The changes in the carrying amount of goodwill by reporting unit during the years ended December 31, 2020 and 2019 were as follows:

	Carrying Value January 1, 2020		Foreign Currency Translation			Impairments			Carrying Value December 31, 2020
	(In thousands)
Western Hemisphere	$	-	$	-		$	-		$	-
Eastern Hemisphere		7,947		(247	)		(7,700	)		-
Asia-Pacific		-		-			-			-
Total	$	7,947	$	(247	)	$	(7,700	)	$	-

	Carrying Value January 1, 2019		Foreign Currency Translation		Impairments		Carrying Value December 31, 2019
	(In thousands)
Western Hemisphere	$	-	$	-	$	-	$	-
Eastern Hemisphere		7,714		233		-		7,947
Asia-Pacific		-		-		-		-
Total	$	7,714	$	233	$	-	$	7,947

In March 2020, the overall offshore market conditions declined primarily due to the outbreak of the COVID-19 pandemic and the developments in the global oil markets. This decline was evidenced by lower commodity prices, decline in expected offshore rig counts, decrease in our customers’ capital budgets and potential contract delays. As a result, an interim goodwill impairment analysis was performed in connection with the preparation and review of financial statements during the first quarter of 2020. Based on this analysis, we fully impaired our goodwill balance of $7.7 million, all of which was in the Eastern Hemisphere reporting unit. These charges are reflected as "Impairments" in our Consolidated Statements of Income (Loss).

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 its Eastern Hemisphere reporting unit as a whole using discounted cash flow analysis, which requires significant assumptions and estimates about the future operations of the reporting unit. The assumptions about future cash flows and growth rates are based on our strategic budget for 2020 and for future periods, 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 unit. Forecasted cash flows in future periods were estimated using a terminal value calculation, which considered long-term earnings growth rates.

No goodwill impairment losses were recorded for the year ended December 31, 2019. In December 2018, the overall offshore market conditions declined. This decline was evidenced by lower commodity prices, decline in expected offshore rig counts, decrease in our customers’ capital budgets and potential delays associated with certain of our long-term projects. Further, in December 2018 due to the decline in our stock price, our market capitalization dropped below the carrying value of our assets. As a result, an interim goodwill impairment analysis was performed in connection with our preparation and review of financial statements for the year ended December 31, 2018. Based on this analysis, we recorded an impairment loss of $38.6 million for our Western Hemisphere reporting unit for the year ended December 31, 2018. Following this impairment charge, the Western Hemisphere reporting unit had no remaining goodwill balance. Based on our 2019 goodwill impairment analysis the fair value of the Eastern Hemisphere reporting unit exceeded its carrying value by 71%.