2. Goodwill and trade names

The estimated goodwill and trade name fair values are computed using estimates as of the measurement date, which is defined as the first day of the fiscal fourth quarter or as of an interim impairment date. The Company makes estimates and assumptions about sales, gross margins, profit margins, and discount rates based on budgets and forecasts, business plans, economic projections, anticipated future cash flows, and marketplace data. Assumptions are also made for varying perpetual growth rates for periods beyond the long-term business plan period. There are inherent uncertainties related to these factors and management’s judgment in applying these factors. Another estimate using different, but still reasonable, assumptions could produce different results. As there are numerous assumptions and estimations utilized to derive the estimated enterprise fair value of each reporting unit, it is possible that actual results may differ from estimated results requiring future impairment charges.

As of our intangibles annual testing date of December 29, 2019, we determined that there was no impairment of goodwill or trade names. However, in the fourth quarter of fiscal 2019, we experienced significant disruptions to our operations, including temporary store closures and a decline in our market capitalization, due to the COVID-19 pandemic. Therefore, we conducted an additional interim impairment test of goodwill and trade names as of March 28, 2020. The interim impairment test included forecasts of future operations incorporating certain assumptions about the duration of the COVID-19 pandemic and its impact on our business. Based on the results of our interim impairment tests performed, we determined there was no impairment of intangibles. Future impairment charges could be required if we do not achieve our current net sales and profitability projections or if our weighted average cost of capital increases. Moreover, changes in our market capitalization may impact certain assumptions used in our income approach calculations.

The Company recorded no impairments during fiscal 2019, fiscal 2018, and fiscal 2017 as a result of the goodwill and trade names impairment tests performed.

The changes in the carrying amount of goodwill and trade names were as follows in fiscal 2019 and fiscal 2018:


	Goodwill		Trade names
Balance at March 31, 2018
Gross balance		410,467		260,935
Accumulated impairment charges		(207,652)		(31,534)
Total, net	$	202,815	$	229,401
Foreign currency translation adjustments		—		(4,251)
Balance at March 31, 2019
Gross balance		410,467		256,684
Accumulated impairment charges		(207,652)		(31,534)
Total, net	$	202,815	$	225,150
Foreign currency translation adjustments		—		(2,381)
Balance at March 28, 2020
Gross balance		410,467		254,303
Accumulated impairment charges		(207,652)		(31,534)
Total, net	$	202,815	$	222,769