Intangible Assets and Goodwill

6 Months Ended

Sep. 28, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

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



	September 28, 2019				March 30, 2019
Definite-lived intangible assets:
Reacquired Rights	$	400			$	400
Trademarks	23				23
Key Money ⁽¹⁾	68				96
Customer Relationships	398			⁽²⁾	415
Total definite-lived intangible assets	889				934
Less: accumulated amortization	(164		)		(143		)
Net definite-lived intangible assets	725				791

Indefinite-lived intangible assets:
Jimmy Choo brand	539			⁽²⁾	572
Versace brand	907			⁽²⁾	930
	1,446				1,502

Total intangible assets, excluding goodwill	$	2,171			$	2,293

Goodwill	$	1,598		⁽²⁾	$	1,659


⁽¹⁾	The March 30, 2019 balance includes certain lease rights that were reclassified to the operating lease right-of-use asset as part of the adoption of ASU 2016-02.


⁽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 September 28, 2019 and September 29, 2018 was $13 million and $8 million, respectively, and was $26 million and $17 million, respectively, for the six months ended September 28, 2019 and September 29, 2018. During the three and six months ended September 28, 2019, the Company recorded impairment charges of $1 million and $6 million, respectively, primarily related to intangible assets associated with its premier Michael Kors store locations (see Note 13 for further information). Impairment charges recorded during the three and six months ended September 29, 2018 were $1 million and $2 million, respectively. There were no goodwill or other indefinite-lived intangible asset impairment charges recorded during any of the periods presented.