Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Dec. 28, 2019 | Jan. 31, 2020 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Dec. 28, 2019 | |
Document Transition Report | false | |
Entity File Number | 001-13057 | |
Entity Registrant Name | Ralph Lauren Corporation | |
Entity Central Index Key | 0001037038 | |
Current Fiscal Year End Date | --03-28 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 13-2622036 | |
Entity Address, Address Line One | 650 Madison Avenue, | |
Entity Address, City or Town | New York, | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10022 | |
City Area Code | 212 | |
Local Phone Number | 318-7000 | |
Title of 12(b) Security | Class A Common Stock, $.01 par value | |
Trading Symbol | RL | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Class A common stock | ||
Entity Common Stock, Shares Outstanding | 48,861,815 | |
Class B common stock | ||
Entity Common Stock, Shares Outstanding | 24,881,276 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Dec. 28, 2019 | Mar. 30, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 1,079.9 | $ 584.1 |
Short-term investments | 828.5 | 1,403.4 |
Accounts receivable, net of allowances of $201.5 million and $192.2 million | 349.4 | 398.1 |
Inventories | 904.6 | 817.8 |
Income tax receivable | 32.3 | 32.1 |
Prepaid expenses and other current assets | 254.2 | 359.3 |
Total current assets | 3,448.9 | 3,594.8 |
Property and equipment, net | 1,028.2 | 1,039.2 |
Operating lease right-of-use assets | 1,573.4 | 0 |
Deferred tax assets | 240.6 | 67 |
Goodwill | 917.1 | 919.6 |
Intangible assets, net | 146.2 | 163.7 |
Other non-current assets | 91.5 | 158.5 |
Total assets | 7,445.9 | 5,942.8 |
Current liabilities: | ||
Current portion of long-term debt | 298.1 | 0 |
Accounts payable | 267.6 | 202.3 |
Income tax payable | 69.1 | 29.4 |
Current operating lease liabilities | 287.5 | 0 |
Accrued expenses and other current liabilities | 853.1 | 968.4 |
Total current liabilities | 1,775.4 | 1,200.1 |
Long-term debt | 396.3 | 689.1 |
Long-term operating lease liabilities | 1,637.5 | 0 |
Income tax payable | 132.7 | 146.7 |
Non-current liability for unrecognized tax benefits | 70.6 | 78.8 |
Other non-current liabilities | 316.9 | 540.9 |
Commitments and contingencies (Note 14) | ||
Total liabilities | 4,329.4 | 2,655.6 |
Equity: | ||
Additional paid-in-capital | 2,566.7 | 2,493.8 |
Retained earnings | 6,292.8 | 5,979.1 |
Treasury stock, Class A, at cost; 56.0 million and 50.7 million shares | (5,625.7) | (5,083.6) |
Accumulated other comprehensive loss | (118.6) | (103.4) |
Total equity | 3,116.5 | 3,287.2 |
Total liabilities and equity | 7,445.9 | 5,942.8 |
Class A common stock, par value $.01 per share; 104.8 million and 102.9 million shares issued; 48.8 million and 52.2 million shares outstanding | ||
Equity: | ||
Common stock | 1 | 1 |
Class B common stock, par value $.01 per share; 24.9 million issued and outstanding; 25.9 million shares issued and outstanding | ||
Equity: | ||
Common stock | $ 0.3 | $ 0.3 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) shares in Millions, $ in Millions | Dec. 28, 2019 | Mar. 30, 2019 |
Allowance on accounts receivable | $ 201.5 | $ 192.2 |
Class A common stock, par value $.01 per share; 104.8 million and 102.9 million shares issued; 48.8 million and 52.2 million shares outstanding | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares issued | 104.8 | 102.9 |
Common stock, shares outstanding | 48.8 | 52.2 |
Treasury stock, shares | 56 | 50.7 |
Class B common stock, par value $.01 per share; 24.9 million issued and outstanding; 25.9 million shares issued and outstanding | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares issued | 24.9 | 25.9 |
Common stock, shares outstanding | 24.9 | 25.9 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | |
Income Statement [Abstract] | ||||
Net revenues | $ 1,750.7 | $ 1,725.8 | $ 4,885.7 | $ 4,807.3 |
Cost of goods sold | (661.6) | (666.3) | (1,826.8) | (1,822.8) |
Gross profit | 1,089.1 | 1,059.5 | 3,058.9 | 2,984.5 |
Other costs and expenses | ||||
Selling, general, and administrative expenses | (843.3) | (823.4) | (2,385.3) | (2,358.9) |
Impairment of assets | (14.4) | (2.2) | (21.7) | (13.3) |
Restructuring and other charges | (7) | (40.1) | (51.1) | (78.4) |
Total other operating expenses, net | (864.7) | (865.7) | (2,458.1) | (2,450.6) |
Operating income | 224.4 | 193.8 | 600.8 | 533.9 |
Interest expense | (4.2) | (5.2) | (12.8) | (15.6) |
Interest income | 7.3 | 9.9 | 28.5 | 29.5 |
Other income (expense), net | 2.9 | 1 | (2.9) | (0.6) |
Income before income taxes | 230.4 | 199.5 | 613.6 | 547.2 |
Income tax benefit (provision) | 103.7 | (79.5) | 19.7 | (147.9) |
Net income | $ 334.1 | $ 120 | $ 633.3 | $ 399.3 |
Net income per common share: | ||||
Basic | $ 4.47 | $ 1.50 | $ 8.28 | $ 4.92 |
Diluted | $ 4.41 | $ 1.48 | $ 8.13 | $ 4.85 |
Weighted average common shares outstanding: | ||||
Basic | 74.7 | 80.2 | 76.5 | 81.1 |
Diluted | 75.8 | 81.2 | 77.9 | 82.3 |
Dividends declared per share | $ 0.6875 | $ 0.625 | $ 2.0625 | $ 1.875 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 334.1 | $ 120 | $ 633.3 | $ 399.3 |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Foreign currency translation gains (losses) | 5.5 | (0.3) | (10.4) | (37.2) |
Net gains (losses) on cash flow hedges | (8.6) | 6.8 | (4.7) | 34.3 |
Net gains (losses) on defined benefit plans | (0.1) | 0 | (0.1) | 0.1 |
Other comprehensive income (loss), net of tax | (3.2) | 6.5 | (15.2) | (2.8) |
Total comprehensive income | $ 330.9 | $ 126.5 | $ 618.1 | $ 396.5 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 9 Months Ended | |
Dec. 28, 2019 | Dec. 29, 2018 | |
Cash flows from operating activities: | ||
Net income | $ 633.3 | $ 399.3 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization expense | 201 | 212 |
Deferred income tax expense (benefit) | (155.7) | 13.7 |
Loss on sale of property | 0 | 11.6 |
Non-cash stock-based compensation expense | 72.9 | 65.3 |
Non-cash impairment of assets | 21.7 | 13.3 |
Non-cash restructuring-related inventory charges | 1 | 3.1 |
Other non-cash charges | 1.6 | 7.6 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 46.9 | 105.9 |
Inventories | (90) | (179.3) |
Prepaid expenses and other current assets | (30.4) | (75.7) |
Accounts payable and accrued liabilities | 56.3 | 24.9 |
Income tax receivables and payables | 16.1 | 82.7 |
Deferred income | 0.6 | (10.6) |
Other balance sheet changes | (27.3) | 9.3 |
Net cash provided by operating activities | 748 | 683.1 |
Cash flows from investing activities: | ||
Capital expenditures | (216) | (149.2) |
Purchases of investments | (890.1) | (2,627.8) |
Proceeds from sales and maturities of investments | 1,510.3 | 1,975.2 |
Acquisitions and ventures | 0.9 | (4.5) |
Proceeds from sale of property | 20.8 | 20 |
Settlement of net investment hedges | 0 | (23.8) |
Net cash provided by (used in) investing activities | 425.9 | (810.1) |
Cash flows from financing activities: | ||
Repayments of short-term debt | 0 | (9.9) |
Proceeds from Issuance of long-term debt | 0 | (398.1) |
Repayments of long-term debt | 0 | (300) |
Payments of finance lease obligations | (10.6) | (14.8) |
Payments of dividends | (153.2) | (141.6) |
Repurchases of common stock, including shares surrendered for tax withholdings | (542.1) | (431.9) |
Proceeds from exercises of stock options | 0 | 21.8 |
Other financing activities | (0.9) | (2.8) |
Net cash used in financing activities | (706.8) | (481.1) |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (4.2) | (23.9) |
Net increase (decrease) in cash, cash equivalents, and restricted cash | 462.9 | (632) |
Cash, cash equivalents, and restricted cash at beginning of period | 626.5 | 1,355.5 |
Cash, cash equivalents, and restricted cash at end of period | $ 1,089.4 | $ 723.5 |
Consolidated Statements of Equi
Consolidated Statements of Equity (Unaudited) - USD ($) shares in Millions, $ in Millions | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | AOCI [Member] | [2] | ||
Beginning balance, shares at Mar. 31, 2018 | 127.9 | [1] | 46.6 | ||||||
Beginning balance at Mar. 31, 2018 | $ 3,457.4 | $ 1.3 | [1] | $ 2,383.4 | $ 5,752.2 | $ (4,581) | $ (98.5) | ||
Comprehensive Income | |||||||||
Net income | 399.3 | 399.3 | |||||||
Other comprehensive loss | (2.8) | (2.8) | |||||||
Total comprehensive income | 396.5 | ||||||||
Dividends declared | (150.1) | (150.1) | |||||||
Repurchases of common stock, shares | 3.5 | ||||||||
Repurchases of common stock | (431.9) | $ (431.9) | |||||||
Stock-based compensation | 65.3 | 65.3 | |||||||
Shares issued pursuant to stock-based compensation plans, shares | [1] | 0.9 | |||||||
Shares issued pursuant to stock-based compensation plans | 21.8 | $ 0 | [1] | 21.8 | |||||
Cumulative adjustment from adoption of new accounting standards | (5.1) | (5.1) | |||||||
Ending balance, shares at Dec. 29, 2018 | 128.8 | [1] | 50.1 | ||||||
Ending balance at Dec. 29, 2018 | 3,353.9 | $ 1.3 | [1] | 2,470.5 | 5,996.3 | $ (5,012.9) | (101.3) | ||
Beginning balance, shares at Sep. 29, 2018 | 128.8 | [1] | 48.3 | ||||||
Beginning balance at Sep. 29, 2018 | 3,462 | $ 1.3 | [1] | 2,448 | 5,925.4 | $ (4,804.9) | (107.8) | ||
Comprehensive Income | |||||||||
Net income | 120 | 120 | |||||||
Other comprehensive loss | 6.5 | 6.5 | |||||||
Total comprehensive income | 126.5 | ||||||||
Dividends declared | (49.1) | (49.1) | |||||||
Repurchases of common stock, shares | 1.8 | ||||||||
Repurchases of common stock | (208) | $ (208) | |||||||
Stock-based compensation | 22.5 | 22.5 | |||||||
Ending balance, shares at Dec. 29, 2018 | 128.8 | [1] | 50.1 | ||||||
Ending balance at Dec. 29, 2018 | 3,353.9 | $ 1.3 | [1] | 2,470.5 | 5,996.3 | $ (5,012.9) | (101.3) | ||
Beginning balance, shares at Mar. 30, 2019 | 128.8 | [1] | 50.7 | ||||||
Beginning balance at Mar. 30, 2019 | 3,287.2 | $ 1.3 | [1] | 2,493.8 | 5,979.1 | $ (5,083.6) | (103.4) | ||
Comprehensive Income | |||||||||
Net income | 633.3 | 633.3 | |||||||
Other comprehensive loss | (15.2) | (15.2) | |||||||
Total comprehensive income | 618.1 | ||||||||
Dividends declared | (155.1) | (155.1) | |||||||
Repurchases of common stock, shares | 5.3 | ||||||||
Repurchases of common stock | (542.1) | $ (542.1) | |||||||
Stock-based compensation | 72.9 | 72.9 | |||||||
Shares issued pursuant to stock-based compensation plans, shares | [1] | 0.9 | |||||||
Shares issued pursuant to stock-based compensation plans | 0 | $ 0 | [1] | 0 | |||||
Cumulative adjustment from adoption of new accounting standards | (164.5) | (164.5) | |||||||
Ending balance, shares at Dec. 28, 2019 | 129.7 | [1] | 56 | ||||||
Ending balance at Dec. 28, 2019 | 3,116.5 | $ 1.3 | [1] | 2,566.7 | 6,292.8 | $ (5,625.7) | (118.6) | ||
Beginning balance, shares at Sep. 28, 2019 | 129.7 | [1] | 55.1 | ||||||
Beginning balance at Sep. 28, 2019 | 2,913.6 | $ 1.3 | [1] | 2,544.6 | 6,009.4 | $ (5,526.3) | (115.4) | ||
Comprehensive Income | |||||||||
Net income | 334.1 | 334.1 | |||||||
Other comprehensive loss | (3.2) | (3.2) | |||||||
Total comprehensive income | 330.9 | ||||||||
Dividends declared | (50.7) | (50.7) | |||||||
Repurchases of common stock, shares | 0.9 | ||||||||
Repurchases of common stock | (99.4) | $ (99.4) | |||||||
Stock-based compensation | 22.1 | 22.1 | |||||||
Ending balance, shares at Dec. 28, 2019 | 129.7 | [1] | 56 | ||||||
Ending balance at Dec. 28, 2019 | $ 3,116.5 | $ 1.3 | [1] | $ 2,566.7 | $ 6,292.8 | $ (5,625.7) | $ (118.6) | ||
[1] | Includes Class A and Class B common stock. | ||||||||
[2] | Accumulated other comprehensive income (loss). |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Unaudited) (Parenthetical) shares in Millions | 9 Months Ended |
Dec. 28, 2019shares | |
Statement of Stockholders' Equity [Abstract] | |
Conversion of Stock, Shares Converted | 1 |
Description of Business
Description of Business | 9 Months Ended |
Dec. 28, 2019 | |
Description of Business [Abstract] | |
Description of Business | Description of Business Ralph Lauren Corporation ("RLC") is a global leader in the design, marketing, and distribution of premium lifestyle products, including apparel, footwear, accessories, home furnishings, fragrances, and hospitality. RLC's long-standing reputation and distinctive image have been developed across an expanding number of products, brands, sales channels, and international markets. RLC's brand names include Ralph Lauren, Ralph Lauren Collection, Ralph Lauren Purple Label, Polo Ralph Lauren, Double RL, Lauren Ralph Lauren, Polo Ralph Lauren Children, Chaps, and Club Monaco, among others. RLC and its subsidiaries are collectively referred to herein as the "Company," "we," "us," "our," and "ourselves," unless the context indicates otherwise. The Company diversifies its business by geography (North America, Europe, and Asia, among other regions) and channel of distribution (retail, wholesale, and licensing). This allows the Company to maintain a dynamic balance as its operating results do not depend solely on the performance of any single geographic area or channel of distribution. The Company sells directly to consumers through its integrated retail channel, which includes its retail stores, concession-based shop-within-shops, and digital commerce operations around the world. The Company's wholesale sales are made principally to major department stores and specialty stores around the world, as well as to certain third party-owned stores to which the Company has licensed the right to operate in defined geographic territories using its trademarks. In addition, the Company licenses to third parties for specified periods the right to access its various trademarks in connection with the licensees' manufacture and sale of designated products, such as certain apparel, eyewear, fragrances, and home furnishings. The Company organizes its business into the following three reportable segments: North America, Europe, and Asia. In addition to these reportable segments, the Company also has other non-reportable segments. See Note 18 for further discussion of the Company's segment reporting structure. |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Dec. 28, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation Interim Financial Statements These interim consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the "SEC") and are unaudited. In the opinion of management, these consolidated financial statements contain all normal and recurring adjustments necessary to present fairly the consolidated financial position, income, comprehensive income, and cash flows of the Company for the interim periods presented. In addition, certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the U.S. ("U.S. GAAP") and the notes thereto have been condensed or omitted from this report as is permitted by the SEC's rules and regulations. However, the Company believes that the disclosures provided herein are adequate to prevent the information presented from being misleading. This report should be read in conjunction with the Company's Annual Report on Form 10-K filed with the SEC for the fiscal year ended March 30, 2019 (the "Fiscal 2019 10-K"). Basis of Consolidation These unaudited interim consolidated financial statements present the consolidated financial position, income, comprehensive income, and cash flows of the Company, including all entities in which the Company has a controlling financial interest and is determined to be the primary beneficiary. All significant intercompany balances and transactions have been eliminated in consolidation. Fiscal Periods The Company utilizes a 52-53 week fiscal year ending on the Saturday closest to March 31. As such, fiscal year 2020 will end on March 28, 2020 and will be a 52-week period ("Fiscal 2020 "). Fiscal year 2019 ended on March 30, 2019 and was also a 52-week period ("Fiscal 2019 "). The third quarter of Fiscal 2020 ended on December 28, 2019 and was a 13-week period. The third quarter of Fiscal 2019 ended on December 29, 2018 and was also a 13-week period. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the amounts reported in the financial statements and notes thereto. Actual results could differ materially from those estimates. Significant estimates inherent in the preparation of the consolidated financial statements include reserves for bad debt, customer returns, discounts, end-of-season markdowns, operational chargebacks, and certain cooperative advertising allowances; the realizability of inventory; reserves for litigation and other contingencies; useful lives and impairments of long-lived tangible and intangible assets; fair value measurements; accounting for income taxes and related uncertain tax positions; valuation of stock-based compensation awards and related pre-vesting forfeiture rates; reserves for restructuring activity; and accounting for business combinations, among others. Reclassifications Certain reclassifications have been made to prior period financial information in order to conform to the current period's presentation, including a change to the Company's segment reporting structure as further described in Note 18 . Seasonality of Business The Company's business is typically affected by seasonal trends, with higher levels of retail sales in its second and third fiscal quarters and higher wholesale sales in its second and fourth fiscal quarters. These trends result primarily from the timing of key vacation travel, back-to-school, and holiday shopping periods impacting its retail business and the timing of seasonal wholesale shipments. As a result of changes in its business, consumer spending patterns, and the macroeconomic environment, historical quarterly operating trends and working capital requirements may not be indicative of the Company's future performance. In addition, fluctuations in sales, operating income, and cash flows in any fiscal quarter may be affected by other events affecting retail sales, such as changes in weather patterns. Accordingly, the Company's operating results and cash flows for the three-month and nine-month periods ended December 28, 2019 are not necessarily indicative of the operating results and cash flows that may be expected for the full Fiscal 2020 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Dec. 28, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Revenue Recognition The Company recognizes revenue across all channels of the business when it satisfies its performance obligations by transferring control of promised products or services to its customers, which occurs either at a point in time or over time, depending on when the customer obtains the ability to direct the use of and obtain substantially all of the remaining benefits from the products or services. The amount of revenue recognized considers terms of sale that create variability in the amount of consideration that the Company ultimately expects to be entitled to in exchange for the products or services, and is subject to an overall constraint that a significant revenue reversal will not occur in future periods. Sales and other related taxes collected from customers and remitted to government authorities are excluded from revenue. Revenue from the Company's retail business is recognized when the customer takes physical possession of the products, which occurs either at the point of sale for merchandise purchased at the Company's retail stores and concession-based shop-within-shops, or upon receipt of shipment for merchandise ordered through direct-to-consumer digital commerce sites. Such revenues are recorded net of estimated returns based on historical trends. Payment is due at the point of sale. Gift cards issued to customers by the Company are recorded as a liability until they are redeemed, at which point revenue is recognized. The Company also estimates and recognizes revenue for gift card balances not expected to ever be redeemed (referred to as "breakage") to the extent that it does not have a legal obligation to remit the value of such unredeemed gift cards to the relevant jurisdiction as unclaimed or abandoned property. Such estimates are based upon historical redemption trends, with breakage income recognized in proportion to the pattern of actual customer redemptions. Revenue from the Company's wholesale business is generally recognized upon shipment of products, at which point title passes and risk of loss is transferred to the customer. In certain arrangements where the Company retains the risk of loss during shipment, revenue is recognized upon receipt of products by the customer. Wholesale revenue is recorded net of estimates of returns, discounts, end-of-season markdowns, operational chargebacks, and certain cooperative advertising allowances. Returns and allowances require pre-approval from management and discounts are based on trade terms. Estimates for end-of-season markdown reserves are based on historical trends, actual and forecasted seasonal results, an evaluation of current economic and market conditions, retailer performance, and, in certain cases, contractual terms. Estimates for operational chargebacks are based on actual customer notifications of order fulfillment discrepancies and historical trends. The Company reviews and refines these estimates on at least a quarterly basis. The Company's historical estimates of these amounts have not differed materially from actual results. Revenue from the Company's licensing arrangements is recognized over time during the period that licensees are provided access to the Company's trademarks (i.e., symbolic intellectual property) and benefit from such access through their sales of licensed products. These arrangements require licensees to pay a sales-based royalty, which for most arrangements may be subject to a contractually-guaranteed minimum royalty amount. Payments are generally due quarterly and, depending on time of receipt, may be recorded as a liability until recognized as revenue. The Company recognizes revenue for sales-based royalty arrangements (including those for which the royalty exceeds any contractually-guaranteed minimum royalty amount) as licensed products are sold by the licensee. If a sales-based royalty is not ultimately expected to exceed a contractually-guaranteed minimum royalty amount, the minimum is recognized as revenue ratably over the contractual period. This sales-based output measure of progress and pattern of recognition best represents the value transferred to the licensee over the term of the arrangement, as well as the amount of consideration that the Company is entitled to receive in exchange for providing access to its trademarks. As of December 28, 2019 , contractually-guaranteed minimum royalty amounts expected to be recognized as revenue during future periods were as follows: Contractually-Guaranteed Minimum Royalties (a) (millions) Remainder of Fiscal 2020 $ 22.1 Fiscal 2021 117.3 Fiscal 2022 78.9 Fiscal 2023 43.4 Fiscal 2024 and thereafter 26.1 Total $ 287.8 (a) Amounts presented do not contemplate anticipated contract renewals or royalties earned in excess of contractually guaranteed minimums. Disaggregated Net Revenues The following tables disaggregate the Company's net revenues into categories that depict how the nature, amount, timing, and uncertainty of revenues and cash flows are affected by economic factors for the fiscal periods presented: Three Months Ended December 28, 2019 December 29, 2018 North America Europe Asia Other Total North America Europe Asia Other Total (millions) Sales Channel (a) : Retail $ 575.0 $ 257.2 $ 274.1 $ 63.9 $ 1,170.2 $ 543.2 $ 248.7 $ 261.4 $ 68.3 $ 1,121.6 Wholesale 335.6 180.6 15.5 2.9 534.6 365.5 176.3 13.4 1.3 556.5 Licensing — — — 45.9 45.9 — — — 47.7 47.7 Total $ 910.6 $ 437.8 $ 289.6 $ 112.7 $ 1,750.7 $ 908.7 $ 425.0 $ 274.8 $ 117.3 $ 1,725.8 Nine Months Ended December 28, 2019 December 29, 2018 North America Europe Asia Other Total North America Europe Asia Other Total (millions) Sales Channel (a) : Retail $ 1,436.0 $ 714.3 $ 753.9 $ 158.8 $ 3,063.0 $ 1,366.1 $ 688.9 $ 719.3 $ 165.6 $ 2,939.9 Wholesale 1,075.2 564.5 49.6 6.6 1,695.9 1,128.4 556.1 48.2 3.6 1,736.3 Licensing — — — 126.8 126.8 — — — 131.1 131.1 Total $ 2,511.2 $ 1,278.8 $ 803.5 $ 292.2 $ 4,885.7 $ 2,494.5 $ 1,245.0 $ 767.5 $ 300.3 $ 4,807.3 (a) Net revenues from the Company's retail and wholesale businesses are recognized at a point in time. Net revenues from the Company's licensing business are recognized over time. Deferred Income Deferred income represents cash payments received in advance of the Company's transfer of control of products or services to its customers and is generally comprised of unredeemed gift cards, net of breakage, and advance royalty payments from licensees. The Company's deferred income balances were $15.3 million and $14.8 million as of December 28, 2019 and March 30, 2019 , respectively, and were primarily recorded within accrued expenses and other current liabilities within the consolidated balance sheets. During the three-month and nine-month periods ended December 28, 2019 , the Company recognized $1.2 million and $8.4 million , respectively, of net revenues from amounts recorded as deferred income as of March 30, 2019 . The majority of the deferred income balance as of December 28, 2019 is expected to be recognized as revenue within the next twelve months. Shipping and Handling Costs Costs associated with shipping goods to the Company's customers are accounted for as fulfillment activities and reflected as a component of selling, general, and administrative ("SG&A") expenses in the consolidated statements of operations. Costs of preparing merchandise for sale, such as picking, packing, warehousing, and order charges ("handling costs"), are also included in SG&A expenses. Shipping and handling costs billed to customers are included in revenue. A summary of shipping and handling costs for the fiscal periods presented is as follows: Three Months Ended Nine Months Ended December 28, December 29, December 28, December 29, (millions) Shipping costs $ 12.3 $ 16.6 $ 34.7 $ 36.2 Handling costs 40.8 41.6 116.5 116.3 Net Income per Common Share Basic net income per common share is computed by dividing net income attributable to common shares by the weighted-average number of common shares outstanding during the period. Weighted-average common shares include shares of the Company's Class A and Class B common stock. Diluted net income per common share adjusts basic net income per common share for the dilutive effects of outstanding stock options, restricted stock units ("RSUs"), and any other potentially dilutive instruments, only in the periods in which such effects are dilutive. The weighted-average number of common shares outstanding used to calculate basic net income per common share is reconciled to shares used to calculate diluted net income per common share as follows: Three Months Ended Nine Months Ended December 28, December 29, December 28, December 29, (millions) Basic shares 74.7 80.2 76.5 81.1 Dilutive effect of stock options and RSUs 1.1 1.0 1.4 1.2 Diluted shares 75.8 81.2 77.9 82.3 All earnings per share amounts have been calculated using unrounded numbers. Options to purchase shares of the Company's Class A common stock at an exercise price greater than the average market price of the common stock during the reporting period are anti-dilutive and therefore not included in the computation of diluted net income per common share. In addition, the Company has outstanding performance-based and market-based RSUs, which are included in the computation of diluted shares only to the extent that the underlying performance or market conditions (i) have been satisfied as of the end of the reporting period or (ii) would be considered satisfied if the end of the reporting period were the end of the related contingency period and the result would be dilutive. As of December 28, 2019 and December 29, 2018 , there were 0.9 million and 1.5 million , respectively, of additional shares issuable upon exercise of anti-dilutive options and contingent vesting of performance-based RSUs that were excluded from the diluted shares calculations. Accounts Receivable In the normal course of business, the Company extends credit to wholesale customers that satisfy defined credit criteria. Payment is generally due within 30 to 120 days and does not include a significant financing component. Accounts receivable is recorded at carrying value, which approximates fair value, and is presented in the Company's consolidated balance sheets net of certain reserves and allowances. These reserves and allowances consist of (i) reserves for returns, discounts, end-of-season markdowns, operational chargebacks, and certain cooperative advertising allowances (see the " Revenue Recognition " section above for further discussion of related accounting policies) and (ii) allowances for doubtful accounts. A rollforward of the activity in the Company's reserves for returns, discounts, end-of-season markdowns, operational chargebacks, and certain cooperative advertising allowances is presented below: Three Months Ended Nine Months Ended December 28, December 29, December 28, December 29, (millions) Beginning reserve balance $ 195.5 $ 198.7 $ 176.5 $ 202.5 Amount charged against revenue to increase reserve 138.5 146.1 421.0 396.3 Amount credited against customer accounts to decrease reserve (149.4 ) (149.1 ) (411.1 ) (398.4 ) Foreign currency translation 1.1 (1.1 ) (0.7 ) (5.8 ) Ending reserve balance $ 185.7 $ 194.6 $ 185.7 $ 194.6 An allowance for doubtful accounts is determined through an analysis of accounts receivable aging, assessments of collectability based on evaluation of historical and anticipated trends, the financial condition of the Company's customers, and evaluation of the impact of economic conditions, among other factors. A rollforward of the activity in the Company's allowance for doubtful accounts is presented below: Three Months Ended Nine Months Ended December 28, December 29, December 28, December 29, (millions) Beginning reserve balance $ 15.6 $ 17.2 $ 15.7 $ 19.7 Amount recorded to expense to increase reserve (a) 0.4 1.7 1.9 1.2 Amount written-off against customer accounts to decrease reserve (0.3 ) (0.4 ) (1.7 ) (1.8 ) Foreign currency translation 0.1 (0.2 ) (0.1 ) (0.8 ) Ending reserve balance $ 15.8 $ 18.3 $ 15.8 $ 18.3 (a) Amounts recorded to bad debt expense are included within SG&A expenses in the consolidated statements of operations. Concentration of Credit Risk The Company sells its wholesale