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Note 7 - Goodwill

12 Months Ended

Jan. 01, 2022

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 fifty-two week period ended January 1, 2022, 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 may continue to negatively impact the Company in the future, the Company did not conclude in such review that this negative impact is permanent. The Company reviewed industry and market conditions, reporting unit specific events as well as overall financial performance and determined that no indicators of impairment of goodwill existed during the fifty-two week period ended January 1, 2022 and fifty-three week period ended January 2, 2021. As such, no impairment loss on the Company’s goodwill during the fifty-two week period ended January 1, 2022 or the fifty-three week period ended January 2, 2021 was recorded as a result of such review.

The changes in the carrying amount of goodwill for the fifty-two week period ended January 1, 2022 and the fifty-three week period ended January 2, 2021 are as follows:

	Engineering		Specialty Health Care		Information Technology		Total
Balance as of December 28, 2019	$	11,918	$	2,398	$	2,038	$	16,354

No change in fiscal 2020		-		-		-		-

Balance as of January 2, 2021	$	11,918	$	2,398	$	2,038	$	16,354

No change in fiscal 2021		-		-		-		-

Balance as of January 1, 2022	$	11,918	$	2,398	$	2,038	$	16,354