Goodwill

3 Months Ended

Mar. 28, 2020

Notes To Financial Statements [Abstract]

Goodwill

Goodwill

Changes in the carrying amount of goodwill for the three months ended March 28, 2020 are as follows (in thousands):

	Commercial Foodservice			Food Processing			Residential Kitchen			Total
Balance as of December 28, 2019	$	1,153,552		$	257,679		$	438,516		$	1,849,747
Goodwill acquired during the year	12,776			—			—			12,776
Measurement period adjustments to goodwill acquired in prior year	344			79			376			799
Exchange effect	(9,749		)	(2,189		)	(15,597		)	(27,535		)
Balance as of March 28, 2020	$	1,156,923		$	255,569		$	423,295		$	1,835,787

The company continues to monitor the global outbreak of the COVID-19 pandemic to assess the outlook for demand of its products and the impact on its business and financial performance. The potential impact of the COVID-19 pandemic on demand, production levels, and its operating results in the short-term is uncertain, but the company remains committed to the strategic actions necessary to realize long-term revenue and cash flow growth rates. The potential negative demand effect on revenues is also uncertain given the volatile environment, but demand and production levels are anticipated to recover.

As a result of the company's analysis, and in consideration of the totality of events and circumstances, there were no triggering events requiring an interim goodwill impairment assessment identified during the first quarter of 2020.

Additionally, for the assessment of indefinite-life intangible assets other than goodwill, primarily trademarks and trade names, the company identified several trademarks and trade names with indicators of potential risk for impairment and performed quantitative assessments. The fair values of the trademarks tested exceeded their carrying values by more than 10%. As a result, no impairment charges for goodwill and indefinite-lived intangible assets were recorded during the first quarter of 2020.