merchandise primarily to major department and specialty stores around the world, and extends credit based on an evaluation of each customer's financial capacity and condition, usually without requiring collateral. In the Company's wholesale business, concentration of credit risk is relatively limited due to the large number of customers and their dispersion across many geographic areas. However, the Company has three key wholesale customers that generate significant sales volume. During Fiscal 2019 , the Company's sales to its three largest wholesale customers accounted for approximately 19% of total net revenues. Substantially all of the Company's sales to its three largest wholesale customers related to its North America segment. As of December 28, 2019 , these three key wholesale customers constituted approximately 29% of total gross accounts receivable. Inventories The Company holds inventory that is sold in its retail stores and digital commerce sites directly to consumers. The Company also holds inventory that is sold through wholesale distribution channels to major department stores and specialty retail stores. Substantially all of the Company's inventories are comprised of finished goods, which are stated at the lower of cost or estimated realizable value, with cost determined on a weighted-average cost basis. Inventory held by the Company totaled $904.6 million , $817.8 million , and $914.5 million as of December 28, 2019 , March 30, 2019 , and December 29, 2018 , respectively. Leases As discussed in Note 4, the Company adopted a new lease accounting standard as of the beginning of Fiscal 2020. The Company's lease arrangements primarily relate to real estate, including its retail stores, concession-based shop-within-shops, corporate offices, and warehouse facilities, and to a lesser extent, certain equipment and other assets. The Company's leases generally have initial terms ranging from 3 to 15 years and may include renewal or early-termination options, rent escalation clauses, and/or lease incentives in the form of construction allowances and rent abatements. Renewal rent payment terms generally reflect market rates prevailing at the time of renewal. The Company is typically required to make fixed minimum rent payments, variable rent payments based on performance (e.g., percentage-of-sales-based payments), or a combination thereof, directly related to its right to use an underlying leased asset. The Company is also often required to pay for certain other costs that do not relate specifically to its right to use an underlying leased asset, but that are associated with the asset, including real estate taxes, insurance, common area maintenance fees, and/or certain other costs (referred to collectively herein as "non-lease components"), which may be fixed or variable in amount, depending on the terms of the respective lease agreement. The Company's leases do not contain significant residual value guarantees or restrictive covenants. The Company determines whether an arrangement contains a lease at the arrangement's inception. If a lease is determined to exist, its related term is assessed at lease commencement, once the underlying asset is made available by the lessor for the Company's use. The Company's assessment of the lease term reflects the non-cancellable period of the lease, inclusive of any rent-free periods and/or periods covered by early-termination options for which the Company is reasonably certain of not exercising, as well as periods covered by renewal options for which it is reasonably certain of exercising. The Company also determines lease classification as either operating or finance (formerly referred to as "capital") at lease commencement, which governs the pattern of expense recognition and the presentation thereof reflected in the consolidated statements of operations over the lease term. For leases with a lease term exceeding 12 months, a lease liability is recorded on the Company's consolidated balance sheet at lease commencement reflecting the present value of its fixed payment obligations over the lease term. A corresponding right-of-use ("ROU") asset equal to the initial lease liability is also recorded, increased by any prepaid rent and/or initial direct costs incurred in connection with execution of the lease, and reduced by any lease incentives received. The Company includes fixed payment obligations related to non-lease components in the measurement of ROU assets and lease liabilities, as it elects to account for lease and non-lease components together as a single lease component. Variable lease payments are not included in the measurement of ROU assets and lease liabilities. ROU assets associated with finance leases are presented separate from those associated with operating leases, and are included within property and equipment, net on the Company's consolidated balance sheet. For purposes of measuring the present value of its fixed payment obligations for a given lease, the Company uses its incremental borrowing rate, determined based on information available at lease commencement, as rates implicit in its leasing arrangements are not readily determinable. The Company's incremental borrowing rate reflects the rate it would pay to borrow on a secured basis, and incorporates the term and economic environment of the lease. For operating leases, fixed lease payments are recognized as operating lease cost on a straight-line basis over the lease term. For finance leases, the initial ROU asset is depreciated on a straight-line basis over the lease term, along with recognition of interest expense associated with accretion of the lease liability, which is ultimately reduced by the related fixed payments as they are made. For leases with a lease term of 12 months or less (referred to as a "short-term lease"), any fixed lease payments are recognized on a straight-line basis over such term, and are not recognized on the consolidated balance sheet. Variable lease cost, if any, is recognized as incurred for all leases. ROU assets, along with any other related long-lived assets, are periodically evaluated for impairment (see Note 11 ). To the extent that an ROU asset and any related long-lived assets are determined to be impaired, they are written down accordingly on a relative carrying amount basis, with the ROU asset written down to an amount no lower than its estimated fair value. Subsequent to the recognition of any such impairment, total remaining lease cost is recognized on a front-loaded basis over the remaining lease term. See Note 13 for further discussion of the Company's leases. Derivative Financial Instruments The Company records all derivative financial instruments on its consolidated balance sheets at fair value. Changes in the fair value of derivative instruments that qualify for hedge accounting are either (i) offset against the changes in fair value of the related hedged assets, liabilities, or firm commitments through earnings or (ii) recognized in equity as a component of accumulated other comprehensive income (loss) ("AOCI") until the hedged item is recognized in earnings, depending on whether the derivative is being used to hedge against changes in fair value or cash flows and net investments, respectively. Each derivative instrument that qualifies for hedge accounting is expected to be highly effective in reducing and offsetting the risk associated with the related exposure being hedged. For each derivative instrument that is designated as a hedge, the Company formally documents the related risk management objective and strategy, including identification of the hedging instrument, the hedged item, and the risk exposure, as well as how hedge effectiveness will be assessed over the instrument's term. To assess hedge effectiveness at the inception of a hedging relationship, the Company generally uses regression analysis, a statistical method, to compare changes in the fair value of the derivative instrument to changes in the fair value or cash flows of the related hedged item. The extent to which a hedging instrument has been and is expected to remain highly effective in achieving offsetting changes in fair value or cash flows is assessed by the Company on at least a quarterly basis. As a result of its use of derivative instruments, the Company is exposed to the risk that counterparties to such contracts will fail to meet their contractual obligations. To mitigate this counterparty credit risk, the Company has a policy of only entering into contracts with carefully selected financial institutions based upon an evaluation of their credit ratings and certain other factors, adhering to established limits for credit exposure. The Company's established policies and procedures for mitigating credit risk from derivative transactions include ongoing review and assessment of its counterparties' creditworthiness. The Company also enters into master netting arrangements with counterparties, when possible, to further mitigate credit risk. In the event of default or termination (as such terms are defined within the respective master netting arrangement), these arrangements allow the Company to net-settle amounts payable and receivable related to multiple derivative transactions with the same counterparty. The master netting arrangements specify a number of events of default and termination, including, among others, the failure to make timely payments. The fair values of the Company's derivative instruments are recorded on its consolidated balance sheets on a gross basis. For cash flow reporting purposes, proceeds received or amounts paid upon the settlement of a derivative instrument are classified in the same manner as the related item being hedged, primarily within cash flows from operating activities. Cash Flow Hedges The Company uses forward foreign currency exchange contracts to mitigate its risk related to exchange rate fluctuations on inventory transactions made in an entity's non-functional currency and the settlement of foreign currency-denominated balances. To the extent forward foreign currency exchange contracts are designated as qualifying cash flow hedges, the related gains or losses are initially deferred in equity as a component of AOCI and are subsequently recognized in the consolidated statements of operations as follows: • Forecasted Inventory Transactions — recognized as part of the cost of the inventory being hedged within cost of goods sold when the related inventory is sold to a third party. • Settlement of Foreign Currency Balances — recognized within other income (expense), net during the period that the hedged balance is remeasured through earnings, generally through its ultimate settlement when the related payment occurs. If it is determined that a derivative instrument has not been highly effective, and will continue not to be highly effective in hedging the designated exposure, hedge accounting is discontinued and further gains (losses) are immediately recognized in earnings within other income (expense), net. Upon discontinuance of hedge accounting, the cumulative change in fair value of the derivative instrument previously recorded in AOCI is recognized in earnings when the related hedged item affects earnings, consistent with the originally-documented hedging strategy, unless the forecasted transaction is no longer probable of occurring, in which case the accumulated amount is immediately recognized in earnings within other income (expense), net. Hedges of Net Investments in Foreign Operations The Company periodically uses cross-currency swap contracts and forward foreign currency exchange contracts to reduce risk associated with exchange rate fluctuations on certain of its net investments in foreign subsidiaries. Changes in the fair values of such derivative instruments that are designated as qualifying hedges of net investments in foreign operations are recorded in equity as a component of AOCI in the same manner as foreign currency translation adjustments. In assessing the effectiveness of such hedges, the Company uses a method based on changes in spot rates to measure the impact of foreign currency exchange rate fluctuations on both its foreign subsidiary net investment and the related derivative hedging instrument. Under this method, changes in the fair value of the hedging instrument other than those due to changes in the spot rate are initially recorded in AOCI as a translation adjustment, and are amortized into earnings as interest expense using a systematic and rational method over the instrument's term. Changes in fair value associated with the effective portion (i.e., those due to changes in the spot rate) are recorded in AOCI as a translation adjustment and are released and recognized in earnings only upon the sale or liquidation of the hedged net investment. Fair Value Hedges Changes in the fair value of a derivative instrument that is designated as a fair value hedge, along with offsetting changes in the fair value of the related hedged item attributable to the hedged risk, are recorded in earnings. To the extent that the change in the fair value of the hedged item does not fully offset the change in the fair value of the hedging instrument, the resulting net impact is reflected in earnings within the income statement line item associated with the hedged item. Undesignated Hedges All of the Company's undesignated hedges are entered into to hedge specific economic risks, particularly foreign currency exchange rate risk related to foreign currency-denominated balances. Changes in the fair value of undesignated derivative instruments are immediately recognized in earnings within other income (expense), net. See Note 12 for further discussion of the Company's derivative financial instruments. Refer to Note 3 of the Fiscal 2019 10-K for a summary of all of the Company's significant accounting policies. |
Recently Issued Accounting Stan
Recently Issued Accounting Standards | 9 Months Ended |
Dec. 28, 2019 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recently Issued Accounting Standards | Recently Issued Accounting Standards Implementation Costs in Cloud Computing Arrangements In August 2018, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2018-15, "Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract" ("ASU 2018-15"). ASU 2018-15 addresses diversity in practice surrounding the accounting for costs incurred to implement a cloud computing hosting arrangement that is a service contract by establishing a model for capitalizing or expensing such costs, depending on their nature and the stage of the implementation project during which they are incurred. Any capitalized costs are to be amortized over the reasonably certain term of the hosting arrangement and presented in the same line within the statement of operations as the related service arrangement's fees. ASU 2018-15 also requires enhanced qualitative and quantitative disclosures surrounding hosting arrangements that are service contracts. ASU 2018-15 is effective for the Company beginning in its fiscal year ending March 27, 2021 ("Fiscal 2021"), with early adoption permitted, and may be adopted on either a retrospective or prospective basis. Other than the new disclosure requirements, the Company does not currently expect that the adoption of ASU 2018-15 will have a material impact on its consolidated financial statements. Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income In February 2018, the FASB issued ASU No. 2018-02, "Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income" ("ASU 2018-02"). Existing accounting guidance requires the remeasurement of deferred tax assets and liabilities resulting from a change in tax laws or rates to be included in net income, including the remeasurement of deferred taxes related to items recorded within AOCI. ASU 2018-02 provides an entity with the option to adjust AOCI for the "stranded" tax effect of such remeasurements resulting from the reduction in the U.S. federal statutory income tax rate under the 2017 Tax Cuts and Jobs Act (the "TCJA") through a reclassification to retained earnings. The Company adopted ASU 2018-02 as of the beginning of the first quarter of Fiscal 2020 and elected to reclassify the income tax effect stranded in AOCI related to the TCJA, inclusive of state income tax-related effects, resulting in a $4.9 million increase to its opening retained earnings. The Company generally releases income tax effects from AOCI when the corresponding pretax AOCI items are reclassified to earnings. Measurement of Credit Losses on Financial Instruments In June 2016, the FASB issued ASU No. 2016-13, "Measurement of Credit Losses on Financial Instruments" ("ASU 2016-13"). ASU 2016-13, which was further updated and clarified by the FASB through issuance of additional related ASUs, amends the guidance surrounding measurement and recognition of credit losses on financial assets measured at amortized cost, including trade receivables and investments in certain debt securities, by requiring recognition of an allowance for credit losses expected to be incurred over an asset's lifetime based on relevant information about past events, current conditions, and supportable forecasts impacting its ultimate collectibility. This "expected loss" model will result in earlier recognition of credit losses than the current "as incurred" model, under which losses are recognized only upon occurrence of an event that gives rise to the incurrence of a probable loss. ASU 2016-13 is effective for the Company beginning in its Fiscal 2021, with early adoption permitted, and is to be adopted on a modified retrospective basis. The Company is evaluating the anticipated impact of adopting ASU 2016-13 and, based on the Company's historically insignificant credit impairment and bad debt write-off activity, does not currently expect that the standard will have a material impact on its consolidated financial statements. Leases In February 2016, the FASB issued ASU No. 2016-02, "Leases." ASU No. 2016-02, along with certain other ASUs that were subsequently issued to clarify and modify certain of its provisions (collectively "ASU 2016-02"), supersedes historical lease accounting guidance and requires that, among its provisions, a lessee's rights and fixed payment obligations under most leases be recognized as ROU assets and lease liabilities on its balance sheet, initially measured based on the present value of its fixed payment obligations over the lease term. Under historical guidance, only those leases classified as capital were recognized on a lessee's balance sheet; operating leases were not recognized on the balance sheet. ASU 2016-02 retains a dual model for classifying leases as either finance (formerly referred to as "capital") or operating, consistent with historical guidance, which governs the pattern of expense recognition reflected in the statement of operations over the lease term. Accordingly, recognition of lease expense in the statement of operations will not significantly change. Additionally, variable lease payments based on performance, such as percentage-of-sales-based payments, are not included in the measurement of ROU assets and lease liabilities and, consistent with historical practice, are recognized as an expense in the period incurred. The standard also requires enhanced quantitative and qualitative lease-related disclosures. The Company adopted ASU 2016-02 as of the beginning of the first quarter of Fiscal 2020 using a modified retrospective approach under which the cumulative effect of initially applying the standard was recognized as an adjustment to its opening retained earnings (discussed further below), with no restatement of prior year amounts. In connection therewith, the Company applied an optional package of practical expedients intended to ease transition to the standard for existing leases by, among its provisions, carrying forward its original lease classification conclusions without reassessment. Upon adoption of ASU 2016-02, the Company recognized initial ROU asset and lease liability balances of approximately $1.60 billion and $1.75 billion , respectively, on its consolidated balance sheet. Additionally, in connection with its adoption of ASU 2016-02, the Company recorded an adjustment to reduce its opening retained earnings balance by $131.6 million , net of related income tax benefits, reflecting the impairment of an ROU asset for a certain real estate lease of which, under historical accounting guidance, the Company was previously deemed the owner for accounting purposes (commonly referred to as a "build-to-suit" lease arrangement). Specifically, although the Company no longer generates revenue or other cash flows from its rights underlying the leased asset given it no longer actively uses the space for commercial purposes, the asset was previously not considered impaired under historical accounting guidance as its fair value, assessed from an ownership perspective (and not from that of a lessee), exceeded its carrying value. However, in accordance with and upon transitioning to ASU 2016-02, the Company derecognized the remaining asset and liability balances previously recognized solely as a result of the arrangement's build-to-suit designation, as the related construction activities that originally gave rise to such designation have since ended, and established initial ROU asset and lease liability balances measured based on the Company's remaining fixed payment obligations under the lease. The initial ROU asset was then assessed for impairment based on the aggregate estimated cash flows that could be generated by transferring the lease to a market participant sublessee for the remainder of its term, which were lower than the aggregate remaining lease payments underlying the measurement of the initial ROU asset. Accordingly, the Company impaired the initial ROU asset by $175.4 million to its estimated fair value which was recorded as a reduction to its opening retained earnings balance, net of related income tax benefits of $43.8 million , upon adoption of ASU 2016-02, as previously noted. The Company also recorded other initial ROU asset impairment adjustments to reduce its opening retained earnings balance upon adoption of the standard related to leases of certain underperforming retail locations for which the carrying value of the respective store's initial operating lease ROU asset exceeded its fair value. These impairments totaled $49.7 million and were recorded as adjustments to reduce the Company's opening retained earnings balance by $37.8 million , net of related income tax effects. Leasehold improvements related to these underperforming retail locations were previously fully-impaired prior to the adoption of ASU 2016-02. See Notes 3 and 13 for further discussion of the Company's lease accounting policy and other related disclosures. |
Property and Equipment
Property and Equipment | 9 Months Ended |
Dec. 28, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment Property and equipment, net consists of the following: December 28, March 30, (millions) Land and improvements $ 15.3 $ 15.3 Buildings and improvements 310.9 387.8 Furniture and fixtures 634.4 626.4 Machinery and equipment 363.3 350.4 Capitalized software 543.1 534.0 Leasehold improvements 1,223.6 1,169.4 Construction in progress 65.0 58.7 3,155.6 3,142.0 Less: accumulated depreciation (2,127.4 ) (2,102.8 ) Property and equipment, net $ 1,028.2 $ 1,039.2 Depreciation expense was $62.3 million and $183.3 million during the three-month and nine-month periods ended December 28, 2019 , respectively, and $66.0 million and $194.3 million during the three-month and nine-month periods ended December 29, 2018 , respectively, and is recorded primarily within SG&A expenses in the consolidated statements of operations. |
Other Assets and Liabilities
Other Assets and Liabilities | 9 Months Ended |
Dec. 28, 2019 | |
Balance Sheet Related Disclosures [Abstract] | |
Other Assets and Liabilities | Other Assets and Liabilities Prepaid expenses and other current assets consist of the following: December 28, March 30, (millions) Other taxes receivable $ 63.4 $ 137.9 Non-trade receivables 30.7 30.8 Inventory return asset 28.4 18.4 Tenant allowances receivable 23.4 8.2 Prepaid software maintenance 20.2 19.8 Prepaid advertising and marketing 12.1 9.6 Derivative financial instruments 12.0 19.8 Prepaid occupancy costs 9.8 38.0 Restricted cash 1.5 11.9 Asset held-for-sale (a) — 20.8 Other prepaid expenses and current assets 52.7 44.1 Total prepaid expenses and other current assets $ 254.2 $ 359.3 (a) Balance as of March 30, 2019 related to the estimated fair value, less costs to sell, of the Company's corporate jet. The jet was sold during the first quarter of Fiscal 2020 with no gain or loss recognized on sale. The Company donated the $20.8 million net cash proceeds received from the sale to the Polo Ralph Lauren Foundation, a non-profit, charitable foundation that supports various philanthropic programs. Other non-current assets consist of the following: December 28, March 30, (millions) Security deposits $ 28.5 $ 24.5 Derivative financial instruments 23.3 12.2 Restricted cash 8.0 30.5 Non-current investments — 44.9 Other non-current assets 31.7 46.4 Total other non-current assets $ 91.5 $ 158.5 Accrued expenses and other current liabilities consist of the following: December 28, March 30, (millions) Accrued operating expenses $ 232.0 $ 235.2 Accrued inventory 178.1 141.0 Accrued payroll and benefits 177.6 232.5 Other taxes payable 89.8 158.3 Accrued capital expenditures 56.6 47.6 Dividends payable 50.7 48.8 Restructuring reserve 23.1 60.4 Deferred income 15.1 14.1 Finance lease obligations 10.3 22.3 Derivative financial instruments 9.2 3.6 Other accrued expenses and current liabilities 10.6 4.6 Total accrued expenses and other current liabilities $ 853.1 $ 968.4 Other non-current liabilities consist of the following: December 28, March 30, (millions) Finance lease obligations $ 191.1 $ 212.6 Deferred lease incentives and obligations 61.4 202.7 Accrued benefits and deferred compensation 20.1 26.2 Deferred tax liabilities 11.8 50.2 Restructuring reserve 2.1 11.4 Derivative financial instruments — 11.9 Other non-current liabilities 30.4 25.9 Total other non-current liabilities $ 316.9 $ 540.9 |
Impairment of Assets
Impairment of Assets | 9 Months Ended |
Dec. 28, 2019 | |
Asset Impairment Charges [Abstract] | |
Impairment of Assets | Impairment of Assets The Company recorded non-cash impairment charges of $3.0 million and $6.5 million during the three-month and nine-month periods ended December 28, 2019 , respectively, and $1.7 million and $7.5 million during the three-month and nine-month periods ended December 29, 2018 , respectively, to write-down certain long-lived assets in connection with its restructuring plans (see Note 8 ). Additionally, the Company recorded non-cash impairment charges of $11.4 million and $15.2 million during the three-month and nine-month periods ended December 28, 2019 , respectively, and $0.5 million and $5.8 million during the three-month and nine-month periods ended December 29, 2018 , respectively, to write-down certain long-lived assets related to underperforming stores as a result of its ongoing store portfolio evaluation. See Note 11 |
Restructuring and Other Charges
Restructuring and Other Charges | 9 Months Ended |
