Goodwill

9 Months Ended

Sep. 30, 2022

Goodwill.

Goodwill

9. Goodwill

During the third quarter of 2022, the Company identified certain indicators of impairment, including the significant decline in the Company’s stock price, actions taken under the Restructuring Plan and the reduction of forecasted sales and profitability. As a result, the Company performed an interim goodwill impairment test. It was determined that the Company’s goodwill was impaired as the carrying amount of the Company’s sole reporting unit exceeded the estimated fair value. The Company concluded that the entire goodwill balance was impaired and recognized a non-cash impairment charge during the third quarter of 2022.

The changes in the carrying value of goodwill are as follows (in thousands):

	2022		2021
Balance at January 1	$	9,632	$	10,460
Impairment losses		(8,220)		—
Foreign exchange adjustments		(1,412)		(557)
Balance at September 30	$	—	$	9,903