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Goodwill and Indefinite-Lived Intangibles (Notes) | 6 Months Ended
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Jul. 03, 2021
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) | July 3, 2021 |  | June 27, 2020
Goodwill balance at beginning of the year | $ | 442.4 |  |  | $ | 438.9 |
Foreign currency translation effects | 1.2 |  |  | (3.3) |
Goodwill balance at end of the quarter | $ | 443.6 |  |  | $ | 435.6 |
The Company’s indefinite-lived intangible assets, which comprise trade names and trademarks, totaled $382.3 million as of July 3, 2021 and January 2, 2021, and $604.5 million as of June 27, 2020. In the fourth quarter of 2020, the Company recognized a $222.2 million impairment charge for the decline in the value of the Sperry® trade name. The carrying value of the Company’s Sperry® trade name was $296.0 million as of July 3, 2021. Based on the interim impairment assessment as of July 3, 2021, it was determined there were no triggering events of impairment for goodwill and indefinite-lived intangible assets. If the operating results for Sperry® decline in future periods compared to current projections, there are changes in the assumptions and estimates the Company uses to value the Sperry® trade name that adversely affect such value, such as an increase in the discount rate or in the assumed tax rate, or macroeconomic conditions deteriorate further due to the COVID-19 pandemic and adversely affect the value of the Company’s Sperry® trade name balance, the Company may need to record a non-cash impairment charge.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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