Dec. 28, 2019 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Other Charges | Restructuring and Other Charges A description of significant restructuring and other activities and their related costs is provided below. Fiscal 2019 Restructuring Plan On June 4, 2018, the Company's Board of Directors approved a restructuring plan associated with the Company's strategic objective of operating with discipline to drive sustainable growth (the "Fiscal 2019 Restructuring Plan"). The Fiscal 2019 Restructuring Plan includes the following restructuring-related activities: (i) rightsizing and consolidation of the Company's global distribution network and corporate offices; (ii) targeted severance-related actions; and (iii) closure of certain of its stores and shop-within-shops. Actions associated with the Fiscal 2019 Restructuring Plan were largely completed during Fiscal 2019, with certain activities shifting into Fiscal 2020. In connection with the Fiscal 2019 Restructuring Plan, the Company expects to incur total estimated charges of approximately $135 million to $150 million , comprised of cash-related charges of approximately $95 million to $105 million and non-cash charges of approximately $40 million to $45 million . A summary of charges recorded in connection with the Fiscal 2019 Restructuring Plan during the fiscal periods presented, as well as the cumulative charges recorded since its inception, is as follows: Three Months Ended Nine Months Ended December 28, December 29, December 28, December 29, Cumulative Charges (millions) Cash-related restructuring charges: Severance and benefit costs $ 3.0 $ 17.1 $ 17.9 $ 34.3 $ 78.1 Lease termination and store closure costs — 1.2 0.5 1.2 2.3 Other cash charges 1.0 1.9 2.1 3.5 9.5 Total cash-related restructuring charges 4.0 20.2 20.5 39.0 89.9 Non-cash charges: Impairment of assets (see Note 7) 3.0 1.3 6.5 7.1 16.8 Inventory-related charges (a) — 1.9 1.0 1.9 7.0 Accelerated stock-based compensation expense (b) — — 3.6 — 3.6 Loss on sale of property (c) — 11.6 — 11.6 11.6 Total non-cash charges 3.0 14.8 11.1 20.6 39.0 Total charges $ 7.0 $ 35.0 $ 31.6 $ 59.6 $ 128.9 (a) Inventory-related charges are recorded within cost of goods sold in the consolidated statements of operations. (b) Accelerated stock-based compensation, which is recorded within restructuring and other charges in the consolidated statements of operations, was recorded in connection with vesting provisions associated with certain separation agreements. (c) Loss on sale of property, which was recorded within restructuring and other charges in the consolidated statements of operations during the third quarter of Fiscal 2019, was incurred in connection with the sale of one of the Company's distribution centers in North America. Total cash proceeds from the sale were $20.0 million . A summary of current period activity in the restructuring reserve related to the Fiscal 2019 Restructuring Plan is as follows: Severance and Benefit Costs Lease Termination and Store Closure Costs Other Cash Charges Total (millions) Balance at March 30, 2019 $ 41.0 $ 0.5 $ 0.1 $ 41.6 Additions charged to expense 17.9 0.5 2.1 20.5 Cash payments charged against reserve (38.1 ) (0.6 ) (1.6 ) (40.3 ) Non-cash adjustments (a) — (0.4 ) — (0.4 ) Balance at December 28, 2019 $ 20.8 $ — $ 0.6 $ 21.4 (a) Certain lease-related liabilities previously recognized in connection with the Company's closure and cessation of use of real estate locations were reclassified and reflected as reductions of the respective operating lease ROU assets initially recognized upon adoption of ASU 2016-02 (see Note 4 ). Other Restructuring Plans During the three-month and nine-month periods ended December 29, 2018 , the Company recorded charges related to certain other restructuring plans initiated prior to Fiscal 2019, as follows: December 29, 2018 Three Months Ended Nine Months Ended (millions) Cash-related restructuring charges: Severance and benefit costs $ 0.1 $ 6.6 Lease termination and store closure costs 2.1 3.7 Other cash charges 0.6 0.8 Total cash-related restructuring charges 2.8 11.1 Non-cash charges: Impairment of assets (see Note 7) 0.4 0.4 Inventory-related charges (a) 1.2 1.2 Other non-cash charges 2.0 2.0 Total non-cash charges 3.6 3.6 Total charges $ 6.4 $ 14.7 (a) Inventory-related charges are recorded within cost of goods sold in the consolidated statements of operations. Actions associated with these other plans were completed in previous fiscal years. A summary of current period activity in the restructuring reserve related to these other plans is as follows: Severance and Benefit Costs Lease Termination and Store Closure Costs Other Cash Charges Total (millions) Balance at March 30, 2019 $ 6.5 $ 23.3 $ 0.4 $ 30.2 Additions charged to expense — — — — Cash payments charged against reserve (4.6 ) (2.8 ) (0.1 ) (7.5 ) Non-cash adjustments (a) — (18.9 ) — (18.9 ) Balance at December 28, 2019 $ 1.9 $ 1.6 $ 0.3 $ 3.8 (a) Certain lease-related liabilities previously recognized in connection with the Company's closure and cessation of use of real estate locations were reclassified and reflected as reductions of the respective operating lease ROU assets initially recognized upon adoption of ASU 2016-02 (see Note 4 ). Refer to Note 9 of the Fiscal 2019 10-K for additional discussion regarding these other restructuring plans. Other Charges During the first quarter of Fiscal 2020, the Company recorded other charges of $20.8 million related to the donation of net cash proceeds received from the sale of its corporate jet. This donation was made to the Polo Ralph Lauren Foundation, a non-profit, charitable foundation that supports various philanthropic programs. Additionally, during the three-month and nine-month periods ended December 28, 2019 , the Company recorded other charges of $3.0 million and $6.2 million , respectively, primarily related to rent and occupancy costs associated with certain previously exited real estate locations for which the related lease agreements have not yet expired. The Company recorded other charges of $3.5 million and $10.5 million during the three-month and nine-month periods ended December 29, 2018 , respectively, related to depreciation expense associated with its former Polo store at 711 Fifth Avenue in New York City recorded after the store closed during the first quarter of Fiscal 2018. Additionally, during the first quarter of Fiscal 2019, the Company recorded other charges of $4.2 million primarily related to a customs audit. Refer to Note 14 of the Fiscal 2019 10-K for additional discussion regarding the Company's customs audit. |
Income Taxes
Income Taxes | 9 Months Ended |
Dec. 28, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Swiss Tax Reform In May 2019, a public referendum was held in Switzerland that approved the Federal Act on Tax Reform and AHV Financing (the "Swiss Tax Act"), which became effective January 1, 2020. The Swiss Tax Act eliminates certain preferential tax items at both the federal and cantonal levels for multinational companies, and provides the cantons with parameters for establishing local tax rates and regulations. The Swiss Tax Act also provides transitional provisions, one of which allows eligible companies to increase the tax basis of certain assets based on the value generated by their business in previous years, and to amortize such adjustment as a tax deduction over a transitional period. During the second quarter of Fiscal 2020, the Swiss Tax Act was enacted into law, resulting in an immaterial adjustment associated with the revaluation of the Company's Swiss deferred tax assets and liabilities and estimated annual effective tax rate. Subsequently, as a result of additional information received from the tax authorities and analyses performed related to the transitional provision noted above, the Company recorded a one-time income tax benefit and corresponding deferred tax asset of $134.1 million during the third quarter of Fiscal 2020. This one-time benefit decreased the Company's effective tax rate by 5,820 basis points and 2,180 basis points during the three-month and nine-month periods ended December 28, 2019, respectively. Effective Tax Rate The Company's effective tax rate, which is calculated by dividing each fiscal period's income tax benefit (provision) by pretax income, was (45.1%) and (3.2%) during the three-month and nine-month periods ended December 28, 2019 , respectively, and 39.8% and 27.0% during the three-month and nine-month periods ended December 29, 2018 , respectively. The negative effective tax rates for the three-month and nine-month periods ended December 28, 2019 were lower than the U.S. federal statutory income tax rate of 21% primarily due to the one-time income tax benefit recorded in connection with Swiss tax reform, as previously discussed, lower income tax reserves largely associated with the settlement of certain international income tax audits, and the favorable impact of tax benefits associated with provision to tax return adjustments. The effective tax rates for the three-month and nine-month periods ended December 29, 2018 were higher than the U.S. federal statutory income tax rate of 21% primarily due to net unfavorable TCJA-related measurement period adjustments, as discussed below. During the second quarter of Fiscal 2019, the Company recorded a TCJA measurement period adjustment as a result of the issuance of new interpretive guidance related to stock-based compensation for certain executives, whereby it recorded an income tax benefit and corresponding deferred tax asset of $4.7 million . Subsequently, during the third quarter of Fiscal 2019, the Company completed its analyses and recorded its final measurement period adjustments, whereby it recorded incremental charges of $32.3 million within its income tax provision, substantially all of which related to the mandatory transition tax. These measurement period adjustments increased the Company's effective tax rate by 1,610 basis points and 500 basis points during the three-month and nine-month periods ended December 29, 2018 , respectively. Refer to Note 10 of the Fiscal 2019 10-K for further discussion regarding the TCJA. Uncertain Income Tax Benefits The Company classifies interest and penalties related to unrecognized tax benefits as part of its income tax provision. The total amount of unrecognized tax benefits, including interest and penalties, was $70.6 million and $78.8 million as of December 28, 2019 and March 30, 2019 , respectively, and is included within non-current liability for unrecognized tax benefits in the consolidated balance sheets. The total amount of unrecognized tax benefits that, if recognized, would affect the Company's effective tax rate was $60.2 million and $70.7 million as of December 28, 2019 and March 30, 2019 , respectively. Future Changes in Unrecognized Tax Benefits The total amount of unrecognized tax benefits relating to the Company's tax positions is subject to change based on future events including, but not limited to, settlements of ongoing tax audits and assessments and the expiration of applicable statutes of limitations. Although the outcomes and timing of such events are highly uncertain, the Company does not anticipate that the balance of gross unrecognized tax benefits, excluding interest and penalties, will change significantly during the next twelve months. However, changes in the occurrence, expected outcomes, and timing of such events could cause the Company's current estimate to change materially in the future. The Company files a consolidated U.S. federal income tax return, as well as tax returns in various state, local, and foreign jurisdictions. The Company is generally no longer subject to examinations by the relevant tax authorities for years prior to its fiscal year ended March 30, 2013. |
Debt
Debt | 9 Months Ended |
Dec. 28, 2019 | |
Debt Disclosure [Abstract] | |
Debt | Debt Debt consists of the following: December 28, March 30, (millions) $300 million 2.625% Senior Notes (a) $ 298.1 $ 293.4 $400 million 3.750% Senior Notes (b) 396.3 395.7 Total debt 694.4 689.1 Less: current portion of long-term debt 298.1 — Long-term debt $ 396.3 $ 689.1 (a) The carrying value of the 2.625% Senior Notes as of December 28, 2019 and March 30, 2019 reflects adjustments of $1.6 million and $5.9 million , respectively, associated with the Company's related interest rate swap contract (see Note 12 ). The carrying value of the 2.625% Senior Notes is also presented net of unamortized debt issuance costs and discount of $0.3 million and $0.7 million as of December 28, 2019 and March 30, 2019 , respectively. (b) The carrying value of the 3.750% Senior Notes is presented net of unamortized debt issuance costs and discount of $3.7 million and $4.3 million as of December 28, 2019 and March 30, 2019 , respectively. Senior Notes In August 2015, the Company completed a registered public debt offering and issued $300 million aggregate principal amount of unsecured senior notes due August 18, 2020 , which bear interest at a fixed rate of 2.625% , payable semi-annually (the "2.625% Senior Notes"). The 2.625% Senior Notes were issued at a price equal to 99.795% of their principal amount. The proceeds from this offering were used for general corporate purposes. In August 2018, the Company completed another registered public debt offering and issued an additional $400 million aggregate principal amount of unsecured senior notes due September 15, 2025 , which bear interest at a fixed rate of 3.750% , payable semi-annually (the "3.750% Senior Notes"). The 3.750% Senior Notes were issued at a price equal to 99.521% of their principal amount. The proceeds from this offering were used for general corporate purposes, including repayment of the Company's previously outstanding $300 million principal amount of unsecured 2.125% senior notes that matured September 26, 2018 (the "2.125% Senior Notes"). The Company has the option to redeem the 2.625% Senior Notes and 3.750% Senior Notes (collectively, the "Senior Notes"), in whole or in part, at any time at a price equal to accrued and unpaid interest on the redemption date, plus the greater of (i) 100% of the principal amount of the series of Senior Notes to be redeemed or (ii) the sum of the present value of Remaining Scheduled Payments, as defined in the supplemental indentures governing such Senior Notes (together with the indenture governing the Senior Notes, the "Indenture"). The Indenture contains certain covenants that restrict the Company's ability, subject to specified exceptions, to incur certain liens; enter into sale and leaseback transactions; consolidate or merge with another party; or sell, lease, or convey all or substantially all of the Company's property or assets to another party. However, the Indenture does not contain any financial covenants. Commercial Paper The Company has a commercial paper borrowing program that allows it to issue up to $500 million of unsecured commercial paper notes through private placement using third-party broker-dealers (the "Commercial Paper Program"). Borrowings under the Commercial Paper Program are supported by the Global Credit Facility, as defined below. Accordingly, the Company does not expect combined borrowings outstanding under the Commercial Paper Program and Global Credit Facility to exceed $500 million . Commercial Paper Program borrowings may be used to support the Company's general working capital and corporate needs. Maturities of commercial paper notes vary, but cannot exceed 397 days from the date of issuance. Commercial paper notes issued under the Commercial Paper Program rank equally with the Company's other forms of unsecured indebtedness. As of December 28, 2019 , there were no borrowings outstanding under the Commercial Paper Program. Revolving Credit Facilities Global Credit Facility In August 2019, the Company terminated its credit facility previously in place and entered into a new credit facility that provides for a $500 million senior unsecured revolving line of credit through August 12, 2024 (the "Global Credit Facility") under terms and conditions substantially similar to those previously in effect. The Global Credit Facility is also used to support the issuance of letters of credit and the maintenance of the Commercial Paper Program. Borrowings under the Global Credit Facility may be denominated in U.S. Dollars and other currencies, including Euros, Hong Kong Dollars, and Japanese Yen. The Company has the ability to expand its borrowing availability under the Global Credit Facility to $1 billion , subject to the agreement of one or more new or existing lenders under the facility to increase their commitments. There are no mandatory reductions in borrowing ability throughout the term of the Global Credit Facility. As of December 28, 2019 , there were no borrowings outstanding under the Global Credit Facility and the Company was contingently liable for $9.0 million of outstanding letters of credit. U.S. Dollar-denominated borrowings under the Global Credit Facility bear interest, at the Company's option, either at (a) a base rate, by reference to the greatest of: (i) the annual prime commercial lending rate of JPMorgan Chase Bank, N.A. in effect from time to time, (ii) the weighted-average overnight Federal funds rate plus 50 basis points , or (iii) the one-month London Interbank Offered Rate ("LIBOR") plus 100 basis points ; or (b) LIBOR, adjusted for the Federal Reserve Board's Eurocurrency liabilities maximum reserve percentage, plus a spread of 75 basis points , subject to adjustment based on the Company's credit ratings ("Adjusted LIBOR"). Foreign currency-denominated borrowings bear interest at Adjusted LIBOR. In addition to paying interest on any outstanding borrowings under the Global Credit Facility, the Company is required to pay a commitment fee to the lenders under the Global Credit Facility with respect to the unutilized commitments. The commitment fee rate of 6.5 basis points under the terms of the Global Credit Facility is subject to adjustment based on the Company's credit ratings. The Global Credit Facility contains a number of covenants that, among other things, restrict the Company's ability, subject to specified exceptions, to incur additional debt; incur liens; sell or dispose of assets; merge with or acquire other companies; liquidate or dissolve itself; engage in businesses that are not in a related line of business; make loans, advances, or guarantees; engage in transactions with affiliates; and make certain investments. The Global Credit Facility also requires the Company to maintain a maximum ratio of Adjusted Debt to Consolidated EBITDAR (the "leverage ratio") of no greater than 4.25 as of the date of measurement for the four most recent consecutive fiscal quarters. Adjusted Debt is defined generally as consolidated debt outstanding, including finance lease obligations, plus all operating lease obligations. Consolidated EBITDAR is defined generally as consolidated net income plus (i) income tax expense, (ii) net interest expense, (iii) depreciation and amortization expense, (iv) operating lease cost, (v) restructuring and other non-recurring expenses, and (vi) acquisition-related costs. As of December 28, 2019 , no Event of Default (as such term is defined pursuant to the Global Credit Facility) has occurred under the Company's Global Credit Facility . Upon the occurrence of an Event of Default under the Global Credit Facility, the lenders may cease making loans, terminate the Global Credit Facility, and declare all amounts outstanding to be immediately due and payable. The Global Credit Facility specifies a number of events of default (many of which are subject to applicable grace periods), including, among others, the failure to make timely principal, interest, and fee payments or to satisfy the covenants, including the financial covenant described above. Additionally, the Global Credit Facility provides that an Event of Default will occur if Mr. Ralph Lauren, the Company's Executive Chairman and Chief Creative Officer, and entities controlled by the Lauren family fail to maintain a specified minimum percentage of the voting power of the Company's common stock. Pan-Asia Credit Facilities Certain of the Company's subsidiaries in Asia have uncommitted credit facilities with regional branches of JPMorgan Chase (the "Banks") in China and South Korea (the "Pan-Asia Credit Facilities"). These credit facilities are subject to annual renewal and may be used to fund general working capital and corporate needs of the Company's operations in the respective countries. Borrowings under the Pan-Asia Credit Facilities are guaranteed by the parent company and are granted at the sole discretion of the Banks, subject to availability of the Banks' funds and satisfaction of certain regulatory requirements. The Pan-Asia Credit Facilities do not contain any financial covenants. The Company's Pan-Asia Credit Facilities by country are as follows: • China Credit Facility — provides Ralph Lauren Trading (Shanghai) Co., Ltd. with a revolving line of credit of up to 50 million Chinese Renminbi (approximately $7 million ) through April 3, 2020 , which is also able to be used to support bank guarantees. • South Korea Credit Facility — provides Ralph Lauren (Korea) Ltd. with a revolving line of credit of up to 30 billion South Korean Won (approximately $26 million ) through October 30, 2020 . As of December 28, 2019 , there were no borrowings outstanding under the Pan-Asia Credit Facilities. Refer to Note 11 of the Fiscal 2019 10-K for additional discussion of the terms and conditions of the Company's debt and credit facilities. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Dec. 28, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements U.S. GAAP establishes a three-level valuation hierarchy for disclosure of fair value measurements. The determination of the applicable level within the hierarchy for a particular asset or liability depends on the inputs used in its valuation as of the measurement date, notably the extent to which the inputs are market-based (observable) or internally-derived (unobservable). A financial instrument's categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels are defined as follows: • Level 1 — inputs to the valuation methodology based on quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2 — inputs to the valuation methodology based on quoted prices for similar assets or liabilities in active markets for substantially the full term of the financial instrument; quoted prices for identical or similar instruments in markets that are not active for substantially the full term of the financial instrument; and model-derived valuations whose inputs or significant value drivers are observable. • Level 3 — inputs to the valuation methodology based on unobservable prices or valuation techniques that are significant to the fair value measurement. The following table summarizes the Company's financial assets and liabilities that are measured and recorded at fair value on a recurring basis, excluding accrued interest components: December 28, March 30, (millions) Investments in commercial paper (a)(b) $ 244.9 $ 290.7 Derivative assets (a) 35.3 32.0 Derivative liabilities (a) 9.2 15.5 (a) Based on Level 2 measurements. (b) Amount as of December 28, 2019 was included within short-term investments in the consolidated balance sheet. As of March 30, 2019 , $54.7 million was included within cash and cash equivalents and $236.0 million was included within short-term investments in the consolidated balance sheet. The Company's investments in commercial paper are classified as available-for-sale and recorded at fair value in its consolidated balance sheets using external pricing data, based on interest rates and credit ratings for similar issuances with the same remaining term as the Company's investments. To the extent the Company invests in bonds, such investments are also classified as available-for-sale and recorded at fair value in its consolidated balance sheets based on quoted prices in active markets. The Company's derivative financial instruments are recorded at fair value in its consolidated balance sheets and are valued using pricing models that are primarily based on market observable external inputs, including spot and forward currency exchange rates, benchmark interest rates, and discount rates consistent with the instrument's tenor, and consider the impact of the Company's own credit risk, if any. Changes in counterparty credit risk are also considered in the valuation of derivative financial instruments. The Company's cash and cash equivalents, restricted cash, and time deposits are recorded at carrying value, which generally approximates fair value based on Level 1 measurements. The Company's debt instruments are recorded at their carrying values in its consolidated balance sheets, which may differ from their respective fair values. The fair values of the Senior Notes are estimated based on external pricing data, including available quoted market prices, and with reference to comparable debt instruments with similar interest rates, credit ratings, and trading frequency, among other factors. The fair values of the Company's commercial paper notes and borrowings outstanding under its credit facilities, if any, are estimated using external pricing data, based on interest rates and credit ratings for similar issuances with the same remaining term as the Company's outstanding borrowings. Due to their short-term nature, the fair values of the Company's commercial paper notes and borrowings outstanding under its credit facilities, if any, generally approximate their carrying values. The following table summarizes the carrying values and the estimated fair values of the Company's debt instruments: December 28, 2019 March 30, 2019 Carrying Value (a) Fair Value (b) Carrying Value (a) Fair Value (b) (millions) $300 million 2.625% Senior Notes $ 298.1 $ 301.5 $ 293.4 $ 299.1 $400 million 3.750% Senior Notes 396.3 430.2 395.7 410.0 (a) See Note 10 for discussion of the carrying values of the Company's senior notes. (b) Based on Level 2 measurements. Unrealized gains or losses resulting from changes in the fair value of the Company's debt instruments do not result in the realization or expenditure of cash, unless the debt is retired prior to its maturity. Non-financial Assets and Liabilities The Company's non-financial assets, which primarily consist of goodwill, other intangible assets, property and equipment, and lease-related ROU assets, are not required to be measured at fair value on a recurring basis, and instead are reported at carrying value in its consolidated balance sheet. However, on a periodic basis or whenever events or changes in circumstances indicate that they may not be fully recoverable (and at least annually for goodwill and indefinite-lived intangible assets), the respective carrying values of non-financial assets are assessed for impairment and, if ultimately considered impaired, are adjusted and written down to their fair value, as estimated based on consideration of external market participant assumptions. During the three-month and nine-month periods ended December 28, 2019 and December 29, 2018 , the Company recorded non-cash impairment adjustments to reduce the carrying values of certain long-lived assets to their estimated fair values. The fair values of these assets were determined based on Level 3 measurements, the related inputs of which included estimates of the amount and timing of the assets' net future discounted cash flows (including any potential sublease income for lease-related ROU assets), based on historical experience and consideration of current trends, market conditions, and comparable sales, as applicable. The following tables summarize non-cash impairment adjustments recorded by the Company during the fiscal periods presented in order to reduce the carrying values of certain long-lived assets to their estimated fair values as of the assessment date: Three Months Ended December 28, 2019 December 29, 2018 Long-Lived Asset Category Fair Value As of Impairment Date Total Impairments Fair Value As of Impairment Date Total Impairments (millions) Property and equipment, net $ — $ 11.0 $ — $ 2.2 Operating lease right-of-use assets 13.2 3.4 N/A N/A Nine Months Ended December 28, 2019 December 29, 2018 Long-Lived Asset Category Fair Value As of Impairment Date Total Impairments Fair Value As of Impairment Date Total Impairments (millions) Property and equipment, net $ — $ 13.6 $ — $ 13.3 Operating lease right-of-use assets 109.6 233.2 (a) N/A N/A (a) Includes $225.1 million recorded in connection with the Company's adoption of ASC 2016-02 as of the beginning of Fiscal 2020 which, net of related income tax benefits, reduced its opening retained earnings balance by $169.4 million (see Note 4 ). See Note 7 for additional discussion regarding non-cash impairment charges recorded by the Company within the consolidated statements of operations during the fiscal periods presented. No impairment charges associated with goodwill or other intangible assets were recorded during either of the nine-month periods ended December 28, 2019 or December 29, 2018 . The Company performed its annual goodwill impairment assessment using a qualitative approach as of the beginning of the second quarter of Fiscal 2020 . In performing the assessment, the Company identified and considered the significance of relevant key factors, events, and circumstances that affected the fair values and/or carrying amounts of its reporting units with allocated goodwill. These factors included external factors such as macroeconomic, industry, and market conditions, as well as entity-specific factors, such as the Company's actual and expected financial performance. Additionally, the results of the Company's most recent quantitative goodwill impairment test indicated that the fair values of these reporting units significantly exceeded their respective carrying values. Based on the results of its qualitative goodwill impairment assessment, the Company concluded that it is not more likely than not that the fair values of its reporting units are less than their respective carrying values and there were no reporting units at risk of impairment. |
Financial Instruments
Financial Instruments | 9 Months Ended |
