VF Corporation Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

INTANGIBLE ASSETS

INTANGIBLE ASSETS

12 Months Ended

Mar. 28, 2020

Goodwill and Intangible Assets Disclosure [Abstract]



(In thousands)	Weighted Average Amortization Period	Amortization Method	Cost		Accumulated Amortization		Net Carrying Amount
March 2020
Amortizable intangible assets:
Customer relationships	18 years	Accelerated	$	276,485	$	139,468	$	137,017
License agreements	19 years	Accelerated	7,467		4,919		2,548
Other	8 years	Straight-line	8,019		5,110		2,909
Amortizable intangible assets, net							142,474
Indefinite-lived intangible assets:
Trademarks and trade names							1,712,071
Intangible assets, net							$	1,854,545



(In thousands)	Weighted Average Amortization Period	Amortization Method	Cost		Accumulated Amortization		Net Carrying Amount
March 2019
Amortizable intangible assets:
Customer relationships	18 years	Accelerated	$	283,883	$	125,106	$	158,777
License agreements	19 years	Accelerated	7,536		4,729		2,807
Other	8 years	Straight-line	8,112		4,136		3,976
Amortizable intangible assets, net							165,560
Indefinite-lived intangible assets:
Trademarks and trade names							1,741,897
Intangible assets, net							$	1,907,457

Intangible assets decreased during the year ended March 2020 due to amortization and the impact of foreign currency fluctuations.

VF did not record any impairment charges in the years ended March 2020 or 2019, the three months ended March 2018 or the year ended December 2017.

Amortization expense for the years ended March 2020 and 2019, the three months ended March 2018 and the year ended December 2017 was $18.7 million, $20.5 million, $5.0 million and $14.2 million, respectively. Estimated amortization expense for the next five fiscal years is $17.3 million, $16.2 million, $15.0 million, $14.5 million and $14.1 million, respectively.