Intangible Assets and Goodwill (Tables)

12 Months Ended

Mar. 27, 2021

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 27, 2021						March 28, 2020
	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Definite-lived intangible assets:
Reacquired rights	$	400	$	77	$	323	$	400	$	61	$	339
Trademarks	23		21		2		23		20		3
Customer relationships	437		86		351		404		51		353
	860		184		676		827		132		695
Indefinite-lived intangible assets:
Jimmy Choo brand (1)	587		249		338		547		180		367
Versace brand (2)	978		—		978		924		—		924
	1,565		249		1,316		1,471		180		1,291
Total intangible assets, excluding goodwill	$	2,425	$	433	$	1,992	$	2,298	$	312	$	1,986

(1)The year-over-year change in carrying value reflects an impairment charge of $69 million and foreign currency translation of $40 million for the fiscal year ended March 27, 2021. The Company recorded an impairment charge of $180 million for the fiscal year ended March 28, 2020.

(2)The year-over-year change in 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 27, 2021						March 28, 2020
	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Definite-lived intangible assets:
Reacquired rights	$	400	$	77	$	323	$	400	$	61	$	339
Trademarks	23		21		2		23		20		3
Customer relationships	437		86		351		404		51		353
	860		184		676		827		132		695
Indefinite-lived intangible assets:
Jimmy Choo brand (1)	587		249		338		547		180		367
Versace brand (2)	978		—		978		924		—		924
	1,565		249		1,316		1,471		180		1,291
Total intangible assets, excluding goodwill	$	2,425	$	433	$	1,992	$	2,298	$	312	$	1,986

(1)The year-over-year change in carrying value reflects an impairment charge of $69 million and foreign currency translation of $40 million for the fiscal year ended March 27, 2021. The Company recorded an impairment charge of $180 million for the fiscal year ended March 28, 2020.

(2)The year-over-year change in 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 2022	$	47
Fiscal 2023	47
Fiscal 2024	47
Fiscal 2025	47
Fiscal 2026	47
Fiscal 2027 and thereafter	441
	$	676

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		Total
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
Impairment charges (2)	—		(94)		—		(94)
Foreign currency translation	52		52		—		104
Balance at March 27, 2021	$	933	$	445	$	120	$	1,498

(1)See Note 5 for additional information.

(2)The Company recorded impairment charges during Fiscal 2021 of $94 million related to the Jimmy Choo wholesale and licensing reporting units, and $171 million during Fiscal 2020 related to the Jimmy Choo retail and licensing reporting units.