Annual report pursuant to Section 13 and 15(d)

INTANGIBLE ASSETS

v3.21.1
INTANGIBLE ASSETS
 12 Months Ended
Apr. 03, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS INTANGIBLE ASSETS
(In thousands) Weighted
Average
Amortization
Period		 Amortization
Method		 Cost Accumulated
Amortization		 Net
Carrying
Amount
March 2021
Amortizable intangible assets:
Customer relationships 19 years Accelerated $ 263,842  $ 146,635  $ 117,207 
License agreements 20 years Accelerated 6,747  4,299  2,448 
Other 8 years Straight-line 7,233  5,247  1,986 
Amortizable intangible assets, net 121,641 
Indefinite-lived intangible assets:
Trademarks and trade names 2,907,904 
Intangible assets, net $ 3,029,545 
(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 
The acquired Supreme® trademark is included as an indefinite-lived intangible asset as of March 2021. Refer to Note 3 for additional information.
VF recorded impairment charges of $20.4 million in the year ended March 2021 primarily due to the write-off of certain trademark and customer relationship balances, which resulted from strategic actions taken by the Company.
VF did not record any impairment charges in the years ended March 2020 or 2019.
Amortization expense for the years ended March 2021, 2020 and 2019 was $17.5 million, $18.7 million and $20.5 million, respectively. Estimated amortization expense for the next five fiscal years is $15.6 million, $14.6 million, $14.1 million, $13.6 million and $12.5 million, respectively.