Goodwill

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

GOODWILL

During the quarter ended March 31, 2022, we determined, based on qualitative assessment, that the Company's change in its strategic business plan and the accompanying restructuring, announced in February 2022, created a triggering event that required further assessment. As such, we performed a quantitative assessment. Based on this assessment, the estimated fair value of the reporting unit exceeded the carrying value of the Company, which indicated an impairment did not exist. For purposes of the goodwill impairment assessment, the Company as a whole is considered to be the reporting unit. The fair value of the reporting unit is estimated under a market-based approach using the fair value of the Company's common stock.

While an impairment assessment is performed annually in the fourth quarter of the fiscal year, the Company monitors its business environment for potential triggering events on a quarterly basis. There is potential for impairment charges being recognized in future periods based on these ongoing assessments.