Dec. 28, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments | Financial Instruments Derivative Financial Instruments The Company is exposed to changes in foreign currency exchange rates, primarily relating to certain anticipated cash flows and the value of the reported net assets of its international operations, as well as changes in the fair value of its fixed-rate debt obligations attributed to changes in a benchmark interest rate. Consequently, the Company uses derivative financial instruments to manage and mitigate such risks. The Company does not enter into derivative transactions for speculative or trading purposes. The following table summarizes the Company's outstanding derivative instruments on a gross basis as recorded in its consolidated balance sheets as of December 28, 2019 and March 30, 2019 : Notional Amounts Derivative Assets Derivative Liabilities Derivative Instrument (a) December 28, March 30, December 28, March 30, December 28, March 30, Balance Sheet Line (b) Fair Value Balance Sheet Line (b) Fair Value Balance Sheet Line (b) Fair Value Balance Sheet Line (b) Fair Value (millions) Designated Hedges : FC — Cash flow hedges $ 597.0 $ 636.3 (e) $ 13.1 PP $ 19.5 AE $ 1.3 AE $ 2.3 IRS — Fixed-rate debt 300.0 300.0 — — AE 1.6 ONCL 5.9 Net investment hedges (c) 687.7 695.3 ONCA 21.9 ONCA 12.2 AE 6.0 ONCL 6.0 Total Designated Hedges 1,584.7 1,631.6 35.0 31.7 8.9 14.2 Undesignated Hedges : FC — Undesignated hedges (d) 291.3 146.6 PP 0.3 PP 0.3 AE 0.3 AE 1.3 Total Hedges $ 1,876.0 $ 1,778.2 $ 35.3 $ 32.0 $ 9.2 $ 15.5 (a) FC = Forward foreign currency exchange contracts; IRS = Interest rate swap contracts. (b) PP = Prepaid expenses and other current assets; AE = Accrued expenses and other current liabilities; ONCA = Other non-current assets; ONCL = Other non-current liabilities. (c) Includes cross-currency swaps designated as hedges of the Company's net investment in certain foreign operations. (d) Primarily includes undesignated hedges of foreign currency-denominated intercompany loans and other intercompany balances. (e) $11.7 million included within prepaid expenses and other current assets and $1.4 million included within other non-current assets. The Company records and presents the fair values of all of its derivative assets and liabilities in its consolidated balance sheets on a gross basis, even when they are subject to master netting arrangements. However, if the Company were to offset and record the asset and liability balances of all of its derivative instruments on a net basis in accordance with the terms of each of its master netting arrangements, spread across eight separate counterparties, the amounts presented in the consolidated balance sheets as of December 28, 2019 and March 30, 2019 would be adjusted from the current gross presentation as detailed in the following table: December 28, 2019 March 30, 2019 Gross Amounts Presented in the Balance Sheet Gross Amounts Not Offset in the Balance Sheet that are Subject to Master Netting Agreements Net Amount Gross Amounts Presented in the Balance Sheet Gross Amounts Not Offset in the Balance Sheet that are Subject to Master Netting Agreements Net Amount (millions) Derivative assets $ 35.3 $ (6.5 ) $ 28.8 $ 32.0 $ (4.8 ) $ 27.2 Derivative liabilities 9.2 (6.5 ) 2.7 15.5 (4.8 ) 10.7 The Company's master netting arrangements do not require cash collateral to be pledged by the Company or its counterparties. See Note 3 for further discussion of the Company's master netting arrangements. The following tables summarize the pretax impact of gains and losses from the Company's designated derivative instruments on its consolidated financial statements for the three-month and nine-month periods ended December 28, 2019 and December 29, 2018 : Gains (Losses) Recognized in OCI Three Months Ended Nine Months Ended December 28, December 29, December 28, December 29, (millions) Designated Hedges: FC — Cash flow hedges $ (2.4 ) $ 11.1 $ 13.2 $ 38.5 Net investment hedges — effective portion (14.7 ) 10.6 2.4 50.8 Net investment hedges — portion excluded from assessment of hedge effectiveness 2.1 6.8 7.3 0.1 Total Designated Hedges $ (15.0 ) $ 28.5 $ 22.9 $ 89.4 Location and Amount of Gains (Losses) from Cash Flow Hedges Reclassified from AOCI to Earnings Three Months Ended Nine Months Ended December 28, December 29, December 28, December 29, Cost of Other income (expense), net Cost of Other income (expense), net Cost of goods sold Other income (expense), net Cost of goods sold Other income (expense), net (millions) Total amounts presented in the consolidated statements of operations in which the effects of related cash flow hedges are recorded $ (661.6 ) $ 2.9 $ (666.3 ) $ 1.0 $ (1,826.8 ) $ (2.9 ) $ (1,822.8 ) $ (0.6 ) Effects of cash flow hedging: FC — Cash flow hedges 7.1 (0.1 ) 4.3 (0.4 ) 17.7 0.3 (1.2 ) 1.7 Gains (Losses) from Net Investment Hedges Recognized in Earnings Location of Gains (Losses) Three Months Ended Nine Months Ended December 28, December 29, December 28, December 29, (millions) Net Investment Hedges Net investment hedges — portion excluded from assessment of hedge effectiveness (a) $ 4.7 $ 4.8 $ 14.5 $ 13.9 Interest expense Total Net Investment Hedges $ 4.7 $ 4.8 $ 14.5 $ 13.9 (a) Amounts recognized in other comprehensive income (loss) ("OCI") related to the effective portion of the Company's net investment hedges would be recognized in earnings only upon the sale or liquidation of the hedged net investment. As of December 28, 2019 , it is estimated that $16.6 million of pretax net gains on both outstanding and matured derivative instruments designated and qualifying as cash flow hedges deferred in AOCI will be recognized in earnings over the next twelve months. Amounts ultimately recognized in earnings will depend on exchange rates in effect when outstanding derivative instruments are settled. The following table summarizes the pretax impact of gains and losses from the Company's undesignated derivative instruments on its consolidated financial statements for the three-month and nine-month periods ended December 28, 2019 and December 29, 2018 : Gains (Losses) Recognized in Earnings Location of Gains (Losses) Recognized in Earnings Three Months Ended Nine Months Ended December 28, December 29, December 28, December 29, (millions) Undesignated Hedges: FC — Undesignated hedges $ (2.7 ) $ (1.0 ) $ 2.4 $ 4.7 Other income (expense), net Total Undesignated Hedges $ (2.7 ) $ (1.0 ) $ 2.4 $ 4.7 Risk Management Strategies Forward Foreign Currency Exchange Contracts The Company uses forward foreign currency exchange contracts to mitigate its risk related to exchange rate fluctuations on inventory transactions made in an entity's non-functional currency, the settlement of foreign currency-denominated balances, and the translation of certain foreign operations' net assets into U.S. dollars. As part of its overall strategy to manage the level of exposure to the risk of foreign currency exchange rate fluctuations, primarily to changes in the value of the Euro, the Japanese Yen, the South Korean Won, the Australian Dollar, the Canadian Dollar, the British Pound Sterling, the Swiss Franc, the Chinese Renminbi, and the Hong Kong Dollar, the Company hedges a portion of its foreign currency exposures anticipated over a two -year period. In doing so, the Company uses forward foreign currency exchange contracts that generally have maturities of two months to two years to provide continuing coverage throughout the hedging period of the respective exposure. Interest Rate Swap Contract During Fiscal 2016, the Company entered into a pay-floating rate, receive-fixed rate interest rate swap contract which it designated as a hedge against changes in the fair value of its fixed-rate 2.625% Senior Notes attributed to changes in a benchmark interest rate (the "2.625% Interest Rate Swap"). The 2.625% Interest Rate Swap, which matures on August 18, 2020 and has a notional amount of $300 million , swaps the fixed interest rate on the 2.625% Senior Notes for a variable interest rate based on the 3-month London Interbank Offered Rate ("LIBOR") plus a fixed spread. Changes in the fair value of the 2.625% Interest Rate Swap were offset by changes in the fair value of the 2.625% Senior Notes attributed to changes in the benchmark interest rate, with no resulting net impact reflected in earnings during any of the fiscal periods presented. The following table summarizes the carrying value of the 2.625% Senior Notes and the impacts of the related fair value hedging adjustments as of December 28, 2019 and March 30, 2019 : Carrying Value of the Hedged Item Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Value of the Hedged Item Hedged Item Balance Sheet Line in which the Hedged Item is Included December 28, March 30, December 28, March 30, (millions) $300 million 2.625% Senior Notes Current portion of long-term debt $ 298.1 N/A $ (1.6 ) N/A $300 million 2.625% Senior Notes Long-term debt N/A $ 293.4 N/A $ (5.9 ) Cross-Currency Swap Contracts During Fiscal 2016, the Company entered into a pay-floating rate, receive-floating rate cross-currency swap contract with a notional amount of €274 million that was designated as a hedge of its net investment in certain of its European subsidiaries. This cross-currency swap, which matures on August 18, 2020 , swaps the U.S. Dollar-denominated variable interest rate payments based on 3-month LIBOR plus a fixed spread (as paid under the 2.625% Interest Rate Swap discussed above) for Euro-denominated variable interest rate payments based on 3-month Euro Interbank Offered Rate ("EURIBOR") plus a fixed spread, which, in conjunction with the 2.625% Interest Rate Swap, economically converts the Company's $300 million fixed-rate 2.625% Senior Notes obligation to a €274 million floating-rate Euro-denominated obligation. Additionally, in August 2018, the Company entered into pay-fixed rate, receive-fixed rate cross-currency swap contracts with an aggregate notional amount of €346 million that were designated as hedges of its net investment in certain of its European subsidiaries. These contracts, which mature on September 15, 2025 , swap the U.S. Dollar-denominated fixed interest rate payments on the Company's 3.750% Senior Notes for Euro-denominated 1.29% fixed interest rate payments, thereby economically converting the Company's $400 million fixed-rate 3.750% Senior Notes obligation to a €346 million fixed-rate 1.29% Euro-denominated obligation. See Note 3 for further discussion of the Company's accounting policies relating to its derivative financial instruments. Investments As of December 28, 2019 , the Company's investments were all classified as short-term and consisted of $583.6 million of time deposits and $244.9 million of commercial paper. As of March 30, 2019 , the Company's short-term investments consisted of $1.167 billion of time deposits and $236.0 million of commercial paper, and its non-current investments consisted of $44.9 million of time deposits. No significant realized or unrealized gains or losses on available-for-sale investments or other-than-temporary impairment charges were recorded during any of the fiscal periods presented. Refer to Note 3 of the Fiscal 2019 10-K for further discussion of the Company's accounting policies relating to its investments. |
Leases
Leases | 9 Months Ended |
Dec. 28, 2019 | |
Lessee Disclosure [Abstract] | |
Leases | Leases The following table summarizes ROU assets and lease liabilities recorded on the Company's consolidated balance sheet as of December 28, 2019 : December 28, Location Recorded on Balance Sheet (millions) Assets: Operating leases $ 1,573.4 Operating lease right-of-use assets Finance leases 171.1 Property and equipment, net Total lease assets $ 1,744.5 Liabilities: Operating leases : Current portion $ 287.5 Current operating lease liabilities Non-current portion 1,637.5 Long-term operating lease liabilities Total operating lease liabilities 1,925.0 Finance leases : Current portion 10.3 Accrued expenses and other current liabilities Non-current portion 191.1 Other non-current liabilities Total finance lease liabilities 201.4 Total lease liabilities $ 2,126.4 The following table summarizes the composition of net lease cost during the three-month and nine-month periods ended December 28, 2019 : December 28, 2019 Three Months Ended Nine Months Ended Location Recorded in Earnings (millions) Operating lease cost $ 81.5 $ 241.6 (a) Finance lease costs : Depreciation of leased assets 4.5 13.4 SG&A expenses Accretion of lease liabilities 2.0 6.0 Interest expense Variable lease cost 82.5 236.2 (b) Short-term lease cost 0.6 4.1 SG&A expenses Sublease income (0.7 ) (2.4 ) Restructuring and other charges Total lease cost $ 170.4 $ 498.9 (a) During the three months ended December 28, 2019 , $1.1 million included within cost of goods sold, $77.3 million included within SG&A expenses, and $3.1 million included within restructuring and other charges. During the nine months ended December 28, 2019 , $3.4 million included within cost of goods sold, $229.7 million included within SG&A expenses, and $8.5 million included within restructuring and other charges. (b) During the three months ended December 28, 2019 , $1.3 million included within cost of goods sold, $80.6 million included within SG&A expenses, and $0.6 million included within restructuring and other charges. During the nine months ended December 28, 2019 , $3.4 million included within cost of goods sold, $230.7 million included within SG&A expenses, and $2.1 million included within restructuring and other charges. In accordance with lease accounting guidance in effect prior to its adoption of ASU 2016-02, during the three-month and nine-month periods ended December 29, 2018 , the Company recognized rent expense of approximately $115 million and $337 million , respectively, net of insignificant sublease income, related to its operating leases, which included contingent rental charges of approximately $53 million and $146 million , respectively. Such amounts do not include expense recognized related to non-lease components. The following table summarizes certain cash flow information related to the Company's leases for the nine months ended ended December 28, 2019 : December 28, 2019 Nine Months Ended (millions) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 289.2 Operating cash flows from finance leases 5.9 Financing cash flows from finance leases 10.6 See Note 19 for supplemental non-cash information related to ROU assets obtained in exchange for new lease liabilities. The following table provides a maturity analysis summary of the Company's lease liabilities recorded on the consolidated balance sheet as of December 28, 2019 : December 28, 2019 Operating Leases Finance Leases (millions) Remainder of Fiscal 2020 $ 57.5 $ 4.7 Fiscal 2021 354.2 16.6 Fiscal 2022 318.5 22.6 Fiscal 2023 286.4 22.4 Fiscal 2024 258.7 22.3 Fiscal 2025 and thereafter 829.5 175.0 Total lease payments 2,104.8 263.6 Less: interest (179.8 ) (62.2 ) Total lease liabilities $ 1,925.0 $ 201.4 Additionally, the Company had approximately $123 million of future payment obligations related to executed lease agreements for which the related leases had not yet commenced as of December 28, 2019 . The following table summarizes the weighted-average remaining lease terms and weighted-average discount rates related to the Company's operating and finance leases recorded on the consolidated balance sheet as of December 28, 2019 : December 28, 2019 Operating Leases Finance Leases Weighted-average remaining lease term (years) 8.0 12.8 Weighted-average discount rate 2.1 % 4.1 % See Note 3 for discussion of the Company's accounting policies related to its leasing activities. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Dec. 28, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies The Company is involved, from time to time, in litigation, other legal claims, and proceedings involving matters associated with or incidental to its business, including, among other things, matters involving credit card fraud, trademark and other intellectual property, licensing, importation and exportation of its products, taxation, unclaimed property, and employee relations. The Company believes at present that the resolution of currently pending matters will not individually or in the aggregate have a material adverse effect on its consolidated financial statements. However, the Company's assessment of any current litigation or other legal claims could potentially change in light of the discovery of facts not presently known or determinations by judges, juries, or other finders of fact which are not in accord with management's evaluation of the possible liability or outcome of such litigation or claims. |
Equity
Equity | 9 Months Ended |
Dec. 28, 2019 | |
Equity [Abstract] | |
Equity | Equity Class B Common Stock Conversion During the nine months ended December 28, 2019 , the Lauren Family, L.L.C., a limited liability company managed by the children of Mr. Ralph Lauren, converted 1.0 million shares of Class B common stock into an equal number of shares of Class A common stock pursuant to the terms of the security. These conversions occurred in advance of a sales plan providing for the sale of such shares of Class A common stock pursuant to Rule 10b5-1 subject to the conditions set forth therein. These transactions resulted in a reclassification within equity and had no effect on the Company's consolidated balance sheet. Common Stock Repurchase Program A summary of the Company's repurchases of Class A common stock under its common stock repurchase program is as follows: Nine Months Ended December 28, December 29, (millions) Cost of shares repurchased $ 498.3 $ 400.0 Number of shares repurchased 4.9 3.2 On May 13, 2019 , the Company's Board of Directors approved an expansion of the Company's existing common stock repurchase program that allows it to repurchase up to an additional $600 million of Class A Common stock. As of December 28, 2019 , the remaining availability under the Company's Class A common stock repurchase program was approximately $732 million . Repurchases of shares of Class A common stock are subject to overall business and market conditions. In addition, during the nine-month periods ended December 28, 2019 and December 29, 2018 , 0.4 million and 0.3 million shares of Class A common stock, respectively, at a cost of $43.8 million and $31.9 million , respectively, were surrendered to or withheld by the Company in satisfaction of withholding taxes in connection with the vesting of awards under the Company's long-term stock incentive plans. Repurchased and surrendered shares are accounted for as treasury stock at cost and held in treasury for future use. Dividends Since 2003, the Company has maintained a regular quarterly cash dividend program on its common stock. On May 13, 2019 , the Company's Board of Directors approved an increase to the Company's quarterly cash dividend on its common stock from $0.625 to $0.6875 per share. The third quarter Fiscal 2020 dividend of $0.6875 per share was declared on December 13, 2019 , was payable to stockholders of record at the close of business on December 27, 2019 , and was paid on January 10, 2020 . Dividends paid amounted to $153.2 million and $141.6 million during the nine-month periods ended December 28, 2019 and December 29, 2018 , respectively. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Dec. 28, 2019 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The following table presents OCI activity, net of tax, which is accumulated in equity: Foreign Currency Translation Gains (Losses) (a) Net Unrealized Gains (Losses) on Cash Flow Hedges (b) Net Unrealized Gains (Losses) on Defined Benefit Plans (c) Total Accumulated Other Comprehensive Income (Loss) (millions) Balance at March 30, 2019 $ (118.5 ) $ 20.2 $ (5.1 ) $ (103.4 ) Other comprehensive income (loss), net of tax: OCI before reclassifications (5.5 ) 11.5 — 6.0 Amounts reclassified from AOCI to earnings (4.9 ) (16.2 ) (0.1 ) (21.2 ) Other comprehensive income (loss), net of tax (10.4 ) (4.7 ) (0.1 ) (15.2 ) Balance at December 28, 2019 $ (128.9 ) $ 15.5 $ (5.2 ) $ (118.6 ) Balance at March 31, 2018 $ (79.3 ) $ (16.0 ) $ (3.2 ) $ (98.5 ) Other comprehensive income (loss), net of tax: OCI before reclassifications (37.2 ) 34.8 0.3 (2.1 ) Amounts reclassified from AOCI to earnings — (0.5 ) (0.2 ) (0.7 ) Other comprehensive income (loss), net of tax (37.2 ) 34.3 0.1 (2.8 ) Balance at December 29, 2018 $ (116.5 ) $ 18.3 $ (3.1 ) $ (101.3 ) (a) OCI before reclassifications to earnings related to foreign currency translation gains (losses) includes income tax provisions of $1.8 million and $7.3 million for the nine-month periods ended December 28, 2019 and December 29, 2018 , respectively. OCI before reclassifications to earnings for the nine-month periods ended December 28, 2019 and December 29, 2018 includes a gain of $7.4 million (net of a $2.3 million income tax provision) and a gain of $38.7 million (net of a $12.2 million income tax provision), respectively, related to changes in the fair values of instruments designated as hedges of the Company's net investment in certain foreign operations (see Note 12 ). Amounts reclassified from AOCI to earnings related to foreign currency translation gains (losses) for the nine months ended December 28, 2019 relate to the reclassification to retained earnings of income tax effects stranded in AOCI (see Note 4 ). (b) OCI before reclassifications to earnings related to net unrealized gains (losses) on cash flow hedges are presented net of income tax provisions of $1.7 million and $3.7 million for the nine-month periods ended December 28, 2019 and December 29, 2018 , respectively. The tax effects on amounts reclassified from AOCI to earnings are presented in a table below. (c) Activity is presented net of taxes, which were immaterial for both periods presented. The following table presents reclassifications from AOCI to earnings for cash flow hedges, by component: Three Months Ended Nine Months Ended Location of Gains (Losses) Reclassified from AOCI to Earnings December 28, December 29, December 28, December 29, (millions) Gains (losses) on cash flow hedges (a) : FC — Cash flow hedges $ 7.1 $ 4.3 $ 17.7 $ (1.2 ) Cost of goods sold FC — Cash flow hedges (0.1 ) (0.4 ) 0.3 1.7 Other income (expense), net Tax effect (0.7 ) (0.3 ) (1.8 ) — Income tax benefit (provision) Net of tax $ 6.3 $ 3.6 $ 16.2 $ 0.5 (a) FC = Forward foreign currency exchange contracts. |
Stock-based Compensation
Stock-based Compensation | 9 Months Ended |
Dec. 28, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-based Compensation | Stock-based Compensation On August 1, 2019, the Company's shareholders approved the 2019 Long-Term Stock Incentive Plan (the "2019 Incentive Plan"), which replaced the Company's Amended and Restated 2010 Long-Term Stock Incentive Plan (the "2010 Incentive Plan"). The 2019 Incentive Plan provides for 1.2 million of new shares authorized for issuance to the participants, in addition to the approximately 3.0 million shares that remained available for issuance under the 2010 Incentive Plan as of August 1, 2019. In addition, any outstanding awards under the 2010 Incentive Plan or the Company's 1997 Long-Term Stock Incentive Plan (the "1997 Incentive Plan") that expire, are forfeited, or are surrendered to the Company in satisfaction of taxes, will become available for issuance under the 2019 Incentive Plan. The 2019 Incentive Plan became effective August 1, 2019 and no further grants will be made under the 2010 Incentive Plan. Outstanding awards issued prior to August 1, 2019 will continue to remain subject to the terms of the 2010 Incentive Plan or 1997 Incentive Plan, as applicable. Stock-based compensation awards that may be made under the 2019 Incentive Plan include, but are not limited to, (i) stock options, (ii) restricted stock, and (iii) RSUs. Refer to Note 17 of the Fiscal 2019 10-K for a detailed description of the Company's stock-based compensation awards, including information related to vesting terms, service, performance and market conditions, and payout percentages. Impact on Results A summary of total stock-based compensation expense and the related income tax benefits recognized during the three-month and nine-month periods ended December 28, 2019 and December 29, 2018 is as follows: Three Months Ended Nine Months Ended December 28, December 29, December 28, December 29, (millions) Compensation expense $ 22.1 $ 22.5 $ 72.9 (a) $ 65.3 Income tax benefit (3.4 ) (3.4 ) (11.1 ) (9.9 ) (a) Includes $3.6 million of accelerated stock-based compensation expense recorded within restructuring and other charges in the consolidated statements of operations during the second quarter of Fiscal 2020 (see Note 8). All other stock-based compensation expense was recorded within SG&A expenses. The Company issues its annual grants of stock-based compensation awards in the first half of each fiscal year. Due to the timing of the annual grants and other factors, including the timing and magnitude of forfeiture and performance goal achievement adjustments, as well as changes to the size and composition of the eligible employee population, stock-based compensation expense recognized during any given fiscal period is not indicative of the level of compensation expense expected to be incurred in future periods. Stock Options A summary of stock option activity under all plans during the nine months ended December 28, 2019 is as follows: Number of Options (thousands) Options outstanding at March 30, 2019 834 Granted — Exercised — Cancelled/Forfeited (275 ) Options outstanding at December 28, 2019 559 Restricted Stock Awards and Service-based RSUs Restricted stock awards were granted to non-employee directors prior to Fiscal 2019. Effective beginning Fiscal 2019, non-employee directors are now granted service-based RSUs in lieu of restricted shares. The fair values of service-based RSUs granted to certain of the Company's senior executives and other employees, as well as non-employee directors, are based on the fair value of the Company's Class A common stock on the date of grant, adjusted to reflect the absence of dividends for any awards for which dividend equivalent amounts do not accrue while outstanding and unvested. The weighted-average grant date fair values of service-based RSU awards granted were $102.96 and $113.30 per share during the nine-month periods ended December 28, 2019 and December 29, 2018 , respectively. A summary of restricted stock and service-based RSU activity during the nine months ended December 28, 2019 is as follows: Number of Shares/Units Restricted Stock Service-based RSUs (thousands) Unvested at March 30, 2019 10 1,112 Granted — 533 Vested (6 ) (451 ) Forfeited — (68 ) Unvested at December 28, 2019 4 1,126 Performance-based RSUs The fair values of the Company's performance-based RSUs granted to its senior executives and other key employees are based on the fair value of the Company's Class A common stock on the date of grant, adjusted to reflect the absence of dividends for any awards for which dividend equivalent amounts do not accrue while outstanding and unvested. The weighted-average grant date fair values of performance-based RSUs granted were $83.16 and $129.78 per share during the nine months ended December 28, 2019 and December 29, 2018 , respectively. A summary of performance-based RSU activity during the nine months ended December 28, 2019 is as follows: Number of Performance-based RSUs (thousands) Unvested at March 30, 2019 1,011 Granted 289 Change due to performance condition achievement 123 Vested (482 ) Forfeited (6 ) Unvested at December 28, 2019 935 Market-based RSUs The Company grants market-based RSUs, which are based on TSR performance, to its senior executives and other key employees. The Company estimates the fair value of its TSR awards on the date of grant using a Monte Carlo simulation, which models multiple stock price paths of the Company's Class A common stock and that of its peer group to evaluate and determine its ultimate expected relative TSR performance ranking, adjusted to reflect the absence of dividends for any awards for which dividend equivalent amounts do not accrue while outstanding and unvested. The weighted-average grant date fair values of market-based RSUs granted were $90.59 and $177.13 per share during the nine months ended December 28, 2019 and December 29, 2018 , respectively. The assumptions used to estimate the fair value of TSR awards granted during the nine months ended December 28, 2019 and December 29, 2018 were as follows: Nine Months Ended December 28, December 29, Expected term (years) 2.6 2.6 Expected volatility 31.4 % 33.5 % Expected dividend yield 3.2 % 1.9 % Risk-free interest rate 1.4 % 2.6 % A summary of market-based RSU activity during the nine months ended December 28, 2019 is as follows: Number of Market-based RSUs (thousands) Unvested at March 30, 2019 76 Granted 159 Change due to market condition achievement — Vested — Forfeited (1 ) Unvested at December 28, 2019 234 |
Segment Information
Segment Information | 9 Months Ended |
Dec. 28, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Company has three reportable segments based on its business activities and organization: • North America — The North America segment primarily consists of sales of Ralph Lauren branded apparel, footwear, accessories, home furnishings, and related products made through the Company's retail and wholesale businesses in the U.S. and Canada, excluding Club Monaco. In North America, the Company's retail business is primarily comprised of its Ralph Lauren stores, its factory stores, and its digital commerce site, www.RalphLauren.com. The Company's wholesale business in North America is comprised primarily of sales to department stores, and to a lesser extent, specialty stores. • Europe — The Europe segment primarily consists of sales of Ralph Lauren branded apparel, footwear, accessories, home furnishings, and related products made through the Company's retail and wholesale businesses in Europe, the Middle East, and Latin America, excluding Club Monaco. In Europe, the Company's retail business is primarily comprised of its Ralph Lauren stores, its factory stores, its concession-based shop-within-shops, and its various digital commerce sites. The Company's wholesale business in Europe is comprised of a varying mix of sales to both department stores and specialty stores, depending on the country. • Asia — The Asia segment primarily consists of sales of Ralph Lauren branded apparel, footwear, accessories, home furnishings, and related products made through the Company's retail and wholesale businesses in Asia, Australia, and New Zealand. The Company's retail business in Asia is primarily comprised of its Ralph Lauren stores, its factory stores, its concession-based shop-within-shops, and its digital commerce site, www.RalphLauren.cn, which launched in September 2018. In addition, the Company sells its products online through various third-party digital partner commerce sites. In Asia, the Company's wholesale business is comprised primarily of sales to department stores, with related products distributed through shop-within-shops. No operating segments were aggregated to form the Company's reportable segments. In addition to these reportable segments, the Company also has other non-reportable segments, which primarily consist of (i) sales of Club Monaco branded products made through its retail and wholesale businesses in the U.S., Canada, and Europe, and its licensing alliances in Europe and Asia, and (ii) royalty revenues earned through its global licensing alliances, excluding Club Monaco. The Company's segment reporting structure is consistent with how it establishes its overall business strategy, allocates resources, and assesses performance of its business. The accounting policies of the Company's segments are consistent with those described in Notes 2 and 3 of the Fiscal 2019 10-K. Sales and transfers between segments are generally recorded at cost and treated as transfers of inventory. All intercompany revenues are eliminated in consolidation and are not reviewed when evaluating segment performance. Each segment's performance is evaluated based upon net revenues and operating income before restructuring-related charges, impairment of assets, and certain other one-time items, if any. Certain corporate overhead expenses related to global functions, most notably the Company's executive office, information technology, finance and accounting, human resources, and legal departments, largely remain at corporate. Additionally, other costs that cannot be allocated to the segments based on specific usage are also maintained at corporate, including corporate advertising and marketing expenses, depreciation and amortization of corporate assets, and other general and administrative expenses resulting from corporate-level activities and projects. Effective beginning in the first quarter of Fiscal 2020, operating results related to the Company's business in Latin America are included within its Europe segment due to a change in the way in which the Company manages this business. Previously, such results were included within the Company's other non-reportable segments. All prior period segment information has been recast to reflect this change on a comparative basis. Net revenues and operating income for each of the Company's segments are as follows: Three Months Ended Nine Months Ended December 28, December 29, December 28, December 29, (millions) Net revenues: North America $ 910.6 $ 908.7 $ 2,511.2 $ 2,494.5 Europe 437.8 425.0 1,278.8 1,245.0 Asia 289.6 274.8 803.5 767.5 Other non-reportable segments 112.7 117.3 292.2 300.3 Total net revenues $ 1,750.7 $ 1,725.8 $ 4,885.7 $ 4,807.3 Three Months Ended Nine Months Ended December 28, December 29, December 28, December 29, (millions) Operating income (a) : North America $ 202.7 $ 204.3 $ 560.5 $ 574.0 Europe 111.9 92.6 331.9 294.2 Asia 46.6 47.9 135.6 123.3 Other non-reportable segments 29.5 41.4 85.2 95.6 390.7 386.2 1,113.2 1,087.1 Unallocated corporate expenses (159.3 ) (152.3 ) (461.3 ) (474.8 ) Unallocated restructuring and other charges (b) (7.0 ) (40.1 ) (51.1 ) (78.4 ) Total operating income $ 224.4 $ 193.8 $ 600.8 $ 533.9 (a) Segment operating income and unallocated corporate expenses during the three-month and nine-month periods ended December 28, 2019 and December 29, 2018 included certain restructuring-related inventory charges (see Note 8 ) and asset impairment charges (see Note 7 ), which are detailed below: Three Months Ended Nine Months Ended December 28, December 29, December 28, December 29, (millions) Restructuring-related inventory charges: Europe $ — $ (3.1 ) $ (0.1 ) $ (3.1 ) Asia — — (0.9 ) — Total restructuring-related inventory charges $ — $ (3.1 ) $ (1.0 ) $ (3.1 ) Three Months Ended Nine Months Ended December 28, December 29, December 28, December 29, (millions) Asset impairment charges: North America $ (0.4 ) $ (1.1 ) $ (0.4 ) $ (1.4 ) Europe — (0.3 ) — (1.8 ) Asia (2.4 ) — (2.4 ) (3.7 ) Other non-reportable segments (8.6 ) (0.5 ) (12.4 ) (5.8 ) Unallocated corporate expenses (3.0 ) (0.3 ) (6.5 ) (0.6 ) Total asset impairment charges $ (14.4 ) $ (2.2 ) $ (21.7 ) $ (13.3 ) (b) The three-month and nine-month periods ended December 28, 2019 and December 29, 2018 included certain unallocated restructuring and other charges (see Note 8 ), which are detailed below: Three Months Ended Nine Months Ended December 28, December 29, December 28, December 29, (millions) Unallocated restructuring and other charges: North America-related $ — $ (14.1 ) $ (0.7 ) $ (17.6 ) Europe-related (0.1 ) (3.7 ) (3.2 ) (12.7 ) Asia-related (0.1 ) (0.4 ) (0.9 ) (0.2 ) Other non-reportable segment-related (0.1 ) (1.5 ) (0.8 ) (2.7 ) Corporate-related (3.7 ) (16.9 ) (18.5 ) (30.5 ) Unallocated restructuring charges (4.0 ) (36.6 ) (24.1 ) (63.7 ) Other charges (see Note 8) (3.0 ) (3.5 ) (27.0 ) (14.7 ) Total unallocated restructuring and other charges $ (7.0 ) $ (40.1 ) $ (51.1 ) $ (78.4 ) Depreciation and amortization expense for the Company's segments is as follows: Three Months Ended Nine Months Ended December 28, December 29, December 28, December 29, (millions) Depreciation and amortization: North America $ 18.9 $ 21.7 $ 56.4 $ 61.8 Europe 8.4 8.6 23.7 25.1 Asia 14.9 12.2 44.6 36.8 Other non-reportable segments 1.4 1.8 4.2 5.6 Unallocated corporate expenses 24.6 24.2 72.1 72.2 Unallocated restructuring and other charges (see Note 8) — 3.5 — 10.5 Total depreciation and amortization $ 68.2 $ 72.0 $ 201.0 $ 212.0 Net revenues by geographic location of the reporting subsidiary are as follows: Three Months Ended Nine Months Ended December 28, December 29, December 28, December 29, (millions) Net revenues (a) : The Americas (b) $ 1,025.4 $ 1,033.4 $ 2,808.4 $ 2,807.0 Europe (c) 435.5 417.4 1,273.0 1,231.8 Asia (d) 289.8 275.0 804.3 768.5 Total net revenues $ 1,750.7 $ 1,725.8 $ 4,885.7 $ 4,807.3 (a) Net revenues for certain of the Company's licensed operations are included within the geographic location of the reporting subsidiary which holds the respective license. (b) Includes the U.S., Canada, and Latin America. Net revenues earned in the U.S. during the three-month and nine-month periods ended December 28, 2019 were $966.0 million and $2.637 billion , respectively, and $968.9 million and $2.631 billion during the three-month and nine-month periods ended December 29, 2018 . (c) Includes the Middle East. (d) Includes Australia and New Zealand. |
