Intangible Assets and Goodwill

9 Months Ended

Dec. 31, 2022

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 31, 2022		April 2, 2022
Definite-lived intangible assets:
Reacquired rights	$	400	$	400
Trademarks	23		23
Customer relationships (1)	391		414
Gross definite-lived intangible assets	814		837
Less: accumulated amortization	(256)		(228)
Net definite-lived intangible assets	558		609
Indefinite-lived intangible assets:
Jimmy Choo brand (2)	297		321
Versace brand (1)	888		917
Net indefinite-lived intangible assets	1,185		1,238
Total intangible assets, excluding goodwill	$	1,743	$	1,847
Goodwill (3)	$	1,358	$	1,418

(1)The change in the carrying value since April 2, 2022 reflects the impact of foreign currency translation.

(2)Includes accumulated impairment of $249 million as of December 31, 2022 and April 2, 2022. The change in the carrying value since April 2, 2022 reflects the impact of foreign currency translation.

(3)Includes accumulated impairment of $265 million related to the Jimmy Choo reporting units as of December 31, 2022 and April 2, 2022. The change in the carrying value since April 2, 2022 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 31, 2022 was $11 million and $34 million, respectively. 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.