Intangible Assets and Goodwill (Tables)

12 Months Ended

Mar. 30, 2019

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



	March 30, 2019						March 31, 2018
	Gross Carrying Amount		Accumulated Amortization ⁽¹⁾		Net		Gross Carrying Amount		Accumulated Amortization ⁽¹⁾		Net
Definite-lived intangible assets:
Reacquired rights	$	400	$	45	$	355	$	400	$	29	$	371
Trademarks	23		19		4		23		17		6
Lease rights	96		56		40		80		58		22
Customer relationships	415		23		392		231		8		223
	934		143		791		734		112		622

Indefinite-lived intangible assets:
Jimmy Choo brand ⁽²⁾	572		—		572		614		—		614
Versace brand	930		—		930		—		—		—
	1,502		—		1,502		614		—		614

Total intangible assets, excluding goodwill	$	2,436	$	143	$	2,293	$	1,348	$	112	$	1,236

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⁽¹⁾	Includes $2 million, $5 million and $30 million, respectively, of impairment charges recorded during Fiscal 2019, Fiscal 2018 and Fiscal 2017 in connection with underperforming full-price retail stores. See Note 13 for additional information.


⁽²⁾	The change in carrying value relates to foreign currency translation.

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



	March 30, 2019						March 31, 2018
	Gross Carrying Amount		Accumulated Amortization ⁽¹⁾		Net		Gross Carrying Amount		Accumulated Amortization ⁽¹⁾		Net
Definite-lived intangible assets:
Reacquired rights	$	400	$	45	$	355	$	400	$	29	$	371
Trademarks	23		19		4		23		17		6
Lease rights	96		56		40		80		58		22
Customer relationships	415		23		392		231		8		223
	934		143		791		734		112		622

Indefinite-lived intangible assets:
Jimmy Choo brand ⁽²⁾	572		—		572		614		—		614
Versace brand	930		—		930		—		—		—
	1,502		—		1,502		614		—		614

Total intangible assets, excluding goodwill	$	2,436	$	143	$	2,293	$	1,348	$	112	$	1,236

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⁽¹⁾	Includes $2 million, $5 million and $30 million, respectively, of impairment charges recorded during Fiscal 2019, Fiscal 2018 and Fiscal 2017 in connection with underperforming full-price retail stores. See Note 13 for additional information.

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

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



	Versace			Jimmy Choo			Michael Kors ⁽¹⁾		Total
Balance at April 1, 2017	$	—		$	—		$	120	$	120
Acquisition of Jimmy Choo	—			685			—		685
Foreign currency translation	—			43			—		43
Balance at March 31, 2018	—			728			120		848
Acquisition of Versace ⁽²⁾	878			—			—		878
Foreign currency translation	(17		)	(50		)	—		(67		)
Balance at March 30, 2019	$	861		$	678		$	120	$	1,659


⁽¹⁾	In connection with the realignment of the Company’s reportable segment structure, the Company presented the carrying amount of goodwill of MK Retail, MK Wholesale and MK Licensing reporting units within the Michael Kors reportable segment, effective beginning in the fourth quarter of Fiscal 2019.


⁽²⁾	See Note 4 for additional information.