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Goodwill | 12 Months Ended
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Dec. 28, 2020
Goodwill And Intangible Assets Disclosure [Abstract] |
Goodwill |
(5) | Goodwill
As of December 28, 2020, December 30, 2019 and December 31, 2018, goodwill by reportable segment was as follows:
|  | PCB |  | RF&S Components |  | Total |
|  | (In thousands) |
Balance as of December 31, 2018 |  |  |  |  |  |  |  |  |  |
Goodwill |  | $ | 692,978 |  | $ | 177,200 |  | $ | 870,178 |
Accumulated impairment losses |  |  | (171,400 | ) |  | — |  |  | (171,400 | )
|  |  | 521,578 |  |  | 177,200 |  |  | 698,778 |
Goodwill recognized during the year |  |  | 7,746 |  |  | — |  |  | 7,746 |
Balance as of December 30, 2019 |  |  |  |  |  |  |  |  |  |
Goodwill |  |  | 700,724 |  |  | 177,200 |  |  | 877,924 |
Accumulated impairment losses |  |  | (171,400 | ) |  | — |  |  | (171,400 | )
|  |  | 529,324 |  |  | 177,200 |  |  | 706,524 |
Impairment loss during the year |  |  | — |  |  | (69,200 | ) |  | (69,200 | )
Balance as of December 28, 2020 |  |  |  |  |  |  |  |  |  |
Goodwill |  |  | 700,724 |  |  | 177,200 |  |  | 877,924 |
Accumulated impairment losses |  |  | (171,400 | ) |  | (69,200 | ) |  | (240,600 | )
|  | $ | 529,324 |  | $ | 108,000 |  | $ | 637,324 |
The Company evaluates its goodwill on an annual basis during its fourth fiscal quarter and at other times when events or changes in circumstances — such as significant adverse changes in the business climate or operating results or changes in management strategy, coupled with a decline in the market price of its stock and market capitalization — indicate that there may be a potential impairment. During the third quarter of 2020, the Company determined that there was a permanent loss of sales due to certain government restrictions on the sale of U.S.-designed products to certain customers in China in the RF&S Components reporting unit that coupled with the impact of COVID-19, resulted in lower than anticipated results and continued decline in sales. The Company considered these factors to be indicators of potential impairment requiring the Company to test the related goodwill for impairment. As of September 28, 2020, the Company completed a quantitative goodwill impairment analysis related to its RF&S Components reporting unit by comparing the fair value of the reporting unit with its carrying amount. The Company determined the fair value of the reporting unit by using both a DCF and a market approach. Under the market approach, the Company used revenue and earnings multiples based on comparable industry multiples to estimate the fair value of the reporting unit. Under the DCF approach, the Company estimated the future cash flows, as well as selected a risk-adjusted discount rate to measure the present value of the anticipated cash flows. When determining future cash flow estimates, the Company considered historical results adjusted to reflect current and anticipated future operating conditions. The Company estimated cash flows for the reporting unit over a discrete period and a terminal period (considering expected long-term growth rates and trends). Based on its analysis, the Company determined that the fair value of the RF&S Components reporting unit was less than its carrying value and recorded a goodwill impairment charge of $69,200. Estimating the fair value of the reporting unit requires the Company to make assumptions and estimates in such areas as future economic conditions, industry-specific conditions, product pricing, and necessary capital expenditures. The use of different assumptions or estimates for future cash flows, discount rates, or terminal growth rates could produce substantially different estimates of the fair value of the reporting unit. The Company may be subject to additional goodwill impairment charges if actual results do not meet the estimates used in determining the fair value of goodwill and the associated goodwill impairment charge. In the fourth quarter of 2020, the Company performed its annual goodwill impairment test qualitatively and concluded that it was more likely than not that there was no impairment to goodwill.

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