Intangible Assets and Goodwill (Tables)

12 Months Ended

Apr. 02, 2022

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):

	April 2, 2022						March 27, 2021
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carry Amount
Definite-lived intangible assets:
Reacquired rights	$	400	$	94	$	306	$	400	$	77	$	323
Trademarks	23		22		1		23		21		2
Customer relationships	414		112		302		437		86		351
Total definite-lived intangible assets	837		228		609		860		184		676
Indefinite-lived intangible assets:
Jimmy Choo brand (1)	570		249		321		587		249		338
Versace brand (1)	917		—		917		978		—		978
Total indefinite-lived intangible assets	1,487		249		1,238		1,565		249		1,316
Total intangible assets, excluding goodwill	$	2,324	$	477	$	1,847	$	2,425	$	433	$	1,992

(1)The year-over-year change in net carrying amount reflects foreign currency translation for the fiscal year ended April 2, 2022. As of April 2, 2022, the Company had accumulated impairment charges of $249 million related to the Jimmy Choo brand intangible assets.

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):

	April 2, 2022						March 27, 2021
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carry Amount
Definite-lived intangible assets:
Reacquired rights	$	400	$	94	$	306	$	400	$	77	$	323
Trademarks	23		22		1		23		21		2
Customer relationships	414		112		302		437		86		351
Total definite-lived intangible assets	837		228		609		860		184		676
Indefinite-lived intangible assets:
Jimmy Choo brand (1)	570		249		321		587		249		338
Versace brand (1)	917		—		917		978		—		978
Total indefinite-lived intangible assets	1,487		249		1,238		1,565		249		1,316
Total intangible assets, excluding goodwill	$	2,324	$	477	$	1,847	$	2,425	$	433	$	1,992

(1)The year-over-year change in net carrying amount reflects foreign currency translation for the fiscal year ended April 2, 2022. As of April 2, 2022, the Company had accumulated impairment charges of $249 million related to the Jimmy Choo brand intangible assets.

Estimated Amortization Expense

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

Fiscal 2023	$	45
Fiscal 2024	45
Fiscal 2025	45
Fiscal 2026	45
Fiscal 2027	45
Fiscal 2028 and thereafter	384
Total	$	609

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 28, 2020	881		487		120		$	1,488
Impairment charges (1)	—		(94)		—		(94)
Foreign currency translation	52		52		—		104
Balance at March 27, 2021	933		445		120		1,498
Foreign currency translation	(59)		(21)		—		(80)
Balance at April 2, 2022	$	874	$	424	$	120	$	1,418

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