Goodwill and Indefinite-Lived Intangibles

6 Months Ended

Jun. 27, 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:


	Year-To-Date Ended
(In millions)	June 27, 2020		June 29, 2019
Goodwill balance at beginning of the year	$	438.9	$	424.4

Acquisition of a business (see Note 17)	—		12.0
Foreign currency translation effects	(3.3)		2.1
Goodwill balance at end of the quarter	$	435.6	$	438.5

The Company’s indefinite-lived intangible assets, which comprise trade names and trademarks, totaled $604.5 million as of June 27, 2020, December 28, 2019 and June 29, 2019. The carrying value of the Company’s Sperry^® trade name was $518.2 million as of June 27, 2020. Based on the interim impairment assessment as of June 27, 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 effects of the COVID-19 pandemic, and actions taken by governments, businesses and individuals in response to the pandemic, on the global economy to assess the outlook for demand for our products and the impact on our business and financial performance.