The Company’s intangible assets, consisting of a goodwill and trade name, were originally valued in connection with a business combination accounted for under the purchase accounting method. Goodwill represents the excess of the purchase price over the fair value of the net assets acquired.

The following table summarizes the Company’s goodwill and indefinite-lived intangible asset:

(in thousands)	January 28, 2022		January 29, 2021
Goodwill balance	$	106,700	$	106,700
Trade name balance	$	257,000	$	257,000

ASC 350, Intangibles - Goodwill and Other, requires companies to test goodwill and indefinite-lived intangible assets for impairment annually, or more often if an event or circumstance indicates that the carrying amount may not be recoverable. In First Quarter 2020, the Company tested goodwill for impairment in response to the COVID pandemic for its Outfitters and Japan eCommerce reporting units. The testing resulted in no impairment for the Outfitters reporting unit and full impairment of the $3.3 million goodwill allocated to the Japan eCommerce reporting unit, which is recorded in Other operating expense, net in the Consolidated Statements of Operations. The Company completed its annual impairment test for all reporting units in Fiscal 2021, Fiscal 2020 and Fiscal 2019 and no further impairment charges were recorded. Of the total $106.7 million of goodwill recorded as of January 28, 2022, $70.4 million and $36.3 million relates to the Company’s U.S. eCommerce and Outfitters reporting units, respectively.

In Fiscal 2021, Fiscal 2020, and Fiscal 2019, the Company conducted the annual impairment testing of its indefinite-lived intangible asset. There was no impairment of the trade name during any period presented.