Franchise rights acquired are due to acquisitions of the Company’s franchised territories as well as the acquisition of franchise promotion agreements and other factors associated with the acquired franchise territories. For the three months ended March 28, 2020, the change in the carrying value of franchise rights acquired was primarily due to the effect of exchange rate changes.

Goodwill primarily relates to the acquisition of the Company by The Kraft Heinz Company (successor to H.J. Heinz Company) in 1978 and the Company’s acquisitions of WW.com, Inc. (formerly known as WeightWatchers.com, Inc.) in 2005, the Company’s franchised territories and the majority interest in Vigilantes do Peso Marketing Ltda. For the three months ended March 28, 2020, the change in the carrying amount of goodwill was due to the impairment charge of the Company’s Brazil reporting unit and the effect of exchange rate changes as follows:

	North			Continental			United
	America			Europe			Kingdom			Other			Total
Balance as of December 28, 2019	$	143,940		$	7,015		$	1,213		$	5,748		$	157,916
Goodwill impairment		0			0			0			(3,665	)		(3,665	)
Effect of exchange rate changes		(2,642	)		(201	)		(59	)		(892	)		(3,794	)
Balance as of March 28, 2020	$	141,298		$	6,814		$	1,154		$	1,191		$	150,457

With respect to the Company’s Brazil reporting unit, during the first quarter of fiscal 2020, the Company made a strategic decision to shift to an exclusively Digital business in that country. The Company determined that making this decision together with the negative impact of COVID-19, the ongoing challenging economic environment in Brazil and the Company’s reduced expectations regarding the reporting unit’s future operating cash flows required the Company to perform an interim goodwill impairment analysis. In performing this discounted cash flow analysis, the Company determined that the carrying amount of this reporting unit exceeded its fair value and as a result recorded an impairment charge of $3,665, which comprises the remaining balance of goodwill for this reporting unit.

As it relates to the goodwill impairment analysis for Brazil, the Company estimated future debt-free cash flows in contemplation of its growth strategies for that market. In developing these projections, the Company considered the growth strategies under the current market conditions in Brazil. The Company then discounted the estimated future cash flows utilizing a discount rate which was calculated using the average cost of capital, which included the cost of equity and the cost of debt. The cost of equity was determined by combining a risk-free rate of return and a market risk premium for the Company’s peer group. The risk-free rate of return was determined based on the average rate of long-term U.S. Treasury securities. The market risk premium was determined by reviewing external market data including the current economic conditions in Brazil and the country specific risk thereon, all as reflected in the discount rate. The cost of debt was determined by estimating the Company’s current borrowing rate.

The carrying values of finite-lived intangible assets as of March 28, 2020 and December 28, 2019 were as follows:

	March 28, 2020				December 28, 2019
	Gross				Gross
	Carrying		Accumulated		Carrying		Accumulated
	Amount		Amortization		Amount		Amortization
Capitalized software costs	$	121,145	$	98,632	$	119,537	$	97,588
Website development costs		82,084		54,966		77,823		50,748
Trademarks		11,914		11,285		11,869		11,228
Other		14,000		4,762		14,003		4,637
Trademarks and other intangible assets	$	229,143	$	169,645	$	223,232	$	164,201
Franchise rights acquired		7,942		4,433		8,180		4,618
Total finite-lived intangible assets	$	237,085	$	174,078	$	231,412	$	168,819

Aggregate amortization expense for finite-lived intangible assets was recorded in the amounts of $7,165 and $7,556 for the three months ended March 28, 2020 and March 30, 2019, respectively.

Estimated amortization expense of existing finite-lived intangible assets for the next five fiscal years and thereafter is as follows: