Goodwill

12 Months Ended

Dec. 30, 2023

Changes in the carrying amount of goodwill (in thousands):


	Feed Ingredients		Food Ingredients		Fuel Ingredients		Total
Balance at January 1, 2022
Goodwill	$	814,863	$	332,866	$	119,342	$	1,267,071
Accumulated impairment losses	(15,914)		(461)		(31,580)		(47,955)
	798,949		332,405		87,762		1,219,116
Goodwill acquired during year	767,382		399		30,355		798,136
Goodwill impairment during year	—		(2,709)		—		(2,709)

Foreign currency translation	(25,390)		(12,458)		(6,318)		(44,166)
Balance at December 31, 2022
Goodwill	1,556,855		320,807		143,379		2,021,041
Accumulated impairment losses	(15,914)		(3,170)		(31,580)		(50,664)
	1,540,941		317,637		111,799		1,970,377
Goodwill acquired during year	3,247		626,202		—		629,449


Measurement period adjustments	(21,270)		(74,484)		(66)		(95,820)
Out-of-period correction (1)	(85,144)		—		—		(85,144)
Foreign currency translation	33,548		28,182		3,910		65,640
Balance at December 30, 2023
Goodwill	1,487,236		900,707		147,223		2,535,166
Accumulated impairment losses	(15,914)		(3,170)		(31,580)		(50,664)
	$	1,471,322	$	897,537	$	115,643	$	2,484,502

(1) As disclosed in Note 1 (16), the immaterial out-of-period correction made during the quarter ended July 1, 2023 resulted in a reduction of goodwill recorded associated with the FASA Acquisition of approximately $85.1 million, which is included in the Feed Ingredients segment.

The process of evaluating goodwill for impairment involves the determination of the fair value of the Company’s reporting units. In fiscal 2023, the Company performed a quantitative approach to valuing goodwill and indefinite-lived intangible assets at October 28, 2023 and as a result determined the fair values of the Company’s reporting units containing goodwill exceeded the related carrying values. In fiscal 2022 and 2021, the Company performed a qualitative impairment analysis for its annual goodwill and indefinite-lived intangible assets at October 29, 2022 and October 30, 2021, respectively. Based on the Company’s annual impairment testing at October 29, 2022 and October 30, 2021, respectively, we concluded it is more likely than not that the fair values of the Company’s reporting units containing goodwill and indefinite lived intangible assets exceeded the related carrying value. Prior to finalizing the impairment testing, in December 2022, the Company’s management reviewed our global network of collagen plants for optimization opportunities and decided to close our Peabody, Massachusetts, plant in 2023. As a result of the restructuring, the Company recorded goodwill impairment charges in fiscal 2022 of approximately $2.7 million based on the relative fair value of the Peabody plant.