Intangible Assets and Goodwill

9 Months Ended

Dec. 25, 2021

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 25, 2021		March 27, 2021
Definite-lived intangible assets:
Reacquired rights	$	400	$	400
Trademarks	23		23
Customer relationships (1)	423		437
Gross definite-lived intangible assets	846		860
Less: accumulated amortization	(218)		(184)
Net definite-lived intangible assets	628		676
Indefinite-lived intangible assets:
Jimmy Choo brand (2)	328		338
Versace brand (1)	939		978
Net indefinite-lived intangible assets	1,267		1,316
Total intangible assets, excluding goodwill	$	1,895	$	1,992
Goodwill (3)	$	1,447	$	1,498

(1)The change in the carrying value since March 27, 2021 reflects the impact of foreign currency translation.

(2)Includes accumulated impairment of $249 million as of December 25, 2021 and March 27, 2021. The change in the carrying value since March 27, 2021 reflects the impact of foreign currency translation.

(3)Includes accumulated impairment of $265 million related to the Jimmy Choo reporting units as of December 25, 2021 and March 27, 2021. The change in the carrying value since March 27, 2021 reflects the impact of foreign currency translation.

Amortization expense for the Company’s definite-lived intangible assets for the three and nine months ended December 25, 2021 was $13 million and $37 million, respectively. Amortization expense for the Company’s definite-lived intangible asset for the three and nine months ended December 26, 2020 was $12 million and $35 million for the three and nine months ended December 26, 2020, respectively.