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GOODWILL | 9 Months Ended
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Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL | NOTE 9: GOODWILL Goodwill is assessed annually for impairment in the fourth quarter of each year and is examined between annual tests if events or circumstances arise that indicate that the carrying amount may be impaired. In light of impairment indicators which include, among other factors, a sustained decline in the Company's stock price and, as a result, the Company's market capitalization, the Company decided to conduct an impairment test as of September 30, 2024. The fair value of the reporting units was estimated using a discounted cash flow analysis. When performing this analysis, the Company also considered multiples of earnings from comparable public companies. The Company performed a qualitative assessment of its Energy Storage reporting unit in order to determine whether it was necessary to conduct the quantitative goodwill impairment test. Based on the results of this assessment, the Company acknowledged that it was more likely than not, that the fair value of said reporting unit is lower than its carrying value, and as such a quantitative goodwill impairment test was performed. Based on the results of the quantitative test, the Energy Storage reporting unit's goodwill was impaired in its entirety. This goodwill impairment was recorded under Other operating expense (income), net in the consolidated statements of income (loss) section. The Solar reporting unit was also examined. As a result of such quantitative testing, the Company determined that its fair value exceeds its carrying amount, and therefore no impairment was recorded. Changes in the carrying amount of goodwill for the period ended September 30, 2024 were as follows:
|  | Solar |  |  | Energy Storage |  |  | Total |
Goodwill at December 31, 2023 |  | $ | 40,632 |  |  | $ | 2,364 |  |  | $ | 42,996 |
Changes during the year: |  |  |  |  |  |  |  |  |  |  |  |
Acquisitions |  |  | 11,344 |  |  |  | - |  |  |  | 11,344 |
Accumulated impairment losses |  |  | - |  |  |  | (2,251 | ) |  |  | (2,251 | )
Foreign currency adjustments |  |  | (101 | ) |  |  | (113 | ) |  |  | (214 | )
Goodwill at September 30, 2024 |  | $ | 51,875 |  |  | $ | - |  |  | $ | 51,875 |
For the three and nine months ended September 30, 2024, the Company recorded goodwill impairment losses in the amount of $2,251. The Company did not record any goodwill impairment losses for the three and nine months ended September 30, 2023. As of September 30, 2024 and December 31, 2023 accumulated goodwill impairment amounted to $92,355 and $90,104, respectively.

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