Goodwill

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

Goodwill

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

	Amount
Balance as of December 31, 2018	$	113,208
Acquisition of Sualab Co., Ltd.	130,142
Foreign exchange rate changes	95
Balance as of December 31, 2019	243,445
Sualab Co., Ltd. purchase price adjustment	(1,004)
Foreign exchange rate changes	1,637
Balance as of December 31, 2020	$	244,078

Refer to Note 21 to the Consolidated Financial Statements for further information regarding acquisitions.

The adverse impact of the COVID-19 pandemic on our business triggered a review of long-lived assets, including goodwill, for potential impairment during the second quarter of 2020. Based on this assessment, management concluded that events and circumstances did not indicate the fair value of the reporting unit was less than its carrying value. For its 2020 annual analysis of goodwill, management elected to perform a qualitative assessment. Based on this assessment, management believes it is more likely than not that the fair value of the reporting unit exceeds its carrying value. Factors that management considered in these qualitative assessments include macroeconomic conditions, industry and market considerations, overall financial performance (both current and projected), changes in management or strategy, changes in the composition or carrying amount of net assets, and market capitalization. The Company did not record impairment charges related to goodwill in 2019 or 2018.

In the fourth quarter of 2020, the Company recorded a credit to goodwill in the amount of $1,004,000, representing a purchase price adjustment related to the Company's 2019 acquisition of Sualab Co., Ltd.