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Intangible Assets and Goodwill (Tables)

12 Months Ended

Mar. 28, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Carrying Values of Finite-Lived Intangible Assets

The following table details the carrying values of the Company’s intangible assets other than goodwill (in millions):


	March 28, 2020										March 30, 2019
	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Definite-lived intangible assets:
Reacquired rights	$	400	$	61	$	339	$	400	$	45	$	355
Trademarks	23		20		3		23		19		4
Lease rights ⁽¹⁾	—		—		—		96		56		40
Customer relationships	404		51		353		415		23		392
	827		132		695		934		143		791

Indefinite-lived intangible assets:
Jimmy Choo brand ⁽²⁾	547		180		367		572		—		572
Versace brand ⁽³⁾	924		—		924		930		—		930
	1,471		180		1,291		1,502		—		1,502

Total intangible assets, excluding goodwill	$	2,298	$	312	$	1,986	$	2,436	$	143	$	2,293

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⁽¹⁾The March 30, 2019 balance includes certain lease rights that were reclassified to the operating lease right-of-use asset as part of the adoption of ASU 2016-02 in Fiscal 2020. Includes $2 million and $5 million, respectively, of impairment charges recorded during Fiscal 2019 and Fiscal 2018, primarily in connection with underperforming full-price Michael Kors retail stores. See Note 14 for additional information.

⁽²⁾The year-over-year change in carrying value reflects an impairment charge of $180 million and foreign currency translation of $25 million. The Company did not incur any impairment charges in prior periods.

⁽³⁾The year-over-year change in carrying value relates to foreign currency translation.

Carrying Values of Indefinite-Lived Intangible Assets

The following table details the carrying values of the Company’s intangible assets other than goodwill (in millions):


	March 28, 2020										March 30, 2019
	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Definite-lived intangible assets:
Reacquired rights	$	400	$	61	$	339	$	400	$	45	$	355
Trademarks	23		20		3		23		19		4
Lease rights ⁽¹⁾	—		—		—		96		56		40
Customer relationships	404		51		353		415		23		392
	827		132		695		934		143		791

Indefinite-lived intangible assets:
Jimmy Choo brand ⁽²⁾	547		180		367		572		—		572
Versace brand ⁽³⁾	924		—		924		930		—		930
	1,471		180		1,291		1,502		—		1,502

Total intangible assets, excluding goodwill	$	2,298	$	312	$	1,986	$	2,436	$	143	$	2,293

________________________________

⁽³⁾The year-over-year change in carrying value relates to foreign currency translation.

Estimated Amortization Expense

Estimated amortization expense for each of the next five years is as follows (in millions):


Fiscal 2021	$	46
Fiscal 2022	46
Fiscal 2023	46
Fiscal 2024	45
Fiscal 2025	45
Fiscal 2026 and thereafter	467
	$	695

Changes in Goodwill for Reportable Segments

The following table details the changes in goodwill for each of the Company’s reportable segments (in millions):


	Versace		Jimmy Choo		Michael Kors ⁽¹⁾		Total
Balance at March 31, 2018	$	—	$	728	$	120	$	848
Acquisition of Versace ⁽¹⁾	878		—		—		878
Foreign currency translation	(17)		(50)		—		(67)
Balance at March 30, 2019	861		678		120		1,659
Acquisition	—		11		—		11
Measurement period adjustment ⁽¹⁾	26		—		—		26
Impairment charges ⁽²⁾	—		(171)		—		(171)
Foreign currency translation	(6)		(31)		—		(37)
Balance at March 28, 2020	$	881	$	487	$	120	$	1,488

⁽¹⁾See Note 5 for additional information.

(2)The Company recorded impairment charges of $171 million related to the Jimmy Choo retail and licensing reporting units. The Company did not incur any goodwill impairment charges in prior periods.