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Note 7 - Goodwill

6 Months Ended

Jul. 03, 2021

7.	Goodwill

Goodwill represents the premium paid over the fair value of the net tangible and intangible assets acquired in business combinations. The Company tests goodwill for impairment on an annual basis as of the last day of the Company's fiscal year or more frequently if events occur or circumstances change indicating that the fair value of goodwill may be below the carrying amount. During the twenty-six week period ended July 3, 2021, the Company reviewed the carrying value of goodwill due to the events and circumstances surrounding the COVID-19 pandemic. While COVID-19 has negatively impacted the Company, and the Company expects this negative impact to continue at least through the second half of fiscal 2021 and possibly beyond, the Company did not conclude in such review that this negative impact is permanent. The Company has determined that no other indicators of impairment of goodwill existed during the twenty-six week period ended July 3, 2021. As such, no impairment loss on the Company’s goodwill during the twenty-six week period ended July 3, 2021 was recorded as a result of such review.

The carrying amount of goodwill as of July 3, 2021 and January 2, 2021 is as follows:

Engineering

Specialty

Health Care

Information

Technology

Total

11,918

2,398

2,038

16,354