Additional Financial Informatio
Additional Financial Information | 9 Months Ended |
Dec. 28, 2019 | |
Supplemental Cash Flow Information [Abstract] | |
Additional Financial Information | Additional Financial Information Reconciliation of Cash, Cash Equivalents, and Restricted Cash A reconciliation of cash, cash equivalents, and restricted cash as of December 28, 2019 and March 30, 2019 from the consolidated balance sheets to the consolidated statements of cash flows is as follows: December 28, March 30, (millions) Cash and cash equivalents $ 1,079.9 $ 584.1 Restricted cash included within prepaid expenses and other current assets 1.5 11.9 Restricted cash included within other non-current assets 8.0 30.5 Total cash, cash equivalents, and restricted cash $ 1,089.4 $ 626.5 Restricted cash relates to cash held in escrow with certain banks as collateral, primarily to secure guarantees in connection with certain international tax matters and real estate leases. Cash Interest and Taxes Cash paid for interest and income taxes is as follows: Three Months Ended Nine Months Ended December 28, December 29, December 28, December 29, (millions) Cash paid for interest $ 2.5 $ 2.8 $ 10.3 $ 10.9 Cash paid for income taxes 32.8 26.3 114.9 56.9 Non-cash Transactions Operating and finance lease ROU assets recorded in connection with the recognition of new lease liabilities were $326.6 million and $64.0 million , respectively, during the nine months ended December 28, 2019 . Non-cash investing activities also included capital expenditures incurred but not yet paid of $56.6 million and $35.9 million for the nine-month periods ended December 28, 2019 and December 29, 2018 , respectively. Non-cash financing activities included the conversion of 1.0 million shares of Class B common stock into an equal number of shares of Class A common stock during the nine months ended December 28, 2019 , as discussed in Note 15 . There were no other significant non-cash investing or financing activities for any of the fiscal periods presented. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Dec. 28, 2019 | |
Accounting Policies [Abstract] | |
Basis of Consolidation | Basis of Consolidation These unaudited interim consolidated financial statements present the consolidated financial position, income, comprehensive income, and cash flows of the Company, including all entities in which the Company has a controlling financial interest and is determined to be the primary beneficiary. All significant intercompany balances and transactions have been eliminated in consolidation. |
Fiscal Periods | Fiscal Periods The Company utilizes a 52-53 week fiscal year ending on the Saturday closest to March 31. As such, fiscal year 2020 will end on March 28, 2020 and will be a 52-week period ("Fiscal 2020 "). Fiscal year 2019 ended on March 30, 2019 and was also a 52-week period ("Fiscal 2019 "). The third quarter of Fiscal 2020 ended on December 28, 2019 and was a 13-week period. The third quarter of Fiscal 2019 ended on December 29, 2018 and was also a 13-week period. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the amounts reported in the financial statements and notes thereto. Actual results could differ materially from those estimates. Significant estimates inherent in the preparation of the consolidated financial statements include reserves for bad debt, customer returns, discounts, end-of-season markdowns, operational chargebacks, and certain cooperative advertising allowances; the realizability of inventory; reserves for litigation and other contingencies; useful lives and impairments of long-lived tangible and intangible assets; fair value measurements; accounting for income taxes and related uncertain tax positions; valuation of stock-based compensation awards and related pre-vesting forfeiture rates; reserves for restructuring activity; and accounting for business combinations, among others. |
Reclassifications | Reclassifications Certain reclassifications have been made to prior period financial information in order to conform to the current period's presentation, including a change to the Company's segment reporting structure as further described in Note 18 . |
Revenue Recognition | Revenue Recognition The Company recognizes revenue across all channels of the business when it satisfies its performance obligations by transferring control of promised products or services to its customers, which occurs either at a point in time or over time, depending on when the customer obtains the ability to direct the use of and obtain substantially all of the remaining benefits from the products or services. The amount of revenue recognized considers terms of sale that create variability in the amount of consideration that the Company ultimately expects to be entitled to in exchange for the products or services, and is subject to an overall constraint that a significant revenue reversal will not occur in future periods. Sales and other related taxes collected from customers and remitted to government authorities are excluded from revenue. Revenue from the Company's retail business is recognized when the customer takes physical possession of the products, which occurs either at the point of sale for merchandise purchased at the Company's retail stores and concession-based shop-within-shops, or upon receipt of shipment for merchandise ordered through direct-to-consumer digital commerce sites. Such revenues are recorded net of estimated returns based on historical trends. Payment is due at the point of sale. Gift cards issued to customers by the Company are recorded as a liability until they are redeemed, at which point revenue is recognized. The Company also estimates and recognizes revenue for gift card balances not expected to ever be redeemed (referred to as "breakage") to the extent that it does not have a legal obligation to remit the value of such unredeemed gift cards to the relevant jurisdiction as unclaimed or abandoned property. Such estimates are based upon historical redemption trends, with breakage income recognized in proportion to the pattern of actual customer redemptions. Revenue from the Company's wholesale business is generally recognized upon shipment of products, at which point title passes and risk of loss is transferred to the customer. In certain arrangements where the Company retains the risk of loss during shipment, revenue is recognized upon receipt of products by the customer. Wholesale revenue is recorded net of estimates of returns, discounts, end-of-season markdowns, operational chargebacks, and certain cooperative advertising allowances. Returns and allowances require pre-approval from management and discounts are based on trade terms. Estimates for end-of-season markdown reserves are based on historical trends, actual and forecasted seasonal results, an evaluation of current economic and market conditions, retailer performance, and, in certain cases, contractual terms. Estimates for operational chargebacks are based on actual customer notifications of order fulfillment discrepancies and historical trends. The Company reviews and refines these estimates on at least a quarterly basis. The Company's historical estimates of these amounts have not differed materially from actual results. Deferred Income |
Shipping and Handling Costs | Shipping and Handling Costs Costs associated with shipping goods to the Company's customers are accounted for as fulfillment activities and reflected as a component of selling, general, and administrative ("SG&A") expenses in the consolidated statements of operations. Costs of preparing merchandise for sale, such as picking, packing, warehousing, and order charges ("handling costs"), are also included in SG&A expenses. Shipping and handling costs billed to customers are included in revenue. |
Net Income per Common Share | Net Income per Common Share Basic net income per common share is computed by dividing net income attributable to common shares by the weighted-average number of common shares outstanding during the period. Weighted-average common shares include shares of the Company's Class A and Class B common stock. Diluted net income per common share adjusts basic net income per common share for the dilutive effects of outstanding stock options, restricted stock units ("RSUs"), and any other potentially dilutive instruments, only in the periods in which such effects are dilutive. |
Accounts Receivable | Accounts Receivable In the normal course of business, the Company extends credit to wholesale customers that satisfy defined credit criteria. Payment is generally due within 30 to 120 days and does not include a significant financing component. Accounts receivable is recorded at carrying value, which approximates fair value, and is presented in the Company's consolidated balance sheets net of certain reserves and allowances. These reserves and allowances consist of (i) reserves for returns, discounts, end-of-season markdowns, operational chargebacks, and certain cooperative advertising allowances (see the " Revenue Recognition " section above for further discussion of related accounting policies) and (ii) allowances for doubtful accounts. |
Inventories | Inventories |
Leases | Leases As discussed in Note 4, the Company adopted a new lease accounting standard as of the beginning of Fiscal 2020. The Company's lease arrangements primarily relate to real estate, including its retail stores, concession-based shop-within-shops, corporate offices, and warehouse facilities, and to a lesser extent, certain equipment and other assets. The Company's leases generally have initial terms ranging from 3 to 15 years and may include renewal or early-termination options, rent escalation clauses, and/or lease incentives in the form of construction allowances and rent abatements. Renewal rent payment terms generally reflect market rates prevailing at the time of renewal. The Company is typically required to make fixed minimum rent payments, variable rent payments based on performance (e.g., percentage-of-sales-based payments), or a combination thereof, directly related to its right to use an underlying leased asset. The Company is also often required to pay for certain other costs that do not relate specifically to its right to use an underlying leased asset, but that are associated with the asset, including real estate taxes, insurance, common area maintenance fees, and/or certain other costs (referred to collectively herein as "non-lease components"), which may be fixed or variable in amount, depending on the terms of the respective lease agreement. The Company's leases do not contain significant residual value guarantees or restrictive covenants. The Company determines whether an arrangement contains a lease at the arrangement's inception. If a lease is determined to exist, its related term is assessed at lease commencement, once the underlying asset is made available by the lessor for the Company's use. The Company's assessment of the lease term reflects the non-cancellable period of the lease, inclusive of any rent-free periods and/or periods covered by early-termination options for which the Company is reasonably certain of not exercising, as well as periods covered by renewal options for which it is reasonably certain of exercising. The Company also determines lease classification as either operating or finance (formerly referred to as "capital") at lease commencement, which governs the pattern of expense recognition and the presentation thereof reflected in the consolidated statements of operations over the lease term. For leases with a lease term exceeding 12 months, a lease liability is recorded on the Company's consolidated balance sheet at lease commencement reflecting the present value of its fixed payment obligations over the lease term. A corresponding right-of-use ("ROU") asset equal to the initial lease liability is also recorded, increased by any prepaid rent and/or initial direct costs incurred in connection with execution of the lease, and reduced by any lease incentives received. The Company includes fixed payment obligations related to non-lease components in the measurement of ROU assets and lease liabilities, as it elects to account for lease and non-lease components together as a single lease component. Variable lease payments are not included in the measurement of ROU assets and lease liabilities. ROU assets associated with finance leases are presented separate from those associated with operating leases, and are included within property and equipment, net on the Company's consolidated balance sheet. For purposes of measuring the present value of its fixed payment obligations for a given lease, the Company uses its incremental borrowing rate, determined based on information available at lease commencement, as rates implicit in its leasing arrangements are not readily determinable. The Company's incremental borrowing rate reflects the rate it would pay to borrow on a secured basis, and incorporates the term and economic environment of the lease. For operating leases, fixed lease payments are recognized as operating lease cost on a straight-line basis over the lease term. For finance leases, the initial ROU asset is depreciated on a straight-line basis over the lease term, along with recognition of interest expense associated with accretion of the lease liability, which is ultimately reduced by the related fixed payments as they are made. For leases with a lease term of 12 months or less (referred to as a "short-term lease"), any fixed lease payments are recognized on a straight-line basis over such term, and are not recognized on the consolidated balance sheet. Variable lease cost, if any, is recognized as incurred for all leases. ROU assets, along with any other related long-lived assets, are periodically evaluated for impairment (see Note 11 ). To the extent that an ROU asset and any related long-lived assets are determined to be impaired, they are written down accordingly on a relative carrying amount basis, with the ROU asset written down to an amount no lower than its estimated fair value. Subsequent to the recognition of any such impairment, total remaining lease cost is recognized on a front-loaded basis over the remaining lease term. |
Derivative Financial Instruments | Derivative Financial Instruments The Company records all derivative financial instruments on its consolidated balance sheets at fair value. Changes in the fair value of derivative instruments that qualify for hedge accounting are either (i) offset against the changes in fair value of the related hedged assets, liabilities, or firm commitments through earnings or (ii) recognized in equity as a component of accumulated other comprehensive income (loss) ("AOCI") until the hedged item is recognized in earnings, depending on whether the derivative is being used to hedge against changes in fair value or cash flows and net investments, respectively. Each derivative instrument that qualifies for hedge accounting is expected to be highly effective in reducing and offsetting the risk associated with the related exposure being hedged. For each derivative instrument that is designated as a hedge, the Company formally documents the related risk management objective and strategy, including identification of the hedging instrument, the hedged item, and the risk exposure, as well as how hedge effectiveness will be assessed over the instrument's term. To assess hedge effectiveness at the inception of a hedging relationship, the Company generally uses regression analysis, a statistical method, to compare changes in the fair value of the derivative instrument to changes in the fair value or cash flows of the related hedged item. The extent to which a hedging instrument has been and is expected to remain highly effective in achieving offsetting changes in fair value or cash flows is assessed by the Company on at least a quarterly basis. As a result of its use of derivative instruments, the Company is exposed to the risk that counterparties to such contracts will fail to meet their contractual obligations. To mitigate this counterparty credit risk, the Company has a policy of only entering into contracts with carefully selected financial institutions based upon an evaluation of their credit ratings and certain other factors, adhering to established limits for credit exposure. The Company's established policies and procedures for mitigating credit risk from derivative transactions include ongoing review and assessment of its counterparties' creditworthiness. The Company also enters into master netting arrangements with counterparties, when possible, to further mitigate credit risk. In the event of default or termination (as such terms are defined within the respective master netting arrangement), these arrangements allow the Company to net-settle amounts payable and receivable related to multiple derivative transactions with the same counterparty. The master netting arrangements specify a number of events of default and termination, including, among others, the failure to make timely payments. The fair values of the Company's derivative instruments are recorded on its consolidated balance sheets on a gross basis. For cash flow reporting purposes, proceeds received or amounts paid upon the settlement of a derivative instrument are classified in the same manner as the related item being hedged, primarily within cash flows from operating activities. Cash Flow Hedges The Company uses forward foreign currency exchange contracts to mitigate its risk related to exchange rate fluctuations on inventory transactions made in an entity's non-functional currency and the settlement of foreign currency-denominated balances. To the extent forward foreign currency exchange contracts are designated as qualifying cash flow hedges, the related gains or losses are initially deferred in equity as a component of AOCI and are subsequently recognized in the consolidated statements of operations as follows: • Forecasted Inventory Transactions — recognized as part of the cost of the inventory being hedged within cost of goods sold when the related inventory is sold to a third party. • Settlement of Foreign Currency Balances — recognized within other income (expense), net during the period that the hedged balance is remeasured through earnings, generally through its ultimate settlement when the related payment occurs. If it is determined that a derivative instrument has not been highly effective, and will continue not to be highly effective in hedging the designated exposure, hedge accounting is discontinued and further gains (losses) are immediately recognized in earnings within other income (expense), net. Upon discontinuance of hedge accounting, the cumulative change in fair value of the derivative instrument previously recorded in AOCI is recognized in earnings when the related hedged item affects earnings, consistent with the originally-documented hedging strategy, unless the forecasted transaction is no longer probable of occurring, in which case the accumulated amount is immediately recognized in earnings within other income (expense), net. Hedges of Net Investments in Foreign Operations The Company periodically uses cross-currency swap contracts and forward foreign currency exchange contracts to reduce risk associated with exchange rate fluctuations on certain of its net investments in foreign subsidiaries. Changes in the fair values of such derivative instruments that are designated as qualifying hedges of net investments in foreign operations are recorded in equity as a component of AOCI in the same manner as foreign currency translation adjustments. In assessing the effectiveness of such hedges, the Company uses a method based on changes in spot rates to measure the impact of foreign currency exchange rate fluctuations on both its foreign subsidiary net investment and the related derivative hedging instrument. Under this method, changes in the fair value of the hedging instrument other than those due to changes in the spot rate are initially recorded in AOCI as a translation adjustment, and are amortized into earnings as interest expense using a systematic and rational method over the instrument's term. Changes in fair value associated with the effective portion (i.e., those due to changes in the spot rate) are recorded in AOCI as a translation adjustment and are released and recognized in earnings only upon the sale or liquidation of the hedged net investment. Fair Value Hedges Changes in the fair value of a derivative instrument that is designated as a fair value hedge, along with offsetting changes in the fair value of the related hedged item attributable to the hedged risk, are recorded in earnings. To the extent that the change in the fair value of the hedged item does not fully offset the change in the fair value of the hedging instrument, the resulting net impact is reflected in earnings within the income statement line item associated with the hedged item. Undesignated Hedges All of the Company's undesignated hedges are entered into to hedge specific economic risks, particularly foreign currency exchange rate risk related to foreign currency-denominated balances. Changes in the fair value of undesignated derivative instruments are immediately recognized in earnings within other income (expense), net. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Dec. 28, 2019 | |
Summary of Significant Accounting Policies (Tables) [Abstract] | |
Contractually-Guaranteed Minimum Royalties | As of December 28, 2019 , contractually-guaranteed minimum royalty amounts expected to be recognized as revenue during future periods were as follows: Contractually-Guaranteed Minimum Royalties (a) (millions) Remainder of Fiscal 2020 $ 22.1 Fiscal 2021 117.3 Fiscal 2022 78.9 Fiscal 2023 43.4 Fiscal 2024 and thereafter 26.1 Total $ 287.8 (a) Amounts presented do not contemplate anticipated contract renewals or royalties earned in excess of contractually guaranteed minimums. |
Disaggregation of Revenue | The following tables disaggregate the Company's net revenues into categories that depict how the nature, amount, timing, and uncertainty of revenues and cash flows are affected by economic factors for the fiscal periods presented: Three Months Ended December 28, 2019 December 29, 2018 North America Europe Asia Other Total North America Europe Asia Other Total (millions) Sales Channel (a) : Retail $ 575.0 $ 257.2 $ 274.1 $ 63.9 $ 1,170.2 $ 543.2 $ 248.7 $ 261.4 $ 68.3 $ 1,121.6 Wholesale 335.6 180.6 15.5 2.9 534.6 365.5 176.3 13.4 1.3 556.5 Licensing — — — 45.9 45.9 — — — 47.7 47.7 Total $ 910.6 $ 437.8 $ 289.6 $ 112.7 $ 1,750.7 $ 908.7 $ 425.0 $ 274.8 $ 117.3 $ 1,725.8 Nine Months Ended December 28, 2019 December 29, 2018 North America Europe Asia Other Total North America Europe Asia Other Total (millions) Sales Channel (a) : Retail $ 1,436.0 $ 714.3 $ 753.9 $ 158.8 $ 3,063.0 $ 1,366.1 $ 688.9 $ 719.3 $ 165.6 $ 2,939.9 Wholesale 1,075.2 564.5 49.6 6.6 1,695.9 1,128.4 556.1 48.2 3.6 1,736.3 Licensing — — — 126.8 126.8 — — — 131.1 131.1 Total $ 2,511.2 $ 1,278.8 $ 803.5 $ 292.2 $ 4,885.7 $ 2,494.5 $ 1,245.0 $ 767.5 $ 300.3 $ 4,807.3 (a) Net revenues from the Company's retail and wholesale businesses are recognized at a point in time. Net revenues from the Company's licensing business are recognized over time. |
Shipping and Handling Charges | A summary of shipping and handling costs for the fiscal periods presented is as follows: Three Months Ended Nine Months Ended December 28, December 29, December 28, December 29, (millions) Shipping costs $ 12.3 $ 16.6 $ 34.7 $ 36.2 Handling costs 40.8 41.6 116.5 116.3 |
Summary of Basic and Diluted shares | The weighted-average number of common shares outstanding used to calculate basic net income per common share is reconciled to shares used to calculate diluted net income per common share as follows: Three Months Ended Nine Months Ended December 28, December 29, December 28, December 29, (millions) Basic shares 74.7 80.2 76.5 81.1 Dilutive effect of stock options and RSUs 1.1 1.0 1.4 1.2 Diluted shares 75.8 81.2 77.9 82.3 |
Sales Returns and Allowances [Member] | |
Summary of Significant Accounting Policies (Tables) [Abstract] | |
Rollforward of activity in the Company's allowance for doubtful accounts and its aggregate reserves for returns, discounts, end-of-season markdowns, operational chargebacks, and certain cooperative advertising allowances | A rollforward of the activity in the Company's reserves for returns, discounts, end-of-season markdowns, operational chargebacks, and certain cooperative advertising allowances is presented below: Three Months Ended Nine Months Ended December 28, December 29, December 28, December 29, (millions) Beginning reserve balance $ 195.5 $ 198.7 $ 176.5 $ 202.5 Amount charged against revenue to increase reserve 138.5 146.1 421.0 396.3 Amount credited against customer accounts to decrease reserve (149.4 ) (149.1 ) (411.1 ) (398.4 ) Foreign currency translation 1.1 (1.1 ) (0.7 ) (5.8 ) Ending reserve balance $ 185.7 $ 194.6 $ 185.7 $ 194.6 |
Allowance for Doubtful Accounts | |
Summary of Significant Accounting Policies (Tables) [Abstract] | |
Rollforward of activity in the Company's allowance for doubtful accounts and its aggregate reserves for returns, discounts, end-of-season markdowns, operational chargebacks, and certain cooperative advertising allowances | A rollforward of the activity in the Company's allowance for doubtful accounts is presented below: Three Months Ended Nine Months Ended December 28, December 29, December 28, December 29, (millions) Beginning reserve balance $ 15.6 $ 17.2 $ 15.7 $ 19.7 Amount recorded to expense to increase reserve (a) 0.4 1.7 1.9 1.2 Amount written-off against customer accounts to decrease reserve (0.3 ) (0.4 ) (1.7 ) (1.8 ) Foreign currency translation 0.1 (0.2 ) (0.1 ) (0.8 ) Ending reserve balance $ 15.8 $ 18.3 $ 15.8 $ 18.3 (a) Amounts recorded to bad debt expense are included within SG&A expenses in the consolidated statements of operations. |
Property and Equipment (Tables)
Property and Equipment (Tables) | 9 Months Ended |
Dec. 28, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property and equipment, net | Property and equipment, net consists of the following: December 28, March 30, (millions) Land and improvements $ 15.3 $ 15.3 Buildings and improvements 310.9 387.8 Furniture and fixtures 634.4 626.4 Machinery and equipment 363.3 350.4 Capitalized software 543.1 534.0 Leasehold improvements 1,223.6 1,169.4 Construction in progress 65.0 58.7 3,155.6 3,142.0 Less: accumulated depreciation (2,127.4 ) (2,102.8 ) Property and equipment, net $ 1,028.2 $ 1,039.2 |
