Intangible Assets and Goodwill

3 Months Ended

Jun. 29, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

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



	June 29, 2019				March 30, 2019
Definite-lived intangible assets:
Reacquired Rights	$	400			$	400
Trademarks	23				23
Key Money ⁽¹⁾	71				96
Customer Relationships	412			⁽²⁾	415
Total definite-lived intangible assets	906				934
Less: accumulated amortization	(155		)		(143		)
Net definite-lived intangible assets	751				791

Indefinite-lived intangible assets:
Jimmy Choo brand	557			⁽²⁾	572
Versace brand	942			⁽²⁾	930
	1,499				1,502

Total intangible assets, excluding goodwill	$	2,250			$	2,293

Goodwill	$	1,652		⁽²⁾	$	1,659


⁽¹⁾	The March 30, 2019 balance includes certain lease rights that were reclassified to the right-of-use asset as part of the adoption of ASC 842.


⁽²⁾	The change in the carrying values since March 30, 2019 reflects currency translation.

Amortization expense for the Company’s definite-lived intangible assets for the three months ended June 29, 2019 and June 30, 2018 was $13 million and $9 million, respectively. During the three months ended June 29, 2019, the Company recorded impairment charges of $5 million related to intangible assets associated with its premier Michael Kors store locations (see Note 13 for further information). Impairment charges recorded during the three months ended June 30, 2018 were $1 million. There were no goodwill or other indefinite-lived intangible asset impairment charges recorded during any of the periods presented.