth rates are based on our current budget for 2018 and for future periods, as well as our strategic plans and management’s beliefs about future activity levels. The discount rate we used for future periods could change substantially if the cost of debt or equity were to significantly increase or decrease, or if we were to choose different comparable companies in determining the appropriate discount rate for our reporting units. Forecasted cash flows in future periods were estimated using a terminal value calculation, which considered long-term earnings growth rates. There was no impairment of goodwill during the years ended December 31, 2017 and 2016.