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Goodwill and Indefinite-Lived Intangibles (Notes) | 3 Months Ended
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Apr. 01, 2023
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) | April 1, 2023 |  | April 2, 2022
Goodwill balance at beginning of the year | $ | 485.0 |  |  | $ | 556.6 |
Sale of business (see Note 18) | (20.4) |  |  | —
Foreign currency translation effects | 2.1 |  |  | (4.2) |
Goodwill balance at end of the quarter | $ | 466.7 |  |  | $ | 552.4 |
The Company’s indefinite-lived intangible assets, which comprise trade names and trademarks, totaled $276.6 million, $274.0 million, and $707.4 million as of April 1, 2023, December 31, 2022, and April 2, 2022, respectively. In the fourth quarter of 2022, the Company recognized impairment charges of $191.0 million and $189.3 million to the Sperry® and Sweaty Betty® trade names, respectively, and recognized a $48.4 million goodwill impairment charge to the Sweaty Betty® reporting unit. The Company conducted an interim impairment assessment as of April 1, 2023 and determined that there were no triggering events indicating impairment of the Company’s goodwill and indefinite-lived intangible assets. The risk of future non-cash impairment for the Sperry® and Sweaty Betty® trade names and Sweaty Betty® goodwill is dependent on whether actual results differ from the key assumptions used in the determination of each trade name's fair value and the Sweaty Betty® reporting unit’s fair value, such as revenue growth, earnings before interest, taxes depreciation and amortization margin, discount rate, and assumed tax rate, or if macroeconomic conditions deteriorate and adversely affect the values of the Company's Sperry® and Sweaty Betty® trade names and Sweaty Betty® reporting unit. A future impairment charge of the Sperry® trade name or Sweaty Betty® trade name and Sweaty Betty® reporting unit goodwill could have an adverse material effect on the Company's consolidated financial results. The carrying values of the Company’s Sperry® and Sweaty Betty® trade names indefinite-lived assets were $105.3 million an d $96.6 million, respectively, as of April 1, 2023.

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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 https://asc.fasb.org/topic&trid=2144416 + Details
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