Intangible Assets and Goodwill

9 Months Ended

Dec. 26, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

Intangible Assets and Goodwill

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

	December 26, 2020		March 28, 2020
Definite-lived intangible assets:
Reacquired Rights	$	400	$	400
Trademarks	23		23
Customer Relationships	441		404
Total definite-lived intangible assets	864		827
Less: accumulated amortization	(174)		(132)
Net definite-lived intangible assets	690		695
Indefinite-lived intangible assets:
Jimmy Choo brand (1)	400		367
Versace brand (2)	1,012		924
	1,412		1,291
Total intangible assets, excluding goodwill	$	2,102	$	1,986
Goodwill (3)	$	1,615	$	1,488

(1)Includes accumulated impairment of $180 million recorded during the fourth quarter of Fiscal 2020. The change in the carrying value since March 28, 2020 reflects the impact of foreign currency translation.

(2)The change in the carrying value since March 28, 2020 reflects the impact of foreign currency translation.

(3)Includes accumulated impairment of $171 million related to the Jimmy Choo retail and licensing reporting units recorded during the fourth quarter of Fiscal 2020. The change in the carrying value since March 28, 2020 reflects the impact of foreign currency translation.

Amortization expense for the Company’s definite-lived intangible assets for the three months ended December 26, 2020 and December 28, 2019 was $12 million and $13 million, respectively, and was $35 million and $39 million for the nine months ended December 26, 2020 and December 28, 2019, respectively.