Other Assets and Liabilities (T
Other Assets and Liabilities (Tables) | 9 Months Ended |
Dec. 28, 2019 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of prepaid expenses and other current assets | Prepaid expenses and other current assets consist of the following: December 28, March 30, (millions) Other taxes receivable $ 63.4 $ 137.9 Non-trade receivables 30.7 30.8 Inventory return asset 28.4 18.4 Tenant allowances receivable 23.4 8.2 Prepaid software maintenance 20.2 19.8 Prepaid advertising and marketing 12.1 9.6 Derivative financial instruments 12.0 19.8 Prepaid occupancy costs 9.8 38.0 Restricted cash 1.5 11.9 Asset held-for-sale (a) — 20.8 Other prepaid expenses and current assets 52.7 44.1 Total prepaid expenses and other current assets $ 254.2 $ 359.3 (a) Balance as of March 30, 2019 related to the estimated fair value, less costs to sell, of the Company's corporate jet. The jet was sold during the first quarter of Fiscal 2020 with no gain or loss recognized on sale. The Company donated the $20.8 million net cash proceeds received from the sale to the Polo Ralph Lauren Foundation, a non-profit, charitable foundation that supports various philanthropic programs. |
Schedule of other non-current assets | Other non-current assets consist of the following: December 28, March 30, (millions) Security deposits $ 28.5 $ 24.5 Derivative financial instruments 23.3 12.2 Restricted cash 8.0 30.5 Non-current investments — 44.9 Other non-current assets 31.7 46.4 Total other non-current assets $ 91.5 $ 158.5 |
Schedule of accrued expenses and other current liabilities | Accrued expenses and other current liabilities consist of the following: December 28, March 30, (millions) Accrued operating expenses $ 232.0 $ 235.2 Accrued inventory 178.1 141.0 Accrued payroll and benefits 177.6 232.5 Other taxes payable 89.8 158.3 Accrued capital expenditures 56.6 47.6 Dividends payable 50.7 48.8 Restructuring reserve 23.1 60.4 Deferred income 15.1 14.1 Finance lease obligations 10.3 22.3 Derivative financial instruments 9.2 3.6 Other accrued expenses and current liabilities 10.6 4.6 Total accrued expenses and other current liabilities $ 853.1 $ 968.4 |
Schedule of non-current liabilities | Other non-current liabilities consist of the following: December 28, March 30, (millions) Finance lease obligations $ 191.1 $ 212.6 Deferred lease incentives and obligations 61.4 202.7 Accrued benefits and deferred compensation 20.1 26.2 Deferred tax liabilities 11.8 50.2 Restructuring reserve 2.1 11.4 Derivative financial instruments — 11.9 Other non-current liabilities 30.4 25.9 Total other non-current liabilities $ 316.9 $ 540.9 |
Restructuring and Other Charg_2
Restructuring and Other Charges (Tables) | 9 Months Ended |
Dec. 28, 2019 | |
Fiscal 2019 Restructuring Plan | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Costs | A summary of charges recorded in connection with the Fiscal 2019 Restructuring Plan during the fiscal periods presented, as well as the cumulative charges recorded since its inception, is as follows: Three Months Ended Nine Months Ended December 28, December 29, December 28, December 29, Cumulative Charges (millions) Cash-related restructuring charges: Severance and benefit costs $ 3.0 $ 17.1 $ 17.9 $ 34.3 $ 78.1 Lease termination and store closure costs — 1.2 0.5 1.2 2.3 Other cash charges 1.0 1.9 2.1 3.5 9.5 Total cash-related restructuring charges 4.0 20.2 20.5 39.0 89.9 Non-cash charges: Impairment of assets (see Note 7) 3.0 1.3 6.5 7.1 16.8 Inventory-related charges (a) — 1.9 1.0 1.9 7.0 Accelerated stock-based compensation expense (b) — — 3.6 — 3.6 Loss on sale of property (c) — 11.6 — 11.6 11.6 Total non-cash charges 3.0 14.8 11.1 20.6 39.0 Total charges $ 7.0 $ 35.0 $ 31.6 $ 59.6 $ 128.9 (a) Inventory-related charges are recorded within cost of goods sold in the consolidated statements of operations. (b) Accelerated stock-based compensation, which is recorded within restructuring and other charges in the consolidated statements of operations, was recorded in connection with vesting provisions associated with certain separation agreements. (c) Loss on sale of property, which was recorded within restructuring and other charges in the consolidated statements of operations during the third quarter of Fiscal 2019, was incurred in connection with the sale of one of the Company's distribution centers in North America. Total cash proceeds from the sale were $20.0 million . |
Schedule of Restructuring Reserve by Type of Cost | A summary of current period activity in the restructuring reserve related to the Fiscal 2019 Restructuring Plan is as follows: Severance and Benefit Costs Lease Termination and Store Closure Costs Other Cash Charges Total (millions) Balance at March 30, 2019 $ 41.0 $ 0.5 $ 0.1 $ 41.6 Additions charged to expense 17.9 0.5 2.1 20.5 Cash payments charged against reserve (38.1 ) (0.6 ) (1.6 ) (40.3 ) Non-cash adjustments (a) — (0.4 ) — (0.4 ) Balance at December 28, 2019 $ 20.8 $ — $ 0.6 $ 21.4 (a) Certain lease-related liabilities previously recognized in connection with the Company's closure and cessation of use of real estate locations were reclassified and reflected as reductions of the respective operating lease ROU assets initially recognized upon adoption of ASU 2016-02 (see Note 4 ). |
Other Restructuring Plans | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Costs | During the three-month and nine-month periods ended December 29, 2018 , the Company recorded charges related to certain other restructuring plans initiated prior to Fiscal 2019, as follows: December 29, 2018 Three Months Ended Nine Months Ended (millions) Cash-related restructuring charges: Severance and benefit costs $ 0.1 $ 6.6 Lease termination and store closure costs 2.1 3.7 Other cash charges 0.6 0.8 Total cash-related restructuring charges 2.8 11.1 Non-cash charges: Impairment of assets (see Note 7) 0.4 0.4 Inventory-related charges (a) 1.2 1.2 Other non-cash charges 2.0 2.0 Total non-cash charges 3.6 3.6 Total charges $ 6.4 $ 14.7 (a) Inventory-related charges are recorded within cost of goods sold in the consolidated statements of operations. |
Schedule of Restructuring Reserve by Type of Cost | A summary of current period activity in the restructuring reserve related to these other plans is as follows: Severance and Benefit Costs Lease Termination and Store Closure Costs Other Cash Charges Total (millions) Balance at March 30, 2019 $ 6.5 $ 23.3 $ 0.4 $ 30.2 Additions charged to expense — — — — Cash payments charged against reserve (4.6 ) (2.8 ) (0.1 ) (7.5 ) Non-cash adjustments (a) — (18.9 ) — (18.9 ) Balance at December 28, 2019 $ 1.9 $ 1.6 $ 0.3 $ 3.8 (a) Certain lease-related liabilities previously recognized in connection with the Company's closure and cessation of use of real estate locations were reclassified and reflected as reductions of the respective operating lease ROU assets initially recognized upon adoption of ASU 2016-02 (see Note 4 ). |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Dec. 28, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Debt Instruments | Debt consists of the following: December 28, March 30, (millions) $300 million 2.625% Senior Notes (a) $ 298.1 $ 293.4 $400 million 3.750% Senior Notes (b) 396.3 395.7 Total debt 694.4 689.1 Less: current portion of long-term debt 298.1 — Long-term debt $ 396.3 $ 689.1 (a) The carrying value of the 2.625% Senior Notes as of December 28, 2019 and March 30, 2019 reflects adjustments of $1.6 million and $5.9 million , respectively, associated with the Company's related interest rate swap contract (see Note 12 ). The carrying value of the 2.625% Senior Notes is also presented net of unamortized debt issuance costs and discount of $0.3 million and $0.7 million as of December 28, 2019 and March 30, 2019 , respectively. (b) The carrying value of the 3.750% Senior Notes is presented net of unamortized debt issuance costs and discount of $3.7 million and $4.3 million as of December 28, 2019 and March 30, 2019 , respectively. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Dec. 28, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair value of financial assets and liabilities measured and recorded at fair value on recurring basis | The following table summarizes the Company's financial assets and liabilities that are measured and recorded at fair value on a recurring basis, excluding accrued interest components: December 28, March 30, (millions) Investments in commercial paper (a)(b) $ 244.9 $ 290.7 Derivative assets (a) 35.3 32.0 Derivative liabilities (a) 9.2 15.5 (a) Based on Level 2 measurements. (b) Amount as of December 28, 2019 was included within short-term investments in the consolidated balance sheet. As of March 30, 2019 , $54.7 million was included within cash and cash equivalents and $236.0 million was included within short-term investments in the consolidated balance sheet. |
Carrying value and the estimated fair value of the Company's debt obligations | The following table summarizes the carrying values and the estimated fair values of the Company's debt instruments: December 28, 2019 March 30, 2019 Carrying Value (a) Fair Value (b) Carrying Value (a) Fair Value (b) (millions) $300 million 2.625% Senior Notes $ 298.1 $ 301.5 $ 293.4 $ 299.1 $400 million 3.750% Senior Notes 396.3 430.2 395.7 410.0 (a) See Note 10 for discussion of the carrying values of the Company's senior notes. (b) Based on Level 2 measurements. |
Fair value measurements, nonrecurring | The following tables summarize non-cash impairment adjustments recorded by the Company during the fiscal periods presented in order to reduce the carrying values of certain long-lived assets to their estimated fair values as of the assessment date: Three Months Ended December 28, 2019 December 29, 2018 Long-Lived Asset Category Fair Value As of Impairment Date Total Impairments Fair Value As of Impairment Date Total Impairments (millions) Property and equipment, net $ — $ 11.0 $ — $ 2.2 Operating lease right-of-use assets 13.2 3.4 N/A N/A Nine Months Ended December 28, 2019 December 29, 2018 Long-Lived Asset Category Fair Value As of Impairment Date Total Impairments Fair Value As of Impairment Date Total Impairments (millions) Property and equipment, net $ — $ 13.6 $ — $ 13.3 Operating lease right-of-use assets 109.6 233.2 (a) N/A N/A (a) Includes $225.1 million recorded in connection with the Company's adoption of ASC 2016-02 as of the beginning of Fiscal 2020 which, net of related income tax benefits, reduced its opening retained earnings balance by $169.4 million (see Note 4 ). |
Financial Instruments (Tables)
Financial Instruments (Tables) | 9 Months Ended |
Dec. 28, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Company's outstanding derivative instruments on a gross basis as recorded on its consolidated balance sheets | The following table summarizes the Company's outstanding derivative instruments on a gross basis as recorded in its consolidated balance sheets as of December 28, 2019 and March 30, 2019 : Notional Amounts Derivative Assets Derivative Liabilities Derivative Instrument (a) December 28, March 30, December 28, March 30, December 28, March 30, Balance Sheet Line (b) Fair Value Balance Sheet Line (b) Fair Value Balance Sheet Line (b) Fair Value Balance Sheet Line (b) Fair Value (millions) Designated Hedges : FC — Cash flow hedges $ 597.0 $ 636.3 (e) $ 13.1 PP $ 19.5 AE $ 1.3 AE $ 2.3 IRS — Fixed-rate debt 300.0 300.0 — — AE 1.6 ONCL 5.9 Net investment hedges (c) 687.7 695.3 ONCA 21.9 ONCA 12.2 AE 6.0 ONCL 6.0 Total Designated Hedges 1,584.7 1,631.6 35.0 31.7 8.9 14.2 Undesignated Hedges : FC — Undesignated hedges (d) 291.3 146.6 PP 0.3 PP 0.3 AE 0.3 AE 1.3 Total Hedges $ 1,876.0 $ 1,778.2 $ 35.3 $ 32.0 $ 9.2 $ 15.5 (a) FC = Forward foreign currency exchange contracts; IRS = Interest rate swap contracts. (b) PP = Prepaid expenses and other current assets; AE = Accrued expenses and other current liabilities; ONCA = Other non-current assets; ONCL = Other non-current liabilities. (c) Includes cross-currency swaps designated as hedges of the Company's net investment in certain foreign operations. (d) Primarily includes undesignated hedges of foreign currency-denominated intercompany loans and other intercompany balances. (e) $11.7 million included within prepaid expenses and other current assets and $1.4 million included within other non-current assets. |
Offsetting Assets | The Company records and presents the fair values of all of its derivative assets and liabilities in its consolidated balance sheets on a gross basis, even when they are subject to master netting arrangements. However, if the Company were to offset and record the asset and liability balances of all of its derivative instruments on a net basis in accordance with the terms of each of its master netting arrangements, spread across eight separate counterparties, the amounts presented in the consolidated balance sheets as of December 28, 2019 and March 30, 2019 would be adjusted from the current gross presentation as detailed in the following table: December 28, 2019 March 30, 2019 Gross Amounts Presented in the Balance Sheet Gross Amounts Not Offset in the Balance Sheet that are Subject to Master Netting Agreements Net Amount Gross Amounts Presented in the Balance Sheet Gross Amounts Not Offset in the Balance Sheet that are Subject to Master Netting Agreements Net Amount (millions) Derivative assets $ 35.3 $ (6.5 ) $ 28.8 $ 32.0 $ (4.8 ) $ 27.2 Derivative liabilities 9.2 (6.5 ) 2.7 15.5 (4.8 ) 10.7 |
Gains (losses) recognized in AOCI or earnings from derivatives designated as hedging instruments | The following tables summarize the pretax impact of gains and losses from the Company's designated derivative instruments on its consolidated financial statements for the three-month and nine-month periods ended December 28, 2019 and December 29, 2018 : Gains (Losses) Recognized in OCI Three Months Ended Nine Months Ended December 28, December 29, December 28, December 29, (millions) Designated Hedges: FC — Cash flow hedges $ (2.4 ) $ 11.1 $ 13.2 $ 38.5 Net investment hedges — effective portion (14.7 ) 10.6 2.4 50.8 Net investment hedges — portion excluded from assessment of hedge effectiveness 2.1 6.8 7.3 0.1 Total Designated Hedges $ (15.0 ) $ 28.5 $ 22.9 $ 89.4 Location and Amount of Gains (Losses) from Cash Flow Hedges Reclassified from AOCI to Earnings Three Months Ended Nine Months Ended December 28, December 29, December 28, December 29, Cost of Other income (expense), net Cost of Other income (expense), net Cost of goods sold Other income (expense), net Cost of goods sold Other income (expense), net (millions) Total amounts presented in the consolidated statements of operations in which the effects of related cash flow hedges are recorded $ (661.6 ) $ 2.9 $ (666.3 ) $ 1.0 $ (1,826.8 ) $ (2.9 ) $ (1,822.8 ) $ (0.6 ) Effects of cash flow hedging: FC — Cash flow hedges 7.1 (0.1 ) 4.3 (0.4 ) 17.7 0.3 (1.2 ) 1.7 Gains (Losses) from Net Investment Hedges Recognized in Earnings Location of Gains (Losses) Three Months Ended Nine Months Ended December 28, December 29, December 28, December 29, (millions) Net Investment Hedges Net investment hedges — portion excluded from assessment of hedge effectiveness (a) $ 4.7 $ 4.8 $ 14.5 $ 13.9 Interest expense Total Net Investment Hedges $ 4.7 $ 4.8 $ 14.5 $ 13.9 (a) Amounts recognized in other comprehensive income (loss) ("OCI") related to the effective portion of the Company's net investment hedges would be recognized in earnings only upon the sale or liquidation of the hedged net investment. |
Gains (losses) recognized in earnings from derivatives not designated as hedging instruments | The following table summarizes the pretax impact of gains and losses from the Company's undesignated derivative instruments on its consolidated financial statements for the three-month and nine-month periods ended December 28, 2019 and December 29, 2018 : Gains (Losses) Recognized in Earnings Location of Gains (Losses) Recognized in Earnings Three Months Ended Nine Months Ended December 28, December 29, December 28, December 29, (millions) Undesignated Hedges: FC — Undesignated hedges $ (2.7 ) $ (1.0 ) $ 2.4 $ 4.7 Other income (expense), net Total Undesignated Hedges $ (2.7 ) $ (1.0 ) $ 2.4 $ 4.7 |
Fair Value Hedging Adjustments | The following table summarizes the carrying value of the 2.625% Senior Notes and the impacts of the related fair value hedging adjustments as of December 28, 2019 and March 30, 2019 : Carrying Value of the Hedged Item Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Value of the Hedged Item Hedged Item Balance Sheet Line in which the Hedged Item is Included December 28, March 30, December 28, March 30, (millions) $300 million 2.625% Senior Notes Current portion of long-term debt $ 298.1 N/A $ (1.6 ) N/A $300 million 2.625% Senior Notes Long-term debt N/A $ 293.4 N/A $ (5.9 ) |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Dec. 28, 2019 | |
Lessee Disclosure [Abstract] | |
ROU Assets and Lease Liabilities | The following table summarizes ROU assets and lease liabilities recorded on the Company's consolidated balance sheet as of December 28, 2019 : December 28, Location Recorded on Balance Sheet (millions) Assets: Operating leases $ 1,573.4 Operating lease right-of-use assets Finance leases 171.1 Property and equipment, net Total lease assets $ 1,744.5 Liabilities: Operating leases : Current portion $ 287.5 Current operating lease liabilities Non-current portion 1,637.5 Long-term operating lease liabilities Total operating lease liabilities 1,925.0 Finance leases : Current portion 10.3 Accrued expenses and other current liabilities Non-current portion 191.1 Other non-current liabilities Total finance lease liabilities 201.4 Total lease liabilities $ 2,126.4 |
Lease Cost | The following table summarizes the composition of net lease cost during the three-month and nine-month periods ended December 28, 2019 : December 28, 2019 Three Months Ended Nine Months Ended Location Recorded in Earnings (millions) Operating lease cost $ 81.5 $ 241.6 (a) Finance lease costs : Depreciation of leased assets 4.5 13.4 SG&A expenses Accretion of lease liabilities 2.0 6.0 Interest expense Variable lease cost 82.5 236.2 (b) Short-term lease cost 0.6 4.1 SG&A expenses Sublease income (0.7 ) (2.4 ) Restructuring and other charges Total lease cost $ 170.4 $ 498.9 (a) During the three months ended December 28, 2019 , $1.1 million included within cost of goods sold, $77.3 million included within SG&A expenses, and $3.1 million included within restructuring and other charges. During the nine months ended December 28, 2019 , $3.4 million included within cost of goods sold, $229.7 million included within SG&A expenses, and $8.5 million included within restructuring and other charges. (b) During the three months ended December 28, 2019 , $1.3 million included within cost of goods sold, $80.6 million included within SG&A expenses, and $0.6 million included within restructuring and other charges. During the nine months ended December 28, 2019 , $3.4 million included within cost of goods sold, $230.7 million included within SG&A expenses, and $2.1 million included within restructuring and other charges. |
Cash paid for amounts included in the measurement of lease liabilities | The following table summarizes certain cash flow information related to the Company's leases for the nine months ended ended December 28, 2019 : December 28, 2019 Nine Months Ended (millions) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 289.2 Operating cash flows from finance leases 5.9 Financing cash flows from finance leases 10.6 |
Lease Liability Maturity | The following table provides a maturity analysis summary of the Company's lease liabilities recorded on the consolidated balance sheet as of December 28, 2019 : December 28, 2019 Operating Leases Finance Leases (millions) Remainder of Fiscal 2020 $ 57.5 $ 4.7 Fiscal 2021 354.2 16.6 Fiscal 2022 318.5 22.6 Fiscal 2023 286.4 22.4 Fiscal 2024 258.7 22.3 Fiscal 2025 and thereafter 829.5 175.0 Total lease payments 2,104.8 263.6 Less: interest (179.8 ) (62.2 ) Total lease liabilities $ 1,925.0 $ 201.4 |
Supplemental lease information | The following table summarizes the weighted-average remaining lease terms and weighted-average discount rates related to the Company's operating and finance leases recorded on the consolidated balance sheet as of December 28, 2019 : December 28, 2019 Operating Leases Finance Leases Weighted-average remaining lease term (years) 8.0 12.8 Weighted-average discount rate 2.1 % 4.1 % |
Equity (Tables)
Equity (Tables) | 9 Months Ended |
Dec. 28, 2019 | |
Equity [Abstract] | |
Summary of Repurchased Common Stock | A summary of the Company's repurchases of Class A common stock under its common stock repurchase program is as follows: Nine Months Ended December 28, December 29, (millions) Cost of shares repurchased $ 498.3 $ 400.0 Number of shares repurchased 4.9 3.2 |
Accumulated Other Comrehensive
Accumulated Other Comrehensive Income (Loss) (Tables) | 9 Months Ended |
Dec. 28, 2019 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents OCI activity, net of tax, which is accumulated in equity: Foreign Currency Translation Gains (Losses) (a) Net Unrealized Gains (Losses) on Cash Flow Hedges (b) Net Unrealized Gains (Losses) on Defined Benefit Plans (c) Total Accumulated Other Comprehensive Income (Loss) (millions) Balance at March 30, 2019 $ (118.5 ) $ 20.2 $ (5.1 ) $ (103.4 ) Other comprehensive income (loss), net of tax: OCI before reclassifications (5.5 ) 11.5 — 6.0 Amounts reclassified from AOCI to earnings (4.9 ) (16.2 ) (0.1 ) (21.2 ) Other comprehensive income (loss), net of tax (10.4 ) (4.7 ) (0.1 ) (15.2 ) Balance at December 28, 2019 $ (128.9 ) $ 15.5 $ (5.2 ) $ (118.6 ) Balance at March 31, 2018 $ (79.3 ) $ (16.0 ) $ (3.2 ) $ (98.5 ) Other comprehensive income (loss), net of tax: OCI before reclassifications (37.2 ) 34.8 0.3 (2.1 ) Amounts reclassified from AOCI to earnings — (0.5 ) (0.2 ) (0.7 ) Other comprehensive income (loss), net of tax (37.2 ) 34.3 0.1 (2.8 ) Balance at December 29, 2018 $ (116.5 ) $ 18.3 $ (3.1 ) $ (101.3 ) (a) OCI before reclassifications to earnings related to foreign currency translation gains (losses) includes income tax provisions of $1.8 million and $7.3 million for the nine-month periods ended December 28, 2019 and December 29, 2018 , respectively. OCI before reclassifications to earnings for the nine-month periods ended December 28, 2019 and December 29, 2018 includes a gain of $7.4 million (net of a $2.3 million income tax provision) and a gain of $38.7 million (net of a $12.2 million income tax provision), respectively, related to changes in the fair values of instruments designated as hedges of the Company's net investment in certain foreign operations (see Note 12 ). Amounts reclassified from AOCI to earnings related to foreign currency translation gains (losses) for the nine months ended December 28, 2019 relate to the reclassification to retained earnings of income tax effects stranded in AOCI (see Note 4 ). (b) OCI before reclassifications to earnings related to net unrealized gains (losses) on cash flow hedges are presented net of income tax provisions of $1.7 million and $3.7 million for the nine-month periods ended December 28, 2019 and December 29, 2018 , respectively. The tax effects on amounts reclassified from AOCI to earnings are presented in a table below. (c) Activity is presented net of taxes, which were immaterial for both periods presented. |
Reclassification out of Accumulated Other Comprehensive Income (Loss) | The following table presents reclassifications from AOCI to earnings for cash flow hedges, by component: Three Months Ended Nine Months Ended Location of Gains (Losses) Reclassified from AOCI to Earnings December 28, December 29, December 28, December 29, (millions) Gains (losses) on cash flow hedges (a) : FC — Cash flow hedges $ 7.1 $ 4.3 $ 17.7 $ (1.2 ) Cost of goods sold FC — Cash flow hedges (0.1 ) (0.4 ) 0.3 1.7 Other income (expense), net Tax effect (0.7 ) (0.3 ) (1.8 ) — Income tax benefit (provision) Net of tax $ 6.3 $ 3.6 $ 16.2 $ 0.5 (a) FC = Forward foreign currency exchange contracts. |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 9 Months Ended |
Dec. 28, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of the total compensation expense and the associated income tax benefits recognized related to stock-based compensation arrangements | A summary of total stock-based compensation expense and the related income tax benefits recognized during the three-month and nine-month periods ended December 28, 2019 and December 29, 2018 is as follows: Three Months Ended Nine Months Ended December 28, December 29, December 28, December 29, (millions) Compensation expense $ 22.1 $ 22.5 $ 72.9 (a) $ 65.3 Income tax benefit (3.4 ) (3.4 ) (11.1 ) (9.9 ) (a) Includes $3.6 million of accelerated stock-based compensation expense recorded within restructuring and other charges in the consolidated statements of operations during the second quarter of Fiscal 2020 (see Note 8). All other stock-based compensation expense was recorded within SG&A expenses. |
Summary of the stock option activity under all plans | A summary of stock option activity under all plans during the nine months ended December 28, 2019 is as follows: Number of Options (thousands) Options outstanding at March 30, 2019 834 Granted — Exercised — Cancelled/Forfeited (275 ) Options outstanding at December 28, 2019 559 |
Restricted Stock And Service Based Restricted Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of restricted stock and restricted stock unit activity | A summary of restricted stock and service-based RSU activity during the nine months ended December 28, 2019 is as follows: Number of Shares/Units Restricted Stock Service-based RSUs (thousands) Unvested at March 30, 2019 10 1,112 Granted — 533 Vested (6 ) (451 ) Forfeited — (68 ) Unvested at December 28, 2019 4 1,126 |
Performance-based restricted stock units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of restricted stock and restricted stock unit activity | A summary of performance-based RSU activity during the nine months ended December 28, 2019 is as follows: Number of Performance-based RSUs (thousands) Unvested at March 30, 2019 1,011 Granted 289 Change due to performance condition achievement 123 Vested (482 ) Forfeited (6 ) Unvested at December 28, 2019 935 |
Market-based restricted stock units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Share Based Payment Award with Market Condition Valuation Assumptions [Table Text Block] | The assumptions used to estimate the fair value of TSR awards granted during the nine months ended December 28, 2019 and December 29, 2018 were as follows: Nine Months Ended December 28, December 29, Expected term (years) 2.6 2.6 Expected volatility 31.4 % 33.5 % Expected dividend yield 3.2 % 1.9 % Risk-free interest rate 1.4 % 2.6 % |
Summary of restricted stock and restricted stock unit activity | A summary of market-based RSU activity during the nine months ended December 28, 2019 is as follows: Number of Market-based RSUs (thousands) Unvested at March 30, 2019 76 Granted 159 Change due to market condition achievement — Vested — Forfeited (1 ) Unvested at December 28, 2019 234 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Dec. 28, 2019 | |
Segment Reporting [Abstract] | |
Net revenues by segment | Net revenues and operating income for each of the Company's segments are as follows: Three Months Ended Nine Months Ended December 28, December 29, December 28, December 29, (millions) Net revenues: North America $ 910.6 $ 908.7 $ 2,511.2 $ 2,494.5 Europe 437.8 425.0 1,278.8 1,245.0 Asia 289.6 274.8 803.5 767.5 Other non-reportable segments 112.7 117.3 292.2 300.3 Total net revenues $ 1,750.7 $ 1,725.8 $ 4,885.7 $ 4,807.3 |
Net operating income by segment | Three Months Ended Nine Months Ended December 28, December 29, December 28, December 29, (millions) Operating income (a) : North America $ 202.7 $ 204.3 $ 560.5 $ 574.0 Europe 111.9 92.6 331.9 294.2 Asia 46.6 47.9 135.6 123.3 Other non-reportable segments 29.5 41.4 85.2 95.6 390.7 386.2 1,113.2 1,087.1 Unallocated corporate expenses (159.3 ) (152.3 ) (461.3 ) (474.8 ) Unallocated restructuring and other charges (b) (7.0 ) (40.1 ) (51.1 ) (78.4 ) Total operating income $ 224.4 $ 193.8 $ 600.8 $ 533.9 (a) Segment operating income and unallocated corporate expenses during the three-month and nine-month periods ended December 28, 2019 and December 29, 2018 included certain restructuring-related inventory charges (see Note 8 ) and asset impairment charges (see Note 7 ), which are detailed below: Three Months Ended Nine Months Ended December 28, December 29, December 28, December 29, (millions) Restructuring-related inventory charges: Europe $ — $ (3.1 ) $ (0.1 ) $ (3.1 ) Asia — — (0.9 ) — Total restructuring-related inventory charges $ — $ (3.1 ) $ (1.0 ) $ (3.1 ) Three Months Ended Nine Months Ended December 28, December 29, December 28, December 29, (millions) Asset impairment charges: North America $ (0.4 ) $ (1.1 ) $ (0.4 ) $ (1.4 ) Europe — (0.3 ) — (1.8 ) Asia (2.4 ) — (2.4 ) (3.7 ) Other non-reportable segments (8.6 ) (0.5 ) (12.4 ) (5.8 ) Unallocated corporate expenses (3.0 ) (0.3 ) (6.5 ) (0.6 ) Total asset impairment charges $ (14.4 ) $ (2.2 ) $ (21.7 ) $ (13.3 ) (b) The three-month and nine-month periods ended December 28, 2019 and December 29, 2018 included certain unallocated restructuring and other charges (see Note 8 ), which are detailed below: Three Months Ended Nine Months Ended December 28, December 29, December 28, December 29, (millions) Unallocated restructuring and other charges: North America-related $ — $ (14.1 ) $ (0.7 ) $ (17.6 ) Europe-related (0.1 ) (3.7 ) (3.2 ) (12.7 ) Asia-related (0.1 ) (0.4 ) (0.9 ) (0.2 ) Other non-reportable segment-related (0.1 ) (1.5 ) (0.8 ) (2.7 ) Corporate-related (3.7 ) (16.9 ) (18.5 ) (30.5 ) Unallocated restructuring charges (4.0 ) (36.6 ) (24.1 ) (63.7 ) Other charges (see Note 8) (3.0 ) (3.5 ) (27.0 ) (14.7 ) Total unallocated restructuring and other charges $ (7.0 ) $ (40.1 ) $ (51.1 ) $ (78.4 ) |
Restructuring-related inventory charges and asset impairment charges by segment | Segment operating income and unallocated corporate expenses during the three-month and nine-month periods ended December 28, 2019 and December 29, 2018 included certain restructuring-related inventory charges (see Note 8 ) and asset impairment charges (see Note 7 ), which are detailed below: Three Months Ended Nine Months Ended December 28, December 29, December 28, December 29, (millions) Restructuring-related inventory charges: Europe $ — $ (3.1 ) $ (0.1 ) $ (3.1 ) Asia — — (0.9 ) — Total restructuring-related inventory charges $ — $ (3.1 ) $ (1.0 ) $ (3.1 ) Three Months Ended Nine Months Ended December 28, December 29, December 28, December 29, (millions) Asset impairment charges: North America $ (0.4 ) $ (1.1 ) $ (0.4 ) $ (1.4 ) Europe — (0.3 ) — (1.8 ) Asia (2.4 ) — (2.4 ) (3.7 ) Other non-reportable segments (8.6 ) (0.5 ) (12.4 ) (5.8 ) Unallocated corporate expenses (3.0 ) (0.3 ) (6.5 ) (0.6 ) Total asset impairment charges $ (14.4 ) $ (2.2 ) $ (21.7 ) $ (13.3 ) |
Schedule of unallocated restructuring and related costs | The three-month and nine-month periods ended December 28, 2019 and December 29, 2018 included certain unallocated restructuring and other charges (see Note 8 ), which are detailed below: Three Months Ended Nine Months Ended December 28, December 29, December 28, December 29, (millions) Unallocated restructuring and other charges: North America-related $ — $ (14.1 ) $ (0.7 ) $ (17.6 ) Europe-related (0.1 ) (3.7 ) (3.2 ) (12.7 ) Asia-related (0.1 ) (0.4 ) (0.9 ) (0.2 ) Other non-reportable segment-related (0.1 ) (1.5 ) (0.8 ) (2.7 ) Corporate-related (3.7 ) (16.9 ) (18.5 ) (30.5 ) Unallocated restructuring charges (4.0 ) (36.6 ) (24.1 ) (63.7 ) Other charges (see Note 8) (3.0 ) (3.5 ) (27.0 ) (14.7 ) Total unallocated restructuring and other charges $ (7.0 ) $ (40.1 ) $ (51.1 ) $ (78.4 ) |
Depreciation and amortization by segment | Depreciation and amortization expense for the Company's segments is as follows: Three Months Ended Nine Months Ended December 28, December 29, December 28, December 29, (millions) Depreciation and amortization: North America $ 18.9 $ 21.7 $ 56.4 $ 61.8 Europe 8.4 8.6 23.7 25.1 Asia 14.9 12.2 44.6 36.8 Other non-reportable segments 1.4 1.8 4.2 5.6 Unallocated corporate expenses 24.6 24.2 72.1 72.2 Unallocated restructuring and other charges (see Note 8) — 3.5 — 10.5 Total depreciation and amortization $ 68.2 $ 72.0 $ 201.0 $ 212.0 |
Net revenues by geographic location | Net revenues by geographic location of the reporting subsidiary are as follows: Three Months Ended Nine Months Ended December 28, December 29, December 28, December 29, (millions) Net revenues (a) : The Americas (b) $ 1,025.4 $ 1,033.4 $ 2,808.4 $ 2,807.0 Europe (c) 435.5 417.4 1,273.0 1,231.8 Asia (d) 289.8 275.0 804.3 768.5 Total net revenues $ 1,750.7 $ 1,725.8 $ 4,885.7 $ 4,807.3 (a) Net revenues for certain of the Company's licensed operations are included within the geographic location of the reporting subsidiary which holds the respective license. (b) Includes the U.S., Canada, and Latin America. Net revenues earned in the U.S. during the three-month and nine-month periods ended December 28, 2019 were $966.0 million and $2.637 billion , respectively, and $968.9 million and $2.631 billion during the three-month and nine-month periods ended December 29, 2018 . (c) Includes the Middle East. (d) Includes Australia and New Zealand. |
Additional Financial Informat_2
Additional Financial Information (Tables) | 9 Months Ended |
Dec. 28, 2019 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Cash, Cash Equivalents, and Restricted Cash | A reconciliation of cash, cash equivalents, and restricted cash as of December 28, 2019 and March 30, 2019 from the consolidated balance sheets to the consolidated statements of cash flows is as follows: December 28, March 30, (millions) Cash and cash equivalents $ 1,079.9 $ 584.1 Restricted cash included within prepaid expenses and other current assets 1.5 11.9 Restricted cash included within other non-current assets 8.0 30.5 Total cash, cash equivalents, and restricted cash $ 1,089.4 $ 626.5 |
Cash Interest and Taxes | Cash paid for interest and income taxes is as follows: Three Months Ended Nine Months Ended December 28, December 29, December 28, December 29, (millions) Cash paid for interest $ 2.5 $ 2.8 $ 10.3 $ 10.9 Cash paid for income taxes 32.8 26.3 114.9 56.9 |
Description of Business (Detail
Description of Business (Details) | 9 Months Ended |
Dec. 28, 2019Segment | |
Description of Business [Abstract] | |
Number of reportable segments | 3 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) $ in Millions | Dec. 28, 2019USD ($) |
Accounting Policies [Abstract] | |
Contractually-Guaranteed Minimum Royalties - Remainder of Fiscal 2020 | $ 22.1 |
Contractually-Guaranteed Minimum Royalties - Fiscal 2021 | 117.3 |
Contractually-Guaranteed Minimum Royalties - Fiscal 2022 | 78.9 |
Contractually-Guaranteed Minimum Royalties - Fiscal 2023 | 43.4 |
Contractually-Guaranteed Minimum Royalties - Fiscal 2024 and Thereafter | 26.1 |
Contractually-Guaranteed Minimum Royalties - Total | $ 287.8 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Details 1) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Net revenues | $ 1,750.7 | $ 1,725.8 | $ 4,885.7 | $ 4,807.3 |
North America segment [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 910.6 | 908.7 | 2,511.2 | 2,494.5 |
Europe segment [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 437.8 | 425 | 1,278.8 | 1,245 |
Asia segment [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 289.6 | 274.8 | 803.5 | 767.5 |
Other Non-Reportable Segment-Related [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 112.7 | 117.3 | 292.2 | 300.3 |
Transferred at Point in Time [Member] | Retail [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 1,170.2 | 1,121.6 | 3,063 | 2,939.9 |
Transferred at Point in Time [Member] | Retail [Member] | North America segment [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 575 | 543.2 | 1,436 | 1,366.1 |
Transferred at Point in Time [Member] | Retail [Member] | Europe segment [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 257.2 | 248.7 | 714.3 | 688.9 |
Transferred at Point in Time [Member] | Retail [Member] | Asia segment [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 274.1 | 261.4 | 753.9 | 719.3 |
Transferred at Point in Time [Member] | Retail [Member] | Other Non-Reportable Segment-Related [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 63.9 | 68.3 | 158.8 | 165.6 |
Transferred at Point in Time [Member] | Wholesale [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 534.6 | 556.5 | 1,695.9 | 1,736.3 |
Transferred at Point in Time [Member] | Wholesale [Member] | North America segment [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 335.6 | 365.5 | 1,075.2 | 1,128.4 |
Transferred at Point in Time [Member] | Wholesale [Member] | Europe segment [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 180.6 | 176.3 | 564.5 | 556.1 |
Transferred at Point in Time [Member] | Wholesale [Member] | Asia segment [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 15.5 | 13.4 | 49.6 | 48.2 |
Transferred at Point in Time [Member] | Wholesale [Member] | Other Non-Reportable Segment-Related [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 2.9 | 1.3 | 6.6 | 3.6 |
Transferred over Time [Member] | Licensing [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 45.9 | 47.7 | 126.8 | 131.1 |
Transferred over Time [Member] | Licensing [Member] | North America segment [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 0 | 0 | 0 | 0 |
Transferred over Time [Member] | Licensing [Member] | Europe segment [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 0 | 0 | 0 | 0 |
Transferred over Time [Member] | Licensing [Member] | Asia segment [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 0 | 0 | 0 | 0 |
Transferred over Time [Member] | Licensing [Member] | Other Non-Reportable Segment-Related [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | $ 45.9 | $ 47.7 | $ 126.8 | $ 131.1 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Details 2) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | |
Accounting Policies [Abstract] | ||||
Shipping Costs | $ 12.3 | $ 16.6 | $ 34.7 | $ 36.2 |
Handling Costs | $ 40.8 | $ 41.6 | $ 116.5 | $ 116.3 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies (Details 3) - shares shares in Millions | 3 Months Ended | 9 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | |
Summary of basic and diluted shares | ||||
Basic shares | 74.7 | 80.2 | 76.5 | 81.1 |
Dilutive effect of stock options and RSUs | 1.1 | 1 | 1.4 | 1.2 |
Diluted shares | 75.8 | 81.2 | 77.9 | 82.3 |
Summary of Significant Accounting Policies (Textual) [Abstract] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0.9 | 1.5 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies (Details 4) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | |
Sales Returns and Allowances [Member] | ||||
Rollforward of activity in the Company's allowance for doubtful accounts and its aggregate reserves for returns, discounts, end-of-season markdowns and operational chargebacks | ||||
Beginning reserve balance | $ 195.5 | $ 198.7 | $ 176.5 | $ 202.5 |
Amount charged against revenue to increase reserve | 138.5 | 146.1 | 421 | 396.3 |
Amount credited against customer accounts to decrease reserve | (149.4) | (149.1) | (411.1) | (398.4) |
Foreign currency translation | 1.1 | (1.1) | (0.7) | (5.8) |
Ending reserve balance | 185.7 | 194.6 | 185.7 | 194.6 |
Allowance for Doubtful Accounts | ||||
Rollforward of activity in the Company's allowance for doubtful accounts and its aggregate reserves for returns, discounts, end-of-season markdowns and operational chargebacks | ||||
Beginning reserve balance | 15.6 | 17.2 | 15.7 | 19.7 |
Amount recorded to expense to increase reserve | 0.4 | 1.7 | 1.9 | 1.2 |
Amount credited against customer accounts to decrease reserve | (0.3) | (0.4) | (1.7) | (1.8) |
Foreign currency translation | 0.1 | (0.2) | (0.1) | (0.8) |
Ending reserve balance | $ 15.8 | $ 18.3 | $ 15.8 | $ 18.3 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies (Details Textual) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Dec. 28, 2019USD ($)Customer | Dec. 28, 2019USD ($)Customer | Mar. 30, 2019USD ($) | Dec. 29, 2018USD ($) | |
Summary of Significant Accounting Policies (Textual) [Abstract] | ||||
Deferred income | $ 15.3 | $ 15.3 | $ 14.8 | |
Amount of revenue recognized that was previously reported as deferred income | $ 1.2 | $ 8.4 | ||
Wholesale customer payment terms | 30 to 120 days | |||
Number Of Key Department Store Customers | Customer | 3 | 3 | ||
Inventory, Net | $ 904.6 | $ 904.6 | $ 817.8 | $ 914.5 |
Total Net Revenue [Member] | ||||
Summary of Significant Accounting Policies (Textual) [Abstract] | ||||
Contribution of Key Wholesale Customers | 19.00% | |||
Accounts Receivable [Member] | ||||
Summary of Significant Accounting Policies (Textual) [Abstract] | ||||
Contribution of Key Wholesale Customers | 29.00% | |||
Minimum [Member] | ||||
Summary of Significant Accounting Policies (Textual) [Abstract] | ||||
Initial lease term | 3 years | 3 years | ||
Maximum [Member] | ||||
Summary of Significant Accounting Policies (Textual) [Abstract] | ||||
Initial lease term | 15 years | 15 years |
Recently Issued Accounting St_2
Recently Issued Accounting Standards (Details) $ in Millions | Mar. 31, 2019USD ($) |
Accounting Standards Update 2018-02 [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 4.9 |
Accounting Standards Update 2016-02 [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Additional ROU Asset upon adoption of ASU 2016-02 | 1,600 |
Additional ROU Liability upon adoption of ASU 2016-02 | 1,750 |
Certain real estate lease [Member] | Accounting Standards Update 2016-02 [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Cumulative Effect of New Accounting Principle in Period of Adoption | (131.6) |
ROU asset impairment, impact of adoption of 2016-02 | 175.4 |
Income tax benefit, impact of adoption of ASU 2016-02 | 43.8 |
Underperforming retail locations [Member] | Accounting Standards Update 2016-02 [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Cumulative Effect of New Accounting Principle in Period of Adoption | (37.8) |
ROU asset impairment, impact of adoption of 2016-02 | $ 49.7 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | Mar. 30, 2019 | |
Property and equipment, net | |||||
Land and improvements | $ 15.3 | $ 15.3 | $ 15.3 | ||
Buildings and improvements | 310.9 | 310.9 | 387.8 | ||
Furniture and fixtures | 634.4 | 634.4 | 626.4 | ||
Machinery and equipment | 363.3 | 363.3 | 350.4 | ||
Capitalized software | 543.1 | 543.1 | 534 | ||
Leasehold improvements | 1,223.6 | 1,223.6 | 1,169.4 | ||
Construction in progress | 65 | 65 | 58.7 | ||
Property and equipment, gross | 3,155.6 | 3,155.6 | 3,142 | ||
Less: accumulated depreciation | (2,127.4) | (2,127.4) | (2,102.8) | ||
Property and equipment, net | 1,028.2 | 1,028.2 | $ 1,039.2 | ||
Operating costs and expenses | |||||
Depreciation expense | $ 62.3 | $ 66 | $ 183.3 | $ 194.3 |
Other Assets and Liabilities (D
Other Assets and Liabilities (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Jun. 29, 2019 | Dec. 29, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | Mar. 30, 2019 | |
Balance Sheet Related Disclosures [Abstract] | |||||
Gain (loss) on disposal of property | $ 0 | ||||
Proceeds from sale of property | $ 20 | $ 20.8 | $ 20 | ||
Prepaid Expense and Other Assets, Current | |||||
Other taxes receivable | 63.4 | $ 137.9 | |||
Non-trade receivables | 30.7 | 30.8 | |||
Inventory return asset | 28.4 | 18.4 | |||
Tenant allowances receivable | 23.4 | 8.2 | |||
Prepaid software maintenance | 20.2 | 19.8 | |||
Prepaid advertising and marketing | 12.1 | 9.6 | |||
Derivative financial instruments, current | 12 | 19.8 | |||
Prepaid occupancy costs | 9.8 | 38 | |||
Restricted cash, current | 1.5 | 11.9 | |||
Assets held-for-sale | 0 | 20.8 | |||
Other prepaid expenses and other current assets | 52.7 | 44.1 | |||
Prepaid expenses and other current assets | 254.2 | 359.3 | |||
Other Assets, Noncurrent | |||||
Security deposits | 28.5 | 24.5 | |||
Derivative financial instruments, noncurrent | 23.3 | 12.2 | |||
Restricted cash, noncurrent | 8 | 30.5 | |||
Non-current investments | 0 | 44.9 | |||
Other non-current assets | 31.7 | 46.4 | |||
Total other non-current assets | 91.5 | 158.5 | |||
Accrued Expenses and Other Current Liabilities | |||||
Accrued operating expenses | 232 | 235.2 | |||
Accrued inventory | 178.1 | 141 | |||
Accrued payroll and benefits | 177.6 | 232.5 | |||
Other taxes payable | 89.8 | 158.3 | |||
Accrued capital expenditures | 56.6 | 47.6 | |||
Dividends payable | 50.7 | 48.8 | |||
Restructuring reserve, current | 23.1 | 60.4 | |||
Deferred income | 15.1 | 14.1 | |||
Finance lease obligations, current | 10.3 | 22.3 | |||
Derivative financial instruments, current | 9.2 | 3.6 | |||
Other accrued expenses and current liabilities | 10.6 | 4.6 | |||
Total accrued expenses and other current liabilities | 853.1 | 968.4 | |||
Other Non-Current Liabilities | |||||
Finance lease obligations, noncurrent | 191.1 | 212.6 | |||
Deferred lease incentives and obligations | 61.4 | 202.7 | |||
Accrued benefits and deferred compensation, noncurrent | 20.1 | 26.2 | |||
Deferred tax liabilities | 11.8 | 50.2 | |||
Restructuring reserve, noncurrent | 2.1 | 11.4 | |||
Derivative financial instruments, noncurrent | 0 | 11.9 | |||
Other non-current liabilities | 30.4 | 25.9 | |||
Total other non-current liabilities | $ 316.9 | $ 540.9 |
Impairment of Assets (Details T
Impairment of Assets (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | |
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | ||||
Asset Impairment Charges | $ 14.4 | $ 2.2 | $ 21.7 | $ 13.3 |
Restructuring plan-related [Member] | ||||
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | ||||
Asset Impairment Charges | 3 | 1.7 | 6.5 | 7.5 |
Other non-restructuring related [Member] | ||||
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | ||||
Asset Impairment Charges | $ 11.4 | $ 0.5 | $ 15.2 | $ 5.8 |
Restructuring and Other Charg_3
Restructuring and Other Charges (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | |
Restructuring Cost and Reserve [Line Items] | ||||
Proceeds from sale of property | $ 20 | $ 20.8 | $ 20 | |
Fiscal 2019 Restructuring Plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Cash-related restructuring charges | $ 4 | 20.2 | 20.5 | 39 |
Cash-related Restructuring Charges, Cost Incurred to Date | 89.9 | 89.9 | ||
Non-cash charges | 3 | 14.8 | 11.1 | 20.6 |
Non-cash Charges, Cost Incurred to Date | 39 | 39 | ||
Restructuring and non-cash charges | 7 | 35 | 31.6 | 59.6 |
Restructuring and Related Cost, Cost Incurred to Date | 128.9 | 128.9 | ||
Fiscal 2019 Restructuring Plan | Severance and benefit costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Cash-related restructuring charges | 3 | 17.1 | 17.9 | 34.3 |
Cash-related Restructuring Charges, Cost Incurred to Date | 78.1 | 78.1 | ||
Fiscal 2019 Restructuring Plan | Lease termination and store closure costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Cash-related restructuring charges | 0 | 1.2 | 0.5 | 1.2 |
Cash-related Restructuring Charges, Cost Incurred to Date | 2.3 | 2.3 | ||
Fiscal 2019 Restructuring Plan | Other cash charges | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Cash-related restructuring charges | 1 | 1.9 | 2.1 | 3.5 |
Cash-related Restructuring Charges, Cost Incurred to Date | 9.5 | 9.5 | ||
Fiscal 2019 Restructuring Plan | Impairment of assets | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Non-cash charges | 3 | 1.3 | 6.5 | 7.1 |
Non-cash Charges, Cost Incurred to Date | 16.8 | 16.8 | ||
Fiscal 2019 Restructuring Plan | Inventory-related charges | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Non-cash charges | 0 | 1.9 | 1 | 1.9 |
Non-cash Charges, Cost Incurred to Date | 7 | 7 | ||
Fiscal 2019 Restructuring Plan | Accelerated stock-based compensation expense | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Non-cash charges | 0 | 0 | 3.6 | 0 |
Non-cash Charges, Cost Incurred to Date | 3.6 | 3.6 | ||
Fiscal 2019 Restructuring Plan | Loss on sale of property | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Non-cash charges | 0 | 11.6 | 0 | 11.6 |
Non-cash Charges, Cost Incurred to Date | $ 11.6 | 11.6 | ||
Other Restructuring Plans | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Cash-related restructuring charges | 2.8 | 0 | 11.1 | |
Non-cash charges | 3.6 | 3.6 | ||
Restructuring and non-cash charges | 6.4 | 14.7 | ||
Other Restructuring Plans | Severance and benefit costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Cash-related restructuring charges | 0.1 | 0 | 6.6 | |
Other Restructuring Plans | Lease termination and store closure costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Cash-related restructuring charges | 2.1 | 0 | 3.7 | |
Other Restructuring Plans | Other cash charges | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Cash-related restructuring charges | 0.6 | $ 0 | 0.8 | |
Other Restructuring Plans | Impairment of assets | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Non-cash charges | 0.4 | 0.4 | ||
Other Restructuring Plans | Inventory-related charges | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Non-cash charges | 1.2 | 1.2 | ||
Other Restructuring Plans | Other non-cash charges | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Non-cash charges | $ 2 | $ 2 |
Restructuring and Other Charg_4
Restructuring and Other Charges (Details 1) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | |
Fiscal 2019 Restructuring Plan | ||||
Restructuring Reserve [Roll Forward] | ||||
Beginning Reserve Balance | $ 41.6 | |||
Additions charged to expense | $ 4 | $ 20.2 | 20.5 | $ 39 |
Cash payments charged against reserve | (40.3) | |||
Non-cash adjustments | (0.4) | |||
Ending Reserve Balance | 21.4 | 21.4 | ||
Fiscal 2019 Restructuring Plan | Severance and benefit costs | ||||
Restructuring Reserve [Roll Forward] | ||||
Beginning Reserve Balance | 41 | |||
Additions charged to expense | 3 | 17.1 | 17.9 | 34.3 |
Cash payments charged against reserve | (38.1) | |||
Non-cash adjustments | 0 | |||
Ending Reserve Balance | 20.8 | 20.8 | ||
Fiscal 2019 Restructuring Plan | Lease termination and store closure costs | ||||
Restructuring Reserve [Roll Forward] | ||||
Beginning Reserve Balance | 0.5 | |||
Additions charged to expense | 0 | 1.2 | 0.5 | 1.2 |
Cash payments charged against reserve | (0.6) | |||
Non-cash adjustments | (0.4) | |||
Ending Reserve Balance | 0 | 0 | ||
Fiscal 2019 Restructuring Plan | Other cash charges | ||||
Restructuring Reserve [Roll Forward] | ||||
Beginning Reserve Balance | 0.1 | |||
Additions charged to expense | 1 | 1.9 | 2.1 | 3.5 |
Cash payments charged against reserve | (1.6) | |||
Non-cash adjustments | 0 | |||
Ending Reserve Balance | 0.6 | 0.6 | ||
Other Restructuring Plans | ||||
Restructuring Reserve [Roll Forward] | ||||
Beginning Reserve Balance | 30.2 | |||
Additions charged to expense | 2.8 | 0 | 11.1 | |
Cash payments charged against reserve | (7.5) | |||
Non-cash adjustments | (18.9) | |||
Ending Reserve Balance | 3.8 | 3.8 | ||
Other Restructuring Plans | Severance and benefit costs | ||||
Restructuring Reserve [Roll Forward] | ||||
Beginning Reserve Balance | 6.5 | |||
Additions charged to expense | 0.1 | 0 | 6.6 | |
Cash payments charged against reserve | (4.6) | |||
Non-cash adjustments | 0 | |||
Ending Reserve Balance | 1.9 | 1.9 | ||
Other Restructuring Plans | Lease termination and store closure costs | ||||
Restructuring Reserve [Roll Forward] | ||||
Beginning Reserve Balance | 23.3 | |||
Additions charged to expense | 2.1 | 0 | 3.7 | |
Cash payments charged against reserve | (2.8) | |||
Non-cash adjustments | (18.9) | |||
Ending Reserve Balance | 1.6 | 1.6 | ||
Other Restructuring Plans | Other cash charges | ||||
Restructuring Reserve [Roll Forward] | ||||
Beginning Reserve Balance | 0.4 | |||
Additions charged to expense | $ 0.6 | 0 | $ 0.8 | |
Cash payments charged against reserve | (0.1) | |||
Non-cash adjustments | 0 | |||
Ending Reserve Balance | $ 0.3 | $ 0.3 |
Restructuring and Other Charg_5
Restructuring and Other Charges (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | |
Restructuring Cost and Reserve [Line Items] | ||||
Other Charges | $ 3 | $ 3.5 | $ 27 | $ 14.7 |
Corporate Jet Donation [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Other Charges | 20.8 | |||
Charges primarily related to rent and occupancy costs associated with previously exited real estate locations [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Other Charges | 3 | 6.2 | ||
Depreciation expense associated with 711 Fifth Avenue [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Other Charges | $ 3.5 | 10.5 | ||
Charges primarily related to Customs Audit [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Other Charges | $ 4.2 | |||
Fiscal 2019 Restructuring Plan | Minimum [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Expected Cost | 135 | 135 | ||
Fiscal 2019 Restructuring Plan | Maximum [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Expected Cost | 150 | 150 | ||
Fiscal 2019 Restructuring Plan | Cash-related restructuring charges [Member] | Minimum [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Expected Cost | 95 | 95 | ||
Fiscal 2019 Restructuring Plan | Cash-related restructuring charges [Member] | Maximum [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Expected Cost | 105 | 105 | ||
Fiscal 2019 Restructuring Plan | Non-cash charges [Member] | Minimum [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Expected Cost | 40 | 40 | ||
Fiscal 2019 Restructuring Plan | Non-cash charges [Member] | Maximum [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Expected Cost | $ 45 | $ 45 |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Dec. 28, 2019 | Dec. 29, 2018 | Sep. 29, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | Mar. 30, 2019 | |
Income Tax Disclosure [Abstract] | ||||||
Provisional One-Time Swiss Tax Reform Benefit - Revaluation of Deferred Tax Assets | $ 134.1 | |||||
Effective tax rate | (45.10%) | 39.80% | (3.20%) | 27.00% | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | 21.00% | 21.00% | ||
Provisional One-Time U.S. Tax Reform Charge - Revaluation of Deferred Tax Assets and Liabilities | $ (4.7) | |||||
Provisional One-Time U.S. Tax Reform Charge - Mandatory Transition Tax | $ 32.3 | |||||
Effective Income Tax Reconciliation - TCJA Enactment-Related Charges, Percent | 16.10% | 5.00% | ||||
Effective Income Tax Rate Reconciliation - Swiss Tax Reform Benefit, Percent | (58.20%) | (21.80%) | ||||
Non-current liability for unrecognized tax benefits | $ 70.6 | $ 70.6 | $ 78.8 | |||
Unrecognized tax benefits that, if recognized, would affect the effective tax rate | $ 60.2 | $ 60.2 | $ 70.7 |
Debt (Details)
Debt (Details) - USD ($) $ in Millions | Dec. 28, 2019 | Mar. 30, 2019 |
Debt Instrument [Line Items] | ||
Total debt | $ 694.4 | $ 689.1 |
Current portion of long-term debt | 298.1 | 0 |
Long-term debt | 396.3 | 689.1 |
2.625% Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Senior Note, Carrying Value, Current | 298.1 | |
Senior Notes, Carrying Value, Noncurrent | 293.4 | |
Cumulative amount of fair value hedging adjustment included in carrying value of hedged item | (1.6) | (5.9) |
Unamortized Debt Issuance Costs | (0.3) | (0.7) |
3.750% Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Senior Notes, Carrying Value, Noncurrent | 396.3 | 395.7 |
Unamortized Debt Issuance Costs | $ (3.7) | $ (4.3) |
Debt (Details Textual)
Debt (Details Textual) - USD ($) $ in Millions | Sep. 26, 2018 | Dec. 28, 2019 |
2.125% Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | $ 300 | |
Debt Instrument, Maturity Date | Sep. 26, 2018 | |
Interest Rate on Debt | 2.125% | |
2.625% Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | $ 300 | |
Debt Instrument, Maturity Date | Aug. 18, 2020 | |
Long-term debt, net of discount | 99.795% | |
Interest Rate on Debt | 2.625% | |
3.750% Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | $ 400 | |
Debt Instrument, Maturity Date | Sep. 15, 2025 | |
Long-term debt, net of discount | 99.521% | |
Interest Rate on Debt | 3.75% | |
Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Redemption Price, Percentage | 100.00% | |
Debt Instrument, Restrictive Covenants | The Indenture contains certain covenants that restrict the Company's ability, subject to specified exceptions, to incur certain liens; enter into sale and leaseback transactions; consolidate or merge with another party; or sell, lease, or convey all or substantially all of the Company's property or assets to another party. However, the Indenture does not contain any financial covenants. |
Debt (Details Textual 1)
Debt (Details Textual 1) - 9 months ended Dec. 28, 2019 ¥ in Millions, $ in Millions, ₩ in Billions | USD ($)Quarter | KRW (₩) | CNY (¥) |
Credit Facilities (Textual) [Abstract] | |||
Commercial Paper | $ 0 | ||
Maximum expected combined borrowings outstanding - Commercial Paper Program and Global Credit Facility | 500 | ||
Commercial Paper [Member] | |||
Credit Facilities (Textual) [Abstract] | |||
Maximum borrowing capacity | $ 500 | ||
Commercial Paper [Member] | Maximum [Member] | |||
Credit Facilities (Textual) [Abstract] | |||
Short-term Debt, Terms | 397 days | ||
Global Credit Facility [Member] | |||
Credit Facilities (Textual) [Abstract] | |||
Maximum borrowing capacity | $ 1,000 | ||
Borrowing capacity under unsecured revolving line of credit | $ 500 | ||
Line of credit facility, expiration date | Aug. 12, 2024 | ||
Borrowings outstanding under revolving credit facilities | $ 0 | ||
Line of credit facility, contingent liability for outstanding LOCs | $ 9 | ||
Commitment fee, percentage | 0.065% | ||
Credit facility covenant terms | The Global Credit Facility contains a number of covenants that, among other things, restrict the Company's ability, subject to specified exceptions, to incur additional debt; incur liens; sell or dispose of assets; merge with or acquire other companies; liquidate or dissolve itself; engage in businesses that are not in a related line of business; make loans, advances, or guarantees; engage in transactions with affiliates; and make certain investments. The Global Credit Facility also requires the Company to maintain a maximum ratio of Adjusted Debt to Consolidated EBITDAR (the "leverage ratio") of no greater than 4.25 as of the date of measurement for the four most recent consecutive fiscal quarters. Adjusted Debt is defined generally as consolidated debt outstanding, including finance lease obligations, plus all operating lease obligations. Consolidated EBITDAR is defined generally as consolidated net income plus (i) income tax expense, (ii) net interest expense, (iii) depreciation and amortization expense, (iv) operating lease cost, (v) restructuring and other non-recurring expenses, and (vi) acquisition-related costs. | ||
Credit Facility covenant compliance | no Event of Default (as such term is defined pursuant to the Global Credit Facility) has occurred under the Company's Global Credit Facility | ||
Maximum Ratio Of Adjusted Debt To Consolidated EBITDAR As Of Date Of Measurement For Four Consecutive Quarters | 4.25 | ||
Leverage Ratio Number Of Consecutive Fiscal Quarters Used | Quarter | 4 | ||
China Credit Facility [Member] | |||
Credit Facilities (Textual) [Abstract] | |||
Maximum borrowing capacity | $ 7 | ¥ 50 | |
Line of credit facility, expiration date | Apr. 3, 2020 | ||
South Korea Credit Facility [Member] | |||
Credit Facilities (Textual) [Abstract] | |||
Maximum borrowing capacity | $ 26 | ₩ 30 | |
Line of credit facility, expiration date | Oct. 30, 2020 | ||
Pan-Asia Credit Facilities [Member] | |||
Credit Facilities (Textual) [Abstract] | |||
Borrowings outstanding under revolving credit facilities | $ 0 | ||
Weighted Average Overnight Federal Funds Rate [Member] | Global Credit Facility [Member] | |||
Credit Facilities (Textual) [Abstract] | |||
Percentage of variable rate | 0.50% | ||
London Interbank Offered Rate (LIBOR) [Member] | Global Credit Facility [Member] | |||
Credit Facilities (Textual) [Abstract] | |||
Percentage of variable rate | 1.00% | ||
Adjusted LIBOR [Member] | Global Credit Facility [Member] | |||
Credit Facilities (Textual) [Abstract] | |||
Percentage of variable rate | 0.75% |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Millions | Dec. 28, 2019 | Mar. 30, 2019 |
Financial assets recorded at fair value: | ||
Derivative Asset, Fair Value | $ 35.3 | $ 32 |
Financial liabilities recorded at fair value: | ||
Derivative Liability, Fair Value | 9.2 | 15.5 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Financial assets recorded at fair value: | ||
Derivative Asset, Fair Value | 35.3 | 32 |
Financial liabilities recorded at fair value: | ||
Derivative Liability, Fair Value | 9.2 | 15.5 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Commercial Paper [Member] | ||
Financial assets recorded at fair value: | ||
Investments, Fair Value Disclosure | 290.7 | |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Commercial Paper, Included in Cash and Cash Equivalents [Member] | ||
Financial assets recorded at fair value: | ||
Investments, Fair Value Disclosure | 54.7 | |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Commercial Paper, Included in Short-term Investments [Member] | ||
Financial assets recorded at fair value: | ||
Investments, Fair Value Disclosure | $ 244.9 | $ 236 |
Fair Value Measurements (Deta_2
Fair Value Measurements (Details 1) - USD ($) $ in Millions | Dec. 28, 2019 | Mar. 30, 2019 |
2.625% Senior Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior Note, Carrying Value, Current | $ 298.1 | |
Senior Notes, Carrying Value, Noncurrent | $ 293.4 | |
3.750% Senior Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior Notes, Carrying Value, Noncurrent | 396.3 | 395.7 |
Fair Value, Inputs, Level 2 [Member] | 2.625% Senior Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior Notes, Fair Value | 301.5 | 299.1 |
Fair Value, Inputs, Level 2 [Member] | 3.750% Senior Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior Notes, Fair Value | $ 430.2 | $ 410 |
Fair Value Measurements (Deta_3
Fair Value Measurements (Details 2) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cumulative adjustment from adoption of new accounting standards | $ (164.5) | $ (5.1) | ||
Property, Plant and Equipment [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value as of Impairment Date | $ 0 | $ 0 | 0 | 0 |
Impairment of Long-Lived Assets | 11 | $ 2.2 | 13.6 | $ 13.3 |
Operating Lease, Right-of-Use Asset [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value as of Impairment Date | 13.2 | 109.6 | ||
Impairment of Long-Lived Assets | $ 3.4 | 233.2 | ||
Accounting Standards Update 2016-02 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cumulative adjustment from adoption of new accounting standards | 169.4 | |||
Accounting Standards Update 2016-02 [Member] | Operating Lease, Right-of-Use Asset [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impairment of Long-Lived Assets | $ 225.1 |
Fair Value Measurements (Deta_4
Fair Value Measurements (Details Textual) - USD ($) $ in Millions | 9 Months Ended | |
Dec. 28, 2019 | Dec. 29, 2018 | |
Fair Value Disclosures [Abstract] | ||
Goodwill and other intangible asset impairment charges | $ 0 | $ 0 |
Financial Instruments (Details)
Financial Instruments (Details) - USD ($) $ in Millions | Dec. 28, 2019 | Mar. 30, 2019 |
Notional Amounts of Derivative Financial Instruments | ||
Notional amount of hedges | $ 1,876 | $ 1,778.2 |
Derivative Assets | ||
Derivative Asset, Fair Value | 35.3 | 32 |
Derivative Liabilities | ||
Derivative Liability, Fair Value | 9.2 | 15.5 |
Designated [Member] | ||
Notional Amounts of Derivative Financial Instruments | ||
Notional amount of hedges | 1,584.7 | 1,631.6 |
Derivative Assets | ||
Derivative Asset, Fair Value | 35 | 31.7 |
Derivative Liabilities | ||
Derivative Liability, Fair Value | 8.9 | 14.2 |
Designated [Member] | Interest Rate Swap [Member] | ||
Notional Amounts of Derivative Financial Instruments | ||
Notional amount of hedges | 300 | 300 |
Derivative Assets | ||
Interest Rate Fair Value Hedge Asset at Fair Value | 0 | 0 |
Designated [Member] | Interest Rate Swap [Member] | Accrued Expenses and Other Current Liabilities [Member] | ||
Derivative Liabilities | ||
Interest Rate Fair Value Hedge Liability at Fair Value | 1.6 | |
Designated [Member] | Interest Rate Swap [Member] | Other Noncurrent Liabilities [Member] | ||
Derivative Liabilities | ||
Interest Rate Fair Value Hedge Liability at Fair Value | 5.9 | |
Undesignated [Member] | Foreign Exchange Forward [Member] | ||
Notional Amounts of Derivative Financial Instruments | ||
Notional amount of hedges | 291.3 | 146.6 |
Undesignated [Member] | Foreign Exchange Forward [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivative Assets | ||
Derivative Asset, Fair Value | 0.3 | 0.3 |
Undesignated [Member] | Foreign Exchange Forward [Member] | Accrued Expenses and Other Current Liabilities [Member] | ||
Derivative Liabilities | ||
Derivative Liability, Fair Value | 0.3 | 1.3 |
Cash Flow Hedging [Member] | Designated [Member] | Foreign Exchange Forward [Member] | ||
Notional Amounts of Derivative Financial Instruments | ||
Notional amount of hedges | 597 | 636.3 |
Derivative Assets | ||
Foreign Currency Cash Flow Hedge Asset at Fair Value | 13.1 | |
Cash Flow Hedging [Member] | Designated [Member] | Foreign Exchange Forward [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivative Assets | ||
Foreign Currency Cash Flow Hedge Asset at Fair Value | 11.7 | 19.5 |
Cash Flow Hedging [Member] | Designated [Member] | Foreign Exchange Forward [Member] | Other Noncurrent Assets [Member] | ||
Derivative Assets | ||
Foreign Currency Cash Flow Hedge Asset at Fair Value | 1.4 | |
Cash Flow Hedging [Member] | Designated [Member] | Foreign Exchange Forward [Member] | Accrued Expenses and Other Current Liabilities [Member] | ||
Derivative Liabilities | ||
Foreign Currency Cash Flow Hedge Liability at Fair Value | 1.3 | 2.3 |
Net Investment Hedging [Member] | Designated [Member] | ||
Notional Amounts of Derivative Financial Instruments | ||
Notional amount of hedges | 687.7 | 695.3 |
Net Investment Hedging [Member] | Designated [Member] | Other Noncurrent Assets [Member] | ||
Derivative Assets | ||
Derivative Instruments in Hedges, Net Investment in Foreign Operations, Assets, Fair Value | 21.9 | 12.2 |
Net Investment Hedging [Member] | Designated [Member] | Accrued Expenses and Other Current Liabilities [Member] | ||
Derivative Liabilities | ||
Derivative Instruments in Hedges, Net Investment in Foreign Operations, Liabilities, Fair Value | $ 6 | |
Net Investment Hedging [Member] | Designated [Member] | Other Noncurrent Liabilities [Member] | ||
Derivative Liabilities | ||
Derivative Instruments in Hedges, Net Investment in Foreign Operations, Liabilities, Fair Value | $ 6 |
Financial Instruments (Details
Financial Instruments (Details 1) - USD ($) $ in Millions | Dec. 28, 2019 | Mar. 30, 2019 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Derivative asset, gross amount in the balance sheet | $ 35.3 | $ 32 |
Gross amount of derivatives assets subject to master netting arrangements not offset | (6.5) | (4.8) |
Derivative asset, net basis | 28.8 | 27.2 |
Derivative liability, gross amount in the balance sheet | 9.2 | 15.5 |
Gross amount of derivative liabilities subject to master netting arrangements not offset | (6.5) | (4.8) |
Derivative liability, net basis | $ 2.7 | $ 10.7 |
Financial Instruments (Detail_2
Financial Instruments (Details 2) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | |
Reclassification of hedge gain (loss) from accumulated OCI into income | ||||
Cost of goods sold | $ (661.6) | $ (666.3) | $ (1,826.8) | $ (1,822.8) |
Other income (expense), net | 2.9 | 1 | (2.9) | (0.6) |
Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | (15) | 28.5 | 22.9 | 89.4 |
Designated as Hedging Instrument [Member] | Net Investment Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Excluded Component, Gain (Loss), Recognized in Earnings | 4.7 | 4.8 | 14.5 | 13.9 |
Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | Cash Flow Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | (2.4) | 11.1 | 13.2 | 38.5 |
Designated as Hedging Instrument [Member] | Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member] | Foreign Exchange Forward [Member] | Cash Flow Hedging [Member] | ||||
Reclassification of hedge gain (loss) from accumulated OCI into income | ||||
Cost of goods sold | 7.1 | 4.3 | 17.7 | (1.2) |
Other income (expense), net | (0.1) | (0.4) | 0.3 | 1.7 |
Effective portion [Member] | Designated as Hedging Instrument [Member] | Net Investment Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | (14.7) | 10.6 | 2.4 | 50.8 |
Portion excluded from assessment of hedge effectiveness [Member] | Designated as Hedging Instrument [Member] | Net Investment Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 2.1 | 6.8 | 7.3 | 0.1 |
Derivative, Excluded Component, Gain (Loss), Recognized in Earnings | $ 4.7 | $ 4.8 | $ 14.5 | $ 13.9 |
Financial Instruments (Detail_3
Financial Instruments (Details 3) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments | $ (2.7) | $ (1) | $ 2.4 | $ 4.7 |
Foreign Exchange Forward [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments | $ (2.7) | $ (1) | $ 2.4 | $ 4.7 |
Financial Instruments (Detail_4
Financial Instruments (Details 4) - 2.625% Senior Notes [Member] - USD ($) $ in Millions | Dec. 28, 2019 | Mar. 30, 2019 |
Schedule of Fair Value Hedging Adjustments [Line Items] | ||
Senior Note, Carrying Value, Current | $ 298.1 | |
Senior Notes, Carrying Value, Noncurrent | $ 293.4 | |
Cumulative amount of fair value hedging adjustment included in carrying value of hedged item | $ (1.6) | $ (5.9) |
Financial Instruments (Detail_5
Financial Instruments (Details Textual) € in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Dec. 28, 2019USD ($)counterparty | Dec. 29, 2018USD ($) | Dec. 28, 2019USD ($)counterparty | Dec. 29, 2018USD ($) | Dec. 28, 2019EUR (€)counterparty | Mar. 30, 2019USD ($)counterparty | |
Derivative [Line Items] | ||||||
Number of counterparties to master netting arrangements | counterparty | 8 | 8 | 8 | 8 | ||
Net gains (losses) deferred in AOCI for derivative financial instruments expected to be recognized in the earnings over the next 12 months | $ 16.6 | |||||
Derivative, Notional Amount | $ 1,876 | 1,876 | $ 1,778.2 | |||
Interest Rate Swap [Member] | ||||||
Derivative [Line Items] | ||||||
Net impact on earnings of fair value hedges | $ 0 | $ 0 | $ 0 | $ 0 | ||
Interest Rate Swap - 2.625% Senior Notes [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Maturity Date | Aug. 18, 2020 | |||||
Cross-Currency Swap - 2.625% Senior Notes [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Maturity Date | Aug. 18, 2020 | |||||
Cross-Currency Swap - 3.750% Senior Notes [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Maturity Date | Sep. 15, 2025 | |||||
2.625% Senior Notes [Member] | ||||||
Derivative [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.625% | 2.625% | 2.625% | |||
Debt Instrument, Face Amount | $ 300 | $ 300 | ||||
3.750% Senior Notes [Member] | ||||||
Derivative [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | 3.75% | 3.75% | |||
Debt Instrument, Face Amount | $ 400 | $ 400 | ||||
Cross-Currency Swap - 3.750% Senior Notes [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Fixed Interest Rate | 1.29% | 1.29% | 1.29% | |||
Designated as Hedging Instrument [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | $ 1,584.7 | $ 1,584.7 | 1,631.6 | |||
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | 300 | 300 | $ 300 | |||
Designated as Hedging Instrument [Member] | Interest Rate Swap - 2.625% Senior Notes [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | $ 300 | $ 300 | ||||
Designated as Hedging Instrument [Member] | Cross-Currency Swap - 2.625% Senior Notes [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | € | € 274 | |||||
Designated as Hedging Instrument [Member] | Cross-Currency Swap - 3.750% Senior Notes [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | € | € 346 | |||||
Maximum [Member] | Foreign Exchange Forward [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Term of Contract | 2 years | |||||
Minimum [Member] | Foreign Exchange Forward [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Term of Contract | 2 months |
Financial Instruments (Detail_6
Financial Instruments (Details Textual 1) - USD ($) $ in Millions | Dec. 28, 2019 | Mar. 30, 2019 |
Debt Securities, Available-for-sale [Line Items] | ||
Non-current investments | $ 0 | $ 44.9 |
Bank Time Deposits [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Short-term Investments | 583.6 | 1,167 |
Non-current investments | 44.9 | |
Commercial Paper [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Short-term Investments | $ 244.9 | $ 236 |
Leases (Details)
Leases (Details) - USD ($) $ in Millions | Dec. 28, 2019 | Mar. 30, 2019 |
Assets and Liabilities, Lessee [Abstract] | ||
Operating lease right-of-use assets | $ 1,573.4 | $ 0 |
Finance lease right-of-use assets | 171.1 | |
Total lease assets | 1,744.5 | |
Current operating lease liabilities | 287.5 | 0 |
Long-term operating lease liabilities | 1,637.5 | 0 |
Total operating lease liabilities | 1,925 | |
Current portion of finance lease liabilities | 10.3 | 22.3 |
Long-term finance lease liabilities | 191.1 | $ 212.6 |
Total finance lease liabilities | 201.4 | |
Total lease liabilities | $ 2,126.4 |
Leases (Details 1)
Leases (Details 1) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | |
Lease, Cost [Abstract] | ||||
Operating lease cost | $ 81.5 | $ 241.6 | ||
Variable lease cost | 82.5 | 236.2 | ||
Total lease cost | 170.4 | 498.9 | ||
Rent expense | $ 115 | $ 337 | ||
Contingent rent | $ 53 | $ 146 | ||
Cost of goods sold | ||||
Lease, Cost [Abstract] | ||||
Operating lease cost | 1.1 | 3.4 | ||
Variable lease cost | 1.3 | 3.4 | ||
SG&A expenses | ||||
Lease, Cost [Abstract] | ||||
Operating lease cost | 77.3 | 229.7 | ||
Variable lease cost | 80.6 | 230.7 | ||
Short-term lease cost | 0.6 | 4.1 | ||
Finance Lease, Cost [Abstract] | ||||
Depreciation of finance lease assets | 4.5 | 13.4 | ||
Restructuring and other charges | ||||
Lease, Cost [Abstract] | ||||
Operating lease cost | 3.1 | 8.5 | ||
Variable lease cost | 0.6 | 2.1 | ||
Sublease income | (0.7) | (2.4) | ||
Interest expense | ||||
Finance Lease, Cost [Abstract] | ||||
Accretion of finance lease liabilities | $ 2 | $ 6 |
Leases (Details 2)
Leases (Details 2) - USD ($) $ in Millions | 9 Months Ended | |
Dec. 28, 2019 | Dec. 29, 2018 | |
Lessee Disclosure [Abstract] | ||
Operating cash flows from operating leases | $ 289.2 | |
Operating cash flows from finance leases | 5.9 | |
Financing cash flows from finance leases | $ 10.6 | $ 14.8 |
Leases (Details 3)
Leases (Details 3) $ in Millions | Dec. 28, 2019USD ($) |
Operating Lease Liabilities, Payments Due [Abstract] | |
Remainder of Fiscal 2020 | $ 57.5 |
Fiscal 2021 | 354.2 |
Fiscal 2022 | 318.5 |
Fiscal 2023 | 286.4 |
Fiscal 2024 | 258.7 |
Fiscal 2025 and thereafter | 829.5 |
Total lease payments | 2,104.8 |
Less: interest | (179.8) |
Total lease liabilities | 1,925 |
Finance Lease Liabilities, Payments, Due [Abstract] | |
Remainder of Fiscal 2020 | 4.7 |
Fiscal 2021 | 16.6 |
Fiscal 2022 | 22.6 |
Fiscal 2023 | 22.4 |
Fiscal 2024 | 22.3 |
Fiscal 2025 and thereafter | 175 |
Total lease payments | 263.6 |
Less: interest | (62.2) |
Total lease liabilities | 201.4 |
Future payment obligation for leases not commenced | $ 123 |
Leases (Details 4)
Leases (Details 4) | Dec. 28, 2019 |
Lessee Disclosure [Abstract] | |
Operating leases - weighted-average remaining lease term (years) | 8 years |
Operating leases - weighted-average discount rate | 2.10% |
Finance leases - weighted-average remaining lease term (years) | 12 years 9 months 18 days |
Finance leases - weighted-average discount rate | 4.10% |
Equity (Details)
Equity (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | |
Equity, Class of Treasury Stock [Line Items] | ||||
Cost of shares repurchased | $ 99.4 | $ 208 | $ 542.1 | $ 431.9 |
Stock Repurchase Program, Authorized Amount | 600 | 600 | ||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 732 | 732 | ||
General repurchase program [Member] | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Cost of shares repurchased | $ 498.3 | $ 400 | ||
Number of shares repurchased | 4.9 | 3.2 | ||
Withholding in satisfaction of taxes on vested equity award [Member] | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Cost of shares repurchased | $ 43.8 | $ 31.9 | ||
Number of shares repurchased | 0.4 | 0.3 |
Equity (Details Textual)
Equity (Details Textual) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | |
Equity [Abstract] | ||||
Conversion of Stock, Shares Converted | 1 | |||
Dividends (Textual) [Abstract] | ||||
Dividends declared per share | $ 0.6875 | $ 0.625 | $ 2.0625 | $ 1.875 |
Dividends Payable, Date Declared | Dec. 13, 2019 | |||
Dividends Payable, Date of Record | Dec. 27, 2019 | |||
Dividends Payable, Date to be Paid | Jan. 10, 2020 | |||
Dividends paid | $ 153.2 | $ 141.6 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | ||
Accumulated Other Comprehensive Income (Loss), Net Of Tax [Roll Forward] | |||||
Beginning balance | $ (103.4) | ||||
OCI before reclassifications | 6 | $ (2.1) | |||
Amounts reclassified from AOCI to earnings | (21.2) | (0.7) | |||
Other comprehensive income (loss), net of tax | $ (3.2) | $ 6.5 | (15.2) | (2.8) | |
Ending balance | (118.6) | (118.6) | |||
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | 1.8 | 7.3 | |||
Gain (Loss) on Derivative Used in Net Investment Hedge, after Tax | 7.4 | 38.7 | |||
Gain (Loss) on Derivative Used in Net Investment Hedge, Tax | 2.3 | 12.2 | |||
Other Comprehensive Income (Loss), Cash Flow Hedges, Tax | 1.7 | 3.7 | |||
Foreign Currency Translation Gains (Losses) [Member] | |||||
Accumulated Other Comprehensive Income (Loss), Net Of Tax [Roll Forward] | |||||
Beginning balance | (118.5) | (79.3) | |||
OCI before reclassifications | (5.5) | (37.2) | |||
Amounts reclassified from AOCI to earnings | (4.9) | 0 | |||
Other comprehensive income (loss), net of tax | (10.4) | (37.2) | |||
Ending balance | (128.9) | (116.5) | (128.9) | (116.5) | |
Net Unrealized Gains (Losses) on Cash Flow Hedges [Member] | |||||
Accumulated Other Comprehensive Income (Loss), Net Of Tax [Roll Forward] | |||||
Beginning balance | 20.2 | (16) | |||
OCI before reclassifications | 11.5 | 34.8 | |||
Amounts reclassified from AOCI to earnings | (16.2) | (0.5) | |||
Other comprehensive income (loss), net of tax | (4.7) | 34.3 | |||
Ending balance | 15.5 | 18.3 | 15.5 | 18.3 | |
Net Unrealized Gains (Losses) on Defined Benefit Plans [Member] | |||||
Accumulated Other Comprehensive Income (Loss), Net Of Tax [Roll Forward] | |||||
Beginning balance | (5.1) | (3.2) | |||
OCI before reclassifications | 0 | 0.3 | |||
Amounts reclassified from AOCI to earnings | (0.1) | (0.2) | |||
Other comprehensive income (loss), net of tax | (0.1) | 0.1 | |||
Ending balance | (5.2) | (3.1) | (5.2) | (3.1) | |
AOCI [Member] | |||||
Accumulated Other Comprehensive Income (Loss), Net Of Tax [Roll Forward] | |||||
Beginning balance | (103.4) | (98.5) | |||
Other comprehensive income (loss), net of tax | [1] | (3.2) | 6.5 | (15.2) | (2.8) |
Ending balance | $ (118.6) | $ (101.3) | $ (118.6) | $ (101.3) | |
[1] | Accumulated other comprehensive income (loss). |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Details 1) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income (Loss) on Derivatives [Line Items] | ||||
Cost of goods sold | $ (661.6) | $ (666.3) | $ (1,826.8) | $ (1,822.8) |
Other income (expense), net | 2.9 | 1 | (2.9) | (0.6) |
Income tax provision | 103.7 | (79.5) | 19.7 | (147.9) |
Net income | 334.1 | 120 | 633.3 | 399.3 |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income (Loss) on Derivatives [Line Items] | ||||
Income tax provision | (0.7) | (0.3) | (1.8) | 0 |
Net income | 6.3 | 3.6 | 16.2 | 0.5 |
Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | Cash Flow Hedging [Member] | Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income (Loss) on Derivatives [Line Items] | ||||
Cost of goods sold | 7.1 | 4.3 | 17.7 | (1.2) |
Other income (expense), net | $ (0.1) | $ (0.4) | $ 0.3 | $ 1.7 |
Stock-based Compensation (Detai
Stock-based Compensation (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | |
Summary of the total compensation expense and the associated income tax benefits recognized related to stock-based compensation arrangements | ||||
Compensation expense | $ 22.1 | $ 22.5 | $ 72.9 | $ 65.3 |
Income tax benefit | (3.4) | (3.4) | (11.1) | (9.9) |
Fiscal 2019 Restructuring Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Non-cash charges | 3 | 14.8 | 11.1 | 20.6 |
Fiscal 2019 Restructuring Plan | Accelerated stock-based compensation expense | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Non-cash charges | $ 0 | $ 0 | $ 3.6 | $ 0 |
Stock-based Compensation (Det_2
Stock-based Compensation (Details 1) shares in Thousands | 9 Months Ended |
Dec. 28, 2019shares | |
Summary of the stock option activity | |
Options beginning outstanding | 834 |
Granted | 0 |
Exercised | 0 |
Cancelled/Forfeited | (275) |
Options ending outstanding | 559 |
Stock-based Compensation (Det_3
Stock-based Compensation (Details 2) - shares shares in Thousands | 9 Months Ended | |
Dec. 28, 2019 | Dec. 29, 2018 | |
Restricted Stock [Member] | ||
Summary of RSU activity | ||
Nonvested beginning balance | 10 | |
Granted | 0 | 0 |
Vested | (6) | |
Forfeited | 0 | |
Nonvested ending balance | 4 | |
Service-based restricted stock units [Member] | ||
Summary of RSU activity | ||
Nonvested beginning balance | 1,112 | |
Granted | 533 | |
Vested | (451) | |
Forfeited | (68) | |
Nonvested ending balance | 1,126 |
Stock-based Compensation (Det_4
Stock-based Compensation (Details 3) - Performance-based restricted stock units [Member] shares in Thousands | 9 Months Ended |
Dec. 28, 2019shares | |
Summary of RSU activity | |
Nonvested beginning balance | 1,011 |
Granted | 289 |
Change due to performance condition achievement | 123 |
Vested | (482) |
Forfeited | (6) |
Nonvested ending balance | 935 |
Stock-based Compensation (Det_5
Stock-based Compensation (Details 4) - TSR Shares [Member] | 9 Months Ended | |
Dec. 28, 2019 | Dec. 29, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected term (years) | 2 years 7 months 6 days | 2 years 7 months 6 days |
Expected volatility | 31.40% | 33.50% |
Expected dividend yield | 3.20% | 1.90% |
Risk-free interest rate | 1.40% | 2.60% |
Stock-based Compensation (Det_6
Stock-based Compensation (Details 5) - Market-based restricted stock units [Member] shares in Thousands | 9 Months Ended |
Dec. 28, 2019shares | |
Summary of RSU activity | |
Nonvested beginning balance | 76 |
Granted | 159 |
Change due to market condition achievement | 0 |
Vested | 0 |
Forfeited | (1) |
Nonvested ending balance | 234 |
Stock-based Compensation (Det_7
Stock-based Compensation (Details Textual) - $ / shares shares in Millions | 9 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Aug. 01, 2019 | |
Service-based restricted stock units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average grant date fair value of equity awards other than options | $ 102.96 | $ 113.30 | |
Performance-based restricted stock units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average grant date fair value of equity awards other than options | 83.16 | 129.78 | |
Market-based restricted stock units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average grant date fair value of equity awards other than options | $ 90.59 | $ 177.13 | |
2019 Long-Term Stock Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 1.2 | ||
2010 Long-Term Stock Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 3 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | |
Net revenues by segment | ||||
Net revenues | $ 1,750.7 | $ 1,725.8 | $ 4,885.7 | $ 4,807.3 |
North America segment [Member] | ||||
Net revenues by segment | ||||
Net revenues | 910.6 | 908.7 | 2,511.2 | 2,494.5 |
Europe segment [Member] | ||||
Net revenues by segment | ||||
Net revenues | 437.8 | 425 | 1,278.8 | 1,245 |
Asia segment [Member] | ||||
Net revenues by segment | ||||
Net revenues | 289.6 | 274.8 | 803.5 | 767.5 |
Other non-reportable segments [Member] | ||||
Net revenues by segment | ||||
Net revenues | $ 112.7 | $ 117.3 | $ 292.2 | $ 300.3 |
Segment Information (Details 1)
Segment Information (Details 1) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | |
Operating income by segment | ||||
Operating income | $ 224.4 | $ 193.8 | $ 600.8 | $ 533.9 |
Restructuring and other charges | (7) | (40.1) | (51.1) | (78.4) |
Unallocated charges [Member] | ||||
Operating income by segment | ||||
Unallocated corporate expenses | (159.3) | (152.3) | (461.3) | (474.8) |
Restructuring and other charges | (7) | (40.1) | (51.1) | (78.4) |
North America segment [Member] | ||||
Operating income by segment | ||||
Operating income | 202.7 | 204.3 | 560.5 | 574 |
Europe segment [Member] | ||||
Operating income by segment | ||||
Operating income | 111.9 | 92.6 | 331.9 | 294.2 |
Asia segment [Member] | ||||
Operating income by segment | ||||
Operating income | 46.6 | 47.9 | 135.6 | 123.3 |
Other non-reportable segments [Member] | ||||
Operating income by segment | ||||
Operating income | 29.5 | 41.4 | 85.2 | 95.6 |
Operating Segments [Member] | ||||
Operating income by segment | ||||
Operating income | $ 390.7 | $ 386.2 | $ 1,113.2 | $ 1,087.1 |
Segment Information (Details 2)
Segment Information (Details 2) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | |
Segment Reporting Information [Line Items] | ||||
Inventory-Related Charges | $ 0 | $ (3.1) | $ (1) | $ (3.1) |
Europe segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Inventory-Related Charges | 0 | (3.1) | (0.1) | (3.1) |
Asia segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Inventory-Related Charges | $ 0 | $ 0 | $ (0.9) | $ 0 |
Segment Information (Details 3)
Segment Information (Details 3) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | |
Segment Reporting Information [Line Items] | ||||
Asset Impairment Charges | $ (14.4) | $ (2.2) | $ (21.7) | $ (13.3) |
Unallocated corporate expenses [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Asset Impairment Charges | (3) | (0.3) | (6.5) | (0.6) |
North America segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Asset Impairment Charges | (0.4) | (1.1) | (0.4) | (1.4) |
Europe segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Asset Impairment Charges | 0 | (0.3) | 0 | (1.8) |
Asia segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Asset Impairment Charges | (2.4) | 0 | (2.4) | (3.7) |
Other non-reportable segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Asset Impairment Charges | $ (8.6) | $ (0.5) | $ (12.4) | $ (5.8) |
Segment Information (Details 4)
Segment Information (Details 4) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | |
Segment Reporting Information [Line Items] | ||||
Unallocated restructuring charges | $ (4) | $ (36.6) | $ (24.1) | $ (63.7) |
Other Charges | (3) | (3.5) | (27) | (14.7) |
Restructuring and other charges | (7) | (40.1) | (51.1) | (78.4) |
North America-Related [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Unallocated restructuring charges | 0 | (14.1) | (0.7) | (17.6) |
Europe-Related [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Unallocated restructuring charges | (0.1) | (3.7) | (3.2) | (12.7) |
Asia-Related [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Unallocated restructuring charges | (0.1) | (0.4) | (0.9) | (0.2) |
Other Non-Reportable Segment-Related [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Unallocated restructuring charges | (0.1) | (1.5) | (0.8) | (2.7) |
Corporate-Related [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Unallocated restructuring charges | $ (3.7) | $ (16.9) | $ (18.5) | $ (30.5) |
Segment Information (Details 5)
Segment Information (Details 5) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | |
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization expense | $ 68.2 | $ 72 | $ 201 | $ 212 |
North America segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization expense | 18.9 | 21.7 | 56.4 | 61.8 |
Europe segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization expense | 8.4 | 8.6 | 23.7 | 25.1 |
Asia segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization expense | 14.9 | 12.2 | 44.6 | 36.8 |
Other non-reportable segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization expense | 1.4 | 1.8 | 4.2 | 5.6 |
Unallocated corporate expenses [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization expense | 24.6 | 24.2 | 72.1 | 72.2 |
Unallocated restructuring and other charges [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization expense | $ 0 | $ 3.5 | $ 0 | $ 10.5 |
Segment Information (Details 6)
Segment Information (Details 6) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | |
Revenues from External Customers [Line Items] | ||||
Net revenues | $ 1,750.7 | $ 1,725.8 | $ 4,885.7 | $ 4,807.3 |
Americas [Member] | ||||
Revenues from External Customers [Line Items] | ||||
Net revenues | 1,025.4 | 1,033.4 | 2,808.4 | 2,807 |
Europe Member] | ||||
Revenues from External Customers [Line Items] | ||||
Net revenues | 435.5 | 417.4 | 1,273 | 1,231.8 |
Asia [Member] | ||||
Revenues from External Customers [Line Items] | ||||
Net revenues | 289.8 | 275 | 804.3 | 768.5 |
U.S. [Member] | ||||
Revenues from External Customers [Line Items] | ||||
Net revenues | $ 966 | $ 968.9 | $ 2,637 | $ 2,631 |
Segment Information (Details Te
Segment Information (Details Textual) | 9 Months Ended |
Dec. 28, 2019Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 3 |
Additional Financial Informat_3
Additional Financial Information (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | Mar. 30, 2019 | Mar. 31, 2018 | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract] | ||||||
Cash and Cash Equivalents | $ 1,079.9 | $ 1,079.9 | $ 584.1 | |||
Restricted cash, current | 1.5 | 1.5 | 11.9 | |||
Restricted cash, noncurrent | 8 | 8 | 30.5 | |||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 1,089.4 | $ 723.5 | 1,089.4 | $ 723.5 | $ 626.5 | $ 1,355.5 |
Cash Interest and Taxes | ||||||
Cash paid for interest | 2.5 | 2.8 | 10.3 | 10.9 | ||
Cash paid for income taxes | $ 32.8 | $ 26.3 | 114.9 | 56.9 | ||
Additional Financial Information (Textual) [Abstract] | ||||||
Right-of-use asset obtained in exchange for operating lease liability | 326.6 | |||||
Right-of-use asset obtained in exchange for finance lease liability | 64 | |||||
Capital expenditures incurred but not yet paid | $ 56.6 | $ 35.9 | ||||
Conversion of Stock, Shares Converted | 1 |