As of September 28, 2020 and December 30, 2019, goodwill by reportable segment was as follows:

	PCB			RF&S Components			Total
	(In thousands)
Balance as of December 30, 2019
Goodwill	$	700,724		$	177,200		$	877,924
Accumulated impairment loss		(171,400	)		—			(171,400	)
		529,324			177,200			706,524
Impairment loss during the three quarters ended September 28, 2020		—			(69,200	)		(69,200	)
Balance as of September 28, 2020
Goodwill		700,724			177,200			877,924
Accumulated impairment loss		(171,400	)		(69,200	)		(240,600	)
	$	529,324		$	108,000		$	637,324

The Company evaluates its goodwill on an annual basis during its fourth fiscal quarter and at other times when events or changes in circumstances – such as significant adverse changes in the business climate or operating results or changes in management strategy, coupled with a decline in the market price of its stock and market capitalization – indicate that there may be a potential impairment.

During the third quarter of 2020, the Company determined that there was a permanent loss of a key customer in the RF&S Components reporting unit that coupled with the impact of COVID-19, resulted in lower than anticipated results and continued decline in sales. The Company considered these factors to be indicators of potential impairment requiring the Company to test the related goodwill for impairment. As of September 28, 2020, the Company completed a quantitative goodwill impairment analysis related to its RF&S Components reporting unit by comparing the fair value of the reporting unit with its carrying amount. The Company determined the fair value of the reporting unit by using both a discounted cash flow (DCF) and a market approach. Under the market

approach, the Company used revenue and earnings multiples based on comparable industry multiples to estimate the fair value of the reporting unit.

Under the DCF approach, the Company estimated the future cash flows, as well as selected a risk-adjusted discount rate to measure the present value of the anticipated cash flows. When determining future cash flow estimates, the Company considered historical results adjusted to reflect current and anticipated future operating conditions. The Company estimated cash flows for the reporting unit over a discrete period and a terminal period (considering expected long-term growth rates and trends).

Based on its analysis, the Company determined that the fair value of the RF&S Components reporting unit was less than its carrying value and recorded a non-cash goodwill impairment charge of $69,200 during the quarter ended September 28, 2020. If the Company’s future cash flow projections and other fair value assumptions for its reporting unit change, the Company may be subject to potential additional impairment in subsequent quarters. Estimating the fair value of the reporting unit requires the Company to make assumptions and estimates in such areas as future economic conditions, industry-specific conditions, product pricing, and necessary capital expenditures. The use of different assumptions or estimates for future cash flows, discount rates, or terminal growth rates could produce substantially different estimates of the fair value of the reporting unit.