Goodwill and Intangibles

3 Months Ended

Mar. 29, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLES

During the first quarter of 2020, the Company acquired Listen In Audio, Inc., a company that transforms journalism articles into audio that is made available in a subscription-based product named “Audm,” in an all-cash transaction. We paid $8.6 million (comprised of $8.0 million cash payment and $0.6 million note receivable previously issued by the Company, which was canceled at the close of the transaction) and entered into agreements that will likely require retention payments over the three years following the acquisition. The Company included the purchase price in Miscellaneous assets in the Company’s Condensed Consolidated Balance Sheet as of March 29, 2020, pending the completion of the valuation of assets acquired and liabilities assumed.

The changes in the carrying amount of goodwill as of March 29, 2020, and since December 29, 2019, were as follows:



(In thousands)	Total Company
Balance as of December 29, 2019	$	138,674
Foreign currency translation	(224		)
Balance as of March 29, 2020	$	138,450

The foreign currency translation line item reflects changes in goodwill resulting from fluctuating exchange rates related to the consolidation of certain international subsidiaries.

The aggregate carrying amount of intangible assets of $2.2 million is included in Miscellaneous assets in our Condensed Consolidated Balance Sheets as of March 29, 2020.