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Goodwill
 12 Months Ended
Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill
The carrying value of goodwill and the activity for the two year period ending December 31, 2019 are as follows (in thousands):
Balance, December 31, 2017
$
909,811

Goodwill from acquisitions
9,228

Currency translation adjustments
(14,468
)
Balance, December 31, 2018
904,571

Goodwill from acquisitions
469,446

Goodwill impairment
(6,543
)
Currency translation adjustments
(2,878
)
Balance, December 31, 2019
$
1,364,596


During the year ended December 31, 2019, the Company recorded $469.4 million of goodwill in connection with the purchase price allocation associated with Acyclica, Inc. ("Acylica"), SeaPilot AB ("SeaPilot"), Aeryon, Endeavor and New England Optical Systems, Inc. During the year ended December 31, 2018, the Company recorded $9.2 million of goodwill primarily in connection with the purchase price allocation associated with Fishing Hot Spots and Fishidy. See Note 20, "Business Acquisitions and Divestitures" for additional information on goodwill from acquisitions.
The Company reviews its goodwill for impairment annually during the third quarter, or more frequently, if events or circumstances indicate that the carrying value of a reporting unit exceeds its fair value. During the third quarter of 2019, the Company completed its annual review of goodwill and determined that no impairment of its recorded goodwill was necessary.
During the fourth quarter of fiscal year 2019, the Company approved a plan to restructure the OTS reporting unit within the Commercial Business Unit ("CBU") operating segment. The restructuring will discontinue operations of the thermal and night vision business and refocus strategy on the Personal Vision System (“PVS”) product line in the law enforcement and public safety markets. As a result, the Company revised its outlook and lowered its financial forecast for the OTS business. The Company determined that the above factors are more likely than not to have a significant adverse impact on the OTS reporting unit and therefore an interim goodwill impairment quantitative analysis was performed utilizing both an income and market approach to determine the reporting units' fair value.
The income approach, discounted cash flow method, was performed by calculating the fair value based on future forecasted cash flows discounted back to the present value, including significant judgments related to risk adjusted discount rates, terminal growth rates, and the weighted average cost of capital (“WACC”). The projected cash flows were developed by the Company for planning purposes based on current known business and market conditions as well as future anticipated industry trends. A terminal value growth rate of 2.5% and WACC of 16% were utilized based on industry and macroeconomic indicators as well as estimated risk premiums.
The market approach, guideline public company method, was performed to calculate the fair value of the OTS reporting unit by applying pricing multiples derived from selected publicly traded guideline companies. The Company utilized enterprise/earnings before interest, taxes, depreciation, and amortization ("EBITDA") multiples and enterprise/revenue multiples which ranged from low 5.0 to high 20.6, and from low 0.6 to high 4.6, respectively.
Based on the quantitative goodwill impairment test the Company determined that the fair value of the OTS reporting unit, determined using an equal weighting from the income and market approaches, was approximately 63% of its carrying value. As a result, the Company recorded goodwill impairment charges of $6.5 million in CBU operating segment during the fourth quarter of fiscal year 2019, which represents the difference between the carrying value and the fair value of the OTS reporting unit. The Company recorded the goodwill impairment charge in "Selling, general and administrative" in the Company's Consolidated Statements of Income.