Fowler Corporation is a public company with a reporting unit operating in the telecommunications industry. In its qualitative screen, Fowler Corporation determined the following:

• The fair value of the reporting unit in the prior year’s quantitative analysis exceeded its carrying amount by 25%

• The reporting unit’s revenues and operating margins increased 12% over the prior year and exceeded current-year projections by 2%

• The reporting unit gained two large customers in the current year, which account for 5% of current-year revenues

In addition, Fowler observed that the following also occurred since the last fair value calculation was performed:

• Overall equity markets are down 12% in the current year

• The reporting unit’s competitors have seen revenue growth of 15%-20% over the prior year

• Despite gaining two customers, the reporting unit still lost 3% market share.

Fowler is following the provisions of ASU 2011-08 and is attempting to determine if its goodwill has become impaired.

Required:

Should Fowler perform a goodwill impairment test?