Goodwill and Intangibles

6 Months Ended

Jun. 28, 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 allocated the purchase price for this acquisition based on the final valuation of assets acquired and liabilities assumed, resulting in allocations primarily to goodwill and intangibles as of June 28, 2020. The carrying amount of the intangible asset of $2.7 million related to this acquisition has been included in Miscellaneous Assets in our Condensed Consolidated Balance Sheets. The estimated useful life for this asset is 8 years and it is amortized on a straight-line basis.

The changes in the carrying amount of goodwill as of June 28, 2020, and since December 29, 2019, were as follows:



(In thousands)	Total Company
Balance as of December 29, 2019	$	138,674
Business acquisition	5,818
Foreign currency translation	275
Balance as of June 28, 2020	$	144,767

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 $4.5 million is included in Miscellaneous assets in our Condensed Consolidated Balance Sheets as of June 28, 2020.