The Company’s intangible assets, consisting of a goodwill and trade name, were originally valued in connection with a business combination accounted for under the purchase accounting method. Goodwill represents the excess of the purchase price over the fair value of the net assets acquired.

The following table summarizes the Company’s goodwill and indefinite-lived intangible asset:


(in thousands)	January 27, 2023		January 28, 2022
Goodwill balance	$	106,700	$	106,700
Trade name balance	$	257,000	$	257,000

ASC 350, Intangibles - Goodwill and Other, requires companies to test goodwill and indefinite-lived intangible assets for impairment annually, or more often if an event or circumstance indicates that the carrying amount may not be recoverable. During First Quarter 2020, in response to the COVID pandemic, the Company recorded goodwill impairment of $3.3 million allocated to the Japan eCommerce reporting unit, which is recorded in Other operating expense, net in the Consolidated Statements of Operations. The Company completed its annual impairment test for all reporting units in Fiscal 2022, Fiscal 2021 and Fiscal 2020 and no further impairment charges were recorded. As of January 27, 2023, the total $106.7 million of goodwill recorded relates to the Company’s U.S. eCommerce and Outfitters reporting units, in the amount of $70.4 million and $36.3 million, respectively.

In Fiscal 2022, Fiscal 2021 and Fiscal 2020, the Company conducted the annual impairment testing of its indefinite-lived intangible asset. There was no impairment of the trade name during any period presented.