Annual report pursuant to Section 13 and 15(d)

Goodwill (Notes)

Goodwill (Notes)
12 Months Ended
Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill Goodwill
Changes in the carrying amount of goodwill by reportable segment during the year was as follows:
Product and Service Energy Production Total Company
Balance at December 31, 2018 $ 40,870  $ 8,934,195  $ 8,975,065 
Impairment —  (3,693,198) (3,693,198)
Balance at December 31, 2019 $ 40,870  $ 5,240,997  $ 5,281,867 
Impairment —  (2,875,711) (2,875,711)
Balance at December 31, 2020 $ 40,870  $ 2,365,286  $ 2,406,156 
Following a goodwill impairment charge in 2018 which reduced the carrying value of the energy production reporting unit including goodwill to fair value based on discounted cash flows, exclusion of the discounted cash flows related to the assets sold during the year ended December 31, 2019 resulted in impairment of the goodwill assigned to the energy production reporting unit in an amount proportionate to the discounted cash flows related to the assets sold. The goodwill impairment as a result of the sales and recognized in the first quarter of 2019 totaled $3,693,198, reducing the remaining carrying value of the energy production reporting unit, including goodwill to the discounted cash flow of the remaining sites or fair value.
We recorded an impairment loss of $2,875,711 following the performance of our 2020 annual goodwill impairment test. The impairment loss represented the excess of the carrying value of our energy production business over the estimated fair value based on a discounted cash flow analysis. The impairment recognizes the shortening of remaining contract terms with customers without replacement and without further growth, the impact of COVID-19 on the financial performance of certain customer contracts, as well as less than expected cost savings and increased profitability from our initiatives to optimize the long-term profitability of its various site operations, and a price peak of our common stock on the date of the business combination to which the goodwill relates.
See Note 5. "Sale of Energy Producing Assets and Goodwill Impairment" for further discussion.