Goodwill

12 Months Ended

Dec. 28, 2024

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


	Feed Ingredients		Food Ingredients		Fuel Ingredients		Total
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	(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
Goodwill acquired during year	62,802		—		4,114		66,916


Measurement period adjustments	—		(9,147)		—		(9,147)

Foreign currency translation	(96,361)		(116,562)		(6,755)		(219,678)
Balance at December 28, 2024
Goodwill	1,453,677		774,998		144,582		2,373,257
Accumulated impairment losses	(15,914)		(3,170)		(31,580)		(50,664)
	$	1,437,763	$	771,828	$	113,002	$	2,322,593

The process of evaluating goodwill for impairment involves the determination of the fair value of the Company’s reporting units. In fiscal 2024 and 2023, the Company performed a quantitative approach to value the reporting units containing goodwill and indefinite-lived intangible assets at October 26, 2024 and October 28, 2023, respectively. Based on the Company’s annual impairment testing, we concluded the fair values of the Company’s reporting units containing goodwill exceeded the related carrying values. In fiscal 2022, the Company performed a qualitative impairment analysis for its annual goodwill and indefinite-lived intangible assets at October 29, 2022. Based on the Company’s annual impairment testing at October 29, 2022, 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.