9. Goodwill

The following table presents goodwill by reportable segment for the years ended December 31, 2019 and 2018:


	Segment	2019		2018

Curtis Palmer	Hydroelectric	$	14.4	$	14.4
Morris	Natural Gas		3.3		3.3
Nipigon	Natural Gas		3.6		3.6
Total		$	21.3	$	21.3

Goodwill Impairment Testing

We perform our annual goodwill impairment test as of November 30 and update the test between annual tests if events or circumstances occur that would more likely than not reduce the fair value of a reporting unit below its carrying value.

Based on the results of the annual goodwill impairment tests for years ended December 31, 2019 and 2018, management determined that no adjustment to the carrying value for any reporting unit was necessary because in all cases, the estimated fair values of the reporting units exceeded their respective carrying values. The fair value of all reporting units was determined using an income approach and considered project-specific assumptions for the future discounted cash flows.

For the year ended December 31, 2019, we performed a quantitative test at each reporting unit. For the year ended December 31, 2018, we performed a quantitative test at our Curtis Palmer reporting unit and qualitative assessments at our Morris and Nipigon reporting units. Curtis Palmer’s fair value exceeded its carrying value by approximately $8.3 million or 9% at November 30, 2018.

In the fourth quarter of 2017, based on the results of the annual quantitative goodwill impairment test, management determined that the fair value of the Curtis Palmer reporting unit was below its respective carrying value, including goodwill. Accordingly, we recorded a $14.7 million goodwill impairment at Curtis Palmer during the year ended December 31, 2017. Subsequent to the impairment, Curtis Palmer has $14.4 million of goodwill remaining at December 31, 2017. As a hydro facility, Curtis Palmer has substantial useful life beyond the expiration of its PPA in 2027. Estimates of fair value beyond the end of its PPA expiration utilize merchant pricing assumptions and are sensitive to changes in forward power prices. These forward prices declined significantly from those observed in our 2016 test, resulting in a reduction of the fair value from our impairment test performed in the fourth quarter of 2016.

The other remaining reporting units with goodwill recorded, Nipigon ($3.6 million of goodwill at December 31, 2017) and Morris ($3.3 million of goodwill at December 31, 2017), had fair values that exceeded their carrying values by approximately $111.7 million or 118% and accordingly, no goodwill impairment was recorded as of December 31, 2017.