Goodwill and Indefinite-Lived Intangibles

3 Months Ended

Mar. 28, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Indefinite-Lived Intangibles

GOODWILL AND INDEFINITE-LIVED INTANGIBLES

The changes in the carrying amount of goodwill are as follows:



	Quarter Ended
(In millions)	March 28, 2020			March 30, 2019
Goodwill balance at beginning of the year	$	438.9		$	424.4
Foreign currency translation effects	(4.2		)	1.5
Goodwill balance at end of the quarter	$	434.7		$	425.9

The Company’s indefinite-lived intangible assets, which comprise trade names and trademarks, totaled $604.5 million as of March 28, 2020, December 28, 2019 and March 30, 2019. The carrying value of the Company’s Sperry^® trade name was $518.2 million as of March 28, 2020. Based on the interim impairment assessment as of March 28, 2020, it was determined there were no triggering events of impairment for goodwill and indefinite-lived intangible assets. If the operating results for Sperry^® were to decline in future periods compared to current projections, or if further deterioration of macroeconomic conditions due to the COVID-19 pandemic adversely affect the value of the Company’s Sperry^® trade name and goodwill balances, the Company may need to record a non-cash impairment charge. We continue to monitor the significant global economic uncertainty as a result of COVID-19 to assess the outlook for demand for our products and the impact on our business and financial performance.