Table:
| Years Ended December 31, |  |  |
| --- | --- | --- |
|  | 2019 | 2018 |
| (in thousands) |  |  |
| Beginning balance | $4,400 | $4,400 |
| Transfers to developed technology from IPR&D | (4,400) | — |
| Ending balance | $— | $4,400 |
Paragraphs:
Indefinite-lived Intangible Assets
Indefinite-lived intangible assets consist entirely of acquired in-process research and development technology, or IPR&D. The following table sets forth the Company’s activities related to the indefinite-lived intangible assets:
The Company performs its annual assessment of indefinite-lived intangible assets on October 31 each year or more frequently if events or changes in circumstances indicate that the asset might be impaired utilizing a qualitative test as a precursor to the quantitative test comparing the fair value of the assets with their carrying amount. Based on the qualitative test, if it is more likely than not that indicators of impairment exists, the Company proceeds to perform a quantitative analysis. Based on the Company’s assessment as of October 31, 2019, no indicators of impairment were identified.
In the years ended December 31, 2019 and 2018, no IPR&D impairment losses were recorded. In the year ended December 31, 2017, the Company recognized impairment losses of $2.0 million related to the Company's abandonment of a single IPR&D project.
Question:
When does the company perform its annual assessment?
Answer: October 31