Goodwill and Other Intangible Assets

3 Months Ended

Sep. 26, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

The change in the carrying amount of the Company’s goodwill is as follows (in millions):



	International		Stuart Weitzman			Total
Balance at June 27, 2015	$	308.4	$	125.8		$	434.2
Foreign exchange impact	2.2		(0.1		)	2.1
Balance at September 26, 2015	$	310.6	$	125.7		$	436.3

Other Intangible Assets

Other intangible assets consist of the following (in millions):



	Three Months Ended
	September 26, 2015							June 27, 2015
	Gross Carrying Amount		Accum. Amort.			Net		Gross Carrying Amount		Accum. Amort.			Net
Intangible assets subject to amortization:
Customer relationships	$	54.7	$	(2.1	)	$	52.6	$	54.7	$	(0.8	)	$	53.9
Order backlog	7.7		(6.4		)	1.3		7.7		(2.6		)	5.1
Favorable lease rights	24.6		(1.3		)	23.3		24.6		(0.5		)	24.1
Total intangible assets subject to amortization	87.0		(9.8		)	77.2		87.0		(3.9		)	83.1
Intangible assets not subject to amortization:
Trademarks and trade names	276.8		—			276.8		276.8		—			276.8
Total intangible assets	$	363.8	$	(9.8	)	$	354.0	$	363.8	$	(3.9	)	$	359.9

Amortization

Based on the balance of the Company's intangible assets subject to amortization as of September 26, 2015, the expected amortization expense for each of the next five fiscal years and thereafter is as follows (in millions):



	Amortization Expense
Remainder of Fiscal 2016	$	7.4
Fiscal 2017	7.1
Fiscal 2018	6.6
Fiscal 2019	6.6
Fiscal 2020	6.3
Fiscal 2021	6.0
Fiscal 2022 and thereafter	37.2
Total	$	77.2

The expected future amortization expense above reflects remaining useful lives of 14.6 years for customer relationships, 1 month for order backlog, and the remaining lease terms ranging from approximately 2 to 10 years for favorable/unfavorable lease rights.

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References + Details