Goodwill and Other Intangible Assets

12 Months Ended

Apr. 01, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

The following table details the changes in goodwill for each of the Company's segments during Fiscal 2023 and Fiscal 2022:


	North America		Europe		Asia		Other Non-reportable Segments		Total
	(millions)
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
Foreign currency translation	—		(4.2)		(5.6)		—		(9.8)
Balance at April 1, 2023	$	421.8	$	281.8	$	63.3	$	132.0	$	898.9

Based on the results of the Company's goodwill impairment testing in Fiscal 2023, Fiscal 2022, and Fiscal 2021, 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 1, 2023						April 2, 2022
	Gross Carrying Amount		Accum. Amort.		Net		Gross Carrying Amount		Accum. Amort.		Net
	(millions)
Intangible assets subject to amortization:
Re-acquired licensed trademarks	$	226.3	$	(174.7)	$	51.6	$	228.6	$	(168.8)	$	59.8
Customer relationships	239.8		(211.9)		27.9		245.8		(212.3)		33.5
Other	10.1		(8.0)		2.1		10.1		(7.8)		2.3
Total intangible assets subject to amortization	476.2		(394.6)		81.6		484.5		(388.9)		95.6
Intangible assets not subject to amortization:
Trademarks and brands	7.3		N/A		7.3		7.3		N/A		7.3
Total intangible assets	$	483.5	$	(394.6)	$	88.9	$	491.8	$	(388.9)	$	102.9

Amortization Expense

Amortization expense was $14.0 million, $17.9 million, and $20.2 million during Fiscal 2023, Fiscal 2022, and Fiscal 2021, 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 1, 2023, the expected amortization expense for each of the next five fiscal years and thereafter is as follows:


	Amortization Expense
	(millions)
Fiscal 2024	$	13.2
Fiscal 2025	12.9
Fiscal 2026	10.7
Fiscal 2027	10.0
Fiscal 2028	10.0
Fiscal 2029 and thereafter	24.8
Total	$	81.6

The expected future amortization expense above reflects weighted-average estimated remaining useful lives of 7.1 years for re-acquired licensed trademarks, 6.9 years for customer relationships, and 7.1 years for the Company's finite-lived intangible assets in total.