Intangible Assets and Goodwill

9 Months Ended

Dec. 30, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

The following table details the carrying values of the Company’s intangible assets other than goodwill (in millions):



	December 30, 2017			April 1, 2017
Definite-lived intangible assets:
Reacquired Rights	$	400.4		$	400.4
Trademarks	23.0			23.0
Lease Rights	78.9			74.2
Customer Relationships	223.3			5.0
Total definite-lived intangible assets	725.6			502.6
Less: accumulated amortization	(102.7		)	(84.5		)
Net definite-lived intangible assets	$	622.9		$	418.1

Indefinite-lived intangible assets:
Jimmy Choo brand	$	592.5		$	—

Amortization expense for the Company’s definite-lived intangibles assets for the three months ended December 30, 2017 and December 31, 2016 was $7.1 million and $6.3 million, respectively, and was $17.2 million and $16.0 million, respectively, for the nine months ended December 30, 2017 and December 31, 2016. During the nine months ended December 30, 2017, the Company recorded impairment charges of $4.4 million relating to its intangible assets (See Note 11 for further information).

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



Remainder of Fiscal 2018	$	8.4
Fiscal 2019	33.7
Fiscal 2020	33.6
Fiscal 2021	33.5
Fiscal 2022	33.3
Thereafter	480.4
	$	622.9

The following table details the changes in goodwill for each of the Company's reportable segments (in millions):



	MK Retail		MK Wholesale		MK Licensing		Jimmy Choo		Total
Balance at April 1, 2017	$	91.9	$	25.9	$	1.9	$	—	$	119.7
Acquisition of Jimmy Choo	—		—		—		684.9		684.9
Foreign currency translation	—		—		—		17.4		17.4
Balance at December 30, 2017	$	91.9	$	25.9	$	1.9	$	702.3	$	822.0

Goodwill is not amortized but will be evaluated for impairment in the fourth quarter of Fiscal 2018, or whenever impairment indicators exist. There were no goodwill impairment charges recorded during the three and nine months ended December 30, 2017 and December 31, 2016.

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

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