Goodwill and Other Intangible Assets

12 Months Ended

Apr. 02, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

The following table details the changes in goodwill for each of the Company's segments during Fiscal 2022 and Fiscal 2021:


	North America		Europe		Asia		Other Non-reportable Segments		Total
	(millions)
Balance at March 28, 2020	$	421.8	$	285.1	$	76.6	$	132.0	$	915.5
Foreign currency translation	—		18.9		0.2		—		19.1
Balance at March 27, 2021	421.8		304.0		76.8		132.0		934.6
Foreign currency translation	—		(18.0)		(7.9)		—		(25.9)
Balance at April 2, 2022	$	421.8	$	286.0	$	68.9	$	132.0	$	908.7

Based on the results of the Company's goodwill impairment testing in Fiscal 2022, Fiscal 2021, and Fiscal 2020, no goodwill impairment charges were recorded. See Note 12 for further discussion of the Company's goodwill impairment testing.

Other Intangible Assets

Other intangible assets consist of the following:


	April 2, 2022						March 27, 2021
	Gross Carrying Amount		Accum. Amort.		Net		Gross Carrying Amount		Accum. Amort.		Net
	(millions)
Intangible assets subject to amortization:
Re-acquired licensed trademarks	$	228.6	$	(168.8)	$	59.8	$	231.7	$	(163.6)	$	68.1
Customer relationships	245.8		(212.3)		33.5		254.3		(211.0)		43.3
Other	10.1		(7.8)		2.3		10.1		(7.7)		2.4
Total intangible assets subject to amortization	484.5		(388.9)		95.6		496.1		(382.3)		113.8
Intangible assets not subject to amortization:
Trademarks and brands	7.3		N/A		7.3		7.3		N/A		7.3
Total intangible assets	$	491.8	$	(388.9)	$	102.9	$	503.4	$	(382.3)	$	121.1

Amortization Expense

Amortization expense was $17.9 million, $20.2 million, and $22.9 million during Fiscal 2022, Fiscal 2021, and Fiscal 2020, respectively, and is recorded within SG&A expenses in the consolidated statements of operations.

Based on the balance of the Company's finite-lived intangible assets subject to amortization as of April 2, 2022, the expected amortization expense for each of the next five fiscal years and thereafter is as follows:


	Amortization Expense
	(millions)
Fiscal 2023	$	14.0
Fiscal 2024	13.2
Fiscal 2025	12.9
Fiscal 2026	10.7
Fiscal 2027	10.0
Fiscal 2028 and thereafter	34.8
Total	$	95.6

The expected future amortization expense above reflects weighted-average estimated remaining useful lives of 8.0 years for re-acquired licensed trademarks, 7.5 years for customer relationships, and 7.9 years for the Company's finite-lived intangible assets in total.