Intangible Assets and Goodwill

3 Months Ended

Dec. 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):


	December 28, 2019		March 30, 2019
Definite-lived intangible assets:
Reacquired Rights	$	400	$	400
Trademarks	23		23
Key Money ⁽¹⁾	68		96
Customer Relationships	415		415
Total definite-lived intangible assets	906		934
Less: accumulated amortization	(181)		(143)
Net definite-lived intangible assets	725		791

Indefinite-lived intangible assets:
Jimmy Choo brand	574		572
Versace brand	926		930
	1,500		1,502

Total intangible assets, excluding goodwill	$	2,225	$	2,293

Goodwill ⁽²⁾	$	1,681	$	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 primarily relates to the goodwill adjustment discussed in Note 5.

Amortization expense for the Company’s definite-lived intangible assets for the three months ended December 28, 2019 and December 29, 2018 was $13 million and $7 million, respectively, and was $39 million and $24 million, respectively, for the nine months ended December 28, 2019 and December 29, 2018. During the three and nine months ended December 28, 2019, the Company recorded impairment charges of $2 million and $8 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 nine months ended December 29, 2018 were $2 million. There were no goodwill or other indefinite-lived intangible asset impairment charges recorded during any of the periods presented.